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financial
The
lire. U. s.
VOL. 132.
„eljrunt&
SATURDAY, MAY 2 1931.
NO.3436.
came that the Stock Exchange house of West & Co.,
with headquarters at Philadelphia, had announced
PUBLISHED WEEKLY
its inability to meet its engagements. West & Co.,
Terms of Subscription—Payable in Advance
while an eminently respectible house, Was not of
12 Mos. 8 Mos.
Including Postage—
$8.00 very great consequence in itself, though its embar$10.00
Within Continental United States except Alaska
11.50
8.75
In Dominion of Canada
13.50
7.75 rassment was a new adverse development and Stock
Other foreign countries. U. S. Possessions and territories
For the Bank and QuotaThe following publications are also issued.
once more tumbled badly.
tion Record and the Monthly Earnings Record the subscription price is Exchange prices
$8.00 per year; for all the others is $5.00 per year each. Add 50 cent. to
However, these troubles and disturbances are now
each for postage outside the United States and Canada.
MONTHLY PUBLICATION*—..
0011P1NDIUMB-behind us, and no longer have to be faced. A more
B•NIC AND QUOTATION RECORD
PUBLIC IITILITY-0611/14111111111MV
RAILWAY & Innusraist—(four a year) MONTHLY R•HNINOE RECORD
serious matter is the continued depression in trade,
STATE AND
with new manifestations of its presence and magniTerms of Advertising
45 cents
Transient display matter per agate line
tude and its 01-pervading character coming to hand
On request
Contract and Card rates
Representative
day after day. In that regard the statement for
Oluosoo 07rios—In charge of Fred. H. Gray. Western State 0813.
208 South La Salle Street. Telephone
Smith. 1 Drapers Gardens. London. B. 0. the March quarter of the United States Steel Corp.,
LONDON Orme—Edwards &
WILLIAM B. DANA COMPANY, Publishers,
made public after the close of the Stock Exchange
William Street, Corner Spruce, New York.
on Tuesday, contained very unpleasant revelations.
Published every Saturday morning by WILLIAM B. DANA COMPANY. A bad statement for the quarter, in view of the
President and Editor. Jacob Seibert: Business Manager. William D. Riggs;
Treas.. William Dana Seibert: See.. Herbert D.Seibert. Addresses of all. office of co. adverse conditions prevailing in the steel trade, had
been looked for, with profits falling considerably
The Financial Situation.
short of the amount needed to pay current dividend
The financial markets have passed through requirements of $1.75 a share, but the exhibit proved
another trying week, but while the effect has been far worse than anyone, inside or outside the trade,
to cause a renewed break in prices on the Stock had supposed would be the case, and, accordingly,
Exchange, one benefit at least ought to result, the stock market on Wednesday suffered a new colnamely, a distinct clearing up of the financial lapse, and the most violent experienced since the
atmosphere which for so long has been shrouded complete breakdown last December, U. S. Steel com/
in gloom, furnishing a background in which reports mon suffering a drop of 914 dollars per share, on
of impending disasters have found top of the heavy previous losses.
and rumors
The stock on that day (Wednesday) touched 115,
free play. The failure of Pynchon & Co., announced on the Stock Exchange in the closing or the lowest level since 1927, while on Friday, after
hour of trading on Friday of last week, had some recovery on Thursday, it tumbled still lower,
2
1
/
been feared for some time previously in well in- to 113 . This compares with 152% only a little
formed circles. The announcement of the in- over two months ago, on Feb. 26, and with 198% in
ability of the firm, which was one of the largest April last year, and with 261% in September 1929,
commission and stock brokerage houses in the coun- just before the panic of that year. It appeared that
try, came too late on the day mentioned for its full only 5c. a share had been earned in the three months
effects to be developed on that day. As a conse- ending Mar. 31, against $1.75 needed to pay the
quence, it was not until the half-day session on current rate of distribution. Though the dividend
Saturday that the real consequences of the blow was declared at the customary rate, accumulated
surplus (which in the Steel Corp. case is of vast
which the market had suffered were seen.
This was followed on Monday of the present week extent) being drawn upon for the purpose, the poor
by news of the arrangement that had been effected showing disclosed had a very disquieting effect, the
over the week-end by which the interests represented more so as the indications are that the showing for
by Cyrus S. Eaton retired from control of Conti- the current or June quarter will not be much,if any,
nental Shares, Inc., one of the largest investment better. The earnings of the Steel Corp. for the
trusts in the country, and the public made further March quarter the present year were only. $19,aware that this organization had severed relations 464,836, as compared with $49,615,397 in the March
with the New York Stock Exchange firm of Otis & quarter of last year. After allowing for depreciaCo., and that concurrently this Stock Exchange tion and depletion, &c., a balance remained for the
house had transferred its Stock Exchange brokerage quarter in 1931 of only $8,139,534, as against $34,business to E. A. Pierce & Co., the result altogether 801,868 in the first three months of 1930 and $47,being to eliminate the Eaton interests from the man- 262,157 in the first three months of 1929.
As already stated the outlook for the current
agement of Continental Shares. Gossip had dealt
freely with the involvement of this Stock quarter is not much, if any, better than that rerather
Exchange house with the company's affairs, all vealed for the March quarter. As a matter of fact,
ground for which was now removed. Unfortunately, steel production, both for the U. S. Steel Corp. and
before the day (Monday) had far advanced, news for the country at large, has been on a diminishing
financial Titroniclt
3214
'
FINANCIAL CHRONICLE
[You 132.
scale all through the different weeks of April, as distributions of $1.25 per share previously; Inland
usually happens during this month. According to Steel, 62Y
2c. per share on common quarterly as
the "Iron Age", steel ingot output for the country against $1 quarterly previously; Purity Bakeries,
at large is now only a fraction above 48% of 75c. quarterly on common as compared with $1 per
capacity, against 49% last week and 57% when at share previously, and Commonwealth & Southern,
the peak the latter part of March. For the U. S. 10c. per share quarterly against 15c. previously.
Steel Corp. capacity for the latest week is put at
50%, against 51% last week, 53% two weeks ago,
It is the railroad situation, however, that furnand 56I/% when at the peak the latter part of March. ishes occasion for the deepest concern. Here income
2
At the same time, prices, so the "Iron Age" informs and revenues are falling away in a manner that is
us, still have a weak tone, although actual declines, perfectly startling. The revenue returns for 1930
we are told, are limited mainly to scrap. The best were poor, those for 1931 (as disclosed in the
that the "Age" can say the present week is that monthly and quarterly returns as they now come
developments in the iron and steel market are less to hand) are infinitely worse. The Illinois Central
uniformly negative than in recent weeks and that has the present week been added to the numerous
the sagging tendency of demand is less pronounced, other roads which have been obliged to reduce their
although not yet halted. Comment of "Steel", the dividend distributions, or to cut them out altoformer "Iron Trade Review", is of the same tenor, gether. In this case the dividend has been reduced
that publication saying: "An analysis of current from a basis of $7 per annum to $4 per annum. But
demand for steel, according to its numerous classi- earnings and profits are shrinking in such a frightfications, fails to disclose any important line which ful way, as a result of business depression and the
is not at a lower level than a week ago, except struc- other ills the railroads have long been obliged to
turals. Yet it is evident the market is encountering endure, that it is no longer merely a question
increasing resistance in this downward tendency." whether dividends can be maintained, but whether
On Thursday, after the close of Stock Exchange even fixed charges for interest and rentals can be
trading for the day, the Bethlehem Steel Corp. made kept up, thereby staving off insolvency. Most of
public its statement for the March quarter, and this the railroad returns have now come in for the month
furnished additional testimony to the severity of the of March and for the first quarter of the year, and
depression prevailing the current year. This return they furnish a graphic illustration of the extent
showed only 6c. per share earned for the stock in of the losses sustained, especially when the comparithe quarter the present year, against $2.60 in the son is extended back, so as to include the results not
same quarter of last year. Net earnings above fixed only for the last year but for the year before, that
charges and depreciation were no more than is, for 1929, before the general collapse occurred.
$1,941,942 in 1931 against $10,077,486 in the three In the following we have brought together a number
months of 1930. In view of this unsatisfactory of typical cases, for illustration, drawn from railshowing the directors of the company reduced the road systems in different sections of the country,
dividend from a basis of $6.00 per annum to $4.00.
since no section of the country or class of road is
At the same time trade in general gives no better exempt:
account of itself than the steel and iron industry.
193(1
N. Y. CENTRAL.
1931.
1929.
In the absence of any substantial demand from any
Month of March—
$
corner many of non-ferrous metals have dropped to
Gross
34,578,303 40,868,152 48,614,427
new low levels. For instance, copper has sold Net operating income.. 3,909,290 4,734,021 8,316,797
this week even lower than before, touching 9%c. for
Three Mos. End. Mar. 31—
delivery in Connecticut, or the lowest figure in 35 Gross
99,332,081 123,204,523 190,592,757
years. There is said to be practically no demand Net operting income_ 7,337,301 14,455,668 22,646,196
for the metal in the domestic market. Zinc is in
PENNSYLVANIA.
Month of March—
the same unfortnnate state, and the price at St.
40,236,529 49,272,716 56,150,374
Louis of prime Western zinc dropped to 3.35e. the Gross
present week, or to the lowest figure since the '90's. Net operating income_ 3,818,561 7,311,801 10,846,756
Three Mos. End. Mar. 31—
Cement prices, where a price war has developed, as Gross
115,082,905 143.970,661 158,8.50,918
stated here last week, have become further demoral- Net operating income_ 9,309,004 19,935,036 27,452,075
ized the present week. In petroleum and its prodATCHISON,TOPEKA & SANTA FE RY.SYSTEM.
ucts prices continue to be slashed all around as a
Month of March—
result of the new developments in East Texas. Rub- Gross
14,743,831 18,020,300 20,238,402
634,817 4,028,447
ber has dropped still lower, with May Standard Net operating income_ 1,469,015
Three Mos. End. Mar.31—
No. 1 touching 5.78c. These illustrations could be
Gross
42,591,580 53,166,586 58,432,498
extended in many other directions.
Net operating income_ 4,072,356 4,884,856 12,250,175
Dividend reductions or suspensions also continue
SOUTHERN PACIFIC LINES.
to multiply. This week many further instances
Month of March—
to hand. Thus the Curtis Publishing Co.
have come
16,988,180 22,262.253 25,890,322
Gross
declared a monthly dividend of only 33 1/3c. on Net operating income_ 1,177,753 2,766,076 4,904,209
has
the common shares, placing the issue on a $4 annual
Three Mos. End. Mar. 31—
49,540,968 63,689,423 72,135,191
basis against $6 previously. The Pierce Arrow Gross
Motor Car Co. declared 25c. per share quarterly on Net operating income., 2,128,336 7,130,739 11,474,545
class A stock as against 50c. previously; Packard
CHICAGO MILWAUKEE ST.PAUL & PACIFIC.
Month of March—
Motor Car, 10c. per share on common, quarterly,
9,829,071 11,591,135 13,722,122
against 15c. per share in the two preceding quarters, Gross
Net operating income_
928,009 2,193,300
788,213
and 25c. per share previously; Jones & Laughlin
Three Mos. End. Mar. 31—
Steel, 50c. quarterly on common against a quarterly Gross
27,747,873 34,053,809 38,707,485
dividend of $1 per share on Mar. 2 and quarterly Net operating income_ 1,705,912 2,758,830 5,046,370
MAY 2 1931.]
FINANCIAL CHRONICLE
3215
1931 as against $6,237,598 in 1929 and $8,399,007
ILLINOIS CENTRAL SYSTEM.
1929.
1930.
1931.
in 1928.
Month of March—
Net revenues shrinking and dwindling to such an
10,303,986 13,871,936 15,229,610
Gross
unparalleled extend as here indicated (even after
583,510 2,071,003 2,438,447
Net operating income_
curtailment of expenses in every conceivable way)
Three Mos. End. Mar. 31—
29,926,200 40,359,211 45,209,122 furnish evidence that something must be done, and
Gross
Net operating income_ 1,096,852 5,357,191 7,293,582 done very quickly, for the railroads in their dire distress. The natural, the obvious, way would appear
SOUTHERN RAILWAY.
to be to ask the different railroad brotherhoods to
Month of March—
8,948,756 10,704,797 12,082,582 help these rail carriers out of their dilemma by
Gross
802,850 1,394,347 2,185,126 agreeing to a reduction in wage scales, especially
Net operating income..
Three Mos. End. Mar. 31—
as that could be done without any sacrifice, since
25,252,732 31,211,204 34,543,763
Gross
the cost of living has been very substantially reNet operating income_ 1,565,580 3,735,790 6,237,598
WABASH.
Month of March—
4,436,041 5,650,721 6,484,391
Gross
680,194 1,220,658
216,626
Net operating income_
Mar.31—
Three Mos. End.
12,412,555 16,128,462 18,344,401
Gross
607,778 1,616,312 3,217,462
Net operating income..
Let the reader mark well the results disclosed by
the foregoing comparisons. One hears much in current comment to the effect that earnings, and
especially net earnings, are 25 to 30% less than
those of last year, which is true. But that is only
telling half the story. These losses are in most
cases in addition to similar losses last year in comparison with the year preceding, making the losses
for the two years combined of really appalling magnitude. As a result, in most cases the net earnings
for the 1931 quarter are only about one-third those
of the corresponding quarter in 1929. Let the
reader not fail to note what is involved in such a
situation—that is, when net earnings (out of which
dividends and fixed charges must come) are only
one-third in amount what they were two years ago—
a shrinkage of two-thirds in two years!
Those two great Bast-and-West trunk line systems, namely, the Pennsylvania RR. and the New
York Central, furnish cases in point. As it happens
in both instances the net for 1931 is almost exactly
one-third of that of two years ago. The Pennsylvania RR. reports net railroad operating income for
the three months of 1931 at only $9,309,004, while
in 1929 the amount was three times as much, or
$27,452,075. The New York Central's net operating
income for the three months of 1931 stands at only
$7,337,301, which is actually less than one-third the
$22,646,196 net operating income for the first three
months of 1929. The Illinois Central, which the
present week, as already stated, reduced its dividend from the basis of 7% per annum to 4%,has net
to its credit of only $1,096,853 for 1931 as against
$7,293,581 for the first three months of 1929. In
this case it will be seen the amount for 1931 is only
about one-seventh that for 1929. The Wabash shows
for 1931 net of only $607,778 as against $3,217,462
in 1929, being only one-fifth the amount of two
years ago.
other sections of the country the comparisons
are just as bad. In the Northwest the Ohic. Milw.
St. Paul & Pac. reports net of $1,705,912 for 1931
as against $5,046,370, and in the Southwest the
Atchison shows net for 1931 of $4,072,356 as against
$12,250,175 for the three months of 1929, while
the Southern Pacific reports net for 1931 of only
$2,128,336 in comparison with $11,474,545, or
five times that amount in 1929. In the South the
Southern Railway shows net operating income of
no more than $1,565,580 for the three months of
duced, while railways' union scales are still at the
high levels to which they were raised during the war.
But, unfortunately, the heads of the different railway brotherhoods—unfortunately for themselves as
well as for the general public—resolutely refuse to
agree to enter into any spirit of co-operation.
By this attitude they are preventing that recovery
in trade which is so essential to the restoration of
normal conditions. By their course they not only
retard recovery but tend to accentuate the prevailing depression. Next to farming, railway transportation represents the largest field of activity,
and by destroying it (which will be the inevitable
outcome if the railway employees persist in refusing
to adjust labor costs to the new conditions) they are
working for their own destruction. These brotherhood leaders declare flatly that they will not discuss
wage reductions, and say that banking interests are
behind the move, whereas the fact is that a reduction in labor costs from the high levels established
during the war is the imperative need of the hour.
It is the railway owners, not the banking interests, that are beseeching a reduction in labor costs
no longer suited to the present-day situation—we
mean investors in railroad securities, including the
great savings institutions which hold the savings of
the masses, made up in no small degree of the members of the railroad brotherhoods themselves. In
the language of a former President of the United
States, it is a condition that confronts the country,
not a theory. In prosperous times there is much to
be said in favor of the maintenance of wage schedules. In hard times, however, the wage earners
cannot refuse to do their share in the process of
adjustment which the changed conditions have made
such an imperative necessity.
It is hard to see what the Reserve Bank authorities hope to gain by thrusting out Reserve credit at
a time when the ordinary banking credit is more
than sufficient for all mercantile and financial
needs, and forcing such Reserve credit out at unprecedentedly low rates. After having last week
reduced their buying rate for acceptances on bills
2% to 1%% per
running from 1 to 45 days, from 1y
annum, they have the present week made a further
/
reduction of 18% to 114% on bills of the same
maturity and have at the same time lowered their
buying rate on bills with longer maturities up to 120
7
4
3 ,
days/ 0 to 1%%. When last week's reduction in
the bill rate was made it was supposed that this was
done with a view to checking gold importations from
France, which had then begun, and this week's further reduction may have been made with the same
purpose in mind, though it is to be said that these
moves, if so made, have nothing more than a mere
temporary effect in that direction.
3216
FINANCIAL CHRONICLE
This week's announcement by .the British Chancellor of the Exchequer, contained in his budget
speech in the House of Commons, that he contemplated withdrawing $100,000,000 (or £20,000,000)
out of a total of $165,000,000 (£33,000,000) funds
held by the British Treasury in this country is likely
to be much more influential in that direction, at
least that announcement had an immediate effect
in stiffening sterling rates on London at this center.
On the other hand, since such large balances are
stated to be available for the purpose, it is difficult
to understand why they should not long since have
been called home for the reinforcement of British
gold reserves, so urgently in need of being reinforced, instead of resort being had to manipulation of money rates in London and likewise in New
York. Certainly not even a remote claim of benefit
to the United States can be made from the action
of the Reserve authorities in buying bills at such an
abnormally low figure as 11 4% per annum. As the
/
matter now stands, the long and short of the matter
is that the Reserve authorities are simply competing
with other buyers of bills in the open market, and
thereby driving the rate down to levels where the
whole monetary machinery is put out of gear.
Perhaps if the truth were known it would be
found that one main consideration in the buying
of bills, if not the exclusive consideration, is a
desire to increase the earnings assets of the Reserve
Banks. Member banks are doing very little rediscounting, and the holdings of United States Government securities are already of huge magnitude,
closely approaching $600,000,000, but buying bills
on a 114% discount basis is a costly proceeding.
/
Obviously, as bill rates decline more and more Reserve credit has to be put out in order to yield
a given sum, while the resulting credit inflation
brought about can confer no benefit on anyone,
and may work infinite harm. The theory that easy
money works for either a revival of trade or an improvement in the security markets has long since
been exploded, for after uninterrupted reductions
in the cost of Reserve credit extending over a period
of a year and a half (since the panic of 1929) trade
revival is still in the distant future and the bond
market is getting steadily worse.
It may be questioned, too, if the injection of
unneeded Reserve credit is a benefit even to the
United States Treasury in the flotation of its
numerous Government issues of one kind or another
which it is now obliged to make with growing frequency. There is such an extreme plethora of loanable funds, especially for short-term investment,
that the Government would in any event be able
to find a market at extremely low rates for any
and all obligations it may find itself forced to make.
After last week's issue of $50,000,000 of 91-day
Treasury bills, dated April 27 and maturing July 27,
the Secretary of the Treasury has this week invited
tenders for still another offering of the same class
of bills to the amount of $60,000,000, "or thereabouts". They are 90-day bills dated May 5 1931,
and maturing on Aug.3 1931. Tenders for this new
issue of bills were received up until two o'clock Eastern Standard time yesterday, and the applications
aggregated $305,855,000. The amount allotted was
$60,100,000, at an average rate of about 1.29%. At
the sale last week the average rate was about 1.33%.
Both are somewhat better than the result to the
[Vot.. 132.
Treasury at the sale of 90
-day bills at the close of
March, when $100,855,000 of bills elated April 2 and
April 3 were awarded at an average rate of 1.46%.
At the placing, however, of $154,218,000 of 91-day
bills dated Feb. 16 1931, the rate was only 1.21%,
while the gale of $60,000,000 90-day bills on Jan. 30
was effected at the extraordinarily low rate
of 0.95%.
From this week's returns of the Federal Reserve
Banks it appears that the action of the Reserve
authorities last week in reducing their buying rate
for acceptances (on maturities running from 1 to 45
days) from 12 to 1%%, and the further action
/
1
%
on Monday of this week in making still another cut
to 114% on bills of the same maturities had the
/
effect of adding to the volume of acceptances in the
portfolios of the Reserve Banks, just as desired, but
mainly at New York. Last week the 12 Reserve
Banks increased their holdings of acceptances purchased in the open market from $131,479,000 to
$151,611,000, and the present week there has been a
further increase in the holdings to $169,765,000.
The discount holdings of the 12 Reserve Banks during the week were also added to, in the amount of,
roughly, $20,000,000, the amount rising from $135,250,000 to $155,151,000. Holdings of United States
Government securities were not greatly changed
during the week as far as the total of the same is
concerned, just as was the case last week, the
amount being reported at $598,306,000 April 29, and
at $598,529,000 April 22.
The final result is that total bill and security
holdings, which reflects the amount of Reserve
credit outstanding, is some $38,000,000 more the
present week than it was last week, being now $923,572,000 against $885,390,000 on April 22 1931. The
volume of Reserve notes in circulation further
slightly increased during the week from $1,526,511,000 to $1,527,740,000, following increases week
after week all the way back to Mar. 25, when the
volume of notes in circulation was only $1,441,715,000 as against the present $1,527,740,000. Gold
reserve of the 12 institutions have also further increased, being now $3,174,709,000 as against $3,162,823,000 last week and $3,115,202,000 on April 1.
As far as brokers' loans by the reporting member
banks in New York City are concerned, these show
a reduction for the week of $114,000,000, reflecting
the liquidation on the Stock Exchange which has
been in progress in very pronounced form the past
week. The decrease extends to loaning in all the
different categories, loans for own account by the
reporting member banks having dropped during the
week from $1,350,000,000 to $1,268,000,000, while
loans for account of out-of-town banks fell from
$270,000,000 to $243,000,000, and loans "for account
of others" from $224,000,000 to $219,000,000. This
week's decrease of $114,000,000 in the grand total
of the loans follows a decrease of $5,000,000 1ast
.
week; the week before, however, there was $27,000,000 increase, but this came after decreases of
$53,000,000, $33,000,000, and $5,000,000, respectively, in the three weeks preceding.
The stock market this week again went through
violent fluctuations, with further severe declines
in prices, carrying most stocks back to the low level
reached in the great break of last December, and
some of them even lower than at that time, U. S.
MAY 2 1931.]
FINANCIAL CHRONICLE
3217
Steel'common being a notable instance of the kind. 2,871,920 shares. On the New York Curb Exchange
The market was decidedly weak at the half-day ses- the sales on Saturday were 328,400 shares; on Monsion on Saturday last, extensive liquidation occur- day, 802,800 shares; on Tuesday, 574,600 shares; on
ring in the securities which Pynchon & Co. had spon- Wednesday, 535,100 shares; on Thursday, 580,000
sored and confidence in which had become weakened shares, and on Friday, 480,000 shares.
As compared with Friday of last week, prices
by the failure of that firm the day before, its sushowever, not having been announced until record numerous further declines following the
pension,
the closing hour of that day, so that the full adverse extensive declines of previous weeks. General Elec/
effects were not then felt. On Monday some rally- tric closed yesterday at 41% against 4278 on Friday
/
Bros. Pictures at 818 against
ing tendencies were in evidence in the early trading, of last week; Warner
Light at 42% against 46; United
/
but the news of the suspension of West & Co. gave 918; Elec. Power &
the market a sharp downward turn again and pre- Corp. at 21% against 22; Brooklyn Union Gas at
cipitated selling pressure all around. A somewhat 108% against 108%; North American at 67%
firmer tone developed on Tuesday, although selling against 70%; Pacific Gas & Elec. at 46% against
/
pressure was only slightly relieved. On Wednesday 48; Standard Gas & Elec. at 6718 against 70%; Con/
market broke wide open, owing to the poor state- solidated Gas of N. Y. at 91% against 9418; Columthe
ment submitted by the U. S. Steel Corp. and made bia Gas & Elec. at 32% against 32%; International
8;
public after the close of business the day before. Harvester at 49 against 497 J. I. Case Threshing
This statement showed only Sc. a share earned on Machine at 79 against 81%; Sears, Roebuck & Co.
%; Montgomery Ward & Co. at
the common stock of the Steel Corp. against $1.75 a at 49% against 501
quarterly dividend at the 17% against 18%; Woolworth at 60 against 61;
share required to pay the
/
Safeway Stores at 5014 against 52; Western Union
rate of 7% per annum.
the full dividend was declared at the old Telegraph at 115 against 119%; American Tel. &
Though
rate, the deficiency being made good out of accumu- Tel. at 178% against 183; Int. Tel. & Tel. at 26
4
/
lated surplus, the adverse showing made acted with against 2814; American Can at 1093 against 116;
/
telling effect on the price of the stock. Steel com- United States Industrial Alcohol at 3334 against
mon, which had closed Tuesday at 124%, opened 31; Commercial Solvents at 13% against 14%;
4
Wednesday morning at 121% and then dropped to Shattuck & Co. at 223 against 23%; Corn Products
115%,showing a net drop for at 64% against 71%, and Columbia Graphophone at
115, with the close at
the day of 9%. This tremendous break carried the 8% against 9%.
Allied Chemical & Dye closed yesterday at 118
whole market down, and enormous declines resulted
all througt the list, the demoralization being worse against 133% on Friday of last week; E. I. du Pont
than at any time since the break the previous De- de Nemours at 81 against 85; National Cash Regis4
cember. On Thursday a recovery occurred, hardly ter at 27 against 27%; International Nickel at 14y
8
/
less pronounced than the violent decline the day against 1578;Timken Roller Bearing at 447 against
before, as a result of which the greater part of the 44%; Mack Trucks at 30 against 30%; Yellow
-Manville
losses of the previous day were regained, U. S. Steel Truck & Coach at 9% against 10%; Johns
at 46% against 53%; Gillette Safety Razor at 30%
closing at 120 as against 115% at the close on Wed14;
nesday. The recovery, however, was not maintained against 30/ National Dairy Products at 42 against
return for the 44; National Bellas Hess at 6 against 6; Associated
on Friday. The Bethlehem Steel
/
March quarter, submitted after the close of business Dry Goods at 2058 against 22; Texas Gulf Sulphur
on Thursday, was of the same unfavorable character at 371/8 against 43%; American & Foreign Power at
as that of the U. S. Steel Corp., showing only 6c. 30% against 34%; General American Tank Car at
earned on the stock, and the dividend being reduced 60 against 62%; Air Reduction at 81 against 85;
/
from a basis of $6 per annum to p. Owing to new United Gas Improvement at 2958 against 30%;
selling pressure, Friday's market was again weak- Columbian Carbon at 68 'against 76%; Universal
/
ened, and prices once more started on a downward Leaf Tobacco at 36% against 351 2 bid on Friday
of last week; American Tobacco at 118 against 122;
course. Several further dividend reductions also
marked the course of the week, the more important Liggett & Myers at 80 against 81 bid; American
of which have been named further above in the Sumatra Tobacco at 8% 'bid against 9%; Reynolds
earlier portion of this article. The Illinois Central Tobacco class B at 50% against 51; Lorillard at
was one of these, the dividend being reduced from a 17 4 against 18%, and Tobacco Products class A
1
/
basis of 7% per annum to 4%. Most of the develop- at 12 against 13%.
ments of the week were of an adverse nature, steel
The steel shares have been the weakest feature of
production having further declined, copper and the whole market, because of the poor income reother metals having continued weak, and crude rub- ports for the March quarter and the generally unber and several others commodities having displayed satisfactory condition of the steel industry. United
similar weakening tendencies.
States Steel closed yesterday at 114% against 126%
Four hundred and ninety-three stocks dropped to on Friday of last week; Bethlehem Steel at 41%
new low levels for the year during the week, while against 4778; Vanadium at 39% against 43; Re/
/,
only 15 stocks recorded new highs for the year. public Iron & Steel at 14 against 1478 and Crucible
Call loans on the Stock Exchange ruled at 11 2
/% Steel at 44% against 46% bid. In the motor stocks
unchanged all through the week.
Auburn Auto again registered sharp declines, and
Trading again increased as liquidation proceeded closed yesterday at 185 against 212 on Friday of last
/
and the declines in prices became more violent. At week; General Motors at 4018 against 40%; Chrysthe half-day session on Saturday the sales on the ler at 18% against 18%; Nash Motors at 30%
New York Stock Exchange were 1,418,200 shares; against 321 8; Packard Motor Car at 7% against
/
on Monday they were 3,650,310 shares; on Tuesday, 778; Hudson Motor Car at 16% against 17, and
/
2,856,900 shares; on Wednesday, 3,181,810 shares; Hupp Motors at 73% against 8. In the rubber group
on Thursday, 3,334,752 shares, and on Friday, Goodyear Tire & Rubber closed yesterday at 36%
3218
FINANCIAL CHRONICLE
[Vox.. 182.
against 3714 on Friday of last week; U. S. Rubber International stocks were marked down
/
in line with
at 14
/ against 14, and the preferred at 24 the week-end reports from New York.
1
2
Tuesday's
against 25.
session was better owing to the absence of disquietThe railroad stocks have moved irregularly, with ing features in the budget. British
Government
the Eastern trunk lines rather weak. Pennsylvania issues moved upward on the proposal
to reduce the
RR. closed yesterday at 52 ex-div. against 55 on exchange fund in New York by E20,000,000
/
1
2
. Tobacco
Friday of last week; Erie RR. at 2414 against 26; and brewery stocks were up and most British
/
indusNew York Central at 9512 against 101 ; Baltimore trials also gained. International favorites
/
1
2
/
improved
& Ohio at 62 against 601 8; New Haven at 75
/
/ at the start, but sold off later. Dunlop Rubber
1
2
against 73 ; Union Pacific at 16814 against 166 ; shares proved an exception to the generally favor/
1
2
/
/
1
2
Southern Pacific at 86 against 85 ; Missouri-Kan- able trend, the issue falling on the announcem
/
1
2
ent
sas-Texas at 16 against 16%; St. Louis.San Fran- that the company would not pay the final dividend.
cisco at 2114 against 21; Southern Railway at 40
/
/ Wednesday's session was irregular, with British
1
4
against 39 ; Chesapeake & Ohio at 3914 against funds the brightest spot. Most industrial stocks
/
1
2
/
39 ; Northern Pacific at 44 against 44%, and were firm, but textile issues were depressed. Inter/
1
2
Great Northern at 56 against 58 .
/
1
4
national shares were uncertain. All sections of the
The oil stocks continued depressed early in the Stock Exchange were weak Thursday, with considerweek, but shared in the subsequent recovery. able selling reported by Continental interests. BritStandard Oil of N. J. closed yesterday at 363 ish funds were steady, but most foreign bonds
/
4
/
against 375s on Friday of last week; Standard Oil dropped sharply. Selling reached substantial proof N. Y. at 19 against 18%; Standard Oil of Calif. portions in electrical equipment and textile issues.
at 36 against 3818; Simms Petroleum at 578 bid The international group was marked
/
/
down maagainst 6 ; Skelly Oil at 5% against 518; Atlantic terially. There were no dealings at
/
1
2
/
London yesterRefining at 151 8 against 15; Texas Corp. at 20% day, as May 1 is a Stock Exchange holiday.
/
against 23; Richfield Oil at 1% against 2; Phillips
The Paris Bourse was uncertain at the start of
Petroleum at 75/s against 7 4 and Pure Oil at 578 trading Monday,but soon developed a
/,
1
/
firm tendency
against 7%.
which brought improvement in all departments. The
The copper shares have followed the course of the movement was considered due largely
to covering
general market, as the price of the metal has con- operations by profession
al bears. The favorable
tinued to sag. Anaconda Copper closed yesterday trend was regarded with
surprise in view of the
at 27 against 30 on Friday of last week; Kenne- downward movements
/
1
2
in other markets. After a
cott Copper at 21% against 21%; Calumet & Hecla firm opening Tuesday,
the trend was sharply reat 7 against 8 ; Calumet & Arizona at 33 bid versed and stocks
/
1
2
/
1
4
/
1
2
in all sections dropped to lower
against 38 ; Granby Consolidated Copper at 14
/
1
2
/ levels. Heavy selling orders from Brussels were a
1
2
against 152 American Smelt. & Ref. at 38 against factor, it was said,
/
1
;
while some liquidation also was
4238 and U. S. Smelt. & Ref. at 17 against 19.
/,
caused by the approach of the month-end settlement.
In an inactive session Wednesday, stocks showed
Irregular price movements were the rule this week only moderate Changes. Bank
shares improved a
on the stock exchanges in all the important Euro- little, while some of the speculative
favorites also
pean financial centers. The markets at London, gained, but electrical issues
and shipping stocks
Paris and Berlin moved in halting fashion on a went to lower levels. Thursday' dealings
at Paris
s
modest turnover. In London all attention was cen- brought sharply lower quotations throughou
t the
tered early in the week on the budget statement by list. The market opened weak and remained
so
Chancellor of the Exchequer Snowden,and the Stock under the influence of the month-end settlement
s,
Exchange marked time until it was delivered. late even though the rate on the Bourse remained
at the
Monday. The absence of income tax increases or abnormally low figure of 1 4 of 1%. Bank of
/
France
greater levies on tobacco and beer brought improve- shares were exceptionally weak, dropping 375
points
ment thereafter in related stocks, while oil issues in the session, while other stocks also showed
large
also gained a little as the increased tax on gasoline recessions. Prices at the opening yesterday
were
was less than expected. In Berlin the annual meet- materially higher, but parts of the gains were
lost
ing of Reichsbank shareholders was held Wednesday, in the later dealings.
with the President, Dr. Hans Luther, painting a
Leading stocks on the Berlin Boerse were weak,
rather depressing picture of the economic situation Monday, owing largely to reported heavy liquidain the Reich. He attributed the world-wide depres- tion from New York. The suspensions of brokerage
sion principally to reparations and the inter-Allied firms in New York were considered very disquieting
debt payments. Trade reports from all European and buying interest was virtually absent. Potash
countries remain distinctly unfavorable, with a stocks fell most heavily, while artificial silk
and
measure of price stability in the commodity markets chemical issues also proved vulnerable. A
firm
perhaps the most favorable indication. Unemploy- opening followed Tuesday, as to the market conment in Britain remains slightly above 2,500,000, cluded that difficulties in other centers would not
the weekly reports Showing no material change affect the German trading to any great extent.
lately. The last German unemployment statistics Weakness soon appeared, however, when it was
showed a drop of 352,000 in the month from March rumored that the Reich Government would enter
15 to April 15, but the aggregate on the latter date the money market for 250,000,000 marks on a short
was still 4,628,000.
term basis. Stocks declined rapidly thereafter and
The London Stock Exchange was depressed Mon- closed at the lowest levels of the day. The decline
day, prices in all departments dropping in fear of was continued Wednesday on further discouraging
disturbing features in the new budget. British reports from foreign markets and indications of sellfunds were firm at the opening but developed a soft ing orders from New York. The Berlin banks intertone, while the industrial list was generally lower. vened and stopped the decline, according to Berlin
MAT 2 1931.]
FINANCIAL CHRONICLE
3219
what was agreed between France and Italy through
Mr. Henderson's meditation during the last week
in February this year." Washington reports late
this week stated that the State Department had
received from its Embassies in London and Paris
the texts of the notes exchanged in connection with
the naval negotiations. The officials, a dispatch to
the "Times" said, "found nothing new from that
which had been previously published in press disDisagreement among the British, French and patches from Europe and nothing to change the presItalian Governments regarding the terms of the ent American attitude of aloofness from the
proposed naval accord which was to supplement the negotiations."
London treaty of 1930 has placed the entire quesA severely conservative British budget for the
tion of naval construction by the Continental powers
to
back much where it was before the announcement fiscal year which began April 1 was presented
by Philip Snowden,
on March 1 of an understanding in principle. This the House of Commons Monday
matter is of exceptional gravity since it brings up Chancellor of the Exchequer in the Labor Cabinet.
the imminent possibility of British utilization of Although he was just recovering from illness and
the "escalator clause" in the London treaty in order a surgical operation, Mr. Snowden insisted on placto keep pace with the building work of the two Latin ing the budget before the House. The plans of the
powers. Immediately after the announcement by Chancellor had been awaited with the keenest inthe British Foreign Secretary, Arthur Henderson, terest throughout Great Britain, as it was feared
of substantial agreement between Italy and France he would resort to increases in income taxes and
on all points, experts began to draft the terms of higher levies on tobacco and beer in order to cover
the accord in a formal treaty. It became known a heavy prospective deficit. No new taxes were
more than a month later that a "negotiatory mis- proposed, however, and the only existing tax which
understanding" had arisen, and that the French was increased is that on gasoline, which was raised
Government desired an earlier schedule of replace- to 6d. a gallon from the former level of 4d. Two
ment building than was apparently contemplated in additional expedients were proposed in order to
the original terms. Rene Massigli, of the French bring the budget to a balance. Mr. Snowden sugForeign Office, placed the new terms of his Govern- gested that the dollar exchange fund, maintained
ment before the British and Italian experts on April in New York by the British Government in order
21. They were rejected by the British Government to cover war debt payments, be reduced by 00,in a formal note which was handed the French 000,000, and the sum placed in the general fund.
Ambassador in London last Saturday. The precise His final proposal covering this year's budget was
terms of the French proposals have not been dis- to hasten income tax collections so that threeclosed. Nor are the negotiations officially closed, as fourths of the tax would be received in January and
it is understood that counter-suggestions were con- the remaining fourth in July, as against the previtained in the British reply. "There will be a few ous rule for collection of half the sum due in Janumore perfunctory meetings of the experts and a fur- ary and the other half in July. By this means an
ther exchange of notes, all of which may not be extra fourth of the tax will be received by the Treaspolite, except in a diplomatic sense," a dispatch ury next January, and therefore within the current
from London to the New York "Times" said. "But fiscal year, instead of leaving it over for July 1932.
whatever of reality there ever was in the situation These measures, Mr. Snowden declared frankly, are
is now all squeezed out." The Italian Government, designed to meet a temporary emergency, and he
according to Rome reports, also views the French forecast a heavy increase in taxation next year
unless the strictest Government economy is observed
proposals unfavorably.
and unless trade improves.
Receipt of the British note in Paris occasioned disIncluded in the "money bill" presented to the
tinct pessimism regarding the negotiations in the
French capital as well. "Mile it is stated here that House by the Chancellor is a proposal for a tax of
the British made new suggestions in their note," a one penny in the pound sterling (about 2/5ths of
Paris report of Sunday to the New York "Times" 1%) on the capital value of land in the United Kingremarked, "these appear to bulk a good deal less dom. This tax, if accepted by the House, could not
large than does their somewhat flat refusal either become effective for several years, as the extensive
to accept the French claim or permit an adjourn- preliminary valuations on all land holdings would
ment of the discussion until 1935, as the French take a long time. A land tax has long been advoproposed." The French claim,it was added, was for cated by the Liberal party, and the Laborites also
an increase of 66,000 tons of new construction in the have favored the method of raising revenue. On
years 1934 to 1936 over the allotment of 136,000 tons earlier occasions the House of Lords has defeated
accorded her in the agreement of March 1. The Paris any attempts to make the impost effective, and inreport indicates that Foreign Secretary Henderson clusion of the tax at this time in the budget bill
recalled, in his note, that the agreement was reached constitutes an effort to prevent further defeat at
on the definite basis of French construction of the hands of the Lords. Over a straight money bill,
136,000 tons to the end of 1936, and Italian build- or a measure which in the opinion of the Speaker
ing of 129,000 tons. "The British Government fur- contains only provisions dealing with the impother emphasizes," the dispatch continues, "that any sition, repeal, alteration or regulation of taxation
departure from this figure will put in jeopardy the and the provision of public money supply, the Lords
whole carefully worked out scheme of naval equi- possess no power of veto. The proposed land tax,
librium which was evolved during the London con- it has already been indicated, will be the main, and
ference last year, and will be in contradiction to perhaps the only, point of contention in the new
dispatches. The close was irregular. Thursday's
session was a very quiet one, with prices showing no
great movements. A depressed opening was followed by a general recovery which left the level materially unchanged from the previous close. Favorable reports from New York caused improvement at
the opening yesterday, but the gains were not fully
maintained.
3220
FINANCIAL CHRONICLE
[Vol.. 132.
budget bill. Debate on the finance bill this week the establishment of the
Bank for International
has been mild and friendly. The Liberals, who hold Settlements. Previously
we received payment of
the balance of power, have declared themselves reparations installmen
ts of the French and Italian
favorably, while the Conservative Opposition found war debts in sterling,
but we now have been able
little to criticize.
to arrange that these sums shall be placed to our
National revenue for the current fiscal year was credit in the Bank for Internatio
nal Settlements in
estimated by the Chancellor at £803,500,000 (about dollars, which we can utilize
in making payments
$3,905,010,000), while expenditures were placed at on our foreign debt. These arrangements have
been
£803,366,000 (about $3,904,358,760), leaving a bud- working for a year quite satisfactorily. It
does not
getary surplus of only £134,000 (about $651,240). follow that the exchange account
can be dispensed
The estimate of revenues on the basis of the taxa- with altogether. The
dates on which we receive
tion in the last fiscal year was £766,000,000 (about dollars from abroad do not
match exactly the dates
$3,722,760,000), so that increased revenues of £37,- on which we require to use them, and it would be,
306,000 (about $181,598,000) had to be found in the moreover, imprudent to rely exclusively upon
one
current year. Of the three expedients designed to source of supply. But there is no doubt that the
produce this additional revenue, the exchange fund size of the account is excessive for present or future
will provide £20,000,000 (about $97,200,000), the needs, and without injury to the public
interests
hastened income tax collections will provide £10,- it can be reduced by £20,000,000. I am thus in a
000,000 (about $48,600,000), and the gasoline tax position to increase the miscellaneous receipts
for
increase will provide £7,366,000 (about $35,798,000). this year by that amount." Mr. Snowden also
justiMr. Snowden prefaced his budget presentation with fied, on the grounds of expediency
, his use of the
the customary analysis of last year's results, which second special resource, which consists of
the 75%
showed an apparent deficit of £23,000,000 (about income tax payment in January and 25% in
July.
$111,780,000). This apparent result was mislead- He declared frankly that he disliked the remaining
ing, he said, since operation of the sinking fund had new source of revenue—the higher
tax on gasoline—
resulted in application of the net sum of £42,500,000 but said he found it easy to collect
and productive
(about $206,550,000) to reduction of the dead weight of revenue, while the price
of gasoline has lately
debt. The Chancellor remarked that there was dropped by about
the amount of the increase.
probably no other country "however skyscraping its
Neville Chamberlain, Conservative, and David
tariff walls", which can show equally good results Lloyd George, Liberal
leader, joined in congratulatin the present period of economic depression.
ing Mr. Snowden. Mr. Chamberlain conceded that
In placing his proposals before the House, Mr. some of the proposals
might be worse, but he added
Snowden expressed vigorous opposition to sugges- that sternest Conservative
opposition would be
tions for a revenue tariff, now backed more or less offered to others. Mr. Lloyd George,
with evident
definitely by the Conservatives. "I shall never be reference to the proposed taxation
of land values,
a. party to such a thing," he said. "A tax which spoke of certain features
of the budget as giving
would reduce the consuming power of the masses of him cause for rejoicing. Formal debate
on the budthe people, apart from all other considerations, get was opened Tuesday by Mr.
Chamberlain, who
must be harmful to trade. I desire to avoid, if pos- said the margin of safety between the estimated
sible, all forms of taxation which, whether from the income and expenditure was a paltry figure
which
economic or psychological point of view, would have constituted an unjustifiable gamble. He denounced
a depressing effect on industry and might retard the proposal to tax land values, and charged that
recovery in trade and employment. It is obvious I Mr. Snowden had not adequately covered the unemshall have to propose additions to taxation, but the ployment situation. Sir Donald McLean, as spokesproblem is largely a temporary one. I regard this man for the Liberals, said the budget was an emerbudget, like the war budget, as dealing with a tem- gency program which the party members felt they
porary emergency and justifying temporary meas- could support heartily. In the subsequent discusures. Revival of trade, when it comes, will be fol- sions this week, Mr. Chamberlain made only faint
lowed. by an expansion of revenue and by a reduc- attempts to attack the budget, admitting that the
tion on the expenditure side of the account in dominant feeling inspired by it was one of relief.
respect to unemployment. In the midst of this The real fight will develop on the land tax proposal,
wide economic blizzard, more severe than our gen- which will probably be moved early next week. The
eration has ever known, I feel justified in seeking, budget was viewed favorably by the financial and
as the lesser of two evils, relief by the means of non- industrial interests of Britain, owing chiefly to the
recurrent revenues and temporary expedients.
lack of any increase in the income taxes.
"There are two resources I can legitimately call
to my assistance as expedients in this time of unThe new Republican regime which took over the
paralleled stringency. There exists what is known affairs of Spain on April 14 continued this week its
as the exchange account, which represents the sum efforts to consolidate its forces and, in particular,
of £33,000,000 advanced during the war and utilized to prevent any further measure of success in the
by the Treasury in purchasing foreign exchange to separatist movement of the Catalans. A decree
finance the payments of our obligations abroad. dealing with the promised reduction of the Spanish
This is not an account to which expenditure is military establishment was issued last Saturday.
finally charged, but is in the nature of a revolving It proclaimed the aim of reducing the army to "that
fund which has enabled us to buy foreign exchange level necessary for the defense of a peaceful nation."
under favorable conditions in advance of the date More than 22,000 commissioned officers at present
upon which we had to make payments. Down to on the active list were given an opportunity of
recent date no possibility existed of reducing the retiring on full pay. The supply of new officers
amount, but new circumstances which have modified will be reduced through suspension of admittance
the situation arise from The Hague agreement and of students to the military academy at Saragossa.
MAY 2 1931.]
FINANCIAL CHRONICLE
3221
Madrid dispatches explain that the number of offi- trade, with the impression apparently prevailing
cers has always been in excessively high propor- that the United States Government had embarked
tion to the number of men in the Spanish army, and on a program of excluding Russian products. The
that the problem of reduction "has been a constant favorable ruling subsequently made on importations
source of preoccupation to Spanish Governments of Russian manganese ore did not change the imsince last century." A further decree, issued last pression greatly, and Soviet officials began to divert
Monday, re-established the jury system, which was orders for electrical equipment, agricultural masuspended eight years ago. The Government chinery and other products from the United States
officially approved the red, yellow and purple tri- to European countries. In order to test the Treascolor as the national flag. Steps also were taken ury regulations on Russian timber, a shipment of
early this week to place the supervision of water 3,200,000 feet was arranged on the Finnish steamer
power under the central government, with the aim, Anversoise, which arrived at Providence last week.
it is said, of preventing Spain's water power from Hearings were promptly started in Washington to
falling into foreign hands. Former Premier Da- determine whether any of this material had origimao° Berenguer pledged loyalty to the new regime nated in the areas wherein convict labor is allegedly
last week, but he was, nevertheless, arrested Monday used. Representatives of the importers and of the
on a charge of responsibility for the deaths of Cap- Amtorg Trading Co., commercial agents of the
tains Hernandez and Galen, who were executed after Soviet Government in this country, offered evidence
the revolt at Jaca last December. Provisional Presi- that the lumber was not cut or processed by convict
dent Alcala Zamora addressed both the American labor, and release of the shipment for importation
continents by transatlantic radio, Wednesday, re- was promptly ordered. Under-Secretary of the
marking that the destiny of the new republic rested Treasury Ogden L. Mills stated that in the future
in America rather than in Europe. "The monarchy each lumber shipment from Russia would be treated
kept us separated from America," he said,"but now, individually and that no general rule was laid down
with the similarity of our institutions, we are closer by the decision, which was made Monday.
Russian trade with almost all other countries,
than ever before in history."
The question of greatest interest at present in meanwhile, has also been subject to an immense
Spain is that of the possible establishment of a amount of discussion. Misgivings regarding the
separate State by the Catalans, under Colonel Fran- menace of Russian dumping of wheat have been excisco Macia. The latter, Madrid dispatches said, pressed recently in many countries. Huge timber
is regarded as something of a fanatic on the subject exports to Britain and cement exports to Turkey
of !Catalonian independence. With the matter also have caused some discussion of the alleged
under discussion everywhere, a national sensation "dumping". London, moreover, reported a sudden
was caused last Saturday by the announcement that increase in Russian exports of cotton to Britain
Senor Alcala Zamora would make a trip to Barce- in the last six months, the rate of increase being so
lona. The Provisional President arrived in the great and the price so low as to offer a serious
Catalonian center Sunday and was greeted by cheer- threat to American cotton growers. A bill designed
ing crowds. Colonel Macia received him in the to curtail British imports from Russia was offered
name of the Catalan State. No formal announce- in the House of Commons last week, but it was
ment was made on the subject of Catalan indepen- defeated after a short debate. The bill would have
foreign
dence, but several speeches by the two leaders during prohibited the importation of goods made by
continue to mainthe day indicated that a completely separate gov- forced labor. Moscow officials
ernment would not be set up. Senor Alcala Zamora tain, reports state, that the large exportations of
emphasized that there are no factional divisions wheat and other products are solely for the purpose
within Spain, and remarked that the Spaniards are of acquiring foreign credits for the purchase of
all one people. Colonel Macia declared that Cata- machinery and other items needed in the ambitious
lonia will be a State in the Spanish Republic. A five-year plan of industrialization.
The placing of Russian orders for foreign merseparate Catalan Cabinet was nevertheless named
Wednesday, while the Madrid Government at the chandise has received even more attention in recent
same time issued a warning that it proposed to exer- weeks than has the so-called Russian dumping of
cise full authority over Catalonia, as over the rest cereals, timber and other products. The foremost
of Spain. Barcelona reports suggested that Colonel incident has been the placing of orders by a Soviet
Macia was proceeding with organization of the Commission in Berlin for about $75,000,000 of Gerprovince as a political unit. The Ministry, accord- man electrical equipment and heavy machinery.
ing to an Associated Press report, is as follows:
Credits running from 14 to 29 months were arranged
on the German plan whereunder the Reich GovernPresidency and Government, Colonel Macia.
Instruction, Juan Casanova.
ment assumes 70% of the credit risk on Russian
Economy and Labor, Ventura Gassols.
Promotion and Public Works, Manuel Serra.
orders, leaving German exporters liable for the
Agriculture, Salvador Vidal Resell.
remaining 30%. These deliveries will augment the
and Public Health, Manuel Carrasco Formiguera.
Hygiene
Treasury—Casimiro Gimlt.
normal German exports to Russia, estimated at well
above $150,000,000 for the current year. Of interest
clarification of the question of Russian. also was a report, last month, of the first outright
Some
American trade relations resulted this week from barter of commodities under a Russo-Italian trade
a Treasury ruling permitting the entrance at the agreement. This transaction called for the export of Providence, R. I., of a shipment of lumber change of Russian Wheat for 2,000 Italian motor
designed to test the recent Treasury regulations trucks. Rome reports of last Monday stated that
barring Russian timber unless it is proved that the commercial accord between Italy and Russia
convict labor had no part in the production or ship- had been renewed on the basis of increased exment of the product. The regulations were viewed changes. The original convention, signed last Auin Moscow as a serious setback to Soviet-American gust, provided that Italy would furnish 200,000,000
A
3222
FINANCIAL CHRONICLE
lire worth of goods to Russia, which in turn received
special privileges in selling oil and coal in Italy.
The amount of business having been transacted, a
new accord was arranged Monday providing for
almost twice as much business during the remainder
of this year. An Antwerp report of last Sunday
to the New York "Times" indicated that SovietBelgian trade is steadily on the increase. Moscow
dispatches stated, earlier in April, that a delegation
of Polish business men was in the Russian capital
on a mission of increasing the trade between the
two countries.
Dissolution of the Rumanian Parliament was
decreed by King Carol Thursday at a short special
session, called for presentation of the new Cabinet,
headed by Carol's former tutor, Nicolas Jorga. No
vote of confidence was requested by the new Government, nor was any opportunity given the leaders
of the Peasants' and other parties to express their
views. New elections are to take place June 1 for
the Chamber and June 4 for the Senate. The Jorga
Cabinet was formed April 18 after unsuccessful
attempts by other leaders to form regimes that
would be representative and still include the personal favorites of Carol. At the special parliamentary session, Thursday, Premier Jorga read a brief
speech to the effect that only national solidarity
could overcome the economic difficulties of the
country. All rights of the Crown which had been
withdrawn in recent years would be restored in full
measure, he proclaimed. Arguing that it would be
useless to expect the Parliament to approve the aims
of the Cabinet, he read a decree in Carol's name
dissolving the Assembly and ordering the new Parliament to meet June 15. Members of the Peasants'
party, which holds 320 of the 370 seats in the Chamber, stormed and shouted "Dictatorship!" At a
meeting of the party heads later in the day, Dr.
Julius Maniu declared that the new regime had displayed in its announcement a "tendency toward
absolutism and dictatorship". Angry crowds milled
through the streets of Bucharest, reports said, and
shouted praises of the new Spanish republic.
Groups of Carol's supporters answered these cries
with shouts in favor of the monarchy.
Military operations to put down the small revolutionary movement that started in Funchal, capital
of the Madeira Islands, a month ago, were started
this week by a Portuguese punitive expedition. The
movement spread to the Azores Islands at first, but
was rapidly quelled there, and efforts by the Lisbon
regime were concentrated upon the Madeira revolt.
An ultimatum issued by the commander of the punitive expedition, Colonel Fernando Borges, was at
first disregarded by the Funchal rebels. London
reports indicated late last week, however, that they
offered to capitulate if certain reforms were put
into effect by ,the Lisbon Government. A further
conditional offer was made Tuesday, but it proved
unacceptable and the Government forces, assembled
on an islet not far from Funchal, opened an attack
by air. Seaplanes bombed the Funchal wireless station and the neighboring fortifications. Many members of the foreign colony left the city, while others
moved to two large hotels, established as a neutral
zone. Warships began to shell the city Thursday,
while more bombs were dropped by airplanes, with
the attack concentrated on this occasion on the popu-
[vol. 132.
lous center of the city. Troops were landed at
several places under cover of naval vessels in preparation for a campaign against the rebels. It is believed the latter will retreat into the interior, where
pursuit is difficult.
There were few developments of any significance
this week in the neighboring Central American republics of Nicaragua and Honduras, where banditry
and revolutionary activities have occasioned unsettlement in recent weeks. Defensive measures
against the Sandinistas in Nicaragua were organized by the native Guardia National under American marine leadership, and there has been no repetition of the attacks by the bandits on east coast settlements.
Marine headquarters at Managua
reported Thursday that skirmishes had occurred,
in one of which Chavarria, a lieutenant of General
Sandino, had been killed. A decisive battle in
Honduras is still awaited between the Government
forces and the troop of about 500 revolutionaries
under General Gregorio Ferrara. This movement
began last week in the northern Caribbean coast
region and is apparently unconnected with the
Nicaraguan bandit activities. Loyal troops repulsed the rebel forces at Chamelecon and the latter retreated into the hills near San Pedro Sula. A
strong Federal column under General Francisco
Valladares is attempting to engage them. Reports
received at Washington from Julius G. Lay,
American Minister at Tegucigalpa, indicate
that the more populous regions are quiet and
undisturbed.
Disaffection among the various political factions
in China reached the point this week of a "bloodless" revolt in the southern province of Kwangtung
against the Nanking Nationalist Government of
President Chiang Kai-shek. The loosely organized
Nanking regime is believed to have the support,
however, of Chang Hsueh-liang, powerful young
ruler of Manchuria and part of North China, and it
is a question whether the customary spring rebellion
will result in a military struggle. A strong "reorganizationist" movement has prevailed for some
time within the ranks of the Nationalists, with the
disgruntled southern leaders opposed to the "personal dictatorship" of the President. Canton, capital of Kwangtung, declared its independence of
Nanking Thursday, this move being interpreted as
an attempt to force the resignation of Chiang Kaishek. Rumors of warfare are discounted by Nationalist leaders in Shanghai, according to Victor Keen,
correspondent of the New York "Herald Tribune".
"It is undeniable," the correspondent adds, "that
many military factions are opposed to Chiang Kaishek, but this scattered and unorganized opposition
seems incapable of waging war against Nanking so
long as Chiang's troops remain loyal." The revolt
will embarrass the Nationalist leaders in the National People's Convention, scheduled to open at
Nanking next Tuesday to discuss the problems of
the country. Large portions of the provinces of
Honan, Hupeh and other interior areas remain,
meanwhile, within the control of peasant and Communist armies, and occasional battles are reported
between these forces and the Nanking troops. The
authority of the Federal Government in such areas
is merely nominal, but along the coast and in most
of the important Yangtze River areas its rule has
MAY 2 1931.]
FINANCIAL CHRONICLE
3223
prevailed without much question until the present include "discounts and advances" and "securities."
The former showed an increase of £1,216,297 and the
southern revolt began.
latter a decrease of £853,126. The discount rate
The severe economic depression in Australia and remains 3%. Below we furnish a comparison of the
the debate within the ranks of the dominant Labor different items for five years:
party regarding measures of amelioration have proBANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
1928.
1927.
1930.
1931.
duced several notable developments relating to exMay 2.
May 4.
May 1.
April 30.
April 29.
ternal debt. The default by the State of New South
a349.815,000 358.821,877 361,371,339 135,755.950 137,584,540
Wales on coupons due in London April 1, considered Circulation
17,678,000 21,002,374 10,939.252 13,679,532 12,397.629
Public deposits
largely a result of the campaigning of the State Other deposita
85,953,083 102,723,246 99,162,663 101,410,195 93,829,838
48,923,885 66,162.239 60,688.826
Bank accounts
Prime Minister, John T. Lang, has steadily assumed
37.029,198 38,561,007 38,473.837
Other accounts
31,089,684 59,237,629 45,351,855 31.385.055 46,289,229
Govt. securities
greater proportions. The interest was paid by the
32.844,901 16,754,058 25,069,757 56,697.284 41,902,240
Other securities_ _
Federal Government under the agreement made sev- Dint. & advances 7,198,173 6.755.228 9,285,812
9,998,830
Securities
eral years ago, whereby the Commonwealth assumed Reserve notes & coin 25,646,728 65,461,916 15,783.945 44,724.464 35.767,400
57,394.824
57,413,000
the obligations of the States. Prime Minister Lang Coln and bullion__ _147,227,386 164,283,793 158,766,163 160,730,414 153,601,940
was understood to have adopted the course of Proportion of reserve 55.39% 52.90% 52.12%
3334%
3834%
to liabilities
434
%
535%
3%
3%
repudiation wilfully, in an effort to force recon- Bank rate
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of Engsideration by the London Government of the debt land note issues adding at that time £234,199,000 to the amount of Bank of England
settlement effected with the Commonwealth a dec- notes outstanding'
ade ago. It become known, moreover, that the ComThe German Bank statement for the third week of
monwealth Prime Minister, James H. Scullin, had
started negotiations with London on the Australian April reveals a decline in note circulation of 187,819,debt to Britain. An announcement was made in 000 marks. Owing to this loss the item now aggrethe House of Commons in London, last month, that gates 4,060,462,000 marks, as compared with 4,109,the British Government would reduce the interest 876,000 marks last year and 3,918,931,000 marks two
which Australia pays on its war debt by $8,000,000 years ago. Increases are shown in other daily maturannually for a three-year period, and would extend ing obligations of 140,240,000 marks and in other
by two years the time in which the principal is to liabilities of 366,000 marks. The asset side of the
be paid. The difficulties in New South Wales were account records a gain in gold and bullion of 2,672,000
accentuated late in April by the closing of the New marks, in silver and other coin of 19,172,000 marks,
South Wales Savings Bank, an institution with de- in notes on other German banks of 2,322,000 marks
posits of more than $350,000,000. Early this week and in other assets of 16,951,000 marks. The total
bills were passed providing for absorption of the of gold now stands at 2,347,505,000 marks, as against
bank by the Commonwealth Savings Bank, Prime 2,557,053,000 marks last year and 2,178,898,000
Minister Lang announcing that depositors would marks the year before. Decreases appear in bills of
be fully guaranteed by the Government against exchange and checks of 94,607,000 marks, in adlosses. It was announced in Canberra Tuesday that vances of 11,648,000 marks and in investments of
New South Wales would be unable to meet interest 2,000 marks while the item of deposits abroad repayments due in New York and that the Federal main unchanged. A comparison of the different
Government, again acting under the agreement of items for the past three years is furnished below:
1927, would meet the payments and prevent any
REICHSBANK'S COMPARATIVE STATEMENT.
Chancesfor
actual default.
Apr.23 1931. Apr. 23 1930. Apr, 23 1929.
TVeat.
Relchsmarks. Reichsnzarks. Reichsmark:.
Reichsmarks.
Assets—
Gold and bullion
Inc. 2,672,000 2,347.505,000 2,557,053.000 2,178.898.000
207,638,000 149.788.000 163,008.000
Of which depos.abed_ Unchanged
39,936.000
Iles've in for'n curr
Inc. 17,891.000 131,983.000 354.895.000
1,612,998,000 1,630,539.000 2,316,084.000
Bills of each.& checks.Deo. 94,607.000
19,172.000 206,676.000 153,060.000 153.783.000
Silver and other coln _ _Inc.
29,314.000
23.294.000
27,731.000
Notes on oth.Ger. bks.Inc. 2,322,000
55,358,000
40.897,000
Dec. 11,648.000 161,104,000
Advances
92.964.000
93,133.000
2,000 102.634,000
Dec.
Investments
Other assets
Inc. 16,951,000 470,093,000 627,716.000 541,282.000
No changes occurred during the week in the discount rates of any of the European central banks.
Rates are 6% in Spain;51 2% in Hungary and Italy;
/
5% in Germany and Austria; 4% in Norway and
Ireland; 31 2% in Denmark; 3% in England and
/
Sweden; 2 % in Holland and Belgium, and 2% in
/
1
2
Ltabltitteo—
France and Switzerland. In the London open Notes in circulationDec. 187,819,000 4,060,462.000 4,109,876,000 3,918,931,000
0th. daily mat. oblig_ Inc. 140,204,000 463.108,000 732,474.000 769,295,000
market discounts for short bills on Friday were Other liabilities
366,000 261,917,000 158,769,000 262,626,000
Inc.
2 @29 16%, the same as on Friday of last week,
/
1
2
/
and 2 9/16% for three months bills, also the same
The weekly statement of the Bank of France dated
as the previous Friday. Money on call in London April 25, shows a loss in gold holdings of 482,349,115
on Friday was 134%. At Paris the open market francs. Owing to this decline the item now aggregates
/
rate remains at 134%, and in Switzerland at 11 8%. 55,615,943,177 francs, which compares with 42,350,/
/
815,357 francs the same time last year and 35,788,The Bank of England statement for the week ended 083,078 francs two years ago. Increases appear in
April 29 shows a gain of £487,672 in gold holdings credit balances abroad of 1,000,000 francs, in French
but as circulation contracted £1,371,000, reserves fell commercial bills discounted of 969,000,000 francs and
off £883,000. The Bank's gold holdings now aggre- in bills bought abroad of 1,000,000 francs. Notes in
gate £147,227,386 in comparison with £164,283,793 circulation record a decline of 560,000,000 francs, rearyear ago. Public deposits increased £3,814,000 ducing the total of the item to 77,230,340,075 francs.
while other deposits decreased £4,234,732. The The total of circulation a year ago stood at 70,770,latter consists of bankers accounts which fell off 213,140 francs and the year before at 62,847,739,910
£5,860,816 and other accounts which rose £1,626,084. francs. A decrease is shown in advances against
The reserve ratio is now 55.39% compared with securities of 91,000,000 francs and an increase in
56.02% a week ago and 52.90% a year ago. Loans creditor current accounts of 896,000,000 francs. Beon Government securities increased £140,000 and low we furnish a comparison of the various items for
those on other securities £363,171. Other securities the past three years:
3224
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Chances
Ayr. 25 1931. Apr. 26 1930. Apr. 27 1929.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings_ _Dec.482,349,116 55,815,943,177 42,350,815,357 35,788,083,078
Credit bals. abed_Inc. 1.000,000 6,905,740,703 6.901,832,800 8,543,548,265
French commercial
bills discounted_Io. 969,000.000 6,330,518,859 5,657,909,467 6,453,635,648
Bills bought abr'd_Inc. 1,000,000 19,369.141,277 18,706,784,132 18.481.852,994
Adv. agt. securs__Dec. 91,000,000 2,794,097,944 2,591,847.446 2,283,419,213
Note circulation...Deo. 560,000,000 77,230,340,075 70.770.213.140 62.847,739,910
Cred. curr. accts.—Inc. 896,000,000 23,741,421,933 14,550,980,679 19,158,436,630
Further reductions in its bill buying rates by the
New York Federal Reserve Bank constituted the
main development in the money market this week.
The drop, effected Monday, brought levels to the
lowest on record and occasioned a comparable lowering of yield rates by dealers. With this fresh
evidence of the Federal Reserve determination to
maintain phenomenal ease in rates before the market, money remained soft in all departments. The
increased demands for funds over the month-end,
which normally cause slight tightening, had no
effect on this occasion. The new bankers' bill buying rates established by the Reserve institution are
0
11 0 for one to 45 days maturities, and 1%7 on
47
46 to 120 days bills. This represented a reduction
4
of/ to 1% on maturities up to 90 days, and 1 of
1
2
1% on 91 to 120 days maturities. Dealers reduced
the yield rates / of 1% on the same day. Call
1
2
loans on the Stock Exchange were quoted at the
undeviating figure of 1 % all week. There were
/
1
2
no offerings at concessions in the unofficial "Street"
market until yesterday, when some transactions
were reported at 1I/ %. Withdrawals by the banks
4
amounted to $25,000,000 Monday, and a further
$25,000,000 Wednesday. Time money rates were
unchanged. Brokers' loans against stock and bond
collateral, reported by the Federal Reserve Bank,
dropped $114,000,000 in the week to Wednesday
night. Gold movements for the same weekly period
consisted of imports of $11,103,000. There were no
exports, but gold held earmarked for foreign account
increased $1,500,000. The daily gold statement
issued yesterday showed imports of $15,600,000.
-day Treasury
On a new offering of $60,000,000 90
discount bills, on which bids were opened yesterday, allotments of $60,100,000 were made on total
tenders of $305,855,000. The average rate, on a
bank discount basis, was 1.29%, as against 1.33%
on an issue of $53,510,000 sold one week earlier.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, all loans have again
/ ,
1
7
been at 12 0 including renewals, day after day
throughout the week. Time money has again been
without noteworthy movement, there being no demand for this class of accommodation. Rates con/@
/
1
@1%% for 30 days, 112
tinue unchanged at 12
0
2% for 60 days, 2@2%7 for 90-day accommoda/
1
/ /0
1
2
tions, 2@21 4% for four months, and 2 4@2 7 for
five and six months. The demand for prime commercial paper has been fairly good, but a dearth of
high-class names has held transactions down to the
minimum. Rates for choice names of four to six
1
2
/ /
months' maturity are 214@2 %, while names less
well known are 2%@370.
The market for prime bank acceptances has been
unusually quiet this week, business being somewhat
restricted on account of the limited amount of paper
available. On Monday the Federal Reserve Banks
of New York and Boston again reduced their buying
rates for bankers' acceptances. The new rates are
[You 132.
FINANCIAL CHRONICLE
1 7 on bills up to 45 days, a reduction of/of 1%;
/0
3
4
1
2
from 46 to 120 days, the new rate is 1%7, which is
0
a reduction of/ of 1% on bills from 46 to 90 days,
1
2
and a reduction of 34 of 1% on bills from 91 to 120
/
days. The Acceptance Council the same day 'narked
down its rates/ for bills of all maturities in both
1
2
%
the asked and the bid columns. The Federal Reserve Banks further increased their holdings of
acceptances from $151,611,000 to $169,765,000.
Their holdings of acceptances for foreign correspondents further declined from $422,880,000 to
$410,076,000. The posted rates of the American
47
Acceptance Council are now 1%70 bid and 11 0
and also for 60
asked for bills running 30 days,
and 90 days; 112 bid and 1%70 asked for 120
/%
/
1
%
days, and 15870 bid and 12 asked for 150 days
/
and 180 days. The Acceptance Council no longer
gives the rates for call loans secured by acceptances.
Open market rates for acceptances have also been
reduced, as follows:
SPOT DELIVERY.
—180 Days-- —150 DOW—. —120 Days—
Bid. Asked.
Bid. Asked.
Md. Asked.
134
134
134
154
134
134
PrImaeIIgIbIebIIje
—90Days— —60Deo— —80Days—
Bid. Aga.
Rid. Asked.
Bid. Asked.
134
134
134
134
134
Prints eligible bills
134
FOR DELIVERY WITHIN THIRTY DAYS.
134 bb2
Eligible member banks
134 bId
Eligible non-member banks
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 foe
the various classes of paper at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL RESERVE BANES ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston •
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate Si
Effect on
May 1.
234
2
334
a
334
3
3
8
834
834
334
3
Data
Establisked.
Freviout
Rat.
Jan. 2 1931
Dec. 24 1930
July 3 1930
Dee, 29 1930
July 18 1930
Jan. 10 1931
Jan. 10 1931
Jan. 8 1931
Sept.12 1930
Aug. 15 1930
Sept. 9 1930
Jan. 9 1931
8
234
4
334
4
834
314
a%
4
6
4
834
Sterling exchange continues firm and active and
in Tuesday's trading cable transfers reached 4.863/
2
,
a new high on the move. The range this week has
.
been from 4.85 27-32 to 4.86 5-16 for bankers' sight
bills, compared with 4.85 9-16 to 4.86 3-16 last week.
The range for cable transfers has been from 4.863/i
to 4.863/2, compared with 4.85 13-16 to 4.86 11-32 a
week ago. Sterling also continues exceptionally firm
with respect to French francs and on several occasions during the week the London check rate on
Paris was quoted at 124.44 francs to the pound, just
under the gold export point to London, which is
estimated here at about 124.45, although London
places the point somewhat higher at about 124.54.
The New York market looks for the beginning of a
gold movement from Paris to London momentarily.
Undoubtedly seasonal factors are contributing to the
firmness of sterling and as the weeks go by these
favorable influences will be accentuated by tourist
demand for exchange on London.
Aside from this factor, however, two important
events, it is contended, have contributed to the firmness in exchange this week. One is the further reduction in the New York Federal Reserve Bank's buying rate for acceptances and the other is the favorable reception by the market of Chancellor Snowden's
speech on the British budget. On Monday the Fed-
MAY 2 1931.]
FINANCIAL CHRONICLE
3225
eral Reserve Bank reduced its buying rate on bills in sovereigns. On Friday the Bank bought £30,982
up to 45 days to 13 1% and to 1%% on maturities gold bars and received £63,000 sovereigns from abroad.
At the Port of New York the gold movement for
up to 120 days, a new low. Bill dealers cut their
bid and asked, on all maturities to the week ended April 29, as reported by the Federal
rates % of 1%,
equal previous record lows. Ninety-day bankers' Reserve Bank of New York, consisted of imports of
acceptances are now quoted at 1%% bid and 13.i% $11,103,000, of which $7,000,000 came from Argenasked. The asking rate on acceptances represents tina, $3,492,000 from France, $456,000 from Mexico
the yield to the buyer of these investments. It is and $155,000 chiefly from other Latin American
thought that the reduction in the bill buying rates countries. There were no gold exports. There was
by the Federal Reserve Bank is another move to an increase of $1,500,000 in gold earmarked for fordivert the flow of French gold from New York to eign account. In tabular form the gold movement
other centers. By this move it is thought that a at the Port of New York, for the week ended April
greater volume of French gold may find its way to 29, as reported by the Federal Reserve Bank of
London. Bankers believe that the Bank of England New York, was as follows:
is intent upon increasing its gold holdings by at least GOLD MOVEMENT AT NEW YORK, APRIL 23-APRIL 29, INCL.
Exports.
Imports.
£10,000,000 or £15,000,000 during the season when
$7,000,000 from Argentina
exchange favors sterling so as to be fully prepared 3,492,000 from France
None
456,000 from Mexico
for the drain upon London which takes place in the
155,000 chiefly from other Latin
countries
American
autumn as a natural consequence of change in trade
currents. Approximately $19,092,000 gold was re- $11,103,000 total
ceived in New York from France during the week,
Net Change in Gold Earmarked for Foreign Account.
Increase $1,500,000
which it would seem was altogether unwelcome to
The Federal Reserve Bank's weekly statement is
banking authorities on this side. The reduction in
the New York Federal Reserve Bank's buying rate as of the close of business at 3 o'clock on Wednesday.
for bills is thought in some quarters to be the fore- On Thursday the Europa arrived with $15,600,000
runner of a further reduction in the New York Re- more gold from France. From Mexico $980,000
serve Bank's official rediscount rate, which now additional was received. The Reserve Bank reported
stands at 2%,the lowest in the history of the system. that during the week $498,000 gold was received
Bill rates in London have for many weeks past been at San Francisco from Japan.
held at a relatively high figure despite the trend of
Montreal funds continue at a slight discount.
the market through the active interference of the On Saturday last Montreal funds were quoted at
Bank of England in the London money market, a 1-16 of 1% discount, but improved on Monday to
policy induced by consideration that higher bill rates 3-64 of 1% discount and further improved on Wednesthere would influence exchange in favor of London day to 1-32 of 1% discount, but ruled on Friday
so that the Bank of England's gold reserves might at 1-16% discount.
be built up to a higher level.
Referring to day-to-day rates, sterling exchange
it is thought that since bill rates have gone on Saturday last was firm in dull trading. Bankers'
Now
so low in New York, it will be difficult for the Bank sight was 4.85 27-32@4.86; cable transfers 4.86%@
of England to exert the same degree of pressure upon 4.86 3-16. On Monday exchange was firmer and
the London money market. Some bankers seem to in demand. The range was 4.86@4.86 5-16 for
/
be of the opinion that the lower bill rates here may bankers' sight and 4.861 1@4.86% for cable transfers.
bring about a further reduction in the New York On Tuesday sterling again advanced. The range was
Federal Reserve Bank's official rediscount rate, in 4.86 3-16@4.86 5-16 for bankers' sight and 4.86 7-16
which event a reduction in the Bank of England @4.863' for cable transfers. On Wednesday sterling
rate from the present 3% level is bound to follow while still firm was slightly easier in tone. The range
and with it a further easing of money rates at other was 4.86 1-32@4.86% for bankers' sight and 4.86 9-32
important centers.
@4.86% for cable transfers. On Thursday sterling
The foreign exchange market was interested in was steady. The range was 4.86 3-16@4.86 9-32
Chancellor Snowden's announcement that he will for bankers' sight and 4.86 7-16 for cable transfers.
reduce by £20,000,000 the dollar balances held in On Friday sterling was fractionally easier, the range
3
New York by the British Government for exchange was 4.86%@4.863.i--for bankers' sight and 4.86%
operations and transfer an additional £13,000,000 of for cable transfers. Closing quotations on Friday
those balances to deposit with the Bank for Inter- were 4.86 3-16 for demand and 4.863 for cable
%
national Settlements. Bankers interested in foreign transfers. Commercial sight bills finished at 4.86%
exchange see in this move a possibility that the Bank sixty-day bills at 4.83 13-16; ninety-day bills at
for International Settlements will in the future give 4.82 13-16; documents for payment (60 days) at
sterling positive aid, but do not understand the dis- 4.83 13-16, and seven-day grain bills at 4.85%.
position of the £20,000,000. However, it is inter- Cotton and grain for payment closed at 4.863'g.
preted as a bull point for sterling exchange. This
week the Bank of England shows an increase in gold
Exchange on the Continental countries is dull,
holdings of £487,672, the total standing on April 29 with most of the units steady around the levels of
at £147,227,386, which compares with £164,283,793 the past few weeks, but French francs are inclined to
a year ago. On Monday the Bank of England set ease. As noted above, a total of approximately
aside £26,200 in sovereigns. On Tuesday the Bank $19,092,000 in gold was received from France durbought £921,336 in gold bars and set aside £700,000 ing the week. The Bank of France statement for
in sovereigns. Of a total of £920,000 South African the week ended April 24 showed a reduction in gold
bar gold available in the open market on Tuesday holdings of 482,349,000 francs, the total standing at
the bulk was secured by the Bank of England at a 55,615,000,000 francs, as compared with 42,350,price of 84s. 9Y
id. On Thursday the Bank of Eng- 000,000 francs on April 26 1930. The reduction in
land bought £32,303 in gold bars and exported £3,000 the Bank's holdings is due to the export of gold to
3226
FINANCIAL CHRONTarr
the United States. No new shipments are being
planned, as an increase in freight rates on gold has
made further shipments impossible. The decrease
in the New York Federal Reserve Bank's buying
rate for bills, it is also believed, will cause the French
gold to flow to London and other countries. Foreign
exchange traders point out that francs show no ability
to follow the upward trend of other exchanges. During the week the rate has fluctuated around the low
for the year, and it is not at all certain that it will
not again go to the gold point for export of metal
from Paris. As noted above, the London check rate
on Paris is close to the gold point for exports from
Paris to London and bankers expect a movement of
metal from Paris to Germany.
Bankers are uncertain as to the future course of
the franc. The tourist season is approaching when
Paris exchange normally receives support, but the
opinion has been expressed that such expenditures
this year will be much smaller than usual. Part of
the weakness in francs is due to the plethora of
funds in Paris unloanable at extremely low rates.
For many days call money has been offered in the
Paris market at 13%, as against IM% a few weeks
ago, but borrowers are lacking. The outside discount
rate is around 1 7-16%, virtually the nominal rate,
owing to the shortgae of paper. The result is that
Paris banks are making short-term loans abroad, in
the first place in London and Germany, where interest rates are more attractive. German marks are
steady, though dull. Now that there is renewed
discussion of possible reduction in official rediscount
rates at New York and London, bankers feel the
more surprised that the Reichsbank rediscount rate
continues at 5%. Recent dispatches from Berlin
state that the reduction in the Reichsbank rediscount
rate will not be considered until, at the earliest, after
the issue of the May 7 return. The continuing decline in the exchange reserve shown in the last few
statements of the Reichsbank made a decrease this
month impossible. Bankers on both sides of the
water feel positive, however, that a rather sharp
reduction in the Reichsbank rate cannot be long delayed. The low exchange reserve is due to the fact
that the flow of foreign funds into the German
market has slackened greatly because of the unwillingness of the larger German banks to borrow and
also to the fact that Germany's net receipts of 480,000,000 marks in exchange from export surpluses in
the first quarter of the year was not sufficient to
cover reparations transfers and heavy spring liabilities for interest, amortization on loans. Exchange
was also parted with for payment of imported Russian gold. A further French gold export to Germany
is possible, as franc exchange in Berlin fell to near
the gold shipping point last week.
The London check rate on Paris closed at 124.42
on Friday of this week, compared with 124.34 on
Friday of last week. In New York sight bills on
the French centre finished at 3.90 13-16, against
3.908; cable transfers at 3.90%, against 3.91 1-32,
3
and commercial sight bills at 3.90%, against 3.904.
belgas finished at 13.903 for checks and
Antwerp
at 13.91 for cable transfers, against 13.89% and
13.903/2. Final quotations for Berlin marks were
2
23.81 for bankers' sight bills and 23.813/ for cable
2
transfers, in comparison with 23.813/ and 23.82.
Italian lire closed at 5.23 7-16 for bankers' sight bills
and at 5.23% for cable transfers, against 5.23 9-16
and 5.23%. Austrian schillings closed at 14.063,
[VOL. 132
against 14.053; exchange on Czechoslovakia at
2.96, against 2.96; on Bucharest at 0.59%, against
0.593; on Poland at 11.20, against 11.20, and on
Finland at 2.515 8, against 2.51%. Greek exchange
/
closed at 1.29 7-16 for bankers' sight bills and at
1.29% for cable transfers, against 1.29 7-16 and
1.29%.
Exchange on the countries neutral during the war
is unchanged in all important respects from the
past few weeks. The Scandinavian currencies are
strong. Holland guilders continue exceptionally
firm, Swiss francs are steady and Spanish pesetas
surprise the market by more exceptional firmness
than at any time since the fall of the monarchy. The
Spanish peseta opened off on Saturday last at 9.99
for cable transfers, which compared with the closing
quotation on Friday of last week of 10.12, but the
rate moved steadily up from day to day to an average quotation on Wednesday and Thursday of 10.58,
from which some recession occurred on Friday.
Holland guilders moved up to 40.223 for cable
transfers in Thursday's trading, a new high on the
present move. Trading for guilder transfers has
been very close to 40.21 throughout the week. Par
is 40.20. Amsterdam money market is firming up,
contrary to trends in most important centres. The
private discount rate is at 1%%, against 1 7-16%
a week ago, and the buying rate on prime guilder
acceptances is 13/g%, up from 1 9-16%. This is the
most important rise recorded in the Amsterdam
market rates since the upward movement began
from the low of 1% and 13/8% in the middle of
March.
Bankers' sight on Amsterdam finished on Friday
at 40.183', against 40.173' on Friday of last week;
cable transfers at 40.20, against 40.19, and commercial sight bills at 40.18, against 40.14. Swiss francs
closed at 19.25% for bankers sight bills and at
19.263 for cable transfers, against 19.263 and
19.264. Copenhagen checks finished at 26.763j
3
3
and cable transfers at 26.774, against 26.76 and
26.77. Checks on Sweden closed at 26.80 and cable
transfers at 26.81, against 26.79 and 26.80, while
checks on Norway finished at 26.76% and cable
transfers at 26.77%, against 26.76 and 26.77.
Spanish pesetas closed at 10.37 for bankers' sight
bills and at 10.38 for cable transfers, against 10.063/
and 10.073'.
Exchange on the South American countries continues to follow the trends of the past few weeks.
Brazilian milreis are inclined to sag. The Peruvian
sol is pegged at the new par of $.28. Argentine exchange is holding steady since withdrawal of official
support by the Bank of the Nation a few weeks ago.
The milreis slid further in Wednesday's trading on
rumors of revolt in Sao Paulo. The market is apprehensive over conditions in Brazil, notwithstanding
reassuring advices from official quarters. While advices from Rio de Janeiro on Wednesday stated that
complete calm exists in all affected areas, the establishment of a press censorship caused a feelingtof
uneasiness in banking circles. Brazilian bonds are
weak and on Wednesday milreis broke 20 points to
7.30. Banking circles seem far from satisfied with
the Brazilian situation. The country's gold reserves
seem to have been exhausted, and there appears to
be no metallic basis for the currency. Brazil has an
export balance in visible trade items, as is normal.
MAY
3227
FINANCIAL CHRONICLE
21931.]
Exchange on the Far Eastern countries, as during
On the other hand, remittances for debt services
completely overbalance the excess receipts from trade the past few weeks, has been steady owing to the
exports. In the past this has been made up by for- steadier levels of silver prices. On Thursday reports
eign borrowing, thus increasing the debt service. from China regarding the beginning of revolt against
But this means of striking an equilibrium in the Chiang Kai-Shek, head of the Nationalist Governbalance of payments has been shut off due to the ment, and T. B. Soong, Finance Minister, had no
unfavorable foreign bond markets. It is reported effect upon Chinese exchange, despite the fact that
that an attempt was recently made to place a $100,- the news was accompanied by a drop of % a cent
000,000 issue in this market but that the New York in the New York official silver price. Except for
this drop the silver market for a number of days
bankers did not approve.
Exchange on Argentina is in a relatively satis- has displayed a stable tendency, with price fluctuafactory position. Gold exports from Buenos Aires tions limited to about % of a cent an ounce in either
have been resumed and, as noted above, the New direction. Silver dealers report that China is a
York gold movement for the week shows the receipt constant buyer, but that purchases are being made
of an additional $7,000,000 of gold from Argentina. in such a way as to prevent undue price changes.
At least $14,364,000 is known to be en route, making India is said to have little influence at the moment,
$29,156,000 announced in April from Argentina. as demand from that quarter is negligible, while
The Argentine foreign trade report for the first practically no sales are reported for Indian account.
quarter shows great improvement in the import bal- Closing quotations for yen checks yesterday were
ance as compared with the corrftonding period a 49.34@49.50, against 49.34@49.50. Hong Kong
year ago. Exports declined 14.7% compared with closed at 24%@24 11-16, against 24/@24 11-16;
the first three months of 1930 to 162,014,000 gold Shanghai at 303/8, against 31.25@31.50; Manila at
s
8
pesos, while imports were off 18.8% to 163,434,000. 4938, against 493/; Singapore at 563/@56%, against
gold pesos, however, 563/©56 7-16; Bombay at 363., against 363-i, and
8
The import balance of 1,420,000
compares with 11,263,000 gold pesos in the first Calcutta at 363, against 363.
quarter of 1930. Argentine bankers and business
RESERVE
CERTIFIED BY
men look for a material improvement in the currency FOREIGN EXCHANGE RATES UNDER TARIFF FEDERAL1922,
ACT OF
BANKS TO TREASURY
APRIL 25 1931 TO MAY 1 1931, INCLUSIVE.
and credit situation to follow the inauguration of a
rediscount system by the Bank of the Nation as
Noon Buying Rate for Cable Transfers in New York,
Value in United States Money.
authorized by the provisional government in a de- Country and Monetary
Apr. 25. Apr,27. Apr. 28. Apr. 29. Apr. 30. May 1.
cree issued on Saturday last in response to insistent
$
II
if
$
$
$
EUROPEappeals from banks and business organizations. Austria.sch Ming
.140580 .140557 .140587 .140592 .140595 .140588
authorizes the Bank of the Nation to Belgium. belga_...... .139028 .139075 .139142 .139109 .139116 .139081
The decree
007169 .007169 .007169 .007169 .007172 .007169
Bulgaria, lee
rediscount commercial paper with the Caja de Czechoslovakia, kron .029617 .029617 .029620 .029620 .029618 .029619
.267572 .267618 .267741 .267713 .267713 .267694
Denmark, krone
Conversion (gold conversion office) up to 200,000,000 England, pound
4.861171 4.862937 4.864515 4.863085 4.864046 4.863328
sterling
.025169 .025172 .025177 .025174 .025173 .025172
markka
paper pesos ($84,920,000 at par). The gold con- Finland,franc
039098 .039098 .039093 .039016 .039084 .039086
France,
Germany, retchemark .238122 .238183 .238197 .2381l9 .238151 .238120
version office will issue paper currency against paper Greece, drachma
.012943 .012941 .012946 .012946 .012948 .012947
401826 .401982 .402041 .401985 .402151 .402079
Holland,
174440 .174380
so discounted, and the government bank will in turn Hungary,guilder
.174390 .174405 .174442 .174421
pengo
.052365 .052367 .052362 .052362 .052362 .052363
Italy, lira
.267575 .267625 .267741 .267719 .267731 .287703
rediscount the paper of private banks. Paper cur- Norway. krone
.112070 .111955 .111940 .111925 .111945 .111945
Poland. zloty
.044762 .044829 .044935 .044933 .044900 .044900
rency to the total of 90,000,000 pesos ($38,214,000) Portugal. escudo
.005945 .005943 .005943 .005946 .005943 .005943
Rumania. ieu
.100223 .101068 .102533 .103772 .105878 .103483
Spain, peseta
is also to be issued against gold which has been de- Sweden, krona
.267861 .267934 .268042 .267998 .261006 .267913
Switzerland. franc_- .192627 .192696 .192644 .192620 .192655 .192589
posited in Argentine legations abroad, and it is ex- Yugoslavia, dinar
.017595 .017605 .017602 .017594 .017597 .017594
ASIApected that this total of 290,000,000 pesos ($123,- ChinaChefoo
134,000) will amply take care of the country's Ilankowtael__ ..... .326250 .327916 .326250 .325416 .322916 .320833
.319687 .321562 .319531 .319218 .316718 .314687
tadl
.311964 .314464 .312482 .312232 .309464 .308392
tad
Argentine gold stock Shanghaitaell
currency requirements. The
330833 .332916 .331041 .329375 .327083 .325000
Tientsin
Hong Kong dollar__ .243839 .244642 .244553 .214285 .243303 .243125
as of April 25 1931, including gold in the legations Mexican dollar_ __. .228437 .230000 .229375 .228437 .224687 .225625
abroad, was 378,566,985 gold pesos, or 74.5% of Tientsin or Pelyang .230000 .231250 .229583 .230416 .221166 .228750
dollar
.225833 .227083 .226250 .225833 .220000 .222291
Yuan dollar
the entire paper circulation. In a statement ex- India, rupee
.361341 .361316 .361283 .361266 .361275 .361213
493775 .493708 .493768 .493756 .493731 .493756
Japan. yen
plaining the rediscount decree the Finance Minister Singapore (8.8.) dollar .560475 .560958 .560625 .560625 .560625 .560416
NORTH AMER..999383 .999420 .999452 .999600 .999516 .999402
pointed out that the issuance of the entire amount Canada. dollar
.999070 .999164 .999085 .999015 .999085 .999143
Cuba, peso
.473666 .473666
Mexico, peso
of 200,000,000 pesos which has been fixed as the Newfoundland, dollar .996868 .996906 .473750 .473066 .473333 .473166
.996920 .996968 .996937 .996875
SOUTH AMER.limit for rediscount would reduce the gold reserve Argentina, peso (gold) .725852 .711231 .717814 .739000 .730903 .728959
.074583 .075375 .073925 .072250 .071505 .070387
Brazil, milreis
to 64.1%, which would still be much in excess of Chile. peso
.120431 .120654 .120667 .120780 .120621 .120648
.655364 .658355 .655031 .657298 .657188 .655522
Argentine law. Foreign Uruguay. peso
the 40% reserve required by
bankers specializing in foreign exchange seem to be
of the opinion that Argentina's gold reserves could
The following table indicates the amount of bulsafely be reduced to 50% without endangering the
lion in the principal European banks:
currency. The decree authorizing the rediscount of
commercial paper states that the currency has been
Aprli 30 1930.
April 30 1931.
Total.
Silver.
unusually restricted by the recent export of gold to Banks of Gold.
Gold.
Total.
Silver.
£
control the exchange rate.
£
£
164.283.793
147.227.386 164,283.793
England__ 147,227.386
338,806.523
d
444,927.545 338,806.523
Argentine paper pesos closed at 32 7-16 for checks, France a__ 444.927.545 d
994.600 121.780.350
c994,600 107.917.950 120.785.750
Germany b 106.993.350
against 32 11-16 on Friday of last week, and at Spain_ __ 96,852.000 28,379.000 125,231,000 98.756.000 28,333.000 127.089.000
56.261.000
57,434.000 56.261,000
Italy
57.434,000,
35.979.000
3
323/b for cable transfers, against 32%. Brazilian mil- Netherl'de, 37,166.000 2,963.000 40,129,000 33,799.000 1.288.000 35.979.000
35.087.000
41,245.000
Nat'l Belg. 41,245,000,
22.646.000
reis are nominally quoted 7.30 for bankers' sight bills SwItzerl'd_ 25.712,000,
13.531,000
13.321,000 13,531:0001
Sweden__ 13,321.000,
414,11
9.986,000
9,546.000 9.572.0001
_ 9.546.00(
and 7.35 for cable transfers, against 7.45 and 7.50. Denmark__ 8,133,000
8,133.000 8.145,000
8.14.5.000
Norway
Chilean exchange closed at 12 1-16 for bankers' sight Tot. wk.988,557,2811 32.338.6001 020893881902.565,068 31.029.800'933.594.668
bills and at 123/ for cable transfers, against 12 1-16 Prey. week 991,696.802 32,349,600 1024046402901,553,694, 31.103,600932.657.294
•These are the gold holdings of the Bank of France as reported In the new form
and 123/8. Peru at 27.90, against 27.90.
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
fInInnthla
e•••
turn
0lic71111
OR c700
llit c71111
OR S71111
QI(571111
13115700
abroad, the amount of which the present year is E10.380.900 c As of Oct.7 1924.
d Sliver is now reported at only a trifling sum,
3228
FINANCIAL CHRONICLE
[Vox, 182.
Monday that the British Government had suggested
The Menace to Naval Disarmament.
that the French demand for replacement tonnage be
The past two weeks have been a trying time for
those who hoped that the differences between Italy postponed until it can be discussed by the five naval
and France over naval reduction and limitation Powers in 1935, or else, if that cannot be done, that
which Arthur Henderson, British Foreign Secre- the same privilege that France now claims be extary, had exerted himself to harmonize, would before tended to each of the other Powers. In this suggeslong be amicably and satisfactorily adjusted. In 'ton the Italian Government is understood to have
connection with the announcement of the meeting joined. There is no indication as yet that the first
of the French Cabinet on April 20, Paris dispatches of these suggestions will be accepted by France, and
frankly reported that the instructions which would the adoption of the second, while it might keep the
then be given to Rene Massigli, the French repre- Powers in formal accord, would be virtually equivasentative in the negotiations shortly to be resumed lent to an increase of their total naval tonnage.
It is difficult to understand why Mr. Henderson,
at London, were little likely to offer anything to
which either Italy or Great Britain would agree. in his negotiations at Rome in February, should
The prediction was verified when, on April 25, the have failed to inform the Italian Government of this
terms offered by France were rejected by the British French demand for replacement, 'although the
Government, and similar action by the Italian Gov- "Herald Tribune" Paris correspondent, writing on
ernment presently followed. The past week has April 26, declares that the fact of such failure
brought no change in what is virtually a deadlock, "has been confirmed." The controversy which has
and while neither of the three Governments has offi- ensued has not only evoked a good deal of recrimincially admitted that negotiations were at an end, ation against Great Britain in the French press,
well informed correspondents have held out no sub- but has also solidifed French resistance to naval
stantial hope that France would yield or that any concessions of any kind. It has been clear from the
compromise basis of agreement was actually being first that France had no intention of conceding
naval parity to Italy, and its position on that subsought.
ject is firmer now than ever, but the "big navy"
It is unfortunate that secret diplomacy should
have been allowed to befog a situation already quite arguments that are now being advanced have a
delicate and dangerous enough, but the documents wider scope and a more 'threatening ring. France,
which had been exchanged between the three Gov- it is asserted, must have a navy powerful enough
ernments have not yet been published, and until to repel the novel type of cruiser which Germany is
they are it is not possible to say with entire confi- building. Its shortened terms of enlistment have
dence what the points at issue are or in what way cut down its standing army at home, and it must
the arguments for or against the various contentions rely more upon its colonial forces; a navy, then, is
have been presented. According to the Paris corre- needed to insure their. safe and speedy transportaspondent of the New York "Herald Tribune," the tion to France. The wheat of Argentina is flowing
dispute does not relate to war vessels that are to be into France, and the Argentine trade route must be
put into service before the expiration of the London protected; Syria, under a French mandate, must
naval treaty of 1930, an agreement regarding such have naval protectionbecause it is to be the terminus
vessels having been reached by France and Italy in of a pipe line from the Mosul oil fields; and there
the accord accepted on March 1. The controversy must 'be naval protection ready for the allies of
is believed to turn upon the demand of France for France in eastern Europe, Rumania and Jugoslavia,
the right to begin, between 1934 and 1936, the con- both of which France is subsidizing with loans.
It is possible, of course, that some middle ground
struction of vessels necessary -to replace tonnage
which will be over age in 1937, 1938 and 1939, the of agreement may yet be discovered, but the distotal of this replacement tonnage aggregating 66,(}00 organizing and disheartening effect of the contons. It is the French contention that this 66,000 troversy remains. The disarmament movement
tons would represent on paper practically the whole from which much was hoped is now seen to have no
of that country's superiority over Italy in 1935, and real support in French opinion, and international
that unless the building of this amount is under effort has proved of no avail against the nationalisway in 1935, France will find itself on virtually a tic demands of a single country. The outlook for a
parity level with Italy when the London treaty fruitful conference on disarmament in 1932, never
comes up for reconsideration. As it seems to France very bright, has been appreciably dimmed, and there
improbable, if not indeed impossible, that the other need be no surprise if the meeting is postponed. In
Powers would then approve its replacement pro- spite of all that has been done in the past decade to
gram, the net result would be that Italy would se- cultivate an international spirit in Europe, the Concure the parity which it desires, and would have a tinent is back, to all practical intents and purposes,
strong argument with which to draw an approval on the old plane of nationalistic assertiveness, political alliances, fear of former enemies, and reliance
of parity from the conference.
The objections of Italy and Great Britain are obvi- upon force for national and allied defense. It seems
ous. To Italy, the replacement program which like a political mockery that just at the moment
France demands means the definite maintenance of when the MacDonald Government, largely dependthe tonnage superiority which France insists upon ent hitherto upon diplomatic successes to offset its
having, and which Italy is entirely unwilling to weakness at home, has scored a domestic victory in
concede. The British Government, on the other the general acceptance accorded to the Snowden
hand, points out that the laying down of 66,000 tons budget, the entire naval policy of the Government
between 1934 and 1936 would throw the propor- should be upset by the breakdown of the naval negotionate tonnage agreed upon at London quite out of tiations with France, and the London Treaty itself
balance, and that resort to the "escalator" clause of threatened with failure.
Washington dispatches have indicated a disposithe London Treaty would be inevitable if the British
navy is not to be outclassed. It was reported on tion on the part of the Administration to treat the
MAY 2 1931.]
'
,
•
-
•
'
•
,
•
•
•
FINANCIAL CHRONICLE
3229
Franco-Italian dispute as a European matter with can hardly be avoided. Any action that is taken
which the United States had no direct concern. regarding this latter issue will obviously be deterTechnically, perhaps, there is some question whether mined by the attitude of France, and as long as
the agreement whkh Mr. Henderson tried to perfect France sees in the Austro-G-erman scheme a step
should be considered as an independent agreement toward the political union of those two countries,
between the two nations affected, or as a supple- and hence a reason for maintaining its navy at a
ment to the London Treaty. A Paris dispatch to the high level even at the cost of a complete breakdown
New York "Times" on Tuesday represented the Brit- of negotiations with Italy, no unqualified endorseish Government as holding that the Franco-Italian ment of the union idea is to be expected. There is
accord "must be a part of the whole," on the ground, urgent need in Europe of a new political mentality
apparently, of certain provisions of the treaty gov- which shall think in terms of the peaceful developerning the building of additional or replacement ment of industry and trade for mutual advantage,
tonnage. If, on the other hand, France successfully and not in terms of suspicion, enmity, and potential
insists upon its present contention and Great resort to war.
Britain resorts to the "escalator" safeguard, the
"Plain Living and High Thinking."
hands of the "big navy" contingent in this country
Adroitly, General Atterbury, of the Pennsylvania
will have been greatly strengthened. Officially, the
United States has not yet declared its purpose to Railroad, in discussing causes and cures for depresbuild up to the limits set by the London Treaty, but sions, suggested (as was noted by us a week ago)
Senator Reed of Pennsylvania, Republican, was re- that the people might give a little more thought to
ported on April 26 as saying that the next Congress "plain living and high thinking", an old phrase not
would be asked for appropriations covering substan- palatable to many uplifters. Those who preach contially the whole treaty program. Mr. Hoover, of tinually about "better living conditions" seem soon
course, is in much the same unhappy situation as to become obsessed with the idea that every man is
Prime Minister MacDonald. The London Treaty entitled to the best there is of everything, the while
has been acclaimed as the one conspicuous success he pilgrimages here on earth. And as a corollary,
of his Administration, but if naval harmony in wages being his weekly income, wages should be
Europe goes to pieces (and Mr. MacDonald has high enough to procure this delectable estate. Now,
already let it be known that he has reached the limit if we were to wipe out civilization and revert to
of concessions) the reaction upon Mr. Hoover's poli- the hunt and chase living on the daily kill, and
tical fortunes may well prove as great as any that such manna as befalls in wild berries and nuts,
the British Premier has to face.
there would still be the rewards that attend on diliGrave events do not usually happen in isolation, gence and on the mysterious dispensations of luck.
and the naval impasse only adds to the political One family would "live better" than another.
.disarray of a Europe already widely agitated by the
For all our mass-production and machine manuproposal of an Austro-German customs union. The facture, for all our education and culture, it does
speech in which Dr. Benes, Foreign Minister of not seem possible to eradicate this principle which
Czecho-Slovakia, vigorously denounced the pro- is imbedded in the "nature of things". We overposed union promptly called out reminders from the come inequalities partially, not entirely. Man, in
Paris press that reliance upon French opposition himself, through thrift and saving, can overcome
must not be •carried to extremes, while Rumania, conditions; he cannot abolish them. Work, vitalwhich sees in Germany a customer for its wheat and ized by diligence, brings its own reward. And one
had nearly concluded a preferential tariff agree- of the reasons why,in our complex affairs, so many
ment with Germany when the proposed union was men are unemployed at the same time is that in the
announced, has made it clear that the Little Entente course of "living" those who carelessly spend their
is not a unit in opposing the Austro-German ar- substance in so doing reduce the total of capital
rangement. The new commercial treaty between (saved-up labor) by which there are continuous jobs
Italy and Soviet Russia which was signed on Mon- for those who desire to work.
day, increasing by 75% the guaranteed minimum
"Plain living", living within one's means, living
'exchange of goods between the two countries, while frugally, content with comforts and competence,
it has no direct bearing upon the Austro-German though less than the luxurious state of the rich,
proposal, confirms the favorable attitude of Italy constitutes not only a virtue but a duty. If all were
toward regional commercial agreements. Most im- to spend all they make, there would be nothing for
portant of all, in form at least, is the counter-project improvements, extensions and repairs in the prodwhich M. Briand is reported to have completed on ucts of a machine-made age. Those who do spend
Thursday for the use of French credits on an ex- all they earn do so at the expense of the savings of
tensive scale in aid of industrial and agricultural others and the progress that grows out of multigroups and chambers of commerce in various parts plied capital investment. It is therefore false to
of Europe, together with a comprehensive plan for the man and to the communal interests of the people
marketing the agricultural products, particularly to gauge the standard of living by what the most
wheat, of the Danube countries and those of Central fortunate, or even the most diligent may possess.
Europe.
The other extreme of the dilemma, abject poverty,
There is no need to wonder that the Council of would be just as false. There is a golden mean.
the League of Nations, with a stated meeting near There is a normal standard. It lies in industry,
at hand, should be disturbed at the outlook for this tempered by thrift, sanctioned by saving (making
complicated situation. It is improbable that the due allowances for inheritance under an individualFranco-Italian naval matter will be formally dis- istic system, for native talents and varying environcussed, since anything that was said about it would ments in time and terrain, without which free men
affect the feeling of the Powers about the disarma- cannot advance), which in themselves provide the
ment conference, but the question of customs unions frictions (competition) that level up the masses of
3230
FINANCIAL CHRONICLE
men. When we ask of civilization ever and always
better living conditions for all men regardless of
their personal desserts and oblivious of •the inevitable conditions that surround all living, we ask
something for nothing. Yet this is what "labor"
and economic theorists too often do. The glitter
and glamor of power and wealth 'breeds a false estimate of what is rightly due to the one and the many.
How often has it been shown that if all "wealth"
could be equally divided we would all be poor!
Excesses lead to deprivations. We were obsessed
for a time with the fatal conception of "perpetual
prosperity". Now that we are in the trough of "depression" we do not know what to do, or which way
to turn. Yet the answer found in frugal living is a
simple one. We must recuperate by the same means
we first builded our estate. We must return to real
values and forego paper speculative values. We
must accept the wage scale that first gave us the
blessings of "better" living. We cannot expect to
go on interminably from any given better to any
possible best. Collectively we are not as rich as we
thought we were.
We set our wage scales by war necessities. Peace
cannot sustain them and ought not to demand them.
Saying nothing of "profiteers", many industries
accumulated unduly, many men "made money",
earned money-wages; many had money to "throw
at the birds". The bubble of "inflation" burst.
Having tasted of high spending, men are reluctant
to return to plain living. Conditions abroad, a flux
of change, a power gained through organization, a
faulty principle (?) that wages must remain high
to provide consuming power to keep business moving, tend to prevent the natural settling process
which would bring wages and profits nearer to an
equality. Add to this theories that may be summed
_up in the phrase "the world owes me a living", and
we have the state of mind which refuses to see that
"plain living" is one of the essentials of the "way
out".
On the other hand, high living, in the accepted
sense, is not conducive to high thinking. The epicurean thinks more on his palate than on his property. He does not add to that accumulated capital
which builds factories and pays wages. He falls
too readily into the belief that idle spending puts
"money in circulation", that it is better to "live
while we live" though we die in despair; that work
is a curse rather than a blessing. This attitude of
mind has many a specious outcome. It affects the
dissatisfied worker who would spurn epicureanism.
If affects the middle class family that would "keep
up with the Jones's". It teaches men and women to
borrow for wants rather than needs. Installment
buying means this—the sacrifice of scores of to-morrows for one to-day.
How much culture is there in a mechanical music
box compared to the melodies of a cultivated mind?
If walking is the "King's exercise", what health
exists in a racing machine? Why should the
"national game" purchase players in order "to win"
when a "good game well played" is more likely without? High thinking is not devoid of analysis and
comparative estimates, but it has more pleasure and
aesthetic profit in watching the spirited action of a
noble horse than in betting on a horse race. High
thinking educates taste. It searches the heavens for
glory, but finds beauty in the common yellow
flower by the roadside. High thinking finds a for-
[Vora. 132.
tune often a drawback—not that riches deny a man
the cultivation of a thoughtful mien.
High thinking requires definition. Plain living
is no deterrent, rather an incentive. Schools and
universities that measure their mental training by
grade percentages and alphabetical degrees are not
paragons of high thinking. Passionate reformers,
swimming in the delights of doing something for
mankind, think too far but not too high. Perhaps
the highest thought possible to man is in humble
contemplation of mankind and the universe. Certainly it falls short of its zenith, or apogee, when it
manipulates parties to mould governments. High
thinking stops short of egotism. To say, with
supreme confidence, either in education, morals, or
science: "I know," is almost to deny thought itself.
A fine dress, a full stomach, or a flattering station
in life, do not actually prevent high thought, but
either may be an enemy in the dark. Schemes for
overnight fortunes in stock booms, organisms for
boosting wages, associations for controlling trade,
conferences for alleviating distress in time of
drouth, laws for constricting harmless natural liberties, are not necessary to that'high thinking which
sees in every man, the inner man, an image of his
Creator. Love, which builds the home and supports
the State, and touches plain living with a divine
ecstasy, is but the highest thought transformed into
the deepest feeling for the welfare of others. A•
"house by the side of the road" is an imperial palace
to and for high thinking.
Plain living 'becomes the seat of high thinking
when we look upon the trials and turmoil of a changing world gone mad for money and striving to
attain every brainstorm of "better living". If as a
man thinks, 60 is he, then the plodding worker and
patient thinker is the prime figure of a reasonable
life. To even wish for the best of everything, knowing that it is unattainable for every man, is to dissolve earnest thought into idle dream. We have
come in our thinking to substitute mere longing for
vital aspiration. To work is to think. Ambition
willing to wait and work, energy prompted by love
and enlightened by wisdom, toil watered by compassion and fertilized by purpose, each willing to make
the best of the opportunities of a brief existence,
need no "better life" and living as an incentive.
They are divine in themselves.
Work is more than wages. Freedom is more than
fortune. Just to live in humble contemplation,
superior to the fashions and follies of an excited
people, making of wages and profits and property
mere tools, feeling the divine urge within that is
greater than the collective achievements of men and
races; striving but never sorrowing, doing but never
denying; these constitute an estate of plain living
in which high thinking flowers and bears fruit to
justify the individual in the exalted purpose of a
noble life.
As with the soul, we gain the world by losing it.
Our popular thought is honeycombed with ideals of
pride, power and possession. Philosophy is throttled by a so-called psychology. We cannot think
for tearing our thought to pieces. We cannot live
for thinking on a better way of life. We try to
annihilate time when each of us has all there is for
the asking. We would search the beyond, after
space, when as the old sophists debated no one
knows "how many angels can stand on the point of
a needle". We plan cities for the centuries to
MAY 2 1931.]
FINANCIAL CHRONICLE
3231
of their own convictions." . . . "Industrial
democracy has given this generation the tools to
accomplish great things for humanity. We are
living in a time of great opportunity, of stimulating
appeal to the imagination. The mastery of depression is one of the challenges ahead of us. Let us
continue to attack it. Every day in the papers we
read of some action taken, of this plan or that program, for the press is the medium for the interchange of ideas. Every week, at least, some one
comes forward with a program and the desire to
start an association to further it. You go nowhere
where the subject isn't discussed. This process is
going on with thousands and thousands of people
Our Industrial Evolution.
in every part of this country. Out of it we shall get
At last week's annual meeting of the Associated an answer—we shall get plans for progress perhaps
Press, held at the Hotel Commodore, this city, at never clearly defined, but plans that take account
the annual luncheon Walter S. Gifford, President of the needs of the many, that have been tested from
of the American Telephone & Telegraph Co., de- every angle, and that have behind them the power of
livered an address from which we are pleased to the American people, and plans that are likely to
quote freely. The marvelous advances in the ser- be in effective operation before any of us has time
vices of this great company under the charge of Mr. to make a good description of them."
Of the truth of these things, if we do not indulge
Gifford are such a sufficient testimonial as to rea
quire from us no comment or extension. We quote - nduly in self-flattery, we have attempted to testify
as follows: "This depression, some folk of intelli- in many ways, in the past, in our columns. The
gence of but little faith have been calling for imme- evolution of industrial democracy is the sublime
diate remedies, for strong leaders to make every- epic of our popular'national achievement. Each
thing all right at once for everybody, and if not working for self inevitably works for all. All workfor these for some one to sacrifice on the altar of ing together, planning, trying, testing, benefits each.
their discontent. As a matter of fact, there are Opportunities increase as the total product. A
plenty of men in the United States who have the natural law runs through the whole procedure.
capacity to 'become the 'strong leaders' of history. Progress is not ordained by "leaders", but is an
But to be such they must have power, autocratic or enduring result of the many in one, the one out of
tyrannical power. Uneducated peoples that cannot many—each for all, and all for each. The "hewer
attend to their own affairs must have such leaders. of wood and drawer of water" has his imperishable
Educated peoples do not need them and will not place in the scheme. Government is a protection
tolerate them. Forty years ago there may have been to individualism. Institutions are the heritage of
an idea that our people would like such leaders in the race. The flow of all effort into democratic
industry, but the course of events since then has corporations is a natural evolution. There is a
made it as clear as the summer sky that the atmos- rhythm in the vast achievements. Wars are breaks
phere of the United States is as bad for the auto- in the harmony of eternal energy. Prosperity exists
crat in industry as for the autocrat in politics." . .. even in adversity. In us and around us are con"In my opinion there is no use looking for any flicting forces. But the way is always onward and
Napoleons to lead us on to economic Austerlitz—or upward. We shall emerge from the darkness of the
to Waterloo." . . . "We are going forward out present depression, for in democracy there is a
of this valley as we have from others before by the divine edict. If we look closely into our inner selves
democratic road—by the thought and efforts of we shall discover many of the causes of our diffithousands of intelligent, able people—by the wis- culties and dangers. We have rightly beheld the
dom of the many." . . . "I know that to the infinite purpose in our freedom to work, but we have
impatient, to those who want an overnight remedy, not lived up to our vision. We have misused our
this is a discouraging prospect, for the democratic wealth. We have not curbed our impatience. The
method does not work overnight, nor do the remedies World War threw the world out of balance. A
it provides come in dramatic fashion, wrapped and beneficent environment has been seized for personal
labeled for all to see and to admire. A dictator pro- exploitation. Too mu& we have wanted the earth
duces better headlines than a democracy, but in the and the fulness thereof in our own time and way.
rest of the story the advantage is the other way." We now live in the broken rhythm of over-weening
• . . "In a democracy programs are not fixed endeavor. The way back is slow, but sure. We
and orders are not given. The action of the nation must again work, and weary not, for there is no
is not limited by the knowledge and the objections other way!'
of the few, with the rest, like the light brigade, "not
Destiny is of our own doing. Defeat is the dilato reason why", but "to do and die".
tory excuse of cowardice. One of the imperative
"The result is that the initiative of the mass of the demands of our present condition is admission that
people'is stimulated' and their knowledge is not our vaunted "prosperity" was no more than fools'
thrown away. The accumulated energy and knowl- gold. Not that we did not progress despite our
edge of all the people gradually comes together "high living", our "orgy of speculation", our pride
through thousands of discussions until a line of in the manipulation of the millions. Always, pride
conduct tested from all angles evolves. This has goeth before a fall. We cannot agree that wages,
behind it the support and understanding of the pampered by coercion of organization, and inflated
people who will make it work, not as if it were a with the general inflation, must never come down.
routine order but as a thing which is part and parcel 'Mr. Gifford is careful to say, we note, that they
come. We speculate on the inventions of another
half century. We harness streams that have sought
the seas for unnumbered thousands of years to give
us light, heat, and power. We construct imaginary
Utopias out of the crude materials of a mechanized
world—but we have only to retire into our own
souls to live well (though plain) and to think high
(though moderately and temperately) on all things.
Perhaps there is no better definition of the mystery
of life than plain living and high thinking. At least
it will solve many of our intricate problems and
relieve us of much of the tyranny of business, economics, and politics.
3232
FINANCIAL CHRONICLE
should be kept up where possible—that we should
"try" to keep them up. But wages are not immune
to the general effects of depression. With stocks,
bonds, commodities, at low prices, either wages must
follow suit, or part-time must ensue, or unemployment must increase. Evolution of industrial democracy works toward a harmonious pattern.
When we consider the "machine", we must ask of
it an accounting. Has its latter development ministered to necessities or luxuries? Can the worker
"fly" from one new plant to another and take hold
as of old? Is there any standard of comparison
between the surpluses of farming and the multiple
mass-production of the factories? There is a disjointed state of affairs due to the unbridled excesses
of personal endeavor, but in that state exists its
own only cure—the interaction, the leveling, of all,
by the controlled efforts of normal living!
Causes of "depression" begin in the over-optimism
of prosperity. Many yesterdays mould to-day.
Cures are not often mere reversals. It is easier to
wreck a house than build one. Threads woven into
a cable are hard to break. In the momentum of the
business and industrial world of to-day are farfetched impulses, desires, intents. We cannot reverse these while processes are in motion. Slowly
we can change the current and guide the stream.
Out of what we are we must fashion what we will
be. Man changes his environment by powermachines—and is changed by his own creation. The
usual fault in a reform is that it is in too big a hurry.
We cannot re-employ all idle men at once. Empty
freight cars cannot be filled until harvest time.
Cheap credit cannot grow dear while there is no
demand. Money becomes a "drug" when there is
no buying and selling.
Remote causes that impinge on to-day will have
an effect on some far to-morrow. Theories, to be of
use, must be transformed into practice. "Constant
dropping wears away the stone." There is no mirac-
[voL. 132.
ulous cure for "hard times". But proceeding in
the old way to supply human needs, improving methods and manners, thinking on conditions and ci
cumstances, weighing errors and failures, will do
much to restore momentum and confidence.
spairing, complaining, blaming indiscriminately
refusing to see things as they are, hoping vainl
against hope, longing for leaders, when only work
planning, thrift and saving will produce, can gain
us nothing!
We have the farms and fields, the forces and factories, the energies and aspirations, an intricate
woven pattern of trade and finance, the wants of
the world for a market—and though riches cannot
come overnight, the accumulations of toil and exchange are inevitable. Oil gushers have made men
and communities wealthy in a day and a decade.
Machinery has transformed transportation. Consolidations, mergers, chains have formed quickly
and multifariously. The process cannot continue
forever. Yet there are,in consequence, new integers
of strength, new means and modes of living, new
ideas, ideals, and opportunities. 'There must be a
breathing spell in the general advance. There must
be a slowing down to avoid the crowding. There
must be time for adjustments. We are in that
period of change now. The best way to meet it is
not by a reversion to days outmoded, not by search
for some patent way to repeat and exceed the overproduction of the immediate past, not by slothful
and mournful acceptance of the present, but by holding fast to what we have, continuing on in the use
of the time-tried fundamentals, with a restraining
hand on the tiller and a fixed gaze upon the route
ahead.
It is true, as Mr. Gifford says, we will come out of
our troubles, probably, before we know it. Vast
natural resources, untiring innate energies, are rich
and ripe possessions, but will do nothing for us in
and of themselves. We must save ourselves.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, May 1 1931.
Retail trade has suffered more or less from rains and cold
weather. And there has been no improvement in wholesale
or jobbing business or for that matter in industries in general.
And there is no use disguising the fact that a further big
decline in the stock market this week has cast its shadow
over the country's business, especially in the great centres
of speculation. The spectacle of United States Steel down
to 113M has more or less hypnotized some of the commodity
markets, in spite of the fact that most of them seem to be
short. Commodities, for the most part, have declined.
There is a sharp decrease in bank clearings compared with
1930, but this has an importance more apparent than real,
for a year ago the clearings were swollen by heavy liquidation
in the stock market. Europe is more disposed to buy wheat
on this side of the ocean,and such buying has not been wholly
confined, as heretofore, to Canadian wheat. Our own hard
winter wheat has been taken at times on a rather more encouraging scale. As regards the crops, the weather has been
too dry in the Northwest and Canada for the spring wheat,
though our Southwestern winter wheat crop looks well.
On the other hand, there has been too much rain in the
central and western section of the cotton country, though it
is too early to lay any great stress on this fact. It is well
enough, however, to remember that a wet May in the cotton
belt would be considered a distinctly bad thing. The output
of steel in some cases appears to have increased slightly,
in others not perceptibly, if it has not fallen. Scrap is lower
and taking the steel trade as a whole it is still in an unsatis-
factory condition as has been recently exemplified in statements of earnings by some of the big steel corporations, and
not for years have the non-ferrous metals been as low as
they are to-day.
Petroleum has been depressed, it is said, to almost incredibly low prices in the eastern Texas field. Moreover,
there has been a new outburst of so-called gasoline price
"wars" in the retail market. Detroit reports the April output of automotive vehicles as 325,000, as against 276,000 in
March and 460,000 in April 1930. Rains in California have
broken a prolonged drouth. The textile industry has been
quiet and declines have been reported in some cotton goods
recently of Y to M cent. The great trouble in the cotton
t
goods business is the steady decline in raw cotton, which
has the natural effect of causing buyers to hold aloof, until
prices become more stabilized, both of the raw and the manufactured product. Wool for a time declined at the London
sales, but later on became more steady. Cold weather at
the West has naturally had a more or less favorable effect
on the bituminous coal trade. Philadelphia still contends
with strikes in the apparel factories. Lumber remains quiet
on the North Pacific Coast but on the other hand the sales
of canned pink salmon are the largest on record. Farm
property in parts of the West is lower and wages for farm
hands have been reduced here and there. There is only a
very low output of flour in Kansas City and Minneapolis.
Feed has declined noticeably. Large crops of oranges and
lemons in California have caused low prices for such fruit.
Charlotte, N. C., reports larger sales of textiles, furniture
and hosiery in April. Chicago's sales of merchandise in
MAY 2 1931.]
FINANCIAL CHRONICLE
3233
April, it seems, were as large as those of a year ago, though expected under the circumstances. It fell flat. To-day the
transactions in stocks approximated 2,900,000 shares. Prethe volume in money was smaller.
Cotton declined about 75 points under the weight of dictions continue to be heard that the period of depression
liquidation and the depressing influence of a falling stock is near its culmination. But in the meantime the outside
market. Also raw and manufactured cotton was dull at public is not in the stock market. Professional operators are.
home and abroad. To-day there was a good deal of selling And the line of least resistance of late has undoubtedly been
attributed to Southwestern spot interests, to Liverpool, New downward. Quite as certainly there is a large short interest
Orleans operators and finally to the local traders. The in the stock market and if the news should suddenly and
trouble with the cotton market is that it has no support unexpectedly become bullish it is easily conceivable that
except from the buying by the trade and shorts. The out- there would be another sharp rally of which the quick upside public stays out. There has been to much rain and too turn on April 30 affords a broad hint.
Akron, Ohio, wired that the Goodyear Tire & Rubber Co.
much cool weather in the cotton belt during the week, especially in the central and western sections, but it is too has begun a 5M-day week in its factory and has increased
early to emphasize this very much and as far as Texas is production to 56,000 tires per day from 53,000 tires forconcerned it is putting a good "season" into the soil which merly. Employment in the silk industry increased 2.9%
may inure to the benefit of Texas next summer. Wheat has in March as compared with the previous month, but was
stood up very well. In fact it shows a small advance under 9.3% under March 1930, the Silk Association of America,
the stimulus of a better export demand and in spite of the Inc., reports. Employment on broad silk looms increased
declining stock market. There has been an expectation of a 1.1% in March as compared with the previous month, narrow
reduction in the German import duty of about 50 cents a looms 3.6% and spinning spindles 5.4%. Operation of
bushel from the present rate of $1.62. But it turns out to- broad silk looms declined 2.7% in March as compared with
day that the German government will merely allow rebates the previous month, narrow looms 7.5% and spinning
on certain limited quantities to be imported into the country spindles 0.3%.
Fall River wired that the general strike which was called
monthly but will not reduce the duty. Corn dropped a
couple of cents with the cash demand disappointing and at the Charlton Mills on April 6 as the result of a weavers'
liquidation more general. Oats have declined 2 cents or grievance was called off by a vote of the weavers late last
more under the influence of the drop in corn. Rye has week. The mill has been in operation during the strike,
fallen 3 to 4 cents with no export trade and liquidation rather but the management has agreed to re-employ the strikers
more general. Provisions have not changed much. Lard as soon as opportunity affords. Contrary to the usual
ends practically,unchanged. Coffee has advanced some M custom the strike was declared before any complaint was
to M cent under the influence of Brazilian news, scarcity of made to the mill management. Fall River reported that
cost and freight offers and an evidently sold-out condition of recently trade has been quiet except that fancy marquisettes
the market here. Moreover, under the new tax on exports continued in demand, especially for nearby delivery. At
of coffee there may be some improvement in trade. That Dexter, Me., orders sufficient to keep the plant running at
remains to be seen. Sugar has advanced on most deliveries capacity for several months have been received by the Amos
with Cuban interests of late buying and shorts covering, as Woolen Co. of this town. Dexter textile men believe that
the prospects seem to brighten for regulatory measures the mill situation is brighter than it has been for several
which may have some beneficial effect. Rubber for some months and they are optimistic concerning summer business.
deliveries has advanced 5 to 13 points. Like some of the At Charlotte, N. C., a continued satisfactory volume of
other commodity markets, rubber has acted more or less business in rayon is reported by distributors and the sales
sold-out if not oversold in the speculative sense. Hides continue to run well ahead of last year. A very good dehave dropped 82 to 85 points, cocoa 12 to 14, and silk 7 to mand for multifilament yarns was noted and sales of this
8. Commodity markets as a rule have declined.
description led all others.
The stock market on April 29 was generally lower with all
Easton, Pa., wired that at a meeting of members of the
eyes on United States Steel, which fell 9M points. Although United Textile Workers, the employees of silk mills in the
the regular quarterly dividend was declared of $1.75 a share vicinity decided to accept a general cut in wages of8%,owing
on United States Steel common on April 28, the earnings for to outside conditions and the low silk market together with the
the first quarter of 1931 were the lowest in more than eight continued period of depression in the silk industry. Detroit
years and were below the estimates current in the financial wired that the Ford Co. is dismantling the plant of United
district. The net income during the first quarter of 1931, States Pressed Steel Co. at Ypsilanti, Mich., which it reafter all charges, taxes, &c., represented Sc. a share on the cently purchased, and will build a new textile factory with
8,699,073 shares of common stock outstanding. This com- a dam nearby. London cabled that total retail sales, expared with 70c. a share on the common stock in the preceding cluding food perishables for March, show an increase of
quarter. But stocks on April 30, in an oversold condition, 4.7% over those of March 1930, according to returns just
gave a good account of themselves, railing sharply with net issued by the Incorporated Association of Retail Distributors
final gains in which United States Steel, which had dropped in conjunction with the Bank of England, including for the
on April 29 more than 9 points, figured for a net rise of 4% first time, returns of the co-operative societies. The
points. In other directions, Auburn Auto rose 24M points, advances include 9.6% in men's wear; 16.7 in boy's wear;
Ingersoll-Rand, 14M; Allied Chemical, 63.; American Can, and fashion merchandise 17.8%. Stocks are off 8.9% and
288; American Tel. & Tel., 3%; Bethlehem Steel, 33; employment shows a gain of 6%. Wholesale price index of
/
5
J. I. Case,83 ; Columbian Carbon,5/s; International Busi- the National Fertilizer Association is 72.5 compared with
%
ness Machines, 73;General Motors,33'; Eastman Kodak,6; 74.9 last month and 91.6 last year. Fairchild's composite
McKeesport Tin Plate, 63; Worthington Pump, 6; fiber index 78.91 against 79.77 last week and 116.46 last year.
Western Union,5, and Westinghouse Electric, 538. Auburn
On April 27, Boston had 42 to 54 degrees; Chicago and
was at one time on April 30, over 30 points higher. Bonds Cincinnati, 36 to 48; Cleveland, 34 to 36; Denver, 36 to 54;
were active and strong, especially American issues.
Detroit, 30 to 40; Kansas City, 38 to 62; Milwaukee, 34 to
To-day the stock market after opening well enough sud- 52; Minneapolis, 28 to 54; Montreal, 36 to 42; New Orleans,
denly dropped under profit taking and renewed short selling 62 to 64; Oklahoma City, 42 to 64; Omaha, 34 to 62; Philain a still largely professional market. Bonds continued to delphia, 42 to 50; Portland, Me., 40 to 50; Portland, Ore.,
recover especially in railroad and foreign issues. But United 56 to 86; Seattle, 52 to 78; St. Louis, 40 to 60; Winnipeg,
States steel fell to 113M ending at a net decline for the day 22 to 60. Syracuse, N. Y., wired that throughout central
of 5% points. This big decline in steel was one of the out- New York on the 27th, snow fell, but soon disappeared.
standing features of the week. In fact it might be called Traffic on the Barge Canal was at a standstill, while the
the most conspicuous event, certainly it attracted wide at- wind whipped the waters. The temperatures dropped to 34
tention. The Bethlehem Steel Corporation reduced its at Syracuse and Watertown at 8 a. m. Seven inches of snow
annual dividend basis from $6 to $4 by declaring a quarterly fell at Copenhagen. Motorists from Watertown to Utica
dividend on its common stock at the rate of $1. The earn- reported that main highway was blocked. Two inches of
ings for the first quarter were stated as equal to 6c. a share snow fell at Winthrop and Gouverneur and one inch at
as against 17c. in the last quarter of 1930 and $2.60 a Canton. At Saranac Lake, N. Y., it was reported that
share in the first quarter of last year. This was taken as sym- snowplows, stored for the summer, were taken out on the
bolic of the position of the steel trade at this time. Brokers' 27th to clear Adirondack Mountain highways covered with
loans fell off for the week some $114,000,000, the largest six inches of snow. The mercury went below 32 degrees.
decrease since Nov. 12, last year. But this was not as
To-day temperatures here were 40 to 57 degrees. The
large a decrease as Wall Street reasoned might have been forecast was for fair and slightly warmer weather to-night
fvoL. 132.
FINANCIAL CHRONICLE
3234
with cloudy or showery conditions to-morrow. Boston Substantial Increase, Largely Seasonal, in Wholesale
Trade in New York Federal Reserve District in
yesterday had 38 to 52 degrees; Philadelphia, 42 to 60;
March-Falling Off as Compared with March Last
Chicago, 46 to 54; Cincinnati, 42 to 64; Cleveland, 36 to 48;
Year.
Detroit, 40 to 56; Milwaukee, 44 to 52; Kansas City, 48 to 60;
St. Paul, 52 to 70; St. Louis, 54 to 62; San Francisco, 56 to
The Federal Reserve Bank of New York in its May 1
68; Seattle, 52 to 68; Hamilton, Bermuda,62 to 78; Montreal, "Monthly Review" states that "the dollar volume of busi32 to 42.
ness of the reporting wholesale firms in this district in March
showed a substantial increase, largely seasonal, over FebruDepartment Store Sales in New York Federal Reserve ary, but continued to be considerably smaller than a year
District in March 1.7% Below Same Month Last previous. The decrease of 16%, however, was the smallest
Year.
since December, says the bank, which adds:
Declines of around 20% continued to be reported by wholesale dealers in
Sales of reporting department stores in the New York
the sale
cotton
Federal Reserve District in March were 1.7% below those and goods, stationery and paper, and decreases in clothing, of jewelry
shoes and
even larger. Sales of men's
diamonds
to the May 1 "Monthly Re- hardware also again wereto be considerably smaller than in 1930, but the
of a year previous, according
continued
view" of the Federal Reserve Bank of New York, which decreases were not as large as in February. Machine tool orders, reported
by the National Machine Tool Builders' Association, increased consideraalso states:
bly over February, and the decline from a year previous, though substantial,
This was the smallest decline since May 1930, due in part to the fact
that March sales this year included a considerable part of the Easter
trade, most of which last year was done in April. The decreases in the sales
reported by stores in the New York City, Southern New York State and
Capital districts were the smallest since last May, and the decline in sales
of the Bridgeport stores was the smallest since April of last year. Sales
of Westchester stores continued to show an increase compared with a year
ago, and reporting stores in Northern New York State showed an increase
for the first time in almost a year. Sales in other localities continued to
show decreases ranging from 2% to 11%, but in most cases the decreases
were smaller than in the previous month. Sales of the leading apparel
stores were slightly larger than in March 1930, the first increase in nearly
a year.
Stocks of merchandise on hand at the end of March, valued at retail
prices, showed the largest reduction from a year previous ever reported to
this bank. The rate of charge account collections during March continued
to be slightly lower than a year previous.
Locality.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Southern New York State
Hudson River Valley District
Capital district
Westchester District
All department stores
Apparel stores
Percentage Change from a
P. C. of Accounts
Year Ago.
Outstanding
Stock
Feb. 28 Colleaed
Net Sales.
on Hand
in March.
Jan. to End of
1931.
March. March. Month. 1930.
-1.0
-7.4
-4.3
-3.8
-2.1
-5.5
-2.5
+3.8
-3.5
-11.3
-0.2
+4.8
-1.7
+0.4
--5.0
--6.9
--6.1
--6.7
--3.8
--8.6
--6.3
--13.6
--11.5
--13.2
--18.2
--10.8
--11.7
44.9
47.2
39.9
30.8
42.8
40.6
33.4
45.3
45.3
34.4
29.0
41.4
85.7
30.8
was the smallest in a number of months. The Silk Association of America
reported yardage sales of silk goods in March more than 8% above last
year, the fifth consecutive increase in quantity sales compared with the
previous year.
The value of stocks in all reporting lines, with the exception of drugs.
continued to be substantially smaller than a year ago. Collections averaged
slightly better than in March 1930.
Commodity.
Percentage
Change
March 1931
Compared with
February 1931.
Percentage
Change
March 1931
Compared with
March 1930.
Percent of Accounts
Outstanding
February 28
Collected in
March,
Stock
End of
Month.
1930.
1931.
-11.2
----32.4
-17.8*
-43.8
+15.8
-8.7
75.1
41.1
32.1
47.8
37.1
34.4
46.4
76.9
43.0
34.1
49.3
40.1
48.6
42.2
.___
____
-28.21
-34.61
74.8
64.6
26.4
4
- .1
755.1
19.8
51.1
-1.5.8
.4-25.8
Welahted averace
• Quantity, not value. Reported by Silk Association of America.
** Reported by the National Machine Tool Builders' Association.
52.3
Stock
End of
Month,
Net
Sates.•
+3.3
+5.4
-___
+35.4
+4.0
+16.1
+14.7* -4.8
+61.2 -18.2
+2.7
+10.2
-1.7
+44.6
____
+40.5
____
+2.2
____
+11.7
-7.5
-4.2
-8.0
-0.9
-15.8
-17.8
-20.1
+8.5
-16.0
-7.4
-13.1
-35.1
-22.5
-21.8
-36.2
-34.9
Net
Sales.
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Machine tools**
Stationery
Paper
Diamonds
Jewelry
Guaranty Trust Company of New York Views Low
Point in Business Reached But Finds No Definite
42.2
43.2
Signs of Significant Improvement.
41.4
43.0
-3.7 --I3.3
Current developments offer further support for the view
that the low Point of the cycle of business activity has been
Stock on Hand
Net Sales
Percentage Change Percentage Change
approximately reached but fail to show any immediate
March 31 1931
March 1931
Compared with
Compared with
prospect of marked recovery, states the Guaranty Trust
March 31 1930.
March 1930.
Company of New York in the current issue of The Guaranty
--19.9
+12.0
Men's and boys wear
Survey, published on April 27.
--6.2
+9.3
Toilet articles and drugs
--23.6
+6.7
leather goods
Luggage and other
"The usual spring peak has come and gone without bring--14.2
+4.8
Shoes
--15.7
+4.7
ing any definite signs of significant improvement," The
Women's ready-to-wear accessories
--1.9
+4.1
Toys and sporting goods
Survey continues. "Expansion in most industries last month
--8.4
+3.4
Silverwear and Jewelry
--18.5
+3.2
Women's and misses' ready-to-wear
was of no more than seasonal magnitude. The general
+1.9
Woolen goods
--16.7
-1.5
Men's furnishings
tendency is reflected in the revised index of business activity
--13.3
-2.9
Books and stationery
--17.3
-3.7
of the Guaranty Trust Company for March, which stands
Hosiery
--11.2
-4.6
Home furnishings
at 72.3, showing only a fractional advance from the February
--20.3
-7.2
Furniture
--9.3
-9.5
Cotton goods
level of 71.7. Although the actual figures for nine of the
--9.2
-11.3
and handkerchiefs
Linens
--21.0
-14.9
Silks and velvets
ten series included in the index rose last month, the upward
--22.4
-17.0
Musical Instruments and radio
--16.2
-5.7
movements in four of these cases were smaller than is usual
Miscellaneous
for March, with the result that the adjusted figures show
an equal number of advances and declines." The Survey
Chain Store Sales During March in New York Federal adds:
Reserve District Smaller Than in Same Month
"Reports so far available for April indicate that the customary spring
recession is under way, but that it Is proceeding in an orderly manner
Year Ago.
quite different from the precipitate retrenchment that was witnessed in
Regarding chain store trade in this district, the Federal the latter part of 1930. Most branches of business appear to be con1 "Monthly Review" ducting their affairs in a highly conservative manner, carefully avoiding
Reserve Bank of New York in its May
premature expansion but maintaining a liquid condition favorable for
says:
quick response to any signs of genuine improvement.
-------
The March sales of reporting chain stores in this district were 3.6%
smaller than in March 1930, Indicating little change in general from conditions in February. The decreases in the sales of shoes and candy were
considerably smaller than in February, probably reflecting Easter buying
sales of ten-cent and variety
in March this year, and the declines in the
and grocery chain
chains were slightly smaller than in February. Drug
slightly larger decreases in sales
store organizations, however, reported
February.
compared with a year previous than in
show smaller sales per store than a year
All types of chains continued to
which showed a slight increase, due in
ago with the exception of candy,
of stores operated, and in part to the
part to a reduction in the number
early date of Easter this year.
Percentage Change March 1931
Corn pared with March 1930.
Type of Store.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
Total
Number of
Stores.
Total
Sales.
Sales per
Store.
+5.0
+3.8
-3.0
+11.5
+7.6
-2.4
-0.7
--2.1
--14.2
-7.1
-1.6
-5.5
-5.6
-11.5
-16.4
-13.7
+0.8
+4.9
-3.6
-8.1
"If business psychology at the present moment contains little of the
unwarranted expectancy that persisted in belittling the significance of the
depression throughout its early stages, it is equally free from the almost
panicky dismay that was shown during the autumn and winter, when it
became clear that the more optimistic views had not been borne out.
Business has settled down to a sober acceptance of the situation, coupled
with a determination to make the most of any opportunities that may
present themselves.
Present Expectations Conservative.
"The failure of any significant revival to make its appearance during the
early spring stimulus is generally interpreted as an Indication that business
activity will probably remain at low levels for the time being, with a distinct possibility of recovery at the end of the summer. While some real
improvement may occur in the meantime, seasonal influences during the
late spring and early summer are not such as to provide a favorable setting
for revival. Major depressions in the past, moreover, have usually contained periods of some months' duration when activity remained virtually
stationary at low levels, although the widths of these 'valleys' show considerable variation. However, in view of the comparative stability of
industrial operations and trade volumes in the last few months, little
doubt exists that the next significant movement will be upward.
"This view of the situation seems to find support in the recent behavior
of security and commodity markets. Stock prices have passed through
several periods of weakness, and the present level is probably not far above
MAY 2 1931.]
FINANCIAL CHRONICLE
the low for the year to date. The recent declines were apparently due,
in part, to unfavorable earnings reports and dividend reductions, which,
of course, reflect past conditions and bear on the future only in so far as
they affect present and prospective buying power. The trend of commodity prices in the last few weeks has been no more reassuring, with
downward movements in the large majority of basic raw materials, including
the strategic groups of farm products and metals. The wholesale price
index of the Guaranty Trust Company for April 15 stands at a new low of
51.1, showing a decline of 2.9 points from the March level, following a
slight upturn a month ago."
3235 •
President A. E. Dickinson. "Readjustments may be necessary and progress may be slow. But there is a more optimistic attitude, generally, based on sound evidence of an
upward trend." He continued:
Resumption of residential building this year is expected to add a push
to the return of prosperity. In Chicago, residential construction in the
first two weeks of March more than doubled the entire month of February
and showed a considerable increase over March of last year. Other sections are indicating similar gains.
Large appropriations for public building have been made. Since Dec. 1
Foreman-State National Bank of Chicago Believes In- 1930 the Government has contracted close to a billion dollars forrthis
type of work. Such a reservoir of Federal building should materially
dustry and Finance More Secure To-day Than at relieve the unemployment situation when it is brought into actual conAny Time in 1930
-Price Situation.
struction activity. Much depends to-day on expediting the Government
"Industry and finance are incomparably more secure to-day program.
Metropolitan New York reports greater gains in March 1931 than for
than they were at any time in 1930." This is the summary the corresponding period last year.
Chicago's permit volume for March was the highest monthly total
of the current business situation in the "Business Observer,"
This figure included permit for a large
monthly review of the Foreman-State National Bank of recorded in more than 18 months. Field estate.
commercial project for the Marshall
Chicago, published April 20. The "Business Observer"
engineering enterprises accounted for gains in New
Big industrial and
England. The Northwest shows improvement, with public building to
says:
the fore. Notable increases in the South are recorded, with heavy activity
The response to seasonal influence this spring has been much nearer to in
Dallas and Atlanta particularly.
normal than last autumn. The price declines this year, however severe
The Western Coast registers some gains, San Francisco, especially.
In specific cases, are but readjustments to an avalanche of values that
showing considerable activity in suburban home building.
occurred in 1930. Purchasing power, although extraordinarily low, is deNew building throughout the country for the first quarter of the year
clining no longer and since the first of the year has begun to register modtotaled approximately $1,000,000,000.
erate gains.
If this strengthening through price readjustment is permitted to go on at
the present rate (say 1 % per month), it can restore normal purchasing
power within the course of a year and a half. Encouraged, it could do bet- Report on Monthly Sales of Buffalo Drug Stores
ter. If, however, a slight improvement in business should be taken as the
March Sales 4% Under Those for February.
prices that have not
signal for injecting artificial firmness into commodity
been properly deflated, it might throw business backward again as in the
In its report, issued April 20, on monthly sales of drug
spring of 1930, and do irreparable harm.
stores in Buffalo, N. Y., the Bureau of Business and Social
It is as impossible now as in the months past to tell exactly when a
definite revival in business will set in, but it becomes increasingly clear Research of the University of Buffalo says:
bow it will set In-through the restoration of purchasing power and business
Increased co-operation by Buffalo drug stores enables us to present
confidence by closing the gaps in the price structure. Our best information this month the results for 40 stores with a monthly sales volume of over
Is that recovery will be speeded by hastening this process and that it will $180,000. Average daily sales of these stores in March were $5,991, as
be retarded by delaying the process.
compared with $6,225 in February and $5,903 in January. This is a
March
Of 15 important "barometers" of business shown in the decrease of 3.8% forsales ofas compared with February.26 "independent"
The actual total
these 40 stores (including
statistical supplement of the "Business Observer," six show and 14 "chain" stores) were $185,734 in March and $174,314 in February.
better than seasonal gains, five fall below expectations, and Since February contains only 28 days, the average daily sales given above
a truer
four are rated as "holding their own." These high spots are presentnumber picture of comparative results.list has been increased this
The
of independent stores in our
as follows:
month, so that the results are more nearly representative of the Buffalo
Better Than Seasonal Performance.
drug store business, but as their sales still do not aggregate 70% of the
Imports, United States
•
up 20.5%, "usually" up 11.7% total sales (the figure found in the Eleven City Census of 1928), we conConstruction contracts awarded
up 57.3%,
up 45.1%
Cotton consumption
up 13.1%,
up 8.0% tinue to apply the weights of 70 and 30 to independent and chain store
sales aggregates, respectively. The weighted average of sales thus obElectric power consumption
"
down 2.0%,
down 4.2
Lumber production
"
up 10.7%
down 0.2
tained shows a decline of 5.1% for March as compared with February.
Machine tool shipments
up 26.6%,
up 10.6 o
Our index numbers, both unwelghted and weighted, are given below;
Not Up to Expectations.
March
February
January
Bank debits, outside New York
up 13.7
"usutlly" up 16.0%
Sales.
Sales.
Sales.
New insurance written
up 12.7 o,
up 20.0T
C
di
Exports, United States
up 7.4
up 11.5% Forty stores
$185,734
3174,314
$182,981
(unadjusted)
"
Railroad gross earnings
down 8.0
down 3.7% Average
5,991
*6.225
*5,903
44
daily sales
Residence construction
up 43.5%,
up 55.7%
101.49
112.23
100.00
Unweighted adjusted index
Just Holding Own.
Weighted average of chain and independent
100.62
105.99
Storm
100.00
up 2 .7%
Automobile production, United States up 24.9%, "usually"
4
Freight Car loadings
up 3.7%,
up 3.6%
* Revised figures for new total of 40 stores.
up 14.3%,
Postal receipts, 50 cities
up 14.7%
Id
up 0.1%,
up 0.1%
Factory employment, Illinois
Regarding the price situation, the Foreman-State publicaLoading of Railroad Revenue Freight Larger, But Still
tion says:
Far Below 1930 and 1929.
Whichever way present price movements are analyzed, the conclusion
seems warranted that there will be relatively few commodities that can
Loading of revenue freight for the week ended on April 18
hope to escape price readjustment in line with the trend of the times.
Car Service Division of the AmeriPast experience, price theory and a common sense analysis of present totaled 760,002 cars, the
facts all indicate that the downward readjustment of commodity prices can Railway Association announced on April 28. This
from pre-depression levels is a permanent readjustment. The new price was
an increase of 22,068 cars above the preceding week this
"region" appears to be some 20 to 40% below pre-depression levels, dependent to some extent upon the relative importance of labor and capital year with increases being reported in the total loading of all
and raw material costs in the specific product. But there are still a great commodities except coal and coke. The total for the week
many Items standing out against this trend, and delaying the recovery
of April 18, was, however, a reduction of 132,704 cars under
thereby.
Some items, like construction materials, have doubtless been supported the corresponding week last year and a reduction of 245,878
by stimulated demand from emergency activities in public works. This cars below the same week two years ago. The details are
will pass. Some have been maintained in the hope of price recoil. This
is a vain hope. Other prices have held because "better value has been put outlined as follows:
In the article." This method of evading the general price decline is also
largely fallacious and unsound. For even if better value has been built
into a given article, merchandisers who maintain the old price are requiring
the public to spend a larger share of income this year than in previous years
on the item in question. In the long run this will not work, so it is not
good business. It merely delays the readjustment and contributes to
the prolongation of hard times."
The inventory situation, says the bank, continues contradictory: raw material surpluses are the highest on record
for this season of the year; finished manufactures are below
1930 but above 1928; department store stocks are decidedly
below the figures of recent years. Inasmuch, it adds, as
raw material prices are holding well against extraordinary
surpluses, and other inventory positions rule from moderate
to favorable, the stage seems to be set for recovery when
other conditions become right.
New Construction Activity in First Quarter of This
Year Viewed as Forecasting Improved Conditions,
Says Indiana Limestone Co.
New construction activity for the first quarter of 1931
gave promise of more cheerful times, according to a nationwide survey yesterday by the Indiana Limestone Co.
"The road is being cleared for business recovery," says
Miscellaneous freight loading for the week of April 18 totaled 314,129
cars, an increase of 19,814 cars above the preceding week this year but
a reduction of 63,668 cars below the corresponding week of 1930. It also
was a decrease of 102,166 cars below the same week in 1929.
Loading of merchandise less than carload lot freight amounted to 225,358
cars, 1,723 cars above the preceding week this year but 24,122 cars below
the same week last year. It also was a decrease of 38,535 cars under the
same week two years ago.
Coal loading amounted to 110,993 cars, 5,219 cars below last week.
14,068 cars below the corresponding week last year, and 39,234 cars under
the same week in 1929.
Forest products loading totaled 34,103 cars. While this showed an increase of 1,517 cars above the preceding week this year, it was, however.
a reduction of 22,656 cars under the same week in 1930 and 34,433 cars
below the corresponding week two years ago.
Ore loading amounted to 7,418 cars,an increase of 782 cars over last week.
but a reduction of 6,032 cars below the same week in 1930. It also was a
reduction of 22,889 cars under the same week in 1929.
Coke loading amounted to 6,382 cars, a decrease of 868 cars below the
Preceding week this year, while it also was a reduction of 3,082 cars under
last year and 5,483 cars below 1929.
Grain and grain products for the week totaled 39,615. This was an increase of 2,705 cars above the preceding week this year as well as an increase of 2,210 cars over the same week last year and 2,853 cars above the
corresponding week two years ago. In the Western District alone loading
of grain and grain products amounted to 26,208 cars, an increase of 1,836
cars compared with the same week last year.
Live stock loading amounted to 22,004 cars, an increase of 1,614 cars
above the preceding week this year, but a reduction of 1,286 cars below the
corresponding week in 1930. It also was a decrease of 5,991 cars below the
same week two years ago.
3236
FINANCIAL CHRONICLE
EVoL. 132.
All districts reported reductions in the total loading of all commodities
Many Three-Room Apartments.
compared not only with the same week in 1930 but also with the same week
Almost half of the new apartments contained three rooms. The number
In 1929.
of this size was 12,051 of the 24,554 apartments constructed during the year.
Loading of revenue freight in 1931 compared with the two previous years Every apartment had a private bath. Four-room apartments numbered
follows:
4.903; one-room apartments, 1,253; two-room apartments. 3,588; five-room
1929.
1931.
1930.
apartments, 1,068; six-room apartments. 677; seven-room apartments, 278;
Five weeks in January
4,518.609 eight
3,490,542
4,246,552
-room, 232; nine-room, 161 and ten-room, 88. Apartments above
Four weeks in February
3.797.183 twenty rooms in size numbered four.
3.506,899
2,835,680
Four weeks in March
3,837,736
3,515,733
2,939,817
Brooklyn showed the largest construction of two-story residential dwellWeek ended April 4
908,059
958,225 ings at 114. Queens was first in the three-story structures with 69. Brook728,511
Week ended April 11
911.316
973,152 lyn had 58 and Queens 42 four-story buildings, while the Bronx had 73
737,934
1,005,880 six-story buildings, compared with 54 of the same height in Brooklyn, 33
Week ended April 18
892,706
760,002
-story and 17 sixin Queens and 24 in Manhattan. There were twelve 15
Total
11,492.486 13,981.265 15,090,785 teen-story buildings in Manhattan. Richmond had only one building of
three stories.
The Tenement House Department has under its supervision a total of
Indiana University 120,681 buildings containing 1,382,794 apartments. Of this number 67,Bureau of Business Research of
apartments. New-law tenements
tenements, with
Finds Little Change in Indiana Business Con- 681 are old-law and have 844,104528,951
apartments. Others fall into the class of
number 52,389
ditions During March.
converted dwellings and new construction. In 1930, 860 old-law tenenon-tenement uses and
ments were demolished 160
"Changes in trade and industry in Indiana during March 59 buildings previously listed were converted towere found to be class C
as non-tenements
importance to affect the situation when multiple dwellings under the new multiple dwelling law.
were not of sufficient
allowances were made for normal seasonal fluctuations,"
says the April 20 issue of the "Indiana Business Review," Senator Couzens Asks United States Chamber of
which is prepared monthly by the Indiana University
Commerce to Consider Proposal for Pooling of
Bureau of Business Research at Indianapolis and published
Funds by Groups of Corporations to Stabilize
by the Fletcher American National Bank, Indianapolis.
Wages of Workers.
The "Review" says:
The request that the Chamber of Commerce of the United
In many cases the gains were not of average proportions and there were
this week consider
about enough unfavorable influences to offset the favorable factors. States at its annual meeting in Washington
General business activity in Indiana during the first quarter of 1931 was plans whereby groups of corporations engaged in the same
about 15% under corresponding period a year ago.
industry "might arrange to pool reserves under proper
Automobile production made normal seasonal gain to a point above any
other month since the beginning of the present depression. Auto accessory conditions for the purpose of stabilizing the income of their
manufacturers increased production 16.1% over a month ago. Pig iron workers "was made by Senator James Couzens (Republican)
production was 40.2% under the theoretical normal. Shipments of of
Michigan, in a letter addressed on April 24 to William
building stone from Bedford-Bloomington district were 29.8% above a
month ago; 32.4% below a year ago. Preliminary reports indicate that Butterworth, President of the Chamber. "These funds"
coal production made more than normal seasonal gain to a point only 7.2% said Senator Couzens "could be placed in trust to assure the
under theoretical normal.
letter the Senator
Registrations of new cars failed to make normal seasonal gain. Used workers against unemployment." In his
car sales were 42.2% above a month ago; 12.4% below a year ago. De- drew attention to the agreement made between the Associated
partment store sales were aided by Easter buying, but made less than Clothing Manufacturers and the Amalgamated Clothing
normal seasonal increase. Retail hardware sales were 34% below a year
ago. Chain drug sales 5.1% above a month ago; 6.7% under a year ago. Workers of America, and suggested a similar pooling of
Thirty-eight post offices reported total receipts 7.8% over February; interests by Corporations. The following is Senator Couzens'
12.1% under a year ago. Volume of advertising in three Indianapolis letter to Mr. Butterworth:
dailies was 12.6% under theoretical normal. Retail food costa were
lower in Indianapolis during February than in any other month since
October 1916.
Bank debits failed to make normal seasonal gain. Bank clearings in
ten representative Indiana cities were 3.2% above a month ago; 23.9%
below a year ago. Total liabilities of business failures during March were
165.4% above a month ago; 118.5% above a year ago. Building activity
far below normal. Twenty-four of 29 representative Indiana cities reported March building permits under a year ago.
Sharp Drop in 1930 in New Apartments in New York
City—Construction of Buildings for More Than Three
Families Only Third of 1929 Total—Manhattan Led
Boroughs.
Construction of residential buildings for more than three
families fell off last year to about a third of what it was in
1929, according to the annual report of William F. Deegan,
Tenement House Commissioner, which was sent to Mayor
Walker on April 22, it is learned from the New York "Times"
of April 23, which went on to say:
The report shows that the largest amount of such construction was done
In Manhattan in the area between Fortieth and Eighty-sixth Streets, east
of Sixth Avenue.
The number of plans filed for such buildings decreased last year to 504,
while in 1929, 1,298 plans were filed. Last year's plans called for the construction of 587 buildings with 27,373 apartments containing a total of 82,500 rooms. In 1929 the plans called for the construction of 1.603 buildings
with 65,910 apartments containing 235,204 rooms. In 1927,the peak year of
apartment construction, the total cost of multiple dwellings in the city was
$341,904,600. Last year the total cost of those built was only $138,882,100.
In 1929 the total cost was $267,288,100. The report shows that 739 buildings were constructed last year containing 24,554 apartments and 83,441
rooms. The year before 1,855 buildings were put up containing 53,812
apartments and 183,860 rooms.
Residential Total at $74,961,000.
The total amount of new residential construction in 1930 for Manhattan
was $74,961,000. Between Fortieth and Eighty-sixth Streets west of Sixth
Avenue, the total cost of new residential buildings was $10,250,000. The
eastern section of the Bronx showed the most new construction, with
apartments aggregating $7,043,000 in cost while the cost for the whole
borough was $27,217,400. In the northeast Bronx $6,165,000 worth of new
construction went up.
Brooklyn showed a total of $22,306.900 in new tenement and apartment construction, with the Fort Hamilton and Sheepshead Bay sections
leading. In the former section $5,404,500 worth of new buildings was
built, and in the latter the amount was $5,403.000. Queens had a total
of $14.296,800, of which the Newtown-Flushing Bay section showed the
major part, $7,860,000. Richmond had only $100,000 worth of new
construction, all in the St. George district.
Only two frame buildings were constructed last year, the other 737 being
brick. Elevator apartments numbered 49 and walk-up apartments 490.
Fireproof buildings made a total of 71 and non-fireproof buildings 668.
Sixty-six penthouses were built in Manhattan and 1 was built in Brooklyn.
Not a single one-story multiple dwelling was built in the city. Two-story
structures numbered 167, three-story 158. four-story 115, five-story 48
and six-story 184. In Queens, Richmond and the Bronx, six-story apartments were the largest built. Brooklyn had a thirteen-story building and
another fourteen stories high, and in Manhattan the heights ranged up to
twenty-one stories.
1Vashington, April 24 1931.
Dear Mr. Butterworth;
On April 16 there was published in the press a statement from you to
the effect that I would be invited to the nineteenth annual meeting of the
Chamber, starting at Atlantic City on April 28, but I am sorry to say that
no such invitation has been received. In fact. I am advised that your
program committee considered sending me an invitation but reached the
conclusion not to do so.
I am, therefore, taking the liberty of addressing an open letter to you
in the hope that you, as head of the National Chamber, will arrange for
consideration of some of the subjects which I dealt with in my communication to the country on April 15.
Mr.Julius Barnes, in a recent statement,stated that there were normally
about 45,000,000 persons employed receiving wages of approximately
$50,000,000 daily; that there were 5,000,000 out of work, with the 40.000,000, still employed receiving about $46,000.000. and therefore suggested
that this $46,000,000 be spread over the entire number of 45,000,000 usually
employed.
In other words, there is to be taken from those employed approximately
$5,000,000 daily to be distributed in wages for employment of those now
unemployed.
Does this not place the entire burden of unemployment on the wage
earners and relieve capital of any expense in taking care of the 5,000.000
unemployed? Does the Chamber visualize that what is causing the failure
of business to recover is the instability of the income of those already
working? Does the Chamber realize that this some 40,000,000 of workers in
self-preservation must conserve every dollar possible in fear of having
their incomes reduced or cut off entirely by further unemployment?
Does the Chamber realize that those employed only on part time cannot
play any part in bringing around the recovery of business? Will the Chamber at its convention please go on record whether or not they believe in a
reduction in wages or a possible increase or at least a maintenance of existing
wage scales? Does the Chamber realize that to reduce wages would simply
bring around a maladjustment of the distribution of the earnings of capital
and labor that existed before the depression?
How will a reduction in wages increase the purchasing power, which is
so badly needed at this time?
Does the Chamber, with the constant increase in productivity of man
power, believe that the workers are to get less of their productivity rather
than more?
Statistics show that the value of manufactured products in 1929 was
$6.699,168,000 more than in 1927, and yet wages in 1929 were only $572,828,000 more than in 1927. They also show that wages paid in 1929 were
$413,779,000 more than in 1923, and in the same period manufactured
products increased by $8,887,941,000 for the same period.
Does not the Chamber believe that this development is drying up the
springs of consumption?
Would the Chamber approve of a curtailment in the orgy of instalment
sales, and would they further approve of the States passing legislation such
as exists in France. which makes it impossible for a merchant to hold the
title to merchandise after it has been delivered to the purchaser?
Would not such legislation by the States act as a check on the tremendous
development of what is now politely called "consumers "credit?
Testimony before the Committee on Education and Labor of the Senate
in the early part of 1929 clearly shows numerous ways by which industry
itself might provide security of income for the workers. Space does not
Permit me to call to your attention each and every one of these plans, but
may I submit for your consideration the agreement which was made between the Associated Clothing Manufacturers. manufacturers of men's
clothing, and the Amalgamated Clothing Workers of America?
You have undoubtedly available for your consideration several plans
adopted by individual corporations, where provisions were made by setting
up unemployment funds, so that in some cases 90% of the workers were
placed on a salary roll with a guarantee of 52 weeks of work a year, and
MAY 2 1931.]
FINANCIAL CHRONICLE
Others 48 weeks a year; so in effect, when management failed to regularize
Its production, the funds had to be drawn on to pay from 60 to 80% of the
workers wages when unemployed. These plans were carried out through
varying methods, all of which should receive careful consideration.
There is plenty of opportunity for groups of corporations engaged in
the same industry to pool their interests the same as was done in the case of
the Associated Clothing Manufacturers. For example, steel manufacturers,
motor car manufacturers and others might arrange to pool reserves under
proper conditions for the purpose of stabilizing the income of their workers.
These funds could be placed in trust to assure the workers against unemployment.
It does seem to me that this security of income would go a long way to
stabilize consumption.
It was my hope that I would have an opportunity to address your convention in the interest of an effort to improve industrial conditions. Space
does not permit me to go into the matter at the same length that I would
had I received an invitation to address your convention. However, I have
submitted this in the form of an open letter so all of your delegates may
have an opportunity of considering these questions.
Wishing you a successful outcome of the convention, I am, with kind
regards,
Sincerely yours,
JAMES COUZENS.
Senator Conzens' previous request that the Chamber Act
on Unemployment insurance was referred to in these columns
April 18, page 2892.
3237
Springfield and Boston, Mass, spoke of bettering conditions, especially
Springfield where factories are said to be putting on more help. Omaha,
Nebraska, states that "the price of agricultural products is holding up the
free movement of these commodities and though business in general has
nct taken in the aotivity expected, the future outlook appears promising."
Agricultural conditicns are said to be in excellent shape, particularly in
the western part of the State, with abundant moisture prevalent.
Analysis of Imports and Exports of the United States
in March.
The Department of Commerce at Washington on April 27
issued its analysis of the foreign trade of the United States
in March and the three months ended with March. This
statement indicates how much of the merchandise exports for
the first quarter of each of the past two years consisted of
crude or of partly or wholly manufactured products. The
following is the report in full:
ANALYSIS OF DOMESTIC EXPORTS FROM AND IMPORTS INTO THE
UNITED STATES FOR THE MONTH OF MARCH 1931.
[Value in 1,000 Dollars.(
Midland Bank of Cleveland on Percentage of Earnings
Paid Out in Dividends.
Although the net earnings of leading industrial corporations
in 1930 were the smallest since 1924, dividend payments by
these companies made a new high record, says the Midland
Bank of Cleveland, Ohio. It presents a chart showing
the net earnings and cash dividend payments of 124 large
industrials by years from 1920 through 1930, and says:
The chart brings out clearly the remarkable growth of earnings in the
prosperous 1922-1929 period, when net profits rose from 641 millions to
1,425 millions, a gain of 122% in seven years. During the same period
population increased only about 11% and the physical production of goods
only 40%.
This great increase in profits allowed a steady rise in cash dividends.
Tne actual gain was from 386 millions in 1922 to 875 millions in 1929 and
to 880 millions in 1930. As will be noted,stockholders received only about
60% of net earnings in ordinary years, leaving a margin which permitted
dividends to be well maintained in the depression years of 1921 and 1930
in spite of a very large drop in profits.
The question naturally arises as to whether 1931 dividends can be
expected to hold up to the 1930 level in the face of the poor earnings experienced so far this year. Whatever happens during the rest of 1931,there
has certainly been a decided trend toward lower dividends thus far. In
toe first quarter, toe 124 corporations under consideration made 24 reductions and only five increases, which contrasted strongly witn the 59 increases
and 45 reductions in the amounts paid in the year 1930. Tne only comparable period is that of 1921-1922, and that is not entirely satisfactory
because the business recovery was definitely under way by the end of
1921, which was not the case in 1930. Nevertneiess, it is interesting to
note that in 1921 only 40 companies increased their payments over 1920,
while 54 reduced payments, but that in 1922 there were 55 increases over
1921 as against 37 reductions. In other words, dividends were reduced
earlier in the 1921 depression than in the present depression, but were
quickly increased when business recovery got well under way.
The percentage of earnings paid out each year in dividends follows:
62.1% 1928
54.6% 1924
1920
63.5%
55.1% 1929
121.7% 1925
1921
61.4%
1922
60.7% 1930
60.2% 1926
99.1%
74.4%1923
55.8% 1927
hi years
66.5%
----.--
National Association of Credit Men Finds Collection
and Sales Conditions Show Slight Upward Trend
Nationally.
The expected seasonal stimulation of sales appears to a
definitely perceptible degree and collection conditions show
a similar upward trend in the April survey of sales and
collections published by Credit & Financial Management,
publication of the National Association of Credit Men. The
survey is based on data gathered by local branches of the
association from manufacturers and wholesalers in 117 of
the country's chief trading centers, says the asociation,
Which under date of April 20 added:
Five cities report brisk sales, which is one snore than a month ago and
four more than appeared in the brisk sales column in February. The five
cities are San Diego, Cal.; New Haven, Conn.; Miami, Fla.; Elmira, N. Y.;
and Austin, Texas. Miami and New Haven are also two of the three
reperting good collection conditions, the third being Rochester, N. Y.
Miami is in the "good" column for the second consecutive month, revealing the possible influence of the winter tourists from northern states.
Noticeable improvements in the reports of the majority of the cities
are evidenced. While the March survey revealed a large proportion,approximately 62%, registering fair sales, the present analysis reveals 68% with
fair sales as tpposed to 27% with poor sales. Collections show even more
noticeable advances. Fair collections are in evidence in over 65% of the
cities in contrast to 57% in March.
Connecticut correspondents are particularly optimistic in regard to
better business conditions. New Haven reports stress decided improvements
in sales and collections and from Waterbury comes word that heavy buying
of raw copper, by at least one of its leading manufacturers, will lead to
increased employment and consequent better local trade conditions.
With the improvements in banking conditions in Kentucky, a trade
rise is expected there. Much emphasis is being laid on the 67% distribution now available in the cicsed National Bank of Kentucky while a
committee is also working to re-open the Louisville Trust Company, a
step that will aid local conditions even more.
Three Months Ended March,
Month of March.
1930.
1931.
Per
Per
Value. Cent. Value. Cent.
70,454 19.4 56,476 24,5
Crude materials
9,325 2.6 9,588 4.1
Crude foodstuffs
34,374 9.5 23,383 10.1
Manuf'd foodstuffs
Semi-manufactures.. 49,326 13.6 31,425 13.6
Finished manufactures 199,600 54.9 110,254 47.7
1930.
Value.
1931.
Per
Cent. Value,
242,073 21.8
40.289 3.6
107.732 9.7
145,288 13.1
574,918 51.8
162,761
25,390
72,557
93,421
343.414
Per
Cent.
23.3
3.7
10.4
13.4
49.2
Total dom. exports 363,079 100.0 231,126 100.0 1.110,301 100.0 697.543 100.0
101,685
Crudematerials
40,136
Crude foodstuffs
Manuf'd foodstuffs__ _ 26,933
Semi-manufactures62,692
Finished manufactures 69,014
Total imports
33.8
13.4
9.0
20.8
23.0
64,015
33,020
23,558
39,789
49,225
30.5 309.292 34.6
15.8 118.905 13.3
11.2
71,281 8.0
19.0 189.747 21.3
23.5 203,911 22.8
300,460 00.0 209,607 100.0 893.136 100.0
179.691
88.696
55,939
108.181
135,340
31.7
15.6
9.9
19.0
23.8
567.847 100.0
Midland Bank of Cleveland on Business Situation.
Business in 1931 is following a pattern closely resembling
the horizontal movements occurring at the end of major
depressions in the past, says the Midland Bank in the
"Midland Survey," issued April 25. If business continues
along this path it would indicate that the present period of
stabilization and slow improvement is to be followed within
the next several months by a definite advance, according
to the bank. "Between the peak of May 1929 and the
low point of December 1930, business declined 35%,but this
stopped abruptly with December and since then the movement has been sideways with a slight upturn," says the
Survey, which is edited by D. C. Elliott, economist of the
bank. The Survey also says:
"The usual behavior of the general business curve in major depressions
has been a sharp decline lasting roughly from one to two years, followed
by several months of horizontal movement and then by a pronounced
recovery. This has been typical of the four major depressions of 1883.
1893. 1907 and 1921. preceding that of 1930.
"In the Cleveland area the sharp rise in steel operations noted last month
failed to hold. A slackening in demand from the motor trade was chiefly
responsible for this trend. Clothing manufacturers report a more active
volume of business and sentiment appears better in this industry. In
the first part of April new automobile sales increased more than seasonally,
while used car demand continued strong. Business at motor accessory
plants held up in early April."
The bank presents a study of earnings and dividends of
large corporations which shows that although net earnings
of leading industrials in 1930 were the smallest since 1924,
dividend payments by these companies made a new high
record. It says:
"During the 1922-29 period net profits of leading companies rose from
$641,000,000 to $1,425.000,000, a gain of 122% in seven years. This
increase in profits allowed a steady rise in cash dividends, the gain being
from $386.000,000 in 1922 to $880,000.000 in 1930.
"The question naturally arises as to whether 1931 dividends can be
expected to hold up to the 1930 level in the face of poor earnings experienced so far this year. Whatever happens during the rest of 1931, there
certainly has been a decided trend toward lower dividends thus far."
Weekly Wholesale Price Index of National Fertilizer
Association Again Dips Sharply.
During the week ended April 25 the general index number
of the wholesale price index of the National Fertilizer
Association declined 7 fractional points. For the preceding
week a loss of 4 fractional points was shown. The index
number on April 25 stands at a new record low of 72.5 compared with 74.9 a month ago and 91.6 a year ago. (The
index number 100 represents the average for the three years
1926-1928). The Association on April 27 added:
Nine of the fourteen groups in the index declined during the latest week
and the remaining five showed no change. The groups that declined were
fertilizer materials, textiles, fats and oils, other foods, grain-feeds and livestock, metals, fuel, chemicals and drugs and miscellaneous commodities.
The groups which snowed no changes during the last week were mixed
fertilizer, agricultural implements, automobiles, building materials and
house furnishings.
3238
The prices for 39 commodities showed losses during the latest week, while
gains were made in 9 commodities. Among the commodities that declined
were petroleum, fuel oil, camphor,rubber. copper, silver, hogs, practically
all grains and feedstuffs, cheese, eggs, lard, butter, silk, wool and cotton.
Slight advances were noted in the prices for raw sugar, cattle, coffee, calf
skins, dried apples, barley, cornmeal, burlap and jute.
The index number for each of the 14 groups Is shown in the table below.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
72.5
63.3
58.6
75.8
66.5
83.7
87.4
79.9
95.4
87.8
82.3
62.3
89.0
92.2
AA A
Month
Ago.
Year
Ago.
74.9
65.1
65.7
77.8
70.1
84.2
91.5
80.8
95.4
87.8
83.6
67.2
90.8
92.2
69.9
Latest Week Preceding
Week.
Apr. 2531
All Groups (14)
Textiles
Fats and oils
Other foods
Grains, feeds and livestock
Fertilizer materials
Mixed fertilizer
Metals
Agricultural implements
Automobiles
Building materials
Fuel
Chemicals and drugs
House furnishings
Mfat74lanonna enrnmnel Mat
91.6
86.3
85.1
97.1
91.4
93.4
98.0
92.4
95.7
95.7
94.6
86.8
95.5
97.9
83.4
73.2
63.8
60.5
76.2
68.2
83.9
87.4
80.4
95.4
87.8
82.3
63.7
90.1
92.2
59.7
"Annalist" Weekly Index of Wholesale Commodity
Prices.
Because of renewed declines in grains, cotton, eggs,
hay, crude petroleum, gasoline, lead, tin, zinc, building
materials and chemicals, the "Annalist" index of wholesale
commodity prices has declined to 105.0, against the revised
index of 105.5 of last week. The "Annalist" continues:
Farm products at 93.9 are now 6.1% below the 1913 level, and metals
have dropped to 104.0, against 104.8 last week. Food products have
advanced and textiles remain unchanged.
The April index (average for four weeks in April) stands at 106.1, against
109.3 in March and 114.8 in January. The decline for the month is
almost 4% and the decline since January is 7.4%. Farm products have
declined during the month 4.4%; food products, 2.3%; textiles, 2.3%;
fuels, 4.0%, and metals, building materials and chemicals have dropped
less than 1%. The composite index for the last week in April is below
the average for April and therefore shows that prices this week continue
the downward trend.
THE •'ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES (1013=100).
April 28 1931. April 21 1931. April 29 1930.
--Farm products
Food products
Textile products
Fuels
Metals
Building materials
Clhemicals
WIseellaneous
rill commodities
93.9
111.8
99.2
125.4
104.0
122.1
99.0
85.4
105.0
95.6
110.9
99.2
126.1
104.8
122.3
99.0
85.4
105.5
125.2
134.4
128.3
157.0
115.2
149.9
109.7
115.8
132.3
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100).
'
April 1931.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
March 1931.
Apra 1930.
96.2
112.2
99.8
125.9
104.6
122.5
99.0
85.6
106.1
99.8
115.4
102.3
131.2
105.7
123.2
101.1
87.8
109.3
127.1
136.5
129.3
153.7
118.3
149.9
109.7
116.1
133.6
Further Seasonal Expansion in Industrial Activity in
Philadelphia Federal Reserve District in March.
The Philadelphia Federal Reserve Bank states that industrial activity during March reflected further seasonal
expansion in contrast to some contraction in the same period
last year. The Bank, in its May 1 Business Review, goes
on to say:
The output of manufactures in the aggregate Increased more than usual
In the month. The gain in contracts for new construction, on the other
hand, was smaller than was to be expected, while the production of anthracite and bituminous coal declined further, a trend which was contrary to the
typical tendency in the case of soft coal. Retail sales in March showed a
customary increase, while gains in the wholesale trade failed to measure
up to normal seasonal levels. In general, business in early April has displayed signs of the usual seasonal let-down.
Over part of the past month there was a rise in the so-called commercial
loans; this was not maintained in the latest week, however, and the total
volume of loans to customers has declined. Money rates show slight change
locally, the banks are borrowing little from the reserve bank,and the reserve
ratio of this bank has continued exceptionally high.
Manufacturing.
the most part, although
The market for factory products has been fair for
prices, after showing a
lately sales have declined seasonally. Commodity
the middle of March,
fair degree of stability between early February and
low level. The most
have again turned downward reaching in April a new
pronounced price recession occurred in raw materials.
have declined as is to be exUnfilled orders for manufactured products
remained substantially
pected; in comparison with recent years, they
declined since
smaller. Stocks at manufacturing plants generally have
the middle of last month and are smaller than a year ago.
February to March as
Factory employment showed a slight decline from
against increases in the country, while payrolls remained practically unchanged. The decrease in employment was probably due, at least in Part,
to a suspension of activity caused by labor difficulties in some of the Indus-
[VOL. 132.
FINANCIAL CHRONICLE
tries, particularly hosiery which ordinarily employs about 19% of all textile
workers in this district and 5% of all factory workers in Pennsylvania.
Delaware factories alone had gains in employment and wage payments.
The output of manufactures in this District increased further in March
by a somewhat larger percentage than usual. Ordinarily, there is almost no
change between February and March; last year in fact there was an actual
decline as against an increase of nearly 2% in productive activity this year.
The largest percentage gains occurred in the daily output of tobacco
and leather products, particularly cigars and shoes. The most noticeable
declines took place in the transportation equipment and paper groups,
owing to curtailment of activity by shipbuilding and printing and publishing plants at a time when there should be an Increase.
The output of textile products showed gains that exceeded typical seasonal
averages in spite of a small decline in employment. This gain was due principally to a further expansion in the spinning industry as well as in the weaving of carpets and rugs. Knit underwear, and woolen and worsted factory
operations also increased more than was anticipated and mill takings
of wool fibres were relatively larger in this district than in the country.
Marked gains likewise were noted in clothing. The output of hosiery and
silk fabrics, on the other hand, decreased lust as did wage payments between February and March. Textile prices have continued downward.
The metal group shows practically no change when allowance is made for
the usual seasonal variations. Among individual industries, production of
pig iron, hardware, and some of the products of steel works and rolling
mills recorded gains over February. Castings, electrical apparatus, and
machinery and parts are among those that showed further curtailment.
More than seasonal advances in the manufacturing of building materials
were attributable primarily to extended activity in the cement industrY,
since operations of brick and lumber mills receded. Because of the continued
seasonal demand, production of paints and varnishes also increased. Orders for fabricated structural steel, a large portion of which is produced
in this section, declined almost steadily in March but in early April showed
a sharp increase. Prices of building materials continued downward throughout the first half of April and were 13% lower than a year ago.
In the chemical industry, there was a further rise in the output of byproduct coke and of petroleum refining products, in addition to some of the
Industrial acids. The slight increase in the food group may be ascribed to
canning and preserving and to increased slaughterings of hogs, calves,
and sheep. The output of ice cream, sugar, and flour products declined.
Slight Decline in Output of Hosiery in Philadelphia
Federal Reserve District During March.
Daily output of hosiery by 138 identical establishments
in the Philadelphia Federal Reserve District showed a slight
decline from February to March, according to preliminary
reports from hosiery mills to the Bureau of the Census and
released by the Philadelphia Federal Reserve Bank. The
Bank further says:
This decline was due to smaller output of men's seamless and boys',
misses', and children's hosiery. Women's and men's full-fashioned and
women's seamless and infants' hosiery,on the other hand,recorded increases.
Shipments rose 3% as compared with February, owing to larger deliveries of men's and women's, full-fashioned and men's seamless. The
volume of unfilled orders was noticeably smaller than in February, demand.
as shown in new orders, being greater in every variety except boys', misses'
and children's. Stocks of hosiery, finished and in the gray, were reduced
by more than 9% as compared with those at the end of February; men's
full-fashioned alone showed a gain of 15% in inventories.
Details are furnished by the Bank as follows:
PRELIMINARY REPORT ON THE HOSIERY INDUSTRY BY 138 HOSIERY
MILLS IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT
FROM DATA COLLECTED BY THE BUREAU OF THE CENSUS
PERCENTAGE CHANGES FROM FEBRUARY TO MARCH 1931.
Total.
Hosiery knit during
month•
Net shipments during
month *
Stock on hand at end of
month, finished and in
the gray
Orders booked during
month
Ratio of cancellations in
March to unfilled orders on hand at end of
February
Unfilled orders at end of
nuInth
Boys'
Women's
Men's
Misses' !n
and
fonts.
Full- Seam- Full- Seamfashion, less, fashion. less. Clans.
+1.3 +40.1
-9.4
+5.1
-0.3 +10.1
-8.7
+2.8 +31.9
+3.1 +10.8
-4.3 -19.7 -10.4
-8.5
-9.5 -13.6 -11.8
-9.4 +15.2 -10.1
-0.4 +35.9
3.6
1.3
-17 n -24.0
+0.6
1.5
+2.3 +37.0 -29.2 +17.8
4.9
-5.5 -13.9
13.1
1.2
0.2
.04
4-24.8 -48.2 -33.2
•Calculated on working day basis.
Increased Volume of Sales at Wholesale and Retail in
Philadelphia Federal Reserve District in March as
Compared With Previous Month-Sales Below
Year Ago.
The dollar volume of daily retail sales in March increased
about 19% as compared with February, which was about the
usual gain for that month, according to reports received by
the Philadelphia Federal Reserve Bank from retail establishments of that district. The sharpest increases occurred
in the sale of women's apparel and shoe stores. The sales of
credit stores alone showed a slight drop, owing largely to
special furniture sales in February which raised the figure
for that month to a relatively high level. The Bank's further
survey follows:
In comparison with a year ago, dollar retail sales showed practically
no change. The gain reported by women's apparel stores was offset by
declines in other lines covered by the reports. Aggregate dollar sales were
7% smaller in the first quarter of this year than last, Price recessions
which have been continuous since last year, undoubtedly have a con
MAY 2 1931.]
FINANCIAL CHRONICLE
3239
siderable influence on this unfavorable comparison, more especially as the
volume of transactions is said to have compared rather well with other years Daily Production of Electric Power in Philadelphia
when prices were noticeably higher than this year.
Federal Reserve District, in March 1% Below
Daily sales of eight wholesale lines combined were nearly 8% larger in
February.
March than February; nevertheless, this gain was considerably smaller
than was normally to be expected for that month. The majority of lines
Daily production of electric power by 11 central stations
failed in varying degrees to measure up to their usual spring rise. In comin the Philadelphia Federal Reserve District, was 1% smaller
parison with a year ago, aggregate sales were appreciably smaller, every
reporting line showing a decrease. This is also true of the first three months in March than February and 5.5% less than in March 1930,
of this year as compared with the corresponding period last year. As was according to reports received by the Department of Research
the case with retail sales, the decline in wholesale business to a considerable extent was due to lower prices, inasmuch as these sales are reported in and Statistics of the Philadelphia Federal Reserve Bank.
dollars.
In reporting this the Bank says:
Inventories at retail establishments in March increased seasonally but
The decline in the month was attributable to smaller output of electricity
remained considerably smaller than in the same month last year. Part of by steam.
Hydro-electric plants reported large gains over February. owing
this decline also was probably due to lower prices. Receivables at retail probably to increased supply of water from recent rainfalls. In comparison
stores on the whole were larger than a year ago but at wholesale establish- with a
year ago, the quantity generated by steam was appreciably larger,
ments they were smaller. Mercantile collections were smaller than in while
that of hydro-electric and purchased power showed marked declines.
March 1930. The rate of turnover at retail increased measurably in the
Daily sales of electricity were over 8% smaller than in February and in
first quarter of this year as compared with the same period last year.
March 1930. This was due chiefly to curtailed use by industry, which is the
largest consumer of electrical energy. The amount of electricity used for
WHOLESALE TRADE IN THE PHILADELPHIA FEDERAL RESERVE lighting purposes and for power purposes by street cars and railroads was
DISTRICT FOR THE MONTH OF MARCH 1931.
larger than a year ago. Sales for lighting purposes between February and
March this year declined as is to be expected at this season.
Net Sales.
(Imlay Average)
Indez Numbers*
Daily Average
Jan. 1 to
During Month
(P. Ct. of 1923-1925
Mar. 31
Change
Change
March
Electric Power-PSitadetphia Federal
Monthly Average).
Compared with
Compared
from
(Total for Month) from
District, 11 Systems.
with Same
March
Feb.
February March. Previous Same Mo. Period
1931.
1930.
1931.
1931.
Month. Last Year. Last Year.
1.852,000 kw.
0.0% +3.3%
Boots and shoes
+74.1% -22.6% -29.0% Rated generator capacity
33.4
62.9
17,675,000 kwh. -1.0% -5.5%
Generated output
Drugs
-1.4
107.8
-7.4
100.9
-1.9
3,896.000 kwh. +107.0% -42.8%
Hydro-electric
Dry goods
+29.4
42.6
$9.6
-8.5
-16.4
10,159,000 kwh. -20.9% +36.2%
Steam
Electrical supplies
$1.3
+2.6
57.09
-13.4
-23.4
3.620.000 kwh. +15.0% -18.5%
Purchased
Groceries
+0.5
85.80
-10.6
78.0
-12.4
17,405.000 kwh. -8.7% -8.4%
Sales of electricity
Hardware
+34.1
67.6
-18.4
46.3
-23.7
3,648,000 kwh. -17.2% +7.3%
Lighting
Jewelry
+12.2
45.8
-26.9
37.7
-33.4
416,000 kwh. -12.3% +7.5%
Municipal
Paper
-1.2
76.4
71.4
-22.8
-21.Q
3,232,000 kwh. -17.8%
+7.3%
Residential and nommercial
12,154,000 kwh
Power
-7.8% -5.0%
266,000 kwh -19.8% -0.2%
Municipal
Stocks at End
Accounts Outstanding
Collections
2,193,000 kwh
Street ears and railroads
-7.6% +4.3%
of Month.
End of Month.
During Month,
*9.695,000 kwh
industries
1,603.000 kwh. +8.1% -41.4%
All other sales
Compared Compared Compared Compared Compared Compared
with
with Same
with
with Same
with
with Sams
• Working days average-other items are computed on calendar days.
Previous
Previous
Month
Month
Previous
Month
Month. Last Year. Month. Last Year. Month. Last Year
Boots and shoes___
____
...._
+3.7% -18.0% +34.6% -1.0%
Drugs
-4.1
+1.1
+1.7
-3.4
-2.3
-7.3
Dry goods
-18.4
+0.5
+2.4
-8.9
+5.3
-15.5
Electrical supplies
_ _. _
-7.1
-8.0
-34.4
+19.7
-16.3
Groceries
-1.6
-7.1
+0.0
-9.2
+2.1
-15.5
Hardware
+2.3
-6.5
+8.1
-20.3
+9.3
-27.3
Jewelry
+0.9
-16.5
-3.8
-12.5
-7.3
-20.3
Paix.r
-1.3
-14.5
+6.4
-9.6
-2.1
-27.2
p Preliminary. •Index numbers are computed from total monthly sales, while
Percentage changes from average daily sales.
RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT
FOR THE MONTH OF MARCH 1931.
Index Numbers
of Sales.
(Per Cent of
1923-1925
Monthly Average.)
February
1931.
All reporting stores
Department stores
In Philadelphia
Outside Philadelphia
Men's apparel
In Philadelphia
Outside Philadelphia
Women's apparel
In Philadelphia
Outside Philadelphia
Shoe stores
Credit stores
Stores in:
Philadelphia
Allentown, Bethlehem and Easton
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Wilmington
All other cities
Stocks at End
of Month.
Compared with
March
1931.
67.0
66.7
65.7
87.39
84.0D
81.8
62.8
69.0p
73.7
140.6
69.4
64.8
99.7
69.0
66.3
69.4
70.4
64.8
87.4
60.1
67.7
56.8
69.5
58.4
82.6
85.99
81.9
80.5
86.2
70.0
106.1
87.6
81.5
82.9
70.9
94.1
Stocks Turnover
Jan. 1 to
March 31.
month
Ago.
All reporting storesDepartment storesIn Philadelphia__
Outside Phila.....
Men's apparel
In Philade1phia_ _
OutsidePhIla__._
Women's apparel
In Philadelphia._
Outside Phlla-__ _
Shoe stores
Credit stores
Stores in:
Philadelphia
Allentown, Bethlehem de Easton
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre__
Wilmington
All other eities..._
p Preliminary.
Year
Ago.
1931.
1930.
+8.1
+7.7
+8.0
+7.1
____
-14.6
-14.3
-13.1
-16.6
____
0.93
0.92
0.99
0.75
____
0.86
0.86
0.96
0.67
+3.2
+25.0
+29.7
+8.7
+10.7
+0.4
1-
-16.2
-18.2
- .
17 7
-20.0
-11.7
-15.2
il
.ii
1.65
1.82
0.98
0.60
0.54
0.5
--6
1.38
1.50
0.87
0.58
0.51
+8.6
-13.5
1.03
-28.1
-11.9
-17.5
-10.8
-15.7
-27.7
-17.4
-8.6
-12.4
-15.2
-11.3
0.64
0.72
0.89
0.85
0.71
0.79
0.82
0.81
0.60
0.66
0.03
0.57
0.71
0.72
0.82
0.85
0.65
0.68
0.74
0.54
0.58
0.59
Jan. 1 to
Mar. 31
Compared
with Sam
Period a
Year Ago.
+0.0
-0.7
-1.1
+0.5
-9.8
-28.1
+5.2
+11.0
+11.9
+5.3
-7.5
-3.0
-7.1
-7.4
-8.9
-3.3
9.3
-15.0
-4.2
1.8
-1.0
-7.3
12.9
10.8
-0.3
-2.7
-14.7
+8.5
-10.2
-11.6
+11.1
+11.9
+3.2
+2.3
-0.4
+1.9
-8.4
-10.4
9.3
+2.6
-9.9
-8.2
-2.6
+1.8
2.4
0.2
-1.7
-3.5
Accounts Colleens
Receivable During
at End
Month
of Month Compared
Compared
with
with
Year
Year Ago. Ago.
0.99
+9.2
+4.0
+5.8
+10.1
+1.7
+9.1
+8.4
+10.7
+5.9
+5.7
+7.8
Net Sales.
March
1931
Compared
with
March
1930.
4-2:2
__Iiii
.
Tj
K
-0.6
4--7:5
0.0
__6.1
-1.0
+5.7
+13 6
.
-------2.3
+1.6
+2.3
-8.5
+7.0
-2.3
-3.2
-20.0
-13.8
-19.8
-12.0
-2.8
-14.8
-. - 774
-28
.
-10.3
-11.1
-9.0
-.c
Drop in Employment and Wages in Pennsylvania
Anthracite Collieries, According to Philadelphia
Federal Reserve Bank.
Anthracite employment in March declined about 8% as
compared with February and the drop in wage payments
amounted to 30%, according to indexes prepared by the
Philadelphia Federal Reserve Bank from reports received
by the Anthracite Bureau of Information from 159 collieries
employing about 112,000 workers drawing a weekly payroll
of nearly $2,600,000. The Bank, in its further advices
April 27, states:
The decline from February to March this year was somewhat smaller
than that which occurred in the same period last year. Nevertheless, the
number of workers was 4% less and the volume of wage disbursements was
17% less than in March 1930. Comparisons with other years are shown
by the following indexes which are relative to 1923-25 average.
Comparative indexes follow:
1923-1925 Average=100.
Wage Payments.
Employment.
1929.
January
February
March
April
May
June
July
August
September
October
November
December
1930.
1931.
109.8
109.4
101.3
104.1
107.2
95.4
85.6
93.6
105.5
109.8
107.6
110.8
105.6
107.8
83.3
84.8
92.3
89.5
90.3
81.7
91.9
96.2
94.7
06.5
88.3
87.1
79.9
1929.
112.6
107.0
79.5
77.4
85.4
71.0
56.8
68.9
83.4
116.6
87.6
110.3
1930.
1931.
92.1
103.7
67.1
63.9
85.8
73.2
72.6
68.2
78.2
102.3
83.2
85.0
75.8
79.8
55.7
Industrial Employment Conditions in Chicago Federal Reserve District-Further Improvement
Reported.
The Federal Reserve Bank of Chicago, in its "Monthly
Business Conditions Report" issued April 30, states that
"further improvement occurred during March in employment and earnings of reporting manufacturing establishmer ts in this district." The bank also says:
The gain in the total for ten groups was about the same as that shown
in February,and sufficient to offset slight declines in the non-manufacturing
totals, giving rise to the first gain in aggregate employment of all groups
since September 1929.
Seven manufacturing groups and construction work contributed to the
aggregate gain. Six of these groups were included in the February increases, namely, rubber, leather, vehicles, textiles, metals and lumber:
while seasonal expansion in stone, clay and glass products added this group
to those showing increases. Construction work, which has contributed
heavily to the falling off in non-manufacturing aggregates, recovered
moderately after having declined continuously for seven months in both
number of men and pay rolls.
Further recessions took place in paper and printing, food products,
merchandising and public utilities. The chemical groups lost some of the
increase shown in February in both employment and total wages; coal
mining reduced the number of men employed, although pay rolls increased
as a result of fuller operating schedules.
Improvement in tne farm labor situation was registered on April 1 in
comparison with Jan. 1 by the report of the Department of Agriculture,
which shows increased demand and smaller supply in all States of this
3240
district. Reduction in the ratio of applicants to jobs available at fre
employment offices in all States except Iowa probably is indicative of the
spring migration of casual labor from the Industrial towns which predominate in the figures for the Eastern States of this district.
continued declines from a year ago were general; aggregate sales were less
by 6% in this comparison and average sales per store 8% smaller.
DEPARTMENT STORE TRADE IN MARCH 1931.
Per Cent Change
March 1931
from
March 1930.
REGISTRATIONS PER 100 POSITIONS AVAILABLE AT FREE
EMPLOYMENT OFFICES.
Month.
Illinois.
Indiana.
Iowa.
Wisconsin.
250
471
123
250
197
513
116
228
186
471
181
246
177
329
136
209
-SEVENTH FEDERAL RESERVE
EMPLOYMENT AND EARNINGS
DISTRICT.
1931-February
March
1930
-February
March
Week of
March 151931.
Industrial Group.
Metals and products_a
Vehicles
Textiles and products
Food and products
Stone, clay and glass
Lumber and products
Chemical products
Leather products
Rubber products_b
Paper and printing
[VOL. 132.
FINANCIAL CHRONICLE
No. of Number
Revolt!, of Wags
Finns. Earners.
677
134
159
389
145
316
90
73
9
304
187.495
211,604
31,577
56,366
11,135
33,442
17,325
15,882
6,229
39,682
P.C. Changesfrom
Feb. 15.
EarnWage
Earnings. Earners. tugs.
$4,649,000
6,023,000
652,000
1,380,000
267,000
640,000
477,000
299,000
183,000
1,173,000
+0.5
+2.6
+1.5
2.2
+4.0
+0.5
1.9
+3.2
+6.8
3.0
-
+1.3
+10.4
+4.4
4.8
+2.7
+0.3
-0.8
+5.1
+24.7
3.3
-
Locality.
P.C.Change
lot Quarter
1931 from
Same
Period 1930
Ratio of March
Collections
to Accounts
Outstanding
Feb. 28.
Net
Sales.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Seventh District
Stocks End
of Month.
Net
Sales,
1931.
1930.
-8.5
-7.4
-1.8
-2.5
-12.7
--13.1
--16.7
--23.1
--6.5
--16.9
-9.2
-10.0
-4.4
--7.7
--8.5
30.1
35.3
41.5
30.3
37.6
39.2
34.1
35.6
-14.6
-8.8
35.0
36.1 _
Wells-Fargo Bank & Union Trust Co. of San Francisco
Finds Business Activity in First Quarter of This
Year Below That of Last Year-Moderate Gain in
-Oil Price Wars.
Factory Employment
From the "Business Outlook" dated April 20 of the WellsFargo Bank & Union Trust Co. of San Francisco we quote
the following:
Trade.
Business activity in California during the first quarter of the year lagged
measured by such indices as carloadings,
considerably behind 1930. as
shipping, factory employment, and retail and wholesale trade.
Department store business in March showed a 5.4% decrease from 1930
in dollar value, a more favorable comparison with last year than the 8.1%
0.1 1.5
Total non-manutac g.4 groups
.
480 137,514 $44,120,000 first-three-months decline. Wholesalers show decreases from last year
+2.8
+0.7
Total. 14 groups
2.776 748,251 819,863,000
averaging 20%. Collections are reported fair to slow.
Permits for new buildings issued during March were for $13,670,616.
a Other than vehicles. b Michigan and Wisconsin. c Illinois and Wisconsin.
against $11,296,298 in February and $19,996,153 in March, 1930, according
to S.W.Straus & Co.Bank debits at 14 California cities In the first 3 months
Seasonal Gains in Wholesale and Retail Trade in of 1931 show a decline of 17.6% from the same 1930 period.
dropped sharply during February,
Life insurance sales in
Chicago Federal Reserve District-Wholesale and 28% below the same month California but for the 12 months ended March 1
last year,
Retail Dry Goods Sales Increased 26% in March show only a 2% decline from the record 12 months preceding. Newspapers
in 13 California cities carried 62,727.112 lines of advertising during the first
over February.
quarter. 9% less than in the same 1830 period, according to Western Adin its District, vertising. . . .
In its survey of merchandising conditions
Factory Employment.
the Federal Reserve Bank of Chicago has the following to
Moderate increases in the number of factory employees in California
say in its April 30 Monthly Business Conditions Review:
have been made to accommodate seasonal expansion in demand. March
The gains shown during March over February in reporting lines of employment reported to the State Labor Bureau by 920 establishments was
wholesale trade were seasonal in character, and those in most groups failed 1.4% larger than in February, and about 2% greater than in January.
to equal the eight
-year average for the month, with electrical supplies These increases are well distributed over the State. March factory emrecording a slight decline instead of the usual expansion in sales. Dry ployment was 18% lower than a year ago, against a 20% decrease from 1930
goods furnished an exception with a 26% increase over February and the in the first 2 months of the year.
13% gain in the wholesale grocery trade was a little better than average
Average weekly earnings and total payrolls are slightly lower than in
for this season, but the increases of 33% in hardware, of 5% in drugs, and recent months. Indicating wage cuts, lower re-hiring rates and part-time
of 49% in shoes were smaller than usual. Declines from a year ago, which schedules, particularly in the interior counties.
may be noted in the table, totaled less than in a similar comparison for
Oil.
February in the dry goods and shoe trades, while those in groceries, hardNo marked change in the status of the California oil industry occurred
ware, drugs and electrical supplies were larger than a month previous.
First quarter sales in the various groups showed declines from the corre- during March. Crude production averaged 528,000 barrels a day, 5,000
sponding period of 1930 as follows: Groceries, 10H%; hardware, 31%; daily under February, but 28,000 over the desired maximum output for
the State. Oil stocks above ground on March 1 were 1,094,474 barrels
dry goods, 25%; drugs, 12%; shoes, 18%; and electrical supplies. 35%.
smaller than the month previous and 10,700,000 lower than a year ago.
TRADE IN MARCH 1931.
WHOLESALE
Crude prices at the well now are at the lowest point in 25 years.
The following quotation from the 1930 report to the stockholders of
Per Cent Change
Standard 011 Co. of California is pertinent to present conditions in oil and
Ratio of
From Same Month Last Year.
Ace's. Out gasoline producing and marketing:
Commndtty,
"Two so-called price wars occurred during the year, characterized by
standing to
CotAccounts
Net
autstand'g. !cations. Net Sales. indiscriminate price cutting, and leading in some communities to the sale of
Stocks.
Sales.
gasoline at little more than cost of transportation and the amount of the
--8.1
96.3
--8.2
Groceries
--8.5
--9.4
State tax. Instability of commodity prices in basic industries such as the
--30.0
260.6
--18.3
Hardware
--14.2
32.7
petroleum industry injures not only those engaged in the particular in309.4
--22.6
--29.5
Dry goods
--34.5
22.6
149.7
---15.6
Drugs
--7.4
dustry, but the consumer and public at large. Price demoralization ensues
--13.5
15.4
412.2
--30.2
Shoes
---8.1
--27.2
--21.0
where and when regulation of supply fails and fair marketing practices are
165.8
--33.5
--31.5
Electrical supplies
---15.4
-38.9
not pursued. Nor will true conservation of the oil resources of the country
Seventh District (Chicago) department store trade in March reflected be effected until the drill Is checked, and economic waste in marketing of
seasonal factors and the larger number of trading days than a month refined products of petroleum now going at a senseless rate is abated."
previous. The gain of 17%% over February in aggregate sales of 109
stores was greater than the 11% expansion shown for the same month
last year when Easter came at a later date with the preponderance of Business Conditions in San Francisco Federal Reserve
Spring buying failing in April, but was somewhat smaller than the average
District Relatively Stable During March, According
for the month. The volume of trade varied considerably among the larger
to Isaac B. Newton.
cities of the district, sales by reporting stores in Indianapolis gaining 29%
over February and those in Milwaukee 25%, while Chicago and Detroit
As in February, Twelfth (San Francisco) District busistores recorded increases of only 13 and 18%,respectively;stores in smaller
ness was relatively stable during March says Isaac B. Newcities showed an aggregate expansion of 17%. About 15% of the reporting
firms sold a larger dollar volume of merchandise in March this year than a ton, Chairman of the Board and Federal Reserve Agent,
year ago; totals for Chicago and Detroit continued to show greater declines of the Federal Reserve Bank of San Francisco. Mr. Newin this comparison than did those for Milwaukee and Indianapolis where
decreases were small. District sales declined 8% from a year ago and for ton, in reviewing conditions under date of April 29 adds:
the first quarter of 1931 totaled 9% less than in the corresponding three
It seems probable that, after allowance for seasonal movements, declines
months of 1930. Stocks increased in about the usual seasonal amount over outnumbered advances, but by a smaller margin than during most months
the end of February but were much smaller than on March 31 last year.
of the past year. Industrial production increased seasonally, while disSales of shoes at retail, though expanding 30% in March over February, tributive activity was slightly lower than in February and wholesale
showed a smaller increase for the month than in any of the past five years commodity prices continued to decline.
except 1930, and the aggregate for reporting dealers and department stores
Deficient soil moisture for the season to date retarded the normal growth
declined 2% from March last year. despite gains recorded by a large number of some crops and of forage on livestock ranges in parts of the District
department stores. The dollar volume sold in the first quarter of 1931
of
during March and early April. Rainfall in the Pacific Northwest during
totaled 3% below the same period a year ago, which is a smaller decline, March improved the condition of livestock ranges and crops in that area
however, than shown in most other reporting merchandising lines. Stocks
and on April 1 it was estimated that the harvest of winter wheat in
on hand the end of March exceeded those of a month previous by 10%, Washington and Oregon would be larger than last year. In the remainder
but were 8% smaller than on the corresponding date last year.
of the District, production of winter wheat was expected to be smaller
A gain of 12% over the preceding month was recorded during March in
than in 1930. On March 1 farmers intended to plant a smaller acreage
of furniture and house furnishings by reporting dealers and departsales
of spring wheat, but larger acreages of most other field crops than were
ment stores of the district, but the volume aggregated 13% under a year
totaled 6 and 23% smaller in the respective harvested in 1930. Markets for most important crops, for livestock, and
ago; installment sales by dealers
for livestock products continued to be very unsatisfactory to producers
comparisons. An increase of 4% was shown in stocks on hand March 31
remained considerably lighter than in 1930. during March.
over the end of February; they
Expansion of industrial production was approximately equal to the
store trade, which include groceries.
Most reporting groups of chain
cigars, musical instruments, and usual increase during March. This is the second consecutive month during
drugs five-and-ten--Cent stores, furniture,
larger sales in March than a month which this phase of activity has, in the aggregate, shown only the customary
'
men's and women's clothing, had
crude and refined oils was practically the same
previous, both aggregate and average sales per store increasing 10% over seasonal changes. Output of
production increased seasonally. Copper proFebruary. With the exception of a small gain in the total of drug sales, as in February and lumber
Total manurac'S. 10 groure
Merchandising_c
Public utilities
Coat mining
Construction
2.296
184
76
32
188
610,737
31,196
90,043
9,485
6.790
15.743.000
2,887.000
806,000
251,000
176,000
+0.9
0.3
-0.2
-1.6
+5.8
+4.0
-4.2
0.4
+10.3
+32.4
MAY 2 1931.]
FINANCIAL CHRONICLE
duction and flour milling were slightly less active. Total
value of building and construction, however, increased sharply during
the month. This
increase was principally because of the large Hoover Dam
contract,
although most types of engineering contracts were greater in
value than
in February. Employment increased seasonally, but there
was further
evidence of wage reductions.
Although trade activity as a whole declined slightly during
March,
department store sales increased, even after allowing for the usual
gain
over February and for the early Easter Sunday this year, and
registrations
of new automobiles rose by more than the seasonal amount.
Wholesale
trade in the aggregate was less active than in February, seasonal
factors
allowed for, and there were further small declines in District freight
carloadings and intercoastal traffic through the Panama Canal.
The amount of Reserve Bank credit outstanding in the Twelfth
District
has declined slightly during the past month. Member bank
discounts
have declined since the third week of March, but part of this decline was
offset by sales of acceptances to the Reserve Bank. Both
commercial
and security loans of reporting member banks declined somewhat,
while
total investments, because of reduced holdings of government
securities,
also decreased. Net demand deposits of reporting member banks
remained
practically unchanged during the month and time deposits rose
slightly.
Interest rates charged customers continued to move downward slowly.
Business and Employment Conditions in Michigan as
Viewed by Union Guardian Trust Company of
Detroit—Increased Sales by Large Automobile
Producer.
The seasonal upswing of Michigan industrial activity is
still apparent in the data of automobile sales and output,
according to Dr. Ralph E. Badger, Executive Vice-President
and Carl F. Behrens, economist, of the Union Guardian
Trust Company, who state that on of the largest producers
of motor cars sold 47% more units in March than in February
and the reports of this company's production schedule for
April leads to the conclusion that sales so far during the
current month have been substantially greater than sales
in the same period of March. The total output in April is
estimated at from 330,000 to 350,000 units which would
be an increase of between 15 and 22% over March. The
review from the Union Guardian Trust Company, issued
April 27, also says in part:
The seasonal high point in weekly automobile output during
the last
four years has occurred as early as the second week of April
and as late as
the second week in May. Last year's weekly output reached its
high during
the last week of April. It will be interesting to see when
the first move
toward reduced output will be made this year.
*
* *
The upturn in Michigan business activity which was most
evident last
month in the industrial southeastern part of the State. is
now evident
In all areas. The coming of warm weather, of course, is the
signal for full
operations to commence, and the opening of the shipping
season on the
Great Lakes exercises a stimulating influence on Upper Peninsula
mining
and lumbering operations. Each of these has a quickening
effect on retail
sales.
Detroit business improved substantially in a number of lines
during
March. Such series of data as advertising lineage, automobile production,
automobile registrations in Wayne County, bank clearings, and
debits, building contracts awarded and stock exchange clearings, bank
each
increased during March by more than 25% as compared with February.
:
The Union Guardian Trust Company's index of industrial activity
declined fractionally from 59.2 to 59.0% of normal, indicating that
the
Increases in the two components, industrial power consumption and
automobile output had made nearly seasonal advances during the month.
Employment in Detroit as of April 15 was about equal to that reported
on March 15, according to the Index published by the Board
of
On April 15, it stood at 82.7% (1923-1925--100), whereas on Commerce.
March 15,
it was reported at 82.5%. As has been noted before, this
index refers only
to the number of people employed in industry and does not
include those
employed in the building trades. With the building and automobile
Industries seasonally active, with the lake shipping season on,
and with
farm operations, road construction and other outdoor
enterprise in full
swing, unemployment is probably at a minimum in Detroit at
this time.
The returns from the Union Guardian Trust Company's monthly
business questionnaire, sent to a number of bankers throughout
the State,
Indicate slightly greater employment than a year ago in 5 out
of 12 cities
of southeastern Michigan. Eight of these 12 report that
employment is
increasing. At Saginaw, the number employed is still well above the
totals
of a year ago.
Retail trade is improving in most of the southwestern Michigan
trade
centers, but collections are characterized as poor to fair. Bank
debits in
Jackson are holding well above totals of the same weeks of 1930. but
this is
the only important center In this area of which this is true.
Building operations, as reflected in the number of building permits
issued in Detroit, has shown a fairly satisfactory increase,
but since no
large construction projects have entered Into these totals,
value comparisons with a year ago leave much to be desired.
Industrial power consumption, which is very closely related
to industrial
output, was lower in five cities in the area outside Detroit,
namely, Flint,
Jackson, Pontiac, Bay City and Saginaw, but in the first
two of these, a
decline during March is normally expected.
Among the questionnaire replies received from 17
bankers in southwestern Michigan, it is not difficult to find considerable
evidence of improvement this month. For instance, 11 expect increased
retail trade In
the next few weeks, and increased manufacturing operations
are expected
by a somewhat smaller number. Grand Rapids
power consumption totals
increased more than 25% during March, and the comparison
of weekly
bank debit totals with those of similar periods in 1930
takes on a more
favorable aspect. At Battle Creek, there was also a substantial
increase
in power consumption, but
it proved to be slightly below seasonal expectations. Bank debits in Baste
Creek took a substantial jump during the
week ended April 14. One of
the principal manufacturers of breakfast
foods whose plants are located in Battle Creek, has
found its widely discussed six-hour shift plan so successful
after five months' operation that
the plan will be continued as a permanent
policy. Employees, as well as
employers, unanimously favor the plan. Average
production per worker
has been increased 3% to 4% and by continuous
24 hour operations, over-
3241
head has been cut down. A 20% increase in the number employed has
been necessary.
Little improvement in the building industry is to be observed in southwestern Michigan at this time.
The principal developments in the Upper Peninsual during March were
were increased building operations at Escanaba and Marquette.
On April 1, both the winter wheat and rye crops were reported to be in
very satisfactory condition. A number of heavy snowfalls in march were
beneficial and during the last week, moderate to heavy rains fell in nearly
all parts of the State. Early potato and truck crop plantings have been
largely completed and oats and barley seeding is well advanced in the
north. Fruit prospects on April 1 were believed to be generally satisfactory. Little winter injury has occurred this year. Some fruit trees,
such as apricots, are beginning to blossom in the extreme southwestern
part of the State.
Lumber Orders Resume Slightly Favorable Relation to
Production.
After a one week break in which orders fell below the cut,
new business received at lumber mills during the week
ending April 25 was again above production, though by
approximately 2% only, it is indicated in telegraphic reports
from 675 leading hardwood and softwood mills to the
National Lumber Manufacturers Association. Shipments
from these mills equaled their production for the week,
which amounted to 222,565,000 feet. A week earlier orders
reported by 772 mills were 3% under a combined production
of 228,803,000 feet. Comparison by identical mill figures
of reports for the latest week with those for the equivalent
period a year ago shows—for softwoods, 438 mills, production 33% less, shipments 25% less and orders 20% less
than for the week in 1930; for hardwoods, 188 mills, production 46% less, shipments 32% less and orders 21% under
the volume for the week a year ago.
Lumber orders reported for the week ended April 25 1931,
by 547 softwood mills totaled 206,831,000 feet, or 2% above
the production of the same mills. Shipments as reported
for the same week were 200,863,000 feet, or 1% below
production. Production was 203,063,000 feet.
Reports from 239 hardwood mills give new business as
21,180,000 feet, or 9% above production. Shipments as
reported for the same week were 21,829,000 feet, or 12%
above production. Production was 19,502,000 feet. The
Association's statement continues:
Unfilled Orders
Reports from 465 softwood mills give unfilled orders of 689,101,000 feet.
on April 25 1931, or the equivalent of 16 days' production. This Is based
upon production of latest calendar year-300
-day year—and may be compared with unfilled orders of 486 softwood mills on April 18 1931, of 689,706,000 feet, the equivalent of 16 days' production.
The 404 identical softwood mills report unfilled orders as 664.846,000
feet on April 25 1931, as compared with 842.281,000 feet for the same
week a year ago. Last week's production of 438 identical softwood mills
was 194,974,000 feet, and a year ago it was 292,743,000 feet; shipments
were respectively 190,332.000 feet and 252,454.000; and orders received
198.538,000 feet and 247.074,000. In the case of hardwoods, 188 identical
mills reported production last week and a year ago 18,307.000 feet and
34,155,000;shipments 20.233.000 feet and 29,859.000. and orders 19,250.000
feet and 24,504,000 feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 221 mills reporting for
the week ended April 25'
NEW BUSINESS.
UNSHIPPED ORDERS.
SHIPMENTS.
Feet.
Feet.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery____ 48,500,000 delivery____199,758,000 halm-coastal 47,301,000
Export
168,728,000 Export
26,893.000 Foreign
19,274,000
Rail
40,576,000 Rail
109.867,000 Ran
40,933,000
Local
11,591,000
Local
11,591.000
Total
127,559,000
Total
478,353,000 Total
119,099,000
Production for the week was 117,173,000 feet.
For the year to April IS. 165 identical mills reported orders 9.6% above
Production, and shipments were 4.8% above production. The same number
of mills showed a decrease in inventories of 3.6% on April 18, as compared
with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
131 mills reporting, shipments were 6% above production, and orders
6%
above production and about the same as shipments. New business taken
during the week amounted to 40.320,000 feet, (previous week 40,971.000 at
137 mills); shipments 40.278,000 feet. (previous week 42,273,000); and
production 38,148,000 feet, (previous week 41.314,000). Orders on hand
at the end of the week at 111 mills were 98,763.000 feet. The 115 identical
mills reported a decrease in production of 34%, and in new business a
decrease of 21% as compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland, Ore., reported production from 87 mills as 35,435.000 feet, shipments 30,050.000
and new business 28,438,000 feet. The 62 identical mills reported Production 35% less and new business 18% less, compared with the same week
last year.
The California White & Sugar Pine Manufacturers Association, of San
Francisco, gave no report.
The Northern Pine Manufacturers of Minneapolis; Minn.. reported
Production from 7 mills as 4,679.000 feet, shipments 3.975,000 and new
business 3,639.000 feet. The same number of mills reported a decrease of
26% in production and a decrease of 10% in orders, compared with the
same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 17 mills as 1,184,000 feet, shipments 795,000 and orders 1,769,000. The 16 identical mills reported
production 6% less and orders 78% more than for the same week in 1930.
The North Carolina Pine Association, of Norfolk. Va. reported pro-
new
duction from 84 mills as 6,444,000 feet, shipments 6,666.000 and
in
business 5,106.000. The 43 identical mills reported a 29% decrease
corproduction and a 27% increase in new business, compared with the
responding week last year.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
and
production from 222 mills as 17,296,000 feet, shipments 20,350,000
new business 20,019,000. 'rho 172 identical mills reported production 47%
less and new business 21% less than for the same week of 1930.
n, of
The Northern Hemlock and Hardwood Manufacturers Associatio
feet, shipOshkosh, Wis., reported production from 17 mills as 2,206,000
reported a
ments 1,479,000 and orders 1,161,000. The 16 identical mills
decrease of 39% in production and a decrease of 23% in orders, compared
with the same week last year.
TO PROCURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS FOR 16
AND
DUCTION FOR THE WEEK ENDED APRIL 25 1931,
WEEKS TO DATE.
Shipmelds.
M Ft.
ProduoHon
M Ft.
Association.
P. C.
of
Prod.
Orders
M Ft.
Softwood total:
Week-547 mill reports
16 weeks
-9,132 mill reports
106
109
109
113
80
114
78
136
149
69
79
95
206,831
3,253,090
102
114
20,350 118
331,594 117
20,019
342,690
116
121
67
61
1,161
46,805
53
63
21.829 112
377,205 106
21,180
389,495
109
109
222,892 100
222,565
3,204.221 3,536,660 110
228,011
3,642,585
102
114
17,296
282,323
2,206
74,849
Hardwoods total:
Week-239 mill reports
16 weeks-12,936 mill reports_ _Grand total:
Week-769 mill reports
16 weeks-12,936 mill reports....
of AutoContinued Expansion in Midwest Distribution
Chicago Federal Reserve
mobiles According to
re
Bank-Increase in Orders Booked by Furnitu
Manufacturers.
ion
In indicating a further gain in the Midwest distribut
increased orders booked by
of automobiles, as well as
Bank of
furniture manufacturers, the Federal Reserve
Business Conditions Report issued
Chicago, in its Monthly
April 30, says:
on.
282
200.863 99
203,063
2,847,049 3,159,455 111
Hardwood Manufacturers Inst.:
Week-222 mill reports
16 weeks-3,366 mill reports
No.Hemlock <4 Hardwood
Week-17 mill reports
16 weeks
-438 mill reports
Netherlands East Indies Rubber Shipments.
The Netherlands East Indies are the local point of interest
in the world rubber markets at this time owing to their
large proportion of native plantations, exported larger tonnages of rubber during March, a cable to the Rubber Exchange of New York, Inc., reported. The total was 24,178
tons, compared with 21,414 tons in February. Native
sections of "Rest of Sumatra," Borneo and Celebas exof
ported more, along with the European estate sections
estate section, "East Coast
Java and Madeira. One
Sumatra," exported less than in February.
P. C.
of
Prod.
Southern Pine
40,320
40.278 106
38,148
Week-131 mill reports
661,899
655,704 108
607,358
16 weeks-2,198 mill reports
's:
West Coast Lumbermen
127,559
119,099 102
117,173
Week-221 mill reports
1,654,520 1,725,704 104 1,864,183
16 weeks-3,567 mill reports
Western Pine Manufacturers:
28,438
30.050 85
35,435
Week-87 mill reports
422,129
369,789 444,857 120
16 weeks-1,392 mill reports
California White dt Sugar Pine
Week-00 mill reports
149,268
152,218 267
57,065
16 weeks--252 mill reports
Northern Pine Manufacturers:
3,639
3.975 85
4,679
Week-7 mill reports
44,903
44,221 134
33,070
-112 mill reports
16 weeks
No.Nemloebillardwood(soltwoods):
1,769
795 67
1,184
Week-17 mill reports
22,527
21,088 65
32,595
16 weeks
-438 mill reports
North Carolina Pine:
5,106
6,666 103
6,444
Week-84 mill reports
88,181
115,663 125
92,652
18 weeks-1,426 mill reports
19,502
357,172
1,479
45,611
Automobile Production and Distributi
United States, numbering
March output of passenger automobiles in the
and showed the fourth succes230,837, totaled the heaviest since last June
February. The total was
sive monthly increase with a gain of 28% over
under the same month of 1929.
30% below last March, however, and 55%
since 1922. Truck production
representing the lowest figure for any March
of 45,096 increasing 14%
followed the trend of passenger cars, the aggregate
37% from March 1930
over the preceding month, but declining 28 and
and 1929, respectively.
Midwest distribution of autoA further gain took place during March in
less than usual for the season
mobiles, although the expansion in sales was
considerably below last
and both retail and wholesale distribution totaled
March 1929. Stocks of
March which in turn compared unfavorably with
than a month previous but
new cars at the end of the month were heavier
increased to a greater degree
much smaller than a year ago. Used car sales
declining from March
than did those of new cars at retail, though likewise
from those held at
1930; salable used cars on hand were reduced somewhat
than on the same date
the end of February and were considerably less
48% of the total
last year. Deferred payment sales in March constituted
compares with a ratio
retail sales of 31 dealers reporting the item, which
of 44% in February and 52% a year ago.
ILES.
MIDWEST DISTRIBUTION OF AUTOMOB
Changes in March 1931 from previous months.
Canadian Pulp and Paper Exports During March Valued
-Increase of $3,972,070 Over Precedat $14,906,275
but $3,260,019 Below Total for March
ing Month
Last Year.
Canadian exports of pulp and paper in March were valued
at $14,906,275, according to the report issued by the Canadian Pulp & Paper Association. This was an increase of
$3,972,070 from the previous month, but was $3,260,019
below the total for March of last year, it is noted in the
Montreal "Gazette" of April 24, which likewise said:
Woodpulp exports for the month were valued at $3,267,236 and exports
and $8,416,015,
of paper at $11,639,039 as compared with $2.518.190
respectively, in the month of February:
were as follows:
Details for the various grades of pulp and paper
March 1931.
Pulp
Mechanical
Sulphite bleached
Sulphite unbleached
Sulphate
Screenings
All other
Total
Paper
Newsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other
Tons.
13,917
24,881
15,560
7,317
1,753
445
415,997
1,625,418
665,699
506,646
30,168
23,308
63.873
3,267,236
200,545
1,084
2,376
412
11,200,325
98,595
19,896
3,283
316,930
225,252
1,065
3,286
154
12,918,086
111,792
36,639
1,038
394,144
13,461,699
the exports of pu p and paper
For the first three months of the year
corresponding month of 1930 the
were valued at $37,230,773. In the
been a decrease this year of
value was $47,720,569, so that there has
$10,489,796.
Details for the various grades are given below:
Three Months 1931.
Total
Paper
Newsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other
Total
Three Months 1930.
Tons.
40,086
61,649
35,596
18,475
5,102
1,210,062
4,075,889
1,581,843
1,200,760
128,405
Tons.
55,240
79,041
55,742
30,466
7,534
1,636,261
5,908,479
2,786,071
1.725,276
139,162
160,908
8,198,959
228,023
12,195,249
498,143
3,170
5,864
780
27,928,528
299,825
51.955
7,894
745,812
588,229
3,698
11,367
475
33.946,754
391,109
106,967
4,839
1,075,651
29,033,814
35,525,320
first three months of this year were 226,052 cords
Pulpwood exportsfor the
compared with 391,963 cords valued at $3,608,389
valued at $2,037,226, as
months of last year.
in the corresponding
Companies
Per Cent Change From
Included.
Mar. 1930.
Feb. 1931.
New cars:
Wholesale
Number sold
Value
Retail
Number sold
Value
On hand March 31
Number
Value
Used cars:
Number sold
Salable on hand
Number
Value
+16.3
+19.0
--37.6
-40.5
25
25
+9.5
+6.1
--41.4
--38.1
51
51
+14.5
+9.6
-29.2
-28.7
52
62
+18.4
-19.9
52
4.8
3.2
-
34.3
40.7
-
52
52
Furniture.
manufacturers booked orders durSeventh District (Chicago) furniture
excess of those in February and
ing the month of March aggregating 5% in
increases were seasonal, comparing
shipped a volume 11% greater. These
2% and 12%, respectively. The
with average increases for the period of
March 1930,
at the close of the month dropped,
volume of unfilled orders outstanding booked during the month as comorders
Tons.
however, standing at only 75% of
550,439 pared with 95% a month previous; partly responsible was a heavy volume
18,645
year ago, orders were
32,606
2,411,067
March. As compared with a
20,749
1,041,300 of cancellations during
unfilled orders 11%. Cancellations
14% smaller, shipments 24%, and
11,416
646,978
maintained during the
54,811 alone totaled heavier 61%. The rate of operations
2,786
compared with 51% in February and
month averaged 53% of capacity as
88,202
4,704,595 62% a year ago.
11,639,039
Total
Pulp
Mechanical '
sulphite bleached
Sulphite unbleached
Sulphate
All other
[vol.. 132.
FINANCIAL CHRONICLE
3242
Jamaica Plans Sugar Subsidy.
cablegram, April 27,
The following Kingston (Jamaica)
"Times":
is from the New York
will be introduced providing for
In the Legislature to-morrow a bill
planters from the war subvention
n of a subsidy among sugar
distributio
be among the beneficiaries.
of £60,000. The United Fruit Co. will
Would Establish AssociaProposed Cuban Sugar Law
.
tion of Planters and Mill Owners
Havana advices to the "Wall Street JourAccording to
has presented a law
nal" of April 29, Dr. Viriato Gutierrez
establish an association of sugar planters
in Congress to
and mill owners.
Stabilization of Sugar
Dominick & Dominick Look for
Industry as Result of Adoption of
Producing
Chadbourne Plan.
through the
g
Stabilization of the sugar producin industry
normal balance between supply and demand
restoration of a
rne
may be expected to follow the adoption of the Chadbou
leading sugar producing and exporting counplan by the
Domitries, according to the review Issued on April 25 by
Dominick. They state:
nick &
MAY 2 1931.]
FINANCIAL CHRONICLE
3243
The Chadbourne plan, in brief, provides for the segregation
or with- ended with March,
as compared with the corresponding
drawal from the market of the existing surplus sugar stocks,
amounting
periods a year ago. Total values of these exports were over
to about 2,950,000 tons, of the seven principal sugar exportin
g nations.
These countries
-Cuba, Java, Germany, Czechoslovakia, Poland, Belgium, 50% less in March 1931 than
in March 1930, $6,039,000
and Hungary-produce about 45% of the world's sugar and account
for being the value in March 1931
against $12,284,000 in
approximately 80% of the total sugar exports. Their surpluse
s are to be
March 1930. Exports of barley in March 1931 were 708,000
gradually marketed during the next five years, and at the
same time
production is to be reduced so that at the end of the five-yea
r period bushels as against 391,000 bushels in
March 1930;
production and consumption should be in normal balance.
exports of malt, 41,000 bushels, against 198,000 bushels;
The plan is flexible and should the demand for sugar increase
suf- export
s of corn 461,000 bushels, against 1,047,000 bushels;
ficiently to cause a rise in price, provision has been made
to enlarge the
export quotas of the countries involved. Leaders in the
sugar industry exports of oats only 22,000 bushels, against 94,000 bushels;
believe that these countries control a sufficiently large
proportion of the exports of rice 18,410,000 pounds, against 17,091
,000 pounds;
world's exportable sugar to insure the successful operatio
n of the plan.
exports of rye 29,000 bushels, against 53,000 bushels;
The success of the Chadbourne plan should mean the
restoration of
prosperity to Cuba and the revival of a world-wide
industry representing exports of wheat 1,357,000 bushels against 2,414,000 bushels,
an investment of several billions of dollars. It is of importa
nce not only and exports of wheat flour 715,000 barrels, against 1,044,000
as a definite step towards economic reconstruction but
also as a unique barrels. The details
are as follows:
and comprehensive plan which may demonstrate a
practicable method
DOMESTIC EXPORTS OF PRINCIPAL GRAINS, GRAIN
of dealing with other surplus commodities.
PRODUCTS
AND FEEDST1TFFS.
World Consumption of American Cotton Increased
in
March as Compared With February-Below March
of Last Year.
World consumption of American cotton in March totale
d
approximately 977,000 bales, compared with 904,00
0 in
February and 1,062,000 in March last year, according to
the New York Cotton Exchange Service. Consumption in
the eight months of the season ending March 31 totaled
about 7,358,000 bales against 9,167,000 in the same period
last season. The increase from February to March was due
primarily to the fact that there were more working days in
the latter month. The Exchange Service on April 28 said:
Month of March.
1930.
Barley, bushels
Value
Malt, bushels
Corn, bushels
Value
Cornmeal, barrels
Value
Hominy and grits, pounds
Oats, bushels
Value
Oatmeal, pounds
Value
Rice. pounds
Value
Rice, broken, pounds
Value
Rye, bushels
"Consumption was larger in March than in February, both
Value
in the United
States and in foreign countries, in the aggregate, but the increase
Wheat, bushels
in the
Value
United States was more than would be accounted for by the differen
ce in Wheat flour, barrels
the number of working days, while in foreign countries it was
Value
less. In
Other words, the fundamental trend in the United States was
moderately Biscuits, unsweetened, pounds
Biscuits, sweetened, pounds
Upward, while in foreign countries in the aggregate it was slightly
ward. At the present time, the consumption rate for the world as down-Macaroni, pounds
a whole
appears to be holding about unchanged, but this compares
Total value
favorably
with the declining trend at this time last year."
Domestic Exports of Meats and Fats for March.
The Department of Commerce at Washington on Apr.
25
made public its report on the domestic exports of meats
and
fats for March. This shows that in the month of
March
1931 the quantity of meats and meat products exported
was
over 43% less than that exported in March 1930, 22,654
,434
lbs. being shipped in March 1931 against 39,901,672 lbs.
in March 1930; the value of these exports showed a decline
of nearly 51%, being $3,353,145, against $6,819,825. The
quantity and value of animal oils and fats exported in
March were also smaller as compared with a year ago.
For the three months ended with March the exports of
both meat and meat products and animal oils and fats were
smaller as to quantity and value in the same proportions
as
those for the single month of March than in the correspondin
g
three months of the previous year. The report is as
follows:
1931.
3 Mos. Ended Mar.
1930.
1931.
391,000
708.000 1.788,000 2.225.000
$311,000
$439,000 $1,486,000 81,407,000
198,000
41,000
592,000
192,000
1,047,000
461,000 2.654.000
974,000
$985,000
$381,000 82.473.000
$831,000
19,000
18,000
51,000
48,000
89.000
78,000
246,000
206.000
498,000
907,000 1,325,000 1,870.000
94,000
22,000
467,000
67,000
$53,000
$12.000
8252.000
$37,000
2,497,000 2,933.000 10,037.000 7.140,000
$203,000
$214,000
$710,000
$580,000
17.091,000 18,410.000 62,366.000 64,973,000
$705,000
$597,000 $2,474,000 152,203,000
3.901,000 2,775,000 13,187,000 19,090.000
8125.000
$441,030
$392,000
$316,000
53,000
29,000
111.000
48,000
856.000
$13,000
$120,000
$21,000
2,414,000 1,357,000 15,845,000 2,783,000
$2,974,000 $1,172,000 $19,994,000 82,251.000
1.044,000
715,000 3,209,000 2,422,000
18,137,000 $2,710,000 $19,257,000 $9,727,000
1,006,000
833.000 2,689,000 1,971,000
255,000
141,000
752,000
391,000
864,000
451,000 2,445,00
1,395,000
$12,284,000 $6,039,000549.266.000 318,639.000
Domestic Exports of Canned and Dried Foods in
March
and the Three Months Ended March.
The report of the exports of canned and dried
foods,
released by the Department of Commerce at
Washington
on April 25,covers the month of March and the three
months
period ended with March for the years 1931 and
1930. The
report in detail follows:
DOMESTIC EXPORTS OF CANNED AND
DRIED FOODS.
Month of March.
3 Mos. &tied Mar.
1930.
1931.
1930.
1931.
Beef, canned, lbs.
227,738
141,052
737,773
Value
398,297
$87,816
$45,106 8281.908
Sausage, canned, lbs
8175,014
107.074
79.014
376,689
Value
376,887
$30.198
$20,255
$116,942
Milk, condensed (sweetened), lbs. 3,476,86
$92,296
5 1.873.263 9,638,599
Value
5,621,469
$572,604
$309,456 $1,505,917
Milk,evaporat'd(unsweetened)lbs 5,368,819
$979.026
5.033,541 18,372,485
Value
14.078,0
8503,427
$417,228 $1,558,101 01,218,085
Salmon, canned, lbs
88
2,422.926
992,010 8,007,503 3,426,859
Value
$428,054
$155,265 $1,572,4
Sardines, canned, lbs.
$577,902
12,255,648 6,506,790 35,179,561
42 17,027.050
Value
DOMESTIC EXPORTS OF MEATS AND FATS.
$874,382
8407,763 $2,459,6
Raisins, lbs.
5,692,156 9,184,138 14,512,802 $1,066,324
28 23,405,823
Value
$368,175
$508,125
$850,621
Apples, dried, lbs
Month of March.
3 Mos. Ended Mar.
682.945 3,004,238 4.888,819 $1,252,528
Value
9,555.686
$84,329
$266,830
$629,514
1930.
Apricots, dried, lbs.
$897,520
1931.
1930.
555,405 1.310,978 2,623,540
1931.
4,805,286
Value
Beef and veal, fresh, lbs
$87,238
8157,706
269,676
1419,74
Peaches, dried, lbs
301,485
$567,973
743,820
Value
239,532
728,778
647,101
672.013 2,253,406
$60,821
$74,422
Value
$181,912
Beef, pickled, &c., lbs
$172,593
$30,263
554.509
890.135
933.812 1,000,983 2,328,056
$180,194
Value
6,020,476 22,243.803 28,130,765
2,183.280 Prunes, dried. lbs.
$100,523
$90,638
Value
$269.371
Pork, fresh, lbs
$208,439
$573,433 $1,009,424 $2,525,520 74,273,145
1.558,673
676,200 7,097,956 3,305,145 Apricots, canned, lbs.
Value
2,621,508 1,531,402 8.071,917 $3,266,883
$280,503
$88,888 81,258,501
4,550,459
Value
Wiltshire, sides, lbs
$517,574
8239.923
8132,176
758.827
8748,10
108 1,921.605
$401.819
Value
7,258,531 8,075,726 22,113,704
108 Peaches, canned, lbs
8126,685
21,249,141
$59
Value
$308,787
Cumberland, sides, lbs.
5708.633
8.59
$655,381 $2,209,977 $1,719,986
484,909
158,558 1.370,095
Pears, canned, lbs
Value
476,170
5,020.707 7.958.065 14,106.483 22.843,1
$91,551
$21,331
69
Value
5253,579
Hams and shoulders, lbs.
$86,355
$571.987
$642,170 $1.660,998
10,789,730 6.828.678 29,453,853
Pineapples, canned. lbs.
Value
2,717,748 1.417.879 12,419.441 $1,829,605
$2.121,991 $1.067,969 85,770,191 19,662,561
5,894,484
Value
Bacon, lbs.
8292,295
12,249,456 3,912,950 37,757,202 $3,353,395
$142,80 51,250,371
$592,441
Value
81,773,114 8499,645 35,748,041 13,967,468 Total
canned meats, lbs
Pickled pork. lbs
2,034,341 1.557,255 6,497,551 4,330.91
3.068,430 1.539,286 8.323,273 81,887,600
Value
0
Value
$669,530
$425,702 $163,454 $1,175,984 4.789,854 Total dairy
$556,905 $2,231,102 $1,602,108
Oleo otl, lbs.
products, lbs
$548,365
10,222,396 9,744,228 30,222,970 24,771,6
5.470.370 8.067,603 14,680.3
Value
20
Value
81,450,109 81,107,984 $4,247,540 $3,117.5 23
$638.619 $423,362 $1,696.556 12,567,487 Total
canned vegetables, lbs._
Lard, lbs.
$945,443
88.533,257 58,395,354 205,778,
5,167,522 4,109,739 16,599,153 11,803.1707
Value
11
Value
$7.604,130 $5,594,959 823.553,026 196.036,872 Total
5458,439
$397,842 01,593,001 81.198.766
148
Neutral lard, lbs.
dried & evapora'd fruits, lbs. 14,261,837 39,742,8
1,091,845 1,025,378 4,611,321 319,263,322
78 54.172,859 120,953,827
Value
Value
2,767,522
$133,640 8101,935
81.215,497 32,212.734 54.925.587 88,617.158
8556,973
Lard compounds, animal fats, lbs.3285,657 Total canned fruits, lbs
168,648
25,588,456 25,961.328 77.543,077 73,259,585
135,260
679,018
Value
Value
356,613
22 win 202 12263038 IR 071 741 111 383.720
821,3.58
815,700
881,300 140.520
Margarine of animal or vegetable
fats, lbs.
66,908
65,546
188,412
Value
166,202
$10,400
$9,14
829,814
Cottonseed oil, crude, lbs
$25,926 Higher Beef Prices in 1931 Forecast by Trade Survey
3,798,680 1,283,510 11,251,443
Value
5,235,180
$291,484
$84,96
Bureau of Tanner's Council.
88.58,411
Cottonseed oil, refined, lbs
$341,824
598.165 2,195.05
1,322,444 5,699,097
Value
$65,377 $182,045
Higher beef prices will prevail during 1931, although the
$147,217
Lard compounds, vegetable fats, lbs.
$488,241
558,140
463,33
1,521.611 1,376,252 slaughter
Value
$73,617
of domestic cattle and the production of hides
$58,41
8201.395
3177,162
will be somewhat larger than in 1930, according to
Total meats & meat products, lbs. 39,001,672 22,684,434
estimates
117,590,285 .68.885.484
Value
06,819.825 $3,353,145
Total animal oils and fats, lbs.__ 74,730.266 66,945,313 $20.618,493 $10,795.543 of the Trade Survey Bureau of the Tanners Council. Its
229,792,
Value
$8,541,168 $6,236,479 826,297,442 216,187,012 views as made known April 23 follow:
726 $20.894,389
A shortage of the better grades of beef and the greater
stability of commodity prices in general is expected to keep prices up while
on the other hand
Domestic Exports of Grain and Grain
the continued normal consumption of beef has reduced
Products.
stocks held by packers to abnormally low levels.
• The Department of Commerce at Washington
gave out
The sharp decline in cattle values during 1930. brought
about by a preon April 24 its monthly report on the exports of the
cipitous decline in the price of beef to 35% below the
principal
high price of 1929.
grains and grain products for March and the three
Inducel many factors to withhold from the market
their stock of cattle
months (in anticipation of a higher market this year).
For the same reason cattle
FINANCIAL CHRONICLE
3244
levels,
slaughter during the early months of 1931 will continue below 1930
on hide
the report states this contention being illustrated by the figures
that
production compiled by the New York Hide Exchange, which show
domestic slaughter during the first two months this year aggregated
decline of
1,887,000 against 2,258.000 during the same period in 1930. a
16%%.
The bureau's report indicates that it is unlikely that a similar withyear 1931,
holding of cattle from the market will prevail throughout the
above,
by reason of the more favorable meat price situation indicated
and the increasing difficulty of withholding cattle from the market. An
when it
increase in slaughter is looked for during the latter half of the year
total
ls anticipated that the heavier marketing of cattle will set in. The
the Bureau
domestic slaughter during the current year as estimated by
will aggregate 12.900,000 cattle against 12.864.000 in 1930.
Domestic Exports of Cotton, Cotton Cloths, Yarns,
Threads and Hosiery in February.
The Department of Commerce at Washington on March 30
issued its monthly report on the domestic exports of cotton,
cotton cloths, yarns, threads and hosiery for the month of
February and the two months ending with February, with
comparisons for the corresponding periods a year ago. The
exports of raw cotton were larger in quantity and smaller
in value in February this year than in February last year,
432,996 bales having been shipped in February 1931, against
402,074 bales in February 1930, the value of these exports
having been but $25,233,013 in February this year as compared with $38,435,458 in February last year. For the two
months ending with February 1931 the exports of raw cotton
were 965,817 bales against 1,130,811 in the two months
ending with February 1930. The exports of cotton manufactures also showed a substantial falling off in comparison
with similar periods a year ago. Below is the report in full:
CLOTHS. YARNS,
DOMESTIC EXPORTS OF COTTON, COTTON
THREADS AND HOSIERY.
Month of February.
1930.
1931.
2 Months Ended February,
1930.
1,130,811
432,996
402.074
Raw cotton,except linters, bales
$38,435,438 825,233,013 8110,547,733
Value
$17,631,856
Cotton manufactures,total--_ 88.018.494 $4,625,437 71.640,426
Cotton cloths, total, sq. yards- 32,250,001 25,244,129 89,703,533
84,461,641 12.727,986
Value
382.897
21,214
188,374
Tire fabrics, sq. yards
8140,359
$7,528
166.967
Value
1,819,735
558.376
812,145
Cotton duck, sq. yards
8616,252
1136,864
$276,516
Value
Other cotton cloths
8,158,123 5,649,201 17,800,793
Unbleached, sq. yards
$395,485 11,461,129
1694,581
Value
4,493,540 3,113,008 10,062,800
Bleached, sq. yards
1310.803 11,210,313
$532,420
Value
18,597.819 15,902,330 41,574,201
Colored.sq. yards
82.891357 11,827,306 16,275,480
Value
Cotton yarn, thread,
1,819,943
475.356
752,784
Carded yarn,lbe
$595,293
$112,588
$245,303
Value
1,887,200
615,888
858,061
Combed yarn, lbs
$419,523 31,445,027
$670,729
Value
Sewing, crochet, darning and
164,123
82,114
78,078
embroidery cotton,lbs
1203,003
$89,571
$97,357
Value
548.470
86,420
252,080
pairs
Cotton hosiery,dozen
$927,420
$142,855
$431,113
Value
1931.
965.817
156,143,953
810,156,456
56,952,787
86,115,187
169,653
151,546
1,341,026
8359.258
13.996,699
1973,090
7.500.794
8761,868
33.944.615
13,969.425
1,008.498
$241,908
1,236,452
1862,651
176,733
1186,728
199,176
8327.882
Petroleum and Its Products-East Texas Allowable
Raised-Salt Water Hampers Activities in Kilgore
Field-California Producers Act to Curtail Output.
The Texas Railroad Commission issued an order the latter
part of the week increasing the immediate allowable output
as comof the East Texas district to 160,000 barrels daily,
pared with the original order allowing the fields 130,000
barrels daily. Operators in the field in making their application for the increase stated that an outlet had already
n
been found for the increased flow. Present daily productio
fields totals 300,000 barrels daily at present with
in the
s
new wells coming in almost every day. However, producer
expected to adhere to the new curtailment program.
are
Producers in the Kilgore fields, however, according to
reports received here, are planning voluntarily to curtail
production in that field to 700 barrels a day for each well,
despite the fact that this figure will be considerably below
allowable set by the Railroad Commission. This move is
by
considered necessary in view of the encroachment made
Pinching
salt water in several of the field's largest wells.
of self-protection against
the wells down would be a means
them.
the incursion of water into
field has been more rapid
Salt water encroachment in this
in view of past oil well history.
than has been expected
from 10 to 40% have been
Percentages of salt water ranging
scattered wells on the fields' outskirts,
reported in widely
development, to the wells
which has definitely limited
already sunk.
correction of the unfavorable
A substantial step towards
when
prevailing on the Pacific Coast was taken
conditions
Producers' Sales Agency adopted
the recently organized
California allowable to 469,000
recommendations to limit the
of 31,000 barrels from the present
barrels daily, a decline
[Vol,. 132.
figure. The new organization, formed of practically'every
large independent producer in the California fields, seems
to be the one factor that will restore some measure of stability to the California crude oil markets. Efforts to curtail
production taken by several of the larger companies operating on the Pacific Coast in the past have consistently met
failure because of the lack of co-operation from the smaller
operators. However, when overproduction on the Coast
resulted in prices slipping to their lowest levels in many
years, the independents finally saw that curtailment of
output was the only way of correcting this situation. While
California has been exceeding the present allowable by
16,000 to 45,000 barrels daily for some months, a sharp
drop in production is expected to result. The large companies have promised to co-operate with the new organization and it looks as though conditions on the Pacific
Coast may improve shortly .
Price changes follow:
ia crude was
Pittsburgh, April 27.-A 10c. a barrel cut for Pennsylvan
posted to-day by the South Penn Oil Co.
Prices of Typical Crudes per Barrel at Wells.
shown.)
(All gravities where A. P. I. degrees are not
5.45
$2.00 Smackover, Ark.. 24 and over
Bradfort. Pa
.67
.80 Eldorado. Ark., 40
Corning. Ohio
.67
Rusk. Texas. 40 and over
1.05
Cabe% W. Va..
.25
.80 Urania. La_
Illinois
.61
.75 Salt Creek. Wyo., 87
Western Kentucky
1 55
Mont
.67 Sunburst.
Midcontinent, Okla.. 37
Calif.,40 and over .35
Hutchinson, Texas, 40 and over_ _ _ .42 Santa Fe Springs, 26
.72
.80 Huntington. Calif.,
Spindletop, Texas. grade A
1.50
.60 Petrolia, Canada
Spindletop. Texas, below 25
.40
Winkler. Texas
-BULK GASOLINE MARKET WEAK
REFINED PRODUCTS
-FUEL OILS IRREGULAR.
KEROSENE SOFT
A weak undertone characterized the bulk gasoline market
during the past week although retail demand is maintaining
the usual seasonal gain. Other refined products were irregularly lower with kerosene particularly soft. A drop in
demand for fuel oils led to slight uneasiness in the price list,
although no actual reductions have been posted. The market
continues to reflect the softness of the Mid-Continent markets
which was expected to clear up following the settling of the
East Texas proration wrangle. However, cheap gasoline
produced from the low priced crude offered from the East
Texas fields continues to exert a depressing influence on the
country's refined as well as crude oil products.
Buyers in the bulk gasoline market are operating almost
strictly on a hand to mouth buying policy, with the resultant
lessening of demand shown in softness throughout the price
list. While no major refiners have lowered their post
prices as yet, several of the smaller independents continue
to offer gasoline at 6 cents a gallon. The main list is being
maintained at 65i cents to 7 cents a gallon for U. S. Motor
Gasoline in tank car lots, at the local refineries. The favorable weather prevailing lately has brought a sharp increase
in retail demand but buyers are refusing to cover more than
spot needs until the situation is cleared up.
Kerosene is weak with large overstocks coupled with the
seasonal decline in demand likely to cause further downward
4
revisions shortly. Water white 41-43 is still posted at 53
cents a gallon, in tank car lots, at the refinery. However,
although no sales below this figure have been reported as
yet, it is thought likely that a firm bid will bring out offers
around 5 to 5M cents.
Irregular tendencies characterized the market action of the
domestic heating oils with market demand showing a decline. Prices remain unchanged with Grade "C" posted at
95 cents a barrel, refinery, while Diesel oil is offered at
$1.75 a barrel, same basis. There were no price changes
posted this week.
Gasoline, U. S. Motor, Tank Car Lots. F.O.B. Refinery.
Arkansas
1.04-.0434
N.Y.
N.Y.
(Bayonne)
05-.07
Colonial-Beacon-$ 06% California
Stand. 011, N. J-1.0634
0634 LosAngeles,ex_ .0434-.07
Sinclair Ref
tStand. Oil. N. Y..- .0634
0634 Gulf Coast, ex_ .0434-.05
Crew Levis*
Tide Watee011 CO. .0634
06% North Leuistana_04-.04%
Texas
Richfield 011(Cal.) .07
06% North Texas_ .0334-.0334
Cull
Warner-QuinPnCo .06%
0634 Oklahoma-----0334-,Q4
Continental.
Pan-Am. Pet. Co. .0634
.0334-.0334 Pennsylvania_
.0534
Shell Eastern Pet. .0634 Chicago
New Orleans ex.-- .0131
Mtn freight.
Gasoline, Service Station, Tax Included.
$ 16 Kansas City
1 149
New York
$ 153 Cincinnati
.16 Minneapolis
102
20 Cleveland
Atlanta
18 New Orleans
118
59 Denver
Baltimore
.138 Philadelphia
14
Detroit
55
Boston
.18 San Francisco
12
68 Houston
Buffalo
.19
4 Jacksonville
Chicago
Tank Car Lots, F.O.B. Refinery.
Kerosene,41-43 Water White
$ 0$
$ 0214-.0334 New Orleans. ex
IChicago
N.Y.(Bayonne)1.0534
0334-.0334
08 Tulsa
.0 44-North Texas- .0234-.03 'Los Angeles, e2 4
Fuel 011, F.O.B. Refinery or Terminal.
Gulf Coast "C".... $.65-.70
New York(Bayonne) ICalifornia 27 plus D
8.75-1.00 I Chicago 18-22D_4250
$ .95
Bunker "C"
90
1.75 New Orilla"C"
Diesel 28-30D
Gas Oil, F.O.B. Refinery or Terminal.
Tulsa
j 32-36D 108.8.0134,02
ChicagoN.Y.
(Bayonne)28D vins--sk431-.004 J 82-36D Ind-8.0134-.02
MAY 2 1931.]
FINANCIAL CHRONICLE
3245
Crude Oil Output in United States Shows Slight stop producing, but the speculative element in the
oil industry checks
that force.
Change.
"In addition, established court opinions hold that the fundamental purThe American Petroleum Institute estimates
that the pose of an oil lease is to get the oil out as rapidly as possible, and every
daily average gross crude oil production in the United States decision on this general question has helped the immediate prosperity of
the farmer royalty owner, without regard for the waste of a vanishing
for the week ended April 25 1931 was 2,422,600
barrels, as resource.
compared with 2,422,000 barrels for the preceding week,
"Unfortunately, the law of supply and demand does not operate
an
with
increase of 600 barrels. Compared with the output
for the anything like normal promptitude and relativity in the petroleum industry,
because cutting gasoline prices does not materially increase demand.
week ended April 26 1931 of 2,590,100 barrels
It
daily, the simply transfers business from one gasoline seller
to another, and the
current figure represents a decrease of 167,500
barrels per industry as a whole is not benefited. Only increased sales in the autoday. The daily average production east of Califor
nia for motive industry materially stimulate the demand for gasoline."
the week ended April 25 1931 was 1,894,500
The industry's effort to control production is meeting
barrels, as
compared with 1,895,100 barrels for the preceding
week, a with some success, however, despite the characteristics of
decrease of 600 barrels. The following are
estimates of human nature and the ever-present legal obstructions,
acdaily average gross production, by districts:
cording to Mr. Holliday. The plans most generally followed
DAILY AVERAGE PRODUCTION (FIGUR
ES IN BARRELS).
include:
Week EndedApr. 25'31. Apr. 18'31. Ayr. 11 '31.
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern (not including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
545,300
109,750
55,600
57,250
25,150
208,600
49,700
298,400
63,200
39,150
46,800
162,900
27,850
101,750
8,550
43,300
8,650
4,050
38,550
528,100
585,100
110,050
55,300
57,350
25,050
218,200
51,650
248,400
63,250
39,050
46,950
158,200
27,450
105,300
8,300
43,650
8,650
4,200
39,000
526,900
513,700
109,500
50,650
57.150
25,050
241,950
51,700
195,000
62,250
38,750
47,150
154,300
27,000
103,100
8,400
42,300
8.800
4,250
38,350
528,900
Apr. 26 '30.
662,050
125,900
95,300
79,800
61,550
318,800
36,400
1. Proration, by which output in a given • area is restricted to a total
specified gross amount, divided or prorated among the various
companies
and producing wells in proportion to their capacity
or existing output.
2. Unit operation, by which neighboring oil rights owners
agree to
drill only a limited number of wells in the territory
, and share proportionately the profits accruing from oil sales.
60,550
"As a whole, the petroleum industry seeks to avoid all
42,000
57,900 possible legislative interference," says
Mr. Holliday. He
183,050
20,850 adds:
129,000
"American law has been predicated on the theory
of competitive enter11,900
50,550 prise, the survival of the fittest. State assistance, however, has not
8,700 proved as bad as feared in carrying out these regulatio
ns, and it does seem
4,400 not improbable that
as an industry we will seek further governme
10,600
ntal
630,800 assistance in the control, not merely of the production of oil, but of the
drilling of wells.
Total
2,422,600
2,422,000
2,308,250 2,590.100
"The problem is not merely one affecting producers;
the whole industry
The estimated daily average gross production for
the Mid-Continent has suffered, and the present sad picture of
overexpansion of refining
field, including Oklahoma, Kansas. Panhandle,
North, West Central, capacity and distribution facilities is directly
due to the pressure of crude
West,East Central, East and Southwest Texas, North Louisian
a and Arkan- oil. It is likely that much of the excess
capital which has been so
sas, for the week ended April 25 was 1,498,90 barrels,
0
as compared with prodigally poured into all ends of
the industry, will be dissipated finally
1,500,350 barrels for the preceding week, a decrease
of 2,050 barrels. The on the marketing battlefield."
Mid-Continent production, excluding Smackov
er (Arkansas) heavy oil,
was 1,457.050 barrels, as compared with 1.468,25
0 barrels, a decrease
of 1,200 barrels.
Weekly Refinery Statistics for the United States.
The production figures of certain pools in the
various districts for the
current week, compared with the previous week,
Reports compiled by the American Petroleum Institu
in barrels of 42 gallons,
te
follow;
-Week Ended-Week Ended
Apr. 25 Apr. 18
Southwest Texas-Apr.25 Apr. 18
14,900 14,050 Chapwann-Abbot
4,100 4,200
11,950 12,000 Darst Creek
20,750 20,450
12,900 12,800 Luling
9,200 9,250
12.500 13,100 Salt Flat
12,550 12,700
18,700 18.850
17,800 19,800
North Louisiana6,300
6,950 Sarepta-Carterville
1,250
1,250
10,700 8,400 Zweite
7,500 7,300
24,300 23,500
6,050
6,400 Arkansas
2,650 2.450 Smackover, light
4,100 4.150
9,450 8,750 Smackover,heavy
31,850 32,100
150,350 192,750
24,300 21,350 Coastal Texas
4,150 4,500 Barbers Hill
30,500 25,700
13,400 13,500 Raccoon Bend
8,700 9,200
1,900
1,900 Refugto County
32,300 32,400
Sugarland
11,650 11,750
KansasSedgwick County
17,650 17,750 Coastal Louisiana
Voshell
16,700 17,300 East Hackberry
1,900
1,900
Old Hackberry
800
SOO
Panhandle Texas
Orgy County
42,650 42,650
Wyoming
Hutchinson County
8,250 8,600 Salt Creek
25,200 26,200
North Texas
Montana
Archer County
11,750 11,650 Kevin-Sunburst
4,450 4,450
North Young County-- 9,900 9,900
Wilbarger County
9,950 9,950
New Mexico
Hobbs High
31,400 32,300
West Central Texas
Balance Lea County.-- 4,800 4,400
South Young County.... 3,300
3,300
California
West Texas
36,400 34,000
Crane & Upton Counties 24,100 23,750 Elwood-Goleta
Huntington Beach
20,500 22,000
Ector County
6,750 6,850 Inglewood15,300 15.000
Howard County
29,600 29,000 Kettleman Hills
26,400 26,600
Reagan County
20,400 28,450 Long Beach
89,000 88,800
Winkler County
45,050 45,700 Midway-Sunset
53,000 52,600
Yatee
66,950 68,600 Playa Del Rey
29,500 29,000
Balance Pecos County4,000 4,000 Santa Fe Springs
72,200 71,700
Seal Beach
15,700 15,600
East Central Texas
Ventura Avenue
44,000 44,800
Van Zandt County
38,600 39,900
Pennsylvania GradeEast Texas
Allegany
7,050 7.300
Rusk County:
Bradford
22,500 23,950
Joinerfield
70,000 62,100 Kane to Butler
6,950 7,100
Kilgore
169,900 148,100 Southeastern Ohio
6,200 6.950
Gregg County:
Southwestern Penne---- 3,250 3,600
Longview
58,500 38.200 West Virginia
13,300 13,900
OklahomaBowlegs
Bristow-Slick
Burbank
Carr City
Earisboro
East Earlabor°
South Earlabor°
Konawa
Little River
East Little River
Maud
Mission
Oklahoma City
St. Louis
Searight
Seminole
East Seminole
Oils' Legal and Economic Handicaps as Viewed by
W. T. Holliday of Standard Oil Company of Ohio.
The economic perils in the oil industry to-day are rooted
in the over-production and consequent pressure of crude oil
seeking a market, according to W, T. Holliday, President
of
the Standard Oil Co. of Ohio, writing in the current issue
of "Trade Winds", published by the Union Trust Co.,
Cleveland, Ohio. The oil company executive points
out
that the problem of overproduction is the result of difficulties inherent in an extractive industry, coupled with
statuary provisions and legal precedents which aggravate
natural obstacles. He says:
"The essential difficulty is that the drilling of new
wells continues
regardless of the statue of crude oil supply, both above
ground and
potential. In most industries, overproduction forces the
individual to
for the week ended April 25, from companies aggregating
3,571,200 barrels, or 95.7% of the 3,730,100 barrel
estimated daily potential refining capacity of the United
States
indicate that 2,432,900 barrels of crude oil were run to
stills
daily, and that these same companies had in storage
at
refineries at the end of the week, 46,451,000 barrels
of
gasoline and 127,401,000 barrels of gas and fuel oil.
Reports
received on the production of gasoline by the cracking
process indicate that companies owning 94.9% of the potenti
al
capacity of all charge units manufactured 3,229,
000
barrels of cracked gasoline during the week. The comple
te
report for the week ended April 25 1931, follows:
CRUDE RUNS TO STILLS, GASOLINE STOCKS AND GAS AND
FUEL OIL
STOCKS WEEK ENDED APRIL 25 1931.
(Figures in Barrels of 42 Gallons each)
District.
Per Cent
Potential
Capacity
ReportOw.
East Coast
100.0
Applachian
93.8
Ind., Illinois, Kentucky 97.5
Okla., Kans., Missouri_ 89.4
Texas
91.9
Louisiana-Arkansas
98.3
Rocky Mountain
93.1
California
98.8
Total week April 25._
Daily average
Total week April 18
Daily average
Total April 26 1930.Daily average
95.7
95.7
95.6
Crude
Runs
to
Stills.
Per Cent
OPer.
of Total
Capacity
Report.
3,382,000
620,000
2,297,000
1,940,000
3,923,000
1,171,000
357,000
3,340,000
78.9
66.9
86.1
67.2
75.4
63.9
36.5
53.8
8,907,000
1,824,000
6,125,000
3,667,000
7,953,000
2,272,000
1,874.000
*13,829,000
17,030,000
2,432,900
17,039,000
2,434,100
68.1
46,451,000
127,401,000
68.2
46,384,000
126,835.000
18,897,000
2,699,600
76.7
Gasoline
Stocks.
Gas
and
Fuel
Oil.
ninvky.
7,730,000
1,227,000
3,505.000
3,938,000
9,002.000
2,327,000
812,000
98,860,000
a53,713,000 a136,389,000
:Texas Gulf Coast
:Louisiana Gulf Coast
100.0
2,935,000
79.2
6,820,000
6,546,000
100.0
783,000
75.9
2,108,000
1.309,000
a Revised due to change in California.
x Included above in table for week
ended April 25 1931 of their respective
districts.
3' In all the refining districts indicated
represent gasoline stocks at refineries, except California. figures in this column
*In California they represent the total
inventory of finished gasoline and
engine distillate held by reporting companies
wherever located within continental
United
-(stocks at refineries, water
terminals and all sales distributing stations, States
including products in transit thereto).
Note.
-All figures follow exactly the
oil runs to stills include both foreign present Bureau of Mines definitions. Crude
heavy crude and all grades of fuel and domestic crude. In California, stocks of
oil are included under the heading "Gas and
Fuel Oil Stocks."
Steel Entente on Continent of Europe Regulates
Export Tonnage.
Supplementing the information that the Continental Steel
Entente, acting upon the suggestion of representatives of
the Belgian-Luxemburg industries, agreed at its Paris
meeting of March 26 to 'regulate the total export tonnage
of the several member groups on the basis of an export
tonnage program to be fixed periodically, Assistant Trade
Commissioner Eugene A. Masuret, Paris, forwarded the
following French trade advices to the Department of Commerce,says the latter on April 22:
FINANCIAL CHRONICLE
3246
groups be"It has been announced that the delegates of the various
principle of an
longing to the International Steel Entente had agreed to the
place during the
export tonnage program. After long discussions which took
reached to establish
course of the last meetings, an agreement was therefore
quota. There
a discrimination between the interior quota and the export
tonnage program
remains to be fixed, in later meeting, the figure of the
difference of the
which will be allowed each group. In view of the essential
determined in
interior markets of the various groups, there will have to be
compensations
what measure there can be granted, according to the case,
under the heading of indemnification.
remains on
"With regard to fines for exceeding the'quota, the question
ng of the export
the order of the day more than before, because this regulati
quotas are punished
market can be really efficacious only if excesses over
by strong fines."
[vol.. 132.
Price of Scrap Steel in Chicago Territory Lower.
In its May 1 issue the "Wall Street Journal" reported the
following from its Chicago bureau:
at $9 to $9.50 a
Heavy melting steel scrap in Chicago territory is quoted
ton, off 25 cents from previous quotation.
Cement Prices at New Low.
in the
Cement prices touched record low levels on April 30
husetts,
central New York territory and in sections of Massac
early in
intensifying the downward movement that started
the New York "Evening Post"
the year. This is noted in
of April 30, which also said:
Sold One-Half Cent
-Lead
westward from Little Falls
Copper Down to 94 Cents
The new area affected was the up-State section
a barrel were reported.
to Rochester, where declines of more than 20 cents
Lower-Zinc and Tin Decline.
war and in seeking the
Talk was heard in the trade of a so-called price
ss in securities,
s with
Influenced largely by continued weakne
were said to have closed contract
from limited business, manufacturers
little or no profit.
which suffered because of the dearth of favorable news
industries were said to
gave
Production and marketing conditions in various
the business world, the market for non-ferrous metals
Mineral have been disturbed in the scramble for contracts.
a poor account of itself in the last week,"Metal and
d to in our
The recent drop in cement prices was referre
Markets" reports, adding:
of one-half cent per issue of April 25, page 3053.
Outstanding In price changes were a net decline
Export copper is down to
Pound in lead and sales of copper at 9% cents. further price concessions.
at
9.80 cents. Zinc sold in good volume, but
though business was
Tin fell below 24 cents. Silver was fairly steady,
quiet throughout the week.
week on the basis of 9%
Copper was offered quite generally in the last
large producers were not
Cents Per pound, delivered Connecticut, though
close of the period.
inclined to participate in the sales until toward the
6
, cents. Domestic sales
Yesterday there were sales at both 9% cents and 93
of business. Foreign
were in fair volume, considering the general state
sales for the month to date total 20,000 long tons.
-cent level to an
at the 4
Producers of lead hope to stimulate business
of supplies. It is too early
extent sufficient to arrest the accumulation
certainly the first reducyet to state how far these ends will be attained;
tempt consumers, to enter
tions, to 4.35 and 4.25 cents, New York, did not
resulted in a good volume of
the market, but the drop to the even figure
business on the first day that it was effective.
hed the 23% cent
Tin prices In the last two days have closely approac
was the lowest since 1902.
figure set in the middle of last December, which
Consumers have bought
prompt Straits now being obtainable at 233i cents.
has lacked any snap.
on a small scale as prices receded but the market
port
Copper Nominally 94 to 9M Cents Delivered-Ex
r Reduced.
Coppe
The following is from the "Wall Street Journal" of last
night (May 1):
g to await developDomestic consumers are out of the market, preferrin
further commitments.
ments in copper and general industry before making from a first-hand, and
d
Consumers have refused copper at 9% cents delivere
price in their present frame
It is doubtful whether they would buy at lower
New York Stock Exchange
of mind. Recent weakness in stocks on the
recovery of Thursday has
affected business sentiment so adversely that the
standard copper abroad. It is
borne no fruit in face of further weakness in
difficult to sell second-hand copper at 9% cents.
*
+I
y 9% to 934 cents
Electrolytic copper for domestic shipment is nominall
are at levels corresponddelivered to end of August. European destinations
London.
ing with 9.80 cents c. I. f. Hamburg, Havre and
In referring in its April 30 issue to sales of copper at 9%
cents, the New York "Evening Post" of April 30 said:
a new low price for the
Some copper has been sold at 934 cents a pound,
The previous low.9%.was
metal since about 1895,it was reported to-day.
level after several recoveries
first touched last fall, the price returning to that
of a cent or two a pound.
for export was reduced on April 29 by
-Price Cutting
Lays Cement War to Three Causes
Building,
Due to Bids on Public Works and Home
Beals-Production Also Factor.
Says Allen E.
s" of April 27:
The following is from the New York "Time
works, the rising tide of private
Bidding on a vast amount of public
of New York and some
building construction in the metropolitan area
felt by domestic Portland
other parts of the country and the necessity
enlarged plant capacities
cement manufacturers of getting their lately
E. Beals of Dow Serin reasonably full production are given by Allen
-cutting war in the cement
vice Reports as the three reasons for the price
dealers and manufacturers
industry. According to Mr. Beals, cement
recently for the purpose of
arrived at a stalemate in a convention called
have apparently decided
amicably adjusting these trade problems and
to fight it out in a price war.
Jan. 1, culminating in a
"Five cuts in price by manufacturers since
located along the Hudson
2034 cent cut by cement producers with plants
of the building trade,
River, brought the battle last week into the camp
should not come
which has been curious as to why some of this saving current that some
to them," Mr. Beals declares. "At this time reports are
barrel, and where the
mills have sold their product as low as a dollar a
quarter. This
fight is especially hot that low price has been shaded a
discounts. Current
Price, of course, refers to cement in paper, less all
delivNew York City and vicinity dealer-to-building contractor jobsite quanhaul and
ery prices in cloth are $2.40 to $2.50 a barrel for average
haul, some contity. On large orders, where deliveries are by easy truck
barrel, and contractractors say they can get cement at $2.35 to $2.45 a
box carload
tors using concrete in barge load or railroad container or
of domestic Portquantities talk about being able to buy standard brands take it in paper
land cement at $2.25 a barrel, with 25 cents off if they
bags.
industry has known
"It is the most vigorous price war that the cement
public is concerned
in the last 15 years, but as far as the private building
present average
it has little reason to expect that it will greatly affect
building construction cost.
being absorbed by
is
"The saving that might normally accrue to them
Furthermore, the conthe rising cost of other construction commodities.
tion contractor when he made his
ditions surrounding the building construc
this year were such that any
low estimates for so-called starting jobs earlier
will probably go no
contractor can get from now on
Price gain that the
his job on a cost-plus plan.
further than him, unless, perchance he took coming at the end of a long
which,
"While the cause of this price war,
seem to promise dangerous
Period of general business depression, would
is traceable to dealer
is considerably involved, it
navigating for some,
manufacturers' sales."
opposition to direct-to-consumer cement
The price of copper
Slight Decrease to 48%, According
a
the Copper Exporters, Inc. to 9.80 cents a pound- reduc- Steel Output Shows -Steel Scrap Price Again Drops.
to the "Iron Age"
tion of a quarter-cent a pound.
market are less uniDevelopments in the iron and steel
in recent weeks and the sagging tendformly negative than
although not yet halted,
Reduction in Price of Copper Wire by General Cable ency of
demand is less pronounced,
Corporation.
ingot output
"Iron Age" of April 30. Steel
reports the
According to the "Wall Street Journal" of April 29, has shown slight improvement at Buffalo, Birmingham and
General Cable Corp. has reduced the price of bare copper and Chicago, but this gain has been more than offset by
s, with the result
I
wire, in carload lots, V-cent to 113. cents a pound.
losses in the Pittsburgh and Valley district
country at large has fallen from
that the average for the
ues the
.
49% to a fraction above 48% of capacity, contin
Anaconda Wire & Cable Co. Lowers Wire Prices
Journal" of April 29: "Age" which also states:
The following is from the "Wall Street
34-cent a pound on bare
Anaconda Wire & Cable Co. has reduced prices
wire, bringing wire prices to basis of
and 34-cent on weatherproofed
wire
electrolytic copper.
£134 cents delivered for
Lead Price at New Low.
that the
New York "Times" of April 30 stated
The
ng & Refining Co. announced a reduction of
American Smelti
of lead, making the new price 4 cents
10 points in the price
lowest in the New York market since 1915.
a pound, the
-Lowest Since Nineties.
Louis
Zinc 3.35 Cents St.
Journal" of April 30 we take the
From the "Wall Street
following:
zinc 3.35 cents a pound East St.
prime western
Zinc buying Is small with
Low for 1930 was
lowest price since the 90's.
Louis, down 5 points and
and high 6.80 cents. Low
5.45. Low for 1929 was 5.45
3.95 cents and high
high 6.35 cents. Low for 1927 was 5.60
for 1928 was 5.40 to 5.4234 and
and for 1926 6.70 cents.
actual declines are limited mainly
Prices still have a weak tone, although
ton at Chicago and there have
to scrap. Heavy melting steel is off 25c. a
in most market centers. The
been scattered reductions in other grades
melting scrap has declined from
"Iron Age" composite price for heavy
recession in three weeks.
$10.75 to $10.67 a gross ton, the third
fabricated structural steel again loom up
Large Prospective orders for
negotiations for large tonnages
as possible sustaining influences, and active
actual contracts is exasperof line pipe are encouraging, but the placing of
bars for both building and road
atingly slow. Demand for reinforcing
is a steady flow of steel to makers
construction is in good volume and there
shovels.
of accessory equipment, such las road graders and steam
automotive steel are reported, but
Further declines in specifications for
production have Improved. An April
short-range prospects for motor car
and Canada now seems assured,
output of 330,000 cars in the United States
for May are more confident.
and predictions of approximately the same total
to 80% of capacity,
Tin mill operations remain relatively high, at 75
slight losses of last week and may
although they have failed to regain the
ts of tin plate
have passed the peak for the year. Thus far in 1931 shipmen
have been only about 5% below those of 1930.
Great Northern with the
Rail orders include 16,000 tons placed by the
tons purchased from the ColoBethlehem Steel Corp., supplementing 9,000
placed by the Seaboard Air Line with the
rado mill a week ago, 4,000 tons
Ensley mill and 3,000 tons bought by the Minneapolis & St. Louis at
MAY 2 1931.]
Chicago. Despite these additions to mill backlogs, production of both
rails and track accessories is slowly receding.
New fabricated structural steel projects total 103,000 tons, including
75.000 tons for a bridge at San Francisco on which bids will be opened June
17. Inquiries reported since the first of the year aggregate 1.118,000 tons,
compared with 525,000 tons for the corresponding period in 1930 and 636,000 tons in 1929. Awards, at 13,000 tons, are the smallest for any week
since the end of January.
The only new break in finished steel prices is in cold-rolled strip, which
has been sold at 2.15c. a lb.. Pittsburgh, or $2 a ton below the recent
market. Galvanized sheets are more generally available at 2.80c., Pittsburgh,and the market on plates, shapes and bars is now commonly regarded
as 1.65c.. Pittsburgh, although there continue to be extensions of protections at 1.60c. Sales at 1.70c. are limited to small, miscellaneous lots.
The change in nomenclature of various finishes of sheets announced by
the American Rolling Mill Co. last week is being studied by the industry
and has already been adopted by several other manufacturers. Base prices
on some of the finishes of sheets under the new classification have been
made public. Pending an analysis of the effect of the change many sheet
buyers are deferring action on orders.
Pig iron demand is exceedingly light, with shipments showing a declining
tendency and collections growing more difficult. The best showing in
shipments is by Cleveland furnaces, whose April total will run slightly
ahead of that for March, Chicago shipments barely exceed those of March,
while Detroit deliveries, although now receding, are expecteeto show no
loss for the entire month.
The Steel Corporation's earnings for the first quarter were disappointingly
small. In the face of improved operations, gross income dropped to $19,500,000 from $23,000,000 for the fourth quarter of 1930. Income available
for common stock was a shade over Sc. a share against 27c,for the preceding
three months.
The "Iron Age" composite prices for finished steel and pig iron are unchanged at 2.128c. a lb. and $15.79 a ton respectively. A comparative
table shows:
Finished Steel.
Based on steel bars, beams, tank plates
April 21 1931, 2.1280. a Lb.
2.1280. wire, rails, black pipe and sheets.
One week ago
2.1280.1 These products make 87% of the
One month ago
2 2420. United Stated output.
One year ago
Low.
High.
2.121c. Jan. 6
2 142e. Jan. 13
1931
2.121o. Dec. 9
2 362e. Jan. 7
1930
2.362o. Oct. 29
2 412c. Apr. 2
1929
2.3140. Jan. 3
2 391c. Dec. 11
1928
2.2930. Oct. 25
2 453c. Jan. 4
1927
2.4030. May 18
2 453c, Jan. 5
1926
2.396o. Aug. 18
2 5600. Jan. 6
1925
Pli1 Iron.
Based on average of basic iron at Valley
April 28 1931, $15.79 a Gross Ton.
515.79 furnace and foundry irons at Chicago,
One week ago
15.71 Philadelphia. Buffalo, Valley and BirOne month ago
17.67 mingham.
Ons year ago
Low.
High.
515.71 Feb. 17
515.90 Jan. 6
1931
15.90 Dee. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
19.46 July 13
21.54 Jan. 5
1926
18.96 July 7
22.50 Jan, 13
1925
Steel Scrap.
Based on heavy melting steel quo.
April 28 1931, 510.678 Gems Ton.
S10.75J tations at Pittsburgh, Philadelphia
One week ago
11.081 and Chicago.
One month ago
14.08
One year ago
Low.
High.
$10.67 Apr. 28
$11.33 Jan. 6
1931
11.25 Dec. 9
15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan, 29
1929
13.08 July 2
16.50 Dec. 31
1928
18.08 Nov.22
11
15.25 Jan.
1927
14.00 June 1
17.25 Jan. 5
1926
15.08 May 5
20.83 Jan. 13
1925
Prices of cold rolled sheets under the new classification system have been
announced by the American Rolling Mill Co. and several other makers
which have adopted the plan. The prices in the main conform closely to
present market levels on comparable grades, with some gages and qualities
slightly higher and some slightly below existing levels. Autobody sheets
are unchanged at 3.10c. for the base grade. Additional makers, including
the American Sheet & Tin Plate Co., are reliably reported to be preparing
to adopt similar classifications.
Further curtailment of pig iron producton is indicated at Chicago
and Pittsburgh, due to heavy furnace stocks. Some foundries are reported
to be using a larger proportion of scrap than usual due to the relatively
lower price of scrap than that of pig iron. In certain districts, consumers
are permitting dealers to throw down scrap on mill yards, with the understanding it is not ho be paid for until used. Furnace coke prices continue
to soften, and demand from foundries is tapering.
"Steel's" composite this week is off 2 cents to $31.49, due mainly to a
readjustment in pig iron prices in eastern Pennsylvania. The average
for April was $31.59, 7 cents less than the average for March.
Production of steel ingots in the week ended Monday
April 27 is estimated at about 48% of capacity, compared
with 49% in the preceding week and 503'% two weeks ago,
according to the "Wall Street Journal," April 29, which
goes on to say:
An analysis of current demand for steel according to its
numerous classifications fails to disclose any important line
which is not at a lower level than a week ago, says "Steel,"
April 30, in its summary of iron and steel markets. Yet it is
evident that the market is encountering increasing resistance
in this downward tendency; the movement is less pronounced
than it would be if certain underlying factors were not continuing to assert themselves, chief of which is that industries
are on a strictly consuming basis. "Steel" further goes on to
say:
After five consecutive weeks of slowly declining operations the rate this
week has risen fractionally to 49-50%, compared with 49% last week, and
-point rise at Buffalo,
57% at the spring peak six weeks ago. Except for a 5
and a half point decline in eastern Pennsylvania, operations in an important
districts are on the same plane as a week ago.
producing
Building construction and the automobile industry continue to be the
main supports of the steel markets, with pipe and railroads still notable
laggards. The former two, however, are retreating slowly. Except for
further weakness in scrap, adjustments in foundry iron in eastern Pennsylvania and the more manifest softness in sheet bars, the price situation is
unchanged. Barring a general reduction in wages, it still is believed that
prices are near the bottom.
Notwithstanding denials by the Ford Motor Co., reports of shrinkage
in demand from that source persist in reliable quarters. Three times
In April Chevrolet has expanded its steel requirements, and its production
now is practically on a par with that of Ford. Other automobile manuin Ford profacturers are proceeding at a steady pace. The slowing down
duction is principally responsible for the moderation in the sum total of
steel orders from the automobile industry.
Fresh structural inquiry this week totals 35,000 tons, exclusive of 75,000
tons of shapes and 28,000 tons of cable for the Golden Gate bridge at San
Francisco, bids on which close June 17. After a lapse of months, New York
is again buying subway steel, taking bids on 6,360 tons. Structural awards
this week. at 25,000 tons, compare with 21,100 tons last week. For 1931
to date structural awards total 756,597 tons; a year ago 571,555 tons.
Pipe business includes 12,000 to 15,000 tons for Columbia Gas & Electric
Corp.. booked by National Tube Co., and 9,000 tons for the Ohio Oil Co.,
booked by A. 0. Smith Corp. San Francisco opens bids May 6 on 35.000
tons of pipe for its Hetch-Hetchy project.
A preliminary estimate places the number of freight cars awarded in
April as 750, compared with 2,166 in March. Five hundred cars are on
active inquiry.
3247
FINANCIAL CHRONICLE
The United States Steel Corp. was down 1% to 50%, against 51% last
week and 53% two weeks ago. Leading independents were about unchanged
at a shade under 48%. Two weeks ago these companies were running 49%.
At this time last year United States Steel was in excess of 80%, independents at 75% and the average was a shade over 77%. In 1929 the peak
of production was being reached in the last week of April, with U. S. Steel
at 103% of theoretical capacity, independents around 99%,and the average
nearly 101%. In the same period of 1928 U. S. Steel was at 90%, independents 80%, and the average slightly over 84%.
-Higher
Anthracite Shipments During March 1931
Than in Corresponding Month in 1930.
Shipments of anthracite for the month of March 1931, as
reported to the Anthracite Bureau of Information, Philadelphia, amounted to 3,787,583 gross tons. This is a decrease as compared with shipments during the preceding
month of February, of 534,217 tons, and when compared
with the month of March 1930, shows an increase of 356,643
tons. Shipments by originating carriers are as follows:
Month of
Reading Co
Lehigh Valley RR
Central RR.of N.J
Del., Lack.& Western RR
Del.& Hudson RR.Corp
Pennsylvania RR
Erie RR
N.Y., Ont.& Westena Ry
Lehigh & New England RR
Total
March'31.
919,179
666.760
301,342
422,991
543,306
371,246
327,215
94,972
140,572
3,787,583
Feb.'31. March'30. Feb. '30.
749,522 1,011.368
928,804
780,574
505,913
712,751
440,059
309,486
391,685
675,923
589,196
565,713
628,402
437,805
616,012
450,950
368.474
423,708
246,439
385,057
400,293
147,350
103,114
85,688
189,024
121.011
197,146
4.321,800
3,430,940
4,708,707
Output of Bituminous Coal Declines-Pennsylvania
Anthracite'Production Higher.
According to the United States Bureau of Mines, Department of Commerce, there were produced during the week
ended April 18 1931, a total of 6,313,000 net tons of bituminous coal, 1,373,000 tons of Pennsylvania anthracite and
24,700 tons of beehive coke, as compared with 8,103,000
tons of bituminous coal, 818,000 tons of Pennsylvania
anthracite and 67,700 tons of beehive coke in the corresponding period last year and 6,784,000 tons of bituminous
coal, 1,260,000 tons of Pennsylvania anthracite and 25,400
tons of beehive coke in the week ended April 11 1931.
During the calendar year to April 18 1931, the total
production of bituminous coal amounted to 121,256,000 net
tons, as against 146,177,000 tons in the calendar year to
April 19 1930. The Bureau's statement shows:
BITUMINOUS COAL.
Production of soft coal continues to decline. The total output during
18, including lignite and coal coked at the mines, is
the week ended April
estimated at 6,313,000 net tons. This is a decrease of 471,000 tons. or
6.9%, from the preceding week, and sets a new low record for the year to
date. Production during the week in 1930 corresponding with that of
April 18 amounted to 8,103,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1931
8
193 al. Year
Cal. Year
to Date.a
Week.
to Date.
Week,
Week Ended8,248,000 129,817,000
W
7 214e 0 108,159,000
April 4
1,621,000
1,422,000
1.352,000
1,244,000
Daily average
8,257,000 138,074.000
6,784,000 114,943,000
April 11_6
1,604.000
1,376.000
1,337,000
1,131,000
Daily average
8,103,000 146,177,000
A ril 18c
6,313,000 121,256,000
1.587,000
1,351,000
1,318,000
1,052,000
Daily average
first week in January to equalize number
a Minus one day's production
to
of days in the two years. b Revised since last report. c Subject
revision.
year to
The total production of soft coal during the present calendar
net
April 18 (approximately 92 working days) amounts to 121.256,000
other recent calendar years
tons. Figures for corresponding periods in
are given below:
148,744,000 net tons
146,177,000 net tons11928
1930
186,321,000 net tons
161.740.000 net tons11927
1929
net tons
140,585,000
1922
total production
As already indicated by the revised figures above, the
week ended April 11
of soft coal for the country as a whole during the
the lowest figure recorded
1931, is estimated at 6,784,000 net tons. This is
output in the preceding week,
for any week in 1931, and compared with the
following table apportions
shows a decrease of 430.000 tons, or 6%. The
figures for the other recent
the tonnage by States and gives comparable
years:
3248
FINANCIAL CHRONICLE
Estimated Weekly Production of Coal by Slates (Net Tons).
Week Ended
April 1923
State
-Apr.11'31. Apr. 4'31. Apr. 12'30. Apr. 13'29. Average.a
Alabama
246,000
264,000
307,000
339,000
412,000
Arkansas
13,000
15,000
13,000
13,000
21,000
Colorado
78,000
143,000
96,000140,000
184,000
Illinois
793,000
907,000
857,000
788,000 1,471,000
Indiana
259,000
244,000
279,000
248,000
514,000
Iowa '
55,000
72,000
58,000
58,000
100,000
Kansas
43.000
50,000
33,000
30.000
79.000
Kentucky
Eastern
571,000
755,000
611,000
692,000
620,000
Western
139,000
157,000
196,000
177,000
188,000
Maryland
46,000
39,000
43,000
37,000
52,000
Michigan
3,000
9,000
8.000
7,000
22,000
Missouri
54,000
59,000
62,000
58,000
59,000
Montana
44,000
30,000
38,000
51,000
42,000
New Mexico_
28,000
36,000
45,000
31,000
59,000
North Dakota_ -13,000
22,000
20,000
26,000
16,000
Ohio
407,000
368,000
365,000
384,000
766.000
Oklahoma
30,000
24,000
33,000
35,000
49,000
Penna. (bitum.)- 1,857,000 1.869,000 2,403,000 2,529,000 3,531,000
Tennessee
101,000
89,000
89,000
98,000
121,000
Texas
12,000
9,000
21,000
10,000
20,000
Utah
45.000
45,000
90,000
62,000
70,000
Virginia
203,000
186,000
215,000
185,000
249.000
Washington
38,000
28.000
28.000
50,000
35.000
West VirginiaSouthern_b_
1,233,000 1,290,000 1,577,000 1,551,000 1,256,000
Northern_c
589,000
483,000
614,000
476,000
778,000
Wyoming
85,000
88,000
110,000
92,000
116.000
Other States_d
3,000
1,000
4,000
2,000
6,000
Total bitum's_ 6,784,000 7,214,000 8,257,000 8,399,000 10,836,000
Penn. anthracite 1,260,000
775,000 1.041,000 1,100,000 1,974,000
Total all coal
8,044,000 7,989,000 9,298,000 9.499,000 12,810,000
a Average weekly rate for the entire month. b Includes operations on
the N.& W., C.& 0.. Virginian, and K. & M. c Rest of State, including
Panhandle. d Figures are not strictly comparable in the several years.
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended April 18 is estimated at 1,373,000 net tons. Compared
with the output in the preceding week, this shows an increase of 113,000
tons, or 9%.
[VOL. 132.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1931
1930a
Daily
Daily
Week EndedWeek.
Week.
Avge.
Avge.
April 4
775,000
879,000
155,000
175,800
April 11
1,260,000
1,041,000
210,000
173,500
April 18
1,373,000
818,000
136,300
228.800
a Figures for 1930 revised slightly to insure comparability with 1931.
BEEHIVE COKE.
Production of beehive coke during the week ended April 18 is estimated
at 24,700 net tons in comparison with 25,400 tons in the preceding week.
and 67,700 tons during the week in 1930 corresponding with that of April
18. The total production from Jan. 1 to April 18 amounts to 544,000 tons
as against 1.080,300 tons in 1930. This indicates a decrease during 1931,
to date, of 536,300 tons, or 49.6%. The following table apportions the
tonnage by regions.
Estimated Weekly Production of Beehive Coke (Net Tons).
.
Week Ended
1930.
1931.
Regionto Date.a
Aps.18'31.b Aps.11'31.c Aps.19'30. to Date.
Penn., Ohio & W Va_ 21,200
948,500
480,600
60,000
21.600
Tenn. and Virginia__ 2,900
90,200
48,300
3,100
5,800
Colo., Utah & Wash_
41,600
15.100
1,900
700
600
United States total 24,700
67,700
544,000 1,080,300
25,400
Daily average
11,616
5,849
11,283
4,233
4,117
a Minus one day's production first week in January to equalize number
of (lays in the two years. 13 Subject to revision. c Revised since last
report.
The total output of by-product coke for the 31 days of March amounted
to 3,256,289 net tons, or 105,042 tons per day. This compares with a total
of 2,897,866 tons in February, and an average of 103,495 tons for the 28
days of the month. Beehive coke production during the month of March
is estimated at 149,300 tons in comparison with 162,900 tons in February.
The daily rate of output in March was 5,742 tons as against 6,788 tons in
February.
The total quantity of coal consumed in the production of coke during
the month of March is estimated at 4,901,600 net tons, of which 4,670.300
tons was used in by-product ovens and 231,300 tons in beehive ovens.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended April 29, as reported
by the Federal Reserve banks, was $924,000,000, a decrease
of $41,000,000 compared with the preceding week and of
$95,000,000 compared with the corresponding week in 1930.
After noting these facts, the Federal Reserve Board proceeds as follows:
On April 29 total Reserve bank credit amounted to $936,000,000, an increase of $25,000.000 for the week. This increase corresponds with increases of $28,000,000 in member bank reserve balances and $13,000,000 in
money in circulation, offset in part by increases of $8,000,000 in monetary
gold stock and 85,000,000 in Treasury currency.
Holdings of discounted bills increased $7.000,000 at the Federal Reserve
Bank of San Francisco, $5.000.000 at Cleveland, 83,000,000 each at Boston
and Philadelphia and $20.000,000 at all Federal Reserve banks. The
System's holdings of bills bought in open market increased $18.000,000,
and of Treasury certificates and bills $5,000,000, while holdings of United
States bonds declined 86,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not previously included in the condition statement,such as monetary
gold stock and money in circulation. The Federal Reserve
Board explanation of the changes, together with the definition of the different items, was published in the May 31 1930
issue of the "Chronicle," on page 3797.
The statement in full for the week ended April 29, in
comparison with the preceding week and with the corresponding date last year, will be found on subsequent pages
namely, page 3289 and 3290.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
April 29 1931 were as follows:
Bills discounted
Bills bought
United States securities
Other Reserve bank credit
Increase (+) or Decrease (-)
Since
Apr. 291931. Apr.22 1931. Apr. 30 1930.
$
155.000,000 +20 000 000
-78,000,000
170,000,000 +18.000.04)0
-40,000,000
598,000,000 -1,000,000
+68,000,000
13,000,000 -13.000,000
-20,000,000
936,000,000 +25,000,000
TOTAL RES'VE BANK CREDIT
4,721,000,000 +*8,000,000
Monetary gold stock
1,783,000,000 +5,000,000
adjusted
Treasury currency
-70,000,000
+231,000,000
-8.000.000
4,625,000,000 *+13,000,000
Money in circulation
2.408.000,000 +28,000,000
Member bank reserve balances
Unexpended capital funds, non-mem408,000,000 -2,000,000
ber deposits, &c
+140,000,000
+23,000.000
-18,000,000
* April 22 figure revised.
Returns of Member Banks for New York and Chicago
--Brokers' Loans.
Federal Reserve Districts
returns for June 29 1927, the Federal
Beginning with the
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks in the
different cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks for the current
week as thus issued in advance of the full statement of the
member banks, which latter will not be available until the
coming Monday. The New York statement, of course, also
includes the brokers' loans of reporting member banks.
Since Dec. 11 1930 the totals are exclusive of figures for the
Bank of United States in this city, which closed its doors
on that date. The last report of this bank showed loans
and investments of about $190,000,000. The grand aggregate of brokers' loans the present week records a decrease
of $114,000,000, the total on April 29 1931 standing at
$1,730,000,000. The present week's decrease of $114,000,000 follows a decrease of $5,000,000 last week and an increase of $27,000,000 in the preceding week. Loans "for
own account" decreased during the week from $1,350,000,000
to $1,286,000,000; loans "for account of out-of-town banks"
decreased from $270,000,000 to $243,000,000, and "loans
for account of others" from $224,000,000 to $219,000,000.
CONDITIONS OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Apr. 29 1931. Apr. 22 1931. Apr. 301930,
Loans and investments-total
7 834,000.000 7,880.000,000 7,947,000.000
Loans-total
5,207,000,000 5,311,000,000 5,969.000,000
3,003,000,000 3,083,000,000 3,511,000,000
2,204,000,000 2,248,000.000 2,458.000,000
On securities
All other
2.627.000,000 2,569,000,000 1,977,000,000
Investments-total
U. B. Government securities
Other securities
1,445.000,000 1,393,000,000 1.112,000,000
1,182,000,000 1,176,000,000 866,000,000
Reserve with Federal Reserve Bank...-. 833,000.000
Cash in vault
49,000,000
793,000,000 782,000,000
42,000,000 47.000.000
Net demand deposits
Time deposits
Government deposits
5,764,000,000 5,775,000,000 5.625,000,000
1,251,000,000 1,214.000,000 1,344,000,000
55,000,000
73,000,000
33,000.000
Due from banks
Due to banks
95,000,000 108,000,000 147,000,000
1,160,000,000 1,144,000,000 1,030,000.000
Borrowings from Federal Reserve Bank-
12,000.000
Loans on secur, to brokers & dealers:
For own account
1,268,000,000 1,350,000,000 1,695.000,000
For account of out-of-town banks
243.000,000 270.000,000 1,183.000,000
For account of others
219.000,000 224.000.000 1,397,000,000
TotaL
On demand
On time
1,730,000,000 1,844,000,000 4.274,000,000
1,382.000,000 1,489,000,000 3,697,000.000
348,000.000 355,000.000 577,000,090
Mar 2 1931.]
Chicago.
Apr. 29 1931. Apr.22 1931. Apr.30 1930.
3
2,011,000,000 2,005,000,000 1,863,000,000
Loans and investments
-total
Loans-total
1,341,000,000 1,358,000,000 1,492,000,000
On securities
All other
163,000,000
209,000,000
177,000,000
18,000,000
192,000,000
13,000,000
1,215,000.000 1,198,000,000 1,258,000,000
.
697,000,000 697,000,000 538,000,000
14,000,000
18,000,000
3,000,000
2,000,000
116,000,000
328,000,000
2,000,000
13,752,000,000
7.358.000,000
275,000,000
-59.000,000
+54,000,000
-120,000,000
+297,000,000
+324,000,000
+167,000,000
1,686,000,000
3,680,000,000
-118,000,000
-218,000,000
+531,000,000
+883.000,000
21,000,000
+2,000,000
-37,000,000
Due from banks
Due to banks
Borrowings from Fed. Res. banks-
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. It is important to note
that beginning with the statement of Dec. 31 1927 several
very important changes have been made. They are as
follows: (1) The statement is dated for the end of the month
instead of for the first of the month; (2) gold held by Federal Reserve banks under earmark for foreign account is
now excluded, and gold held abroad for Federal Reserve
banks is now included; (3) minor coin (nickels and cents)
has been added. On this basis the figures this time, which
are for March 31 1931, show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$4,607,913,611, as against $4,620,413,509 Feb. 28 1931
and $4,549,188,947 March 31 1930, and comparing with
$5,698,214,612 on Oct. 31 1920. Just before the outbreak
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MONEY OUTSIDE OF THE TREASURY.
+63,000,000
-7,000,000
g
a
1-..;
MONEY HELD IN TREASURY
Net demand deposits
Time deposits
Government deposits
+22,000,000
+6,000,000
a
C . 03l0' a
ca 0.
la a a a it t
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.
Total.
Reserve with Federal Res've banks 1,790,000.000
Cash in vault
214,000,000
co
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Other
Money.
-9,000,000 +1,095,000,000
+64,000,000 +963,000,000
be
0
Held by
Federal
Reserre
Banks
and
Agents. e
U. S. Government securlties___ 3.968,000,000
Other securities
3,880,000,000
Cl
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+55,000,000 +2,057,000,000
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7,848,000,000
03
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-4
OC
0
Amt. Ileld in Res've Mann
Trust Against United States
Notes
Gold and Silver
Certificates (at (and Treasury
Notes
Treasury Notes
of 1890).
of 1890).
Investments-total
0
Or
0
C.
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s t
1. Is,
0
6.738,274,839
-56,000.000 -1,188,000,000
-63,000,000 -628,000,000
V
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....
=8.8 t',3 4
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.
0
V
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2,237,433,846
7,138,000,000
8,001,000,000
On securities
All other
0
1
-119,000,000 -1,816,000,000
4.
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8r-1.182
6.734.579.534 2,114.166,0214.620,413,509
6.203,718,680 1.654,529 733 4 549 188 947
6.761,430.672 1,063.216 060 5 698 214 612
5.126.267,436 953,321.522 4,172,945,914,
13,458,059,755:
3,458,059,755
816,266,7211
816.266.721
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on April 22 shows decreases for the week of
$64,000,000 in total loans and investments, $59,000,000 in net demand
deposits and $120,000,000 in Government deposits, and an increase of
$64,000,000 in time deposits.
Loans on securities declined $21,000.900 at reporting banks in the
Chicago district, $19,000.000 in the New York district, $9,000.000 in the
Cleveland district, and $56,000,000 at all reporting banks. "All other"
loans declined $26,000,000 in the Boston district, $16,000,000 in the
Philadelphia district, $11,000,000 in the Cleveland district, $7,000,000 in
the New York district and $63,000.000 at all reporting banks.
Holdings of 'United States Government securities declined $22,000,000
In the New York district, $8,000,000 in the St. Louis district and $9,000.000
at all reporting banks, and increased $19,000,000 in the Cleveland district.
Holdings of other securities increased $33,000,000 in the New York district,
$.3.000.000 in the San Francisco district, $7,000,000 in the Chicago district
and $64,000,000 at all reporting banks.
Borrowings of weekly reporting member banks on April 22 aggregated
$21,000,000, the principal change for the week being an increase of $5,000,000 at the Federal Reserve Bank of New York.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
April 22 1931, follows:
Increase (+) or Decrease (-)
Since
April 22 1931. April 15 1931. April 23 1930.
8
$
$
-64,000,000 +241,000,000
Loans and investments-total__ _22,987,000,000
n
a.
-. .
.
.
. ..03
158.039,088 10575,421,578
156,039,088 1,894,966.684
152,979,026 1,212,360,791
152,979,026
150,000,000
inn 000000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
this previous week, namely the week ended with the close of
business on April 22:
1 ;Zisi
2
.9
,
:
a
.,..
....
a
.
a liow.0
aaao
,
a ni3003. taaa=
b '00
0a
0 D0 0 03 CO 0 b
14 - a In la la a
00
a ,-LI
:
Total
Borrowing from Federal Reserve Bank
170,000,000
362,000,000
was
Zggg..4.3.52masS
0
—
184,000.000
355,000,000
Due from banks
Due to banks
8,598.058,403
344,000,000
303,000,000
wwwwnzl4P4
so
03
0000000
03405
I
372,000,000
190,000,000
17,000,000
Net demand deposits
Time deposits
Government deposits
647,000,000
368,000,000
302,000,000
Reserve with Federal Reserve Bank
Cash in vault
890,000,000
601,000,000
670,000,000
U. S. Government securities
Other securities
822,000,000
536,000,000
of the World War, that is, on June 30 1914, the total
only $3,458,059,755. The following is the statement:
C)
,5! 45W 4.1Wg
4!
§!
' rPlF ig 9
9
r *tillE 0
.75
-a.- . 5 = '
I
8,560,358,013 04.080.217.5682,254.439.089
8,361,374,774 c3,950,958,4481 1.793,302,354
8,479,620,824 c2,436.864,530 718,674,378
5,396.596,677 c2,952,020,313 2,681.691,072
3,796,456,764 c1,845.575,88811,507.178,879
1 nn., AO. AOR
,019 /19A AA9
91 009 040
803,000,000
538,000,000
Investments
-total
Loans-total
3249
FINANCIAL CHRONICLE
..g.
MCM
1
4 •=J
4
•-..
5 r) ...,?.. .
l'• n i.s.'2
g
E
a Does not include gold bullion or foreign coin other than that held by the Treasury, Federal Reserve banks and Federal Reserve agents. Goid held by Federal
Reserve banks under earmark for foreign account is excluded, and gold held abroad
for Federal Reserve banks is included.
b These amounts are not included in the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 is Included under gold coin
and bullion and standard silver dollars. respectively.
c The amount of money held In trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money in the United
his otal includes $32,647,888 gold deposited for the redemption of Federal
Stadtes.t
Reserve notes (8610,005 in process of redemption), $29,063,874 lawful money deposited for the redemption of National bank notes ($16.389,871 in proems of redemotion, including notes chargeable to the retirement fund). $1,350 lawful money
deposited for the retirement of additional circulation (Act of May 30 1908),and
$10,769,802 lawful money deposited as a reserve for postal savings deposits.
e Includes money held by the Cuban agency of the Federal Itt.aerve bank of
Atlanta.
f The money in circulation includes any paper currency held outside the continental limits of the United States.
Note.
-Gold certificates are secured dollar for dollar by gold held In the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
silver dollars held in the Treasury for their redemption; United States notes are
secured by a gold reserve of $156,039.088 held in the Treasury. This reserve fund
may also be used for the redemption of Treasury notes of 1890. which are also
secured dollar for dollar by standard silver dollars held in the Treasury: these notes
are being canceled and retired on receipt. Federal Reserve notes are obligations
of the United States and a first lien on all the assets of the issuing Federal Reserve
bank. Federal Reserve notes are secured by the deposit with Federal Reserve
agents of a like amount of gold or of gold and such discounted or purchased paper
as Is eligible under the terms of the Federal Reserve Act. Federal Reserve banks
must maintain a gold reserve of at least 40%. including the gold redemption fund
Which must be deposited with the United States Treasurer. against Federal Reserve
notes in actual circulation. Lawful money has been deposited with the Treasurer
of the United States for retirement of all outstanding Federal Reserve bank notes.
National bank notes are secured by United States bonds except where lawful money
has been deposited with the Treasurer of the United States for their retirement. A
5% fund is also maintained In lawful money with the Treasurer of the United States
for the redemption of National bank notes secured by Government bonds.
Gold and Silver Imported Into and Exported From the
United States, by Countries in March 1931.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report (figures subject to revision), showing the
importsland exports of gold and silver into and from the
3250
FINANCIAL CHRONICLE
United States during the month of March 1931. The gold
exports were only $25,687. The imports were 825,660,559,
of which $11,601,084 came from Argentina, $4,032,200
came from Mexico and $2,996,079 came from Colombia. Of
the exports of the metal, $15,000 went to Hong Kong and
$8,687 went to Canada. Below is the report:
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO UNITED
STATES BY COUNTRIES DURING THE MONTH OF MARCH 1931.
GOLD.
Countries.
Tota!
Exports, Imports.
Dollars. Dollars.
Belgium
France
Germany
Spain
United Kingdom..
Canada
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Mexico
Trinidad 4: Tobago
Other Brit. W.
Cuba
Dominican,Repub..
Dutch West Indies
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
British Malaya...
China
Java & Madura._
OtherDutch E.Ind.
Hong Kong
Japan
Philippine Islands_
New Zealand
Total
SILVER.
Refined Bullion.
Total (Incl. Coin).
Exports. Imports. Exports. Imports.
Ounces. Ounces. Dollars. Dollars.
.
.
[Vol 132.
could very properly call such a conference. China is suffering more than
any other country, although all silver-using countries are suffering from
the unnatural depressed price of silver.
Many supposedly well-informed business men in the United States have
an idea that the depressed price of silver only affects the silver producer.
They do not realize that it affects the purchasing power of over half of
the people of the world and the commerce of every country.
China is not embarrassed by the question of war debts, as she has none.
She is not embarrassed by reason of the locking up of gold in the central
banks of a few countries, because she has no gold to speak of and is not
on a gold standard basis but on a purely silver basis.
Personally, I know of no reason why the United States should not accept
such an invitation, as it would unquestionably be to the interest of the
United States to do so. Every government, in my opinion, would feel it
its duty to its business men and its commerce and trade to be present
at such a conference.
2,000
50,400
600
2,040
8,362
49,169
2,456
14,751
14,600
486
680.686
2,372,078
8,687
921,900
158,106 969,876 169,925 406,452
26,000
7,090
20.131
88,451
26,272
333,689
5,814
180
37,494
3,682
1,500
1,921,492
42,100 1,053,169
4,032,200
2,250
74,480
2,000
333
500
525
586
135
25,157
28,465
335,800
2,886
11,601,084
7,559
15,000
16,000
44,098
13,064
24
80
2,996,079
4,098
195,244
140,453
164,888
1,230,000
17,298
330,517
1,171.199
4,920
1,076,458
3,693,543
93,691
30,275
311,384
200
15,000 1,612,034
1,585,925
2,812
316,871
29
8
16,514
25,637 25,660,559 7,462,016 3,319,037 2,322,664 1,821,341
Sir Josiah Stamp Sails for England Following Conclusion of Inquiry by Royal Grain Commission
into Canadian Grain Marketing Methods.
Sir Josiah Stamp, the British economist, who arrived In
New York on April 8, to head the Royal Grain Commission
delegated to inquire into grain marketing methods in Canada, sailed from New York for England on April 29 on
the steamer Mauretania. The hearings, as we indicated
in our issue of April 18 (page 2874), opened in Winnipeg
on April 13 and the proceedings of the first three days of
the inquiry were referred to in the item indicated. The
Commission, after hearings at Regina and Calgary, returned
to Winnipeg where its final Canadian hearing was held on
April 22. Later it visited Chicago; regarding its session
at the latter city we quote the following Chicago dispatch
April 24 to the New York "Times":
Chicago grain brokers and others told the Royal Grain Commission of
Canada to-day their opinions as to the effect grain futures trading has
upon the price to the farmer producer.
The session was held behind closed doors, but Sir Josiah Stamp, Chairman of the Commission, reported that some of the Chicago grain men
were distinctly of the opinion that futures trading affected the price to
the producer, giving the farmer a better price.
He indicated that a report signed by himself and by Chief Justice W.
Sanford Evans of Winnipeg and Chief Justice Frederick P. Brown of
Regina, Sask., will be submitted to Ottawa when it is completed, probably Monday in New York.
Among those who conferred with the Commission were James 0. Murray, President of the Board of Trade, and John L. Brunnell, past President.
Senator Pittman to Sail for China on May 16 to Study
Causes of Depressed Trade With That Country-Hopes United States Will Take Leadership in
Matter of International Conference on Silver.
While it would be unfortunate If the United States failed
As to the Chicago hearing we also take the following
to call an international conference to promote the monetary from the Chicago "Journal of Commerce" of April 25:
value of silver, Canada, China or any other government
Grain futures trading was defended here yesterday at the meeting of the
could take the initiative, Senator Pittman (Dem.), of Royal Grain Commission of Canada, Sir Josiah Stamp, financier, economist and Chairman of the Commission, indicated at the noon recess.
Nevada, said in a statement made public April 25. The
The meeting was behind closed doors, but Sir Josiah reported that
"United States Daily" of April 27, in thus reporting the Chicago grain men who appeared as witnesses maintained that futures
trading not only was sound, but also resulted in a better price for the
Senator, continued:
The Senate last February adopted a resolution requesting the President
to call an international conference on silver. Senator Pittman said the
President has not yet acted, and that there has been sonic opposition to
such a conference bemuse of the possible attempt of certain governments
to include international debt settlements and other financial questions in
the conference agenda.
The statement made public on Senator Pittman's behalf follows in
full text:
Senator Key Pittman, Chairman of the subcommittee of the Foreign
Relations Committee on Commercial Relations with China, will sail from
Seattle for China an May 10 to make further studies of the causes of
the depressed condition of our trade with China and remedies that may be
put in force to remove such depression.
Senator Pittman, in reply to a question as to whether he had conferred
with the President relative to what action he had taken or would take
relative to the request of the Senate contained in Senate Resolution 442
requesting the President to call or obtain an international conference for
the purpose of agreeing with other governments, if possible, to suspend
the policy and practice of melting up silver coins and disposing of them
as bullion, and for the further purpose of agreeing, if possible, upon the
status and use of silver as money, stated that he had not conferred with
the President, as he had not received any invitation for a conference, and
the matter now was entirely in the hands of the President.
He stated that press dispatches had come to his notice, which, if authorized, would indicate that the President is not proceeding to carry out
the request of the Senate contained in the resolution, but that he had no
personal confirmation with regard to the facts.
He admitted that, from some quarters, there was opposition to the call
by the President for fear that certain governments would attempt to
enlarge the scope of the conference to include debt settlements and other
financial questions.
The Senator said further:
Personally, I cannot see any sound justification for this timidity. If
conference, as
the President invited the governments of the world to a
requested in the Senate resolution, he could properly and justifiably decline
to extend the scope of the inquiry.
governments except posThere is hardly a doubt that substantially all
invitation without proposed
sibly four or five would accept the President's
probably would be some comchanges in the agenda. There might and
the governments refusing to
mercial advantage to the United States over
treaties between the conferring powers
participate. It is conceivable that
commercial relations between
could be initiated that would make very close
obstructions to trade and commerce
such treaty powers, and remove many
would then so develop that
between such countries. In fact, the situation
such a conference.
no government could justify its absence from
did not take the leadWhile it would be unfortunate if our Government
any government from
ership in the matter, there is nothing to prevent
considerable talk in Canada
extending such an invitation. There has been
a conference. China
among its statesmen of the advisability of calling such
producer.
Says Testimony Is Frank.
Sir Josiah, who is Chairman of the London, Midland and Scottish Railway and President of the Bank of London, said in part:
"Naturally, they (grain operators) want to protect their interests by
such statements, but their talks to-day were frankness itself. We discussed views on the purpose of hedging and the movement of grain. Subject to differences in market conditions, we have obtained in Chicago
views that are comparable to those obtained in previous conferences of
this kind in Winnipeg and Minneapolis."
Meeting Behind Closed Doors.
Leading Chicago grain men testified before the Commission, which In
addition to Sir Josiah is composed of Chief Justice J. P. Brown of Regina
and W. Stanford Evans of Winnipeg.
The first witness, L. N. Perrin, Chairman of the Business Conduct
in which his
Committee of the Board of Trade, explained the manner
assure concommittee regulates the conduct of board members so as to
act.
formity to trading rules of the grain futures
Others who appeared were John R. Mauif, of E. A. Pierce & Co.; James
Norris, President of the Norris Grain Co.; E. L. Glaser, Chairman of
Rosenbaum & Co., and Fred Uhlmann, President of the Uhlmann Grain co.
From the Toronto "Globe" we take the following special
advices from Ottawa April 26:
Three things of especial interest to the grain-growers of Canada, and of
considerable concern to business men selling in the Prairie market, are
the report of the Royal Commission, headed by Sir Josiah Stamp; the
conference of grain exporting countries, to be held in London in May,
and presided over by Hon. G. Howard Ferguson, and the adjourned Empire
Economic Conference, scheduled for Ottawa in August. Upon the conclusions of these bodies may depend to some extent the marketing of
Canadian grain, and the prices to be obtained by the growers.
The findings of the Royal Commission will be in the hands of Premier
Bennett within the next fortnight, and, while it is not to be expected
that speculative trading in grain will be entirely condemned as injurious
to the farmer, it is conceivable that certain recommendations will be made
regarding legislation for the correction of abuses which have developed
in connection with the Winnipeg Grain Exchange.
• •
•
Prospects of Quota.
As to the Empire Economic Conference and the proposed wheat quota,
which is being explored as one of the solutions of Canada's economic
troubles, grain growers are warned not to bank too much on the quota. If
Britain does agree to take, say 35% of her imports requirements from
Canada, it will be at the world price, and not at some special price that
will provide a premium for Canadian wheat. Britain will not buy wheat
from Canada if it is to cost more than wheat from Australia or Argentina
or even Russia. Moreover, if Canadian wheat displaces Russian wheat in
ay
M 21931.]
FINANCIAL CHRONICLE
the British market, Canada will have to meet the competition of that
Russian wheat in some other market of Europe. The trade in grain is
An international trade, and prices are dictated by supply and demand.
When there is a world surplus it is impossible for the exporting countries to dictate the price. Canada's growers will have to accept the world
price, quota or no quota.
Meanwhile the Dominion Government has arranged with Governments
of the Prairie Provinces to supply seed grain to farmers who have neither
seed nor credit. It is not, however, a gift, but a loan which must be
-repaid. In the event of a loss, the Dominion Government will assume 50%
and the Provinces and the municipalities 25% each. There is one fly in the
ointment: Some of the municipalities in the burnt-out districts of the West
are in a semi-bankrupt condition, and hesitant about assuming financial
obligations. As the seed is being distributed through the municipalities,
this attitude is proving embarrassing to some farmers.
At Winnipeg on April 15 overnment control of trading in grain futures loomed prominently as a discussion
topic at the session of the Royal Commission inquiry into
the effect of futures trading on the price of grain. A
Canadian Press dispatch to the Toronto "Globe" from which
we quote, also said in part:
Commissioner clashed with Commissioner on extent of the inquiry's
scope, and Commissioner argued with counsel on a legal point of the
Canada Grain Act.
For three hours Dr. James E. Boyle, Cornell University's nationally
known expert on rural economy, outlined to the Commission his views.
He supported the futures market as fulfilling a service to the grain trade
And increasing the price to the producer. The only other witnesses of the
day—a Canadian economist, a miller and a farmer—also supported the
futures system.
"Bad Man" Somewhere?
Chief Justice J. T. Brown of Saskatchewan, appointed to the Commission by Prairie Governments, came into passing conflict with Commissioner W. Sanford Evans, grain trade appointee. Commissioner Brown was
interrupted when he expressed a feeling on the part of the Western farmer
that there is a "bad man" lurking in the grain exchange outside of the
"bull" and the "bear."
'What do you mean by grain exchange?" interjected Commissioner
Evans. "The gain exchange does not control the futures market. Are you
not going beyond the scope of this Commission to inquire into the effect
of futures trading?"
Sir Josiah Stamp, world-famed British economist, and head of the Commission, intervened. "I think that if in the actual happening of futures
trading there is some ingredient which makes it injurious to the producer,
we must pursue that ingredient," he said. "I would agree with Chief
Justice Brown, but caution him not to go beyond futures trading in his
questions. I do not believe he has done so."
Commissioner Brown engaged in a brief verbal duel with Isaac Pithlado,
E. C., counsel for the Winnipeg Grain Exchange, on a Grain Act provision.
The Commissioner believed that elevator men were forced to accept garin
at all times from farmers, if offered at the market price. Mr. Pitblado
differed, and the matter was passed by. Reference to the official cashpurchase ticket would indicate that Mr. Pitblado was correct.
Extend Board Duties.
Suggestions that the duties of the three-man Canadian Board of Grain
Commissioners might be extended •to include some type of supervision over
futures trading was expressed by Commissioner Brown in his questioning of Dr. Boyle. He asked whether selling and buying of the great
prairie crop might not well be overlooked by the men who supervise the
movement of hundreds of millions of bushels of grain from harvest field to
seaboard.
Details of the hearing on April 16 at Winnipeg as given
In Canadian Press accounts in the Montreal "Gazette" are
quoted in part as follows:
Some grain exchange members like to see a "wild" market, Sir Josiah
learned to-day after questioning George E. Cathcart, large-scale speculator, in his characteristically deft and clear-thinking style. Mr. Cathcart, appearing for the second time before the Commission explained to
the Commission the use of "bids" and "offers," which are privileges granted
in a half-hour period after the market closes, to sell or buy the following
day at stipulated prices below or above the market close of the current day.
Privileges Remove Risk.
Mr. Cathcart said that these privileges served to protect exporters who
offering a great deal of grain overnight, against fluctuations
might be
the following day; they also would protect a trader who was "long"
against a sudden drop. The speculator-witness believed that "bids" and
"offers" widened the market, and improved prices by their removal of risk.
"If the grain market continued overnight, which God forbid, you wouldn't
have any need for privileges?" asked Sir Josiah.
"No," agreed Mr. Cathcart.
"Do you ever have privileges of this type extending for a week, say,
Instead of overnight only?"
"Yes, and for two weeks, and rarely for longer periods."
"You have said that privileges have been organized only a very few
months under the supervision of the grain exchange," said Sir Josiah, referring to the ruling whereby privileges are limited to a half-hour instead
of being allowed during market hours. "Why was that done?"
"Well, some of the grain exchange members opposed privileges because
it limited fluctuation?"
"Is that not a virtue? Futures trading has been referred to as advantageous because it limits fluctuation."
"Yes, but some grain-exchange members like to see a wild market."
"Ah, thank you," said Sir Josiah.
Mr. Cathcart discounted the suggestion from the chairman that trading in privileges in the afternoon might determine the finish of the
market the following day. But he admitted, after questioning, that if
the market price went through the stipulated privilege quotation toward
the close of the market, the rush of privilege transactions might stop a
break at the end of the day.
"Is the public impression that the gambling element is added to by
privileges erroneous?" asked Sir Josiah.
"Yes, I think so. I do not know what gambling is except what I have
seen in the dictionary, and I have never seen gambling in that sense
3251
on the grain exchange." (The Oxford dictionary defines gambling as a
"risky undertaking or attempt.")
"I have almost come to the conclusion that there is no such thing as
gambling since I have been sitting on this Commission," commented Sir
Josiah.
Only four other witnesses were heard during the day's session, which
terminated in mid-afternoon when no further witnesses were forthcoming.
Sir Rodmond P. Roblin, Premier of Manitoba from 1900 to 1915, and
W. L. Parrish, both with experience in the grain trade since before the
Introduction of futures in 1904 at Winnipeg, spoke at the afternoon
session. In the morning A. C. Reid, elevator man, and F. 0. Fowler,
Manager of the Winnipeg Clearing House, testified.
New data was added by Mr. Reid, Assistant Manager of the Western
Elevator Company, to the estimate by James A. Richardson, prominent
grain man, that non-pool farmers hold about half of their grain unprotected by hedges. Mr. Richardson's testimony had indicated that only
one-quarter of the west's grain is hedged, since none of the pool wheat,
roughly half of the crop, is protected by futures sales.
Quoting the monthly figures of 20 elevator firms, which handled 78,434,205 bushels of the 115,054,448-bushel non-pool portion of the 1929-80
crop, Mr. Reid indicated that at the end of 1929, only three-quarters of the
total receipts were hedged. This would mean three-eighths of the aggregate, including pool wheat, which had been delivered to elevators. In
addition stands the undelivered wheat on the farm, which, presumably, is
mostly unhedged.
Support of the futures market as cutting down handling cost by reducing risks was expressed by Sir Rodmond, P. Roblin, Mr. Parrish, and
Mr. Fowler. Sir Rodmond and Mr. Parrish believed a far smaller proportion of the grain's value—difference extending to 10 or 15 cents per
bushel—was returned to the farmer before the advent of the futures system. Sir Redmond, oddly enough, in 1908 passing legislation placing the
Grain Exchange under the supervision of the Court of King's Bench,
and the Exchange cancelled its charter, reorganizing as a voluntary
association.
Mr. Fowler believed the futures system the only way of handling grain
economically and efficiently, and did not think that any form of insurance
could be obtained as cheaply as the futures service.
The April 17 hearing was held at Regina and as to this
the Toronto "Globe" in Canadian Press advices said:
Canada's Wheat Pool threw down the gauntlet to-day before the Royal
Commission on Grain Futures and avowed willingness to accept challenges
of the grain trade to lay bare facts and figures relevant to the probe.
But Sir Josiah Stamp, Commission Chairman, stepped between the duelling
parties and quelled a threatening fray.
For the first time since the Commission, appointed by the Dominion
Government, opened its sessions five days ago, Sir Josiah indicated that
internal matters of the Pool will not be drawn into the inquiry. His ruling
to-day followed a near-clash between Commissioner W. Sanford Evans,
grain trade nominee, and Cal. 0. M. Biggar, K. C., counsel for the Wheat
Pool.
Commissioner Evans halted John Millar, producer witness, of Indian
Head, Sask., when he referred to publicity from grain finns forecasting
trend of the market. The Commissioner asked whether similar Wheat
Pool propaganda should not be produced.
Accepts Challenye.
"The Pool is perfectly. willing to accept the challenge that has been
advanced from time to time," announced Col. Biggar, jumping to his feet,
"if the Commission considers its remit extends to include this matter."
"Do you object to putting in evidence in full in a matter on which it
has been put in on one side?" questioned Commissioner Evans.
"I am not objecting," answered Col. Biggar, who had not previously
entered into examination of witnesses. Turning to Sir Josiah, he added:
"I ask only the Commissioner's ruling on the question."
"I do my best to keep witnesses—and my colleagues—within the remit
of the inquiry," commented Sir Josiah, "but sometimes I cannot prevent
witnesses' or counsel's feet being pushed into the Pool."
"But I think the witness should not be pushed into the Pool," interjected
Col. Biggar.
"I do not want to know what the Pool does or does not do as a policy,"
ruled Sir Josiah, "but do not try to frighten me. If we go into the Pool
we will all go in together."
Six Oppose System.
Eleven witnesses testified during the hurried session, which terminated
only in time to allow the Commissioners to catch the train west to
Calgary, where a sitting is to be held to-morrow. All of to-day's witnesses
were producers of grain, six opposing the futures system and five favoring
the plan at least in some way.
Seventy million dollars was taken out of Saskatchewan in 1929 by
speculative grain losses, estimated A. F. Sproule, of Lafleche, Sask.
Speaking as a producer, though he is a Pool director, Mr. Sproule said
he had made a personal survey of the matter and deducted 25% for possible errors. The $70,000,000, he said, went to protect the grain trade.
Saskatchewan—or some such pioneering area—must take the first step
toward some new plan to eliminate futures, believed Mr. Sproule. He
referred presumably to the 100% Pool plan in Saskatchewan and its possible extension to a national and international basis.
the
Asked his attitude toward a world-wide insurance system to cover
risk of handling, instead of futures, Mr. Sproule remarked that all organia
zations provide a sinking fund and he thought the plan would be on
similar business basis.
of
A touch of levity was added to the hearing by the jovial evidence
78-year-old George Langley, one-time Minister of Public Works for SaskatCo-operative Elevator
chewan and former President of the Saskatchewan
futures
Company. Pioneer politician and grain man, Mr. Langley claimed
trading was abused "like drink."
"But drink always goes down," put in Sir Josiah.
response.
"Oh, no, sir. Sometimes it comes up as well," was the
Government Supervision.
The Grain Exchange should be a public body properly incorporated
under Government supervision, believed Mr. Langley. He thought Government interference should be used if necessary, but not meddling—and be
hoped some plan of marketing would be worked out to make futures
unnecessary.
A distinctly demoralizing effect has been noted from futures trade, Mr.
Langley considered, saying that dealing in futures has degenerated into a
"pure gambling affair."
3252
FINANCIAL CHRONICLE
Commissioner Evans intervened, at Mr. Langley's suggestion that the
Grain Exchange thrived on futures trading, and asked: "Do you not know
that the exchange is a non-profit-making organization?"
"Now, Mr. Evans," the veteran farmer answered, "if you would give
evidence we would learn something."
Speculation in futures is "criminal and should be prohibited by law,"
contended A. J. Macauley, President of United Farmers of Canada (Saskatchewan Section). Claiming he represented a membership of 30,000 farmers
In the Province, Mr. Macau]ey said: "Agriculture cannot be allowed
any
longer to rest on the whim of a gambling public."
From the Montreal "Gazette" we take the following
(Canadian Press) from Calgary April 19:
Searching inquiry into wheat-pool and grain-trade systems of marketing
Canada's grain crop to determine which returns the greater price
to the
producer is sought by James R. Murray, prominent Canadian grain man.
Vice-President and General Manager of Alberta Pacific Grain Company,
Mr. Murray testified Saturday (April 18) before the Royal Commission
Inquiring into the effect of grain-futures trading on the price received
by
the producer.
Existing suspicion among farmers on the prairies that the options system works to their disadvantage would be greatly allayed by
such a
probe, Mr. Murray told the Commission headed by Sir Josiah Stamp. He
claimed that agrarian unrest was the result of a definite and specific
campaign to put the grain exchange out of business. Almost equal shares
of the Canadian crop are marketed by grain-trade and pool, the
cooperative organization spurning use of "hedging" or futures sold to protect cash purchases.
"I would welcome a whole-hearted investigation into the grain
trade
which would at the same time investigate the machinery of the organization which says the 100% pool would get us more money for our
grain,"
stated Mr. Murray, following reference by farmer witnesses to "mystery"
of grain exchange dealings. Under the proposed 100% pool plan, the
Canadian crop would be marketed through one organization and
grain
exchanges would be abolished.
Of the ten witnesses at Calgary, only Mr. Murray and John
Gillespie,
pioneer Edmonton elevator-system operator, supported futures trading.
The others, all farmers, considered the system detrimental to
the producer.
Speculation Costly.
Most prominent of farmer testimony was offered by Norman
F. Priestly,
Vice-President. of United Farmers' of Alberta, powerful 18,000-m
ember
organization. He contended that speculation in grain had cost Alberta,
rural and urban, $100,000,000 to $150,000,000 in the
year ending June,
1930, an estimate based on a survey by pool men. His
opposition to
futures trading was based, he said, on the secrecy regarding
transactions;
the facilities for manipulation of the market and the temptation
offered
to farmers to gamble in options.
Inauguration of a futures market at Winnipeg on the basis of Vancouver
delivery as a means of aiding Alberta farmers in getting a better
grainprice was suggested by Mr. Gillespie. He believed that the present Winnipeg quotas, on the basis of head-of-lakes delivery, worked a hardship
on
Alberta producers in view of the seasonal fluctuation of one to six
between Winnipeg and Vancouver futures due to varying transport cents
conditions. Two-thirds or more of Alberta grain, he mentioned, is
shipped to
the Pacific coast and a Vancouver-basis option would permit
handlers a
wider margin, of which a portion would go back to the producer.
Pool practices in entering the wheat futures market "on
three occasions to attempt to stabilize dropping prices" entered into discussion
when
Isaac Pitblado, K. C., grain-exchange counsel, questioned Mr.
Priestly, who
refused to admit that the pool move was speculation. Mr. Pitblado
sought
to indicate an inconsistency in the attitude of the U. F.
A. men, pool
members, opposing speculation while the pool dabbled in futures.
[vol.. 132.
Despite these difficulties the Reichsbank again will declare a 12%
dividend, he said. Furthermore, the bank intends to issue 860,000,000
worth of treasury bills in conjunction with the Ministry of Finance to
cover the State's cash requirements for month-end settlements in May
and June.
Following Minister of Finance Dietrich's recent discussion of reparations, Dr. Luther's words to-day are causing political observers to wonder
whether the problem is about to be re-opened. However, Chancellor
Bruening so far has given no sign of departing from his announced intention of clearing up domestic financial problems before tackling reparations again.
In Associated Press accounts from Berlin on April 29
Dr. Luther was reported as saying that the Reichsbank's
billion-mark decline in foreign bills, "a result of last September's election," has not yet been recovered, but he expressed the opinion that recent widespread discussion of
the gold problem had put the finger on the sore spot of the
world's depression. In part we also quote as follows from
the Associated Press cablegrams:
Per capita gold holdings in France he said, increased from 150 to 214
marks between 1913 and 1031; in the United States from 86 to 161,
while in England they decreased from 93 to 66 and in Germany from 64
to 36.
Annual Report of Bank.
The annual report and balance sheet of the Reichsbank showed a total
turnover in 1930 of 861,807,000 marks, compared with 911,471,000 marks
in 1929. A mark has a present exchange value of slightly less than 24 cents.
As a consequence of reduction in Interest rates as well as a decline in
turnover, the gross profit of the bank dropped from. 170,000,000 in 1929
to 127,000,000 in 1930, which, after reduction of 87,000,000 for expenditures, compared with 144,000,000 in 1929, leaves a net profit of 40,000,000 marks ($10,000,000).
The net profit last year was 25,600,000 marks ($6,375,000). A 12%
dividend amounting to 18,000,000 marks will be paid this year, while
another 18,000,000 marks will be handed over to the Reich; 4,000,000
marks will go to the reserve fund.
The report is the first for which the new Chancellor, Hans Luther, is
responsible, and it states its satisfaction that the Reichsbank is thus able
to prove all doubts of the stability of the reichsmark unfounded. It adds
that the Government's determination to carry out its reform program
already has improved the economic situation, such improvement being
essential for an effective bank policy.
Reichsbank Continues 12% Dividend.
The following from Berlin is from the "Wall Street Journal" of April 29:
Reichsbank has declared a dividend of 12% for 1930, unchanged from
previous year. The bank reports for year ended December 31 1930, gross
profits of Rm. 127,083,000, against Rm. 170,268,000 in 1929. After
deducting expenses of Rm. 87,032,000, against Rm. 88,971,000 in 1929
and making no provision for extraordinary reserves, against Rm. 55,708,000 in 1929, bank reported net profit of RM. 40,051,000 in 1930, which
compares with Rm. 25,589,000 in 1929. Rm. 4,005,000 was carried to
reserves as against Rm. 5,118,000 in previous year. Common dividend
absorbs Rm. 18,000,000, compared with Rm. 14,735,000 in 1929. Dividend of Rm. 18,034,000 was paid to Reich, as against Rm. 5,324,000 in
year before.
The reduction in gross profits for last year was caused by the lower
discount rate, but because of large reserves created in earlier years to
facilitate dividend distribution in lean years, it is probable that dividend
will be unchanged for 1931. About 20% of the Reichsbank's capital is
owned by foreigners. Report states that last year has proved again the
stability of the mark exchange.
War Debts Cause Crisis, Says Dr. Luther, President of
German Reichsbank—Blames Them for Faulty Distribution of the World's Gold—Says Remedy Is
Needed—Calls Reparation Payments One of Important Factors in World Depression—Report of
New European Bank to Issue International Mortgages—
Bank.
Floats First Loan—S5,600,000 Issue Taken Up in
"Not the gold standard as such but a faulty distribution
Paris, Amsterdam, Zurich and Stockholm—To Use
of gold over the world is the chief cause of the world
Sum in Mortgages—Known as Compagnie Centrale
economic depression," Dr. Hans Luther, President of the
des Prets Fonciers.
Reichsbank, told stockholders at their annual metting in
The first loan of the new International Mortgage Bank,
Berlin on April 29. A cablegram to the New York "Times" the
Compagnie Centrale des Frets Fonciers, sponsored by
from which we quote went on to say:
French interests, has been floated with complete success,
"This faulty distribution is the result of political events," he
said. said a Paris cablegram April 29 to the New York "Times"
"The concentration of gold at a few points is caused by the reparations
which went on to say:
annuities and the international war debt payments.
Political payments
form a constantly disruptive element in normal international economic
relations."
Creditor countries, he continued, instead of accepting payment in terms
of increased imports, or even reinvesting the annuities in Germany in the
form of long-term credits, continue to accept payment only in gold.
France, he said, is the chief offender in this respect, though there have
been signs of an improved understanding of the problem in Paris recently.
"In a period when the world in general, but particularly Germany, needs
long-term credits," he said, "not only is capital withdrawn from Germany
in the form of reparation annuities, but hindrances, partly political and
partly of some other nature, are put in the way to keep these funds from
finding their way back into Germany as invested capital. Thus a goodly
portion of the world's monetary supply is stripped and sterilized of its
natural function and allowed to accumulate and remain idle in German
centers."
Whereas in 1913 the per capita gold in Germany was 64 marks, now
it is only 36 marks, while at the same time the figure for France rose
from 150 marks to 214 and for the United states from 86 to 161, he
explained. He added that the Bank for International Settlements was
still unable to carry out the function of extending credits to Germany.
Referring to the September elections of last year and the resultant foreign
uneasiness which led to the withdrawal of large sums of short-term credits
from Germany, Dr. Luther said that the Reichsbank's holdings of gold
and securities were still about $250,000,000 below the high point of last
year and only $50,000,000 better than at the end of the period of withdrawals.
The offering of 140,000,000 francs f$5,600,0001 in Paris, Zurich, Stockholm and Amsterdam was completed to-day with the issuance in the latter
city of the 10,000,000 franca 18400,0001 share allotted to a Dutch syndicate.
Of the total amount 80.000,000 francs (83,200,0001 has been placed with
French banks and investors by a group headed by Lazard Freres and including the Societe Generale and Banque Nationale de Credit. Swedish and
Swiss consortiums have absorbed 25,000,000 francs ($1,000,0001 each.
An official of Lazard Freres said to-day that the public had shown an
unusually strong interest in the issue and that the participating bankers
were greatly encouraged in regard to further bonds which will be offered
by the new institution in the near future.
Formed to Ease Credit Situation.
The International Mortgage Bank was formed at Amsterdam last October under the name Compagnie Centrale des Frets Fonciers. Its headquarters are in Amsterdam. An impressive list of European banks and
several American financial institutions are associated with the project.
The organization of the bank was decided upon after a lengthy study
of the present credit situation and the pressing need for extension of loans
to developing countries whose lack of capital was one of the contributing
causes to the slow economic recovery of Europe. The bank plans to operate
In such widely separated places as Argentina, Bulgaria, Canada. Chile,
Finland, Greece, Japan, Poland, Morocco and Yugoslavia.
It is assumed that the bank will issue a series of international mortgage bonds in those markets where there exists an embarrassing excess
of liquid external resources, namely. France and Switaerland. and thus
contribute to the flow of French and Swiss capital to the countries where
financial aid is likely to assist in reviving business.
MAY 2 1931.]
FINANCIAL CHRONICLE
A company with a similar object in view was organized last month at
Basle under the title International Mortgage Bank. Leading banks and
financial houses in Germany, Switzerland and France participated. American participation was represented by the Chase National Bank of New
York and Lee, Higginson R; Co. of France.
The fact that the Basle organization comprises a number of banking
firms which are also participating in the Amsterdam undertaking has led
to the belief that the two companies will work in close co-operation.
The Amsterdam bank's obligations have been issued at 97, bear 5H%
interest and are redeemable in 35 years. The company reserves the right
to call the bonds after the first year. The Dutch allotment sold at 94.75.
The actual management of the bank is in the hands of a director and a
committee of direction consisting of five members. Its capital is fixed at
10,000,000 florins [84,020,000 at par] and is entirely subscribed.
The French loan market has,been further stimulated by the issuance
of a series of colonial development bonds, the last of which was authorized by a decree of yesterday's date. Under the terms of the latter, the
Government of Judo-China may now issue the first increment of 200.000,000
francs 1$8,000,0001 of a loan which eventually will total 1,375,000,000
francs M55,000.0001.
Other French colonial loans recently authorized are 215,000,000 francs
M8.600,000] for French West Africa, 220.000,000 francs [68,800,0001 for
French Equatorial Africa, 10,000.000 francs [$400,0001 for Camemons and
27,000.000 francs M1,080,0001 for Togoland. The proceeds of these loans
are expected to bring numerous orders to French industries.
German Investments Show Large Increase—Out of
$10,000,000,000 Between 1924 and 1928, Only a Third
Came from Abroad.
Under date of April 25 a cablegram from Berlin to the
New York "Times" said:
On the ground of extensive statistical material gathered in order to determine the development of German national wealth and the extent of economic
recovery in terms of investments, the Institute of Business Cycle Research
announces that between 1924, when with the stabilization of the currency
the period of reconstruction began, and 1928, the last year of comparative
prosperity, approximately $10,000,000,000 was invested in Germany by all
branches of industry, trade and agriculture to expand and reorganize plants
and equipment and to fill up stocks.
Only $3,000,000.000, or one-third came from abroad, notably from the
United States, while $7.000,000,000 was supplied by German sources and
therefore, represents a net growth of invested national capital within these
five years, it is asserted.
By far the greatest part of these funds—roughly 23%—was used for expansion of industrial production apparatus and reorganization and rationalization of production and distribution. The cheif beneficiaries of the industrial investments were the chocolate, cigarette, artificial silk, photographic and cosmetic industries.
The rest went in this order: The public enterprises, such as social institutions for administrative equipment; building trades, retail trade transportation, utilities and relatively small quotas to agriculture and wholesale
trade.
Plan for International Mortgage Bank in Europe—
United States To Be Represented.
Plans for the establishment of an International Mortgage
Bank with the purpose of operating in the field of European
credits on real property by taking over mortgage bonds and
subsequently granting mortgage loans, were recently decided
upon by an international group of bankers representing financial institutions in the United States, England, France,
Sweden, Germany and Switzerland, says information from
Consul H. Merle Cochran, Vase!, made public by the Department of Commerce, on April 24. The Department also
said:
It is understood, however, that the immediate purpose of the bank is to
utilize available capital for the handling of real estate mortgages and bonds
secured by such mortgages in Germany.
The official communique of the organization anticipates that the new
institution will facilitate the needed international distribution of capital
which has become inactive in recent years, by the granting of long term
credits, it is said.
The share capital of the bank is fixed at 25,000.000 Swiss francs, of
which 5,000,000 is paid up and future funds will be raised through a bond
issue which will be limited to ten times the paid up capital, the report
states. (Swiss franc equals approximately $0.1930.)
Dr. Rudolf Miescher, a member of the Swiss National Council was selected as President of the bank and Dr. Adolf Johr and Mr. Armand Dreyfus
both of Zurich were chosen as vice-presidents. The additional 28 members
of the board of directors were apportioned as follows: 13 Swiss, 7 Germans,
3 Swedish, 3 French, 1 English and 1 American.
Chancellor Snowden of Great Britain Balances Budget
Without New Tax Sources—Plans Land Levy by
1933—Recalls $100,000,000 Funds from New York-$50,000,000 Gained by Advancing Income Tax Date
—Gasoline Tax Raised.
A proposal to levy a tax of one penny in the pound sterling (about 2c. in $5) on land values featured the annual
budget presented to the British Parliament on April 27 by
Philip Snowden, Chancellor of the Exchequer. The proposed tax, if ratified by Parliament, said the London correspondent of the New York "Times", cannot become effective
within two years, as preliminary valuation must be made
on all land holdings. In its further report of the Chancellor's proposals the cablegram to the "Times" said:
No New Tax Immediately.
Aside from this provision for a future date, Mr. Snowden's budget to-day
suggests no new form of taxation, and he plans to take care of the present
deficit by the simplest device in the financial history of Great Britain.
3253
The budget's two major totals show estimated expenditures for the fiscal
year ending next April of $4,016,830,000, and estimated revenue, based on
the present system of taxation, at $3,830,000,000, leaving a deficit of
$186,830,000. The only existing tax which will be increased is that on
gasoline, which, beginning to-morrow, will be 12 instead of eight cents a
gallon. That increase is calculated to make up $37,500,000 of the
shortage.
An additional $50,000,000 is going to be acquired for this year's needs
from the income tax, not by increasing the rate but by changing the
periods in which payments must be made. The present rule is for the
collection of half the income tax in January and half in July. The new
rule is to collect three-fourths in January and the remaining fourth in
July.
That is going to bring the extra quarter of the tax into the Treasury
next January, within the current fiscal year, instead of leaving it over
for July 1932, which falls in another period for which the nation has to
budget. In doing this Mr. Snowden frankly admits he expects next year
is going to be more prosperous.
Will Remove Fund in New York.
The third part of his process to balance accounts is to remove $100,000,000 owned by Great Britain in New York for use in London as an
addition to current receipts. This will still leave in America $65,000,000
of the British fund which has been in New York since the war to buy
dollars at the most favorable rate in anticipation of the payments of
England's debt to the United States.
These three amounts, from the American fund, from the added gasoline tax, and from part of what would normally be next year's income tax,
total $187,500,000, or $670,000 more than the Chancellor of the Exchequer
needs to make up the shortage.
The only surprise in the budget was the fact that it did not impose
increased taxes on tobacco and beer.
The whole House of Commons showed keen interest in the performance
of Mr. Snowden, who has just come through two months of serious illness
and a major surgical operation. All the way from his house in Downing
Street to the Parliament buildings the route was lined with crowds eager
to cheer the man who is regarded by the whole country as the pluckiest
member of the Socialist Cabinet.
Cheered by All Parties.
Members of all parties gave him an ovation as he hobbled to the
Treasury bench. Among those waiting in the crowded gallery of the
House of Commons to hear his annual budget speech were Ambassador
Dawes, Senator Dwight W. Morrow of New Jersey, and Montagu Norman,
Governor of the Bank of England.
There was no indication in Odfr. Snowden's voice or manner of the dangerous physical struggle he had just won. At the end of his hour's statement, Premier MacDonald stretched out both arms to help the Chancellor
of the Exchequer back into his seat, but it was more a gesture of friendly
solicitude than needed aid.
Neville Chamberlain for the Conservatives and David Lloyd George
for the Liberals responded with sympathetic congratulations to Mr. Snowden
on his achievement, but the real budget debate will not begin until tomorrow. When Mr. Chamberlain arose there was a shout, "We want
Winston," from the Labor back benches, which was intended as a taunt for Winston Churchill because he has been relegated to the rear by his
leader, Stanley Baldwin, who assigned Mr. Chamberlain to conduct the
budget fight for the Tories.
But it will not be much of a fight for there is nothing to oppose.
Tories Can't Find Fault.
The Conservatives, now relieved by the certainty that there is to be no
Increase in income taxes or super-taxes, can find no fault with the budget
except, of course, that it does not provide for their policy of a protective
tariff, which Mr. Snowden bitterly denounced in his speech. . . .
The only real adverse criticism of the budget comes from the extreme
Left members of Mr. Snowden's own party, who think he should have
increased the taxes on big incomes and resent his demands for economizing
on the State's social services.
But this economy is a vital part of Mr. Snowden's whole scheme. He
admitted he had made no provision for possible additions to the existing
estimates of departmental expenditures. If any such are necessary, he is
hoping to find funds for them from what the Government is planning to
save. He is also figuring the enormous cost of employment insurance
is going to be decreased by the improvement of industry, which will also
increase the revenue from the income tax.
Snowden's Budget Analyst's.
After summarizing the situation for the year just ending, Mr. Snowden
drew his financial picture of the next 12 months. His figures are here
translated into dollars:
"I estimate the total yield of inland revenue duties for the current
year," he said, "at $2,185,000,000, consisting of $1,240,000,000 income
tax, $360,000,000 surtax, $450,000,000 death duties, $120,000,000 stamp
duties, and $15,000,000 for remaining Items.
"The yield of the income tax last year was $1,280,000,000. Normally,
could have looked forward to an additional $15,000,000 from the full
effect of last year's increase of the rate and also for a more normal
growth. But the fall of profits in 1930, in consequence of the world
depression in trade, has, of course, affected very adversely the prospects
of the income tax yield this year.
"Other inland revenue duties call for no special comment except that
I might observe that the yield of stamp duties last year was the lowest
since 1921, and in looking for $120,000,000 in the current year I am
counting on some recovery in Stock Exchange activity, the slump of which
was mainly responsible for last year's fall.
"The consumption of alcoholic liquors fell last year, and I estimate
for a further fall this year in the revenue on spirits and wine. The
fall in the consumption of alcoholic liquor seems now to be a permanent
tendency of social life, and train the point of view of national social
well-being it is to be heartily welcomed, however inconvenient it may be
for the exchequer. Other items of revenue show little variation from
last year.
Estimates of Receipts.
"I put the exchequer share of the motor vehicle duty at $25,000,000;
Post office net receipts, $61,000,000; crown lands, $6,500,000; receipts
from sundry loans, $167,500,000, and miscellaneous revenue, $175,000,000.
The estimates of revenue which I tio far have given amount to $3,810,000,000 and are nearly $10,000,000 above the actual yield of the corresponding items last year, though $55,000,000 below the estimate of
last year.
3254
FINANCIAL CHRONICLE
"The revenue last year was fortified by the addition of $80,000,000
from the rating relief suspense account. From this source only $20,000,000
is available this year, and nothing in future years. The addition of
this $20,000,000 gives me a grand total of $3,830,000,000 of revenue
for the current year.
"On the expenditure side, the estimate of supply services amounts to
$2,195,080,000. In view of the appointment of the economy committee
I trust the actual expenditure will fall considerably below these estimates.
Out of the fixed debt charge of $1,775,000,000 I must allow $1,514,500,000
for interest and management of the debt, leaving $260,500,000 available
for the sinking fund, which is mainly a contractual obligation.
"The figure for interest and management of the debt is higher than
the aotual results last year, but I cannot confidently rely upon the continuance of the extreme cheapness of Treasury bills and the low encashment of savings certificates. Payments to Northern Ireland add $31,750,000 and miscellaneous consolidated fund charges add $15,000,000.
"I reach a total of estimated expenditure of $4,016,830,000. This,
when compared with the estimated revenue of $3,830,000,000, leaves a
gap to be bridged of $186,830,000.
"I now return to the problem of finding the necessary additional revenue
to cover the estimated deficit of $186,830,000. My task is exceptionally
bard since the great depression in world trade has produced a budget
problem and that is essentially the strongest obstacle to any increase in
taxation.
Condemns Tariff Proposal.
"The party opposite would find an easy solution of the problem by the
imposition of duties upon everything. From these duties the sum of
$250,000,000 to $500,000,000 yearly would fall into the lap of the
exchequer as a gift from Providence like the Israelites' manna fell from
Heaven. We are asked by this proposal for a revenue tariff to go back
to the pernicious taxation methods of a century ago, which was described
by William Pitt when he said there is a way in which you can tax the
last rag from the back, the last bite from the mouth, that is, by putting
taxes upon a large number of articles in general use.
"I shall never be a party to such a thing. A tax which would reduce
the consuming power of the masses of the people, apart from all other
considerations, must be harmful to trade. I desire to avoid, if possible,
all forms of taxation which, whether from the economic or psychological
point of view, would have a depressing effect on industry and might retard
recovery in trade and employment.
"It is obvious I shall have to propose additions to taxation, but the
problem is largely a temporary one. I regard this budget, like the war
budget, as dealing with a temporary emergency and justifying temporary
measures. Revival of trade, when it comes, will be followed by an expansion of revenue and by a reduction on the expenditure side of the account
In respect to unemployment. In the midst of this wide economic blizzard,
more severe than our generation has ever known, I feel justified in seeking, as . the lesser of two evils, relief by the means of non-recurrent
revenues and temporary expedients.
"Unfortunately, the depredations of my predecessors have left few henroosts to rob. There are, however, two resources I can legitimately call
to my assistance as expedients in this time of unparalleled stringency.
There exists what is known as the exchange account, which represents
the sum of $165,000,000 advanced during the war and utilized by the
treasury in purchasing foreign exchange to finance the payments of our
obligations abroad.
"This is not an account to which expenditure is finally charged, but is
In the nature of a revolving fund which has enabled us to buy foreign
exchange under favorable conditions in advance of the date upon which
we had to make payments. Down to recent date, no possibility existed of
reducing the amount below $165,000,000, but new circumstances which
have modified the situation arise from the Hague agreement and the
establishment of the Bank for International Settlements.
New System Provides Dollars.
"Previously we received payment of reparations installments of the
Franch and Italian war debts in sterling, but we now have ben able
to arrange that these sums shall be placed to our credit in the Bank for
International Settlements in dollars, which we can utilize in making payments on our foreign debt. These arrangements have been working for
a year quite satisfactorily.
"It does not follow that the exchange account can be dispensed with
altogether. The dates on which we receive dollars from abroad do not
match exactly the dates on which we require to use them, and it would be,
moreover, imprudent to rely exclusively upon one source of supply. But
there is no doubt that the size of the account is excessive for present
or future needs, and without injury to the public interests it can be
reduced by $100,000,000. I thus am in a position to increase the miscel•
laneous receipts for this year by that amount."
Referring to the record for the year just closed, Mr. Snowden said the
apparent deficit of 8115,000,000 was misleading, especially in foreign
opinion, because, according to the budget practice of some other countries,
England might have credited herself with a surplus last year on the
strength of her reduction of her debt by $217,500,000.
"It says much for the soundness of our financial position," he added,
"that in a year of unparalleled depression we not only have been able
to pay our way but to make such a substantial reduction in our debt.
I do not intend to make detailed comparisons with the budgets of foreign
countries, but I would be much surprised to learn there was any other
country, however skyscraping its tariff walls may be, which can show an
equally gocd result in such a period of world-wide disaster."
London "Times" Assails Chancellor Snowden's Plan
to Bring Back $100,000,000 from New York as
"Unwarrantable Risk", Regarded as Damage to
Credit.
The following London cablegram, April 27, is from the
New York "Times":
Philip Snowden's plan to
The London "Times", referring editorially to
to-morrow: "To raid
bring $100,000,000 back from New York, will say
is to exercise
the dollar exchange reserve to the tune of over £20,000,000
In view
to that extent a damaging effect on the credit of the country.
run an unwarrantable risk.
of the economic position of Germany, it is to
The anticipation of the income tax by which the payer will be liable for
a year and a quarter's tax in one year is even worse."
The newspaper thinks the relief of the taxpayer at not having the rate
increased is going to be short-lived.
[you
132.
"The figures prove only too plainly," adds the "Times", "that the
taxpayer at best is in the position of the patient who has escaped for the
moment the more painful attentions of the dentist only to leave the real
business of the operation to the next visit."
Bank for International Settlements May Get $100,000,000 Funds Which Great Britain Is to Withdraw
from New York.
From the New York "Times" of April 28 we take the
following:
The utilization of $100,000,000 of the British Treasury's dollar balances
In New York, which Chancellor .:)f the Exchequer Snowden plans as a
measure to bridge the gap between the estimated expenditures for the
financial year 1931-32 and the Treasury's revenues, is not expected to
result in any actual withdrawal of funds from this market.
Bankers here had no definite information on the subject, but remarked
that the dispatches from abroad covering Mr. Snowden's speech indicated
that the Bank for International Settlements would be employed to arrange
the transaction. In such matters, it was said, it would be the practice
for the world bank to take over for its own account the dollar balances
which the British Treasury wishes to employ.
It is quite possible, bankers said, that the Bank for International Settlements might have some other correspondent desirous of acquiring New
York balances to which it could transfer the funds. In any case the
world bank has to acquire dollar balances from time to time for use in
connection with war-debt payments.
British Treasury balances in this market would presumably be in the
form of liquid short-term investments such as bankers' bills and United
States Government securities or on deposit with various banking institutions. The precise location and extent of such balances are never ascertainable, since banks make a particular point of never disclosing the affairs
of foreign governments which are their clients. All important foreign
governments and foreign central banks maintain substantial balances in
New York.
Manager of Bank of Belgium in Report to World
Chamber Asks Wider Listing of World Securities
—Says This Would Aid Flow of Capital.
Freer circulation of securities throughout the world through
wider listing of selected foreign securities by all exchanges as
a step to facilitate the flow of capital was urged in a report
prepared by Paul Van Zeeland, manager of the National
Bank of Belgium, and made public at Washington on
April 23 by the American section of the International
Chamber of Commerce. In reporting this the New York
"Times" said:
The report will be submitted for discussion at the congress of the International Chamber to be held here beginning May 4.
Mr. Van Zeeland agreed that precautions must be taken, if such a plan
were carried out, to protect national savings against dishonest manoeuvres.
"Even in the case of securities listed after careful selection," the report
said, "It Is necessary to choose a time when economic conditions are
favorable.
"But all these reservations cannot prevent the conclusion that it is to
the public interest to favor such listings," he goes on. "A comparative
Inquiry into the technical conditions on the various markets would doubtless show that immediate progress could be made by an understanding,
easy to reach between the business interests."
Mr. Zeeland pointed out that one of the many ways in which capital
could pass from one country to another was by the transfer of international
securities, and argued that the regulations of exchange would be more
effectively accomplished if there was a large circulation of securities on
many markets.
"But in this case, more even than in any other," the report says. "it
Is important that the movement of funds, or, in other words, the transfers
of securities, shall be as rapid and as easy as possible. All formalities that
are not absolutely indispensable complicate the mechanism and prevent it
from giving it best results. . . .
"Moreover, it is not enough to suppress these obstacles to the free circulation of securities; it is necessary to seek means of facilitating it, and
among such means the problem of rationalization, creation and development of futures markets deserves thorough consideration."
Loan from France to Polish Railways Ratified by Polish
Parliament,
Associated Press advices from Warsaw, April 27 said:
The Senate to-day ratified the $40,000,000 French railway loan, which
was approved by the Cabinet and the lower house last week.
The President. thereupon, declared the extraordinary session of parliament ended.
American Capital Leads Foreign Investments in Poland
—More Polish Capital Likewise in United States
Than in Any Other Country.
The United States held the lead in foreign capital investments in Poland at the end of 1930 with France and German
ranking second and third respectively, according to official
Polish statistics forwarded to the Commerce Department by
Commercial Attache Clayton Lane at Warsaw. The Department in announcing this April 24 added:
Foreign capital investments in Poland on Dec. 311930, totaled $1.159,000,000, of which $413,142.000 was from the United States. France was
next with $175,000,000 followed by Germany with $136,098,000 and Great
Britain with $105,468,000. The remainder is distributed among the following nations, in order: Belgium, Switzerland, Austria, Netherlands, Sweden
Italy and Czechoslovakia.
Polish capital invested abroad amounted to approximately $166,500.000,
of which total $43.535.000, was in the United States, $30,070,000 in Great
Britain and $24,572,000 in Germany. Next in order were Switzerland,
Czechoslovakia, France, Austria, Netherlands, Sweden, Belgium and Italy.
MAY 2 1931.]
FINANCIAL CHRONICLE
3255
Arabs Deny Parleys With British on Loan.
Under date of April 25 a wireless message from Jerusalem
to the New York "Times" said:
Mons or undertaking new operations, but is intended solely to assist the
banks in carrying frozen credits and to prevent bankruptcy and liquidation of firms whose credit is perfectly good, but which cannot raise ready
cash during the present depressed conditions, especially in the grain markets.
The failure of last year's crops and the low prices obtained for this
Strong denials were issued today by the Arab Executive Office concerning the British Colonial Office's statement telegraphed here from London year's make it impossible for the farmers to pay their bills, and the stores
that the Arabs are negotiating with Palestine authorities in Jerusalem which have extended credit to them in turn cannot pay the wholesalers
and importers. The rediscount plan is designed primarily to ease this
over the details of the proposed development loan.
"We are not and will not negotiate with the British Government as long situation.
The prices of all grains fell off last week from their already unsatisfacas it will not accept the conditions submitted to the High Commissioner
after the last executive conference—namely, the abrogation of the Balfour torily low levels. Last week's price for new corn and barley barely covered
production costs.
Declaration and the Palestine mandate," declares a manifesto.
Trading in national and provincial bonds was sluggish during the week.
Meraat Alsherk, an Arab Christian paper, says tonight that the Arabs
are determined not to take the $12,500,000 loan which Great Britain All prices declined slightly. There was almost no trading in the shares
of private corporations.
offers if the fundamental political conditions remain unchanged.
Peso Exchange Fluctuates.
Peso exchange fluctuated widely during the week, which was the second
week since the removal of the artificial support of the exchange market by
Nanking Government Sets Up Economic Council— the Bank of the Nation. The paper peso was worth
32.4 American cents
Adopts Fiscal Plan Urged by Minister Soong.
on Monday, with gold pesos quoted at 131.7 for $100. Quotations fluctuated over a wide margin daily, but always with a downward tendency.
A cablegram as follows from Shanghai, China, April 15, Exchange closed Saturday
with the paper peso worth 31.85 cents and gold
is taken from the New York "Times":
pesos quoted at 138.15 for $100.
For the 40 days ended April 15, $100 were quoted at 126.30 gold pesos,
Finance Minister T. V. Soong's plan for the creation of a supreme
economic council was adopted today at Nanking at a meeting of the Central which made the paper peso worth 34.5 cents. Par is 42.46 cents for the
Political Council. The Economic Council, responsible to the Executive paper peso.
Yuan, will initiate governmental plans and co-ordinate those submitted
to it which directly or indirectly require the use of government funds.
The body is to consist of the President and Vice-President of the Executive Funds on Hand to Meet Brazilian Interest Payments.
Yuan, the Ministers of Finance, Communication, Railways and EducaIt was announced yesterday (May 1) that Dillon, Read &
tion, the chairman of the reconstruction commission and 11 others selected
by the ex-officio members. The President and Vice-President of the Co., as fiscal agents of the United States of Brazil, have the
Executive Yuan will hold the same positions on the Economic Council. funds in
hand to meet the payment of interest coupons due
The action is a step toward the budgetry control asked for in Mr. Soong's
June 1 1931 attached to the outstanding United States of
last annual report.
Drop in Argentine Exchange—Committee Appointed
by Bank of Nation to Supervise Rediscount Operations.
According to a cablegram from Buenos Aires April 27
to the New York "Times" a rediscount committee was
appointed on that day by the Bank of the Nation to supervise rediscount operations under a decree of Saturday
April 25 authorizing the bank to rediscount commercial
paper up to a total of 200,000,000 pesos ( 5,000,000 at
par). The cablegram also said:
The committee is composed of Juan B. Mignaquy, a prominent financier;
Ezequiel Ramos Mexia, a banker and railroad director; Guellermo Padilla,
President of the Buenos Aires Stock Exchange, and Luis Duhau, a cattleman, who, as President of the Argentine Rural Society, coined the society's
famous slogan, "Buy from those who buy from us."
From the same cablegram we also quote as follows:
Peso exchange suffered a further brusque decline to-day, closing at 31.19
American cents per paper peso with $100 quoted at 141.05 gold pesos.
Saturday's quotation was 31.85 cents, with $100 worth 138.15 gold pesos.
To-day's quotation represents a drop of almost 10 gold pesos per $100
from last Monday's quotation of 131.70. To-day's quotation is the same
as on Jan. 10, three days before the peso touched the low record of 150
gold pesos for 3100, which led the provisional government to authorize the
Bank of the Nation to export gold to peg the exchange rate. It required
six weeks for the bank to work the exchange rate from 150 to 126 gold pesos
for 3100, and in the two weeks since the artificial support was withdrawn,
the peso had dropped back almost to where it was.
Withdrawal of support of the peso was noted in our issue
of a week ago, page 3061. In a cablegram April 26 from
Buenos Aires, the "Times" had the following to say regarding
the decree:
Bankers and business men look for a material improvement in the Argentine currency and credit situation to follow the inauguration of a rediscount system by the Bank of the Nation, as authorized by the provisional
government in a decree issued Saturday night in response to an insistent
anneal from banks and business organizations.
The decree authorizes the Bank of the Nation to rediscount commercial
paper with the Caja de Conversion (gold conversion office) up to 200,000,000 paper pesos ($84.920,000 at par). The gold conversion office will
issue paper currency against paper so discounted and the government
bank will in turn rediscount the paper of private banks.
Paper currency to the total of 90,000,000 pesos ($38,214,000) is also to
be issued against gold which has been deposited in Argentine legations
abroad, and it is expected that this total of 290,000,000 pesos ($123.134,000) will amply take care of the country's currency requirements.
Brazil 30
-year 7% gold bonds due 1952 and the outstanding
20
-year 8% gold bonds due 1941, and to meet the June 1 1931
sinking fund requirements for both of these issues.
Bolivia Acts to Ease Financial Pressure—Government
Asks Congress to Pass Four Bills, Criticized as
Giving "Financial Dictatorship."
According to a La Paz cablegram April 25 to the New
York "Times" the Salamanca Government has taken its
first steps to alleviate the economic crisis by proposing
four financial bills to Congress. The cablegram added:
The first, after showing the present circulation of currency, which
dropped from 45,000,000 pesos in bank notes in 1929 to 29.0000,000,
aside from 6.000,000 pesos in silver and nickel coins without gold backing,
notes a depreciation in value of the coins and provides penalties for refusal
to accept them at face value.
The second proposes a 50% participation by the National Government
In certain municipal revenues.
The third proposes reform of laws regulating the present status of the
Central Bank, in which the State is the principal shareholder. The
present law provides that under no condition shall the Government's
credit exceed 35% of the bank's total capital and reserves, considering
as governmental credits municipal and private debts obtained with the
guarantee of State bonds. At present the Government's credit has reached
the limit specified, and the proposed reform would alter this to provide
that only direct governmental obligations be taken into consideration.
thus permitting the Government to contract a new internal loan.
The fourth measure would grant authorization to the Government to
make further reductions in all budget items, referring to salaries and even
to elimination of items.
None of the four bills satisfies public opinion, as none really lessens the
economic stress. Some press comment is quite adverse, particularly as
the authorization asked for new reductions in public expenditure, which,
It is argued, would mean almost a financial dictatorship.
Bermuda Plans Cruise Tax—Levy of $12,500 a Day
'voted by Parliament as Hotel Protection.
A cablegram as follows from Hamilton, Bermuda, April 28
is from the New York "Times":
After a two-hour debate to-day Parliament voted, 16 to 15. to approve
the recommendations of the Trade Development Board to lay a prohibitive tax on "cruises to nowhere" and similar cruises making Bermuda
the only port of call from the United States, and to send a mesage to the
Governor requesting that legislation be prepared to give effect to the
measure.
The tax was fixed at £2,500 ($12,500) for the first day and £2,000 for
each succeeding day or part of a day.
A hotter fight is expected when the actual bill is introduced later. Supporters of the bill argued that the cruises constituted unfair competition
with hotels and the regular steamship lines. The opponents contended
that the tax cut off immediate revenue and imperiled future good-will.
Reserve Situation Is Strong.
Argentina's paper currency is issued at the rate of 2.727 paper pesos
for each gold peso deposited In the Cala de Conversion. The gold stock
of this office and in the Argentine legations abroad Saturday night
was
378,566.985 gold pesos, worth 96.5 American cents each. Against this there
has been issued paper currency to the value of 860,369,320 paper
pesos
($365,133,696).
Several small issues of currency outstanding when the gold conver- Brazil Reported as Having Fined National City Bank.
sion office was established bring the total of paper circulation to 1,153,A wireless message from Sao Paulo (Brazil) April 23
397,742 paper pesos ($489,502,001). Argentina's gold reserve Saturday,
therefore, represented a 74.5% backing for the paper currency in circulation. to the New York "Times" said:
The Minister of Finance issued a statement explaining the rediscount
The Rio de Janeiro branch of the National City Bank of New York is
decree, in which he said the issuance ef the entire 200,000,000 pesos ($84,- among a score of foreign and Brazilian banks fined by the Provisional
880,000) which had been fixed as a limit for rediscount would reduce the Government on a charge of irregularities in the use of tax stamps. The
gold reserve to 64.1%, which would still be much in excess of the
40% banks are accused of using a single stamp to cover several deposits instead
reserve required by Argentine law.
of one stamp for each deposit. They are expected to appeal.
Foreign bankers specializing in foreign exchange are of the opinion
that Argentina's gold reserve cculd safely be reduced to 50%
without
endangering the currency.
Loan to Yugoslavia Approved by Paris—French Cabinet
Export of Gold Is Blamed.
The decree authorizing the rediscount of commercial paper sets
forth
that the currency has been unusually restricted by the recent
export of
gold to control the exchange rate, resulting in a stringency just
at the
time large funds were required for crop moving. The decree
specifically
states that rediscount Is not to be used for increasing business
opera-
Sanctions $40,000,000 Credit's Terms in Principle
and Signing Is Due Soon.
Under the above head the New York "Times" of April 29
published the following from its Paris correspondent, April
28:
3256
FINANCIAL CHRONICLE
The general policy of French finance in making large loans abroad run
parallel with important political considerations is accepted by international
banking circles as having had a large influence upon the favorable turn
taken this week by the negotiations for the 1,000.000,000 francs (540,000,000) loan to Yugoslavia.
Less than two weeks ago it was disclosed that the conversations had
reached a deadlock over the question on the refusal of Yugoslavia to ac1 % share of the apportioned pre-war Ottoman debt.
knowledge its 51!
In official quarters it was then admitted that the prospects for the loan
appeared very slight.
This week, however, the situation has improved with remarkable speed
-day apand it is understood that the Council of Ministers at its meeting to
proved in principle the terms of the loan.
Bankers Confer.
meeting of all the interested bankers, including M. Shverlyuga, the
Jugoslav Finance Minister, was held later in the day to consider certain
conditions still outstanding. These were not revealed, but it is quite
likely that an accord fixing the terms of the loan will be signed within the
next week or ten days.
Political observers, in commenting upon the rapidity with which an apparently hopeless deadlock has been turned into an imminent success,
are strongly inclined to the view that the consummation of the loan will be
another weapon in the hands of Aristide Briand when he presents his counterproposition to the Austro-German customs union on May 15 at Geneva.
Although a consortium of private French banks will extend the money,
the Bank of France, in collaboration with Government finance officials,
has been in close touch with the negotiations, and the loan could not be
issued without the full approval of the Government.
It is also recalled that the recent announcement of a French loan of
In this
850.000,000 to Czechoslovakia was advanced by many weeks, and
instance as well those familiar with the intimate connection between
fortunate political effect of
French politics and finance believe that the
such an announcement was in the minds of the banking group arrangeing the loan.
Effect of Loans.
It will thus be seen that when the French Foreign Minister begins definite
negotiations for a broad European economic pact to replace the more
limited one projected by Germany he will have the moral and political
support represented by four large loans to France's chief European supporters—Poland, Rumania, Jugoslavia and Czechoslovakia—with all of which
this country enjoys close treaty bonds.
According to reliable information the actual amount of the loan to
said
Yugoslavia may exceed $40.000,000 by $10,000.000. The money, it is
here, will be used to stabilize the dinar.
Government and bankers are
In some quarters it is suggested that the
anxious to press the loan to a conclusion before the resumption of Parliament on May, 7, so that certain members, notably Senator Dominquie
Delahaye of the Department of Maine-et-Louire, may be discouraged
in their efforts to delay the loan.
Mr. Delahaye has already served notice upon Pierre Etienne Flandin,
the althe Finance Minister, that he intends to question him regarding
y
legation that the Yugoslav Government has chosen the Parliamentar
recess to negotiate the final details of the loan.
The Senator has also declared that the Yugoslav Government. despite all
endeavors to induce it to meet its engagements, has not paid in gold francs
loan be
various loans already issued, and he has asked that the pending
withheld until the Yugoslays agree to pay the coupons in gold francs under
International Court at The Hague in July
the terms of a decision of the
1929.
PA
[VoL. 132.
from the New York "Times" the following cablegram from
Canberra, Australia April 28:
J. T. Lang, the extremist Premier of New South Wales's Laborite State
Government, has again defaulted on the State's international debt, this
time—the second occasion within two months—extending the scope of the
repudiation to New York as well as London.
The Commonwealth Government, however, will meet these interest
Payments promptly as they fall due under the financial agreement whereby
the Commonwealth Government guarantees the debts of States to foreign
bondholders.
Mr. Lang's second default was announced by Prime Minister J. H.
Scullin in the Commonwealth Parliament this afternoon.
"Mr. Lang has told me," said Mr. Scullin, "that the State is unable to
meet the interest due in the next few days to private bondholders in London
and New York, but would provide $190,000 to meet the interest, due on
debentures owned by the Commonwealth Bank."
Up to May 1 the balance due by New South Wales to the Commonwealth will be roughly $7,950,000. The interest payments fall due on
Friday on the New South Wales 5,1% debentures. 1922-32, and on New
South Wales 5V % and 6% inscribed stocks. The amount of the interest
A
is 83.250,000.
The Laborite members of the Commonwealth Parliament, who returned
here from Sydney, assert that important developments are occurring
in the New South Wales Labor party, and they predict the early downfall
of J. T. Lang and the reconstruction of the State Labor Ministry. They
declared that eighteen Labor members, representing the rural constituencies of the State Parliament, are ready to make a stand against Mr. Lang
as soon as they receive a lead.
The "Times" with reference to the Australian issues, said:
Only Two Issues Offered Here.
Only two New South Wales issues have been offered in this country,
one of the 824,369,500 thirty-year 5% external sinking fund gold bonds,
dated Feb. 1 1927, and with interest payable on Feb. 1 and Aug. 1; the
second of $24,517.000 .5% external sinking fund gold bonds, due April 1
1958, and dated April 11927, with interest due April 1 and Oct. 1. Interest
on both these issues payable so far this year has been paid.
Bankers were skeptical about any other issues of New South Wales
being widely held in this country as these two are the only ones in which
interest and principal are payable in United States currency. Issues payable in foreign currency, at places outside the country are not regarded
as being a paying investment. The interest on the two issues publicly
Offered here are paid by the Equitable Trust Co. of New York as fiscal
agents.
Australian House of Representatives Passes Bill Empowering Government to Use Bank's Gold Reserve
to Meet Commonwealth's Liabilities Abroad.
Associated Press advices from Canberra, Australia, state
that the Commonwealth Bank Act Amendment, empowering the Government to use the Bank's gold reserve to meet
Australia's liabilities abroad, was passed on April 27 in the
House of Representatives. The press cablegrams also said:
he
Adoption of the measure followed a speech by Premier Scullin in which
favored the move as a means of saving Australia from a default in interest
withdrawn shall be
payments. The bill provides that such reserves as are
replaced by Government securities.
to renew
Premier Scullin said he had been advised it would be impossible
which are
or to reissue £5,000,000 (about $25,000.000) in Treasury bills
way to avoid default was
falling due in London on June 30.and that the only
shipment.
to draw on the provisions of the amendment for the gold
The measure now goes to the Senate.
Bonds of Uruguay Retired Through Sinking Fund.
Hallgarten & Co., and Halsey, Stuart & Co., Inc., fiscal
agents for the Republic of Uruguay 6% external sinking
fund gold bonds, dated May 1 1926, due May 1 1960,
announce that the Republic of Uruguay has tendered to
them, for retirement through the sinking fund, $228,000 Absorption of New South Wales Savings Bank Provided
principal amount of bonds, leaving $28,192,500 par value of
for in Bill Passed by Australian House and Senate.
bonds outstanding.
Under date of April 28, Associated Press accounts from
Sydney, New South Wales, stated:
Amendment Bill to-day passed
Uruguayan Minister at Washington Says Payments on
The new South Wales Government Bank
immediately.
all stages in both Houses and becomes a law
Uruguay's Dollar Bonds Will Be Paid in Full.
South Wales Savings Bank,
The bill provides for absorption of the New
J. Varela, Uruguayan Minister at Washington, has made Which was closed last week, by the Commonwealth Savings Bank. Preguaranteed by the Governthe following statement in response to inquiries by the fiscal mier Lang said that depositors would be fully
Press relative ment against any loss.
agents concerning dispatches of the Associated
The closing of the Bank of New South Wales was noted
Uruguayan debt policy:
3063.
by the Uruguayan Government to state that in our issue of April 25, page
legation is authorized
"This
full payments on the Uruguayan dollar bonds will be made as heretofore
punctually in complete fulfillment of the respective contracts in regard to
principal, interest and sinking fund. No modificagion is or has been contemplated. Any modification of sinking funds payments in Europe will
be made only in accord with foreign representatives. If no agreement is
reached sinking fund payments will be made in full."
New South Wales Unable to Pay Interest Due in
New York on Indebtedness—Commonwealth to
Meet Payments.
Premier Scullin of the Commonwealth of Australia, announced on April 26 that J. T. Lang, Premier of the State
of New South Wales, had advised him that the New South
Wales Government would be unable to meet the interest
payments due to private bondholders in New York and
London within the next few days. The Associated Press
accounts from Canberra,in reporting this added that Premier
t
Scullin said that the Commonwealth Governmen would
payments. With the failure of New South Wales to
make the
the
pay the interest on its bonds due to British holders
reCommonwealth acted to meet the interest. This was
April 4, page 2487; April 11, page
ferred to in these columns
2690 and April 18, page 2874. Regarding the default by
South Wales on interest due in New York we quote
Protest Against Australian Interest Tax.
The following Melbourne advices are from the "Wall
Street Journal" of April 25:
proposal of E. G. Theodore,
A strong protest is being made over the
for a bill providing for a tax of
Federal Treasurer of the Commonwealth,
Commonwealth State loans in Australia.
$1 on every $5 of interest on all
was discussed for
At Loan Council meeting the matter of overdrafts
West Australia with Westminster
States of New South Wales, Victoria and
$25.000,000. Mr. Theodore surprised
Bank, Ltd., London, amounting to
raising the loan to $60,000,000.
the meeting by suggesting the advisability of
Analysis of Conditions in Australia Prepared by Institute of International Finances Sponsored by
Investment Bankers Association of America.
A new analysis of conditions in Australia. designed to
present to American bankers, investors and exporters a
compact and comprehensive view of the situation in that
Commonwealth, has been prepared by the economists of the
Institute of International Finance at New York University.
This is the second analysis of the credit position of Australia
that has been made by the institute, which is sponsored by
the Investment Bankers Association of America. In view
of the world-wide attention that has been focused on Aus-
MAY 2 1931.1
FINANCIAL CHRONICLE
3257
tralia by financial, political and industrial conditions in the the New York "Times," the Canadian Press advices further
Commonwealth, the institute's new study is timely. The said:
Analysis, which is primarily the work of Dr. Marcus Nadler
The Council empowered E. G. Theodore, its chairman, to confer with
and Dr. John T. Madden, assembles factual material from SIT Robert Gibson, Chairman of the Commonwealth Bank, on the question
of raising a loan of $60,000,000 in Australia. Requisitions of Victoria.
seventeen authoritative Government and business sources in Queensland
and West Australia for special loans were in the meantime
Australia, Europe and the United States. It portrays the deferred.
After expressing the opinion that Australia should aim at securing a
interplay of economic and political factors, such as tariff
balanced
laws, balance of trade, exchange rates, wages, commodity consistingbudget by July 30 1934, the Loan Council appointed a committee
of Sir James Mitchell, Premier of West Australia; J. P. Jones,
prices and purchasing power, the analysis being reinforced Acting Treasurer of Victoria, and L. L. Hill, Premier of South Australia,
to survey the future position in regard to the Government's budget and
with numerous tables on agricultural and industrial prodetermine the probable result of present and future economies. The Comduction, public debt,foreign trade, and budgetary facts.
mittee will report to the Council by the third week in May as to what
Report that National City Bank of New York Plans
$20,000,000 Loan to Czechoslovakia Denied—
$50,000,000 Loan Reported Arranged in Paris.
The following is from the New York "Evening Post" of
April 30:
Reports that the Government of Czechoslovakia will supplement
the
$50,000,000 credit arranged with banking groups in Paris last week with a
$20,000,000 loan from an American banking group headed by the National
City Bank were denied by officials of the latter company to-day.
It is
believed that if there are negotiations at a later date it will be for a private
banking transaction in view of the present poor market for foreign securities
here.
The 850,000,000 issue arranged in Paris was at 95 for 535% bonds.
The issue will be floated in the second half of May with France
taking
$30,000,000; England, Switzerland, Holland and Sweden. 815,000,000,
and Czechoslovakia the remainder.
The last named loan was referred to in our issue of April 25,
page 3057.
future steps should be taken. Economists and other experts will be consulted by the Commission.
W. H. Barnes, Treasurer of Queensland. said that State would not be
willing to join in the endeavor to balance the budget by July, 1934, because
of the absence of Mr. Theodore from the Committee. Information which
the Commission was seeking could be supplied only after a conference of
Queensland's own officers, he declared.
Additions to Staff of Federal Land Bank and Federal
Intermediate Credit Bank of Spokane, Wash.
E. M. Ehrhardt, President of the Federal Land Bank and
the Federal Intermediate Credit Bank of Spokane, Wash.,
recently announced several additions to the staff of the
two institutions. L. A. Smith, accountant in the offices of
Kinman & Morris, Inc., has been named Assistant Auditor
of the Land Bank. Mr. Smith was in South America
several years with the Anaconda Copper Co. as chief clerk
of the Andes Copper Co. H. V. Lindberg, for 10 years
with the Spokane & Eastern Trust Co., and H. M. Stevens,
Vice-President of the First National Bank of Lakeview,
Ore., have both been added to the collection department of
the Land Bank. Fred P. Hahn has been added to the staff
of the Credit Bank. Mr. Hahn worked for the former City
National Bank for the Spokane dr, Eastern Trust Co. Mr.
Ehrhardt attended a recent conference of Presidents of
Land and Credit Banks with the Federal Farm Loan Board.
Australian Public Debt Three Times as Large as in 1914.
The total public debt of the Australian Commonwealth
and State Governments combined, amounted to L1,119,000,000, at the end of 1930, as compared with L1,101,000,000
in 1929 and was over three times as large as the total of
£339,000,000 in 1914, according to compilation of official
Australian figures by the Commerce Department's Finance
and Investment Division. In reporting this April 24 the
Legal Opinion on Liability of Federal Land Banks.
Department makes the following observation
Some discussion having arisen as to the exact terms of
In translating these amounts into U. S. dollar terms, it
should be noted
that while the Australian pound's par value is
approximately $4.46 the the liability of the Federal Land Banks on the bonds of
current rate is about 30% lower, a depreciation which
would now show the each other, the managers of the Investment Group, Alex.
foreign debt as a larger burden in Australian pounds than
indicated by its
nominal value.
Brown & Sons, the National City Co., Harris, Forbes & Co.,
In the further advices regarding the debt, the Depart- Lee, Higginson & Co., Guaranty Co. of New York. and
ment says:
Brown Brothers Harrinion & Co., released for publication
Of the increase over 1914 of £780,000,000, the larger part—
£431,000,000 on April 27 a legal opinion recently received from Hughes
—was borrowed in Australia. Whereas, in 1914,
two-thirds of the total Schurman
& Dwight of New York. In releasing the
represented external debt and one-third, internal—in 1930 the
proportion
of external debt had increased to almost half the total.
opinion, the bankers stated the question was largely an
The proportion of the Commonwealth to the total
(7—governments) academic one, but they thought it would be of interest to
debt, has increased tremendously due to the World War. In
June 1914.
the Commonwealth debt was only £19,000,000. while the
States' debts investors in Federal Land Bank bonds.
totaled £320,000,000. At the end of 1930, the debt of the
CommonThe opinion points out that Congress provided in the Act
wealth was precisely half the size of the six States' debts, the
former having
that each Farm Loan bond issued by any Federal Land
since 1919 increased much more rapidly than the latter.
The enormous increase in the Commonwealth Government's
debt since Bank "shall contain in the face thereof a certificate signed
1914 has been caused chiefly by borrowings for war purposes.
In 1914 by the Farm Loan Commissioner to the effect that all
there was, of course, no war debt. By 1919 the Commonwealth's
debt had
mounted from £19,000,000 to £308,000.000, of which £280,000,000
(90%) Federal Lend Banks are liable for the payment of each
was war debt. During the following 11% years, the war debt
increased to bond". After citing the various provisions of the Federal
1316,000,000, subsequently receding to slightly above the 1919 figure
but showing no net decline. Commonwealth debt for other
purposes also Farm Loan Act of 1916, the opinion reads, in part, as
has in the same interval increased. The increase is due largely to
borrow- follows:
ings for public
works and other purposes. Such loans, which accounted
for all of the £19,000,000 Federal debt in 1914, stood at
E92,000.000 last
December. Despite the large increase, the debt incurred for works is
small as compared to the war debt.
The distribution of the Federal debt according to place of
maturity
shows over 55% of the £373.000,000 to be payable in Australia and
45%
abroad. The domestic Commonwealth debt represented about fourfifths of the total in 1914, and, in 1919, over two-thirds of the
total. Its
decline since 1919 to only 55% has been due not to the slight
shrinkage
in amount, but to the rapid growth, since 1919, of the oversea
borrowings.
The £92,000,000 of war debt owed abroad is composed chiefly
of loans
made by the British Government. This portion is said to total
£81.000.000
while the remaining £11.000,000 are privately held.
The internal debt of the six States has grown more rapidly
than the
external, the increases of each category since 1914 being 252%
and 127%.
respectively. Unlike the Commonwealth debt, which is now
principally
domestic, the States' debt is principally external. This
condition
both cases been true throughout the entire period since 1914, has in
but the
proportion of external debt has declined from 70% in
1914 and about
64% in 1919 to about 55% in 1930.
Australian Loan Council Urges Cut in Interest—Wants
Rates Reduced by Banks—To Confer on $60,000,000
Borrowing.
The Commonwealth Loan Council at Melbourne, Australia
according to Canadian Press advices on April 26 passed
resolutions expressing the opinion that present interest rates
should be reduced and recording the desire to have the Commonwealth Bank Board confer with trading and savings
banks with a view to fixing uniform rates for fixed deposits,
bank loans, savings bank deposits and loans. As given in
"The above quoted language preceding the word "provided" defines the
liability of the banks to the bondholders. It imposes upon each Federal
Land Bank, in addition to the primary liability upon its own bonds, an
absolute liability with respect to the bonds of every other Federal Land
Bank, In the case of the interest coupons, the liability is for the full
amount of such coupons and arises immediately on presentation of such
coupons following default by the issuing bank. It is a joint and several
liability of all the banks to the bondholder for such coupons. In the case
of the principal of the bonds, the liability is for the full amount of an,
deficit remaining unpaid after liquidation of the defaulting bank and
distribution of its assets, and it arises immediately upon such liquidation
and distribution, and like the liability upon the coupons, it is a joint
and several liability to the bondholder by all the banks for the entire
deficit."
The opinion further points out the provisions of the
Farm Loan Act requiring an assessment for losses, if any,
amongst the banks, is merely a matter of internal adjustment, "and is of no concern to the bondholder, to whom all
the banks are indiscriminately liable both for defaulted
interest and for any deficit upon principal".
The firm of Hughes, Schurman & Dwight has been the
counsel for the Federal Land Bank group since the inception of the Federal Land Bank system. At the time of the
first issue of Federal Land Bank bonds, an opinion was
rendered by Charles E. Hughes, then in the general practice
of the law, now Chief Justice of the Supreme Court, upholding the constitutionality of the Farm Loan Act.
The Supreme Court later sustained the constitutionality
of the Act and the exemption of Federal Land Bank bond -4
FINANCIAL CHRONICLE
3258
from taxation.
stated:
The bankers, in releasing the opinion,
"In view of the fact that the 12 Federal Land Banks were created by
the United States Government, practically all the original stock being
purchased by the Government, and the public interest being represented
on the boards of directors of each and 'every bank by three directors
appointed by the Federal Farm Loan Board, the opinion voices what
appears to be in substance an academic though legally interesting
question."
They called attention to the fact that Mr. Mellon, Secretary of the Treasury, who is ex-officio Chairman of the
Farm Loan Board, in a letter of recent date, stated: "The
bonds issued by the Federal Land Banks constitute a sound
tax-free security and investors should not be disturbed by
false or misleading information. The achievements and
service of the system have demonstrated its fundamental
soundness and usefulness."
More Than 80% of Loans of Federal Land Banks Outstanding Made Since 1922 According to Survey of
"Land Bank Bonds" by National City Co.
More than 80% of the first mortgage loans of the 12
Federal Land Banks now outstanding were made since
1922, after the deflation of farm land values had made
considerable progress, while less than 7% date from the
two years of maximum inflation, 1920-21, the National
City Co. declares in a survey of "Land Bank Bonds", just
completed in anticipation of increased demands upon the
system. The survey notes that one of the chief reasons for
the indifference of the investing public toward land bank
bonds has been the great deflation that has occurred in
land values during. the last 10 years. Actually, the total
extent of the decline in the last eight years has been less
than during 1921-22, since which time more than four-fifths
of the outstanding loans have been arranged. The survey
also remarks upon the operation of amortization payments
in obviating the effect of inflated values on the earlier
loans. The company also says:
This attitude on the pant of the investing public and the general conditions in the money market have affected unfavorably the market for new
land bank issues in the past two or three years. Fortunately, however,
the applications by farmers for loans during the period also decreased, so
that the Land Banks have had no difficulty in meeting the demands upon
them from tile proceeds of repayments upon existing loans. During the
past few months, however, the trend has been reversed and there has been
a considerable increase in applications for loans.
[VOL. 132.
exists. Moreover, they are strong arguments against the indiscriminate
disfavor with which many investors regard the bonds of the Joint Stock
Land Banks. Undoubtedly, the reputation of the latter as a class has
been injured by the faot that three banks were placed in receivership
in 1927, but the public must realize that each of these institutions should
be judged on its own merits and that the sound and well managed banks
have no liability in connection with the failure or shortcomings of the
others."
Commodity Loans of Federal Intermediate Credit
Banks Rise to 893,000,000—Compare With 32,000,000 in 1929 Says Charles R. Dunn, Fiscal Agent.
The twelve Federal Intermediate Credit Banks increased
their commodity loans during 1930 to $93,000,000 as compared with $32,000,000 in 1929, according to figures made
public April 28 by Charles R. Dunn, fiscal agent. In a
statement accompanying his report, Mr. Dunn calls attention to the fact that although the Banks can make commodity loans on agricultural products approved by the
Federal Farm Loan Board not to exceed, by law, 75%, the
percentage by actual practice does not run beyond 65%.
He also points out that ample provisions are made in the
loan agreement to protect the banks against declines in
prices, and that the business now on the books of the Intermediate banks is based on the low market value of agricultural products. Mr. Dunn says:
"The discounting of farmers' notes from Agricultural Credit Corporations, Livestock Loan Corporations and National or State Banks also increased in 1930 over the previous year. These agencies must in the first
instance have the proper capital structure before the Federal Intermediate
Credit Banks can do business with them, and in addition to the endorsement of the discounting agency, except in the case of National or State
Banks, collateral security to at least 1% times the value of the discounts
is required. As a further protection it Is the practice of the Federal Intermediate Credit Banks to insist that the corporations invest a certain amount
of their capital in highly liquid securities which are deposited with the
banks as additional security against discounts.
"The Federal Intermediate Credit Banks make loans or discounts for
an intermediate period and the business on their books at the present time
has been based on the low market value of agricultural products. All of'
tho capital of these banks is subscribed to by the U. S. Treasury and as
which
only $30,000,000 has been paid in there is still $30,000,000 available
can be called at any time on 30 days' notice."
B. C. Powell, of National Advisory Loan Committee of
Department of Agriculture, Sees Agricultural
Credit Corporations as Adjuncts to Banks.
B. C. Powell, of Secretary Hyde's National Advisory
Loan Committee, speaking on April 28 before the Louisiana
Bankers' Association at Biloxi, Miss., said that agricultural
credit corporations are important supplements to local
banks and "will foster a sounder agriculture and in a sounder
banking situation." He said a sound program of economic
loan
development requires credit and frequently a type of
can
which the country banks, with their limited resources,
not supply. As relief in such communities he recommended
from
the credit corporation which brings funds to the farmers
the banks.
outside and makes them better customers for
loans
The recent increase from 2% to 3% in the spread on
permitted by the Federal Farm Loan
by credit corporations
should renew
Board was given as a reason why bankers
these organizations. "But any banker,"
their interest in
from the standhe said,"who looks at this problem primarily
has
point of the immediate earnings from such a corporation
part of the possibilities." He went
seen only a very small
The survey analyzes the difference in scope and operations of the Federal Land Banks and the Joint Stock Banks,
the former constituting a national system while the latter
are in the nature of private institutions, limited to the
State where organized and one contiguous State. Loans
of the Federal Land Banks, limited to $25,000 to any individual, are made through National Farm Loan Associations
with group endorsement, these associations owning over
98% of the Land Banks' stock. Loans by the Joint Stock
Land Banks are limited to $50,000 to any one individual,
are made direct to the farmer and without group endorsement and their stock is held by private investors. Federal
Land Banks are liable for one another's bonds under the
conditions specified in the 'Farm Loan Act, while no joint
to say:
liability exists in the case of Joint Stock Land Bank bonds. on
Corporation as a supplement to
"The operation of an Agricultural Credit
based on the extent of delinquency local credit facilities will enable a country bank to maintain a more profitUninformed criticism
which will increase the prosperity of the
In payments by borrowers and of real estate assumed by able loan and investment policyhigher level of deposits and the position of
a
foreclosure is refuted by the survey. The community. It will result in
the banks under
the bank is fortified.
Farm Loan Board will mateconsolidated statement of the 12 Federal Land Banks as
"The additional spread permitted by the
corporations, and where overhead
Is pointed out, showed net mortgage rially increase the earning power of credit no reason why an investment in
of Dec. 31 1930, it
costs are kept at a reasonable level. I see
not prove a
loans of $1,189,604,000, of which only $2,166,000, or the capital stock of a credit corporation should return on theprofitable
invested
standpoint of the
18/100ths of 1% was in arrears. Including interest and investment, purely front the
capital.
increasing earnings by concendeducting partial payments and reserves, the net balance
There is also the additional possibility of
conservative loans in order to obtain
of installments, it Is added, represented only 0.3% of total trating on the more desirable type of law authorizes the Federal Intera higher ratio of rediscount. The
report assets. Delinquent installments, says the company, mediate Credit Banks to rediscount loans for credit corporations to a
the cases of the 48 Joint Stock maximum of 10 times the unimpaired paid-in capital and surplus. As a
are also relatively small in
usual ratio is approximately 5 to 7. If the manageand a high class of loans
Land Banks, the net carrying value, based on a consolidated matter of practice, the
ment of these corporations has been satisfactory
their individual reports, amount- is submitted for rediscount, a higher ratio has been permitted by the Interstatement compiled from
and reserves to only mediate Credit Banks.
ing, after deducting partial payments
that most losses to country
"As a banker, it has been my observation
said that net carrying
periods when there was a
0.3% of total assets. It is further
banks were incurred as a result of loans made in
estate owned and surplus of loanable funds. Loan policies become too liberal in years when
value of delinquent installments, real
deposits, and a policy of restriction that
of the Federal there is a generous increase in the deposits decline greatly.
sheriffs' certificates amounted in the case
15 too severe is often adopted when
an adjunct to a country
$23,948,000, or 1.84% of their total assets,
"Where a credit corporation is operated as
Land Banks to
loans,
rethis percentage was bank, it is possible when funds are plentiful to carryearning previously the
Bank, as
assets of
while for the Joint Stock Land Banks
discounted with the Intermediate Credit
concludes:
begin to be scarce, these loans again can be
local bank. When local funds
3.80%. The survey
System has established itself
"The important place in which Land Bank
the face of adverse conin financing agriculture, and its past record in
investors and justify
ditions have demonstrated the security offered to
than now
a far greater confidence in all bonds of the Federal Land Banks
even supply of funds for the
rediscounted. This would provide a more
bank's customers. Such a policy, in the long run, will mean a sounder farm
program and a sounder investment policy for the local bank. The credit
corporation will bring funds into the community at times when funds are
MAY 2 1931.]
_
FINANCIAL CHRONICLE
ordinarily flowing away as bank customers withdraw their deposits
for
crop production. This tends to equalize,from season to season, the
volume
of deposits.
"The possibilities for organizing an Agricultural Credit Corporation
as a
supplement to local credit facilities were never more favorable than
now,
with the funds made available by Congress and loaned by
the United
States Department of Agriculture at the rate of 334%."
3259
bankers, and farmers should survey conditions to determine the need. Is
the local banking situation such that additional credit facilities would
be beneficial? Can farmers in the area furnish a quality of paper that
the Intermediate Credit Bank will discount? Will a sufficiently large
number of loans be made to justify setting up a corporation? If the
answer to these three questions is in the affirmative, it is pretty certain
that the community could be benefited almost immediately by taking advantage of the Federal loans for the purchase of stock in Agricultural Credit
Corps."
The pamphlet emphasizes repeatedly that "the Federal Government will
lend money to individuals to purchase stock only in The event that sufficient local capital is subscribed to insure local responsibility and good
management" and that each application will be judged on this basis.
Mr. Eisenhower has included brief sections intended to answer the
questions of bankers, business men, and farmers, suggesting the benefits
each may anticipate, and the part each group should expect to assume
in organization or expansion of these agencies. It outlines the steps in
organization of credit corporations and in obtaining Federal loans for
stock purchases. It may be obtained by applying to the Office of Information, United States Department of Agriculture, Washington, D. C.
$332,419 Loaned by Secretary Hyde's National Advisory
Committee to 16 Farm Credit Companies in 11
States.
Secretary Hyde's National Advisory Loan Committee
approved on April 25 a loan of $5,689 to 21 individuals for
the purchase of stock in the Alabama Agricultural Credit
Corporation, Montgomery, Ala. The Committee has now
approved loans totaling $332,419 to 189 stockholders in 16
credit companies in 11 States. The Department of Agri'culture made public on April 25 the following complete list
of the credit corporations, members of which have received Period for Applying for Drouth Relief Loan Expires
in
loans from the $10,000,000 fund tentatively set aside for
All But Four States.
the purpose:
April 30 was the last day for applieations for loans to
Amt. ofLoans No. of
drouth sufferers in 18 out of the 22 States ravaged by last
Corporation—
Approved.
Loans.
Blytheville Cotton Finance Corp., Blytheville, Ark. $10,500
8 year's dry spell, says Associated Press accounts from WashAndalusia Credit Corp., Andalusia. Ala.
30.000
3 ington on that date, which added:
Planters Agricultural Credit Corp., Memphis, Tenn.
Tri-State Credit Corp., Memphis, Tenn
North Missouri Agricultural Credit Corp., Trenton,
Mo.
Perniscot Agricultural Credit Corp., Caruthersville,
Va
Madison Co. Agricultural Credit Corp., Canton,
Miss.
Louisiana Delta Discount Corp., Tallulah, La._ _ _ _
Hutson Agricultural Credit Corp., Newport, Ark._ _
DeWitt Farmers Credit Corp.. DeWitt, Ark.
Dillon Agricultural Loan Association, Dillon, S. C.
Memphis Cotton Discount Corp.. Memphis, Tenn.
Wool Growers' Service Corp., Yakima, Wash.
Mitchell Co. Agr. Credit Corp., Colorado, Tex._
Deschutes Valley Loan Corp., Redmond, Ore._
Alabama Agricultural Credit Corp., Montgomery,
Ala.
37.500
12,500
1
2
25.000
25
17,500
4
8,500
10
16
55
1
20
4
21,000
40,000
15.000
2,930
17,500
Applications for loans from the $57,000,000 emergency fund of Congress
must be dated to-day in all States except Pennsylvania, Montana. Oregon
and Washington, where the time limit has been extended until May 15.
Another fund of $10,000,000 will be available until next fall, at least,
for the purchase of stock in agricultural credit corporations. Crop production, farm rehabilitation and storm State loans up to April 28 totaled
$42,809,210.
Period Within Which Applications May Be Made for
Loans to Finance Agricultural Credit Corporations
11/ to Be Extended to Fall, According to Secretary of
58,000
10
Agriculture Hyde.
8.300
4
The period for making loans to finance Agricultural Credit
22,500
5
Corporations from the $10,000,000 Federal fund set aside
5,689
21
for that purpose will be extended at least until fall, and will
$332.419
189 not end April 30 as is the case with crop production loans,
the Secretary of Agriculture, Arthur M. Hyde, stated orally
Department of Agriculture Expects Farm Credit
April 24. The "United States Daily" from which we quote
Agencies to Prove Permanent—Policy as to Loans
also said:
from Federal Fund of $20,000,000 for Purchase of
The following information also was made available at the Department
Stock in Agricultural Credit Corporations.
of Agriculture:
The $10,000,000 fund is part of a $20,000,000 appropriation made by
According to the Department of Agriculture at WashCongress for loans to finance credit corporations and for loans directly to
ington, farmers, bankers and business men may anticipatp farmers for "agricultural rehabilitation", including food for the farm
permanent improvement in the farm credit situation as a family. Exercising the discretion granted in the appropriating act, Secretary Hyde
for loans for agricultural reApril 30 as the final
'consequence of the emergency credit legislation enacted habilitation fixedfor loans from two otherdate one of $45,000,000 and one
funds,
and
by the last Congress. Under date of April 24. the Depart- of $2,000,000, both to finance crop production in storm and drouth areas.
Secretary Hyde's decision disposes of the suggestion which had been
ment went on to say:
made in some quarters that the appropriation might not be available for
The third emergency act to aid farmers provided a fund of
$20,000,000
for agricultural rehabilitation and for loans to individuals to buy
stock
In Agricultural Credit Corps. Agricultural Credit Corps. are not
new
credit agencies, but the stimulation of these agencies by loans from
the
emergency fund is new, and it is from this feature of the legislation
that
American farmers—and incidentally bankers and business men—stand to
reap the most permanent rewards, according to a pamphlet, entitled "New
Credit for Farmers", just published by the United States Department
of
Agriculture.
"In general," says 31. S. Eisenhower, Director of Information of
the
Department, "the individual farmer obtains his credit from his own country
bank. In a sense the country banker and the farmer are partners. Both
are interested in the economic welfare of a specific community. To
achieve
the full benefits contemplated under the new funds available for agricultural credit corporations the country banker and the farmer, as well as
business men in general, become partners."
Reviewing the legislation providing $20,000,000 for rehabilitation and
stock purchase loans, and the allocation by the Secretary of Agriculture
of $10,000,000 for the latter purposes, the pamphlet says the fund presented to the Department "a real opportunity to benefit permanently many
of the agricultural areas that lack capital".
"Loans made for the purpose of aiding Agricultural Credit Corps., livestock and loan associations, and like organizations are not intended to
finance farm operations directly. Rather, the fundamental purpose is to
supplement the kcal credit facilities through the organization of financial
Institutions. These in turn, lend money to farmers for farm operations.
Loans from the Federal grant are made to individuals to purchase stock of
Agricultural Credit Corps. Such corporations, if in good condition and
under good management, can rediscount notes with the Federal Intermediate Credit Banks. The usual ratio of discounts permitted is five
to
seven times the unimpaired capital and surplus. In this way the Government grant renders a service to farmers many thnes greater than it
could
It the money were loaned direct to farmers.
"For example: Suppose that an Agricultural Credit Corp. in one
of
the drouth.stricken States has been operating on a capital of $25,000.
It
has made all the loans it can. Additional local funds cannot be
obtained.
Suppose now the Government lends to responsible business men, bankers,
and farmers an additional $25,000 to buy stock in the credit corporation.
This increases the capital to $50,000 and makes it possible for the Agricultural Credit Corp. to discount with a Federal Intermediate Credit Bank
a total of approximately $350,000 in notes, instead of $175,000, as
was
the case before the Government made its loans for the purchase
of
stock."
The author explains that loans need not be made for purchase of
stock
In existing corporations, but may be made to aid in the
organization of
sew corporations. He says: "New corporations should immediately be
organized wherever a real need exists for them. Responsible business
men,
use after the end of the present fiscal year June 30. A recent statement
by the Department shows that between 5300,000 and $400,000 has been
loaned from the fund for credit corporations.
Argentina to Have Three Delegates at International
Wheat Conference in London.
A cablegram as follows from Buenos Aires April 28 appeared in the Now York "Times":
Argentina will have three delegates at the international wheat conference
in London next month, namely, Tomas Carlos Miguens, Counselor of the
Embassy in London, and Carlos Brebbia, permanent delegate to the
International Institute of Agriculture in Rome.
Federal Farm Board Impeded in Selling Its Wheat—
Price Cutting Has Kept Sales Down to 8,000,000
Bushels, Chicago Reports Indicate.
Facing an international buyers' market in grains, the
complications of price cutting and rumors that vast storage
stocks of American wheat might be "dumped" in European
markets, the Federal Farm Board's Stabilization Corp. on
April 27found difficulty in the disposal of its surplus holdings
of wheat in seaboard ports. We quote from a Chicago
dispatch to the New York "Times" April 27 which also
stated:
Since the Farm Board's announcement on Feb. 26 that it would sell its
exportable wheat,described as of"high milling qualities," in foreign markets
at prevailing prices, to the amount of 35,000,000 bushels, an estimatea
8,000.000 bushels has been the extent of its sales, according to local officials
George S. Milnor,President of the Grain Stabilization Corporation,stated
to-day that he was confident that the entire 35,000.000 bushels of grain
which the Corporation is holding at American seaboard points would be
sold by July 1.
Canadian exporters have reported the sale of 25,000.000 bushels of hard
winter wheat for export in the last four weeks. American export reports
credit the shipment of but 3,000.000 bushels from the vast stocks on hand
here in the same period.
Of the Farm Board's Stabilization Corporation holdings, which, with
final deliveries next Friday, are estimated to total about 250,000,000
bushels purchased with Federal funds to aid farm relief, its durum wheat
is said to meet the most willing customers. The governmental agency is
reported to have shipped 1.250.000 bushels of it from Duluth to Montreal,
presumably for European consumption.
3260
FINANCIAL CHRONICLE
Despite the declaration by Chairman Stone of the Farm Board recently
persistent
that no American wheat would be "dumped" in world markets,
country.
rumors say that no other outlet exists for the large holdings in this
foreign corre- ,
Lowered commodity and financial quotations are said by
Farm Board wheat abroad.
spondents to operate against purchase of the
[VOL. 132
factory" and "must be Improved at all costs." According to the plan, early
sowing was to be finished by the 1st of May in the North Caucasus and the
Ukraine, but only 23.8% of the plan had been accomplished in the Caucasus
and only 10.4% in the Ukraine.
The reports on cotton sowing in Central Asia also show, according to
"Pravda," "especially noticeable weakness." These figures apply to the
"socialized sector"—State and collective farms—but"Pravda"adds that the
situation is considerably worse regarding the individual farmers. For
instance, on the Middle Volga, where Individual holdings compose about
50% of the total area, only 105 of the sowing has been accomplished.
Sowing in the south was delayed by cold weather, but if the program is
to be carried out the present daily rate must he increased about threefold, and the coming weeks doubtless will witness a big drive for that purpose. The condition of winter grain is satisfactory and the present warm
weather diminishes the risk of damage every day.
W. L. Harding Former Governor of Iowa Urges Federal
Farm Board to Store Part of 1930 Wheat Holdings
Against Shortage.
The Federal Farm Board would do a sensible thing if
it stored that part of the 1930 wheat crop controlled by the
Stabilization Corporation until there was a shortage, W. L.
Harding, former Governor of Iowa, said on April 25 while
National Agricultural Credit Bank of Mexico.
discussing the farm problem and its aspects in the 1932
From the "Wall Street Journal" of April 28 we take the
. A Washington dispatch to the New York
campaign
following from Mexico City:
"Times" in reporting this also said:
to confer with
Mr. Harding came here from a tour of Western States
National CommitSenator L. J. Dickinson, Chairman of the Republican
H. Lucas, Executive
tee's Agricultural Advisory Committee, and Robert
the Farm Board
Director, in reference to the party's program to defend
and tariff in the Western States.
be disturbed over the
"There is no reason for the American people to
on well in most unrecord of the Farm Board," he said. "It has carried
doing well and are so
favorable circumstances. The co-operatives are
wheat by the Stabilization
recognized by the farmers. The purchase of
reason to be alarmed
Corporation has turned out well and there is no
corporation more than
because the Government controls through this
250.000,000 bushels."
scarcity.
Be declared it was no crime to store food against a
on of
Corn Canners Institute—Recommends Reducti
25% in Acreage to Aid Inventory Situation.
From its Chicago bureau the "Wall Street Journal" of
April 28 reported the following:
all canners in the United
The Corn Canners Institute has recommended to
year ago in view of the fact
States that 1931 acreage be reduced 25% from a
are being forced on the
that present substantial stocks of canned goods
because of the unfavorable
market considerably below production cost,
foods has fallen off materially
credit situation. Consumption of canned
lain sight, the institute added.
and little improvement in present conditions
curtailment of operations rangIllinois canning companies report definite
in acreage including practically
ing up to 20%, with a material reduction
all products.
appear unlikely in the face of
Individual cases of increased production
majority of canners appear to
Present sentiment in the industry, as the
this year to materially lower
realize the necessity for adjusting production
levels.,
Bank of Nation Will Aid Corn Farmers—
To Lend 21 Cents per Bushel.
A cablegram as follows from Buenos Aires April 29 is
taken from the New York "Times":
Argentine
difficult situation created by
In an effort to assist corn farmers through the
decided to lend them 2.5
unusually low prices the Bank of the Nation has
in sacks ready for exportapesos per hundred kilograms of corn shelled and
cents per bushel and is 65%
tion. The loan is equivalent to 21 American
32 American cents per
of the present selling price, which is equivalent to
bushel.
1.5 pesos per 100 kiloEarly in March the bank advanced to farmers
per bushel, but this has
grams, which was equivalent to about 12.5 cents
to-day addressed a proclaproven insufficient. The Minister of Agriculture
rents, pointing out
mation to rural landlords urging them to reduce their
that present rentals
that rental accounts for 25 to 30% of farmers' costs,
prices of to-day and that
were established when grain prices were double the
toward solving the
landlords should be willing to contribute their share
accepting lower rentals.
country's present critical economic depression by
landlords some time
Provisional President Uriburu made a similar appeal to
ago but they paid no attention to him.
National Agricultural Credit Bank and its branches show a deficit of $4,388,535 in their latest consolidated balance sheet. The bank began business
a few years ago with a capital of 21,000,000 pesos, while present capital
Is less than 17,000,000 pesos.
North Dakota-Montana Wheat Growers' Association
Severs Connections With Federal Farm Board.
From the Chicago "Journal of Commerce" we take the
following from Grand Fork8, North Dakota, April 22:
The North Dakota-Montana Wheat Growers' Association yesterday charged
the Federal Farm Board with efforts to "destroy us", and definitely
broke with the Government group.
George E. Buis, President of the Association, in a statement declared
that his organization would return to its old methods of marketing, after
expressing criticism of the Farm Board's methods.
Wig "Go Alone".
He asserted North Dakota-Montana group had severed "all connections
with the Farm Board" and henceforth would go it alone, and that it might
start legal action to recover $62,805 in claims which it had made
against the Board.
In his statement, Mr. Buis said:
instead of
"The Farm Board set itself up as preferred creditors and,
was the
helping a co-operative with a long and honorable record which
they,
intent of the entire structure of the Agricultural Marketing Act,
of
the Federal Farm Board, with their unethical, bureaucratic handling
could be
Government and other money, have done about everything that
done to destroy us.
Enough of Relief.
"If the farm relief is to be what the Federal Farm Board has handed
members
agriculture through their co-operatives to date, it is certain that
of
of the North Dakota-Montana Wheat Growers' Association have had all
back to their own
that kind of relief they want and are ready to go
methods of marketing as they did for a number of years without the
'assistance' of the Farm Board."
In its April 22 issue, the Minneapolis "Journal" said, in
part:
The North Dakota-Montana Wheat Growers' Association, one of the
the Federal
co-operatives organized under the grain marketing plans of
of the
Farm Board, is understood to have been denied the services
Minneapolis grain exchange on account of its financial condition.
offices and
Main offices of the Association are at Grand Forks, but
Minneapolis
an elevator are maintained in Minneapolis. Officials of the
would make
office, while acknowledging that the report is "probably true",
no comment on it.
the Association. He
George Duis, of Grand Forks, is the President of
National Grain
was re-elected as one of the directors of the Farmers'
Corp. at its recent meeting in Chicago.
Forks that his organization
To-day, however, Duis announced at Grand
Board". Ile said the
is "severing all connections with the Federal Farm
Farm Board and may start
Association has claims of $62,805 against the
Corp. is "detrimental to
legal action. The Farmers' National Grain
co-operative marketing", a statement said.
that the wheat growers'
t
Reports have been current for several weeks
Germany to Reduce High Duty on Wheat—Cabine
to the fact that the advances
Bushels of association was meeting with difficulties, due crop on a rather liberal scale
Believes Nation Can Absorb 20,000,000
had been made to the farmers on their wheat
of the Association.
Cheap Foreign Product.
and that carrying charges had taxed the finances
Association by the Farm Board
A direct loan had been made to the
of about 50 cents a bushel in the duty on
A reduction
Association has a maximum loan of
April on 4,000,000 bushels of wheat. TheGrain Corp., and much of it is underwheat will be decreed by the Cabinet, it was learned on
$300,000 with the Farmers' National
New York stood to be unpaid. It was reported in Washington a short time ago
28, said a Berlin cablegram on that date to the
be made.
that further loans to the Association would not
which we also quote as follows:
"Times" from
an audit of the books of
The Farm Board is understood to have made
a low level, so the GovernStocks of domestic wheat and rye have reached
recently.
can absorb about 20,000,000 bushels of cheap foreign the Association
financed the overhead of
ment believes Germany
The Farmers' National is understood to have
.
wheat without endangering the nation's agriculture
$7,000 in March, but will not continue
reduced duty will be exercised. the Association to the extent of
say.
A rigid control over importations under the
dispatches
the receiving ports because further with this help, Eastern
Hamburg and Bremen being designated as
States are believed to be in a position
none of the Southeastern European
to export wheat.
Germans to Try to Keep Price of Bread Stable.
81.62 a bushel enabled German agrarThe present wheat duty of about
reserves. The millers and bakers
huge rye
Efforts are being made in Germany to keep the price of
ians to unload most of their
flour and bread in view of the coming
threaten to boost the retail prices of
bread stable, according to a report from Consul Raymond
wheat shortage.
of tariffs H.
Geist, Berlin, made public on April 24 by the Department
demands of Socialists and trade unions for a lowering
While the
Government's action, the fact
foodstuffs are largely responsible for the
on
of Commerce. The Department says:
Canada are prepared to unload surplus stocks
on Economic Affairs in the
that the United States and
Recently three parties in the Committee
Government's decision to lower the duty in connecthe Staatsparty—have commonly
also has influenced the
Reichstag—the Centrist, Folksparty, and
price-levelling program.
the cost of bread from rising
tion with its
brought forward a bill which would keep
five largest German States
over the average price which prevailed in the
Soviet Spring Sowing Reported as Far Behind during the past six months, the report states. is further empowered to
Russian
s
Under provisions in the bill the Government
Program—Moscow Paper Says Work in Caucasu
but not in those governing
make changes in the agricultural tariffs,
at All Costs.
only with the approval of the
and Ukraine Must Be Speeded
industrial products, and this is to be done
York "Times" Federal Council (Reichsrat).
From Moscow April 29 advices to the New
and commercial treaties shall
All proposed changes respecting economic
be referred to the Federal
said:
be laid before the Reichstag, and shall not
Communist party, to-day voices
The newspaper "Pravda," organ of the
"quite unsatis- Council.
sowing, which it asserts is
alarm over the progress of spring
MAY 2 1931.]
FINANCIAL CHRONICLE
3261
The Government is also obligated under this proposed law
to see that
the food cost index shall not remain longer than three
months over 133,
and if so, to bring it down by lowering customs duties
on foodstuffs.
It is further stipulated in this motion that the mandate to change customs
duties on agricultural products shall remain in force only as
long as the
Bruening Government is in power.
the $1,000,000,000 merger of the Bethlehem Steel Corporation and the Youngstown Sheet and Tube Company, was
announced last Sunday night. Simultaneously with the
announcement that Mr. Eaton had resigned as Chairman
of Continental Shares, Inc., one of the largest investme
nt
Belgians Fear Our Grain—Huge Sale by Federal Farm trusts in the country, and that this orgainization had severed
relations with the New York Stock Exchange firm of Otis
Board Would Upset Market, Says Brussels Paper.
From the New York "Times" we quote the following & Co., it was disclosed that the Otis concern had transferred
its commission brokerage business to E. A. Pierce & Co.
Brussels cablegram, April 24:
The effect of these shifts is to eliminate the Eaton interests
The Antwerp "Neptune" asks to-night whether the sale of the
immense
from the management of Continental Shares and to split
stocks of grain accumulated by the United States Farm Board
would not
disorganize the European market. The paper expects 275,000,000
bushels the extensive business of Otis & Co., Mr. Eaton's Stock
will be thrown on the market at half of the cost before July 1.
Exchange house, into two pieces, with its stock brokerage
American grain was stored instead of being sold in small quantities,
while Canada, Argentina and Russia took the opportunity to sell their activities turned over to Pierce & Co. Otis & Co. continues
grain, often below the market prices, the paper says. France and other as a Stock Exchange house, retaining
its memberships in
countries have protected themselves against an invasion of American grain
that institution, but it will operate hereafter as an investby laws limiting imports, it points out, but if the United States suddenly
lowered the prices of accumulated stocks a grave danger to European ment business. Otis & Co., in which Mr. Eaton was one of
markets might result.
the moving spirits, made the following announcement:
Berlin Market Unaffected by Report Federal Farm
Board Would Sell Wheat Holdings.
The following, from Berlin. April 24, is from the New
York "Times":
The Berlin produce market has not reacted to the report, since denied,
that the Federal Farm Board intended to realize on its stock of wheat.
Owing to the German import duty of 25 marks a ton, such a policy
would not affect German prices.
The market, however, considers that accelerated selling by the Board
would have been justified as European wheat stocks are relatively low
and European prices in the preceding week have risen materially.
The trade press comments that the only sufferers from such a plan
would be Canada, Argentina and the Danubian countries, as nearly all
grain-importing European countries now effectively protect their farmers
by duties and compulsion to mill native grain.
Grain Crop Alarms Brazil—Farmers Fear Bumper
Harvest May Glut the Market.
The following Sao Paulo (Brazil) cablegram, April 23.
is from the New York "Times":
The record grain crop now awaiting harvesting in the State of
Sao
Paulo is causing alarm among growers, who fear grain production
will
develop into a situation similar to the coffee problems.
It is estimated that this year's crop is 15,000,000 sacks of rice,
corn
and wheat, greatest in history.
It is reported that measures will be taken to limit future
crops, to
reduce the cost of transportation from the interior to the
coast, and to
facilitate exportation to foreign markets.
Annual Dues of Chicago Stock Exchange Lowered.
The annual dues of members of the Chicago Stock Exchange for the fiscal year starting May 1 will be $400
instead
of $650, the Exchange announced on April 22.
W. G. Moorhead & Co., Chicago, Suspended from
Chicago Board of Trade.
Under date of April 21 a dispatch from Chicago by
the
Associated Press said:
"Otis & Co., having decided to segregate their investment from their
commission business, have entered into an arrangement whereby their
Stock Exchange transactions will be handled through E. A. Pierce & Co..
the accounts of the related customers to be carried directly by E. A. Pierce
& Co. Otis & Co. will continue as members of the New York and other
Stock Exchanges and maintain, generally speaking, all their
present
offices, acting in so far as commission transactions are concerned as representatives of E. A. Pierce & Co. This status will enable clients of such
offices to have uninterrupted contact with Otis & Co.'s personnel with
wh,The sty have of u. A dealt.
, m the
o
hitherto
.
Pierce & Co. in the financial community and
their widespread connections as members of most of the leading security
and commodity exchanges of this country and Canada are such
to customers the safe, efficient and agreeable treatment of theiras to insure
accounts."
The upheaval in Continental Shares involved the election
of the heads of four leading Cleveland banks to the directorate, in succession to Mr. Eaton and his associates. The
retiring members, besides Mr. Eaton, were: W. R. Burwell,
President of Continental Shares; M. J. Mandelbaum and
Philip Wick of Wick & Co. The new directors are W. M.
Baldwin, President of the Union Trust Co.; Harris Creech,
President of the Cleveland Trust Co.; J. Arthur House,
President of the Guardian Trust Co., and C. E. Sullivan,
Chairman of the Central United National Bank. The
Cleveland banks represented by these new directors have
apparently acquired control of Continental Shares. The
four new directors, together with George T. Bishop, J. A.
Hadden and H. B. Stewart, who were elected to the board
a few months ago, now constitute the full directorate.
The announcement on behalf of Continental Shares is
given in our department devoted to Corporate and Investment News on a subsequent page, see page 3367.
The New York "Times" in discussing the rise of M.
Eaton had the following to say in its issue of April 27:
Mr. Eaton, known as one of the most aggressive and successful
capitalists
In the Middle West, first came into national prominence by his
opposition
to the Bethlehem Steel-Youngstown Sheet & Tube merger. He
carried
his fight into the courts and one of the bitterest and costliest
litigations
In history followed. The expense of the suit has been
estimated at between $2,000,000 and $3,000,000. Judge David G. Jenkins
of the Common Pleas Court of Mahoning County, Ohio, before whom
the suit was
tried, handed down a decision on Dec. 28 enjoining the
W. G. Moorhead & Co. were to-day (April 21) suspended
proposed confrom trading solidation.
An appeal was taken later and is now pending. For some
on the Board of Trade because of inability to meet obligations
.
months it has been rumored that Youngstown Sheet &
Tube was to be
merged with Republic Steel, which Mr. Eaton formed.
Chicago Stock Exchange Establishes Fund To
Mr.
Retire fishing Eaton is 48 years old, having been born in 1883 in Pugwash, a
village on the Nova Scotia coast. He came to the United States
Employees at Age of 65 Years.
when he was 19, locating in Cleveland. He became
interested in bankAnnouncement was made on April 23 of the establis
ing and in public utilities in which he made a huge
fortune. He joined
hment the financial
house of Otis & Co. 15 years ago.
of a fund by the Chicago Stock Exchange out of
which
Minority interests in Continental Shares obtained
Exchange employees will be paid a retiring salary at
an injunction in
the March to prevent the holding of
age of 65. Under the plan the employee at the age of 65 in the suit that Mr. Eaton and a meeting of stockholders. It was charged
other officers had made improper use of
the trust's assets in mergers and other
would receive a retiring salary of 2% of his average
annual litigation the annual meeting, scheduledoperations. Because of pending
for March 23, was adjourned.
salary for the last 10 years of service multiplie
d by the
number of years in service. To be eligible to participa
te
West & Co., Philadelphia, Placed in Receivership.
the employee must have been with the Exchange at least
The Philadelphia brokerage house of West & Co., members
10 years. Announcement was made last November of a
of the New York and Philadelphia Stock Exchange
group life insurance policy for Exchange employees.
s and
other leading trade bodies, on Monday of this week,
April 27
was placed in the hands of receivers by Judge W. H.
KirkNew York Cocoa Exchange Moves to 92 Beaver Street.
patrick in the United States District Court in Philadelphia.
The New York Cocoa Exchange moved into its new The receivers
hip followed an announcement by the firm
quarters at 92 Beaver St. on Monday, April 27. The earlier in the
day that it was unable to meet its obligations,
Exchange has been located at 124 Water St. since
its which resulted in its suspension by the New York and
opening on Oct. 1 1925. A reference to the new quarters Philadelphia Stock
Exchanges. John Arthur Brown, an
appeared in our issue of April 4, page 2498.
attorney, was appointed receiver by the Court under a
bond of $100,000. The Philadelphia "Ledger" of April
28,
Otis & Co. Segregate Their Investment from Their from which
the preceding matter is taken, went on to say
Stock Exchange Commission Business—Latter to in part:
be Handled by E. A. Pierce 8c Co.—Cyrus S. Eaton
The receivership petition was filed by Charles I. Thompson,
member
Retires from Management of Continental Shares, of the law firm of Ballard, Spahr, Andrews & Ingersoll, counselafor
West
& Co.. for the purpose of protecting the firm's assets.
Inc.
No schedule of
assets and liabilities was filed with the Court. William
W. Hepburn,
A realignment of the financial interests of Cyrus S. Eaton, a member of the firm, in a separate petition requesting the
appointment
of receiver, gave the assets as $3,000,000.
He made no estimate as to
Cleveland capitalist, who gained prominence in opposing theatotal
of the liabilities.
3262
FINANCIAL CHRONICLE
s in which Pynchon
West & Co. were interested in a number of securitie
Friday (April 24),
& Co. of New York, whose insolvency was announced
were active.
[VOL. 132.
an
Lybrand, Ross Brothers & Montgomery, accountants, have begun
a
audit of West & Co.'s books with a view to immediate preparation of
He said he could
settlement of the firm's affairs, according to Mr. Colin.
give no estimate of the firm's liabilities at this time.
C.
With Mr. Hardt on the committee are Archibald Barklie, Edgar
Thompson, all
Felton, Gustave A. Heckscher, Edgar Scott and Walter S.
of Philadelphia.
g the
Mr. Hardt Issued a statement here through Mr. Colin outlinin
Announcement—of the firm's suspension from the New
d
York Stock Exchange was made by President Richar
the rostrum of the Exchange at 11:03 o'clock
Whitney from
Explans of the committee.
Monday morning, after the company had notified the
said Mr. Hardt,
rs in
"My investigation of the affairs of the failed firm,"
change it was unable to meet its obligations. Partne
the utmost importance that the customers of West
: William West (special partner), "Indicates that it is of unit with a view, if possible, of working out some
the firm are as follows
& Co. should act as a
taking over
Harry C. Thayer, William W. Watson Jr., J. West Rulon arrangement whereby through the medium of another house on of this
otherwise, settlement and dispositi
R. Partridge, Samuel Cochran Finnell, the customers' accounts or the almostaendless litigations and delays that
Cooper, Hugh
n, matter be made, avoiding
Charles Sheridan, Bryce Blynn, William W. Hepbur
are usually the result of brokerage failures.
ge), "With this end in view, our committee is to-day (April 29) sending out
Thomas G. Stockhausen (floor member of the Exchan
to
Roden- communications to all creditors and customers of the firm asking them
W. Knowlton Hoag, Edward C. Cassard, Elmer E.
our hands.
omery (special place their claims in no plan of adjustment or consolidation will be acbough (special partner), Grenville D. Montg
"Needless to say,
). In cepted by us in behalf of any customer without the express approval of the
partner) and Howard W. Hunter (special partner
Street, and customer.
addition to its Philadelphia office at 1616 Walnut
Philadelphia Trust Co. has any direct inter"Neithe I nor the
ined est in thisrmatter, as Fidelity myself nor the company is a creditor or cusneither
New York office at 63 Wall Street, the firm mainta
its
Manchester, tomer of West & Co."
branches in Baltimore, Boston, Buffalo, N. Y..
following cities
N. H., Atlanta, Ga., San Francisco, and the
Altoona, Harris- Pynchon & Co. Failure—Irving Trust Co. Appointed
in the State of Pennsylvania: Allentown,
in
Scranton,
Receiver—Injunction Suit Against Firm Filed
burg, Johnstown, Lancaster, Pottsville, Reading,
iWilkes-Barre, Williamsport and York.
Supreme Court—Attorney-General Begins Invest
sion of the firm from the New York
Following the suspen
gation.
issued
of
and Philadelphia Stock Exchanges, a statement was
Further referring to the affairs of the brokerage house
Friday of last week (April 24) was
Philadelphia office of the company, which read:
by the
Pynchon & Co., which on
Exchanges that, due
York Stock Exchange for insolThis morning at 11 o'clock we informed the Stock
duty to our suspended from the New
present inability to meet our obligations, we felt it our
reto our
we have done. vency, the Irving Trust Co. of this city was appointed
This
customers and other creditors to suspend business.
rs and other creditors
ceiver in bankruptcy for the firm by Judge John M. Wilson
We shall co-operate In every way with our custome
interests.
to work out the best possible results in their
in the Federal Court on Saturday, April 25, The New
its account of the failure, the New York "Times" of York "Herald Tribune" in reporting this furthermore said,
In
Tuesday, April 28, said in part:
in part:
have obligations ap-
od to
of the firm in collaboration
The suspended firm of West & Co. is understo
Efforts are being made by the 22 partners
principally In a commission
bankers to prepare a plan
proximating $5,000,000. The firm engaged
with the law firm of White & Case and leading
ally participated in underwriting syndicates. for the reorganization of the company, it was learned yesterday (April 25).
business, but has occasion
e
ion to the Exchang
to its plans may be
Suspension automatically followed the firm's notificat
ee is being formed and an announcement as
the rostrum of the Exchange A committ
will work in co-operation
of its difficulties and was announced from
made to-morrow. The committee, if it is formed,
o'clock.
e officials.
by President Richard Whitney at 11:03
in some of the securities with Stock Exchang
West & Co. was said to have been interested
Pynchon In underFirm Has Year to Reorganize.
by Pynchon & Co. and was associated with
sponsored
s involved was
amusement enterprises. For
No statement as to the exact total of assets and liabilitie
writing operations among public utility and
West suspension as a repurcussion forthcoming yesterday from the firm, but the total is expected to be from
this reason Wall Street looked upon the
was learned that no changes in control of
$40,000,000 to $50,000,000. It
of the Pynchon closing.
compared to those of companies in whose securities Pynchon & Co. were interested will result
operations of West & Co. were relatively small
The
and made its headquarters from the default of the firm.
Pynchon. It was largely a Philadelphia house
e, a suspended firm has one
According to the rules of the Stock Exchang
In that city. . . .
formed in 1901 as Henry & year in which to submit its plans for reinstatement for the approval of
The firm was 30 years old, having been
held a
extended by special request, it
be
in 1917. The firm
Exchange authorities. This time may
West. The name of West & Co. was taken
exchange followed the example was pointed out. All plans of reorganization are subject to final veto or
membership in the New York Curb and that
its suspension. Mr. Cassard was approval of the Stock Exchange.
of the Stock Exchange in announcing
. .
s"
the firm's floor member on the Curb. .
In its issue of Tuesday, April 28, the New York "Time
senior member of the firm, long
William West, a special partner and
director In a number of stated that an injunction suit against the failed firm and the
is a
has been prominent in Philadelphia. He
that the brokers
enterprises.
Chemical Bank & Trust Co., on the ground
member of Distributors Group, Inc.. sponsors
ding busiWest & Co. was an active
W. had a check certified a few minutes before suspen
n Trust Shares. William
and National distributors of North America
& Co. owns ap- ness on April 24, was filed in the Supreme Court on Monday
Group. West
Watson Jr. is President of Distributors'
a
proximately 15% of the stock.
of this week, April 27, by Lamborn Hutchings & Co.,
y issued the following statement;
ed the
Distributors' Group yesterda
way. Stock Exchange firm, in which the plaintiff demand
tors' Group, Inc., in any
"West & Co. are not indebted to Distribu
Distributors' Group, Inc., indebted to return of 100 shares of stock of the A. M.Byers Co. and the
either directly or indirectly, nor is
0. The plaintiff also asks that the dethat firm.
number of stockholders, in- check for $20,60
"West & Co. have been but one of a large
nt fondants be restrained from cashing the check or disposing
and affiliates of promine
cluding many important investment houses
States, Canada, England and of the stock. The paper mentioned, continuing, said:
banks scattered throughout the United
p of any one house represents a
of the Pynchon suspension the
Continental Europe. The stock ownershi
The complaint alleges that on the day
of West & Co., their stock holda Chicago brokerage firm to deliver 200 shares
decided minority intert, and, in the case
Distributors' plaintiff got an order from
shares of J.1. Case & Co. for the account
thaq 15% of the outstanding shares of
ing represented less
of A. M.Dyers Co. stock and 200
The plaintiff says it had on
Group, Inc."
Chicago brokers to Pynchon & Co.
of the suspended firm for the of the
stock, and for that reason at 2.05 p. in,
The wholesale distribution functions
Group band only 100 shares of the Byers
stock and a check for $20,600,
by the home office of Distributors'
trust distributors were assumel
on April 24 Its messenger delivered the
market value of the balance of the stock, to the cashier's
here yesterday (April 27).
many large banking groups representing the
h West & Co. has participated in
Pynchon office. While the messenger was waiting for the
Althoug
during recent years, only on a window in the
on was announced
issues
which have brought out important
company's receipt It is alleged that the suspensi
firm headed its own syndicates. Pynchon
comparatively few occasions has the
by at 2.20 p. m.
‘‘'.. Co. wrs associated with a group headed
receiving word of the suspension notice
Early this month West
The plaintiff asserts that upon
d a new issue of $4,000,000 Atlanta
& Trust Co. to stop payment on
Harris, Forbes & Co., which markete
was sent at once to the Chemical Bank
had just been certiCo. notes.
the plaintiff was advised that the check
Gas
ed with Pynchon & Co. in the offering the check, but
associat
under the Stock Exchange rules "there
Last year West & Co. was
stock fied. The complaint says that
General Theatres Equipment, Inc., common
of transactions" in a deal of this nature.
be a simultaneous exchange
of 433,000 shares of
West & Co. headed syndicates which offered should
deliver its check at once upon reat a price of 48)i. In 1928,
It was the duty of the Pynchon firm to
Standard Telephone Co.
and that under the circumstances
debentures and preferred stock of the
bonds,
the plaintiff's stock and check,
by the news of the West suspension, but ceiving
d
either the stock or check.
The stock market was unsettle
the plaintiff never passed title to
the Pynchon suspension last Friday. Stocks
Co., as receiver, began yesterday
not as much as it was by
Accountants for the Irving Trust
before the announceof Pynchon & Co. Members of the firm
had no interest were under pressure
books
in which the firm
into now low ground for the (April 27) an audit of the
long list of issues went
no formal notification from the State Attorneyment was made and a
in which the West firm said that they had received
tion to determine if
acute weakness in the stocks
s office as to the latter's announced investiga
Year. There was no
s elsewhere was ascribed to "frightened General'
weaknes
sections of the Martin law had been
and Wall the Pynchon books showed that any
was interested and the
rumors of an impending suspension,
a further announcement of the firm's
that
selling." There had been
its announcement. violated. One member said
d when the Exchange made
made within a few days. The members of the firm have
Street was not surprise
somewhat and the closing disclosed affairs might be
day the market steadied
bankers as to a possible reorganization.
conferred with
Later in the
of the Pynchon failure was begun
breaks.
The Attorney-General's investigation
only a dozen or so wide
the direction of Assistant
is
issue of Thursday. April 30,stated that late yesterday afternoon (April 27). It under Pynchon was questioned
The "Times" in its
y. George M.
creditors and customers of Attorney-General Paul J. McCaule
formation of a committee of previous day by Ralph F. for about 40 minutes by Mr. McCauley in the State Office Building at
the
80 Centre Street.
West & Co. was announced
& Colin, counsel for the firm.
Colin of Rosenberg, Goldmark
gate the possibility
it was said, will investi
Creditors and Customers of Lorenzo E. Anderson &
The committee,
acquire the accounts of West & Co.
Co., St. Louis, Being Paid in Full.
of having another firm
Vice-President of the
an is Frank M. Hardt,
Its Chairm
The Reorganization Investment Co., which took over all
Philadelphia. We quote
Fidelity-Philadelphia Trust Co. of
but a small part of the affairs of the defunct New York Stock
the"Times"furthermore as follows:
MAY 2 19311
FINANCIAL CHRONICLE
Exchange firm of Lorenzo E. Anderson & Co. of St. Louis
on Feb. 26 last for the purpose of liquidating the assets at
full value, has disbursed 90% of the amount of the claims
to date, exclusive of the subordinated claims which a group
of prominent St. Louisans volunteered to postpone. The
St. Louis "Globe-Democrat" of Apr. 17,from which we have
quoted above, went on to say:
3263
dividual schedules were also filed in bahalf of Mr. Woody
and Mr. Hold, the greater part of the listed assets in each
case being alleged indebtednesses from Mr. Ryder. The
New York "Herald Tribune" of April 18, from which the
above information is obtained, continuing said:
The company's liabilities are given as $2,837,800 and assets as $670,708.
Of the liabilities $628,124 is in secured claims and $2,209,673 in unsecured
claims. Of the assets $136.973 represents cash on hand. The firm's
While the exact amount could not be learned, it is believed the total dis- Stock Exchange membership is listed at a value of $300,000, but as liens
bursements, representing settlement in full for the vast majority of former for $298,205 • have been filed against it by stock brokers, its net value is
L. E. Anderson dz Co. customers, approximate $6,000.000 in cash and less than $2,000. Stocks and bonds held for the firm under the receivership
total $182.406, but these are subject to debit balances of $104,919. The
securities.
It was stated by C. D. P. Hamilton, in charge of the company, that sum of $225,000 is due from the firm to the Chatham Phenix National
of the postponed ac- Bank & Trust Co., which as an offset holds securities valued at $210.000.
virtually all remaining claims, with the exception
Due on trading accounts, contingent and otherwise, is $1,876,185.
counts, will be settled by May 1,or shortly thereafter.
Among the principal unsecured creditors are Margaret E. Conroy. of
A peculiar turn of affairs in so far as those customers are concerned whose
securities had been sold out arbitrarily directly after the failure of L. E. East Orange, N. J., $84,647; Equitable Holding Corp., 17 East 42nd St.,
receiving the cash proceeds $80,900; Jerome Horton, 180 East 79th St., $105.951, and Albert H. Tag.
Anderson & Co., is that in most instances by
they receive more than would be represented by the market value of their 22 East 36th St.. $89.457.
Contingent liabilities which have been "objected to," according to the
respective securities.
At the time this collateral selling was going on, during the three of four statement carried in the schedules are totaled at $966,489.
stock average was above
days following Jan. 21. the Dow-Jones industrial
168. The average closed yesterday at a fraction above 162.
During the three or four weeks following the failure and subsequent New York State Acts to Curb Utility Securities—Public
selling, stock prices advanced considerably, and many of the creditors,
Service Commission Orders Cause Shown Why It
although agreeing to accept the amount of cash proceeds in cases where
Should Not Cancel Unused Authorization—$181,some of their stock had been sold, were bemoaning their ill fortune in that
replace their holdings
they would have to expend additional sums in order to
000,000 Yet Unissued.
at subsequently higher market prices.
and while Hamilton deAn order to public utility companies of New York State
The market has slumped off greatly since then,
there were several instances
clined to mention particular accounts, he stated
cause why unexercised authority to issue securities
then market price ofaround to show
• of Westinghouse Electric having been sold at the
not be rescinded was issued on April 28 by the Public
while today it can be replaced at around $76 to $77 the share; should
$90 the share,
whereas its prevalent mar- Service Commission, according to Albany advices that date
Standard Oil of New Jersey sold at around $47,
Other issues sold out included
ket at present is between $42 and $43.
to the New York "Times," which also stated:
exchange at 1834 and now being freely offered at
Key Boiler on the local
This action was taken because nearly 200 authorizations have been
States Steel at $140 and now quoted between $132 and
that price; United
issued by the Commission in which the full amount of securities authorized
$133.
he explained, had securi- have not been issued, and these proceedings are being kept open on the
Some of the creditors in this category, however,
they were sold, such as Radio, Commission's records.
ties which are still above the level at which
Hearings are set for New York City on May 18. Buffalo on May 20 and
$13, whereas it is still
which was sold at an average of slightly better than
majority of cases actually resulted Albany on May 25.
above $20 at present, although the great
The companies will be required to file statements with the Commission,
of the present market values
in disbursement of cash amounts in excess
setting forth the amount of securities issued and the amount authorized
of the pertinent securities.
brought out, as a result but not issued.
These securities had been sold, as was previously
The face, or par value, where it is given, of the securities authorized
meet the call for loans at banks where
of failure of the brokerage firm to
collateral. But not all such stock had been un- by these open orders, but as yet unissued, is $181,000.000.
they had been posted as
The number of shares of no-par stock authorized is 4,687,764. of which
a proporloaded, however, with the result that original holders received
200,744 shares are unissued. In three instances these unutilized authorizasettlement in securities and cash.
tionate
are held by tions go back to 1909.
The subordinated accounts, amounting to about $2,300,000,
In one instance $2,000,000 in common stock was authorized, but only
a group including Hamilton, Frank Rand, Chairman of the board of the
was issued. Another related to $457,000 in 8% bonds, which
International Shoe Co., and a number of his associates, who agreed to $90.000
less than 81% of par value. Nearly $400,000 of
their claims stand until the last, and also put up an additional were to be sold at not
leave
this remains unissued.
$2.000,000 in order to give customers of the brokerage settlement in full.
Declaring that the subject needed careful consideration by the COmmiS$4,300,000, will be tied
It is generally understood their share, aggregating
sion, Milo R. Maltbie, the Chairman,said in part:
up for some time, as the readily marketable stocks have been sold, leaving
"There are two things which make this condition very significant. The
securities with exceedingly narrow markets under present circumstances
first is that before authority to issue securities may be granted the Comor otherwise in the form of frozen assets.
mission must find that the issue is 'necessary' for certain specific purThe issue of the paper mentioned, Apr. 23, stated that poses named in the statute.
finding that the issue was necessary was justified
"Even assuming
Mr. Hamilton had declared the previous day he was vir- by the facts at thethat the action by the Commission, how can it be said
time of
one claimant would eventually join in that an issue is necessary when it was not utilized to the extent claimed for
tually certain all but
the reorganization plan. We quote from this paper, in five, ten or twenty years?
"The second important point is that it has been the practice of all Compart, as follows:
missions since 1907 to attach conditions to the authorizations granted.
come in with us after the plan was approved These relate to the purpose for which the funds are to be used and par"Fifteen claimants refused to
then all but four have
by Circuit Judge Hartmann," he said. "Since
ticularly the terms upon which the securities may be sold. Thus an order
three of those will do so soon."
joined us, and I have every reason to believe
may properly provide under certain conditions that 6% preferred stock
the claims in full,
The reorganization company has already paid 90% of
may be issued at par, that 43% bonds may be sold at not less than 95
St. Louisans
exclusive of the subordinated claims which a group of prominent
and that 534% debentures may be sold at not less than par. But condivolunteered to postpone.
tions change, and under new circumstances the old terms become meaningrepresenting settlement in full for the vast majority of less."
The payments,
former Anderson customers, approximate $6,000,000 in casn and securities.
Hamilton, who with Rodowe Abeken acted as receivers for the brokerage
firm for a short while after its suspension from the New York Stock Ex- Comptroller of Currency Pole, Before United States
change January 22,testified yesterday before Special Master Conway Elder
Chamber of Commerce, Argues for System of
in connection with the claims of R. Morton Moss, which amount to about
Branch Banking Under National Sponsorship and
$180,000 and are much the largest of the claims of those who declined to
enter the liquidation plan. He asserted the Reorganization Investment
Control.
Co. still stood ready to admit his claims into the liquidating plan.
A system of branch banking under national sponsorship,
Hamilton reviewed the efforts made by the partners of the brokerage
firm and a group of its customers, of whom he was the largest, to avert national control and national standards was advocated by
receivership and suspension from the securities exchanges.
the annual
"We didn't give up hope until five o'clock in the morning of the day Comptroller of the Currency John W. Pole, at
the receivers were appointed," he said. "At that hour we ended an all- meeting in Atlantic City on April 30 of the Chamber of
of
night conference with representatives of the Now York brokerage firm
"Parity between the State
E. A. Pierce & Co. Mr. Pierce declared he couldn't take over the firm as Commerce of the United States,
we had hoped. We made a last desperate appeal to some St. Louis brokers and National banks," said Comptroller Pole, "cannot poswho had expressed interest, but failed there, too."
or maintained." "Acting upon my reHe said Pierce later made offers to take over portions of the assets of the sibly be established
company, but, as Hamilton described it, "There wasn't much in the way sponsibility for recommending to Congress the enactment
of securities left by then but skim milk and sour milk."
of banking legislation, I have," said the Comptroller, "taken
Bankers, who had co-operated with efforts to put the firm on a sound
footing by withholding for several days sale of securities held as collateral, the position that the whole question of parity between
dumped a large part of the most desirable issues on the stock market the national and state banks should be abandoned in favor of
instant the market opened Jan. 22.
national policy
However, the liquidating firm is operating in such manner as to realize legislation for the national banks upon a
a maximum from the "sour milk" assets, consisting of securities frozen by alone." In further outlining his proposal as to (which he
depressed conditions.
submitted his views) the
had upon previous occasions
Our last reference to the affairs of this company, which was Comptroller said, "a state bank may almost overnight consuspended from the New York Stook Exchange on Jan. 22 vert into a national bank and any state bank desiring to
last, appeared in our Feb. 28 issue, page 1519.
avail itself of the branch banking privileges which may
come into existence through trade area branch banking
Woody & Co. Liabilities Placed at $2,837,800 and Assets
might do so at any time." We give in full herewith the
at $670,708.
Comptroller's address delivered under the title "A Strong
Schedules in bankruptcy were filed on April 17 in bahelf of National Banking System Essential to Commerce":
Charles L. Woody Jr., Lucian A. Hold and Harold Russell
Self-examination is difficult in an atmosphere of optimism and prosRyder, constituting the defunct New York Stock Exchange perity but in times of depression we are led to discover and attempt to
your permission I shall therefore take
firm of Woody & Co., which failed June 19 1930. In- remedy the weaker spots. With
3264
FINANCIAL CHRONICLE
this occasion to apply this principle to our system of banking. Commerce
and trade are so dependent upon banking that any serious defects in the
banking system necessarily have an adverse effect upon our economic
progress.
I have had occasion many times within the past two years to direct
attention to the failure of our banking structure to meet the banking
requirements in the communities outside of the commercial centers. This
is in striking contrast to the development of commercial banking in the
large cities. Our great commercial banks have successfully weathered the
storm of economic depression. Their strength and facilities are unimparied. But can we have a strong banking system for the country as a
whole so long as it is possible for banks nearly all in the rural communities, to fail at the approximate average rate of 700 per year as has been
the case for the past ten years? Can these financial setbacks to so many
local communities fail to have a depressing effect upon business in general? Notwithstanding the fact that the most important items of commercial business originating in the country districts have under our modern
methods of transportation and communications gone to the large city banks,
the paralyzing effect upon a local community of a bank failure leads
inevitably to a curtailment of purchasing power. When we attempt to
visualize six or seven thousand of these failures in several thousand different communities, we may well ponder over the combined adverse effect
upon commerce and industry. It seems to me that a great commercial
nation should not longer endure the existence of a system of banking which
permits this disjointed distribution of banking facilities.
The chief difficulty in considering our banking system as a whole is
political rather than economic. We have iii fact 50 systems of commercial banking in the United States, one for each state, one for the
District of Columbia and one for the nation as a whole—the national
banking system. No state legislature can take under consideration a
banking policy of a scope wider than its own physical domain. Congress
alone has the power to enact a comprehensive nationwide banking law.
But Congress has never taken over the whole field of commercial banking.
Whether it has the power so to do I must leave to the lawyers. The practical situation remains that whenever Congress undertakes to set up
standards specifically for the national banks, the state banks, if they
consider themselves adversely affected, have been able to exert a potent
political influence. As a consequence Congress was led to adopt the
policy of permitting state legislatures to take the lead in banking legislation and from time to time giving the national banks relief from state
bank competition. This came to be known as the doctrine of parity. It
is based upon the theory that it is possible to have a uniform system of
commercial banking through the voluntary co-operation of all legislative
bodies concerned. The practical result of such a policy has been the
gradual but steady desertions from the national banking system until
today considerably more than one-half of the commercial banking resources
of the country are in the hands of state chartered institutions. The theory
of parity is a myth. Parity between the state and national banks cannot
possibly be established or maintained. The attempt to realize it has led
to an abandonment by Congress of its proper leadership in the field of
commercial banking.
I am of the opinion that there is to-day a very strong public support
for the assertion of a bold national banking policy by Congress—a policy
comparable to that which gave rise to the National Bank Act and the
Federal Reserve Act. Acting upon my responsibility for recommending
to Congress the enactment of banking legislation I have taken the position
that the whole question of parity between national and state banks should
be abandoned in favor of legislation for the national banks upon a national
policy alone. As to the substance of such legislation I am strongly of
the view that Congress should make it possible for the strong banks in
the commercial centers to extend their facilities directly to the outlying
communities. In other words, a system of branch banking under national
sponsorship, national control and national standards. This would enable all
classes of our population to have easy access to the best and strongest
type of banking which we have been able to develop.
In order to put such a system of banking upon a sound economic basis
it would be necessary to ignore state lines in those cases where the surrounding communities economically dependent upon or tributary to a
commercial center embrace territory in more than one state. This has been
referred to as trade area branch banking since it would permit the national
banks in a given large city, under certain conditions to establish or acquire
branches within the geographical territory surrounding such a city into
which its business and trade regionally flowed. While this proposal may
be opposed by those interested in the perpetuation of the state banks
regardless of the effect on the national system it is not unfair to the state
banks themselves. A state bank may almost overnight convert into a
national bank and any state bank desiring to avail itself of the branch
banking privileges which may come into existence through trade area
branch banking might do so at any time.
I know of no other type of banking which will meet the banking needs
of the rural communities and which at the same time will initiate a
national policy which may eventuate in a standardized system of commercial banking for the whole country. Country-wide branch banking would
be weak for lack of the opportunity of business diversification. Statewide branch banking would in nearly every state produce lop-sided branch
banking systems by leading the city banks to branch out in geographical
territory economically unrelated to their regional operations while at the
same time denying them the opportunity to cross over state lines where
such state lines have no economic significance with respect to the city's
flow of trade.
There has been expressed a doubt as to the feasibility of circumscribing
with definite boundary lines these trade areas. Similar doubts were expressed with respect to the Federal Reserve Districts at the time they
were proposed. The physical delimitation of the Federal Reserve District
under the guidance of commercial and business principals proved no very
difficult undertaking.
Whatever steps Congress may take in this matter, permit me to leave
with this body of commercial and business leaders the thought that the
situation requires no temporary and impermanent relief through makeshift legislation but an expression of a great national policy based upon
national needs and designed to serve commerce and business as a whole.
You have a large share in the formation and development of public opinion
in its relationship to business and finance. I commend to you as a subject for the most serious consideration the need for an independent and
well rounded national banking policy.
Branch Banking Bill Offered in Illinois Legislature
Holds Branches Would Aid Banking Situation.
Branch banking would be legalized in Illinois by a bill
introduced in the House on April 28 by Representative Ryan
[Vol,. 132.
of Chicago. A dispatch from Springfield to the New York
"Times" reporting this added:
The bill provides that "a bank in a city which has a population of more
than 50,000. and having capital of not less than 8500.000 and a surplus of
not less than $250,000, may establish and operate one or more branches in
the county in which said bank is located."
The term "branch," as defined in the bill, "shall be held to include any
office, agency or place of business established for the purpose of receiving
and paying deposits and for making loans and discounts to customers of
such respective branch offices only."
"Branch banks," Mr. Ryan said. "would do much. I believe, to re-establish public confidence in the banking situation."
Branch Banking Bill Approved in Ohio—Measure
Permits Operations on County-wide Scale.
Columbus (Ohio) advices April 28 to the "United States
Daily" said:
The bill (H. 235) providing for county-wide branch banking in Ohio has
been signed by the Governor. Section 710-73 of the General Code, as
amended by the new act, follows in full text:
Section 710-73. The books and records, except books and records of
deposit and trust, of every bank,at all reasonable times shall be open to the
Inspection of every stockholder. All books and records of the bank shall be
kept at all times in the bank. No branch bank shall be established until
the consent and the approval of the Superinetendent of Banks has been
first obtained, and no bank shall establish a branch bank in any place other
than that designated in its articles of incorporation, except in a city or
village contiguous thereto, or in other parts of the county or counties in
which the municipality containing the main bank is located. If such
consent and approval is refused, an appeal may be taken therefrom in the
same manner as is provided in section 710-45 of the General Code.
Few Changes in Bank Laws of South Dakota—State
Superintendent Says Measure Controlling Deposits
of Closed Banks Is Most Constructive.
From the "United States Daily" of April 29 we take the
following by E. A. Ruden,Superintendent of Banks, State of
South Dakota:
While there was a multitude of bills introduced attempting to amend the
South Dakota banking laws, only those of a conservative and constructive
character met with the approval of the 1931 Legislature.
Senate Bill No. 127 limits the amount of closed bank funds to the combined capital and surplus of the depositary. This law was passed for the
purpose of affording protection to the creditors of closed banks and to preclude the possibility of having the Superintendent of Banks deposit excessive
amounts of closed bank funds in favored banks.
Senate Bill No. 216 changes the prow% law with reference to information
that may be given out by the Department with reference to banks both open
and closed. This bill changes the present law only to the extent that the
Superintendent of Banks may, in his discretion, give out information with
reference to suspended institutions on such matters as he deems to be to the
best interests of the creditors.
Means of Liquidation.
Senate Bill No. 90, amends Section 1 of Chapter 57 of the Laws of 1927,
providing a means for liquidation of the assets of an insolvent suspended
bank by the depositors thereof. The 1927 law provided that a petition
signed by creditors representing 85% of the amount of deposits and unsecured liabilities would be necessary in order to take a suspended institution
over for local liquidation. The 1931 Legislature amended the law to reduce
the percentage of deposits to be represented on this petition from 85% to
65%.
Senate Bill No. 113 amended the law with reference to the payment of
Interest on State funds. Under the old law the minimum rate of interest
that could be charged on State deposits was 2% per annum. Senate Bill
No. 113 provides that the State Board of Finance may determine the rate
of interest to be paid by such depositaries.
House Bill No. 188 is a new law providing that any draft or cashier's
check drawn against actual existing values by any bank or trust company
Prior to its suspension and given in payment of clearings or collections and
any money paid in the usual course of business to a bank for the purchase of
a draft for the bona fide transfer of funds, are preferred claims against the
assets of the bank or trust company.
This law was modeled after the Iowa law dealing with the same subject.
My understanding of this matter is that the law does not necessarily mean
that all drafts and cashier's checks are preferred claims, but the purpose for
which given and other circumstances surrounding the purchase of the draft
and the length of time held before the draft is cleared will be taken into
consideration in deciding whether or not such draft or cashier's check is a
preferred claim.
Rejected Proposals.
Among the laws proposed but which did not receive the approval of the
Legislature were:
One proposing to raise the reserve requirements of State banks from
174% to 20%, making it a felony for the Superintendent of Banks to
Permit a bank to operate with less than the legal amount of reserve required
by law or otherwise permitting evasion of the banking law.
Another law proposed was the election of the Superintendent of Banks by
the people instead of appointment by the Governor. One bill was proposed
Providing for the deposit of closed bank funds with the State Treasurer.
The disposition of the Legislature was that South Dakota had a satisfactory banking code and that if these laws were properly administered, it
would afford the depositors ample protection and at the same time not hamPer legitimate banking. The law limiting the deposit of closed bank
funds that may be deposited in one bank is conceded to be the most constructive law passed by the 1931 Legislature with reference to the subject of
banking.
Texas Legislature Turns Down Attempt to Repeal
Investment Provision of Robertson Insurance Law.
The following from Austin (Texas), is from the New York
"Journal of Commerce":
There will be no repeal of the Robertson Insurance Law's compulsory
Investment provision at this session of the Legislature, the House of Representatives made certain to-day when it adopted a motion by Representative
Jack Keller of Dallas to table a motion by Representative Preston L.
Anderson of San Antonio to print the bill on a minority favorable report.
MAY 2 1931.]
FINANCIAL CHRONICLE
No record vote was taken, but the members voted by a largo majority to
refuse to print the bill, which would have given it an opportunity for debate
on the floor.
Representative Anderson, who sponsored that bill and another to tax
domestic life insurance companies on the same basis as foreign companies,
said that to do away with the provision of the law that requires insurance
companies to invest 75% of their legal reserves on Texas policies in Texas
securities would mean the sending to Texas of an abundance of money
to be loaned at rates materially below the common interest rates now
charged in the State.
President Robbins of Administrative & Research
Corporation Endorses Views of President Whitney
of New York Stock Exchange on Dangers in Fixed
Trusts.
With reference to the comment on fixed investment trusts
made by President Whitney of the New York Stock Exchange in his address before the Chamber of Commerce in
Philadelphia on April 25, John Y. Robbins, President of
Administrative & Research Corporation, stated that his
organization was forwarding a copy of President Whitney's
complete talk to all the dealers handling corporate trust
shares and had wired these dealers the following observations
regarding Mr. Whitney's remarks:
We are in sympathy with the statements made yesterday by President
Whitney of the New York Stock Exchange concerning dangers in some
fixed trusts. Without disparagement of any competitors, we have been
stressing this for the past three years. We were the first sponsors to openly
state loading charges and to print prices and make-up sheets in circular
form for public distribution.
Some trusts on the market undoubtedly have provisions in their trust
Indentures that are not to the best interest of the investor, and some are
actually dangerous from the taxation standpoint, and otherwise. Also
some historical charts are misleading. The sooner such practices are
looked into and eliminated the quicker the entire Investment trust field
will be benefited. Corporate trust shares welcomes such constructive
action.
Further Drop in New York City Bank Stocks Last
Week Reported by Hoit, Rose & Troster.
The New York City bank stock market during the past
year registered a further reaction, as indicated by the
Dollar-Index figures compiled by Morris A. Schapiro, with
Hoit, Rose & Troster. Based upon April 25 prices, it is
noted, 16 leading bank and trust company shares were
quoted at 17.6 times known earnings against 18.3 times at
the close of the previous week. The yield now stands 4.343%
against 4.146% the week before, The current yield compares with a yield of 5.563% on Dec. 17 1930 and with
2.326% on April 21 last year.
Ernst & Ernst of Cleveland Finds Representative
Corporations in Stronger Operating Position in
1930 Than in 1921 Depression—Higher Net Profits
in Relation to Sales.
Despite the fact that business failures in 1930 broke all
records in both numbers and liabilities, the large representative corporations in principal industries showed much
stronger operating positions in this depression than in the
depression of 1921, according to comparative studies announced April 18 by Ernst & Ernst, accountants, of Cleveland, covering leading corporations classified by 20 industrial
lines. For the period of 1930, as compared with the previous
big depression period of 1921, it is shown that in the aggregate the larger representative corporations had higher profit
margins on sales, larger sales ,in relation to inventories,
smaller inventories in relation to net plant investment,
larger sales in relation to net plant investment, and larger
profits in relation to capital investment. The accountants
also state:
All of these are favorable factors and serve to suggest that management
of the larger companies has Improved materially in the past 10 years. The
study also raises doubts as to whether plants of the larger corporations are
as much over-expanded as is generally assumed. Certainly their plants
are in better position as regards profits, sales and inventories than 10 years
ago. A previous study by Ernst & Ernst announced two weeks ago showed
that corporations generally were in relatively more liquid position, with
larger cash resources and lower current liabilities at the end of 1930 than
at the end of 1921, thus suggesting that the corporation credit situation
is not over-extended.
As regards net profits in relation to sales, it is shown that in 1920 profits
were 5.02%, declining in 1921 to .41%. whereas in 1929 these were 9.31%,
declining in 1930 to 5.70%, a smaller decline than in the earlier depression,
and a higher level at the end of the "bad year 1930" than existed at the
end of the "good year 1920."
Sales were 4.24 times inventories in 1920, and 4.14 times in 1921, whereas
they were 5.24 times in 1929 and 5.21 times in 1930, thus showing a smaller
decline from 1929 to 1930 than from 1920 to 1921, and a higher level in the
later period.
Inventories were 41% as much as net plant investment at the end of
1921. but only 33% at the end of 1930. That this improvement is duo to
relatively lower inventories rather than to higher plant investment seems
to be indicated by figures on sales, which were 1.49 times net plant investment in 1021. and 1.65 times in 1930.
Net profits were 1.39% of capital investment in 1921, but rose to 6.49%
in 1930.
3265
Studies based on operating results of corporations are necessarily founded
upon a smaller number of companies than studies of financial figures, since
many corporations which publish balance sheets do not publish sales.
This Ernst & Ernst study covers 130 companies reporting sales and inventories, and all of these are large, widely-known and representative
companies in their respective lines. The study should be considered as
applying to leading industrials, therefore, rather than to industry as a
whole. The analysis covers 407 corporations as regards relation to inventories to net plant investment, and net profits in relation to capital investment.
The 20 lines classified in the analysis are; Automobiles, auto parts,
beverages and confections, building materials, chemicals, coal mining.
food products, iron and steel, machinery and tools, merchandising, metal
products, mining and smelting, oil producing and refining, paper and
paper products, railroad equipment, rubber, textiles, tobacco, wearing
apparel, and miscellaneous industrials.
W. J. Duggan of National Retail Credit Association of
St. Louis in Communication to President Hoover
Criticizes Action of Federal Reserve in Reducing
Bill Rates.
In both a telegram and a letter addressed to President
Hoover, W. J. Duggan, of the National Retail Credit Association of St. Louis, criticizes the action of the Federal Reserve authorities in reducing the bill discount rate, which
Mr. Duggan terms a "ghastly mistake". His telegram to
President Hoover follows:
April 23 1931.
President Herbert Hoover,
Washington, D. C.
Reduced bill discount rate by Reserve authorities is ghastly mistake.
The rates are wholly artificial, while a huge deficit exists in the gold
reserves of Reserve Banks and member banks jointly. The gold influx
was acquired by artifieial processes and the futile attempt is now made
to create an efflux by an artificial process which indubitably will react
to render more acute the economic stalemate.
W. J. DUGGAN,
Care of National Retail Credit Association.
We also give Mr. Duggan's letter herewith:
April 23 1931.
President Herbert Hoover,
Washington, D. 0.
Mr. President: To substantiate the assertion made in telegram of to-day,
that a "huge deficit exists in the gold reserves of Reserve Banks and
member banks jointly", the following is a correct statement prepared from
figures issued on "Condition of Federal Reserve Banks" as of
April 15 1931:
Advances on security loans
$ 40,336,000
Advances on Government securities
598,635,000
Total advances
Bills discounted—other bills
Bills bought in open market
$638,971,000
$
91,668,000
131,479,000
Total advances and bills
$882,118,000
This correction demonstrates the difference between an "advance" which
is "credit", a distinct purchasing power independent of money, and the
incorrect figures published which portray a money issue not shown as a
liability.
The functions of Reserve Banks are to issue money and credit. The
provisions in the Act for the issue of money are prescribed in Section 16
covering the issue of Federal Reserve notes, and the power to issue money
is limited and restricted to the issue of Federal Reserve notes.
After setting up required gold reserves for Federal Reserve notes the
balance of monetary gold is purely and entirely a reserve on which to
build "credit, a distinct purchasing power independent of money" in the
form of advances and bills of exchange.
When Reserve Banks create an issue of money indirectly, in the purchase
of securities, the delusion is established that "credit, a distinct purchasing
power independent of money" is utilized and the statements issued on
gold reserves, by Reserve Banks and member banks jointly, are radically
incorrect in claiming adequate reserves when actually there exists a huge
deficit.
When the true state of Reserve Bank and member bank gold reserves
is recognized it is at once obvious that the current rates are "artificial"
and should be promptly supplanted with natural rates that will be
potentially effective in repairing the deficit in gold reserve, of Reserve
Banks and member banks jointly. This step should be taken for America's
protection regardless, for the moment, of the effect on other nations.
Yours faithfully,
W. J. DUGGAN,
National Retail Credit Association,
St. Louis, 3fo.
CO to—
Hon. A. W. MELLON,
Hon. EUGENE MEYER.
Hon. CARTER GLASS,
Hon. PETER NORBECH,
Hon. L. T. IdeFADDEN.
Cost to Treasury of Clipped Corners of $2 Bills.
From Washington, April 22, Associated Press advices to
the New York "Times" stated:
Superstition is costing the Treasury money because the belief persists
that the two-dollar bill is unlucky and that the baneful influences may be
removed by tearing off one corner of the bill.
Treasurer W. 0. Woods said today a large percentage of the two-dollar
bills returned to the Treasury had the corner removed and all such currency had to be destroyed. It costs approximately one cent each for
new bills.
Although there were only 25 working days in March 1,500,000 twodollar bills were issued at a cost of $15,000, many to replace mutilated
currency
3266
FINANCIAL CHRONICLE
New York Attorney-General Defines State Banking
Law Pertaining to Private Bankers as It Affects
Stock Brokers.
New York State Attorney-General Bennett has ruled that
"if receiving or holding moneys of customers by a stock
broker is a necessary or even an incidental benefiting part
of his brokerage business, the broker will not be held to be
engaged in the form of banking termed the 'receiving of
deposits'." This opinion of the Attorney-General with
reference to the State banking law pertaining to private
bankers as it would affect the business of stock brokers,
although handed down on Jan. 16, has only just come to us
(April 22) from the Banking Department. The opinion
follows:
STATE OF NEW YORK,
Department of Law.
John J. Bennett Jr., Attorney-General.
Albany, Jan. 16 1931.
Hon. Joseph A. Broderick, Superintendent of Banks, 51 Chambers Street,
New York City.
Dear Sir:—I am attempting by this rather brief letter to answer the
question whether a stock broker is a private banker. The definition of a
private banker contained in our banking law will be set forth later herein,
but the statute says in part that a private banker is one "engaged in the
business of receiving deposits." You have asked among your various
questions these four preliminary ones:
"Does a broker 'accept deposits' when he accepts funds—
"(a) accompanied by an order of the customer to purchase specific
securities at the market;
"(b) accompanied by an order of the customer to purchase specific
securities at a designated price;
"(c) with the direction of the customer that such funds be held by the
broker, pending orders to purchase by the customer;
"(d) in payment for securities sold by the broker for the customer, where
"(1) such funds are held by the broker in his general account, pending
orders from the customer;
"(2) such funds are set aside by the broker and not mingled with his
general funds"?
After consideration at intervals through several weeks, I am forced to
the view that in none of the circumstances you refer to is the broker a
private banker within the intent of our statutes as I expect our courts
would construe them.
We first observe the definition of a private banker as written by the
Legislature in paragraph 3 of section 2 of the banking law as follows:
"Private Banker.—The term 'private banker,' when used in this chapter,
means an individual, other than an individual banker, who, by himself, or
as a member of a partnership or unincorporated association other than an
unincorporated express company having a contract with a railroad company or railroad companies for the operation of an express service upon the
lines thereof, is engaged in the business of receiving deposits subject to
check or for repayment upon the presentation of a passbook, certificate
of deposit or other evidence of debt, or upon the request of the depositor,
or in the discretion of such individual, partnership or unincorporated association; of receiving money for transmission; of discounting or negotiating
promissory notes, drafts, bills of exchange or other evidences of debt; of
buying or selling exchange, coin or bullion; or is engaged in the business of
transacting any part of such business."
Stock brokers do, it is true, receive sums of money from their customers.
'but they receive them, according to the terms of your questions, not in
the conduct of any independent banking business but in connection with
the main business of the broker, that of buying and selling securities for
his customer. From the earliest of times, I think we can assume, the
receipt of moneys under such conditions by stock brokers has been a customary and necessarily incidental function of the stock broker. (Markham
vs. Jaudon. 41 N. Y., 235 (1866). The stock broker does not, like the
bank, carry on the business of borrowing money from his customers for
the purpose of loaning it to others, but the receipt of funds by the broker
has its purpose and inception in the purchase and sale of securities for the
customer. The Court of Appeals in the Meserolo case has exampled for
us many instances where business corporations receive funds from individuals in anticipation of business transactions (such as department stores),
and yet that "habitual" practice is not considered by the courts a form of
banking (Meserole Securities Co. vs. Cosman, 253 N. Y., 130; Butler vs.
Sprague, 66 N. Y.. 392).
A bank may guarantee the performance of a contract by one of its customers if it has any business interest for doing so, although the writing of
such a bond is ordinarily the business of a surety company (American
Surety Co. vs. Philippine National Bank, 245 N. Y., 116). A bank may
purchase stock for its customers in connection with their loans and accounts.
The court has taken judicial notice of the practice and approved, despite
the fact that the function is not one conferred upon banks by law (Dyer vs.
Broadway Central Bank,252 N. Y.,430; Block vs. Pennsylvania Exchange
Bank, 253 N. Y.,, 227). So it would seem that if receiving or holding
moneys of customers by a stock broker is a necessary or even an incidental
benefiting part of his brokerage business, the broker will not be held to be
engaged in the form of banking termed the "receiving of deposits."
Very truly yours,
JOHN .T. BENNETT Jr.. Attorney-General,
By C. T. DAW S. Solicitor-General.
Kansas Taxes on Bank Shares Are Explained—Legislature Re-enacts Laws for Taxation of Intangibles
and Moneys and Credits, Repealed in 1930.
The following, by Clarence Smith of the Kansas State
Tax Commission, is from the "United States Daily" of
April 25:
changes in the assessment and
The Kansas Legislature of 1931 effected
building and loan associataxation of shares in banking institutions and
special session of 1930 was
tions. The intangible tax law repealed by the
re-enacted with slight modifications.
are to be voted on by the
Two propositions to amond the constitution
to levy and collect taxes
people in 1933. The first will permit the State
the other proposition limits
on incomes from whatever source derived, and
on urban and rural propthe total amount of taxes that may be charged
urban, and 154% for rural
erty. A limitation of 2% is provided for
properties.
Federal Requirements.
Kansas, like many other States, has had considerable difficulty in
adjusting itself to the provisions of Section 6219 of the Federal statute.
[Vol.. 132.
Not only has it had difficulty from this source, but also from its own
statute relating to taxation of shares of stock of financial institutions.
In 1876 the Legislature passed a law relating to the taxation of shares
of stock in banking companies. The Act provided for assessment at true
or actual value.
Subsequent amendments of the earlier Act preserve this form of assessment, but in 1919 the Legislature, to make the law conform with practice,
changed the method of assessing shares in financial institutions, to a basis
measured by capital, surplus and undivided profits. This form of assessment, though enacted in 1919, was not challenged until the latter part of
1930, when a State bank claimed that its holdings In United States bonds
and other exempt securities should be deducted from the value of its shares.
The Supreme Court upheld the bank's claim.
The Legislature of 1931 remedied this situation by passing House Bill
No. 401, providing, as was provided in 1876, for the assessment of shares
In State and National banks, with trust companies added, based on the
true value of shares, without deductions save for capital invested in real
estate.
Special Assessments.
Since 1909 permanent and withdrawal shares of building and loan
associations have been assessed by special statute. Permanent shares were
assessed at their actual value. Withdrawal shares at their cash surrender
value. Both were subject to taxation at the ad valorem rate. Unfortunately, the Legislature in enacting an intangible law in 1925 classified
withdrawal shares as credits and provided a tax thereon with other credits,
as the rate of five mills on the dollar.
The Supreme Court had previously decided that shares in building and
loan associations were not credits. The Tax Commission opposed the
intangible rate of tax on building and loan shares. As a result, heavy
withdrawals were made by shareholders in building and loan associations,
In order to avoid the ad valorem tax on such shares. That the contention
of the Tax Commission was correct was disclosed by the Supreme Court
In a recent case brought by a shareholder in a building and loan association, which case was decided in December 1930. See MacKinnon V. the
Tax Commission, 132 Kan. 5.
In order to save and preserve building and loan associations, the Legislature of 1931 enacted a most unique law. The law is known as House
Bill No 121. For the purpose of taxation, shares as well as stock In
building and loan associations are considered shares.
Under the provisions of the new law, building and loan associations are
required to return for taxation, the value of all shares, both permanent
and withdrawal. From the value of such shares they are permitted to
make various deduction in arriving at the assessable value of shares.
Deductions Allowed.
The law allows the following deductions:
All amounts invested in mortgages; loans on shares; real estate and
leaseholds owned by the association, or on which it pays taxes not in
excess of the assessed value thereof; amounts invested in sheriffs' certificates at the assessed value of the property; furniture and fixtures;
shares in other associations; insurance and taxes charged against mortgaged property; and finally—amounts invested in United States or other
non-taxable bonds and securities.
Whatever balance remains after these deductions constitutes, as we have
stated, the assessed value of shares. It is apparent that the deductions
will leave very little for assessment of shares.
Building and loan associations under statutes providing for the assessment of property generally are required to list for assessment and taxation
whatever cash they may have on hand or in banks, their contingent fund,
accounts receivable, and such other assets as are not deducted in ascertaining the assessment of shares therein.
Moneys and Credit Loans.
The Legislature of 1931 re-enacted the moneys and credits law which
had been repealed by the special session of 1930. The prior law on this
subject contained provisions for the taxation of withdrawal shares in
building and loan associations, at a low millage rate. This provision was
properly deleted on the enactment of the new law, as the Supreme Court
had previously held that shares of stock in building and loan associations
were not classifiable credits.
The proposal to amend the constitution authorizing the Legislature to
pass an income tax law, is a resubmission of a like proposal which was
defeated in the general election of 1930. Should the amendment be
adopted, which is quite likely at the election of 1933, the Legislature
will be authorized to pass a law taxing incomes on a graduated basis,
and at progressive rates.
The other proposal to amend the constitution, placing a tax limitation
of 2% on urban and 1%% on rural properties, is patterned very much
after the constitutional limitation recently approved in Ohio.
Mortgage Loans on Homes in First Quarter of This Year
Totaled Over 13 Million Dollars-38,152 New Savings Accounts Opened in Same Period.
Mortgage loans on homes totalling $13,009,443 were
granted during the first three months of the year on 4,068
individual residences by the savings and loan associations
of this State, according to an estimate made public at Albany
on April 25 by George A. Plant, Executive Secretary of the
New York State League of Savings and Loan Assn. The
estimate was compiled from monthly reports furnished by
associations handling approximately 70% of the savings and
loan business of the State. During the same period 38,152
new savings accounts were opened, it was also stated. Savings and loan resources on March 31 were estimated to total
$440,056,997.
Statistics showing the volume of activity among the savings
and loan associations are now being collected monthly,
said Mr. Plant, and will hereafter be available to show the
number and amount of first mortgage loans placed on homes,
the number of savings accounts opened and closed, and total
resources, each month. Collection of these statistics, it is
stated, has been carried on during a test period of six months
and a comparison of the totals obtained has been found to be
MAY 21931.]
FINANCIAL CHRONICLE
remarkably accurate when compared with official figures
furnished the State Banking Department at its official call.
Development of the collection of the statistics of its business
has been under the direction of a committee of the State
League, of which C. Harry Minners, of New York City, is
Chairman. Others serving on the committee are: Fred W.
Herendeen of Auburn, Fred H. Krull of Niagara Falls,
John Eden Farwell of Geneva, and George A. Plant of
Albany.
3267
Prof. Cassel in New Plea for Inflation Here—Says Reserve Banks Alone Can Stem World-Wide Price
Decline.
Only an aggressive policy on the part of the Federal Reserve Banks will serve to check the world-wide decline in
commodity prices and thus end the period of depression,
Prof. Gustave Cassel of Sweden states in a new plea for inflationary measures in the United States. Prof. Cassel's
latest declaration is contained in the current quarterly
Spring Meeting of Governors of Federal Reserve Banks report of the Skandineviska "Kreditaktiebolaget." The
New York "Journal of Commerce"of April 24 thus reported
With Federal Reserve Board.
him, and added:
Regarding the regular spring meeting of the Governors
An increase in the volume of outstanding funds through central bank
of the Federal Reserve Bank with the Federal Reserve operations is bound to have a stimulating effect on business, and thus
Board we quote the following from Washington, April 29 sustain commodity prices, in the view of Prof. Cassel. Ile indicates that
liberal open market purchases by the Federal Reserve Banks at this time
to the New York "Journal of Commerce":
would accomplish this end.
General discussion as to how the Federal Reserve System can best aid
during the present business uncertainty and consideration of the credit
needs of the country took place at the spring meeting of the Federal Reserve
Bank governors which closed here to-day.
While no statement was made it was assumed that the governors dealt
with methods of helping to bring about business recovery, the increasing
gold supply of the country, which is now at record levels, with its effect
on credit and routine interbanking problems of the system.
It is objected, Prof. Cassel points out, that "the money may be used
for speculation on the Stock Exchange, or may be left entirely unused.
As regards the first alternative, Stock Exchange speculation in itself cannot entail any drain on capital. On the Stock Exchange capital is absorbed
only by investment in new securities which are issued for the purpose of
production or acquisition of new capital. But in the ultimate this investment is, of course, tantamount to the use of money for the purchase of
commodities, and thus cannot involve any withdrawal of purchasing
power from the commodity market.
Study Banking Situation.
'Mere remains only the notion that the money may be left entirely
It was understood that the governors felt encouraged at the material im- unused. As a rule, no doubt, people suppose that this is done by the
provement in the general banking situation that has taken place since the money being deposited on check account in a bank and left there unused,
first of the year. The present meeting was the first time the governors have from the point of view of the depositor. It is obvious, however, that such
assembled since last December's banking crisis. During that time the Re- deposits constitute liabilities for the bank, and that the bank must have
serve banks did everything possible to stem the tide of failures.
some cover for those liabilities. Let us suppose that the cover consists of
No doubt the governors considered means of giving support
to banks bills of exchange. The bank has thus placed money in circulation and
which are yet in a doubtful position and of any emergency
position this money has been used for the purchase of goods.
which may occur during the next few months. Most of
"The money may be directly lent to industries, or it may be invested
the governors
were understood to feel that the real crisis had passed and
that a slow in bonds. In both cases it serves for the purchase of real capital, such as
but steady improvement may be anticipated in the future.'
stocks of goods or machinery and other plant."
Capital Hears of Long-Term Bond Issue Plan—Treausry New Offering of $60,000,000 or Thereabouts of 90
-Day
Official Reports Administration Move to Avoid
Treasury Bills.
Increase in Taxes—Senate Committee Reported
A new offering of 90-day Treasury bills, to the amount
Informed of Financial Program.
of $60,000,000, or thereabouts, was announced on April 27
United Press advices as follows from Washington April 30 by Secretary Mellon. A $50,000,000 offering of 91-day bills
are from the New York "Herald Tribune" of May 1:
was referred to in our issue of April 25, page 3077. Tenders
A large issue of long-term Government bonds is
being considered by for
the new $60,000,000 issue were received at the Federal
the Administration, it is reported, as a method of
straightening out the
tangled fiscal situation and heading off "Progressive"
demands for in- Reserve Banks and their branches up to 2 p. m. yesterday
creased taxes during the next session of Congress.
(May 1) Eastern Standard time. The new bills will be
It was learned to-day that a high official of the Treasury
has informed
will mature Aug. 3 1931, and the
members of the Senate Finance Committee that an issue
of long-term dated May 5 1931, and
securities probably will be resorted to during the coining
summer or fall. face amount will be payable on the maturity date without
This, It was said, was one of the reasons back of the
Treasury's request,
interest. The bills are sold on a discount basis to the
granted by Congress last winter, for authority to issue
$8,000,000,000 in
new securities beyond the amount previously authorized.
highest bidder. The bills will be issued in bearer form
only, and in amounts of $1,000, $10,000, and $100,000 (maLarge Floating Debt Out.
turity value). Secretary Melion's announcement of the
The Treasury now has short-term securities outstanding amounting
to
more than $3,000.000,000, a larger floating debt than at any
time since new issue follows:
•
war days. The amount will increase substantially during
the next few
months when several short-term issues mature and will have to be
refunded.
At the same time the Government must raise money to meet
current expenses.including provision for the anticipated deficit ofat least
$800.000.000.
From a study of the maturity dates of several of the short-term
issues,
some persons in close touch with Government fiscal affairs have
reached
the conclusion that a major issue is in contemplation for next fall,
although
it might be resorted to sooner. The Treasury has authority
to prescribe
the size of the issue, interest rates, maturity date and other details
within
the total authorized by Congress.
Political Aspect Considered.
The political aspect of the situation is one factor influencing many
to
believe that an issue of long-term securities will be forthcoming before
Congress reassembles.
Demands by Senators William E. Borah, Republican of Idaho, James
Commis, Republican of Michigan, Robert M. La Follette, Republican of
Wisconsin, and others, for an increase in taxes have caused concern.
The theory is advanced that if the Administration could go before
Congress
with a budget providing for the Government's fiscal needs over a
considerable period, much of the force of the tax-increase movement would
be counteracted. On the other hand, continuation of the present
system
of financing through short-term securities is regarded as likely to
keep the
Government's financial affairs alive for Congressional discussion
throughout
the next session and well into the coming Presidential campaign.
D. L. Wickens Named Member of Special Committee
of
Federal Reserve Board to Investigate Chain,Branch
and Group Banking.
David L. Wickens, agricultural economist of the Division
of Agricultural Finance of the Department of Agriculture,
has been appointed a member of a special committee of the
Federal Reserve Board in the progress of making an investigation of branch, group and chain banking in the United
States, according to information made public at the Department on April 24, according to the New York "Journal of
Commerce", which added:
Under the leadership of E. A. Goldenwiser, director of research
work in
the Federal Reserve Board and Chairman of the Committee, a
thorough
study of the whole subject has been going on for nearly a year.
While
members of the Committee refuse to comment on the inquiry, it is understood that a report will be made to the Federal Reserve Board
probably
late next fail.
The Secretary of the Treasury gives notice that tenders are invited for
Treasury bills to the amount of $60,000,000, or thereabouts. They will
be 90-day bills; and 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. in., Eastern Standard time, on
May 1 1931. Tenders will not be received at the Treasury Department,
Washington,
The Treasury bills will be dated May 5 1931 and will mature on Aug.
1931, and on the maturity date 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 guaranty of payment by an
Incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on May 1 1931
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. Payments 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 5 1931.
The Treasury bills will be exempt, as to principal and interest, and
any gain from the sale or other disposition thereof will also be exempt,
from all taxation, except estate and inheritance taxes. No loss from the
sale or other disposition of the Treasury bills shall be allowed as a
deduction, or otherwise recognized, for the purposes of any tax now or
hereafter imposed by the United States or any of its possessions.
Treasury Department Circular No. 418, as amended, dated June 25
1930, 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.
, 3268
FINANCIAL CHRONICLE
Bids totaling $305,855,000 for the new issue of bills were
opened May 1 at the Federal Reserve Banks, and allotments
totaling $60,100,000 were made. The bills will net the successful bidders a return at the average rate of 1.29%. The
highest bid was 99.688, equivalent to interest of 1.25%, the
Treasury announcement said, while the lowest accepted was
99.671, representing an annual rate of 1.32% on an annual
basis. To avoid exceeding the approximate total of
$60,000,000 set for the issue by more than $100,000 only 25%
of the lowest group of acceptable bids were allotted. The
average price was calculated at 99.676.
[VOL. 132.
"Such a policy as I have suggested will do no harm to our fiscal structure, will lose us no prestige, but will save the American people from
Increased taxes at a most inopportune time, if we will but Blow up our
national debt-retiring program so as to apply only the sinking fund requirement and the foreign repayments annually on the debt.
"Since Mr. Mellon became Secretary of the Treasury this is the first
year in which his Treasury estimates have come through. He predicted a
deficit for this year and we have one. Every other year he has missed
his estimates from approximately one hundred million to a billion dollars.
"If the Government makes a mistake in its estimates, and for that
year overtaxes the American people, thereby building up a surplus which
is applied to the payment of the national debt, then the following year
the debt-retirement program should be slowed up so that an average in
the debt-retirement program may be struck.
"If that policy should be adopted, then the three and one-half billions
of dollars already drawn from the taxpayers as surpluses over Government
requirements and applied to the payment of the debt should be credited,
instead, in these lean years to the regular debt-retiring program.
"If the Treasury Department should announce such a policy and it
should be approved by the Congress, it would dispel much of our economic
fog and give immediate encouragement to business. Such encouragement
would mean a return of confidence, which is what the country needs and
what every man in a responsible position, whether Democrat or Republican,
should try to give."
Senator Couzens Urges Restoration of 1924 Surtax
Rates and Re-establishment of Gift Tax.
Reinstatement of the 1924 surtaxes, re-establishment of
the gift tax on a scientific basis, institution of an inheritance
tax, but no increase in the normal taxes, were urged on
April 25 by Senator Couzens, Republican, of Michigan, a
member of the Finance Committee, who said he expects Representative Ramseyer Proposes Higher Levies on
tax revision at the next session of Congress. Advices to
Rich—Urges Raising Estate, Inheritance and Gift
this effect from Washington April 25 to the New York
Taxes to Meet Treasury Deficit.
"Times" continued:
Insisting that an increase in taxation and curtailment of
"Congress," he stated this afternoon, "cannot avoid consideration of
the increase of taxes for Federal purposes if the Government is to be con- the debt-reduction policy were imminent, Representative
ducted in a business way. During a five-year period Congress appropri- C. W. Ramseyer, Republican, of Iowa, a member of the
ated $750,000.000 for Federal projects, and this was applauded by business,
Ways and Means Committee, advocated on April 27 an inbut now there is a cry against raising taxes.
"I think we should revise taxes at the next session. Where do they crease in the estate and inheritance taxes and a gift tax to
I don't
expect the money to come from for the Federal building projects?
make up the Treasury deficit, From Washington the New
want to seem out of harmony, and I don't know what conditions will be
at the next Congress. Of course, I think It futile for me to discuss the York "Times" noted that in proposing further taxation of
matter. The Senate can't initiate tax revision. We don't control that. the
wealthy, especially by the gift levy, Mr. Ramseyer
But I think we should have a revision."
aligned himself with Senator Couzens, Republican, of MichWants Gift Tax Restored.
Finance Committee. Mr.
Senator Couzens said he thought the gift tax should be restored to igan, a member of the Senate
the statute books, but he opposed any retroactive feature as unconstitu- Ramseyer is quoted as saying:
tional. Secretary of the Treasury Mellon asked for the repeal of this
tax in 1924, declaring it was unsound and resulted in tax avoidance.
"If Congress should restore the 1924 surtax rates, we would have collected $260.000,000 more this year," Senator Couzens commented. "I
would devise a gift tax with a sliding scale similar to the surtax rates."
Senator Couzens declined to state where he would begin levying the gift
tax, but he believed it was more equitable than an estate tax, because the
individual could estimate what tax he would have to pay.
"It is fairer when a man is alive than when he is dead," he added.
Plea for Inheritance Levies.
Advising a Federal inheritance tax, he commented that this country now
taxes estates before they are divided, whereas under an inheritance tax the
beneficiaries would have to pay a levy.
"We should stop the system of community tax returns; we should compel
the making of joint returns." he added. "Separate returns allow the taxpayers to escape the higher brackets and frequently cut the tax in half."
Further urging the passage of a gift tax, Senator Couzens said:
"Why should a man worth five hundred millions be able to transfer his
property now to his son and pay no taxes." The man worth one hundred
millions should have to pay $20,000,000 taxes on property not transferred
until his death."
Declaring that Federal taxes are not onerous on the wealthy, he produced
figures to show that the number of persons with incomes of more than
$100.000 had increased from 9,560 in 1925 to 14,701 in 1929, a period of
only four years. In the last ten years the wealth of those with incomes
about $10,000 has increased 100%, while the number of those with incomes
lees than $10.000 has remained unchanged.
He stated also that the per capita wealth of the country had decreased
during the past decade despite the increase in population.
Contrasting the comparatively small taxes paid by Americans with those
under which the British are suffering, Senator Couzens said a married
man in Great Britain with $4,000 ircome pays 583 times as much as the
American with the same income. On $10,000,$20,000,$50,000 and $80,000
Incomes the Briton pays. respectively. 14. 654, 33i and 2 y, times as much
as the American.
Senator Harrison Opposes Raising of Taxes—Asserts
-Term Borrowing—
Deficit Should Be Met by Short
For Halt on Debt Cuts.
Increase in taxation is unnecessary to meet the Treasury
deficit, according to Senator Harrison of Mississippi, ranking Democrat on the Finance Committee. He said on
April 28 that the deficit could be bridged over by shortterm borrowing, thus agreeing with the Administration in
this respect. The advices to this effect from Washington,
April 28, to the New York "Times" likewise reported the
Senator as follows:
and the national debt
Short-term Treasury certificates should be issued
the economic depression, but only
should not be further reduced during
sinking fund requirements, Senator
for
enough money applied to it to care
for "overtaxing" the American
Harrison said. He criticized the Treasury
national debt $3,500,000,000 in excess
people since 1919 by reducing the
of sinking fund requirements.
to reducing the debt beyond
"These excessive taxes have been applied
"Huge annual surpluses have been
the legal requirements," he said.
should cease debt reduction and
created by the heavy taxes, and now we
improve, rather than impose
borrow through short-term notes until times
additional taxes.
schedule in retiring that debt.
"We are now seven years ahead of our
together with heavy
It has been these enormous and unnecessary taxes,
unjustifiable taxes imposed
Increases in State and municipal taxes and the
through tariff duties, that have largely contributed to our present economic
depression.
"The estate tax is a just tax and does not in the least stifle enterprise,
Initiative, and accumulation of wealth.
"The objects of estate and inheritance taxes are, first, to prevent the
accumulation of wealth in the hands of those who contribute nothing or
little to its creation, and, second, to lighten the burdens of taxation
weighing so heavily on the backs of the masses."
President Hoover Establishes Council of Personnel
Administration—Designed to Develop in Federal
Government More Effective System Between Ciyil
Service and Other Departments—Business and
Industrial Committees to Assist.
With a view to reorganizing the administration of government personnel so as to attract an even better class of employees to government service and guarantee for them better
opportunities, President Hoover issued on April 27 an
Executive order creating a Council of Personnel Administration. In a statement to this effect in its issue of April 28,
the New York "Times" Washington dispatch gave further
details of the President's action as follows:
Another purpose of the move, according to a statement by the Civil
Service Commission, will be to avoid excessive increase in personnel from
year to year.
The President designated the heads of the various Government deParte
metes as members of the Council and made provision for committees of
business, industrial and educational leaders to assist in making available
to the government the best personnel practices of industry.
The department heads appointed are Thomas E. Campbell, president
of the Civil Service Commission; Colonel J. Clawson Roop, director of
the Bureau of the Budget; Herbert D. Brown, chief of the Bureau of
Efficiency; Ezra Brainerd, Jr., chairman of the Interstate Commerce
Commission, and Brig. Gen. Frank T. Hines, administrator of Veterans'
Affairs,
Advisory Committees Named.
Three advisory committees to meet with the council were named by the
Civil Service Commission this afternoon, as follows:
Industrial Committee.—H. H. Dennison, president of the Dennison
Mfg. Co.: Arthur Young of the Industrial Relations Councilors; C. R.
Dooley, personnel manager of the Standard Oil Co., New York; J. W.Dietz,
Personnel manager of the Western Electric Co.
Committee Representing Independent Personnel Organizations.—L, W.
Wallace, secretary of the American Engineering Council; Alfred Flinn,
director of the Engineering Foundation; W. F. Willoughby, director of the
Institute of Government Research; 0. R. Mann, chairman of the American
Council on Education; H. S. Person, managing director of the Taylor
Society; W. S. Donald, secretary of the American Management Assn., and
W. V. Bingham, director of the Personnel Research Federation.
Committee Representing Educational Institutions.—Edward L. Thorndyke.
head of the department of psychology of the Teachers College of Columbia
University, N. Y. City, and W. W. Carter, head of the department of
education of Ohio State University.
A committee of city school superintendents to represent the secondary
and commercial schools is yet to be named.
Specific Objectives Are Listed.
At the same time the Civil Service Commission made public the specific
objectives of the President's move to improve the Federal service. They
were listed as follows:
1.—To establish a more effective liaison system between the Civil
Service Commission and the several departments.
2.—To co-ordinate personnel administration in the Federal service.
3.—To make possible partial or permanent careers.
4.—To improve selection methods.
MAY 2 1931.1
FINANCIAL CHRONICLE
5.—To attract better people to the service.
6.—To reduce waste due to excessive turnover of the better qualified
employees.
7.—To provide for the pooling of findings of government agencies in
personnel matters.
8.—To avoid excessive increase in personnel from year to year.
9.—To provide for the training of personnel assistants in each department 88 an integral part of the government's program for personnel administration.
10.—To make available to government departments the best personnel
practices of industry.
11.—To develop a more adequate record of personnel records.
12.—To meet the immediate needs while building a more effective system.
A general plan for the new council, both as to its organization and its
purposes, was contained in the President's order creating it.
Text of the Order.
The order was in the form of a citation to the heads of departments and
Independent establishments, which read:
1.—For the purpose of developing in the Federal Government a more
effective and economical system of employment and personnel management, and to promote the general welfare of the employees of the National
government, there is hereby established a Council of Personnel Administration, under the chairmanship of the President of the United States
Civil Service Commission.
2.—The council shall consist of the heads of the departments, the president of the Civil Service Commission, the director of the Bureau of the
Budget, the chief of the Bureau of Efficiency, the chairman of the Interstate Commerce Commission and the administrator of Veterans' affairs.
The president of the Civil Service Commission shall act as chairman of
the council.
3.—The director of Research In Personnel Administration of the United
States Civil Service Commission shall serve as director of the Council of
Personnel Administration and shall carry out the projects approved by the
board. He shall appoint a project committee consisting of representatives
of departments and advisory committees, who shall assist him in formulating projects to be submitted to the executive committee. He shall
also appoint such planning and advisory committees as shall be necessary.
4.—The following five members of the council shall constitute an executive committee:
Chairman—President of the Civil Service Commission, the Secretary
of Agriculture, the Secretary of the Interior, the Secretary of Commerce,
and the chief of the Bureau of Efficiency.
This executive committee shall (a) take action on plans and projects
submitted by the director, subject to ratification by the council;(b) present
general plans to the director for formulation into projects.
5.—The head of each department of independent establishment shall
designate the employee best qualified to carry out in his establishment
a fact-finding study, which shall be carried out as outlined by the Civil
Service Commission. The findings of this study shall show the present
personnel practices of the Federal Government, shall serve as a basis for
Improvements in selection, flexibility of registers, announcements, transfers, promotions, training and co-ordination of personnel activities and
administration, and shall indicate the extent to which the government
service does offer, or can be made to offer a partial or a permanent career.
6.—The council of personnel administration shall:
(a) Establish a liaison system between the Civil Service Commission
and the several departments.
(b) With the assistance of advisory committees composed of representatives of industry, business organizations and educational institutions, and
through co-operation with these organizations, make available to the
government the best developments in personnel administration outside
of the government service and make available to the public and to educational institutions authoritative information regarding employment by
the Federal Government: and
(c) Prepare specific plans for improvement and co-ordination of personnel
administration in the Federal service and co-operate with such departments
and establishments as may desire to adopt such plans.
7.—Each department representative shall also carry out in his department such of these projects hereafter approved by the council as the head
of his department shall desire to have carried out.
8.—Members of the council are authorized to assign to this work such
members of their staffs as they believe essential for making this order
effective.
HERBERT HOOVER.
3269
"The budgets for all three years are greatly influenced by the increased
expenditures for construction work in aid of unemployment, for relief to
agriculture, and for increased services to veterans, but it will be seen
that these increased expenditures are somewhat offset by reduction(' in
other directions.
"The heading of public buildings and public works, amounting to $434,000,000 for this fiscal year and estimated at more than $457,000,000 for
next year, includes highways but does not include construction expenditures
of the Army and Navy for military purposes, or the Veterans' Bureau, or
Merchant Marine through loans from the Shipping Board, of for aviation
and park improvements and sundry other minor construction items.
"The total of all construction work, including these items, is now progressing at the rate of over $725,000,000 per annum, being about $500,000,000 per annum in excess of the rate of expenditure for construction
previous to the depression.
"The expenditure shown as Aids to Agriculture of a total for this year
of $341,000,000 includes drouth relief and Farm Board expenditures, together with other expenditures of the Department of Agriculture, but does
not include highway construction.
"The expenditure on veterans' relief shows an increase of about $190,000,000 for the present fiscal year, but includes $112,000,000 of the
normal payment into the bonus fund for the next fiscal year which was
advanced by Congress to the present fiscal year.
"This statement of the budget does not include loans upon the bonus
except so far as they are represented in the annual payment into the
bonus fund, of about $112,000,000. But loans on the bonus certificates
necessarily affect the Treasury finance. General Hines, Administrator of
Veterans' Affairs, informs me that the new loans made under the recent
law, together with those already outstanding under previous law, amount to
about $912,000,000. In addition to these amounts applications' are at
hand amounting to about $140,000,000 more, making a total of expenditure already in sight of about $1,050,000,000."
According to the New York "Times" Washington account,
April 24, one reason for the drop in the expenses of the
Government for the next fiscal year is that most of the
appropriations for extraordinary expenses, such as bonus,
farm relief and unemployment, were made immediately
available during the fiscal year in which they were authorized by Congress. Therefore, these are a charge against the
Treasury before June 30, and were not carried over into
the next fiscal year. In part, the "Times" also said:
Various reductions in the expenditures for the next fiscal year are to
be seen. The allotment for the army will drop more than $11,000,000.
The navy's reduction will be more than $35,000,000. The largest single
item of naval reduction is for naval vessels and major alterations of
certain of them, the appropriation for next year being $50,000,000, as
compared with $70,000,000 for the current fiscal year.
There is an apparent drop of $202,749,000 in the cost to be borne by
the Treasury next year because of benefits to veterans, but this reduction
is in part accounted for by the fact that $112,000,000 of the bonus loan
payments has been paid out this year.
Another heavy reduction is due to approximately the same reason.
"Aids" to agriculture paid out in the present fiscal year amounted to
$341,645,134, while in the next fiscal year these "aids" will cost the
Government $160,872,025.
Revenues Are Not Estimated.
The figures considered at the Cabinet meeting were confined to expenditures already provided for by Congress and were not accompanied by asp
estimates of revenues. For that reason the President indicated, in response
to a question, that no calculation could be made as to the amount of the
Treasury deficit in the fiscal year beginning July 1.
Some curiosity was manifested by newspaper men as to why the tabulated statement was given to the press. The response of the White House
was:
"For public information."
Instructions have been given by the President to his Cabinet officers
to make every effort to reduce government expenditures in the face of the
heavy deficit that exists and shows signs of increasing. Surveys with
the purpose of effecting economies are now in progress.
In his budget message sent to Congress last December, President
Hoover estimated expenditures for 1932 at $4,054,519,200 and receipts
at $4,085,119,927, indicating a surplus for 1932 of $30,600,727.
Probable customs receipts were then put at $612,000,000, income taxes
at $2,260,000,000, miscellaneous internal revenue receipts at $670,000,000,
and other miscellaneous receipts at $536,119,927.
Since that time developments have indicated that receipts for the fiscal
year 1932 will fall far short of these estimates, and may be well under
$3,500,000,000, as against the estimate of $4,085,119,927, unless there is
a sharp pick-up in business activity during the rest of the calendar year.
An additional cause for worry on the part of the administration is that.
the new Congress, which will assemble in December, will vote heavy
appropriations for various purposes beyond the budgetary requirements of
the government.
President Hoover Considers Government Finances at
Cabinet Meeting—Expenditures in Fiscal Year
Ending June 30 1931 Estimated at $4,435,029,732,
Compared with $3,994,152,487 Last Year—Decrease
of $315,799,083 in 1932 Planned—Treasury Faces
Deficit of Over $800,000,000.
Confronted by a Treasury deficit as of April 22 of $801,167,797, which has established an all-time record except
for war periods, President Hoover and his Cabinet on
April 24 devoted themselves to the consideration of GovernAs to the deficit facing the Treasury a dispatch April
ment expenditure for the next fiscal year, it was noted by
24 to the "Times" said:
the Washington correspondent of the New York "Journal
Government expenditures exceeded ordinary receipts by $801,167,797
of Commerce", who further said:
during the period from July 1 1930, to April 22 said to-day's Treasury
The members of the Cabinet had been furnished with the
compilation
of the budget on the functional basis, as has been customary during
the
past two years. This showed that expenditures for the present fiscal
year
will be about $4,435,000,000, as compared with $3,994,000,000 in
the
last fiscal year and as compared with the appropriations of $4,119,000,000
for the next fiscal year. These totals include only post office deficits,
not the whole working expenditure of the Post Office Department.
The President's statement, on April 24, dealing with the
Government expenditures, follows:
"The Cabinet session this morning was devoted to consideration of
Government expenditures for the next fiscal year. The members
of the
Cabinet had before them the compilation of the budget on a functional
basis, as has been customary during the past two years.
"Copies of the budget will be handed to you. You will note that the
expenditures for the present fiscal year will be about $4,435,000,000 as
compared with $3,994,000,000 in the last fiscal year and as compared with
the appropriations of $4,119,000,000 for the next fiscal year. These
totals include only Post Office deficits, not the whole working expenditure of the Post Office Department.
statement. There has been no such deficit in the nation's history except
during World War days and in 1865, the last year of the Civil War,
when it was $963,840,600. The deficit in the fiscal year 1917 was $961,717,000, in 1918 $9,611,400,000 and in 1919 $14,297,760,000.
Through April 22 total expenditures of the Government had amounted to
$3,451,159,000 for the fiscal year, an increase of $202,000,000 over the
same period last year. Ordinary receipts totaled $2,649,991,400, a reduction of $511,000,000.
The only revenue item of any consequence showing an increase was
repayment of loans from railroads. Through April 22 for this year $16,451,000 had been repaid on this account, as compared with $5,342,700
a year ago. The loans to railroads have now virtually been liquidated.
Contributing to the deficit was $112,000,000 in loans to veterans under
adjusted service certificates, an appropriation for that amount ordinarily
available next Jan. 1 having been made available at once.
Federal Farm Board expenditures amounted to $147,064,900 in this
fiscal year as compared with $74,601,000 in 1930. The postal deficiency
of $104,017,000 was $39,000,000 greater. Operation of the government
departments and bureaus required an outlay of $1,907,430,000, an increase
of $144,000,000.
FINANCIAL CHRONICLE
320
During the first 22 days of April, new securities issues amounted to
$377,669,500, as compared with the retirement of $297,513,100. Retirements included $267,300,000 in treasury notes of the adjusted service
series, which represented loans to veterans. As loans are made out of the
proceeds of other security issues, an equal amount in the adjusted service
notes are retired.
For the fiscal year up to April 22 total new issues of securities were
$5,082,059,400, exceeding the retirements by $496,000,000. A total of
$624,500,000 in adjusted service notes were retired during the period.
Officials would not estimate the probable deficit at the end of the
year June 30. It will continue to increase gradually up to the time June
tax payments begin to reach the Treasury around the middle of that
month. These collections probably will not greatly exceed $300,000,000,
judging from the fact that only $334,000,000 was paid in March. Whatever deficit exists by the middle of June will be in part reduced by the
amount of the tax collections.
[voi..
132.
vestigated the prospects for sugarcane production and the
growing of insecticidal plants.
Dr. Skinner, who is Assistant Chief of the Chemical and
Technological Research Unit of the Bureau of Chemistry
and Soils, reports the harvesting of the bay plant and the
technology of bay oil production, which are now carried
on by antiquated methods, should be modernized. Under
date of April 22, he said:
There is no doubt that bay oil can be standardized to make it an article
more in demand in world trade, and there are inviting possibilities for additional plantings of bay trees in the Virgin Islands and Porto Rico, but such
developments will require careful research and the pains-taking selection
and propagation of the best varieties to obtain bay trees yielding the
largest amounts and best quality of oil.
The figures of Government expenditures issued by PresiCommenting on the possibilities of sugarcane production in
the Virgin Islands, Dr. Skinner said that under the present
dent Hoover on April 24 follow:
prolonged drouth and world overEXPENDITURES CLASSIFIED ON A FUNCTIONAL BASIS,FISCAL YEARS adverse conditions of
1932, 1931, 1930.
production, it is evident the Virgin Islands cannot compete
successfully with areas more favorable to cane growing,
Estimated Expenditures.
Espenditures
such as Cuba, Porto Rio, Santo Domingo and Hawaii.
Group I.
June 30 1932 June 30 1931 June 30 1930
Dr. Skinner said that the greatest present need of the
(Actual)
(Estimated) (Estimated)
Virgin Islands is a diversified agriculture, which will permit
$
Public Debt
467,584,900 442,985.912 553,883,603.25 the people to produce the food needed for their maintenance
1. Principal
593,400,000 610,000,000 659,347,613.07
2. Interest
and expressed the opinion that if a diversified agriculture
1.060,984,900 1,052.985,912 1,213,231.216.32 were
supplemented by improved methods for catching fish,
National Defensewhich abound in the water surrounding the Islands, the
Army
302.118,800 304,140,800 299,240,712.69 people could be made self-supporting. He compared con3. General
10,718,467.76
26,949.000
4. Buildings and other structures24,274,000
ditions in the Virgin Islands with those in Barbados, which
200,000
5. Vessels
200,000
16,765.474.62
22,901,000
6. Aircraft and accessories
16,100,000
is under British rule, and said the British Island is very
342,692,800 354,190,800 326,724,655.07 nearly self-supporting. He learned from English agriculTotal, Army
tural experts there that this Island is the only place in the
Navy
7. General
295,834,272 284,781,640 299,994,223.19
2,425,000.00 West Indies, which at present has a prospect of revenue
13,500,000
16,500,000
8. Buildings and other structures9. Vessels (ship construction and
58,050,214.67 from sugarcane growing.
50,000,000
70.000,000
major alterations)
14,431.859.00
14.900,000
10. Aircraft and accessories
16,200,000
While cane growing was profitable, a feudal system pre-and with reasonably satis398,534,272 363,181,640 374,901,296.86 vailed in the Virgin Islands
Total, Navy
701,825,951.93 factory results-but this has now broken down as a con741,227,072 717.372,440
Total ,National Defense
sequence of recent economic conditions and the people,
Veterans of Former Wars
11. General
72.5,371,000 *935,337,000 745,436,827.72 after depending for generations on their single crop of
9,947,923.00
12,950.000
12. Buildings and other structures_ _ _
20,167,000
sugarcane, are now scarcely able to provide for themselves.
745,538,000 948,287,000 755,384,750.72
Total, Veterans
The Island of St. Croix, in the opinion of Dr. Skinner,
Total, Group I
2,547,749.972 2,718,645,352 2,670,241,918.97 offers an excellent opportunity for the production of valuable
Group II.
11,778,503.24 insecticidal plants of great value to American agriculture.
12,053,816
11,601,000
13. Legislative
416.784.22
419,700
468,700
14. Executive
With this objective in mind Dr. Skinner made tentative
15. Judicial, law enforcement and
85,849,548.62
96,892,650
106,701,481
regulatory commissions
arrangements with the Commissioner of Agriculture for the
16. Fiscal administration and control
73,455,304.12 British West Indies for experimental culture of certain
75,454,900
76,546,210
of currency and banking
13,046,612.28
15,005.300
17,308,100
17. Foreign relations
promising insecticidal plants. The Imperial College of
18. Administration of Territories and
6,310,372.82
4.687,900
4,875,100
dependencies
Tropical Agriculture at Trinidad proposed to Dr. Skinner
19. Service agencies to the Departments and independent estabwith the Department of Agriculture in collecting
35.764,255.97 co-operation
39,900,387
42,290,173
lishments
20,500,000 00 specimens of rare insecticidal plants and economic parasites.
20,950,000
20. Civil pensions and allowances_ _ _
20,900,000
21. Balance of postal deficiency after
deducting losses due to contract
air mail routes, foreign air mail
routes, and to transportation Of
foreign mall in American vessels
Total, Group II
Group III.
22. Public health
23. Education
24. Indian affairs
26. Conservation of National re
80111V63
26. Aids to agriculture
27. Aids to labor
28. Aids to aviation, Including losses
on contract air mail routes and
foreign air mail routes
29. Aids to industry and trade
30. Aids to merchant marine, including losses on transportation of
foreign mall in American vessels
31. Public buildings and public
works,exclusive of construction
Included in other items
32. Bureau of the Census
Total, Group III
98,283.000
108,978,000
63,496,272.50
378,973,764
374,342,633
311,517,653.77
22,424,900
16,424,310
25,728,800
20,493,700
14,692,075
28,880,700
18,501,366.37
14,329,545.11
19,491,273.12
54,362,850
160,872,025
7,798,820
52,111,500
341,645,134
7,089,100
44.105.654.60
208,935,759.08
7,176,137.28
29,288,667
16,812,910
28,577,733
16,388,251
21,925,434.83
15,678,701.51
134,978,950
96,791,234
78,779,370.73
457,931,700
8,750,000
434.622,200
16,000,000
272.011,188.09
14,648,226.82
935,373,933 1,057,291,627
715,582,958.44
116,951,500
105,480,000
152,118,461.30
90,960,200
48,040,000
1,181,280
37,000,000
91,007,500
50,419,500
843,120
93,885,740.63
45.596,319.80
5,209,434.18
257,132,980 .284.750.120
296,809,955.91
Group IV.
33. Refunds
34. Settlement of war claims
Act 1928
35. Trust funds
36. District of Columbia
37. Miscellaneous
Total, Group IV
Total, exclusive of postal service payable from postal
4,119,230,649 4,435,029,7323,994.152,487.09
revenues
- Includes bonus payment $112,000.000fadvanced from:11932 to 1931.
Dr. Skinner, of Department of Agriculture, Says
Development of Fisheries and Agriculture Would
Tend Toward Making Virgin Islands SelfSupporting.
The development of both agriculture and fisheries would
self-supporting,
go far toward making the Virgin Islands
in the opinion of Dr. W. W. Skinner of the United States
Department of Agriculture, who returned a few weeks ago
from these insular possessions of the United States where he
surveyed the possibilities of the bay oil industry and in-
Federal Law Basis of Utah's Income Tax-State Will
Try Out Personal Levy Through Newly Created
Tax Commission.
From the New York "Times" we take the following
special correspondence from Salt Lake City, Utah, April 18:
Utah legislators preferred the Federal form of an income tax law rather
than that of New York. it developed during a recent biennial session.
The personal Income tax law imposes a graduated scale, running from
1 to 4% of net income, which is calculated about as that in the Federal
law. Exemptions are $1,000 for single persons. $2,000 for heads of families
and $400 for each dependent. The gradations are rather steep, by onequarter of 1% per $1,000 up to 2%, and then by one-half of 1% up to
$9.000. all income above that figure being taxed at a flat rate of 4%. A
$1 filing fee, which exempts married women without independent income,
students, idiots and indigents is likely to cause some trouble in administration, but is intended to make possible the assembling of data that could not
otherwise be obtained.
Corporations will pay a flat rate of 335% of their taxable income, computed also as for the Federal Government.
Offsets of tangible property taxes area allowed against both personal income tax and corporation franchise tax, but must not exceed one-third
of what the income tax or the franchise tax would otherwise be.
Administration of the laws has been placed in the hands of a newly
created State Tax Commission, which has somewhat enlarged powers, as
compared with the former State Board of Equalization.
Gov. White of Ohio Signs Whittemore Corporation
Code Bill-Affects Rights of Minority Dissenting
Stockholders of Corporations Merging or Selling
-Of Interest Because of Bethlehem-YoungsAssets
town Sheet & Tube Merger.
The so-called Whittemore corporation code bill signed
April 21 by Governor White of Ohio' embodies an amendment pertaining to the rights of minority dissenting stockholders in any Ohio corporation proposing to sell, or merge
its assets. It is noted that the amendment is of particular
interest at the present time on account of the large minority
dissenting interests in the proposed Bethlehem-Youngstown
Sheet & Tube merger. It is further noted:
Heretofore minority dissenting stockholders have been deprived of both
dividends and voting rights. Under the amendment to the code, they will
MAY 2 1931.]
FINANCIAL CHRONICLE
3271
President Whitney of New York Stock Exchange Discusses "Business Honesty"—Warns That Where
Companies Withhold Necessary Information Stocks
Will Be Stricken from List—Notes Dangers Concealed in Fixed Trusts.
In an address in which he stated that in a number of
instances, particularly in 1930, corporations have been slow
to meet the requirements of the Stock Exchange calling
for the prompt publication of financial reports, Richard
Whitney, President of the Exchange, declared that "we
shall not longer tolerate a situation in which the officers
and directors of a listed company may continue to withhold
Poor Relief Cost in United States Doubled in Year— from their stockholders necessary information." Mr. WhitOutlay in 100 Cities in 1930 Placed at $39,377,480.
ney added:
The following Associated Press advices from Washington,
Let me say definitely that hereafter, when the Committee on Stock
List is advised and has determined that a corporation is employing a
April 26, are from the New York "Times":
still be deprived of voting rights but when dividends are declared on any
class of capital stock, dissenting shareholders of the same class will be
entitled to an amount of money equal to such dividends,said amount to be
applied to the purchase of the stock in the event the sale or merger is completed. In the event that the merger fails of consummation, dissenting
shareholders will be restored to the status of shareholders and any payment
theretofore made on such shares shall be deemed to have been dividends
thereon. The amendment also provides that in the event of distribution
to stockholders of anything other than cash, such distribution shall be
computed as though such dissenting shares were included in the total
outstanding shares of such class entitled to participate therein. In the
event of failure of the merger, such dissenting stockholders shall receive
such distribution as theugh the rights of such dissenting shares had not
been suspended, this last provision covering such contingencies as stock
dividends. &c.
ata
It cost $39,397,480, nearly double 1929 expenses, to care for families
in need in 100 American cities last year.
The Children's Bureau, in announcing to-day the results of a survey
made for the President's Employment Committee, said this figure repre•
sented the cost of the major portion of relief, but not the full amount,
because of unavailable reports from some private and public agencies.
The 1929 corresponding expenditure was $20,891,728.
The Bureau said public agencies were bearing an increasing proportion
of the relief, with the largest part paid out of public funds. Private
agencies raised 48% more money to meet the "exigencies of 1930" than
in 1929, and public departments increased their relief grants nearly 150%.
Cities surveyed included 40 of 50,000 to 100,000 population, and 60 cf
100,000 and more. The North Central States, spending $18,000,000 as
compared with $7,000,000, showed the greatest increase.
National Industrial Conference Board Finds Little
Need for State Action in Matter of , Old Age
Pensions.
Light on the question of old age pensions is revealed by a
monograph report, under the title of "The Support of the
Aged", issued by the National Industrial Conference Board.
The report analyzes the problem of old age dependency
and the proposed remedies. The facts presented show that
"while there is much old age, there is comparatively little
old age dependency of such a nature as to call for State
action". While 12 States at the end of 1930 had old age
pension laws on their statute books, the payments under
these laws are so small as hardly to deserve the name of
pensions. They are mere pittances, and in several of the
States the laws.are almost dead letters simply from the fact
that the public has no desire to take advantage of them.
A statement issued in the matter by the Board on April 26
says:
The problem of old age dependency is restricted to those who have
been unable to make the necessary provision for financial security and
who also have no family or other private means of support. The analysis
by the Conference Board of the effect of changing economic conditions on
the ability of the individual to provide for old age furnishes no ground
for believing that social dependency of this character has increased, or
that the individual has through changed circumstances been relieved of
the duty of self-support. Through a long period of years wages have
increased more rapidly than the cost of living, and the general economic
status of wage earners does. not justify any assumption of lessened opportunity for individual thrift. As a matter of fact, savings in various
forms open to people of small means have shown a marked increase.
In the absence of individual provision for old age, the report points
out, the family is ordinarily expected to provide support for its aged
members. The extent to which such provision obviates the necessity for
social relief depends on the strength of the family ties and the ability
of the family to provide such support. In this country family ties have
been, perhaps, somewhat weaker than in European countries, because of the
migratory spirit that has prevailed since early colonial days. But there
is no evidence that the feeling of filial responsibility has been destroyed
or that family support for the aged is no longer a bulwark against social
dependency. The problem of providing that support has, however, been
complicated by changed economic conditions.
"It seems evident," states the Conference Board, "that
modern economic life has brought about conditions that
have diminished the importance of the family as a factor
in the solution of the problem of old age support." The
Board continues:
"But, because of the financial inability of some children to discharge
the filial obligation, if the necessity to do so arises, and because the number
of persons who reach old age without family, supplementary preventive
measures have developed, particularly on the part of employers.
"Among the various measures intended to provide security for the aged,
the most significant are those developed by private industry. Industrial
pensions have a wider coverage than any of the other pension system%
But they are primarily significant because they apply to that class cf
individuals which may reasonably be expected to contribute the largest
proportion of social dependents. Old age makes greater inroads upon
physical than upon mental capacity for work. The policies that have
been inaugurated by employers in order to insure their employees against
loss of earning power, including not only industrial pension systems but
other measures intended to provide financial securIty, are, therefore, of
particular importance in relation to the problem of social dependency."
In conclusion, the report points out that while old age pension laws
in the United States correspond in many particulars with similar legisla.
tion in Europe the main difference is that the latter are a part of a
general plan of social insurance.
method which, in its opinion, is unsound or is violating an important
agreement with the exchange, it will report the facts to the Governing
Committee and will request that Committee to give public notice that
unless the abuse is promptly remedied, the stock of the corporation will
be stricken from the list.
These declarations were made by Mr. Whitney in speaking before the Philadelphia Chamber of Commerce, at the
Bellevue-Stratford Hotel, in Philadelphia on April 24. His
subject was "Business Honesty," and his remarks dealt
with "certain aspects of security frauds and doubtful business practices which have come to my attention as President
of the Exchange during the past twelve months," Mr.
Whitney asserted that "security frauds are as rampant today as they have been at any time in the past and the loss
they are causing to the people of the United States annually
aggregate hundreds of millions of dollars. Nothing," he
said, "can be more dangerous than the uninterested attitude
which the public seems to have adopted in regard to security
frauds. It is only when there is public activity and public
scandal," he added. "that evils of this character can be suppressed." "Unfortunately," continued Mr. Whitney, "there
is every reason to believe that bucket shops are springing
up again and will flourish just as soon as the public becomes
interested in buying securities. Constant vigilance, constant supervision and constant pressure," he said,"are necessary to suppress frauds of this type." Mr. Whitney also
drew attention to the problems of investment trust securities. The listing requirements for management type investment trusts, he noted, were published In 1929, and its
requirements, he said, "have now become the yardstick by
which all investment trusts, whether listed on the Exchange
or not, are judged." Reverting to the subject of fixed
trusts Mr. Whitney said that "irrespective of whether the
fixed investment trust is going to play a permanent part
In American finance or not, it presents an immediate
problem which cannot be overlooked." He also said:
The problem of the Exchange in regard to these trusts is peculiar, because, although the members of the Exchange have taken an active part
in distributing these securities, fixed investment trust certificates are not
ccnsidered at present as available for listing. In spite of this fact, the
Exchange is considering whether it should not take some action which will
bring to the attention of its members and to the attention of the public
the dangers which lie concealed in some of these trusts.
I have said that the dangers in regard to fixed investment trusts are
concealed and that is literally true. They are concealed, not perhaps
with deliberate intent but because it is impossible for anybody, except
an expert accountant who also has legal knowledge, to analyze the numerous
and complicated documents used to create these trusts. I cannot, in the
brief time at my disposal, tell you all of the points which our studies
have brought to light, but I can show you how the additional amount
which the public pays for this type of trust is hidden, and I can also
point out some of the misleading methods which have, at times, been used
to induce the public to buy these certificates.
Mr. Whitney's further observations as to fixed trusts will
be found in the following full text of his address:
The recent depression has made everybody thoughtful not only as to
bow our immediate problems can be solved but also as to whether some
of our current business practices are sound. In the lives of nations as
in the lives of individuals periods of self-examination are useful. The
present inactivity of business has given us time to consider certain evils
which have existed for many years and, in addition, time to think seriously
about a number of questionable practices which passed unnoticed in the
days of prosperity.
The New York Stock Exchange is, naturally, more interested in evils
that exist or may exist in regard to securities than in other matters and,
therefore, I will confine my remarks this afternoon to certain aspects of
security frauds and doubtful business practices which have come to toy
attention as President of the Exchange during the past twelve months.
II
We have all been aware for many years of the evils connected with the
sale of fraudulent securities and with the fraudulent sale of genuine
securities. For convenience, I will use the term "security frauds" in
referring to both types of this evil because, in the last anaylsis, both are
based upon misrepresentation and both accomplish the same result. It
is immaterial, as I see it, whether the misrepresentation has to do with
3272
FINANCIAL CHRONICLE
the existence of a company or with its past earnings and future prospects.
In either case, the ignorant or unwary are led to part with good money
for paper which is practically worthless or nearly so.
- Frauds of one kind or another have existed from time immemorial. In
each period the ingenuity of criminals has contrived to make use of some
popular or attractive device to tempt people to buy at unwarranted
prices. Like skillful fishermen they constantly vary and change the bait
to suit the taste of their victims. The gold brick was popular when gold
mines were new and public imagination was fired by stories of vast fortunes won by lucky prospectors in the bills of California. Building lots
in unknown and often unfounded cities were freely offered when the great
development , the West was the news of the day. With the advent of
af
the corporation and the wide distribution of securities a new and more
varied field of activity was opened to criminals of this type. Since then
security frauds have been and still continue to be our besetting evil.
In quick succession we have seen the stock of fake gold, silver and
copper mines offered to the public. Fine names and high sounding titles
were given to these imaginary mines which were supposed to pour from
equally imaginary refineries a golden harvest of dividends upon their
stockholders. The mere names of some of these forgotten enterprises are
so extraordinary that I sometimes think the promoters took a cynical joy
In giving preposterous names to the fraudulent companies which they were
foisting on the public.
Many new types of security frauds have made their appearance in recent
years. The great industrial development during the War flooded the country with the stocks of companies which were supposed to have profitable
contracts with the warring European nations. The boom period in the oilindustry during and just after the War resulted in a mass of fake securities
which innocent people bought thinking that overnight they would achieve
vast fortunes. The losses through fake oil securities became so great
that the Federal Government was aroused and, largely through the energetic
action of the Post Office Department, many of the criminals engaged in
this business were sent to prison.
In the last few years there has been no outstanding type of security
fraud and the public has been lulled into believing that fraud in connection
with securities has become negligible. We talk and read to-day about
rackets and racketeers and, in the popular imagination, this newer and
more dramatic evil has taken the place of the earlier types of fraud.
This general impression is absolutely false. Security frauds are as
rampant to-day as they have been at any time in the past and the loss
they are causing to the people of the United States annually aggregates
hundreds of millions of dollars. The methods are less ostentatious. Tipster
sheets, with the appearance of genuine financial newspapers, have replaced
the flashy salesmen of years ago, but the method and purpose is still the
same and the evil is just as great if not greater. If you talk to men who
are active in suppressing security frauds you will hear, over and over
again, the same sad story of money stolen from poor people by the sale
of worthless securities. The officials who are charged with enforcing our
anti-fraud statutes, the active men in the Better Business Bureaus throughout the United States and all thoughtful people in the security business can
testify to the fact that fraudulent securities are being issued and sold to
the public day after day and in ever increasing amounts.
This evil can only be prevented by energetic action and an insistent public
demand that criminals of this character be caught, convicted and sent to
jail. If the public does not insist on fraudulent security salesmen being
punished, one can hardly expect public officials to be active and energetic.
This is true of all crimes. The greatest activity is always exhibited in
punishing crimes of violence which the public abhors. A brutal murder
creates an insistent demand that the murderer be found and punished.
A robbery committed with violence is more apt to be punished than a
• theft which is successful by misrepresentation or guile. Public complacency, therefore, prevents effective prosecution and acts as a protection
to the criminal. Nothing can be more dangerous than the uninterested
attitude which the public seems to have adopted in regard to security
frauds.
It is only when there is public activity and public scandal that evils
of this character can be suppressed. Thirty years ago bucket shops were
common in all the larger cities and caused great losses to our citizens.
When the New York Stock Exchange, whose quotations were being misused
by bucket shops, called attention to this evil, the public became aroused and
through the activity of public officials, bucket shops were gradually
reduced in number and finally seemed to disappear. For several years
now this plague of the security business has been rare, and many people
are convinced it has disappeared entirely. Unfortunately, there is every
reason to believe that bucket shops are springing up again and will
flourish just as soon as the public becomes interested in buying securities.
Constant vigilance, constant supervision and constant pressure are necessary to suppress frauds of this type.
The fraudulent security criminal is a coward. Like all other criminals,
what he fears most is punishment, and the weapon which will cure the
evil is the prison sentence. In order to secure conviction, the criminal
must be denounced and the victim must take the time and trouble to
appear as a witness and to testify at the trial. When the public is
apathetic or ridicules the person whose confidence has been abused, no
victim is apt to report his loss to the public authorities or to come forward and testify in court. In many cases he prefers to pocket his loss
rather than to subject himself to publicity. This fear of ridicule is due,
very largely, to the unfortunate habit of referring to these criminals in
terms which reflect upon the business ability of the victim. A man who
steals by selling worthless stock is not called a thief but a confidence
man or a high pressure salesman. These very terms indicate that he is
not considered in the same class as a pickpocket or a hold-up man. I
venture to say, however, that the loss to the public through security frauds
amounts each year to many times the total of property stolen in other ways.
If loss to the public alone determined what crimes we should punish most
promptly, security frauds would rank at the top of the list.
Some years ago approximately a million dollars was stolen by a notorious
criminal who held up a mail truck in the streets of New York laity. Although no murder was committed, this crime received wide publicity and
the amount stolen was referred to in large type in every newspaper account.
The public seemed to be amazed that such a large sum could be stolen
so easily by a small group of criminals. The amount involved in this
extremely dramatic robbery, however, pales into insignificance when compared with the many millions stolen from innocent people by the fraudulent over-issue of stock of the Julian Petroleum Company in California
a few years ago. It is negligible also in comparison with the vast sums
stolen from investors through the operations of Hatry in England in 1929.
I mention only two instances, because I am sure you can all add many
more out of your own experience and knowledge.
The New York Stack Exchange has always been keenly aware of the
[VOL. 132.
evils of fraudulent security issues. It has, as I have already said, actively
assisted in eliminating bucket shops. It has also assisted in every way
in its power in preventing other types of fraud. It co-operates not only
with public officials but also with every other agency combating fraud.
Because of its familiarity with the problem, the Exchange realizes the
difficulties which face the men who are charged with administering our
antifraud laws and it recognizes that fraudulent securities will be issued
and sold all over the United States until the public is aroused.
I hope that in calling your attention to the extent of this evil I may
be able to induce a large number of you to take an active part in the war
which the Exchange and all honorable security dealers are waging against
security criminals. Let us all support and co-operate in every possible
way with our earnest and hard working public officials.
III
I wish to turn now to an entirely different subject. This period of
depression has allowed us to take stock of certain practices which have
become common in business. While these practices are not in any way
fraudulent they are open to question on the ground that they conceal
from stockholders and investors information which vitally affects their
interest. During the days of prosperity, when each annual report showed
larger and larger earnings, stockholders were content to re-elect the
existing management without scrutinizing the methods which had produced such satisfactory results. The year 1930 has made stockholders
and investors more critical. Practices which passed unnoticed in earlier
years are now examined critically and from the number of complaints
which the Exchange has received it is clear that the owners of American
business are insisting not only upon financial results but also upon frank
and open business methods.
The New York Stock Exchange, through its Committee on Stock List,
has for a number of years endeavored to establish high standards of business practice. Its efforts have met with considerable success, but each
new requirement added to the ever growing number of tests which a
security must meet before it is listed on the Exchange, has been criticized,
even by practical business men, on the ground that these requirements are
arbitrary and unreasonable. To illustrate the necessity of having standards
like those which have been established by the Exchange, I am going to
call your attention to some typical practices that have been brought
to the notice of the Exchange within the last year. Before going further I
wish to emphasize that I am not referring to any particular instance or
to any particular company.
The Exchange has constantly urged corporations to have their accounts
audited by independent auditors. It has also endeavored to secure the
prompt publication of financial reports so that stockholders and investors
might know as rapidly as possible the results of operation. In a number
of instances, particularly in 1930, corporations have been slow to meet
these requirements. Annual reports have sometimes been delayed for months.
Semi-annual and quarterly reports of income have often been published
so late as to be of no practical value. In almost every case of unexplained
delay, the ultimate publication has shown there was no just or proper
reason why these reports were not given to the public more promptly. In
some cases also unaudited annual reports have been published containing
figures which differed substantially from the reports submitted by accountants and this has happened even when correct statements were in the
possession of the company at the time the unaudited statements were
given to the public.
The Exchange has always pointed out the danger of confusing extraordinary and non-recurring items with current income, and, yet, there have
been a number of instances where assets have been revalued and the amount
of the write-up has been included in income without notice to stockholders
that it did not represent part of current earnings.
It is hard to justify practices of this kind, but, providentially, they
are rare in American business. On the other hand, it has been a great
shock to discover that methods which tend to confuse or mislead stockholders have been used by corporations whose securities are dealt in on
the Exchange.
Many people seem to believe the Exchange has power to prevent or punish
such practices. Numerous complaints have been received by the Committee on Stock List and many earnest people have urged the Exchange
to take action. In every case where it concluded that the criticism was
justified, the Committee on Stock List brought the matter to the attention
of responsible officers of the corporation concerned and urged them to take
corrective measures. Where a corporation desired at a subsequent period
to list additional securities, the Committee on Stock List insisted that
the objectionable practices be reformed before the new listing was granted.
You may well ask me why we have not taken a more decided stand and
removed from the Exchange the securities of a company which has indulged
in unethical methods. Such a power undoubtedly exists in the Governing
Committee of the Exchange, but in every instance the Exchange has had
to consider what effect its action would have upon the innocent stockholders of the offending company, since, when a stock is stricken from
the list, It automatically ceases to have the same value for borrowing
purposes. It often also suffers a radical decline in price because it no
longer enjoys the advantages of a free and open market. Striking a stock
from the list therefore imposes a tremendous penalty upon the stockholders
who are innocent of wrongdoing but does not necessarily punish the officers
and directors who are really at fault.
We have hesitated, therefore, •to strike a stock from the list, but we
shall not longer tolerate a situation in which the officers and directors
of a listed company may continue to withhold from their stockholders
necessary information. The Committee on Stock List has sought, and I
believe has found, a means of bringing these unsound practices forcefully
to the attention of stockholders so that they may take remedial action.
Let me say definitely that hereafter, when the Committee on Stock List
Is advised and has determined that a corporation is employing a method
which in its opinion, is unsound or is violating an important agreement
with the Exchange,. it will report the facts to the Governing Committee
and will request that Committee to give public notice that unless the
abuse is promptly remedied, the stock of the corporation will be stricken
from the list. If such a request is made to the Governing Committee, I
am confident it will give the notice and will publish a brief statement
why the action was taken. Stockholders will be given an adequate opportunity to compel the management to change the objectionable practice
before the stock is stricken from the list, and, if a proper change is promptly
made, the security may remain upon the Exchange.
IV
As I have said, the Exchange is constantly studying the methods used
In American business. From time to time new problems arise and the
Exchange must create standards of sound practice where none existed
before. The development of the management type of investment trust Is
MAY 2 1931.]
FINANCIAL CHRONICLE
an example of what I have in mind. In 1928 and 1929 this form of security company became popular almost overnight. Vast sums of money were
poured into the hands of almost anybody who advertised that he was competent to handle the investment of funds snore skillfully than the average
investor. The Stock Exchange at first declined to list investment trust
securities because it felt that the development of this type of business.
had been so rapid that it was impossible to determine what practices
were sound and what were unsound. It did not, however, cease to study the
problem and as day after day more and more investment trusts made their
appearance and it became evident that the protection of the public demanded action, the Exchange decided to admit these securities to the list
and adopted requirements which in themselves indicated some of the dangers
inherent in this field. The listing requirements for management type
investment trusts were published in 1929. They were based primarily
upon the idea that publicity and publicity alone can prevent evil practices.
While these requirements were the object of much criticism by people
avtive in the management trust field, I am happy to say that time has
justified the position taken by the Exchange. Its requirements have now
become the yardstick by which all investment trusts, whether listed on
the Exchange on not, are judged, and I feel confident that the publicity
which is required as a condition of listing has prevented many scandals.
The great shrinkage in market values in 1930 developed new accounting
problems for investment trusts of the management type. Many of the
listed investment trusts voluntarily consulted the Exchange before publishing their annual reports. The problems disclosed by these conferences
made it clear that additional provisions should be added to the Exchange
requirements if the true condition of investment trusts was to be apparent
to ordinary stockholders upon reasonable scrutiny. These new requirements
have just been adopted by our Committee on Stock List and are now
available for distribution.
The Exchange now faces a somewhat similar problem. The management type investment trust became unpopular in 1930, but simultaneously
the fixed type of investment trust grew beyond all expectation. The fixed
investment trust has a broad appeal. It can be offered in certificates which,
while representing a diversified interest in a great number of securities,
cost only five or ten dollars apiece. Irrespective of whether the fixed
Investment trust is going to pay a permanent part in American finances or
not, it presents an immediate problem which cannot be overlooked.
Hundreds of millions of dollars have been invested in these trusts and
most of this money represents small savings which are entitled to the
highest degree of protection. No person who has carefully examined and
analyized fixed investment trusts can be unaware of the fact that many
trusts have features which do not properly protect investors and that
some are offered in a manner which does not disclose the true amount
which the public is paying for this type of investment. The problem of
the Exchange in regard to these trusts is peculiar, because, although the
members of the Exchange have taken an active part in distributing these
securities fixed investment trust certificates are not considered at present
as available for listing. In spite of this fact, the Exchange is considering
whether it should not take some action which will bring to the attention
of its members and to the attention of the public the dangers which lie
concealed in some of these trusts.
I have said that the dangers in regard to fixed investment trusts are
concealed and that is literally true. They are concealed, not perhaps with
deliberate intent but because it is impossible for anybody except an expert
accountant who also has legal knowledge to analyze the numerous and
complicated documents used to create these trusts. I cannot, in the brief
time at my disposal, tell you all of the points which our studies have brought
to light, but I can show you how the additional amount which the public
pays for this type of trust is hidden and I can also point out some of the
misleading methods which have, at times, been used to induce the public
to buy these trust certificates.
We are all familiar with the advertisement which states that the cost
of the certificates is determined by adding to the cost of the underlying
property a certain percentage to cover the cost of distribution, profit to
the underwriters, &c. This percentage, which is commonly called the
"loading", is viewed by the public as the amount which it pays for the
diversification which these trusts permit, but it does not realize that in
most cases the percentage is computed on the offering price and not on
the cost of the underlying property. Five per cent of the offering price
Is more than 54 of the cost. This error is a cumulative one and grows
/
1
%
with the amount of the charge. Ten per cent, of the offering price II
more than 11% of cost, and 15% of the offering price is more than 174
/
1
%
of the met. Not one investor in a thousand, I am confident, realizes this
difference. He thinks he is paying a definite per cent, more than the cost
of the property, and he is actually paying a larger sum.
Another common feature is to have the loading not only on the cost
of the underlying property but also on the amount of income accumulations
which will be distributed on the next coupon date. The result of this is
absurd, because an investor pays a profit to the promoters on part of the
Income which will be returned to him almost immediately. Furthermore, it causes an investor who buys just before a coupon date to pay a
larger load than an investor who buys immediately after a coupon date,
when the accumulations have been distributed. It is fair to assume that
the public is willing to pay a reasonable charge for participating in a
trust which will endure for some years, but I can see no basis for assuming
that the public intends to pay a charge on Income which will be distributed
within a few months or perhaps immediately.
The features I have mentioned are fairly apparent to anybody who has a
sharp pencil and sufficient mathematical knowledge. Let me now call
your attention to features affecting the loading which are much more
difficult to find. It is common for advertisements to state that the
offering price is based on the market value of the underlying securities.
A definition of "market value" is always difficult, but it you examine
the rather carefully phrased paragraph, which is usually found on an
inner page of the circular describing these securities, you will note that
in many instances the market price is fixed at the asked price. We are all
familiar with bid and asked quotations, and we know that in inactive
securities the spread between them is sometimes large. To use the asked
price in computing the market value of a portfolio which contains a
number of inactive stocks seems unjustifiable. The fairness of such a
definition becomes more questionable when you discover that it is not
used to determine the amount to be paid to a certificate holder who
decides to withdraw from the trust. Nearly every indenture, then, specifies that the underlying securities are to be valued at the bid price. In
effect, therefore, the person going into a fixed investment trust usually
pays the highest current price, and when he withdraws receives the lowest
current price. Market value is, as I have said, a difficult term to define,
but certainly the public does not understand that two different definitions
are used for the same term and in a manner which operates to the disadvantage of the investor.
3273
Another part of the loading is sometimes concealed in the manner in
which commissions for buying the underlying securities are charged. Investment trust literature usually states that commissions are charged in
addition to the cost of the underlying securities. The term "commissions" is not defined, but I have no doubt most people assume it means
commissions at the ordinary rate. Very few investment trusts, however,
charge only ,the usual Stock Exchange commission. Some trusts arbitrarily fix a•certain sum as their commission charge, and in some cases
the amount is substantially in excess of the commissions fixed by the
Constitution of the New York Stock Exchange. In effect, of course, this
extra charge is part of the loading which the public pays to get into
the trust, and I cannot help feeling that it should be expressed in a manner
which will allow the average investor to appreciate this fact.
Another form of loading, which cannot be said to be hidden, but which
has an effect which the public does not appreciate, is contained in the
usual provision that the promoters may adjust the offering price to the
next highest one-eighth of a dollar. It is obvious that the offering price
should be adjusted to some convenient figure and one-eighth of a dollar,
which is the minimum price change in active securities, does not seem
unreasonable, but it becomes a serious matter if the price of the trust
certificates is low. One-eighth of a dollar on a certificate which is sold
%
/ of the price. If, however, the trust
4
for $10 can be an additional 11
/
4%.
certificate is sold for $5, this price adjustment may amount to 21
The smaller the price the higher this percentage becomes, and if you assume
that investment trust certificates will be offered to the public at a dollar
/
4
%
a piece, it is conceivable that this adjustment clause might involve 121
of the investors' money.
also make
In addition to all these other forms of loading, some trusts
a current annual charge. There is nothing inherently wrong in such an
arrangement, but often the charge is expressed in a manner which does
not call attention to its importance. The average investor might easily
overlook a statement to the effect that a maintenance charge of one-half
cent per certificate would be made quarterly, and yet this seemingly innocent statement might result in depriving him of a substantial percentage
of the current income on his investment. There are cases in which such
charges actually amount to nearly 10% of the current income.
Some fixed investment trusts also make a charge on certificates representing less than a full unit when surrendered for cancellation. These
charges run, in some cases, as high as 8 or 9% of the value of the underlying securities. Again, as in the case of current maintenance charges,
methods of expression which do not fully disclose the importance of these
charges are employed. While fixed investment trusts must necessarily
and properly make charges for the services they render, I feel that all
charges should be stated in a manner which will allow the public to
understand their real effect.
I have pointed out how different methods of financial loading confuse
the public. I want to turn now to another feature which I think is
objectionable. Most fixed investment trust certificates are offered with a
statement of what would have happened if an investor had bought these
trust certificates five, 10, or 15 years before. As practically none of these
trusts were set up until a year or so ago, the supposed statement of past
performance is purely imaginary. Hind sight is always better than
foresight, and this is particularly true about fixed investment trusts. The
portfolio is made up by taking a list of companies which have been successful. Small wonder, therefore, that these imaginary tables of what
investors might have received show surprising results. But is this practice
sound? I doubt very much whether any of us would have bought in 1900
the securities which are to-day considered eligible for a fixed investment
trust portfolio. Even in 1920 I doubt if we would have chosen a list
of securities which would include all the great names of to-day. Certhinly we would have chosen some securities which have depreciated, and
the average of our choice would be far from the rosy picture presented
in most fixed investment trust circulars. Even supposing this practice
is considered sound, how can it be justified when you discover that the
promoters have included securities, which, under the terms of the very
trust they are offering would have been eliminated at an earlier period?
This, I regret to say, is a common practice, and while some of the
most important and best managed fixed investment trusts frankly call
attention to what they have done, there are others which make no reference
to the unusual basis on which their figures have been computed. In a
few instances, where the right to eliminate securities and to reinvest the
proceeds in other securities is reserved, these imaginary tables of experience are based on an assumption that certain securities were eliminated
while they were still selling at high prices, and that other securities,
which have subsequently appreciated in value, were bought. Such juggling
of figures necessarily misleads the public.
As I have said, the Exchange is considering what action it should take
to draw the attention of the public to the possible dangers connected with
fixed investment trusts. In fact, the necessity is so great I am confident
some action will be taken in the near future. I mention these facts this
afternoon as examples of the way in which the Exchange is constantly
attempting to raise the standards of the security business with which it is
so closely and intimately connected.
Railroad Brotherhood Declare They Will Not Discuss
Wage Reductions.
The following is from the Cleveland "Plain-Dealer" of
April 26:
New York reports that "reduction of railroad wages appears unavoidable" to banking interests there brought fiery denials from the railroad
brotherhood presidents residing in Cleveland.
Alvanley Johnston, President of the Brotherhood of Locomotive Engineers, said he knew of no such move.
"The railroads have not approached us on wage cuts. There is no justification for wage cuts. This same story cropped up a month ago, and was
proved unfounded. Our wage agreement with the roads three years ago
was to run continuously. Furthermore, there will be no reduction,"
Johnston declared.
Alexander F. Whitney, President of the Brotherhood of Railroad Trainmen,said:
"Banks are not running this country. I know where that talk started.
There are a couple of bad spots in New York.
"We won't discuss wage reductions. The agreement we drew up with the
railroads under President Hoover's guidance is still in force and we will
keep it in force. We're not going to be even approached for a wage reduction."
D. B. Robertson, President of the Brotherhood of Locomotive Firemen
and Enginemen, who yesterday returned from New York conferences
with rail executives, was spending the day on the golf links, Mrs. Robertson
said, and could not be reached.
3274
FINANCIAL CHRONICLE
[Vol.. 132.
The new Commissioner is a director, trustee, and member of the InvestUnion Officials Before President Hoover's Mediation
ment Board
Board Opposes Cut in Wages of Shopmen on Morris Planof the Woonsocket Institution for Savings and a director of the
Bank of Rhode Island.
Louisiana and Arkansas Railroad.
Associated Press dispatches from Shreveport on April 0. Howard Wolfe of Philadelphia National Bank
29 stated that the proposed cut of 5 cents an hour in the
Elected President of Association of Reserve City
wages of Louisiana & Arkansas Railroad shopmen is viewed
Bankers.
by union officials, according to evidence before President
0. Howard Wolfe, Cashier of the Philadelphia National
Hoover's emergency mediation board sitting there, as "a iBank, was elected President of the Association of Reserve
break in the dike" of national railway wage scales. The City Bankers at
the conclusion of the annual meeting at
dispatch continued:
Richmond, Va., April 22. H. Lane Young, Executive Vice"The reduction as proposed by the railroad threatens the standard of
National Bank,
wages and the standard of living in the entire system," Attorney Donald President of the Citizens and Southern
Atlanta, was elected Vice-President, and Clark G. Mitchell,
Richberg, representing the union, said.
A. L. Burford, attorney for the railroad, denied that the proposed slash Vice-President of the Denver National Bank, Treasurer.
had any National significance. He said it was caused by "purely a local
Denver was accepted as the place for the annual meeting
situation."
The cut, from 80 to 75 cents an hour, was announced last February n 1932. Four new directors were elected: Robert V. Fleming,
and resulted in a -vote to strike which is being held in abeyance pending
President of the Riggs National Bank, Washington; John
the hearing before the meditation board.
H. Hogan, Vice-President of the Continental Illinois Bank &
Reference to the appointment of the emergency board by Trust Co., Chicago; Harris C. Kirk, Vice-President of the
President Hoover was made in these columns April 18, American
Trust Co., San Francisco, and Leslie A. Thornton,
page 2892.
Vice-President of the Bank of Commerce & Trust Co.,
Canadian Pacific Railway Cuts Pay—Officers' Salaries Memphis.
Lowered, Following Employes'Time Reduction.
Thomas B. McAdams Speaker at First Annual ConferCanadian Press advices from Montreal April 29 in the
ence on Business Affairs Held at Washington &
New York "Times" said:
Lee University—Views on Bank Suspensions and
Marked decrease in passenger and freight earnings has compelled the
Canadian Pacific Railway Co. to reduce the salaries of its officers and employes, E. W.Beatty, Chairman and President of the company, announced
to-day.
"To meet the continued falling off in earnings on account of decreased
traffic, further reductions in operating expenses have become necessary,"
Mr. Beatty said.
"A reduction in staff would necessarily involve a considerable number of employes being out of the service, thereby adding to the unemployment situation.
"It has therefore been arranged that, effective May 1, throughout the
general offices employes will lay off three days a month without pay,
which is equivalent to approximately 10%; and that, effective from the
same date, all officials and members of supervisory staffs will, for the time
being, accept a reduction of 10% in their salaries.
"The dividend policy of the company will be considered by the directors
at their next meeting."
Remedies.
Thomas B. McAdams, Executive Manager of the StatePlanters Bank & Trust Co. of Richmond, and a past President of the American Bankers' Association, was one of the
principal speakers at the first annual Conference on Business
Affairs held the week of April 25 at Washington & Lee University, Lexington, Va. In reviewing current banking
conditions, Mr. McAdams said: "Poor management, accentuated by drouth and unfavorable agricultural and industrial
conditions, rather than the type of character was primarily
responsible for suspensions. He added that after an unprecedented number of failures in 1930 the situation had
greatly improved in 1931. He suggested certain remedies,
viz.: retention of the present dual system of National and
State banks, with the best of each of these systems embodied
in all of them; responsible management under Government
supervision, divorced as far as possible from politics; development of branch banking along conservative lines, thus meeting the need of smaller communities; accumulation of reserves for the protection of depositors, and improving
management through education of bank employees.
Julian H. Hill of State Planters Bank & Trust Co. of
Richmond Becomes President of Virginia State
Chamber of Commerce.
Julien H. Hill, President of the State Planters Bank &
Trust Co., of Richmond, Va., and for a number of years
the Treasurer of the Virginia State Chamber of Commerce,
at a recent executive meeting of that body, was named
President, succeeding H. H. Harris of Lynchburg, Va.
Mr. Hill has been Treasurer and a member of the board
since the Association was organized in 1924. He was also The Fidelity Investment Association of Wheeling,
recently appointed Chairman of the Virginia Advisory ComW. Va., 20 Years Old.
mittee on Agricultural Loans by Secretary of Agriculture
The Fidelity Investment Association of Wheeling, W. Va.,
Hyde. He is likewise a director of the Medical College of in the month just passed, celebrated the 20th anniversary
Virginia, and the Confederate Soldiers Home in Richmond. of its founding. During the two decades, an announcement
by the Association tells us, the institution has shown striking
Annual Dinner of Montgomery County (Pa.) Bankers' growth in every year, through periods of prosperity and
Association.
depression alike. At the end of the first year, 1911-1912,
The annual dinner of the Montgomery County (Pa.) resources of $62,934 were shown. To-day the Fidelity
Bankers' Association was held on Thursday, April 23, at Investment Association has assets of $26,000,000 and has
6.30 p. m. at the Valley Forge Hotel in Norristown. The annuity contracts outstanding with maturing value of around
$200,000,000. The announcement by the Association goes
guests of honor were:
W. Walter Wilson, President Pennsylvania Bankers' Association; Joseph on to say in part:
Wayne Jr.. President, the Philadelphia National Bank; C. Fred Beck,
The Association's achievements of the past two years reflect the general
Chairman Group 2, Pennsylvania Bankers' Association; J. Ambler Williams, public confidence it enjoys. Thus far in the present business cycle those
President, Judge Court of Common Pleas, Montgomery Co., Pa.; Harold two years represent the two extremes: 1929 having been the best year, and
G. Knight, Judge Court of Common Pleas, Montgomery Co., Pa.
1930 the most unfavorable, the latter still fresh in the minds of everyone as
a most trying year for both financial and industrial concerns. Fidelity,
The following officers were elected:
after making a new record in 1929, continued on through 1930, again estabPresident, Joseph A. Ranck (President, Bridgeport National Bank), lishing a new high peak by placing $47,858,000 of new annuity contracts
Bridgeport, Pa.; Vice-President, L. R. Dutton (President. Jenkintown on its books, an increase of more than $10,000,000, compared with 1929.
Bank & Trust Co.), Jenkintown, Pa.; Secretary, William H. Faust (Vice- Furthermore, the first quarter of 1931 was greatly in excess of any similar
President. First National Bank). Ambler, Pa.; Treasurer, F. W. Oristock, period in its history.
Collegeville National Bank, Collegeville, Pa.
The Association has recently attracted the interest of some of the counbankers. In
The following bankers were elected as members of the try's leadingHanover Bank New York, Robert E. Allen, Vice-President of
dr Trust Co. was recently elected to the Board
the Central
Council of Administration:
of Directors; in Chicago. James B. Wescott, of Sanders, Childs. Ilobb &
C. Alderfer, President Harleysville National Bank, Harleysville
Westcott, who filled the vacancy created by the death of his law partner,
Alvin
the late Secretary of War. James W. Good. and Dayton Keith, Vice..
Pa.
Trust Co., Norristown, Pa. President of the Chicago Trust Co., Howard Sutherland, former Senator
G. Fred Berger, Treasurer, Norristown-Penn
National Iron Bank, Pottstown, Pa.
from West Virginia and now Alien Property Custodian, are also directors.
Henry A. Bell, Vice-President
Trust Co., Ardmore, Pa, R. B. Scandrett, Jr., prominent as a lawyer and director of many comM. P. Claney, Vice-President Merlon Title &
Thomas, President National Bank of Royersford, Royersford, panies, is Chairman of the Board,and D. A. Burt, Director of the Wheeling
E. R.
Steel Corporation and Chesapeake & Potomac Telephone Company, is
Pa., ex-officio.
President.
L. W. Ballou Named State Bank Commissioner of
Rhode Island.
Spencer Trask & Co. 50 Years Under Present Firm
Name.
The following Providence, R. I., adviees April 23 are'
1 One of the comparatively few Wall Street houses that can
from the "United States Daily" of April 24:
Bank Com- boast of having served the investing public for half a century
The appointment of Latimer W. Ballou, of Woonsocket, as
nomination
missioner for Rhode Island. has just been announced. His
without change of name is the internationally known firm of
Ballou was appointed to fill
was sent to the Senate and confirmed. mr.
Spencer Trask & Co., which on May 1, fifty years ago
an unexpired term, ending Jan. 31 1932.
MAY 2 1931.]
FINANCIAL CHRONICLE
3275
adopted its present name to carry on the business established another affiliate of the Lexington bank, also closed on Feb.
in 1868 by Trask & Stone. The late Spencer Trask, the 21. All three institutions have now reopened. The dispatch
founder of the firm, became a member of the New York Stock mentioned went on to say:
Willingness to co-operate with the State Banking Department by signing
Exchange on April 22 1870 and continuously during the enthe agreement to "freeze" deposits was generally shown,
suing 61 years Exchange memberships have been held by one Plans similar to those outlined by the Commercial State Bankofficials said.
of Goodman
or more of the firm's partners. Regarding the firms' career and the Merchants' & Farmers' Bank and Trust Co. of Lexington were executed.
an official announcement says:
Goodman and West
During its long career, the firm has steadily increased in size and in
importance in the financial world and to-day it is one of the leading investment security houses of the country. The partnership now comprises
16 members, three of whom were actively associated with Mr. Trask up
to the date of his untimely end in a railroad accident on Dec. 31 1909.
Edwin M. Bulkley, the present senior partner, became a member of the
firm 44 years ago, in August 1887, and was closely associated with Mr.
Trask in the early development of the electric lighting industry. Acosta
Nichols and Cecil Barret, two of the present partners who were also active
associates of Mr. Trask, entered the partnership in November 1897 and
January 1905, respectively.
The electric light and power industry owes much to Spencer Trask &
Co. because of the prominent part it played in its upbuilding. When
the development of electric light and commercial power was in its initial
stages, the firm financed the Edison Electric Illuminating Co.of New York,
now the New York Edison Co., of which Mr. Trask was President for
nearly 15 years. This was the first company to begin commercial electric
lighting on a permanent basis and Mr. Trask assumed the Presidency of
the concern two years after the beginning of operations at the first station
at 257 Pearl St., New York City. Subsequently, the firm organized and
financed the Edison Electric Illuminating Co. of Brooklyn, now the Brooklyn Edison Co., and it has since been prominently indentified with the
financing of many of the larger public utility companies and industrial
concerns of the country.
At the time of Mr. Trask's death the directors of the New York Edison
Co. paid him tribute by saying that his financial support of the electric
lighting industry in its pioneer days was a potent feature in securing to the
community the advantages and conveniences of the electric light, and his
unbounded faith and steadfast confidence in the future of the central
station business laid the foundation for its future prosperity.
The banks of
are identified with the Lexington
bank and the three suspended business Feb. 21. The Bank of West serves
a large territory in the northeastern section of Holmes County and the reopening is taken as a further indication of improved business conditions in
this part of the State.
Officers are Morris Lewis,President; W.K. Durden, Vice-President; A.J.
Stevens, Cashier, and A. J. Stevens, Jr.. Assistant Cashier,
Another Mississippi bank, the Bank of McLain, Greene
County, reopened its doors on April 23, according to an
announcement by J. S. Love, State Superintendent of
Banks on that day. The Jackson "News" of April 23, in
reporting the reopending, said:
The bank closed last winter following the reputed confession of its
Cashier, 0. B. Reed, that he was short in his accounts approximately $15,000. Jeff Griffis, Beaumont, President of the institution, ordered business
suspended until a check had been made by State Banking Department
agents.
Following this audit, Superintendent Love outlined a reopening plan,
requirements of which, fully met, have placed the institution in a sound
Position it was stated.
A. S. Turner, formerly of Columbia, has been appointed Cashier of the
institution, it was announced. The bank carries deposits of approximately
$100,000.
Its reopening marked the 35th bank (including two National banks) to
resume business in the State this year.
In its issue of April 25, the same paper stated that announcement was made on that day by the State Superintendent of Banks that approximately $12,000,000 will have
been made available to depositors through reopened MissisBanking Situation in South and Middle West.
sippi banks when the State Banking Department rounds out
In the State of Florida, a dispatch from Datona Beach its program of reopenings. We quote from the "News"
on April 22 to the "Florida Times-Union" reported that the as follows:
Bank of Port Orange at Port Orange had announced on that
As an indication of the progress made on the Department's program, Mr.
day that it had ceased to accept deposits and that all claims Love referred to a tabulation showing $10,276,018 deposits had been restored
through reopening of 31 banks since Jan. 1. The compilation revealed
would be paid in full until the institution has completed forty banks still suspended or in process of liquidation with $15,575.659
its own liquidation as a solvent concern. We quote further- in deposits. In all 71 banks closed or temporarily ceased business during
the period of financial unrest beginning last November, it was shown.
more in part from the dispatch:
Since the tabulation was prepared, the Department has reopened two
Marion G. Rowe, President, explained to-day (April 22) that the bank,
fully solvent, will close out its business for the reason that it Is not showing additional banks.
"It is my opinion that no one thing has gone as far toward stabilizing
a profit on the investment, and that in order to do so it will cease to accept
reopenings," Superintendent Love said. "The fact
deposits while paying all claims. The bank's resources, he said, are ade- conditions as these
that we have restored more than $10,000.000 of deposits in these 31 banks
quate to meet all claims with 100 cents on the dollar.
years, it is true—makes me believe we have saved these
Comptroller Ernest Amos, he added, has approved this method of liqui- over a period of
five million dollars. The reason is because these assets
dating the bank. Officers of the bank in addition to Mr. Rowe are James depositors at least
can be better collected and can be more intelligently handled by a going
Howe,Vice-President,and W.F.McDowell,Cashier.
Institution than one in liquidation."
In the State of Arkansas, a Little Rock dispatch by the
The total capital of the 31 banks in the tabulation is about one million
was
"Before
Associated Press on April 27 stated that five former execu- dollars, Mr. Love showed. of paper letting these institutions reopen, it and
carried in their portfolios—losses
necessary that quite a bit
tives of the defunct American Exchange Trust Co. of Little uncollectible notes—be taken care of," he explained. "In every instance
Rock were indicted late that day by the Pulaski County this was done, the total amount of such notes taken out of the banks
$475,000. In other words, the
Grand Jury on charges of receiving deposits when they knew amounting to around strengthened by that amount." capital structure of
these banks has been
the bank to be insolvent. Prosecuting Attorney C. E. "Probably all of this amount will not prove to be losses but the banks
Bailey, the dispatch stated, had confirmed rumors that the are stronger to that extent," he added. enjoy sufficient patronage to warnot
Some
indictments had been returned, but declined to name those rant safeof the banks closing did
operation, Mr. Love pointed out, and in those cases the departindicted, pending issuance of warrants for the arrest of the ment is not attempting to reopen them. "Those on the reopened list are
five. The "Arkansas Gazette," however, according to the needed in their communities and are now functioning comfortably in every
advices, named those indicted as A. B. Banks, President of respect," he said.
New Deposits Gain,
the American Exchange Trust Co.; John M. Davis, ChairWhile no tabulation has been made of new deposits in the reopened
man of the Board of Directors; J. H. Stanley, Executive Institutions, Mr.Love estimated the amount to be approximately $3,000,000
receiving.
Vice-President; R. H. Thompson, Vice-President, and J. C. demonstrating support the institutions are being restored to business,"
"Confidence of the public is gradually
Conway, Vice-President and Secretary. We quote further- Mr. Love said. "The banking business in Mississippi is functioning more
normally than it has in the past six or eight months."
more from the dispatch, as follows:
The list of reopened banks in the department tabulations follows,showing
Forty-two indictments were returned against the five, it was reported.
deposits on hand when closed. The Bank of West and the
Mr. Banks, who was indicted recently by the Mississippi County grand the amount of
and the Bank of McLain are additions to the list;
Jury on a charge of accepting deposits in an Osceola bank when he. as
Bank of Winona, Winona
702.179.00
President, knew it to be insolvent, headed a group of the Home Insurance Peoples Bank & Trust Co., $483,251.63 Merchants & Farmers Bank,
North Carrollton
companies of banks in the State. He also organized and was head of the Greenwood Bank Jc Tr. Co
56,805.71
Ecru
1,062,573.46 Peoples Bank, Water Valley. 446,042.44
Home Insurance companies of Arkansas.
Greenwood
Coffeeville Bank, Coffeeville 264,502.81
He appeared before a joint House and Senate committee of the 1931 Security Bank & Trust Co., 240.448.88 Peoples Savings Bank,StarkGreenwood
Legislature which investigated the closing of the American Exchange. Bank of Ethel, Ethel
725,115.53
vile
202,813.46
The report of the legislative group criticized financing methods of various Leake County Bk., Carthage 394,803.43 Citizens Bank, sturgie
92,040.24
concerns with which Mr. Banks was connected.
Corinth State Bk., Corinth_ 343,018.26 Carroll County Bk.,Carroll'n 147,907.16
237.703.05
Peoples Bank, Weir
95,210.88
The grand jury returned no bills against 35 others, officers, directors and Bank of Lena. Lena
Mechanics-State Bank, Mc
employes of the bank. Included among them was J. J. McGrath, recently Bank of Walnut Grove, Wal- 99,472.85
987,252.72
Comb
nut Grove
taken to Atlanta to serve a sentence imposed in Federal Court on charges Peoples Bank, Jonestown__ 63,395.38 McComb Savings Bk, & Tr.
629,559.88
Co., McComb
of embezzlement and making false entries over a period of years while em- Bank of Blue Mountain.—
395.38
Merchants & Farmers Bank,
Bank of Blue Mountain,Blue
ployed as collection agent. • • •
349,414.99
Starkville
181,337.05
Mountain
The American Exchange Trust Co., of which A. B. Banks was President,
162,608.82 Commercial State Bk.,GoodAshland Br. Bk., Ashland
99,583.53
man
closed its doors last November and its suspension was followed by scores Peeples Dank Calhoun City_ 189,707.24
155,246.28 Merchants'& Farmers'Bank,
of smaller affiliated institutions throughout the State.
Bank of Bruce. Bruce
1,023,121.51
Several efforts to reorganize and reopen the bank have been futile, and Bank of
317,074.77 Citizens Say. Bk., Magnolia 300,123.71
Mr. Wilson now is proceeding with liquidation.
88.734.90
Bank of Falkner, Falkner
Merchants'& Farmers'Bank,
106,085.38
The American Exchange was Arkansas'largest bank.
Vardaman
In the State of Mississippi, advices from West to the
Jackson (Miss.) "News" on April 22 reported that the Bank
of West at West in Holmes County, had reopened on that
day, making the 32nd State bank to reopen in Mississippi
since the beginning of the year. This bank closed its doors on
Feb. 21, the same day that the Merchants' & Farmers'
Bank & Trust Co. of Lexington, with which it was affiliated,
closed its doors. The Commercial State Bank of Goodman,
In the State of Tennessee, advices by the Associated Press
from Knoxville on April 28 stated that a suit to recover
$1,593,575 in State deposits, alleged to have been tied
up in the Holston Union National Bank of Knoxville when
it closed Nov. 11 1930, was filed in the Chancery Court on
that date by the State of Tennessee for the use and benefit
of the State Highway Department. The action was brought
against J. B. Ramsey and Ralph W. Brown, President and
3276
FINANCIAL CHRONICLE
Vice-President of the bank, respectively; Rogers Caldwell,
Nashville capitalist; J. D. Carter Nashville; J. G. Carson,
Dr. W. S. Nash, Henry G. Trent, T. J. McLean and M. C.
Monday, of Knoxville, and the Southern Surety Co. New
York; The American Surety Co., New York; the Georgia
Casualty Co., Georgia, and the Public Indemnity Co.,
New Jersey.
The dispatch went on to say:
The suit alleged the individuals sued were signers of a
$4,000,000 bond which the Holston Union National Bank
executed Feb.5 1930,in order to qualify as a State depository.
The surety companies, it was averred were on specific bonds.
In the State of North Carolina, the Bank of Franklin,
at Franklin, a small State bank, which suspended business
on Dec. 16, reopened for business on April 29, according
to Associated Press advices from Franklin on that date. A
Franklin advice by the Associated Press the previous day,
April 28, with reference to the approaching opening of the
bank, said:
Sufficient funds to start off business in the institution were brought
to Franklin from Asheville this morning by Albert H. Blake, representative
of the North Carolina banking department.
New officers and a new board of directors were named at a meeting of
stockholders in the bank building this morning.
On April 30, the Farmers'& Merchants' Bank of Kingston,
N. C., the only remaining bank in the place was closed
"for the protection of depositors." Last week the National
Bank of Kingston and the First National Bank closed their
doors. A Kingston dispatch by the Associated Press on April
30,reporting the closing of the Farmers'& Merchants' Bank,
stated that the institution was capitalized at $47,900 and on
March 25 showed deposits of $567,000.
In the State of Kentucky, according to the Louisville
"Courier-Journal" of April 24, James B. Brown and Charles
F. Jones, former President and Vice-President, respectively
of the Bancokentucky Co., pleaded "not guilty" on April
23 to charges of embezzling funds of the company and their
cases were continued to May 21 by A. T. Burgevin, Judge
of the Criminal Court. Motion for the continuance of the
trials, originally set for hearing on April 23, was made by
Assistant Commonwealth Attorney George J. Mayer without
objection by William S. Heidenberg, counsel for the defense,
it was stated.
Advices from Paducah, Ky., on April 24, stated that
judgment for $120,421.54 is asked in a petition filed at
Paducah in the United States District Court by Ben Sneeden,
receiver for the closed First National Bank of Fulton, Ky.,
against officers and directors of the bank. The defendants
named are R. H. Wade, President of the closed bank; his
wife, Mrs. Lillian Wade; George T. Beadles, Cashier; R. L.
Drysdale, T. E. Williamson, R. B. Beadles, Vice-President; Mrs. B. W. Beadles and Paul E. Boaz.
The dispatch goes on to say:
The directors are charged individually and collectively with failure to
exercise due care in the management of the bank and with being negligent
and remiss in the performance of their duty.
The suit alleges the defendants misled and deceived the National Bank
examiner with reference to notes and bills held by the bank which amounted
to $92.061.40, which the receiver claims are worthless and incollectible.
The Cashier submitted statements from time to time as to the bank's
financial condition which were false and the directors knew these statements were untrue, the suit alleges. The Comptroller of the Currency
would have closed the bank long before it was closed Nov. 26 1930, but
that he relied on the Cashier's statements, the receiver claims.
R. B. Beadles, Vice-President, is charged with manipulating loans from
the bank for himself, which amounted to $18,700, using his wife, Mrt. B. W.
Beadles. Joe W. Beadles and Lon Jones as "dummies" or "straw men"
to cover up the fact that he took money from the bank for his own use,
persuading them to obtain the loans.
The suit alleges the directors knew of Beadles' alleged action.
In the State of Ohio, the Citizens' Bank of Jackson, Ohio,
with a branch at Oak Hill was closed on April 23. A notice
was posted on the door, signed by Ira J. Fulton, State
Superintendent of Banks, which read as follows:
Citizens Bank of Jackson,
"At the request of the board of directors of the
been taken over by the superintendthis bank and property and affairs have
ent of banks of Ohio."
The Associated Press dispatch from Jackson, from which
we have quoted above, added:
withdrawals were started from the instituIt was understood that heavy
tion Thursday (April 23).
established about 25 years ago and
The bank, one of three here, was
Martin became President a
was headed by John M. Martin, President.
ago, succeeding David Armstrong.
Year
are the others here.
The Iron Bank and the First National Bank
closed, officials said.
The Oak Hill branch of the bank also was
of Lima,
A second Ohio bank, the Old National City Bank
on April 28, following a meeting of its directors,
was closed
as reported in a dispatch by the Associated Press from Lima on
that date. William Taylor, a National bank examiner,
stated that the action vas taken to conserve the assets for
the depositors. The bank's last statement, March 25
[vol.. 132.
showed combined capital and surplus of $360,000 and total
resources of $3,329,792. Notices of the closing posted
on the doors of the institution stated that the assets had been
placed in the hands of the Comptroller of the Currency
of the United States, the adviees said.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c
Arrangements were reported made this week for the sale
of a New York Curb Exchange membership for $115,000.
Last preceding sale,$120,000.
.Arrangements were reported made this week for the sale
of three Chicago Stock Exchange memberships, one for
$16,000 and two for $14,000 each. The last preceding sale
was for $20,000.
Beginning April 27, the Corporate Agency Department of
Bankers' Trust Co. of New York will have its headquarters
at 43 Exchange Place. The functions of stock transfers,
stock registrations, reorganizations and coupon paying will
be handled at this new address. This is the first major
move made by Bankers' Trust Co. to vacate the space that
it is now using at 10 Wall Street, 7-9 Pine Street, and 11
Nassau Street, preparatory to their demolition which will
start about June 1. Most of the other departments of the
bank during the period of construction of the new building
will be housed at 14-16 Wall Street.
From the April 17 issue of the weekly "Bulletin" of the
New York State Banking Department we take the
following:
Globe Credit Union,
Location: No. 621 Broadway,
New York City, N. Y.
Pursuant to the provisions of Section 67 of the Banking Law as amended
by Chapter 664 of the Laws of 1930, which became effective on April 22
1930, the Superintendent of Banks has to-day taken possession of the
property and business of the Globe Credit Union.
(This credit union has been in process of virtual liquidation for some
time, but has not taken the orderly proceedings for a voluntary liquidation
under Section 486 of the Banking Law. It is deemed expedient, therefore, that the Superintendent, pursuant to the power vested in him, take
possession of the property and business of the said credit union and continue
to liquidate it under the provisions of Article II of the Banking Law
relative to liquidations by the Superintendent.)
The New York State Banking Department announces
that approval has been given to a reduction in the capital
stock of the Guardian Safe Deposit Co. of New York from
$200,000 to $100,000, and of reduction in par value of shares
from $100 to $50 each.
Gilbert Miller, Vice-President and Director of Charles
Froham, Inc., has been elected a member of the Advisory
Board of the Chemical Bank & Trust Co.'s Times Square
Office at Broadway and 44th St. Mr. Miller is also Treasurer of the League of New York Theatres.
The Central Hanover Bank & Trust Co. opened its new
office yesterday (May 1) in the Stone & Webster Building,
90 Broad St. The office, which is a complete banking unit,
is farthest south of all Manhattan's banking institutions.
Space occupied includes approximately half of the main floor
and a sub-basement for the safe deposit vaults. Joseph S.
Lovering, Vice-President, is in charge. His staff includes
W. L. Barnard from the credit department and M. S.
Graham Jr., from the William St. office.
According to an announcement by the State Banking
Department, April 14, Arthur J. McQuade, Brooklyn, N. Y.,
a State Bank Examiner, has been appointed by the Superintendent of Banks, Special Deputy Superintendent of
Banks to assist in the liquidation of the business and affairs
and distribution of the assets of World Exchange Bank,
New York, N. Y., the closing of which was referred to in
these columns Mar, 21, page 2125; April 4, page 2519, and
April 18, page 2903. From the New York "Evening Post"
of April 24 we take the following:
Joseph A. Broderick, Superintendent of Banks, announced to-day that he
started action in the Supreme Court, through counsel, John J. O'Connor,
against eight directors of the World Exchange Bank and five other persons
closely identified with them, to recover $600,000 for the benefit of the
depositors and stockholders of World Exchange Bank, which was closed
by the Superintendent on Mar. 20, and is being liquidated by him. The
total resources of the bank were about $2,000,000, with deposits of about
$1,000,000.
The basis of the action is a guarantee entered into by the defendants,
prior to the bank's closing, that they would guarantee all the assets of
the bank and would be personally responsible for any debts due the bank
which were not paid. Other actions against the directors and other persons affiliated with the bank will probably be brought shortly.
MAY 2 1931.]
FINANCIAL CHRONICLE
3277
At the annual meeting of the Board of Trustees of the
Rhinebeck Savings Bank of Rhinebeck, N. Y., on April 10,
Jacob H. Strong was elected President. He succeeds the
last M. V. B. Schryver, who died last December. Mr. Strong
had served as First Vice-President since 1919. Other officers elected were: First Vice-President, A. Lee Stickle;
second Vice-President, Smith J. Hermans; Treasurer, A.
Lee Stickle; Secretary, Joseph Griffing. The bank passed
its seventy-first anniversary on April 12.
Geo. D. Harter bank, is a step in the right direction, both for our North
Canton friends and ourselves."
the Security Title & Trust Co.
The company has been known under the former title since its organization in Detroit in 1923. The reason advanced for the change was to more
clearly define the nature of the company's Wiliness to the people of
Detroit.
The Fidelity Bank & Trust Co. has grown into one of the foremost
financial institutions in this city, and through the process of adding
additional departments as needed has gradually broadened the scope of Its
activity until to-day it is regarded as one of the few complete yet selfcontained financial organizations operating in the State.
When in May 1929 the banking laws of the State were amended so that
a trust company could do a banking business, the Fidelity was the first
to secure a banking charter. The Banking Department was officially
opened on July 1 of that year, although its initial development was along
very conservative lines. It was soon found, however, that there was a
very real demand for the services of a combined bank and trust company,
and as a consequence the facilities of the banking department have
gradually expanded to keep pace with the needs of its customers.
policy of
In spite of the conservatism that has marked the general
occupies
the company its growth has been very rapid. To-day the company
northeast corner of Griswold and
quarters in its own building at the
Congress Streets.
In addition to Mr. Myers, the officers of the Geo. D.
Harter Bank are: A. M. Dueber, President; E. E. Mack,
Vice-President and Treasurer; C. A. Seiple, Vice-President;
Jay L. Goodin, Assistant Cashier and Secretary; A. G.
Diefenbach and W. R. Engel, Assostant Cashiers; Paul G.
Hawke, Auditor and Assistant Secretary; T. D. Vogelgesang, Manager of the Safe Deposit Department; Leonard S.
Hole, Trust Officer; H. M. Oarle, Assistant Trust Officer;
Bank in Washingtonville, Washingtonville, Alfred Ziff, Manager of the Foreign Department, and
First National
N, Y., with capital of $50,000, was chartered by the Comp- Frederick F. Barker, Manager of the Bond Department.
troller of the Currency on April 25. John Y. Gerow is
That depositors of the defunct Citizens' Trust & Savings
President of the new bank and Adam C. Douglas, Cashier.
Bank of Wabash, Ind., were to be paid in full was reported
The Board of Directors of the Webster and Atlas Na- in a dispatch from that place on April 22, printed in the
tional Bank of Boston on April 27 announced the appoint- Indianapolis "News" of the same date, which said:
Depositors of the Citizens' Trust & Savings Bank here will be paid in
ment of Howard N. Flanders as a director and Vice-Presifull following an order in court directing the receiver to act. The last
dent in charge of the Trust and Financial Agency Depart- payment is provided by stockholders. The bank was closed by the State
ment. Mr. Flanders has been associated with Kidder Pea- Banking Department in 1927.
body & Co. since leaving college in 1901 and was PresiAnnouncement was made on April 28 of the proposed condent of the Kidder Peabody Trust Co., Boston, since its solidation of two Lima, Ohio, banks, the First American
inception in 1927. James C. Donahue and John W. Teele, Bank & Trust Co. and the Lima Trust Co., according to
former officers of the Kidder Peabody Trust Co., will be advices by the Associated Press from Lima on April 29. The
associated with Mr. Flanders as Trust Officers in his new new organization will be known as the Lima First American
connection.
Trust Co. and will have a capital of more than $600,000 and
of $8,000,000. Headquarters of the inaffairs of the Secur- resources in excess
The following, with reference to the
stitution will be in the Lima Trust Co. Building. The
ity Ttile & Trust Co. of Philadelphia, which was closed
dispatch furthermore stated that D. W. Morris, now Presiby the Pennsylvania State Department of Banking on
dent of the First American Bank & Trust Co., will head
April 16, appeared in the Philadelphia "Ledger" of the new bank, while Emmett R. Curtin Sr., President of the
April 28:
Lima Trust Co., will be Chairman of the Board.
Examination of the affairs of the Security Title & Trust Co. is prostatement concerning the institution's affairs may be
gressing and a
Annonncement was made on April 16 by the Fidelity
issued by the Pennsylvania Banking Department in a week or 10 days,
Detroit that the institution had changed its
it was learned yesterday (April 27). The company's affairs were taken Trust Co. of
over by Secretary of Banking Gordon 10 days ago, following depletion title to the Fidelity Bank & Trust Co. The Detroit "Free
of its cash reserves.
Press" of the same date, in noting the change of name, had
Jacob B. Hoffman, an accountant, with offices In the Bankers' Trust
Building, has been named a Deputy Secretary of Banking in charge of the following to say:
The closing of this institution was noted in our April 18
Issue, page 2901.
That the Plaza Trust Co. of Philadelphia, whose affairs
were placed in the hands of the State Banking Department
for Pennsylvania, on Mar. 18 last, is to be liquidated, was
reported in the Philadelphia "Financial Journal" of April
24. We quote, in part, from the Philadelphia paper as
follows:
•
In giving notice to depositors to this effect, Dr. William D. Gordon,
Pennsylvania Secretary of Banking, directs them to present deposit books
at once to the Department of Banking Office, Market Street National Bank
Building, for audit and verification.
The statement issued by the Department of Banking at the time of the
closing of the bank placed deposits of the bank at $429,000 and capital
$320,310. The bank was opened for business Oct. 10 1929.
Kevy K. Heiserman, attorney for depositors' committee of the Plaza
Trust Co., said to-day (April 24) referring to the intention of the Secretary
of Banking to liquidate the affairs of the bank:
"We believe there would be a greater return to depositors if action
were taken along the lines we intend to suggest," Mr. Heiserman stated.
The committee, Mr. Heiserman said, intends to ask the Banking Department for a report on the condition of the bank.
The closing of the Plaza Trust Co. was noted in our
Issue of Mar. 21, page 2129.
The Geo. D. Harter Bank of Canton, Ohio, recently purchased the North Canton Bank at North Canton and will
operate the institution as a branch with A. G. Diefenbach,
.
who has been associated with the Gr D. Harter organization for 19 years, as Manager. For the present the new
branch will be operated in the former quarters of the
North Canton Bank at 107 South Main Street, but in the
near future a modern building will be erected to house the
new branch. Plans for the project have not yet been completed. The acquired bank, of which F. a Wise was
President and Cashier, was established in 1906 and had
resources of more than $600,000. The Geo. D. Harter Bank
was founded in 1866. Its present capital is $1,000,000, with
surplus of $1,500,000, and it has resources in excess of
$23,000,000. Will R. Myers, Vice-President and Cashier of
the institution, in announcing the purchase of the North
Canton Bank, said:
"The purchase of the North Canton Bank is significant of the progressive
policy the Geo. D. Harter bank has always maintained. It is somewhat
of a departure for us, however, inasmuch as we have, for the last 65 years,
maintained a complete service in one location in the heart of the city.
"The city of North Canton and its principal industry, the Hoover Co.,
are closely allied to the business interests of Canton. We know that we
have many friends in North Canton and feel that the establishment of a
branch office, which will have the same direction and backing as the
The shareholders of the Central National Bank of Battle
Creek, Battle Creek, Mich., recently voted to change the
name of the institution to the Central National Bank &
Trust Co. of Battle Creek. The new title is expected to
become effective about July 1. The institution is capitalized
at $500,000, with surplus and undivided profits of $924,981,
and has deposits of $8,806,416 and total resources of $10,731,397. The personnel of the bank is as follows: Frank
G. Evans, President; P. J. Ross, Vice-President and
Cashier; E. J. Fisk, V. L. Grassman, Frank Wolf and D. P.
Ordway, Vice-Presidents, and E. A. Kinch, F. G. Snyder,
0. A. Rossman and E. M. Buchanan, Assistant Cashiers.
John Ballantyne, Chairman of the Board of the First
National Bank of Detroit, was on April 24 appointed President of the Detroit Bankers Co. to fill the vacancy caused
by the recent death of Julius H. Haass. At the same
H.
meeting of the directors of the holding company, Ralph
identified as a director of the Peoples
Gilchrist, who has been
was
Wayne County Bank and the First National Bank
The Detroit "Free Press" in reporting
made a director.
the appointments had the following to say:
Co., he (Mr. Ballantyne) has the
As President of the Detroit Bankers
one of the largest and
honor and assumes the responsibility of heading
most influential banking groups in the country. owning the stock of the
company
The Detroit Bankers Co. is a holding
Bank, the Detroit Trust
Peoples Wayne County Bank, the First National
Institutions located in the metropolitan area of
Co., and eight banking
Detroit.
board of the First National
Mr. Ballantyne also Is Chairman of the
Bank. He is President of the Detroit Clearing House Association and has
most important positions in the financial
at various times occupied the
life of this community.
3278
FINANCIAL CHRONICLE
[VOL. 132.
The Home State Bank .of Hobart, Okla., recently increased its capital from $30,000 to $50,000. The institution
has combined surplus and undivided profits of $22,000,
deposits of $717,904, and total resources of $809,344. As of
Dec. 31 1930 the Guaranty Bank of Hobart was taken over
Under charter from the Comptroller of the Currency, a by the Home State Bank for liquidation. The officers are
new National bank was opened recently in Luverne, Minn., W. M. English, President; Walter B. Stephens, Active Viceas an affiliate of the First Bank Stock Corp. (headquarters President, and Charles M. Carder, Cashier.
St. Paul and Minneapolis). The new institution is named
"The Luverne National Bank" and is capitalized at $50,000,
From the Topeka "Capital" of April 26 it is learned that
with an initial surplus of $10,000 and undivided profits of purchase of the Kansas Reserve Bank of Topeka by the
$5,000. The announcement from P. J. Leeman, Vice-Presi- National Bank of Topeka was announced on April 25 by
dent and General Manager of the First Bank Stock Corp., Carl W. MeKeen, President of the latter institution. The
said that the executive staff would be composed of Chris acquired bank had combined capital and surplus of $130,000.
Fitzer, retired farmer, President; J. L. Goembel, farmer, Theodore C. Mueller, Vice-President of the Kansas Reserve
Vice-President; A. A. Anderson, Cashier and Managing Bank, has become active Vice-President of the National
Officer, and Carl Omodt, Assistant Cashier. The new bank Bank of Topeka and all employees of the bank have been
will occupy the building that formerly housed the First & retained by the enlarged institution. George Docking,
Farmers' National Bank, which closed several weeks ago. Cashier of the Kansas Reserve Bank since 1929, has purchased a substantial interest in the First National Bank of
This property, including the fixtures, has been purchased
Lawrence, Kan., and will shortly assume active duty with
from the receiver of the former bank. Luverne is the
that institution. The paper quoted furthermore said,
County seat of Rock County, in the Southwest corner of in part:
the State, and is served by the Rock Island and Omaha
Removal of the Kansas Reserve banking offices to the purchasing
institution's place of business at Sixth and Kansas Avenues, is to be made
railroads. There is one other bank in the city.
As dean of Detroit bankers, Mr. Ballantyne is well-known for his conservatism which has won him their high esteem as well as the complete
. .
confidence of the public.
Mr. Gilchrist is a director of the First Detroit Co., Chairman of the
Board of Gilchrist & Co., Ltd., President of the Detroit & Windsor Ferry
Co. and has numerous other interests.
A special meeting of the stockholders of the Redford
State Savings Bank, Redford, Mich., has been called by
Charles A. Lahser, its President, for May 5 to vote on the
proposed absorption of the institution by the First National
Bank in Detroit, according to the Detroit "Free Press" of
April 28. As of March 25 last, the Redford State Savings
Bank had total deposits of $1,814,585 and total resources
of $2,107,556. The total invested capital was shown at
$215,910. The institution was organized in 1909 by Mr.
Lahser; Fred M. Warner, then Governor of Michigan, and
Clinton W. Wilbur, Cashier of the Farmington State Savings
Bank. The paper mentioned, continuing, said:
The plan contemplates the naming of an advisory committee from
members of the present board of directors as well as an operating head from
the present management of the bank; an absolute and immediate guarantee
of all the deposits, and the assurance and guarantee that stockholders of the
Redford State Savings Bank will not be called upon for any assessment
whatever. The 60
-day clause now in effect on savings accounts would be
removed at once, Mr. Lahser stated. If the plan is ratified, it must have
the approval of the State Banking Commissioner as well as the consent and
approval of the Comptroller of the currency of the United States.
to-morrow (April 27). Customers and depositors of both banks will be
served at the National Bank of Topeka Tuesday (April 28).
No change is to be made in the capital structure of the Bank of Topeka
as a result of the purchase, McKeen said. The purchase will be added to
the present assets of the bank.
The deal brings the total assets of the National Bank of Topeka to
$10,000,000, McKeen said. . • .
The Kansas Reserve Bank was organized in 1916 by Frank P. MacLennan and George Godfrey Moore. Since that time they have served
as President and Vice-President, respectively. Mueller joined the institution in 1918 as Assistant Cashier. He was made Vice-President in 1925
and has managed the bank since that time. Commenting upon the sale,
Mr. MacLennan said;
"We are pleased and gratified to be able to combine our business with
that of the National Bank of Topeka and are fully convinced that it will
prove to be advantageous to our depositors and stockholders. The National Bank of Topeka is one of the outstanding financial institutions of
the Middle West and its strong position and capable management are
guarantees of strength, stability and constructive service to the business
interests of Topeka and its territory."
The appointment of E. B. Robertson as Vice-President
of the Lincoln Bank & Trust Co. of Louisville, Ky., was
made on April 14 by Noel Rush, President of the institution. Mr. Robertson, who has a wide acquaintance in Louisville as well as among the bankers throughout Kentucky,
Tennessee, and Indiana, will devote his time to Louisville
customers as well as to the interior banks, according to the
announcement. The new Vice-President has had long and
varied experience in the Louisville banking field, having
been with the Southern National, the American-Southern
National, and the (now defunct) National Bank of Kentucky since the merger of the American-Southern National
with that institution in 1919.
Robert 0. Lord, President of the Guardian Detroit Bank,
announces the appointment of D.F. Valley as Vice-President.
Mr. Valley, who has had an unusually wide experience in
finance and budgetary control, has been associated with the
Universal Credit Corp. as Comptroller and Assistant Treasurer since its organization in 1928. Universal presents the
authorized Ford finance plans of the Ford Motor Co., and
is one of the largest automobile finance corporations in the
world, with branches located throughout the country. In
handling more than 200 of the corporation's bank accounts,
That the First National Bank & Trust Co. of Lexington,
Mr.Valley has made alwide acquaintance in national banking
and financial circles. The official announcement goes on Ky. on April 27 purchased the assets, with the exception of
the building, and agreed to assume the liabilities of the
to say:
Prior to Joining Universal, Mr.Valley was Comptroller of Dodge Brothers, Fayette National Bank of Lexington, was reported in a
where he supervised and/controlled the accounting practices for the parent
dispatch from that city on the date named to the Louisville
company and its subsidiaries/throughout the world. At that time, Dodge
had 800 direct and 3,000/associate dealers. Previously he was associated "Courier Journal." The deal was completed at a meeting
for several years with Haskins &Pella, international public accounting of the directors of both banks on April 27 and became effecfirm, where he specialized in/accounting:and budgetary control for the autotive at the close of business on that day. The acquired
motive and related industries.
Because of Mr. Valley's/combined financial and automotive experience. bank will be operated as the Fayette Branch of the First
the bank will be in a position to render additional service to the automotive National Bank & Trust Co. The First National Bank &
.
and allied industries.
a two-year option on the Fayette National
The Guardian Detroit Bank is one of the largest units of the Guardian Trust Co. took
Detroit Union c3roup. Inc., composed of 23 banks and trust companies in Bank Building, and in addition to meeting the liabilities of
lower Michigan, with resources exceeding $500,000,000.
the acquired bank agreed to pay a $60,000 cash bonus for
Effective Mar. 30 1931, the First National Bank of Whit- the good-will of the institution. J. E. Bassett, President
man, N. D., went into voluntary liquidation. The institu- of the Fayette National Bank, will retire from active duty,
but other members of the official staff, as far as possible,
tion was succeeded by the Bank of Whitman.
will be retained. W. H. Curtis heads the First National
The Commercial Bank of G- rand Island, Neb., with capi- Bank & Trust Co. We quote furthermore from the advices
tal of $100,000 and combined surplus and undivided profits as follows:
of $35,000, opened for business April 9 1931 and assumed
all of the deposit liabilities of the Commercial State Bank
instituof Grand Island, amounting to $835,000. The latter
all of its assets of every kind to the
tion, in turn, pledged
Commercial Bank to secure the payment of the deposits
and voted to liquidate its affairs. The new bank now has
deposits of $850,000, with cash resources of $450,000l
David Kaufman is President; Edward Huwaldt, VicePresident and Executive Manager; V. E. Warren, Cashier,
and Vernon Rice, Assistant Cashier.
It was provided at the meeting to-day that, at the end of two years,
whatever assets of the Fayette Bank have not been required to meet the
liabilities, together with the cash bonus of $60,000 will be returned to
the Fayette Bank or its stockholders, who may then determine on its
disposition.
The Fayette National Bank will continue to operate the building for the
benefit of its shareholders, and out of these revenues the Fayette shareholders will receive dividends not to exceed 10%. . . .
By the purchase, the Fayette National Bank dc Trust Co. becomes the
largest hank in the State outside of Louisville, with assets of more than
$14,000.000.
The First National Bank & Trust Co. is the outgrowth of the consolidation two years ago of the Phoenix National Bank & Trust Co. and the
First & City National Bank.
MAY 2 1931.]
FINANCIAL CHRONICLE
3279
THE WEEK ON THE NEW YORK STOCK EXCHANGE. this stock had a depressing effect on the trading and as the
The stock market suffered afurther sharp break the present day progressed, the market ran into a large volume of offerweek. Selling pressure has been constantly in evidence and ings which forced prices down all along the line. Public
while there was a sharp upturn on Thursday which extended utilities were under pressure and registered losses ranging
into Friday, the market resumed its downward course from 1 to 3 or more points. The principal recessions in this
Friday afternoon. The outstanding feature of the week was group were Standard Gas & Electric 234 points, Detroit
the report of the United States Steel Corporation for the Edison 9 points, American Power & Light 2 points, American
March quarter, which showed only five cents per share Water Works 3points, Consolidated Gas2 points and Federal
earned on the common stock during this period. Another Water Service 234 points. Railroad stocks were off, New
noteworthy happening was the announcement of the failure York Central leading the downward swing with a decline of
of West & Co., a Philadelphia house with New York con- 3 points, followed by Wabash with 134 points drop, and
nections. On Tuesday the chemical stocks bore the brunt Southern Railway, which receded about a point. The
of the recessions and on Wednesday, United States Steel stock market turned upward on Thursday, following a
slipped back to its lowest level since 1927, and on Friday momentary display of heaviness in the initial dealings and
were recorded
dropped still lower. The weekly statement of the Federal recoveries ranging from 2 to 8 or more points
in various sections of the list. Steel stooks were prominent
Reserve Bank published after the close of business on
Thursday showed a decrease of $114,000,000 in brokers'loans on the side of the advance and so were the railroad issues
in this district. Call money renewed at 13.4% on Monday, and amusement stocks. The upswing was the widest of the
continued unchanged at that rate on each and every day of present year and many prominent stocks that had been under
pressure surged forward to higher levels. United States Steel
the week.
early part of the which dropped over 9 points on Wednesday, recovered 434
The market was fairly firm during the
two hour session on Saturday, but as trading progressed, points and closed at 120. Auburn Auto, one of the market's
30 points and closed at
considerable weakness became apparent in various sections sensational performers, rebounded
21334, with a net advance of 2434 points. Ingersoll-Rand
of the list. Pivotal shares like American Can, United States
Steel and Amer. Tel. & Tel. were well supported, but many gained about 14 points, Amer. Tel. & Tel. about 4 points
4 points. Railroad shares were
of the speculative favorites were inclined to sag. Rubber and Worthington Pump 63
side of the advance, the strong stocks inand tire issues, for instance, were heavy due to acute weak- prominent on the
Atchison, which gained 6 points to
ness which developed in the Goodyear Tire. Oil shares cluding such issues as
174, Baltimore & Ohio, which improved 4 points to 6434,
were down and so were most of the independent steel shares.
ahead 434 points to 993(
Public utilities were generally off, the principal downward New York Central, which moved
434 points to 79. Public
changes in this group including such stocks as American and New Haven, which gained
were represented on the
& Foreign Power 13 points, American Power & Light, 23 utilities shared in the advance and
%
upside by American & Foreign Power 434 points, American
points; American Water Works, 23 points; Standard Gas
%
& Electric, 13 points; Electric Power & Light, 23 points; Power & Light 33 points, Detroit Edison 2 points, Consoli33% points.
Public Service of New Jersey, 2% points; General Gas & dated Gas 434 points and American Water Works
Other noteworthy gains of the day were Air Reduction 4
Electric, 2 points; and Detroit Edison, 4 points. In the
railraod group, the losses were Atchison, 634 points to 166; points, Allied Chemical & Dye 634 points, Columbia Carbon
New York Central, 134 points to 99; Southern Pacific, 134 5 points, Eastman Kodak 6 points, Worthington Pump 6
points to 84; New Haven, 134 points to 72; and Southern points, Westinghouse Electric 534 points, Foster Wheeler
4 points, Electric Auto Lite 434 points, and Houston Oil
Railway, 334 points to 36.
Prices were again down on Monday and numerous declines 534 points.
On Friday the stock market moved briskly forward during
ranging from 3 to 6 or more points were recorded, especially
the early transactions and many active issues extended
during the early trading. The market was the broadest in
several weeks, the number of separate issues traded in being their gains of the preceding day. In the final hour stocks
832. The final quotations in the various groups showed turned reactionary and some of the market leaders lost
declines ranging from 2 to 4 or more points. The recessions their early gains. United States Steel common was again
o
peo np
thim l y daev lh te
esru s
lt eparr me thisn itgis eebower tioandorb r ,thtouchinge
d
included among others Eastman Kodak, American Car & ssrer
considerable weakness.
Foundry, Allied Chemical & Dye,Ingersoll Rand and Ameri- Several prominent
can Sugar Refining. United States Steel yielded to a new Liquid Carbonic for instance, broke five points to a new
low (up to that time) at 12234 after early resistance, but low level for the year. Texas Gulf Sulphur was another
ended the session at 1243% with a net loss of 1 point. Re- weak spot and closed three points lower. Some of the
list including
reehigher
newed selling following early irregularity characterized the
among others, Foundation Company, two points; Abraham
transactions on the stock market on Tuesday. As the day & Straus, two points; Atlas Powder, two points; Gulf States
advanced, the floor of liquidation tapered off somewhat and Steel, two points; Ingersoll Rand, 134 points; Homestake
during the closing hour a brisk rally helped to reduce some Mining, four points and United States Smelting. In the
of the early losses. In the early recessions, many of the final hour profit taking was very much in evidence and as
popular speculative favorites sought new low prices for the pressure on speculative favorites increased, the market
present movement, the industrial stooks being especially moved lower. The final tone was weak.
TRANSACTIONS AT THE NEW 'YORK STOCK EXCHANGE
weak. The principal changes on the side of the decline were
DAILY, WEEKLY AND YEARLY.
Eastman Kodak 2 points, Air Reduction 25 points, Colum%
Total
Railroad,
&Me,
United
Stocks,
bian Carbon 33 points, and McKeesport Tin 3 points. On
4
Week Ended
Bond
Number of st Mite. Municipal&
Mates
May 1 1931.
Sales.
Bonds.
Forts Bonds
Bonds.
shares.
the side of the advance were such stocks as American Bank
5146,500 55,234,500
Saturday
1,418,200 13,409,000 51,679,000
9,726,000
368,000
2,471,000
6,887.000
Note 234 points, Atchison 3 points, Illinois Central 2 points, Monday
3,650,310
2,948,000
487,000 10,555.500
Tuesday
7.120,500
2.856,900
499,000 10,297,000
New York Dock pref. 8 points, Union Pacific 294 points, Wednesday --.- 3,181.810 6,397,000 3.401,000
3,194,000
316,000 11.578.500
Thursday
8,068,500
3.334.752
329,000
9,942,000
2,356,000
7,257,000
2,871,920
Studebaker 1 point, New York Air Brake 13 points, and Friday
%
---— — ------- — -------Total
17 213 SOS 139_139.000 316.049.000 12.145.500 857.333.500
Fox Film A 134 points.
The outstanding feature of the trading on Wednesday was
Jan. 1 to May 1.
Week Ended May 1.
Sales or
New York Stock
the severe slump in United States Steel common, due to the
1931.
1930.
1930.
1931.
Exchange.
unexpectedly poor showing of the March quarter earnings Stocks— No. of shares- 17,313,892 27,757,930 229,562,061 348,382,110
Bonds.
statement, indicating that the corporation had earned only Government bonds_ -- $2,145,500 $2,100,000 159,264,150 541,833,000
255,736,500
16,049,000 12.209,000
243,025,500
five cents a share. The closing quotation was 1153 and State dr foreign bonds_ 39,139,000 51,226,600 605,362,000 758,856,400
Railroad & misc. bonds
at that level was off 93/g points on the day. The weakness of Total bonds
$65.535,600
557.333,500
$920,362,650 31,043,714,900
3280
FINANCIAL CHRONICLE
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
May 11931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
15,257
45,995
31,706
36,410
38,735
7,234
65,000
21,200
24,000
27,000
18,000
8,000
175,337
Prey, week revised: 110 504
Total
Baltimore
Philadelphia.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
3,847
3,255
2,958
1,853
4,064
4,221
64,000
4,000
10,500
9,800
10,000
10,000
$206,600
20,198
$48,300
R507000
22.020
583.700
25,620
64,622
61,117
53,925
62,345
3,266
635,000
28,000
43,100
45,000
55,500
6101,200
270,895
SRA Ann
270 955
THE CURB EXCHANGE.
Curb prices were again sharply lower this week, more than
230 new low records being established. Thursday and
Friday's market however, showed a better feeling and a
good recovery ensued. A long list of utilities showed losses
Amer. & Foreign Power warrants sold down from 19% to
15% recovered to 193/b and closed to-day at 173/2. Amer.
Gas & Elec. corn, weakened from 653. to 60%, recovered to
66 and finished to-day at 64. Amer. Light & Traction, corn.
lost 43. points to 3932, sold up to 423 and ends the week
at 413. Electric Bond & Share, corn. after early loss from
41% to 393 , advanced to 44% with the final figure at
4
41%. New York Steam Corp. corn. was down five points
to 70. Northern States Power, corn. sold down from 136
4
to 130 and recovered finally to 1333 . United Light &
Power corn. B broke from 63% to 54 and sold finally at 55.
Oil suffered severely but made good recoveries. Standard
/
Oil, Indiana, in particular dropped from 275 to 2458 and
A
2
to-day recovered to 28, with the close at 263/. Humble
Oil & Ref. after a fractional decline to 53%, advanced to 55
but reacted and finished to-day at 53%. Vacuum Oil weakened from 44% to 40, sold up to 44% and moved downward
again, resting finally at 413. Chesbrough Mfg. advanced
from 116 to 120%. Standard Oil (Ohio) corn. gained about
three points to 52%. A particularly long list of industrial
and miscellaneous issues made new low records. An exception to the rule was American Cigar corn. which sold
up from 65% to 82, reacting finally to 78. Continental
Shares pref. was conspicuous for an advance from 20% to
333 , the close to-day being at 313'. The pref. B sold up
4
from 24 to 363/2. Aluminum Co. corn. dropped from 1593.
to 143 and sold finally at 149. Business in Cities Service
corn. was exceptionally heavy the price dropping from 163.
to 133.. The close to-day was at 14%. Deere & Co. gained
about six points to 28 and reacted finally to 243-. Mead,
Johnson & Co. corn. was off from 953' to 90, the final figure
4
to-day being 913 . Northwestern Yeast made a further
drop of eight points to 129. A. 0. Smith Corp. corn. declined from 144% to 135 and ends the week at 136%, ex-div.
A complete record of Curb Exchange transactions for the
week will be found on page 3310.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Stocks
(Number
of
Rights.
Week Ended
May 1 1931. Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
Saturday____ 328,400
700 62,368,000
400 4,345,000
Monday -___ 802,000
100 3,877,000
Tuesday ____ 574,600
3.900 5,187,000
Wednesday.- 535,100
____
4,675.000
Thursday --- 576,010
477,815
2,700 3,203,000
Friday
------ Total
3.294.725
7.800 523.655.000
Sales at
New York Curb
Exchange.
$68,000
93,000
112,000
151,000
137,000
427,000
572,000 52,508,000
137,000 4,575,000
148,000 4,137,000
111,000 5,449,000
45,000 4,857,000
125,000 3,755,000
$988.000
5638,000 525,281.000
Jan. 1 lo May I.
Week Ended May 1.
1931.
Total.
1931.
1930.
3,294,725
7,448,700
Stocks- No. of shares
Bonds.
523,655,000 520,097,000
Domestic
988,000
904,000
Foreign Government
1,074,000
838,000
Foreign corporate
1930.
47,381,782
97,172,875
$312,236,000
9,287,000
14.496,000
5255,382,000
18,988,000
19,136,000
$25,281,000 $22,075,000
5336,019,000
$293,506,000
Total
-In the above tables we now give the foreign corporate bonds separarely.
Note.
Formerly they were Included with the foreign government bonds.
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Apr. 25
1931.
Francs.
17,700
Bank of France
1,250
Banque Nationale de Credit
2,230
Baneue de Paris et Pays Bas
1,305
Union Parisienne
Banque de
941
Canadian Pulite
14,300
Canal de Sues
2,280
Cie Distr. d'Electricitle
2,660
Cie Generale d'Electricitie
455
Cie Ole Trans-Atiantique
600
Citroen B
Comptoir Nationale d'Escompte 1,610
600
COLS% Inc
965
Courrieres
Apr. 27
1931.
Francs.
17,800
1,250
2,200
1,323
913
14,300
2,260
2,650
455
820
1,600
580
955
Apr. 28
1931.
Francs.
17,700
1,250
2,180
1,310
917
14,300
2,255
2,640
440
610
1,600
570
936
APT. 29
1931.
Francs.
17,800
1,259
2,180
1,310
907
14,300
2,230
2,530
438
820
1,600
560
930
Apr. 30
1931.
Francs.
17,500
1,235
2,160
1,280
896
14,100
2,150
2,540
430
600
1,590
500
895
May 1
1931.
Francs.
17,600
2:160
-507
7
14,200
,450
2
-
-aio
1,590
570
----
[Vol_ 132.
Apr. 25
1931.
Francs.
Credit Commerciale de France__ 1,158
Credit Lyonnais
2,480
Eaux Lyonnais
2,640
Energie Electrique du Nord
898
Energie Electrique du Littoral
1,305
Ford of France
212
French Line
460
Gahm Lafayette
140
Gaz Le Bon
910
Kuhlmann
560
L'Air Liquids
920
Lyon (P. L. M.)
1,557
Nord Ry
2,120
Faille Capital
140
Peehiney
1,960
Rentes 3%
89.30
Kettles 5% 1920
136.60
Rentes 4% 1917
104.20
Rentee 5% 1915
104.70
Rentes 6% 1920
105.50
Royal Dutch
2,420
Saint Cobin, C. de C
3,100
Schneider & Cie
1,646
Societe Lyonnais
2,610
Societe Marseilialse
971
Tubize Artificial Silk. pref
208
Union d'Electricitie
1,030
Union des Mines
630
292
Wagons-lits
Apr. 27
1931.
Francs.
1,150
2,500
2,630
890
1,296
215
450
140
880
560
940
1,554
2,120
144
1,990
89.30
136.50
104.30
104.80
105.50
2,380
3,140
1,630
2,610
969
219
1,030
630
298
Apr. 28
1931.
Francs.
1,142
2,480
2,590
880
1,290
211
440
140
880
530
910
1,548
2,100
144
1,960
89.10
136.50
104.30
104.80
105.50
2,410
3,100
1,625
2,600
969
199
1,030
650
294
Apr.29
1931.
Francs.
1,145
2,460
2,550
862
1,280
210
440
140
890
530
910
1,536
2,090
142
1,920
89.20
136.30
104.30
104.80
105.30
2,380
3,110
1,640
2,565
969
210
1,010
640
300
Apr. 30 May 1
1931.
Francs. Francs,
1,132
2,430
2,445
2,490 2,510
855
1,241
207
"iiii
420
430
130
130
880
880
520
530
900
870
1,500
1,980
2:51.6
138
1,860
1,880
88.90 89.00
135.90 135.60
104.20 104.20
104.70 103.40
105.20 105.50
2,290
2,340
3,080
1,630
2,490
960
213
960
-586
610
630
285
___
PRICES ON BERLIN STOCK EXCHANGE.
Closing quotations of representative stocks on the Berlin
Stock Exchange as received by cable each day of the past
week have been as follows:
Apr.
25.
Allg. Deutsche Credit (Adea)(5)
93
Berlin Hendels Gm.(8)
123
Commerz-und-Privat Bank (11)
118
138
Darmstaedter U. Nationalbank (8)
Deutsche Bank u. Disconto Gm.(6)
107
Dreedner Bank (6)
106
Reicbsbank (12)
167
Algermeene Kunatzlide (Aku) (0)
89
Ally. Elektr. G.
es (A.E.G.)(9)
109
Deutsche Ton- u Steinzeugwerke (11)
67
Ford Motor Co., Berlin (10)
212%
Gelsenkirchen Bergwerk (8)
81
Gesfuerel (10)
129
Hamburg-American Line(Hapag)(6)
62
Hamburg Electric Co.(10)
118
Harpener Bergbau (6)
70
Hotelbetrieb (10)
108
I. G. Farben Indus.(Dye Trust)(14)
150
Karstadt (12)
59
Mannesmann Tubes (7)
79
North German Lloyd (6)
63
Phoenix Bergbau (63)
62
Polyphonwerke (20)
168
Rhein-Westf. Elektr.(R.W.E.)(10)
134
Sachsenwerk Licht u. Kraft (75i)
88
Siemens & Halske (14)
177
Var. Staihwerke (United Steel Works)(4) 57
•Ex-dividend.
Apr.
27.
93
121
117
135
105
105
165
84
106
68
201
78
126
61
117
89
108
146
59
75
81
61
161
130
87
171
55
Per Cent of Par
Apr. Apr. Apr. May.
28.
29.
30.
1.
92
92
92
92
121
120
119
120
117
116
109
110
134
133
133
134
105
104
105
105
105
105
105
105
165
164
161 *150
84
83
___
84
104
102
103
105
66
61
66
67
199
195%
199
77
78
122
122
124
123
58
59
61
59
115
116
118
116
68
67
87
68
102
104
107
105
148
145
146
147
57
57
57
58
74
73
75
75
59
59
61
59
60
60
60
80
152
156
151
153
131
130
129
129
85
85
86
86
186
187
167
170
54
.55
54
55
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country indicate that for the week ended to-day (Saturday (May 2), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 17.5% below those for the corresponding week
last year. Our preliminary total stands at $9,917,903,044
against $12,015,577,250 for the same week in 1930. At this
center there is a loss for the five days ended Friday of 19.7%.
Our comparative summary for the week follows:
Clearings-Returns by Telegraphs
Week Ended May 2.
1931.
1930.
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5,675,792,123 $7,067,000,000
520,462,026
377,563,425
441,000.000
*346,000,000
443,000,000
337,000,000
68,980,381
102.111,206
104,000.000
78,800.000
175,495,000
135,118,000
No longer will re port clearings.
174,172.463
125,955,859
158,320,401
117,496,772
111,021,094
86.873,030
80,476,419
68,252,329
42,584,625
37.477,059
-27.7
-25.8
-21.8
-15.2
-12.0
Twelve cities, 5 days
Other cities, 5 days
$7,455,308,978
809,610,225
$9,319,643,234
874,455,165
-20.0
-7.4
Total all cities, 5 days
All cities, 1 day
58.264,919,203 $10,194,098,399
1.652,983,841
1,821,478,851
-18.9
-9.3
se n17.903.044 512.015.577.250
-17.6
-19.7
-27.5
-21.5
-23.9
-32.5
-24.2
-23.0
•Ltlznated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week had to be in all cases 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 April 25.
For that week there is a decrease of 24.0%, the aggregate
of clearings for the whole country being $8,427,096,513,
against $11,089,594,587 in the same week of 1930. Outside
of this city there is a decrease of 23.0%, the bank clearings
at this center recording a loss of 24.5%. We group the cities
now according to the Federal Reserve Districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show a
contraction of 24.3%, in the Boston Reserve District of
30.8% and in the Philadelphia Reserve District of 17.5%.
The Cleveland Reserve District shows a loss of 23.8%, the
Richmond Reserve District of 18.0% and the Atlanta Reserve
District 17.3%. In the Chicago Reserve District, the falling
off is 25.8%, in the St. Louis Reserve District 26.9% and
In the Minneapolis Reserve District 23.0%. In the Kansas
City Reserve District the totals are smaller by 25.4%, in
the Dallas Reserve District by 16.1% and in the San Francisco Reserve District by 17.5%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1928.
Total
124 cities
Outside N. Y. City
8,427,096,513 11,089,594.587 -24.0 11,221,683.253 11,330,577,757
2.876,857,383 3.736,718,587 -23.0 2.970,852,906 4,055.250,340
lin
azt cilt 4-24.7
435.589.960
417.769./75
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
Week Ended April 25.
Clearings at
1931.
1930.
First Federal Reserve Dist rict-Boston
703,722
483,780
Maine-Bangor _
4,664,449
2.707,598
Portland
-Boston_ _ 340,033,920 495,975,258
249.11.9.
1,152,855
940,891
Fall River_ _ _ _
993,409
487,175
Lowell
1.071,529
809,727
New Bedford_ _
4,963,434
3,891.858
Springfield. _ _
3,551,123
2,362.273
Worcester
16,457,609
9,907.496
Conn.- Hartford
8,646,343
7,458,057
New Haven_ _ _
11,651,800
11,353,200
-Providence
R.I.
745,298
421,631
11.11.-Manches'r
380,857,606
Inc.or
Dec.
1929.
1928.
-43.4
574,092
3,713,141
478,000,000
1,095,299
1,278,362
1,112,818
5,461,897
3,588,858
16,791,999
7,801,464
14,168,100
702.422
585,265
3,660,785
528,000,000
1,868,536
987,074
867,147
5,736,796
3.482,387
19,892,766
8,599,653
14,798,100
664,901
550,576,829 -30.8
534,288,450
589,143,410
-New
Second Feder al Reserve D strict
6,227,338
5,087,233
-Albany.
N.Y.
1,256,083
1,122.251
Binghamton_ _ _
48,173,597
38,536,124
Buffalo
757,041
921,273
Elmira
1,199,944
886,569
Jamestown__
New York_ _ _ 5,550,239,130 7,352,876,000
10,371,427
8,843,911
Rochester
5,744,734
4,125,632
Syracuse
3.959,827
3,477,606
Conn.
-Stamford
765,781
631,331
N. J.
-Montclair
36,990,558
29,092,623
Newark
38,391.054
38,842.719
Northern N. J.
--31.3
--42.0
--31.4
--18.4
--51.0
--24.5
--21.6
--33.5
--39.8
--13.7
York
5,340,772
7,253,802
-18.3
1,130,303
-10.7
987,571
54,480,415
-10.0
51,399,104
1,132,975
+21.7
1,106,994
1,133,782
-26.1
1,284,499
-24.5.7,250,830,347 7,265,327,407
13,987,888
-14.8
13,394.580
6,1 7,771
-28.2
6,380.577
4,048,566
3,922,061
-12.2
978,465
757,380
-17.5
29,224,558
29,928,95
-21.4
39.121,02
39,195,271
+1.2
Total(12 cities) 5,681,806,402 7,506,713,384 -24.3 7,408,281,260 7,420,233.804
Third Federal Reserve Dist act-PhIlad elphia
1.755,919 +29.1
511,333
Pa.
-Altoona _ _
5,318,171 -35.2
3,446,876
Bethlehem, _ _
1,034,528 -13.4
896,355
Chester
2,062,913 +7.6
2,218,350
Lancaster
408,000,000 494.000,000 -17.4
Philadelphia _
3,713,647 -23.6
2,841,152
Reading
5.009,664 -14.2
4,296,517
Scranton
3,381,258 -8.4
3.097,052
Wilkes-Barre_
2,040,046 -16.7
1,699,839
York
4,013,000 +3.7
4,160,000
N.J.-Trenton
1,606,910
6,971,423
1,079,386
1,985,766
579,000,000
4,045,110
6,199.771
3.406,709
2,301,984
4,350,136
1.709,155
4,431,262
1,171,422
1,895,352
557,000,000
4,188,753
6,679,073
4,251,667
1,890,508
6,481,743
522,329,146 -17.5
610,947,195
589.698,935
Fourth Feder al Reserve D Istrict-Clev eland
4,644,000 -44.8
2,563,000
Ohio-Akron,.,.,.
4,093,430 -20.0
3,273,088
Canton
61,492,443 -10.4
55,076,562
Cincinnati _ _ _
99,377,036 119,867,662 -17.1
Cleveland
16,596,900 -32.0
11,280,000
Columbus
1,800,214 -22.8
1,389,408
Mansfield
3,243,798 +1.1
3,280,548
Youngstown..._
Pa.
-Pittsburgh _ 151,698,330 218,419,765 -30.6
7,318,000
4.078,252
70,955,395
147,533,066
13,715,200
1,881,618
4,982,356
205,053.385
Total(10clUes)
431.167,474
430,158,212 -23.8
455,517,272
Fifth Federal Reserve Dist riot-111am ond-35.8
,
598,734
W.Va.-Hunt'g'n
4,328,404 -27.7
Va.-Norfolk__ _ _
3,173,000
44,725,000 -22.9
Richmond _ _ _
34,485,603
2,111,449 -25.6
S.C.-Charleston
1,572,988
98.861,254 -20.9
Md.-Baltimore _
78,217,853
+7.2
22,525,531
D.C.-Wasblown
24,154,156
997,257
4,223,927
39,427,000
2,029,367
85,355,699
27,241,033
Total(8 cities).
327,937,972
173,484,708 -18.0
159,274,283
Sixth Federal Reserve Dist rict-Atlant a*2,400,000 --16.7
Tenn.
-Knoxville
*2,000,000
22,338,675 --43.0
Nashville
12,744,760
38,210,690 --5.0
Georgia-Atlanta
36,306,126
1,366,486 +4.7
Augusta
1,430,943
1,069,587 --35.5
Macon
689,949
15,363,940 --11.7
13,561,913
Fla.-JacktenvIlle
18,331,180 --18.9
.Ala.-131rming'm
14,862,224
1,224,430 --3.2
Mobile
1,185,756
1,013,000 +4.6
Miss.-Jackson_ _
1,060,500
122,654 --18.2
Vicksburg
100,129
46,959,633 --17.1
La.-NewOrleans
38,903,577
2,675,279
21,385 370
49,581,089
2,371,313
1,109,855
14,070,138
21,365,582
1,312.771
1,513,905
266,495
46,302,772
148,400,225 -17.3
161,957,569
Total(6 Citles)_
Total(11 cities)
142,202,334
122,845,886
1930.
Inc. or
Dec.
1928.
1929.
$
Seventh Feder al Reserve D istrIct-Chi cago
236,226
151,448
184,283 -17.8
Mich.
-Adrian _ _
691,350
601,346
1,130,028 -46.8
Ann Arbor_ _
Detroit
150,466,369 206,966,180 -25.6 254,490,101
6,760,375
4,333,131
5,620,298 -22.9
Grand Rapids_
3,054,412 -21.9
3.649,980
2,386,158
Lansing
3,635.607
2,243,654
2,925,023 -23.3
-Ft. Wayne
Ind.
21,397,000
19,159,000 +12.6
Indianapolis....
21,567,000
2,542,751 --7.8
2,953,075
2,345,452
South Bend_ _ _
5,107,730
4.118,253
5,407,031 --23.8
Terre Haute_ _ _
21,844,884
26,821,374 --18.6
29,543,476
Wis.-Milwaukee
2,984,404
2,967,501 --15.4
2,511,812
Ia.-Ced. Rapids
8,994,028
6,898,446
10,665,160 -35.4
Des Moines_ _ _
6,562.904
5,212,899 -27.0
3 803 099
, ,
Sioux City,--'.
1,743,030
701,905
1,725,617 -59.4
Waterloo
2,215,447
2,173,870 --1.2
2,147,097
Ill-BloomIngt'n
420,534,410 575,318,380 -26.9 604,518,499
Chicago
1,128,295
1,154.261 -32.9
774,866
Decatur
5,627.352
4,446,905 --21.1
3,509,802
Peoria
3,746,392
3,034,331 --31.2
2.088,914
Rockford
2,451,070
2,307,618
2,706,794 --14.7
Springfield..._
655,335,664
883,216,098 -25.8
220,023
633,959
191,725,427
7.683,910
3,075,349
3,210,085
19,923,000
2,730,375
4.530,216
35,510,377
2,812,943
9,515,528
6,085,922
1,350,825
1,845,327
738,633,216
1,168,755
4,821,157
3,113,345
2,606,361
968,436,341 1,036,665,884
Eighth Federa I Reserve Die trlet-St. Lo uis4,209,180 -2.4
4,110,897
Ind.
-Evansville.
88,400,000 114,600,000 -22.9
Mo.-St. Louis,,
35,963,742 -37.4
22,438,659
-Louisville_ _
KY.
249,660 -15.0
209,719
Owensboro _ 18,696.223 --35.8
11,998,959
Tenn.
-Memphis
11,658,802 --28.7
8,316,216
Ark.
-Little Rock
191,194 --22.6
147,952
1,176,908 -30.7
815,689
Quincy
4,899,495
126,400,000
33,324.847
270,052
17,898,426
13,183,151
462,693
1,420.343
4,710,630
132,200,000
34,122,384
295,114
17,432,766
12,225,256
352,328
1,442,742
186,745,709 -26.9
197,859,007
202,781,220
Ninth Federal Reserve Die trIct-Minn eapolis
3,767,715 -8.9
3,432.543
Minn,
-Duluth.,.
78,214,983 -25.1
58,577,987
Minneapolis_ -24,277,839 -22.9
18,717,188
St. Paul
1,800,246 -6.4
1,682.618
N. D.
-Fargo_ _ 1,007,506 -16.0
846,406
S.D.-Aberdeen_
600,456 -22.6
464,988
Mont.
-Billings 3,142,472
3,031,677 +3.7
Helena
6,604,469
72,909,921
23,158,606
1,832,080
1,036,812
560.649
3,379,000
6,529,533
71,533,537
27,422,573
1,741,001
1,127,052
587,833
3,311,000
Total(8 cities)-
136,438,091
112.700,422 -23.0
109,481,537
112,252,529
Tenth Federal Reserve Dia tact- Kane as City
273,786 --16.6
228.337
Neb.-Fremont.
'
.
384,215 --22.2
299,031
Hastings
2,777,211 --13.9
2,392,900
Lincoln
38,886.339 --11.9
34,274,150
Omaha
2,998,583 --0.8
2,975,940
Kan.
-Topeka..._
6,220,778 --28.6
4,441,409
Wichita
82,718,933 119,821,660 --30.0
Mo.-Kan, City.
4.969,083 --20.5
3,952,060
St. Joseph__ _ _
1,066,691 --17.3
882,290
Cob -Cot SP88.
a
a
a
Denver
1,404,134 --14.5
1,201,015
Pueblo
298,145
439,640
3,412,667
41,461,011
3,022,278
7,080.635
127,462.113
6,644,000
1,153,162
a
1,463,264
365,789
468,242
4.127,624
40,111,591
2,719,660
7,986,882
123,919,3.59
6,386,586
1,181,674
a
1,355,321
Total(7citles)-
86.864,202
178.602,480 -25.4
192,436,915
188.622,728
-Da IlanEleventh Fede ral Reserve District
1,278,796 -10.6
1,143,697
Texas
-Austin__ 39,750,729 -13.6
34,413,068
Dallas
9,503,682 -24.1
7,213,892
Fort Worth..'..
1,969,000 -3.2
1,907,000
Galveston
5,050,431 -28.7
3,602,551
La.-Snreveport _
1,568,420
47,720,060
12,357,949
4,668,000
4,283,753
1,556,492
52,142,321
13,214,300
4.503,000
4,958,983
57,552,538 -16.1
70,598,182
76,375,096
Total(10 cities)
Total(5 cities) _
133,369,065
48,280,208
Twelfth Feder al Reserve D istrict-San Franci sco45,688,986
42,216,100 -26.4
31,088,705
Wash,
-Seattle._
10,889.000
10,857,000 -15.9
9,157,000
Spokane
1,100,362
841,970 +5.0
883,718
Yakima
34,429.758
32,809,511 -16.4
27,681,121
Ore.
-Portland,,
18,317,244
17,364,614 -19.1
14,054,893
Utah-S. L. City
9,234,849
7,208,983 -7.2
6,690,125
Cal.
-Long Beach
Los Angeles_ _ _ No longer WI II report clear 111g8.
19,430,719
15,737,132 -5.3
14,907,211
Oakland
6.709.688
5,577.659 -4.0
5,253,306
Pasadena
6,117,832
5,413,343 +45.8
7,894,944
Sacramento _ _ _
5,593,670
5,743,599 +9.2
San Diego.. _ - 6,274,283
San Francisco. 147,974,682 187,183,438 -20.9 185,895,387
3,039,238
2,539,982 +1.8
2,584,127
SanJose
1,916,114
1,642,910 +16.6
1,914,845
Santa Barbara_
1,898,095
1,901,395 -0.2
1,904,849
Santa Monica_
2,344,300
2,047,200 -15.6
1,727,800
Stockton
45,714,923
13,267,000
1,115,062
33,029,396
17,472,689
8,558,241
19,269,119
6,295,464
6,592,930
5,332,315
206,650,320
2,964,106
1.504,346
1.985,518
2,589,000
Total(15 cities) 279.991,609 339,114,836 -17.5 352,605,242 372,340,329
Grand total (124
8,427,096.513 11089 594,587 -24.0 11221 683,253 11320.577,757
cities)
Outside New York 3,876,857,383 3,736,718,587 -23.0 3,970,852,906 4,055,250,340
Week Ended April 23.
Clearings at
Inc.or
Dec.
1929,
1928.
I
$
$
Canada%
5
135,697,602
94,642,646 +34.6
127,344,347
8,846,000 Montreal
139,030,936
88,481,856 +23.4
109,102,119
3.636,736 Toronto
46,204,842
27,155,137 +62.1
44,001,440
71,124,311 Winnipeg
22,151,731
16,140,020 +4.6
16,891,443
120.502,616 Vancouver
8,037,056
6,002,420 +25.7
Ottawa
7,543,402
15,056,200
5,333.628
4,715,432 +32.4
Quebec
6,245,023
1,829,864
3,363,529
2,251,663 +33.5
3,004,077
4,922,441 Halifax
6,018,944
5,245,333
4,861,262 +7.9
Hamilton
170,532,393
12,330,331
Calgary
6,203,312 +10.9
6,881,687
2,959.534
2,024,369 +33.2
2,695.089
396,450,561 St.John
2,543.920
2,068,471 -54.1
949,026
Victoria
3,351,118
2,829,865 -1.0
London
2.801,784
5,770,789
4,415,063 +18.5
5,231,863
Edmonton
1,170,064
4,960,411
4,418,316 -25.0
3,313,891
4,869,403 Regina
576.746
433,700 -0.1
433,220
43,713,000 Brandon
764,157
453,385 -10.5
405,548
*2,300,000 Lethbridge
2,332,409
1,867,361 -2.1
1,827,877
97,873,169 Saskatoon
1,115,655
946,745 -18.7
Moose Jaw
769,397
24,841,133
1,145,262
1.066,016 _-5,5
1,006,659
Brantford
831,200
620,379 +1.3
628,428
174,766.769 Fort William_ _ _ 826.927
741,501 -28.3
531,440
New Westminster
466,223
276,036 -14.6
235,854
Medicine Hat_ _ _
863.293
813,823 -15.0
683,853
Peterborough_ _
*2,800,000
896,105
782,654 -8.4
716,620
20,597,735 Sherbrooke
1,255.322
983,866 +0.1
984,597
43,580,680 Kitchener
5,395,027
2,785.489 +34.0
3,731,636
1,746.804 Windsor
+3.8
473.038
353,16
368,895
1,584,072 Prince Albert
801.365
871,06 -10.5
779,588
14,779,160 Moncton
796,211
652,408 -7.9
600,996
22,642,893 Kingston
801,714
473.15 +12.8
533,683
1,393.966 Chatham
652,446 -16.4
624,551
545,421
Sarnia
1,400,000
1,040.095 -33.41
693,853
329,040 Sudbury
50,692,142
Total(32 cities) 349,182,637 280,024,904 -24.7 435,589,960 417,769,775
161,246.492
a No longer reports weekly clearings. * Estimated.
1931.
1930.
ANcOODoWWNOICC.
NpCohawW200.W.00WONN C.WW.q..000-4ao.-401C.W0w3.30-40,00,-1000WWNW
1929.
$
S
$
%
$
634,288,450
589,143,410
650,576,829 -30.8
380,857,606
5,681,806,402 7,506,713,384 -24.3 7,408,281,260 7,420,233,804
610,947,195
689,698,935
522,329,148 -.17.6
431.167,474
455,517,272
396,460.561
430,158,212 -23.8
327 937,972
159,274,283
174,766,769
173.484,708 -18.0
142,202,334
161,957,569
161,246,492
148,400,225 -17.3
122,845,886
968,436,341 1,036,665,884
883,216,098 -25.8
666,335,664
197,859,007
202,781,220
186,745,709 -26.9
136.438,091
109,481,537
112,252,529
112,780,422 -23.0
88,864,202
168,622.728
192,436,915
178,602,480 -25.4
133.369,065
70,598,182
76,375,096
57,552,638 -16.1
48,280,208
352,605,242
372,340,329
339,114,836 -17.5
279,991,609
5...1 141 Clq
1931.
Total(20 cities)
Ine.or
Dec.
Federal Reserve Dist.
lit Breton__.12 cities
2nd New York_12 "
ard Philadelphial0 "
lth Cleveland__ 8 "
6th Richmond_ 6 "
6th Atlanta,__..11 "
7th Chicago_ _ _20 "
8th St. Louis-- 8 "
9t14851Inneapoll8 7 "
10th KansasCity 10 "
11th Dallas
5 "
12th San Fran 15 "
GO .11,••
Week Ended April 23.
Clearings at
b:01WW
wwww
4.01.401.-1-6.1
1000.1n1DCM10 00C
,
0,0,
PWwW.
0
.P0,01
N...00WWWW005DOONI-.0N 4
1930.
1931.
Week End. April 25 1931
Total(12 cities)
3281
FINANCIAL CHRONICLE
MAY 2 1931.]
3282
FINANCIAL CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 15 1931:
GOLD.
The Bank ofEngland gold reserve against notes amounted to £146,121,526
on the 8th inst. (as compared with £144,465,467 on the previous Wednesday), and represents a decrease of £1,504,096 since Dec. 31 1930.
The South African bar gold available in the open market yesterday
amounted to about £984,000. The price was fixed at 845. 10Hd. per fine
ounce, at which the Bank of England secured about £954,000. whilst
£20,000 was taken for India and the trade.
Movements of gold at the Bank of England during the week have resulted
in a net efflux of £815,652. Receipts included £1,040,666 in bar gold and
£250,260 in sovereigns, of which £953,600 and £250,000 respectively were
from South Africa. Withdrawals consisted of £2,095,000 in sovereigns
"set aside," £10,000 in sovereigns taken for export and £1,720 in bar gold.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 4th inst. to mid-day on the 13th inst.:
ImportsExports
British South Africa
£1,427,323 France
£42,082
Australia
200,000 Spain
25,000
Brazil
66,947 Austria
14,340
Straits Settlements &
Switzerland
5,000
Dependencies
61,149 Other countries
4,537
British India
10,085
Other countries
6,803
£1,772,307
£90,959
The Transvaal gold output for the month of March last amounted to
910,998 fine ounces as against 839,937 fine ounces for February 1931 and
889,370 fine ounces for March 1930.
United Kingdom Imports and exports of gold for the month of March
last are detailed below:
Imports.
Exports.
Germany
£215,105
Netherlands
£8,795
5,080
Belgium
1.298.020
France
852 .1,602,255
Switzerland
39,837
Spain and Canaries
91,548
West Africa
75,461
Argentine Republic, Uruguay and Paraguay
10,086
Other countries in South America
12,864
Union of South Africa (incl. South-West Africa
Territory)
4,237,221
Rhodesia
81,068
Straits Settlements
180,707
Australia
74,967
British India
51,257
Italy
27,600
Austria
18,150
Poland
5,105
Other countries
8,933
11,260
[vol.. 132.
in bar gold. Withdrawals totaled £1,029,000, of which £1,000,000 was in
sovereigns "set aside" and £29,000 in sovereigns taken for export.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 23rd ultimo to mid-day on the 30th ultimo:
ImportsExports
British South Africa
£873,679 Germany
£122,570
Straits Settlements and De29,031
France
pendencies
64,892 Switzerland
13,700
Other countries
12,276 Austria
6,150
10,944
Other countries
£182,395
£950,847
The Southern Rhodesian gold output for the month of February last
amounted to 42,818 ounces, as compared with 45,677 ounces for January
1931 and 43,385 ounces for February 1930.
SILVER.
The market has shown a decidedly weaker tendency, especially during
the latter part of the week. There has been re-selling on China account and
the Indian Bazaars have made fresh forward sales, but the weakness is
attributable also to a lack of support. There has been little fresh buying
and demand came mostly from bears who, in the circumstances, have
shown no disposition to exert pressure. America has given small support
on some afternoons, but has also been a seller.
Owing to the poor demand for spot supplies the price of silver for cash
delivery has been at a discount of 1-164. as compared with the two months'
quotation.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 23rd ultimo to mid-day on the 30th ultimo:
ImportsExports
Mexico
£34,713
£110,269 British India
U. S. A
9,306
14,496 Other countries
Persia
12,400
Australia
13,978
Other countries
7,414
£44,019
£158.557
INDIAN CURRENCY RETURNS.
Mar. 22. Mar. 15. Mar. 7.
(In lace of rupees)Notes in circulation
15830
15830
15762
Silver coin and bullion in India
12299
12261
12216
Silver coin and bullion out of India
----Gold coin and bullion in India
2507
237
2477
78
Gold coin and bullion out of India
---0-8
1. 3.
1024
Securities (Indian Government)
1024
Securities (British Government)
- --Bills of Exchange
The stocks in Shanghai on the 28th ultimo consisted of about 87,700,000
ounces in sycee, 160,000,000 dollars and 1,000 silver bars, as compared
with about 88.100,000 ounces in sycee, 149,000.000 dollars and 1,180 silver
bars on the 21st ultimo.
Statistics for the month of March last are appended:
£4,690,954 V.3,365.217
SILVER.
-Bar Silver Per Oz, Std.- Bar Gold Per
The market has been quiet and prices have shown little movement
Fine Oz.
Cash.
2 Mos.
during the past week. A steady tone has been maintained, sellers showing Highest price
84s. 11344.
1434d.
14 7-16d.
reluctance and the market responding to a small enquiry for covering bear Lowest price
84s. 9344.
1234d.
12 Hcl
.
sales. China and the Indian Bazaars have both bought and sold and the Average price
848. 10.91d
13.524d.
13.4884.
tendency at the moment is very undecided. Business with America has
Quotations during the week:
been rather limited, the trend in this quarter being rather towards buying March 26
848. 1034d.
1334d.
13344.
than selling. Silver for cash delivery was to-day quoted at a premium of
27
848. 1034d.
1334d.
13 7-164.
1-164. over two months'.
28
848. 1034d.
133.4d.
13344.
30
133-164.
84s. 1034d.
1334d.
The following were the United Kingdom imports and exports of silver
31
84s. 934d.
133-164.
13344.
registered from mid-day on the 4th inst. to mid-day on the 13th inst.:
April 1
84s. bud.
12 15-16d.
13d.
ImportsExports
Average
84s. 10.464
13.281d.
13.3234.
U. S A
£26,930 Hongkong
£11,667
Australia
The silver quotations to-day for cash and two months' delivery are
6,605 British India
6,993
Other countries
1,026 Straits Settlements
3,712 respectively 9-154. and Hd. below those fixed a week ago.
France
4,747
Other countries6,949
£34.561
£34,068
INDIAN CURRENCY RETURNS.
(/n lace of rupees)April 7. Mar. 31. Mar 22.
Notes in circulation
16026
16084
15830
Silver coin and bullion in India
12401
12480
12299
Silver coin and bullion out of India
Gold coin and bullion in India
2606
2585
2507
Gold coin and bullion out of India
Securities (Indian Government)
1019
1019
1024
-Securities (British Government)
The stocks In Shanghai on the 11th inst. consisted of about 85,100,000
ounces in sycee. 152,000,000 dollars and 620 silver bars, as compared with
86,500,000 ounces in sycee, 160,000,000 dollars and 680 silver bars on the
2nd inst.
Quotations during the week:
-Bar Silver Per Oz.Std.- Bar Gold Per
Cash.
2 Mos.
Oz. Fine.
12 15-I64
12 15-16d. 845. 1034d.
April 9
12 15-16d.
12 15-164. 848 1034d.
10
13d.
13d.
845. 1034d.
11
12 15-164.
12 15-164. 845. 1034d
13
13 1-164.
13 1-164.
84s. 10344.
14
_.
s. 10d.
15
1315d.
12.990d.
Average
848. 10.354
The silver quotations to-day for cash and two months' delivery are
respectively Hd.and %el. above those fixed a week ago.
ENGLISH FINANCIAL MARKET
-PER CABLE.
(See page 3291.)
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Apr. 25 to May 1, both inclusive, compiled from official sales lists:
Stocks-
NUM
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Sham.
Arundel Corp
• 38
Baltimore Trust Co
10 30
Baltimore Tube, pre:_100
Berliner-Joyce Alrer CorpBlack & Decker corn
• 10
Ches&Pot Tel of Bait OHO°
Commercial Cred pref___25 22
Preferred B
25
Commercial Cred NO pref.
Consol Gas E L & Pow.... 88
6% preferred ser D..100
53.4% pref wiser E..100
5% Preferred
100 105
Consolidation Coal__ _100
Rolling Mill
•
We have also received this week the circular written under EasternGuar Fire Corp__10
Fidel &
Fidelity & Deposit
ao
date of April 11931:
Finance Co of America A.• 10
GOLD.
Finance Serv com A_ _10
Preferred
The Bank of England gold reserve against notes amounted to £143,614,- First Nat
Bank w 1
40
006 on the 25th ultimo (as compared with £141,956,734 on the previous Houston Oil pref (new)._ _ _ ......
Wednesday), and represents a decrease of £4,011.616 since Dec. 31 1930. Mfrs Finance 2d pref.- -25
Md
27
The exchanges remaining favorable to sterling there was little demand Md Caeualty new w i
Trust Co new w 1
market during the week
for the bar gold which was available in the open
Mercantile Trust
Africa. The Bank of England therefore Merck & Miners
from sources other than South
Transp. •
obtained about £677,000 from an undisclosed source on the 27th ultimo, Monon W Penn PS pf25
gold from India yesterday at the statutory buying price. Mt Ver-Wood Mills com100
and £84,000 of
Preferred
100
£112,000, mostly West African, available to-day, was secured by the New Amsterdam Cas Ins__ 3134
Northern Central
Bank at the fixed price of 848. 10 lid. per fine ounce.
Only about £22,000 of South African gold arrived this week and this was Penna Water & Power_ _.• 61
Un Porto Rio Sug
•
used for trade requirements. The price yesterday was 84s. Md. per fine Union Trust Co com_ 50 54
ounce; the last time the price was fixed at this figure was on Nov. 16 1926. United Rye & Elea
50
4
Movements of gold at the Bank of England during the week have re- U S Fidel & Guar new_..10 2534
West Md Dairy Ina
sulted in a net influx of .£844,524. Receipts consisted of £250,000 in sov- Western Nat Bank pref--* 9834
20
ereigns from South Africa, £750,000 in sovereigns "released" and £873,524
685
3834
37
4,786
30
30
23
37
37
10
4
4
899
1015
10
30
117 11735
24
22
22
142
2234 2334
30
2435 2434
265
86
8834
25
111H 111%
44
110 11034
24
105 105
55
234 234
57
854
7
51
26
25
69
155 159
60
10
10
153
7H 734
150
7H 734
491
4034
40
140
1634
16
30
634 OH
614
30
27
353
3034
30
45
410 41034
228
31
30
2534 2534 1,060
33
7
7
77
61)(
60
939
3134 3234
62
8934 5034
80
63
61
94
834 834
54
229
5634
260
4
4
8,409
27
25
63
9834 99
33
2
33
Range Since Jan. 1.
Low.
37
30
37
33/
10
116
21
2134
24
82
110
108
10234
2
7
2434
132
7
6
TH
40
15
43.4
25
30
395
30
24
534
60
3134
8534
5834
5
52
334
25
94
33
Apr
Jan
Mar
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Apr
Jan
Mar
Jan
Jan
Jan
Apr
Jan
Jan
Mar
Jan
Apr
Apr
Jan
Apr
High.
42
Feb
3235 Feb
3734 Jan
4
Apr
15
Feb
11834 Feb
23
Apr
2434 .Feb
2434 Mar
10034 Feb
112
Feb
nog Apr
105
Apr
6
Apr
12
Feb
32
Feb
165
Mar
1034 Mar
735 Mar
734 Mar
SO
Feb
19
Feb
8
Apr
38
Feb
32
Jan
41735 Mar
3335 Jan
2534 Apr
TH Mar
6214 Apr
3634 Feb
5934 Apr
70
Feb
1344 Jan
62
Jan
6
Jan
37
Feb
99
Apr
3fl
Jan
MAY 2 1931.]
Bates
Friday
Last Week's sonar for
Week.
Sale
of Prices.
Price. Low. High.
$
BondsBaltimore City Bonds
48 school
1961
4s sewerage loan_ _1961
1951
4s paving loan
Fin Co of Am 614s_ _ 1934
Lake Roland 1St 5s_.1942
Lord Balt Hotel gen 6)5% North Ave Market 6s_1940
lJn Porto Rio Sug 614E4.'37
United Ry 85 1st 4s__1949
1949
Income 4s
10334 10314
10334 10334
103 103
9814 9834
75
75
8215 8214
84
84
50
50
4434 4434 4434
20
2034
Range Since Jan. 1. PI
Low.
High.
1,000 9934 Jan
2,000 9955 Jan
300 10034 Jan
1,000 98
Feb
2,000 75
Jan
1,000 8215 Apr
3,000 8334 Apr
1,000 50
Mar
4,000 4234 Jan
9,000 1914 Apr
1033.4
10334
103
101
80
89
88
67
5034
26
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:
Apr
Apr
Apr
Feb
Feb
Apr
Jan
Apt
Pet
Mar
• No par value.
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange, April 25 to May 1, both inclusive, compiled from official sales lists:
Rn7o,
--- I
Last Week's Range for
Week.
Prices.
of
Sale
Par. Price. Low. High. Shares.
Stocks-
.
Aluminum Goods Mfg_ _•
Amer Vitrified Prod__ 50
Ark Nat Gas Corp pref__10
615
• 18
Armstrong Cork Co
Slaw-Knox Company __ _ _• 20
Carnegie Metals Co
10
*
Clark (D L) Candy
Columbia Gas & Elec
•
10 10
Devonian Oil
Fourteenth St Bank_
50
Rae imeister Lind Corp_ _8
•
Preferred
Harbison Walker Ref__ •
Jones & Lau'gn Steel pf_100 120
Koppers Gas & Coke pf_100
Lone Star Gas
• 1634
McKinney Mfg Co
•
Mesta Machine
5
Nat Fireproofing pref.__ 50
Penn Federal Corp
*
134
Peoples Sav & Trust_ _20
Pittsburgh Brewing
50
Pittsburgh Forging
• 10
Pittsburgh Oil& Gas
5
Pittsburgh Plate Glass_ _25 3314
Pgh Screw & Bolt Corp...* 1234
Plymouth 011 Co
5
Ruud Manufacturing__ •
•
7
Shamrock 011 & Gas
.
Standard Steel Spring_ _• 25
United Engine dr Fdry_ *
Westinghouse Air Brake_ _'• 27
Zoller (William) Co
•
Un IistedFidelity Title & Trust...25
101)
Lone Star Gas pref
Western Pub Serv v t a_ -•
High.
Jan
Feb
Jan
Apr
Apr
Jan
Jan
Apr
Jan
Apr
Jan
Mar
Apr
Jan
Jan
Apr
Mar
Jan
Apr
Mar
Apr
Apr
Jan
Feb
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Apr
16
8
7
30
2934
334
1334
35
10
185
15
70
44
12214
10234
29
5
37
33
2
135
6
1314
134
44
1534
1934
2334
1234
31
38
35
22
Feb
Mar
Jan
Jan
Feb
Jan
Feb
Jan
May
Apr
Feb
Feb
Feb
Apr
Mar
Feb
Feb
Apr
Jan
Jan
Jan
Jan
Apr
Feb
Mar
Feb
Feb
Jan
Feb
Mar
Feb
Mar
Mat
150
101
834
20 150
270 100
4,27
8
R914
5914
9
nnn
01
Apr 160
Jar
Apr 108
Ma)
Apr 1434 Fel
Ton
5914
Afol
value.
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange April 25 to May 1, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Bank and Trust Stocks
First National Bank_ ___20
Franklin-Amer 'Drust... -100
Mercantile-CommerceBank
& Trust Co
100
Miss Valley Trust Co_ _100
Miscellaneous Bonds
Nat Bearing Metals Os 1947
1941
Scullin Steel Os
Range Since Jan. 1.
.I.OW.
66
181
190 63
41 178
178
216
45
Apr 70
Apr 200
180
220
320 178
Apr 198
Jan
25 20934 Jan 22434 Mar
9634 Jan
45
May
99
60
99
fin
99
60
Mar
Jan
Apr 10
Feb
7
70
Feb
205 2734 Apr 30
Apr 18
Feb
20 16
Apr
444 33% Feb 36
Apr 12
Apr
5
9
Jan
Jan 43
30 25
Mar
3
125
134 Feb
100 2134 Apr 2434 Mar
270 1434 Apr 1734 Jan
Apr 3234 Mar
150 29
Jan
May 18
275 12
Jan
Apr 95
19 87
7
Feb
Jan
30
4
434 Mar
Mar
60
3
Jan
Mar 49
283 47
44 10534 Jan 10834 May
Jan
Jan 37
60 25
Jan
Apr 25
10 16
Mar
210 30
Apr 35
Apr 30
Mar
100 25
395 3534 Feb 3934 Mar
May
5
634 IMar
15
325 20
Apr 2934 Mat
Mat
234 19
May 22
AM
20 9634 Feb 98
Jar
40
8
Apr 10
Jar
6
Feb
9
100
Jan 31
Feb
80 26
Mat
120 17
Apr 18
136 11734 Jan 122
Mai
610 II
Feb
Jan 15
100
6
Apr
7
Mal
2.195 1434 Apr 19
Mai
20 105
Feb107
Api
9754 9754 51,000
45
45
5,000
9,000
2000.
98
AP
6234 Jar
Apr 100
A,.,' rul
Fel
A vs
* No par value.
Com
daland Wtscdimwits Jns
Breadstuffs figures 'brought from page 3380.
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, (to., are prepared by us
figures collected by the New York Produce Exchange.
from
Corn.
Wheat.
I Barley.
Oats.
I
Rye.
I
364,000
459,000
440,000
5,498,000
4,231,000
3,064,000,
4,810,000
4,077,000
3.661,000
647,000
466,000
609,000
1,931,000
2,486,000
2,275,000
162.000
82,000
168,000
Since Aug.116,226,000 353,009,000 163,933,000 91,530,000 42,048,000 18,766,000
1930
16,610,000 312,616,000 208,743,000 111,499,000 57,959,000 21,250,000
1929
1928
18,665,000 419,441,000 224,274,000 116,944,000 84,796,000 23,237.000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, April 25 1931 follow:
Receipts at-
Flour. I
I
Wheat.
Oats.
Corn.
Barley.
Rye.
bls.196114.1bush.60 lbs.bush. 56 lbs.bush.32155.bush.481bs.Ibtuh.56158.
179,0001
62,000
18,000
29,000
New York.. _
210,000, 1,007,000
3.000
15,000
1,000
Philadelphia
25,000,
20.000
13,000
91,0001
1,000
380,000,
Baltimore_
17.000,
N'port News_
21,000
30,000
New Orleans.
60,000
84.0001
14,000
Galveston.
17,000
661.000
St. John, N.B
30,000
8,000
105,000
1,000
23,000
Boston
Tot. wk.'31
380,000 2,133,000
Since Jan 1 '31 6,713,000 29,312,000
62,000
1,258,000
95,000
375,000
1,517,000 2,177.000
81,000
239,000
101 000
1
3,000
Week 1930.. __
„
.
.
133,000
Since Jan 1 '30 8,176,000 22,322,000 1,569,000 1,738.000 244,000
• Receipts do not include grain passing through New Orleans for foreign pore
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, April 25 1931, are shown in the annexed
statement:
Wheat.
Corn.
Bushels. Bushels.
830,000
152,000
271,000
176,000
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
St. John, N.B
Houston
Halifax
50,000
2,000
661.000
Total week 1931.. 2,140,000
Came.,..- 1Q90
b
1 Rea Ann
2,000
1,000
Flour.
Oats.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels.
97,533
2,000
120,000
8,000
41.000
3,000
1,000
15,000
14,000
30,000
8,000
6,000
3,000
17,000
215,533
219 40A
5,000
2,000
17,000
128,000
72A)00
The destination of these exports for the week and since
July 1 1930 is as below:
High.
63
178
Miscellaneous Stocks
7
8
American Inv B
•
AS Aloe Co corn
2734 28
100 28
Boyd-Welsh Shoe
*
16
16
Brown Shoe(tom
100 3534 3434 3534
Burkart Mfg pref
•
11
11
Coca-Cola Bottling Co_ __1
31
31
Canso! Lead dr Zino A ___*
234 23.4
Corno Mills Co
•
2234 2254
Curtis Mfg con
1434 1634
5 15
Dr Pepper oom
*
29
30
Ely & Walker D G oom_25 12
12
12
1st preferred
100
87
87
Hamilton-Brown Shoe. 25
534 534
Hussmann-Ligonier
*
3% 334
International Shoe corn. _• 4734 4734 4734
Preferred
100 10834 108 10834
Johnson-9 S Shoe
*
32
32
Key Boiler Boutin
•
16
16
Laclede Steel Co
20
30
31
Landis Machine corn
_25
25
2634
McQuay-Norris
• 3834 3835 39
Marathon Shoe corn_ _25
5
5
5
Mo Portland Cement_ _ _25
20
25
National Candy onto. _• 19
19
1934
2nd preferred
100
9754 98
Pedigo-Lake Shoe
*
854
834 834
Scullin Steel pref
•
734 8
Securities Inv corn
• 27
27
27
Sieloff Packing corn
*
17
17
Southwes Bell Tel pref_100
120 121
Stir Baer & Fuller corn...* 1251
1234 1234
St L Bank Bldg Equipt__*
6
6
Wagner Electric corn_ _100 1514
1434 1534
Preferred
15
10634 10634
Street Railway BondsEast St L & Sub Co 5s 1932
United Railways 4s_ - _1934
Flour.
bbls.196lbs.bush.60 lbs.bush.56 155.bush. 32 Ths.lbush.48155. ush.561bs.
11,000
284,000
101.0001
184,000
467,000 1,271.0001
Chicago
219,000
57,000
237.0001
868.000
115.0001
Minneapolis_ _
13,000
19,000
13,000,
Duluth
600,000
159,000,
379,000
196.000
54,000
Milwaukee
9,000
18.000,
30,000
1,000
37,000
Toledo
8,
14.000
6,000
Detroit
23,000
360,000
725,000
17,000
Indianapolis_
366,000
20,
681.000
2,000
St. Louis__ - 482,000
118,000
33,000
51,000
14,000
253,000
92,000
Peoria
53,000
52,000
1,274,000 1,220,000,
Kansas City_
16,000
562,000
792,000
Omaha
140,000
398,000
68,000
St. Joseph_
11,000
46,000
Wichita
108,000
3,000
25,000
31,0001
6,000
Sioux City_
Exports from150
100
8
834
P1.01•11.4.11 Tlroscr1ntr114 1040
par
Low.
Receipts at- I
Tot. wk.'31
Same week '30
Same week '29
Range Since Jan. 1.
85 14
1434
14
100
5
6
6
1,193
614
615 655
725 1714
1714 18
2,352 1934
1934 22
250
114
114
134
70 10
1134 1134
100 32
32
32
5
50
10
6
1 185
185 185
1,845 10
10
10
135 65
65
65
30
860 30
3034
20 120
120 12034
40 9934
10134 102
16
1734 12,390 16
40
335
314 4
2,125 2534
32
30
170 27
29
27
100
154
134
134
5 115
115 115
300
3
3
3
1,840
11
10
834
100
134 154
134
2,988 33
33
38
12
1234 1,482 12
2,685
934
934 10
20
90 20
20
5
sg 2,365 5
24
25
390 23
535 33
33
34
27
30
300 27
10
10
100 10
Bonds
•No
3283
FINANCIAL CHRONICLE
Flour.
Exports for Week
Since
Week
and Since
Ayr. 25 July 1
July 1 to1930.
1931.
Barrels.
United Kingdom_ 101,184
Continent
104,349
So. & Cent. Amer. 4,000
West Indies
6,000
____
Br. No. Am. Cols.
Other countries_ __
____
Total 1931
rrnimissn
Wheat.
Week
Apr. 25
1931.
Since
July 1
1930.
Since
July I
1930.
Bushels.
Bushels. Bushels. Bushels.
Barrels.
3,280,753
444,000 39,177;000
90,000
3,771,567 1,677,000 108,829,000
1,000
114,000
1,141.910
1,875,000
4,000
5,000
79,000
1,046,050
1,000
6.5.000
2,000
18,800
374,169
14,000 3,020,000
215,533 9,633,249 2,140,000 152,982,000
A AR7 2AR 1 AA2 nnn 11R ASA 000
910400
Corn.
Week
Apr. 25
1931.
2,000
1000
273,000
247 nn0
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 25 were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
" afloat
Detroit
Chicago
"
afloat
Milwaukee
Duluth
" afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
Hutchinson
St. Joseph, Nlo
Peoria
Indianapolis
Omaha
On Lakes
GRAIN STOCKS.
Wheat,
Corn,
Oats,
Rye.
Barley,
bush,
bush,
bush.
bush.
bush.
1,194,000
30,000
13,000
17,000
54.000
2,000
2,000
6,000
10.000
88,000
53,000
37,000
3,000
70,000
5,302,000
31,000
24,000
377,000
122,000
4,620,000
58,000
38,000
4,386,000
76,000
4,000
6,370,000
196,000
117,000
443,000
516,000
345,000
9,771,000 1,070,000
335,000
295.000
115,000
3,000
2.000
12,000
70,000
2,961,000
373,000
441,000
17,000
11,000
24,000
16,000
205,000
681,000
23,602,000 4,027,000 2,423,000 2,637,000
277.000
295,000 1,078,000
2,447,000
285,000
223,000
2,710,000 1,619,000 2,723,000
766,000
35,320,000 1,682,000 3,689,000 2,850,000
989,000
263,000 2,098,000 3,645,000 3,034,000
37,082,000
14,000
1,000
298,000
349,000
629,000
51,000
16,000
201.000
825,000
6.841.000
92,000
3.000
133,000
24,589,000 1,314,000
111,000
1,551,000
46,000
5,639,000
128,000
4,171,000 1,729,000
48,000
38,000
50,000
166,000
774,000 2,111,000
13,000
28,000
256,000
13,066,000 2,691,000
92,000
131.000
392,000
828,000
00 18,778,000 13,837,000 11,176,000 6.146,000
Total April 25 1931...196,248,0
197,731,000 18,703,000 14,788.000 11,459,000 6,490,000
Total April 18 1931
136,190,000 21,690,000 16,461,000 13,705,000 6,865,000
Total April 26 1930
-Bonded grain not included above: Barley-Boston, 80,000: Duluth, 51,Note.
-New York,
000; fetal, 131.000 bushels against 2.728,000 bushels in 1930. Wheat
242,000 bushels; Philadelphia. 12,000; Baltimore, 126,000: Buffalo, 2,807.000;
Buffalo afloat. 212,000; Duluth. 25,000; Canal, 2,211,000; total, 5,635,000 bushels
against 18,901,000 bushels in 1930.
3284
Wheat,
bush.
Canadian
Montreal
4,517,000
Ft. William & Pt. Arthur 48,654,000
Other Canadian
8,705,000
Oats,
bush.
Corn.
bush.
Rye,
bush.
Barley,
bush.
915,000
448,000 1.170,000
3,885.000 8,393,000 13,151,000
1,184,000 1,328,000 4,289,000
Total April 25 1931___ 61,876,000
5,517,000 10,891,000
Total April 18 1931
5,345,000 10,875,000
64,824,000
Total April 26 1930
6,072,000 6,163,000
74,631,000
Summary
American
196,248,000 18,778,000 13,837,000 11,176,000
Canadian
5,517.000 10,891,000
61,876,000
18,355,000
19,347,000
15,462,000
6,146,000
18,355,000
Total April 25 1931-2513,124,000 18,778,000 19,354,000 22,067,000 24,501,000
Total April 18 1931
262,555,000 18,703,000 20,133,000 22,334,000 25,837,000
Total April 26 1930
210,821,000 21,690,000 22,533,000 19,868,000 22,327,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, April 24 and since July 1 1930 and 1929,
are shown in the following:
Corn.
Wheat.
Exports
-
[vol.. 132.
FINANCIAL CHRONICLE
Week
APT. 24
1931.
Since
July 1
1930.
Since
July 1
1929.
Week
Apr. 24
1931.
Since
July 1
1930.
Since
July 1
1929.
Bushels,
Bushels. Bushels,
Bushels.
Bushels. Bushels.
North Amer_ 4,494,000293,673,000 257,603,000
20.000 1,422,000 3,121,000
Black Sea.440,00 99,094.000 22,875,000
196,000 29,666,000 21,004,000
2 705 of: 79.645.000143,465,000 5,157,000 196,195,000151,101.000
Argentina
Australia_
5,608,000 99.712,000 52,837,000
India
9.008,000
320,000
0th. eounte
624,000 35,280,000 36,548,000 647,000 38,469.000 25,862,000
TotaL----14,872,000616,512,000513,648,000 6,020,000 265,752,000201,088.000
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
By Baker, Simonds & Co., Detroit, on Friday, April 24:
Shares. Stocks.
Bonds$ Per Sh.
Per Cent..
110 Riverside Brewery Co., Ltd_5110 lot 54,000 Mathews Steamship Co.,
60 Palace Theatre, corn
Ltd. 1st mtge. serial 68, series A
$10 lot
100 Detroit Creamery Realty-5200 lot
Aug. 11933, with Feb. 1931 and
90 units Prince Edward Hotel
subseq. coup.attached
$1,500 lot
(Windsor),90 pref.; 45 com__51,350 lot $2,000 Plymouth Rd. Dev. Corp.
10 Peerlees Egyptian Cement Co.,
coll. tr. sink. fund 135, April 1
pref
1936
5570 lot
51.280 lot
400 Schutter-Johnson Candy B___540 lot $2,000 Detroit Metropolitan Corp.
BondsPer Cent.
let leasehold 634s. 1942, Aug. 1
52,000 Macomb and Wayne Coun1930 and subseq. coup. attach_5200 lot
ties highway impt. 434s, May 1
$3,000 National Memphis Garage
1934
51,540 lot (Memphis) let mtge. 6345. Nov.
$2,000 Royal Oak (City) Special
1 1931, with Nov. 1929 and sub.
Aest. 4315, Oct. 1 1935
coup. attached
$900 lot
$860 lot
$1,000 Mutual Industrial Service,
$1,000 Glover Watson Organ. 1st
cony. sec. deb. 6s, Jan. 15'38.1500 lot
mtge. 6348. June 1 1934
$400 lot
$2,000 Detroit Garages let mtge.
$1,500 Detroit Alden Park Manor
5345, series A, Jan. 1 1943, with
let mtge. 68, Jan. 11936, with
Sept. 1 11 coup, attached. $1.400 lot
Jan. 1931 & sub. coup. attach-5585 lot
$1,000 Detroit Metropolitan Corp.
$500 Barlum Hotel mtge. real est.
let mtge.634s, Feb. 11942, with
13s, Jan. 1 1936, with Jan. 1931
Feb. 1931 .4 sub, coup. attach__550 lot
$195 lot
& sub, coup. attached
$1,000 J. J. Barium let real estate
$5,000 Stormfeltz-Loveley Co. let
& leasehold Ws. Jan. 1 1932,
mtge. 5s. ctf. of dep
53,450 lot
with Jan. 1931 and subseq.coup.
attached
$340 lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
CHARTERS ISSUED.
Railroads (Steam).
$1.15 May 22 *Holders of ree. May 11
Capital. Catawissa, let & 2d pref
•
April 20
-The First National Bank in Green Forest, Ark
*2X June 20 *Holders of rec. May 28
$25,000 Delaware & Hudson Co. (guar.)
sg
President, L. C. Gibson; Cashier, C. C. O'Neal.
Georgia RR.& Banking (guar.)
July 15 *Holders of rec. July 1
April 24
-The Luverne National Bank, Luverne, Minn
June 1 *Holders of MO. May 8
50,000 Illinois Central common (quar.)
President, Chris Fitzer; Cashier, A. A. Anderson.
N.Y. Chic.& St. Louts, corn.& pf.(qu.) *Ix July 1 *Holders of tee. May 15
April 25
-First National Bank in Washingtonville, N. Y
*234 June 19 *Holders of tea. May 29
50,000 Norfolk & Western,common (quar.)
President, John Y. Gerow; Cashier, Adam C. Douglas.
North Pennsylvania (guar.)
*S1' May 25 *Holders of tea. may 18
VOLUNTARY LIQUIDATIONS.
Public Utilities.
April 20
-The First National Bank of Pawhuska, Okla
$100,000 Amer.& Foreign Power, 2d pf. A (gu.)-- •$1.75 May 29 *HolderS of tea. May 11
Effective March 4 1931. Lie. Committee, A. W.
Androscoggin Electric, pref. (guar.)._ *134 May 1
Lucas, A. W. Lehmann and Clarence Lohmann, all of
Associated Gas & Elec., $6 pref. (au.)-- $1.50 June 1 Holders of roe. Apr. 38
Pawbuska, Okla. Succeeded by the Citizens-First
$6.50 preferred (guar.)
1.625 June 1 Holders of rec. Apr. 30
National Bank of Pawhuska, No. 13,527.
$5 preferred (guar.)
$1.25 JUDO 15 Holders of rec. May 15
April 20
-The First National Bank of Whitman, N. Dak
25,000 Blackstone Valley G.& E., prat
June 1 Holders of rec. May 15
3
Effective March 30.1931. Lie. Agent, C.F.McErlane,
Brooklyn Edison Co. (guar.)
2
June 1 Holders of rec. May 12
Whitman, N. D. Succeeded by Bank of Whitman,
Cedar Rapids Mfg. & Power (quar.)
May 5
*75e. 54ay 15 *Holders of rec. Apr. 30
N. D.
,
Cent. Mass. Light & Power, pref. (qu.). 41M
*Holders of rec. May 1
Cent. Miss, Val. El. Prop., pref.(qu.).. •134 June 1 *Holders of roe. May 15
BRANCH AUTHORIZED UNDER ACT OF FEB. 25 1927.
Chester Water Service, $5.50 prof.(qu.)* 51.375 May 15 *Holders of rec. May 5
April 23
-The National City Bank of New York, N. Y. Location of Clear Springs Water Service,
$6 pf.(gu.)- *51.50 May 15 *Holders of rec. May 5
branch, 3701 30th Ave., Astoria, Queens County, N. Y. City.
Com'wealth & Sou. Corp., corn.(guar.). 10e. June 1 Holders of reo. May 8
$6 preferred (guar.)
$1.50 July 1 Holders of tee. June 5
APPLICATION TO ORGANIZE RECEIVED
Community Water Service, let pf.(qu.)_ •$1.75 1%5i:w 15 *Holders of tee. May 20
June 1
WITH TITLE REQUESTED.
•1,4
Concord Gas, pref. (guar.)
Capital Consolidated Gas of N. Y.. corn. (guar.) *51
June 15 *Holders of rec. May 12
April 14.
-The Berkeley National Bank, Berkeley, Cali
$250,000 East Kootenay Power, pref. (guar.)._ 131 June 15 Holders of rec. May 30
Correspondent: E.S. Bender,432 Boynton Ave.,BerkeFederal Water Service, class A (guar.)._
60o. June 1 Holders of rec. May 4a
ley, Calif.
Haverhill Gas Light (guar.)
560. July 1 Holders of rec. June 15
Houghton County Electric. pref
*75e. May 1 *Holders of rec. Apr. 24
of rec. Apr.
May
Auction Sales.
-Among other securities, the following Interstate Public Service.6% Pf.Pf.(qu.) •134 June 15 *Holders of roe. May 30
Lexington Water Co., Inc., 7%
20
131
1 Holders
not actually dealt in at the Stock Exchange were sold at auction Lincoln Tel. & Tel., pref. (guar.)
*134 May 10 *Holders of rec. Apr. 30
Apr.
in New York, Boston, Philadelphia and Buffalo on Wednes- Los Angeles Gas & Elec.,6% pref. (au.) •134 May 15 *Holders of rec. Apr. 30
30
*50c. May 15 *Holders of rec.
Meadville Telephone (guar.)
day of this week:
Montreal Light. Heat & Power (guar.)._ *2
May 15 *Holders of rec. Apr. 30
Mutual Tele°. (Hawaii) (monthly).... '8e June 1 *Holders of rec. May 18
By Adrian H. Muller & Son, New York:
National Public Service, corn. A (guar.). 40e June 15 Holders of rec. May 27
Common B (guar.)
400. June 1 Holders of rec. May 10
Shares. Stocks.
5 per Sh. Shares. Stocks.
8 Per Sh.
8734c June 1 Holders of rec. May 10
10 Maybeach Realty Corp., com_510 lot 5 J. E. Curran Corp., pref.; 5 com_311 lot
$53.50 preferred (guar.)
$3 preferred (guar.)
*750. June 1 *Holders of rec. May 10
8 Progressive Merchants Co., Inc.,
240 Small Issues Corp., pref., no
13( June 1 Holders of rec. May 20
57 cum. pref.; 48 corn., par 125_545 lot
par
$65 lot New Rochelle Water Co., pref.(qure.)
800 Gulf States Steel Co., corn..
200 Broadacres Realty Corp
515 lot New York Steam Corp., corn. (guar.)._ •65c. June 1 *Holders of ree. May 15
North American Co., corn.
Holders of reo. June 5
com.stk.)
no par
14
100 162-164 West 79th St. Corp.
Preferred (guar.)
Holders of tee. June 5
12% j lly
750. Ju
36 ClIffs Corp.,com. v. t. c., no par 57
$100 lot
(N. Y.), corn
North American Edison Co.. prof. (qu.) $1.50 June 1 Holders of rec. May 15
Nova Scotia Light & Power, pref. (flu.). :144 stay 15 *Holders of tea. May 16
By R. L. Day & Co., Boston:
June 1
1
Peninsular Telephone, 7% pref. (guar.).
*Holders of rec. May 5
Shares. Stocks.
3 per Sh. Shares. Stocks.
$ Per Sh. Penna. State Water Corp., pref. (qu.). $1.75 June 1 Holders of rec. May 20
5 Associated Textile Companles_ __ 35
10 special units First Peoples Trust 3
Pennsylvania Water Service. pref. (qu.)_ *11.50 May 15 *Holders of rec. May 5
10 Associated Textiles Companies. 35
593( Pittsburgh-Suburban Water Service-3 Plymouth Cordage Co
5 Associated Textile Companies___ 3634 150 Great Northern Paper Co.,
Preferred (guar.)
• $1,375 May 15 Holders of roe. May 5
12 units First Peoples Trust
2731-28 Scranton-Spring Brook Water Service
par $25
15
$1,000 Cuban Cane Products Co.
36 preferred (guar.)
•$1.50 May 15 Holders of tee. May 5
20-yr. Inc. deb. 68. Jan. 1950;
Per Cent.
Bonds$5 preferred (guar.)
*11.25 May 15 Holders of ree. May 5
10 Cuban Cane Products Co___$75 lot $2,000 Hood Rubber Co. 534s.
Southeastern Mass. Pow. & Elec. (qu.). •62c. May 15 Holders of roe. Apr. 18
3 Providence Mutual Invest. Co.;
58 & int. So. Calif. Edison Co., 7% pf. A (cm.). '4331° June 15 Holders of ree. May 20
Oct. 15 1936
125 Mono Lake Lumber Co.; 25
$2,000 Aetna Mills 713, Jan. 1937 67& int.
8% preferred, series B (guar.)
•37340 JUDO 15 Holders of rec. May 20
Boston Land Co.; 5 Shelby Iron
$1,000 Maverick Mills let mtge.
May
Holders of rec. Apr. 30
Gas Corp., pref.(guar.)
Co. of Ala., par $1; 22 Kansas
7a, April 15 1943
ini& int. So. Calif.Lighting, 8% pref. (guar.). • 51.625 May 29 Holders of roe. Apr. 30
15
Syracuse
- •2
City Rye. Co., pref. beneficial
Gypsum & Lime
$20,000 Universal
•144 May 15 Holders of reo. Apr. 30
634% preferred (gnat.)
ctf.; 2-3 Kansas City Rys. Co.,
Co. let mtge. a. 1. 6s, Sept. 1
6% preferred (guar.)
•134 May 15 Holders of roe. Apr. 30
pref. beneficial scrip; 100 Canada
1946. coupon Mar. 1930 on two
*13( Apr, 20
Telluride Power Co., pref. (guar.)
Copper Corp.. Ltd.; 15 Pere Marbonds and Sept. 1929 on 18 bds.
Terre Haute Wat. Wks. Corp., Pf. (qu.) *11.75 June 1 *Holders of rec. May 20
quette RR., 2d pref.: 30 Chic,
and sub. on: $6,000 Continental
*15c. June 1 *Holders of tee. May 14
Tri-State Tel. & Tel., pref. (guar.)
R. I. & Pac. Ay. Co.; $2,090
Terminals, Inc., cone. deb.
Washington Ry. & Elec., corn.(guar.)._ •Ix June 1 *Holders of reo. May 16
Carthage Water Co. 58, ctf. dep_58 lot
634% April 1947, ser., A, coupon
•131 June 1 *Holders of roe. May 18
Preferred (guar.)
8 North Boston Lighting ProperOct. 1929 on one bond and Oct.
West Can. Hydro-El. Corp., el. A (qu.) *313(c Apr. 20 *Holders of rec. Mar.31
ties, corn. v. t. c.
883i
1930 on five bonds & sub. on_5500 lot Williamsport
Water Co., 58 prof. (q11.). 111.50 June 1 *Holders of roe. May 20
By Wise, Hobbs & Arnold, Boston:
$ per Sh.
Shares. Stocks.
42 Federal Nat'l Bank, par $20-... 80
3634
5 Associated Textile Co's
78M
10 Pepperell Mfg. Co
300 Gt. North. Paper Co., par $25,
28-28I4
60
15 Plymouth Cordage Co
Shares. Stocks.
$ per St.
3 Columbian National Life Ins. Co_305
20 National Service Co., pref
26
6 unite First Peoples Trust
15
10 Nor. Boston Lighting Properties,
pref.(=dep.), par 350
52
11 National Service Co's, pre:
30
By Barnes & Lofland, Philadelphia:
$ per Sh. Shares. Stocks.
$ per Sh.
Shares. Stocks.
30 Pa. Co. for Ins. on Lives, &c..
Proprietary rights of Shoemaker &
Par $10
71
Busch, Inc., in certain patent
$50 lot 10 Fidelity-Phila. Trust Co
52014
medicines, &c
50 Woodbury (N. J.) Trust Co.,
47 Phila. National Bank, par $20-104
par $10
553(
5 Amer. Nat. Bank, Camden, N. J.100
2 North Camden (N. J.) Trust Co_120
25 Mitten Men & Management
55
100 Fire APSOCiatiOD of Philadelphia 183(
Bank & Trust Co., Dar $50
go
8 North Pa. RR.. par $50
49 Corn Exchange National Bank
Membership Rolling Green Golf
87
& Trust Co., par $20
Club (1930-1931 dues unpaid).- 500
-Cambridge Bank &
10 Chester
8734 Membership Rolling Green Golf
Trust Co. Chester, Pa
Club (1930-1931 dues unpaid).- 500
85
5 Integrity Trust Co., par $10
By A. J. Wright & Co., Buffalo:
$ per Rh.
$ per Sh. I Shares. Stocks.
Stares. Stocks.
500 Creighton Fairbanks Mines,
100 Boston & Montana Bevel. Co.
50c. lot
par $&__.30c. loll par 31
(temp. Boston elf.),
2c. lot 1,000 Goldale Mines, Ltd.. par SI-- 4e
1,000 Area Mines, par $1
Fire Insurance.
Employers Reinsurance (guar.)
Special
Globe & Rutgers Fire (guar.)
New York State Fire (quer.)
Pacific Fire (guar.)
*40e. May
•10c. May
s7
May
*30e. May
$1.50 May
15 *Holders of reo. Apr. 80
15 *Holders of tee. Apr. 80
1 *Holders of tee. Apr. 28
1 *Holders of reo. Apr. 25
11 Holders of rec. may 9
Miscellaneous.
Administrative & Research Corp
Class A & B (extra)
10o. June 1 Holders of rec. May 18
Alaska Packers Association (awn.)
May 9 Holders of rec. Apr. 30
2
American Arch (guar.)
•750. June 1 *Holders of roe. May 20
Amer. & General Securities Corp.
Common A (guar.)
12340. June 1 Holders of rec. May 15
$3 first preferred (guar.)
75e. JUDO I Holders of rec. May 15
American Hard Rubber (guar.)
•500. May 15 *Holders of reo. Apr. 30
American Metal, pref. (guar.)
•134 June 1 *Holders of reo. May 21
Amer. Radiator & Standard
Sanitary Corp., common (guar.)
0150. June 30 *Holders of rec. June 11
•14.4 June 1 *Holders of rec. May 15
Pretererred (guar.)
Amer. Securities Corp.. prof. (qual.)... *13( May 15 *Holders of rec. May 4
American Tobacco, corn. & corn. B (qu.) $1.25 June 1 Holders of rec. May 9
Andrews Investment Trust, pref. (au.). *750. May 1 *Holders of rec. Apr. 25
Bomberger (L.) & Co.,634% pref. (qu.) *134 June 1 *Holders of roe. May 13
Bastian-Blessing Co. (quer.)
•500. June 1 *Holders of rec. May 15
Batchelder, Snyder, Door & Doe Co. pref. d ividend omitted
Bethlehem Steel, common (Muir.)
*11 Aug. 15 *Holders of Teo. July 18
*73.1 July 1 *Holders of rec. June 5
Preferred (guar.)
MAr 21931.]
Name ef Compose.
FINANCIAL ClARONICLE
Per
When
Cent. Payable.
Books Muer.
Days Manatee.
Miscellaneous (Continued'.
*25c. May 1 *Holders of rec. Apr. 30
Beaton & Caldwell Mfg.(monthly)
•25c. June 1 *Holders of rec. May 30
Monthly
'25c July I *Holders of rec. June 30
Monthly
Blue Ridge Corp.
Convertible pref. (ear. 1929) (quar.)- k75c June 1 Holders of rec. May 5
Benton Chamber of Commerce Realty
•$1.25 May 1 *Holders of rec. Apr. 24
Trust, prior pref. (guar.)
*75c. May 1 *Holders of rec. Apr. 24
First preferred (guar.)
500. June 1 *Holders of rec. May 15
Brach (E. J.) & Sons, common (quar.)_. •
25c. June 5 Holders of rec. May 11
Burroughs Adding Machine (quar.)
Calif. Ice & Cold Storage, cl. A (quar.)_ •43340 May 1 *Holders of rec. Apr. 25
•s3
May 1 *Holders of reo. Apr. 15
Calumet Cotton Mills
440. May 30 Holders of rec. May 15
Canadian Car & Fdy., ord. (Var.)
Canadian Int. Invest. Tr.5% Pi.(qu.).. 134 June 1 Holders of rec. May 15
250. May 15 Holders of rec. May 1
Canadian 011, common (quar.)
2
July 1 Holders of rec. June 20
Preferred (guar.)
Capital Securities Co., pref. (quar.)._ •52340 May 2 *Holders of rec. Apr. 28
Capitol Dairies. pref. A-Div. omitted.
•
134 May 15 *Holders of rec. May 5
Champion Hardware (quar.)
800. June 10 Holders of rec. May 220
Chllds Company,common (guar.)
154 June 10 Holders of rec. May 22a
Preferred ((liar.)
•900. May 3 *Holders of rec. May 15
City Ice & Fuel, common (guar.)
•135 May 3 *Holders of rec. May 15
634% preferred (quar.)
•750. June 1 *Holders of rec. May 15
Cleveland Quarries (quar.)
*134 Apr. 2 *Holders of reo. Apr. 17
Collingwood Terminal, Ltd.. pf.((PO
-No sett on taken.
Colorado Fuel & Iron, common
May 2 *Holders of rec. May 11
"2
Preferred (quar.)
Columbus Dental Mfg., pref. (quar.).... •134 Apr. 2 *Holders of rec. Apr. 24
Commercial Discount(Los Angeles)
((in.) *me. may 1 *Holders of rec. May 1
Community Finance Service (quar.) - •150. Apr. 30 *Holders of rec. Apr. 20
*90. Apr. 30 *Holders of rec. Apr. 20
Preferred A ((uar.)
•15c. Apr. 30 *Holders of rec. Apr. 20
Preferred A (extra)
•734c Apr. 30 *Holders of rec. Apr. 21)
Preferred B (guar.)
•15c. Apr. 30 *Holders of rec. Apr. 20
Preferred B (extra)
Cosmos Imperial Mills. prof.(quar.... 134 May 15 Holders of roe. Apr. 30
*25c May 1 *Holders of rec. Apr. 25
Crandall, McKenzie & Henderson
60c June 18 Holders of rec. May 29
Crown Cork & Seal, common (quar.)..
88c June 15 Holders of rec. May 29
Preferred (aunt.)
Curtiss Publishing common(mthly.)_'33 1-3c June 2 *Holders of rec. May 20
*20c June 1 *Holders of rec. May 15
-Crosby Radio (extra)
De Forest
'Sc.May 15 *Holders of rec. Apr. 4
Deloraine Oil Syndicate
July 1 *Holders of rec. June 20
Denver Union Stock Yards (guar.)
*51
•350 June 1 *Holders of rec. May 15
Dexter Company (quar.)
*151 May 15 *Holders of rec. May 1
Diem & Wing Paper,pref.(quar.)
250 July 1 Holders of rec. June 20
Distributors Group, Inc. (guar.)
•100 May 1 *Holders of rec. Apr. 24
Dominguez 011 Fields
May 15 *Holders of rec. May 5
Duncan Mills (quar.)
•
2
s0c May 15 *Holders of rec. Apr. 24
Eastern Utilities Associates, corn. (qu.).
Employers Group Associates(quar.). •25c June 15 *Holders of rec. June 1
*334 May 11•Holders of rec. Apr. 30
Entwistle Mfg., pref
•134 May 1 *Holders of rec. Apr. 25
Esmond Mills, pref. (quer.)
June 1 *Holders of rec. May 20
•51
Faber, Coe & Gregg, common
•
134 Aug. 1 *Holders of rec. July 20
Preferred (guar.)
"134 Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
•134 Febl'32 *Hold,of rec. Jan. 20'32
Preferred (guar.)
*50c May 1 *Holders of rec. Apr. 25
Fashion Co. (quar.)
•8235c July 1 *Holders of rec. June 15
Faultless Rubber, corn. (quar.)
20c June 1 Holders of rec. May 15
(Balt.)A & B (quar.)
Finance Service Co.,
1735c June 1 Holders of rec. May 15
Preferred (quar.)
134 June 1 Holders of rec. May 15
Firestone Tire dr Rubber, Pref. (guar.).*3734c June 1 *Holders of rec. May 15
Floreeheim Shoe, class A (guar.)
•1834c June 1 *Holders of rec. May 15
Class B (quar.)
•134 July 1 *Holders of rec June 18
6% preferred (quar.)
Ford Motor of Canada, class A & B
600 June 20 Holders of rec. May 29
134 May 1 *Holders of rec. Apr. 25
Fried & Heineman Packing, pref.(qu.)... •
Preferred B (quar.)
•151 May 1 *Holders of rec. Apr. 25
General Equipment Corp.
-Dividend om itted
el
General Refractories (quar.)
May 25 Holders of rec. May 11
General Outdoor Advertising, cl. A (qu.) *$1
May 15 *Holders of rec. May 5
•134 May 15 *Holders of roe. May 5
Preferred (guar.)
Golden Cycle Corp. ((uar.)
•40o June 10 *Holders of rec. May 31
Gorham, Inc., pref. (quar.)
75e May 15 Holders of reo. May 1
Hanna (M. A.) Co., pref. (quar.)
'$1.75 June 20 *Holders of rec. June 5
Hawaiian Commercial & Sugar (mthly) *25c May 5 *Holders of rec. Apr. 24
Hecla Coal & Coke (quar.)
•135 Apr. 25
Higble Company,2d pref. ((liar.)
*2
June 1 *Holders of rec. May 2
Sc. May 20 Holders of rec. May 6
Hollinger Consol. Gold Mines (mthly.)._
Home Service-Dividends omitted.
May
*Holders of rec. AM. 24
Hope Webbing (guar.)
June
*Holders of reo. May 9
*El
Ingersoll-Rand Co., corn. (quar.)
Holders of rec. May 15
*8234c June '
Island Steel (quar.)
*Holders of rec. Apr. 25
*8 2-3c May
Interstate Royalties, pref. (monthly)
Holders of rec. May 14a
Internat. Safety Razor, class A (quar.). 600. June
500. June 1 Holders of rec. May 14a
Class B ((oar.)
Internat. Securities Corp. of America
30e. June 1 Holders of rec. May 15
Common A ((oar.)
135 June 1 Holders of reo. May 15
634% preferred (quar.)
135 June 1 Holders of rec. May 15
8% preferred ((oar.)
Iron Fireman Mfg. ((nat.)
•40c June 1 *Holders of rec. May 15
Jones & Laughlin Steel, corn. (quar.)._
•50c June 1 *Holders of roe. May 13
Jones (J. Edward) Royalty Trust, ser. A *$13.83 Apr. 25 *Holders of rec. Mar. 31
Series B
•$9.01 Apr. 2.5 *Holders of reo. Mar. 31
Serfs C
• $11.79 Apr. 25 *Holders of reo. Mar. 31
Kendall Company, pref. A ((uar.)
135 June 1 Holders of rec. May 10a
Kidder Peabody Acceptances, pref. A
•235 May 1
Preferred 13
May 1
*3
Second preferred
May 1
•3
*134 May 15 *Holders of rec. May 1
Langley Co.. Ltd., pref. (guar.)
Lansing Co. (quer.)
•400 May 1 *Holders of rec. May 1
Lindsay (C. W.) & CO., corn.((uar.).25c June I Holders of reo. May 15
Preferred (guar.)
135 June 1 Holders of rec. May 15
•
15c May 16 *Holders of rec. May 9
Lindsay Light, corn. ((liar.)
'Sc.May 18 *Holders of rec. May 9
Common (extra)
Loblaw Groceterias, Ltd., A & B ((uar.) •20o. June 1 *Holders of rec. May 12
London Canadian Invest., pref. (guar.) 134 June 1 Holders of rec. May 15
Lord Baltimore Hotel, let pref. (guar.) *134 May 1 *Holders of rec. Apr. 25
Managed Investments
•30c. June 1 *Holders of rec. May 4
*135 May 15 *Holders of rec. May 10
Matson Navigation (qua?.)
50c. June 1 Holders of rec. May 20
McCrory Stores Corp.,com.&com.B(qu.)
•1250. May 1 *Holders of rec. Apr. 25
McKesson & Robbins. Ltd., corn
Preferred
•334 May 1 *Holders of reo. Apr. 25
McLoughlin Textile, pref. (guar.)
•134 May 1
MoWllllams Dredging (quar.)
*3730 June 1 *Holders of rec. May 15
Mercantile Stores, corn.(guar.)
•250. May 15 *Holders of rec. Apr. 30
Preferred (quar.)
' May 15 *Holders of rec. Apr. 30
134
Merritt, Chapman & Scott, com.-Div dend o mItted
Preferred ((oar.)
•134 June 1 *Holders of rec. May 15
Metal Textile Corp., partic. pref. (qu.). 81340 June 1 Holders of rec. May 20
Milste.ad Mfg. (quar.)
*
4
May 1 *Holders of rec. Apr. 15
Missouri Utilities Co.. Pref. (quar.)-*51.75 June 1 *Holders of rec. May 21
Moore Drop Forge, class A-Dividend o mitted
Morse Twist Drill & Machinery (quar.). *50c. May 15 *Holdere of rec. Apr,
National Baking Corp.. pref. ((uar.)
•134 June 1 *Holders of reo. May 30
9
National Service, 53 pref. (ma%)
'75o. May 15 *Holders of rec. May 1
Naval Stores Investment of Illinois
•30o. May 1 'Holders of rec. Apr. 28
•15e. May 15 *Holders of rec. May
Oahu KY. & Land (monthly)
11
Oahu Sugar Co.(monthly)
*10c. May 15 *Holders of rec. May 6
Ohio Seamless Tube, com.-DIvidend o 'nutted
0nomea Sugar (monthly)
*20c. May 20 *Holders of reo. May
•10o. May 15 *Holders of rec. Apr. 9
011 Royalty Invest., pref. (monthly)
30
PacificAssociates, Inc. (guar.)
•25e. May 15 *Holders of rec. Apr. 30
Mc.June 12 *Holders of rec. May 15
Packard Motor Car, co. ((uar.)._
.2
may 1 *Holders of rec.
Pairpont Corp. (quar.)
Apr. 22
Park mortgage .4 Ground Rent ((uar.)_ •75c. May 15 *Holders of rec. May 7
Petroleum Corp. of America
•25o. June 1 *Holders of rec. May 15
25c. June 1 Holders of rec. May 9a
Pierce-Arrow Motor Car, class A (qu.)._
Preferred (quar.)
135 June 1 Holders of rec. May 9a
Pittsburgh Steel. pref. ((uar.)
134 June 1 Holders of rec. May 9
•37340 June 1 "Holders of rec. May 15
Poor dr Co., class (quar.)
Powdrell 1 Alexander, corn. (quar.)...._ •87510 May 15 *Holders of rec. May 1
Preferred (quar.)
•134 July 1 *Holders of rec. June 15
Nam of Company.
3285
Par
When
Cent. Payable.
Boats Closed.
Days Inclustse.
Miscellaneous (Concluded).
Power & Light Securities, pref. (quar.). •3734c Apr. 15
Providence Mortgage Co. (quar.)
' May 1 *Holders of reo. Apr. 22
134
*750 June 1 *Holders of rec. May 15
Purity Bakeries (qtar.)
Railway Equip. & Realty, pref.(guar.). *37)40 June 1 *Holders of rec. May 1
•50c June 15 *Holders of rec. June 1
Rapid Electrotype (quit.)
50o June 1 Holders of rec. May 150
Reynolds metals (guar.)
Rolland Paper, Ltd.,6% prof. (quit.)-. 134 June 1 Holders of reo. May 15
Royalties Manage. Corp.. A&B (mthly.) •3310 May 1 *Holders of rec. Apr. 20
•200 May 15 *Holders of rec. May 7
San Carlos Milling (monthly)
•250 May 15 *Holders of rec. May 5
Sargent & Co., corn. (quiz.)
4.1% May 15 *Holders of reo. May 5
Preferred ((ivar.)
*50c. June 1 *Holders of rec. May 15
Savage Arms, corn. ((tear.)
•1zi Aug. 15 *Holders of rec. Aug. 1
Second preferred (quar.)
Seabrook Engineering, class A (quar.)- •75o. Apr. 10 *Holders of rec. Mar.31
Security Associates, pref.-Dividend inual ed
Sherwin Williams Co. of Canada
•400. June 30 *Holders of rec. June 15
Common (quit.)
•134 June 30 *Holders of reo. June 15
Preferred (guar.)
500. May 15 Holders of reo. May 1
Smith (A. 0.) Corp., corn. (quit.)
134 May 15 Holders of rec. May 1
Preferred (guar.)
•
134 May 1 *Holders of rec. Apr. 24
Southern N. E. Ice, pref. (quar.)
50c. July 15 Holders of rec. June 30
Spalding (A. G.) & Bros.. corn. (quer.;
134 June 1 Holders of reo. May 16
First preferred (quit.)
June 1 Holders of rec. May 18
$2
Second preferred ((uar.)
•50c. June 15 *Holders of rec. May 18
Standard Oil (Indiana) ((liar.)
•255. June 15 *Holders of rec. May 18
Standard Oil of N. J.(guar.)
*25c. June 15 *Holders of reo. May 16
Extra
•40c. June 15 *Holders of rec. May 8
Standard 011, New York ((uar.)
•30c. June 1 *Holders of rec. May 9
Studebaker Corp.. common (quar.)
•134 June 1 *Holders of recs. May 9
Preferred ((inst.)
•50c. May 1 *Holders of rec. Apr. 25
Sun Glow Industries (quar.)
•
2
may 1 *Holders of rec. Apr. 23
Taylor & Fenn Co.(quar.)
Thomson Gild) Elec. Weld, pref. (quar.) •134 May 1 *Holders of rec. Apr. 24
*43c. May 10 *Holders of rec. May 5
Union Sugar, pref. ((uar.)
United Amer. Utilities, Inc., cl. A (qu.) '371.4c June 1 *Holders of rec. May 29
United Engineering dr Fdy., coin. (qu.). •400. May 15 *Holders of rec. May 5
•35c. May 15 "Holders of rec. May 5
Common (extra)
.
0134 May 15 *Holders of rec. May 5
Preferred ((uar.)
United Scour. Trust Associates ((uar.). *300. May 15 *Holders of rec. May 1
U.B. Chain & Forgings, pref.-Dividend omitt ed
U.S.Electric Light & Power,B tr. ctts_ _ *100. May 15 *Holders of rec. May 1
United States Steel Corp.,corn.(qu.)... 134 June 29 Holders of roe. June la
134 May 29 Holders of rec. May 20
Preferred (emus.)
•405. May 15 *Holders of rec. May 1
Veeder-Root, Inc. ((use.)
Vick Financial Corp., corn. (guar.).
- 100. May 15 *Holders of rec. May 5
July 20 Holders of rec. July 7
Vulcan Detinning, common (guar.).
- 1
134 July 20 Holders of reo. JUIY 7
Preferred ((liar,)
Warren (S. D.) Co.,oom.-Dividend om tted
Washington & 1111. Realty, pref. (us.) •13.5 May 10 *Holders of rec. Apr. 80
134 May 1 *Holders of rec. May 1
Wertham Bag Corp.. prior pf St pf.(111.) •
June 1 Holders of rec. May 15
Wesson Oil&Snowdrift Co.,Inc..Pl. MU.) $1
50c. May 15 Holders of tee. Apr. 80
Westfield Mfg., corn. ((oar.)
Westinghouse Electric & Mfg.
Apr. 30 Holders of reo. Apr. 6
$1
Common and preferred (guar.)
White (J. G.) & Co., Inc., prof. (guar-) 134 June 1 Holders of rec. May 15
White (J. G.) Engineering Corp.-Divid end o mined
•25o June 30 *Holders of reo. June 12
White Motor Co., common ((uar.)
134 Hum 30 Holders of rec. June 12
White Motor Scour. Corp., pref. (qu.).._
*51.75 May 1 *Holders of roe. Apr. 20
Wills(C. H.) Motors, $7 pref. (quar.)
131 June 1 *Holders of rec. May 20
•
Woolf Bros., Inc.. 7% Pref.
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
Cent
When
Payable.
Boats Closed
Days Ineinstoe.
Railroads (Steam).
235 June 1 Holders of reo. May la
Atch. Topeka & Santa Fe, corn.(quit.)
' Sept. 1 'Holders of rec. Aug 20
Atlanta & Charlotte Air Line Ry
451
June 30 *Holders of rec. June 20
e4
Atlanta & West Point
254 May 11 Holders of reo. Apr. 240
Atlantic Coast Line RR., pre/
134 June 1 Holders of reo. Apr. 180
Baltimore & Ohio,oom.(guar.)
June 1 Holders of rec. Apr. 18a
1
Preferred (quar.)
87o. July 1 Holders of rec. May 29a
Bangor & Aroostook, corn.(quar.)
134 July 1 Holders of rec. May 29a
Preferred (quit.)
•23i July 1 *Holders of rec. June 20
Boston & Providence guar.)
•
235 Oct. 1 *Holders of rec. Sept. 19
Quarterly
May 15 Holders of reo. May sa
2
Central RR. of N.J.(guar.)
334 July 1 Holders of rec. June 80
Chesapeake ar Ohio, preferred
July 1 *Holders of rec. June 20
Cincinnati Union Terminal, pref.(q.)
-. •1
•1
Oct. 1 "Holders of rec. Sept.19
Preferred ((uar.)
.r1Li Jan.1'32 *Holders of rec. Dec. 19
Preferred ((uar.)
235 May 2 Holders of rec. May 15
Georgia Southern dr Florida, 15t peed..
134 June 1 Holders of rec. May 156
Hudson & Manhattan RR., corn
Internat. Rys. of Cent. Amer., pfd.(qu.) 134 May 15 Holders of reo. Apr. 300
134 June 1 Holders of rec. MAY 15
Maine Central, pref.(quit.)
Holders of rec. May 20
81.25 June
Midland Valley RR., preferred
.11.26 July 9 *Holders of rec. July 8
Mill creek & Mine Hill Nay. & RIL.4.1,‘ June 30 *Holders of reo. June 5
Missouri-Kansas-Texas, prat A (qu.)
New Orleans Texas & Mexico (quar.)
151 May 29 Holders of reo. May 140
May 1 Holders of rec. Apr. 304
Norfolk & Western, ad). pref. (guar.).
*Holders of rec. July 20
*334 Aug.
North Carolina RR., 7% guar. stock- •3
"Holders of rec. May 1
June
Ontario & Quebec
*Holders of rec. May 1
June
Debenture stock
May 2 Holders of rec. May la
Pennsylvania ((liar.)
*Holders of reo. May 15
June
Pittsb. Bessemer & Lake Erie, prat
May 14 Holders of reo. Apr. leo
Reading Company, corn. (guar.)
June 11 Holders of rec. May 210
1st pref. ((use.)
Aug. I Holders of rec. July la
St. Louis-San Francisco, a% prof.(111.)Nov. 2 Holders of roe. Oct. la
8% preferred (quar.)
Aug. 1 Holders of reo. July la
Southern Ky.common (quar.)
July 1 *Holders of ree. June 1
Southwestern RR.of Oa
July 1 'Holders of reo. June 20
Tennessee Central. preferred
United N. J. RR.& Canal Cos.(guar.
). •
235 July 10 *Holders of rec. June 19
Public Utilities.
81.75 July 1 Holders of reo. June 15
Alabama Power.$7 pref.(guar.)
$1.50 July 1 Holders of reo. June 15
$6 preferred (guar.)
$1.25 Aug. 1 Holders of rec. July 15
$5 Preferred (guar.)
American Cities Pow. & Lt.
Aug. 1 Holders of rect. July 3
Class B (in class B stook)
p5
Amer. Gas & Power. 1st pref.(gran). •$1.50 May 15 *Holders of rec. May 1
Holders of rec. Apr. 30
Brazilian Tr., Lt. & Pr., ord. (in stk.).
1
ne )
*80c. luune 31 *Holders of rec. June 1
Bridgeport Gas Light(guard
Canadian Hydro-Elec., let pref.(guar.). 135 June 1 Holders of rec. May la
Canadian Western Natural Gas, Light,
*25c. June 1 "Holders of roe. May 15
Heat Yr Power, preferred (extra)
Cent.& S. W.UPI.,$7 pr. lien pf.(q11.)- 81.75 May 15 Holders of rec. Apr. 30
51.75 May 15 Holders of rec. Apr. 30
$7 preferred (guar.)
$1.50 May 15 Holders of reo. Apr. 30
38 prior lien (guar.)
July 1 Holders of tee June
Central States Elec., corn. (in coin. stk.) N.
Cities Service Pow.& Lt.$7 Pt.(mthly )581-30 May 15 Holders of reo. May la
500. May 15 Holders of rec. May la
Hi Preferred (monthly)
41 2-30 May 15 Holders of rec. May la
$5 preferred (monthly)
581-3o June 15 Holders of reo. June la
$7 preferred (monthly)
500. June 15 Holders of rec. June to
$8 preferred (monthly)
41 2-8c June 15 Holders of rec. June Its
$5 preferred (monthly)
•
135 June 1 *Holders of reo. May 15
Cleveland Elec. Ilium.. pref.(quar.)-May
Connecticut Ky.& Ltg., corn.& pf. Ppl.) 134 May 15 May 1 to June 15
15
of
Consumers Power,7% pref. (quit.).... 154 July 1 Holders of reo. June 15
reo.
1.65 July 1 Holders
6.8% preferred (guar.)
134 July 1 Holders of reo. June 15
6% preferred (quit.)
$1.25 July 1 Holders of reo. June 15
$5 preferred (guar.)
500. June 1 Holders of roe. May 15
8% preferred (monthly)
500. July 1 Holders of reo. June 15
8% preferred (monthly)
56o. June 1 Holders of reo. Mar. 15
6.8% preferred (monthly)
Holders of reo. June 15
6.8% preferred (monthly)
3286
Name of Company.
[VOL. 132.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Public Utilities (Concluded),
Miscellaneous (Continued).
June 27 'Holders of rec. June IS
Colombia Gas dr Elec.. corn.(quar.)
500. May 15 Holders of rec. Apr. 20a Balaban & Katz Corp., corn.(guar.).
June 27 *Holders of refl. June 15
Preferred (guar.)
1 SY May 15 Holders of roc. Apr. 20a
6% preferred series A (guar.)
5% preferred (guar.)
May 11 Holders of rem. Apr. 14s
134 May 15 Holders of rec. Apr. 20a Barnsdall Corp.,common A & B(guar.).
Baumann (Ludwig)& Co., let pf.(qu.).
May 15 Holders of rec. Slay 1
Connecticut Light & Power, corn.(qu.)- *1)4 June 1 *Holders of rec. May 15
63y % preferred (guar.)
May 15 *Holders of rec. May 1
Beacon Mfg., common & pref. (quiz.)...
'1)4 June 1 *Holders of rec. May 15
July 1 Holders of rec. June 12o
Beech-Nut Packing, corn.(guar.)
5)4% Preferred (guar.)
'134 June 1 *Holders of rec. May 15
May 15 Holders of rec. Apr. 17a
Bethlehem Steel, corn.(guar.)
Empire District Elec.6% pf. (mthly.)- - *50c. June 1 *Holders of rec. May 15
May dl Holders of rec. Apr.d24a
Empire Cris dr Fuel Co. 8% pf.(mthly.) 662-3c June 1 Holders of rec. May 150 Bigelow-Sanford Carpet, pref.(guar.).-May 15 Holders of rec. dMay In
7% preferred (monthly)
58 1-3c June 1 Holders of rec. May 150 13Iauners, Inc., corn.(guar.)
Preferred (guar.)
May 15 'Holders of rec. dMay 1
54 1-Sc June I Holders of rec. May 15s
6)4% preferred (monthly)
6% preferred (monthly)
50c. June 1 Holders of rec. May 15a Bliss (E. W.) Co.
July 1 Holders of rec. June 20
Common (payable in common stock).. r2
15c. May 15 Holders of rec. Apr. 30
European Elec., class A & B (quar.)
Oct. 1 Holders of roe. Sept. 20
12
Common (payable in common stook)
Foreign Power Securities Corp., rd.(au.) 114 May 15 Holders of rec. Apr. 30
•3734c May 15 'Holders of rec. May 10
Gas & Elec. Securities Co.. corn.(mthly.)
500. June 1 Holders of rec. May 15a Bloch Bros. Tobacco, corn.(guar.)
11 3735c Aug. 15 *Holders of rec. Aug. 10
.
Common (guar.)
Corn. (payable in com. stk.) (mthly.) Bi June 1 Holders of rec. May 150
*3731c Nov. 16 *Holders of rec. Nov. 10
Common (guar.)
Preferred (monthly)
58 1-3c June 1 Holders of rec. May 15a
Preferred (guar.)
'1)4 June 30 'Holders of re]. June 24
Gas Securities Co.
'134 Sept.30 *Holders of rec. Sept. 24
Preferred (guar.)
Common (payable in scrip) (mthly.). Oi June 1 Holders of rec. May 15a
•134 Dec. 31 *Holders of rec. Dec. 24
Preferred (guar.)
50c. June 1 Holders of rec. May 150
Preferred (monthly)
Bond dr Mortgage Guarantee(guar.)._
$1.25 May 15 Holders of rec. May 5
Georgia Power & Light,$6 pref. (guar.). *$1.50 May 15 *Holders of rec. Apr. 30
75o. June 1 Holders of rec. May 150
Borden Company,com.(guar.)
*we May 15 *Holders of rec. May 8
Gesfuerel Amer. dep. rats. corn bear
Boss Manufacturing, com.(guar.)
$1
May 15 Holders of rec. Apr. 30
Havana Elec. & Util.. let pref.(quar.)
1)4 May 15 Holders of rec. Apr. 18
Boudoir], Inc., pref. (guar.)
'68/$0 May 15 *Holders of reo. May 1
$1.25 May 15 Holders of rec. Apr. 18
Cum. preferred(guar.)
*25c. June 1 'Holders of rec. May 15
Bower Roller Bearing (guar.)
Illuminating & Pow. Secur., corn.(gu.) *51.75 May 8'Holders of rec. Apr. 30
*el June 1 *Holders of roe. May 20
Brennan Packing clam A (guar.)
'1)4 may is *Holders of rec. Apr. 30
Preferred (guar.)
Class A (guar.)
*51 Sept. 1 'Holders of rec. Aug. 20
Kentucky Utilities, junior pref. (qu.)__ _ *8734c May 20 *Holders of rec. May I
Deo. 1 'Holders of rec. Nov. 20
Class A (guar.)
•51
Keystone Telephone, pref.(guar.)
*51 June 1 'Holders of rec. May 20
•
250. June 1 "Holders of roe. May 20
Class B (guar.)
Luzerne County Gas dr Elec..$7 Pf.(qU.) •51.75 May 15 'Holders of res. Apr. 30
.
250. Sept. 1 "Holders of roe. Aug. 20
Class B (guar.)
$6 preferred (guar.)
"51.50 May 15 *Holders of rec. Apr. 30
*250. Dec. 1 *Holders of roe. Nov. 20
Class 13 (guar.)
May 15 Holders of rec. Apr. 15
Middle West Utilities, com.(in stock)._ f2
Oc. June 1 Holders of roc. May I
British Type Investors,Inc. A (bi-mthlY)
$1.50 May 15 Holders of rec. Apr. 15
$8 preferred (guar.)
$1
June 15 Holders of rec. Apr. 2;
Buckeye Pipe Line (guar.)
Milwaukee Elec. Ry. Light
•250. May 15 *Holders of roe. May 1
Buck Hills Falls Co.(guar.)
1,113$ June 1 *Holders of rec. May 15
7% preferred (series 1921)
Bunker Hill & Sullivan Mining
*11Y June 1 *Holders of rec. May 15
8% preferred (series 1921)
.
1125c. May 5 *Holders of rec. Apr. 23
dr Concentrating (monthly)
250. June 1 Holders of roe. Slay fla
National Power & Light, com.(quar.)..
"51 July I Holders of rec. June 16
Burger Bros., 8% pref. (guar.)
N.Y.Power & Light Corp.,7% pf.(Qu.) 13i July 1 Holders of roe. June 15
'Si July 1 Holders of reo. June 15
8% preferred (guar.)
51.50 July 1 Holders of roe. June 15
$8 preferred (guar.)
*11 Oct. 1 *Holders of rec. Sept. 15
3% Preferred (Qua?.)
May 15 *Holders of rec. Apr. 20
North Amer. Light & Pow.,corn.(au.) "f2
Cal. Hal Corp 7.7 pref.(No. 1)
*873-5e July 1 *Holden] of rec. June 15
North West Utilities Co., pref. (guar.). 114 May 15 Holders of rec. Apr. 30
50o. June 15 Holders of roe. May 290
(guar.)
Ohio Public Service, 7% Pref.(mthly.). 58 1-3c June 1 Holders of rec. May 150 California Packing °
25e. June 1 Holders of rec. May 15a
SOc. June 1 Holders of rec. May 15a Campbell, Wyant & Cannon Fdy. (Q11.)8% preferred (monthly)
June 15 Holder, of rec. May 31
41 2-3c June 1 Holders of rec. May 15.1 Canada Wire & Cable, elate A (quar.)_ 51
5% preferred (monthly)
Sept. 15 'rollers of rec. Aug. 31
Class A (guar.)
$1
Pacific Gas.3 Elec.,6% pref.(guar.). *37340 May 15 *Holders of rec. Apr. 30
Doe. 15 Holders of rec. Nov. 311
31
Class A (quar.)
*3434c May 15 'Holders of rec. Apr. 30
534% preferred (guar.)
43Mc June 15, Holders of rec. May 31
Class B (guar.)
750. May 15 Holders of rec. Apr. 20a
Pacific Lighting, common (guar.)
134 May 151 Holders of rec. Apr. 30
Canadian Converters,com.(guar.)
550. June 1 Holders of reo. May 20
Penna. Power Co., $8.60 pref. (mthl.Y.)
Canadian Pow.at Paper Invest., pf.(au.) 13.4 May 15 Holders of rec. Apr. 20
$1.50 June 1 Holders of rec. May '20
$8 preferred (monthly)
50c. June 1 Holders of rec. May lb
1SY June 1 Holders of rec. May 120 Carman di Co., class A (guar.)
Phila. Suburban Water Co., pref.
•114 July 1 *fielders of roe. June 20
Carnation Co., pref.(guar.)
Corp. of Canada. corn. (qua?.).. 500. May 20 Holders of rec. Apr. 30
(qU.)Power
•15i Oct. 1 *Holders of roe. Sept. 20
Preferred (guar.)
Pub. Sc,. Co. of Col., 7% Pf.(mthIY.). 58 1-3c June 1 Holders of rec. May 15
' Jan 2'32 *Holders of rec. Dec. 21
Preferred (guar.)
50c. June I Holders of rec. May 15
134
8% preferred (monthly)
75c. May 29 Holders of rec. May 15a
Caterpillar Tractor (guar.)
412-30 June 1 Holders of rec. May 15
5% preferred(monthly)
150. May 15 Holders of roe. May 6
Pub. Ser. Co. of Indiana, pref.(guar.).- $1.50 May 15 Holders of rec. Apr. 30
Centrifugal Pipe (quar.)
15o. Aug. 15 Holders of roe. Aug.
Quarterly
50c. May 29 Holders of reo. May la
Pub. Ser. Corp. of N.J.,6% pf.(mthly.)
15o. Nov. 18I Holders of reo. Nov. 5
Quarterly
511o. May 15 Holders of rec. Apr. 200
Southern Calif. Edison, corn.(guar.).
Oct. 21,
2
Century Co
Southern Canada Power. com. (guar.)._ 28e. May 15 Holders of reo. Apr. 30
134 June 11 Holders of roe. May 20a
Century Ribbon Mills, pref. (quar.).._
50c. May 25 Holders of reo. Apr. 30
Southern Colorado Power. corn. A (qt1.)
"6231c May IS 'Holders of rec. May 1
Chain Belt Co.. com.(guar.)
Springfield City Water, pref. A (quar.) '$1.75 July 1 *Holders of rec. June 20
Chartered Investors, Inc. $5 pf.(guar.)_ "51.25 June 1'd-folders of rec May 1
Preferred A (guar.)
*51.75 Oct. 1 *Holders of rec. Sept. 20
'134 July 1 *Holders of rec. June 20
Chatham Mfg.7% pref.(guar.)
Standard Pr. & Lt., corn. dr corn. B (gu.)
50c. June 1 Holders of rec. May II
•11$ Oct. 1 *Holders of rec. Sept. 20
7% preferred (guar.)
Tampa Electric Co., corn.(guar.)
.500. May 15 "Holders of rec. Apr. 25
•134 July 1 *Holders of roe. June 20
1013$ May 15 *Holders of rec. Apr. 25
8% preferred (guar.)
Preferred A (guar.)
•134 Oct. THolders of rec. Sept.20
Tenn. Elec. Power Co.,5% 1st pfd.(gu.) 1)4 July i Holders of rec. June 15
6% Preferred (guar.)
,
2.June 1 Holders of reo. May 20 r
5c
Chicago Yellow Cab (monthly)
6% first preferred (guar.)
1 IS July 1 Holders of rec. June 15
*3735c June 29 'Holders of rec. June 5
Chile Copper Co.(guar.)
7% first preferred (guar.)
114 July 1 Holders of rec. June 15
7.2% first preferred (guar.)
ono. May 15 'Holders of rec. May I
Onurngold Corp. (guar./
1.80 July 1 Holders of rec. June 15
•35c. Aug. 15 *Holders of rec. Aug. 1
Quarterly
8% Brat preferred (monthly)
50c. June 1 Holders of rec. May 15
'350. Nov. 18 *Holder, of rec. Nov. 1
Quarterly
8% first preferred (monthly)
50c. July 1 Holders of rec. June 15
7.2% first preferred (monthly)
Cincinnati Advertising Products (guar.) .75o. July 1 'Holders of rec. June 20
60c. June 1 Holders of rec. May 15
.750. Oct. 1 *Holden] of roe. Sept. 19
Quarterly
7.2% first preferred (monthly)
80c. July 1 Holders of ref. June 15
750. Jan 1'32 *Holders of reo. Dee. 19
Tide Water Power,$6 pref.(guar.)
•
Quarterly
•51.50 June 1 *Holders of rec. May 15
'3
Sept. 15 *Holders of reo. Sept. 1
United Gas Im pt., common (quer.)30e. June 30 Holders of rec. May 29a Cincinnati Land Shares
$5 preferred (quar.)
$1.25 June 30 Holders of rec. May 29a Cincinnati Rubber Mfg.. 6% pref.(au.) '1)4 June 15 'Holders of rec. June 1
6% preferred (guar.)
Western Continental Util., con]. A (au.)'83231c June 1 'Holders of rec May 9
'134 Sept.15 *Holders of roe. Sept. 1
•1 M Dec. IS 'Holders of rec. Dec. 1
6% preferred (guar.)
West Perm Elec. Co..7% pref.(guar.).134 May 15 Holders of rec. Apr. 20a
0
23.4e. June 1 Holders of rec. May 15
6% preferred (guar.)
1)4 May 15 Holders of ree. Apr. 200 Cities Service, common(monthly)
Corn. (payable in corn. stk.) (mthly) 134 June 1 Holders of rec. May 150
Sc. June 1 Holders of rec. May 15a
Preference B (monthly)
Fire Insurance,.
500. June 1 Holders of rec. May 150
Preferred and pref. BB (monthly).Bankers & Shippers Ins. of N.Y.(qu.)
$1.50 May 6 Holders of reo. May 4
*25c. July 15 *Holders of rec. June 30
City Union Corp., cons.(quar.)
Bronx Fire Insurance (guar.)
•
$1.25 May 15 *Holders of rec. Apr. 30
"25c. Oct. 15 *Holders of reo. Sept. 30
Common (guar.)
North River Ins.(guar.)
500. June 10 Holders of rec. June 1
"25c. Jan 15'32 *Holders of rec. Dee. 31
Common (guar.)
Quarterly
60c. Sept. 10 Holders of rec. Sept. 1
.13c. May 10 *Holders of rec. Apr. 10
Coast Foundation, Inc., prat
250. July 15 Holders of rec. July 3
Coca Cola Bottling (quarterly)
Miocene°eous.
5
25e. Oct 15 Hollers of rev. Om
Quarterly
114 July 1 2 Holders of rec. June 15
Agnew Surpass Shoe Stores, pt.(qu.)
50c. June 1 Holders of rec. May 15
15o. May 18 Holders of rec. Apr. 304 Columbus Auto Parts, pref.(guar.)
Allegheny Steel, common (monthly)..
25e. June 30 Holders of rec. June 10a
(guar.)
Commercial Solvents, com.
Preferred (guar.)
•13$ June 1 *Holders of rec. May 16
Commerz-und Privet Bank
Preferred (guar.)
'1)4 Sept. 1 *Holders of rec. Aug. 16
*WO May 5 'Holders of rec. Apr. 30
American deposit receipts
•13$ Dec. 1 "Holders of rec. Nov.13
Preferred (quar.)
Consolidated Clear Corp., pref.(guar.). 13$ June 1 Holders of rec. flay 15a
Alliance Realty Co.. preferred(quar.)
.13y June 1 Holders of rec. May 20
13$ May 15 Holders of roe. Apr. 30
Consolidated Sand & Gravel, pf.(qu.)of roe Aug 20
Preferred (guar.)
134 Sept. 1 Holders
Continental Can, Inc., corn.(quar.)_... 62340 May 15 Holders of rec. May to
1 34 Dec. 1 Holders of roe Nov. 20
Preferred (quar.)
June 30 Holders of rec. June 20
2
Crum & Forster, pref. guar.)
Allied Laboratories. cony. pref.(guar.).- '87340 July 1 *Holders of roe. June 15
50o. May 2 Holders of rec. Apr. 206
Allis-Chalmers Mfg., com. (guar.)
50o. May 15 Holders of rec. Apr. 240 Curtis Publishing, oom.(monthly)
51.75 July 1 Holders of rec. June 200
Preferred (quar.)
Alpha Portland Cement,com.(guar.).
250. Apr. 25 Holders of reo. Apr. is
' Aug. 3 *Holders of roe. Aug. 3
3%
Crunden-Martln Mfg
Aluminum Manufactures. Inc.. oom.(qu) •50o. June 30 •Holdere of rec. June 15
'134 June 15 *Holders of rec. June 1
Cuneo Press, preferred (guar.)
Common (guar.)
0500. Sept.30 *Holders of rec. Sept.15
*124 July I *Holders of roe. June 20
Davidson Co pref. (guar.)
Common (guar.)
•50o. Doe. 31 *Holders of rec. Doe. 15
*134 Oct. 1 *Holders of roe. Beet.20
Preferred (qua?.)
•114 June 30'Holders of roe. June 15
Preferred (quiz.)
•
13$ Jan 1'32 *Holden of rec. Dee. 20
Preferred (guar.)
•134 Sept. SO "Holders of rec. Sept. 15
Preferred (guar.)_
O134 June 1 *Holders of rec. May '20
Decker (Alfred) & Cohn. Vet.(quit.)
•134 Dec. 31 *Holders of rec. Dee. 15
Preferred (guar.)
' Sept. 1 "Holders of rec. Aug 20
131
Preferred (guar.)
American Can, common (guar.)
$1 May 15 Holders of rec. Apr. 30.2
$1.50 July 1 Holders of reo. June 150
Deere & Co.. old common (guar.)
American Envelope, 7% pref. (guar.)._ •124 June 1 *Holders of rec. May 25
SOc. July 1 Holders of rec. June 15a
New common (guar.)
•1
Sept. 1 *Holders of rec. Aug. 25
7% preferred (guar.)
51.75 June 1 Holders of rec. May 15rt
•134 Deo. 1 *Holders of reo Nov.25
Old preferred (guar.)
7% preferred (guar.)
111350. June 1 *Holders of reo. May 15
New preferred (guar.)
Amer. European Securities. pref. (guar.) $1.50 May 15 Holders of rec. Apr. 30
•500. June 1 *Holders of roe. May 15
Dictaphone Corp., common (quiz.)
350. June I Holders of rec. May 14
Amer. Horne Products (monthly)
June 1 "Holders of rec. May 15
102
Preferred (quar.)
'75e. May 15 *Holders of reo. Apr. 30
Amer.Investors, Inc.,$3 pref.((BO
25c. May 15 Holders of rec. Apr. 30
July 1 Holders of rec. June 10
Distillers Corp.-Segrams, com.(qu.)Co.. own.(guar.) 1
Amer. Manufacturing
30e. June 1 Holders of rec. May 15
or. Pepper Co., common (guar.)
Oct. 1 Holders of reo. Sept.18
1
Common (guar.)
300. Sept. 1 Holders of reo. Aug. 15
1
Dee. 31 Holders of roe. Dec. le
Common (guar.)
Common (qua?.)
30o. Dec. 1 Holders of rep. Noe 15
Common (guar.)
104 July 1 Holders of rec. June it
Preferred (quit.)
90c. May 15 Holders of rec. Apr. 30
IS( Oct. 1 Holders of rec. Sept.18
Dominion Bridge (guar.)
Preferred (qua?.)
5
rs f Leo.refMayMay 11
:35500o MayN. ay 1 5 'Holder,.H
Dow Chemical,com.(quar.)
134 Dec.31 Holders of roe. Dee. 15
Preferred (guar.)
*1 34 May 15 *Holders of rot. May 1
500. May 15 Holders of rec. May 50
Preferred (guar.)
American News (bi-monthly)
od'Holder,
-Norton Mfg., common (guar.).
American Optical Co., let Pref. (Guar.)- 13$ July 1 Holders of reo. June 20a Duff
June 1 Holders
\ nv 15 Holde of rec. Apr. 30
Ji,
ti ,
13$ Oct. 1 Holders of reo. Sept. 19a Eastern Theatres, Ltd., corn.(quiz.)...
First preferred (guar.)
134 Doe. 31 Holders of rec. Doe. 200 Eastern CUL Invest., $7 pref.(quar.).._ 51.75 June 1 Holders of reo. Apr. 30
First preferred (guar.)
$1.50 June 1 Holders of rec. Apr. 30
750. May 15 Holders of reo. Apr. 300
$8 preferred (guar.)
Co. (quar.)....
American Re-Insurance
51.25 July 1 Holders of roe. May 29
$5 prior pref. (guar.)
Amer.Smelting & Refg.,Pref..(quar.)._. 134 June 1 Holders of rec. May 84
13Y June I Holders of rec. May 8a Electric Shareholdings,$8 pref.(quiz.) - 151.50 June 1 Holders of rec. May 5
6% second preferred (quar.)
*Holders of reo. May h
111250. June 15 *Holders of rec. May 15
Ewa Plantation (guar.)
American Yvette. corn.(No. 1)
.15i June 1 *Holders of rec. May 12
3748 May 18 Holders of rec. Apr. ha Fairbanks Morse & Co., prof.(quiz.)... 1
Anaconda Copper Mining (qUar.)
25c. May 11 Holders of rec. Apr. lba Finance Co. of America (Baltimore)
Anaconda Wire dr Cable (quar.)
May 15 Holders of rec. May 5
13$ June 1 Holders of rec. May 15a
Com.cl. A & B(pay.In corn. c). A stk) fl
Artloom Corp.. pref. (guar.)
May 15 *Holders of rec. May 9
*2
First Security Corp.(Ogden) A & B(qu.) *50c. July I "Holders of roe. June 20
Aspinook Co.(guar.)
14 June 1 Holders of rec. May 8a Fitz Simons de Connell Dredge ds Dock
Associated Dry Goods, 1st pref.(guar.).
*50c. June 1 *Holders of zee May 21
13$ June 1 Holders of rec. May 8a
Common (guar.)
Second preferred (guar.)
•51.50 June 15 *Holders of rec. May 30
Follansbee Bros. Co., pref.(guar.)
Associated Electrical Industries
May 7 *Holders o rec. Apr. 16
Food Machinery,6)4% pref.(mthly.)-- *50c. May 15 *Holders of rec. May 10
•tr6
Amer. dep. refs. for ord. reg. shares
*coo. June 15 *Holders of roe. June 10
Holders of roe. June 10,
631% preferred (monthly)
Atlantic Gulf & W.1.8.8.Lines, Pf.(g11.) IM June 30
*We July 15 *Holders of rec. July 10
84% preferred (monthly)
13$ Sept. 30 Holders of rec. Sept. 10e
Preferred (quer.)
*50c. Aug 15 *Holders of rec. Aug. 10
fIM % preferred (monthly)
13( Dee. 30 Holders of roe. Dec. 100
Preferred (guar.)
•
50e. Sept.15 "Holders of rec Sept. 10
634% preferred (monthly)
Babcock & Wilcox, Ltd.
ew7 may 8 *Holders of rec. Apr. 20
pf. (qu.) 13.4 May 15 Holders of roe. Apr. 30
Foreign Power Securities Corp.,
Am. dep. refer. ord. reg. shares
250. May 15 Holders of rev. Apr. 30
14 July 1 Holders of rec. June 201 1 Foundation Co. of Canada (quar.)
Babcock & Wilcox Co.(guar.)
750. June 1 Holders of ree. May 15a
ewe, may 20 *Holders of rec. Apr. 30 1 Freeport Texas Co.(quar.)
BandiniPetroleum (monthly)
*8731c June 1 *Holders of reo. May lb
Galland Mercantile Laundry (quar.)
Bankers Investment Trust of America
41173.4c Sept. 1 *Holders of reo. Aug. 15
Quarterly
•15o. June 30 'Holders of rec. June 15 1
Debenture stook (guar.)
O
1714c Dee. 1 *Holders of rec. Nov. 15
Quarterly
•150. Sept.30 *Holders of roe. Sept. 15 1
Debenture stook (guar.)
51.75 June 1 'Holders of rec. May 15
•
Gates Rubber, pref.(guar.(
•150. Doe. 31 *Holders of roe. Dec. 15
Debenture stock (guar.)
Name of Company.
3287
FINANCIAL CHRONICLE
MAY 2 1931.1
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closer..
Days Inclusive.
Miscellaneous (Cantinas:).
Miscellaneous (Continued).
*Holders of rec. July 20
400. May 15 Holders of reo. Apr. 300 Minnesota Valley Can, pref.(qUar.)---- 154 Aug.
General Alliance Corp.(guar.)
Nov.
*Holders of rec. Oct. 20
Preferred (guar.)
lk June 1 Holders of roe. May 220
General Cigar, Inc., Pref.(guar.)
•13i Feb1'3 *Holders of rec. Jan. 2032
Preferred (guar.)
•650. July 1 *Holders of rec. June 20
Gibson Art Co., common guar.)
250 May 30 Holders of rec. Apr. 30
Mohawk Mining
*650. Oct. 1 *Holders of rec. Sept. 19
Common (guar.)
*Holders of rec. June 20
Montgomery Ward & Co., class A (qu.). 0$1.75 July
•650. Janl'32 *Holders of reo. Dee. 19
Common (guar.)
Holders of rec. May 1
750 May 1
Moody's Investors'Service. part. Pf.(qu)
134 June 1 Holders of rec. May 20
Publishing, Pref. ROLL
Globe-Democrat
Holders of rec. May 20
134 June
Muskogee Company, pref. (guar.)
1 *Holders of reo. June:20
•250. July
Globe Grain & Milling coin. 0:M10
700, July 1 Holders of rec. June 190
National Biscuit, corn.(guar.)
•43540 July 1 *Holders of rec. June:20
First preferred (quar.)
134 May 2 Holders of rec. May 150
Preferred (guar.)
*50o. July 1 *Holden of rec. June 20
Second preferred (qua?.)
os2
May 1 *Holders of reo. May 1
National Casket, common
*35c. July 25 *Holders of reo. July 7
Globe Knitting Works. pref
'Sc. May 1 *Holders of reo. Apr. 30
(mthly July 1 Holders of rec. June la National Industrial Loan Corp.
Tire & Rubber, 15t pl.
Goodyear
*Holders of reo. May 31
June
"el
Monthly (payable in stock)
June 1 Holders of reo. May 15
50o.
-.-Gorham Manufacturing, corn. (on.)
"50. July 1 *Holders of rec. June 30
Monthly
'12340 June 30 *Holders of rec. June 20
Grand Rapids Varnish (guar.)
Holders of reo. May 290
lei June 1
75o. June 1 Holders of rec. May 180 National Lead, pref. A (guar.)
Grand Union Co., pref.(guar.)
*3714o May 1 *Holders of rec. May 1
250. July 1 Holders of rec. June 120 National Refining, com.(guar.)
Grant(W.T.) Co.(guar.)
- *14 May 1 *Holders of rec. Apr. 30
Nat. Securities Invest., pref.(guar.).
.
.. ...
•400. July 31 _
Grant Lunch Corp., oom
Holders of rec. May 29a
500. June 1
National Steel Corp.(guar.)
*200 Juno 30 *Iolders ofrec. June 29
8% Preferred (guar.)
11 May 1 Holders of rec. May 5a
National Supply,common (guar.)
•200 Sept. 30 *Holders of reo. Sept.30
8% preferred (guar.)
•
'Holders of rec. May 20
June
Neiman-Marcus Co., prof. (guar)
0200 Doe. 31 *Holders of roe. Dec. 15
8% preferred (guar.)
*Holders of rec. Aug. 20
Sept.
Preferred (guar.)
250 May 15 May 6 to May 25
Great Lakes Dredge & Dock (qua?.) -.•1% Dee.
*Holders of rec. Nov.20
Preferred (guar.)
•300 Aug. 15 *Holders of rec. Aug. 1
Greenway Corp., corn
May 1 Holders of rec. May la
2
Neptune Meter, pref.(guar.)
•300 Aug. 15 *Holders of rec. Aug. 1
Common B
Aug. 1 Holders of rec. Aug. is
2
Preferred (qua?.)
*31.50 Aug. 15 *Holders of rec. Aug. 1
Participating preferred
Nov.1 Holders of reo. Nov. is
2
Preferred (guar.)
•50c Aug. 16 *Holders of rec. Aug. 1
Participating preferred (extra)
*Holders of reo. May 15
- •1x June
Newberry (J. J.) Co., pref. (guar.).
•50o June 1 *Holders of rec. May 20
Gruen Watch. corn.(guar.)
May 1 *Holders of rec. Apr. 30
New Engl. Furniture dv Carpet. Pf.(qu.)
0134 Aug. 1 *Holders of rec. July 29
Preferred (guar.)
New England Grain Prod.
let pref.(guar.).- nyi May 16 *Holders of rec. Apr. 29
Guggenheimer & Co.,
*Holders of reo. July 14
Aug.
Cora.(1-100 share in pref. A stook)
•250. June 1 *Holders of rec. May 15
Hale Bros. Stores (qua:.)
Feb11 *Hold,of coo. Jan. 14'32
Corn.(1-100 share in Prof. A stoat) -Hamilton Bank Note Dag. & Ptg. (qu.) '2340 May 15 *Holders of rec. May 1
"Holders of reo. June 20
•$1.75 July
$7 preferred (guar.)
•5200. May 15 *Holders of rec. Apr. 30
Hamilton Loan Society (Pa.).001n
*Holders of coo. Sept. 20
•$1.75 Oct.
*5734 ct May 16 *Holders of rec. Apr. 30
$7 preferred (guar.)
Common (extra)
O61.75 Jan21 *Holders of reo. Dec. 20
$7 preferred (guar.)
150. May 29 Holders of roe. May 9a
Hamilton Watch,common (monthly)...
*51.50 July 1 *Holders of reo. July 1
Preferred A (guar.)
134 June 1 Holders of rec. May 9a
Preferred (guar.)
•$1.50 Oct. 1 *Holders of roe. Oct. 1
Preferred A (qua?.)
•250. May 1 *Holders of roe. Apr. 30
Hammermill Paper (qusz.)
*51.50 Ja15'3 *Hold, of reo. Jan. 2'32
Preferred A (guar.)
Harbison-Walker Retrac., corn. (guar.). 50c. June 1 Holders of rec. May '22a
Holders of rec. Apr. 260
500. May
134 July 20 Holders of reo. July 10a New Jersey Zino (guar.)
Preferred (guar.)
*500 May 1 *Holders of roe. May 1
Nineteen Hundred Corp., ol. A (Qua?.)
May 29 *Holders of rec. May 14
Hart, Schaffner dz Marx. corn.(qua:.).. .1
*500 Aug. 1 *Holders of reo. Aug. 1
Class A (guar.)
•1
Aug. 81 *Holders of rec. Aug. 15
Common (guar.)
•500 Nov.I 'Holders of ree. Nov. 1
Class A (guar.)
Nov. 30 *Holders of rec. Nov. 14
*1
Common (quer.)
North Amer. Invest. Corp., corn.(guar.) O500 May 2 *Holders of rec. Apr. 30
.750. May 1 *Holders of rec. May 1
Hartford Times, partlo. pref.(OW.)
Holders of rec. Apr. 27
$2.56 May
we. May 30 Holders of rec. May 150 North German Lloyd, Amer. shares.
Hawaiian Pineapple (guar.)
*Holders of res. May 15
June
134 May 15 Holders of roe. May ea NorthernDiscount, pref. A (mthly.)..'682-30
Hercules Powder, pref. (qua:.)
*Holders of reo. June 15
•882-30 July
Preferred A (monthly)
(qua:.)... $1.25 May 15 Holders of rec. Apr. 26a
Hershey Chocolate, common
'Holders of reo. July 15
882-30 Aug.
Preferred A (monthly)
May 15 Holders of reo. Apr. 250
$I
Convertible preferred (guar.)
662-30 Sept. *Holders of rec. Aug. 15
Preferred A (monthly)
July 1 *Holders of rec. June 20
*2
Hewitt Bros. Soap. pref. (guar.)
*Holders of rec. Sept. 15
862-3c Oct.
Preferred A (monthly)
Oct. 1 *Holders of reo. Sept. 211
*2
Preferred (guar.)
*Holders of rec. Oct. 15
662-30 Nov.
Preferred A (monthly)
Janl'32 *Holders of rec. Dec. 20
*2
Preferred (guar.)
*Holders of reo. Nov. 15
682-Sc Dec.
Preferred A (monthly)
25c May 27 Holler, of ree. Mar. 20
Hibbard Spencer Bartlett & Co.(mthly.)
662-3c Joni'3 *Holders of rec. Dec. 15
Preferred A (monthly)
250 May 29 Holders of roe. May 22
Monthly
"Holders ot rec. May 15
June
*1
250 June 26 Holden of roe June 19
Preferred 0(monthly)
Monthly
"Holders of rec. June 15
July
•1
Preferred 0(monthly)
corn.(qua:.)...'62340 June 1 *Holders of rec. May 18
Hobart Manufacturing.
*Holders of rec. July 16
Aug.
*I
Preferred 0(monthly)
Holt (Henry) de Co.. class A (guar.).
- *45c. June 1 *Holders of rec. May 11
Sept. "Holders of rec. Aug. 16
1
.1
*600. May 15 *Holders of rec. May 1
Preferred 0(monthly)
Hormel(Geo. A.) dr Co.. corn.
'Holders of rec. Sept. 15
Oct.
*1
Preferred 0 (monthly)
"1.34 May 15 *Holders of rec. May 1
Preferred B (guar-)
"Holders of reo. Oct. 16
Nov.
01.
Preferred 0(monthly)
*Holders of rec. June 20
•134 July
Howes Bros.. 7% Preferred (qderf.)
*Holders of rec. Nov. 16
• • Deo.
1
*Holders of rec. Sept. 20
Preferred 0(monthly)
•134 Oct.
7% Preferred (guar.)
rn 112 *Holders of reo. Deo. 15
*I
Dee. 3 *Holders of rec. Dec. 20
Preferred C (monthly)
•144
7% preferred (guar.)
400. May 15 *Holders of rec. May 1
Old Colony Investment Trust
•13.4 July
*Holders of rec. Juno 20
8% preferred (guar.)
200. May 15 Holders of reo. Apr. 30
*114 Oct.
Ontarlo Steel Products, cam.(qua:.)...
*Holders of rec. Sept. 2e
8% preferred (guar.)
154 May 15 Holders of reo. Apr. 30
Preferred (guar.)
6% preferred (guar.)
•134 Deo. 3 *Holders of rec. Dec. 20
July
Ontario Tobacco Plantations, pref.(qu.) 1
0
100. July 15 *Holders of rec. July 3
Illinois Brick (Qua?.)
1
Oct.
•30c. Oct. 15 *Holders of roe. Oct. 3
Quarterly
Preferred (quarterly)
Jan.'32
1
Preferred (quarterly)
•$1.75 July 1 *Holders of rec. June 20
Imperial Sugar. $7 prof.(guar.)
75o May 15 Holders of rec. Apr. 300
ODPenheim,Collins&Co.,Inc.,com.(q11.)
•$1.75 Oct. 1 *Holders of rec. Sept. 20
$7 preferred (guar.)
50o May 16 Holders of reo. Apr.229
(qua?.)...
Owens Illinois Glass common
*$1.75 Janl'32 *Holders of rec. Dee. 20
$7 preferred (qua:.)
1)4 July 1 Holders of rec. June 15
Preferred (guar.)
Incorporated Investors (stock dividend) *244 Oct. 15 *Holders of rec. Sept.21
June 27 Holders of coo. June 17
51
Paraftine Coe.,Inc., corn.(guar.)
Indiana Pipe Line (guar.)
25o. May 15 Holders of reo. Apr. 24
'
37)40 May 15 *Holders of reo. May 1
Parker Pen (guar.)
Industrial Credit Corp., corn. (guar.)._ 323.4e. May 15 Holders of rec. Apr. 30
*Holders of rec. June 30
Peabody Engineering, pref. (quar.)Industrial & Power Securities (qua:.)
•25e. June 1 *Holders of roe. May I
- '134 June 30 'Holders of reo. Sept.20
•IN Sept.30
Preferred (guar.)
Quarterly
•25e Sept. 1 *Holders of rec. Aug I
Dec. 31 'Holders of rec. Dec. 30
*1
Quarterly
Mc Dee. 1 *Holders of rec. Nov. I
Preferred (guar.)
*1834 May 15 *Holders of rec. Apr. 30
International Harvester. pref. (guar.)
134 June 1 Holders of rec. May 5a Peck Bros. & Co., corn.(guar.)
May 15 Holders if rec. May 5
sr
Penmans, ltd.. rommon lunar.)
International Shoe. pref. (monthly).- 0
500 June 1 *Holders of roc. May U.
624o June 1 *Holders of rec. Apr. 30
Intertype Corp., common (guar.)
25c May 15 Holders of rec. Apr. 30a Pennsylvania Investing cl. A(guar.)---- *
rec. Apr. 30
Corp.(mthly.).. *2.50. May 15 *Holders of
Petroleum Landowners
Ivanhoe Foods, Inc., $3.50 pref. (qU.) '87)4e July 1 *Holders of rec. June 20
*50o. July 10 *Holders of reo. June 30
Jantzen Knitting Mills. prof.(quer.).
Phoenix Finance Corp.. prof.(11151.)
111.75 June 1 *Holders of rec. May 26
*50c. Oet. 10 *Holders of reo. Sept.30
Jewel Tea, Inc.. corn. (guar.)
July 15 Holders of rec. July 1
Preferred (guar.)
$1
50o. Jn10•32 *Holders of rec. Dec. 31
•
Kalamazoo Vegetable Parchment(qu.)._ *1.5o June .30 *Holders of rec. June 20
Preferred (guar.)
Phoenix Mining & Smelt.(Germany)
*15c Sept.30'Holders of reo. Sept. 19
Quarterly
sts4 May 9 *Holders of rec. May 1
Amer. deposit receipts
*15e Doe. 31 *Holders of rec. Doe. 21
Quarterly
60c. May 16 Holders of rec. Apr. 25'
Procter & Gamble. corn, (guar.)
Kemper
-Thomas Co., corn. (qua:.)._. *75e July 1 *Holders of rec. June 20
May 15 Holders of rec. Apr. 24rt
SI
Pullman, Inc. (guar.)
Common (guar.)
•750 Oct. 1 *Holders of reo. Sept 20
.
0135 May 29 *Holders of rec. May
Quaker Oats, pref. (guar.)
•75c J'n 1'32 *Holders of rec. Dee. 20
Common (guar.)
Real Silk Hosiery Mills
*1.34 June 1 *Holders of roe. May 20
Preferred (guar.)
Holders of reo. June 19a
Corn. (guar.) (payable In corn,stook). 2)4 July I Holders of reo. Sept. 180
'134 Sept. 1 *Holders of reo. Aug. 20
Preferred (guar.)
Corn.(guar.)(payable In oom. stook). 234 Oct. 1 Holders of rec. Dec. 18a
Preferred (guar.)
'134 Dec. 1 *Holders of reo. Nov 20
Corn.(qua:.)(payable in ooze. stook). 214 Jan 1'32 Holders of rec. Oct. 1
Klein (D. Emil) Co., corn. (guar.)
•250 July 1 *Holders of rec. June 2t)
75e, Oct. 15
Republic Supply Co. (qua:.)
Knudsen Creamery. Class A & B (guar.) '373.4oMay 20 *Holders of moo. Apr. 30
"25e. May 15 *Holders of rec. May 1
Kroger Grocery & Baking, corn.(guar.).
Me June 1 Holders of rec. May d9a Reymer & Bros.(qua.)
I
.
300. May 15 "Holders of rec. May
el% July 1 *Holders of rec. June 20
Rich's, Inc.. corn,(guar.)
First preferred (guar.)
'134 June 30 "Holders of rec. June 15
634% preferred (guar.)
Second preferred (guar.)
*134 Aug. 1 *Holders of rec. July 21
Lake of the Woods Milling, pref.(guar.) 144 June 1 Holders of rec. May 16
Rio Tinto Co.. Ltd.
rec. Apr. 80
June 30 *Holders of reo. June 13
Am. dep, rots. ord, bearer shares.- •(a) May 7 *Holders of
Land Title Bldg. Corp., Phil&
*al
Apr. 30
780 May 16 Holders of rec. May 6
Am. dep. rots. pref. bearer shares-- •(Y) May 7 *Holders of reo. Apr. 30
Landis Machine. common (guar.)
*155 May 15 *Holders of reo.
Russ Bldg.,6% pref.(guar.)
Common (guar.)
750 Aug. 15 Holders of reo. Aug. 6
250. June 20 June 10 to June 21
Common (guar.)
St. Joseph Lead Co.(guar.
750 Nov.15 Holders of rec. Nov. a
250. Sept.21 Sept. 11 to Sept.21
•1k June 15 'Holders of roe. June 5
Preferred (guar.)
Quarterly
25c. Dec. 2 Dee. 11 to Dec. 21
Quarterly
Preferred (guar.)
'134 Sept.16 *Holders of ree. Sept. 3
144 May 15 Holders of rec. Apr. 30
4
.1,( Doe. 15 "Holders of rec. Dee.
St. Louis Car Co., pref.(guar.)
Preferred (guar.)
Sept. I *Holders of rrc. Aug. 16
Lanston Monotype Machine,(quar.)
134 May 29 Holders of rec. May 19
Saranac Pulp & Paper, stock dividend.- •e5
'1)4 May 16 *Holders of roe. May 1
Savage Arms, second pref.(guar.)
250. May 29 Holders of rec. May 19
Extra
5
*2
July 1 *Holders of reo. June 24
Lams & Bro. Co., preferred (quar.)
Schumacher Wall Board. Partin.IC 010) *50o. May 15 *Holders of reo. May 30
:.
12140 May 15 Holders of rec. Apr.
*2
Oot, 1 *Holders of reo. Sept.23
Seaboard Surety (guar.)
Preferred (guar.)
Sept if. *Holders of roe Seer I
oommon
*Holders of rec. May A
Lefoourt Realty Corp.. corn.(guar.).
- •40o. May 15
Sheaffer (W. A.) Pen Co.,
July 20 *Holders of rec. June 30
*2
300. May 29 Holders of rec. Apr. 30a
Lehigh Coal & Navigation,corn.(guar.)Preferred (guar.)
Oct. 20 *Holders of reo. Sept .30
750. June 1 Holders of rec. May 15
Lehn dr Fink Products(guar.)
Preferred (guar.)
May 1 *Holders of rec. Apr. 30
June 1 Holders of rec. May 150 Sherwin-Williams Co., corn. (quar.)---Liggett & Myers Tob.com.&com•B (qu.) $1
80o. June 1 May 16 to May 31
•12140 May 1 *Holders of rec. Apr. 30
Link Belt Co., com.(guar.)
Common (extra)
•1% June 1 *Holders of rec. May 15
*2
July 1 *Holders of rec. July 1
prof.(qua?.)
Lock Joint Pipe Co..
Preferred (guar.)
og
Oct. 1 "Holders of rec. Oct. 1
Preferred (guar.)
Simon (II.) dr Sons. Ltd., corn.(qua?.).. 82440 June 1 Holders of rec. May 20
Dee. 31 •Hold•rs of rec. flee. 81
Preferred (guar.)
144 June 1 Holders of rec. May 20
Preferred (guar.)
Loew's Inc., $6.50 prof.(guar.)
$1.625 May 15 Holders of rec. May Ia Sinclair Consol.011, pref.(guar.)
May 15 Holders of rec. May 14
2
1)4 June 1 Holders of rec. May 1 a Solvay Amer. Investment Corp.,pf.(qu.) 144 May 16 Holders of rec. Apr. 16a
Lord & Taylor, 1st pref. (guar.)
.134 July 1 *Holders of rec. June 15
Louisiana Oil Refining, pref.(guar.).- 134 May 15 Holders of rec. May
a Sorg (Paul A.)Paper Co., pref.(qua?.)..
•144 July 1 Holders of rec. June 20
Lunkenneimer Co., prof.(guar.)
37440 May 15 *Holders of rec. Apr. 39
Sou. Pao,
-Golden Gate, cl. A dr B qu.).•
•1% Oct. 1 'Holders Of roe. Sept..2
Preferred (guar.)
O114 May 15 *Holders of rec. Apr. 30
Preferred guar.)
'134 Jan 112 *Holder, of rec. Dec. 2
Preferred (guar.)
50o. June 1 Holders of roe. May 15
Southern Pipe Line (guar.)
Lynch Corporation (guar.)
*500 May 15 *Holders of rec. May
60c May 15 Holders of rec. May I
Standard Cap dr Seal, corn. guar.)
May 15 *Holders of rec. May
*el
Payable in stook
50c. May 15 Holders of rec. Apr. 30
Materials, corn. qu.)
Standard Paving &
Macy (It. H.) dr Co., common (guar.).750 May 15 Holders of coo. Apr. 2 a
134 May 15 Holders of rec. Apr. 30
Preferred (guar.)
Magnin(L)& Co.,6% pref.(quar.)---- '134 May 15 *Holders of rec. May
40e. May 15 Holders of rec. Apr. 30
Stein (A.)44 Co., corn,(qua?.)
*144 Aug. 16 *Holders of rec. Aug.
760, June 1 Holders of rec. May 150
6% preferred (guar.)
Sterling Securities Corp., 1st pf. (qu.)..
*144 Nov. 16 *Holders of rec. Nov.
300. June 1 Holders of rec. May 154
8% preferred (guar.)
Preferred (guar.)
'43340 June 30 *Holders of reo. June 15
Marathon Rasor Blade, Inc.(monthlY)- •11440 May 15 *Holders of ree. May
Stlx Baer dc Fuller, pref.(guar.)
•11440 June 15 'Holders of reo. June
Monthly
•43lie Sept.30 *Holders of MO. Sept.16
Preferred (guar.)
03440 July 15 "Holders of rec. July
Monthly
4
.43)(0 Dee. 31 *Holders of reo. Doe. 15
Preferred (guar.)
June 1 *Holders of rec. May 15
•3140 Aug. 16 "Holders of rec. Aug.
1
Monthly
pref. A (qu.) •
Strawbridge & Clothier,6%
•1134o Beet.15 'Holders of rec. Sept
250. June 15 Holders of rec. May 250
Monthly
Sun 011 (guar.)
•135 June 1 *Holders of roe. May 11
•3140 Oot. 15 "Holders of rec. Oct.
Monthly
Preferred (guar.)
900. May 15 Holders of rec. May 5a
•344o Nov. 15 *Holder, of roe. Nov.
Monthly
Thatcher Manufacturing, prof.(Qua:.)..
13.4 May 15 Holders of reo. Apr. 17,,
•340 Dec. 15 "Holders oll
DIM
Monthly
'ride Water Oil, pref.(qua?.)
200. May 15 Holders of rec. Apr. 27a
•26o May 15 *Holders of rec. Apr. 30
May Radio dr Television (guar.)
Tobacco Products Corp., class A (qu.)..
May 15
5
260 June 1 Holders of rec. May la Tobacco Securities Trust (interim)
McIntyre Porcupine Mines (guar.)
*25c. May 11 *Holders of rec. Apr. 30
144 June 1 Holders of rec. May 15a Truns Pork Stores, Inc.(guar.)
Mengel Company, pref.(guar.)
July 1 Holders of res. June 17
'134 June 1 *Holders of rec. May 21
2
Corp., preferred (guar.)
Tru.soon Steel, pref. (guar.)
Merck
•500. May 9 *Holders of rec. Apr. 17
Mickelberry's Food Products, corn.(qu.) *160 May 15 *Holders of rec. May 1
Union 011 Associates (guar.)
500. May 9 Holders of rec. Apr. 17a
May 15 "hosiers of rev. May I
Common (payable In oem.stook)... _
Union Oil of Calif.(guar.)
.
3234c June 1 *Holders ofr cc. May 9
Aug. 15 "Holders of rec. Aug. 1
Common (payable In coin. stock)_
/244
0
United Amer. Utilities, class A
June 1 Holders of reo. May 164
Common (Payable in corn. stook).-- •/244 Nov. 16 'Holders of roe. Now •
United Biscuit of Amer.(qua?.)
*3
July 1 *Holders of res. June 20
Midland Grocery, prof
United Cigar Stores of Amer., pref.(qu.) 134 Aug. 1 Holders of reo. July 10a
134 Nov. 2 Holders of reo. Oct. 9a
Minn. Moline Power Implement (qu.)... $1.62 May 15 Holders of rec. May 6a
Preferred (War.)
(ra.). 134
3288
FINANCIAL CHRONICLE
Per
Wien
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
United Piece Dye Works,coin.(quar.)-500. Aug. 1 Holders of rec. July 154
Common (quar.)
500. Nov. 1 Holders of reo. Oct. 15e
Preferred (quer.)
July I Holders of rec. June 200
Preferred (quar.)
1 Si Oct. 1 Holders of rec. Sept. 19a
Preferred (quar.)
IH Jan1'32 Holders of rec. Deo. 19c
United Stores Corp., pref.(Wm.)
June 15 Holders of rec. May 29a
$1
U.S. Fidelity & Guaranty (Bait.)(qu.). .50c. May 15 •Holders of rec. Apr. 30
U. B. Playing Card (guar.)
•62)ic July 1 *Floiders of rec. June 20
U.S. Realty dt Irnpt.(quar.)
50c. June 15 Holders of rec. May 16
United States Pipe & Fay.. corn. (qu.)
50c. July 20 Holders of roc June 30a
Common (quar.)
500. Oct. 20 Holders of rec. Sept. ?..0c
Common (quar.)
50e. Jn20'32 Holders of rec. Dec. 310
First preferred (quar.)
30e. July 20 Holders of rec. June 30c
First preferred (quar.)
30e. Oct. 20 Holders of roe. Sept. 30c
First preferred (quar.)
30c. Jn20'32 Holders of rec. Dec. 314
Utility Equities Corp., priority stock
$2.75 June 1 Holders of rec. May 15
Utility dc Industrial Corp., pref. (quar.) 3714c May 20 Holders of rec. Apr. 30
• 54 June 10 °Holders of roe. June 1
1
Vapor Car Heating, pref. (quar.)
Preferred (quar.)
•15( Sept. 10 *Holders of rec. Sept. 1
Preferred (quar.)
•141 Dee. 10 °Holders of reo. Dec. 1
Vogt Mtg. (guar.)
.25c. July 1 •Holders of rec. June 15
Waltham Watch. 6% pref. (quar.)
•50c. July 1 *Holders of rec. June 22
6% preferred (quar.)
.50c Oct. 1 *Holders of rec. Sept.21
Warner Bros. Pictures, Inc., pref. (qu.)_ 96 Hc June 1 Holders of rec. May.110
Weber Showcase & Fixture, 1st pf.(qu.)_ *50c. June 1 *Holders of rec. May 15
West Va. Pulp & Paper,6% Pref.(q11.)
134 May 15 Holders of rec. May I
6% preferred (quar.)
1Y4 Aug. 15 Holders of rec. Aug. 1
6% preferred kitiar.)
13.6 Nov. 16 Holders of rec. Nov. 2
Western Dairy Products, pref. A (qu.) •$1.50 June 1 *Holders of rec. May 11
Western Exploration (quar.)
.2Sic June 20
Will & Baumer Candle. corn. (quar.) --100. May 15 Holders of rec. May 1
Preferred (quar.)
2
July 1 Holders of rec. June 15
Winsted Hosiery, corn. (quar.)
.24 Aug. 1 *Holders of rec. July 15
Common (quar.)
.2xi Nov. 1 *Holders of rec. Oct. 15
Woolworth (F. W.) Co., corn.(quar.)
60c. June 1 Holders of ree. Apr. 200
Wrigley (Wm.) J. Co.(monthly)
500. June 1 Holders of reo. May 20a
Monthly
250. July 1 Holders of rec. June 200
Wuriltzer (Rudolph). Pref. (guar.) ___
July 1 *Holden) of rec. June 20
Zinke Renewing Shoe Corp.. corn. (qu.)- •1
July 2 *Holders of rec. June 15
Common (quar.)
•1 Fio. Oct. 2 •Holders of rec. Sept. 5
Preferred (attar.)
.30. July 2 •Holciers of rec. June 15
Preferred (quar.)
.30. Oct. 2 °Holders of rec. Sept. 15
•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
ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
S Western Continental Utilities corn. A dividend Is payable In cash unless stockholder notifies company within ten days of stock of record date of his desire to
take stock-1-40th share class A stock.
d Correction. e Payable in stock.
I Payable in common stock. g Payable in scrip. S On account of accumulated
dividends. I Payable in preferred stock.
f Electric Shareholdings preferred dividend is optional-$1.50 cash or 44-1,000th
share common stock.
k Blue Ridge Corp., Pref, dividend is payable In common stock at rate of 1-32nd
share unless holder notifies company on or before May 15 of his desire to take
cash, 75c. per share.
I McKesson & Bobbin dividend optional cash or 1-32nd share of common stock.
p American Cities Power & Light class A dividend is payable in class 11 stock
at rate of 1-32d share, unless holder notifies company by April 14 of his desire to
take cash. 75c.: class 13 dividend Is payable In class B stock.
co Less deduction for expenses of depositary.
p Rio Tinto ordinary stook div. Is 10 shillings and pref. dividend 2 shilling 6 pence.
Weekly Return of New York City Clearing House.
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, page 3812-13. The figures
given below therefore now include returns from these two
new members, which together add 835,750,000 to the capital,
837,753,100 to surplus and undivided profits, $177,304,000
to the net demand deposits and 8106,486,000 to the Time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. APRIL 25 1931
• Capital.
Clearing House
Members.
*Surplus and
Undivided
Profits.
Net Demand
Deposits,
Acerage.
Time
Deposits,
Average.
$
$
$
6,000,000
14,363,800
64,839,000
22,250,000
285,272,000
54,517,900
36,775.300
162,404,000
33,423,200
110,000,000 114,744,200 a1,004,183,000
21,000,000
43,709,800
235,850,000
90,000,000 208,068,600 6965,918,000
16,528,000160.854.000
16,200,000
88,207,800
21,000,000
398,531.000
32,579,200
15,000,000
185,662,000
10,000.000 115,830,900
244,733,000
85,285,400
50,000,000
396,122,000
12,422,000
11,341,900
6,000,000
148,000,000 210,812,700 c1,320,584,000
25,839,000
3,897,100
500,000
87,395,200 d426,934.000
25,000,000
24,988,800
36,697,000
10.000,000
44,314,000
9,551,400
10,000,000
17,200,000
4,526,500
3,000.000
172,730,000
36,051,800
12,500,000
45,941.000
10,013.800
7,000,000
28,138,000
2,642,200
2,000,000
40,093,000
13,805,400
8,250.000
137,211,000
23,947.700
27,500,000
Bank of N. Y.& Tr. Co.
Bk.of Manhattan Tr.Co.
Bank of Amer.Nat.Ass'n
National City Bank____
Chem. Bk. & Trust Co__
Guaranty Trust Co
Chat. l'h. N. Elk.&Tr.Co
Cent. Han. Bk.& Tr. Co
Corn Each. 13k. Tr. Co
First National Bank....,.
Irving Trust Co
Continental Bk.&Tr.Co_
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar. & Trust Co
Marine Midland Tr. Co..
Lawyers' Trust Co
New York Trust Co........
Com'l Nat. Bk. & Tr. Co
Harriman Nat. Bk.& Tr.
Public N. B.dr Tr. Co-.
Manufacturers Trust Co.
Clearing Non-Member.
Mech. Tr. Co., Bayonne
$
13,766,000
55,6513.000
54,967.000
212,580,000
29,118,000
132,931,000
33,646.000
86,098,000
37.888,000
31,193,000
48,987,000
978.000
201,050,000
3,153,000
77.578,000
1,606,000
8,155.000
2,896,000
51,931,000
4,735,000
6,320,000
35,698,000
70,788,000
2.683,000
5,307,000
500,000
RSQ A7S
nna 1
909,700
947 148000
6.415.244.000 1.207.025.000
• As per official reports: National, March 25 1931 State, March 25 1931; trust
companns, March 25 1931.
Includes deposits In foreign branches as follows: (a) 5283,800,000; (b) $122,280.000; (c) $126,872,000, (d) $56,778,000.
[VOL. 132.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending April 24:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING BUSINESS
FOR THE WEEK ENDED FRIDAY. APRIL 24 1931
NATIONAL AND STATE BANKS-Average Figures.
Loans,
DLIC. and
Invest.
(nherCash Rea. Dep., Dep. Other
Including N. F. and Banks and
Gross
Gold. Bk.Notes Elsewhere. Trust Cos. Deposits.
Manhattan5
$
Bryant Park Bk_
1,655,000 70,500
Grace National__ 21,522,008 1,500
Brooklyn
Brooklyn Nat'l__
9,834.800 20,000
Peoples Nat'l___
6.870,000 5,000
$
$
$
$
72,200
401,100
1,235,801
71,171 1,786,356 1,522,107 18,558,587
154,900
103,000
577.800
496.000
602,500
139,000
7,359,201
7,040,001
TRUST COMPANIES-Average Figures.
Loans,
Disc. and
Incest.
Manhattan
Bank of Europe & Tr
Empire
Federation
Fulton
United States
Brooklyn
Brooklyn
Kings County
Bayonne, N. J.
Mechanics
Cash.
Res. Den., Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
Gross
Deposits.
$
$
296,200
694,143
13,711,250
82,481,400 *4,493,700 7,435,600
16.009.246
127,093 1,084,767
630,000
21,103,700 *2,449,900
70,550,912 4,066,667 14,307,420
12,773,700
2,953,100 81,639,700
327,619 15.811,556
135,500 19.406,800
59,521,945
2.178,000 21,879,000
2,204,700 3,565,678
1,972,000 121.961,000
27,130,658
120,611.000
28,046,515
8,349,829
287,904
841,082
298,989
8,352,056
• Includes amount with Federal Reserve Bank as follows: Empire, $3,116,600;
Fulton, $2,255,300.
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended
April 29
1931.
Changes from
Previous
Week.
Week Ended
April 22
1931.
Week Ended
April 15
1931.
$
$
$
$
94,075,000 Unchanged
Capital
94.075,000
94,075,000
97.216,000 Unchanged
Surplus and profits
97.216.000
97,216,000
Loans, dIsc'ts & invest'ts_ 1,033.429,000 -13,306,000 1,046.735.000 1,049,135,000
617,033,000 -5,906,000 622,939.000 624,516,000
Individual deposits
158,418,000 -6,105,000 164.523.000 168,586,000
Due to banks
280,466,000
+1,787.000 278.679.000 279.385.000
Time deposits
23,532,000 -8,202,000
31.734,000
United States deposits...
31.568,000
19,452,000
-591,000
Exchanges for Clg. House
23,848.000
20,043,000
Due from other banks
113,283,000 -7,768,000 121,051,000 130,934,000
81,866,000 -2,273,000
Res've in legal deposit'les
82,717,000
84.139.000
5,820,000
Cash In bank
+115,000
5,808.000
5.705.000
Rt....VP In fixer.inF.R.Bk
2.806.000 -1.536.000
4.342.000
2.744.000
Philadelphia Banks.
-Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
April 25
1931.
Capital
83,202.000
Surplus and profits
258,551,000
Loans, dismal. and invest.. 1,558,247,000
Exch. for Clearing House
29,168,000
Due from banks
134,161.000
Bank deposits
250,414,000
Individual deposits..... 793,813,000
Time deposits
429,699,000
Total deposits
1,473,926,000
Reserve with F.R. Bank_ 122,975,000
Changes from
Previous
Week.
Week Ended
Apr. i 8
1931.
Week Ended
Ape. 11
1931.
3
Unchanged
83,202.000
83.202,000
Unchanged
258.551.000 258.367,000
-3,154.000 1,561,401,000 1.557.772,000
+696,000
28.472.000
25.299,000
-24,177,000 158,338,000 175.645.000
-14,276,000 264.690.000 281,578.000
-20,754,000 814.567.000 81 0,695.000
-678,000 430.377,000 429.555,000
-3.5,708,000 1.509,634,000 1.621,828.000
-4,225,000 127.200,000 127,308,000
3289
FINANCIAL CHRONICLE
MAY 2 1931.]
Weekly Return of the Federal Reserve Board.
The followingls the return issued by the Federal Reserve Board Thursday afternoon, April 30, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we pre,sent the results for the System
as alwhole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
Thelsecond table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest,week appears on page 3248, 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 APRIL 29 1931.
Apr. 29 1931. Apr. 22 1931. Apr. 15 1931. Apr.8 1931. Apr. 1 1931. Mar.25 1931. Mar.18 1931. Mar.11 1931. Apr. 30 1930.
$
$
$
$
$
$
, RESOURCES.
$
$
$
1,782,314,000 1,782,614.000 1,760,114,000 1,733,114.000 1,725,124,000 1,729,624.000 1,710.384,000 1.715.384,000 1,642,214,000
Go11:with Federal Reserveagents
33.118,000
41,097,000
33,005.000
32,672.000
32,529,000
32.529,000
32,848,000
32,529,000
32.848,000
Gold_redemption fund with.U. S.:Press_
Gold held exclusively agst. F. R. notes 1,814,843,000 1.815,143,000 1.792,643.000 1,765,962.000 1,757,772.000 1,762,296,000 1.743.389,000 1,748,502,000 1,683,311,000
Gold settlement fund with F. R. Board_ - 553,543,000 557.493,000 523,304,000 540.763,000 508,978.000 504,271.000 519.463,000 500,222,000 634,847,000
Gold and gold certificates held by banks.. 806,323,000 790,187,000 825,911.000 824,296,000 848,452.000 859,801,000 853,022,000 847,650,000 754,502,000
Illi
3,174,709,000 3,162,823,600 3,141.858,000 3.131.021,000 3,115,202,000 3,128,368,000 3,115.874,000 3,098,374,000 3,072,660,000
Total gold reserves
177,359,000 183,527,000 176,015,000 177,992,000 180,008,000 183,894,000 178,265,000 184.172,000 178,937,000
Reserves other than gold
,
3,352.068,0003.348,350,000 3,317,873,000 3.309,013,000 3.295.210.000 3.310,262,000 3,294,139.000 3,280,546,000 3,251,597,000
Total reserves
62,607,000
78.878,000
74,791,000
74,333,000
72.118,000
70,673,000
76,178,000
73,954,000
Non-reserve cash
78,100,000
Bllbs discounted:
49,628,000 105,979,000
52.892.000
61,950,000
44.415,000
61,468,000
40,336.000
57,747,000
45,700.000
Secured by U. S. Govt. obligations,90,835,000
93.683,000
91.868,000
96,885,000 105,883,000 103,475,000 109,030.000 122.922,000 127,473,000
Other bills discounted
155,151,000 135,250.000 132.004,000 142,585,000 163,630,000 165,425.000 161,922,000 172,550,000 233,452,000
Total bills discounted
83,272,000 122,550,000 151.402,000 209,564,000
169,765,000 151,611,000 131,479.000 171.729,000 166.622.000
Dills bought in open market
U. S. Government securities:
66,136,000
76,025,000
68,959,000
66,633.000
65,711,000
60,457,000
65,722,000
66,600,000
66,719,000
Bonds
53,223.000 178,195,000 175,491,000
63,227,000
52.232,000
52,229,000
52,229,000
83,226.000
59.225,000
Treasury notes
485,620,000 480,586,000 480.684,000 472,711,000 468,537,000 468,698,000 497.564,000 350,484,000 287,882.000
Certificates and bills
Total U. S. Government securities
Other securities (see note)
598.306.000
350,000
598,529,000
598,635.000
598,655,000
598.363.000
598,558,000
817,746.000
604,704.000
529,509,000
9,700,000
Total bills and securities (858 note)---Due from foreign banks (see note)
Federal Reserve notes of other banks
923,572,000
697,000
13,302,000
469,010.000
58,420,000
17,102,000
885.390,000
697.000
16.159.000
523,411,000
58,420,000
16,741,000
862.118.000
697.000
15.981.000
598,488,000
58.417.000
16.963,000
912.969.000
697,000
14.383.000
475.629,000
58,364,000
17,287.000
928.615.000 847.255,000
710,000
707,000
14,959,000
13.808.000
501,567,000 464.466.000
58,323,000
58.338,000
18.546.000
17,617.000
902,218,000
703.000
14.772.000
583,821.000
58,297.000
16.073.000
928.856,000
898,000
14,664,000
461,472,000
58.243,000
19,850,000
982,225,000
711,000
20.968,000
585,651,000
58,580.000
11,542,000
Bank premises
All other resources
Total resources
LIABILITIES.
,
V. R notes In actual circulation
Deposits: .
Member banks-reserve account
Government
Foreign banks (8ee note)
Other_deposits
4.906.846,0004.919.286.000 4,946,715.000 4,866,442,000 4.889.618,000 4.786,854,000 4,924,814.000 4.843,007,000 4,973,881,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2.462.840.0002.435.792,000 2,406,190,000 2.442,507.000 2.446,218.000 2.432,787.000 2,465,258.000 2.490,771,000 2,433,933,000
457.272,000 498.113,000 566.027.000 460,439,000 487,811,000 454,585,000 559.941,000 448,988,000 562,769,000
168,812,000 168,690,000 188.738.000 168.713,000 188.825.000 168,894.000 189.004.000 189,024,000 174,209,000
274,636,000 274,636,000 274,838.000 274.636.000 274.636.000 274,636.000 274.836.000 274,838,000 276,936.000
13,733,000
18,766,000
14.154.000
14,257,000
15,744,000
15,544,000
15.408,000
14,515,000
15.004,000
1,527.740,000 1.526,511,000 1,515.716.000 1,505.143,000 1.497,811.000 1,441.715,000 1,441.823,000 1,445,855,000 1,507,268,000
2,407,529,000 2,379,785,000 2.358.415.0002.388.700,000 2,391.814.000 2,357.011.000 2,436.383.000 2,435.520,000 2,384.721,000
33,124.000
23,674,000
2.535,000
31,037,000
29,638,000
51,404,000
18.859.000
29,884,000
29,140,000
5,183,000
5,365,000
5,234,000
5,086,000
5.495.000
5,683.000
5,183.000
5,151,000
5,243.000
000
21,104.000
16,
944.000
21.173.
18,591,000
19,266.000
20.874,000
25,733,000
18,680.000
20,113.000
4,908,844.000 4,919,286,000 4,946,715.000 4.866,442,000 4.889.616,000 4.788.854.000 4.924,814,000 4.843,007,000 4,973,881,000
Total liabilities
Ratlo of gold reserves to deposits and
78.6%
77.9%
79.7%
80.8%
80.1%
F. R. note liabilities combined
79.8%
80.2%
79.5%
79.1%
Ratio of total reserves to deposits and
83.3%
82.5%
84.3%
85.4%
84.5%
F. It. note liabilities combined
84.6%
83.8%
84.0%
83.5%
Contingent liability on bills purchased
for foreign correspondents
410,076,000 422,880,000 424,148,000 429,538,000 480,784,000 437,233,000 453,072,000 460,945,000 465,458,000
Maturity Distribution of Bills and
Short-Term Secur0ies1-13 days bills bought in open market1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness1-15 days municipal warrants
16-30 days bills bought In open market
16-30 days bills discounted
18-30 days U.S. certif. of indebtedness16-30 days municipal warrants
81-60 days bills bought In open market
81-80 days bills discounted
81-60 days U. S. certif. of indebtedness81-60 days municipal warrants
61-00 days bills bought in open market_
61-90 days bills discounted
81-90 days U.S. certif. of Indebtedness
01-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
$
$
$
2
$
$
$
95.439.000
78,833,000
5,000,000
69,331.000
73,825,000
95.149,000
82,837,000
120,934.000
100,857.000
54.399,000
102,694.000
74.872.000
95.670.000
45.000.000
78,336,000
100,829.000
110,370,000
149,986,000
1,580,000
27,321,000
12,065.000
19,200,000
29.167,000
12,564,000
19.200,000
35.918.000
14,367,000
5.000.000
53.580.000
13,949.000
6,000,000
31.829.000
14,452.000
17,835,000
14.152,000
26.095.000
18.081,000
49,372,000
18,725.000
44,260,000
17,292,000
26,000,000
22,301.000
19,123,000
89,718,000
13.097,000
19,451,000
91.716.000
14.432,000
19.640,000
29,422.000
19.539.000
21,035.000
24.500,000
10,779.000
21,857.000
38,000,000
9.606.000
22,426,000
36.000.000
19,919,000
23,102,000
8,000.000
21.695,000
25.377,000
2,000,000
39,864,000
29,723,000
50,802,000
18,440,000
13,143,000
45,300,000
13.800.000
12.333,000
40.300.000
11,661,000
12.291.000
122,794.000
3.223.000
13.665.000
134,726.000
2,891.000
14,744,000
120,216.000
1.245.000
14.236.000
113,718.000
1.434.000
15,132.000
158.717.000
1.760.000
15,742,000
30,000.000
11,913,000
18,878,000
39,500,000
308,000
12,504,000
326,404,000
108.000
12,089.000
324.370.000
139.000
11,881,000
23,468,000
238,000
11.699,000
307,485.000
190.000
11.720.000
312,321,000
127,000
11,917,000
318,980.000
230,000
11,957.000
297,847,000
239,000
11.877,000
318,484.000
3,157,000
17.573,000
170,000.009
FED. RESERVE NOTE STATEMENT.
F. R. notes received from Comptroller
F.R. notes held by F. R. Agent
Issued to Federal Reserve Banks
$
$
101.395.000
98,316,000
5,000.000
3,100,743,000
1,273,756,000
1,932,278,000 1.939.247.000 1,929,937,000 1,911,513,000 1,895,399,000 1.874.535,000 1,871.904.000 1,861,648,000 1,826,987,000
Collateral Held by Agent as Security for
Notes Issued Co Bank
612,034,000 620.134,000 620.134.000 823,134,000 623,144.000 618.144.000 618.854.000 618.654,000 402,108,000
By gold and gold certificates
Gold redemption fund
1,170,280,000 1.162.480,000 1,139,980.000 1,109.980,000 1.101,980,000 1,111.480,000 1,091.730,000 1.096,730,000 1,240,106,000
Gold fund-Federal Reserve Board
300,969,000 281,546,000 254,107,000 299,262,000 301,556,000 239.742.000 256.650.000 288,207,000 430,807,000
By eligible paper
2,083,283,000 2.044,160,000 2,014,221,000 2.032.376.000 2.028.880.000 1,969,366,000 1.987,034.000 2.003,591000 2,073,021,000
NOTE.
-Beginning with the statement of Oct. y 1925, two new items were added in order to show separately the amount o balances held abroad and amounts due 80
caption,
other earning assets," previously made up o Foreign Intermediate Credit Bank debentures, was changed to "other
foreign correspondents. In addition, the
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 of the dlsacceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act which, It was stated, are the only items Included therein.
punts.
Total
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 29 1931
Two Ciphers (00) omitted.
Federal Reserve Bank of-
Total.
Boston.
New York.
Phila.
Cleveland, Richmond Atlanta, Chicago. St. Louis. Minneap. Kan.Otty, Dallas. San Fran.
$
5
RESOURCES.
3018 with Federal Reserve Agents 1,782,314,0 146,917,0
32,529,0 1.198,0
1016 red'n fund with U.S. Tress_
$
5
$
$
$
$
$
361,919,0 160,000,0 192,550,0 84 070 0 139 400 0 276 900 0 69,880,0
13,244,0 1,105,0 2.537,0 '
8
699:0 1:021:0 3:9 5:0 1,520,0
Gold held excl. allot. F. R.notes 1,814,843,0 148,115,0 375,163,0 161,105,0 195,087,0 84 769 0 140 421 0 280 885 0 71,400,0
1
3018 settle't fund with P.R. Board 553,543,0 31,754,0 189,970,0 53,683,0 43,314,0 15'602 0 17'367'0 114
.121:0 23,9 0,0
,
3016 and gold Ws.held by banks_ 808,323,0 31,551,0 523,235,0 27,828,0 65.501,0 5:612:0 7: 68: 77 059.0 11,197,0
:
5
0
-3,174,709,0 211,420,0 1,088.368,0 242,416,0 303,902.0 105 983 0 165 356 0 472 065,0 106.507,0
Total gold reserves
177,359,0 15,167,0
59,255,0 8.322,0 16.0270 10:853:0
7
Reserve other than gold
2
2
6
:57 :0 1:3 2,0 9,714,0
$
5
$
3
45,815,0 65,000,0 24,100,0 215,763,0
764,0 4,438,0
669,0 1,349,0
48,484,0 66,349,0 24,884,0 220,201,0
11,939,0 15,778,0 12,413,0 23,892,0
5.168,0 11,090.0 4,989.0 35,725,0
63,591,0 93,217,0 42,266,0 279.618,0
4.019,0 7,568,0 8,401,0 10,091,0
3,352,068,0 226,587,0 1,147,623,0 250,738,0 319,929,0 118 836 0 171 928 0 493,437,0 116,221,0 67,610,0 100,783,0 50,667,0 289,709,0
'.' Total reserves
70,673,0 7,722,0
18,488,0 3,662,0 3,9970 4:595:0
Son-reserve cash
9
:52 :0 9,890,0 5,126,0 1,862,0 1.912,0 3,584,0 5,306,0
4
Ms discounted:
473,0
792,0
180,0 8,534,0
61,468,0 5,165,0
17,139,0 7.282,0 10,247,0 1 625 0
Sec. by U. S. Govt. obligations
359.0 6,535,0 3,137,0
13,421,0 11,462,0 6.7260 11:418:
93,683,0 5,163,0
Other bills discounted
9.962,0 7.134,0 5,036,0 3,156,0 7,832,0 7,723,0 4.850,0
0
Total bills discounted
Slit. hoovht In nnem mnrknt
155,151,0 10,328,0
169.765.0 17.566.0
30,580,0 18,744,0 16,973 0 13 043 0 10
0 13,669,0
(14170 10.744.0
321.
61.663.0
105 0 20 ovvn '41A (1,
'
'
8,173,0
8.015,0
3,629,0
4.944,0
8,824,0
8.276.0
7,903,0 13,184,0
5.042.0 17.378.0
3290
FINANCIAL CHRONICLE
Two Ciphers (00) omitted.
Total.
Boston,
New York,
Phila.
$
RESOURCES (Concluded)
U.8. Government securities:
Bonds
Treasury notes
Certificates and bills
8
$
$
[VOL. 132.
Cleveland. Richmond Atlanta. Chicago. Si. bouts. Mtnneay. Kan City. Dallas. SanFron
.
5
$
$
$
$
$
5
$
$
60,457,0 1,202,0
52,229,0 1,502,0
485,620,0 43,478,0
598.306,0 46,182,0
350,0
Total bills and securities
Due from foreign banks
Uncollected Items
F. R. notes of other banks
Bank premises
All other resources
182,713,0 49,352,0 57,693,0 16,983,0 12,755,0 81,128,0 23,899,0 25,605,0 33,780,0 29,224,0 38,992,0
350,0
923,572,0 74,076,0
697,0
53,0
15,302,0
258,0
469,010,0 57,199,0
58,420,0 3,458,0
17,102,0
391,0
Total U. B. Govt. securities
Other securities
520,0 1,325,0
16,523,0
989,0
490,0
11,380,0 4,606,0 11,549,0
154,810,0 43,757,0 45,624,0 15,168,0
275,286,0 68,201,0 94,748,0 30,069,0 29,983,0 114,541,0 40,087,0 34,178,0 50,680,0 42,169,0 69,554,0
72,0
70,0
28,0
223,0
25,0
21,0
21,0
48,0
16,0
25,0
95,0
4,934,0
250,0 1,051,0 1,233,0 1,334,0 2,063,0
336.0 1.556,0
566.0 1,039,0
682,0
122,779,0 45,417,0 44,338,0 34,492,0 15,064,0 58,836,0 20,301,0 8,542,0 22,685.0 16,242,0 24.115,0
15,240,0 2,614,0 7.193,0 3,465,0 2,573,0 8,061,0 3,635,0 1,926,0 3,803,0 1,831,0 4,621,0
816,0 1,919,0 1,138.0 3,350,0
4,741,0
780,0
445,0
793,0 1,210,0
805,0
694,0
253,0 20,590,0
666,0 7,499,0
379,0 10,192,0
319,0
3,874,0 1,972,0 3,976,0
602,0 1.110,0
623,0 10,545.0
8,628.0 58,566,0 19,257.0 17.504,0 32,291,0 18,409,0 28,128,0
Total resources
4.906,844,0 369,744,0 1,589,314,0 371,768,0 473,247,0 191,876,0 228,786,0 687,716,0 187,287,0 115,394,0 181,368,0 114,630,0 395,714,0
F. R. notes In actual circulation__ 1,527.740,0 136,231,0 268,977,0 135.459,0 184,147,0 76,214,0 130,081,0 221,725,0 74,712,0 47,434,0 64,490,0 27,380,0 160,890,0
DenoSits:
Member bank-reserve amount 2,407,529,0 140.165,0 1,031,689,0 147,334,0 194.607,0 61,209,0 62,951,0 343,807,0 72,365,0 47,738,0 80,822,0 55,375,0 169,467,0
Government
11,178,0 1,899,0 1,514,0 3,137,0 2,107,0 2,005,0 1,362,0
31,037,0 2,974,0
864,0 1.840,0 2,313,0
744,0
Foreign bank
520,0
509,0
2,231,0
206.0
386,0
5,683,0
350,0
154,0
149,0
185,0
118,0
180,0
695,0
Other depealts
2.292,0
94.0
69,0
8.335,0
18,591,0
101,0
211,0
38,0 8,389,0
130,0
265.0
556,0
111,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,462,840,0 142,694.0 1,053,433,0 149,836,0 198,933,0 64,653,0 65,454,0 347,063,0 74,172,0 48.730.0 81,946,0 57.407,0 178,519,0
457,272,0 57,318,0 116,500,0 42,237,0 44.220,0 32,344.0 15.014,0 56,673,0 21.675,0 8,260,0 21,526,0 15,913,0 25,592,0
168,612.0 11,829,0
65,498,0 16,776,0 15,753,0 5,721,0 5,258,0 19.928,0 4,831,0 3,020,0 4,243,0 4,300,0 11,455,0
80,575,0 27,065,0 28,971,0 12,114,0 10,857,0 39,936,0 10,562,0 7,144,0 8,702,0 8.936,0 18,475,0
274,636,0 21,299,0
4,331,0
395,0 1,223,0
15,744.0
373,0
830,0 2,122,0 2,391,0 1,335.0
783,0
694,0
461,0
806,0
Total liabilities
4,906,844,0 369,744.0 1,589,314,0 371,768,0 473.247,0 191.876,0 228.786,0 687,716,0 187,287,0 115,394,0 181,368,0 114.630,0 395,714.0
Memoranda.
Reserve ratio (Per cent)
87.9
81.2
83.5
86.8
84.0
87.9
82.9
85.4
78.1
86.8
68.8
70.3
59.8
Contingent liability on bills purchased for foreign oorrespond'ta din 0750 RI 150 0 131.390.0 41.118.0 41.948.0 16.613.0 14.952.0 56.070.0 14.537.0 9.552,0 12,044,0 12,460,0 28,242,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at--
Total.
New York.
$
Two Ciphers (00) omitted.
$
S
Federal Reserve notes:
Issued to F.R. bk. by F.11, Agt 1,932,278,0 162,521,0
Held by Federal Reserve bank_ 404,538,0 26,290,0
$
$
$
$
5
$
5
$
$
396,376,0 162,777,0 212,103,0 86,111,0 155,096,0285,943,0 83,920,0 52,508.0 70,112,0 34,638,0 229,303,04
127,399,0 27,318,0 27,956.0 9,897,0 25,885,0 64,218,0 9,208,0 5,074,0 5,622.0 7,258,0 68,413,0
In actual circulation
1,527,740,0 136,231,0
Collateral held by Agt.as security
for notes Issued to bank:
Gold and gold certificates
612,034,0 32,300,0
Gold fund-F.R. Board
1,170,280,0 114,617,0
Eligible paper
300,969,0 27,836,0
Total eolimerst
i
Cleveland. Richmond Atlanta, Chicago. St. Louis. bfinnecip. Kan.City. Dallas. San has,
Phila.
$
Boston.
268,977,0 135,459.0 184,147,0 76,214,0 130,081,0 221,725.0 74,712,0 47,434,0 64,490,0 27,380,0 160,890,0
351,919,0 38,700,0 12.550,0 10.070,0 9,400.0 73,900,0 14,080,0 6,815,0
7,300.0 55,000.0
10,000,0 121,300,0 180,000,0 74,000,0 130,000,0 203,000,0 55,800,0 39,000,0 65,000,0 16,800,0 160,763,0
76,937,0 16,877.0 33,778,0 12,804,0 16,795,0 33,176,0 15,223,0 8.323,0 16,410,0 12,459,0 30.351,0
9 nRa out n 174 753 0
438.856.0 176.877.0 226.328.0 98.87411 155 105 n 310 (1741 n 85.1030 34.138.0 81410.0 36.559,0 246,114,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 3249, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement
Jan. 1929. the loan figures exclude
9
of
"Acceptances of other banks and bills of exchange or drafts sold with endorsement, and in
elude ail real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks
and some of the banks included mortgagee In Investments. Loans secured by U. S. Government obligations and bills sold with endorsement were Included with loans,
are no longer shown separately, only the total of loam on
securities being given. Furthermore, borrowing at the Federal Reserve Is not any more subdivided to show the amount secured
by U. B. 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
even, but beginning Oct. 9 1929 even this has been omitted. The figures have also been revised to exclude a bank in the San Francisco district with loans and foveaememo of 5135,000,000 on Jan. 2 1929 which had then recently merged with a non-member bank. The figures are now given In round millions Instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS APRIL 22 1931 (le millions of dollars).
Federal Reserse District-
Total.
Boston. New York
1
Cleveland. Richmond Atlanta, Chicago. St. Louis. Aftnnsop. Kan.CIty, Dallas. SonF ran.
Philo
Loans and Investments-total
$
22,987
$
1.489
5
9,121
5
1,405
$
2,289
1,oan5-total
15,139
1,025
6,126
830
7,138
8,001
411
614
3,436
2,690
422
403
On securitlee
All other
i
Investments-total
U.S. Government eecuriti
Other securities
Reserve with F. R. Bank
Gash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Rnrrrnrinan trnrn IT R Rank
5
662
377
635
456
3
1,992
2,327
442
241
371
305
1,238
1,161
1,160
174
268
sa
183
101
270
89
216
339
.899
642
585
5
3,334
1,406
425
403
657
749
162
263
128
275
5
$
3
$
$
7,848
2,995
575
883
217
182
1,007
220
136
264
151
754
206
258
1,556
1,439
257
318
486
397
96
121
97
85
537
470
72
148
68
68
114
150
oc
383
371
1,790
214
13,752
7,358
275
1,686
3.680
91
F
464
3,968
3,880
I
101
13
879
519
27
113
158
9
857
54
6,376
1,750
78
173
1,239
St
90
12
829
391
29
120
270
2
144
27
1,144
1,016
18
136
406
1
40
14
334
259
21
107
127
2
39
9
311
230
25
87
118
1
• Exclusive of figures for one bank in New York City, closed Dee. 11.
t April 1 figures for Chicago district revised.
5,5
52
32
103
11
7
17
444
283
757
205
150
1,046
4
16
21
194
104
189
234
120
259
1--__
Last report of bank showed loans and Investments of about 5190.000,000.
261
38
1,793
1,392
24
298
524
3
45
7
384
249
7
94
135
1
26
5
218
151
2
71
90
----
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 April 29 1931,
In comparison with the previous week and the corresponding date last year:
Apr. 29 1931. Apr. 22 1931. Apr. 30 1930.
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with 0.8. Treasury.
361.919,000
13,244,000
351,919.000
13.244,000
258,594,000
15,257,000
Gold held exclusively amt. P.R. notes
Gold settlement fund with F. ft. Board.
Goldand gold certificates held by bank-
375,163,000
189.970,000
523.235.000
365.163,000
177.841,000
513,466,000
273,851,000
217,079,000
449,616,000
1,088,368,000 1,056,470.000
59,255.000
59,390,000
940,546,000
55,663,000
Total gold reserve
Reserves other than gold
1,147,623,000 1,115.860,000
Total reserves
18,488,000
19,911,000
Non-reserve cash
Bills discounted
17,139,000
17,108,000
Secured by (J. S. Govt. obligations_ _
13,421,000
14.084,000
Other bills discounted
Total bills discounted
Bills bought In open market
U. B. Government securities
Bonds
Treasury notes
Certificates and bills
30,560,000
61,663,000
31,192,000
40.985,000
16,523,000
11,380,000
154,810,000
21,523.000
11.380,000
149,810,000
182,713.000
Resources (Concluded)
Due from foreign banks We nee4
9
Uncollected Items
Federal Reserve notes of other banks
Bank premises
All other resources
Total resources
Apr. 29 1931. Apr. 22 1931. Apr. 30 1930.
$
$
S
222,000
223.000
226,000
4,934,000
4,369.000
6,195,000
122,779,000 138.853,000 160,502,000
15,240,000
15,240,000
15,664,000
4,742.000
4.681,004)
3,550,000
1,589,314,000 1,554.027,000 1,487,598,000
LiabililiesFedi Reserve notes In actual circulation 268,977,000 261,436,000 175,803,000
996,209,000 Deposits
-Member bank, reserve acct.- 1,031,689,000 996,332,000 991,131,000
11,319.000
11,178.000
Government
8.798.000
2,787,000
2,231,000
Foreign bank (see note)
2,042.000
1,568,000
29,153,000
8,335.000
Other deposits
10,068.000
10,528,000
12,117,000
1,053,433,000 1,017,240.000 1,006,014,000
Total deposits
41,270,000 Deferred availability items
116,500,000 124.832,000 149,907,000
49,794,000 Capital paid in
65,498,000
65,549,000
69,756,000
surplus
80.575,000
80.575.000
80,001,000
27,199,000 All other liabilities
4,331,000
4,395,000
6,117.000
53,397,000
114,572,000
Total liabilities
1,589,314,000 1,554,027,000 1487,598,000
195,168.000
7,700,000
Ratio of total reserve to deposit and
se 1
Fedl Reserve note liabilities combined
86.8%
87.3%
34.3%
Contingent liability on bills purchased
254.890.000 293,932,000
for foreign correspondents
275,286,000
131,390,000 138,218,000_ 156,999,000
Total bills and securities (see note).
NOTE.
-Beginning with the statement of Oce. 7 1925, two new items were added In order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption "All other earning assets." previously made up of Federal Intermediate Credit Bank debentures was changed to "Other
The latter term was adopted as a more accurate description of the total of the
securities." and the caption, -Total earning assets" to "Total bills and securities."
arreePtanees and securities acquired under the provisions of Sections 18 and 14 of the Federal Reserve Act, which, It was stated, are the only Items included thereto.
discount.
Total U.S. Government securities
Othersecurities (see note)
182,713,000
350,000
MAY
FINANCIAL CHRONICLE
2 1931.]
3291
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
the New York Stock Exbonds and Treasury certificates on .
Wall Street, Friday Night, May 1 1931.
change. The transactions in registered bonds are given
-The review of the in a footnote at the end of the tabulation.
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 3279.
The following are sales made at the Stock Exchange this Daily Record of U. S. Bond Prices. Apr. 25 Apr. 27 Ayr. 28 Apr. 29 Apr. 30 May 1
week of shares not represented in our detailed list on the First Liberty Loan
High 1011,32 1012,31 1011in 1011032 101"31 1011,
31
334% bonds of 1923-47_ Low- 10114n 1011433 1011411 1011,32 101"33 1011on
pages which follow:
101141 101"sa 101"aa 101"13 101"11
(First 334)
miters' Gazetfr.
STOCKS.
Week Ended May 1.
Sales
for
'Week.
Range for Week'
Lowest.
RailroadsPar. Shares.
per
Caro Cl &0ctfsstp 100 1,000100
100 190
Central RR of N J _100
40 7834
Cleve & PIttsburgh_100
500 6634
Hudson & Manh pf_10
Ill Cent leased line_ _100
20 71
Preferred
100
500100
40z44
Jot Rys of C Am 01_100
130 504
Manhat Elev guar 100
180 14
Market St Ity
100
Preferred
100
30 8
2nd preferred_
100
140 414
New On Tex & Mex 100
20100
Ry M & 0 cts100
300 6434
Wab Ry cony pref B100
100 26
'Wheel& Lake Er p1..100
60 70
Indus. & Miscell.Alleghs.ny Steel
1001 35
Anal Leather pref__100
3001 13
Am Agrio Chem(Del)_* 1,2001 144'
Amer Beet Sugar pf_100
601 104
Amer Chain pref_ _100
3001 79
Amer Coal
25
501 52
Amer Ice pref
1
2001 70
American News
90 50
Amitad&Std San pf 1
80 1413.4
Am Wat Wks& El °Us*
200 54
Arch Daniels Md p1100
75 1014
Artloom Corp pfd__1
2 80
ABSO Dry Gds 1st p1100
100 9534
Austin Nichols pr A
23 20
*
s
Barnet Leather
400 134
Budd (E G) pref _100
10 35
ii 25
Calif Petroleum
2
13 25
Chile Copper
2
70 1734
City Stores class A _ •
7 90
Colo &Fuel & Jr pfd 100
300 96
Colum G & El pref B100
230 22
Comm Creel pf (7)._.25
60 75
COMM Cig pref (7)_100
• 4,700 13
Consol Laundries
400 3154
Crown Cork & Seal pf_*
*
1
Cuban Dom Sugar
130 10534
Cushm Sons pf(7%)100
1 102
Preferred (8%)_
5 10334
Duplan Silk pref.. l0'
Empor Capwell Corp_*
7
2
Eng Pub Ser. pf (6) *
,
20 9554
Os 134
Fash Pk Assoc pfd_ _100
Fed Min & Smelt__.100
20 57
Food Mach Corp
*
10 28
Fox Film rights
24,7 I 1-256
Franklin Simon pfd_100
10 75
General Baking
5 23,20 1734
3 11334
General Cigar pref_ _1 ii
40 75
Gen Gas & El pf A(7)..*
5 81
Preferred A (8)
434
20
Class 13
410 1934
Gen Print Ink
*
19 70
Preferred
10010731
Gen Sty Signal preLloo
10 1144
Gold Dust pref
*
10 75
Grand-811v Sts pfd....10I
84
2
Guantanamo Sug p1100
160 29
Hackensack Wat pfA 25
150 384
*
Hamilton Watch
Barb Walk Ref pref 100
2 11554
321 27
Hawaiian Pineapple_20
20,500 854
Houston 011 new
Indian Motocycle p1100
50 9
Ingersoll Rand prof.100
10123
Internet Silver pref_100
20 75
Inter Dept Sts pref _100
50 5834
Kresge Dept Stores_ _ _*
225 534
Preferred
40 3234
ioo
Laclede Gas pref.. _ _100
10100
1012034
Loose-WIlesBIsIst 01100
Lorillard Co pref _ _10
400 96
McLellan Stores p1_10
30 55
Milw El Sty & Lt p1_10
3010634
Noranda Mines
* 146,400 2234
Outlet Co pref
10010634
100
Pat Tel & Tel pref. 10
120130
Panhandle Producing
& Refining pret.101
.
30 154
Peoplm Drug Sts pf___*
7010034
Finis Co 6% pref new _ *
10010034
Phoenix Hosiery 01_10
150 60
Pierce-Arrow Co pf_10
500 6734
Pitts Term Coal
600 334
10
Preferred
40 234
10
Proc & Gamble pref_ 1 I
30111
Punta Alegre Sug cUs 5
54
500
St Joseph Lead rights_ 84,3001-256
Scott Paper
•
50 47
Shell Transp & Trad..£2
244
390
Sloss-Sheff St & jr 100
100 18
Preferred
100
220 314
Spear & Co
•
140 3
Preferred
100
100 50
United Dyewood
100
10 3
Preferred
100
20 42
Unit Piece Dye pf-100
10 105
US Tobacco pref
100
2013734
Unit/ Leaf Tob pret 100
5010834
IMP/ Pipe & Rad pf.100
47
Va In Coal & Coke.
100 31
Vulcan DetinnIng p1100
110 91
waigreen Co pref.. 100 400 93
Wilcox-Rich class A__*
200 26
Highest.
Range Since Jan. 1.
Lowest. i Highest.
share. 5 per share. $ Per share.1$ per share.
Apr 30 98
Apr 30 102
Feb102
Apr
Apr 28 190
Apr 28 190
Apr230
Feb
Apr 30 7834 Apr 30 77
Marj 8034 Mar
Jan
Apr 30 71
Apr 27 66% Apr 783-4 Feb
May 1 71
May 1 71
May 78
Jan
Apr 25 00
Apr 25100
114
Feb
Apr 29 44
Apr 30 45
Jan 5534 Feb
AP? 28 5234 May 1 5034 Apr 61
Feb
Apr 28 13-4 Apr 28
14 Jan 331 Feb
Apr 29 8
Apr 29 8
Jan 10% Feb
Apr 29 434 Apr 29 3
Jan 64 Feb
May 1 100
May 1 100
Jan 145
Feb
Apr 29 6434 Apr 29 6434 Apr 76
Jan
Apr 28 26
Apr 28 26
Ap 28
Apr
Apr 27 70
Apr 27 70
Ap 94
Jan
Apr 29 35
Apr 29 15
Apr 25 15
May 1 11
Apr 27 81
Apr 27 52
Apr 28 75
Apr 27 52
Apr 30 14134
Apr 27 554
Apr 2710134
Apr 27 80
Apr 29 9534
May 1 22
Apr 29 134
Apr 28 35
Apr 28 25
Apr 28 25
May 1 1734
Apr 27 9234
Apr 28 9634
Apr 28 2234
Apr 28 80
Apr 29 1434
Apr 29 32
Apr 29
X
Apr 30108
Apr 3 102
May 1 10314
Apr 29 7
Apr 27 96
Apr 28 1334
Apr 30 61
Apr 29 28
Apr 281-128
Apr 27 75
Apr 29 213-4
Apr 25 1164
Apr 27 80
Apr 28 84
Apr 25 434
Apr 28 20
Apr 27 70
May 110734
May 1 1144
Apr 27 75
Apr 27 84
Apr 26 29.4
Apr 25 3634
Apr 30 11534
Apr 28 29
Apr 28 94
Slay 1 18
May 1 123
May 1 764
Apr 30 63
Apr 30 534
Apr 27 3234
Apr 29 100
Apr 29 12034
Apr 30 98
Apr 30 6114
May 1 10634
Apr 27 293-4
Apr 28 106%
Apr 23 1304
Apr 29 35
Apr 29 13
Apr 30 144
Apr 29 8
Apr 27 79
Apr 27 52
Apr 25 70
Apr 25 60
Apr 30 141
Apr 25 54
Apr 28 101
Apr 27 80
Apr 29 85
Apr 28 20
Apr 27 14
Apr 28 35
Apr 28 25
Apr 28 25
May 1 173-4
Apr 27 90
Apr 27 9134
May 1 20
Apr 27 6434
Apr 31 13
Apr 28 3134
Apr 29
%
Apr 27 100
Apr 30 95
May 1 103
Apr 29 614
Apr 25 93
Apr 28 134
Apr 27 57
Apr 29 28
Apr 25 1-256
Apr 27 67
Apr 25 1734
Apr 25 1074
Apr 25 72
Apr 28 75
Apr 251 4
Apr 27 19
Apr 271 67
May 10.0434
May 1 1104
Apr 27 75
Apr 27 814
Apr 28 264
Apr 25 1 35
Apr 30 1094
Apr 27 27
Apr 30 854
Apr 27 9
May 1 123
May 1 7334
Apr 29 574
Apr 30 44
Apr 27 324
Apr 29 100
Apr 29 118
Apr 27 9034
Apr 27 55
Apr 28 104
May 1 214
Apr 28 106
Apr 28 124
Apr 48% Feb
Ap 20
Jan
Apr 29% Feb
Jan 1714 Jan
Ap 88
Jan
Apr 60
Mar
A
774 Jan
Feb 5734 Feb
Feb 150
Apr
Ap 8034 Feb
Ma 102
Jan
Ma 83
Jan
Jan 97
Feb
May 24% Mar
Jan 24 Mar
Ap 4934 Jan
Ap 25
Apr
Apr 38
Feb
May 25
Feb
Ap 116
Feb
Ja 9634 Apr
Jan 234 [Jan
Jan 80
Apr
Ap 1554 Mar
Jan 3434 Feb
Jan 134 Jan
Jan 112
Mar
Ja 107
Mar
Feb 105
Apr
Jan 10
Jan
Feb 98
Mar
Ap 25
Mar
Apr 80
Feb
Ap 3134 Apr
Apr 1-32 Apr
M
75
Jan
Ap 2534 Apr
Jan 116% Feb
Jan 90
Feb
Jan 92
Mar
Apr 434 Apr
Feb 31
Mar
Feb 76
Jan
Jan 114
Mar
Jan 116
Mar
Apr 854 Mar
Apr 124 Jan
M
30
Apr
Apr 41
Feb
Feb117
Mar
Apr 4254 Jan
Jan 1434 Feb
May 28
Feb
Jan 123
Jan
Jan 9034 Mar
Feb 67
Mar
Jan 64 Jan
M
35
Jan
Jan 101
Apr
Jan 12634 IfJan
Jan 101
Mar
Apr 684 Mar
Jan 109
Apr
Apr 2934 Slay
Feb 110
Mar
Jan 13134 Apr
May 1 1534
May 110134
Apr 25 10034
Apr 30 65
Apr 29 694
Apr 27 33-4
Apr 28 234
May 111134
X
Slay 1
Apr 301-128
Apr 29 4854
Apr 30 254
May 1 18
May 1 33
Apr 27 3
Apr 27 5114
A r 28 3
Apr 29 42
Apr 28 105
Apr 3013734
Apr 29 094
A 25 47
Apr 28 31
Apr 28 91
Apr 28 94
Apr 29 274
May 1 10
Apr 28 9634
Apr 25 954
Apr 28 60
Apr 28 63
Apr 27 34
Apr 28 2334
Apr 28 107
Apr 28
31
Apr 27 1-256
Apr 27 40
Apr 25 244
May 1 16
Apr 25 28
Apr 27 234
May 1 50
Apr 28 2
Apr 29 404
Apr 28 102
Apr 30 136
Apr 28 102
Apr 25 47
Apr 28 22
Apr 28 90
Apr 30 90
May 11 20
M
20
Feb 103
Jan 10134
Ap 704
Jan 7234
Jan 5
Ap 28
Feb 112
May 134
Ap
1.
Ja 50
Ap 34
Jan 3234
Apr 39
Jan 4
Apr 62
Jan 334
Feb 45
Jan 10854
Jan 137.4
Feb 110
Apr 60
Jan 34
Apr 9234
Feb 94
Jan 30
Apr
Apr
Mar
Jan
Feb
Mar
Feb
Mar
Jan
Apr
Apr
Jan
Feb
Feb
Feb
Feb
Apr
Slat'
Mar
Apr
Mar
Jan
Apr
Apr
Mar
Mar
•No par value.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
(AU prices dollars per share)
Ana.
Maturity.
June 15
June 15
&wt.13
Sept. 15
1931-1931___
o3_
1931___
Rate.
23-4%
14%
24%
134%
Bid.
Asked.
Maturity.
3,11.
Rate,
_
Bid.
Asked,
1001n
Dec. 15 1931- 14% 100132
100
Mar. 15 193L... 2% 10073, 100'n
10014i 1001111 Dec. 15 1931-32 334% 1011431 1004n
101ie„
100'n 100'n
IClose
101"31
21
34
18
33
31
Total sales in 51,000 untts15
Higi1
---------4% bonds of(High
------____
1932-47
Close
Total sales in 51.000 units_ .
- --_- --_- --_--------1,32 1021131 102,132 1021/n 1021632 1021133
.
Converted 454% bondrIgh 102
of 1932-47 (First 44a) Low_ 1021,39 10214n 1021433 1022731 10211ts 10211,1
Close 102"tt 102"aa 102"aa 102"tt 102"11 102"n
133
25
26
9
Total sales in 51.000 units__
13
96
Second converted 43.1% High
-----------------
Second 4413)
Total sales in 51,000 units__
Fourth Liberty Loan
(High
Low43-1% bonds of 1933-38
Cloee
(Fourth 434t)
Total sales in 81.000 units-.
Treasury
High
434*, 1947-52
Lon_
Close
Total sales in 51,000 units._
High
4s, 1944-1954
13.0w.
Close
Total sales in 51,000 units(High
Ms, 1946-1956
Low..
Close
Total sales in 81,000 units.-{High
84e. 1943-1947
Low_
Close
Total sales in $1.000 units __ High
354s, 1940-1943
Low_
Close
Total tales in 81,000 units__
High
334s, 1941-43
Low_
Close
Total &au, ea tl nnn tufts.
•
-1041:3
-10441
104'ss
75
112131
112'n
112431
8
107"as
107143
107"as
14
__ _ _
-___
--__
-------__
-----1011,31
101nn
1011,n
--104131
104lat
104'n
89
112133
112 as
,
112"as
14
107"11
1072
'33
107"aa
7
105",,
105"33
105"al
69
102
101113,
102
2
1012413
101"as
10114n
-104'n
-104',,
104',,
108
112"sa
112,113
112"as
103
108"sa
108
108"ta
61
106133
106
106'n
97
17
s
-104"as
-104'ss
104'n
213
112"at
1121133
112"at
10
108"at
108131
108"sa
111
106 33
,
106431
106'n
30
102 31
,
102'ss
102'n
, 3
101"ss
101"sa
1011431
-104'n
-104'n
104"sa
163
112"as
112nn
112"sa
5
-----____
-------_ _
102 .
-1431
102'n
102in
--104'n
104'n
104'n
108
112"al
1121131
112"sa
21
108'n
108411
108 n
,
25
1061031
106"11
106"as
it
102131
102'st
102"at
102413
102
102"as
51
II
5
10111n
101"as
101"as
101"ta
10111n
101103s
..--.
1
27
1
a
_
1011133 1011131 1011131 1011032 1011133 10119c
21011111 1011132 1012432 101"sa 101"aa 1011iu
,
10111n 10111n 10111n 101 ,, 101:
133 1011.31
91
CC
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
7 1st 334s
1 4th 434f3
101"n to 101"n
1031,ii to 1034431
Foreign Exchange.
To-clay's (Friday's) actual rates for sterling exchange were 4.8634 @4.8634
for checks and 4.8654@4.8654 for cables. Commercial on banks, sight.
4.8534@4.86%, sixty days, 4.8334@4.83 13-16; ninety days, 4.82 St@
4.82 13-16, and documents for payment, 4.83©4.83 13-16. Cotton for
payment, 4.8534, and grain for payment, 4.8534•
To-day's (Friday's) actual rates for Paris bankers' francs were 3.90 13-16
@13.91 for short. Amsterdam bankers' guilders were 40.1834@40.21 X.
Exchange for Parts on London, 124.42; week's range, 124.44 francs
high and 124.33 francs low.
The week's range for exchange rates follows:
Sterling, ActualChecks.
Cables.
High for the week
4.86 5-16
4.8634
Low for the week
4.85 27-32
4.8634
Parts Bankers' Francs
High for the week
3.91
3.91 1-32
Low for the week
3.90 13-16
3.9034
Germany Bankers' Marks
High for the week
23.82%
23.8234
Low for the week
23.80
23.81%
Amsterdam Bankers' Guilders-.
High for the week
40.2134
40.2231
Low for the week
40.17
40.1831
The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 3280.
A complete record of Curb Exchange transactions for the
week will be found on page 3310.
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Mon.,
Sat.,
Tues.,
Wed.,
Thurs.,
Apr. 25. Apr. 27. Apr. 28. Apr. 29. Apr. 30.
Silver, p. oz_d_ 1334
1334
134
134
13 3-16
Gold, p./Mem 84s.104d. 848.104d. 84s.934d. 84s.94d. 849.934d.
Consols,24%_ 5754
58 34
574
583-4
6834
British, 5%10234
104.80
10234
10254
British, 434%- --104.30
101
10034
101
French Rentes
(in Paris)-fr- - 89.30
89.10
89.20
88.90
French War L'n
(in Paris)_fr_
104.80
104.80
104.80
104.70
Frt.,
May 1.
13
843.951d.
5854
10234
101
89.00
103.40
The price of silver in New York on the same days has been:
Silver in N. Y., per oz. (eta.):
Foreign
284
283-4
284
284
28
2814
CURRENT NOTICES.
-Howard C. Allen has boon elected a vice-president and director of
Rudolph Guenther-Russell Law, Inc., to succeed Henry M. Littlefield.
resigned.
-Emanuel & Co. announce that A. L. Lippitt has become associated
with them as manager of the stock department in their main office.
-Ralph T. Ryan has opened an office at 120 Broadway to engage in a
general brokerage business in municipal and public tftility bonds.
-Gude, Winmill & Co. announce that Dr. J. P. Hoguet and Paul
Pryibil became members of their firm as of May 1.
-Edwin F. Tilley, formerly with Pynchon & Co., is now associated With
J. K. Rice Jr. & Co. in their bond department.
-Hemphill, Noyes & Co., announce the removal of their Montreal
office to the New Star Building.
-Joseph T. Van Loan has been admitted to general partnership In
Pouch & Co.. New York.
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 1
Apr. 25.
Wednesday Thursday I Friday
Monday , Tuesday
May 1.
Apr. 29. I Apr. 30.
Apr. 27. I Apr. 28.
..
$ per share $ per share 5 per share $ per share $ per share $ per share
8
168 16812 16418 167
1644 1693 166 16814 1675 174 x169 17312
4
*1073 10712 107% 107% 107 107
8
107 1074 107 10712 .10718 1073
4
.88
91 I 86
91
8614 8614 *89
88
•89
91
*8814 09
.5918 597
8, 5818 60
61
584 60% 5914 82
6512
64% 62
7712 7712 77
7714 *77
7714 77
77 .77
77
77
77
54
545 55
*55
8
60 I *55
54
60
*51
5612 *5012 56
*111 11311 11014 111 *1113 11312 *1113 11312 1113 1134 1113 1113
4
4
4
4
4
55
*45
*45
55
65 1 *45
*45
*45
55
55
*45
55
.8
8
8
.8
84
9
9
*8
9
*8
87
81 .8
2 56
55
5512 55
56
*551
54
55
54
58
5412 54
5914 544 58
59% 6112 56
537 557
8 56
58
5512 594
*903 9112, 8912 80 4 8912 90
4
*8912 9014 894 90
3
9018 904
5 4 5341
3
488 54
514 53
4
54 54
5
54
514 54
3518 3612 34% 3541 34% 354 344 343
4 33% 343
4 3314 35
3914 39% 3812 397
8
2' 383 3912 383 39
8
8 3914 4012
38% 403
•114 2
*114 21
*114 2
114
114
114 114 *114 2
*7, 1
1
•ra
1
.7
8
.7, 1
1
*7
8
1
1
6
6
53
4 53
5% 6
4
44 57
5
5
5
54
20% 2118 2014 2058; 1914 2014 1914 2033 20
2212 2412
23
43
4 6
4% 47
518
81
45
8 0
5
43
4 514
43
4 4%
7
7
814 814
8
8181
7
814
4 83
7
4
84
8
914
83
304 3114 29
314 32
3114 30
304 3012 33
3212 33
10614 10614 *10614 110 *10614 110
•10614 110
10612 10612 10614 1064
48
4914 4812 475
8 4588 464 4512 46
4614 50
4
473 4812
92
93
9214 9114 9114 *91
91)
9012 9014 9014 92
92
88
*84
854 8518 85 85
88
84
*84
85
85
84
39 I *22
*22
39
48 .23
*22
40
*22
333 *22
4
333
4
.334 38
33 3318 33
33
334 33
33
33
33
33
.135 136
131 135 1 13112 133
13112 13412 13412 135
135 135
6712 70
*6812 69
69
68
69 I 68 6831 6712 69
68
261, 264
27 .2612 27
*273 33
4
2712 274 2714 2714 27
8
8 234 2412 237 2412 24
2412 24
233 243
2512 2414 2488
4
35
*31
31
32
31 1 *31
*311 33
31
32
327 328
*30
3212
33
30
30 .30
29
34 .30
29
*29
32
5812
58
5618 56% 5614 5734 56
5712 584 57
*574 58
20
1514 1514
*1514 22 .17
2014 2014 1712 1712 *612 20
55 I *48
*52
.48
58
55
58
*52
*50
*47
58
58
8
3812 *37
3612 375 *37
3812 *37
3712 39
38
38
38
5718 594 593 6214 604 62
574 538 57
4
55
58
59
45
45
4312 4312 44
4518
*40
44
44
*40
44 .40
203
4 22
2014 234 20
224 227 24%
23
2333 19% 22
36
*33
•32
36 .33
36 .32
32
36
32
*32
36
*50
5212 50 5018 *5018 5414
54
*5118 5414 •50
*5118 55
52 I •48
50
51
49 49
*48
51
6012 50
*5212 54
78
784 77
78
7612 78
79
80
8112 7913 80141 78
3012 33
304 3112 3012 33
334 3518 3114 3314 3118 33
164 *1212 1612
*1218 17 4 .13
17
17
18
1712 1712 •17
12
*14
•14
12
4
12
*14
*14
*14
12
h
*14
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share lots.
On basis of 100
Lowest.
Highest.
Shares
Railroads
Par 5 per share $ per share
14,900 Atch Topeka & Santa Fe__100 16118 Apr 23 203% Feb 24
Preferred
1.900
100 10211 Jan 2 10814 Apr 13
400 Atlantic Coast Line RR
100 86 Apr 27 120 Jan 23
27.000 Baltimore & Ohio
100 0818 Apr 27 87% Feb 24
600
Preferred
100 734 Jan 2 8012 Feb 27
Bangor & Aroostook
300
50 64 Apr 29 66% Feb 20
Preferred
40
100 108 Jan 13 11312Mar 9
Boston & Maine
100 52 Apr 1 66 Feb 20
100 Brooklyn & (amens Tr _No par
2
8 Jan I i 103 Mar 3
1,200
Preferred
No par 52 Feb 26 68 Mar 3
18,700 Bklyn-Manh Tran v t e No par 537 Apr 29 693 Mar 2
2
8
1.200
Preferred v to
No par 854 Jan 21 9414 Feb 11
94 Feb 10
1,900 Brunswick Ter& fly Set No PUT
458N1a3r 1
44.280 Canadian Pacific
25 3314May 1 4538 Feb 24
24,000 Chweake & Ohio
25 3814 Apr 23 4612 Feb 10
400 Chicago & Alto,
28 Jan 12
4 Jan 2
100
100
Preferred
15 Jan 12
84 Jan 2
100
77 Feb 10
6,300 Chicago Great Western
8
100
45 Apr 28
6,5011
Preferred
100 1914 Jan 14 2638 Feb 25
18,200 Chicago Milw St Paul & Pao__
8
8% Jan 23
43 Apr 27
6,100
8
Preferred
7% Apr 28 153 Feb 10
8,400 Chicago & North Western. 100 29 Apr 28 4512 Feb 24
600
Preferred
100 103 Jan 8 116 Mar 18
7,200 Chicago Rock lel & Pacifio_100 4512 Apr 29 6512 Jan 27
700
7% preferred
100 90 Apr 29 101 Mar 24
1.000
8% preferred
100 83 Apr 17 90 Jan 28
Colorado & Southern
8
100 345 Apr 13 48 Jan 9
1,200 Conaol RR of Cuba pref
100 33 Apr 21 4212 Feb 24
1,400 Delaware & Hudson
100 131 Apr 27 15714 Feb 25
4,40u Delaware Lack & Weetern_100 6712 Apr 29 102 Jan 8
700 Deny & Rio Or Weal prof..100 2612May 1 45 Feb 10
/
1
4
6,700 Erie
4
100 233 Apr 25 393 Feb 24
4
900
First preferred
100 30 Apr 20 4512 Feb 27
300
Second preferred
100 29 Apr 27 4012 Jan 5
6,900 Great Northern preferred_100 58 May 1 893 Feb 24
4
300 Gulf Mobile & Northern
100 1514May 1 274 Feb 17
Preferred
100 5th Feb 10 76 Jan 9
1,800 Hudson & Manhattan
100 3612 Apr 28 4412 Feb 17
11,500 Illinois Central
7
100 53 Apr 28 89 Feb 24
180
RR Be,stock certificates__
40 Apr 22 61 Jan 23
5,400 Interboro Rapid Tran v t 0_100 197 Apr 27 34 Mar 2
100 Kansas City Southern
100 32 Apr 23 45 Feb 28
400
Preferred
100 50 Apr 86 04 Feb 9
730 Lehigh Valley
50 49 May 1 61 Jan 9
1,900 Louisville& Nashville
100 764 Apr 29 111 Feb 9
9,500 Manhat Elev modified guar100 3012 Apr30 30 Feb 28
200 Market St fly prior pref 100 15 Jan 3 22 Feb 18
Minneapolis & St Louis
3 Jan 12
4
14 Apr 18
100
8
8
*6
*6
8
8
200 Minn St Paul & SS Marle_100
*6
*6
8
614 614 *6
0 Apr 23 1112 Feb 10
*41
*41
42
42
*41
100
*4012 42
42
403 403 *4012 42
4
4
Leased lines
100 4012 Apr 10 45 Mar 11
1438 17
16
1712 12,500 Mo-Kan-Texas RR____No par 14% Apr 27 283 Jan 20
1433 15
147 153
8
163 1714 145* 16
8
4
5612 57
5212 63
1.800
53 4 56
553
4 523 53
5512 57
4
55
Preferred
100 5212 Apr 29 85 Jan 16
2418 248 2118 2612 25
263
4 5,600 Miaeouri Pacif10
•24
26
.26
27
2414 25
100 2118 Apr30 4288 Feb 16
73
72
7114 7112 70
73
72
6,900
71
72
72
7012 72
Preferred
100 70 Apr30 107 Feb 11
70
*65
70 •-__ 70 *---- 70
180 Nash Chatt & St Loula
*68
71
71
71
70
100 70 Apr 27 80 Feb 25
500 Nat Rye of Mexico 2d pre1.100
3
4
4
N
*4
/
1
4
12 1--- '
*4
•8
3
12
*3
2
12
3 Jan 3
2
4 Jan 5
95
4
963
4 96 10012 943 100 134,100 New York Central
987
96
99
983 10012 95
4
45lay 1 13214 Feb 24
100 913
56
58
56
55
*54
55
*55
56
54
54
800 NY Chic & St Louis Co_100 54 Apr 27 88 Feb 11
*56
60
73
72
*64
60
65 •62
68 68
70
71
600
.68
75
Preferred
100 60 Apr 29 94 Mar 9
16512 16714
170 170
170 170
230 N.Y.& Harlem
17012 17012 170 17112 170 170
50 165 Jan 2 227 Feb 24
79
744 73
72
4 5.600 N.Y. N. II. & Hartford___100 71 Apr 23 947 Feb 24
72
7214 715 7314 7218 73
7512 773
8
s
112 113 *113 115
500
113 115% 113 113 *111 113 *112 113
5
Preferred
110 Jan 8 110 8 Feb 24
712 84 3,900 N.Y. Ontario & Weetern__100
612 612
612 6121
84May 1
64 612
612 612
612 712
8
53 Jan 2
e1
1%
8 *1
18
1% •1
1381 *1
N. Y. Railways pref___No par
13
1% •1
2 Feb 27
•1
1 Jan 2
412 44 *412 6
*412 5
0412 5
*412 6
84 Jan 9
300 Norfolk Southern
*412 6
412 Apr20
100
180 181
180 180
3.400 Norfolk & Western
184 1863 17518 18114 17518 176
4
186 189
100 17518 Apr 28 217 Feb 28
92
92
*9012 93
*9118 93
200
9212 •9112 93
91h 9118 .91
Preferred
100 89 Jan 8 93 Mar 31
433 46
43 4312 4318 45
4
4434 447
44
8 4312 444 43
8,300 Northern Pacific
100 43 Apr 28 607 Jan 27
5
54 *3
*2
5
7 Mar 23
*2
5
*2
5 1 *2
*2
5
Pacific Coast
3 Apr 23
100
505 62
8
50% 5412 5112 538 46,000 Pennsylvania
543
52
533 55
4
544 55
8
50 505 Apr 29 84 Feb 10
4
4
1114
912 Jan 9
100 Peoria & Eastern
*312 1112 *35* 1114 •318 1114 *4
*34 7
4 May 1
100
70
30) Pere Marquette
5212 5212 .52
67
*52
70
60
*60
70
60
*52
100 5212 Apr30 85 Feb 10
70
65
*65
65
60
10
65
*80
*55
Prior preferred
65 •____ 65
*55
100 80 Apr30 9214 Feb 25
70
65
66
65
58
50
65
*50
*50
65
*4314 65
•40
Preferred
100 58 Apr30 80 Jan 8
300 Pittsburgh & West Virginia 100 51 Apr 20 86 Jan 9
5512 5512 5514 5514
60
51
51
*50
*5612 70 .5412 60
6514 6514 1,100 Reading
*64
66
63 .62
70
62
603 61
8
*61
09
50 60% Apr 27 97h Feb 11
45
45
45
453 *45
8
500
454 *45
453 *45
2
*45
First preferred
458 45
60 65 Mar 20 48 Jan 5
443
4 1,300
4212 424 4412 *42
4114 4212 *42
43
Second preferred
443
4 414 43
50 4114 Apr 27 47 Jan 16
2112 21
204 19
214 3,700 St Louis-San Franciatm___100 19 Apr 29 623 Jan 27
8 19
2014 205
4
2012 21
205 21
8
*3412 40
32
34
32 327
1.300
4 33
32
34
343
*3212 35
Finn preferred
100 3112 Apr 22 78 Jan 27
22
*17
600 St.Loula Southwe,stern
*18
22
18
16
17
18
17
17
•17
22
100 16 Apr 29 334 Jan 9
300
*2712 334 *2712 335* •2712 334 *2712 335* *2712 3388 2712 28
Preferred
100 2712May 1 60 Feb 24
/
4
11 Jan 12
/ 4,000 Seaboard Air Line
1
4
5
8
5
8
/
1
4
4
k
12 Jan 2
5
8
5
8
4
54
4
4
No par
1
1
.1
1i4
1
118 *1
114 *1
114 .1
114
218 Jan 12
800
1 Jan 2
100
Preferred
,
86
893 35,700 Southern Pacific Co
4
85
8314 84% 834 86
90
84
8512 8214 85
100 8214 Apt 27 1091 Feb 11
7
3812 3814 4014 4014 41
37
10,100 Southern Railway
37
36
357 37
36
36
100 357 Apr 27 66 Feb 10
6912 1.000
65
6912 *60
*5512 65 .564 5912 *5612 65
•5512 65
55 Apr 22 83 Feb 10
Preferred
100
95
05
*51
95
95
*55
*51
*51
05
Texas & Pacific
*51
95
*53
100 90 Mar 10 100 Jan 14
7
6
512 8
10,700 Third Avenue
534 6
53
4 6
8 612
57
7
,
7
5 2 Apr 29 10 Mar 6
100
95
912 958
94 1,000 Twin City Rapid Tranalt_100
2
83
93
4 •94 10
4May I 177 Feb 17
934
93
4
83
*9
/ 10
1
4
4212 4212
*36
423
4 43
377
43
45
*36
43
43
45
/
4
.35
Preferred
100 411 Jan 17 82 Feb 9
1634 166% 10512 17018 16814 172
8,200 Union Pacific
6 1 e5
j pr 3 0 14 F5b 2
4
1603 1614 1613 163
8
160% 163
100 16018 Aan 25 2553 F4
24
8514 1.000
8
*844 8512 84% 845 *85
Preferred
100 83%
8518 8518 84% 84% 8412 85
11
127
8 1212 13
12
4.200 Wabash
*1212 1412 1212 1212 1212 124 11
100 11 Apr 29 20 Jan 9
*25
11%
*1012
814
22
3
254 25 4 •24
26
26
30
114 1012 1118 1012
11
12
1112
185 *1114 1314 *1112 13
8
84
8
814
818 818 *84
1912
25
e
2212 197 2112 •19
28
25
107
8 1088
1112 •12
•818
9
1912 19
*24
30
25
o
1214 117 124
18% *12
183
8
818 814
9
21
18
183
4
500
Preferred A
8,500 Western Maryland
10,,
Second preferred
1.000 Western Pearl°
2.900
Preferred
100
100
100
100
100
25 Apr30
1018 Apr30
1112 Apr 29
8 Apr 27
18 Slay 1
51 Jan 9
1952 Feb 24
20 Feb 24
s
147 Feb 9
8152 Feb 24
Industrial & Miscellaneous
612 3,600 Abitibi Power & Paper_No par
512 Apr 23 1414 Feb 26
20
800
Preferred
,
100 19 4 Apr 28 52 Feb 26
31
800 Abraham & Straus____Ns par 25 Jan 22 36 Mar 31
10612
10
Preferred
100 100 Jan 8 10512Mar 31
1612 31,300 Adams Express
15 Apr 29 2312 Feb 24
Ne par
8712
400
Preferred
100 8312 Jan 8 92 Apr 6
28
200 Adams Slillla
No par 2218 Jan 14 33% Apr 1
_21_.
_ 1_ ._5_0_, Addreuoftraph Int CorpNo par 18 Apr 28 2312 Feb 2
i
) prererred
903 Advance Rumely new No par
8
518 Star 13 11% Mar 17
100 114 Jan 29 2012 Feb 16
s
7 Feb 27
5
8 1,100 Ahumada Lead
3
8
12
3 Jan 0
8
1
8611 61,200 Air Reduction Ino__No par 773 Apr 30 109 Feb 24
/
1
4
843
4 81
/
1
4
:.
2
.
._
_4_ 7_8 _ 5 . 800 A
Apr30 10 Feb 24
5
4 Jan 5
rax ay Ele I11:3DIlaneeN par
wRllb b ;A 1
e4
'
2
314 Jan 2
: r
N
1458 252,900 Alaska Juneau Gold Min_10
13
7 Jan 2 1514 Apr 8
57
58
812
612
534 57
64
53
4 534
614
6
193
4 20
20
*16
193 193 •16
2218 2314 218 217
31
*30
37
30
28
*2814 30
3114 *2814 30
31
4
4
4
104% 1044 10412 10612 1033 10611 1033 10612 *1033
1044 106
154 1518 1612 15,1
1588 15% 15
8 158 16
1512 163
*854
86
87% 86
87
88
894 88
89
*8914 90
8
25% 25% 255 25% *254
*255 31
8
8
2912 •255 26
.26
:_i
_2_0_ 1_ _2(_;1 _2_0_7_8
8
1_8_, _2(_/
...1 .
20 _
*2012 2112 2012 2012 18
612 612 *612
638 68
012 612
8
6% 6%
•3
13 2
8512
84
514 514
s
5
8
38
3;
-i --- ---is - - 5
s
8
82% '785 8014
79
833
81
412
*4
412 43
434 514
1
-iii4 - 1- -Hie ii- -iir4 13 4 -Hill
11 4
*5
8
7738
312
"firs -113* "1114
•Bid and Asked prices. no sales on 01.4 day. a 60% steak dividend paid. s 0,x-dividend. y Ex-tights. a Ex-dividend and ex-rights.
I"ISIf bH A ICE
Range for Preeionc
Year 1930.
Lowest.
Highest.
3 per :hare $ per chars
168 Dec 2421a Mu
100 Dec 108% Sept
9514 Dec 17512 Mar
66% Dec 1223* Mar
8
704 Dee 845 July
5018 Dec 84h Mar
,
1081 Dec 11614 June
44 Dee 112 Feb
812 Dee 15i May
53 May 6812Ma7
i
554 Dec 783 Mar
4
83 Dec 983 Sept
614 Nov 3388 Apr
8514 Dee 5214 May
8
32 Dec 613 Sept
/
1
4
as Dec 10 Apr
4 Dee 10% Apr
4% Dec 17 Mar
/
1
4
8May
12 Dec 528
414 Dec 2688 Feb
7 Dec 4614 Feb
/
1
4
2812 Dec 89% Feb
101 Dec 1403 Juno
4
4614 Dee 1204 Feb
92 Dec 1103 Mar
8
81 Dec 10418 Ma,
404 Dec 95 Feb
30 Dec 62 Apr
1304 Dec 181 Feb
69h Dec 163 Feb
2518 Dee 80 Mar
224 Dec 834 Feb
o
27 Dec 670 Feb
,
26 Doc 621 Fob
51 Dec 102 Mar
1012 Nov 4612 Feb
653 Nov 9814 Mar
2
347 Dec 533* Mft2
2
4
65 4 Dec 1363 Apr
3
58 Dec 77 Ma,
20% Jan 3912 Mu
34 Dec 853 Ma7
*
53 Dec 70 Apr
40 Nov 84% Mal
,
84 Dec 13812 AR
24 June 4212 Sept
13 Dec 2512 Feb
212 Apt
14 Oct
84 Dec 38 Feb
Nov 6912 Feb
Al
/
4
1478 Dec 661 Apt
60 Dec 1083* Malt
2033 Dec 9812 Mar
79 Dec 14513 Med
70 Dec 132 Mar
4 Dee
112 July
4
10518 Dec 1923 Feb
73 Dec 144 Feb
/
1
4
75 Dec 110 May
162 Dec 324 Feb
67 Dec 12818 Mar
/
1
4
,
1061 Dec 1351a Mar
34 Dec 1714 Mar
44 Jan
Oct
1
44 Dec 3313 Feb
1814 Dec 265 Feb
83 Feb 924 OM
423* Dec 97 Feb
318 Deo 19% Apr
53 Dec 8652 Ma:,
,
41 Dec 2412 Mat
76h Dec 16412 Ara
90 Dee 101 Ma,
9115 Oct 99 API'
484 Dec 1204 Feb
73 Dec 14113 Feb
4418 Mar 53 Feb
46 Dec 57 Feb
8
894 Dec 1187 Mar
6212 Dec 101 Apr
1712 Dec 76'i May
85 Dec 9454 July
h Dee 124 Feb
12 Dec 28 Feb
88 Dec 127 Feb
4612 Dec 1368* Jan
76 Dec 101 MaLt
85 Dec 148 Ava
4 Dec 1512 Mut
712 Oct 3112 JSZ13
4488 Dec 79 Fab
15214 Deo 2 544 8 az
66 3 jan 523 M 2
4 4 45
1114
89
10
1114
74
23
8
86
21
102
1414
8018
21
24
Dec
Dec
Dec
Dee
Dec
Dec
07 Ain.
/
1
4
8914 Apr
88 Ma.?
88 Mar
80 2 Ma,
,
6312 Ma7
Dec 4212 Art
Nov 8812 Alsk
Dec 66 A9.1.
Nov 1101i Au54
Dec 373* Ma-r
Dec 94 SIM
Oct 32 May
Dec 343 Juno
4
10 Deo 6114 J212)
14 Dec
15 Mat
8
8712 Dee 1564 Juno
/
1
64 Dec 36 Mar
14 Dec
212 Jan
412 June
94 Jan
New York Stock Record—Continued—Page 2
3293
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
Apr. 25.
Monday
Apr. 27.
Tuesday
Apr. 28.
Wednesday
Apr. 29.
Thursday
Apr. 30.
Friday
May 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ Per share I $ per share! $ per share $ per share $ per share $ per share Shares Indus. & Miscell.(Cos.) Par
612
*63
614
8 63
41
63
4 63
41 *6
614
614 612
No par
*6
63
4
500 A P W Paper Co
63
4 714
3
7'S 7 8
65a 67
659 6%
3
4
714 77 33,200 Allegheny Corp
No par
659 73
8
34
34
34
34
34 34
34
34
Prof A with $30 warr___100
36
334 '30
33
900
*34
38 •34
38
34
34
34
34
335 335
8
Prof A with $40 warr____100
8 33
33
1,000
*285 44
8
*2352 38
*235 40
8
*285 40
8
*285 38
8
Pref A without warr____100
*34
377
8
131 13414 12559 1323 118 1263 11614 120
4
4
11612 12612 118 1283 107,550 Allied Chemical & Dye-No Par
4
8
*123 1277 *124 1277 *124 1253 *124 12412 124 124
4
8
123 123
Preferred
100
300
8 29
2912 28% 2914 28
2959 3018 2812 295
29
2812 29% 20,500 Allis-Chalmers Mfg___No par
*125 14
8
1212 12131 125 125 *123 13 .12
3
8
8
1212 1212 1212
600 Alpha Portland Cement No par
•17
1714 17
173
8' 1612 1712 1612 173
8 163 1818 *17
4
18
No par
8,000 Amerada Corp
4412 48
36
40 I 36
3813 3712 39
40
44
43
10
44
6.900 American Bank Note
*6414 ____ 06414 65
*6414 65
6414 6414 633 6414 *633 6418
4
Preferred
4
50
40
*314 4
*314 33
4 *314 33
*314 33
4
314 314 *3
35
8
100 American Beet Sugar_No Par
3018 3012 2912 293
4 2912 2913 2914 2912 29
2914 283 233
4
4 2,700 Am Brake Shoe & Fdy _No par
120
____ 120
____ 120 •___ 120 *110 120 *110 120
Preferred
100
513 6%
67
8 714
612 678
6
659
67
8 718 11,100 Amer Brown Boverl El_No par
614
6
45
45 *____ 44 j 33
40
31
39
*34
44
Preferred
100
280
3259 35
11414 1163 113. 11512 1113 1143 11012 1123 z1077 113
8
8
8
4
8
10814 11434 328.100 American Can
25
15114 15114 .151 15314 *151 153 4 *152 155
,
15212 15212 15134 15212
Preferred
100
70
23 23
20
21
195 2018! 1918 193
8
21
4 20
2012 22
7,300 American Car & Fdy __No par
79
*71
*71
79
717 717 *72
8
8'
76
72
72
•70
Preferred
73
100
300
*2158 23
2112 217
8 2159 22 j *2112 23
*22
23
*213 23
4
No par
500 American Chain
443 45 I 44 4412, 43
*45
4
45%
4313 42 4 45
44
46
,
No par
3,900 American Chicle
14
1212 13
1414 •1314 14
124 13
13
13
1213 1234 1,500 Amer Colortype Co__ No Par
614
613 67
67
8 67
8, 612 63
8
4,
57
8 6
6
63
4 714 5,800 Am Cornm'i Aloobol
No par
*12
11
11
13
*103 11%' *10
8
1218 *10
11
*10
11
200 Amer Encaustic Tiling_No par
25
25
2412 243
4 2418 2459 2318 2314 23
24
24
253
4 2.000 Amer European Sec's No par
325 34
8
3059 32% 2918 315
8 2812 297
2 2918 33% 3012 33% 249.200 Amer & Yarn Power
No par
*98
99
97
98 I 95
9613 *9518 97
933 9413 1.600
4
Preferred
9412 95
No par
*5714 5914 57 5714 .563 5818 5712 60
4
59
5814 60
2d preferred
5912 6.800
No par
85 85
8312 8311 *8312 85
8314 8312 8359 834 833 83%
8
600
$6 preferred
No par
*614 7
64 6141
614 614 *614 7
*614 7
*6% 7
300 Am Hawaiian S S Co
10
5% 5%
514 514 *414 5
418 5
512 5381
*414 6
901) Amer Hide & Leather_ No par
183
4 17
1713 17
193 193 *1212 17141. 17
4
1713 17% 17% 1,200
4
Preferred
100
59
59
573 59 I 554 53
4
55
5512 55
57
5512 563
4 8,100 Amer Home Products_ _No par
26% 26% 2512 2614 25
2512 25
2512 2513 253 *25
27
4
No par
1.800 American Ice
1514
1512 16,
8
8
2 1418 1512 125 14% 125 14
1413 153 25.500 Amer Internet Corp
13
4
No par
*2
8
2
4
400 Am L Franoe&Foatnite_No par
34 34 *58 34
58 58 *58 34
58 58
.513 6
478 4%
512 *____
4% 47
8
5
5
412 413
Preferred
130
100
193 193
187
4
18
8 177 18
18
8
18
18 12 183 1913 3,000 American L000rnotive_No par
4 18
4
7312 7312 *7214 733
*72
733 74
77 4 *7214 76 j *7214 75
4
,
Preferred
4
300
100
3412 343
4 3318 3491 3218 337
2 33
35
4 34
337
2 3212 343
21.200 Amer Mach & Irdy nevr_No par
3'
2 312 *312 4
*4
4%
4
4 ! •312 32
4
414
800 Amer Mach & Metals_No pa
•1638 18
15
153
1608 1618 17
4 147 16
17
15
1614 2.800 Amer Metal Co Ltd___No pa
•78
81
*78
81
81 I *78
*78
81
*78
81. .78
Preferred(6%)
81
10
•1012 11
1018 10% 1014 1114 103 1112
*1018 13
1014 11
4
620 Amer Nat Gas pre!____No pa
41% 4414 4012 4159 403 413
4 393 404 3912 4314 4112 448 19,700 Am Power & Light__No pa
4
8
•10012 101
99 10012 *98 1004 93 8 997
7
97
98
96
Preferred
97
No pa
1,200
84
84 .78
*8012 84
84
*79
•70
78
78
*74
Preferred A
83
No pa
200
*8012 83
81
*8012 8312 8112 8212 *75
*75
80
*78
Prof A stamped
81
No pa
200
8
147 154 143 15141 1414 1514 135 14
1314 1414 14
4
1412 80,600 Am Red & Stand San'y _Nova
5% 53
5
4 *514 7
6
6 18
*6
712 *614 659 2,000 American Republics
58
No pa
7
2438 263
8 24% 26
2759 2514 267
4 2559 2759 42,40o American Rolling Mill
2759 22 8 26
2
49
48
493
4 50
5159 5159 491s 5059 4918 4914 48
5078 5.700 American Safety Rasor_No pa
618
618 6591 *618 718
5618 712
6
6
6
6
6
500 Amer Seating • t c_ _No pa
3
4
8
4
•58 1
34 31' 34
*58 1
34 *5s 1
509 Amer Ship & Comm___No par
*3514 3612 3414 3413' 3414 3414 3414 3414 *36
3612 34
350 Amer Shipbuilding new _No Par
3424
4184 427
2 403 4114 395 4118 39
8
8
393
4 388 407
8 38
4014 26,950 Amer Smelting & Refg_No par
136 •____ 136 *117 132 *127 137
137 1371 .132 135
Preferred
900
100
99
*9812 99
.9914 9912 99
*983 09
4
08
6% cum 2d pref
98 .98
981
600
100
*39
40
39
39
3918 393 *38
398 40
4
397 *38
8
40
25
500 American Snuff
108 108
•1053 108 *108 110
4
108 108
Preferred
1058 1053 *10312 108
4
4
70
100
214 214 *2% 214
24 24 *2
228 218
214 *2
214
700 Amer Solvents es Chem_No par
414 459 *412 5
*414 5
•414 5
Preferred
*412 5
400
No par
19
1914 194 178 1914 18
18
1818 173 1814 1872 1914 10.700 Amer Steel Foundrleo_No pat
4
110 110
•110 112
110 110 *110 113 *110 113 *110 113
Preferred
100
40
*43
4312 43 43
4114 4214 *41
4112 4114 414 4112 4112 1,700 American Stereo
No Dar
49
45
49
483
4 4418 453 *4418 51
4
*46
51
100
4714 50
3.000 Amer Sugar Refining
•103 1073 104 104
103 103
4
Preferred
103 103 *102 10514 *102 104
100
300
*93
8 98
7
84 9
853 9
9
959
9
912 *812 912 3,000 Am Sumatra Tobaceo_No Par
Amer Teleg & Cable Co
I00
18114
18514 18314 17712 1161- 17618
100
17818 18358 174.400 Amer Telef.) & Teleg
2
122 12212 11959 1214 119 12014 11814 119
117 123
118 12114 5,600 American Tobacco new WI 25
125 127
Common elms B new w L25
8
12114 1263 1203 1244 12112 12314 120 126
4
12159 12614 56,200
131 131 *131
Preferred
•131
100
100
*131 ---- *132 --- '131---•85
90
8818 .85
*80
86
80
85 .75
200 American Type Founders 100
*75
80
SO
1093 1093 810912 110 1.108 116
Preferred
4
109 109
100
60
108 108 *108 1097
8
57% 5812 545 57 1 5518 57
8
53
5512 5214 567
541 575 24,500 Am Water Wks & Eleo_No par
let preferred
*1034 10414 01034 10414 *1033 10414 1034 1033 *1033 10414 *104 10414
100
4
4
4
73
4 8181
73
100
8l
74 73
73
8 759
718 812
814 5,100 American Woolen
100
277 2914 2618 2755, 27
Preferred
273
4 27
0,200
273
8 32
31
3212 28
24 214 *214 212' *218 2 8
3
112 218
8 214 1,003 Am Writing Paper etfa_No par
2
2
•15
•127 16
8
127 127 *125 13
Preferred certifloatee
8
100
8
1212 1213 *11
200
20
16
*11
43
4 5
43
4 43
4
4% 43
43
4 5
1,800 Am Zinc Lead & Smelt_No par
4
5
412 43
5
*31
3412 32
25
Preferred
32
3112 32
30
31
30
3018 1,500
303
4 30
2918 297
2814 297
2
2814 2913 273 283
81 2712 3012 2713 293 100.600 Anaconda Copper Mining_ _50
4
*233 2459 233 233
4
4
4 2312 2312 2312 23121 2314 2314 *2314 2312
60 Anaconda Wire & Cable No par
26
26
254 25l41 25
25
24
No pa
251 *247 258 25
25
8
1.30 Anchor,Cap
•13
15
*1212 15
*123 1412! 1214 12141 •13
4
1413 •1214 1414
800 Andes Copper Mining _NoPar
1118 1118 1059 1114 10% 1013' 1014 1014 1014 117
8 11
1114 3,300 Archer Daniels hildrd_No par
43
43
42
43
14 41
4212 41
42
43
43
45 4512 3,000 Armour & Co.(Del) pref__100
2
214
2
2 18
2
2 18
2
218
2
218 218 21.200 Armour of Illinois class A___25
214
114
114
1% 1%
14 1%
114
25
4
114
114 11
1% 1% 5.800
Class B
17
17
1514 17
1514 1513 148 158 •15
100
•1514 16
16
Preferred
2,300
*6
61_
6
6
53
4 53
53
4
4
6
6
6
6
1,100 Arnold Constable Corp_No par
*7
9
*7
9
*7
9
9
7
.7
7
No par
7
7
303 Artloom Corp
64 67
2
7 4 812
3
74 84
74 7%
3
73
8 8
,
713 812
16,50 Associated Apparel Ind_No par
21
213
4 2012 21
20
20
21
208 1914 2218 203 213
4
4 6,300 Assoc Dry Goods
No Par
*2913 44
*2913 44
2914 2914'•____ 44 *____ 44 •---- 44
25
30 Associated Oil
22
2212 2012 2112 2012 2012 1012 20
19
19
•1813 21
90 AtIG&WISS Line_ _No pa
*4412 47
•4412 47 .4412 48
*4413 47
4412 4412 *4414 46
Preferred
100
100
147 15
1212 15
1414 15
1459 15
14% 1512 1518 153 43,20 Atlantic Refining
4
2
*41
43
41
41
364 4013 34
35
363
37
4 31
39
6,400 Atlas Powder
No pa
*95
961 *95
95
9612 95
*9412 96
9413 9412 94% 945
8
100
60
Preferred
91_
918 914
93
8 922
*913 959
9
93
8 03
8
9% 1,000 Alias Storea Corp
No pa
31
3
*3
3
*3
312 *3
312 *3
312
312 *3
400 Atlas Tack
No pa
202 212
192 207
192 205
18812 199
187 21714 185 22712 99,400 Auburn Automobile
No pa
*114 184 *114 IN .114 13
114 114 *112 134 *15
4
8 13
4
100 Austin Nichols
No pa
•114 11
14 114
114 *118
114
113 *118 112 *118
112
20, Autoeales Corp
No pa
*3
314
314 *2
2
3
314 *3
2
*3
314
4
60
Preferred
50
37
4
4 18
418
4
35
8 38
359
3% 4
33
4 4
13,800 Aviation Corp
No pa
171
1814 17
17
153 1612 1618 161
4
16
163 18
4
177
16,300 Baldwin L000 Worka No par
*03
*93 100
94
01
91
00
94
00
90
8934 90
Preferred
150
100
10412 10412 102 10312 102 102
105 105
10114 10112 •10112 105
470 Bamberger(L)& Co peel .100
5% 5%
518 518
412 42
41
4%
33
3
334
4 412
540 Barker Brother'
No par
40
•40
40
41
*3518 40 *____ 3518 393 40
4
40
40
140
Preferred
100
812 g
8
818 9
9
814
8
88
83
8 93 20,100 Barnsdall Corp class A
8
25
221
22
23
•22
2312 23
2212 2212 *225 2334 22% 2258
8
200 Bayuk Cigars Inc
No par
87 87
8610 8612 3612 902 8612 8612
88
854 87
•87
190
First preferred
100
6914 71
701
8
6914 693
69
69%
7012 6859 70
70
723
4 4,300 Beatrice Creamery
50
2
8
•11038 111 •1103 111 *1103 111 *1103 111 *11038 111 .110% Ill
8
Preferred
100
5412 5412 5413 5412
52
52
56
56
*5612 58
5612 •54
800 Beech-Nut Packing Co____20
24
3
23
3
*23
4 27
*27
4
8 31
23
4 23
*25
8 3
25
8 2%
400 Belding Ilem'way Co__No par
*7918 801 *7918 80% 7918 7918 *7914 797 *79
80 .79
803
8
100 Belgian Nat Rye part pref____
4
8 1612 185
1712 18% 15% 1714 153 1714 153 167
8 17% 1914 45,700 Bondi' Aviation
4
No par
3812 383
3714 385
36% 3712 374 38
36% 38
8 38
3912 7,700 Beet & Co
No par
4 40
4614 473
4559 3014 4418 41
4513 478
443 47
4
463 459,700 Bethlehem Steel Corp_ _No par
4
•114% 115
4
113 1138 111 24 11214 10814 11014 1063 10712 10714 112
2,700
Preferred(7%)
100
21
20
20
21
21
20
1918 20
22
20
20
2018 6.401 Blaw-Knox Co
No par
•18% 20
•17
20
*18% 20
•17
•1818 20 .1818 20
20
Bloomingdale Brothers_No Par
.87
89 .87
89
*89
89
94
04
89
89
*87
94
100
Preferred
100
*8213 85
*8212 85 *8213 85
*8212 85
*8212 85
•8212 85
Blumenthal & Co pref____100
3414 36% 3114 34
325 3414 3212 3312 33
353
4 34
357
8 9,300 Bohn Aluminum & Br__No par
• Bid and asked Prices; no sales on VAN day.
Ex-dividend.
u Ex-r1s6te.
PER SHARE
Range Since Jan. 1.
-share lots.
On basis or 100
Lowest.
$ Per share
61sMar 7
65 Apr 28
8
33 Apr 30
33 May 1
497 Jan 23
11614 Apr 29
122 Jan 3
28 Apr 30
1212 Apr 23
1612 Apr 28
36 Apr 27
62 Jan 7
212 Jan 26
283
4May 1
118 Jan 13
6 Apr 20
31 Apr 29
10614 Jan 19
145 Feb 4
1918 Apr 29
717 Apr 28
2112 Apr 27
3814 Jan 2
1213 Apr 30
57 Apr 29
9 Jan 8
19 Jan 2
263 Jan 19
4
854 Jan 3
5614 Apr 28
74 Jan 3
814 Apr 27
1% Jan 7
1012 Jan 8
477 Jan 2
233 Jan 19
4
1258 Apr 28
% Jan 6
412May 1
177 Apr 28
7214 Jan 3
31 Jan 2
812 Jan 13
147 Apr 30
89 Feb 21
1018 Apr 23
3913 Apr 30
94% Jan 2
78 Jan 5
80 Jan 3
1314 Apr 30
5 Apr 27
243 A pr 30
48 A pr 29
6 Apr 29
4 Jan 2
4
34 May 1
38 May 1
129 Jan 9
9312 Jan 8
37 Jan 2
105 Jan 20
17 Apr 16
8
414 Apr 15
173 Apr 30
4
110 Jan 13
37 Jan 7
4259 Jan 5
96 Jan 2
713 Apr 7
1514 Jan 12
17618 Apr 30
104 Jan 2
1043 Jan 2
4
12414 Jan 3
SO Apr 29
105 Jan 21
5214 Apr 30
10114 Jan 29
67 Jan 2
21 Jan 2
112 Apr 29
1212 Apr 29
41 Jan 2
26 Jan 10
273 Apr 29
8
22 Feb 4
24 Apr 29
1214 Apr 29
10 Apr 2
3812 Apr 14
2 Apr 14
114 Apr 23
147 Apr 29
8
3 8 Jan 2
5
5 Jan 13
534 Apr 24
1914 Apr 30
2612 Jan 2
19 Apr 30
4412 Apr 24
1212 Apr 27
34 Apr 29
29412 Apr 20
87 Jan 2
2% Feb 9
10113 Jan 14
114 Apr 29
1 Jan 2
2 Apr 28
3 Jan 2
154 Apr 28
8813 Jan 2
10114 Apr 30
3 May 1
4
397 Apr 30
Apr
A 28
22
8
854 Apr 28
65 Jan 2
106 Jan 15
50 Jan 15
218 Jan 15
78 Jan 5
8
155 Apr 27
3214 Jan 13
39% Apr 30
1063 Apr 30
4
1918 Apr 30
1612 Jan 5
z8518 Apr 20
7513 Jan lb
204 Jan 2
Highest.
PER zit Ac.
Range for Previess
Year 1930.
Lowest.
Highest.
$ per share
$ per share $ per share
812 Feb 10
6 Dec 1512 Feb
123 Feb 24
4
5% Dec 354 Mar
5918 Feb 25
3614 Dec 10712 Feb
59 Feb II
37% Dec 994 Apo
5513 Feb 25
84% Oct 964 Feb
1823 Feb 24 17014 Dec 343 Apr
4
126 Apr 7 12014 Dec 12814 Apr
423 Feb 26
4
3114 Dec 69 Mar
187 Feb 9
8
1112 Dee 4214 Mat
23 Mar 21
1613 Dec 3112 June
623 Feb 13
4
4512 Nov 973 Mar
2
6614 Feb 26
604 Nov 663 Jan
4
43 Jan 9
4
218 Dec 12
Jan
38 Feb 24
80 Dec 54% Mar
2Mar 10 118 July 128 Feb
1248
al, Oct 21% Apr
Feb 24
1255
88
63 Feb 20
Oct 84 Sept
1293
41%lar 26 104% Dec 15613 Apr
15212 Apr 30 1404 Jan 1507 Ocl
8
24% Dec 8212 Feb
38 4 Feb 24
3
86 Mar 18
70 Dec 118
Jan
27 Dec 89% Apr
4359 Feb 24
485 Mar 20
3
85 Dec 5114 Apr
2114 Feb 27
157 Dee 22
8
Oct
14% Feb 16
Jan
9 Nov 33
8 Nov 30% Mar
10 Mar 2
33,8 Feb 24
17 Dec 59% Mar
25 Dec 1013 Apr
514 Feb 24
4
100 Mar 20
84 Dec 11112 Apr
7913 Fen 2
1038ja b 9
5
63% Dec 10034 June
90 Feb 26
73 Dec 101 May
54 Dec 3352 Mar
8 NIar 31
112 Dee
7 Apr
30 Apr 6
812 Dec 3472 Apr
64 Mar 20
4612 Dec 693 Mar
4
2413 Dec 41% Mar
3155 Feb 9
26 Feb 26
18 Dec 553 Apr
2
112 Jan 0
12 Dec
4 Apr
12 Jan 9
7 Dec 85 Feb
30 4 Feb 26
3
1814 Dec 105
Jan
8814 Dec 11812 Mar
84 4 Mar 6
3
298 Dec 45 Sept
43$4 Mar 19
4
7 Mar 2
8 Dec 14% July
2314 Feb 24
1313 Dec 5113 Feb
89% Feb 5
80 Dec 116 Feb
397 Jan 20
20 Dec 95 Mar
847 Feb 26
8
36% Dec 1193 Apr
8
102 Mar 27
90 Dec 107 Mar
7412 Dec 87711 Sept
84 Apr 9
85 Apr 4
743 Dec 8912 Sept
4
2112 Mar 20
15 Dec 393 Apr
4
12% Feb 27
512 Dec 37 Mar
873 Feb 20
8
28 Dec 1007 Feb
8
66 Feb 26
5212 June 673 Apr
8
9 Feb 13
5 Dec 2612 Feb
h Dec
153 Feb 27
33 May
2
42 Jan 6
85 Dec 5412 June
3712 Dec 7912 Apr
581k Feb 24
13812 Mar 27 131 Dec 141
Apr
1023 Mar 12
4
93% Dec 103% Aug
4214 Mar 10
3
357 Dec 437 Jan
8
109% Mar 13 10018 Jan 112 Sept
41 Feb 16
2 Dec 2212 Mar
111k Feb 24
5% Oct 3314 Mar
8114 Feb 20
2312 Dec 5214 Mar
113 Feb 20 110 De 118 Feb
484 Mar 10
35% De
55% Apr
60 Mar 25
394 Dec 89% Mar
108121,Iar 16
5
95 Nov 110 Apr
1118 Feb 18
5 Nov 261 Feb
4
23% Feb 18
15 Dec 2712 Feb
2013 Feb 26 17012 Dee 27414 Apr
4
1283 Apr 14
4
08% Dec 127 Sept
132 Apr 14
994 Dec 1307 Sept
2
131 Apr 25 120 Feb 129 Sept
105 Jan 16
95 Nov 141% Apr
11013 Feb 28 10312 Nov 11484 July
80 4 Feb 26
3
47% Dec 124% Apr
107 Mar 19
98 Nov 10818 Oct
g
117 Jan 12
5% No
2014 Feb
3918Mar 23
15% No
44% Feb
4 Jan 23
1% De
9 May
18 Feb 20
1018 Dee 443 Feb
4
88 Feb 26
4
353 Dec 17 Feb
78
403 Mar 11
4
263 De
4
797 Jan
8
4314 Feb 27
25 Dec 8112 Apr
2614'61er 10
19 Dec 534 Feb
86 Feb 21
24 Dec 51% Apr
1912 Feb 27
1052 Dec 3714 Al:
18 Feb 6
1318 Dec 2914 Apr
72 Jan 7
60 Dec 827 June
8
412 Jan 6
2% Nov
818 Mar
27 Jan 7
113 Nov
4% Mar
2614 Nov 65 June
47 Jan 6
713 Apr 4
3% Dec 133 Apr
4
1012 Feb 26
43 Dec 201g Apr
4
287 Feb 10
8
20 Nov 4618 Mar
2958 Mar 20
19 Dec 5013 Apr
31 Feb 18
30 Dec 51 June
39 Jan 7
83 Dec 803 Jan
8
5318 Jan 21
48 Dec 6514 Feb
2355 Feb 24
16% Dec 51% Apr
54 Feb 11
42 Dec 106 Mar
9972 Jan 16
97 Nov 106 Mar
131 Feb 10
7% Dec 87 May
323 Jan 5
212 Oct
812 Mar
29513 Apr 14
8
4
603 Nov 2633 Apr
214 Mar 30
7 May
152 Dec
7 Dec 10% Mar
259 Feb 16
8
12 Dec 25 Mar
5 Feb 27
2% De
97 Apr
8
613 Mar 2
s
19% Jun
277 Mar 19
88 Feb
Jan
84 Dec 116
10412 Mar 19
107 Feb 11 103 Dec 11012 Feb
84
8 Nov 20 Mar
10 Jan 2
91 Mar
58 De
60 alar 10
1412 Feb 26
8% Dec 34 Mar
23 Nov 68 Feb
33 Jan 19
89 Dec 101 July
90 Mar 5
62 Dec 92 Apr
81 Mar 19
111 Ivlar 19 10114 Mar 1094 Sept
62 Apr 6
4
468 Nov 704 Jan
61 Jan
8
218 Dec
6 Jan 30
7614 Dec 8112 Mar
4
803 Jan 22
1414 Nov 173 Apr
3
2513 Feb 24
303 Dec 564 Apr
4614 Mar 19
8
4732 Dec 11014 Apr
70 8 Feb 28
3
4
123% Mar 6 1122 Dec 134 Mar
23
Oct 41% Apr
29 Feb 21
1613 Dec 297 Apt
8
2059 Mar 25
95 Dec 104
95 Jan 9
Oct
74 Feb 90
75% Jan 15
AD/
4012 Apr 9
15% Nov 69
Apr
New York Stock Record-Continued----Page 3
3294
For sales during the week of stocks not recorded here, see third page preceding
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Apr. 25.
Monday
Apr. 27.
Tuesday !Wednesday , Thursday
Apr. 28. I Apr. 29. 1 Apr. 30. I
Friday
May 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots.
On Darts of 100
Lowest.
$ per share $ Per share 3 per share l $ per share 1$ per share S per share Shares Indus.& HIscell.(Con.) Par $ per share
No par 60 Jan 6
300 /Jon Am! elms A
8
*597 6012 *60
61
6214 65
3
2
60,
0214 6212 *61
65 I 61
1% Jan 2
No par
200 Booth Fisheries
.15* 18 .13
17
.188
8 2
8 2
.13
8
15
8
17
138 .13
8
et preferred
100
7 Jan 9
*514 15
*514 15
*514 15 I *514 15
*514 15
*514 15
25 64% Apr29
6818 69% 6618 684 657 673 : 645* 65% 6518 6814 6688 683 45,600 Borden Co
8
8
2112 28,200 Borg-Warner Corp
10 17% Apr29
2013 2118 1812 2014 1812 19181 17% 19 1 18
2012 20
550 Botany Cons Mills class A__50
112 Jan 28
8 2
4 •13
12
4
13
214
4 224
2
2
2
.
14 14 .13
8
3
15 8 15% 143 15% 1418 15 I 1388 14121 133 153
4 1518 163* 66,500 Briggs Manufacturing_No par 133 Apr29
4
8
No par 1612 Jan 14
1,000 Briggs & Stratton
18
18 .
18
8
18
193 19% 187 1988 1818 1818' 18
2214
8
2 Jan 2
500 Brockway Mot Truck_ _No par
33*
3
4
4 3
*23
*3
8 3
4 313' .27
*23
3
3
Preferred 7%
100 1012 Apr 22
4
20 .103 20 .103 20
4
8
.107 20 .107 20 .107 20 .10
10812 10822 3,700 Brooklyn Union Gas___No par 103 Jan 2
10812 1083 10514 106
105 109 *108 111
106 107
4
4
No par 323 Ian 22
400 Brown Shoe Co
35
3512 35
3518 35
*3412 35 2 35 8 3588 *3412 3512 *35
,
,
8:2 Apr 22
700 Bruns-Balke-Collender_No par
83* 84
812 812
.818 84
.8% 9
84 83* .818 9
9.700 Ducyrua-Erle Co
10 12 Apr29
15
14
1312 1314 14
1414 12
14% 14% 1414 1488 13
Preferred
10 21% Apr 28
258 263
4 3,600
2412 25
2612 26% 26
8
217 2,518 22% 24
26
100 11114 Apr 2
10
Preferred (7)
•11318 115
114 114 .1134 114 .11318 114 *11318 114
11318 114
No par
3% Apr 28
4
4
,
44 4 2 3.100 Budd (E 0) MU
.388 3%
4 4
414 4,
33
414
4
4
78 Apr29
No par
7,700 Budd Wheel
3
788 73
84 84
4
11 818
83
724 712
74 78
7 4 814
9,8 Apr29
No par
8.800 Bulova Wa3012
8
93 10
912 98
4
94 93
1018 104 10
8
93 10
1014
1014 Apr29
No Par
2,600 Bullard Co
11
11
1014 1012 103* 12
11 8 1214 11
1114 10% 11
,
9 Apr 27
100. Burns tiros new clAeomNo par
20
.7
20
.7
20
.6
20
*7
9
9
*7
9
3 Apr 21
New clam B 0001- ..No par
200
*212 312 *222 312
,
314 3 4
3
3
312 *212 312
. *3
100 22 Mar 17
Preferred
170
33
33 .27
.27
33
33
33
33
3
39 4 3318 37
*37
1 Burroughs Add
24
Maoh__No Dar 21 18 Apr30
2512 8,200
2118 25
2318 2412 22% 2312 214 227
25
25
17 Apr 23
No par
4,200 Bush Terminal
4
194 188 19 2 193 20
,
19
4
193 20
198 1912 2014 19
100 70 Apr 23
Debenture
230
7018
70
74
72
72
72
74
74
,
7214 72 4 70
100 954 Apr29
120 Bush Terra Bides pref
*934 10512
9518 954 97 100
*7014
100 .95 100
1
102 102
78 Apr 23
3
.7
8
7
7
1181
709 Butte & Superior Mlning___10
4
1Ig
8
•7
*78
118
118
1
1
1
5 112 Jan 5
112
112
600 Butte Copper & zinc
112 112
17
8!
112 112 t112
112 112
112 112
No par 1244 Ian 20
2,500 Butterick Co
1318 14
8
2 1318 1312 127 13
•1314 143
.14
14% 1314 fl
8 36% 39% 62,100 Byers & Co (A al)..„-No Par 3312 Apr29
337
,
4
353 38,
4 33 2 3688 34
35% 39
384 40
100 9114 Apr JO
Preferred
*8514 95 .8514 95 I
96
85
*9414 95 .
*9414 96 .944 96
2012 2412 20,000 California Packing__ _No Par 2012May 1
8
2612 223 26
,
2518 26 4 24
,
2712 27% 25 4 27
1
448
8
3 Jan 8
.1:58
1
8
•5
10
Callahan Zino-Lead
8 1
3
.
8 1
3
.
*4 1
2,300 Calumet & Arizona Mining_20 3314 Apr29
35 .3312 37
3 3314 3612 34
4 374 373
3812 3812 3788 373
712 Apr 30
25
712 8
4 8,600 Calumet & Hecht
7% 8 I
712 73
8
8
7% 8
7% 818
4 1,400 Campbell W & C Fdry -No Oar 11% Apr 28
8
113 1112 •12% 123
8 113
11% 113 . 8 12
1218 12 4 1112 12
,
371* 12,000 Canada Dry Ginger Ale No par 3973 Jan 19
4
4
3613 35
36
36
4
353 3612 353 364 353 3314 37
No par 174 Jan 2
2112 2112 2.600 Cannon Mills
2018 21
20% 21
8 203* 204 203* 21
4
203 213
94 Jan 5
1314 13
1314 1418 1418 1.200 Capital AdmInis el A No Par
•1414 14% 133* 1414 13% 1312 13
50 30 Jan 10
Preferred A
*3018 3712
800
*2912 33 .2912 32 1 .3018 35
,
.32 4 333 *2712 33
4
100 71 Apr 29
83% 7713 8418 224,700 Cme(J 1 Co)
8 /5
767
784 81% 7512 7913 7512 784 74
Preferred certificates_ _.100 105 Apr 29
40
4
,
105 105 1.105 1083 .105 108 4
110
110 .____ 110
8! 2512 2812 2512 284 34.300 Caterpillar Tractor_ _ _ _No par 2512 Apr 30
2718 283
29
31
30
3014 2888 30
24 Jail 5
312 *228 31,
8
640 Cavanagh-Dobbs 1n0 .No Par
218 218'
212 3
3
3
3
3
100 20'8 Apr29
Preferred
50
4
8
20:8 20, *1012 2284 *1012 223.
22
4
103
. 8 223 *20 8 223 *20
4
,
Am__No par 1014A1ay 1
14 1014
400 Celanese Corp of
•10
11
1114 10
111, 1113! 11
8
*103 13 .10
11
54 Apr 21
No par
900 Celotez Corp
*714 10
8 9'8
9,
.712 10
.712 10
7
7
64 7
44 Jan 2
No par
4 7
Certificates
.52
800
4:614 9
6
6
6 6
64
6
*64 10
2214 Jan 5
No par
Preferred
80
30
*204 30 . 28 30
20
25 .204 30 .21
25
27
.25
19 Apr 27
8 1,800 Central Aguirre Asso No par
217
*19
21
•20
20
.2114 21% 19
2114 198 2012 19
212 Jan 6
5
1,400 Century Ribbon hillis_No par
312 312 *4
312 312
4
4
35* 4
5
*4
100 571 4 Apr 28
Preferred
230
6112 *5312 6113 *5312 6112
5714 5714 .55
61
58
.5714 58
1512 Apr 24
18,600 Cerro de Paseo Copper_No par
1618 18
17
1712 19
16
4 17% 1812 1614 1714
1613 163
24 Jan 2
418 4% 2.300 Certain-Teed Produots_No par
312 4
312 31
4
4
412
*4
5
*4
32
No par 304 Apr29
32
33
1.000 City Ice & Fuel
31
3212 3018 33
*30
33
,
4
*323 33 4 33
Preferred
88%
100 774 Jan 14
40..
8712 88
884 8718 885* 8712
8714 874 88
88
88
8
87 Apr 22
No par
10% 8,100 Checker Cab
1014 10
11
988
9
8
9 8 958
9% 912
8
8 93
93
No par 40 Jan 2
4018 4312 4222 4312 6.700 Chesapeake Corp
41
404 4112 40
42:8 4118 42
42
612 Apr29
94 6,40a Chicago Fitment Tool_No par
8
623 714
612 74
64 73*
812 9
4 84
73
1714alay 1
No par
Preferred
2,300
1712 173
4 1714 20
1984 17% 18
18
20
20
21
•20
270 Chicago Yellow Cab
2012
No par 20 Mar 2
2012 .20
*20
.184 20
21
O204 22
204 203* 20
10 1013 Mar 6
1,300 Chickasha Cotton Oil
8
8 103* 103 *1012 11
1088 104 1088 103
4
103 11
11
11
No par 1412 Apr 24
203* 2112 15,200 Child, Co
1914 2314 1812 204 1912 21
23
2312 2418 22
2
No par 157 Jan 2
4 177 20 194 50 f Chrysler Corp
4
164 1713 168 1714 163 183
4
173 18% 16% 18
212 Apr 17
No par
6,600 City Stores new
318 018
3 14
3
318 314
314 312
312 37
35*
33*
17 Apr 28
No par
100 Clark Equipment
1712 .16
1712
*16
17
17 .16
17
18
•17
18
•17
27
200 Cluett Peabody 4 Co__No Par 2432 Jan 12
27 .24
2512 *24
27 .24
27
28
29 .27
27
.
100 95 Jan 28
Preferred
70
•10012 ____ 10012 10012 10012 ____ .10012 --- 10012 10012 10012 10012
No par 1424 Jan 2
146 148
8.800 Coca Cola Co
8
4
14518 1463 14318 1457 14312 14512 14414 143
146 147
No par 504 Jan 2
Clam A
5214 1,800
8
*5214 5312 5214 5214 5214 5214 517 5212 5214 5214 52
434 4418 4312 4414 5.602) Colgate-Palmolive-Peet No par 4313 Apr 25
45
4412 4411 44
4414 45
4312 46
100 101.34 Apr 21
6% preferred
300
10214 10214
1014 *1014 10312 .10214 103
4
4
31013 10312 10214 10214 1013
9 Jan 30
No par
97 10
1112 6,400 Collins & Allman
11
11
10
104
912 1112 10
1218
12
Preferred nou-voting _ _ _ _100 71 Apr 30
--------800
71
71
7312 7212 7212 7112 72
.1014 10312 73
818 Apr 27
813 812 2,500 Colonial Beacon 011 Co_No Par
812
822
812 812
812 812
4
*812 83
888 812
100 1514 Apr 30
1714 1714 5.500 Colorado Fuel & Iron
1514 17
4
8 153 157
163
1714 1614 1712 16
17
7312 27.200 Columbian Carbon v to No Par 614 Apr29
6612 714 6514 6714 6612 724 68
74
7612 71
74
8 324 3312 54.400 Colutnbia Gas & EleoNo Par 3012 Apr29
305* 327
313* 323* 303* 3214 307 323* 3012 32
8
100 1007 Jan 2
Preferred
10618 1061s 10618 10618 107 10712 1,1011
4
1053 106
•10512 10612 1053 106
4
734 Jan 16
88, 912 81,500 Columbia Graphophone
93
34 94
3
93
8
93
812
9
84
912 10
Common:11e Credit_ _ No par 15 Apr29
4
1512 1712 1612 163 12,500
16
8 1612 1712 15% 16% 15
174 173
Si) 31% Apr29
Class A
32
32
325* 314 2,10,,
3218 314 32
32
33
3413 .32
.32
25 214 Jan 20
Preferred B
40
8
.2212 2412 .2212 2412 2212 2212 *2112 2212 .223 2412 .223* 2412
1st preferred (614%)---100 7612 Jan 21:1
250
4 8518 854
853
3
85 4 8518 8588 .85
855* *85
4
843 84% 85
23'$2314 24% 2312 2518 10,90.; Corn Invest Trust____No Par 23 Apr29
23
23, 2312
8
2514 234 25
25
No par 82 Jan 20
Cony preferred
2.203
*8312 84
85
84
8512 86
87
8714 8714 864 8714 .86
2% Jan 7
Warrants stamped
10
314 314
.311 412 .314 412 *314 422 .314 412 .34 44
No par 1214 Apr29
8
1418 1214 13 1 121 14 I 1312 14121 48,600 Comm Solvents Sou-rn
8
137 1412 13
1412 15
8 Jan 2
No Par
814 812 142,200 Commonw'ith &
8
81
84, 8
8
8 14
8
1
88
8
8
814 83
No par 9112 Jan 2
$6 preferred aerles
4,400
8
4
,
4
9512 933 96 4, 923 9312 937 94
,
97 2 9712 0714 983* 96
No par 31 Apr 30
1.300 Conde Nast Publica
33
.31
31
3118 3178! 31
315
.
313* 32 .315* 32 ; 3114
7
62 Jan 2
1012 22,300 Congoleum-Nairn 1no_No par
9
,
8 8 914
8!
84 715
8 9
814 914' 83
914
9
No Par 22 Jan 13
1,600 Congrees Cigar
251 1
4
2312 223 2314. .2313 27 .23
2612 23% 24 1 23
.24
2.600 Consolidated Cigar _ _No par 2512 Jan 8
3114 3212 3212 33
3114 32 I
31 12 3214
3312 3313 3112 33
100 55 .tan 2
Prior preferred
350
63
8 65
667
65
668 68 .6612 667
6712 68
69
69
.5 Apr 28
6,000
6,003 Consol Fil,n Indus__ __No par
64 5l
518 6
518 512
513
5
54 512
588 6
No par 1314 Apr 27
Preferred
,
14 4 1514 4,600
8 1312 1488
8 1388 1414 133* 137
1414 1314 133
14
No par 824 Jan 2
9112 95% 175,200 Consol Gas(N Y)
8 8914 941
,
944! 904 9314 904 92 8 8914 917
914
No par 1014 Fe1f 27
Preferred
10412 2,000
8
,
,
10412 10112 103% 10412 103 4 103 4 10312 10312 10312 1043 10412
14 Jan 2
4
3 10,400 Consolidated Textile_ _ _No par
7
4
4
3
4
3
8
7
k
4
8
4
3
34
8
7
4
4 Apr29
411 414 3,400 Coutalner Corp A votNo par
4 I •414 413
4
412 412
518:
5
518
5
No par
114 Apr 28
Class B voting
2,800
13
8 2
15
112 *13
114 112
1 14
4
112 1.3 !
4
14 12
1012 1218 10
9,200 Continental Bak' 01 A_No par 10 Apr 30
1214 123 13
13
1514 1513 1314 153* 13
No par
Class B
1 12 Apr29
14 12,300
1%
4
13
1%
112 1%
4 1%
13
,
1 4 2 8I
2
2
100 417 Apr 30
Preferred
8
7 50
6,900
52
50
51 I 44
47
52
51
541
54
54
54
43,300 Continental Can Ino__No par 47 Jan 2
25418 57
533 517
4
523 07
4
5414 5618 533 557
5813
56
,
4
2
10, 104 104 1012 103 10 4 2,600 Contl Diamond Flbro_No Par 101 i Apr 30
117
*
41 11
114 114 1118 113
10 40, Apr 30
8
6,205 Continental Ins
4
404 41122 403 4112 401* 4118 404 41% 41 12 42
42
42
2% Feb 5
7,200 Continental Motors_ __No par
21
8 3
2,
3
8
2% 27
2% 3
3 I
3
3
3
64 Apr 23
N Par
724
74 76,100 Continental 011
612 712
8
7,
8 7 i
63
6'o
65, 741
714 712
8
33 Apr 25
4
4 63 82,000 Continental Sbaz ea....No par
53
618 612
8!
63
6
618 6%
61
5
8 5
35
4 6212 6714! 6412 6814 41,100 Corn Prod eta Reflaing____25 624 Apr 30
663
63
653* 69
70
694 70 I 68
Preferred
100 146% Jar 6
250
*15114 __ __ 15114 15112
8
15114 15114 15114 1513
*15114 153 ..15114 153
No par
7,100 Coty Inc
84 Jal 10
4 98
93
98 II
912 11
95* 988
912 10
8
97 104
No Dar 27 Jan 14
400 Cream of Wheat
4
28% 283* 2313 2812 .283 2912
29
29
311
2 30
2812 30,
.
100 12% Apr29
1813 2,200 Crex Carpet
4
8 123 148 1312 13% .13
154 153
16
16
17
1612
Croaley Radio Corp_ _No par
44 Jan 2
4
53
4 *5
52
55* *5
5
513 .
,
*514 612 .514 6 2 .5
Crown Cork dr. Seal__ No par 31
Jan 18
3112 3112 *3112 34
32 .3012 31
3112 32 .31
*3112 32
300
No par
31 1 Apr 30
33
314 314 *314 418 1,300 Crown Zellerbaoh
4
.3
*3
312 3%
*313 338
5,800 Crucible Steel of Amerloa_100 4334 Apr29
4518 4112 43
4
433 4514 41
4518 4512
47
Preferred
4618 4618' 45
530
100 90% Apr 30
9214 9214
,
90 8 93
93
9314 92
9312 93
9812 93
300 Cuba Co
94
3% Apr 27
aro par
*312 4
*312 4
*312 4
38 38 .312 4
414
1
7s
4
10,800 Cuba Cane l'rodueta.- - No Par
8
7 Apr29
I
1
1 18
78
114
11 4 .1 18
220
.118 114 .1 18
218 Apr 30
218 23* 8:500 Cuban-American 8agar _ _ 10
8
218 23
214 212
212 24
25, 25*
24 3
30
Preferred
100 22 Mar 9
.2518 32 .2518 32
26
26
26
3012 26
3012 .26
4
26
Cudahy Packing
4112 413 413
8
•
60 41 Jan 2
41
42
8 41
8
8 427 427
433
43
43% 437
3,800 Curtis Publishing Co_ __No par 7612 Apr 30
80
80
7612 88
83
88
,
4 8812 8812 *83 8 8912 *1157 117
893
89
00 Preferred
11478 11534 115,t 11514 35,00
No par 11314 Jan 15
60
8
117
4
11612 11612 *11512 1163 *116
No par
273 Jan 2
3
Curtlas-Wright
'2 384
34 35*
4
312 33
8 34
8
33
312 35
8
312 35
3% Jan 2
Claes A
47
100
588 6,709
5
5
4 5,8
43
5
5
514
5
5
5
1,700 Cutler-Hammer Mfg _ No par 21 Apr29
22
22
2212
2112 21
21
2212 23
24
2518 23
25
5.200 Davison Chemical
No Per 1112 Apr 30
124 114 1212 1112 1314 1 1212 14
4
123 13% 1214
8
•137 14
z Ex-dividend. I/ Ex-dividend and III-r1211143
•Bid and Baked prioes: no salte on this day.
PER SHARE
Range for Precious
Year 1930.
Highest.
Lowest. I Highest.
5 Per share
26614 Apr 15
3 Feb 20
1724 Feb 20
7613 Mar 20
3034 Feb 27
238 Mar 18
4
223 Mar 25
2412 Mar 24
514 afar 2
28 Feb 17
1293 Mar 19
3512 Jan 5
15 Feb 15
2
207 Feb 19
8
347 Feb 10
114 Apr 21
5% Feb 25
13 Feb 27
2
1511 Jan 80
23 Feb 28
51 Jan 7
10 Jan 7
85 Jun 20
324 Feb 9
31 Feb 24
104 Jan 23
113 Mar 17
14 Feb 20
2 Jan 29
8
203 Feb 26
094 Feb 20
3
1067 Feb 24
53 Feb 16
1% Mer 2
43% Mar 17
11% Feb 24
16% Mar 25
4014 Feb 27
25 Mar 24
16 Feb 20
3831 Feb 25
13113 Feb 24
118 Mar 21
524 Feb 17
4 Feb 27
26 Mar 7
16 Feb 25
3
143 Mar 2
4
133 Mar 21
4
373 Mar 21
24% Jan 9
612 Feb 21
70 Feb 26
301s Feb 24
74 Mar 23
8711a Feb 25
90 Apr 21
2314 Feb 7
541s Feb 24
154 Feb 26
35 Feb 26
23 Jan 9
123* Mar 30
4
333 Feb 10
2534 Mar 9
4% Feb 11
8
227 Mar 25
8418 Feb 17
102 Mar 4
170 Feb 24
5212 Mar 16
5012 Mar 18
104 Feb 10
,
17 8 Feb 26
741s Apr 23:
1012 Jan 8
3214 Feb 10
1113* Feb 25
3
45 8 Mar 19
10912 Mar 14
1614 Mar 13
234 Feb 26
2
357 Feb 28
2412 Mar 18
854 Mar 5
34 Mar 19
00 Jan 28
8 Feb 27
2112 Fob 24
12 Fob 24
1003 Mar 16
*
3412 Feb 16
4
123 Afar 27
30% Mat 10
3714 Mar 12
73 Mar 19
15 Feb 17
DPI Feb 17
1094 Mar 19
10412 Apr 25
14 Slur 18
812 Jan 9
• 8 Jan 12
30 Feb 28
,
3 3 Feb 2
774 Feb 27
62% Mar 26
8
167 Feb 27
8
517 Feb 24
412 Feb 27
12 Feb 13
12 Feb 2.1
2
863 Feb 17
15212 Apr 2
18 Fob 27
3112 Mar 11
8
193 Apr 11
4
83 Feb 25
384 Feb 24
8
87 Jan 12
63 Feb 11
106 Jan 3
5% Jan 8
8
23 Jan 8
4
53 Mar 24
35 Jan 9
3
487 M ar 19
100 Feb 7
1184 Mar 5
s
57 Feb 27
84 Mar 2
41 Jan 7
23 Feb 24
per share
$ per share
5912 Oct 78 Apr
5 Mar
Oct
1
54 Dec 3314 Jan
8
6018 Jan 903 May
15 Nov 5012 Ma?
5 Mar
2
3 Dee
1218 Oct 25% July
1514 Nov 3513 Apr
1% Dec 224 May
13 Dec 85 Apr
9813 Dec 17812 Mar
32% Nov 42 Feb
5
10 Dec 303 Mar
8
114 Dec 817 Mar
21 Dee 43 Mar
,
107 4 Jan 117 Sept
3 Dec 16% Apr
8
,
6 4 Oct 143 Feb
813 Dec 43 Mar
9% Dec 70 AD:
2513 Dee 11018 Apr
3 Dec 35 Apr
4
713 Den 100 Feb
4
3
183 Dec 517 Mar
2113 Des 4813 Mar
97 Nov 110 Mar
Oct 118 Apr
108
54 Jan
% Doe
44 Feb
14 Dec
8
10 Nov 293 Feb
334 Dec 112% Apr
Jan
108 1)ec 114
41.14 Dee 774 Mar
214 Feb
63 Dec
8
3
283 Dec 897 Jan
,
732 Dec 33 4 Jan
10 Nov 80 Mar
8012 Dee 75% Ma,
1618 Dec 3414 Ma,
4
712 Dec 283 At),
2912 Dec 42 Ma,
834 Deo 8624 AP,
113 Deo 132 Mar
4
22 Dec 793 Apr
14 Dec 1372 Jan
Jan
24 Dec 75
94 Dee 2012 Oct
3 Dec 80 Mar
3 1)ec 12 Sept
174 Dee 84% Apr
18 Dec 8012 May
84 Mar
212 Dec
8
Feb 897 July
51
,
21 Dec 85 8 Jan
2 Dot 1572 Feb
3272 Dec 49 Fen
2
79 Oct 983 Feb
8
143 Dec 67% Mar
3214 Dec 8212 Mar
4
77 Nov 37 Mar
2
2218 Nov 551 Mar
2012 Dec 82 Mar
1012 Dec 3212 Apr
8
227 Dec 87% June
1418 Dec 43 Apr
213 Dee 1314 Apr
1512 Dee 444 AT
21 Dee 60 Apr
914 Jan 105 Apr
2
13314 Jan 1913 June
484 Jan 53 Mar
44 Dec 64% May
97 Mar 104 Dee
Oct 35% Feb
12
Jan 92 May
73
3
4
83 Dec 20 2 Apr
18% Dec 77 Apr
8518 Dec 191 Mar
30% Dee 87 Apr
99 Nov 110 API'
8
74 Dec 873 Apr
1512 Dec 404 Apr
3012 Dec 44% Apr
2012 Dec 28 Apr
7814 Jan 954 Sept
214 Dec 55 Mar
St) June 87 Mar
213 De
6 Oct
Agr
14 Dec 38
74 Dec 2014 Apr
864 Dee 1044 Juno
31 12 Dec 57 Mar
8
53 Dec 104 Mar
1814 Sept 56% Mar
24% Dec 59% Mar
53 Dec 80 Mar
8
77 Dee 27% Mar
1213 Dec 2814 Jan
8
7814 Deo 1367 Apt
9912 Jan 1054 Sept
Jan
2
14 Dec
512 Dec 2212 Feb
813 Feb
2 Dec
4
163 Dec 5212 Feb
7 Feb
2 Dec
62 Dec 94% Feb
4313 Dec 71% Mar
94 Dec 37% Apt
3714 Dec 77% MOt
812 Feb
24 Nov
74 Dec 8012 Apr
8
812 Dec 407 Apr
8
65 Dec 1113 Apr
140 Feb 1514 Oct
74 Dee 33 Feb
3
3512 Jan 853 Mar
294 Mar
Jan
Jan
314 Dec 22
8
81 Dec 593 Apr
4se Dec 1811 Feb
2
5012 Dec 933 Mar
10112 Dec 117 Mar
218 Dec 1912 May
7 Mar
Oat
1
9 Feb
2 Dec
20 Dec 65% Feb
Jan
384 June 48
85 Dec 12614 May
112 Dec 121 1a Mar
I% Dec 147s Apr
34 Apr
3 Dec 10
85 Dec 9012 Mar
,
10 Dec 43 3 Mar
3295
New York Stock Record-Continued-Page 4
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 1
Apr. 25. 1
Monday ' Tuesday I Wednesday' Thursday 1
Apr. 30.
Apr. 27.
Apr. 28, I Apr. 29.
Friday
May 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots.
On balls of 100
Lowest.
Highest.
PER SHARE
Range for Proviori
Year 1930.
Lowest.
Highest,
Shares Indus. & MIseell.(Con.) Par $ Per share $ per share $ per share $ Per am
85 Apr 29 1212 Jan 28
8
912 Dec 30 Apr
200 Debenham Securities____5 Sch
20 June 2413 May
20 2018 Jan 28 22 Jan 5
800 Deere & Co prof
4
100 163 Apr 29 195 Feb 11 161 Dec 2553 Apr
700 Detroit Edimon
1112 Des 423 Mal
4
500 Devoe & Reynolds A__No par 13 Jan 3 194 Feb 18
No par 147 Jan 15 23 Mar 8
2
23,300 Diamond Match
25
8
243 Jan 7 26 Feb 24
2,300 Preferred
934 Jan 108 Sept
8
87 Jan 2 z1312 Mar 31
8
No par
10,900 Dome Mines Ltd
12 Nov 303 Apr
8
No par 144 Jan 2 24 Apr 13
3,100 Dominion Stores
4
573 Dee 873 Mar
8
8
No par 6112 Jan 2 783 Mar 20
40.32 Drug Inc
514 Jan 22
814 Mar 19
5 Dee 4312 Apr
Dunhill International No par
4
13 Oct 19 Sent
No par 1212 Apr 14 143 Feb 9
500 Duplan Silk
Jan 1063 OH
8
200 Duquesne Light let pref_ _ _100 102 Jan 5 106 Apr 15 100
614 Dee 254 Jan
7 Apr 27 1314 Mar 2
No par
3.900 Eastern Rolling Mill
No par 1431 Jan 19 1854 Feb 24 1424 Dee 2554 Apr
4
69,800 Eastman Kodak Co
8
4
120 6% cum pref
100 1283 Jan 8 13412 Mar 23 1207 Feb 134 No;
115 Dec 374 Feb
8
par 1212 Apr 29 2172 Mar 19
17,700 Eaton Axle & Spring
8012 Dec 1454 Am
8
54.620 E I du Pont do Hem
20 773 Apr 29 107 Mar 19
1,100 8% non-vol deb
100 1183 Jan 9 124 Apr 9 11412 Feb 123 Sept
4
218 Oct 107 Feb
2
Eitingon Sohlld
No par
34 Jan 2 1112 Feb 17
*5512 64
35 Nov 62 Feb
55; 55121 *55
64
5513 5512 5513 555
8 553 553
4
4
600 Preferred 6
100 3512 Jan 5 69 Feb 18
473 50; 4718 4918! 4718 493
33 Oct 1144 Ma,
4
4 455 4814 46
8
50; 475 5212 66,700 Electric Autolite
8
8
No par 455 Apr 29 744 Mar 10
"108 109 •108 109 itlOS 100
108 108 *10714 109 •10714 109
10 Preferred
100 108 Apr 7 110 Jan 7 10312 Oct 1104 Jan
24 Dec
934 Mar
23
4 23
212 2; *212 2;
5
8
2; 212
214 212 *214 25
8 1,200 Electric Boat
84 J r 0 6 ;
2
04
No par 3214 A a33 J t e 2
43; 463
Feb
343 Dec 10312 Apr
8
8 41; 44581 4218 44
4114 423
41 413 4512 42; 4618 161.300 Electric Power & Lt__ No par
4
*106 10612 106 106
99 Dec 112 Apr
106 106
105 105 1 104 104 *100 105
600 Preferred
No par 100 Jan 6 108101ar 20
9514 9514 95
9514 943* 947
4
4 1.000 Preferred (8)
No par 86 Jan 3 9814 Mar 17
843 Dec 102 Sept
4
8 9312 9312 93
9314 933 933
55
55
52
54
55
5,200 Eleo Storage Battery_ No par 504 Apr 28 66 Mar 19
5014 523
4 51
52 I 5112 5312 54
4712 Nov 7914 Feb
114
1141
*3
4
*3
4
114
*1
114 *1
Elk Horn Coal Corp__ No par
1 Dec
8
54 Mar
114 *1
*3
4 14
,
1 Jan 9
114 Feb 26
*34 214
3 Apr 24
4
7 Jan
/
1
4
214 *112 214
2;Mar 25
3 De
8
214' *1
2141 *1
100 Emerson-Brant Cl A___No par
7
8
7
8 .1
32
32
32
2
•32
35
*32
3318 31
31 1 3014 3014 *31
400 Endicott-Johnson Corp____50 30 Feb 10 41 Jan 7
3672 Dec 595 Jan
4
10312 10312 *1033 10514 *1033 10514 *10312 10514 *10312 10514 *1033 115
100 Preferred
4
4
100 10212 Apr 15 113 Feb 10 10712 Jan 116 Nov
6712 Apr
40
8
4018 353 38
8
3712 3712 '37
'
1
377 *37; 4212 3912 40
8
1,200 Engineers Public)Serv__No par 353 Apr 27 49 Mar 12
8
387 No
.86
86
*85; 86
86
86
*86
86; 86 86 I 86
8135
8
500 Preferred $5
No par 81 Jan 2 87 Jan 27
805 De 10718 May
8
.88
*8112 88;
300 Preferred (534)
8918 De 1047 API
89; *897 9012 89; 897
8
8 89; 897 *8112 87
0'
8
No par 85 Jan 19 91 Mar 12
2814 2918 3,000 Equitable Offloe Bldg_ _No par 2814 Apr 30 353 Jan 12
29
3512 De
29
28; 2812 28; 283
8 283 287
8
503 June
4
4
8 28; 29
718
714 1,900 Eureka Vacuum Clean_No par
•712 8
4
612 812
612 Apr 30 123 Mar 17
658 Oct 435 Mar
8
Vat
63
4 7
718
73
4 74
3
8
45
8 45
700 Evans Auto Loading
5
418 Jan 2
84 Feb 24
5
5
*47
8 5
414 4 2
,
414 414
Oct 803 Feb
4
47
8 47
81
*183 19
8
18
17; 18, •1814 2112
430 Exchange Buffet Corp_No par 177 Apr 28 25 Jan 7
8
183 18; 177 183
8
8
8 18
2
215 De
8
2712 Sept
Fairbanks Co
*112 3
*13
4 3
*112 3
25
1 Jan 3 3 Mar 20
*112 3
*112 3
•12 3
97 Jan
8
13 July
4
Preferred
*614 11
*614 11
7 F rb
1
100 14 Ae r 4g 19 7, ar 2a
i
0
*6 4 11
,
*614 11
*614 11
34 Dee 393 Jan
4
*6, 11
4
2144 1%.i
4
*18
1814 1814 1712 1912 *183 1912 1.000 Fairbanks Morse
No par
1912 Dec 5012 May
20
•19
2112 19
19
9812
40 Preferred
98
100 98 Apr 28 1097 Feb 2 102
*98 102
98
99 I *98 100 I 98
2
Jan 1114 May
*98 102
51
33 Jan 21
2
*4
5
412 412 *4
500 Fashion Park Assoc_ ___No par
612 Feb 24
4
24 Dec 274 Feb
*412 5
412 *4
5
*34
438 Dec 9014 MM
4
40
400 Federal Light & Tree
15 3112 Apr 20 497 Feb 28
40
2
*3912 45
3614 36141 *34
3614 37
*3614 45
40 Preferred
No par 87 Jun 6 92 Mar 25
*90
92
8912 891
*88
*90
92
89 2 8912 8912 90
00
85 Dec 984 Apr
,
*514
100 Federal Motor Truck No par
5 Apr 28
7
7
*518 7
7
5
5
*5
7 Feb 24
52
*5
*5
512
54 Nov 1214 Fab
8 *712
*712 914 •732 812
712 72 *712 98
712 71
300 Federal Screw Works No par
712 Apr 28 1512 Feb 24
10 Dec 2512 Sept
6.300 Federal Water Serv A No par 20 A Apr 29 30 Jan 31
221
20
2112 2018 22 2 2214 23
23
,
1712 Dec 43 Mar
23; 2212 2312 22
1,100 Federated Dent Stores_No par 1512 Jan 5 223 Feb 27
2318 *2218 26
4
4
22
2114 2114 2114 2114 2114 213 *22
1212 Dec 38 Apr
22
45
4212 43
4212 47
473
8 4,700 Fidel Phen Fire Ins N Y_ _ _ _10 4212 Apr 29 564 Feb 24
43 43
4214 Dec 89 4 Mar
44
44
42; 44
3
912
672 Jan 16
100 Fifth Ave Bus
No par
*814 912 *814 912 *814
9 Feb 21
67 Dec 1012 Apr
8
8; 8; *812 912 *812 91
*1718 26
Filene's Sons
No par 16 Jan 27 22 Feb 25
*1718 26 I *1718 26
26
16 Dec 4012 Jan
•1714 26
*1714 26
*17 4
,
200 Preferred
100 8514 Feb 10 100 May 1
9212 9912 100 100
89 Dec 1004 Sept
3
*9712 9912 9912 9912 99, 991 *9912 100
15; 1518 1512 1512 15; 5,200 Firestone Tire & Rubber___10 13 Apr 27 193 Feb 25
4
14
137
8 137 13; 14
2
153 Oct 3318 Jan
8
1514 13
581
5614 5712' 57
57
58; 5812 8,700 Preferred
100 564 Apr 29 63 Jan 8
5914 57
533 Oct 877 Mar
8
58
2
5812 59
4812 4912 485 50
an 2 55 Mar 2
50; 4914 50
50; 503
4 3,200 First National Stores __No par 41
51; 513
8
3352 Dec 613 Jan
8
4 50
12
12
12
5
8
12
12
5
8
12 Jan 5
No par
7 Feb 24
2
13 Dec
5
8
5
8 5,700 Fisk Rubber
512 Apr
5
8
; ;
13
14 Dec 21
474137 1
2
2
2
let preferred
3 Feb 7
2
2
2
218 218
13
4 13
300
100
2
2 18
4
Apr
*214 212 *214 212
2 Jan 5
*25
8 312
214 212 *214 21
50 lot pref convertible
100
812Mar 3
114 Dec 213 Apr
4
214 214
27
*2618 29
2618 2618 *26
*26
27
26
26
25
SOO Florsheim Shoe class A_No par 25 May 1 3512 Jan 3
80 Dec 527 Mar
8
253
4
99
99
99
09
*99
99
140 Preferred 6%
94 Dec 10012 Oct
99
100 100
100 100
100 97 Jan 6 10212818r IS
812 Apr 25 193 Feb 25
*95 10
8
4
812 93
9; 10
12 Dec 507 Mar
9; 10
10
8
No par
8
4
1018 103 104 3,700 Follansbee Bros
4214 43 4 39
42
3512 3914 353 37
374 Dec 10412 June
4
No par 354 Apr 28 6412 Feb 24
,
36
40
373 4112 35,200 Foster-Wheeler
8
*714 8
*8
10
8
8
47 Jan 5 11312Mar 9
8
34 Dec 284 Apr
7
No par
7
6
6
74 812 1,000 Foundation Co
2712 2712 26
1 2214 Jan 2 8212 Feb 24
1814 Dec 50 Apr
26; 2512 26
25, 27
26
5.300 Fourth Nat Invest w w
2
27
2612 27
18; Jan 5738 Apr
1614 Apr 25 384 Feb 17
1614 18
16; 1712 173 1914 173 183
8
No pa
4 1814 203
8 1914 2138 141,800 Fox Film class A
4
244 Dec 5512 Am
2734 Apr 29 4314 Mar 23
No pa
3012 31
28; 3014 28; 2978, 273 2918 273 30 2 2918 303 30,900 Freeport Texas Co
4
4
4
,
75 Dec 954 Mar
75 Jan 5 85 Apr 6
•____ 75
Fuller Co prior pref____No pa
75 •____ 75 •____ 75
75
67
312 Jan 6
41, 458 *414 43
64 Feb 25
24 Nov 114 Apr
412
4
*4; 43
4
4
312 4
700 Gabriel Co (The) ol A __No pa
33
4 3; *414
4812May 1 60 Feb 26
50 Oct 80 Mar
No pa
*4914 503
*49
50
48; 49
150 Gamewell Co
4 50 50
4812 48;
50
50
23 Mar 23
8
*8,
7
8
1 Nov
3
4 1,600 Gardner Motor
7 4 Feb
3
5
81 API' 21
3
4
3
4
3
4
81
3
4
3
4
3
4
34
8
4
*6
612 *53
412 Jan 15
772 Mar 19
34 Dee 1412 Feb
800 Gen Amer Investors_ __No Da
4 6
*53
4 6
55
5 53
4 *53
4 6
55
8 514
74 Dec 105 Apr
100 80 Jan 21 138 Mar 12
300 Preferred
*8212 86
8212 8212 8213 8212 *8212 843 *8212 84; *8212 843
4
4
5318 Dec 1114 !or
5812 Apr 28 734 Feb 26
5814 60; 59; 6014 44.900 Gen Amer Tank Car_ _ _No pa
5612 5912, 57
59
813 624 5814 62
4
207 Apr 27 47 Mar 26
8
223 Dec 7112 Apr
2
8 21; 233 16,700 General Asphalt
No pa
225
8
2214 207 213
22
8
4 21
21; 2118 2112 21
6
618
912 Feb 16
54 Dee 3812 Feb
6 Apr 27
6; 6; 3,003 General Bronze
No pa
6
6
6
614 6 4
,
6181
6
6
4 6
612 Dec 3412 Mar
612 612 *53
612 Apr 30 13 Feb 24
300 General Cable
No pa
7
7
*7
8
7
7
•7
8 I
1314 Dec 744 Feb
1212May 1 2512 Feb 24
*1212 18
1212 1212
100 Class A
No Pa
*1212 18
•13
14
*13
14
*1213 18
36 Dec 10934 Am
3818 3818
100 3712 Apr 30 65 Jan 12
590 7% cum pref
40
40
4012 39
*3814 3912 39
39
3712 38
30 Dec 61 Mar
No pa
34 Jan 3 4812 Feb 10
38
38
2.500 General Cigar Inc
37
38
35
4 38
39 I 38
3914 3914 39
393
403 Apr 27 543 Feb 26
2
4
6111 Dee 954 Apr
8
No pa
4
407 433
8
4
8 40; 41; 4012 42181 403 41; 403 43; 415 43;329,000 General Electric
1114 Oct 12 Aug
10 1118 Apr 29 1218 Jan 27
115 113
8
4 113 1158• 11; 11,
8
4 1118 1114 1118 1118 23,600 Special
4 115 113
8
473 Jan 2 56 Apr 13
4
6438 Dee 6114 May
No pa
5118 524 49; 5114 485 507
8
8! 48
4912 4812 50; 50; 5112 104,000 General Foods
518 53 56.800 Gen'l Gas & Eleo A__No Pa
44 Jan 2
812 Feb 21
37 Dec 183 AP:
8
4; 518
4; 512
2
51
43
51
4
5; 512
412
54 Jan 2 763 Mar 20
4
38 Dec 10612 Apr
*61
70
69
2,100 Cony pref ser A
No pa
*65
59
63
70 I 6112 64
60
64
*65
29; Apr 30 35 4 Mar 8
3
2918 2918 2914 29;
300 Gen Ital Edison Eleo Corp__
28gs Dec 443 Feb
8
*30
31
313 *2912 303 •29
8
3012 •29
4
41 Apr 29 50 Mar 21
42
4118 42
an June 594 AM
•423 443
4
41
2,300 General Mills
41
No pa
4 4118 42; 41; 4114 41
0912 99
99t2 *99
99 4
,
400 Preferred
96 Jan 19 100 Apr 15
89 June 984 Dec
*9914 9912 9914 9914 *99
99 4 *99
,
10
10 3514 Jan 2 4S Mar 21
8112 Nov 5414 Apr
4114 40; 42;638,900 General Motors Corp
3914 4012' 3814 4018 38; 393
38
4 3712 39
95 Jan 2 10314 Mar 21
914 Dec 1007 Sept
2
997 10018 99; 100; 14,100 $5 Preferred
8
No Pa
101 101
99; 100
8
92; 1005 100 100
18 Apr 27 28 Jan 28
1714 *1712 23
100 Gen Outdoor Adv ANo Pat
203 Dec 4118 Apr
2
18
*16
•15
*15
17
17; 18
*15
18
•75
8 818
77
8 74 1,200 Common
718 Jan 5 1014 Feb 25
718 8
5 Sept 214 Apt
712 8
No pa
7; 73
4
7 8 7;
7
No par. 1418 Apr 27 23 Feb 26
1214 Dee 527 Apr
8
1518 1518 1418 1518 1414 15
1414 1414 •1514 1612 154 1612 2,400 Gen Public Service
4934 Apr 29 8418 Mar 2
5318 5412 8,200 Gen Ry Signal
5014 54
No Pa
56
Oct 1067 Mar
8
493 51
4
64
64
56
6312 5218 56
5
434 Apr 29
53 12,100 Gen Realty & Utilities_No par
4
912 Mar 6
4; 512
434 512
312 Dec 1938 Apr
512
5; 5;
5
513 5;
*57
744 Mar 10
60
60
No par 54 Jan
2,900 $6 preferred
49 Dec 100 Apr
60
57
58
63
63
6112 623
4 5912 61
393
8 7,100 General Refractori
No par 37 Apr 29 573 Feb 26
8
3814 38
89 Deo 90 Mar
37
41; 42
38
375 41
8
373 3812 37
4
58
*50
5S
58
100 Gen Steel Cast $6 prof_No par 55 Apr 28 65 Apr 9
*50
80 Dec 101 Mar
*50
'55
55
60
*55
55
60
45
8 514 320,100 GenTheatrea Equlp•t 0 No Par
33 Apr 27 1513 Feb 18
8
3; 5 4
,
54 Dec 10 Dec
313 3;
312 4
38 5
5
3; 4
327 94,100 Gillette Safety Itasor Ne par 21; Jan 2 3472 Feb 24
8
8 29; 3114 30
28; 303
18 Dec 10612 Jan
293 30; 283 301
8
2812 30
4
*7112 72
72
73
72
1,500 Cony preferred
100 8214 Jan 21 75 Mar 18
71
5614 Dec 70; Nov
*7214 723
4 72
713 72
4
73
434 5
8
412 47
414 Dec 207 Apr
412 Jan 2
43
4 43
4
3,900 Gimbel Bros
7 8 Feb 18
7
No par
5
5;
43
4 5
2
43
4 47
/I
*375 39
8
*375 39
8
8
300 Preferred
100 38 Jan 3 48 Feb 24
39 Dec 8212 Apr
*4014 4214 39
39 .375 39
39
39
9
912 7,400 Glidden Co
85
8 8;
1818 Feb 201
8; 8;
No par
7 Dee 38 Mar
9
95
8
8; 9
8; 91
56
Prior preferred
5 JanAp
6312 Dec 10518 Mar
100 5854 Apr 22 78 Jan 15
58 •____ 54 •____ 56 *__ _ _ 56
6
61
578 612
53
4 612 8,400 Gobel (Adolf)
4 Jan 2
97 Mar 9
8
7
7
6; 7
55
8 6
No par
3 Dec 19 Feb
35
3414 36
35; 53,700 Gold Dust Corp•t a No par 3114 Jan 2 4218 Mar 20
35; 36; 35
29 Dec 4772 Apr
3412 35; 3412 35
357
9! 10
9; 113
4 1012 12
93 1012
19,600 Goodrich Co (13 F)
9 Apr 24 207 Feb 21
2
1512 Oct 5812 Mar
4
9; 93
4
93
Ne par
9
8
710 Preferred
3612 3612
.36
3812 3812 3812
40
35
62 Dec 10413 Mar
100 35 Apr 27 68 Feb 10
361
3514 35 4 *36
,
8
3218 3714 3312 36
35; 37 4 355 38; 3618 3814 83.900 Goodyear Tire & Rub__No par 3218 Apr 25 5212 Feb 21
,
354 Oct 964 Mar
3518 381
4
743
4 743 7612 3,200 1st preferred
7614 7612 75
7312 7412 72
784 Oct 10214 AP1'
761
74
75
No par 72 Apr 30 91 Feb 25
*11
113
1112 115
8 11
1012 104 105 1112
8
3,400 Gotham Silk Hoe
34 Dec 287 Mar
8
111
478 Jan 5 134 Apr 11
1012 11
No par
SO
•70
80
*70
*70
80
80
10 Preferred
50 Nov 8212 Apr
•70
*70
50 Jan 26 72 Apr 28
80
72
10
72
4
4
23
4 23
*4
.25
8 312
41
214 21
600 Gould Coupler A
4 Dec 1538 Apr
4
21 1 Apr 29
63 Feb 6
2
4
No pa
51 17,600 Graham-Paige Motors_No pa
414 412
4; 43
4
8
8
4; 41
47
4; 4;
3 Dec 133 Apr
5127.fay 1
8
378 Jan 2
413 45
4
*4
*4
43
4
43
4 *4
4
4
es Feb 9
312 Nov 103 Apr
434 *4
100 Certificatee
84 Feb 28
43
No pa
1412 1418 1418 5,100 Granby Cons M Sm & Pr_ _10
15; 1512 14
14
12 Nov 597 Apr
2
8
15
1314 14 8 1418 15
1314 Apr 28 223 Feb 24
,
*10
1912 18
175
8 17
18; 18
1834 2,400 Grand Silver Storm__ No pa
16 Dec 52 Apr
16
1812 173 18
4
16 Apr 29 2512 Mar 24
1412 9,900 Grand Union Co
3
14
1314 14; 13
10 June 20 2 Feb
143
8 13
14
123 13; 12; 13
4
No par 10; Jan 18 1878 Mar 24
*4014 41
3912 4014 39
3812 39; 3912 40
31 Dec 44 Aug
1,50(1 Preferred
4
4018 3918 393
No pa
86 Jan 15 443 Mar 25
*2114 26; *2112 25
18 Dec 50; Apr
*2114 2314 *2112 22
21
4
800 Granite City Steel
21
215
8 21
20 Jan 2 293 Feb 25
No va
3512 3512 3614 6,200 Grant(W T)
8
263 Dec 43 Jan
8
357
8 343 3412 34; 34; 3312 345* 34
3
35
4
No par 253 Jan 2 367 Mar 31
21
21
1713 Dec 253 Mar
8
21
2112 215
8 21
21,
8 21
22
6,400 Gt Nor Iron Ore Prop_No
21
2114 21
1912 Jan 2 2312 Apr 9
9; 912 6,600 Great Western Sugar_ No Dar
10
83
4 914
73 Jan 2 117 J8.11 8
4
7 Dec 3412 Jan
10
93 1014 10
4
9; 10
2
10
par
4
9014 90; *90
8514 Dee 120 Mar
89
89
89
89
0014 90
89; 90
400 Preferred
90
100 854 Jan 2 964 Jan 8
33
8 3;
358 3;
312 33
24 Dec 28 June
4
3; 4; 28,400 Grigsby-Grunow
83 Mar 10
4
3; 3;
3 4 33
,
8
24 Jan 2
No par
3
4
3
4 1,000 Guantanamo Sugar_ _ No par
84
•5
8
3
3
14 Jan g
*;
3
4
"8
3
4
8
4
84
58
3 Jan 6
2
1612 19
15 Dec 80 Feb
16
16
16
1614 16
19
147 1513 14
8
16
2,704 Gulf States Steel
No per 14 Apr 30 8712 Feb 24
68
8314 Dec 109 Apr
1055
68
55
*53
*53
55
68
68
*53
*52
10 Preferred
68
100 50 Apr 13 80 Mar 4
26
29
*273 29
Jan 88 July
*283 30
4
*28; 30
4
*2814 2912 •28
*2814 30
Hackensack Water
25 3712 Jan 21 3012 Nfar 26
64 Dec 2314 Apr
63
, 63
4
618 63
4
93 Mar 28
4
7
7,
8
63
4 7
612 67
8 7.700 Hahn Dept Stores____N• Par
64 Apr 30
6; 6;
*5212 60
*50
8
4812 Dec884 Ap
5218 5212 •50; 5213 *5014 5218 *5212 58
59
200 Preferred
100 50 Jan 3 637 Mar 30
16 Dec 313 Mar
1514
15 2 1512 157 157
,
8
8
1512 •14
4
8 1514 1514 *1412 1514 15
500 Hall Printing
10 15 Apr 30 193 Mar 21
$ per share $ per share I $ per share ' $ per share I 5 per share i $ per share
101018 12; *95 13 I *9
8
13 I
8; 8; *818 12 1 *818 11
*2012 21
2018 205
8 203 203
4
4 203 2034' 203 203 *20 $203
4
4
4
4
174 174 *186 178 *165 17214 165 166 I 167 167
168 168
15
1514 1412 147 •14
8
15
133 133 *134 1412 *1312 16
4
4
1718 1812' 163 1712 16
4
18
19
1714, 1618 17; 17
183
8
26
26
253 26 I 2512 25; 2512 2512 2512 2512 *2512 253
4
4
4, 1014 1012 10; 10 8' 10; 10; 11
10; 1113 10; 103
,
1112
2112 2112 2113 2112' 2118 22 I 2112 21121 203 21
22
2218
4
71
7312 71
7212 6818 72
723 73
8
683 7212 6412 7212
4
7
6
6
*6
812
6
6 I *6
812
6
6
*1212 13
*1212 123
4' 1212 1212 1212 1212 *12
1314 *12
1314
*105 105 4 *105 1053 "105 105; *105 1053 *105 1053 1053 1053
,
4
4
4
4
4
7
7141
712 712
812 8;
8
8 14
812 8;
818 812
154; 156
14912 155 I 147 152
1473 150; 14818 15612 15012 1573
4
4
*1333 -- 134 134 11.1333 134
4
4
133 1333 133 -- - - •
4
1312 1414 13
14
1312 14
1212 1312 1212 13; 13; - ;
1:43
83
86
797 84; 80
8
82 2 77; 8012 7814 8414 803 86;
,
4
*12214 123
12214 12214 12112 122
120 12118 *12012 12112 12112 12112
•712 812 *712 812 *712 8
*712 8
*712 73
4 *713 8
• Bid and asked prices: no sales on thbi Clays •Eudlyidonds
Ex•rIghts, D Ex-dividends,
3296
New York Stock Record-Continued-Page 5
I..sales during dm week of stocks not recorded hero. sos fifth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday1 Monday I
Apr. 25.
Apr. 27.
Tuesday
Apr. 28.
Wednesday
Apr. 29.
Thursday
Apr. 30.
Friday
May 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-shar Gots.
UMW.
Highest.
Indus. & MaceII.(Con.) Par $ per share 8 per share
Hamilton Watch pref__100 100 Apr 8 103 Jan 6
Hanna pref new
12
No vat 89 Jan 8 94 Feb 19
Harbison-Walk Refrae_Ne par 30 Apr 28 441 Feb 16
4
Hartman Corp Maas B-No par
15 Feb .e4
8
31s Apr 15
55 Apr 17 105 Feb
Class A
8
No par
312 Jan 2
8 Mar 6
No par
2,100 Hayes Body Corp
25 8212 Jan 17 100 Feb 18
500 Helme(0 W)
600 Hercules Motors
No par 13% Apr30 18 Mar 24
No par 44 Apr30 s58 Mar 13
1.300 Hercules Powder
190 Hercules Powder $7 rum p0100 11613 Jan 2 11912Mar 10
4
No par 87 Jan 19 1031 Mar 27
7,700 Hershey Ckocolate
Preferred
No par 93 Jan 2 104 Mar 27
2,100
812Mar 3
51s Jan 7
No par
100 H06 (B) di Co
No par 26 Jan 3 37 Feb 27
1,500 Holland Furnace
5% Jan 2 194 Apr 8
/
1
2,700 Hollander & Bons(A) No par
100 81 Jan 6 104 Mar 31
300 Homestake Mining
414 Jan 2
94 Mar 10
3
12,100 Houdaille-Hershey el B No par
700 Household Finance part p1_50 59 Jan 19 65 Mar 17
26.500 Houston oil of Tex tern etfs 100 3514 Jan 2 8812 Feb 24
No par 1813 Apr 29 2912 Feb 24
7.300 Howe Sound
/
4
No par 151 Apr 28 26 Jan 8
18,000 Hudson Motor Car
7 Apr 28 1313 Feb 24
27,900 Hupp Motor Car Corp____10
434 Feb 27
214 Apr30
No par
2,300 Indian Motocycle
214 Apr 22
10
3,600 Indian Refining
43* Feb 11
No par 2812 Apr 27 86 Feb 24
19,990 Industrial Rayon
No par 115 Apr 29 182 Jan 3
7,100 Ingersoll Rand
No par 4412 Apr 29 71 Feb 27
4,900 Inland Steel
614 Apr 27 1114 Feb 24
6,00u Inspiration Cons Copper-20
63 Jan 13
4
700 Insuranaharee CON Ine_Na par
93* Feb 24
No par
914 Feb 2,5
578 Jan 2
2,600 Insuransharee Corp
413 Feb 21
13 Apr 24
4
No par
500 InteroonV1 Rubber
818 Apr 27 15 Jan 28
No par
2,200 Interlake Iron
234 Apr 14
514 Feb 24
No Par
800 Internet' Agrioul
Prior preferred
100 30 May 1 5114 Feb 24
500
/
1
4
4.500 Int Business Machblea_No par 14512 Jan 14 179 Feb 24
73 AV 29 120* Feb 24
4
8,600 Internal Carriers Ltd_Ns par
12,500 International Cement-No par 3414 Apr 27 6211 Feb 10
4 Feb 2
134 Jan 2
11,500 Inter Comb Rag Corp_No par
4
Preferred
100 16 Apr 29 393 Feb16
500
28,700 Internet Harvester----No par 463 Api 29 6012Mar 2
Preferred
100 131 Jan 2 14312Ma8 21
900
6,200 Int Hydro-El Bye el A-No par 21% Jan 2 31 Feb 26
3,800 International Match pref-25 55 Jan 7 7314 Mar 20
5912 60
59
60
6212 59
5812 5812 59
60
595
/ 58
9 Apr 17 1613 Jan 5
912 1012 5,200 Int Mercantile Marine etfs_100
1018 104
1012
/
1
1018 1018 108 10
95* 10 4 10
3
7
1418 1512 1414 1514 143,600 lot Nickel of Canada__No par 13 s Feb 2 201s Feb 24
1513 157
8 1473 153* 1434 1538 145* 15
100 114 Jan 9 123 Mao 31
Preferred
200
11914 12014 11914 11914 11914 11914 *118 12014 *118 12014 "118 12014
190 Internet Paper prof (7%)_100 25 Apr 25 42 Mar 26
30
*28
30 .28
25
28
253 27
4
28
28
27
27
512 Apr 24 1014 Feb 26
618 613 1.100 Inter Pap & Pow el A__No par
6
6
6
6
64 614
6
61
/
4
'512 8
Claaa B
6 Jan 26
213 Apr30
2,500
25
8 25
212 3
Ns par
3
3
3
3
3
3
35* 35*
412 Feb 28
Claw C
214 Jan 22
No par
214 214 5,900
214 23
8
214 28
214 23
4
214 23* '214 28
Preferred
100 2473 Apr 27 4312 Mar 27
2,600
8
8
8 287 29
26
267
8 277 277
2518 2553 2474 2614 2614 27
200 Int Printing Ink Corp__No par 10 Apr30 1614 Feb 26
*6% 11
10
10
*10
11
*1038 12
*1018 12
*10
12
75
Preferred
100 54 Feb 11 69 Mar 26
380
6412 *60
6411 6412 6318 6413 64
65 65
*85
75
5,400 International Bali
100 293 Apr 27 42 Feb 9
4
3113 3014 3012 308 328 315* 33
3018 3012 293 3018 30
4
4714 4,100 International Shos____No par 47 Jan 10 483* Jan 23
47% 47
47
47
4718 4718 *4718 4712 .4718 4712 47
38
100 32 Apr27 51 Mar 10
700 International Silver
"31
35
36
*28
34
*30
34
34
32
'34
39
2838 302,400 Inter TeleP & Teleg----No Par 18% Jan 2 38% Feb 24
4 2418 2514 2438 2738 26
3
27
/ 2814 25 4 275* 2414 263
1
4
137
8 1312 137
1312 13
2,100 Interstate DIVE Storea_No par 1212 Apr 27 21% Feb 20
4
1212 142 1312 133 *13
•14
15
190
*5914 60
Preferred ex-warranta_100 58 Jan 26 6712 Met 24
60 60
3
5913 5212 59 4 60
*5912 62
*59% 62
No par 1212 Apr 16 1812 Feb 24
500 Intertype Corp
8
*105s 14
"1212 14 .1212 1312 1213 1212 1212 1212 *117 14
914 Feb 24
53
4 6
5 Jan 2
No par
*553 612 2,700 Investors Equity
8
8
6
614
638 812
*612 7
400 Island Creek Coal
1 25 Apr 28 81 Jan 14
30
*25
26 '26
25
25
25
2513 2513 25
26
26
2,500 Jewel Tea be
No var 8914 Jan 3 5712 Feb 11
4212 4312 43% 44
4312 4312 42% 43
4414 4404 44 44
No par 437 Apr 29 80 4 Mar 19
51 123,400 Johns-Manville
44
4938 48
437
3
44% 491
4814 54
4438 473
4
Preferred
100 118 Jan 3 126 Apr 10
100
4
*12212 124 *12213 124
12212 12212 12212 122% *11712 1233 11712 1233
620 Jones at Laugh Steel pref 100 119 Jan 2 12312Mar 21
12012 1203 12014 12014
4
12
4
*12112 123
1215 122% 12113 1213 12012 121
54
3
4
Is Jan 28
No par
114 Feb 21
500 Jordan Motor Car
"4 1
3
4
se
*3
4 1
*se 1
*3
4 1
_
10 K C P & Lt 1st pf ser B No par 11314 Mar 17 11512 Apr 9
11512 - - *11512 _ __ 11314
*115 ____ 115 115
"115 _
100 ICarstadt(Rudolph)
8 5% *5% 5% *514 - 5
*812 1- *$3
3
7 Jan 5
514 Apr30
/ 512
4
514 014 *51 _-6s
s
*1212 14
300 Kaufmann Dept Stores-$12.50 137 Apr30 18 Feb le
4
8 137 14
*1212 137
*121 14
14
•1212 1412 14
8
8 7,700 Kayser (J) Co v 1 e----No Par 121s Apr 29 243 Mar 19
1218 123
8 1212 1454 1212 143
1213 13
13
1312 12% 13
Keith-Albee-Orpheum ____100
_ 39 e_ _ 39
_ 39 *
39 •
• - 39 *_ _ 39 •_
100 8912 Apr 28 10112 Feb 9
Preferred 7%
300
;89 loo .85 100
oo
85r2 8912 ;ii
oo
lib'
;66 loo
312Mar 20
114 Jan 2
15
13
4 208 12,600 Kelly-Springfield Tir•--NO Par
152 18
11
153
17
I% 2
2
2
91i Jan 5 26 Mat 21
100
3% preferred
120
147
8
12 "12
12
*12
13
12
12
13
"12
147 *12
8
6% preferred
100 35 Jan 12 45 Mar 24
20
*3212 40
38
36
*36
40
40
*36
40
36
38 .38
3
1572 1612 20.000 Kelsey Hayes Wheal-_No par 10 Apr 27 29 4 Feb 25
16
14
1412 14
1314 15
18
16% 1718 10
83 Jan 2 15% Mar 19
2
No par
115 45,300 Kelvinator Corp
1018 105* 108 1112 11
10
11
107 115* 10
8
11
No par 20 Jan 6 60 Apr 8
160 Kendall Co prof
4
57
/ 563 564 *56
1
4
563
4
58
56 I 5512 5513 55
*5512 60
No par 20'8 Apr 29 3113 Feb 24
8
2118 2173 2014 21% 2014 2112 2014 2114 2014 213
4 205 2112 76,700 Kennecott Copper
4
No par 303 Apr 29 41 Jan 9
200 Klmberley-Clark
*3114 32
32
7 338 *303 32
4
30% 303 *31
•337 39 4 33
2
4
3
No par 13 May 1 2012 Jan 9
500 Kinney Co
1314
13
*1314 19 *14
8
*131k 187 *1314 19 "1514 19
19
Preferred
100 25 May 1 70 Jan 21
480
25
33
33
33
33 4 341
3
37
397
2 36
35
35
37
23 Feb 25
8
12Mar 31
22
12
12
5
8
18
12
12
32 ____ __-- ---- --- 8,500 Kotster Radio Corp____No par
Is Apr 16
133 Feb 26
Certificates
400
__
18
/8 _
•14
14
_ ---1
1
14
14
10 25 Jan 29 27% Feb 9
18 2714 25,000 Kresge(8 8)Co
6i 2614
/ 2.s --4
2618 2618 2613 2618 2618 2618 2813 261 26 -Krems Co
No par 45 Jan 28 55 Feb 24
4
4
0
4
464 5018 *45 4 5018 *453 5014 *453 5018 *453 5018 *453 60
3
4
20 1 Jan 13 273
7
4Mar 25
51,300 Kreuger & Toll
3
233
4 233 24
2312 23% 2312 237
8 233 243* 2314
4
3118 3318 77,000 Kroger Gros & Bak____Ns par 18 Jan 2 347j Mar 17
2803 3013 2818 2914 2813 3014 2812 29% 2912 33
8
No par 7818 Apr30 877 Mar 19
7912 10,200 Lambert CO
7812 803
80
4 7712 7912 7712 7812 7618 7814 7812
80
/
1
4
No par 10 Apr 27 17 Jan 6
900 Lane Bryant
10
10
10
10
1012 10
10
10
10
1012 1012 10
4 4 Mar 28
3
214 Apr 28
Ns par
700 Lea Rubber & Ture
24 314
312
3 4 *3121
,
3
214
3% 312
*3
3
3
900 Lehigh Portland Cement__50 12 Apr 27 183* Feb 25
12% 1218
12
123* 125* 12
1212 12
123
8 1212 1213 12
100 97i2may 1 10112 Feb 3
Preferred 7%
9822 973 977 *973 9812 *973 100
330
4
gg
4
4 9712 9712
973 973
4
4
814 Jan 14
512 512 3,700 Lehigh Valley CoaL-No par
45* Apr 10
514
5
43
4 5
45* 4 2 *5
5
58
3
53* 5 8
3
50 18 Mar 31 2212:Aay 1
Preferred
213 2212 1,900
4
21
21
21
211/ 21
22
2118 *2118 22
'21
3
5712 4,900 Lehman Corp (The)___N. par 54 Jan 2 69 8 Feb 24
55
55% 56
5712 56
588 67
56
577
8 57
"58
3
No par 24 Jan 2 34 4 Feb 27
2972 1,800 Lehn & Fink
28
2912 2712 28
29
2712 2814 "29
2713 28
29
8
8.700 Libby Owens Glass__ _No par 1114 Jan 28 207 Apr 16
8 1812 195* 1914 197
193
4 1818 1812 1818 187
18% 1912 18
900 Liggett & Myers Tobaeoo_25 7712 Apr30 91 Feb 7
80
.78
78
80
80
81
7712 7712
78
8012
83
*81
4
25 7813 Apr 29 913 Feb 24
Series B
3 7912 9118 12,600
8214 8014 81
7812 8012 7913 813
834 81
83
100 13712 Jan 7 14514 Apr 21
Preferred
100
8
4
/
3
•144 145 4 144 144 *1427 1453 *1427 145 4 143 146 *143 146
3
L000mot Works_No par 2114 Apr 29 843* Feb 26
/
4
23
23'4 211 23
235 2414 23
8
2418 2412 3512 3,400 Lima
*24
243
4
No par 263 Apr30 83 Feb 11
800 Link Belt Co
2812 27
2912 28
2712 264 264 *2812 28
29
*2913 32
Me par 26 May 1 5513 Feb 24
3312 34
9.800 Liquid Carbonic
30
324 327
/
1
26
8 2912 31
3514 3212 35
35
425* 4614 4313 4604 60.900 Loew's Incorporated__ No par 4112 Apr 27 63% Feb 16
4 3 438 4238 4
24
4112 44
4313 447
4
No par 86 Jan 2 99 Mar 19
Preferred
300
9312 9312 *917 9412
94 94
8
95 '9312 95
95
"9312 96
No par 83 Jan 2 98 Feb 7
Pref ex-warrante
612 Apr24
2 i Jan 2
8
No par
31,400 Loft Incorporated
55* 6
iTs 634
5% 1
13
5% - 5
5s
7
58 1
--E3- 1
4
14
315 Feb 16
4 Jan 6
Long Bell Lumber A No par
33 '3
*3
312 *3
312 *3
312 "3
3% *3
312
8
25 438* Jan 2 647 Mar 25
4818 4812 4712 4634 4812 4812 4912 7,800 Loose-Wiles Blaoult
8
491s 4918 475 4918 46
*
25 110 Jan 2 20% Mar 19
187 173
8
4
4
4 1718 183
163 18
4 1714 183 92.000 Lorillard
4 1712 19
1814 183
4% Feb 10
212 Apr 29
No Par
212 3
312
3
*23
4 3
23
4 23 13.700 Louisiana Oil
4
/
1
4
3% 35*
353 33
4
100 40 Apr 14 55 Jan 15
Preferred
45
58
*40
58 .40
*40
58 '40
45
*40
45
1,
40
2
30
3012 4,100 Louisville 0 & El A-No par 27 Jan 2 358 Feb 26
4 2812 2812 2812 30
2812 283
283 29
2
29% 30
913 Apr 29 19 Mar 19
No par
113
8 9,400 Ludlum Steel
93 Ills
4 11
914 10
912 1014
914 113
115 12
8
Preferred
No par 35 Jan 3 5214 Feb17
39
39
*264 29 "20
*20
*2618 39
*3012 39
39
*26
1,000 MacAndrews & Forbes No par 17 Apr 28 25 Feb 24
18
1712 1712 *14
17
18
18
4
*123 1712 17
18
*12
22
No par 2714 Apr30 437 Feb 24
30
3012 11,400 Meek Trucks Inc
2712 2812 2714 29
4
,
2912 30 2 274 298 273 29
No par 8112 Apr 28 10814 Feb 27
8512 8418 8612 5,400 Macy Co
8212 82
8214 8512 8112 83% '81
88
8512
712 Mar 24
5 Jan 8
800 Madison fin Garden___No par
75* *818 73
7 8 *6
3
5 8 618 *6
7
467, 7
6
6
No par 1514 Apr30 27% Feb 24
1514 1612 1612 1612 2.900 Magma Copper
8
4
s
4
'183 1918 167 184 163 164 157 17
43 Mar 2
4
112 Apr 25
7,100 Mallison (11 R)& Co__No par
27
13
4 213 *2
2
2
2
2
4
13
4 13
112 2
17
17
5 Mar 25
h Jan 2
100
5
g 27
110 Menet'Sugar
*134 27
1
3
*113 27 •
7
112 Ps '112 2
8
81 Jan 2 12 2 Jan 8
/
4
100
Preferred
'452 9
*45* 9
*5
521 9
9
*45
*45* 9
9
*403
6 Feb 14
512 Jan 22
400 Manaei Broa
No par
6
*4
6
'5
6
*5
6
512 512 *5
*Ws 6
714 Jan 2 12 Feb 25
25
1014 1,400 Manhattan Shirt
912 912 10
10
5
10 8 10 8 108 10% 10
5
•105 11
8
83 Feb 14
4
I% Apr 25
200 Maracaibo 011 Explor_No par
4 13
4
13
4
4 *113 13
14 *112 1% *113 13
134 '113
15*
/
1
4
2012 22.000 Marine Midland Corp
2014 20
10 18% Apr 29 24 Feb 24
19
*
4
1914 1914 19% 1912 183 1914 188 1914
8
2,300 Marlin-Rockwell
20
No par 20 Apr 28 325 Feb 24
2018 2018 2014 2018 2014 20
20
215 2118 2012 21
514 Jan 2 10 Feb 25
No par
1.600 Marmon Motor Car
8
57
8 612 *6
58 6
7
63
8 632
$7
4 612
63, 7
293
4 2912 2912 4,000 Marshall Field & Co_No pay 231s Jan 21 82% Feb 24
2814 09
285 2912 28% 283* 28
3
29
3 29
3
81a Jan 80
238 Jan 15
200 Martin-Parry Corp
No Par
4 '212 24
212 212 '212 2% *212 23
213 2
12
*212 23*
;Der share $ per share I $ per share $ per share $ per share $ Per share
1003 1003 *10038 10414 *10038 10414 *1003 10414 *1003 10012 10012 10012
8
8
8
90
90
90
90
90
90
90
90
90
90
90
90
*3112 33
31
3114 30
3112
31
31
3214 *30
31
31
1
3 4 3%
3
3% 312
313
4
312 35*
314
38
5
*612 714 *612 713 *611 3 2 *618 714 46t3 38 *534 33
714
714
714
34 4
3
3% 413
37
3 4
4
4
33
4 4
414 414
"92
96
92 92
91
*90
95
9112 *9012 94. *9012 95
*1014 14
14
14
8
1373 13
14
14
7
135* 135* 135 135*
*45
441 45
47
45
45
45
44
44
45
44 44
"1183 11912 *1183 11912 1183 1183 118 11818 117 118 *____ 116
4
4
4
4
95
96
94
96
93% 95
12 93
9412 95
9312 94
95
10112 10112 10014 101
4
993 10012 10012 1005 100 10014 101 1013
4
8
57
57
*513 7
*512 7
*512 7
*512 7
*512 7
2913 30
283 2812 283 283
*2814 30
4
30
4 2814 2912 30
1514 1514 147 1513 14 4 15
1413 *1313 14
14
147 15
3
'92
95
94
94
92
95
92
*92
90
90
*91
95
47
8
5
512
5% 5 4
3
5
53
512 55
518
6
5
/
1
4
s
*6312 6413 63
6312 62
6212 6212 6212
*82
62
62
62
04 383
5 42% 37% 393
4213 43 4 37
3
428 395* 4312
4 38
4 37
2014 2012 193 2018 19
2014 1814 1914 *1912 21
8
1814 20
165 16781 1534 1614 1512 1612 158 15 4 151 1614 1612 1714
8
3
3
7
718 75*
7 4 812
77
3
7
7
12
7
714
75* 8
4
218. 214
27
3
214 212 *214 3
212 212
23* 23
212 212
238 25*
8
*212 3
23
8 23
213 212
214 23*
3414
32
3214 3313 2812 3312 30
3072 34
30
31
34
131 135
119 124
125 130
4
12013 12514 115 12214 1173 135
4514 4818
46
47
4412 46
*49
49
/ 49
1
4
49
443 50
4
71
614 73*
712
7
714 714
4
6% 7 4
712
73
4 73
3
8 75*
712 712 *73
712 7
12
712 712
7% 7 2
5
*714 73*
*714 714
7
7
63
4 6%
61s 68
613 7
612 812
4
4 23
18
4 2
*17
3 23
4
4 *13
4 23
*13
4 23
4 •13
4 23
4 *13
2 912
8
/ 812
1
4
8
/ 814 *83
1
4
812 814
818 812
8% 814
*2 4 3
3
4
*23
23
4 23
23
4 23
4
23
4 23
4
*23
4 3
4 3
30
33
33
33
*35
421 *35
*3014 36
43 "3014 33
4
4
163 15914 1583 1613
158 161
4
15512 156
15414 1563 152 156
/ 812
1
4
8
8
754 8
9
83
9
4 87
2
838
8
85*
35
3812 3414 3518 3514 3612 35
3712 3812
3812 355 38
21
213 2
/
1
4
2
2
2
2
2
2
2
212
218
19
"17
1912 *16
20 I *17
16
195* *19
20
20
20
8
3
4 485 497
485* 491
4713 4914 4713 49
48% 475* 4612 493
14114 14114
"140 14112 *140 14118 14012 14013 *140 14012 140 141
2412 25
225 24
8
24
24 I 22
8
2312 223 23
23 8 22
5
Shares
40
630
4,800
2,200
46
zn 2338
•Mkt sod nuked WOOS:SO Wan an at,day, z
yrr-tUridand: ar-rinntr,
PER SHAKE
Banos for Precious
Year 1930.
Lowest.
Highest.
$ per'Aare
99 Jan
85 Jan
38 Dec
2 Dec
/
1
4
714 Dec
2 Nov
/
1
4
771 Dec
/
4
1312 Dec
60 Dec
11612 Nov
70 Jan
8312 Jan
4 Dec
2614 Jan
6 June
72 July
4 Dec
49 Mar
2914 Dec
20 Nov
18 Nov
71j Dec
2 Nov
3 Dec
81
Oct
14714 Nov
58 Nov
63 Dec
3
3 Dec
4 Dec
112 Dec
111 Dec
/
4
8% Dec
4214 Oct
Oct
131
87 Dec
s
4912 Dec
114 Dec
13 Dec
4514 Dec
133 Deo
181s Dec
5214 Dec
15 Nov
1234 Dec
114 Dec
26 Dec
51s Dec
31* Dec
2 Dec
21 Dec
10 Dec
55 Dec
81
Oct
47 Dec
12
26 Dec
1711 Dec
14% Dec
,
581 Dec
12 Deo
414 Dec
25 Oot
37 Dec
483 Dec
4
117 Dec
118 Dec
14 Oat
108 Jan
141 Dec
14 Dec
2412 Dec
81
Jan
5 Jan
1 Dec
29 Dec
17 Dec
9 Oct
/
1
4
8 Nov
27,
25 Dec
201e Dec
38 Dec
17 Dec
12
51 Dec
%II DecDoecet
26
89 Nov
201* Dec
17 Dec
/
1
4
70 4 Nov
5
17 Dec
8 Nov
/
1
4
11 Dec
98% Dee
414 Dec
147 Dec
51% Dec
21
Oct
1018 Nov
7612 Dec
7814 Dec
12718 Dec
181, Oct
28 Dee
39 Dec
418 Dee
4
85% Jan
785 May
*
21 Dec
8 Dec
4014 Dec
8 4 Dec
1
318 Dee
60 Dec
25 Dec
9 Dec
/
1
4
848 Deo
20 Dee
333* Dec
81% Dec
41 Dec
1914 Dec
134 Dec
h Dee
514 Dec
5 Dec
61 Dec
134 Dec
173* Dec
2114 Dec
414 Dec
24 Dec
3 Dec
14
3 per share
1051 Oct
98 Apr
7214 Apr
20 Feb
2314 May
17 4 Apr
3
9214 Feb
31 Apr
85 Jan
1233 June
4
109 May
1083 June
4
2514 Feb
4114 Mar
1214 Jan
83 Sept
29 Feb
68% Oct
1167 Apr
3
417 Feb
6273 Jan
2658 Apr
17 Mar
280* Mar
124
Jan
239 Apt
08 Mar
80% Feb
131 July
171 Mar
*
7 Apr
12
28% Apr
81* Apr
6714 Apr
1971s May
19 4 Mar
3
7514 Apr
141 Mar
78 Apr
115% Apr
146% Sept
54 Apr
92 Apr
33 Apr
443 Apr
8
123 Apr
86
311s Mar
223 Apt
4
18 Apr
86 Mar
4
588 Apr
101 Apr
458 June
62 Jan
119 Feb
77 8 Apr
8
40 Feb
80 Aug
32 Apr
29 Feb
43 Mar
6612 Apr
1480* Feb
1231* Nov
12312 Apr
512 Apr
116 Nov
131k Jan
2012 Mar
4112 Jan
45 Apr
150 Apr
61 Apr
42 Jan
55 Jan
3912 Apr
265 Apr
8
89 Mar
623* Feb
59 Mar
4012June
97 Apr
86382 J lr
814 A lny
Jua
70 Jan
8514 Apr
,
431 Jan
113 Apr
231 Oct
11 Mar
42 Apr
10812May
1
17 Mar
87 Mar
12
9714 Apr
36 Apr
8113 Mar
1183 Apr
4
114 Apr
1e
146 Sept
4914 Feb
4514 Feb
815* Mar
951 May
4
1128s June
99% Oct
61 Feb
3
153* Mar
7014 Apr
281 Mar
12 Apr
90 Sept
5114 Apr
447 Mar
8
995 Mar
4
395 Apr
g
8813 Mar
15914 Feb
153 Jiang
8
52% Jan
13 July
8 Jan
50 Jan
15
Jan
24% Jan
10 s Mar
1
3212 Aug
55 Feb
307 Apr
8
48% AP,
8 Oct
New York Stock Record-Continued-Page 6
3297
Fos sales during the week of stocks not recorded nere- see sixth page vrecedIng•
-PER SHARE. NOT PER CENT
111011 AND LOW SALE PRICES
Saturday I
Apr. 25.
Monday
Apr. 27.
Wednesday
Tuesday
Apr. 28. 1 Apr. 29.
Thursday I
Apr. 30.
Friday
May 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ Per share i$ per share $ per share $ per share $ per share 1$ per share Shares Indus. Se 641sceit.(Cm) Par
4 183 193
4
8
8
20°4 2112' 183 20'8 183 193
183 20'2 183 2114 14,600 Mathleeon Alkali WorksNo par
4
7115 123 1 112 112 *11012 123 .11012 123
2110 128 *110 128 '
Preferred
100
20
3118 3114 305 3113 3012 304 3014 307
32
8
32
8 31
31
25
2,900 May Dept Stores
4
6
6 12
64 63
6
6 1
6
6
6
6
*53
No par
4 6
1,500 Maytag Co
01714 18
18
•17
17
4
/ 1714 143 144 .16
1
4
1714 *1512 171 1
Preferred
No par
300
66
66 66
711 .65
711 *65
66
.65
7113 *65
7112
Prior preferred
No par
300
8
33 8 335 .3014 33 1 .3014 3214 30
34
5
31
333 •____ 3334 1,900 McCall Corp
4
No par
*46
48
48
48
48
47181 •44
474 43
44
*42
47
400 McCrory Stores class A No par
52 .47
*47
52
4712 4712 .47
48 •
4613 .---- 4
Class 13
100
No par
612
08512 89 .854 89 1 08512 89
/
1
89 89
*8512 89
.8512 89
100
Preferred
100
2812 2718 28
•27
.28
277 .27
81
28
*27
28
27
27
400 McGraw-Hill Publica's No par
2312 2312 23
2353 227 24 1 2318 235
8
8 2318 25
x24
26
7,700 McIntyre Porcupine Mines_6
843 8612 8314 8614 795 843
8
4, 79
8113 7912 8512 811 8812 99.300 McKeesport Tin Plate_No par
/
4
127
8 113 12
123 123
8
4 12
114 117
8 1112 12
12
12 z 5,400 McKesson & Robbins_ _No par
,
304 30
.30
3018 30, 3018 304 3018 31
8
31
3112 313
Preferred
800
50
4
7
7
612 7
614 612
618 612
618 612
612 7
No par
3,300 McLellan Stores
29 .28
.28
29
*28
29
28
28
.27
29
*27
100 Melville Shoe
No par
28%
*412 47
2
412 412
412 413
4
44
4
47
8 .412 5
2,600 Mengel Co(The)
No par
2513 257 .253 26% *2512 263
3
4
255 255 .2512 263
8
4 253 254
4
400 Metro-Goldwyn Plc prof_ _ _27
1614 1718 1312 163
8 13
1412 1318 143
8 1354 1612 145 16% 102,200 Mexlean Seaboard 011 No par
.712 733
714 7
/
1
4
714 714
7
712
7
7
•7
712 2,100 Miami Copper
5
9
918
813 87
8
818 83
4
8
812
818 812
812 83 19,300 Mid-Cont Petrol
No par
4
193 1912 1814 1912 17
8
183
4 1718 1714 18
1812 1812 19
3,40 Midland Steel Prod...._ _No par
73
6914 6914 68% 6912 .70
7412 741 2 *09
80 .70
80
8% cum lot pre
100
500
4214 4214 .42
45 .42
45 .4218 45 .4218 45 .42
45
100 Minn-Honeywell Itegu_No par
414 414
44 412
414
44 414
4
4,
8
4
4
2,300 Minn-Moline Pow Burl No par
*3018 343 .3014 343 .304 343 .3018 343 .3018 35
4
4
4
4
•3018 343
Preferred
No par
_
13
.15
15
16
1214 1412, 13
13
14
14
13
14
1,903 Mohawk Carpet Milla_No par
2214 2214 2214 2214 1812 205
8 1812 20
227 *2214 2212 3,700 Monsanto Chem Wks_ _No par
8
21
177 1812 16
8
, 16
1712 1618 1714 1612 18% 1712 1933 123,800 Mont Ward Co Ill Corp NO Par
177
*5012 51
50
8
8
5012 467 497
8 465 47 .465 5014 •463 501 1
8
8
1,800 Morrell (J)& Co
No par
12
54
12
12
12
12
*12
54
12
12
5
8 5,400 Mother Lode Coalition_No par
12
212 258
238 212
238 23
8
218 212
218
2
214 25
8 7,600 Mob Meter Gauge& Eq No par
37
37
37
37
35
36
.3412 37
3612 3612 1,100 Motor Products Corp No par
3412 36
13
14
1214 1318 124 1212 1218 1218 1218 1212 13
133
4 5,300 Motor Wheel
No par
24
247
8 143 233
4
4 147 18
16
2312 2114 2412 22,800 Mullins Mfg Co
18 2 18
,
No par
53
45
51
51
4818 4814 4853 56
59
60
59
60
720
No par
Preferred
02212 27
82212 27
2233 2212 2012 2214 •2012 27 .2012 24
700 Munsingwear Inc
No par
912 97
8 10
114 1112
93 1118
8
1112 113 1318 30.900 Murray Body
8
933 10,8
No pat
37
37
*3612 37
3612 361 3612 3612 3614 3614 39
/
4
39
603 Myers F & E Broil
No par
314 28, 3118 28
31
8
30 1 28
294 2714 30
3013 3212 33.000 Nash Motors Co
No par
64 83
614
4
612 6%
618 65,
614 614 3,603 National Acme stamped___10
6
614 012
•10
15 .10
15
15
210
*10
*10
15
15
•10
17
Nat Air Transport
No par
512 6
514 558
54 514
6
514 53
618 2,900 Nat Hellas Hess
8
518 533
No par
*2614 3212 •26% 2912 .2614 2912 •____ 31
29
30
2912 29131
Preferred
403
100
72
73
7114 7218 7012 7212 70
713
4 6712 7112 70
713 57,600 National Biscuit new
4
10
*151 154 .151 154 .151 154
151 151
151 151
151 151
7% cum pref
1,500
100
264 27
26
27
26
Ms 28
2714 2614 277
27
273 26,300 Nat Cash Register A w IN° par
4
433 443
423
8 404 413
8
8 4014 43
8 4133 4312 41
42
4313 78,500 Nat Dairy Prod
No par
4
.414 412 .418 412
412
4 12 *4
4
4
4
4
500 Nat Department Stores No par
2918 2918 29
34
.30
.34
34
3412 34
2914 30
29
Preferred
130
100
245 2514 243 27
8
8
271 243 2618 245 26
/
4
26
26
4
2812 15,000 Nat Distil Prod etre__ _No par
197 2014 .2014 25
20
20
.20
/ 25
1
4
2033 2018 2018 20
1,500 Nat Eaarn StampIng
100
8
1127 1127 113 113 *115 120 *113 121
11312 1134
8
114 114
500 National Lead
100
0140 14012 140 140
140 140
140 140
140 140 .140 14012
Preferred A
630
100
*118 11012.118 11912 .118 11912 118 118 .118 120 •118 120
Preferred B
90
100
3 1 273 2914 277 284 28
301 31% 28
4
/
4
30
8
31
2918 3113 93,800 National Pr & Lt
No par
12
ssi
12
*1/4
12
*12
12
12
1233
12 1,200 National Radiator
No par
21
__
•__
214 •____
214
24
,
_
2, ' 214
4
Preferred
53
No par
42 2 423
,
42 1 403 424- 42
4 41
3
41
42
42 .4112 42
3,500 Nat Steel Corp
No par
43
39
*42
42 1 39
40
38
38
39
364 39
39
2,100 National Supply
50
•____ 104 *____ 10312 •____ 103
99
_ _ 99 •_ _
99
Preferred
100
617
8 57
61
607
81 53
55
52
53
50
56
5513 5713 6.000 National Surety
50
1813 1812 173 1812 173 17.4 164 1713 1614 18 2 1712 18
4
4
National Tea Co
2.200
,
No par
16
16
1412 1413 .1314 1718 *1312 17 .14
17
•14
17
300 Nelsner Bros
No par
914 9
97 10
/
1
4
834 918
812 912
03
3 03
9
4
93 31,100 Nevada Consol Copper_No par
8
1513 1512 1518 1518 15
*1513 17
1612 16
1514 16
1614
No par
900 Newport Co
48
.46
46
48
48 .46
*4614 48
46% 4614 *44
Class A
48
10
200
12
12
8
•137 144 12
1214 123 134 1312 1312 125 13 2 1,300 Newton Steel
8
No par
,
1414 1412 1,300 N Y Air Brake
1412 17
14
8 14
14
1214 123
19
14 .15
No par
.21
27% *21
.11
271 .11
21
100
27%1 .11
27%
277
8 21
100 New York Dock
38
•_ _ 35
40 .25
32
40 .30
35
40
40 I .25
Preferred
100
400
57
63
6
4 714
618
54 6
64 634
Y Investors Inc
6
6
No par
63
8 7,600
105 105 *105 10514 10518 105%
*105 1053 *105 1054 105 105
4
370 NY Steam pref (S)._ No Par
115 115
115 115
11513 11512 *115
115 115 •115
So par
1st preferred (7)
120
673 70
673
4
4 6433 694 667 70 158,000 North Amerloan Co
663 6833 685 684 64
8
8
2
No par
55% 553
8 5512 5558 553 553
4 5533 553
50
8
Preferred
8 2,100
4 5518 5512 5533 553
77
814
714 77
84 87
81
74 85,
84 8%
73
4 814 30,900 North Amer Aviation__No par
1057 1058 .10512 107
*10512 106
10512 10512 10512 1057 .10512 10633
8
s
500 No Amer Edison pref __No Par
8
8
8
8
2712 2712 2712 2713 253 254
325 325 .285 295 .2813 29
4
700 North German Lloyd
*4412 447
434 4412 .4312 495 *4312 4712' *44
8
4712 .44
100 Northwestern Telegraph__ _50
47 2
,
.1
118
78
1
%
1
1
1
118
1
1
118 2,000 Norwalk Tire & Rubber __10
95 107
10% 107
8
914 1012
93 1033
4
8 10
8
No par
912 103
1114 38,900 Ohio Oil Co
35
3%
318 318
3
318'
314
25
27
8 25
8
23
3
1,300 Oliver Farm Equip New No par
18
18 .15
1512 1512 14
14 1 14
18
14
No par
Preferred A
15
16
1.100
512 512
433 433
5
412 5
514
No par
433 5%
5
512 8,300 Omnibus Corp
•2612 285
8 2612 2812 *2612 2833 25
2613 x2314 2314 *2214 2712
500 Oppenhelm Coll & Co_ _No par
*61
663 .61
4
604 *5218 664 *5218 65 I *61
65
.61
65
Orpheum Circuit Inc pref_100
404 42
383 4014 3712 393
4
4 3812 40 1 37
/ 403
1
4
4 3913 4112 15,900 Otis Elevator
NO par
12812 12812 127% 127% 12734 1273 12812 12812 12712 12712 •127
4
_
100
Preferred
180
75
8
8 812
94
,
73
4 84
,
8
812 812 8.300 Otls Steel
81
/
4
No par
7% 9
,2
40
40
40
39
39 .3518 37
40
3612 3612 3518 3518
100
Prior preferred
90
3012 3012 31
31
3012 3012 •30
3013 .3018 30 2 3012 3012
,
400 Owens-Illinois Glass C0____25
47% 4814 46% 4712 4514 4714 4513 463
8 45
461.4 4614 4714 21.300 Pacific Gas & Electric
25
563 5712 5412 56% 5314 55
4
524 54
533 563
4
8 55
5612 6,500 Paciffe Ltg Corp
No par
1912 195
8 1718 1912 .171 193 3
4 .173 20
*1712 19
8
/
4
*1712 19
250 Pacific Mills
100
123% 1233 12112 12312 11953 12114 116 120
4
122 123
11912 120
1,020 Pacific Telep & Teleg
100
73
4
7l
/
1
712 74 94,500 Packard Motor Car_ _ _ _No par
7% 7%
714 713
714 713
75, 733
.28
40
32
•20
30
*20
40
30
*29
30
*30
34
100 Pan-Amer Potr & Trans--50
*28
32
32 .28
291 29
30
/
4
30
/ 29
1
4
29 .29
33
1,000
Class 13
50
•83
4 9
8
812 8%
8
8
8
8
8
8
8
600 Park & Tilford Inc
No Par
25
25
8 3
8 3
3
314 314
214 3
3
•25
8 3
3,300 Parmelee Tranaporta'n_No Par
2
2
2
14 17
13
2
4 2
2
.2
2
214 1,100 Panhandle Prod & Ref _No par
31
4
3014 2812 295
3214 283 3112 29
8 28
3214 153.500 Paramount Publlx
3112 30
No par
13
Its 112
I%
1% 13
112 1,
8
2
138
15,
13
s
s 112 3.000 Park Utah C M
1
112 1%
Ds 112
112 15
•13
4 1%
112 17
8
13
4 134 5,800 Pathe Exchange
No par
37
412 41,
*413 5
2
4
4
4 18
45
8
412 .418 412 4.300
Class A
No par
*9
9
10
9
912
812 94
83
4 9
*9
1013 2,900 Patin° Mines & Entrepr__ _20
3
3
/ 314
1
4
3
3
2% 3'3
3
3
3
2% 3
2.900 Peerless Motor Car
ao
35
33
3314 347
353
4 3412 35
333
8 33
36
3414 3534 9,400 Penick St Ford
No par
3414 34% 34
4 34
3453 35
347
343
2 345 36
353 36% 9,000 Penney (.1 C)
4
No par
.9612 99 .9612 99
*9612 99
96% 963
98
98
•96
9712
300
Preferred
100
314 314 *3
3
3
3
314
3
3
314
3
3
1,200 Penn-Dixie Cement_ _ __No par
*1418 20 .1418 20 .1418 20
*1418 20 •1418 20
•1418 18
Preferred
100
293 29% 284 2918 2812 2812 *2712 31
8
*28
32 .29
31
500 People's Drug Stores_ _No Par
215 219
213 2204 216 219
219 220
21514 222
222 223
People's 0 L & 0(Chic)._ _100
1
/
4
/ .
4
8
•95 17% *95 171 . 9% 171 *933 1714 *933 1714 .9% 1714 5,700 Pet
8
Milk
No par
5
63
73
4 67
678 7
7
6% 67
73
8
7
718 714 18.800 Petroleum Corp of Am_No par
8
8 1812 1918 183 1813 18
8
1914 1914 187 195
19
1814 1812 4,300 Phelps
-Dodge Corp
25
3140 200 •140 200 •140 200
•140 200 *140 200 •140 200 .
Philadelphia Co (Pittab)
50
/ 5313 . 22 54 2 •5312 3412
1
4
5412 5312 5433 53
53
054 2 5 % 54
,
5
,
800
6% Preferred
Ed
71. 77
74 8
,
712 8
/
1
7 8 74
8
8 18
7
1312 14.400 Phila & Read C & I_ _ __No par
1012 10's 1014 1012 1018 1033 •10
.1012 11
*1012 11
1012
500 Phillip Morris & Co Ltd
10
11
11
14
14 "11
*1112 14
8
0114 123 •11
*11
14
100 Phillips Jones Corp__ _ _No par
04814 50
*473 50
4
4
*4814 497
*473 50
. 48% 50
.
1
4814 4814
20 Phillip, Jones pref
100
738
712 8
7
7
74
74
7
7
814
7 4 7%
,
34,800 Phillips Petroleum
No par
/ *9
1
4
.9 2 15
913 9
.912 15
,
.912 15
.913 16
15
100 Phoenix Hosiery
1818 .1412 171 •1412 15
1412 15
18
20
20
•14
17
1.200 Pierce-Arrow class A_ __No par
•4
8
3
8
3
4
3
4
*5
.5
8
3
3
4
3
8
3
8
3
4
3
4
1.700 Pierce 011 Corp
25
4
211
10
12 •101,2 113 *1012 1112 1012 1012 10
•l012 1218
400
100
Preferred
113 13
17
112 174
4
17
13
1% 2
4 2
17
8 8,200 Pierce Petroleum
1%
No Par
3012 3012 301
/ 2912 2913
1
4
29
2912 297
293 293 *297 30
8
4
4
6,10J Pillsbury Flour M1112._ _No par
4
0323 33
33
.3314 34
33
33
3318 3318 33
*3314 35
300 Pirelli Co of Italy
•B14 anti 8003 Brio= no sales on this day. 0 EZ-(11111clead and ag-rIghte. z Hz
-dividend, y Ex-114114W
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
LetZda.
HigasSta
2 per share
183 Apr 27
8
112 Apr 29
285 Jan 2
8
534 Jan 2
143 Apr 29
4
66 Jan 31
30 Apr 30
34 Jan 24
35 Jan 19
76 Jan 22
27 May 1
20 4 Jan 2
3
711s Jan 2
1118 Apr 29
2918 Apr 24
618 Apr 29
28 Apr 16
4 Apr 29
25 Feb 27
10 Jan 2
/
1
4
7 Apr 29
8 Apr 29
17 Apr 18
68% Apr 29
88 Apr 22
4 Apr 29
3018 Apr 16
107 Jan 3
2
1312 Apr 28
152 Jan 2
4
403 Apr 29
8
12 Jan 6
2 Apr 30
30 Jan 16
1218 Apr 28
838 Jan 2
36 Feb 10
2012 Apr 29
91 2 Apr 29
3614 Apr 30
2714 Jan 2
6 Apr 29
84 Jan 5
/
1
3 Jan 2
/
1
4
17 Jan 3
6712 Apr 30
146 Jan 8
26 Apr 27
3814 Jan 2
4 Apr 28
29 Apr 30
1934 Jan 6
197 Apr 30
8
11214 Apr 23
135 Jan 2
118 Jan 8
27 Apr 28
/
1
4
12 Mar 11
14 Mar 3
/
1
40% Apr 28
363 Apr 30
4
105 Apr 23
411 Jan 2
/
4
154 Jan 6
/
1
14 Mar 3
812 Apr 30
147 Mar 2
2
42 Feb 28
12 Apr 27
1214 Apr 27
21 Apr 28
32 Apr 27
518 Apr 29
100 Jan 7
1111 Jan 3
/
4
(12 Jan 2
53 Jan 5
4% Jan 2
102 Jan 2
247 Jan 15
8
43 Jan 31
13 Jan 9
9 4 Apr 27
,
2% Apr 30
14 Apr 29
3% Jan 8
22 Jan 16
6014 Jan 30
3714 Apr 30
1244 Feb 16
/
1
75 Apr 27
8
3518May 1
2812 Apr 10
4$ Apr 30
5014 Jan 2
167 Jan 7
*
116 Apr 29
7 4 Apr 29
)
30 Apr 28
29 Apr 30
52 Jan 2
8
214 Apr 25
13 Apr 27
4
28 Apr 30
1% Feb 7
14 Jan 17
3 Jan 16
812 Apr 29
24 Apr 27
33 Apr 29
2818 Jan 2
$ .per share
3112 Jan 8
1255, Mar 24
39 Mar 2
8 8 Feb 13
7
24% Mar 21
7112 Mar 24
36 Jan 7
514 Feb 17
/
1
51% Feb 16
9312Mar 30
29 Feb 26
2612 Mar 31
10312 Apr 2
17 Jan 30
373 Feb 26
8
1012 Mar 6
34 Mar 5
812 Feb 24
27 Apr 10
20% April
10 8 Feb 24
5
164 Jan 8
/
1
3118 Feb 24
94 Feb 26
8812 Feb 9
7 Feb 10
/
1
4
48 Mar 2
215 Mar 10
8
2612 Mar 21
2914 Feb 26
58 Feb 16
34 Feb 20
44 Mar 26
47% Apr 6
197 Feb 18
8
36% Mar 26
7212 Mar 5
311 Jan 26
/
4
1834 Mar 10
4512 Mar 26
407 SInr 20
8
10 4 Mar 5
3
13 Mar 20
10 Feb 26
32 Feb 27
83 4 Feb 24
3
15214 April
39 4 Feb 26
3
50 4 Mar 25
3
7 Feb 26
/
1
4
6(1 Jan 9
3638 Feb 24
277 Feb 20
2
132 Jan 9
141 Mar 16
120 Jan 14
4414 Feb 24
Ds Feb 3
24 Jan 7
/
1
584 Feb 27
7014 Feb 27
111 Feb 27
764 Mar 26
2478 Mar 24
2514 Feb 9
1434 Feb 24
207 Mar 24
8
53 Mar 24
24 Feb 20
25 Jan 23
37 Jan 29
/
1
4
80 Jan 26
124 Jan 27
1073 Mar 12
4
118 Apr 20
904 Feb 26
/
1
57 Mar 27
11 Apr 13
106 Apr 15
35% Apr 7
48 Jan 6
1 2 Mar 12
,
1912 Jan 8
5% Feb 8
26 Jan 12
612 Mar 27
284 Feb 28
72 Mar 11
5812 Jan 12
12912Mar 30
163 Feb 26
8
6913 Feb 2
39 4 Jan 20
8
544 Mar 10
/
1
6912 Mar 20
2614 Mar 23
1318 Mar 19
4
117 Feb 24
2
8518 Jan 29
364 Jan 9
/
1
11 Mar 19
4 8 Jan 21
7
414 Feb 13
6014 Feb 24
214 Mar 12
2 Feb 20
/
1
4
612 Apr 1
1512 Feb 24
42, Feb 24
/
1
464 Feb 19
391 Feb 17
$ per share
301g Dec
115
Jan
27 Dee
84
5 Nov
1418 Nov
68 Dee
33 Dec
37 Dec
3814 Dec
78
Oct
27 Dee
143 Jan
4
Jan
61
104 Nov
4
252 Oct
6
Dee
25 Nov
5 Dec
23 Dec
9 4 Nov
2
7 Dec
11 Dec
1518 Nov
74 Nov
87 Dee
314 Dee
44 Dee
/
1
4
9 Dec
18% Dee
1512 Dec
487 Oct
8
12 Dee
112 Oct
25 Dec
/
1
144 Dec
/
1
4
6 Nov
554 Dee
/
1
2518 Dec
9 Nov
34
Oct
2114 Dec
5 Dec
/
1
4
6 Dee
214 Dec
1312 Dec
682 Nov
8
1424 Jan
275 Dee
8
35 Dec
34 Dec
60 Dec
1818 Dee
1714 June
114 Dee
135 Dec
110 Jan
80 Nov
12 Dec
14 Dec
/
1
IA Nov
60 Dee
10612 Aug
33 Dec
18 Dec
20 Dec
9 Dee
1612 Dec
30 De
111 De
/
4
2112 De
22 De
7713 Dee
94 Dec
98 Dec
1083 Dec
4
5714 Dec
Jan
51
414 Dec
99 4 Dec
2
287 Dec
8
apt Deo
/ Dec
1
4
10 De
$ Per glare
511 Mai
/
4
Oct
135
611 Jan
/
4
23 Mar
40 Apt
/
1
4
gals Mal
50 Apr
Jan
74
70 Jan
97 Mat
44 ADO
20% Dec
8912 June
37% API
49 Apt
/
1
4
2014 Jan
92 Apo
232 Mar
4
264 May
/
1
37 Apr
337 Feb
s
33 Apr
53 Fob
110 Feb
761 Mar
/
4
287 Mar
8
9214 May
Jan
40
63 Apr
/
1
4
49
/ Jan
1
4
72 Feb
Jan
2
112 AM'
8
81 Apr
34 Mar
20 Feb
/
1
4
547 Jan
8
53 Feb
/
1
4
/
4
251 Apr
4913 Mar
1812 Jan
2614 Feb
90
3
17
23
20018
1832
634
18
Jan 8 99% Mar 27
51a Feb 10
Apr 28
Jun 2 29 Jan 30
Jan 2 3512Mar 31
Jan 2 250 Feb 16
12
Feb 6 17 Jan 30
Jan 2 10% Feb 26
3
Apr 30 253 Feb 24
5212 Jan 5
7 May 1
9 Jan 6
11 Jan 5
4814 Apr 1
7 Apr 23
9 Feb 14
1412 Apr 30
38 Jan 7
9 Jan 2
112 Apr 29
26 Jan 2
317 Jan 2
2
5612 Mar 12
1214 Mar 23
12 Mar 26
124 Mar 18
52 Jan 3
168 Jan 5
8
10 4 Apr 6
,
2714 Feb 11
112 Feb 28
23 Feb 27
/
1
4
3% Feb 27
37 Mar 9
a084 Mar 5
39 API
/
1
4
20 Apr
Jan
82
93 Map
Oct
152
8312 Fab
52 June
2418 Feb
90 Jan
3933 Feb
3318 Mar
18918 Feb
144 Sept
120 Nov
4
588 Apr
412 Jan
11
Jan
62 July
1248 ADS
4
116 July
98% Mar
417 Feb
8
54 Apr
/ Jan
1
4
32
1714 Dec
85 Mar
58 Apr
67 Feb
48 Apr
88 Apr
/
1
4
32 Apr
10512 Sept
117 Aug
1327 Apr
8
57 June
144 Apr
/
1
10518 Oct
554 June
/
1
5018 Mar
4 Mar
32 Aug
12% Dec 903 May
4
2% Oct
8 Mar
/
1
4
22 Dec 56 Apr
60 Dec 997 Apt
st
48 Nov 80 Mat
/
1
4
/
1
4
11818 Jan 1281 Sept
/
4
212 Dec 3872 Mat
75 Dec 99 Apr
32 Dec 607 Feb
s
4012 Dec 7433 Mar
46 Dec 1077 Mar
,
15 Dee 50 Feb
1141s Dec 178 Feb
/
1
/
1
74 Nov 234 Mir
42 Nov 5414 Ma/
30 Dec 67 May
/
1
4
5 Dec 352 AP1'
4
2 Dec 2618 Mar
/
1
4
11 Dec 124 May
/
4
/
1
342 Dec 7714 Mar
4
118 Dec
i1 Apr
/
4
9 APr
112 Dee
27 Dee 192 Ara'
8
8
/
1
818 Dec 324 Feb
3 Nov 14 Feb
2518 Jan 55 Apr
271 Dec 801 Jan
/
4
/
4
90
214
16
2114
185,4
17
5%
193
4
170
501
/
4
613
814
1014
52
1112
7
16
4
713
13
8
2518
3012
Dec 1012 Sect
4
Dec 12 Mar
/
1
Dee 554 Mar
Dec 6018 Apr
Dec 325 May
/
4
Dec 221 Aug
Dec 2714 June
/
4
Dee 441 Apr
Oct 248% Apr
/
1
4
Jan 57 Sept
Dee 25'8 May
Jan 154 Mar
/
1
Dec 277. Feb
Dec 75 Feb
Dec 4434 Apr
Dec 204 Apr
Dec 33 Apr
Dec
215 Mar
Dec 52 May
Dec
Vs Apr
Dec 372 Apr
4
Dec 507 Feb
8
3298
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here, see seventh page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT 1 Sales
for
s
Friday
the
Saturday
Monday
Tuesday
Wednesday 1 Thur day
Week.
May 1.
Apr. 25.
Apr. 27.
Apr. 28.
Apr. 29.
Apr. 30.
PER SHARI
Range Since Jan. 1.
On basis of 100
-share lots.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Highest.
$ per share 3 per share $ per egare $ Per share $ Per share $ per share Shares Indus.& Miceli.(Con.) par $I per share $ per share
Pittsburgh Coal of Pa
"15
18
"15
18
*15
100 19 Apr 23 2812 Jan 12
18
*15
18
*15
18
•15
18
Preferred
"68
69
68
100 65 Apr 28 80 Jan 27
900
68
/
4
65
65 65
/
4
651 651 651
/
4
65 65
1212 1212 1214 1238 1214 1214 124 123 *12
15
1218 *10
1.000 Pittsb Screw al; Bolt___No par 1214 Apr 22 1514 Feb 24
/
1
8
*71
100 68 Apr 28 87 Jan 15
260 Pitts Steel 7% cum pref
72
71
71
69
6818 *68
68
68
68
68
70
1012 *10
12
25 10 Apr 30 15 Feb 27
1,500 Pittsburgh United
*12
123
8 1112 12
8
8 10
103 103
4
4 103 103
Preferred
*9518 9712 9518 9518 *9512 9712 95
100 9312 Jan 2 100 Apr 24
280
9712
9412 *94
9512 94
Pittston Co
•165 18 '165 18
8
/
1
4
No par 1658 Apr23 18 Jan 5
*17
18
*163 18
8
8
*16h 18
*1133 18
8
7
No par
712 78
6 Apr 28 13 4 Jan 10
1,900 Poor A Co ohms B
7
7
7
*6
7
6
7
6
6
"1712 1812 18
18
1,100 PortoRican-AmTob oIA--.100 16 Jan 8 27 Feb 28
22
18
18
2014 *IS
1814 1814 18
Claes B
4 Apr 27
8 Feb 27
4
/ 412
1
4
8 2,300
412
418 412
No par
4
4 47
414 44 *43
4
48
5
/
1
12
•24
2012 213
2712 22
4 2,100 Postal Tel & Cable 7% prat 100 18 Apr 29 89 Jan 9
8
2014 187 20
/ 2214 2014 2214 18
1
4
91 Apr 24 203 Feb 26
/
4
3
19,500 Prairie 011 & Gas
10
1112 12
12
25
10h
93 103g 103 103
8
4
4 1012 1114 *II
7,800 Prairie Pipe Line
20
8
25 17e Jan 28 2812 Feb 26
2018 191 194 19
4
/
4
8 203 22
193
4 1918 1912 193 207
/
1
35
35
4
312 33
3 Apr 23
/
1
4
7 Feb 19
/
1
4
No pa
3
/ 3,800 Pressed Steel Car
1
4
334
38 34
3
3
312 37
312 33
4
Preferred
2
*29
34
300
*32
37
31
32
32
100 31 Apr 30 477 Feb 19
'30
34
34
34
*28
648 66,2 643 66
Jan 2 7114 Mar 10
4
6518 663
No Dar
6614 6612 66
6814 9,500 Procter Gamble
4 67
67
12
6 Feb 27
3 Apr 28
/
1
4
2,900 Producers & Refiners Corp. 50
214 2 4 *212 314 *212 4
,
218 212
3
/ 3
1
4
/
1
4
24 3
Preferred
siamay 1 16 Feb 27
818 812
10
70
1112 1112 1012 11 •____ 1012 10
*4
9
60
/
4
797
8 78
8
8
8214 793 827 66.450 Pub Ser Corp of N J___No par 72 Jan 15 961 Mar 19
79
/ 81
1
4
78
80 4 7818 80h 78
,
No par 95 Jan 2 10012 Apr 27
35 preferred
8
3,500
,
10012 101
10012 10112 10014 1005 100 10014 10014 10014 100 4 101
6% preferred
/
1
4
109 109 Jan 3 118 Apr 10
11612 11612 11612 11718 51163 1163
/
1
4
11714 11714 117 117 4 1164 117
,
4 2,200
/
1
4
4
100 1281 Jan 3 137 Apr 9
7% preferred
200
8
*13412 1373 13714 1374 *13438 1354 *13412 13714*1343 13714 *13412 13714
8
/
1
8% preferred
3
100 148 Jan 6 157 4 Mar 26
400
'15212 15712 156 156 *155 15712 *15518 1561015518 15614 15518 15614
8
30 Pub Serv Elee a Gas pref_ _100 10914 Jan 5 11212 Apr 22
8.
8
/
4
*112 1133 "112 1133 *112 1133 *112 1133 1111 112 *111 112
8
No par 3718May 1 5812 Feb 27
25,600 Pullman Ins
393 4112 393 40 1 397 407
4
8
2
2 3712 42
403* 42
4112 42
/
1
2 Jan 9
/
1
4
*4 1
7 Jan 8
3
60
/
1
4
300 Punta Alegre Sugar
7
8
7
8
7
8
"4 1
7
8
"4 1
512 614
512 Apr 28 111 Jan 5
5
/
4
55
57
25
53
8 6
612 6
/
1
4
61/4
614 49,600 Pure 011 (The)
/ 67
1
4
8
3
8% preferred
100 67 Apr 29 1017 Jan 8
67
620
72
784 76
79
7814 80
824 83 *_--- 8012 72
No par 2938 Api 27 5514 Mar 17
293 3112 2912 308 293g 31
8
31
31
3414 3112 337 19,000 Purity Bakeries
30
No par 12 Jan 2 2712 Feb 25
8
4 1412 1512 143 167
17 177
8 153 1714 1512 163
4
8 153 17 2 47,400 Radio Corp of Amer
,
Preferred
50 48 Jan 7 5518 Mar 26
4912 4912 4912 4912 49
600
.
4912 50 "4912 50
50
Preferred B
No par 8412 Jan 2 80 Mar 21
4514 423 44
4
3,500
47
43
4114 4412 42
46
47
47
45
5
18
183
4 17 8 1812 17'4 18
1512 173
3 1512 1818 163 183 137.600 Radio-Keith-Orp Cl A No par 1512 Apr 29 2412 Mar 21
4
8
/
1
4
8
8 207 21
21
2114 2112 22
225
8 207 217
8
225 234 3,600 Raybeetoe Manhattan_No par 18 Jan 2 2912Mar25
22
/
1
7
10 13 Apr 29 80 2 Feb 10
5,775 Real Silk Hosiery
1712 15
1514 15
17
016
15 2 1512 174 13
,
1612 16
Preferred
100 7412 Apr 25 90 Feb 3
10
743 *____ 7012 *____ 70
4
7012
7412 7412
743
4
72 Jan 6
11 Jan 8
/
4
No par
114 •1
114
100 Reis(Robt)& Co
*1
114 *1
114 *I
1
*118 114
1
Firet preferred
100 11 Jan 6 13 Apr 22
*12
2412 •12
2412 *12
2412 '12
2412 *12
2412 *12
2412
2
7 2 Apr 25 19 4 Feb 27
3
No par
82 9
3
73
2 83
2
7 4 82
3
9
9,
2
83
4 9
83
4 912 17,000 Remington-Rand
First preferred
100 74 Apr 18 88 Jan 7
7418 •65
7614 "65
741s "50
74
*50
"65
72
*50
73
Second preferred
110
93
85 85
"80
100 85 Apr 28 98 Jan 6
*85
93 *85
85
85
85
*80
93
612 Apr 23 10% Feb 11
7,100 Reo Motor Car
10
612 6 4
,
612 612
68 6
7
/
1
4
612 Bh
612 65s
65
8 7
141
7
56,600 Republic Steel Corp___No par 12 Jan 2 25 3 Feb 24
14
13
1414 1258 141
15
1438 1218 1334 13
12
Preferred cony6%
/
1
100 274 Apr 25 54 Feb 19
3,500
33
34
33
331
32
33
32
33
27
/ 3014 2914 31
1
4
Revere Copper & Brass No par
7 4 Jan 6 13 Jan 2
,
*718 13
'718 10
*71 11
/
4
13
*718
'71s 11
•71 13
/
4
Class A
*20
*10
30
45
*20
45
•20
45
Nova? 27 Jan 6 30 Jan 6
•20
45
*20
45
3
No par 1112 Jan 2 22 8Mar 10
1438 14
/ 14
1
4
1512 1512 167
8 9,000 Reynolds Metal Co
15
1318 14
15
151s 14
5 Feb 18 1814 Mar 12
/
1
4
10
1018 *10
600 Reynolds Spring new_ No par
1012 '918 10
/
1
/
4
•101s 117
8 101 1018 104 101
2 483 5014 473 493g 473 49
5914 507
/
1
4
8
8
483* 5012 493 507 68,200 Reynolds(RI) Tob Wass B_10 40 Jan 2 53 Mar 19
8
4
8
/
1
Claw A
110
10 70 Jan 13 754 Feb 19
72
73
7314 7314 73
73
7314 7314 731
7318 7318 73
14 Apr 27
638 Jan 6
13
4 11
/
4
4,300 Richfield Oil of Callf___No par
13
4 2
13
4 2
14 2
,
13
4 2
2
214
41
4 Apr 27 1014 Feb 24
4
4
43
8
438
No par
418 47 20.100 Rio Grande 011
8
414 43
4
412 4 8
5
4
4Mar 2
No par 2312 Apr 1 413
2614 2712 2614 2612 2312 26
2,300 Ritter Dental Mfg
2812 2812 2712 28
29 29
/
4
19
10 161 Jan 2 26 Feb 24
2,300 Ronda Insuranee Co
1812 2018 19
20
187 1918 19
8
1918 18
195 20
8
8
3012 2712 304 28 4 30 65,800 Royal Dutch Co (,N Y shares) 2712 Apt 30 425 Feb 10
,
8
3114 28
30
311s 295 3018 30
7
1518 1814 16
10 1513 Apr 29 30 2 Feb 20
16
16
4
6,600 St Joseph Lead
17
16 4 153 16
,
167 167
8
8 16
4812 4912 484 523
8
49
51
No par 885 Jan 15 6514 Mar 24
12,400 Safeway Stores
4918 51
52
4 5014 53
51
95
Preferred (6)
94
94
94
100 86 Jan 19 96 Mar 20
130
94
9414 9414 94
*9414 95
*9414 95
100 98 Jan 21 107 Apr 15
Preferred(7)
40
/
4
*
4
/
1
4
/
4
8
8
105 10512 105 1061 *1053 10618 101055 1061 *1053 106 8 105% 1055
,
12
No par 1214 Apr 24 2014 Feb 27
8
8 2,300 Savage Arms Corp
8
141 153* 157 157
/
4
1214 1212 123 14
1212 13
124 13
/
1
7
712
4 Jan 18 1118 Mar 30
67
8 73
718 718 7,800 Sehulte Retail Storea No par
74 8
8
78 7 4
3
3
78 814
7
100 4012 Jan 23 85 Mar 27
Preferred
*5018 60
•501 60
/
4
*5018 60
/
4
*501 60
5018 60
•501.2 60 •
613 64
612 64 *612 7
/
1
612
612
/
1
6 8 Apr 21 11 Feb 27
8
No par
600 Seagrave Corp
612 612
*612 715
/
1
4
4912 515 62,600 Sears, Roebuck & Co N• par 444 Jan 2 631 Feb 26
8 47 4 4914 4818 52
,
8
4814 507
491s 5014 483 50
4
613 Feb 27
3 Jan 3
/
1
4
1
700 Seeond Nat Investors
8 48
,
'33
4 4
4
4
34 4
3
33
4 33
4 *37
*4
414
Preferred
1 40 Jan 2 5813 Feb 27
*43
46
48
*44
48
*433 47
8
* 2 48
43 4
*433 45 '44
8
1
1 Apr 28
18 Feb 11
4
No par
188 i's
118 2.800 Seneca Copper
1
1
1
1
118
1
112 118
4 Jan 2 1134 Apr 9
/
1
4
No par
918
7 4 83
3
9
10 105,70 Serval Ins
8
852 912
8
7
9 2 10 2
83
2 98
7
,
No par 2118 Apr 29 2912 Feb 20
2212 2314 7,500 Shattuck (,F G)
,
2218 2312 22 4 2212 2118 2214 2114 23
23
84 2312
812 Apr 28 137 Feb 18
9
812 812
2
No par
1,100 Sharon Steel Hoop
94 94
3
3
9
94 918 '814 9
/
1
109
12
No par 12 Jan 16 21 Mar 25
,
8,700 Sharp & Dohme
1412 1314 14
14
14
1412 13 4 15
16
•16
1612 15
3 58 "58
No par 3314 Jan 23 611/Mar 25
Preferred
60 '5814 60
59
*57 4
60
*58
*59
*
60
81
474May 1 1014 Jan 12
No par
478 514
4
/ 514
1
4
4 4 518 84.200 Shell Union 011
,
52
3
5
514 6
Ws 6
100 35 Apr 29 78 Feb 17
Preferred
700
35
36
37
3612 3612 3612 3612
40
37
*36
"35
40
4 Apr 28
9 4 Mar 6
2
412 412 3,100 Shubert Theatre Corp_No par
432
4
4
418 5
4
43
4
4
4/8 412
7
/
1
No par 114 Apr 29 23 4 Feb 26
/ 13
1
4
113 118
8
4 113 1312 1212 14
22,000 Simmons Co
s
11 4 12
,
125 12 8 12
8
7
53 Apr 28 11 Feb 26
4
/ 6
1
4
10
612
2,500 Simms Petroleum
*57
s 614 *57
8 614 *5
614
53
4 6
612
84 Apr 29 157 Feb 26
/
1
2
/
1
4
79,000 Sinclair Cons 011 Corp_No par
912 10
812 9
4
812 914
9
93
9 8 104
7
9 4 10
,
/
1
100 95 Jan 9 103 Mar 14
300 Preferred
*95
96
*9518 96
95
95
96
96
97
•97
9914 97
5 Apt 27 12 Jan 7
/
1
4
25
618
m2 4,100 Skelly 011 Co
518 514
518
5
/ 54
1
4
/
1
54 514
/
1
5
51s 518
Preferred
100 28 May 1 62 Jan 8
200
28
28
29
*25
29
29 •25
29 •25
32 '25
•25
4 4 Feb 16
1
13 Apr 16
4
No par
800 Snider Packing
2
42
2
134 2
21
/
4
2
*2
2
214
2
24 "
7
7 Apr 25 15 3 Feb 18
Preferred
No par
100
9
*6
*6
9
8
*6
9
.6
7
"6
7
1,000 Solvay Am Inv Trust pref _100 81 May 1 95 Mar 19
81
81
83 83
8912 8912, 8912 8012 8718 8918 85 85
/
1
4
9 4 Mar 6 17 Jan 8
7
1118 1012 11
1012 1012 1118 1112 5,900 So Porto Rico Sugar-No par
8
11181 11
1114 103
11
Preferred
100 9812Mar 9 112 Jan 8
80
103 103
103 104
103 103 '103 105
103 10312 *103 105
8
25 423 Apr 28 5412 Feb 26
,
43 4 4518 18,90 Southern Calif Edison
4 423 433
4
4, 434 45
/
1
4412 4514 4238 443
46
45
5 Mar 12
3 Apr 18
200 Southern Dairies al B....Ne par
4
4 12
4.31g 5
/ 4
1
4
/ *318 4121 *318 4
1
4
•31s 412 *3
No par 30 Apr 27 36 Jan 6
Spalding Bros
700
3312
*30
30
30
30
30
30
30
30
30
4
*302 33
let preferred
100 111 Jan 13 115 Apr 20
40
115 115
115 115 '115 ---- *115
_ 115 115
*115
/
1
Sluing Chalfant&Colne No Dar 224 Apr 16 2712 Feb 17
25 *____ 25
*2218 25 "2218 25 '2218 25 •
"221s 25
12
100 90 Apr 27 92 Jan 21
Preferred
100
91 '._
90 •____ 90 *____ 90 •__ __ 90
9112 90
*91
3
7 Apr 27 13 8 Mar 16
8
814 12,800 Sparks Withington_ - --NO Par
8
7 8 81s
73
8 8
758 83
8
7
77
8
712 8181
400 Spencer Kellogg 4 Song No par 10 Jan 3 1612 Mar 25
*13
1312
•1238 1312 '13
1312 13
13
13
1312 1312 13
8 Apr 22 17% Feb 21
/
1
4
No par
93 10
4
900 Spicer Mfg Co•
103 103
4
4
*10
11
9
/ 10
1
4
.912 11
*882 11
/
1
4
No par 25 Apr 29 33 Feb 20
Preferred A
295
8
800
25 25
/
1
/ 264 263
1
4
4 254 28
2518 2518 *25
4
*263 29
61* Jan 13 1712Mar 24
2 914 3,200 Spiegel-May-Stern Co_No par
87
85
8
8
8
718 718
67
s 812
8
,
8 4 914
No Par 1618 Apr 28 2012 Feb 25
/
4
161 164 164 167
/
4
/
1
/
1
8 1638 1712 1714 181 85,700 Standard Brands
187 1712 1612 17
2
No par 118 Jan 6 12312 Apr 9
Preferred
500
121 121
122 122 *12212 12312
*
122 12312 '122 12312 122 122
4 Feb 10
2 Feb 9
/
1
4
312
100 Stand Comm Tobaesso_No Par
3
*3
312 *3
3
3
/ *3
1
4
31 *3
/
4
312
'3
/
1
8
6912 665 6914 6512 6712 BB
8
70 8 674 723 39,500 Standard Gas ds Elea CoNo par 58 Jan 2 8822 Mar 10
67
,
/
1
4
69
/ 70
1
4
2
50 Jan 3 647 Mar 23
/
1
4
Preferred
No par
*617 634 1,700
8
62
623g 6184 62
6212 63
625 63
8
, 4 63
P623
/
1
4
No par 92 Jan 15 101 Ma 23
36 cum prior pref
*98 1003
4
300
99
98
98
98
98
99
98
•
7
$7 cum prior pref__ -NO par 10114 Jan 10 109 4 Mar 6
400
4
104 4 1043 105 105 2 106 106
,
4
*1043 105
4
,
O10484 107 "1043 106
414 Feb 13
2 Jan 2
4 3
800 Stand Investing Corp-No par
8
2
/ 28
1
4
3
252 23
2 *23
23
8 23
8 318
8 *23
*2 2 33
7
/
4
7
s
8
10412 10412 '10412 1053 10412 1045 10414 10414 1,800 Standard 011 Export prof __100 102 4 Jan 6 1051 Apr 13
3
10412 104 4 10412 105
4
3
3
8
Standard 011 of Calif_....No par 33 Apr 28 512 Feb 13
3614 355 3712 36
3
35 8 3515
3755 81,100
4
3814 39 4 343 37 4 33
25 11 Apr 25 19 Jan 5
/
4
111 1114 1212 *13
/
4
111 11
1514 2,100 Stand Oil of KIL1888
1114 11
11
11
11
8 3518 37
4
3612 387s 3612 3814 197.700 Standarfl 011 of New Jervey_25 3312 Apr 27 5212 Feb 24
3618 342 357
3652 3712 3312
/
1
4
184 20
175 181s 18
8
98,300 Standard 011 of New York 25 17 Apr 28 26 Feb 10
8
19
8 175 18
,
17 4 185
185 19
8
/
1
4
2012 2112 1,3001 Starrett Co(The) L EL-No par 17 Apr 16 3414 Feb 24
2114 194 2014 20
/
1
20 •
e20
/ 23
1
4
2112 *20
20
57 Feb 10
a
23 Apr 29
4
8
6,800 sterling Securities el A-No Par
2 384
24 3
27
8 314
34 4
27
4
37
3
8
3
12 37
9 Feb 16
/
1
4
2 712 *712 724
6 Jan 2
/
1
4
/ *73
1
4
/ 7
1
4
7
Preferred
/
1
4
No Par
722 7
500
/
1
4
712 7
i738 814
Uonvertible preferred--50 33 Jan 2 40 Mar 28
34
35
3414 3314 3412 3412 3414 2,000
34
364
/
1
35
38
88
2
8
1212 1234 1314 22,400 Stewart-Warner Sp Corp__-10 105 Apr 29 217 Mar 10
/
1
2 11
1212 104 117
7
/
1
/ 124 13 2 12
1
4
7
13 2 14
No per 3538 Apr 29 5412 Mar 21
37
403 23,500 Stone & Webeter
8
353 40
4
5
3914 35 8 38
2 3712 3812 38
38
/ 397
1
4
4
1958 2118 17,100 Studeb'r Corp (The)__ _No par 183 Apr 28 28 Mar 26
2 193* 21
1918 197
4
8 183 2012
19 8 208
3
3012 21
Preferred
100 112 Apr 28 11814 Apr 6
240
11212 1121 11212 11212
/
4
/ 112 113
1
4
4
/
1
112 11512 1134 1137 112 112
*
14 Jan 5
/ Jan 2
1
4
Submarine Boat
No par
/
4
1
Sun 011
No Par 341may 1 654 Feb 25
-135 16 8 341s 35 3e
37'2
100 97 Apr30 10413 Feb 2
Preferred
*98 1024
/
1
260
98
97
97
,
984 99 4 98
/
1
7
•10012l 10212 100 10011
8
4 327 3318 13,500 Superheater Co(Th)__No par 30 Apr 16 40 2 Feb 9
302
2 3012 333
30 4 30
,
301 3014 30
4
301s 30
Pa Feb 17
/ Jan 2
1
4
No par
/ 1
1
4
4,900 Superior 011
72 1
1
1
1
1
1
64 Jan
100 Iva Jan 2 1872 Mar 5
9
103
4 1012 1212 1,609 Superior Steel
9
9
9 8 912
3
014 934
912 912
7 13 Feb 20
/
1
4
133
8
200 Sweets Co of America
/
1
/ 13
1
4
/ 124 1212 *13
1
4
4
,
e1214 1382 124 128 *123 13 s *12
4
2 Feb 2
/
1
4
1 Feb 4
No pat
*1
2
200 Symington
1
1
•1
2
•1
2
1
1
613 Jan 28
011 2
3 Apr 28
No par
312 414 1,300
Claes A
314 312 4314 4
3
3 14
*212 4
4
4
Ne par 17 Jan 2 2112 Mar 6
4
,
8
,
,
1712 17 4 173 18 4 188 18 4 2,500 Telantograph Corp
,
8 17 4 18
18
187
1/11 Jan 5
19
19
6 Apr 29
612 612 2,400 Tennessee Corp
No pa
818 612
6
6 5s
64 6
,
/
1
4
67
2 7
7
7
2
25 20 Apr 27 857 Jae 7
215 2312 104.500 Texas Corporation
8
,
,
20 4 23 4
5
,
211 201e 21 4 205 22
/
4
2114 2214 20
8
403 4212 3812 4114 3812 407
8
2 3718 407 126,700 Texas Gulf SulDhar----No par 3718May 1 SA Feb 24
42
/ 42 4 41
1
4
7
/ 42 3
1
4
7
612 Jan 9
34 Apr 27
/
1
4
4
5,200 Texas Pacific Coal & Oil__-10
4
4
4 4
312 3 2 *32
7
3
/ 4
1
4
34 4
3
7
1 1014 Apr 28 17 3 Feb 13
8 20.900 Texas Pao Land Trust
8
/
4
/
4
10 4 1114 1012 117
1
2 1014 111 301 1024 1014 1114 105 115
ea
IF
2
-564
ii4
4
-- ;5i" "i6- -5L- 84
1:6156
ee
-dividend. y Ex-rights.
•
1110 and asked Prise= no sills on WS Gays S Mt
PER MARS
Range for Previous
Year 1930.
Lowest.
Higlialt
$ per share
18 Dec
66 Dec
1312 Dec
84 Dec
/
1
4
11 Dec
9112 Dee
1814 Dec
101 Dec
/
4
147 Dec
4
4 Oft
20 Dec
111 Dec
4
Ms Dec
314 Nov
26 Dec
52 2 Jan
7
1 Dec
1112 Dee
65 Dec
911June
/
4
104/4 Dec
Jan
121
142 Deo
107 Feb
/
1
4
47 Dec
12 Oct
7 Dec
/
1
4
90 Dec
/
1
4
36 Dec
117 Dec
2
47 Dec
She Dec
143 Dec
8
167 Dec
2
22 Deo
/
1
4
83 Dec
/ Dec
11
4
8 Nov
141 Nov
/
4
84 Nov
95 Jan
7 Dee
/
1
4
10 Dec
/
1
4
28 Dec
614 Dec
84 Dec
10 Dec
per share
78 Jan
/
1
4
110 Jan
22 2 Feb
7
103 Jan
1914 Oct
103 Oct
227 AD/
2
347 Mar
2
30 July
/
1
4
2714 Mar
103 Jan
54 Apr
60 Feb
/
1
4
1672 Feb
7612 Feb
784 June
/
1
117 Mar
2
40 Mar
123 Apr
/
1
4
109 Oet
117 Sept
1351 Get
/
4
158 June
112 May
89 Jan
/
1
4
8 Jan
/
1
4
271 Apr
4
11414 AIR
887 Feb
2
69 Apr
/
1
4
57 Aar
85 Apr
50 Apr
581 Apr
/
4
647 Mar
2
100 Max
57 Feb
2
37 Jan
4612 AP/
1004 Mar
/
1
104 July
147 Mar
2
79 Apr
/
1
4
951 May
/
4
80 Jan
72 Jan
344 Apr
/
1
40 Dec
70 June
41 Dec
/
4
5 Dec
25 Dec
/
1
4
143 Dec
4
362 Dec
4
1914 Dec
4
882 Dec
84 Dec
95 Oct
1214 Dec
4 Dec
35 Jan
5 3 Dee
7
43 Dec
/
1
4
2 Dec
/
1
4
35 Dec
1 Dec
84 Nov
/
1
/
1
204 Nov
9 Dec
111 Dec
/
4
54
Jan
IPA Dec
55 Dee
4 Nov
/
1
4
11 Nov
5 Dec
/
1
4
9 4 Dec
7
80 Dec
104 Dec
/
1
42 Dec
11 Nov
/
4
8 Dec
90 3 Dec
2
1012 Dec
103 Aug
40 Dec
/
1
4
312 Jan
32 Dec
108 Jan
197 Jan
2
92 Jan
8 Dec
8 Dec
/
1
4
7 8 Deo
5
25 Dec
412 Dee
144 Nov
/
1
114 Nov
2 Dec
/
1
4
63 Dec
/
1
4
55 Dec
93 4 Dec
7
9312 Dec
113 Nov
98 Fen
4214 Dec
147 Dec
3
43 Dee
/
1
4
1974 Dec
19 Dec
5853 Mar
80 Jan
9 4 Dee
7
252 Apr
4
59 Feb
/
1
4
48 Max
/
1
4
5613 Apr
5714 Feb
1222 Jan
2
9972 Feb
1097 Mar
2
311 Apr
/
4
1312 Jan
75 Jan
1414 Mar
100 1 Jan
7
23 Feb
82 Mai
/
1
4
8 Jan
/
1
4
1313 Apr
52 Apr
82 4 Feb
7
377 Max
4
63 Mar
/
1
4
25 Apr
/
1
4
10614 Apr
35 Apr
941 Jan
/
4
87 Mar
3
Apr
11214 Apr
42 Apr
993
4June
8 Jan
367 Feb
4
12112 Apr
30 4 Jan
7
121
Jan
72 Apr
9 Mal
45 Mar
115 Aug
37 Juns
/
1
4
96 ..an
80 Apr
/
1
4
25 Apr
364 Feb
/
1
4513 Max
52 Feb
291 Feb
4
12112 Sept
7 Feb
/
1
4
12914 Ayr
67 May
104 Sept
11414 Sept
1513 Mar
106
/ Oct
1
4
75 Apr
49 Apr
847 Apr
2
40 Apr
/
1
4
477 Apr
4
278 Dec 20 Max
/
1
4
5 Dec 1414 Mar
804 Nov 48 Mar
/
1
142 Dec 47 AD1
4
87 Dec 113 Apr
/
1
4
/
1
4
181s Nov 4714 Feb
118 Jan 125 Mar
1 Dec
8
14 Mar
/
1
39 Dec 70 Apr
97 Dec 1084 Sept
/
1
4
/
1
30 Nov 4514 July
7 Dec
4
9 May
/
1
4
54 Dec 297 Mar
8
3
8
/ Jan 154 Mar
1
4
/
1
14 Dec
/
1
7 AØ
4 Dec 177 Apr
2
15
/ Jan 2614 Apr
1
4
7 4 Dec 17 Apt
7
2814 Dee 6013May
4014 Dec 677 Mar
2
4 Dec 141s Mar
11) Dee 327 Mar
2
3299
New YON Stock Record-Concluded-Page 8
For sales during the week of stocks not recorded here, see eighth page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Apr. 25.
Monday
Apr. 27.
Tuesday 1Wednesday
Apr. 29.
Apr. 28.
Thursday
Apr. 30.
Friday
May 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
8 per share 5 per share $ Per share $ per share Shares Indus.& Miscell.(Concl.) Par $ per share $ per share $ per share Steer share
124 Dec 364 AIM
Ns par 134 Jan 8 22 Feb 27
1418 13
/ 1412 1514 1512 2,300 Thatcher Mfg
1
4
1414 148 14
35 Dec 48 Mar
Preferred
No par 35 Jan 2 41 Mar 5
*364 373 *3614 3714 .3614 3712 *3614 3714
4
211 Dee 82 Jan
4
Never 19 Apr 10 23 Jan 9
8
193 1912 1914 194 1918 1914 1912 20
1,100 The Fair
Preferred 7%
100 10212 Apr 28 10612 Feb 26 102 Jan 110 Feb
10212 10212+10212 106 *10212 106 *10212 106
50
43
34 Dec 267 May
9 Feb 13
418 Apr 29
8
No par
414
438 2,400 Theresota Co
438
418 43*
414 414
1512 Dec 46h Apr
1 184 Jan 2 27 Feb 21
2112 2112 2114 22
22
22
2218 2218
800 Third Nat Investors
23 Dec 47 Mar
12
25 22 Apr 8 35 Mat 2
23
23
23
23
23
2414 2414 22
700 Thompson (J R) Co
3
10 Nov 39 2 Apr
12
1212 11
*1212 13
13
13
13
2,600 Thompson Produets IncNo par 11 Apt 30 18 Feb 24
312 Dec 187 Mar
838 Mar 7
34 Apr 30
4
4
4
2
44
/
1
3
/ 4
1
4
4 14 414 1,900 Thompson-Starrett Co_No par
234 Dec 691, Mar
4
23.50 cum prof
No par 2412 Feb 4 3414 Mar 19
*265 30
8
*265 30
8
*25
30 .25
30
500
412 Apr 27
57 Dec 17 4 Apr
2
9 Jan 7
8
438 518
7
45
8 518
412 518 38.700 Tidewarer Ammo 011No par
48 4 8
Dec 891 Mar
1 68 Jan 8
53
4
Preferred
100 5014May
524 53
/
1
52
524 51
/
1
5214 5014 51
2,400
12 Dec 81
100 1012 Jan 31 18 Mar 16
12
12
13
13 *____ 15 *__ __ 15
Apr
300 Tide Water 011
68 Dee 947 Apr
a
4
Preferred
100 663 Apr 27 83 Feb 26
664 664 .60
743 *60
4
65
*5912 65
500
8 Oct 2114 Apr
74 Apr 30 12 Feb 20
814 812
10
812 838 3,300 Timken Detroit Axle
8
84
74 812
4012 Dec 8914 Apr
4318 454 433 443
4
4414 453 17,400 Timken Roller BearIng_No par 43 Jan 2 59 Feb 17
4 435 46
8
4
2 Dee
614 Jan
3 4 Apr 9
3
Mg Jan le
5
238 2
/
1
4
212 3
/
1
4
3
318 1,300 Tobacco Products Corp NO par
238 2
74 Jan 1314 July
12
12
Class A
113 12
4
1178 12
12
1214 6,300
No par 1032 Jan 14 14 Apr 10
714 Apr 23 18 Feb 26
4
103 Dec 251 Sept
2
25
714 95
8
7 8 85
7
8
814 9
/
1
4
812 93 300,900 Transamerica Corp
5
64 Nov 2
12
7 4 Jan 3 17 Mar 6
7
838 Jan
12
914 103
4
12
938 9
/
1
4
938 1112 11
11
3.300 Transue & WMiams St'l No par
12
54 Dec 2014 Apr
612 Jan 2 1134 Feb 24
Trt-Continental Corp-No par
8
/ 9
1
4
9
93
4
9
938
83
4 912
938 934 8 9
894 Apr 9614 Sept
9314 9314 9314 9314 9314 9314 9314 93% 1210
6% preferred
100 59214 Mar 16 94 Feb 25
9314 9314
0
9
264 Oct 4114 Mae
2
35
3238 3412 3214 333
34
/ 35
1
4
/ 7,800 Trio° Products Corp. _.,No par 2972 Jan 2 453 Feb 27
1
4
35
4 333 36
8
912 Dec 22 Mar
512 Apr 28 10 Jan 20
512 512
6
No par
6
*55
4 6
53
500 Truax-Traer Coal
4 53
4 *53* 6
204 Nov 37h Mar
*18
4
4
183 *18
4
184 183
183 *15
4
10 183 Apr 25 24 Feb 24
19
*18
19
200 Truacon Steel
144 Dec 24 Sept
14
1514 157
15
147 147
2
/
1
No par, 14 Apr 28 21h Mar 10
8
2 1418 144 14
14
1.600 Ulen & Co
49 Dec 138 Mar
4
535
8
5012 5112 5012 51
*53
5112 5112 53
53
2,500 Under Elliott Fisher Co No par 504 Apr 28 753 Feb 27
*10
/
4
11
*10
83 Dec 19h Sept
2
9 2 Feb 4 1312 Mar 27
3
*1114 111
11
*10
11
104 104
/
1
/
1
200 Union Bag&Paper Corp No par
4912 5412 47 8 4912 4814 5412 4914 54 409,400 Union Carbide deCarb_No par 4732 Apr 29 72 Feb 24
5212 Dec 1063 Mar
3
4
563* 583*
14
163* 1738
1614 1514 16
204 Dec 50 Ave
1618 17
25 11 Apr 28 264 Feb 13
1612 17
30,700 Union 011 California
21
21
21
21
21
23 Dec 8814 Apr
213
8 2014 2114 2118 2118 4,300 Union Tank Car
No par 20 Apr 1 254 Jan 8
1832 Dec 99 Apr
27
2814
243 263
4
4 243 2614 255 283
4
8
8 27
28 209,500 United Aircraft &'Fran-No par 2212 Jan 2 384 Mar 26
/
1
4
53
5312 53
414 Dec 773 Apr
54
54
4
Preferred
50 46 Jan 2 59 Mar 2f
5312 531 5518 543 5412 1,800
/
4
*20
25
*19
23
*19
23
2
154 Dec 547 Feb
United Am Bosch Corp No par 16 Jan 16 2712 Mar 2
*20
24
*20
24
•361 37
/
4
*3618 37
4
*37
38
4
3212 Dec 583 May
3712 3712 37
No par 334 Jan 2 413 Mar 26
37
900 United Biscuit
11412 11412 *11412 11912 11412 11912 *11412 11912
*11412 11912
Preferred
100 1134 Feb 2 122 Mar 23 115 Oct 142 May
50
133 1514 1414 14121 15
4
1718 17
/
1
4
4
17
143 Dec 84 Apr
4
4
17
18
No par 133 Apt 28 283 Feb 11
12,800 United Carbon
514 912
6
64
712 Apr 9
34 Dee
312 3 4I
512 7
812 June
4 Jan 2
3
614
7
18,200 United Cigar Stores _ _No par
*89
7212 *68
7212
*69
724 *67
/
1
26
Jan 68 June
100 60 Feb 2 276 Apr 10
7212 7212 7212
14
Preferred
200
2012 2138 2014 21181 2012 23
2118 22
13 4 Dec 52 Mg
7
2112 24 502.500 United Corp
No par 164 Jan 2 3114 Mar 19
495 50
493 50
4
49
/ 5014 4914 493
1
4
12
4314 Dec 53 Apr
4
4 49
/ 5014 7,000
1
4
Preferred
No par 448 Jan 2 521s Mar 26
814 814
712 7 4
3
7
7 12
7
7 12
712 712 3,000 United Electric' Coal
2
214 Dec 197 Feb
8 Jan 2 12 Feb 27
No par
4512 Dec 105 Jan
564 5714 553 5641 5514 58
4
573 5814
4
5612 5814 3,800 United Fruit
No par 514 Jan 2 67h Feb 27
2818 29
/ 2814 283
1
4
244 Dec 49as MAY
30
301
/
4
4 2814 303
2938 3138 132,700 United Gas & Improve_No par 274 Jan 2 3711 Mar 17
103 10414 1033 103
/
1
4
4
/ 10314 10312 10312 10338 2,400
1
4
104 104
97 Jan 10412 Oct
Preferred
No par 9812 Jan 30 10414 Apr 28
2
/ 212 *212 3I
1
4
2 Dec 14 Mar
12
314 Jan 7
24 Apr 27
2
/ 215 *218 3
1
4
100
*212 3
300 United Paperboard
25
25 I 248 24% 2438 2512 2614 2614 3,400 United Piece Dye Wka_No par 2312 Jan 2 313 Feb 19
2012 Dec 824 APT
4
244 243
4
7
7
614 7 I
8
/ 64
1
4
4
44 Jan 147 June
93 Apr 9
2
512 Jan 26
/
1
618 712
7
714 7,000 United Stores al A____No par
*46
4834
614
600
4712 4812 48
48;42 181
48
1512 Jan 5011 July
*4718 49
2
4
Preferred class A_ _ __No par 877 Jan 5 52 Apr 9
34
344 34
/
1
3414 3412 3512 36
197 Aug 39 Mar
2
351 36
/
4
2,300 Universal Leaf Tobacco No par 28 Jan 2 4112 April
32
32
*30
32
27 Dec 76 May
393
4
*30
32
.
30
28
29
70 Universal Pictured let pfd..100 28 May 1 42 Mar 21
2
2
2
218
9 Apr
4 Feb 9
218 214
2
21
/
4
218 21
2 Dec
2 Apr 10
1,800 Universal Pipe di Rad _ _No par
23
24
2212 2338 227 251242,800 II. S. Pipe & Fdy ,
2512 2612
181 Jan 8814 Apr
2
/
4
8
20 221 Apr 27 3712 Mar 26
2
8173 173
4
4 1714 1714 173* 178 *B14 IS1.
1914 1914
15 2 Jan 21 May
3
let preferred
2,200
No par 1714 Apr 29 2014 Mar 26
*8
10
812 812 *8
10
714 Feb 2 10 Mar 20
*8
10
7 Dec 20ts Jan
No par
*8
10
'200 U S Distrib Corp
27
4
I
*1
114
4ts Apr
1
1
*4
1
13 Jan 7
4
*1 1
/
4
84 Dec
1 Jan 7
100 II S Expreds
100
2018 201
/
4
*2014 24I 21
1612 Dec 103 Apr
21
21
211 2112 2138 2,300 US Freight
/
4
No par 17 Jan 2 3012 Mar 24
914 914
67e Dec 33 2 Mar
/
1
812 84
/
1
7
812 84
812 83
74 Jan 2 1212 Feb 24
4
83
4 88 3,500 US & Foreign Secur_ No par
8412 8412 *80
•
8412 8518
73 Dec 101 Mar
88
*80
86
*80
85
Preferred
No par 80 Jan 8 90 Feb 17
40
/ 42
1
4
/
1
4
403 40%1 39
4
4014 43
42 42
43
4 0:00 U S Gypsum
1: 0
9
0
°
20 39 Apr 29 50 Mar 27
*912 10
912 912' 912 912 *312 9
84 81
/
1
11
5 Dec 30 4 Mar
2
5 2 Jan 2 123 Apr 1
7
U S Hoff Mach Corp__ _No par
31141 303 33
3212 33
301 3112 31
/
4
2
4
33
34
5014 Dec 139113 Jan
9,400 U S Industrial Aloohol_ No par 3012 Apr 28 773 Feb 25
6 4 67
,
8
61 613 2,100 U S Leather
64
538 6
/
4
57
538 6 I
34 Dec 1514 Apr
4
34 Jan 2 103 Mar 19
No par
*914 994
8
/
1
4
73
4
9
9 I
8
54 Dec 26 Apr
2
7 Jan 2 157 Mar 19
Clasa A
3,000
No par
641 Dec 94 June
*
84 847
8
84
85
84 84 I *84
8578 88
8
513 85
9
12
Prior preferred
700
100 69 Jan 7 85 Apr 9
2018 1912 2014 30,100 US Realty & Impt___ _No par 1812 Apr 27 8614 Feb 26
18 4 1912 1818 1912 1818 19181 1814 184 19
,
25 Dec 75h Mar
'
/
1
4 1212 1314 1218 1312 1244 1312 1318 147
13
/ 133
1
4
Oct 85 Apr
14
11
3
1538 32,200 United States Rubber__No par 113 Jan 6 20 2 Mar 20
4
224 21
224 24 I 21
/
1
22
171 22
2212 2214 247
24
s
1912 Dec 637 Apr
25
4
let preferred
7,300
100 203 Jan 2 3818Mai 21
1612 1718 164
171
1714 18
/
1
1712 July 3614 Jan
17
154 16
*1612 17
/
1
8
5,800 U E1 Smelting Ref & Min_...50 157 Apr 29 254 Mar 10
*46
4618 46
46
46
46
46
48
46
461 *45
40 Dec 5314 Jan
46
2
Preferred
800
50 423 Jan 5 47 Apr 1
8
1253 127 I 12212 12614 1223 125
4
115 12112 115 12084 11312 121 577.900 United States Steel Corp__100 11312May 1 1523 Feb 26 1344 Dee 198h Apr
2
4
14918 14918 1483 14914 14838 1485 14712 1488 14618 14712 x145 146
8
8,500
Preferred
100 14312 Jan 2 150 Mar 20 140 Jan 15114 Sept
7112 *70
.
70
70
/ *70
1
4
594 Dec 68 Feb
71
69
/ 69
1
4
8
2
/ 697 697 *6912 711
1
4
200 U S Tobacco
No Par 604 Jan 6 717 Mar 11
218
41 205 213
8 1912 21
8:
2018 207
20
225 241 115,100 lJtilles Pow & Lt ANo par 191 Janpr 22 31 Feb28
8
19h Dec 451 APT
8
4 21
233
7
2
20
4
/ 1
1
4
1
1
1
1
/ 1
1
4
/ 1
1
4
7 Mar
14
Is Oct
8
1 I 2,500 Yukio° Sales
No par
•16
20
*16
20
20
*16
1212 Dec 697 Apr
*16
20
*16
20
*16
20
8
Preferred
IGO 1712 Jan 7 28 Feb 16
4114 425
8
3818 42
381 41
/
4
3812 43
3938 433 113,900 Vanadium Corp
8
4484 Nov 1434 Apr
373* 393
4
No par 374 Apr 29 763 Mar 25
*13
4 2
13
4 13
*13
4 11 *13
4 2
13
4 13
14 Dec
314 Feb 20
/
4
4 *184 2 I
134 Apr 9
500 Virginia-Caro Chem -No Pa
8s Apr
•1018 123
4 101 101 1018 1018 101 1018 1018 1012 *103g 1234' 1,500
/
4
/
4
/
4
9 Dec 341 Apr
4
100 10 Apr 18 17 Feb 19
6% Preferred
*63
68
64
64
*63
*63
68
63
63 I
674 Dec 8211s Ayr
*63
65
63
4
7% preferred
200
100 63 Apr 29 713 Jan 7
novz ____ *107 4 ____ 10712 10734 *107381071 10738 10734 10734
,
/
4
150 Virginia El & Pow p1(6) NO Pa
14 Oet
9814 Jan 2 107h Apr 28 100 Dec 107
4912 5018 4712 51
/ 483 5112, 1.270 Vulcan Detinning
1
4
47
4
864 Dec 158 Mar
483
4' 4 / - 3
100 4112 Jan 2 7132 Feb 24
61 ig- 4618 49
4
22
2218 211 22
/
4
2114 213
213
s 214 2214 2212 2341 7,100 Waldorf System
/
1
4 21
214 Dee 81h Apr
No Par 21 Apr 29 2778 Feb 17
8
/ 84
1
4
812 8781 3,900 Walworth Co
7
/ 9
1
4
8
81 85
/
4
4
84 9
1012 Dec 4238 Apr
71 Apr 27 15 Feb 18
2
838
No par
*1114 1412 1114 12
9
/ 1014 1014 3.400 Ward Bakeries class A_ _No par
1
4
71
/
4
614 8
*8
1212
1218 Dec 54 Mar
64 Apr 20 27 Mar 12
12
44 43
414 414
/
1
33
4 4
8. 3,700
4
34 Jan 2
414
8 Dec 151 Arm
83 Jan 80
2
Class B
Nova?
33
4 414
3 4 34
3
4
28
28
*41
505
8 41
25
25
30 I 3,100
41
39
39 I 24
45 Dec 7712 Apr
Preferred
10a 24 Apr 29 5712 Jan 80
/
1
4
718 812
8
/ 8 154,100 Warner Bros Pictures_No va
1
4
/
1
4
84 9
/
1
8
74 Apr 29 204 Feb 17
84
,
7 8 814'
,
9 4 Dec 8014 Mal
1
7
/ 7
1
4
•2112 22
*16
20
211 217s
/
4
20
21% 22 *___- 20 I 20
Preferred
500
81 Dec 70h Mar
No par 20 Apr 291 4011 Jan 9
418 41
/
4
4
418
3
/ 4
1
4
3 4 37
3
2
33
4 33
4
3 4 Apr 29'
3
7 2 Feb 4
3
3,
33
4,400 Warner Quinlan
4h Dec 27 Apr
No par
293 303
4
2812 2812 303
4 293 307 13,700 Warren Bros new
4
8
4 28
2
2918 28
293
4 28
26 2 Dec 6314 Apr
3
No par 274 Jan 2 463 Feb 27
/
1
8
4 403 403
4
4
*423 43
4
Cony pref
423 43 I 41
42 I 404 4012 407 423
2
4012 Nov 56 Sept
No par 4012 Apr 29 497 Feb 27
2358 235
8 25
2318 25
25
2612 261
2212 2612 225 26
8
5,800 Warren Fdy & Pipe
224 Dec 431k May
No par 24 Jan 8 32 Feb 20
*312 41
*31
/
4
*312 4
412
212 Dec
No pc
3h Jan 2
6 Feb 24
1,2810000 Webster Eisenlohr
70
312 312' *312 41 *312 4
914 Mar
22
2112 212
2112 2112 22
22
2114 Feb 7 2614 Mar 20
2212 221
2218 224 22
/
1
3.300 Wesson Oil& Snowdrift No pa
194 Dec 2978 Mat
55
55
55
*55
5512
55
55
No par 5412 Jan 14 574 Feb 11
*5512 56
5514 5512 55
5012 Jan 5914 Apr
Preferred
11314 118
115 11612 11,400 Western Union Telegraph _10 11214 Apr 30 1504 Feb 24 1224 Dec 2111 4 Feb
113 116
3
11612 118's 1123 116 1113 116
4
3
27
26
263
4 2638 27
26
29
29
30
29
29 I 27
20,000 Westingh'se Air Brake_No par 26 Apr 29 364 Feb 21
3114 Dec 52 Feb
/
1
/
4
64
677
615 643
*
4 6112 644 5714 623* 5758 64% 588 641 399,300 Westinghouse El & Mfg__ _50 5714 Apr 24 10734 Feb 26
8812 Dec 2014 Apr
8718 91
89
90
120 preferred
930
50 8718 Apr 30 11912 Feb 27 1074 Nov 1971 Apr
/
4
92
/ 9212 911 93 I 9018 9212 891200
1
4
4
21
2012 193 20
4
21
20
2
2.000 Weston Eleo Inatrum't_No par 193 Apr 30 28 Feb 21
174 Dec 4874 Mar
4
203 203' 203* 21
4
03* 21
36141 *35
3614 *35
36
3614 *35
Clam A
No par 33 Jan 5 8814 Jan 8
*35
3614; *35
*35
36
83 June 36 Jan
/
1
4
105 105 *105 10612' 104 105 *10312 104 1 103 10312 *1031s 10314
280 West Penn Eleo clam A _No par 99 Jan 14 10514 Apt 22
95 Dec 110 Apr
10714 10714 10518 10518
41
1094 1093 1083* 1093 1071 10912'10714 109
230
Preferred
100 103 Jan 30 112 Mar 27 102 Nov 11214 Sept
4
/
4
99
99
99 I *99 100
98
98
100 100 1 99
99 , *98
SO
Preferred (6)
100 95 Jan 9 103 Mar 19
9014 Dec 104 July
4
117 117
81) West Penn Power pre:.. .
1173 1173
4
. _100 114 Jan 5 120 Feb 17 11312 Jan 11814 June
4'1l64 1174 117 117 ,*1163 117'2'11634 1171
2 11012
2
_
111¼
*110110h 11014 *110
SO
100 10312 Jan 2 11212 Apr 1 1034 Dec 11114 Sept
6% Preferred
2212 2312 23
12 5,S00 West Dairy Prod al ANo par 194 Apr 28 4412 Feb 20
35 16
/
4
33
34141 191 W- 1 2014 21 • 22
30 Oct 50 Mar
41
63
4 7
518 6 I
58 63
612 9
,
8 81
,
58 7 2
,
36300
Clam 11
8
44 Nov 244 APT
No par
4114 Jan 2 127 Mar 25
23
24 1 26
24
•
28
23
26
30
25
251 28 I 24
/
4
1,800 Westvaco Chlorine ProdNo par 194 Jan 3 40 Mar 16
18 Dec 594 Feb
7
s
1 1
1
7
8
1
/ 1
1
4
7
8
7
8
Jan
3
4
7,500 Wextark Radio Stores_No par
3
4 1 I
7 Dec 21
2
34 Apr 27
24 Jan 3
18
17
1818 173 18 1 1712 1741 1612 1714 1612 17 I 17
4
214 Dec 43 Apr
4,900 White Motor
No par 1612 Apr 29 2612 Jan 12
4012 *393 41
4012 401 39
40
40
4
/
4
4012 40
40
40
1.800 White Rock Min Spring ett_50 39 Jan 7 473 Mar 20
92 Dec sth Mar
4
5
*34 414 *3 4 3 4 *34 33
4 *314 33
4 *34 33
4
24 Dec 187 Mar
4'
312 312
5 Apr 6
200 White Sewing Machine_No par
,
212 Jan 8
*7
9
9
9
*8
,
1,i, 1
g34 Li 9 9
9ig *8
*8
4
103
4 Dec 397 Apr
4
Preferred
No par
6 Jan 5 103 Apr 13
1
614 612
63
2 7
*63
4 7
6
7
7/
1
4
64 Dee 91 Apr
932 Mar 26
1,500 Wilcox Oil& Gas
612 Apr 27
No par
54
/
1
5
51 13,400 Willys-Overland (The)
5
5
4
/ 52g
1
4
41s 53
7
4
5
81
5
5 1
834 Oct 11 Apr
8 Mar 19
47 Jan 15
4
6
4712 4714 4714 *463 504
*4512 47
4
48 ' 46
/
1
4
/
1
4512 Nov 85 Apr
47
400
47 I *48
Preferred
100 4414 Jan 30 5414 Mar 20
2
2
*2
21 *Vs 214 2,70 Wilson & Co Hut
/
4
2
/ 24
1
4
7h Mar
172 Dec
4 Feb 10
/
1
2
/ 21
1
4
2
218
60
0
par
2 Apr 13
No
45 Nov 13 Mar
41 41
/
4
/
4
5
5
*514 614
44 Apr 23 10114 Feb 17
534 51
5
518' 4
/ 5 I
1
4
Clam A
No par
2312 2312 28
85 Dec 5413 mu
*30
29
32
4
26
4
3012 263 2714 274 30
1,600
Preferred
100 26 Apr 27 518 Jan 12
k
4
5112 Dec 733 Jan
60
613
/ 587 60% 533 61% 5934 613 73.000 Woolworth (F W)Co
1
4
4
2
583* 6038 5818 59
10 543 Jan 2 6534 Mar 25
8 554 64
47 Dec 169 Apr
5814 655 126,300 Worthing Fl M
633 664 6212 6512 0014 643* 5712 613
/
1
8
100 5614 Apr 30 1064 Feb 24
70
*72
90
88 Jan 107 Apr
.
70
90
*72
*70
90 1 70
90
90 1 *70
100
Preferred A
100 70 Apr 29 95 Mar 7
63 Dec 93 Mar
75 .60
79
*56
*65
*6478 66
65
65
*55
*50
65
100 70 Jan 8 8332 Mar 9
Preferred B
21
*16
184 1812 *16
/
1
*16
1012 Dec 5914 Mar
22
1112 Feb 4 27 Feb 25
22
21
•16
22
*16
10 Wright Aeronautical__.No pa
6914 69
723* 723
71
65 Dec 80 July
3
70
6634 Jan 2 80 2 Mar 4
73
4 7014 7218 68
704 68
14,600 Wrigley (Win) Jr(Del)NO pa
*23
2318 23
237
s 2338 233* 1,200 Yale & Towne
25 Dec 77 Mar
24
*2318 24 I 234 2314 23
25 23 Apr 30 80 Jan 23
83 9
812 93
94 1013 54,000 Yellow Truck & Coach ol B_10
/
1
84 No
812 Apr 29 1512 Mar 20
912 101
/
4
914 9
/
1
4
9
10
92114 Apr
.65
65
*58
1147 .58
7512 65 65 I *65
50 Dec 105 Apr
7512 65
100 68 Apr 27 76 Mar 19
841
/
4
20
Preferred
1912 20
3
1
1814 181
197 20
19 Oct 47 Mar
8
1812 1912 1912 2018 4 19
1814 Apr 30 29 Feb 24
3,100 Young Spring di Wire_No Pa
55
60
60
55
60
*60
55 Apr 25 78 Feb 28
60
65
6912 Dec 152 Apr
60
66
60 1 *60
400 Youngstown Sheet & T_No pa
27
8 2
/
1
4
*25
8 2%
2
/ 31
1
4
54 Feb 27
2% 3
2% 3
2 Deci 161 June
23 Jan 2
2
*3
4
3 4 1,70 Zenith Radio Corp____No Pa
,
,
•Bid anci asked prism no saki on this day. s Ex-dividend. 'Ex-rights,
$ Per share
1512 1512
4
*3612 373
•198 2012
*105 106
4
/ 412
1
4
*2218 2214
27
27
4
*1212 143
412 412
3012 3012
514 512
*53
54
*14
1712
87 67
*9
9
/
1
4
433* 4438
*2
/ 3
1
4
12
1218
1018 105s
5 per share
15
154
/
1
4
*3614 373
*193 194
8
/
1
105 10514
43
8 43*
22 22
*2414 25
13
133
4
412 412
*2638 3012
412 53*
53
53
*12
16
663 663
4
4
814 9
43
443
4
24 2
8
/
1
4
5117 1218
8
912 1012
104 1214
838 914
9314 9314
33
/ 34
1
4
/
1
4
3
53
4 54
183 183
4
4
15
15
5112 53
1114 1114
5612
53
163
15
8
21
21
2514 2714
*5312 5418
'20
24
3614 37
11412 11412
15
1712
5/2 6
71
71
2038 213*
/
1
4
498 49
74 8
3
57
5814
29
3018
1034 10412
2
/ 212
1
4
2438 2512
64 7
*463 484
4
344 3514
/
1
4
•301 393
/
4
218 218
2218 254
/
1
1812 19
812 812
*78
1
20
20
84 94
/
1
*8412 8518
4012 41
912 912
3114 32
/
1
4
34
3
4
912 912
*84
847
,2
3300
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 ths Exchange method of quailing Donets was changed and prizes are nos "and Mawr-except for Meows and defaulted bowls.
il
BONDS
N. Y. STOCK EXCHANGE, i t
l
Week Ended May 1.
-.a.
pri
ce
Friday
May 1.
Week's
Hauge or
Last Sale.
13
cer
11.5. Government.
High No.
Bid
Ask Low
1
1120t Liberty Loan834% of 1932-47
J D 10155n Sale 1015434101 11w 156
Cony 4% of 1932-47
J D___
100i5nNov'30 ____
Cony 435% of 1932-47
J D 10225 Sale 10 53210231w 301
;4
2'
2d cony 44% of 1932-47
/
1
J D -------- 102
Jan'31
Fourth Liberty Loan434% of 193338
A 0 1045n Sale 1044, 1045.1 756
Conversion 35 coupon
.1 J
.30 ____
_ 100 Sept
TreaSury 4345
1947-1952 A 0 11216n Sale 1124w 11216n 166
Treasury 4s
1944-1954 J 0 10844z Sale 1075744 1085 218
,,
Treasury 3 8
/
1
4
1946-1958 M S 1061544 Sale 10554410610w 114
Treasury 335s
.10214n 75
1943-1947 J D 1025n Sale 1010
Treasury 3345 June 15 1940-1943 .1 D 101 7w 101.0,, 101143210151n 39
,
Treasury 3s
1941-1943 M S 101”41 Sale 101"n 1015
'n 251
Panama Canal 3s
1961 Q M --------9834 Sept'30 ____
State and City Securities.
NY C 334% Corp ot_Nov 1954 MN --------92 Nov'30 ____
834
1955 MN
923 Apr'31
4
de registered
1938 MN
10012 Apr'31
de registered
1955 M N --------99 2 .jruf3i ____
975 june'30 ___
4% corporate stock
102
1957 MN
A% corporate stook
1957 MN --------107
1.
107
64 corporate stock_ _1957 MN --------10712 Jan'31 __
/
1
%
6% corporate stock
1958 MN 9518 101 10012 Apr'31 __
4% corporate stock
1959 MN 95 ____ 10012 Apr'31 ____
44 corporate ,took
/
1
%
1931 A 0 --------100 July'30 ____
64% corporate stock_ _1960 M S 1003 ____ 1003 Mar'31 ____
/
1
4
44
/
1
5
4
1964 M S --------1023 Nov'30 ____
434% corporate stock_
1971.3 D ____ ____ 10814 Nov'30 ____
434% corporate stock_
1963 M S --------10614 Dec'30 ____
635% corporate stock _ __ _1965 J D
1105 10512 Dec'30 ____
8
434% corporate stock July 19673 J --------1071 Nov'30 ____
New York State cartel Imp 481961 J J____ _ __ _ 101 June'30 ____
413te
Jan'31 _
1963 M S ---- ----102
434s
1964.3 J --------109 juiy•30 ____
Foreign Govt. & Municipals.
Agile Mtge Bank s 1 es
12
62
1947 F A
6112 60
Sinking fund 68 A _ _Apr 15 1948 A 0 6014 Sale 6014
648 11
Akershus (Dept) ext 58
9634 Sale 963
1963 M N
16
4
97
Antioquia (Dept) col 711 A1945 J J 4918 Sale 4814
14
52
External 81 7s ser B
24
50
1 45 J J 49 Sale 48
External s I 7s ser C
27
62
1945.3 J 48 Sale 48
External a f 7s ser D
9
53
1945.3 .1 483 Sale 48
4
External 6 1 78 1st ser_ _ _1957 A 0 4612 48
6
46
52
29
49
External sec s 1 7s 2d ser_1957 A 0 4612 Sale 454
1
48
48
External sec 81 7, 3d ser_1957 A 0 4612 48
4ntwerp (City) external 58.1958.3 0 10012 Sale 10012 101
47
argentine Govt Pub Wks68-1960 A 0 88% Sale 87
913
4 39
4rgentine Nation (Govt 01)Sink fund es of June 1925_1959 J D 8834 gale 87 8
5
9112 63
Extl I I 65 of Oct 1925-1959 A 0 883 Sale 874
9212 43
4
Sink fund 6s series A
9118 107
1957 M S 882* Sale 8714
92
External es series B_ _Dec 1958.3 0 89 Salo 874
43
Extl a I es of May 1926_1960 M N 897 Sale 8712
92
8
54
9114 73
External,f Os (State Ry)-1960 M S 884 Sale 87
Extl es Sanitary work8_1961 F A 8912 Sale 8714
9114 58
Extl 13s pub wks(May'27)-1981 MN 8812 893 87
60
92
4
824
84
Public Works ext1 54
8512 40
5-1962 F A 82
/
1
argentine Treasury 58 £
9
4
8514
1945 M S 833 Sale 833
4
613
4 39
austral% 30-yr 5s_July 15 19553 J 5912 Sale 5913
6134 41
External 5s of 1927-Sept 1957 M 5 603 Sale 60
4
External g 434s of 1928-1956 MN 534 Sale 5112
5314 55
13
107
Austrian (Govt)s f 78
1943 J 1 1067 Sale 106
8
3
61
96
59573 / 9514 Sale 95
International s 1 73
Bavaria(Free State)04
6-1945 F A
/
1
Belgliun 25-yr eat'
1949 MS
(135s
External s Ies
1955 J J
External 30
5955i D
-year of 7
Stabilization loan 7.
1956 MN
Bergen Norway)Exti sink fund 55-Oct 15 1949 A 0
External oink fund 5s---1960 M 5
Berlin (Germany) 81 635s-1950 A 0
te
Exrnal sink fund 6- 1958 J D
5
Bogota (City) eat'5 185-_1945 A 0
Bolivia (Republic of) earl 85_1947 MN
External securities 75(flat)'58.3 .1
Externals f 78 (flat)
1969 M 9
Bordeaux (City of) 15-yr 65_1934 MN
Brasil(U S of) external 85..1941 J 13
External,I 035s of 1936 1957 A 0
Extl 5 f6/ of 1927
1
4
8
1957 A 0
75 (Central Railway)
1952 J D
7345 (coffee secur)£(flat)_1952 A 0
Bremen (State of) extl 75-1935 M S
Brisbane (City) ii I 55
1957 M S
Sinking fund gold 55
1958 F A
20
-year s 1 es
10503 D
Budapest (City) exti,f 6._ 1962 1 D
Buenos Aires(City)6348 213 1955 J J
External s f es ser C-2_ BM A 0
External o f es ser C-3_--1960 A 0
Buenoe Aires (Prov) exti 65_1961 M 8
Exti s 1 13355
1961 F A
Bulgaria (Kingdom) s 178 1967.3 J
Stabll'n 5 1 7345 Nov 15 '68 ----
80
1103
4
1045
8
1155
8
11014
85
Sale
Sale
Sale
Sale
844
1103.
10312
11434
11018
863
4 10
1107
8 36
145
105
1152* 66
1102* 55
8
993
4 12
Sale 985
984 18
4
98% 983
9
87
4
8914 863
7812 41
Sale 76
8018 18
Sale 70
30
34
Sale 30
254 19
Sale 20
42
19
23
19
8 18
Sale 1054 1057
313
71
Sale 58
5512 386
Sale 4912
310
55
Sale 49
236
60
Salo 41
2
10012
101 100
9918 73
Sale 9812
36
55
52
55
3
523
4
544 5234
75 Apr'31
68
743 112
4
7212 Sale 72
9112 58
8134 864 8012
76
9712 94 Apr'31 ____
1
87
87
76
90
7112 122
8912 Sale 87
66
704 50
65
69
2
6912
6512 8812 684
8012 12
79 Sale 7812
9858
98
863
4
7812
78
30
20
17
10558
70
52
5112
66
100
9812
__
_
11
63
6412 6014
Daldaa Dept of(Colombla)71
/
4
8'46 .1 J 60
943 280
4
3anada(Domin of) 30-yr 49_1960 A 0 9434 Sale 948
8 1063
4 43
55
1952 MN 10634 Sale 1053
1936 F A 102 102% 102
4345
1025, 28
1954 .1 J 10612 10878 10718 1073
9
3arlsbad (City) s I 85
4
6612 12
3auca Val (Dept) Colom 7345'46 A 0 59
64
66
3entral Agric Bank(Germany)903
4
9212 41
/
1
4
Farm Loan s 1 7s_Sept 15 1950 M S 92 gale
8018 109
Farm Loan of 6s_July 15 1960 J J 797 Sale 78
4
8012 161
Farm Loans f es_Oct 15 1960 A 0 784 Sale 773
8678 55
Farm Loan es ser A Apr 15 1938 A 0 8612 Sale 8312
42
90
1942 M N 85 Sale 78
Tail.(Rep)-ext s f 7s
774 130
External sinking fund 68_1960 A 0 74 Sale 67
7712 47
7414 Sale 68
1961 F A
External of es
7718 50
1961 .1 J 73 Sale 68
Ry ref exti 8 f es
7814 43
1961 M 5 7318 774 68
Mai sinking fund 65
7718 66
1962 M S 74 Sale 68
fund (Ss
Exti sinking
7714 90
1963 MN 754 Sale 69
Eati sinking fund es
48
78
Mlle Mtge Bk 6348 June 30 1957 J D 7518 Sale 73
33
80
.1 D 75 Sale 70
8 f 634o of 1926__June 30 1981
37
73
Apr 30 1961 A 0 7113 Sale 65
Guar,I es
35
75
1962 M N 704 Sale 6712
Guar 5 I fls
763
4 22
70
106054 5 ____ 74
ibilean Cons 31unic 7s
68
26
11,Inese (Hukuang Ely) 55_1951 J D 224 Sale 2212
9
10318
Sale 103
:hristiania (Oslo) 30-yr 8 1 65 '54 31 5 103
15
85
83 4
1
85
iologne(CitYGermanY 6348 1950 M S 73
122
66
./ J 6012 Sale 5812
1981
1010ml:ifs. (Republic) fis
5812
6514 87
1061 A 0 6014 Sale
External s f Os of 1928
14
62
/
4
;Womble Mtg Bank 615 o1 1947 A 0 ____ 5734 55
7
64
Sale 59
Sinktng fund 75 of 1928_1946/ MN 6112
6
62
Sinking fund Ts of 1927_1947IF A 62 Sale 62
10034 23
10014 10014
1952/J D 1004
iopenhagen (City) 55
963
8 19
9614 Sale 9514
1953 M N
25-yr g 435s
6
61
50
55
:ordoba (City) extl s 1 75-.1957 F A 47
76
2
72
77
71
External s 1 7e...-Nov 15 1937 M N
5
76
75
78
lordoba (Prov) Argentina 75 '42J 1 77
34
67
Sale I 64
Osta Rica (Repub) eat) 75_1951/M N 65
954 28
/Mae (Republic) 55 of 1904_1944 M S 954 9814 95'3
External 5s of 1914 ser A_1949 F A 963 9714 97
4
5
97
9
83
External loan 4/ ser C leaf) F A 83 Sale 83
1
4
8
Option sale.
e Cash sale.
e On the basis of 85 to £ sterling. $
Range
since
J.1.
71
BONDS:...'
N .STOCK EXCHANGE. iii
.Y
Week Ended May 1.
.4a.
Price
Friday
May 1.
Week's
Range or
Last Sale.
.2
g
oar$
Low
High No.
Bid
Nigh
Ask Low
Cuba (Republic)(Concluded
.102/w
Sinking fund 54 Jan 15 1953 J J 967 Sale 963
10111
/
15
49
4
97
8
______
Public wks 534s June 30 1945 J D 7112 Sale 718
7212 48
1025n 10315n Cundinamarca (Dept) Colombia_
External s 1 5355
102 102
25
1959 MN 55 Sale 54
59
Czechoslovakia (Step of) 85_1951 A 0 110 Sale 1097
41
8 110
Sinking fund 8s sec B
102140045W
1952 A 0 1097 Sale 1094 11018 23
8
___ Denmark 20
__
28
-year eat! 6_..J942 J J 10512 Sale 10514 106
External g 510
5;
109i4 1113 n
1955 F A 1101 Sale 101
10112 24
External g 41
/
4
10551,1095n
/
4
s__Apr 15 1962 A 0 965 Sale 9614
99
967
1045w 1071n Deutche Bk Am part ct1 65_1932 M S 100 10018 100
18
100
100,0.1030w Dominican Rep Cui3t Ad 54 '42 M 13 933 Sale 92
31
94
/
1
s
4
10014002
let ser 634,01 1926_
0n
_1940 A 0 8912 9014 8912
35
90
2d series sinking fund- / 1940 A 0 8912 Sale 8912
101, 1012511
11
515
4
90
___. ---- Dresden (City) external 78_1945 MN 9014 94
4
90
94
Dutch East Indies extl 6_1947J J 101 Sale 101
10112 17
40-yr external 68
____
1962 M S 10114 Sale 10118 10114 36
923 ---4 923
4
30-yr external 54
/
1
6
1953 M S 101 10312 10114 Apr'31 ____
10012 10012
30-yr external 535s
1953 MN 101 1023 10114 Apr'31 ___
4
99
/ 9912 El Salvador (Republic) 88._1948 J .1 10414 Sale 10414
1
4
34
105
__
_
_ Estonia (Republic of) 7e..,._..1967 J J 6014 Sale 6018
19
63
10612 1075 Finland (Republic) extl (4_1945 M S 92
---5
6
9212
94
93
/ 9714 9714
1
4
1074 1074
External sinking fund 75_1950 M S 97
10
98
10012 10012
External sinking fund 63581956 M S 9018 Sale 9018
4
92
100 10012
External sinking fund 535s 1958 F A 70
8314 27
80
82
___
__ Finnish Mun Loan 61 A 1954 A 0
2
89
/
4
8
883 89
4
10014 17003
External 815 series B _ _1954 A 0 9012 Sale 90
/
4
4
13
925
___ ____ Frankfort (City of) s 1 61
/
4
6_1953 MN 83 Sale 804
11
83
- -___ French Republic ext 734s_ 1941 J D 12514 Sale 12514
12512 88
____ ____
External 78 of 1924 _ _ __ 1942.3 D 11818 Sale 118
11818 64
-___ ____
____ ____ German Government Interne_
5011930965 J D 7913 Sale 775
tional-35-yr 51
/
4
-1
803 607
4
112 112
____--- German Republic extl 7s_ _ _1949 A 0 1053 Salo 1043
4 105% 202
8
__ ____ Graz (Municipality) 8s_
1954 MN 983 100
9912 35
983
4
4
Gt Brit & Irel (3.IK of) 6345.1937 F A 1062* Sale 10614
1063 192
4
51
75
F A _ _
Registered
104 Apr'30
50
7312
e4% fund loan £ opt 1960_1990 M N eil 1212 63912 Apr'31
9412 97
65% War Loan £ opt 2929.1947.3 D 510018 10114 610018 10114 21
4814 69
Greater Prague (City) 7355_1952 M N 10312 Sale 10318 10312
6
48 c0912 Greek Government 5 f ser 7s 1964 31 N
2
9912
9912
9914 102
48
68
Sinking fund eec 135- --- 1968 F A 8512 Sale 8514
8712 80
48
68
Haiti (Republic) 8168
1952 A 0 89 Sale 8514
11
90
6658 Hamburg (State) 83
44
1946 A 0 8914 Sale 8914
893
4 30
44
67
Heidelberg(Germany)extl 71
/
46'50 J J ____ 98
4
93
9412
43 65
90
Heisingfors(City) ext 6345_1980 A 0 82
3
8914
88
9814 101
Hungarian Munic Loan 71 1945 J J 8812 Sale 88
/
4
8
903
4 25
87
982*
External$1 78
Sept 1 1946.3 J 8012 Sale 79
8518 30
Hungarian Land M Boit 734e '61 M N 8818 90
8
90
89
872* 9818
Sinking fund 73.41 ser B_1961 MN 92 923 8912
2
8912
4
8712 9812 Hungary (Kingd 001171
/
4
5_1944 F A 9978 100
997
8 100
10
87'4 9812 Irish Free State exti, t 55_1960 M N 105 Sale 1041
7
8
1053
4
874 984 Italy (Kingdom of) extl 70_1951 J D 993 Sale 99
991 535
8
4
874 983 Italian Cred Consortium Ts A '37 M S 973 984 97
8
4
9814 19
87
983
4
External Sec.I 7s ser 13 _1947 M Ei 93
62
93
94
95
8714 9812 Italian Public Utility extl 75_1952 J J 9414 gale 93
9414 59
87
983 JapaneseGovt30-year s f 034s 1954 F A 10514 Sale 105
.
10512 68
Mal sinking fund 6358_1965 MN 9512 Sale 9514
8712 92
9512 185
83
88
Jugoslavia (State Mtge Bank)
Secured,f g 78
1957 A 0 85 Sale 8213
56
76
207
85
55
1947 F A 90 Sale 90
75
7
-elPzig (Germany)et 78
917
8 15
5112 693 Lower Austria (Prov) 730_1950 J D 9112 9912 90
4
983
4 10
10314,108
Lyons (City of) 15
-year 68_1934 MN 10514 Sale 10518
1052* 33
90
97
12
Marseilles(City o1) 15-yr 65_1934 M N 10514 Sale 10518
10512 24
/
4
8_1954 J D 54 Sale 4434
78
874 Medellin (Colombia)61
5512 66
/
4
8
5_1943 ---1072* 1107 Mexican Irrigat Asstng 41
7
8
74
8
74
1015 105
8
Mexico (US) extl 55 of 1899£'45 Q J _
_ 26 Apr'30
1945 ____
8
914 -- Assenting 55 of 1899
11012 1155
3
5
012
8
1014
75
1073 111
4
Assenting 58large
__
914 11 Feb'31
Assenting 4s of 1904
1013 11
10 Apr'31 __
99 4
3
Assenting 4s of 1910
95
7
/ ii
1
4
6
712 7
944 994
Assenting 4801 1910 large
10 Mar'31 ___
---7018 91
__
Assenting 48 of 1910small ___
Sale
66 384
Trees es 01'13 assent(large)'333 J ---- ---- 11
5
12
92
70
Small_
_ 1112 Feb'31
_
_
4
234 543 Milan (City.Italy) extl 6lis 1952 A 0 5712 Sale 85
8814 176
363 Minas Geraes(State) Brazil
8
20
19
34
External 5f 634,.' _1958 M 13 4018 433 4012
18
44
4
17
45
Esti sec 6355 series A --A959 M S 4112 Sale 40
1031 1057
4
*
Montevideo (City of) 75--- _1952 J D 69 Sale 64
58
92
32
72
6214 15
External of 65 series A_ -1959 MN 62 Sale 52
49
7012
70
Netherlands es (flat price/)_1972 M S 10312 10412 1038 1033
49
4
3
7612 New So Wales(State)exti 581957 F A 45
41
34
4413
60
48
9914 105
External sf5.
504 37
Apr 1958 A 0 46 Sale 454
1943 F A 10512 Sale 1054
90
997 Norway 20
8
1053
4 28
-year extl 65
1944 F A 10512 Sale 10518 10514 24
52
724
20
-year external es
1952 A 0 1027 Sale 10213 10234 20
8
523 69
4
30
-year external 65
19653 D 1023 Sale 10212 10278 34
67
40
-year 5f 534s
83
4
8 73
External if 55___Mar 15 1963 M 5 10034 Sale 1004 1013
64
78
10012 28
Municipal Bank extl s I 55 1987 J 0 100 Sale 100
80
95
7,
10112
842* 9612
D 10112 Sale 10114
Municipal Bank esti s t 511-1970
79
78
7
7912
80 4 9314 Nuremburg (City) extl 85-1952 F A 66
3
7
-year s I 68----1955 MN 103 103 8 10212 10378 10
62
8312 Oslo(City)30
1946 F A 993 100 10014
8518
132
9
10014
4
Slaking fund 5 As
6512 77
1
10214
P11128.2811 (Rep) extl 534,... 19533 13 _ 10212 10214
1
4
85
86
85
85
Exti 1155 ser A May 15 1963 M N §69
4018 29
Pernambuco (State of) extl 7s '47 M S 36 Sale 32
40
5278 21
48
Peru (Rep of) external 75-1959 M S 40
5912 76
21
155
Nat Loan eat's 16,Ist ser 1980 J 11 204 Sale 18
94'8 941
8
2234 157
4
Nat Loan estl s t es 26 ser-1961 A 0 223 Sale 22
10313 10814
10012 103
Poland (Rep of) gold 65--1940 A 0 67 Sale 64
70
46
103 10912
Stabilization loan.f 75-1947 A 0 77 Sale 73
4
803 229
External sink fund g as-1950 J J 794 Sale 73
60
7718
149
84
Porto Alegre(City of)85-_1961 J D 44 Sale 44
10
51
78
/ 95
1
4
/
45-1966 J J 35 Sale 3312
4118 24
Esti guar sink fund 71
68
84
Prussia (Free State) exti 030'51 M 5 85% Sale 835
61
86
1952 A 0 793 Sale 76
6812 834
External 5 t 6s
c797 158
8
4
78
/ 893 Queensland (State)eat's t 78 1941 A 0 _ __ 80
1
4
4
2
794
80
1947 F A 5712 gale 504
78 100
25
-year external es
16
65
85_1946 A 0
86
Rio Grande do Sul eat's f
67
593
4
59
593
2
4
68
86
361 68
External sinking fund 68-1968 J D 34 sale 33
/
4
86
External s f 7s of 1926-1966 MN 4012 Sale 394
68
45
30
68
87
External s f 7e munic loan-1967 1 D _ __ 4312 44 Apr'31 __ _
Rio de Janeiro 25
86
-year o f 86_1946 A 0 L812 Sale 51
68
56
60
69
86
External 81 6345
1953 F A 41 Sale 37
43
60
Rome (City)(n116148
73
88
1952 A 0 8818 Sale 85%
883 173
4
90
Rotterdam (City) exti 6e
70
1964 M N 105 1053 1053
4 1053
4
3
4
65
85
Roumania (Monopolies)75..1959 F A 77
8
773 767
4
773
4 26
Saarbruecken (City) es
6712 85
1953.3 J 8518 88'2 88 Mar'31 ____
8612 Sao Paulo(City)6f 8s_Mar 1952 M N 82 Sale 8112
70
29
86
2213 28
External a t 615 of 1927-1957 M N 3812 Sale 35
/
4
41
33
100 10318 San Paulo (State) exti 81 85_1936 J J 70
76
70
764 33
7212 7
4 14 8914
6
External sec 5185
19503 J 48 Sale 44
93
51
8
External 817, Water L'n_1956 M S 43 Sale 384
18
48
68
78
Externals 165
19683 .1 3512 Sale 35
33
37
5214 73
Secured s I 75
1940 A 0 72 Sale 70
8
745 103
55
83
Santa Fe (Prov Arg Rep)75_1942 M S 711 Sale 70
28
8
82
56
7614 Saxon State Mtge Dist 75_ 1945 J D 894 Sale 804
23
90
964 101
/
1
Sinking fund g 8345__Dee 1948.3 D 84 Sale 833
4
834 18
8
9314 983 Seine. Dept of (France)exti 75'42.3 J 10714 Sale 10714
10714 59
50
75
Serbs. Croats & Slovenes 85_1962 M N 89 Sale 89
924 88
92
64
External sec 7s ser )3
8212 83
1962 M N 81 Sale 81
7312 8814 Sydney (City)I I 51
8
534
/
4
5
1955 F A 51 Sale 51
64
7914 Silesia (Prov of) eat! 7s
19583 D 615 Sale 60
6212 28
4
93
98
Silesian Landowners AStal 65_1947 F A
76 Sale 76
7814 28
96 100
Solasone(City of) extl es
4 12
1936 MN 1085, Sale 10614
1063
87 4 Styria (Pray) external 78_1946 F A 935 Sale 93
8
80
11
94
8
ai
61i
m i
Range
Binge
Jan. 1.
Low
High
94
99
7138 81
4818 6911
10911 111
1095 110114
8
10418 1074
10012 102
931 97
14
96 1004
88
96
85 9011
84
94
794 96
101 10212
101 1025
s
1001 102
4
100 4 1024
1
99 107
52
72
84
97
9312 99
98
88
78
884
87
94
894 9312
69
87
124 127
117 121%
6914 84
992* 105
4
9612 10112
105 107
58512 9188
5985 10114
4
103 106
9812 102 4
1
83
8812
8514 97
92
79
9212 984
8014 914
814 941
1
72
8 s
71
82% 95
82
9412
9912 102
10112 1054
924 10012
93
12 9912
85 98
78
963
4
1025 1061
4
4
911 984
4
761 85
4
77 4 9
1
5
90 100
1035 106
4
10378 10712
40
75
4
4 85
71
- 0'2
11
61
4
7
8
1214
111s
10
111
4
164
94
1
10
181s
8
1814
75
4 91
612
4018 65
40
65
64 92
52
844
1034 1084
/
1
4
4412 69
4518 6812
1044 1061
4
1043 106%
4
10114 103
1015 1031
4
5
1004 10112
/
1
997 1014
8
/
1
10018 10314
66
83
10012 10412
9912 102
10018 10314
85
931
14
32
07
40
6014
18
RN
22
40
834 7 4
2
83
73
73
90
44
82
3312 71
7212 8712
6812 83
8612 99
504 87 8
1
1
593 8812
4
33
5514
394 65
41
64
51
875
37
68
78
9114
103 106
73% 83
8312 89
63 93
35
641
s
93
70
44
844
8
387 71512
58%
35
88
70
90
70
784 98
744 0933
4
10412 108
93
89
8412
77
51
70
5812 69
80
60
103 1084
954
90
New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May I.
t
Price
Friday
May 1.
Week's
Range Of
Last Sale.
Ask'Low
Bid
Foreign Govt. & Municipals.
4
Sweden external loan 5 He_ _1954 MN 10512 Sale 1044
EiwItserland Govt exit 5348-1946 AO 10514 Sale 10514
4
Tokyo City 55 loan of 1912_1952 M $ 817 8212 813
3
External at 5348 guar__ _ _1961 AO 94 Sale 94
46
55
Tolima (Dept of) ex@ 75_ _ _1947 MN 47
N 9914 993 993
4
4
Trondhjem (City) let 530_1957
Upper Austria (Prov) 75— —1945 J D 10012 Sale 10014
External fit 6345 June 15 1957 J D 9014 sale 90
8
Uruguay Republic) exit 85_1946 P A 9614 Sale 885
External a1 6s
1960 MN 6912 Sale 66
/
1
Exit at Os
May 1 1964 MN 6612 Sale 634
Venetian Pro, Mtge Bank 7s '52 AO 9912 Bale 9834
Vienna (City of) exit a f 6a_1952 MN 873 Sale 8712
4
Warsaw (City) external 7s-1958 FA 6213 Sale 5912
Yokohama (city) ext1 68-1961 3D 9934 Sale 99
Railroad
Ala CR Sou let cone A 5o ____1943 JO
1st cons 4s ser B
1943 J O
Alb & Susi lot guar 334s-1946 AO
Alleg & West let e gu 48.- _ _1998 AO
Alieg Val gen guar g 48
1942 MB
Ann Arbor let g 48_ __July 1995
•J
Atch Top & S Fe—Gen g 48_1995 AO
AO
Registered
Adjustment gold 48__July 1995 Nov
N
Stamped
July 1995
N
Registered
Cony gold 49 of 1909
1955 in
Cony 4s of 1905
1955 J D
Cony g 48 Issue of 1910_ 1960 in
Cony deb 434a
1948 D
Rocky Mtn Div 1st 4s_ _1965 J J
Trans
-Con Short L 1st 45-1958 J J
Cal-Aria 1st & ref 4345 A.1962 M
All Knox,& Nor 1st g 58 1946 J O
AU& Charl A L 1st 4 Hs A 1944 J J
1st 30
-year 5e series B
1944 J J
Atlantic City 1st COBH 4s_ _1951 J
All Coast Line 1st cons 45July'52 MS
MS
General unified 4345 —1984 .1 13
L & N coil gold 48 --Oct 19521 N
51
A$i&Danlstg4s
1948 j
284.
1948• j
All & Tad 1st guar 48
1949 AO
Austin dr N W 1st gu g 56
1941 j j
Balt& Ohio lat g 45_ _ July 1948 AO
Registered
July 1948 Q 3
20
-year cony 4349
1933 MB
MB
Registered
Refund & gen 58 serial A 1995 J O
J D
Registered
1st gold 5s
July 1948 AO
Ref dr gen 66 series C __-1995 J O
P LEA W Va Sys ref 48_1941 MN
Bouthw Div 1st 58
.1
1950
Tol& Cin Div 1st ref 45 A _1959• J
Ref ,A gen 55 series D.- 2000 MS
Cony 434s
1960 FA
Bangor & Arooetook lot 58-1943 ii
Con ref 45
1951 J J
Battle Crk & Slur lit au 38_1989 J O
Beech Creek 1st gu g 48—.1936 ii
2d guar g 58
1936 Ji
Bemis Crk ext let g 8)4 s
1951 AO
Belvidere Del eons ffU 334a-1943 JJ
Big Sandy 1st 48 guar
1944 in
Boston & Maine 1st Se A C_1967 MS
1st m 58 scrim 2
1955 MN
Boston& N Y Air Line 1st 48 1955 FA
Bruns & West 1st gu g 48 1938 iJ
Buff Roch & Pitts gen g 58.. _1937
Consol 4 34s
1957 MN
Burl C R & Nor 1st& coil 58_1934 AO
Canada Sou COD11g11 55 5
1962 AO
Canadian Nat 4 34a.Sept 15 1954 MS
80
-year gold 434s
1957 j
Gold 4 345
1968 J D
Guaranteed g 55__ __July 1969 ▪ J
Guaranteed g Si —Oct 1969 AO
Guaranteed g 5s
1970 P A
Guar gold 4H _ _June 15 1955 J D
Canadian North deb at 76_1940 J O
25
-year, I deb 634.
1946 Ji
Registered
10-yr gold 434s_ —Feb 15 1935 FA
Canadian Pao Ry 4% deb stock
J J
Col tr 4 Ha
1946 MS
Lig equip tr otte
1944 J J
Coll tr g 58
Deo 1 1954 J O
Collateral trust 4345
1960 J J
Carbondale & Shaw 1st g 48_1932 MS
Caro Cent 1st cone g 45
I949 j j
Caro Clinch dr0 let 30-yr5e. 1938 in
lit & con g 68 ser A Dec 1552 JO
Cart dr Ad lat gu g 4s
1981 J O
Cent Branch U P 1st g 4e..,1948 J D
Central of Ga lst g 5s__Nov 1945 FA
Consol gold 58
1945 MN
Registered
MN
Ref & gen 5345 series B —1959 AO
Ref & gen 68 series0
1959 AO
Chan Div par money g 48_1951 in
Mac & Not DI, 1st g be-1946 ii
Mid Ga & AU Div pur m 58'47 J J
Mobile Div 1st g 53
1946 ii
Cent New Eng 1st gu 4s __ _1961 ▪ J
Cent RR & Eska of Ga coil 581937
N
Central of NJ gen gold 5a
1987 ii
Registered
1987 Q
General 4s_
1987 ii
Cent Pao lot ref QC g 4a
1949 FA
Registered
FA
Through Short L let gu 45 I984 AO
Guaranteed g 58
1960 V' A
Charleston & Say'h 1st 78_1936 j
Chet)dr Ohio 1st COU g bo _ _1939 MN
Registered
1939 MN
General gold 4348
1992 M S
MS
Registered
Ref & impt 4Hs
_1993 AO
Ref &'mut 430 ser 13 _1995 J J
Craig Valley lot 5a_May 1940 ,7
Potts Creek Branch 1st 40_1946
R & A Div 1st con g 4s___1989 j j
2d oonsol gold 48
1989 ▪ j
Warm Spring V 1st g 5s 1941 MS
Cheap Corp cony firs_May 15 '47 MN
Chic Jr Alton RR ref g 38_1949 AC
Ctt Sap stpd Apr 1 1931 Int__ Ballway first lien 3348_ _1950ii
Chic Burl&
Div 8349_1949 J J
j j
Registered
Illinois Division 48
1949 J J
General 4s
1958 M S
lat & ref 43in ser
___ 1977 F A
lst & ref 55 series A
..1971 FA
Cash sales. I Option sales
High
10512
10512
82
943
4
46
993
4
10012
907
8
9614
7212
7312
9912
88
6312
993
4
Range
Since
Jan. 1.
No. Low
High
38 10412 106
16 1044 107
/
1
7712 83
48
8812 96
46
76
9714 993
4
2
9812 10114
12
87
913
4
120
87 104
/
1
4
154
661 887
8
174
/
1
4
/ 88
1
4
63
14
93 100
/
1
4
27
/ 89
1
4
83
30
5512 70
95 10082
23
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 1.
Chicago & East Ill Bit 6s--1934 AO
C & E RI Ry (seto co) con 5a _1951 MN
Chic & Erie let gold 58
1982 MN
Chicago Great West 1st 46_1959 MS
Chic lttiddit l-ouiev 5 d 6a_--.1947 J J
Ref ln ing gold re
rs
i
1947 J J
Refunding 45 series C.._ _1947 J J
let & gen 56 series A
1966 MN
let & gen Os ser 13 -May 1966 J J
Chic Ind & Sou 50-yr 4s
1956 J J
Chic LB & East jet 434s....1969 in
Ch MA St P gen 45 A-Mair 1989 J J
@ J
Registered
Gong 334.ser B__May 1989 J J
Gen 4 Hsseries C
May 1989 J
Gen 4 34s series E___May 1989 J J
Gen 4 Ha serlea F --May 1989 33
Chic Mliw SIP & Pao 58_ _1975 FA
Cony adj 58
Jan 1 2000 AO
Chic & No West gang 3348_1987 MN
•F
Ref
Ge
148red
14
s
1987 MN
Stpd 48 non-p Fed Inc tax '87 MN
Gen 4(o stpd Fed Inc tax_1987 MN
Gen 56 stpd Fed Inc tax_1987 MN
MN
Registered
N
Sinking fund deb 511
1933
MN
Registered
15iyes g 5e
2 refr secured g 830-1938 MS
May 2037 J D
1st Aref 4348
May 2037 3D
lot & ref 434s ser C May 2037 3D
Cony 434s wafts A ____1949 MN
3301
Price
Friday
May 1.
Week's
Range or
Last Sale.
/Rd
High
Ask Low
100 ---- 100 Apr'31
33 Sale 31
33
10518 10612 106 Apr'31
6512 Sale 65
/
1
4
67
105
Iowa 105
Apr'31
88 101 101
93
/ 91 Apr'31
1
4
72
75
76
78
77
Apr'31
857 91
,3
9343 ---- 9318 Apr'31
8
99%
98 - -- 995
/
1
4
81
81% Apr'31
80
84
Oct'30
693
4
693
71
4
67
90
90
95
90
8912
887 8912 8912
8
9612 Apr'31
96
94
5914 Sale 57
61
24
2312 Sale 2213
777ti
7712 77
77
7912 Mar'31
80
70
/
1
4
8
884
/
1
871 Bale 87
87 8
8
/ 90
1
4
87
/
1
4
87
10214 102 10212 Apr'31
/
1
4
1073
4
107 Sale 107
10512 July'30
10238 10214 10238 10234
102 10012 Mar'31
ioij sale 10834 10912
4
97
94
97
95
84
/ 8512 84
1
4
8414
8412
8412
8414 88
80
79 Sale 7618
Range
Since
Jan. 1,
No, Low
High
9918 101
96
30
50
10418 108
298
6312 89 4
3
1 105 110
10034 102 4
8
91
93 4
3
6
75
90
/
1
4
87 100
931s 98
2
9918 10118
79
/ 87
1
4
/
1
4
1
4
10
8914 /5 4
-1190
9612
89
9612
96 101
57
76
22
35
76
81
7712 7912
91
88
86
/ 91
1
4
102 10314
/
1
4
106 11012
394
103 105
/
1
4
-- 103 Mar'31
944 Oct'30 ---.
559
/
1
98
11
903
4 26
89r3 91
9118 8978
86
9014
--- 9014 Apr'31
14
9812 Apr'31 _
967 9812
99
8
7412 38
1
8014
74
Sale 74
2
9978 139
Bale 987
97 100
/
1
4
9812
6
31
9812
96
9812
5
95
0312 97
06351 -- 4 95
4 65 16274
/
1
4
94
95 Bale 94
95
9714
18
9118 Sept'30
91
utoll Isola
1
95
37 1074 10912
914 9614
/
1
95
9512 95
/
1
2
9414 9712
943
4
4
28
9412 963 943
94 103
4
15
9412 963 9414 Apr'31 - _
9114 9114
8314 96
4
11414 Sale 112
/ 11412 155 1118 122
1
4
1
4
8411 95 8
7
9512
4
388
96% 9712 9512
93 97
/
1
4
7612 93
9712
98
4
95
9818
8 1043
8 17 102 1051 Chic RI& P Railway gen 45 1988 ii 9112 Sale 91
1033 Bale 1031
4
9112
/
4
90
96
J J 84
Jan'31
92
91
10212 ---- 10312 Feb'31
10312 10312
91
91
993
9712 99
1
98
318
/
1
4
RePuidllig old 4s
96
Reglatera
9912
1934 AO 97 4 Sale 96
8
AO
1
Registered
195- 10412 10314 10314 10 10212 105
- 9614
9614 9811
9614
8512 ____ 9212 Feb'31 - Secured 430 aeries A __1952 MS 8618 Sale 8518
8614 42
90
941
/
4
841 95
/
4
/
1
4
97 85
Cony g 430
97 Sale 95
/
1
4
95
8014 73
9714
77
9212
1960 MN 79 Sale 77
Ch St L dr N 0 15s_June 15 1951 3D 10312 --- 103 Mar'31
____ 9212 May'30
91
/
1
4
103 103ss
/
1
4
16 -59 102
100
3D
102 Mar'30
9812 10014 9918
Registered
6
88
Gold 3345
8814 88
85
88
92
/
1
4
June 15 1951 in 8418 ____ 81 July'29
48
17
4414 Sale 44
J O 88
52
Memphis Div 1st g
42
9112 90 Apr'31
-flo- 90
29
Ch St L & P let cons g 55_1932 AC 101
35
3112 Sale 30
30
1017 Mar'31
8
40
101 101 8
7
7
72
AO
75
101 Feb'31
70 Bale 70
65
Registered
101 101
1037 Apr'31
103%
74
s
9 66 8850
lova 10378 Chic T H dr So East let 58_1960 J O 66 80 66
Inc gu 55
971 15
9714 Bale 97
63
96
64
65
987
8
7
Dec 1 1960 MS 63
63
73
93
3
935 95 927
8
8
2 102 105
9213 95
/ Chic Un Sta'n 1st gu 4348 A_1963 33 10412 105 10412 105
1
4
/
1
4
c10112 165
let be series 13
1003 Sale 100
4
/ 10612 11 10458 10612
1
4
995 101+4
4
1963 ▪ J 106 Sale 105
_ 99 Dec'30
_
/
1
4
14
1043 105 1043
6 103 105 4
1 11512
4
4
Guaranteed g 58
05
1944 J
/
1
4
8
let guar 6Hs series C
100 Bale 973
4 10178 66
973 104 4
4
1
11428 116 4
3
1963• J 115 11512
_ 103 Mar'31
Chic & West Ind con 48
34
103 103
91
8712 93
1952 J J 9012 Sale 90
let ref 534s series A
MS 1043 Sale 10414
156 Sale 1057
8 1073
4 55 10518 109
105
23 10212 1057s
4
1962
1073 Sale 10712 10814 62 10711 11012 Choc Okla & Gulf cone 56_1952 MN 10312 ---- 10312 Apr'31
4
1014 10313
967 Sale 965
8
8 63
8
973
100 Apr'31
95 08114 Chi H & D 2d gold 4 Hs1937 J J
/
1
4
98 100
103 Sale 10214 10312 35 10018 10512 C I St L & C let g 4s_Aug 2 1936 Q F 98
AR
/ ____ 99 Apr'31
1
4
99
Q F
6
/
1
8314 Sale 834
844
/
1
83
Registered
9818 9818
867
9818 Apr'31
8
10014 Sale 99
10078 57
8
99 104 4 Cln Lab & Nor 1st conA ug 2 193 MN 8912 ---_ 96 Feb'31
94 95
14
gu 45_1 42
5
7 105 1047
92 Sale 9114
Chi Union Term 1st 4348_2020 J J 104
92
218
7 103 10514
8 105
9014 c99
105 Sale 105
Clearfield & Mah let itti 58_1943
J
105
9814 Apr'31
2 103 105
9814 9814
91 Sale 91
9114 11
8612 9212 Cleve Cin Ch dr St L gen 48_1993 J D 04 Sale 9312
94
8
9214 97
6512 ____ 71
Feb'31
General Si series B
71
71
109s 110
1993 in 102 ___ 116 Feb'31
Ref Aimpt Moore
9812 _-__ 985 Apr'31
8
8
9711 99
103 105
/
1
4
1941 J J 1045 ____ 105 Apr'31
Ref & impt 5s see D
_ 100
98
* 1045
Jan'30
8
8 10 10312 105
1963• J 1033 Bale 1030
Ref dr impt 4 Hs ser E
85 ___ 88 Mar'31
85
/ 88
1
4
9712 37
9615 1013
4
1977 J J 973 Sale 9612
When issued
10112 Jan'31
8
9%
100 1011
/
4
Cairo DI, 1st gold 48_ _--1939 J J
9518 9712 9614 Apr'31
2
94% 9614
- 1- 9812
42
9812
99
97
Cln W & NI Div let g 4e...1991 33 9212 93 93 Apr'31
91
993 Sale 9918
4
101
99 10314
/
1
4
91
93
9912 Bale 99
St L Div 1st coll tr g 45___1990 MN 9014 ____ 913* Apr'31
10014 35
99 10314
90% Ws
Spr & Col Div 1st g 4s,.1940 MS 9612 ____ 953 Feb'31 - 8214 95
81
85
8218 Apr'31
_
4
95
/ 95 4
1
4
8
W W Val Div 1st g 48_-__1940 33 9612 __ 95% Apr'31
977 983 98 Apr'31 _
8
98
4
98
9518 9518
10112 Sale 10112 10112
2 10115 10814 CCC&I gen cons g 65____1934 ii 10418 ____ 10418 Apr'31
10312 10414
Clev Lor & W con 1st g 5a_ _1933 AO 1015 ___ 1015
83 Sale 83
8
8212 90
84
27
8 1013
4
5 1011 1014
/
4
/
1
101
____ 101
8
102% 1025
102%
I 101 102
Jan'31
/ Cleve'& Mahon Val g 5s____1938 .1
1
4
101 101
Ci & Mar 1st gu g 4348
1935 MN 10012 ____ 101 Feb'31
10012 101
10712 Bale 10714
10712 30 105 10812 Cleve & P gen gu 434s ser B_1942 AO 101
____ 98 Dec'30 -Series B 8348
/
1
100 Sale 100
98 1004
10012 15
1942 AO 9112 ____ 87 Mar'29
Series A 4 Hs
JJ 10012
10114 Nov'30
10018 Sale 997
97 10018
8 10012 84
/
1
4
Series C 334a
10012 Sale loo
10012 43
8
/
4
/
1
4
194 MN 8814 ---_ 925 Jan'31
98
971 100
42
-1 4 Ws;
1
Series D 334o
10612 Sale Iowa
1063
4 17 104 107
1950 FA 87% ____ 8618 May'26
Gen 4 Hs ser A
4
10234
5 iiii- 1944
1067 Sale 1063
8 1067
8
/
1
4
81 27 103 10712
1977 FA 10212 10312 1023
Cleve Shot Line 1st au 4345_1961 AO 1023 10414 10214 10313 11 1024 1041s
4
8
1063 Sale 10614
1064
/
1
' 7 104 10714
3
11114 10 10814 11114
1023 Sale 1023
8 1027
8
8
,
8 1003 103 2 Cleve Union Term let 5340_1972 AO 1101 11114 11144
8
lot is f 5s series B
3
112 Bale 1117
8 1123
4 31 11014 1123
1973 AO 10518 1051 10514 10612 10 10513 1073
4
4
1st if tutu htfe series 0...1977 AO 103 Sale 103
/ 103
1
4
/
1
4
/ 10 10113 10412
1
4
8 1193
4 12 11011 MPS
119% Sale 1195
Coal River Icy lot gu 48
92 Apr'31 _ _ _
92
11314 Jan'30 1945 3D 95
9618
Colo & South ref & ext 4 345.1935 MN 1011 Sale 101
/
4
1928
01
102 10219 102 10218 32 100's 102'e
57 101 102
,
Genlm 4 His ser A
92 92
8812 47
883 Sale 873
8
864 891
92
4
1980 MN
97 4
5
9912 Sale 983
/
4
8
8
92
4
1948 AO 941 967 955 Apr'31
98 10111 Col & H V lat ext g 48
/
1
4
9614
993
4 31
'A 944 961 9412 Apr'31
/
1
/
4
10518 Sale 10518
1955 _
102 10614 Col & Tot let ext 48
9312 951
8
90 Dec'30
10312 104 10312 104
0 14, 16 10112 10512 Conn A Passum RI, lot 4E1943 A
5
5
7318 74
Consol By non-cony 41 _1954
7312 Apr'31
99 Sale 9512
99 I 20
89' 7411
9818 100
'
3 7114 7414 7314 Apr'31 _ __
Non-cony deb 49
_ 98% Oct'30
08
7414
1955
AO
68
Non-conv deb 4a
70 Apr'31
96-79
68
70
75
72
/
1
4
Non-cony debenture 48_1956 J J 71 4
1031
/
4
-_ 72 Mar:31-- _ 10318 -- 1033
1 102 1031
214 ADr
8
7 414
1
_ _- _
68
/ 74
1
4
/
4
1955
10812 23 107 10912 Cuba Nor By tot 5348
1084 Sale 10814
/
1
/
4
/
1
4
1942 in 411 Sale 4114
4012 47
42 I 39
ii 62 Sale 60
Cuba RR lot 50
92 Apr'31
90
91
92
65
-year 58 g _ _1952
5373 70
51
12
83 Feb'31'____
78 80
lot ref 734o series A
87
83114
77
/
1
4
7712 10
8018
70
1936• D 7714 78
10212 ---- 102% Mar'31
101 10218
lot lien & ref 6s ser B _1936 3D 67
/ 70
1
4
67
/
1
4
67 ' 2
/
1
4
59
70 5
3
10014 Bale 9712 10014 10
97 10214
N 97 Bale 963*
Del & Hudson let & ref 48_1943
100 100 Feb'30
_
9514 97
97181 95
/
1
4
9414 9112
AO 103 104 1055
91
30
90 100
92% 10
-year cony 5s
8 1055
/
1
8
1 1004 1054
MN 1053 Bale 10512 1057
87% 875 8714
15
875
8 11
8714 951
8
-year 5 tis
/
1
4
/
4
4
8 17 103 106
D RR & Bridge let gu g 45_193 FA
8714
8714
1
87
88
9612 100
12
9936
3
9612 98
1001
.▪ 1 977 Bale 955
Den & B0 1st cons g 4s
-_ 101 Mar'31,
100 102
8
8
95
97 8 61
7
99
1936
1011 10212 Sept'30,- —
99 2.
▪ J 10014 _
Consol gold 4345
10018 Apr'31
9712 1003s
10112
10112 101%, 8
1
10118 Den & R West gen 5a_Aug 536 P A 6712 Sale 6514 69 82 6514 83
19 5
9
gal; 8758
89141 16
Ref & impt 5s set B -Apr 1978 AO 723 753 7214
5914
85
5914
7214 8584
4
74
29
4
96
98 97
Apr'31
95
/ 99
1
4
J
/ Des M & Ft D let go 45
1
4
8
8 Apr'31
8
1935
112 114 114
114
5 11218 116
Certificates of deposit
8
147
8 8 Apr'31
1141 112 Apr'31
112
10912 11412 Des Malmo Val 1st gen 4 348_1947 13194 Mar'30
98 Sale 97
Det & Mao lot lien g 4s
98
10
87
/ 98
1
4
51,35
35
35
5
1955 J D
97 Sale 96
97
20
Gold 4a
9512 9712
3D 32
444 38 Dec'30
/
1
94
9614 9514 Apr'31
Detroit River Tunnel 4)45..1995
95
96
N 100
1037 Apr'31
8
fa"
1961
943 96
4
9514
9514
2
9514 964 Dul Missabe & Nor gen be_ _1941 iJ 1033 /
1
10318 Dec'30
4
103 1031 103
104
40 102 1054 Dub & Iron Range 1st As__ _1937 AO 1027 104 - 1027
/
1
8
8
10314
4 102 104
10818 ---- 109 Mar'31
Dul Sou Shore & Ati g fis_ _1937 iJ 45 Sale 45
109 109
45 691
/
4
2
45
107 Salo 1067
8
10718 36 l0484 10718 East By Minn Nor Div 1,1 45'48 AO 955 9678 97 Apr'31
96 4 97
3
8
104
_
10314 Mar'31
_ 101 10318 East T Vs & Gs Div let
104 108
/
1
4
8
55-1956 MN 107 110 1073 Apr'31
10414 1.051 1043
4
10512 24 10318 1067 Elgin Joliet dr East lot g 55-1941 MN 1033
8
104 10412
4 ---- 104 Feb'31
102% -- 10218 Apr'31
10/ 10218 El Paso & S W Ist 5e
2 10218 10612
10812
1965 A0 104 10612 106
101 Bale 10014
10114 62
9812 10214 Erie 1st cony g to prlor
801 118
J J 864 Sale 8514
84
/ 89
1
4
8
14
1996
/
1
10014 Sale 100
101
45
9912 10212
8712
82
Regiatered_
84
5
94
- 1996 J J
1023 106 103 Apr'31
4
10214 103
let consol gen lien g 4s,,, 1996 j j 7312 Sale 7118
70
7313 212
791
4
9412 Mar'31
9612
9412 9412
Registered
68 Dec'30
1998 ▪ j
94 - -3ii 9612 Apr'31
65
9314 97
Penn roll trust gold 45 _1951 FA -95i2 16{1 1001
4 1004
/
1
5 W.1664
9212
93 Mar'31
50-year cony,is series A 1953 A0 711 Sale 70
9214 9411
69
711 88
/ 7811
1
4
/
4
/
4
10214 104N4 10118 Dec'30
8 40
70
Series B..
713
787
8
1953 AO 711 Sale 70
/
4
9912 Sale 99
993 127 "951 1613;
4
4
Gen cony 45 series D
__
7012 72
1953 AO 7212 7312 72 Mar'31
53
70
70
6912 70
3
6712 73
Ref & Imps 541
714 8412
7512 224
/
1
/
1
4
1967 MN 74 Sale 7/
63
69
67
BR
46
6714 70
Ref & impt Soot 1930__ 1 975 AO 7414 Sale 723
7112 84
8
8
747 221
7
793
4
4- 793 Apr'31
4 109 112
Erie & Jamey let a 160 _1955 33 1111
7
984 791
4
/
4
ill', 112
91
9034 ie 89
21
89
113
9/
13 1064 113
Genesee River Isis f 65_1957 J
112 Sale 11114
_- 91 Jan'31
91
Erie &Witte gag 3348 ser B 1940 J
01
933 -- 9212 Nov'30
8
99
98 ---- 08
5
9d1 9
/
4
Series C 334o
8
1940 J J 933 ---_ 85% Oct'29
0814 Sale 9712
9814 41
9612 9812 Fla Cent & Pen 1st cons g 55'
Apr'31
J 8612 93
89
81
93
4430
8
10/ 103 1017
10218 13 100 10312 Florida East Coast let 434s1959
77
10
76
7912 77
77
80
1093
4 11 1074 110
10914 Sale 109
/
1
1st & ref 5s series A
21
39
20
1974 51 S 20 Bale 20
31
1013
4
9214
9018
9014
98
74
9934
--
3302
New York Bond Record-Continued-Page 3
r.
;3
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 1.
no3.
Fonda Johns & Oloy 1514 Hs 1952 MN
Fort St 17 D Co 1st g 4343-1941• J
Ft W & Den C lErt g 5;431961 J o
Frem Elk & Mo Val 1st 63-A933 AO
GH &S A M &P 1st 531931 MN
2d extens 5s guar
1931• J
Galy Hous & Rend let 53_ 1933 A0
Oa & Ala Ry 1st cons Is Oct 1945 .7.7
Ga Caro & Nor let gu g 53'29
Extended at6% to July 1_1934 J J
Georgia Midland let as
1946 AO
Gouv & Oswegatchte let 5.1.-1942 3D
Gr R & I ext 1st gu g 4343 1941 J J
Grand Trunk of Can deb 73-1940 AO
15
-year 3163
1936 MS
Grays Point Term 1st 5s
1947 30
Great Northern gen 713 ser A_1936 33
3D
Registered
1st dr ref 43j3 series A___ _1961 ii
1952 3.3
General 5948 series B
1973• J
General 5s series C
1976 33
General 4348 series D
General 434s series E
1977 3.3
Green Bay & West deb etre A---- Feb
Feb
Debentures ctfs B
Greenbrier Ry 1st gu 43_ _1940 MN
Gulf Mob & Nor 1st 5943.-1950 A0
1st M 53 series C
1950 A0
Gulf& S I let rot & ter 5s_Feb'52 J J
J
Hocking Val 1st cons g 4943_1999
1999 33
Registered
Housatonic Ry cons g 6s_ _ 1937 MN
H dr T C 1st g 53 int guar__ _1937 3.3
Houston Belt & Term let 53_1937 .7.3
Houston E & W Tex 1st g 53_1933 MN
1st guar 53redeemable_ _ _ _1933 MN
stud & Manhat 1st 53 ser A_1957 FA
AdjustmentIncome 58 Feb 1957 AO
Price
Friday
May 1.
Teek's
Range or
Last Sate.
,
Z
Range
Since
Jan. 1.
High No. Low
High
Ask Low
89*
2018 16
18
2812
18 Sale 18
9618 Aug'30
95
F15 1 10714
/
4
/ 1057
1
4
8
1053 1gg 4 105
4 - 38
3 10312 1043
/
1
4
1043 Sale 1044 1043
s
12
100 100
100 Apr'31
10012 100
/
1
4
8
1008 1017- 10058 Apr'31
97
9612 100
9712 97
97
55
5712
55 Mar'31
50
871 86 Apr'31
/
4
85
67
/ 73 Jan'31
1
4
10312 Apr'31
1038
993 1614 10118 Apr'31
4
/
4
15
112 Sale 1111 112
10812 31
107 108 108
/
1
4
96 Nov'30
85
1101 225
/
4
1103 Sale 110
4
110 Apr'31
9914 23
9914 Sale 9914
1095
8 32
10818 109 108
15
103
101 10214 10218
9 62 Sale 9512
1
9612 13
9612 27
9612 Sale 9512
6712 Apr'31
5018 75
1114 153 1412
1412
4
2
963 953 Mar'31
4
96
97 Mar'31
- 97
8912
5
8913
97
90
8 1035
8
3
1034 Sale 1035
/
1
1033
4
8
1034 10414 10314
/
1
2
10012 10012
1003 Apr'31
4
10058
10112 Sale 10112 10112
2
10218
10218
10218
10114
1
10114 Sale 10114
1
1011 1015
/
4
8
1015
8
9912 48
99 Sale 9812
202
77
3
7618 Sale 757
95
85
73
73
10312 105
8
993 10112
11018 11214
10514 10812
10918 112
109 110
99 1017
3
1075 111
8
102 107
951 100
/
4
93
9978
6712 6712
1418 21
953 953
8
3
9612 997
a
8613 92
10314 1043
4
10118 10673
10013 10012
99 1003
4
100 10112
10014 10218
1003 10114
8
100 1015
8
98 10214
74
79
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 1.
13
t
Price
Friday
May 1.
Vee.t's
Range or
Last Sale.
83
tQQ
Range
Since
Jan. 1.
High No. Low
Hig
892
Ask Low
212 Dec'30
Mex Internet let 4s asstd___1977 MS ____ 10
_
978 972
Mich Cent
-Mich Air L 43.._1940
978 Feb'31
4
9758
79 May'26
MS 894
Jack Lang & Sag 3345
1951 i
8 2
7
6
8912 Apr'31- -tiErs
1st gold 3;43
1952
_
Ref & trapt 4Hs ser C _ _ _ _1979 .1 J 1003 10112 10112 Apr'31 _
4 10058:1oPa
Mid of NJ lst ext53
1940 A 0 8712 9113 94 Nov'30
-554 110
Mil & Nor let ext 434s(1880)1934 J D 10014 Sale 10013 10014
-1.;
97 100
Cons eat 490(1884)
1934 J D 983 Bale 9834
4
99 4 11
,
94
9214 95
Mil Spar & NW 1st gu 43_ _ _1947 MS 94 Sale 9312
17
Milw & State Line 13t 3Hs _1941 .1 .3 87
92
90 Apr'28
171* 20
Minn & St Louis let cons 53_1934 MN
17
18
18
30
1
1618 30
1934 M N
1612 25
18 Apr'31
Ctfs of deposit
9
4
4
4
1st & refundMg gold 43-1949 MS
4 Sale
9
8
/ 8 Apr'31
1
4
8
8
8
Ref & ext 50-yr Is ser A _ 1962 Q F
10 Nov'30
Certificates of deposit ______
M St P & SS M con g 43Int gu '38 -33/
8714 23- i5- 8914
e 85
/
1
4
75
84
/
1
4
76
1st cons53
1938
6
76 Sale 76
8912 9412
let cons Is gu as to int_ _ _ _1938
9114 16
J 91 Sale 91
991 21
/
4
9814 118112
M s 6318 S l
10
2
-year coil trust630- _ _1931 INA S 983 sale 9814
81
Apr'31
89
1st dr ref63series A
81
1946
8218 67
25-year5H3
1949
734
/
1
63 8
,
5
91
99 4
3
1st ref 5Hsser B
1978 J J 97 Bale 96
97
16
1st Chicago Term 51 43 _A941 MN 943
3
955 Dec'30
s
88
88
97
Mississippi Central let 53__,1949J J 88 Sale 88
55
19593 J
54
55 Apr'31
65
14
Mo-II1RR lst baser A
8912 -13
92
Mo Kan & Tex 1st gold 43
87
1990 J D 8912 Sale 87
973 10334
4
Mo-K-T RR pr Ilen 53 ser A_1962 J J 98 Sale 973
9914 29
4
8414 10
8414
83
92
40
1962 J J 83
84
-year 43series B
94
/ 98
1
4
943
4
Prior lien 4;2s ser D
1978 J J
95
943
4
5
79
95
80
45
Cum adjust Is ser A_Jan 1967 A 0 77f Sale 79
4
85 100
Mo Pac 1st & ref 5s ser A
1965 F A 86 Bale 85
8812 106
51
6112 215
75
1975 M 8 6112 Sale 51
General43
8514 111
8112 9912
lst & ref 53series F
1977 M S 8318 Sale 8112
8238 99
853
4 37
1st &ref g 53ser G
1978 MN
833 Sale 8218
8
7814 35
765 101
8
1949 M N 7712 Sale 765
Cony gold 5Hs
8
8512 26
81
99
1st ref g 53 series H
1980 A 0 8314
- 81
815 95 8
1981 F A 83 Sale 815
8
8512 713
3
1st & ref 53 ser I
3
9512
96
Mo Pac 3d 7s ext at4% July 1938 MN 9512 97
9512 99
11
96 Dec'30
Illinois Central 1st gold 43__ _1951 J J 93
Mob & Bir prior lien g 53 _ _ _ _1945 J J
96
9853
-- 100 Mar'30
- 0
63- - 1
3 J
1st gold 3He
97
1951 J J 833 9114 8512 Apr'31
96
98
4
96
Small
1
8614 8614
8614 Jan'31
888 92
4
Registered
1st M gold 48
1945 3 .1 89'a
3 J
893 Apr'31
8
86
87
_ 80 Apr'31
Extended 1st gold 330_1951 A 0, 83
88
J .1 7812
/ 863 86 Apr'31
1
4
79
4
Small
1st gold 33sterling
1951 MS 60
Oct'30
Mobile & Ohio gen gold 43_ _ A938 M S 83 -/
1
4
9g 95
- 70 Mar'30
7
8714
4 -8-r4 96
g9
Collateral trust gold 45_ 1952 AO 8714 - - 8714
.. .12 1(12
19
9912 Apr'31
Montgomery Div 1st g 55_1947 F A
8712 Mar'30
A0
1977 M S ___ 647 6712 Apr'31
Registered
6712 6953
Ref& Impt4)43
8
8518 93
8612 89
1st refunding 43
1955 M N 8614 Sale 8518
1938 M S 7412 Sale 7412
7514 133
7412 90 4
3
%
Sec 5 notes
8212
80
8814 Mob & Mallet gu gold 43_1991 M S 88
8414 20
1952
8353 8514
Purchased lines 334s
88
88
9314
9314 88
82
8
8212 18
/ 823
1
4
9014 Mont C lst gu 63
Collateral trust gold 43_ A953 MN 8212 82
105 1083
1937J .1 10814 10914 1083 Apr'31
8
8
90 Aug'30
MN
102 103
/
1
4
/
1
4
Registered
let guar gold 63
19373 J 10318
-- 10338 Apr'31
8 1003
4 15 100 106
1955 M N 10012 104 1005
833 86
8
Refunding /13
Morris & Essex lst gU 3Hs _ _2000 J D 8312 Sale 833
8312
8
/ 109
1
4
13 107 110
15
-year secured 6948 g - A936 J J 108 Sale 107
4
Constr M 5s ser A
1955 M N 105 10712 10612 1065
8
2 10612 1083
86
83 100
29
40
-year 433s
Aug 1 1966 FA 84 Sale 83
4
1955 MN 101 Sale 101
101
Constr M 4Hsser 13
4 1003 103
9012 93
92 Mar'31 -91
1950 J D 88
Cairo Bridge gold 48
7512 7812 Nash Chatt & St L 43 ser A _ _1978 F A
753
4 11
8
8
9112 95 4
3
Litchfield Div 1st gold 33_1951 • J 757 773 751
9112
0312 17
95
837 Apr'31
8
__
82
/ 8514 NFladrSlatgug53
1
4
_
4
1937 F A 1033 10412 1033
Loufrry Div dr Term g 344s 1953 .7 J 8318
4
1 10218 1033
4
4 1033
7512 78
743 1312 76 Apr'31
4
Nat Ry of Mex pr Ilen 4Hs _ _1957 J J
Omaha Div 1st gold 33- -1951 F A
18 July'28
7513 78
7512 13
743 78
4
/ 7512
1
4
3 J
St Louis Div dr Term g 33_1951 J J
July 1914 coupon on
4
123 July'28
8112 Apr'31
_
8412
8112 8414
1951 J J 82
34 48
/
1
3
4
11
Gold 3H3
Assent cash war rct No.4 on _
3
3 Sale
85 Feb'31
85
_
85
/
4
8
Guar 43 Apr'14 coupon_ __1977 A 0
3
Springfield Div 1st g 3343_1951 J J 811
3 Mar'31
92
90
/ 93
1
4
4
Assent cash war rct No.5 on
Western Lines 1st g 43_ -- _1951 FA 92 Sale- 92
4
5
3
/ - -1Z 414 Apr'31
1 4
4
9212 Apr'30
F A
Nat RR Mex pr lien 4948 Oct '26 -i
iRegistered
3512 July'28
111 Cent and Chic Bt L & N 0
Assent cub war ret No. 4 on
5
5
5 Sale
14
911 90
/
4
90 10214
1951 4
let consol 43
-Joint 1st ref Miseries A---1963 J 13 90 Bale 90
22 Apr'28
8
87
96
1963 J O ____ 845 89 Apr'31
/ 314
1
4
Assent cash war rct No. 4 on
181& ref 4 Hsseries C
212 3
- - 411
5
314
9153 Jan'31 -_-_-_-_
/
4
1954 67 Isi
911 9138 Naugatuck RR 1st g 43
-8512
_ 86 Apr'31
Intl Bloom & West 1st ext 43_1940 A 0 9212
86
87
8
95 _ _ 1_1 1 117114 New England RR cons 53_- _1945 J J 101 163 101
/
1
4
8
3
3848 11 2
3
1950 3 .1 953 -1)-g1-3 953
2
Ind III dr Iowa 1st g 43
4
99 4 1011
3
-12
Apr'31
1945 3 J 897 93
Comolguar 43
ind & Louisville 151 gu 43 1956 3 3 :--- 1021/4 8612 Feb'31
9212
8
9114
9114
88
5
781
'
_1986 F A 88
1023
8 102
/
1
4
N .1 June RR guar 1st 43_
1965 J J 30112
Ind Union Ry gen 5sser A
913 92 Mar'30
4
/
1
1965 .1 J 10112 103 1024 10212
N OdrN E let ref & Mint 4 W3.'52 J .1 85
Gen & ref 53series B
6S
85 -. - 87
85
85
2
90
87
78
New Orleans Term let 43___ _1953 J -1 904 Sale 9014
37
Int dr Grt Nor 1st 63ser A_ -1952 J .1 86 Sale 85
/
1
90 9312
901
/
4
65
.61
37
154
N 0Texas & Mex n-c Inc 53_1935 A 0
4
944 987 Mar'31
/
1
98 100 a
3
Adjustment 63 ser A_July 1952 A 0 603 Sale 59
8
1954 A 0
76
81
1st53 series B
1956 J J 7514 Sale 7514
48
65
8118 82 Apr'31
82
93 4
3
1st/*series B
65
8012
1956 F A ____ 833 85 Apr'31
8
1st 53 series C
7712
/
1
4
8
85
94
let g 56 series C
54
1956 J J 75 Sale 75
1956 F A 55
1972 M N 6712 Sale 6712
1st4 Hsseries D
67
/ 21
1
4
6712 73
Int Rye Cent Amer 1st 53
69
/ 89 Dec'30
1
4
1954 A 0 87 Sale 87 4
4
6812 8314
7212
lat 5Hsseries A
1941 MN _681_2 S;ps 6812
92
1
1st coll tr8% notes
/
1
4
10 717 4 fglif
,
72
72
7313 N & C Bdge gen guar 4 Hs_ _1945 J J 9714 100
1947 F A
20
69
96 100
1stlien & ref63
9714 Feb'31
0
,
4
1214 16
1214
1214
1938 J D 123 13
2
Apr'31
101 1011
/
4
NYB&MB lstcong 513-1935 A 0 1001
Iowa Central 1st gold 53
4-- 101
1312 15
N Y Cent RR cony deb 6s __ _1935 M N 1063 ga-le 10318 1063
13
4
1312 1312 Feb'31 ____
8
4 33 106 1073
Certilicates of deposit
3
/
1
4
318
1998 F A 93 Sale 93
1951 M S 954 Sale
Conr3o143series A
927 9753
8
/
1
4
937
3 75
31
/
Refunding gold 43
1
9 12 52
94
8
967
83
9614 Mar'31
97 104
Ref & lmpt 4 Hs series A 2013 A 0 9814 Sale 97
lame3 Frank & Clear 1st 4s 1959 .1 D
19383 .1
971481003
When Issued
10014 Apr'29
3
Kal,A dr G R 1st gu g 63
9714
9814 96
9212
90
8
/ 897 92 Mar'31
1
4
.
10614
10518 109
Ref & impt 53 aeries C_ _2013 A 0
1990 A 0 87
. 1e
Kan &M lst gu g 43
9514 9912 N Y Cent de Hud Itly M 3As 1997 J J 1063.4 £4 10514 857s 29 8334 8714
8
975
8 75
857 Sale 8434
8
K C Ft 13 & M Ry ref g 43
1936 A 0 973 sale 9612
18
75
/ 814
1
4
/
1
11)973 J 8212 88
84
8
7812 28
84 Mar'31
85 4
Registered
Kan City Sou 1st gold as_ _ _ _1950 A 0 7814 Sale 767
3
93 1023
4
1934 M N 101 Sale 101
95
/ 43
1
4
10114 66 100 10114
Ref & impt 55
Debenture gold 43
Apr 1950.3 .1 95 Sale 9412
9314 953
1942 J J 97
4
987 9812 Mar'31
8
973 987
4
953
4 20
Kansas City Term lst 43_ _ -1960 I J 9553 Bale 9514
3
30
-year debenture 45
911 9412
/
4
/
1
4
8
8
827
8 10
Lake Shore coil gold 3Xs--1993 F A 827 8312 827
943
8
/
1
6
821 85
/
4
Kentucky Central gold 43_ _ _1987 J J 934 9438 93
8412 7918 Apr'31
1948 F A 79
92 Sept'30
76
8211
Registered
Kentucky dr Ind Term 434s_1961 J J 9214
88's 94
24
4
Mich Cent coll gold 3Hs- _1998 F A 833 Sale 8334
/
1
9012 1961 1 .1
83
/
1
4
8214 85
Stamped
9012 Sale 884
1998 F A 8112 84
1961 J .1
8214 Jan'31
80
84
Registered
Plain
sys 89 Apr'30
9912 10
8
9713 100
alio & St I. Int g 43___ _1937 A 0 9912 Sale 987
NY
0118 0314
4
1937 A 0
/
1
4
1937 J J 103
9314 Mar'30
Lake Ede & West 1st g 53
____ 103 Apr'31 _ __,i 10014 1003
Registered
1931 MN
4 1003
4
100 Apr'31
25
2d gold 53
1941 J 1 100 4
-17454 10053
-year debenture 43
,
- 1003
3
84
1932 A 0 100- glite 100
8718
8518
8518
10012 82
Lake Sh & Mich Bog 3Hs _ 1997 1 D 8514 -86
99% 102
6% gold notes
83 85
8
83 Apr'31 _ _ __
9712 43
94 107
Regletered
1997 J D 82
Refundlng 5Hs series A-1974 A 0 943 Sale 94
/ 85
1
4
100 100
8012 214
1978 M S 77 Sale 7414
1931 M N
/
1
4
25
-year gold 43
.100 Apr'31
7414 93
Ref 4Hs series C
MN
10014 Jan'30
8
Registered
N Y Connect let gu 4 Hs A _ -1953 F A 1025 103 10258 103
23 102 10314
/
1
4
1953 F A 105 Sale 105
105
10518 ---i 103 10514
Leh Val Harbor Term gu 53A954 F A 166- 16514 105
1 10418 10514
1st guar 53series B
9912 10112
3
9912
Leh Val NY 1st gu g 4 Hs.__1940 .7 J 99 100
925 Mar'31
8
924 925
/
1
8
9912
/
1
4
N Y& Erie lst ext gold 43_ .. _1947 MN 9313
58
84 9013
1933M S
100 June'30
85
Lehigh Val(Pa) cons g 43-2003 MN 81
3d ext gold 4 Hs
8434 84
86
M N 8012 8278 86
86
Jan'31 _ __
Registered
2003 MN 97 sale 97
8
8
973 9611 Feb'31
4
967 1007 N Y & Greenw L gu g 53_-_1946 M N 95
96
97 4
3
973
8 23
Generalcons4 J43
8 14 103 1063 N Y & Harlem gold 3 As- - - -2000 MN 855
Lehigh Val RR gen 53 eeries_2003 MN 10412 Sale 10312 1047
8 - -- 80 Dec'30
4
/
1
8 102 1044 N Y Lack & W 1st & ref gu Is'73 M N See note "' below.
1023
4
Lab V Term Ry let gu g 63_ A941 A 0 10112 104 102
84
1945 M S 9112
/
1
4
84
/
1
4
/
1
4
.
3-- 103 Mar'31
_ 103 103
1st & ref gu 4 I413 rser B_ _ _1973 MN 1025
Lehigh & N Y 1st gu g 43
A At1
11
C
1965 A 0 108 Si-- 108
1932 F A 10112 gale 10112 10112 12 10013 10141
108
Lex & East 1st 50-yr 5sgu
N Y & Jersey 1st 53
- le
91
94 Apr'31
9118 Mar'31
94
94
N Y & Long Branch gen 45_ -1941 M S
Little Miami gen 43 series A_1962 MN
7514 July'29
1935 A 0 106112 ____ 10714 Mar'31
NY & NEBost Term 43-.1939 A 0
Long Dock consol g 6s
9312
4
41
8
89 -- 893 Mar'31
905;
Long ib.d let con g 53__July 1931 Q J 10012 ---- 10012 Apr'31 --_-_--_-_-- ii: 1B43 NYNII&Hri-cdeb 43-.1947 M S 8818
8118
38713
8
8 85
84
Ist consol gold 43__ _July 1931 Q J 10014 ---- 985 Sept'30
3
81
Non-cony debenture 3Hs _1947 M S 827 -_/
1
1938 i D 98
7914 Apr'31
98
General gold 43
_ _ _ _ 98
73
8111
Non-cony debenture 3343_1954 A 0 784 81
847
8 11
_
1932 J D 100
5
;918
8
/ 8418
1
4
85
98 Apr'31 iii1 -98 - 7/
1
4
Gold 45
83
88
Non-cony debenture 43 _ _ A955 J J 85
1949 M 8 92 - 5g 9214 Apr'31 _ _ _
907 93 8
8
3
864 84
/
1
/
1
4
85
Unified gold 4s
91
Non-cony debenture 43.__1956 M N 85
3
8013 8711
1956.3 J 78 Sale 78
10112 Apr'31
79
Debenture go-ld 53
9
Cony debenture 3%8
70
83
10114
NV NV
1948.3 J 11213 11412 11212 11414 186 11212 1183
10114
1g20-yearpmdb5s
Cony debenture 65
4
9
__11112 11112
/
1
4
944
1949 M 8 9312 9418 94
92
J J
/
1
9512
Guar ref gold 43
1 11112 11512
Registered
1940 A 0 lais Sale 10514
1
10512 48 1045 1064
Nor Sh B 1st con gu 53 Oct'32 Q . 10114 10112 10114 Mar'31 ____ 10013 10112
Collateral trust 63
4
/
1
8
8
735
8 18
1957 M N 735 Sale 7318
60
547 75
8
1st bs ser A_1969 J J 5512 sale 547
44
Loubilana dr Ark
Debenture 48
71 2 7713
,
9212 183
8
94
9714
1st & ref 4Ha ser of 1927 1967 J 13 0258 Sale 905
90
/ 95114
1
4
Louis &Jeff Bdge Co gd g 43_1945 M S 9418 95 94 Apr'31 __
1937 M N 1023 -_ -_ 103 Apr'31
/
1
4
10318 10318
_ --- 94
94
4
Harlem R & Pt Ches 1st 481954 M N 94
Louisville & Nashville 53
4
8914 94
/ N Y0dr W ref g 43 June
1
4
99
19403 J 991 Sale 984
/
4
46
1992 NI S 46 Sale 4312
/
1
9713
4612
9914 _ 72
Unified gold 43
60
37
/
1
19553 D 384 Sale 3613
3 3 9514 99 9412 Nov'30
383
4
311 38
4
/
4
/
1
4
General 4s
Registered
96 Mar'31
8
101 10112 N Y Providence & Boston 43 1942 A 0 9112
96
96
Collateral trust gold 53_ _1931 MN 1015 ____ 10118 Apr'31
/
4
9614 Mar'31
9218 961
‘
Ist refund 5.43 series A_ -2003 A 0 10312 Sale 1011 10312 15 10153 10653 NY & Putnam let con gu 43_1933 A 0 9412
6 10413 106
77
8 1043
2003 A 0 1045 10434 1045
3
77
N Y SUSQ & West 1st ref 53._1937 J J 7712 78
4
3
70
78
lst& ref &geodes B
697 75 Mar'30
8
/
1
2003 A 0 97 Sale 964
12
964 102
/
1
/
1
4
98
2d gold 4 Hs
1937 F A _
lst& ref 4343series C
95 Dec'30
55
55
5513 11 -E3- 61 1940 F A _
General gold 53
Paducah dr Mem Div 4s_ 1946 F A
5 -135- - 68-- Terminal 1st gold 53
4
68
1943 MN 664 10014 993 Apr'31
9Elik 9934
St Louts Div 2d gold 313-1980 M S 68 Sale 67
/
4
N Y W'cbes & B 1st ser I 443'46
J 7912 Sale 7712
8014 72
8
7712 87
12
Mob & Monte let g 4 Hs_ _1945 M S 1007 -- -- 1001 Apr'31
4
8
/ 27 105 107
1
4
,
8914 il
18152 1912 Nord Ry ext'l sink fund 6145 1950 A 0 1065 Sale 0612 107
/
1
4
South Ry joInt Monon 43_1952 J J 873 Sale 87 4
3 100 112 Norfolk South 1st & ref A 53_1961 F A
8914 918
95
96
20 Sale 1912
20
_1955 NI N
,
21
19
45
Atl Knoxv & CID Div 43_
85
/
1
85
Norfolk dr South let gold 53_1941 M N 715 90
3
8
3
77
gs
Louiav Cin & Lex Div g 4 Hs'31 MN 1003 101 1004 Apr'31
Norfolk & West RR gen 63.. _1931 MN
983 10114
4
1 10114 102
102
102
- - 0414 Mar'31
Improvement dr ext63_ _ _ _1934 F A
1934,3 J 102
10414 10414
Mahon Coal ER let be
2
737 7714
8
New River 1st gold 6s__ _1932 A 0 10438- - 0214 June'30
74
/
1
4
4
8
767
1023 103
_
Manila RR(South Lines) 4s_1939 M N 70 - _-8 743
4
7212
N & W Ry 1stconsg 43_1996 A 0 99 Sale 9818
7212
75
9918 54
1959,111 N 68
leteat46
6712 100
9
8
4
7212
100
9714 9714 Jan'31
Registered
1996 A 0
Manitoba S W Coloniza'n be_1934IJ 13, 100 Sale 100
90
9012
__-- 9012 Apr'31
Man G B &IN W 1st 834s-1941 .1 31 87
an error, should have been ref. 4348 of 1973. No bonds of the 1st dr re . 58 of 1973
c Cash sale. 8 Option sale. •Sale at 10334 reported on March 10 1888
Issue outstanding.
ii
.-
!1 2 fop;
014
)
13L,
l!
704 9758
96,2
3303
New York Bond Record—Continued—Page 4
Price
Friday
May 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 1.
BM
Norfolk & West (Conaladed)—
Dly'l let lien & gen g 4s--1944 I J
19411 D
Poach C & C joint 42
North Cent gen & ref bs A 1974 M
1974M 13
Gen & ref 434 ser A
North Ohio let guar g 58-1945 A 0
North Pacific prior Hen 48-1997 Q J
Q
Registered
Gen lien ry & Id g 3s_Jan 2047 Q F
Jan 2047 Q
Registered
Ref 4,!mot 4 Ms series A-2047 J J
Ref & Rapt(ts series B____2047 J J
_2047 J .1
Ref & ImPt 55 series C
Ref dr Impt be sake D__2047 .1 J
Nor Pax Term Co lot g 60_1933 J J
Nor By of Calif guar g 5s1938 A 0
Og ek;L Cham 1st gu g 413
1948 7 I
.
Ohio Connecting By let 4s__1943 M S
1936 J D
Ohio River RR lat g bs
1937 A
General gold be
Oregon RR & Nay con g 413_1946 J D
Ore Short Line let cons g 58-1946 J J
1946 J J
GUM'stpd cons bs
Oregon-Wash 1st & ref 48-1961 J J
1946 J D
Pacitio Coast Co 1st g bs
Pao RR of Mo lat ext g 4s_ _1938 F A
1938 J
2d extended gold be
Paducah &Ills last g 434s_ -1955 J .1
Paris-Lyons-Med RR esti 6s 1958 F A
Sinking fund external 7s_ A958 M
Paris
-Orleans RR ext 5348-1968 M
Paullsta Ry 1st & ref 8 f 78_ _1942 M
Pennsylvania RR cons g 48_1943 M N
Consol gold 4s
1948 M N
is Merl stpd dollar_May 1 1948 MN
Registered
Consol sink fund 434B-1960 F A
General 43s series A____1965 J D
General be series B
1968 J D
15
-year secured 6348
1936 F A
Registered
F A
40
-year secured gold 68...._1964 M N
Deb ri 4 Ms
1970 A 0
1981 A 0
Oen 4Xs Ber D
Pa Co itu 3Ms colt tr A reg-1937 M S
Guar 3As colt tamst ser B_1941 F A
Guar 3348 trust Ws C
1942 J D
Guar 334 trust ctts D1944 J D
Guar 48 ser E trust ctfs
1952 MN
1963 MN
Secured gold 434s
Pa Ohio & Det lst & ref 43413A17 A 0
Peoria & Eastern let cons 45_1940 A 0
April 1990 Apr
Income 48
Peoria & Pekin Un 1st 530_1974 F A
Pere Marquette let ser A 58_1956 J J
19561 J
lat 4B sorted 13
1980 M S
lat g 434,1 Berke C
Phi's Balt & Wash 1st g 48_ _1943 M N
1974 F A
General be series B
PallOppine By let 30-yr s f 41 '37 Ii
1932 J o
Pine Creek reg let Os
Pitts & W Va let 4 Ma ser A-1958 J o
1959 40
1st M 4145 series 13
,
1960 AO
let M 434s series C
IC & St L gu 4%s A_ _ _1990 40
1942 40
Series B 4 Ma guar
1942 MN
Series C 434s guar
1945 MN
Series D 45 guar
Series E 3348 guar gold-1949 FA
Settee F 48 guar gold---1953 J o
1957 MN
Serial 0 45 guar
1960 FA
Series H cons guar 48
Series I cons guar 430-1963 FA
N
Series J cone guar 430-1964
1970 in
General M be series AGen mtge guar be ser B-1975 40
1977• 1
Gen 432s series C
Pitta McK & Y 1st gu 6s_ _ -1932 J 1
1934 Ii
2d guar Os
Pitts Sh & L E let g 58-1940 A0
1943Ii
1st consol gold be
1943 MN
Pitts Va & Char 1st 49
Pitts Y & Ash let 95 ser A--1948• D
1962 FA
let gen 533 salsa B
let gen be series C
1974 in
Providence Secur deb 48.-1957 MN
Providence Term 1st 4s- -1956 M
Reading Co Jersey Cen coil 4s'51 A0
Gen & ref 434$ series A__.1997 II
Gen & ref 4348 series B1997 ii
Rensselaer & Saratoga 6s-1941 MN
Rich 32 Mock let g 4s
N
1948
Richm Term Ry 1st gu 5s _1952 J J
Rio Grande Juod let gu 393_1939 J O
Rio Grande Sou 1st gold 48_ -1999 .11 J
Guar 48 (Jan 1922 coupon)'40 Ii
11.10 Grande west lot gold 48_1939 J J
let con & col) trust 45 A-1949 AO
RI Ark & Louts Jar 4 Ms
1934 MS
Rut
-Canada 1st gu g 48— --1949 Ii
Rutland let con g 4 Ms_ _1941 ii
St Jos & Grand Ial 1st 4e— -1947 J J
St Lawn & Adir 1st g bs —1996 J J
2d gold its
1996 40
St Louis Iron Mt & Southern—
Rh & G Div
,
g 4.8
1033 MN
lit L-San Franc pr lien 45 A 1950 J J
Con M 4 Msseries A
1978 MS
J o
Registered
J
Prior lien 58 series 13
1950
St Louis & San Fr Ry gen 61-1931• J
General gold Se
1931 ii
St L Poor & NW lstgu 58-1948 Ii
St Louis Sou 1st gu g 4e,
1931 MS
St L SW 1st g 48 bond ette_1989 MN
2d g 48 Inc bond ctfs Nov 1989 J J
1932 J
Como! gold 4s
let terminal & unifying 50_1952 ii
St Paul & KC Sh L 1st 4%8.1941 FA
St Paul & Duluth let 58_ _ 1931 FA
1968 1 D
let consol gold 4s
J
St Paul E Or Trk let 4348_1997
St Paul Minn & Man con 48-1933 Ii
1933 Ii
let consol g 68
6.reduced to gold 4%8.-1933 Ii
J
Registered
1937 113
Mont ext 1st gold 4s
Pacific ext guar 45 (sterling)'40 ii
13%Paul Un Dep let dr ref 53_1972 J J
SA &Ar Pass Istgug 48
1943 J J
Santa Fe Free & Phen 151 58_1942 MS
1934 40
Say Fla & West lat g 68
1934 A0
let gold 6e
Meta VANE let gu g 48 1989• N
-
TVee.t's
Range or
Last Sale.
Ask Low
Range
Since
Ian, 1,
Mph No. Low
99
983
4
99
984 98
/
1
/
1
4
985
8
____ 107 Nov'30
____ 1023
4 1023
4
93
9414 Apr'31
-923 Sale 925
4
935
8
91
9113 91
91
6612
6514 Sale 6514
6538 Apr'31
9612 95
95
97
11118 Sale 11118
112
10313 104 10312 10312
10018 10214 10018
10018
105 8 ____ 10513 Mar'31
,
____ 1038 Mar'31
104
69 6912 Apr'31
66
9512 100
9414 Dec'30
1023
8
_ 102 Mar'31
/
1
4
10212 103 10212 Apr'31
953 9658 96
4
96
,
10858 109 108 8 1085
1083 1093 10858 1087/
4
4
3
9458 Sale 9334
943
4
9812
9612
10612
102
/
1
4
10
4
2
__
20
2
61
28
72
17
1
4
1017 ftii3,
90
97
9212 97
91
95
6514 6914
67
65
95 101
111 11312
1021s 10512
10018 10512
105 10512
1021 103 8
/ ,
4
6912 77
102 103
92
9712
107 109%
107 10914
9218 951
4
3
314 60
32
3212 Apr'31
9518 08
98
97
98
11
101 102
102 Mar'31
1017
8
4
5 10018 10158
10158 1013 10158
1011
8
1047 Sale 1043
8
4 105
28 104 1067
1064 Sale 10658 10714 14 10614 10714
/
1
104
2 10112 105
____ 10314 104
92
97
97
97
9512 97
5
973 9814
4
9813 Apr'31
9814
97% 993
4
9939858 - 4 9858
993
4
138
993
4
4
99 3
4
3
9858 993 99
_
9314 May'30
16618 Sale 106
106% 11 ioE
101 Sale 10014
1017 102 100 105
8
109 Sale 10814
10884 37 10712 11114
11014 Sale 110
11012 112 107% 11012
10914 10914
10914 Feb'31
3
16314 Sale 10214
1033
4 47 10214 101, 4
9914 9918
95 Sale 9412
9618 189
913 9714
4
95 Sale 0613
9714 287
94
94
93
9512 94 Apr'31
90% 9112
9112 Mar'31
975 97
2
%
9114
975 Jan'31
8
893 9114
9114
2
9114 ____ 9114
92
95
___ 941 Apr'31
/
4
94
100 10212
1007
8 39
1007 Sale 10014
8
99 10212
991
9914 Sale 99
19
80
88
84
1
84 Sale 84
13
13
1912 13 Mar'31 _
16213 10314 10212 10313
9 100 10312
1023
8 20 100 10514
103 Sale 102
87
95%
94% 87
87
90
50
913 10112
4
933
4 60
933 Sale 92
4
94% 98%
98 Apr'31
977 100
8
109 10912
10914 Apr'31
109
23
23
2118 23
3
1027
- 10234 Apr'31
94
928- 9513 Mar'31
95 Mar'31
9313 94
934
/
1
93
9213 93
3
102
9
10058 10213 102
10118 102 10113 Apr'31
9713 Dec'29
10012 102
9712 ____ 98 Apr'31
9113
95 June'30
8
9712 -- -- 973 Apr'31
9712 ____ 97 Aug'30
97 2 - -- 97 Nov'30
,
103
_ 105 Mar'31
4 10512
10512 Sale 1033
10914 36
10814 Sale 10814
2
4
1083 Sale 10812 1083
4
32
1001 Sale 10012 101
/
4
Apr'31
102 8 ____ 103
,
10318
-- 104 Mar'31
10318
8
10314 -- -- 10318
/
1
_ 1004 Aug'29
4
103--92 8 9718 923 Mar'30
,
8
925 Jan'31
96% 99
105% -- 10512 10512
10412 _ _ _ _
4
- 733 Mar'31
89
86
70-- - 8918 Apr'31
93
/
1
4
954
/
1
933 95
4
8 10114 66
10114 Sale 1003
10112
8
7
10118 1013 1013
4
Oct'30
113
10914-7914- 7912 Sept'30 _
iOi
_ 103 Sept'30
100 1-gi 100 Apr'31
2 Feb'31
214
—
714 Apr'28
94
12
94 gale 94
8314 27
83 Sale 82
8 20
1009
100 Sale 98
71
_ 74 Apr'31
9112 Apr'31
877 9213 8778 Apr'31
8
Apr'31
101
96 10012 100 Mar'31
983 Sale
4
75 Sale
6212 Sale
97
99% 154
73
7514 173
6412 586
60
695e 14.1ar'31
87 8 Sale 87
,
88
26
10012 10112 1003
8
10012
3
1003 Sale 1004 1003
8
/
1
8 10
10112 106 103 Mar'31
983 Dec'30
4
8212 Sale 8014
8418
7
72 Mar'31
9612 94
/
1
4
97 8 19
,
7414 Sale 7414
83
21
9214 Sale 9214
9214
7
100% 101 10058 Apr'31
9178 923 9158 Mar'31
4
9918 Aug'30
10014 -- 100 Apr'31
10413 10512 1043
4 1043
4
101% Sale 101% 101 s 11
,
100
__
100
100
5
9812 _ _
9858 Apr'31
95 Sale 95
95
1
110 8 Sale 1103
,
8
7
1104
/
1
94
9418 95
95 2 32
,
1021 10218
/
4
1021
2
/
4
1043
s
- 10412 Mar'31
1013 Apr'31
4
1013
4
9714 ---- 9712 Apr'31
BONDS
N. Y STOCK EXCHANGE.
Week Ended May 1.
Price
Friday
May 1.
t
Week's
Range or
Last Sale,
Range
Since
Jan, 1.
Seaboard Air Line let g 48-1950 40
1950 AO
Gold 45 stamped
Oct1949 P A
Adjustment be
Refunding 45
1959 A0
Certificates of deposit......
1945 MS
let & cons 65 series A
Certificates of deposit
-MI& Birm 30-yr let I 48.41933 MS
Seaboard All FM let gu 6s A1935 FA
1935 FA
Series B
Seaboard & Roan lot bs extd 1931 J J
•A
1936
S.& N Ala cons gu g bs
Gen cons guar 50-yr be _ -1963 A0
So Pac coil 4s(Cent Pac coil) 149 ID
let 43.4s(Oregon Lines) A_1977 M
20
1934 ▪ D
-year cony. be
1968 MS
Gold 434s
1969 MN
Gold 4348 with war
1981 MN
Gold 430
San Fran Term 1st 48
1950 40
So Pac of Cal let con gu g 6s 1937 Si N
So Pac Coast lot gu g 4s___ _1937 II
So Pac RR 1st rats
1955 11
11
Registered
Stamped (Federal tax)-1955 11
Ask LOW
High No. Low
FlIgk
36 Apr'31
28% 541k
24
24
263
4 13
54 4
,
313
313
2
8
10
1112
2011
1112
912 1012
1012
1012
1212 55
10% 19
1112
10
1114
1112
1412
2
41
44 Apr'31
Cl
6
12
14
7
718
6% 12
63
4
6
/
1
4
90 Nov'30
Oct'30
10214 ---- 102
lOirs 111 2
--1108 4 -- 11112 Mar'31
,
9212 18
92
97
9212 Sale 9212
4 100
9812 102%
993 Sale 993
4
87
8 103
10212 10312 1023
5 102 10312
93
9912
9412 44
9414 Sale 93
93 100
99
157
95 Sale 03
94
91
94
844
93 Sale 91
9212 9714
8
945
3
941 Sale 945
102 c1067
2
10314 ____ 10318 Apr'31
953 ____ 96 June'30
4
95
9704
69
/ 74
1
4
9612 Sale 9512
9538 97%
9512 Mar'31
9212 May'30
Southern Ry let cons g be ___1994 Ii
Ii
Registered
Devel & gen 4$ series A,,_1956 A0
Devel & gen 68
1956 A0
1956 AO
Develop dr gen 6348
Mem Div 1st be
1996 ii
St Louis Div let g 413
1951 ii
East Tenn reorg lien g bs 1938 MS
Mob at Ohio coil tr 42
1938 MS
Spokane Internal let g 513-1955 II
Staten Island By lot 4348._ _1943 J
Sunbury & Lewiston 1st 4B 1936 Ii
Tenn Cent 181 62 A or 13_ __ _1947 AO
Term Aesn of St L 1st g 4348_1939 A0
let cons gold 58
1944 P A
Gen refund s f g 48
1953 J J
Texarkana & Ft S 1M 53is A 1950 FA
Tex & N.0com gold 5s Aug 1943 J J
Texas & Pac 1st gold ba
2000 ID
20 inc5s(Mar'28 cpon)Dec2000 Mar
Gen 4,tells series B
1977 AO
Gen & ref bs serial C
1979 AO
Gen & re 55 series D
1980 J O
Tex Pac-Mo Pac Ter 534s.. 1964 MS
Tol & Ohio Cent let gu 50_1935II
Western Div let g 56
1935 AO
Gen gold 58
1935 ID
TolStLAW 50-yrg4s
1950 AU
T01WV&Ogu4343A
1931 J J
lot guar 434s series B
1933 J J
lot guar 4s series C
1942 Si S
Toronto Ham & Buff let g 48 1946 ID
/ 55
1
4
10512 107
108 Mar'31
817 156
8
79
105
10514 11
1085
8 1093
4 43
10018
10018
3
90
90
5
993 Feb'31
4
94
96
15
35
35
1
87
Oct'30
9714 Apr'31
/
1
4
87
7
873 85
4
101
Apr'31
jai
3.0512 1661s 10512 Apr'31
9234 93 9234 9234 16
10214 Sale 1015* 10214
8
98
_ _ _ 10012 Feb'31
17
110 Sale 10912 110
__
95. hlar'29
9318 13
9212 Sale 9018
94 Sale 9014
9414 25
91
931 90%
94
74
105
105 Sale 105
2
10018
10118
_ 100%
2
1001
/
4
_ 10014 Mar'31
10018 16212 1005* Mar'31
934 Apr'31
/
1
86
100 f003- 100 Mar'31
4
/
4
9918
_ 1001 Oct'30
_ _ 9618 Apr'31
9414 97
9414 Apr'31
9534--
10512 111
10514 10812
79
88%
103 113%
108 117 s
7
10018 102
8912 93
991 99%
4
93
96%
67
35
905* Jan'31 _ _ _
69 Mar'31 _
7313 Feb'31 _
53
Jan'31
993
4 100
69
9712
9712
1
9512 Sale 943
4
95 2 71
,
10112 Sale 101
10112 28
4
11012 1123 1103 Apr'31
8
93 Sale 9214
9312 88
963
4
_ 9818 Mar'31 _ _ _
_
100 Sept'30 _ _ _
96
1
9313 9812 96
97 _
_ 98 Mar'31
45 Feb'31
103 Apr'31
-103
97 - - 24 987
987984
/
1
1
6218 69 Mar'31 _ _
ioEiz sale 10512 10612 16
10014 Sale 10014 10014 9
10212 sale 10212 10314 26
102 Sale 101%
10212 24
____ 8912 9412 Mar'31 _ _ _
9818 Ma4'29
8613 Feb'31
87
_
101
_ 102 Apr'31
16 8818 88 8 1
,
82 8512 8512 Apr'31
9114 Apr'31
____ 857 90 Mar'31 _ _
8
6313 Sale 63
6612 68
79
/ 84 Apr'31
1
4
81 Nov'30
885 Feb'31
8
___ 87
91% 94
9012 Apr'31
/
1
95
/ 96 2 954
1
4
954
/
1
,
5
79 Sale 78
7
9
69
8912
9114 91
92
32
10312 __
10314
10314
2
9614
- 9612 Apr'31
7712 Sale 75
80
43
9114 9214 92
93 2 93
,
89
93
8934
93
34
93
95 95 Apr'31 _ _ _ _
10018 Apr'31
_
91
9214
17
45 Sale 45
45 5
14
10218 ____ 10212 Sept'30
9612 97
9312 Mar'31
4714 Sale 47
4814 13
67 Sale 67
67
3
74
903 80 Mar'31
4
90589058
69
79 2
7
73% 76
63
60
96 100 4
1
9612 9814
9312 98
99 4 102 8
1
3
110 113
9212 94 2
1
97% 98%
Did
High
9712 99
96 100
11i23;
2
6
2
35
-6i-
•Cash gale. 4 Due May. k Due August. a Option Bale,
a
cm
Ulster & Del 1st cons g be_ _.1928 J D
Stpd as to Dee'28 & J'ne '30int
22
25
let cons bears of dep
102% 1023
4
1st refunding g 4e
1952 A0
93 9512 Union Pao let RR & Id gr 48_1947 J J
92% 9514
Ii
Registered
93
957
8
lot lien & ref 411
June2008 36 S
101 103
Gold 434s
19671 J
4
99 1023
1st lien & ref 5s
-June2008 hi El
40
-year gold 48
1968 J D
95
/ 98
1
4
UNJRR&Cangen 4s
1944 Si S
Utah & Nor 1st ext 48
19311 1
-Fria 9138 Vended& cons g 4eseriee A _ _1955 F A
Cons s f 4s series B
Vera Cruz & P assent 4)0_19 7
193
54
N
103 105
Virginia Midland gen 5s
1936 1111 N
Iowa 10512 Va & Southw'n 1st gu as__ _ _2003 J J
108 1103
let cons 50
1958 A 0
4
-year 5s
10818 11012 Virginia Ry let 5s series A_1962 MN
9914 1023
let M 434s seriee B
8
1962 M N
1023 103
4
W2d jola 88 1st gold be _ _1939 M N
abashR13
103% 104
1939 F A
101 10318
Ref & gen s f 534sser A _ _1975 M
Deb 6s series B registered _1939 J J
1st lien 50-yr g term 48_ _ _1959 I J
"gigs 0258 Det& Chic ext let 5s
1941 J J
:10512 10512
Deg Moines Div lot g 4s_1939 J
Omaha Div lst g 334e
1941 A 0
731 75
4
Tol&C1,lcDlvgle
1941 M S
8712 8918 Wabash By ref & gen 58 B _ _1976 F A
95
98
Ref & gen 434s series C- -1978 A 0
100 10314
Ref & gen bs series D
19800, 0
10014 103
Warren 1st ref gu g 334s_ _ 2000 Q
1948
Wash Cent let gold 4s
_
Wash Term lot gu 3348
1945 F A
lot 40
-year guar 4a
98 1- 6- West'n Maryland lot 4s-1945 F O
6
1952 A A
2
2
lot & ref 5345 series A
,,1977 J J
West N Y & Pa 1st g 524
19371 J
"io 9884 Gen gold 4s
1943 A 0
80
8612 Western Pao let be ser A._ _ _1940 M
98 10114 West Shore lst 4aguar
23611 J
74
75
Registered
8214 92
Wheel & L E ref 434s ser A..1961 1
2 6 M
36
Refunding E8 series B_ _ _1966 M S
87% 9212
RR 1st cormol 48
101 101
Wilk & East Ist gu g be
1949 M1 D
92
101 103
Will & SF 1st gold 5s
0
Winston-Salem S B lot 4s
193 1
1968
97 100
/ WI,Cent 50-yr 1st gen 45_ _ _1949 J J
1
4
73
Sup ,k Dul div & term lot 4s'36 M N
89
/
1
4
591 86
/
4
Wor & Conn East 1st 4 Ma_ _1993 J J
,
69 8 69 8
,
INDUSTRIALS.
867 102
8
Abitibi Pow & Pap lid be _ _1953 J D
1003 1011 Abraham & Straus deb 630_1943
8
/
4
1003
8210212
With warrants
A 0
103 1087 Adriatic Elec Co esti is
8
1952 A 0
Adams Express coll tr g 4o_1948 M
577 Ajax Rubber lot
80
15-yr s f 80_1936 J
72
781 Alaska Gold hi deb 6s A
4
1925 M S
943 10013
8
Cony deb Miseries B
1926M S
7414 97
/ Albany Pefor Wrap Pap 6s_1948 A 0
1
4
9214 9818 Aneganic,88ol tr be
con Co c
07
1944 F A
100 100%
80 11
1949 .A g
89
91%
Coll & cony 5.,
Allis-Chalmers Mfg deb 5.-.1937 M N
9812 1619
- -3g Alpine-Montan Steel 1st 714.-1955 M 8
10312 10512 Am Agric Chem lst ref s f 710'41 F A
10034 10158 Amer Beet Sug cony deb 613._1935 F A
100 100
Arnerican Chain deb s f 68_ 1933 A 0
97
985 Am Cot
8
debenture(M.__ -1931 M N
bd nre
e 88
93
95
942
deb
080 A 0
10918 111
Am & Foreign Pow deb 5,3— _2
M S
1
93
967 Amer Ice s f deb 531
8
10218 10218 Amer I Chem cony 5348_ _1959 1 D
1943 M N
104 1004 Am Internet Corp cony 53421 1949 J
10012 1013 A mer m h t
mhdacet i
4
1934
_1939 A 0
94
A 0
9712
Am Nat Gas 634s(with war) 194 A 0
2
Am Sm & R lat 30-yr bs ser A '47 A 0
25
312
103
4
1012
117
8
1114
44
718
28
Sale
1212
15
Sale
12
4858
Sale
Sale
_
803 Sale
4
10414 106
1093 Sale
8
1001 102
/
4
89 8
,
10018 _--95 Sale
35 Sale
107
-
61
61
31%
100
75
65
44
Sale
9714
857
8
99%
104%
9118
101%
10018
109
97l
92
102
105
52
93 8
,
106 4
3
10314
113
"$018 100
9014 100
9014101
1007 107
8
10018 103%
100 10014
1001, 100 2
5
90
94
100 100
4
-9131. 9538
89
97
'OE- IC
964 98
9418 10312
9878 00
7
441
6712 77
104% 10814
98 4 102
3
10212 105
99% 102%
9412 102%
-§a-
5412 Sale
4512
5712 121
WI;
102 102
88
91
8512 99
91
9272
88
9612
63
8912
84
96
-64
885*
39014 9114
2
953 96%
78
84
8912 965
8
10258 10414
92% 97
75
97
9012 94
14
89% 93
90
06
993 10214
4
86 93%
4272 53
14
92
47
64%
80
93'2
6612
80
SO
45% 78
9918 9934 9914
93 10014
100 8 18
,
9958
97
86
1
9512 98 2 97
,
8712 10
85
8612 8412
831 8814
2
8
14
14 Feb'31
51 10
4
10 Mar'31
314 10
614 8
514 _ _ _ 6 Mar'31
50
78
2
50
50
53
59
72
8712
74
91
7312 Sale 72
85%
71
74
71
724 69
/
1
71
70
85
7218 108
7218 Sale 70
10112 13 10014 102%
10118 Sale 101
83
94
3
86
8512
8614 89
24 10314 10512
1033 Salo 10312 104
4
42 Apr'31
40
47
35
30
98 102
1011 18
/
4
10112 Sale 10112
10014 Mar'31
100 1007
14
2
9312
90
96
8
91 Sale 90
83
76
177
8212 Sale 8218
88
83
25
79
82 Sale 82
85
10014 190
10014 Sale 9914
98 102
9018 45
8812 Sale 8812
8812 95 4
,
10412 105 10412 1041
3 1044 105
92
91
92
91
39
99 4 95
1
20 Sale 17
241
29
17
5112
10318 Sale 10212 10314
43 102 10412
New York Bond Record-Continued-Page 5
3304
r;3
t.
BONDS
N. Y. STOCK EXCHANGE. ;
Week EndediMay 1.
go.
Pried
NOM
May 1.
Week's
Rasp or
Lan Sale.
Range
Since
Jan. 1.
BONDS
N.Y STOCK EXCHANGE
Week Ended May 1.
:33
Price
Friday
May 1.
Week's
Rano or
Last Sale.
High No.
Ask Low
Bid
No, Low
MA
70 Mar'31
69
40 10314 105
Elk Horn Coal let & ref 634s 1931
44 6012 Oct'30
1
Deb 7% notes(with warr) 1931
99% 103
10112 Apr'31
74 105 10814 Eqult Gas Light lot con 53-1932 NI 8 10114
Ernesto Breda Co 1st m 717. _1054
4 22
693
68 Sale 6414
s
127 1047 l081
With stock purchase warrants_ FA
5
98
9714
136 unh noiz Federal Light & Tr 1st 5s_ _ _1942 MS 95% 99
6
95
113 12012 135
let lien if 5s stamped____1942 MS 95 Sale 04%
8
1942 MS 10134 Sale 100% 102
218 10514 1085
lot lien Os stamped
2
91
1954 J o 9012 9412 90%
1 103% 106
-year deb easeriee B
30
92
3
93 92
69 101 10413 Federated Metals of 75
1939 3D 92
4
8612
8512 Sale 84
23 102 10011 Flat deb 7s (with warr)
1946 J
891
39
8
863 Bale 8618
77
55
19
Without stock parch warranta_
1
23
23
23
87
27
63
13
1941
Flak Rubber lot of Sa
8 17
20
8
14
Framerican Ind Be,20-yr 7398'42 .1 .1 1075 Sale 0712 1077
8
55 Mar'31
97 1017 Francisco Sug lot a f 7345._l042 MN 50% 57
5
3
80
8
49. 787 92
8012 79
1943 P A 79
Gannett Co deb Os
_
B
' 1053 _ _ 0312 Apr'31
8013 Gas & El of Berg Co cone g 541949
8
312' 68
9418 29
98
91
26
Gelsenkirchen Mining 6e--1934 50 S 9312 Sale 93
9114 25
31 102 104
Gerd Amer Investors deb 58_1952 FA 91 Sale 91
9614 60
8
103% 1033 Gen Baking deb s f 5%s1940 AO 9412 Sale 9412
7
8112
80 Sale 80
_1947 J
Gen Cable let,s 539s A
9612 Apr'31
1942 FA
Gen Electric deb g 3345
011- Gen Elec(Germany)Te Jan 15'45 J J 100 Sale 9912 100 12
65 10
91 Dec'30
20 10012 10314
4
1040 ▪ D 953 97
S f deb 6345 with warr
20
96
3
95 4
5 106% 107
Without warr'ta attach'd_1940 J o
8914 39
8814
48
30
1948 MN 8814
20-year if deb 6s.
9212 967 Gen Mot Accept deb 6s....-1937 FA 10234 Sale 033
103
s
4 104
77
88% 9014 Genl Petrol let s f 55
17
1940 FA 102 10212 10212 10212 21
9414 14
4
4
1939 J J 933 Bale 933
" 107 10912 Gen Pub Sent deb 534s
31
91
20 110% 115
92 88%
Gen Steel Cast 534* with warr'49 J J 89
4712 360
69% 8818 Gen Theatres Equip deb 6s_1940 AO 4612 Sale 43
44
6114 86 4 Good Hope Steel & I Iwo 7o..1945 A0 9012 Sale 90
9112 22
3
33
6414 80 8 Goodrich(B F)Co lAt 6341_ A 947
104
98
129
7
97 Sale 97
5712 186
68% 8518
8
1995 3D 56 Sale 50
Cony deb 8s
137
89
14 10218 106, Goodyear Tire & Rub lot 58_1957 MN 88% Sale 86
8
16
90
4
58 10171 1033 Gotham Silk Hosiery deb 65_1936 JO 90
4
943 90
78
10
63
8312 Gould Coupler 1s1 I f 138
61
1940 P A
8
25
35
995
8 16
3
993 9914
Gt Cons El Pow (Japan) 713_1944 F A 99
.1 913 Bale 913
39
95
4
94 105
3
4
1950
let dr gen sf6345
3
313 5 4 Gulf States Stasi deb 5341_1992
-.-. 79% 8914 Apr'31
4
4
83 87
92 Apr'31
1
92%
Hackensack Water let 96_1952
s
2 10514 1073 Harpen Mining 613 with ilk Parch
8214 23
4
983 10212
363
813* Sale 818
war for com stock or Ain BIM '49
82
65
82
7
8212 81
Hansa SS Lines 68 with warr_1939* 0 81
6114 10
5114
66% 86% Havana Mee consul g 58_ _ _1952 FA 45
53
3
1918
2212 1918
Bob 1394s merles of 1920 _ -1951 MS 20
i5- 9013 Hoe (11) & Co let6 Ms sor A _1934
5914
6
25
8
573 6212 59
58
4
58
6 10714 1103 Holland-Amer Line 64(1181).1947 MN 55
58
117% 12114 Houston Oil sink fund 5341_ _1990 MN 9012 Salo 90
9213 56
218 218
803* 24
0014 58
Hudson Coal 1st ofSo ser A_1962 JD 58
2
55 10213 105
8 1065*
1949 MN 10613 ___ 1063
Hudson Co Gee 1st g 5a
913
90
10214 Sale 10214 10212 30
5345.1932
Humble Oil& Refining
83
2
10214 30
93
1937 *0 102 Sale 102
Deb gold 58
97% 10114 Illinois Bell Telephone Ss_ _1950 JD 10612 Sale 1063*
8 32
1063
19 101 103% Illinois Steel deb 434,
35
1940
10314 104 10212 1037
86 101 1073a Finder Steel Corp mtge 611 1948
25
80
8
77% Bale 763
31 100% 104
40
45
151st 841_1941 51 N 42 Sale 33
Indiana Limestone
1936 MN 1005 1033* 10014 Apr'31
Ind Nat Gas & 0115s
103 1043 Inland Steel lit 434s
4
52
95
1978 A0 WI Sale 9412
Cal0& E Corp unif& ref 5a_1937 MN 10412 Sale 104% 10412
90 100
934 71
1940 J
90 Sale 90
1991 FA
lst m s f 434• soy B
4
Cal Pack cony deb is
94 Sale 9214
943 120
90
98% Inspiration Con Copper 634s 1931 M
9212 90 Apr'31
100 Feb'31
CalPetroleum cony deb if 511939 F A _
90 101
92% 25
1938 M N 9211 sale 90
1956 AG -10" 16- 913 Jan'31
Cony deb s f g 534s
Interboro Metrop 34s
45
2' 15
20%
_
CUB of deposit
Camaguey Bug 1st f g 7s._1942 A 0 2018 Bale 18%
912 Jan'31
55
7312 150
70% Interboro Rap Tran lit 5s-1986'.3 70 gale 69
56
4
58
80
Canada SS L let & gen 88_1941 A 0
J J 695 Salo 685
105 10514
7314 292
4
Stamped
Cent Dist Tel lat 30-yr 58_1943 J D 105T8 106 105% Apr'31
A0 55 Sale 54
33% 70
54
50
55
1932
.5812 89
Cent Foundry lrt f(is May 1931 F A 50
-years,
10
go% 59
10434 106
0518 105%
10518 106
-year cony 7% notes._ _1932 M S 9012 Sale 90
10
Cent Hud 0 & E 55___Jan 1957 M
5 11171 114 int Agri Corp bat 20-yr Se_ _1932 RI N 9812 0913 9914 995* 5
1114 113
Central Steel let g of 8e_-1941 M N 111 114
MN
3113 4414
38
37
721 737 723
36 Sale 34%
Stamped extended to 1942 _ _ _ _
4
4
Certain-teed Prod 534s A _ _1948 M
723
59
59
59 Jan'31
1919 MN 89 Bale 8914
92
128
Int Cement cony deb 5s
Ceepedee Sugar Co 1st•f 711s'39 M
37% 45
3912 3712 Apr'31 _
Internal Hydro El deb 53_1944 A 0 8512 Bale 83
86% 71
Chic City & Conn Rys be Jan 1927 A 0
,
7i 1031 105
03% 104%
haternat Match a f deb 5a__ _1947 MN 92 Sale 915
. 2
1041. 105
8
4
923 182
ChOLL Coke Istgug 5s-1937 J
1941• J 96 Sale 95
90
312
Cony dab 51
Chicago Rys lat 5s stpd rata 15%
i
74
60
5
60 8 16
4
793
85
Inter NIercan Itlarine s f 138_ _1941 * 0 79
3
80 4 22
principal and Aug 1930 int_ _ _ _ F A 65... 60
83
75
7514 25
75
7314 55
1943 A 0 75
80
Internal Paper 5s ser A & B 1947 J J 72% Sale 72
MR&Co deb 55
3
70, 8814 95 4
1955 MS 5614 Sale 56
59
92
70
1947 .1 .1 89 Sale 8814
Ref s f Oa series A
Chile Copper Co deb 6a
3
95 8 Int Telep & Teleg deb g4348 1952.3' 7814 Sale 74%
91
179
8014 63
96
1968 A( 9518 Sale 95
CInG&E1gtM4eA
1939 ii 89 Bale 88%
894 131
7514 77 Dec'30 _
Cony deb 43411
Clearfield Bit Coal lit 4i...1941) .1 J
4 13. 4012 70
83
1955 FA 825 Sale 81
112
443
8
1938J J 4012 Sale 4012
Deb 55
Colon Oil cony deb 13s
9213 993 Investors Equity 5s A
74
25
1
73
1947 .313 70
75
4
1943 F A
943 92% Apr'31
88
ColoF&ICogenxf 511
9912
9' 85
75 Apr'31 --- 78
-1934 F A 8512 8712 85
Bob 50 ten B with warr_1948 A 0 70
8512
Col Indus 1st A co1153 gu5
1948 A 0 70
12
74
73
74
Without wanmot3
4
993 Bale 9914 10018 153' 9613 10138
Columbia G & E deb Si May 1952 NI N
1401 97 10114 1<0 Pow & Lt lot 43.45 Oar 8_1957 J J 10318 1035 10312 1033
4
3
Debentures 58Apr 15 1952 A 0 9914 Sale 9814 100
3 67
4 1045
114
9813 9914
99
1961 P A 1041s 10412 1033
1st M 434/1
Deb 53
Jan 15 1981 J J 9812 Sale 9818
11 9513 Sale 963
39
97
8
4, 951s 99% Kansas Cias & Electric 410-19S0
.3 9712 99
9818
9818
Columbus Gas tat gold fa--1932
57112 69
9814 Karetadt (Rudolph) Os
1943 MN 6914 Sale 6614
4 291 94
973
J 9712 98 971
Columbus Ry P & L let 4He 1957
17
76
81 97 10014 Keith (13 F) Corp let fla__ -1948 MS 75 Sale 75
10014
Commercial Credit e 16s_ __1934 MN 100 Sale OCi
29
66
53 11813 Kendall Co 534s with warr._1948 M
2. 93
6312 Bale 60
96
96
9512 97
1035
Col tr s I 5399 notes
76 Apr'31 200
9113 100
530-1949 F A 9712 Sale 9712 100
lot 58-1935 .1 .1
Keyetone Telep Co
CommlInyeet Tr deb
105
2 10513 106% Kings County El & P g Sa
_ 105
4
1937 * 0 105
Computing Tab-Roe if 66_1941
10613 ____ 10612 10612
139
9914 9914
5
1997 A0 139 112 139
4
Purchase money 03
Conn Ry & L let & ref g 4348 1951.3 J 993 ____ 994 Feb'31
844 11
4
843 84
9918 101% Kings County Elm, 1st g 4-.1949 FA 84
1
100
J 100 ___ _ 100
191
Stamped gust 410
67
52 Kings County Lighting fas--1954 1.3 107 ____ 10958 Apr'31
83
7914 51
8
4
Consul Agrlcul Loan 634.. 1958.3D 773 781 7612
8
1183 Apr'31
1954
1101e
First and ref 634s
Consolidated Hydro-Elea Work,
75%
93% Kinney(OR)& Co 734% notes'30 Jo 70 82
7513
2
9
89
9214
of Upper Wuertomberg 7s-1950
J 90 Sale 90
10272 12
247s 4813 Kresge Found'n coil tr 130-1934 JD 102 Sale 102
37 12 15
Clone Coal ot Md let ref 56_1950 J D 3713 Sale 37
8
937 Sale 9318
10712 167 103 10713 Kreuger & Toll 5s with warr_1959
938 332
A 10714 Sale 107
COnsoi Gas(NY)deb 634s_ _1945 F
2 103% 104%
10414
10414
Consumers Ow of Chic gu 58 1936 J D 10414
1063
8
3
103% Sale 102
7 103 10614 Lackawanna Steel 18* 58 A 1950 M
Consumers Power lat 5e._ 1052 M N 10514 107 10513 1054
10312 47
60
85
7
1948.3 D 60 Bale 60
62
Lacl Gas of St L ref & ext fa-1934 AO 10311 Sale 10314
Container Corp lot 613
102
33
19
64
11
38
35 Bale 33
Col & ref 5338 aeries C 1953 FA 102 Salo 101
15-yr deb fa witb warr. _1993 J
8
4
10212 39
97 21007
10214 Sale 1013
19130 F
4
10014
Coll & ref 5 .6:3ser D
Copenhagen 7 Nen Se Feb 15 1954 F A 100 10014 10014
1 102 10412 Lautaro Nitrate Co cony 88_1954
3
1033
Corn Prod Rehr let 25-yr s 58'34 M N 10312 10411 1033
56
131
9514 99
5418 Sale SO
10
97
Without warrants
Crown Cork & Seal s f Os___ -1917 J D 9514 9612 9514
9914 Apr'31
70
09
4
963 Lehigh C & Nay f 43911 A-1954• J 93
8112 37
Crown Willamette Pap 6 -1951
J 75 Sale 70
8
99
15
6012 85
99 Sale 99
89
65
6218 Sale 61
Cons sink fund 4348 ser C.1954 J
Crown Zellerbach deb Sow w 1940 M
10112 10112
J 10112
1
41 Mar'30
30
Lehigh Valley Coal 18t g 6.1.-1933
8
Cuba Cane Sugar cony 79-1930 J J
3
99 4 Mar'31
J
c277 Dec'30 e
Cony deben stamped 8%A930
let 40-Yr go int red to 4%-1933 J J
10012 Apr'31 812 19 -We 11
1934 FA 1001z -7 Sale
7
1950 J .1
18t & ref f 5s
Cuban Cane Prod deb 6s
7512 Apr'31
713 16
1944 FA
8 Apr'31
let & ref of 58
6% 10
Cuban Dom Sus let 714s-1944 MN
43 Apr'31
52
212 17
4 29
1954 FA 43
7 3
7
4
73 10
let & ref e f 54
Stpd with much war attached_ -52 Mar'31 1904 FA
19 102% 10513
1047
1st & ref s 1 55
T lst & gen 55._1937 J J 104% Sale 047
Cumb T &
52 Apr'31
0412 105
1974 FA
8 102% 1051z
let & ref s f 54
Cnyamel Fruit lst s Os A __Aga() A 0 10412
12212
4
76 Dec'29 - Liggett & Myers Tobacco 75_1944 * 0 122 Sale 122
Denver Cons Tramw jot 5s_ _1933 A 0
4 1063
4 19
1951 FA 108% Sale 1053
1 155- 103
103
103
s
613'51 U N jar
Si
Den Gas& E L lot & ref of
,
2
103
99¼ 103 8 Loew's Inc deb 68 with ware 1941 * 0 9413 Sale 100 Mar'31 103
Stamped no to Pa.tax- 1951 M N 103
Oct'29
8 61
192
3
Without stock parch warrants * 0 9413 Sale
Dory(D 0)Corp 1st f 7s-1942 M 5
9214
3 Dec'30_...
23
64
5
Lombard Elec lot Is with war'52 J O 90 Sale 90
28 7s Nod Sept 1930 coupon----0112 15
911z 90
63
J o 90
.1 103% Sale 1031s 10334 24 'fa' 1- -34 Without warranta
Detroit Edison lot coil tr 50_1933
411081z Lorillard (P) Co 7s
1944 AO 11112 Sale 1114 112
55
Gen & ref 58 081104 A----1949 A 0 10713 Sale 10613 10714 75 1043
91
92
10712 42 105 108
1951 FA 92 Sale
38
1955.3 D 10714 109 10714
Gen & ref &series B
97
_ 10514 10814
97 Sale 95%
108 Apr'31
1937 J
153
De▪ b 534,
1952 F A 107%
Oen At ref fra series C
99% 103 8 Louisville Gas & El(KY) 53.1952 MN 106 Sale 05
106
7
26
8
1033e 74
Gen dr ref 43.9s series D-1981 F A 1033 Sale 1027
9714 9912 Lower Austria Hydro El Pow
9912 15
11
Dot United let con g 4348..19324 J 98% 9912 987
8212
82% 9144
76
86
2
1944 P A 8212 Sale 8212
1st/ f 0343
1940 AN N 8514 Bale 85
Dodge Bros deb 85
98
001s 7014 McCrory Stores Corp deb 5348'41 JO 98 Sale
4 24
993
691g
7
Dold(Jacob)Pack 1st(18- -1992 MN 68 Sale 68 Mar'31
90
7812 105
90
90
McKesson & Robbins deb 5143'59 MN 70 Sale 76
5a-1939 M
Dominion Iron & Steel
4
213
24
90 101
28
98 Apr'31 - _ _
7
Manatl Sugar lots f 734s_ 1942 * 0 24
1942 J J 98 100
Donner Steel let ref 7,
29
2912 29
0412 10518 48 102 10612
1
Stm pd Apr 1931 coup on 1942 AC) 24
Duke-Price Pow lett% ser A-1986 MN 105 Sale
5512 40
99 10218 104% Manhat Ry(NY)cone g 48_ _1990 A0 55 Sale 5414
1047
10412 Sale 0414
Dulipleene Light 1st 410 A-1967 A 0
42
50 Apr'31
28
57
45
4
3212
32
2013
24 43
35
Ifast Cuba Sug 15-yrstR 734s'37 MS 30
95
95
97% 10012 Manila Elec Ry & Lts f 514._1953 MS 94
97
e
J 1005
s
1939
-- 10012 Apr'31
Ed El III Bkin 'Neon 69s
2 11514 119
Nitre Tr Co Mrs of panic In
119
8
Ed Elea(N 1C,Ist cons; 58.1995.3 .1 1187 ---- 119
94
A I Namm & Son let 63_ _1943 JD 93 Sale 9234
6
Rockefeller McCormick
Edith
45
40
46
101% 11 100 102
7
Marlon Steam Shovel s 6s_ _1947 * 0 40
4
1934 I J 1013 Sale 10114
TrUst coll tr 6% notee
89
77
2
8614
Market St Ry 7a ser A _April 1940 Q 1 94 Sale 94
9514 35
Elea Pow Corp(Germany)5)48'50 51 13 8614 Sale 86
71
4
8714
5714 Mead Corp let 65 with war. 1945 AD 8611 873 87
11
8
83%
8114
8112 84
1953IA
letef1334a
4
100
3
99 4
1957 4 0 993 100
Meridional(' Rice ler le
3
Mob
Ask Low
844
Amer Sugar Ref 5-yr68
10453
1937.3 .1 104 Sale 104
Am Telep & Teleg cony9s1938 M S 1025 _ _ _ 103
103
8
-year coil tr Se
80
1946.3 D 10714 Sale 10714 10814
105 Bept'30
J D
Registered
8 10812
35-yrs f deb 56
1960.3 i 10818 Sale 1075
4 11012
20
-year s f5tis
1943 M N 110 Sale 1093
Cony deb 434s
1939.3 .1 131 Sale 12612 131
10814
85
-year deb&
1965 F A 108% Sale 10773
1940 A 0 10513 105% 10518 10518
Am TM:a Found deb fls
4 103%
Am Wat Wks& El eon tr 55.1931 A 0 103 Sale 1023
3
105 4
Deb g Gsseries A
1975 M N 10514 Sale 105
61
6278 59
AM Writ Pap Ist g6s
1947.J J 59
77
75
75
Anglo-Chilean if deb 7o._._1945 MN 74
1612 Apr'31
15
Antilla(Comp Azuc)7343-1939 J J 10
97
97
Ark & Mem Bridge& Ter 53.1964 M S 9612 101
81
1939 .3 D 80 Sale 7912
Armour & Co (III) 4391
75
8
Armour&CO of Del5 As----1943 .1 J 727 Sale 7014
9311
4
4
J 0 923 9312 923
Armstrong Cork cony deb 58 1940
8
1033
Associated 0118% gold notes 1935 Iti 5 10314 Bale 10314
8
1047.3 D 10312 _--- 1033 Apr'31
Atlanta Gam L let So
1 Nov'30
1939 J D ---_
Atlantic Fruit 79 etre dey
8
125 May'28
J D
Stamped etfs of deposit
56
Atl Gulf& W I SS L coil tr fas 1959 1 J 5514 gale 55
1937.3 J 10114 Sale 10012 10112
Atlantic Rehr debts!)
107
8
Baldw Loco Worka lot 68-1940 MN 107 1073 107
30 Apr'31
Batavia (Comp AM 734m-1937 J 1 2518 30
9412
4
Batavhtn Pete guar deb 4345 1042.3 .1 923 Sale 9212
9014
1936 .3 J 9014 Sale 9014
BeldIng-Heingwaytis
10912
Bell Telep of Pa 5e aeries B _ _1948 .3.3 109 Sale 109
114
1980 AO 11314 Sale 113
1st& ref 5a series C
8
833
4
Berlin City Elec Co deb 6348 1951 Jo 823 83 82
84
1959 FA 80% Sale 80%
Deb sink fund 834s
3
787
4
4
1955 *0 773 Sale 773
Deb 5e
83
4
4
Berlin Elm El &IIndg 630-.1956 A0 823 82% 813
8 10518
8
Beth Steel let & ref fa guar A '42 MN 1043 Sale 1043
10312
30-yr p m & inaptsf 5a.._.1036 .3.3 103 Sale 103
8213 Apr'31
82% 85
1950 M
Bing & Bing deb 634a
26%
2712 2612
1934 AG 26
Botany Cons Mills6348
94%
S 94% 95% 94%
1934
Bowman-Bill Hotels 7g
5 Apr'31
5
4
Wway & 7th Ay 1st cons Si..-1943 JO
-- 4 Mar'31
Certificates of deposit
83
3%Brooklyn City RR 1st fos-- _1941 J J 8212 83 83
8 10612
Bklyn Edison Inc gen 5a A___1949 J J 106% Bale 1063
10212
1968.3 .1 10118 Sale 10014
Bklyn-Manh R Taw tls
62 Apr'31
Bklyn Du Co & Sub coa gtd 5a 41 MN 6218 69
6612 Jan'31
1941 J J 6418 68
lst 55 gamma
9212 June'28
Brooklyn R Tr 1st conv g 95 200 J J
2
90
4
90 Sale 883
Bklyn Union El lit g 458-1950 F A
110%
4
Bklyn Un Gas lit con,g 55-1945 MN 1093 11014 110
Apr'31
121
8
Ist Ilen & ref(is series A......1997 M N 1195
Jan'31
218
1936J J 235
Cony deb g 534s
1950.3 I) 105 Sale 10414 105
Cony deb 5/3
Jan'31
96
1932 J l) 94% -- _
Buff& Snag Iron lst et be
93
943 93
4
1952 A 0 93
Bush Terminal Lst 4s
2
983 99% Mar'31
1955 J .3
Consolfa
Bush Term Endo Sign tax-ex '60 A 0 10114 Sale 10114 102
8
10458
1981 F A 1045 Bale 10418
Buff Gen El 4%s ser B
10214
By-Prod Coke 1st litis A_-1995 Al N 102 Sale 102
0 Cash ram
•(maim sale.
Sale
Ranee
801540
Jan. 1.
LOW
70
11141
70
101
116;
55% 70
s
917 98
92
97
99 1031s
90% 100
3
96 8
92
7934 93
7912 9234
21
37%
10413 109
69%
55
88
73
10313 10514
94%
89
9114
83
9313 983
4
7714 92%
Nils
95
91 104
"fiers
98
92
82
10178 104%
102 103%
96
93
8811 98
74
40
82 903
4
97 10211
50
76
92
96
75
90
51
58%
93% 10114
851s 954
87% 90
88% 92
84%
77
70
a
867
4812 ggia
19% 30%
68
61
5512 65
94
90
68
51
7
104 s 1085
s
101701041s
101 1021s
105 107
10013 1037
8
82
71
69
33
4
100% 1001
97%
94
9214 98%
99 100
1s 913
9
13 911
9
6814 75%
14 75
68
B018 643
4
8914 05
99% 993
s
7234 781s
8314 100
9314
83
89% 99%
95 100
4
703 97
71% 77
55
1
69 8
7112 8418
96
81
9014
76
75
73
76
73
75
73
10111 UN
4
1033 1045e
93% 977
s
5934 75%
75
7813
39
6814
92
74
10332 105
134 139
78
843
4
10414 105%
118% 119
72% N313
10112 103
88
945
8
102 10414
10112 1031
4
100 1037
8
7
100 8 10318
7512
43
9813 101
99 100
100 102
98% 99%
99% 1003
4
7513 78
43 62
65
50
57
50
1188* 1281a
10414 107
100 1101.
9984
94
MI 9512
75
95
1021 113
4
9212
82
8
867 97%
10314 107 s
,
70
93 s
7
70
4
213
2518
52
45
95
87%
100
84%
40
35
57%
50
100
92
35
93
Rs
4
847
9412
47
98j
go
1110
3305
New York Bond Record-Continued-Page 6
r.
BONDS
. Y. STOCK EXCHANGE.
Week Ended May 1.
ct
Price
Friday
May 1.
Week's
Range or
Last Sate.
44
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 1,
t
4.
Price
Friday
Slay 1.
,Weers
Range or
Last Sale.
c.A
Range
Since
Jan. 1.
1314
Ask LoW
High No. Low
Bid
Ask Low
High
High
High No. Low
2 10212 10512 Rhine-Main-Danube 78 A1950 MS 9838 Sale 9838
10514
Metr Ed let & ref be ser 0_195333 1054 _ _ _ _ 10514
988
8 14
90
Ms
1968 MS 10212 Sale 10178 1023
4 36
99
99 4
letg 454eserD
994 10314 Rhine-Westphalia El Pow is 1950 MN 97
8
11
100
90 1011s
57
53
54
4
1962 M
8512 Sale 8513
Metrop Wat Serv dr Dr 534e_1950 AO 54
53
75
Direct mtge (Se
87 4 33
8
75
8914
FA 85 Sale 8212
/
1
4
954 42
/
1
1
Metr West Side E (Chic) 48_1938 FA 704 Sale 70
70 8
,
Cons M 68 of'28 with war_1953
707 77
8
75 8 871
7
,
FA 85
Jan'31
Wag Mill Mach 78 with war 1956 3D 81 8134 75
Without warrants
89
83 Apr'31
75 7512
78
87
3D 81 Sale 81
8218
6218 847
4
Without warrants
8
Con m Bs of 1930 with war 1955 AO 833 Sale 8212
85
81
7412 8688
8
Midvale St &0 cell tr s I Se 1936 MS 1027 Sale 10212 10318 49 10018 10318 Rhine-Ruhr Wat Ber 6s____1953 33 72 8 7712 7212
5
7712 11
63
7884
N 43 Sale 43
991 10314 Richfield 011 of Calif 68
/
1944
/
1
4
Maw El Ry & Lt 1st 55 B---1961 3D 10212 10314 10212 10318 40
4814 513
41
67
/
1
423 Sale 421
Montana Power 1st 5s A.--19433, 1044 Sale 10434 105
17 103 1054
4
4
Certificates of deposit
4712 321
423 604
4
1962 3D 10012 10212 101
10114 18
Deb be aeries A
1965 F A 854 87
85
99 104
Rima Steel let s f 7e
8614
84
/ 88 a
1
4
7
MontecatLul Min & Agrio8
Rochester Gas & El Is ser B_1946 MS 10614 1065 0884 Apr'31
10518 107
1s
'3 9812 Sale 97
/ 100
1
4
Deb 78 with warrants......1937
7
9112 10012
Gen mtge b He series C_1948 MS 106 10714 07 Apr'31
105 107 s
8
9812 973
ii 97
4
9918 34
Without warrants
995
8
102
92
4
Gen mtge 434s series D___1977 M S 1018 ---- 02
2
9912 102
1003
8
Montreal Tram 1st & ref 58_1941 3, 100 Sale 100
8
1013 Roch & lette C & 1pm 5e-1946 MN 82
8
90 85 Dec'30
9812
95 Apr'31
Gen & ref f 58 series A_ -_1955 AO 924 97
/
1
90 4 95
1
Royal Dutch 48 with warr-1945 AO 89 Sale 8814
8912 184 "in" III;
/
1
4
Gen dr ref s f be eer B
/ _
1
4
_ 96 Sept'30
1955 AO 92
8712 874 Mar'31
Gen & ref I t 414e ser 0-1955 AO
4
"air
s
981
4
9712 100
At Joe Ry Lt H & Pr let 5e-1937 MN 9812 9912 988
Jan'31
Gen & ref s 1 be ser D.- 1955 AO 923 9614 92
4
917 98 4 Si L Rock Mt & P 5a etmpd_1955 33 50 Sale 5014
/
1
4
501
8
46
s
4
15114
8
71
Morris & Co 1st at 4He
70 Sale 70
1939
30
88 Apr'31
70
83
8788 92
90
St Paul City Cable cone 5s_ _1937 .1 J 88
73 June'30
Mortgage-Bond Co 48 ser 2_1968 AO 70
80
88 Apr'31
1037 33 88
89
88
92
Guaranteed Si
99
99
'3 1084 108 4 10812 1083
10-25 year 58 seriee 3
2 -15- - 99
1932 J J 9912 100
7
4
9 10312 109
San Antonio Pub Sexy let 68_1952
,
4
96
Murray Body 1st 654e
4
3
757 93 s
8
92 8 98
8
92
1934 3D 943 Sale 943
38
7
Saxon Pub Wks(Germany) is'45 FA 89 Bale 88
10818
7218 8684
Mutual Fuel Gas let gu g 56_1947 MN 107
10912
2 10212 10912
1951 MN 83 Sale 8112
83
27
Gen ref guar 6 He
/
1
4
Mut Un Tel gtd (is ext at 5% 1941 MN 1034 ---- 102 Mar'31
.1 684 70
60
75
1021s 1028s &Waco Co guar 634s
70
70
1946
A0 73
7014
60
75
7014
9114
3
2
Guar e f 6 Hs eerie] B._ _ _1946
Namm(A I) & Son _ _Bee Mfrs Tr
847 Apr'31
8
80
9018
Sharon Steel Hoop It 5458-1948 FA
517
8 53
5012 Sale 5012
Nassau Elea guar gold 01-1951 J
4978 5314 Shell Pipe Line s f deb be-1952 MN 74 Sale 738
73
9284
4
75
38
9412 93
93
Nat Acme lst I t 68
2
19423 D 93
641z 8812
93
9812 Shell Union 011 s f deb Si....1947 MN
4
663 151
102
8
271
Nat Dairy Prod deb 53(e__ _1948 F A 1017 Sale 10114
6518 90
98 102
/
1
4
68
1949 AO 6513 Sale 6965411111
664 S e
al
252
Deb Si with vrarr
15
1612
Nat Radiator deb 634B
15
16
1947 F A
3
D
1112 257 Bhinye I i IiPow let 6543-1952
7611 93 4
914 14
1
8
Nat Steel f deb be
1941
J 100 10014 10018 Apr'31
96 10018 Shuber 1Theatre6s_June 15 1942 .11) 6114 Sale 12
127 25
8
e
/
1
4
15
14
34
106
1 104 10618 Siemens & Halske if 7e___1935
Newark Consol Gaff cons 58.19483 D 1068
'3 1011 104 1011 10218
4
8
/
4
/
4
- 106
7 95 1023
9114
9114
03
Newberry (I J) Co 554% notes'40 A 0 9114
1
87
9938 1007
884 101
95
/
1
4
1951 MS 99 100
8 58
Deb s t Hs
4 111
New Engl Tel & Tel 58 A_1952 J D 111 Sale 1103
7 108 11114 Sierra & Ban Fran Power 58_1949 FA 10414 Sale 10458 105
/
1
4
38 102 105
let g 4He Berke B
35 103
/
1
4
8
1981 M N 105 Sale 10512 106
51010612 Silesia Elise Corp It 650-1946 FA
81
67 811
1
9312 23
9318 9212
New On Pub Sere let 58 A1952 A 0 92
85
7/ 81
62
'
4
94
8
78
60 85
21
Silesian-Am Corp coil tr 7e_1941 FA 731 Sale 78615
First & ref be series B_ _1955
D 93 Sale 91
9314 46
85
91 10014
9312 Sinclair Cons Oil 15-yr 7e-1937 MS 94 Sale 9134
4
80
22
26 Y Dock 50
-year 1st g 45._1951 F A
78 Sale 763
7412 8412
85
2412 19
88
9812
let lien 650 series B
1938 D 87 Sale 85
7
0
7
6712
8
Serial 5% notes
'3 1017 Sale 101114 102
65
1938 A 0 65 Sale 65
867 Sinclair Crude 0115 Hisser A.1938
8
4
80 10014 10211
11514 14 1131
Y Edison 1st & ref 6348 A_1941 A 0 11514 Sale 115
0116
6
1942 A0 1001 Sale 10018
8
100211 27
98 101
Sinclair Pipe Line sf58
13
10512 10614 27 1047 1068 Skelly 011 deb 5545
let lien & ref 5s series B 1944 A 0 1054
/
1
s
65
84
-4
1939 M S 85 Bale 65
4 112
16 1071 112
1114 114 1113
/
1
s
NYGasElLtH&Prg 58-1948
Smith (A 0) Corp 1st 6He_ _1933 NI N 10212 Sale 10212 1028
4 12 10214 1034
9912
Purchase money gold 4s..1949 F A 9912 100
9912
3
9714 99 4 Solvay Am Invest Ss
1942 M
95 8 984
3
8
9814 Sale 9512
9614 18
_ 100 112 Sept'30
'3 106 Sale 10514
NYLE&W Coal & RR 5548'42 M N
106
31 1044 106
/
1
let s t 511'41
100 Mar'31
ioo" 100 South Bell Tel & Tel ref 5e 1954 FA 10634 107 10512 107 29 105 107
NYLE&WDock & Imp be '43
.1 inn
S'weet Bell Tel 1st &
N Y Rye 1st R E & ref 4a__1942 J J 40 1(1 4318 Oct'30 _
4
1063
4
Southern Colo Power Se A_ _1947 3, 1063 Sale 105
4 102 10514
40 Dec'30
Certificates of deposit
40 4 10314 216 1023 1054
4
4
Stand 011 of NJ deb Si Dec 15'48 FA 1023 Sale 1023
14 - 212 212 Dec 30,____
.
80-year adj moo 56-Jan 1942 A 0
98
168
96123102
Stand 011 of NY deb 4548-19 JO 97 Sale 9612
51
114
- 1 July'29
Certificates of deposit
80
37
50
68
Stevens Hotel let 6e ear A.... _1945 3' 54 Sale 53
2 Apr'31
1.7g
N Y Rye Corp inc 6sJan 1985 Apr
2 - 14 Sugar Estates (Oriente) 7e-1942 MS
11
9 Apr'31. _ _ _ _
9
2
30
1
55
Prior Ilen 68 series A
7
45 .55
D 11014 ____ 110 Apr'31
19653 J 55 Sale 54
_
1074 110
Syracuse Lighting let g 51-1951
10614 Apr'31
8
N Y & Richm Gee 1st 6a A_ _1961 MN 1063
106 107
104 1061e
Tenn Coal Iron & RR gem 54_1951 33 10618 ____ 10618 Apr'31
85
8
8
/ if
1
4
85
8
5
N Y State Rys 1st cons 448-1962 MN
7
1112 Tenn Cop & Chem deb (111 B_1944 MS 893 Sale 893
4
91's 18
893 99
4
6 Dec'30
RegLeterecl
MN
Tenn Elm Power let 6e____1947 3D 10714 Sale 10614
10712 22 10428108
7
7
7
8
7
9
Certificates of deposit
90 102
/
1
4
8
9518 905
Tanta Corp cony deb 5a--1944 AO 94 Sale 901
814 197
s 12 Mar'31
'3 48 Sale 4514
4834 57
45
5114
Ms 12
50-Yr 1st cons6 He series B 1982 M N
Third Ave Ry let ref en--1960
8
/
1
4
N Y Steam let 25-yr(le ser A 1947 M N 1087 Sale 10834 109
7 10712 10918
2914 0
83
9, 2 5
, 25
Ad]Inc 58 tax-ex NY Jan 1980 AO 284 Sale 2418
104's 24 100 8 10414 Third Ave RR let
1
let mtge 5e
1961 M N 10414 Sale 104
3, 9514 9614
93
98
g be
1937
/ 104
1
4
23 10112 10512 Toho Elsa Power let 78
N Y Telep 1st & gen f 440_1939 MN 104 Sale 103
9111 100 e
7
al
958 10000 4 49
914
9
1965 MS 10091812 Sale 100
1
36
/
4
8 1117
8 35 11118 11218
9612 1001
80-year deben it Cle__Feb 1949 F A 1111 112 1115
Sale
9
1932 3'
6% gold notes
8
8 107
30
45 10614 108
-year ref gold 6s.
1041A 0 1067 Sale 1065
Tokyo Elm Light Co. Ltd
Y Trap Rock let t3e
10012 19
95 10012
19463 D 100 Sale 100
8314 91
8
1953.11) 87 Sale 863
4
875 106
let (18 dollar series
Niagara Fella Power 1st 58 1932 .1 J 10118 10112 101
101
/ 14 101 103
1
4
/ Trenton G & El 1st g 5s-- _1949 M
1
4
1064
1 104 10618
105 10712 10618
Ref & gen 68
_ 1011 103
/
4
Jan 1932 A 0 10218 10212 102 Apr'31
51
72
55
51
51
1
Truax-Traer Coal cony 6548_1943 MN 50
Niag Lock & 0 Pr 1st be A._1955 A 0 105 Sale 105
10514
6 10312 107 11 Trumbull Steel islet Os. __1940 MN 984 995 985
7
8
8
993
4 14
885 1064
4
/
1
__l940
Niagara Share deb 5
98
61
_ _1050 MN 9712 Sale 96
20 Apr'31
20
26
/
1
4
891 9 4 Twenty-third St Ry ref 53._1962 33 20
4 81
68
Norddeuteche Lloyd 20-yr s t 68'47 MN 85
8514 63
854 85
/
1
84
87
99
94 100
/
1
4
Tyrol Hydro-Eke Pow 7548.1955 MN 97 Sale 97
16
Nee Amer Cem deb 634e A_1940 M S 4212 Sale 4212
44
21
41
8714 964
5612
4
95
/ 15
1
4
1952 FA 95 Sale 943
Guar see s 74
North Amer Co deb 6s
99
152
97 99
1961 F A 9812 Sale 9814
14
/ Ujigawa Elm Pow if
1
4
10112 20
98 102
/
1
4
_1946 MS 10112 Sale 101
10414 Sale 10414
No Am Edison deb 5a ear A.1957 M
105
5 10014 105
/ 102
1
4
/ 14 10114 102 1
1
4
8
1
Union Elea Lt & Pr(MO)58_1932 M S 1025 103 102
Deb 5He ear B ___ _Aug 15 1963 F A 103 Sale 10312 10414 51 1011 1043
/
1
4
/
4
4
/
1
4
2 101 10314
4
Ref & ext 58
1933 MN 1023 Sale 10212 102
Deb be series C _Nov 151969 MN 10114 Sale 10114
10'
100
97 10214 Un E L & P
1044 17 1021a 1041,
let g b He A 1954 J J 104 Sale 104
Nee Ohio Tree & Light 88_1947 M
107 Sale 10612 10714 27 103 108
69 4 73
1
Union Elev Ry(Chic) Ee_ _ _1945 A0
764 71 Apr'31
/
1
/ 104's 53 102 10412 Union Oil 30-yr 6sA _ _May 1942 FA 1013 Sale 10012 10114 22 10011 108
1
4
Nor Staten Pow 25 yr bs A __1941 A 0 1044 Sale 103
4
1st & ref 5-yr 63 ser B____1941 A 0 1064 Sale 1064 1063
/
1
6 10512 107
071s 101
35
let lien a f Ss aer C.__Feb 1935 AO 98 Sale 9712 100
/
1
4
North W T let fd g 4 He gtd..1934 J J 1003 10112 1004 Mar'31
1004 1003
864 97
4
Deb be with warr__-Apr 1945 3D 104 104 8 864
,
91
16
100
45
Norweg Hydro-El Nit 548_1957 MN 9912 Sale 99
973 10114 United Biscuit of Am deb 68_1942 MN 105 Sale 10478 105
4
6 100 10.5
11212 10 110 11212 [Tutted Drug 25-yr be
Ohio Public Service 734s A _ _1946 A 0 112 Sale 112
10012 221
96% 1014
/
1
1953 MS 10012 Sale 100
113
1 111 115
let&ref7seerieelj
4412 62
1947 F A 11212 11412 113
45
5
4814 4412
United FLYS St L let g 4_.__1934 3, 40
10218 Feb. _ _ -- 10112 10112 United SS Co 15-yr 8s
31
Ohio River Edison 1st 6e_ 1948J .1
10114
101
991s 1018
a
3
1937 MN 101
35 Apr'31
35
5014 Un Steel Works Corp 6548 A.1951 JO 793 Sale 793
35
8
Old Ben Coal let 68
1944 F A
82
711 83 s
/ ,
4
53
8
4 10518
408 Sale 1043
6 10314 10512
Ontario Power N F let &s...1943 F A .
D 8214 Sale 79
82
/ 14
1
4
7018 83 4
1951
3
Bee s 6 He series C
85
8512
7112
3
85
944
Ontario Power E3erv 1st 5He_1950 3 .1 85 Sale
/
1
'3 77 Sale
794 93
/
1
Eltdeb 654eserA
693 834
8
1947
100 10412 United Steel Wks of BurbachOntario Transmission let 58.1945 MN 10318 -- 10312 Apr'31
10018 36
95 101
Oriental Devel guar eis
1953 M F 10018 Sale 100
5 10412 108
Esch-Dudelauge 8 f Ts__ _1951 AO 10412 Sale 10412 1041s
954 117
8818 96
4
88
Ertl deb 5 He
U A Rubber let & ref Meer A 1947 33 66 Sale 64
64
75
102
14
1958 M N 953 Bale 9418
5412 5112 Apr'31
997
8 21
9514 100
Oslo Gee & El Wks est! 5.1_1033 M
9914 Sale 9914
5112 514
Universal Pipe & Rad deb (is 1938 3D
94
16
88
Otis Steel 101 M 88 ser A
9984 Untereibe Pow & Lt. Os
80
1s 11
83
1941 M B 89 Sale 88
69
1953 AO 7812 8012 79
994 35
94 c10012
Utah Lt & Trac let & ref 55_1944 A0 984 Sale 98
105
22 10234 10512 Utah Power & Lt let be_ -.1944 FA 103 Sale 10238
Pacific Gas & El gen & ref be 1942 J J 1044 Sale 104
/
1
1031g 771 100 108 4
1
11 1037 10514 Utica Elee L & P late
Pacific Tel & Tel let 58__,.1937 3J
____ 1043
4 105
8
105
1 104 105
g ba 1950 .1 J 105 Sale 105
/
1
4
9 106 1073 Utica Gas& Eiec ref & ext be 1957 J
Ref mtge Si series A
4
4
1111s
1952 M N 10712 1073 10712 107
1114 Sale 11118
1 11)52811311
8 102
32 10112 10212 UM Power & Light 5 34e.. _..l947 D 754 Sale 7412
Pan-Amer P & p cony St 68_1934 MN 1011 Sale 1015
/
4
84
/
1
761
4 56
73
53
291
Pan-Am Pet Co(of Cal)cony 68'40 3 D 45 Sale 45
45
78
6612 Sale 6412
69
250
Deb be with warrants___1959 F
641z 76 4
1
8 102
15 1011 10.5
/
4
FA
Paramount-lYway let 650..1951 J J 82 Sale 1013
Without warrants
Sale 8614
907 181
8
8614 97
Paramount Fam'e-Lasky 6s_1947 J D 90
26
23
43
Vertientee Sugar let ref Te_ _1942 JO 26 Sale 2412
13
82
88
7912 89
Paramount Pubes Corp 5He 1950 F A 82 Sale 7912
.11
24
22 Mar'31
22
22
Victor Fuel 1st f 5e
1953
5112 62
Park-Len let leasehold 610_1953 J J 50 Sale 50
50
6212 Va Iron Coal dc Coke let g 5s1949 M
82
8.5
82
82
75
10
85
3018
3518
8
3018 38
Parmelee Trans deb 6e
va Ry & Pow let & ref ba_ _19343, 10314 Sale 10314 1031z 11 1011 103 1
1944 A 0 304 37
8
1
105 1065 Walworth deb 644e with war 1935 AO 71
Pat & Passaic G & El cons be 1940 M S 1064 ____ 1064 Apr'31
/
1
8
71
8412 71
71
85
1
83
88
5034 89
Pathe Etch deb is with warr 1937 M N 81 Sale 7912
84
8412 84
1
84 90
Without warrants
6028 29
Penn-Dixie Cement 68 A.-_1941 M S 60 Sale 60
60
80 4
3
let Sink fund Se series A...I945 AO 6812 Sale 6812
6914
5
881s 79
11612
6 1121/ 11612 Warner Bros Pict deb 64.-_1939 51 S 43 Sale 40
Peep Gas & C 1st cone g 68_1943 A 0 1164 ____ 11614
48
74 4
1
40
300
1087
8 16 10418 109
Refunding gold 5e
1947 M S 10814 Sale 10814
93 Apr'31
97
Warner Co let 68 with warr_1944 AO --__ 95
93
/
4
1011 106 102 13°0'30 _ _ _ _
AO
Registered
M
9312 95 Mar'31
95
97
Without warrants
8 102
/ 70 -981 1123 Warner Sugar RefIn let 7e_ _1941 JO 10. 12 Bale 1054 10512
1
4
10228 Sale 1015
4
Phila. Co see Se ser A
4
1967 J 0
5
/
1
4
10012 106
Phila Elea Co 1st 44411
1967 MN 10414 10412 10418 10418 12 10214 10414 Warner Sugar Corp 1st 7s._1939
'3 10 Sale 10
10
1
1712
10
95 12 281
lit & ref 4s
92
/ 95 8
1
4
5
1971 F A 9512 Sale 95
12
2
1014 Sale 1014
1014 23
Stamped Jan 1 1930 coup on'39
Sale 784
79
28
7738 8514 Warner-Qulnlan deb (is__ _1939 MS 5112 52
Phila & Reading C& I ref 158_1973 J J
79
48
5112
52
/ 46
1
4
69
7312 99
69
83
Cony deb (is
1949 M S 72 Sale 69
Wash Water Power 8 f 58_1939
102104 Apr'31
103 105
7112 89
Phillips Petrol deb 55(e
68
9214 Westchester Ltg be and0
1939 3 D 69 Sale 68
8 1083
8
i 10512 1094
8
6-1650 Jo 1088 gile 1083
Pierce Oildeb a f 88_ _Deo 15 19313 D 103 10812 103 Apr'31
103 10312 West Penn Power ser A 5s-1946 M
4
6 10314 106
1051 ___110512 1053
4
10514 12 1031 10512
Pillsbury Fl Mills 20-yr 88.._11143 A 0 1043 10512 105
4
4
8
6 10518 108
/
1
4
ist 5s series E
1963 MS 1083
8-_ 10812 1085
102
Pirelli Co (Italy) cony 7s. _ _1952 MN 10112 10314 10114
20
94 102
let b He series F
1953 A0 10518 1153 10612 107
4
6 105 1074
Pocah Con Collieries 1st e 58'57 J J 905 Sale 1 90
/
1
4
91
33
8
9012 92
let Bee bs series0
1 1043 1654
1950 3D 10514 108 105
105
5
Port Arthur Can & Dk 68 A.1953 F A 10114 1041z 10118 Apr'31
100 106
Western Electric deb be__ _ _1944 AO 1054 Sale 110512 10614 73 1044 1064
/
1
let M fie series B
102 105
10412
4 1011e 105
1953 F A 1014 _-__ 104 Mar'31
Western Union coil trust be_1938 jJ 10414 105 .10414
Port Geni Elec 1st eHe see 01960 M S 8912 Sale 89
9012 59
86
9114
7 100 102
102
Fund & real eat g 4548-1050
/
1
4
102 Sale :102
Portland Rol.* P ier 714/IA194e MN 10718 Sale 10718 10718
2 1068 108
4
15
4 11018 15 10712311012
-year 6 Hs
1938 FA 1093 Sale 11093
4
Portland Gen Elea let be_ __1935 J
/
1
10312 ____ 10312 1044 13 10118 1047
2
25
1
1951 J
-year gold 53
102 Sale )10112 1034 46 100 4 10M8
Porto Rican Am Tob cony 6s 10423 J 714 Sale 71
7212 20
/
1
60
79
4 90 10012 10414
30
/
4
8 1033
-year be
1940 M
1011 Sale 1013
Postal Teleg di Cable coil 58_1953 J J 61 Sale 59
62
76
bb
747 Westphalia On El Pow 6s_ 1953
4
87
791s
77
56
'3 75 Sale 7412
Premed Steel Car cony g 58_1933 J
86 Sale 85
8712 74
74
88
99 8 103
1
10214 99
Wheeling Steel Corp 1st 5lie 1948 3' 101 Sale 1001s
Pub Serv El & Gas 1st & ref 50'65 D 1054 Sale 10518
10512 12 1024 10614
92
88
93
85
1st & ref 434a series B _ _ _ _1953 AO 851 Bale 85
4
1st & ref 4 He
104
4
40 1014 10414 White Eagle Oil& Ref deb 534837
19673 D 1033 Bale 10314
let & ref 48.0
8 1033
4 50 10118 10414
10214 26 102 103
1970 F A 10328 Sale 1033
With stock punch warrants_ __ MS 10214 Sale 102
1st & ref 4s
/
1
4
9512 386
93 8 9512 White Sew Mach Os with warr'36
3212 cs7
5
36 Mar'31
1971 A 0 9514 Sale 94
'3 40
51
Punta Alegre Sugar deb 7s 1937 J J
7 Apr'31
3
9
464 22
/
1
29
46 8
8
7
8
1211
4018 465 42
Without warrants
6
Certificates of deposit......6 Sale
38
2212 4418
6
8
2
37
6
12
MN 37
44
Partle e f deb es
1940
Pure 011 s f 5)4% notes
82
100
77
10 Mar'31 __
74 10
1
1037F A 83 Sale 77
'3
6
15
96
Wickwire Spen St'l let 7s. _ _1935
S f 554% notes
8212 47
7512 933
57
8 814 Apr'31 .....
7
6
1040M S 77 Sale 7512
Ma
8
Ctf den Chase Nat Bank.- Purity liakerele e f deb be_ _1948 3 J 94 Sale 94
945
8 33
3
9034 89812
7
7
101s 7 8 Apr'31
14 1
14
01g
7e(Nov 1927 coup on)Jan 1935
Remington Arms 1st e f 68_ _1937 M N 9412 Sale 92
9412 29
88
8
8
62
61 1114
8
90
10
7
953
4
Ctf den Chase Nat Bank....
8012 76
Rem Rand deb 550 with war '47 MN 79 Sale 79
100
18
78
/ 9912 Willye-Overland s f 6 As--1933
1
4
6 9914 Sale 99
95 100
Repub I dr S 10-30-Yr te f1940 A 0 10118 Sale 10012 1014 40
09
/ 32
1
4.
99 LO1
9512 1011 Wilson & Co let 25 -yr5 f 66_1941 A0 9914 Bale • 9918
/
4
Re i e. gen 5 Hs aeries A__ _1953
30 1
9414 44
8812 96
8
61 26
83
J 9314 Sale 934
Winchester Repeat Arena 734s'41 AO 303 50 ' 2814
Revere Cop & Br lie_ __July 1948 M S
85
87 Apr'31
303 3912 3912 Apr'31
8
_1 2812 2812
87 101
Certificates of deposit
Rbeinelbe Unlon 78 with war 19463 J 8812 91
8512 Jan'31
101
2671 100 10313
80
873 Youngstow a Sheet a Tube fie '78 3J 10012 Sale 10014
4
Without etk Dutch wary._1946
90
917
e
16
101 ' 304 10014 101
824 934 1st m f 5s ser B
/
1
1970A 0 10012 Sale 10014
Cash Bale.
'Option sale
--
[VOL. 132.
FINANCIAL CHRONICLE
3306
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Apr. 25 to May 1, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Railroads
Boston & Albany
100
Boston Elevated
100
Preferred
1st preferred
100
50 preferred
Boston & Maine
Pr. pref. and
100
Class A 1st pre:
100
Boston Providence_
_100
Chic Jet Ry & U 5 Y pref.
East Mass St fly Co
1st preferred
Preferred 13
100
N Y N 11 & Hartford_100
Norwich dr. Worcester_ 100
Old Colony
100
Pennsylvania RR
50
Providence-Worcester -100
Low.
High.
181% 181
64
68
8355 76%
101% 101
82
85
18251
71
83%
101%
85
124 173% Jan 185
820 62% Apr 75
195 7655 Apr 85
156 98% Jan 103
Apr 91
155 82
10251 102
62
63
178
106
106
103
63
178
106
16
7
456
3
3
71%
140
138
140
52% 50%
180
4%
6
75%
140
140
5551
180
Miscellaneous
American Founders Corp.._
3% 3%
Amer & Conti Corp
14%
11% 11
Amer Pneumatic SerCommon
234
2
Preferred
7
7
let preferred
37
37
Amer Tel & Tel
100 179% 176 183%
Amoskeag Mfg Co
9
Aviation Sec of NE
3% 3%
Bigelow Sanford Carpet_ ..• 2551 25% 26%
Boston Personal Prop Trust
20
18
Brown Co pref
3055 35
Columbia Graphophone_ _ -----8% 955
Continental Secur
24
23
Crown Cork & Intl
454 5%
5
East Gas& Fuel Assn
19% 18% 20%
4%% preferred
100 84
84
83
0% preferred
100 92% 92% 93
Eastern SS LinesInc. _.26 21
21%
20
Preferred
44
44
let preferred
98
95
Edison Eleo Ilium
100 249
246% 251%
Emit!Group Assoc T C.
17
17
17%
General Capital Corp
32
31% 33
Gilchrist Corp
5% 5%
Gillette Safety Razor
28% 31%
Hathaway Bakeries Cl B. ------ 11
12
-Lot Buttonhole Mach
8% 8%
lot Hydro-Electrio
22% 23%
Jenkins Television
4% 4%
Libby McNeil & Libby---1051 10%
Loew's Theatres
8%
8
Maas UtIlltle8 ASSOC V t
451 4%
Mergenthaler Linotype...
- 7951 7956 80
Nat Service Co corn she.
1% 2%
NewEngl Tel & Tel___100 134% 134% 137
North Amer Aviation
7% 8%
Pacific Mills
1955
100 18%
18
Reece Buttonhole Mach-- ------ 15
15
Shawmut Aeon T C
11% 12%
Stone & Webster
35% 40
Swift& Co,new
• 28% 27% 28%
Torrington Co
• 40
39% 42%
Tower Mfg
.50
.40
United Founders Corp corn
6% 7%
U S Shoe Mach Corp pf _25 32
31% 32
United Shoe Mach Corp_25 50% 50
51
U S Klee Power Corp
454, 5
454
Utility Equities Corp pref. 76% 76% 7755
Waltham Watch
80
Prior preferred
80
Warren Bros Co new
3051 27% 31
Westfield Mfg Co
23
23
Minim/
Arcadian Consolidated_ _25
Arizona Commercial
5
Calumet & Ueda
25
Copper Range
25
Helvetia
25
Isle Royal Copper
25
Mohawk
25
Nippissing !Maas
25
North Butte
24
0Jibway Mining
20
PC Pocahon Cab Co
Quincy
25
St Mary's Mineral Land_25
Utah Apex Mining
Utah Metal de Tunnel_
I
Range Since Jan. 1.
.15
1
651
.20
.15
1
.80
755
6% 6%
.15
.15
3;5 354
17
18%
156
1
1%
.50
.50
11% 12%
5
7%
631
1
.35
.35
100
62
168
100
4%
50
15
3
71%
26
1 130
27 125
0051
2,19
25 175
459
375
10
668
10
1,00
82
13
115
10
160
395
14
7,950
40
125
1,21
40
50
700
BondsAmoskeag Mfg Co_ __ _1948
74
7434 542,000
Chic Jet HydrUn 8tk Yea
Se
1940 102% 102% 102% 3,000
Eastern Mass St RV
1948
Series B .55
28% 2855 5,00
Series D 6s
1948
30
6,000
32
Kan City Memp & BirmRy
4 4s
99
2,000
99
1934
5,000
New England Tel & Tel'32
101% 102
P C Pocahontas 7s_..1035
110% 110% 13,000
Western Tel & Tel 3e_1932
1013-4 10155 5,000
Jan 108
Jan 75
Jan 182%
Jan 106
Mar
Feb
Mar
Apr
Apr 10
651
Apr
Apr 9254
Jan 142
Jan 140
Apr 6834
Jan 18151
Jan
Mar
Feb
Feb
Mar
Feb
Apr
3% Jan
9% Jan
2
75
7
39
50 37
6,344 176
7
195
2%
110
245 24
235 17%
157 30
492
791
213 18%
4%
35
17%
49
77
24
89
74
19%
1,37
42%
2
94
3
23 249
16%
36
950 2934
5
2
21%
99
26
11
17
7%
22%
24
91
234
3
934
15
8
3,21
354
24
7955
67
1,1
59 130
80
554
665 15%
15 1454
2,045 1131
1,477 35%
259 2755
465 39%
325 40e
1,805
40 31
1,602 50
454
39
638 64
Mar
Apr
Apr
Jan
Apr
551 Mar
1534 Feb
4
Jan
Feb
Jan 11
Feb
Apr 43% Feb
Apr 201% Feb
Jan 14
Mar
Jan
531 Mar
Jan 33
Jan
Jan 2154 Feb
Apr 66
J-In
Jan 1651 Mar
Jan 2855 Mar
Apr
Mar
8
Jan 2754 Mar
Jan 85
Jan
Jan 95
Jan
Jan 2854 Mar
Jan 45
Feb
Jan 98
Apr
Jan 26631 Feb
Apr 20
Mar
Jan 3954 Apr
Apr
7% Mar
Jan 34% Feb
Feb 15% Jan
Jan
Apr
Apr 3051 Mar
Jan
Apr
6
Jan 1351 Feb
Apr
954 Jan
5
Jan
Feb
Apr 89
Jan
Apr
331 Jan
Jan 142
Mar
Jan 10% Mar
Jan 25% Mar
Jan 15% Feb
Apr 16
Feb
Apr 5454 Mar
Apr 30% Jan
Feb
Apr 47
Jan
134 Jan
Apr 1051 Mar
Jan 31% Apr
Jan
58
AD
8
Jai
Mar
Apr
78
Jo
Apr
80
27% Apr
2031 Fe
Jan
90
4614 Feb
23% Feb
.10
500
Mar
Feb
11% Feb
Feb
.15
Apr
644 Feb
21
Feb
Mar
Mar
1
Apr
lag Jan
10% Feb
9% Mar
151 Jan
590 Feb
Mar
Apr
Apr
Apr
.15
Apr
Apr
15% Jan
Apr
Jan
Apr
.50
1111 Apr
5
Apr
6% Apr
Jan
1
Jan
25e
71
Feb
81
Mar
Jan 103
101%
Jan
35
52
Jan
Feb
23% Feb
Apr
30
9855
100%
106
101
.35
Feb 99
Jan
Jan 102
Mar
Jan 115
Feb
Jan 101% Jan
•No par value. s Ex-dividend.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, Apr. 25 to May 1, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High, Shares.
Abbott Laboratories corn _•
Acme Steel Co cap stk. _25
Ainsworthal fg Corp com10
Allied Motor Ind, Inc corn'
•
Allied Prod Corp A
Altorfer Bros Co cony pref.
Am Commonw Pow A com•
Amer Equities Co cora •
Amer Pub Serv Co Pf--100
Amer Rad & Tel H Corp."
Amer States Pub Serv A_•
Amer-Yvette Co Inc corn_•
AppalachlanGasCorp corn'
Art Metal Wks Inc corn_•
Associated Invest Co_ -- _•
2851
1%
26
4
351
38%
28%
8%
1%
24
30
13
4
91%
39
31
83
,
1
1%
2956
33%
1355
4%
92
734
7
3%
3
455 4%
5%
4
5755 5854
150
350
200
850
7,800
150
400
1,650
190
300
220
4,200
50
1,450
230
Range Since Jan. 1.
Low.
35
2854
8%
156
17
28
13
4
91
54
7
1
4%
11%
57
Jan
May
Apr
Jan
Feb
Jan
Apr
Apr
Jan
Jan
Apr
Jan
Apr
Jan
Jan
High.
39%
41%
134
351
31
36
10%
7%
94
1%
20%
5%
8%
831
61%
Mar
Feb
Mar
Jan
Apr
Feb
Feb
Feb
Feb
Feb
Apr
Apr
Feb
Feb
Mar
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Assoc Tel & Tel
Class A
•
66 pref with warrants...
Assoc Tel Util Co corn- _•
Automatic Washer cony pf
Balaban & Katz Corp -25
Bendix Aviation corn_
•
Blake Mfg A eonv pfd_.
Borg-Warner Corp comb
100
7% Preferred
Brach & Sons(E .11 corn _ _•
Bright Star Elec Co B-_ •
Brown Fence dr Wire
Class A
•
•
Claes B
Bucyrus-Monlghan el A.*
Burnham Trad Corp corn.'
Convertible pref
Butler Brothers
20
88
24
1731
5
1951
14
14
2031
131
6%
5
68
88
20%
4
6134
15%
68%
60
8854 2,030
2454 22,150
170
4
6156
20
19% 38,150
30
5
1756 2156 45,150
50
95% 95%
1,450
1556
12
200
%
13% 14%
5%
5
2055 21
1% 1%
7
5
454 534
350
650
100
850
1,000
5,500
Canal Coast cony pref._•
330
2% 954
8
Castle &Co(A M)
200
23
23
10
Cent Illinois See Co etre- 2031 20
2034 2,500
Central III P 8 pref
630
934
92
• 93
Central Ind Pow pref__100
60
8254 824
200
1354
11
Cent Pub Serv (Del) corn •
Cent Pub Ser Corp A
• 1531 12% 15% 4,850
Cent 13 W Util cum new..' 18% 18
1854 4,850
1,000
96
94
Preferred
Prior lien prat
250
101 101%
Cent States P & L pref..'
61
20
61
50
Chain Belt Co corn
32% 3254
•
1,200
Chic 'Envenom Corp coin.*
254 2%
200
Convertible prof
•
30% 30%
Chic NH & 5111w
50
4
4
Common
100
370
551
4
Preferred
100
20
58
Prior lien ore!
58
100
30
Chic Towel Co cony PI8154 81%
1,800
1954 21
Chicago Yellow Cab Inc_ •
Cities Service Co coin-. 14% 1334 1631 115,800
Club Aluminum Uten Co.
50
2% 2%
Coleman Lamp & S com •
150
5% 531
Commonwealth Edison_ toe 233
230 23431 4,400
100
12
12
Community Tel cum part"
100
Community Water Service*
log iosi
Constr Mail Corp com
350
•
655 7
550
243.4
3331 preferred
•
23
Consumers CoCommon
850,
5
251 3
Cunt Chicago Corp
Common
• 551 551 655 25,9001
Preferred
3551 3634 5,950
36
Cord Corp
10% 1051 12% 84,350
Corp Sec of Chic allot ctf • 53
1,800
56
53
Common
• 17
1654 183-4 16,550
Crane Co corn
25 355% 34
1,670
3554
Preferred-...100 111
120!
10834 113
Curtis Mfg o corn
5
360
133-4 1551
1
Decker (Al!) & Cohn,Inc
Common
451 456
50
•
9% 9%
De Mots Inc pref w w_
20,
Dexter Co (The) corn- _ _5
9
8
160,
Duquesne Gas Corp cm.*
2% 2%
50
El Household Utl Corp__ 10 21% 19
2256 4,650i
Em p Gas & Fuel
6256 8234
100
501
6% preferred
84
8434
100
100
8% preferred
Federal Elec Co
I
52
59
56 cum prior pref
60
59
401
$7 cum prior pref
5154 60
Fitz Sluilliontl 'St Connell
• 25
& D coin
2454 26
400
Foote Bros G 4r M Co_
2
254 2,050:
2
Gardner-Denver Co corn.' 27
27
20,
27
General Candy Corp A._5
120
334 335
Gen Theatre Equip
Common now
•
356 554 2,350
5
Gen Wat Wks Corp el A.•
70
5
5
Gleaner Coal Ilarv corn_ •
700
151 251
Goldblatt Bros Inc corn- •
100
153-4 1554
Great Lakes Aircraft A
5% 15,800,
4
4%
•
13,700
Great Lakes I)& I),
• 205.1
1934 24
Grigsby Hrunow Co cont.•
354 4% 15,250,
4
1,100
1454 1534
Hall Printing Co corn ___10
100
Harnischfeger Corp corn..' 13
13
12
800
8
5
hart Carter Co cony pref..*
755
110
60
60
Hart, Schaffner & Marx100
100'
Homed & Co A
2554 2554
•
2,400,
Flondaille-Hershey Corp A• 13% 1231 14
2,800;
Class B
4% 6
•
5%
10
455 434
Hussman-Ligonier Co Com*
High.
Low.
Feb
70
884
2544
6
69
253-4
931
303-4
975.1
17%
34
Mar
Mar
Feb
Jan
Feb
Feb
Jan
Feb
Apr
Mar
Jan
1331 Apr
Jai
2034 Apr
131 Apr
Apr
5
43-1 A p
20
1034
21%
a
11
Feb
Feb
Mar
Mar
Feb
Mar
Jan
Apr
Apr
Jan
Jan
12
3451
25%
95
84
17%
19%
24%
16%
11143.4
88
37
454
31%
Mar
Feb
Jan
Mar
Mar
Apr
Mar
Feb
Apr
Jan
Jan
Feb
Feb
Mar
4
9%
60
85
2351
20%
354
1251
255%
2054
12
10,31
32
Apr
Feb
Mar
Jan
Mar
Mar
Feb
Jan
Feb
Feb
Apr
Jan
Jan
65
86%
20%
4
6131
1591
5
1751
88
11%
Apr
Apr
Apr
Apr
May
Apr
Jan
31
Jan
5%
2051
20
91
78
11
1254
16%
90
9451
61
3255
24
26
231
4
58
80
1955
1334
24
0%
220
12
9
655
23
Jot;
Jan
AP
Apr
Jai
Jan
Jan
Apr
Apr
Jail
Jan
Jan
Apr
Jett,
Jan
Apr
Apr
Mar
Apr
Jan
Apr
Jan
Apr
Apr
Apr
4% Mar
551 Apr 10% Feb
354 Jan 4031 Feb
Apr
Jan
15
6
Feb
Jan 60
60
14% Jan 21% Feb
Apr 40% Jan
34
Feb
10855 Apr 119
Jan
1356 Apr 18
3
831
8
254
19
Ma
Apr
Apr
Jan
Apr
Jan
7
Jan
14
1055 Feb
6% Feb
29% Feb
62
84
Mar
Apr
65
92
.
Jan
Jan
May
52
5155 Apr
Jan
68
67% Feb
213-4 Jan
Apr
2
Mar
26
Feb
1
Jan
29
434 Jan
Jan
35
4% Feb
354
5
1
1331
13-4
1954
24
144
12
5
60
25
113-1
44
3%
Apr
Apr
Feb
Jan
Jan
Apr
Jat
Apr
Apr
Apr
Feb
Apr
Jan
Ian
Feb
15
14%
6%
20
5%
28%
5%
19%
16%
1351
90
29
18%
954
551
Feb
Jan
Jan
Feb
Apr
Feb
Mar
Mar
Jan
Feb
Jan
Feb
Mar
Mar
Jan
2,350
20
250
146,650
100
1,200
100
2,550
1,100
14,300
50
1,050
20
200
140
1,000
1,170
420
8.300
800
100
1,800
20
300
1334
96
I%
2851
79
74
6
1011
14
213.1
164
356
50
3
49
104
51
67
10
1956
6
434
35
1534
Apr 165
1 Jan
Jan 100% Apr
May
4
Jan
Jan 49% Feb
Jan 93
Feb
Jail
9254 Mar
Jan 13% Feb
Apr 224 Feb
Apr 23% Mar
Apr 34
Jan
Jan
2554 Mar
Jan
754 Mar
Jan 75
Apr
Jan
5% Mar
Jan 51
Feb
Mar 133-4 Mar
Nlay
1% Feb
Apr 83
Feb
JIM
1434 Mgr
Jan 2394 Apr
Mar
9
Feb
Apr
6% Jan
Jan 42
Apr
Jan 20
Mar
350
1251
170
3851
850
27
850
451
1,450
13%
40
651
250
30
50
2355
300
256
10
751
650
18%
260
3931
350
12
250
22%
1951 86,000
1,200
9954
1%
700
251
750
1
1.000
3-4
10%
35
26
255
11%
6
23%
1755
1%
7%
174
3731
10
17
17
95
1%
131
31
Apr 1651 Jan
Feb 40
Mar
Apr 3131 Mar
Jan
7% Jan
Apr 2054 Feb
Jan 113.4 Feb
Jan 3234 Feb
Jan 2551 Apr
Jan
2% Jan
Apr
9
Feb
Feb 23% Mar
Apr 42
Mar
Mar 14% Jan
Jan 23% Feb
Jan 25% Mar
Jan 100% Apr
Jan
4
Feb
Jan
5
Feb
Apr
3
Jan
Illinois Brick Co cap- - - • 25
1354
III Nor Mil prof
ioo
100 100
154
Inland Util Inc class A.
131
tnvttli Util In,eel. ttle.---• 32
3051
*
Prior pref
79
•
2.1 preferred
7751
Invest Co of Amer com
84
•
Iron Fireman Mfg Co v t e• 13%
10%
14
Jefferson Electric Co corn *
Kalamazoo Stove corn - • 24% 2156
Kate Drug Co corn
22
1
455
Kellogg Svebd 4r Sup corn10
60
Preferred
100
3
Ken-Rail T& Loom "A"•
351
Ky Utll jr cum pfd
50
50 50
KeystoneSteel& Wirecotn•
10%
%
La Salle Ext Unlv corn.
.10
31
Lawbeck 6% cum pf__100 674 87
Libby McNeill& Libby- -10 11
1035
Lincoln Printing corn
2151
•
Lindsay Light Co com__10
854
8%
Lion Oil Ref Co corn
454
454
•
42
Loudon Packing Co 00In •
Lynch Corp common_
18
•
McGraw Electric corn....'
•
McQuay-Norris Mfg
MoWilliau& Dredging Co
Majestic Flouseh URI corn •
454
Manhattan-Dearborn corn•
Marks Bros Thea cv pref..
Marshall Field at Co cora •
Mat'l Service Corp com_10
Meadows Mfg Co•
Memphis Nat Gas cora_ •
Mer & Mfrs See Co A vorn•
Metrop Ind Co allot ctfs.•
Mickelberrys Fd Pr cow_
1134
Middle West Tel Co corn_• 21%
Middle West Utilities new • 1851
$13 cum preferred
•
Warrants A
1%
Warrants 13
2
Midland Nat Oas part A _•
Range Since Jan. 1.
1054
38%
26
3%
11%
634
2851
23%
2
734
17%
37%
11
2151
18
9551
134
1454
100
34%
82
82
9
14
1754
26
22
451
60
351
5051
1051
1
70
11
2256
83i
54
42
1851
/
1
FINANCIAL CHRONICLE
MAY 2 1931.]
Friday
Salts
Last Week's Range for
Week.
of Prices.
Sate
Stocks (Continued) Par. Price. Low. High. Shares.
Midland United Co com--•
Warrants
Preferred
•
Midland Dill
6% prior lien
100
6% Prof class A._ 100
lot
7% prior lien
100
7% pref class A
Miller & Hart Inc ov pref *
Miss Val UM pr lien pref *
•
$7 preferred
Mo-Kan Pipe Line comb
Modine Mfg common. •
Mohawk Rubber Co rem.*
Monroe Chemical com- •
•
Preferred
Morgan Lithograph com.•
Mosier Leather Corp corn •
Muncie Gear Co ol A
•
•
Common
Muskegon Motor Spec
Convertible A
•
Nachman Springfilled com•
National Battery Co Dref *
Nat Elea Power A pan_ _ •
100
7% Preferred
7% prof with warrs 100
Nat'l Family Stores corn.•
National Leather corn _10
Nail Rep Inv Tr allot Ws•
Nat Seem Invest Co corn _•
100
6% cum prat
Nat Pub Serv Corp convpf•
Nat'l Standard corn
•
Nat Term Corp part pref.*
Nat Union Radio Corp..*
Noblitt-Sparks Ind com •
North Amer Car corn_
•
North Amer Gas & Elea A •
No Am Lt dr Pr Co corn_ _•
N & 8 Am Corp A com_ •
Northwest Bancorp oom _50
Northwest Eng Co com...•
Northwest bur-Prior lien pref
100
7% preferred _ .
its(
Pacific Pub Sore A cony •
Parker Pen Co corn
10
Peabody Coal Co 6% pf 100
Penn Gas & Elea A corn__•
Perfect Circle (The) Co..*
Mee Winterfront corn.__•
Polymet Mfg Corp com__•
Potter Co (The) com__'
•
Process Corp com
•
Pub 6erv of North com_ .
8% preferred
100
100
71 preferred
7
Q R El De Vry Corp com•
Quaker Oats Co
Common
•
Preferred
100
Railroad Shares Corp com•
Rath Packing Co com .10
RaytheonMfgCo v to corn'
Reliance Internat Corp A •
Reliance Mfg Co com__ _10
Preferred
100
Rollins Hosiery Mills
Convertible prof
•
Ryerson & Son Inc oom_ •
Sally Frocks Inc com__...•
gazet Co common
•
Sangamo Electric Co____'
Seaboard P 6 Co
•
Convertible prat
Seaboard Util Shares Corp.
Segal Lock dz H Co oom •
gignode Steel Strap oom__.
Preferred
30
South'n Colon Gas com...•
So'weet Gas & El 7% pf 100
Southwest Lt & Pr pref_.•
St Louis Nat Sit Yards'
Standard Dredge com_.._•
•
Convertible prat
Stettin.) Radio Co
•
Storkline Fur Co cony pf 25
Studebaker Mall Order A •
Super Maid Corp com..'
firsift International
16
Swift & Co
25
19
38
84
1834
1334
2334
8736
9034
436
534
29%
7
234
1134
66
30
1831 193-4 42,350
150
%
34
38% 1,050
36
1831
36
36
Apr
Apr
Apr
23
Jan
134 Jan
433. 1 eb
,
50
20
120
20
950
250
100
2,750
300
50
60
140
550
20
50
50
79
793-4
96
8894
1434
9136
90
534
25
336
434
22
3
6
136
136
Jan 9034
Mar 85
Jan 100
Jan 943-4
Apr 24
Feb 9616
Apr 97
Jan
1034
Apr 3834
Feb
8
Mar
536
Jan 30
Apr
9
Apr
834
Jan
636
Feb
431
13
7
2334
22
8736
90%
4
94
27%
5
6616
4234
27
634
236
32
1734
1034
653-4
7
29
13
1334
7
2336
2434
8734
903.4
436
%
30%
534
703-4
4216
30%
7
2%
38
21
1134
6634
834
3034
14
900
100
20
1,150
10
1.020
1.600
200
250
850
700
200
2,100
220
250
650
1,650
650
3,65
650
5,650
550
PI
7
20
22
8734
90
331
36
2734
334
64
4034
2534
6
134
32
1636
1134
2534
28
95
05
6
1
31
734
76
47
3436
g
5
47%
31
1334
7034
1134
37
1834
130
135
11834 116
3%
1934
6%
4
5
80
14134
118
4
1936
6%
436
6%
80
Jan
Apr
Mar
Jan
May
Jan
Mar
Jan
Apr
Feb
Jan
Jan
Jan
Apr
Jan
Apr
rui Apr
10
Feb
01
Jan
Apr
7
Apr
29
1234 Jan
200 8934
140 6634
100 20
150 15
50 55
1,850
8
1,100 24%
1,550 1434
2
850
300
6
200
334
1,425 20034
50 12234
100 x1299(
2,000
134
Jan
Feb
Apr
Apr
Apr
Feb
Apr
Apr
Jan
Jan
Apr
Jan
Jan
Jan
Feb
Feb
Mar
Feb
Apr
Feb
Apr
Jun
Mar
Jan
Mar
Jan
Apr
Feb
Apr
Apr
Apr
102
9$
2434
2434
60
1134
36
2234
634
13
531
262
137
147
53.6
750 130
Apr 170
220 118
Jan 120
1,100
5
33.4 Apr
150 1934 Jan
2036
150
8
Jan
1536
300
3
6
Jan
1,300
Apr
5
736
20 80
Apr 80
30% 32
21
2236
250
200
5
5
1036 11%
22
22
150
3.250
4,750
3034
21
Apr
Apr
38
28
4
Jan
834 Mar
22
Apr
9
13%
2636
440
45
4% 6,850
300
631
120
5
20
1731
8% 1,350
40
95
40
90
100
69%
850
4
1,400
8
55
%
22
7
100
2%
5% 1.300
37% 12,050
28% 8,300
4214
836
531
336
16%
7%
94
8714
6931
336
13
34
7
2
3%
34%
2434
May
Jan
Apr
Apr
Feb
Jan
Jan
Jan
Apr
May
Apr
Jan
Apr
Jan
Apr
Feb
Ma
48
5%
7
9%
20
12
98%
944
69%
8
113
1
14
336
7
4034
30%
Tele Bond 4c Sh class A...' 54
30
54%
54
Thompson (J R.) com--.25 24
350
23
26
Transformer Corp of Am _•
300
216
2
Twelfth St Storrs A__'
20
9
9
Stock purchase warrants
20
%
31
10
47
47
20 Wacker Drive $6 prof..'
500
Twin Sts Nat Gas part A_•
34
%
4%
5%
650
United Amer Cul Imo oom•
4
•
10
250
1211
Class A
436
436
4
250
Unit Corp of Amer pf____•
•
7%
7% 2,800
United Gas Co cons
7
10
110
1336
Un Print & Pubs cony pref*
2% 336
900
•
Common
64
64
10
United Pub UM 26 pref.. •
42
4,650
20 4136 39
U 13 Gypsum
19
2236 18,800
S Radio dr Telov oom___• 2016
4,450
2% 336
Utah Radio Prod oom___•
536 613 10,750
631
Util & led Corp corn.___•
1616 17% 3,160
Convertible preferred....
• 16%
Utilities Power dr Lt Corp
7%
8% 2,750
7
Common non-voting...*
300
• 2236 21% 2331
Class A
10% 10%
150
Viking Pump Co com
• 10%
200
• 28% 27% 2836
Preferred
is% 19
450
Vortex Cup Co
• 1836
350
• 2636 2631 26%
Clasa A
236 3
850
Wahl Co common
•
Walgreen Co corn
• 18)1 1831 1931 30,450
10
9
160
Warchel Corp cony pref__'
Ward (Montgomery) & Co
18
• 100% 10016 102
A
290
45% 50
Waukesha Motor Co com •
2,08
3
2
•
Wayne Pump Co corn_
12%
86
10
Convertible preferred__•
50
1011 10%
West Cont Util Inc A_ __ _•
650
22
Western Pow Lt & Tel el A• 21% 21
3,300
31 1
Wextark Radio Storescome
100
• 11% 11% 1134
Wieboldt Stores Too
350
533
5
Williams 0i1-0-Matle com'
513 4,900
531
5%
Wisconsin Bank She corni0
800
331
3
Yates
-Amer Mach part pf•
1,450
234 3
Zenith Radio Corp cam__•
2%
5131
23
2
8%
36
45%
33
4
10
4
7
10
216
63%
33
1434
234
536
18
Feb
Apr
Jan
Mar
Apr
Apr
AD
Apr
Apr
Apr
AD
AD
Apr
Ma
Jan
Jan
Jan
Apr
Jan
55%
34
3%
11
36
47
2
1i
16
1234
1131
16%
10
65
49
3411
5%
936
10%
7
2131
8
25
18%
25
2
Apr
Apr
Feb
Jan
Apr
Feb
Jan
Apr
Apr
14%
30%
1234
29
23
29
4
2934
10
BondsAppalach Gas Corp 6s 1945
Gino Railway
1927
1st mtge Sc
let mtg 5s Ms of dp1927
5
1736
831
90
334
7%
3%
3616
28
4236
3%
5)4
336
17%
7%
95
87%
13931
3%
6
%
7
2
3%
35
2736
63
63
63
62%
6236 6236
62
60
$2,000
1,000
2.000
18%
9
95
48
2
10
10%
20%
31
11%
5
5%
3
254
83
Bonds (Concluded)
High.
84
80
9634
94%
1834
91
90
6
27
5%
5
29
4.0
6
3
2
97 100
91
90
20
20
1534 15%
55
55
11
10
IOU
2434 28
26
14
16
1734
3
231 331
7
8
334 4
231 239
235
127 13334
13834 13831 139%
2
2%
234
4436
4
Low.
84
80
96
93%
1416
85
90
536
25
53.4
5
27
3
6
3
2
97
90
1134
Range Since Jan. 1.
3307
Last Week's Range for
of Prices.
Week.
Sale
Price. Low. High.
$
Range Since Jan. 1.
Low.
High.
1,000 1053.4 Jan 10734
Jommonw Edison 58_1943
107 107
1940 8134 8034 88 243,000 1 014 Apr 94
.
wzrall UM Inv es
70
70
1,000 70
Apr 7236
5s without warrants 1949
1,000 9531 Jtth 101
Krgage(S rii az Co os_ _1945 101
101 101
National Hotel of Cuba
1.000 55
55
55
Apr 60
Allotment certificates'59 55
11,000 6934 Apr 76%
Nat Public Service 5s.1978
6934 71
69
1,000 69
Apr 75
69
North UM Co Os A1943
Penn Pow & Lt 436s__1981 9636 9634 9616 15,000 963-4 Apr Mt
• No par value. z Ex-dividend. y Ex-rights.
Mar
Feb
Jan
Mar
Feb
Mar
Jan •
Apr
-Record of transactions at
Toronto Stock Exchange.
the Toronto Stock Exchange April 25 to May 1, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par, Price. Low. High. Shares
Range Since Jan, 1.
Low.
High.
Feb
Feb
Jan
Mar
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Apr
Mar
Fob
Feb
Mar
F
eb
Feb
Mar
mar
Jan
Mar
5
536 Apr 13% Feb
534 536
Abitibi Pow & Pap corn_ •
Apr 12
Feb
65 15
24
15
6% preferred
160
5 2216 Apr 30
Jan
2236 2234
Alberta Pac Grain pref_100
7
Apr 10
10
Jan
7
7
Associated Canners
•
289 13
Jan 3736 Mar
2294 25
Atlantic Sugar corn
*
Apr 20
45 14
Jan
14
14
Beatty Bros com
•
Jan 151% Feb
578 141
142 14531
Bell Telephone
100 143
Apr
Mar 20
85 12
17
Blue Ribbon Corp com.- •
1734
Feb 38
40 30
Apr
3636 38
50
633% prof
125 18
Apr 2216 Jan
19
Brantford Cordage 1st pf 25 1834 18
Apr 2836 Mar
Brazilian T L & Pr cam_ • 18% 18% 19% 6,923 18
Jan
Apr 22
20
5
5
B C Packers Prof
5
loco
Jan 4236 Mar
330 35
B C Power A
* 3894 3834 39
175 11% Jan 1534 Mar
13
12
Apr 26
Feb
525 20
2034
Building Products A
Bs 20% 20
•
130 37
Apr 44% Feb
38
37
Burt, F N Co com
25
861 1194 Apr 1834 Mar
Canada Cement com
• 1216 113-4 1236
308 91% Jan 9636 Apr
94
Preferred
100 9394 93
Feb
120 163.4 Jan 27
17
Can Steamship Lines pf 100
17
Feb 70
Jan
40 65
Canada Wire & Cable A- •
8534 6634
75 2431 Apr 3034 Mar
B
* 2536 2494 2536
315
994 Apr 1334 Feb
934 1014
Canadian Canners com
• 10
479 10% Apr 14
Jan
Cony prey
• 1034 103-4 11
Feb
40 89
Apr 92% Jan
90
89
1st prof
100 89
Feb Canadian Car &
40 1236 Apr 23% Mar
1236 13
Fdy com•
Mar Canadian Drdg & Dk com •
110 2536 Jan 3636 Feb
3034
30
Jan
18 5936 Jan 6336 Apr
6194
61
Canadian Gen El pref.
Feb Canadian Indus Alm __50
234 Jan
90
3
3
534 Jan
A_ -•
Jan Canad'n
Apr 25
35 15
Apr
15
15
Locomotive pf 100
Mar Canadian
Apr 2334 Jan
560 10
1316
11
*
Apr Canadian Oil corn
3331 3634 3,092 3331 Apr 4531 Feb
Pacific Ry_ __ _25 34
Mar Cockshutt Plow
736 Apr 10
115
Jan
73com
•
733
Mar Consolidated Bakeries_ _ _•
Apr 1234 Feb
8
756
836 894
9
Mar Cons Mining &Smelpg....25 110
Apr 187
Mar
491 101
108 113
Feb Consumers
Apr
126 18094 Jan 187
Gas
100
Mar Cosmos Imp Mills corn...* 18534 18336 186
Mar
9
Mar
7
105
834 834
836
Feb Crow's Nest Pass
Jan
834 Mar 15
25
13
13
Mar Dome Mines Ltd Coal_100 11.25 10.25 11.50 2,395 9.20
Jan 13.25 Apr
•
Jan 2411 Apr
380 14
21
Dominion Stores corn.__ _* 22
2234
Jan Eastern
Apr 20
Apr
25 20
20
20
Steel Prods coin. •
Mar
Apr
Apr 100
322 97
100 100
Prior
100 100
Feb Ford Copref
1834 2234 11,115 18% Apr 2931 Mar
of Canads A
* 19
Jan
Mar General Steel
434 Apr
25
73-4 Jan
4% 434
Wares corn.*
Mar Goodyear
Jan 1073-4 Feb
144 101
102 105
Jan Gypsum, T & Rub pref 100
834 Apr 1234 Jan
8% 936
901
'Arne & Alab_ __•
9
Apr Hamilton Un
Mar 63
Apr
5 55
60
60
Th pref....100 80
Jan 8.70
Apr
8.25 2,075 6.25
Holl'ger Cons Gold Mines 5 8.15 8.00
Feb Inter Milling lot
mar
Apr 103
40 100
101 10134
pref _100 102
.
Jan Internat Nickel com
* 1434 1434 1534 18.695 1374 Fob 20% Mar
165 3334 Jan 45
Apr
4136
41
Internat Utilities A
*
Mar
290
6% AP1' 1036 Feb
631 7%
B
•
Apr Ifelvinator
351 Jan
5
25
Mar
436
434
of Canada corn•
Feb Lake Shore Mines
1 28.00 26.7528.00 1,245 23.00 Jan 28.50 Apr
185 3714 Apr 46
Feb
3794 38
Feb Laura Secord Candy com_• 38
515 11
Jan 1454 Mar
1336 1231 1314
Jan Loblaw Groceterias A__ ...• 1236 1211 1294
Jan 1434 Mar
130 10
B
•
Apr Massey
5
895
Apr 1036 Jan
6
5
511
-Harris corn
•
Jan
25.00 23.15 25.90 1.475 20.15 Jan 26.30 Apr
Jan McIntyre Porcup Mines 5
Afar 38
Apr
5 38
38
38
Monarch Knitting pref 100
Feb
165 143-4 Apr 1731 Jan
14% 1536
•
Mal Moore Corp com
Feb 10834 Jan
51 101
103 10594
A
100 103
Jan
45 112
Apr 126
112 118
Jan
B
100
Apr
Jan
55
6
834 Apr
8% 836
Jan Muirheads Cafeterias pf_10
Apr 1.76 Mar
800 1.15
1.60
1.15
Nipissing Mines
5
Jan
71 19
Jan 21
Mar
1934 20
Feb Ont Erma Life 10% pd 100 1934 79
1,371 79
Apr 9234 Feb
81
Apr Page-Hersey Tubes com...• 8036 24
35 18
Jan 2836 Mar
25
Photo Engravers & El____• 24
Mar
Apr 16
35 12
1234
12
Jan
Feb Riverside Silk Mills A. •
20 7334 Apr 773-4 Fob
'7334 '7536
100
Apr Russel Motor com
Apr 92% Jan
86 85
89
Jan Simpson's Ltd pref.__ _100 8536 85
934 Mar
Apr
5
870
536
5
Stand Steel Cons corn_ ___•
5
3034 Apr 4234 Feb
Feb Steel Co of Canada corn...* 3136 3036 33% 1,520 31
415
Apr 36% Feb
323-4
Preferred
25 3211 31
Mar
15
Jan
8
Apr 13
8
8
•
Jan Tip Top Tailors corn
20 8734 Jan 90
Apr
89
88
100
Preferred
Feb
Mar
50
2
2
3
2
Jan
•
Mar Traymore Ltd corn
1216 1236
Mar 123.4 Jan
20 11
20
Preferred
Apr
6% 12,299
6
6
Apr
636
836 Feb
Jan Walkers-Gooderh Worst_.*
12
Apr 1734 Jan
10 12
12
Feb West Can Flour Mills corn'
49 85
91
90
Jan 96
Mar
100
Preferred
Feb
40 30
38
Jan 45
Mar
38
Feb Weston, Ltd, Geo, com •
Feb
Banks
Jan
Apr 231
Mar
218 222
150 218
100 220
Jan Commerce
129 218
Mar 224
Jan
221 222
100 221
Mar Dominion
100 217
Jan 225
Jan
218 219
100 219
Mar Imperial
Jan 302
42 279
Mar
281 285
100 283
Mar Montreal
4 315
Jan 3253.4 Mar
317 317
100 317
Feb Nova Scotia
Mar
168 270
Apr 291
270 272
100 270
Feb Royal
Jan 238
Mar
1 217
234 234
100 234
Feb Toronto
Feb
Mar
mar
Mar
Mar
Feb
Apr
Mar
Jan
Jan 104% Ap
Jan 73
Pal
Apr
6% Fe
Apr 28
Fe
Apr 22
Jab
Jan 23% Ap
AD
Jab
3
May 1436 Ja ,
Apr
6
Jai ,
Apr
834 J I
Apr
9
Fe I
Jan
5% Po I
Apr
8854 Fe I
8214 May
Apr
80
7454 Ma r
7336 Ma •
Loan and Trust
Canada Perm Mortgage 100
Cent Can Loan & Savs.100
Huron & Erie Mortgage100
20% paid
•
Toronto Gen Trusts...100
* No par value.
215342153-4
295 295
150 160
2834 2836
230 2311
4
10
13
27
1
Jan 216
206
Jan 301
290
Mar 150
148
2836 Apr 2934
Feb 235
227
Apr
Feb
Apr
Mar
Mar
-Record of transactions at the Toronto
Toronto Curb.
Curb April 25 to May 1, both inclusive, compiled from
official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Salt
Par, Price. Low. High Shares.
Beath & Son W D "A" •
Biltmore Hats com
•
100
Preferred
Can Bud Breweries corn._•
Canada Malting Co
•
Canada Power dr Paper...'
Canada Vinegars com
*
Canadian Marconi Co_ -1
•
Canadian Wineries_ _
.,--..,.... oat-, ri,......1 Re.:••
__.-
1136
534
Range Since Jan. 1.
Low.
6
436
65
11
12
3%
17
236
534
63.4
436
65
12
1236
331
173-1
236
534
200
25
25
635
25
28
150
100
5
6
436
80
831
12
3%
17
234
334
10
10
100
10
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Jan
Anr
High.
12
436
65
1336
163,4
494
20
4
8
18
Feb
Apr
Apr
Apt
Fe!]
Jam
Jar
Fe!]
Mai
Jar
3308
yaw
ersaay
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price, Low. High. Shares.
i3
18
11
1%
1734
10%
14
11
90
50
1,206
875
100
100
30
134
1834
11
14
1114
90
Range Since Jan. 1.
Low.
Apr
Jan
Apr
Jan
Jan
Jan
114
1034
10
10
9
863.4
High.
3
1834
1234
14
1334
91
Jan
Mar
Jan
Apr
Mar
Apr
Apr 80
Jan 1134
Jan 40
Jan 119
Apr 20
Apr 78
Apr 20
Jan 1031
Feb 8834
Apr 3634
Feb 6334
Feb 109
Apr 1634
Apr 3634
Apr 9014
Apr 59
Apr 16
Mar 80
Jan 10434
Jan 30
Apr 65
Apr
731
Feb
Mar
Mar
Mar
Mar
Mar
Apr
Mar
Mar
Feb
Mar
Apr
Mar
Feb
Jan
Mar
Mar
Jan
Mar
Apr
Jan
Feb
1034 1034
434
4
1334 1334
11
123.4
14
1534
78
77
32
32
1934 21
100 100
1034 12
9,328 10
4
45
9,234 1134
5,475 11
490 1334
145 73
1,000 32
706 1834
5 100
217 1034
Apr 1634
Apr
634
Apr 1834
Apr 1534
Apr 2234
Jan 80
Apr 51
Apr 3234
Apr 105
Apr 18
Jan
Mar
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Jan
4
Jan 1034
350
534
5
53.4
8.15
125 4.70 Jan
4.65 4.70
*
Mar 93
4,675 59
78
1
71
Mar 55
8,500 39
42
49
1 44
2.66
470
1.46 Jan
2.05 2.11
5 2.05
• 25.50 22.75 29.25 33,985 14.00 Jan 29.65
1.25
Jan
100 82
87
87
1
Jan 110
1,000 53
1
89
85
8.65
7.80 8.10 1,765 6.30 Jan
8.10
1
3.02
1.94 Jan
2.83 2.95 3,390
• 2.95
Feb
Mar
Apr
Apr
Apr
Mar
Feb
Apr
Apr
Apr
oil.
*
British American Oil
Crown Dominion 011 Co_ •
•
Imperial 011 Limited
International Petroleum_ _•
McColl Frontenao Oil com•
100
Preferred
•
Nordon Corporation
Supertest Petroleum ord_•
Preferred A
100
Union Natural Gas Co___*
1034
13
1134
1534
77
21
• No par value.
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Apr. 25 to May 1, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
29% 32%
Amer Foreign Securities- •
•
43
41
American Stores
18
18
Bankers Securities pref.--- 18
116 118
Bell Tel Co of Pa prof.-100 118
•
3% 4%
Budd (E G) Mfg Co
7
8%
Budd Wheel Co
50 41% 41% 4134
Cambria Iron
18% 1834
Camden Fire Insurance_
4534 4515
Catawissa lot [ref
45% 45%
2nd preferred
3% 3%
Central Airport
4134 41%
Consol Traction of N 5.100
50% 55
Elea Storage Battery__100
1% 114
Empire Corporation
Fire Association
10 1914 17% 1934
(I) Fishman & Sons
4%
4% 834
Range Since Jan. 1.
Low.
500 34%
42
43%
Horn & Hard(NY)corn_•
1,200 50
55
56
Insurance Co of N A____10
4
4% 5,700
4
Lake Super Corp cif of dep.
4
Lehigh Coal & Navigation
22% 4,100 20
New when hunted
20
614
7% 93.4 1,774
Mitten Bank Sec Corp pfd.
9%
50 75%
75% 76
Penn Cent L de P cum pfd_•
15,002
51(
534
Pennroad Corn
10,369 50%
50
Pennsylvania RR
50% 55
35 8834
93% 93%
Phila Dairy Prod pref_ _ _25
500 101
Phila Eleo of Pa S5 pref
10334 102% 103%
Phila Else Pow pref_ _ _ _25 32% 32% 33% 2,500 3234
44
5 42
44
Futile Insulated Wire
935 13
13% 1434
Philo, Rapid Traneit _ _ 50
50 1714 16
1734 1,665 16
7% preferred
7%
1,100
7% 8
Phila & Read Coal & Iron__
33)4
500 29%
Philadelphia Traction_ -50 33% 33
200 31%
31% 31%
Certificates
Railroad Shares Corp
10
Reliance Insurance
Scott Paper
Seaboard Utilities Corp_
Shreve El Dorado Pipe L 25
Tacony-Paimyra Bridge_ •
1
Tonopah mining
so
Union Traction
United Gas Impt corn new•
•
Preferred new
US Dairy Prod corn ci IL*
Victory Insurance Co
•
Warner Co
33
,
1 4% 1,000
600
6% 6%
48
56
5014
3% 4% 1,000
400
2)4 3%
45
42
43
800
31
%
2114
300
21
28% 30)4 33,610
103% 104% 1,100
600
11
12
600
514 634
8)4
100
25% 2534
6%
Bonds
94% 94%
Del Elec Pow 514s____1059
3654
35
Elec & Peoples tr ctfs 48'45
100% 101%
Georgian Pow & Li 50_1967
76
76
5s..._1935
Keystone Telep
98% 98%
Lehigh Nay Cons 4548 1954
------ 10334 1053.4
Lehigh Pow & Light 6s_
97
9714
2003
Gen 434s
95)4
95
Penn Cent Lt & Pr 454577
94% 96%
Penn RR 4145 when iss1981
Pinks Electric (Pa)
1 03% 103%
1967
1st 410 series
9514 95)4
1971
let & ref 4s
308% 109)4
1966
1st 55
106% 106%
Phila Elea Pow 5345_ _1972
95%
95
Pub Serv Elec & Gas 48'71
104% 104%
Reading Termhurt 58
96
96
Strawbridge & Cloth 58 '48
94% 94%
Warner Co lot Os with warr
109% 101
York Railways 1st 5*.1987
High.
1,100 29% Apr 53% Feb
Jan 48)4 Mar
1,600 37
Mar
100 16% Jan 25
800 11514 Jan 118% Mar
3% Apr
5% Feb
2,100
7
Apr 1234 Feb
1,300
Feb
100 41% Jan 42
900 17% Jan 2934 Mar
20 45% Apr 4634 Jan
20 4534 Apr 453.4 Apr
5
Mar
234 Jan
100
Jan
300 40% Mar 43
1,600 5034 Apr 65% Mar
234 Mar
1% Jan
600
Jan 2414 Feb
900 17
Mar
434 Apr 11
63
3%
5%
42%
334
151
41%
%
20
27%
98%
10
-43-4
2534
Jan
Jan
Apr
44% Apr
6334 Mar
9 Jan
Apr 27%
Apr 13%
Feb 81
8%
Apr
Apr 64
Jan 9434
Feb 104
Jan 33%
Jan 45%
Apr 22
Apr 29%
Apr 12%
Feb 40%
Apr 39%
Feb
Jan
Mar
Feb
Feb
Apr
Apr
Mar
Jan
Jan
Feb
Mar
Feb
Feb
Feb
Apr
Apr
7% Mar
Feb 50% Apr
Jan
51( Feb
5
Feb
Jan
Jan
Jan 45
Apr
1
Jan
Jan
Apr 23
Jan 37% Mar
Jan 104% Apr
Feb
Jan 15
Apr
Jan
7
Apr 32% Feb
$27,000 9414 Apr 94% Apr
Mar
Jan 37
9,000 30
19,000 100% Apr 102% Apr
Jan
Apr 82
3,000 76
Mar
14,000 97% Mar 101
Feb 106)4 Apr
15,500 101
Apr 98% 'Mar
10,000 97
Apr 97)4 Apr
9,000 95
23,000 94% Apr 96% Apr
Mar 103% Apr
4,000 93
27,000 9434 Mar 9534 Apr
3,000 107% Jan 109% Apr
6,000 105% Jan 107% Mar
21,000 94% Mar 9414 Apr
2,000 101% Apr 105% Mar
Jan
5.000 93% Jan 98
Jan
2,000 94% Apr 96
Apr
6,000 97% Jan 101
•No par value.
-For this week's record
Baltimore Stock Exchange.
of transactions on the Baltimore Exchange see page 3282.
Cincinnati Stock Exchange.
-Record of transactions at
Cincinnati Stock Exchange Apr. 25 to May 1, both inclusive, compiled from official Sales lists:
Stocks-
o(11,..7
'
,may
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Aluminum Industries Inc_*
Amer Laund Mach com_20 32
Amer Products pref
• 13
Amer Rolling Mill com _ _25 26
Amer Thermos Bottle A_ _•
834
Burger Bros
•
Central Trust
100
Champion Coated Paper
Special preferred
100
Champion Fibre pref___100 105
CNO&TPpref
100
Mein Gas & Elec pref _100 103
Cincinnati Street Ry __ _ _ 50 3734
Cincinnati & Sub Telep_50 100
City Ice & Fuel
* 313.4
Crosley Radio A
*
Dow Drug corn
*
Eagle-Picher Lead corn_ 20
Early & Daniel corn
•
Formica Insulation
• 24
Gerrard S A
•
Gibson Art corn
* 34
Gruen Watch corn
• 3014
Preferred
100
Hobart Mfg
*
Internal Print Ink pref _100
Kahn participating
40
Kodel Elec & Mfg A
•
* 3134
Kroger corn
Little Miami guar
50
•
Lunkenheimer
Magnavox
•
Moores Coney B
Procter & Gamb com new.' 8634
8% preferred
100
100
5% Preferred
Pure Oil 6% pref
100
•
Randall A
•
B
Rapid Electrotype
• 3614
Richardson corn
* 10
U S Playing Card
10 38
U S Print & Litho corn new•
*No par value.
Range Since Jan. 1.
Low.
14
14
3131 3434
13
13
2434 28
834 834
5
5
265 265
105 105
105 10534
10914 109%
10234 10334
3734 3834
100 10134
313-4 32
5
534
10
1134
434 434
28
28
223-4 25
53.4 534
3314 34
3034 3034
102 104
3734 3834
65
65
30
30
2
2
2834 33
100 100
25
25
134 2
1
1
65
88
177 177
10814 10814
6734 733-4
1434 1434
434 43.4
34
37
1034
10
38
40
10
10
5
108
2
980
478
110
33
162
175
2,565
25
192
100
376
15
45
144
6
20
85
4,050
25
7
70
58
2,810
6
41
527
130
124
422
375
250
22
Jan
Apr
Apr
Apr
Apr
Jan
Jan
95 1234
560 3134
9 13
1,905 243-4
10
834
4
100
39 265
1013.4
99
107
10034
3734
9654
313.4
434
934
434
24
2234
434
333-4
3034
102
37
65
28
134
1834
100
25
1134
1
6334
170
10514
6734
1314
334
34
10
38
10
Feb
Feb
Feb
Feb
Apr
Jan
Apr
Jan
Jan
Feb
Jan
Apr
Mar
Apr
Apr
Apr
Jan
Apr
Jan
Apr
Jan
Apr
Apr
Jan
Feb
Jan
Feb
Jan
Apr
Feb
Feb
Apr
Apr
Apr
Apr
High.
titivagpmtinmtggvatutvatmegtiigggg
20 70
288
4
45 30
234 90
185 1234
5 7334
10 1714
9
70
195 5414
275 2434
50 5034
40 104
245 1014
1,005 16
108 70
15 48
205 10
10 75
30 101
65 18
135 40
4
60
St. Louis Stock Exchange.
-For this week's record
of transactions on the St. Louis Exchange see page 3283.
frait4.22
71
71
6
534 734
34
34
95 100
14
123.4 14
7334 7334
1734 1734
1034 1034 1034
573.4
6734 56
2434 2634
5514 5534 5534
10534 106
11
1034 11
19
18
18
74
71
71
48
4834
11
12
76
76
10334 104
30
30
45
45
4
4
-For this week's record
Pittsburgh Stock Exchange.
of transactions on the Pittsburgh Exchange, see page 3283.
M ,, M.00O ‘00.MOMt-000WOMM.00M,PNN,MN40000..DOC.0
,
ov,-.M. O 0000se0M .. CO
COO.t.M MOM
....... ,
0,-.4.-.
.-4
...
,.....
Carling Breweries
•
DeForest Crosley Radio •
Distillers Corp Seagraras_*
Dom Pwr & Trans stubs •
Dom Tar de Chemical com *
Preferred
100
Duffern Pay 4; Crushed St
Preferred
100
Durant Mot of Can com_10
English Elec of Can A _ _ _•
Goodyear Tire & R com_ •
Hamilton Bridge com____•
Preferred
100
Humberstone Shoe cam--•
Imperial Tobacco ord_ _- _5
Montreal L H & P Cons__•
National Steel Car Corp_ •
Power Corp of Can com__•
Robert Simpson pref___100
Rogers Majestic
100
Service Stations com A___*
Preferred
100
Shawinigan Wat & Power•
Stand Pay & Mat com_ •
Preferred
100
Tamblyns Ltd 0 pref_ _100
..°
Thayers Limited prof..
United Fuel Invest pref 100
•
Waterloo Mfg.A
Mines
Coast Copper
Hudson Bay
Kirkland Lake
Macassa
Mining Corp
Noranda
Elherritt Gordon
Sylvanite
Teck Hughes
Wright Hargraves
Fox.. 132.
FINANCIAL CHRONICLE
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, April 25 to May 1, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Apex Electrical Mfg
Central United Nat
20
Chase Br & cop pf ser A100
City Ice & Fuel
Clark, Fred G corn
10
Cleve-Cliffs Iron pref... _•
Cleve Elec 1116% pfd_ _100
Cleve Ry certlfs dep_..100
Cleve Secure P L pref.
._.5
Cleveland Trust
100
Cliffs Corp, vot tr cite- •
Dow Chemical corn
Eaton Axle & Spring coca.*
Elec Contr & Mfg corn...*
Faultless Rubber, corn..
Foote-Burt corn
•
Gen T & Rub corn
25
Gen T & R 6% pf ser A.100
Geometric Stamping
•
Gt Lakes Towing, com_100
Preferred
100
Greif Bros Cooperage cl A •
Guarantee Title et Tr_ _100
Halle Bros, pref
100
Hanna M A,$7 cum pith •
Harbauer,corn
•
Higbee it Prof
100
India Tire& Rub corn_
•
Interlake Steamship corn_•
Jaeger Machine corn
•
Kaynee pref
100
Kelley Isl L ds Tr com_
•
Lamson Sessions
•
McKee A G & Co ci B. *
Met Paving Brick corn. ..•
Midland Bank Indorsed 100
Mohawk Rubber corn...-.
10
National Acme com
National Carbon pref.. _100
National Refining corn. 25
100
Preferred
National Tile corn
Nestle-LeMur corn
Ohio Brass B
100
Preferred
Ohio Seamless Tube, corn.*
_•
Packard Electric com
•
Packer Corp. corn
Patterson Sargent
Richman Bros. corn
Seiberling Rubber, com_ •
loo
Preferred
•
Selby Shoe corn
25
Sherwin-Wme corn
100
AA pref
Stand Text Prod A pfd_ ..*
Stouffer A with warrants.*
Thompson Products, Inc."
Union Metal Mfg, corn._ _•
25
Union Trust
•
Vichek Tool
•
Weinberger Drug
W ResInv Corpf)%pr pf100
•
Wheeler Metal Prod
Waite Motor Secure p1_100
•
Youngstown S & T
80
113
52
90
17%
226
5
6%
6
50
17%
1034
12
so
614
60
28
30
80%
13%
934
9714
Bonds
1933 100
Cleveland ny 58
S & T Inc s debit 68..1943
No par value.
•
10% 10%
57%
56
103 103%
33
32
2
2
78
80
113 113%
74
74
114 1%
303 305
60
60
4814
48
1334 1334
52
50
36
36
1134 11)4
90
90
83
83
4% 4%
80% 80%
102 102
21
21
301 301
97
97
90
90
17% 17%
90
90
1231
12
40
40%
1234 12)4
983.4 0834
30
30
12% 12%
33%
32
2314 24
225 235
5
6
6
6%
134 13414
1914 1934
132% 13234
4% 8
2% 234
49% 55
105% 105%
17% 17%
10% 11%
12
12
25%
25
5834 80
6
6%
32% 3234
11% 13%
59% 61%
104 106
20
20
28
28
11% 13
29
30
61
63
634 7
13%
11
60
60
9)1 9%
100 102%
97% 100
50
30
85
130
25
110
205
95
391
109
66
60
1,000
195
8
10
15
50
25
50
27
120
40
3
17
54
15
120
330
60
15
12
60
130
140
45
157
300
54
100
23
1,005
425
70
50
350
100
165
881
1,425
14
200
548
271
210
100
415
155
1,073
610
95
50
100
315
149
Range Since Jan. Is
Low.
954
56
10234
32
1%
78
iiig
68%
1%
303
60
45
13%
50
35
11%
81
81
3%
8034
102
21
300
98
90
18%
90
8%
40
1234
9811
30
12
32
23%
225
6
134
19%
131
4%
2
49%
75%
17%
10%
11
25
54
4%
32
11%
59%
104
20
25%
11%
29
60%
6%
11%
60
7%
100
97%
100 100% $21,000 100
90% 90% 8,300 90
Mar
Apr
Jun
Apr
Jan
Apr
Jan
Jan
Apr
Apr
Apr
Jan
Apr
Apr
Jan
Apr
Feb
Feb
Apr
Apr
Apr
Jan
Apr
Feb
Apr
Apr
Apr
Feb
Mar
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Feb
Apr
Apr
Mar
Apr
Apr
Mar
Apr
Jan
Apr
Apr
Feb
Jan
Jan
Jan
Feb
Apr
Apr
Apr
Jan
Jan
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
High.
12%
63
106
3714
234
94
114
84
234
325
81%
51%
18%
65
37
16
140
87%
5%
100
103%
22
330
98)4
94
19
99
13)4
60
1534
98%
35
1534
47
27%
275
8
7%
138
22%
135
8
3
71
10734
20
13
15
2834
76%
714
35
16%
68%
109
28
28%
17%
34%
75
10
15%
70
14
104
101%
Mar
Feb
Apr
Feb
Jan
Jan
Apr
Mar
Jan
Jan
Mar
Mar
Feb
Jan
Feb
Mar
Mar
Jan
Mar
Mar
Mar
Feb
Feb
Apr
Mar
Jan
Feb
Feb
Jan
Mar
Jan
Feb
Feb
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Feb
Feb
Mar
Jan
Mar
Mar
Feb
Feb
Feb
Jan
Feb
Mar
Jan
Feb
Mar
Feb
Mar
Jan
Mar
Feb
Mar
Apr
Jan
Jan
Apr 100% Mar
Jan 92
Jan
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, April 25 to May 1,
both inclusive, compiled from official sales lists:
Sales
Friday
Range Since Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale
Low.
Par. Price. Low. High. Shares.
High.
Stocks10
Bolsa Chios Oil A
25
California Bank
•
Calif Packing Corp
Central Investment Co_100
20
Citizens Nati Bank
Claude Neon Elec Prod....*
63i
16
534
79
2571
1734
80
15
7
80
2534
80
80
18
3,500
100
100
30
600
3,100
534
79
2534
7734
7734
1434
Apr
Apr
Apr
Apr
Apr
Jan
2234
9434
2531
94
90
2334
Jan
Feb
Apr
Jan
Mar
Mar
•
Douglas Aircraft Inc
Emsco Derr & Equip Co_ _*
19
1854 19
4
4
900
200
1234 Jan
4
Apr
2734 Mar
614 Jan
•
Gilmore MC°
Globe Grain & Mill com _25
Goodyear Tire & Rub pf100
173.4
173.4 1734
1354 1434
70
70
400
348
10
1634 Jan
1354 Apr
66
Jan
1834 Apr
203.4 Jan
80
Feb
3
3 40(01d)
1,900
634 7
530
7
1234
43.4 Apr
634 Apr
7
Apr
Jan
5
834 Feb
21
Jan
Hal Roach 8% Prof
25
25
Hancock Oil corn A
Home Service 8% pref_26
Intl Re-insurance Corp._10
Los Angeles Gas & El pf100
MacMillan Petrol'm Co_25
Mortgage Guarntee Co_100
Pacific Amer Fire Ins Co10
Pacific Finance Corp com10
Preferred series A
10
10
Series C
10
Series D
Pacific Gas & Elec corn_ _25
25
Jet preferred
Pacific Mutal Life Ins_ _10
Pac Pub Serv A (yam
•
New
•
Preferred
•
Pacific Western 011 Co...._•
Petrolite Corp
*
Pickwick Corp com
10
Republic Petroleum Co__10
Richfield Oil Co com
•
25
Preferred
Rio Grande 011com
25
24
334
50
971
1734
53-4
14
134
134
234
43.4
23
253.4
10734 108
3
33.4
158 158
21
1134
1154
934
10
4534
28
50
2034
834
18
534
21
1234
1154
934
10
4734
28
503.4
2134
934
18
83.4
1,000 2234 Mar 33
166 10254 Jan 108
6
Apr
800
3
10 158
Apr 165
300
3,700
3,950
2050,
350
200
100
1,300
1,200
400
200
3,000
21
1034
931
834
934
4534
27
50
1834
834
1734
534
Apr 28
Apr 1634
Jan 115-4
Jan
934
Jan 10
Jan 5434
Feb 28
Apr5834
Jan 2734
Apr 1034
Apr 1834
Apr 1534
May
200 14
15
14
Si Mar
200
si
34
400 1.1734 Jan
134 174
13-4 May
174 1,800
154
3,100
23.4 May
234 3
15,700
33.4 Apr
33.4 5
126 115
San J L & P 7% pr pf _100 12154 12134 12154
30 39
39
Seaboard Nat Sec Corp_25
393.4
4,150 79
8034 83
Sec First Nat Bk of L A.25
5
5
534 1,900
534
Shell Union Oil Co com.25
5
600
8
5
25
754
Signal Oil & Gas A
43
4534 8,700 43
Edison corn-25 44
So Calif
200 2934
2954 2974
25
7% preferred
800 2634
25 2754 2754 2754
6% preferred
800 2454
2834
25 2634 26
534% preferred
2554 2554 20(old) 2534
So Calif Gas ser A pf _ _25
22 2554
25 2574 2534 26
6% preferred
70 9934
10054 102
So Counties Gas8% pi_ _25
• 3634 3334 3834 22.200 3334
Stand Oil of Calif
Jan
Mar
Feb
Feb
Feb
Feb
Apr
Apr
Apr
Mar
Apr
Jan
Feb
Apr
Apr
Feb
18
1.35
234
63.4
934
1034
Feb
Jan
Mar
Jan
Jan
Feb
Jan 124
Apr 4254
Jan 9534
Apr 10
Apr 1754
Apr 5434
Jan 3034
Jan 28
Jan 263.4
Jan 2734
Jan 2634
Jan 10234
Apr 51
Mar
Mar
Feb
Jan
Feb
Feb
Feb
Apr
Apr
Mar
Apr
Mar
Feb
SEWS
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares
75
854
100
1954 1934
230
75
75
734 1034 24,300
1934 Mar
Mar
75
734 Apr
1334
2434
133.1 1334
2434 25
123
400
1334 Apr
Jan
16
180
754 734
945
434 534
60
51
51
51
8717A 103.4 280,068
Union 011 Assoc
Union Oil California
Union Sugar
7% Preferred
1133.416
16
1674143i 1734
3
334
17
17
Wells Fargo Bank
West Amer Fin 8% pref.__
W.,.,• Ulna .5 0.2n1
33,4
95/4
141 16334 Apr 17934 Jan
1,435
454 Feb
23.4 Apr
3,425 I134 Apr 1434 Apr
Bank of Calif
Bond & Share Co Ltd
Byron Jackson Co
220
220 23034
OA
734
434 5
45.4
Jan
Apr 250
145 220
2,120
634 Apr 1034 Feb
734 Feb
1,351
43.4 Apr
Calamba Sugar
7% preferred
Calif Copper
Calif Cotton Mills
234
Calif Ink A
223.4
Calif Packing
Calif Water Service pref._ ......
Caterpillar Tractor
255-4
Clorox Chemical A
29
Crown Zeller Corp pref A
29
Preferred B
33.4
Voting trust offs
14
15
34
234
2454
2034
91
25
1634
2434
25
3
180
1434
16
15
yi
362
110
23.4
120
2454
2734 20,682
25
91
3031 36,083
320
163.4
579
29
115
29
334 4,674
14
1354
34
234
18
2054
85
25
1634
2434
25
3
Jan
Feb
Apr
Apr
Feb
Apr
Jan
Apr
Apr
Apr
Apr
Apr
16
16
34
734
27
52
94
52
2234
5434
533.4
634
Jan
Jan
Jan
Feb
Mar
Feb
Apt
Feb
Feb
Jar
far
Jar '
Douglas Aircraft
Eldorado 011 Works
Emporium Capwell
Fageol Motors
Firemans Fund Ins
Food Machine
Foster Kleiser corn
1851
1234
734
1
78
2734
33.4
1834
1234
734
1
8034
29
334
100
100
140
300
340
1,700
200
1734
1234
634
14
78
2334
334
Feb
Apr
Jan
Jan
Apr
Jan
Apr
2371
15
1034
171
90
36
734
Mat
Fet
Mal
Jar
Fet
Fet
Jat
8034
334
35
534
1354
35
534
1334
10434
103
35
514
1534
105
10534
Haiku Pine Co Ltd pref._ ______
Hale Bros
Hawaiian Pineapple
15
Honolulu 011
42
Honolulu Plantation
Hunt Bros A
17A
1234
2734
13
42
1374
1754
1234
2854
16
42
1374
Galland Laundry
General Paint Corp A
Golden State Milk
Great West Power 6% pf _
7% preferred
Si
Si
Roister Radio
13
13
Langendorf United Bak A.
434 434
434
Leighton A
8
834
Leslie Calif Salt Co
LA Gas & Elea Corp pref. 1065.4 1063.4 108
Magnavox Co
Magnin
Marchant Cal Math
Mere Amer Realty 6% pfd.
Natomaa Co
No Amer Inv 6% pref
53.4% preferred
7sTri1Amew Oil rine.
234
14
68
4%
2
14
534
83
22
78
68
44
250 27
Jan 3934 Feb
210
534 Mar 11
Fel
1,705 11
Jan 2254 Mal
430 101
Jan 10534 Ap
1,129 1023-4 Jan 10571 Ap
200
150
797
5,487
135
100
1734
834
2734
13
42
13
480
34
312 12
400
274
350
8
150 10334
234 15.317
120
14
310
534
22
84
22
100
40
78
125
733.4
5% 3.010
134
13
534
70
22
78
68
44
Apr
Jan
Apr
Apr
Apr
Apr
2171
133.4
4134
2834
62
15.34
Ap
Fel
Jai
Jai
jai
Fel
Apr
231
Mar 17
Feb
9
Apr 1134
Jan 10834
Fel
Ma
Ap
Ma
Ma
Jan
Jan
Apr
Jan
Feb
Apr
Apr
Apr
ma
Fel
Ja
Ma
Ma
fa
Ja
P.,
35.4
18
8
8934
25
833.4
7854
1234
250 2583.4
33,4
331
91/4 95/4
6,349
8,220
300
100
Feb
Apr
Apr
Apr
734
831
6934
18
Apr
Feb
Jan
Feb
1334 Apr
1471 Apr
Jan
3
Apr
17
2434
263-4
434
21
Feb
Feb
Ma:
Apt
5%
434
51
73.1
APr 275
Jar
80 260
Jan
2
215
571 Mai
5 472 1414 Jan 2831 Ara
New York Produce Exchange Securities Market.
High.
Low.
Feb
Apr
Apr
Apr
Jan
Apr
Following is the record of transactions at the New York
Produce Exchange Securities Market, Apr. 25 to May 1,
both inclusive, compiled from official sales lists:
Range Since Jan. 1.
16334 18334 169
234 334
133.4 1134 1434
11
134
3
12
7774
1031
73.4
Thomas Alice A
Tide Water Assoc 011
6% preferred
Transamerica Corp
Jan
Apr
Anglo Land Paris Nat Bk_
Assoc Insurance
Alaska Juneau
8
134
23.4
1034
77
10
Mar
Mar
Feb
Feb
Apr
Mar
Apr
Mar
Mar
Feb
Feb
Feb
-Record of transactions
San Francisco Stock Exchange.
at San Francisco Stock Exchange, April 25 to May 1, both
inclusive compiled from official sales lists:
Stocks-
498
1,057
1,765
385
10
18
25
357 11534 Jan 124
San JOaa L & P 7% pr pfd. 1213-4 1213412154
Jan 10434
40 102
10431 10471
6% prior preferred
Apr 345-4
62 28
30
Schlesinger preferred
30
30
434 Apr 1034
434 534 13,300
Shell Union
5
Apr 36
15 36
Pre
36
36
36
Jan 55
40 45
Sherman Clay Prior pref.__ ______ 46Si 52
Feb 93
35 86
93
Sierra Pac Elec 6% pref.-93
525 1234 Jan 15
14A
So Pac Golden Gate A
13
Apr 1354
230 11
11
B
11
9,4
Apr 1034
1,591
9
9
Spring Valley water
93.4
Standard 011 of Calif
3334 38% 24,537 3334 Apr 5134
36
277 1751 Apr 2514
Standard 011 N Y
1751 1734
•No par value.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares
High.
Apr
Jan
Jan
Jan
Jan
Jan
2434 Feb
Feb
90
Feb
18
20
28
Low:
1234
634
93-1
1734
83
15
1034
134
134
2712si
1034
7734
10A
______
734
Rainer Pulp Paper
Richfield
7% preferred
Roos Bros
Preferred
Railway Equip 1st pref..
Cony pref series 2
Union 011 Associates____25 1534 1354 1654 17,800 1354 Apr 2434 Feb
Feb
147-4 173.4 16,500 1474 Apr 26
25 1654
Union 011 of Calif
Jan
Jan 325
70 325
325 325
Union Bank & Trust Co100 325
Weber Showcase & Fix pf •
Western Pipe & Steel _10
.
Range Since las. 1.
Mar
20
100 193.4 Jan 28
20
Oliver United Filters A-7
Apr 183.4 Feb
344
73.4
7
B
400
434 Apr
43-4 454
534 Jan
43.4
Paauhau Sugar
Jan
810 1134 Apr 14
1134 115-4
Pac Finance
11,212 45
Apr 5434 Mar
48
45
46
Pacific Gas
1,673 2654 Feb 28
Jan
2734 28
6% 1st pref
55
Jan sag Mar
5334 51334 2,373 51
Pacific Ltg Corp
50 10034 Jan 10534 Mar
10334 10354
104
6% preferred
10,783 1834 Jan 28
Feb
203.4 22
21
Pac Pub Service A
634 Apr 1134 Apr
83i 934 4,843
New WI
934
1674 Apr 21
Apr
Preferred new W I
1734 1634 1734 5,501
270 11634 Apr 13134 Mar
11634 12334
120
Pacific Tel
100 12034 Jan 13134 Apr
12934 12934
6% preferred
3434 3834 4,264 3434 Apr 5031 Mar
35
Paraffine
4
Apr
100
9
Jan
4
4
Pig & Whistle pref
Pacific Gas 534%
2534 253-4 2554 2,073 2431 Feb 2554 Apr
Stocks•
Taylor Milling Corp
Title Ins & Trust Co____25
-America Corp25
Trans
3309
FINANCIAL CIIRC(IN.TICLE
MAY 2 1931.]
Sales
Friday
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares
Admiralty Alaska Gold___1
5
American Cork A
American Corp
•
Warrants
Andes Petroleum
•
Appalachian Gas warr____
*
Atlas ULU $3 pref
4,000
400
2,100
200
3,000
500
300
.61
574
4
134
.14
.14
7,500
100
200
200
500
4931 4934
234 234
.75
.75
571 53-4
2
2
100
500
500
800
100
234
534
3
534
5,900
400
2.90 2.80
45.4
334
2.90
43,4
334
1
36
.99
Circle Bar Cattle&Pack A•
Color Pictures
•
1
Como Mines
Corp Trust Shares
Cosach when Ise __I00 peso
493.4
Detroit & Canada Tunnel•
Diversified Trust C
3
534
154
Eagle Bird Mines
Excess Insurance
General Leather
•
Hamilton Gas
H Rubinstein pref
Home Fire Sec
•
•
10
1034
1
5
•
.70
8
471
Internat'l Rust Iron
Jencks Mfg
Jenkins Television
•
Kinner Air
Keystone Cons Mine_ _ _1
•
Kildun Mining
*
Lautaro Nitrate
Leaders of Indus B
C
Macassa Mines
Macfadden
Magnavox
Majestic House
1
•
•
•
National Aviation ex-warr
National Liberty Insur _5
N Y C Airport
N Y Rio warr
North Amer Trust Shares.North Butte Mining_2.611
1.00
53.4
43.4
134
.50
571
7
34
.44
271
4034
Apr
Apr
Feb
Max
Mar
Feb
Feb
.60
574
4
151
.14
Jan 1.48
Apr
7
Apr
7
May
134
Ap
.14
Feb
Feb
Jan
May
Apt
4934
2
.06
534
2
May 4934
Feb3
Feb.90
Apr
634
Apr
2
May
Feb
Api
Fel
Api
234 Apr
534 Apr
254 Jan
934 Apr
534 Apr
200
900
300
.70
731
434
.81
8
5
7,700
200
2,400
134
234
1.36 1.25
TA
631
234
254
534
5
234
1.36
734
234
534
5
. 900
154
1,900 1.14
3,400
634
400
134
100
571
100
5
.44
.42
.48 26,500
1971 1934
200
234 234
100
100
3.31 334
A
834
6
Si
534
1.75 1.75
A
834
674
34
534
1.85
.80
334
634
.40
.83
43-6
734
.44
634
.83
Radio Securities
5
Railways
•
Seaboard Fire Insur_ _10
Seaboard Surety
10
Seaboard Util warr
Shortwave & Television_ _1
Split Beth
•
Swed BB
100 Kr
Sylvanite
1
Sylvestre Util A
•
2
155.4
Tom Reed Gold
1
•
Trent Pro
Trustee Stand 011 B
Util Hydro with warr- -•
1
Wipond Cons
Willinma Anew
•
1.18 1.10 1.20
.47
.47 .25
534 RA
3
3
1.00
1.00
634 7
.44
234
2
2
1434
12
15
5-16
234
2
4554
.86
1
4
Fel
654 Mal
1,800 1.60 Mar 2.90 Mal
200
434 Ap
434 Apr
600
3
Apr
534 Api
434 47.4
931 1154
534 6
Patricia Birch Lake Mln__1
Petroleum cony
•
Premier Shares
•
Powell Min Prop
1
•No par Value.
Apr
Apr
Jan
Apr
Feb
Apr
Jan
.24
454
a%
Si
.11
Si
34
434
High.
Low.
.34
.30
434 534
434 554
%
Si
.20
.20
Si 1
36
3734
Bagdad Copper
1
Basic Indus Shares
British Can Shares
*
Brown's Lunch System...*
Butte Mad
5
1
Range Since Jan. 1.
53-4 Fel
1871 Fel
Ma
8
.50
Fel
Jan 1.20
8 Ma!
1334 Apr
271 Jan
534 Ap
Apr
474
Apr 1.38
Feb
95.4
Jan
434
Apr
634
Apr
534
.42
Ap
Jan
15
134 Jan
334 Apr
100
%
300
133.4
2,600
534
100 3-16
2.200
534
200 1.25
Fel
Ma;
Ma
Ma
Fe
Ap
.58
20
3
sg
At
Al
Al
Ms
Mar
1
934
Jan
634
Apr
Jan
Si
634
Apr
Apr 3.25
At
Ms
Ar
Jo
Fe
Fe
5,000
700
400
2.60
.60
334
634
.40
Mar
Apr
Apr
Apr
.84
734
731
.44
Al
Ja
A;
Ma
100
2
600
1534
12
100
100
15
400
5-18
274 20,500
1,100
2
300
4534
.90 1,500
100
1
1
1334
734
15
A
134
134
4571
.86
1
Feb
234
Feb 1834
Jan 14
Apr 20
Mar
Si
Feb
334
Feb
334
Apr 4834
Apr 1.15
Apr
334
Al
ME
Fe
Ja
Al
At
Ja
MI
Al
1)/t
1,800 1.00
7,000 .25
100
534
100
3
300 1.00
20..! 4
Apr 1.50
Apr
34
Apr
734
Apr
434
Apr 1.00
Feb Inc
A:
J1
Ji
J 1
A
3310
FINANCIAL CHRONICLE
[Vol,. 132.
New York Curb Exchange-Weekly and Yearly Record
•
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginningon Saturday last (April 25) and ending the present Friday (May 1). 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.
4
34%
1334
21%
1%
6%
3%
14
14%
8034
5%
1634
4%
8
631
3134
26
1074
3-16
7%
2%
6
20%
24
9%
2531
3-16
8%
2%
6%
33%
3631
9%
26
400
8,000
100
400
1,675
950
200
200
100
431
47%
1031 1231 88,700
300
17
1731
1,200
331 431
400
40
4554
Mar
Feb
Feb
Apr
Apr
Apr
Apr
Apr
eki
834
3
1031
5454
51
2351
3651
Jae
May
Apr
Feb
Jan
Jar
Fel
Jan
374 Jan
514 Jan
1434 Jail
3% Apr
Feb
40
631.
15
22
6%
5154
Feb
Apr
Feb
Mar
Jay
hi
334
1%
6
2031
24
9‘
,.
2531
600
2,500
2,600
400
2% 3
3% 13,400
3
200
454 434
46
50
48
100
1534 157%
400
461 5
7
7% 3,600
200
1% 134
200
32
33
1031
1634
2234
31
734
6
32
2
35
8
634
1
1,800
10%
1731 2,800
200
2234
300
31
66,900
10
200
6
200
32
200
2
3631 3,700
1,700
831
32,600
8
131 4,000
8
2.5
68
9%
25
70
3,400
600
75
215 219
120 120
28
25
97
98
4%
4
X
1
10% 12
25
25
I
131
5
5
2034 21
2% 3
10
10
2834 2934
16
16
10334 103%
127% 1234
50
50
19% 203-4
3% 431
180
90
500
75
200
500
300
100
3,000
100
1,000
600
200
500
100
50
100
100
4,300
1,300
2231 2231
534
53
4734 5231
3331
30
80
80
57
55
711
7
1% 13
-4
3% 3%
1231 127%
15
15
231 231
283.4 3031
5
5
1134 1134
931 107%
1% 1%
%
91
734
634
1031 1031
% 15-16
100 102
200
1,000
905
3,500
100
1,900
2,600
200
400
600
25
1,200
2,500
100
100
1,900
100
500
600
300
330
:no
g g
44s
g4q
2= rJ550,1:5 tb2o5g., .onaLL10-4cog =V2.4Vc.Vio: .
,
1 Vocal
1
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.144m.m4.44.4d444..T4x.m..›V;,..ea
gtV. 4nEaTynt'448.V444W1844EtEgnante,ligUE4EV4
Jan
831
%
131
nt.n- ..v......,-....2.v.t?,---n ..1. 4....v. ...2-,
24%
1% Feb
Apr
May 21% May
631 Apr
Jan
Feb
1
Apr
2% Mar
Feb
7
Jan
Apr
2% Apr
Jan
Feb
Jan 26
Feb
Jan 59
Mar
Jan 80
831 Feb
Jan
4% Mar
Jan
Jan 1114 Fet
Jan 2434 Apr
Fet
Apr 17
Mar 197 :Mar
Jan
Apr 108
Apr 2034 Feb
Apr 8434 Feb
Apr
734 Mar
931 Mar
Apr
Apr
934 Apr
Apr 20% Apr
Apr 1031 Feb
934 Feb
Apr
si Jan
Jan
Apr 22
Feb
Apr 22
Feb
Apr 14
Mar
Apr 10% Jan
8
ff
1
,
..ow
•4000N0N
Feb
18
30,500
14
13% 3,400
25,600
22
275
35
gg
400
IX
100
134
134
100 2134
21% 21%
4
200
534 534
31
700
31
34
1%
200
1% 1%
5
300
5
5
11
1,400
131 1%
24% 25
800 2231
54
200 49
50
50 68%
71
7134
5
5%
5% 631 4,400
1
500
3
334
7
1,300
10
11
400 2034
23
2434
13% 147% 13,900 1 334
10 193
193 193
130 95
95 101
1334 1634 453,300 1334
79% 82% 3,400 79%
634
100
631 63.4
731
100
731
731
400
931 9%
934
200 17
18
17
5
3% 2,100
5
300
634
6% 7
3-16
3-16 3-16 4,600
700 1631
1631 1634
100 15
15
15
100 11
11
11
234
234 4% 7,900
147%
%
125
1231
18
3031
XX
834
331
1334
10
30%
1631
4134
234
3
19
1831
30
31
1654
6%
887%
80
%
10%
1731
2%
Mar
Jan
Feb
Mar
Apr
Mar
Feb
Mar
Mar
Mar
Feb
Feb
Apr
Mar
Apr
Jan
Apr
Mar
Feb
Apr
Jan
Feb
Feb
Mar
Mar
Feb
Mar
Mar
Feb
,,,....,
. WWWW
.4
534
1
4
80
59%
8
13%
7
;743.E44t4g1 ,
712
2534
Jan
Mar
Jan
Jan
Mar
Apr
Jan
Apr
Jan
Apr
Jan
May
Jan
Jan
Jan
Apr
Jan
Apr
Feb
Feb
Jan
Apr
Jan
Jan
Apr
Feb
Feb
Jan
Apr
Z12: -, o8oV
t
V= !loroMt-loo ow8
ggg gg g ggg : gg gg ggg
g
K
,
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,
14%
434
%
%
34
56
3
611
734
7
31%
1%
231
8
1734
1031
3634
131
lff
14%
1634
28
25
1334
811
8034
6734
61
4%
1134
1
High.
E, .z. ..8....
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XX XgggX ''' ggggg x
g
g g gg g
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8
2,200
200
200
200
300
4,200
5,900
1,400
8,400
1,200
100
1,400
2,100
3,400
300
1.300
800
1,328
500
600
100
1,200
6,000
6,800
200
100
200
500
300
ggg gg XXg gg g ggg g
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MV4g.Egli!igV:gE4lin tli4rtg;n7itt'ggg'.14 'L3.,. "VV4'9gt!. '614!717VPAE '4'e, ViV41; 'Figqgt'gggv,%Ii§4Dt4ttInitg7V4tgtVP,
V
nin
8%
534
5
%
3
5831
587%
334
9%
9%
6
1%
3
9
257%
14
39
134
3
15
16%
30
26
14
434
36
67%
%
731
14
131
g g g g
331
4%
31
25
%
5734
58
3
934
7%
534
134
3
8
247%
12%
38
131
2%
1434
1634
2931
2534
13%
3%
3434
67%
%
77%
1334
134
W
W.0.altgaWN
4%
Feb
Feb
Mar
Mar
Apr
Feb
Apr
Mar
Feb
Mar
Feb
Feb
Feb
Jan
Jan
Feb
Mar
Mar
Feb
Jan
Mar
Apr
Feb
Mar
Apr
Feb
W..
No.0
93
-4
631
5
6
65%
30%
82
12%
3
17
734
534
52
734
234
45
30
51
18
3%
7
8
30%
6
5%
15
10
8)(
gggggg
3%
Apr
Jan
Feb
Apr
Apr
Apr
Mar
Mar
Apr
Apr
Apr
Jae
Apr
Apr
Apr
Jan
Mar
Jan
Jan
Apr
Apr
Jan
Apr
Jan
Jan
Jan
W
W
0.40.N0,...1
5
331
2%
5
60%
25
64%
6%
114
14%
4
3%
39
431
13
,
4
31%
21
39%
16
334
5
234
24
1
334
734
434
434
gg
134
1,300
3%
1,400
5
100
65
200
25
1,075
82
1,800
831
1,600
27%
50
15
4% 4,200
5,800
4
80
43
534 10,700
13-4
1,500
275
33
24
100
25
45
100
16%
100
334
325
531
331 9,300
800
25%
3% 5,200
400
3%
10
2,400
734 1,500
100
434
300
25
5
200
100
6
200
3131
35 5,100
400
16
134 3,500
100
%
3,900
28
534 30,200
500
14%
234 7,700
100
23
100
5%
19% 3,000
34
700
200
32%
1,100
22
700
24
13,600
6
231 8,700
37% 2,600
4,500
4
15% 4,800
14% 3,700
300
5;.i
600
12%
300
77
1% 3,300
100
31
100
1
100
23
200
731
2,200
4
2% 1,500
50
32%
200
31
100
12%
100
6
800
2%
500
8%
11% 3,200
700
734
g gi
78
734
2
15
434
3%
231
5
65
25
65%
6%
134
14%
4
334
39
4%
131
31%
24
45
16%
37%
5
231
24
331
331
9
634
43.4
2034 203-4
3%
5
2431
431
6
30%
%
14%
ji
34
22
431
13%
2
23
5
18%
32%
32
20%
20
331
17
%
2%
334
14%
14%
534
12
75
134
31
1
23
731
2%
25
%
32
31
12%
6
231
831
10%
7
..
CN.0 0.
WvW.4.4
WWW
Feb
Jan
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Jan
Mar
200
100
3,900
g
%
Jan
534
Apr
Jan 224
Jan 109%
Jan 16%
Jan 102
Apr 92%
Jan 80
Apr 29
1%
Apr
Jan 3334
8
8
347% 35
107% 1134
N.
00
Jan
Apr
Apr
Apr
Apr
Feb
Feb
Mar
Mar
Mar
g g.K g
31
400
4%
500
6,225 1407%
1,100 108%
700 14
400 5914
250 89
6 28%
100 23%
%
2.200
100 28%
5%
607%
12
2234
1934
13
1%
9
95
11
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Apr
Jan
.
.pl.p.N. ..
N00NOW00.4.0
31
4%
159%
109%
14%
75
90%
48
23%
%
30
434
45
63
II%
5
8
61
8%
90
9%
xg
ff
434
4%
143
149
108% 108%
14%
74
89
45
23%
%
%
30
200
100
100
3,300
1,600
400
300
200
10
100
Low.
xxx
534
6034
10
197%
14
831
1
831
90
9%
Courtaulds LtdAm dep rcts ord rag __El
Crane Co corn
25
Crocker Wheeler com____• 10%
Crosse & Blackwell Inc$3.50 pref with warr__ *
Crown Cork Internet A_ •
Cuban Tobacco corn v t c *
Cuneo Press Inc corn
• 31%
Curtiss-Wright Corp warr.
Davenport Hosiery Mills_'
Dayton Airplane Ent corn•
1
Decca Record Amer shs gl
Deere & Co common
• 24%
Do Forest Radio oom
4%
•
Diesel-Wemmer-Gilbert_.
Detroit Aircraft Corp----•
231
Dictaphone Corp com
•
Doehler Die-Casting com_.
Douglas Aircraft Inc
• 18%
Dresser Oil R)Mfg Codl A•
Class A Ws of deposit- __
_
Class B
• 20%
Driver-Harris Co com-10
Dubllier Condenser Cori,-•
5
Durant Motors Ins
2
•
Eastern Mil Inv Cora A.-•
331
Eisler Electric common-•
4
Elea Power Assoc corn
• 14%
Clans A
• 1431
Elec Prod of Colo
334
glee Shareholdings oom-* 12%
6% cum pref with wa •
Empire Corp corn
•
13j
Warrants
Empire Steel Corp corn-1
•
Employers Reinsurance_10
Ex-Cello Alrcr & Tool__ *
Fairehlld Aviation com - _•
4
Fairey Aviation Amer sirs_
Fafardo Sugar
100
•
Fandango Corp corn
Fan Farmer Candy Shops *
Fansteel Products
•
231
Federated Capital Corp....5
Federated Metals
•
Fiat Am dep receipts
11
Fllntkote Co common A _•
734
Ford Motor Co Ltd
Amer dep rcts ord reg-g13
Amer deprcts reg new
13
Ford Motor of Can el A --• 19
Class B
•
Ford Motor of France
American deposits rote831
%
Foremost Dairy Prod corn •
Foremost Fabrics corn__..'
134
Foundation Co
-Foreign shares class A_ •
Fox Theatres class A com-•
334
Franklin (II H) Mfg corn..*
Franklin By Supply
*
Garlock Packing cons_
•
General Alloys Co
•
General Aviation Corp___.
7%
Gen'l Cable Corp warr_-_
Gen Capital Corp corn---*
Gen Elea Ce at Gt Britain_
Am dep rcts tor ord reg gl
General Empire Corr).---• 167%
Gen'l Fireproofing cons--• 2234
Gen'l Laund Mach corn_ •
Gen Theatre Equip Pref•
87%
Gerrard(S A)Co corn.._ •
Gilbert(A A) Co pref.._ •
Gleaner Comb Harvester_•
• 35
Glen Alden Coal
Globe Underwrit Each
•
8
Goldman-BachsTrading..•
734
Gold Seal Electrical Co
1
•
Gramophone Co Ltd
Am dep refs forordreg gl
Graymur Corp
Gray Telep Pay Station...'
(It Atl & Pao TeaNon vet corn stook--• 217
7% first preferred.....100120
Great Northern Paper_25
Greif (L) & Bros pref...100 98
Grocery &ores Prod v t e_•
Guardian Investors com_ *
Guenther (Bud) Bus Law 5
Hembleton Corp $3 pref_•
131
Happiness Candy Ste COM•
Hart-Carter Co cony pref *
Hazeltine Corp
• 21
Helena Rubinstein corn_ •
Hoyden Chemical
10
Hires (Chas E) Co COM A.* 2934
Holt (Henry)& Co, par A •
Horn & Hard 7% pf _ _100
Houdaille-Hersh pref A_ •
Huylers of Del pref .
_100 50
Hydro-Elec Scour corn -• 2031
Hygrade Food Prod corn •
4
Imp Tob of Gt Grit & Intl
Am dep rcts for ord shs.el
Indus Finan corn v t o_ _10
7% cum pref
100 4731
[mull Utility Inventment • 3234
.
56 pref with warr
•
Maur Coot North Arner_10 55
insurance Securities_ _10
731
Internet Hold & Invest...'
13-4
Internet Prod Common...'
Internet Safety Razor B__•
Internet Textbook_ _100
interstate Equitlea corn_ •
Convertible preferred..' 2834
Interstate Hosiery Mite...'
Iron Firemen corn v t e. •
Irvine sir Chute eem --• 10
Warrants
Jonas & Naumburg
•
83 cum cony met
*
Knott Corp common_
-* 1034
Koleter Brandes Am sirs Li
Koppers Gas & Coke DI 100 100
Range Since Jan. 1.
,www. w
.
NW....
..4.0=00W.0K00-400
5%
59%
10
18%
1234
8%
1
8
90
9%
10
1934
13%
High.
CO
Indus. & Miscellaneous.
Acetol Prod cony A
*
Aeolian Co 7% prat ___100
Aero Underwriters
•
&Mated Products Ino •
Agfa Armco Corp corn- -•
Ainsworth Mfg corn_ .._..10
Air Investors corny t 0- •
Cony preference
•
50
Ala Gt Sou RR pref
All Amer Gen'l Corp -20
Allied Aviation IndustriesWith warrants
Allied Mills Inc
•
Aluminum Co corn
•
100
6% Preferred
Aluminum Goods Mfg-- •
•
Aluminum Ltd corn
100
6% cum pref
Series A warrants
•
Amer Arch Co com_
Amer Austin Car corn.....'
Amer Bakeries Corp Cl A_'
Amer Brown Boveri ElecFounders shares
•
Amer Capital corn B
•
85.50 pref
•
*
$3 preferred
American Cigar common...
Amer Cyanamid corn 13-5
Amer Dept Stores Corp-.
First preferred
100
American Equities com.
•
Amer Founders
•
Amer Hardware Corp--.
25
Amer Investors al B core _•
Warrants
Am Laundry Mach com_20
Amer Maize Prod com_ •
American Meter Co
•
Amer Potash & Chem
*
Amer Thread pref
5
Amer Transformer corn....'
Am UM & Gen cl B v t c--•
•
$3 cum preferred
American Yvette Co oom_•
Anchor Post Fence corn....'
Anglo-Chilean Nitrate-_•
Arcturus Radio Tube...-.
Art Metal Works cora_ •
Woo Elec IndustriesAmer dep rcts ord shs_ gl
Associated Laundries corn•
lesociated Rayon com.. •
6% cony preferred.. WO
6% cony prel ctf dep_100
All Coast Fisheries corn....'
Atlantic Secur Corp corn_•
Atlas Plywood
•
Was Utllities Corp corn-•
Warrants
Automatic Vot Mach corns
Cony prior parties stock •
Avlation Corp of the Amer.
Aviation Securities Corp..'
Axton-Fisher Tob oom A 10
Bahia Corp corn
•
25
Preferred_
Benet Indus Loan com--•
Bickford's Inc corn
•
$2.50 cum cony pret_ *
Bigelow Sanford Carpet__•
Bliss (E W)Co corn
•
Blue Ridge Corp cons.....'
Opt 6% cony pref____50
Bohack(H C)& Co com_ •
Botany Cons Mills com_ •
*
Bourjois Inc
Bower Roller Bearing----*
Bridgeport Machine corn •
Brit
-Amer TobaccoAm dep rcts ord bearergl
British Celanese LtdAm dep rcts for ord reg_
Bucyrus-Monlghan CIA....
•
3urco Inc corn
Warrants
Burma Corp Am dap rots20
Butler Bros
:fable Radio Tube cow etc.
*
Barnation Co COM
Delanese Corp 1st pre(_100
100
7% prior pref
•
Bentrifugal Pipe Corp•
2haln Stores Devel corn...
'Ihein Stores Stocks Inc_ •
Blunts Corp corn
Dbatham & Phenix Allied.•
;hic Burl & Quincy RR 100
100
:thilds Co pref
.
)ities Service common_- •
•
Preferred
•
Preferred B
Bity Machine & Tool__ •
NV & Suburban Homes10
)1aude Neon Elec Prod- •
;Wide Neon Lights Inc__ 1
Neve Tractor common_ •
3olorobla Syndicate
;olts Pat Fire Arms Mfg 25
;olumbia Pict corn v t c.. •
•
3olumbus Auto Parts pre'
*
onsol Aircraft corn
'onset Automatic
Illarehandising com v t c•
•
:lonsot Dairy Prod consonsol Theatres corn v t o *
;
ont'l Chic Corp corn_....*
;
;ont'l Shares cony pref.10e
100
Preferred car B
ooper-Bessemer corn_ •
;
pref with warrants 100
ta
;opeland ProductsClass A without warr__•
5
;ord Corp
rorporation Sec of Chic- •
;orroon & Reynolds corn.'
•
$es oret A
Low.
Sales
Friday
Last Week's Range for
Sale
of P71CM
Week.
Stocks (Continued) Par. Price. Law. High. Shares.
.
:..,..x =.-
Stocks-
Range Since Jan. 1.
00
Sales
Friday
Lasi Week's Range for
Week.
Sale
of Prices.
Par. Price. Low, High. Shares.
Week Ended May 1.
MAY 2 1931.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Range Burns Jan. I.
Low.
High.
1055 1035
Kresa (S H)& Co pref___10
100 10
1034 Apr
Jan
Lackawanna Seourities. •
333-4 3335
400 2934 Mar 37
Jan
Letcourt Realty pref
• 20
1934 21
900 1934 Apr 25% Mar
Lehigh Coal & Nav
• 224 203.4 22% 1,800 21
Apr 2
734 Feb
Libby McNeil & Libby_ _10
1034 1034
200 10
14% Mar
Jan
Lily-Tulip Cup Corp
• 21
2034 214 1,400 1834 Jan z2434 Feb
Louisiana Land & Ern)lor.•
1
Apr
35 14 4,600
2
Jan
MacMarr Stores Inc
•
8
1,000
83-4
x3
Apr 1135 Feb
Marion Steam Shovel corn•
400
331 5
Jan
Apr
6
MayLs Bottling class A___5
335
3% 34 1,620
351 Apr
Apr
5
May Hosiery Mills
$4 pref with warrants.. •
16
16
100 16
Apr 2035 Feb
Mayflower Assoclates----• 40
42%
40
600 40
Jan 50 4Mar
Mead Johnson & Co corn_• 91% 90
9555 2,700 77
Jan 1133.4 Mar
Mercantile Stores corn. •
23
23
300 20
Jan 30
Jan
Merritt Chapman & Scott•
10
9
600
83.4 Apr 14% Jan
•
Mesabi Iron Co
1
900
34 Jan
134 Max
Mesta Machine corn
5 3135 3034 324 1,100 28
Jan 36% Apr
Metal & Mining She corn•
1%
900
34 1%
24 Apr
55 Jan
Metrop Chain Stores
•
154 Apr
300
134 235
435 Feb
Midland Royalty pre? •
10% 12%
600 1055 Apr 1734 Feb
Midland Steel Prod 2d pf.•
16% 1,100 14
16
Jan 18
Mar
Midland United cont....*
1834 19%
500 1731 Jan 23
Feb
Midvale Co
•
55
1,300 55
55
Apr 68
Mar
Miller (I) & Sons oom
•
8
500
8
83.4
Apr 1531 Jan
Minneapolis Honeywell
Regulator pref
100
82
12
Feb 91
87
86
Mar
Mock Judson & Voehr_ __•
63-4
4
600
4
434
Apr 1034 Mar
Mont'tint Min & Agr stk w
20
X
34
Jan
31
35 Feb
Montg'y Ward & Co A •
101 101
1
101
Apr 10334 Apr
Moore Drop Forge A_
•
2534 2534
2534 Apr 2535 Apr
10
Murphy
C) Co corn. •
38% 38%
100 3531 Jan 41
11Jan
Nachman &Spgfield Corp•
74
7
7
300
Apr 1034 Mar
Nat American Co Ino.---•
24 33-4
1,900
231 Apr
43.4 Jan
Nat Aviation Corp
•
Jan 10
1,700
635 7
Mar
Nat Bancservice Corp_
•
2
2
2
50
Jan
331 Jan
Nat Bond & Share Corp__' 34% 3234 34% 1,600 28
.lan 394 Mar
Nat Container pref
• 17
16% 17
200 14
Feb 17
Mar
Nat Family Stores corn..•
1,000
335 Jan
335
33.4 435
5% Jan
$2 pref with warrants_25
634 Apr 14
100
655 635
Jan
Nat Food Prod cl A ww.•
100
Jan
9
9
1055 Mar
Nat Investors Coin
•
434 Apr
43.4 535 3,000
434
73( Feb
Nat Short Term Sea A . 18%
17% 1831 7,100 153-4 Jan 1831 Apr
Nat Steel Car Corp
25
25
100 25
Apr 42
Feb
Nat Sugar Refg
• 30
600 2834 Jan 3434 Mar
30
29
National Tile Co corn.. •
535 Apr
100
5% 514
5% Apr
Nat Union Radio com_ •
135 Apr
700
235 24
54 Feb
Nauheim Pharmacies com •
500
34
35 Apr
34
1
Jan
Nehi Corp corn
9
300
Feb 13
934 10
Jan
First preferred
66
66
50 66
Apr 74
Jan
Neisner Bros prof
100
62
62
25 5834 Apr 80
Feb
Neptune Meter class A- •
18
18
100 18
Jan 23
Mar
Newberry (J J) Co corn. •
24
24
600 23% Jan 264 Mar
New York Auction com_ •
3
3
3
20
Jan
43( Feb
New York Hamburg_ _50
24
24
24
Apr 294 Mar
10
New Haven Clock
•
54
534
534
10
54 May 1335 Jan
N Y Merchandise
9% 1031
300
9% Apr II% Apr
Niagara Share of Md_ _10
7
7%
734 834 4,000
Jan
114
Niles-Bemcnt-Pond corn.* 174 17% 17% 2,200 1731 Apr 2234 Mar
Jan
Noma Moo Corp coat
•
5
4% 5%
500
43.' Apr
35 Mar
Nordon Corp Ltd corn.- -5 5-16
3,4 Feb
5-16
Si 2,200
44 Mar
Nor Amer Aviation warr A
134 1% 8,900
134
Jan
234 Mar
North Amer Cement
•
1% 13(
135 Jan
300
14 Apr
North & So Am Corp A •
7% 8
300
735 Apr 11% Feb
Northwest Engine com__• 13
13%
13
300 12
Feb 1834 Mar
Northwestern Yeast___100
129 137
30 1154 Apr 150
Apr
Novadel-Agene Corpcom_• 4534 45% 46
1,400 384 Jan 8134 Feb
Ohio Brass class 13
•
51
48
75 48
AP
70
Feb
Oilstones Ltd class A. •
255 Apr
SOO
23.4 3
534 Feb
Outboard MotCorp corn B•
2%
2% Jar
234 24 1,100
335 Jan
Class A cony prof
•
531 535
415 Jan
500
0
Feb
Overseas Securities
3
235 Jan
3% 1,100
6
Feb
Ovington Bros partici pi_.•
14 155
13.4
134 May
200
2
Jan
Paramount Cap Mfg corn.'
334
1,700
234 33-4
24 Apr
6
Feb
•
Parke Davis & Co
26% 27
800 264 Apr 304 Jan
Parker Rust
-Proof Co._' 92
8835 101
7,150 81
Mar 109)4 Mar
Patterson Sargent Co com•
264
26
50 2555 Mar 2
83.4 Mar
Pennroad Corp corn •
•
534 Apr
27,900
534
534 6
835 Feb
Pepperell Mfg
100
79
79
10 7655 Feb 79
Apr
•
Perfect Circle Co
25
25
100 25
Apr 3434 Mar
Perryman Eleo Co corn.. •
2
1
14 23' 2,400
Jan
4
Apr
Philip Morris Cons corn..' 9-16 9-16 11-16 2,400
35 Jan
I
Mar
Phoenix Secur Corp corn •
3,200
1% Apr
134
2
Feb
Preferred A
• 2434 2436 2435 2.800 23
Mar 26
Apr
Pierce Governor oom_
•
435 Apr
100
435
43'
64 Feb
Pilot Radio & Tube el A • 1935 1734 2135 36,60
34 Jan
233.4 Apr
Pines Winterfront Co- -• 1834 184 18%
100 1731 Mar 2
234 Apr
Pitney Bowes Postage
Meter Co
•
51
5 Jan
13,000
8
10
73.4 9
Mar
Pittsburgh Forg
•
Apr x1334 Apr
10
100 10
10
Pitts & Lake Er RR corn 50 95
450 95
Apr 109
98
95
Apr
Pitts Plate Glass corn..-25
Apr 42% Jan
33
33
100 33
Polymet Mtir Cern
•
1% Jan
235 335
3
500
634 Mar
Pratt dr Lambert & Co...*
40
200 3635 Jan 40% Apr
4034
Propper McCallum Hos-..•
4
4
3
Jan
100
5
Feb
Prudence Co 7% pf__..100
65% 66
100 6535 Apr 914 Feb
Prudential Investors cam.
• 104
1034 113-4 23,600
Jan
14
Mar
$6 preferred
88% 8834
Mar 91
100 88
Apr
Public Utility Holding Corp
Corn without warrants.*
43' 11535 29,900
434
436 Apr
74 Feb
$3cum Ore
30% 33
2,000 30% Apr 3615 Feb
Warrants
35 Apr
4
34
34 22,155
14 Jar
Pyrene Mfg corn
635 634
10
6% Apr
600
734 Mar
Q-R S DeVry Corp cam_ •
234
235 Mar
100
6
Mar
Quaker Oats corn
13034 140
70 1304 Apr 165
Feb
6% preferred
100
11631 1164
30 11531 Mar 120
Mar
Products corn
Radio
•
1% 1%
134
200
135 May
235 Jan
Rainbow Lula Prod A
_•
134 2
1,100
1% Apr
4
Jan
nommon class 11
2,000
35 Apr
2
Jar
Reliable Stores corn
635 63.4
100
634 Apr
934 Jan
Reitanee internal com A. •
4% 1,400
34 Jan
6
Fee
Common B
1
*
1
1,600
Si Jan
131 Feb
Reliance ManageM sot com•
4
435
3
600
Jan
755 Feb
Reybarn Co Inc
10
14
134 2
3,100
5
1% Apr
Feb
Reynolds Invest corn_
•
1,200
X
35 Apr
134 Jan
Richmond Radiator corn."
35
100
31 Ma
55 Mar
Cony prof
*
255
254 23.4
100
234 May
5
Jan
Roosevelt Field
•
2
2
2
200
14 Jan
334 Mar
Ross% International
•
334
334 34 4,100
2% Jan
1514 Fes
Royal Typewriter com- •
30
3031
200 30
Apr 38
Jan
$tuhetold Co
•
35
3535 1.000
4434 Fen
42
May
St Regis Paper Co com-10 1431
13
153-4 21,600 13
Apr 21 14 Mar
Saxet Co corn
• 1034
10% 1195 9,900
634 Jai
1355 Apr
Schulte-United 5e to $1 St•
100
51
X
4 Jan
1
Jan
Seaboard Util Shares....'
3% 434
314
1,250
3% Jun
59-4 Feb
Securities Corp Gen'l own •
194 2031
700 1934 Jan 30% Feb
Seeman Bros common__ •
334 3434
600 33
Apr 3735 Mar
Segal Lock & Hardware..'
534 631 5,700
5%
4
Jan
734 Mar
Selberling Rubber com__•
634 034
634
4% Jan
600
7
Feb
Selby Shoe corn
14
12
400 12
Apr 18
Feb
Selected Industries com-23.4 3% 22.700
•
334
2'5 Jan
454 Feb
$535 prior stock
• 5534 55
5835
1,200 44% Jan 70
mu
Allot Ma full pd unstpd- 5734 5054 59
2,200 4594 Jan 7035 Mar
Sentry Safety Control_ -•
134 1% 3,400
14
134 Apr
334 Feb
Beton Leather common-.
1135 12
•
300
64 Feb zI5
Apr
Shenandoah Corp corn - _•
1,728
34 Jan
534 5%
534
855 Mat
6% cony pref
50 33
34%
30
3,115 sn
Jan 36
Feb
60% 6031 5,000 6034 Jan
Sherw-Wms Co(Can) corn'
6655 Mar
Preferred A A
105 10634
100
20 105
Apr 108
Apr
Silica Gel Corp corn•t 0•
6
7
54 Jan
600
1055 Feb
Silver (Isaac) Bro pf_ _ _100
70
70
25 62
Feb 7134 Feb
3311
Friday
Sales
Last Wears Range for
Rale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Singer Mfg
100
Singer Mfg Ltd
Am dep rots for ord reg£1
33-4
Sisto Financial Corp
• 1031
Smith (A 0) Corp cora • 13635
•
3
Southern Corp corn
S'hwest Dairy Prod corn.'
2
7% pref with warr-_100
Spanish & Genl Corp
Am deP rota for ord regd1
Spiegel-May-Stern pfd _ 100
Stand Investing $5.50 prof*
Stand Motor Constr
•
35
Starrett Corp corn
•
6% prof with privilege 50
•
Stein(A)& Co corn
654% cum Prof
100
Stein Commence coin
•
635
Stetson (John B) Co corn.*
Stinnes(Hugo) Corp
•
Stromberg-Carl Tel Mfg_*
Stroock (9) dr Co
*
Stutz ‘i nt or Car Co
• 2334
•
Sun Investing corn
$3 cony pref
•
Swift .
,.Co
25
Swift International
15 37
Syracuse Wash Mach B._•
5
Taggart Corp com
• 10
Technicolor Inc coin
•
8
Thatcher Securities Corp_l
234
Timken-Det Axle pref_ _100
Tobacco & Allied Stocks- •
Tobacco Products Dip_ •
Todd Shipyards
* 47
Tom Huston Peanut com_•
Transcont Air Tramip___-•
735
Trans Lux Pict Screen
•
8
Common
Tr -Continental Corp warr
5
Tri Utilities Corp tom_
•
Tubite Chatiton Corp.
Common B•t c
•
63-4
Ungerielder Financ'l Corp• 2834
Union Amer Invest cora •
Union Tobacco corn
31
United Car Fastener cora •
United Chem $3 pref...'
United Corp warrants
-See Public
United Dry Docks com- •
United Founders corn._ _ •
.
635
United Porto Rican SugarCommon
•
United Profit Sharing corn'
United Shoe Mach com_25
United Stores coin •i a'
_
United Wall Paper Fact_-*
2
U S Dairy Prod cl 13
*
US Finishing corn
•
U S Foll class R
6%
•
U S dr Internat Sec com- •
134
First pre! with warrants
41
U S Lines pre?
•
35-4
U S Overseas corn w w__ *
US Playing Card com_ _10
U 8 Radio & Television..'
U S Stores com •t e
•
Universal Insurance_ _25
Utah Radio Products...."
Utility & Indus Corp corn
6%
Preferred• 17
Utility Equities Corp corn.'
6
Priority stock
• 76 34
Van Camp Pack nom
•
434
Vick Financial Corp____10
634
*
Waitt & Bond el B
Walgreen Co eommon
• 18%
Warrants
Walker(Hiram)Gooderham
& Wortscommon
•
634
•
Wayne Pump
Welch Grape Juice corn..'
Western Air Express..._10
West Auto Supply corn A •
Western MU 1st pref__ _100
Williams (R C) dr Co- •
W11
-low Cafeteriascora__.•
5
Preference
* 2434
Winter (Benz) Inc corn._.'
Zonite Products Corp tom• 1231
Rights
Assoc Gas dr El deb rights__
Stock purchase rights...
MavisBottling
3
Public Utilities
Alabama Pow $7 prof....
$6 preferred
* 102
Allegheny Gas Corp corn •
Amer Cities Pow & L cl A _• 344
Class B
6%
Arn Corn'w'Ith Pow com A• 1334
Common class B
• 233.4
Amer & Foreign Pow warr.
175-4
Amer Gas & Mee com.....• 64
Preferred
•
Amer I, & Tr corn
21 4155
6% preferred
25
Amer Pub Sem 7% Pt..100
,
Amer Natural Gas corn_ -•
34
Ain Sts Pub Serv emu A_ _• 1134
Am Superpower Corp com • 1235
First preferred
• 9254
56 preferred
* 8534
Soualachnin ()as corn.....•
4%
Arkansas P & L $7 pref___* 1064
riesoc Gas & El corn
• 1955
Class A
•
$5 preferred
• 75
58 Int-bear allot Mfg._ _. 83
Allotment certificates-- 2035
Warrants
.
14
Assoc Telep Utti corn...'
Bell Telco of Canada. 100
Preferred
117
Brazilian Tr Lt & Pr ord.' 1834
Buff Niag & Emit Pr Pf 25 2635
First preferred
• 102
Cables dr Wireless LtdAm der rots B ord shs_ CI
Can Hydro-El 1st pref_100
Carolina Pr & Lt $6 pref..* 103
Cent Hudson G & E•t n.• 21
Cent Ill Pub Serv $6 Ore!.'
Cent Pub Serv corn---*.
Class A
Cl 1434
56 preferred
; 75
$7 preferred
Cent So'west Util corn___•
37 preferred
•
$7 prior lien prof_
_..•______
2944 315
335
331
1031 1094
135 1444
3
331
1235 124
34
21
4134
34
634
1735
x1534
88
654
29
4
1435
8
2234
4
374
2731
35
435
9
6%
234
102
33
1
47
20
735
34
2134
55
35
634
183-4
16
8834
7
30
43.4
15
831
24
5
3734
28
3731
5
1034
8%
234
102
33
1
47
20
734
Rang. Since Jan. I.
Low.
High.
50 29435 Apr 343% Feb
600
4%
334 Mar
1,500
9
Jan 115-4
120 135
Jan 192
900
2% Jan
43-4
400
155 Feb
24
10 10
Jan 17
100
34
200 13
200 36
2,200
35
6
400
600 1735
300 1334
200 854
4
700
50 29
500
334
400 1434
200
8
3,400 1834
4
800
100 36
2,000 274
4,700 344
300
4
1,700
9
3,300
634
5,300
24
30 102
200 2634
200
35
10
46
100 20
5,600
335
Feb
Mar
Mar
Feb
Mar
Feb
Jan
14 Feb
Jan 37
Mar
Jan 58
Mar
Apr
1
Jan
Apr 124 Jan
Apr 2535 Feb
Jan
1734 Feb
Jan 883-4 Apr
Jan
1131 Mar
Apr 30
Apr
Feb
634 Mar
Apr 1834 Jan
Apr 1134 Mar
Jan
28
Mar
Jan
8
Mar
Jan 4094 Mar
Apr 3094 Jan
Feb 4034 Apr
8
Jan
Mar
Apr 1834 Mar
Apr 1434 Mar
Jan
335 Feb
Jan 10294 Mar
Jan 394 Apr
Jan
13-4 Jan
Jan 50
Feb
Apr 20
Apr
Jai
754 Mar
735 8% 12,800
436 5% 5,100
500
2034
18
655 Jar
235 Jan
Apr
18
1355 Mar
035 Mar
2954 Mar
6% 6% 1,400
2734 2934 8,300
400
18% 1934
34
500
Si
600
43.4 434
500
18% 203.4
Utilities
2
2% 5.200
734 52,700
634
344 Jan
214 Jan
174 Jan
X Jan
Jan
4
16
Jan
Feb
16
2951 Feb
Mar
22
35 Mar
7
Feb
28351 Mar
1% Feb
654 Mar
33.4 Mar
1035 Mat
834
134
503-4
134
2
114
7
634
1%
40
34
1535
38
20
35-4
21
234
531
x1635
5
7634
4%
5%
534
1834
5
1,000
100
200
1,900
100
60
1,200
800
1,300
1,300
500
200
128
100
400
50
100
1,700
1,400
3.700
1,950
1,000
3,700
100
1,100
500
85-4
13.4
5035
14
2
1031
534
554
134
31
234
12
38
20
34
20
2
534
1431
5
68
234
634 3,900
500
4
275
4734
200
1934
300
2034
1
80
100
9
54 1,100
2,100
27
100
34
133,4 21,100
8
2%
46
13
17
60
9
3
12%
6
234
46
18
20
80
9
4
23
34
11%
84
134
5135
14
2
14
8
6%
134
43
34
153-4
39
20
331
21
234
7
174
6
7754
5
6%
534
193-4
6%
3
234
1-32
800
100
4,800
115 115
10135 102
1% 234
3434 3534
6
74
1234 1434
17
2334
153-4 1935
604 66
108 109
3935 44
29
29
9155 9135
24 334
1134
6
1134 1334
92
9234
8534 86
43.4 534
10634 10634
161-4 20
1734 1934
88
75
8054 85
2034 2234
%
245-4
22
145 145
117 117
184 19
2634 2835
102 102
200
175
1,100
800
4,000
17,000
1,700
26,000
22,700
300
9,700
100
25
800
9,4011
109,600
2,000
1.400
9,570
100
8,500
23,100
90
429
2,000
12,700
1,500
100
100
15,700
100
200
254
235
1-84
Apr
84
Mar
2
Apr 5634
Jan
254
May
655
Jan 15
Jan
a%
Feb 10
Jan
335
Jan 60
Apr
654
Jan 20
Apr 49
Apr 33
Mar
7
Jan 25
Jan
24
Apr
93t
Jan
1954
954
Apr
Jan 78
Jan
7
Jan
7
535 Feb534
164 Jan 2934
33.4 Jan 10
Apr
Van
Mar
s•
Feb
Feb
M•S
Mar
Feb
Feb
Jan
Feb
Jan
Mar
Mar
Apr
Jan
Mar
Feb
Feb
Apr
Mar
Jan
Feb
Mar
Mar
Apr
Apr
Apr
Jan
Jan
Jan
Apr
Jan
Jan
Apr
Jan
Feb
Jan
Jan
Apr
Feb
Jan
Mar
Mar
Mar
Jan
Mar
8
134 Jan
13'4 Jan
'sr Apr
113
100
14
334
5%
1155
17
1455
604
1024
3935
26
9135
231
3
935
111 G
8255
455
104
15
17 54
75
674
19
94
22
13935
115
18
2.514
9834
35
35 3,400
34
so 73
7334
73
10 101 55
103 103
174
21
poo
20
10 91
9134 914
955
935 1334 3,300
1255 1555 13,700 12)4
100 67
6855 683-4
75
75
25 75
19
18
400 18
94
94
50 91
101 35 101 14
53 94 1
4
8%
6%
52%
22
24%
85
144
64
3334
154
1535
435 Jan
434 Feb
34 Apr
11535
103%
3%
3834
10
17
294
314
86%
11035
5435
2934
9155
54
2055
194
(49
8955
8)4
108
30
2334
8955
91%
22
I
2555
153
12055
284
27
10235
Mar
Mar
Feb
Feb
Feb
Mar
Jae
FeD
Feb
Mar
Feb
Apr
Apr
Mar
Apr
Mar
Mar
Mar
Feb
Mar
Feb
Mar
Apr
Feb
Apr
Jan
Mar
Feb
Mar
Mar
Mar
Apr
Jan
31
Apr 78
Feb 103
Jan 31
Jan 93
Apr
1834
Apr 19%
Feb 6854
Apr 75
Apr 2434
Apr 96
Jan 1013,4
Feb
Apr
May
Mar
Mar
Feb
Apr
Apr
Apr
Feb
Apr
Feb
Jan
Jan
Apr
Jan
Jan
Jan
Apr
Jan
Apr
Jan
Apr
Jan
Apr
AP
Apr
Jai
Jar,
Jan
Apr
Feb
Jai
Jar
May
Jan
Fe
Apr
Jan
Jan
Jan
Apr
Jay
Jan
Friday
Sales
Last Week's Range for
Public Utilities
Sale
of Prices.
Week.
(Concluded)
Par. Price. Low. High. Shares.
Cent States Elec com__*
831 936 39,800
93.4
6% pref without warr 100
525
5935 60
Cony pref opt ser '29 100
50
60
60
Cities Serv P & L $6 preL•
100
81
81
100
•
88
88
$7 preferred
Cleveland Elea III com
• 4851 48
900
4836
100
20
6% Preferred
112% 112%
Com'w'Ith Edison Co_ _100
530
229 235
Com'wealth & Sou Corp
Warrants
39,300
134 2
13(
Community Water Serv__' 10%
9% 10% 2,900
ConalG El& P Balt com.• 87% 8654 87% 1,300
Consol Gas Util cl A----•
600
1455 15%
400
Class Byte
7
6
•
Cont'l0 & E 7% pr 1)1_100 10134 10134 103%
275
Duke Power Co
400
100 119
119 121%
8,400
Duquesne Gas common_ _•
234 3
2%
1,000
East Gas dr F Associates-. 19% 18% 1974
200
92
6% preferred
100
92%
EsatStates Pow com B---• 1436
13% 1654 6,200
Elea Bond & Sit Co com--• 4111 39% 44% 359,200
•
$6 preferred
10214 105% 2,400
1,600
92%
90
15 aim pre:
• 91
11,100
Elea Pow & Light warr____
2034 25
22
100
6
6
Elec Util Assoc cony stock •
200
73
72
Erni)Gas & Fuel 7% Pf- 100
600
82% 84%
100
Preferred
8%
400
38
37
Empire Power panic stk •
500
235 3
236
Empire Pub San/ com A •
100
9% 954
European Elea Corp cl A 10
24 214 1,900
23.4
Option warrants
600
99 100
Florida Pow & Lt $7 pt• 100
5,600
Gen Gas & Else $15 Prof li_• 63% 61% 65
20
7954 794
Gen Pub Serv $6 pref__ •
43.4 5% 2,000
Hamilton Gas Co corn vie
434
60
89
•
89
Illinois P & L $6 pref
2,200
22
• 21
20
Internet Superpower
400
•
40% 41
Internat Utll cl A
736 10,500
•
63.4
Class B
7
100
254 254
Warrant for class B stk
20
7034 7934
Interstate Pow $7 pref__ •
3,100
3
4
355
Italian Superpower corn A
3,200
Warrants
1% 1%
1%
Mugs Co Ltg pref B__100
•
Long Wand Ltg corn
100
7% preferred
6% preferred ser B 100
Marconi lnternat Marine
Common Am dep rats_
Marconi Wirel T of Can _l
Mass Util Asso com v t o_*
Memphis Natural Gan_ ..•
Met Edison $6 pref ser C_•
Middle West UM com_ _•
$6 cony prof series A--•
Midland Nat Gas class A •
•
Mid-West States Utll el •
Mohawk & Hod Pr let of.:
2d preferred
Monongahela West Penn
Pub Service 7% prat_ _25
Montreal Lt Ht & P Cons •
Nat Elec Power class A_ •
•
Nat Pow & Lt $6 prof
Nat Pub fiery corn el A_ •
•
Common elms B
100
7% preferred
•
63.50 cony pref
New Eng Pow Assn com_ •
100
Preferred
100
New Eng Tel & Tel
New ON Pub Serv 7% P1100
N Y Pow & Lt $6 pref
*
New York Steam com__ _•
N Y Telep 6 % pref 100
Niagara Hud Pow com__10
Class A opt warrants___
ClassB opt warrants____
Class C warrants
Nor Amer Ut11 Sec com_ •
N Ind Pub Seri 6% Pf-10(
,
Nor States P Corp cm 100
100
7% preferred
100
6% preferred
100
Ohio Power 6% pref
Oklahoma0& E 7% pf 100
Oklahoma Nat Gas pref 100
Pacific Gas & El lstpreLbb
Pacille Pub Serv 01 A com_•
Pa Gas & Elec class A_ _ _ _•
Pa Ohio P & L7% pref_100
Pa Pow & Lt $7 pref__
•
Pa Water & Power
Peoples Lt & Pow class A_•
*
Philadelphia Co new
Piedmont Hydro-Elec warr
Puget Sound P&L $6 pref
Rhode Bid Pub Serv Pf- •
Rochester G & E pf D_100
Rockland Light & Pow it
Sierra Pac Elec 6% pref 100
Sioux City G & E pref._
So Cal Edison 6% pf B 25
554% prat class 0.--25
25
7% pref A
Southern Nat Gas corn_ _
SoWest Bell Tel 7% Pf-100
Southwest Gas Util com_ _•
Standard Pow & Lt oral_ •
•
Tampa Electric Co
Tenn El Pow let pf___ _100
Toledo Edison 6% pref 100
Union Nat Gas of Can_ •
United Corp warrants
United El Fiery pur warr
United Gas Corp com_-•
Prof non-voting
Warrants
United Lt & Pow com A__•
•
Common class B
•
$6 cony let Pre!
Elea Pow witb warr_ _•
US
warrants
Stock purchase
17til Power & Light com__•
Class B rot tr etfl_ __•
•
West Mass Cos
111 115%
294 30%
111 111
106 106
754
2%
434
9
97
17%
1851
973-4
54
17
17
10451
102%
751
23(
434
10
1014
82%
70
116
10%
251
554
97%
27%
2234
11
11034
60%
18%
284
99
26%
30
6%
3%
10914
9%
51
734
87%
2%
23
9551
4%
7%
22%
56
Range Since Jan. 1.
High.
Low.
831
54
50
81
8451
48
112
221
Apr 12% Mar
Feb 68% Feb
Feb
Jan 65
Apr
Apr 82
Apr
Mar 89
Jan 52% Mar
Mar 1133.4 Apr
Jan 256% Feb
1%
8
82
14%
5
9731
118
23-4
17
92
13%
3951
10234
89%
20
6
72
82%
32
234
7
1%
99
001.4
7951
4%
86%
20
3451
5%
2
79%
231
55
Jan
Jan
Jan
Apr
Feb
Jan
Jan
Apr
Jan
Apr
Jan
Apr
Jan
Jan
Jan
Apr
Apr
Apr
Jan
May
Jail
Jan
Apr
Jan
Apr
May
Jan
Apr
Jan
Jan
Jan
Apr
Jan
Jan
234
12%
101
175-4
8
103%
145
635
27
94
24
61
108%
97
3734
83'
79%
894
52%
755
13
4
104
78
83
6
94%
3355
45
10%
4%
88
1051
354
Mar
Apr
Feb
Mar
Mar
Apr
Feb
Feb
Mar
Mar
Mar
Feb
Mar
Mar
Feb
Jan
Apr
Jan
Feb
Jan
Mar
Mar
Mar
Mar
Apr
Apr
Apr
Mar
Feb
Feb
Feb
Mar
Jan
Mar
Apr 115% Apr
100 111
3,300 2935 Apr 364 Mar
10 1064 Jan 11251 Mar
100 10034 Jan 1065( Mar
73' May 10
900
834
4
1% Jan
2% 17,000
4%
Jan
434 1,000
1254
836 Jan
1.900
10
Apr 99
25 97
97
2531
19% 23,700 i73.4 Jan
100 9735 Jan 101
97%
255
1,100
34 Apr
56
25
Apr
1,200 17
19
425 100% Jan 10755
105%
Jan 104
75 99
104
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Jan
Feb
Apr
Mar
100 243.4 Jan 25% Apr
2555 2536
554 Feb 69% Mar
5(
58
58
Apr
100 2335 Apr 26
23% 2334
Jan 104% Apr
300 97
101% 102
200 1751 Jan 21% Mar
17% 17%
Feb
Apr 36
200 25
26
25
Apr 87% Mar
150 81
81
81
Feb
Mar 44
60 42
43
43
Feb
Feb 75
20 70
70
70
Feb
400 7951 Jan 86
8155 843-4
Mar
Apr 141
100 134
134 134
Apr
Mar 101
100 98
101
101
Jan 104% Mar
25 101
10254 10236
Mar
700 46% Jan 89
75
70
375 113% Jan 118% Mar
115 116
1554 Mar
95i Jan
10
1151 88,700
334 Mar
1% Jan
2% 2,100
2
855 Mar
Apr
1,100
63.4 5%
354 Mar
Jan
200
251 234
4% Mar
234 Jan
200
34 355
Apr
Jan 105
125 97
104 10451
1,800 1233.4 Jan 152% Mar
130 136
Jan e10951 Mar
100 101
107 10755
Mar
160 95% Feb 101
9751 9831
10 104% Jan 10855 Apr
108 108
Apr 1083.4 Jan
60 106
106 106
Jan
Apr 45
100 23
23
23
2734 2855 2,800 26% Feb 28% Apr
19% 2255 1,200 19% Jan 28% Feb
Apr
Feb 11
8
200
11
11
Feb
Apr 109
25 108
108 108
Mar
300 1083' Jan 111
11036 11034
704 mar
Jan
600 69
60% 63%
1,700 18% Apr 2634 Feb
1811 20
Feb 3134 Feb
200 28
2855 2836
Mar
1
Jan
700
%
35
Mar 10034 Jab
170 98
99
99
Feb 28% Mar
200 26
28%
2834
Mar
Apr 100
100 97
97
97
16
1654 1,100 1554 Feb 1814 Mar
Apr
Jan 92
10 86
90% 90%
Apr 10455 Apr
50 104
10434 10414
2855 1,700 2574 Jan 2834 Apr
2734
2655 Apr
2614 26% 2.400 24% Jan
600 z293-4 Jan 3055 Feb
29% 30
Mar
934 Apr
5
4,000
5
8
50 11834 Jan 12155 Mar
12034 12
034
614 Feb
3% Apr
1,300
334 4
Mar
Apr 101
250 98
99
093-4
Feb
400 4554 Apr 61
453-4 4954
Feb 109% Apr
109% 109%
25 108
Mar
10 103% Apr 110
10335 10334
Apr
173.4 Jan
11
100 11
11
Jan
1555 Mar
8
855 1054 8,245
I,„ Mar
1
ill
ha Jan
9,800
6% 7% 58.500
1134 Jan
634 Apr
Mar
Jan 94
8651 8855 2.500 86
2% Jan
455 Jan
23.4 2% 5.400
204 2434 60.400 2034 Apr 24% Feb
Apr 69% Jan
1.700 54
63%
54
1,500 94% Jan 10434 Mar
9534 9734
83-4 Feb
43.4 Apr
434 634 9.500
235 Mar
300
13.4 Feb
136 1%
651 Apr 14S4 Feb
60,600
63.4 9
Apr 3134 Mar
7,000 20
24
20
75 53% Jan 6234 Feb
5555 56
Former Standard Oil
Subsidiaries
47
50 47
Buckeye Pipe Line
116
25 120
Chesebrough Mfg
27%
100
Eureka Pipe Line
Humble Oil& Refiniflg.-25 533' 53%
1151
Imperial OH (Can) coup--• 13
12
•
Registered
14%
10
Indiana Pipe Line
13
National Transit_ _ _ _12.50
954
10
New York Transit
98
Ohio Oil Co 6% pref._..I00
8
25'
Penn Mex Fuel Co
25 1434
13%
South Penn 011
[VOL. 132.
FINANCIAL CHRONICLE
3312
200 40
47
500 110
12011
200 27
2734
6,700 53%
55
15,800 1154
13
200 11%
12
15% 1,000 14%
1,100 1214
13%
9%
100
955
100 98
98
8
600
10%
3.000 13%
1551
Mar
Jan 51
Jan 12935 Apr
Apr
Feb 31
Feb
Apr 72
Apr 185( Jan
Apr 18
Jan
Apr 2134 Feb
Jan
1714 Mar
Apr 1455 flan
Apr 102% Jan
1555 Jan
Apr
Apr 23% Jan
Sales
Friday
Former Standard Oil
Last Week's Range for
Week.
of Prices.
Subsidiaries
Bale
Par. Price.Low. High. Shares.
(Concluded)
Range Since Jan. 1.
Low.
300 10
1455 153.4
Southern Pipe Line
10 15
50 33
35
35
So'west Pa Pipe Lines_50
89,200 24%
Standard Oil(Indiana)_25 26% 2434 28
17% 1934 12,600 1755
Standard 011(Ky)
10 19
900 23
25
23
Standard 011 (Neb)
25 25
1,000 49
5211
Standard 011(0) corn....26 52% 49
280 103
5% cum pref
100 10551 105% 106
2%
100
251 2%
Swan Finch 011 Corp__ _25
44% 32,600 40
Vacuum Oil
25 4134 40
Other Oil Stocks
Amer Maracaibo Co
•
Ark Nat Gas Corp corn_ _•
•
Class A
Preferred
10
Atlantic Lobos 011 com__•
Preferred
60
British Amer 011 Co Ltd
Coupon stock (bearer).
Registered shares
Carib Syndicate
•
Colon Oil Corp corn
Coiumb 011 & Gasol•t •3_•
Consul Royalty 011 Co_ _1
Cosden 011 Co com
•
Creole Petroleum Corp...
Crown Cent Petrol Co._.*
High.
Jan 17
Jan 38
Apr 3834
Apr 23%
Apr 36%
Mar 6234
Jan 106
Apr
34
Apr 694
Apr
pr
Jan
Feb
Jan
Jan
Apr
Jan
Feb
Si 9,100
44 3,700
24,400
5
64 1,200
GOO
Si
100
1%
55
434
454
63.4
55
1
Jan
Apr
Apr
Feb
Feb
Mar
154
6)5
651
1
1
3%
May
Feb
Feb
Jan
Mar
Apr
500
600
2,900
2.000
3,100
100
2,500
1,800
300
10
10
5
5
134
33.4
134
1
24
54
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Mar
16%
1051
254
Ma
2u
75
5
E'Jan
Apr
Feb
May
Feb
jee
34
Darby Petroleum coin. •
3
Derby Oh ar Ref com._..'
35
Preferred
•
1711
Gen Petroleum Corp____
18
Gulf 011 Corp of Penna__25 5151 51%
Indian Ter Ilium Oil cl A • 1254
1254
Class B
• 12% 11%
Intercontinental Petrol._.5
35 7-16
11
Internat Petroleum
'
.
• 115-4
Leonard 011 Develop_ -25
Lion Oil Refining
434
45-4
•
16
Lone Star Gas Corp
• 1651
Magdalena Syndicate_
1 5-10 5-16
•
5
Margay 011 Coro
2
Mexico-Ohio Oil Co
•
334
Mid-States Pet cl A Yto_ •
236
1
Class B•t
•
Mo-Kansas Pipe Line corn
634
651
Clads 11 vol or ctfs_ _ _ _1
34
34
34
Mountain Prod Corp_ _.l0
4
National Fuel Gas
• 194 1954
New Bradford 011 Co
1
1%
5
2
New Engl Fuel Oil
1
134
North European Oil Corn •
400
33.4
700
334
125
36
2034 1.500
0,200
54
1334 3,000
1,100
12%
9-16 6,000
123-4 43,700
Si 3,700
3,400
5
1734 8,600
7-16 4,900
100
5
434 4,100
200
234
400
1
731 9,200
7-16 1,100
44 1,900
204 5,900
14 2,000
100
2
1% 12,700
334
23-4
36
1751
51%
1255
1154
55
11
54
455
16
14
334
155
254
34
5
g
3%
19%
53.4
Pacific Western 011
•
53.4
5-16
Pandein 011 Corp
• 7-16
14
Pantepec Oil of Venezuela.
Petrol Corp of Am warn.
34
Plymouth 011 Co
934
f. 1034
14
134
Producers Royalty Corp..*
Pure Oil Co 6% pref__100 67
69
Reiter-Foster 011 Corp...
134
136
Richfield 011 pref
25
234
Root Refining prat
2
1%
Royalty Corp of Am p1_10
Salt Creek Consol 011-10
51
Salt Creek Producers_ _.10
5
535
455
455
Southland Royalty Co...
254
Sunray 011
5
234
Tenon Oil& Land Co
87-4
•
951
Union Oil Associates--25 15
15
Venezuela Petroleum_
_5
51
Woodley Petroleum
23-4
1
"Y" Oil & Gas Co
%
651 14,300
7-16 11,400
200
134
400
34
1034 9,900
4,100
2
80
72
200
134
34 2,100
200
2
200
134
100
%
2,700
551
4% 8,300
23-4 12.400
700
95-4
900
1654
400
54
300
23-4
600
%
531 May
Jan
Jan
1
54 Feb
9% Apr
154 Mar
May
69
Jan
255 Apr
Apr
2
134 Feb
55 Apr
Apr
5
455 Apr
2% Apr
87-4 Jan
15
Apr
5( Apr
134 Jan
55 Jan
14
455
4%
3'
1%
151
3%
2%
34
51
4)4
434
655
51
1%
1034 104
10
1036
1%
1
134 14
334 34
134 14
1%
1
2% 24
34
Si
Mar
Jan
Jan
Apr
Apr
Apr
Apr
Jau
Apr
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Apr
Apr
Apr
2
Apr
34 Jan
311 Jan
355 Jan
55 Feb
6
5
4035
30
76
16%
16'55
F
Feb
Mar
Feb
Jan
Feb
Feb
1531
154
64
29
54
5
43-4
11%
14
11
54
j
J42
a11
Ma,
Feb
Jan
Apr
Jan
May
Jan
Jan
Jan
261
534
134
255
234
Feb
Jan
Apr
Mar
16
54
2
134
19
43.4
83%
134
11
3%
Feb
Apr
Feb
Jan
Feb
Jan
Jan
Apr
Jan
Jan
35% j
1
Jan
an
7% Jan
7% Jan
5Feb
F
ian
Feb
2142$
1% Jan
314 Feb
34 Feb
Mining Stocks
Feb
75 43% Jan 53
45
45
Bunker Hill & Sullivan____
45
Swans M'Kubwa Cop M
151 Jan
300 iii 36 Apr
155 115
Amer shs for ord sits....
34 Feb
7-16 Feb
Comstock Tun & Drain 100
% 13,400
51
74
33.4 Jan
2% Apr
2% 2% 4,600
Como! Copper Mines__.5
234
Jan
Apr 144
50 109
109 109
Consol Min dr Smelt__ _25
% Mat
6-16 Jan
Cresson Cons U M&M .1
Si 7-16 2,300
1;a Mar
14 Jan
Cue! Mexicana Mining__ 1
Si
Si 3,800
74 Mar
474 Apr
400
4% 4%
451
Eagle Plcher Lead Co__20
151 Mar
Mar
400
Engineers Gold Ltd
-5
Si
Si
Jan
3% Feb
1,300
1% 1%
155
Evans Wallower Lead corn•
2 Feb
st Jan
1
14 3,600
Golden Center Mines..
1
51 Jan
3-16 1,000 3-16 Jan
Goldfield Consol Mines. l 3-16 3-16
8
Mar
455 Apr
800
25e
435 5
Eiecla Mining Co
8% Apr
63.6 Jan
8
8% 2,600
Hollinger Cons Gold
5
8
41.4 Jan
055 Mar
7,100
434 5
Bud Bay Min & Smelt- •
45'
400 2451 Mar 28% Apr
2655 27
Lake Shore Mines Ltd- _1
Mining Corp of Canada-6
Moose Gold Mines Ltd_ -1
Newmont Mining Corp-10
New Jersey Zinc
25
N Y & Hood Rosario_ _10
Nipisaing Minee
1
Ohio Copper
Premier Gold Mining__ _ -1
Quincy Mining
25
Roan Antelope Copper....
et Anthony Gold Mines-1
Shattuck Denn Mining_ •
South Amer Gold dr P1at...1
r8Cla Hughes Gold Mtn _ _1
United Verde Extens'n_500
Utah Apex Mining
1
Walker Mining
Wenden Copper Mlning_l
Yukon Gold Co
6
SondoAbbots Dairies deb 69_1942
Alabalna Power 4 42_1007
New when issued
1st ref 55
1956
let ref be
Aluminum Co s I deb 5s'52
Aluminium Ltd 55_ _1948
Am Aggregates Corp 13s '43
With warrants
Amer Cotn'Ith Pr (4_1940
Am El Pow Corp deb 6s '57
Amer GI & El deb 56_2028
Am Gas is Pow deb 68_1939
Amer Pow & Lt 6e....2016
Amer Radiator deb 4 Siti 47
Amer Roll Mill deb 5s_1948
44% norm_ _Noy 1933
Amer Seating 6s
1936
Am Sob"dr Chem 6558_1938
With warrants
Appalachia,. El Pr 68_1956
Appalachian Gas 68_1945
Cony AO 54 sec B__194n
Appalachian Pow Oa ..2024
&Mumma Pr & Lt 55_19511
Assoc Dye & Print 68_1938
With warrants
Associated Elea 44s. _1953
2
55
3734
35
1074
1
136
31
4
5
1454
55
334
135
77-4
834
834
84
1
1%
3-16
7-16
-316-
974
97%
103%
1033-4
104%
100%
6955
71
99%
10634
8651
9754
6254
234
7-16
3951
4115
1074
174
Si
4
5
153-4
3-16
4
135
8%
9
1
134
51
7-16
10031 10051
9654 98
963-4 98
103 103%
103 10334
104% 105
100 s10051
82,000 99
67.000 965.4
%
78,000 963
5,000 1015-1
18.000 1013.4
17.000 103%
39,000 9734
2% War
11,, Apr
58% Feb
1St
Jan
12
Mar
% Mar
55 Feb
134 Apr
5
Apr
18% Mar
3-10 Jan
Mar
6
14 Jan
Apr
9
13% Mar
14 Jan
2
Feb
55 Feb
fie Apr
Mar 100%
Feb 99%
Apr 99
Jan zI04
Jan iO4;4
Jan 105%
Jan 101
Apr
Jan
Mar
Mar
Apr
Apr
Apr
6955 69% 1.000 6955
7451 33,000 71
71
684 69% 11,000 z67
•9955 9834 243.000 97
1.000 71
86
88
90.000 101%
106 108
101 101% 13.000 100
15,000 85
86
85
97% 97% 75,000 96
6234 6634 35.000 55
Jan
May 77
Jan
Apr 83
Mar 70 34 Apr
Jan 100% May
Jan
Jan 90
Apr
Jan 108
Jan 10235 Apr
Apr 9734 Feb
Jan 9834 Apr
Feb
Jan 70
LOGO 4755
15.000 9944
90.000 80
114,000 491-4
10,000 101
55.000 954
Mar
Apr 56
Jail 103% Apr
Feb
Apr 89
Jan 75
Feb
Feb 105% Mar
Feb 10054 Apr
47% 47%
10351 103 10354
78
60
64
54
MO
54
104 10454
09% 1007-4
100
9134
151 Jan
200
Apr
500
5,500 37% Apr
Apr
1,700 35
300 1035 Feb
Jan
1
4.300
Si Jan
9,600
Si Jan
1,920
5
Apr
100
300 1335 Jan
1-ili Jan
5,200
Jan
3
1.000
400 15-16 Jan
4334 Jan
3,400
Jan
4,600
34 Jan
300
1% Apr
600
55 Feb
1,600
56 Feb
200
2051 205( 1,000
9054 91 54 142.00
17% Apr
44 • inn
20% Pan
Mar
04
MAY 2 1931.]
Bonds (Continued)
3313
FINANCIAL CHRONICLE
Friday
Sates
Last. Week's Range for
of Prices.
Sale
Week.
Prize. Low. High.
Associated Gas & Electric
1949
434s series C
Deb 434s without war'48
1950
58
1968
55
1938
5450
1977
5545
Assoc Rayon deb 55-195
Aasoo T & T deb 534e A '55
Assoc Telep Util 5148.1944
Atl Fruit & Sugar 88..1949
Atlas Plywood deb 5548'43
Baldwin Loco Wke 5348'33
Beacon Oil 68 with warr '36
Bell Tel of Canada 58_1957
1955
let M 5seeries A
1960
lstMssserC
Beneficial Ind Loan 6.1946
Birmingham Elec 4348 1988
Birmingham Gas let 55 '59
Boston Consol Gas deb 5847
Beaten & Maine RR Os '33
1961
431e
Bklyn Borough Gas 58 1967
Buffalo Gen Elm 5s_ 1956
Burmeister & Wain(Copen)
1940
15-yr 2 f 65
Canada Cement 5536 A '47
Canada Nat By 72.--1935
1958
25-yr guar 44s
Canada Nat S S5e
1955
Capital Adm deb Si A_1953
With warrants
Without warrants
Carolina Pr & Lt 58-.1956
CaterpillarTractor Sc.1935
Central German Pow 6s '34
Cent III El & Gas 55..1951
Cent Ill Pub See 58 0.1968
let & ref 434s eer F.1967
Cent Maine Pr 434s E.1957
Cent Pow & L let 56..1958
Cent Pub Sera 5569 1949
With warrants
Cent States Elm 5e_...1948
Deb 5340--Sept 15 1954
Cent. States P & L 534s '63
Ohio Dist Elm Gen 4348'70
Deb 5%a_ _ Oct 1 1935
Chic Pneumat Tool 5345'42
Chic Rye be Ws dep._1927
Cigar Stores Realty Hold
Deb 5348 series A _ _1945
Cincinnati St By 5345 A '52
1955
let 66 series B
1900
OW% Service bs
1950
Cony deb 55
Cities Seer Use 13348_ _1942
Cities Sera Gas Pipe L 68'43
Citiee Serv P & L 51 44 1952
.
Cleve El III 5s series 13_1961
1941
Deb 7s
Cleve Term Bldg 6s___1941
Commander-Larabee Os '41
Oommers und Privat
1937
Bank 554s
Com'wealth-Edlson181 5s
June 1 1943
lot(38
June 1 1943
let mtge 43.48 see 0-1956
let ru 434e ser
lat M 4%e ser E _.1960
Consols:1 E L & P (Ra1911st dr ref 4%s ser H_1970
Como!Gas Util Co
Deb 8340 with warr_1943
let & coil 6s ser A_ _1943
ConsolPublishere 6415 1936
Consumers Power 4348 '55
Cont'l 0 & El 5a
1958
Continental 011 5346_1937
Crane Co 10-yr a f 555...1940
Crucible Steel deb 55..1940
Cuban Telep 75(s_._1941
Cudahy Pack deb 546s 1937
Cumberl'd Co P&L 434e '58
70% 85% 7034 375.000
71
67
73% 69,000
74 246,000
71
74
6831 7134 238.000
71
70% 6854 7031 6.5.000
82% 8014 28% 9,000
55% 55% 5934 36,000
86% 8654 87% 21.000
85
:833.4 s8734 105,000
134 134 1.000
60
60
20,000
10134 102
25,000
98% s98
98 34 10,000
10634 10531 106% 30,000
10534 105 105% 29.000
510530105% 3.000
98% 9834 9834 16,000
9414 9434 9451 14.000
9734 98% 15.000
104 104
2,000
10251 102% 8,000
9434 94
9534 49,000
10534 105% 2,000
105% 1053.4 1,000
100%
100
100
110
109%
10034 s9931
105
90%
6934
72%
84 34
7834
108
3434
86
High.
Mar
Mar
Feb
Feb
Jan
Jan
Apr
Jan
Mar
Jan
mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Apr
Apr
100% 1,000 10031 Feb 101
100
6,000 9954 Feb 102
110
32,000 10834 Jan 110
10031 57,000 0831 Jan 100%
Jan 106
105
3,000 103
Jan
Mar
Mar
Mar
Mar
Jan
Apr
Jan
Apr
Apr
Apr
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Apr
Jan
Feb
Jan 88
Apr
8,000 82
Feb 8531 Apr
3,000 81
43,000 10134 Jan 10434 Mar
140,000 9554 Feb 10134 Feb
Jan 98
Mar
1,000 93
50,000 9434 Mar 9551 Mar
9934 Apr 10051 Mar
25,00
32,000 913-4 Apr 9434 Mar
10,00
99
Apr 9954 Apr
Jan 9034 Mar
27,000 93
77% 261,000
64
67,000
6734 87,000
79
42.000
92% 60,000
10254 11,000
91% 6,000
64% 33,000
76%
86%
91
71
75%
75
85
79%
108
10631
78
3534
56331
05
684(
683(
84
80
53
84
180%
1
59
10134
96%
1023h
103%
10314
9834
94
9531
103
100%
94
104%
103
7031 Mar 81
Mar
58
Jan 7134 Mar
Mar
Jan 77
Apr 8734 Mar
74
90
Feb 9434 Mar
95
Jan 1023.4 Apr
8734 Feb 9534 Jan
Apr 73
Mar
60
6034
Apr
Jan
Feb
Jan
Mar
Jan
Jan
Jan
May
Jan
Jan
Jan
Feb 773j
Feb 9034
May 9654
Apr70
8251
Jar
Apr 83
Apr 89
Jan 84
Feb108
Jan 107
Apr 8534
Apr 43
34.000
1,000
3,000
61,000
3171000
81,000
23,000
129,000
2,000
5,000
7,000
12.000
13834
85
9034
56931
z72
7241
8434
75
10631
10534
77
3134
85% 8634 39,000
7931
Jan
10754 4.000 107
116
4,000 11431
10334 23,000 101
103% 12,000 10034
102
74,000 9914
Apr
Apr
Feb
Jan
Jan
107
114%
10236
10334 103
102
10034
8734 Mar
108
116
10354
1033.4
10234
Apr
Apr
Apr
Apr
Apr
10434 104% 10,000 102
70
9731
1033(
84 34
92%
102%
99
9936
Dayton Pow & Lt 55..1941
Del Elan Pow deb 554s 1959 94%
Deny & Salt Lake By 85'80
Det City Gm Os ser A.1947 107
let 5e series B
1950
Detroit Int Bdge634/..1952
25
-year deb 7e
1952
Duquesne Use let 65..1945
Cony 634% notes_1935
East Utilities Investing
56 with warr
1954 82%
Edison El(Boston)5e_1933 10334
Elea Power & Lt 55..2030 88
El Paso Nat Gas deb83653'38
1st 834s swim A_ -1943
Empire Dist Elm 5s__1952 9354
Empire Oil & Refg 548'42 7134
Ercole Marelli El Mfg
With warrants 8360_1953 74
European Eieo 6340_1965
Without warrants
Eur Mtge & Inv 7s C.1987
Fairbanks Morse Co 581942 9651
Federal Water Serv 55.4e '54 74
Finland Residential Mtge
• Bank 65
1961 82
Firestone Cot Mills 55_1945
Firestone T & B 58...1942
First Bohemian Glasa Wks
1st s 175
Jan 1 '57
Fisk Rubber 5%5
1931
Florida Power & Lt 55_1954 8834
Garlock Packing deb fte '39
Gatineau Power 1st Ern 1956 89%
Deb gold 68 June 15 1941
Deb (ts per 13.-A&O 1941 87
Gen Bronze Corp oonvfie'w
Gen Pub Serv deb 5.s...1953
1931
Gen Pub Utll(3e
1948 50
Gen Rayon 68
General Refract 5s_ _ _1533 99%
Gen Vending Corp (le 1937
With warrants
Gen Wat Wke 0 & E
Cony deb Os ser B__1944
Georgia Power ref 55..1967
Geefuel deb Os
1953
With warrants
865(
Without warrants
8841
Gillette Safety !tailor 55'40 94
Glidden Co 5349
1935
Gobel (Adolf) 654e
With warrants
1935 70
Grand (F & W) properties
Cony deb 68 Dm 15 1948
74
86%
90%
69%
86934
7234
8454
7834
180
106
77
3334
Low.
73
74%
80%
8034
76%
913%
80%
40
92%
3
56031
102
9951
100%
106
106%
98%
96
100%
104%
103
99%
106%
10536
86% 86% 86%
833( 8351 84
103% 5103% 103%
98% 98 010054
95
95
9534 95% 9531
100% 100%
93% 91% 9334
9934 99%
94% 94% 9536
7531 75
8254 62
13834 65
75% 74
92
90%
10234 10234
91
80
Range Mace Jan. 1.
oo
Jan 10434 Apr
70
77
24,000
74 34 29,000
70
2,000
9741 97%
10214 103% 51.000
83
8434 280,000
4231 92% 50,000
1023.4 102% 2,00
20.00
9634 99
103 103
2,000
9931 9954 34,00
1,000
9731 9751
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
570
70
z9541
9934
8034
9134
10054
9634
100
11434
97
85
88
100
10334
8834
95
103
1015(
107
100
9734
Mar
Mar
Jan
Apr
Mar
Jan
Apr
Mar
Mar
Feb
Apr
3,000 10434 Apr 105
Apr
7,000 88
Feb 9414 Apr
5,000 52
Apr 73
Jan
16,000 10534 Jan 10731 Mar
25,000 100
Jan 10454 Apr
89.000 1514 Feb 30
Jan
10,000
2
Jan
5
Mar
1,000 45
Apr 7034 Jan
1,000 41
Jan 6334 Feb
10431
9434
58
108%
10334
17%
334
47
45
10451
9441
60
107
104
1834
334
47
45
86134
10334
87%
10234
100
93%
713(
64141
.107,000 55% Jan 71
10334 26,000 10134 Jan 10334
8834 111,000 8254 Jan 90
Jan 107
103
4,000 100
98
Jan 108
104
2,00
95
30.000 9334 Apr 9734
7254 111,000 71% May 80%
Jan
Apr
Mar
Feb
Jan
Mar
Jan
74
75
Jan
83
[Mar
75
88%
9654
68
76% 30,000
8831 31,000
9651 9,000
79
56,000
6534 Jan
82
Feb
05
Jan
68, Apr
84
90
98
90
Mar
Apr
Jan
Feb
8151 82
8,00
83% 58.000
79
8734 8834 23.000
75
Jan
79
Apr
84% Feb
8234 Mar
86
Jan
88% Apr
82
15
8731
90
89
8531
87
63
81%
93
50
9941
12,000 z13341
82
2.000
15
2,000
8854 51.000
se
5,000
9134 97,000
87
12,000
8731 11,000
64
8,000
8131 1,000
93
1.000
51
26,000
9931 10,000
1234 13% 12,000
42
40
100% 101
88
8641
93%
90
8.000
117.000
86% 31.000
88% 20,000
943( 560,000
91
19,000
69% 73
26,000
71
8,000
68
77
14
83
Jan 82%
Apr 37%
Jan 91%
Jan 95
89
Apr 9434
8531 Apr 95
87
Apr 92%
56
Jan 65
80
Ma z84
92
Apr 97
Feb e53
9934 Apr 100%
Apr
Feb
Apr
Apr
Jan
Mar
Jan
Apr
Jan
Mar
Jan
Mar
10
Jan
85
Jan
1441
40
AD
1
39
Jan
98% Jan 10254 Mar
7014
73
sa
88
Jan
Jan
Jan
Jan
88
Mu
88% Mar
94% Apr
93
Jan
13931 May
82
Feb
88
74
Jan
Jan
Bonds (Continued)
Sales
Friday
Last Week's Range for
Week
of Prices.
Sale
Price. Low. High.
Range Since Jan. 1.
Low.
High.
Grand Trunk By 8%5-1936
Gt West Power 1st 513 1946
Green Mt Pow 1st 58_1948
Guardian Invest Corp 5e'5113
With warrants
Guantanamo West 6s_1958
1937
Gulf 011 of Pa 5e
Sinking fund deb 56_1947
Gulf States UM 551-.1958
Hamburg Elee deb 78.1935
Hamburg El &Und 5%5'38
Hanna(M A) deb 613_1934
-year
Hood Rubber 10
Oct 15 1938
5345
1938
7s
Houston Gulf Gas 69_1943
Houston Lt & Pr 4346 1978
Bud Bay MM &Brno:
181935
1943
Hung Ital Bk 7%s
Hygrarle Food 65 A..1949
1949
13s seriee B
108% 10834 10834 17,000 105% Jan 108% Apr
Jan 10441 Apr
10431 104% 5,000 102
102% 10234 1,000 99
Feb 10234 Apr
Ill Northern UM 59_1957
Ill Pow & L 1st 65 see A '53
1st & ref 5348 eer B_1954
let & ref 55 sec C-1958
f deb 5341--May 1957
Indep 011 dr Gas 65_1936
Ind'polls P & L Meer A'57
Insull Util Invest 6.4-1940
With warrants
Intercontinents Pow Os'48
With warrants
Without warrants
Internat Hydro-El 58 1958
Internatl Pow See 7s E '57
Internat Salt be
1951
Internat Securities 55_1947
Interstate Nat Gas 68.1936
Interstate Power 5a___1957
Debenture 1315
1952
Interstate P S 4 34s F_1958
Invest Bond & Share 55 '47
With warrants
Invest Co of Amer 58_1947
With warrants
Without warrants
Iowa-Nab L & P 55_1957
Ss series B
1961
Iowa Pow & Lt 434e A 1958
Marco Hydro-Eleo 71_1952
[gotta Fraschini 7e _1942
With warrants
Without warrants
Italian Superpower of DelDebs 613 without warr '83
Jersey C P dr L 5361 A 1945
1st & ref 58 tier B.-1947
102% 102%
104% 104 10434
10234 10231 104
96% 9654 97%
9331 9351 9351
76
75
75
102% 10134 103%
Kansas Gas & El deb 65'22
Kansas Power be A...1947
Kelylnator Corp 139-19313
Kentucky UM let Ss I 1969
Keystone Pub Serv 55_1978
Kimberly Clark 5s___1940
Koppers0& C deb 55 1947
Sink fund deb 5545-1950
Kresge(5 5) Co lit be 1945
Laclede Gas 545
1935
Lehigh Pow Scour 68_2026
eonard 'nets 734s...1946
Lexington Util 1st 58-1952
Libby MeN & Libby 5s '42
Long Island Ltg 65-1945
Louisiana Pow & Lt 5511)17
Lukens Steel 88
1940
Manitoba Power 5365 A '51
Mansfield Min & Smelt
._1941
7s with warrants.
7s without warrants 1911
Mass Gas Coe 540-194
8
Sink fund deb 58_ __1955
Mass Mil Assoc 55._ -1949
McCord Bad & Mfg 65
1943
With warrants
Mich Assoc Telep 5s...1961
Mid States Petrol 6545 1945
Middle West Util 51_1932
Cony 5% notes___1933
Cony 5% notee-1934
Cony 5% notes____1935
Milw El By & Id 158_1971
Mew Gas Light 4345.1987
Millman Gas Lt 4348.1950
Minn Pow & Lt 4549_1978
alias Power & Light Se 1957
llias River Fuell3sAug 15'44
With warrants
Without warrants
Min RI, Power let be 1951
Monon W P5345 B_ _1953
Montreal L HAP Con
1st 58 series B
1970
Narragansett Elm 58 A '57
Nat'l Elm Power 56.. _ _1978
Nat Food Prod Os.._1944
Nat Pow & Lt Os A__2028
53 series B
2030
Nat Public Service 5a_1978
Nat Steel Corp 1st 55_1956
Nat Tea Co 51 May 1 1935
Neisner Realty es_ _1948
Nevada-Calif Elm 56_1958
NE Gas & El Asan 54_1947
Cony deb 55
1948
Cony deb 55
1950
New Eng Power 53.48_1954
55
1948
N Orleans Pub Sem 456i'35
,
New York & Foreign Inv
5345 with warranta.1948
NY P&L Corp 1st 4%6'67
Magma Falls Pow 85_1950
Nippon Elm Pow 834e 1953
Nor Cont Utli 5545 ser A'48
North Ind Pub Beryl% 1986
let & ref 58 ser D.._ 1989
lit & rat 4 3-4 s ser E 1970
Nor Ohio Pr & Lt 5345 1961
Nor Ohio Tr & Lt 58_1956
No Ma Pow 634% notes'33
1940
534% notee
lat lien 534 eseriesB 1950
Ref 4345
1981
North Texas Util 75_1935
Without warrants
Northwest Pow cony 6a '60
Ohio Edison let 56_1960
1952
Ohlo Power ba B
44a series D
1950
Ohlo Pub Serv 5.ser D 1954
Okla Gas & Elm be... _1950
10834 108 10834
97% 9834
98
9034 9034
9951 100
98 100
98
9831 9834
101% 102
103% 103 10334
8100% 101 34
101
10034 101
10454 104% 10534
95
96
9434 95
94% 9454 95%
104% 104% 105
100% 10134
101
90% 9031 9034
92
9154 91
55
56% 2.000 545
5,000 20
25
25
25
13,000 10044
101% 101% 103
10051 10151 47.000 loom
101
10031 100 10034 17,000 coa
4.000 98
100 100
4,000 77
8334 83% 84
10031 10031 5,000 98
72
82
61
72
79
9851
80%
84%
52%
52
61
76
86 .
9641
82
86
53
52
8031 88
51
54
9134
9734
8434 83
76
75%
102% 10244
79
85
74
74
91
91
51
53%
54
94
98
8434
78
102%
87%
7531
91%
74
74
78
75
95
953.4
9454
89
Jan
Mar
Jan
Apr
Feb
Jan
Jan
Feb
59
35
103
104
10234
100%
86
10031
Mar
Jan
Feb
Feb
Mar
Mar
Mar
Apr
Jan 8954
May
8034
Apr 191
Mar 97
Apr 87%
Jan 90
Mar 5434
Apr 54
Mar
Jan
Jan
Mar
Jan
Apr
Apr
Apr
28.000 10031 Jan 102%
Apr 105
46,000 104
34.000 98% Jan 105
39.000 98% May 9834
26,000 86% Jan 9434
Apr 100
12,000 75
68,000 599% Feb 10334
Apr
Apr
Apr
Apr
Feb
Jan
Mar
2,000
49,000
16.000
28.000
36.000
10,000
31,000
1.000
225.000
60
72
79
95
8031
77
40
4834
8034 Apr
1,000
68
Jan
75
95
93%
94
85
2,000
1,000
28,000
28,000
17,000
10,000
78
74%
91%
9334
PO
64
Jan
Mar
Jan
May
Jan
Jan
75
12,000
7434 77
76% 12,000
75
58
6934
Jan
Jan
31,000 5534
70
68
68
7,000 101
103% 103% 104
101% 10114 10141 43,000 9834
94
98%
10234
9334
9531
95%
50
94
47
100%
97
95
95
10254
104
93
9451
94%
9934 99%
93
10454 10434
9934
71
104%
8934
70
98%
903.1
88
9251
9041
Apr
Mar
Apr
Apr
Mar
Mar
Mar
79% Apr
7834 Apr
Jan 77% Mar
Apr
Jan 104
Jan 102
Apr
26,000 104
Jan 10834 Apr
Feb 983( Apr
33,000 94
2,000 9034 Jan 93
Mar
Jan 100% Mar
24,000 97
5.000 95
Feb 100
Apr
mow gam Apr 100 Mar
28.000 99
Feb 102% Mar
90.000 10134 Feb 103% Mar
7,000 9834 Jan 103% Feb
Jan 101% Jan
24.000 99
43,000 inos Jan 106% Apr
Jan 98
5,000 84
Apr
4,000 91
Feb 98
Apr
51,000 9054 Jan 98% Apr
4,000 102% Jan 105% Mar
79,000 9611 Jan 102
Apr
Apr 93
1,009 90
Feb
Mat 9531 Jan
32,000 91
Apr
Apr
May
Mar
Jan
Jan
1,000 50
9,000 94
May
5,000 44
Jan
4,000 9834 Jan
39,000 93
Jan
59,000 9234 Jan
39,000 59231 Jai]
71,000 9951 Jan
7,000 101% Jan
46,000 8944 Feb
9,000 9134 Jan
71,000 93% Jan
Feb
May
Mar
Mar
Apr
Mar
Jan
Mar
Apr
Mar
Mar
Mai
50
94
50
100%
9834
96%
97%
10234
105
94%
9531
98%
257
94
52
100%
9954
97%
97
1023(
105
94%
96
9831
Jan 106% Feb
100% 16,000 96
9434 9,000 9035 Jan 98% Mar
104 34 4,000 102% Jan 10141 Apr
9934 8,000 9934 Apr 99% Apr
4,000
105 105
102% 103
6,000
7134 20,000
71
2.000
69
69
10354 10514 23,000
8734 9031 71,000
8851 70% 126,000
97% 99 664,000
99
99% 7,000
11,000
60
60
36,000
89% 92
82,000
88
92
9054 9241 67,000
163,000
89% 91
94
9454 21,000
84% 8434 16,000
93% 9434 11,000
80
79
97% 9831
10634 107
9034 93%
61
61
103% 104
103 10334
9534 9654
103% 10331
10054 10131
103% 104
10151 10231
10534 10
5%
9734 9731 9734
9734
74
83
79
9734
96
98
95
Jan 92%
9254 7,000 77
Jan 92
91% 27.000 77
11,000 102
Jan 106
106
101% 90,000 0734 Feb 102
2,000 92
94
Mar 9434
9834
106%
9031
61
10334
103
98
10351
100%
103%
10344
10334
99%
103%
10334
Feb
so
78
75
94
93%
9334
85
87
8834 87
105
106
100%
101
94
95
Jan 80
11.000 50
Mar
Jan 58
Mar
2,000 60
90
Mar 94% Mar
9,00
22.000 89% Jan 100% Mar
Mar
Feb 85
10,000
7834 Feb
82.000 6654 Jar
3.00 102% Jan 103% Apr
93,00 579
Apr 39
Max
11,000 7231 Jan 8434 Mar
Feb 93% Mar
6,000 88
9754 100
89
89
103 104
103% 105
9934 9931
103% 10334
102 34 10354
1023-4
10134
70
48
10034
8734
z6834
9754
9634
60
8954
853j
8854
83
9331
8454
9174
Jan
Jan
AP
Jan
Jan
Feb
Jan
Apr
Jan
Apr
Apr
Jan
Jan
Jan
Apr
Apr
Ma
105
103
77
70
10734
93
78
99
9934
80
93%
93%
95
e93
943'
8651
953(
Mar
Jan
Mar
Ape
Apr
Mar
Mar
Apr
Mar
Jan
Jan
Mar
Mar
Mar
Apr
Apr
Mar
Mar
Jan 82
9.000 76
236.000 9334 Feb 9854 Mar
Mar
22,000 10531 Jan 107
Apr
Jan 94
15,000 84
Jan
81
May 75
1.000
2,000 9934 Jan 1045( Apr
Jan 104% Apr
30.000 99
68,000 9034 Jan e913% Mar
Mar
20.000 9841 Jan 105
Jan 101% Apr
13,000 93
Mar
29,000 10154 Jan 104
Jan 10334 Mar
29,000 99
4,000 10241 Jan 105% Apr
16.000 9734 Apr 97)4 Apr
27,000 95
1,000 89
61,000 99
19.000 101
36,000 96
4,000 z103%
60,000 100
Jan z100
Apr 96
Jan 101
Feb 1043(
Jan 994(
Mar 103%
Jan 103%
Mar
Jan
Apr
Mat
Mar
Apr
May
FINANCIAL CHRONICLE
3314
Bonds (Continued)
.1938
Osgood Co deb 68...
With warrants
Oswego Rlv Power 68_1931
Pan Gas h El 1st 4 48.1957
1st 68 series B
1941
let & ref 548 C
19.52
lst & ref 4 44 F__ _1900
Pao Invest deb 5s A1048
Pan Pow & Light 58_1955
Pan Pub Sexy 5% notes '36
Pacific Western Oil 6345 4
'3
With warrants
Park & Tilford 68
1936
Penn Cent L& P 4%8_1977
Penn-Ohio Edison ea.-1950
Without warrants
Deb 536s ser B_ _ _ _1959
Penn-Ohio P & L 530.5'54
Penn Dock & W 6s w w '49
Penn Pr&Lt 1st bs ser D '53
tat 435s
Apr 1 1981
Penn Telep 58 ser C___1960
Penn Wat & Pow 430 B '68
Peoples Lt & Pow 5s_ _1979
Phil', Ball dr Wash 435s '77
Phila Electric 58
1960
lot & ref 535s
1947
Phila Elec Pow 5358-1972
Phila Rap Transit 65..1962
Phila & Sub Counties
dr E 1st & ref 435s 1957
Piedmont Hydro-El Co
let & ref 634e cl A__4960
Pittsburgh Coal Es____1949
Pittsburgh Steel 68___1948
1939
Poor & Co 6s
Potomac Edison 5s___1956
1st 4355 ser F
1961
Power Corp of NY 535s'47
Procter & Gamble 4301947
Prussian El 65
1954
Pub Ser of N Ill 4348_1980
1st & ref 58 ser C___1966
let & ret 435s ser D_1979
1st & ref 430 ser F.1981
Deb 58
1931
Pub Ser; NH 414s 13.1957
Pub fiery of Okla 58..1957
Puget Sound P & L 5355'49
& ref ba eer C___1950
Queens Borough Gas Jr El
5358 series A
1952
Reliance Managem't Is '54
with warrants
Remington Arms 5345_1933
Rochester Cent Pow 55 '53
Ruhr Chemical 68 A__1948
Ruhr Gas 630
1953
Ruhr Hous'ng Corp 635a'58
Ryerson (Jos T)& Sons Inc
deb 58
Nov 1 1943
St L Gas & Coke es__ _1947
San Antonio Pub Serv 58'58
Saxon Pub Wks 5s-_1932
Saxtet Co 1st cony 65 A '45
Schulte Real Estate 65 1935
Without warrants
Scripps(E W)534s_..194
3
Servel Inc 5s
1948
Shawinigan W & P 435s '67
1st & co114358 tar 13.1968
let bei ser C
1970
1st 4358 ser D
1970
Shawsheen Mills 7s_ _.1931
Snider Packing t3s_ __ _1932
Southeast P & L els_ _2025
Without warrants
Sou Calif Edison 5s___1951
Refunding 55
1952
Gen & ref bs
1944
Refunding Is
1954
Elou Cal Gas Corp 58 1937
Sou Calif C.3= Co 5s
1957
1st dr ref 435s
1961
Southern Natural Gas 65'44
With privilege
Without privilege
Southern Pac Co 4358_1981
So'west Dairy Prod 6358'38
Southwest0dr E 5s A.1957
Southwest Lt Sc Pr 58 A '57
So'west Nat Gas 6s_ __1945
So'west Pow dc Lt 6e_2022
Staley Mfg Co let 68_1942
Stand Gas & Elea 6s-1935
Con v 6s
1935
Debenture6s
1951
Debenture Os Dec 1 1966
Stand Invest deb 53-1937
535s
1939
Stand Pow & Lt68____1957
Stand Telep 535s ser A 1943
Stinnes(Hugo)Corp
78 Oct 1 '36 without warr
71 without warr____1946
Stutz Motor Car 730_1937
1939
Sun 011 deb 53413
Sun Pipe Line Co 55_1940
Super Pow of No 111 434870
lot 4354
1968
Swift & Co let m at 58_1944
1940
5% notes
1956
Tenn Elec Pow 5s
Tenn Public Service 58 1970
Terni Hydro-Elec 634s '53
Texas Cities Gas 55...1948
Texas Eiec Service 55_1960
Texas Gas Utll 68___ _1945
Texas Power & Lt 5s..1956
2022
Debs 6s
Thermoid Co 6s_ Feb 1 1934
with warrants
Trl Utilities Corp deb Bs'79
Clan Co cony deb 6s.1944
Un Amer Inv Corp Is 1948
With warrants
Un El L &P 55 ser B_1967
Union Gas UtIl 645s A 1937
With warrants
50
Union Gulf Corp bs Jul 1.
United Elea Service 781956
With warrants
Without warrants
United Indus Corp 6358'41
United Lt & Pow 65_1975
Deb(134s
1974
1st Hen & con 5343..1959
Un Lt & Rya 68 set A.1952
1st ser 55
1932
Deb 5355
1952
Un Pub Serv 68
1942
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Price. Low. High.
99%
11231
10635
9935
7035
98%
99
57
57
101 101
99
99%
11231 11235
10635 10631
98% 99%
704 71
984 9935
09
99
2,000
11,000
23,000
18,000
3,000
98,000
15,000
119,000
29,000
Range Since Jan. 1.
Low.
57
100
98%
1094
104%
97
70
z3535
99
Apr
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Apr
6135 83,000 z6231 Apr
z57
Jan
3,000 67
85
85
9535 9435 95,11 40,000 9231 Jan
60
103% 103 10334 62,000
87,000
10235 102 103
10431 104% 12,000
1,000
7731 77%
13,000
104% 105
9614 9631 e9735 2390000
10135 100 101% 34,000
9835 984 24,000
70 103,000
6834 66
1024 10235 12,000
105% 105% 3,000
10735 107% 1,000
27,000
106% 107
107
60
63
6,000
103
864
9235
102%
9631
95
764
9735
10335
99%
103
8435 864
9235 9235
974
97
91
90
10235 102%
964 964
95
9531
10234 1023.1
764 7835
9735 97%
10335 10335
9735 9731
9735 c98
z99 z933(
100 100
9935 10034
10335 104%
9935 10031
10335 103%
82
7435
81
7635
75
95
70%
7835
80%
76%
94
41%
10035
964
9935
71
8831
734
964 95
9635 96
103
96
95%
10134 101%
42
41
71
88%
77%
97
96%
103%
9634
101%
45
96
45
107
101
10134
10034
9935
9734
Jan
Apr
Apr
Mar
Jan
Apr
Jan
Jan
Mar
Feb
Mar
Feb
Apr
Jan
Mar
Feb
Feb
Jan
Feb
Feb
Mar
Apr
Mar
Mar
Jan
Mar
Apr
84% Jan
Apr
85
96% Mar
104%
103
105
83
105
e9614
103%
98%
74%
10334
10535
10831
107
80
88
99%
102
97
1033/
9734
974
103
e7934
984
10335
984
98
1511
1004
10035
104%
10035
Apr
Apr
Apr
Jan
Mar
Apr
Mar
Mar
Mar
Mar
Jan
Feb
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Apr
Apr
Mar
Apr
Mar
Jan
Apr
Apr
Jan
Apr
Apr
Apr
Apr
7,000 1014 Jan 10424 Mar
2,000
41,000
35,000
25,000
250,000
75
Apr
94
Jan
60
Jan
634 Jan
71
Jan
68
Jan
92
324
94
90
7934
834
HO
7435
8335
854
8235
Jan
1 eb
Mar
Mar
Mar
Apr
Apr 984 Mar
Apr 524 J
Jan 1024 Mar
Jan 964 Apr
Apr
Jan 106
Apr
1,000 5431 Jan 80
Mar
18,000 85
Jan 90
Jan 84
Apr
3,000 63
51,000 92% Jan 9735 Mar
Jan e9734 Mar
19,000 93
10,000 10034 Jan 10534 Mar
56,000 93% Jan 9754 Mar
6,000 1004 Jan 101% Feb
11,000 3535 Jan 5435 Mar
99%
103
103
1024
1034
9031
994
954
Jan
Jan
Feb
Jan
Apr
Jan
Jan
Mar
106
106
105%
10435
10534
95
10235
96
Apr
Apr
Apr
Jan
May
Feb
Feb
Apr
8131 23,000 72
72
2,000 63
80
80
9335 209,000 93
93
15,000 55
614 63
964 17,000 z93
96
94% 94% 3,000 904
21,000 45
54
45
16,000 101
1064 107
7,000 96
96
96
10035 1014 58,000 98%
10135 101% 60,000 10135
87,000 9034
100 101
99 loog 36,000 96
18,000 7531
84
83
84
14,000 77
83
9635 9835 93,000 9434
754 75% 8,000 734
May
Jan
Apr
Jan
Jan
Jan
May
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Mar
89
8434
9635
68
9734
9734
72%
107
98
10234
102%
101%
10134
85%
88%
100
78
Mar
Apr
Apr
Jan
Mar
Mar
Feb
Apr
Jan
Mar
Mar
Mar
Mar
Mar
Apr
Mar
Apr
10335 10234 10534
105 105%
105
105 105%
10434 103% 104%
105% 105 10535
94%
94
94
101% 1024
9535 9535
734
Jan
Jan
Jan
Apr
Jan
Apr
Jan
Mar
Jan
Feb
Mar
Jan
Feb
Apr
67
10136
e99%
11235
106%
09%
7534
100
99
2,000 101% Feb 103%
30,000 71
25,000 90
3,000 97
9,000 90
9,000 99
1,000 96
6,000 90
7,000 10031
14,000 744
25,000 9434
3,000 103
15,000 9435
98,000 9735
1,000 z100
15.000 9935
9,000 96
15,000 100
44,000 9534
8235 71,000
95
1,000
7435 200,000
78% 2,000
8235 29,000
80
35,000
92
36
324
9931 99%
96
9735 197
10035
9734
1024
7734
102
964
9535
974
55
10135
105%
107
10535
60
High.
89,000
21,000
9,000
20,000
19,000
16,000
44,000
27,000
82
73%
66
10034 10035
984
90% 90%
90
90
103
1014 1014
85
75%
72
1014
9935
91
9035
10334
101%
77,000 64
54,000 60
16,000 z65
30.000 10035
19,000 9831
10,000 89%
4,000 90
19.000 102%
40,000 9934
Jan
Jan
Jan
Jan
Apr
Feb
May
Jan
Jan
8631
80
82
10235
100
9335
934
10
3%
10234
Apr
Mar
Mar
Mar
Jan
Mar
Mar
Jan
Mar
10234 102%
974
834 8035
64
9935 99
57
101% 100%
107
103
97%
83%
64
99%
65
101%
10831
13,000 98%
16,000 9434
58,000 73
3,000 61
120,000 9534
21,000 66
95,000 9834
16,000 106
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Feb
103
9814
87
71
100%
80
19234
10835
Mar
Mar
Mar
Mar
Mar
Feb
Apr
Apr
82
7435
4234
73
66% 6635 2.000
4835 278,000
40
2,000
724 73
82
82
104 31044
66% Apr
37
Apr
7234 Apr
2,000 z80
5,000 102
794 Mar
84
Jar,
85
Mar
Jan z8635 Mar
Jan 104% Jan
Apr 33
2,000 30
Alm
33
30
10134 1014 102% 119,000 z1004 Jan 10234 Mar
9234
100
10134
10336
101
8931
92
9031
83
914
3994
10034
10135
101
8831
6834
4,000 80% Jan
92
Jan
9031 5,000 80
Jan
8335 6,000 70
9236 81,000 91% Jan
Jan
10051 54,000 98
Jan
10135 27,000 91
10335 63,000 9714 Jan
10131 37,000 100% Jan
Jan
8936 140,000 80
Feb
6834, 2,000 63
92%
92
85
9735
102
10131
104%
10134
9134
69
Mar
Apr
Mar
Mar
Mar
Apr
Mar
Apr
Mar
Apr
Friday
Last Week's Range Sales
for
of Prices.
Sale
Bonds (Concluded) Par. Price. Low. High. Week.
[Vol.. 132.
Range Since Jan. 1.
Low.
High.
Apr 80
65
5,000 65
65
Un RYS (flay) 734s.. _1935
Apr z80
U S Radiator laser A.1938
1,000 72
72
72
US Rubber3-ve.ar6% notes_ ___I933 83
834 9,000 8235 Jan 91
83
Serial 816% notes_ _1932
9735 9735 43,000 8031 Jan 98
Feb 34
Serial 635% notes __1934 75
76
2,000 70
75
Feb 77
Serial 834% notes_ _1938
2,000 69
73
73
Feb 7635
2,000 70
Serial 8 A % notes- _1937
73
73
2,000 68% Mar 7635
serial 654% notes_ .1938
7135 72
Apr 75
Serial 635% notes_ -1939
1,000 68
68
68
72
3,000 0014 Mar 78
Serial 634% notes...1940
70
Jan 974
Utah Pow Sc Lt 1st 55_1944 96
29,000 94
97
96
Vanadium (Amer) be __1941 92% 8934 9331 727,000 8931 Apr 10835
Jan 60
Van Camp Packing 68_1948 5.5
55
10,000 45
53
Apr 85
Van Swer1ngen Corp 60.35 70% 67
94,000 67
73
Va Public Serv A s A_1946 96
3
4
95% 96. 30,000 9234 Feb 96%
Mar 91
1st ref 5s ser B
90% 17,000 90
90
1950
I deb 6s
4,000 4184 Jan z94
92
92
1946
Waldorf-Astoria Corp
Apr 74
1st 78 with wart. _1954
67
67% 6,000 67
Ward Baking 6s
16,000 9935 Jan 103
101% 102
1937
Warren Bros cony 68_1941 924 914 9434 123,000 9131 Apr 1004
Wash Wat Pow 55_ _ _1960 10431 s104 10435 20,000 1024 Jan 1044
Webster Mills 1330_1933 10131 1014 10131 14,000 9631 Jan z10135
Feb 93
West Penn Elan deb 582030
89
8935 10,000 85
Jan 91%
Wait Texas UM Is A_1957 884 8735 89
57,000 86
Western Newspaper Union
Apr 684
1,000 47
Cony deb 68
4931 494
1944
Wis Pow Sc Lt Is F_ _1958
102 10235 13,000 101% Mar 103
Jan 10335
1st & ref Is ser E___1956
1024 10235 17,000 101
3,000 10435 Mar 105
Wise Pub Serv 68 ser A _'52
105 105
Foreign Government
And MunicipalitiesAgric Mtge Bk (Colombia)
Apr 8834
3,000 67
20
-year s f 78
70
67
1946 67
20
-year 7s Jan 15 1947
70% 6,000 6235 Jan 78
66
Jan 90
6,000 78
85
Baden extl s f 75 Jan 1951 84
84
Jan 9734
Buenos Aires(Prov)730'47 88% 87
93 298,000 85
Apr 9045
79% 13,000 76
External 7s
1952 7935 76
2,000 4731 Jan 75
Cauca Valley 75 June 1 '48 60
60
60
Cent Bk of German State Sc
Jan 8034
Prov Banks 68 B.
..195l 77
76% 7931 39,000 65
lot es ger A _Aug 1 1952
794 793( 4,000 6744 Jan 8035
Danish Cons Muni° 53681'55 10135 10035 10135 45,000 9935 Jan 1014
7,000 9635 Jan 994
55
9735 99
1953 98
Danzig Port & Waterways
25-yr ext 6358
77% 8,000 6935 Jan 80
77
1952
German Cons Munic 75 '47 87% 8631 8835 98,000 7834 Jan 90
68
7934 89,000 6731 Jan 8231
1947 77% 76
Hanover(City) 78--1939 87
884 2.000 85% Jan 95%
87
Jan 844
1,000 77
Hanover (Prov) 13355_1949
82
82
Indus Mtge Bk of Finland
Apr e95
let mtge coil at 78...1944 92
22,000 90
92
90
Apr 4935
Lima (City) Peru 530 1958
6,000 25
32
25
Jan 5935
Maranhao (State) 783....195b
51% 9,000 43
48
Medellin (Munic) 78_1951 72% 704 73
9,000 6296 Jan 79
Mendoza (Prov) Argentine
Apr 78
External s f g 734s..1951 59
33,000 52
60
52
Mortgage Bank (Bogota)
Jan 80
7s Issue of'27(M&N)'47 60
10.000 55
594 60
78 issue of oct 1927_.1947
3,000 5631 Jan 75
60
60
M tge Bank of Chile66_1931 964 96
9831 61,000 354 Jan 59934
Mtge Ilk of Denmark 55'72
Jan 10134
7,000 98
100 101
Netherlands(King) Os 1972
1,000 10331 Mar 105%
10331 10331
Newfoundland 55
1952
100 100
2,000 99% Jan 101%
Parana (State) Brazil 75'68
35
3531 3,000 3335 Jan 54%
Rhode Janeiro 6355___1959 35
26,000 2934 Apr 68
294 37
Russian Government
2% Feb
3
235 234 4,000
6354
1919
645 certificates__ __1919
3
235 24 17.000
1% Jan
2% Feb
535s
3
1921
235 235 19,000
5455 certificates__ _1921
3
24 235 7,000
135 Feb
Saarbruecken (City) 78 '35
10235 10235 2,000 9934 Jan 103
Haar Basin tionsel l's. _1935 100
Jan 1004
99% 100
5,000 92
Santa Fe (City) Argentine
Ertl 75
64
6935 14,000 z8814 Apr 85%
1945
May 86
Santiago (Chili) 78...1949 77
35,000 78
76
78
Feb 86
78
4,000 75
76
1981 76
76
Jan
Feb
Mar
Mar
Mar
Apr
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Jan
Mar
Apr
Mar
Feb
Apr
Mar
Apr
Apr
Mar
Mar
Jan
Apr
Apr
Jan
Jan
Mar
Mar
Mar
Mar
Apr
Mar
Mar
Feb
Mr.r
Mar
Mar
Apr
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Apr
Mar
Jan
Mar
Mar
Mar
Jan
Mar
Mar
Feb
Mar
Feb
May
Mar
Mar
•No par value. I Correction. n Sold under the rule. o Sold for cash. a Option
sales. I Ex-rights and bonus. le When Issued. s Ex-dividend. s Ex-rlahtaa
e See alphabetical Ilst below for "Under the Rule" sales affecting the range fop
the year.
Consol. Automatic Merchandising, corn. v. i.e., March 9, 100 at 5-16.
General Rayon deb. tia, 1948. Feb. 3, 53,000 at 55.
Illinois Power Sc Light 6% pref.. March 23, 18 at 9734.
Iron Cap Copper Co. March 16. 100 at 14.
National Baking, corn.. Jan. 16, 100 at 5.
Northern States Power 7% pref., March 20, 50 at 11034.
New England Gas Sc Else. Ass'n. deb. 58, 1950, March 18, 584.009 at 93-9854,
North Ind, Public! Service let Sc ref. 448, 1970, April 1, 514,000 at 97.
Pacific G911 Sc Electric 1st 435s, 1957, March 18. 54.000 at 100.
Penn Pow Sc Lt. 4345 1981, Apr. 28, $35,000 at 9735•
Prussian Elec,6s 1954, April 21, $4,000 at 8031.
Sbawinigan Water Sc Power 1st 430, 1988, March 25, 51.000 at 98.
z See alphabetical list below for "Option" sales affecting the range for the year,
Alabama Power 1st 5s, 1956, Mar, 7, 51,000 at 10436
Am. El. Power Corp. 6.4. 1957, April 4. 53.000 at 65.
Arnold Print Works es 1941, Jan. 22, $1,000 at 83.
Associated Gas Sc
deb. 065. 1949, J60. 2. 53,000 att 83.
Associated Telephone Utilities, cony. deb. 5345. 1944. Jan. 2. $5.000 as 80,
Atlas Plywood 5358, 1943, Jan. 2. $1,000 at 62.
Cities Service deb. Is 1966. Feb. 16, 53.000 at 66.
Cities Service cony. bs 1950, April 29, 510,000 at 8936.
Columbia Gas Sc Electric deb. Is. 1981. Feb. 2 S•ow at 9631•
Consol. Gas Util.64s W. W.1943, Feb. 20,$1,000 at 70.
Conml. Publishers 813 5. 1936, March 9. $1.000 at 9536.
4
Ercole Morelli El. Mfg. 635s. 1053. w. W.. Jan. 7, 51.000 at 6335.
Fageol Motors, March 30. 500 at .31.
Gen. Pub. Serv. deb. 58. 1953, April 4,52.000 at 9331•
Godchaux Sugars 735s, 1941, April 14, 51,000 at 9234.
Guardian Investors 55. 1948 with warrants. Jan. 28, 81,000 at 4035.
Houston Gulf Gas let fle 1943 Feb. 10. 53,000 at 9114.
Indianapolis Power Sc Light 1st Is, 1957. Feb. 3. 52 000 at 9934.
Industrial Mortgage Bank of Finland ltft mtge. 75. 1944, Feb. 4, 51,000 at 95,
Interstate Power, 1st 58, 1957, Jan. 20, 33,000 at 7635
McCord Radiator Mfg.65, 1943. with warr.. Feb. 17, 51,000 at 58.
Middle West Utilities. 5% notes. 1935. Jan. 2. 1000 at 92.
Mortgage Bank of Chile 85, 1931. Feb. 24, $2,000 at 100.
Nat Public riervice. deb. Is. 1978. Jan. 2, 3.000 at 66.
National Trade Journal 68. 1938. Feb. 26. 52,000 at 15.
Northern Texas Utilities 7s, 1935, April 15, 51.000 at 10036.
Ohio Public Service 5s, ser. 13, 1954. April 14. 51.000 at 10331.
PaelfIc Power & Light 58. 1955. Marrb 10. $5.000 at 90.
Pacific West 011 6%5 w. w.1943, April 29, 54,000 at 57.
Pub.Service deb. 5s 1931, April 27, $1,000 at 99%.
Santa Fe (Argentine) 7s 1945, April 28, $5,000 at 64.
Southern Callfonila Edison 7% met. A, Jan. 9, 200 at 29.
Southwestern Gas & Elec.. 1st mtge. Is, 1957. Jan. 2, 55.000 at 91.
Stutz Motor Car 714s, 1937. Jan. 13 81,000 at 58.
Truscon Steel, pref. April 22,25 at 100.
Union Amer. Investing. Is. 194a with warrant. Jan. 6, 51,000 as 79
Union Amer. Invest. deb. 55, 1948, with warrants. Much 19, 52.000 at 871
Union Gulf Corp.. 58 1950. Jan. 2. $1.000 at 1004.
U.S. Radiator 55 A, 1938. March 6. 53,000 at 86.
Virginia Public Service Co.88, 1948,Jan. 15,52.000. at 88; March 11.55,900 at 9435.
.
Washington Water Power let Sc ref 55.1960,Jan. 24. MON at 10236.
MAY 2 1931.]
3315
FINANCIAL CHRONICLE
Quotations for Unlisted Securities
Industrial Stocks.
Public Utility Stocks.
Par
Alabama Power $7 Pref 100
An Pub UM Co com- -100
Arizona Power7% prof 1O0
Ark Pow le Lt $7 pref_---•
Assoc Gm & El(rig prof--'
•
$6.50 preferred
•
$7 preferred
Atlantic City Else $6 pref..'
PL100
Bangor Hydro-El7%
Binghamton L,H &P $6 pf•
Birmingham Elea 7% PreL•
Broad River Pow 7% Di-100
Buff Niag & E pr pref___-2
Carolina Pow & Lt $7 pre_
Cent Ark Pub Serv pref _100
Cent Maine Pow 6% pref100
100
7% preferred
Cent Pow & Lt 7% pref _100
Cent Pub Sere Corp pref •
Cleve El Ilium 6% pref 100
ColRy,P & L6% let pf_100
100
644% Preferred B
Consol Traction N J_---100
Consumer" Pow 6% pre 100
100
8.60% preferred
DallasPow & Lt7% pre 100
Dayton Pow & Lt6% Pi-100
Derby Gm & Elea $7 pref--•
Detroit Canade Tunnel
-•
Erie Railways
100
7% Preferred
100
Essex-Hudson Gas
Foreign Lt & Pow units _Gm & Elec of Bergen-100
Gan Gas & El part etfs
Hudson County Ges--100
Idaho Power 7% prof
Illbtole Pow & Li 6% pl_100
Inland Pow & Lt 7% pf _100
Interstate Power $7 pref--•
Jamaica Water Bum)PL-50
Jersey CentP & L
pf_100
Kansas City Pub Service 5
•
Preferred
Kamm Gas & El 7% pf _100
Kentucky Sec Corp com_100
100
6% preferred
Kings County Ltg 7% p1100
Long Island Lt prof A__100
Los Ang G5 & E16%e f-100
106 Ask
4
1143 11514
_
95_
67
-10612 10712
51
53
98 100
100 101
108 110
119
__ 85
1-681
873 91
_-8
26's 265
Ask
Par Ited
Metro Edison $7 pref B___• 100
98
116 preferred CD
• 96
else River Power pref....100 108 110
93
eo Public Service 7% 01 100 89
%fountain States Power _•
15
1% preferred
100
9812
10312 107
Name & Suffolk tired
Nat Pub Sere 7% cif A_100 81
84
Nebraaka Power 7% prof 100 1091
Newark Consol Gas__ _ _100 102
New Jersey Pow & Lt $6 PI• 98 166New Orleans P S 7% of _100 101 1o212
NT Y &Queens E L & P cif 100 102
Nor NY Utility prof----100 1061
10811
Nor States Pow (Del) corn A 1321 134
97
--Preferred
106 109
95
97
Ohio Pub Serv 7% pref_100 10714
106 108
Okla Gas & El 7% pre/_100 105
10412 106
Pae Gee & El $1.50 prat _ -25 271 2812
78
82 Pm Northwest Pub Serv•
78
111- Pee Pow & Lt 7% pref__100 fii
108 1170 - Pa-Ohlo Pow & Lt 6% pref_ 100
1091
110
27%preferred
40
ii- Pa Pow & Lt 7% pref
107
1053 -4
10512
Piedmont Northern Ry _100 38
45
1063 1083 Port Elec Pow 6% pref--100 55
4 __4
65
10914 __ Pub Sere Co of Col 7%rif 100 1031
92 Rochester G &E7% pf B 100 103 1(15
88
100 96
23
4 314
6% preferred C
0812
1
3 Sioux City 0& E7% pf_100 10312 10514
-- 3712 Somerset Un Md Lt100 78
1- 5
7
_ South Calif El $1.50 pref_25 2712 2812
25 291 3012
$1.75 preferred
25 X 201 23
65
__- 90 Colo Pow corn A
100 102
7% preferred
___
99
20
Tenn Elm Pow 6% pref-100 100 102"
175
___
7% preferred
100 10812 110
Vexes Pow & Lt 7% pre 100 11012 11212
108
9112 94
Vole*, Edison prat A___100 10912
United G & E(Conn) 01 100 93
65
62
United G & E (N J) pf 100 73
78
82
5214 5412 United Public Service prof__
60
63
-107 109
Utah Pow & Lt $7 prof__ __
107 10812
12 112 Utica Gas & El 7% pref_100 10414
Utll Pow & Lt 7% pref__100 7818 83
5
8
1081
__ Virginian Ry corn
100 110 125
325Waehington Ry & El oom log 465
5% preferred
100 9812 10689'2 if110Western Power 7% pref _IOU 10212
381,
109 1111- Western States Gm & El
-2
109
7% Preferred
10hz
98 102
Investment Trusts.
A B0Trust Shares ser D--4
514 53
712 8
Series E
4
818 83
All America Investors A
55
Amer Brit & Cont $5 pf_.• d50
612 7
Amer Composite Tr Shared_
Amer Founders Corp--77
Convertible preferred
3912 42
6% preferred
4412 4712
7% Preferred
70 12c
1-40th1
7c
4c
1-70the
18
Warrants
1412 ___
Amer & General See coin A_
112
Common B
$3 pref
373
4
514 8
Amer Insuranstocks Corp.-'
Amer & Continental Corp_• 1012 1212
512 6
Assoc, Standard 011 Shares__
26
All & Pao Intern Corp units 23
4
3
Common with warrants__
20
22
Preferred with warrants__
38
Atlantic Securities Corp pf• 35
Warrants
14 112
25
Bankers Nat Inveet'g Corp• 18
714 7 4
3
Btu:Mollie Corp
Basic Industry Share
•
512 614
British Type Invest
•
5
53
4
Chain de Gen'l Equities Inc•
4
3
55
liei% Preferred
d51
Chain Store Inv Corp-- _•.• 41- - - _ 3
50
Preferred
1_
100 t
Chain Store Shareown Inc _
1414 15
15
Chartered Investors corn.- 14
Preferred
278
80
Chelsea Exchange Corp A
3
1
18
12
Class B
4
Corporate Trust Shares__
514 .53
Crum & Foster Ina 8h38
10 36
Common B
Preferred
100 99 101
4112
ileum & Foster Inc com B- 39
-8% Preferred
1058 714
Cumulative Trust Shares
67
Deposited Bank ar Tr Shares
614 7
Series N Y
Depos Bank She NY ser A__
512 618
Diversified Trustee Slimes A
157 1618
8
B
1314 14
0
53
8 57
8
29
Equity Investors Corp corn_
27
Units
683 7414
4
Equity Trust Shares A.-.-._.
47
8 514
•
712 8
First American Corn
Five-year Fixed Tr Shares__
8
6,3 73
Fixed Trust Snares A
• 137
8
B
• 1218
Fundamental tr Shares A__
638 718
Shares B
7
712
General Equity class 4_16
212 4
Granger Trading Corp__ _ _• 10
___
Gude-Winmill Trod Corp_• 3212 4212
Incorporated Investors...... 3214 343
8
512 7
Inoorp Investors Equitis__
1612 _ _..
Int Sec Corp of Arn corn A__
Ili __ _
Common B
6 J4% Preferred
8
612 --__
6% preferred
4
43
80- 8
Independence Trust Shores
--Insuransh & Gen Mgt Corp03
4
__
Levee Trust Associates__ 1 71, ineemmee. 44siet al 14 V
733t
Investors Trustee Shares__
912 1012
fackson&CurtisInvTrAsso• 3814 4014
Jackson &CurtieSCorp pf100 95 100
Leaders of Industry A
_
718
B
5
112
o
438 612
Low Priced Shares
4
Ps 63
Ualor Corp Shares
478 512
Mem Investors Trust
• 293 3114
8
elohawk Investment isom_• 42
4334
Mutual Inv Trust class A_
5
6
idusual Management
234
National Trust Shares
oom-•-- 3- 1118
108
Nation Wide Securities Co612 Vs
Nat Industries Shares A_
5521 618
N Y Bank Trust Shares-714 73
4
No Amer Trust Shares
514 53
4
Northern Securities
103 108
8
North & South Amer B corn
s
8 13
011Shares Inc units
15
18
Old Colony Trust Assoc Rh• 31
33
8
912
Old Colony Invest Trust corn
Petrol & Trad'g Corp el A 25 10
15
Power & Rail Trustee Share
878 97
8
Public Service Trust Shares
612 714
Representative Tr She
137 1428
8
itesearch Investors corn___• 3214
Units
74
1412
Second Internal See Corp A
Common B
112
373
6% preferred
4 __
Securities Corp Gan $6 prof 82
86 elected American Shares
478 51
8
612 7
Selected Income Shares__
Selected Management
Trustee She
81s 83
4
Shawmut Bank Inv Trust.
8
10
• 223 24
lpencer Trask Fund
4
Standard Amer Trust Shares
612 67
8
Standard Collet Trust She-8 8 93
5
8
State Street Inv Coro
63
65
Super Corp of Am Tr Pus A
618 612
B
578 614
C
8
97 103
8
D
9313 97
8
['nut Shares of
_ _
53
8 618
Crum Stand InvestmentC
America33
4 4
D
33
4 4
Crustee Standard 011 Rho A
51
B
512 57
4- 8
rrusteed Amer Bank Share
63
4 714
Trusteed NY City Bk She__
814 9
20th Century Flied Tr Sae_
538 538
r wo- Year Trust Snares_ _ _ . 2078 2238
finked Fixed Shares
6
613
Unit Founders Corp I-70ths
8c 12c
United Bank Trust
1114 1238
United Ins Trust
9
92
8
CI 8 de Brit Internal class A. 11
Class B
112 _ _ _
Preferred
373 2
4 .
17 S Elea Lt & Pow Shares A
12912 31:
B
27
71:
Universal Trust Shares
53
8 57
3
Bonds.
Int Seour Trust of Amer-Secured gold 6s
1933
Secured gold 6s
1943
Secured gold Is
1933
SPeUred trnici it.
10V1
•No Dar value
85 I -
------
young(I Si Co IO% corn 100197
7% preferred
100 101
4ae reported market,
I New stock.
Bid Ask
97
92
50
4
1
8 ____
115 122
12 212
88
83
312
2
35
z28
42
39
32
24
60
50
45
40
100 105
14
10
10
5
75
70
60
56
g ____
68 _ __ _
35
25
12 1
14
4
83
81
53
48
48
Canadian Celanese com
100
Preferred
Carnation Co 81.60 eorn__•
$7 preferred
100
Chestnut Smith corn
Preferred
Childs Co $7 prof
100
Clinchfield Coal Corp-100
100
$7 preferred
Color Pictures Inc
Columbia Baking oom ____•
1st preferred
•
2d preferred
Colts Mfg Co $2
Cenifoleum-Nairn 67 p1100
Croons & Blackwell com
Crowell Pub Co 53 com new
$7 preferred
Deep Itk 011&Ref 57 of 100
De Forest Phonellm Corp
•
Dietaphone Corp eom
$8 preferred
100
Dixon (Jos) Crucible $8_100
Dodder Die Cast 7% pf 50
$7 preferred
•
Douglas Shoe $7 prer___loo
Draper Corp $4
100
Driver Harrel $7 prof__ _100
Dry-Ice Holding Core
10
69
23
10212
Par
Lawrence Portl Cem $4 100
•
Liberty Baking com
Preferred
-100
Locomotive Firebox Co.-.-.-•
Macladden Publlet'ns core 5
16 preferred
•
Mazweld Corp corn
Merck Corp $8 pref.---100
•
National Casket $4
•
$7 preferred
National Licorice com.-100
National Paper & Type Co.
New Haven Clock pref_100
New Jersey Worsted pref...-.-
13
72
25
__ _
2
15
5
95 100
212 6
75
V
3
2
12 118
6
4
12 2
1512 1712
99 __ __
112 3
63 67
104 109
60
50
3
1
22
18
100 105
128 138
1612 _ _ _ _
4912
_
____ 45
43 46
72 80
36
31
9
4
Eleemarui Magneto corn.-.-.- _
85
$7 preferred
100
Franklin Ry Supply 54.-.-.-• 50 55
512
Fuel 011 Motors Corp com__
4
Gen Fireproofing $7 pf.-100 108 112
Graton & Knight em____• ____ 4
30
$7 preferred
100 25
26
Great Northern Paper $3.25 24
Hale & Kilburn pref__ _100 ____ 5
55
Herring-Hall-Mary Safe 100 35
9
5
Howe Scale
28
Preferred
100 25
3
1
Hudson River Nay com____
45
30
Preferred
5
Industrial Accept corn_
•
$7 preferred
100 47 53
Internet Textbook
100 1512 18
Jessup & Moore Paper
1
3 ____
let preferred
Karl-Keen Mfg Co B
8
38
33
Ring Royalty Co oom
90
$7 preferred
100 85
Laneton Monotype M 58 100 99 102
Ask
56
112
14
8
18
13
21
19
53
50
312 6
78
75
x78
88
108 111
35
28
35
2.5
--__ 70
17
Blil
50
Northwestern Yeast.
-_.-.-100 125
1
Nye Incinerator corn
Units
100 87
Okonite Co $7 pref
15
Parker Wylie Mfg Co corn__
• 80
$7 preferred
3
Petroleum Conversion
5
Petroleum Derivatives
--__
Photomaton Inc elms B
Pick (Albert) prof with wart ____
____
Poole Eng & Mach clam A
Class B
Publication Corp $3.20 corn' 55
100 100
$7 let preferred
132
5
20
1i84
4
8
1
35
3
60
105
85
80
85
75
3312
Reming'n Arms $7 let pf 100
Robinson (I)P) let $7 pf 100
Rockwood & Co $4 com__ _•
100
$8 preferred
Rolls-Royce of America__
100
Preferred
Boxy Theatres unit
Common
Preferred A
Rubel Coal & Ice Co com_.-.Preferred
Ruberold Co $4
100
Safety Car Heat & Ltg_100
Scovill Manufacturing _ __25
4
65-_2
6
4
1012 1312
34 114
13
10
9
8
25
29
36
34
70
60
27
24
Singer Manufacturing_ AO()
Smith (A 0) Corp N D $2•
Solid Carbonic Ltd
Southern States 011
Splltdoe Beth Elec
100
Standard Screw Co
-.-100
Standard Textile Prod.
100
$7 class A
100
$5 class B
Eitetson(J B)Co $6.25 com_•
25
52 preferred
Taylor Mill Corp $2.50com•
Taylor Wharton Ir& St corn*
100
Preferred
280 300
135 145
712 912
3
4
14
312
2
78
74
2
____
30
20
____ 15
31
26
32
27
1912 2112
8
6
____ 32
Tenn Products Corp 14 le 50
Trent Process Core
These Chatillon $7 pf B 100
Unexcelled Mfg Co 700_10
United Business Pub $7pf100
United Publishers $7 pf.-100
U S Finishing $7 Pre!--100
Walker Dishwasher com--•
Welch Grape Juice corn--•
100
$7 Preferred
•
Wetland Oil Core
W Vs Pulp & Paper $2 001n •
100
$8 preferred
Wheeling Steel $4 com-100
100
$8 preferred A
100
$10 preferred B
White Rock Mtn Spring
100
$7 let preferred
100
$20 2d preferred
Willcox & Gibbs $5 cum -- _ 100
Woodward Iron $4
Worcester Salt $5
100
3712 3912
12
14
42
36
614 714
___ _ 65
90
75
55
45
7'2 10
50
45
__
.
100
8
6
33
30
100 102
23
19
90 100
90 100
19311 107
210
50 41
25
30
87
92
Telephone and Telegraph Stocks.
•
Am Dial Tel of NJ $4
48212 86
100 110 112
7% preferred
Bell Tel(Can)8% pref 100 142 144
Bell Tel of Pa 6)4% prof 100 115 117
Cln & Sub Bell Telep----50 99 102
_ -_
4110
Cuban Telephone 8%
_
d 80
7% Preferred
62
Empire & Bay State Tel.100 59
44
Franklin Tales $2.50___100 d 40
lot Ocean Tales 6% _---100
90
___
Lincoln Tel & Tel8%
fiiMtn States Tel & Tel
145 147
-100 135 137
New England Tel & Tel.
24
NY Mutual Tel
100 d 20
Northw Bell Tel Pt 834 A00 10712
17
Pee as At Tele US 1% _ _25 d 14
Peninsular Teieph $1.40_ -• d 2213 25
7% Preferred A --_. _WO 103 105
Porto Rico TTelepd 85
Roch Telep $8.50 let pf_100 109 11011
20
eis & Atl Teleg $1.25
254 17
So & N E Tele)8%
100 170 175
SW Bell Tel 7% rine_ _ _100 119 121
en -states Tel & Tel 6.-3
• 4150
10 1014 11
8.80 preferred
easoonsin Telep 7% pf_100 x111
I
Chain Store Stocks.
Bohack (H C)
7% let preferred
100 104
Butler (James) common...Preferred
100
Diamond Shoe pref with war
F-dieort Bros Stores pre.100 d
Fan Farmer Candy Sh td-• 31
FIrnman(H M)Stores corn _
Preferred
•
Gt Atl & Pee Tea pref--100 118
Kobacker Stores pref._ _100 57
10
Kre
,, /I) 6% prof
Lerner Stores Oh% Prof w w 82
Lord & Taylor
100 41200
First preferred 6%
100 d 94
Second preferred 8% 100 d 97
MacMarr Store 7% pf w w 71
Melville Bhoe Corp
90
lat pre6% with warr_100 86
812 10
Metropol Chain pre _ __100
so
Miller(I)& Sons pref- -100 35
65
Mock Juds&Voehungerp1100 55
Murphy (8. C.)8% pf_-100 4 95 110
9
•d
Nat Shirt Shops corn
85
100 d 75
Preferred 8%
2
1
•
Nedick's Inc cam
98
Newberry (J) Co.7% pf 100 93
90
N Y Merchandise 1st Pr-100 80
121
•
'5 10
67 Pigly-Wiggly Corp
4
103 Reevee(Daniel)preferred 100 100
86 Rogers Peet Co oorn- —100 d 80 101:r
72
100 67
250 Schiff Co prof
72
-__ Silver (Isaac) & Bros PL100 65
25
__ Southern Stores 6 unite_ __
76 U S Stores 1st pref 7% 100 47
108
2
25
90
75
36
16
90
_
-----
Tobacco Stocks.
American Clgar6% pref_1001
Par
Adams Millis $7 pf w w--•
Aeolian Co $7 prof
100
Aeolian Weber P&P corn 100
100
Preferred
Alpha Pond Cement pf_100
Amalgamated Laune coin_
Ames
-lean Boat 57
100
Amer Canadian Propertles_•
Amer Hard Rubber 114_100
American Hardware
25
Amer lefg 6% era
100
100
5% Preferred
American lister new
•
Babcock & Wilcox 7%-100
Baker (J T)Chemical som..•
Bancroft(J)&Sons$1.200om•
100
7% preferred
Bliss (E W)$4 let prof _50
10
2d preferred B
Bohn Refrigerator 8% p1100
Bon Anil Co B corn
•
Bowman-Blitmore Hotels__
let preferred
100
2d preferred
100
Brunsw-Bilk.-Col $7 prat _•
Bunker HUI& Sull $3110M 10
Burden Iron prof
-
z Ex-dividend
Sugar Stocks.
Fajardo Sugar
Ilaytian Corp Amer
Savannah Sugar corn
7% preferred
100
•
100
Ex-dividend of $65.
32 I 33
112 3
74
69
90
85
y Ex-tights
Sugar Estate Oriente pf 100
United Porto Rican corn_ __
Preferred
7
13
3
10
17
[Vou 132.
FINANCIAL CHRONICLE
3316
Quotations for Unlisted Securities-Concluded-Page 2
Insurance Companies.
New York Bank Stocks.
Par BSI Ask
America
25 4612 4912
American Union
47
100 40
3
Bank of United States unite
1
Bank of Yorktown
100 60 95
44
Brooklyn National
50 39
16
Bryant Park
20 12
Chase
20 8112 8412
Chatham-Ph Nat Bk & Tr 20 62 65
84
City (National)
20 81
Columbus Bank
100 165 195
Comm, Nat Bk & Tr 100 275 285
Fifth Avenue
100 2100 2300
First National of N Y 100 3330 3530
Flatbush National
100 90 110
Globe Bank & Trust Co_100 75 85
Grape National Bank_100 400 600
65
Harbor State Bank
25
Harriman Nat Bk & Tr_100 1500 1600
Industrial Bank
100 140 160
Kingsboro Nat Bank_-100 118 128
Per Bid Ask
25 25 30
Lafayette National
30
100 15
Lebanon
24
27
Liberty Nat Bk dt Tr new__
Manhattan Company_ _20 8114 8414
Merchants
100 85 95
6
11
20
Midtown Bank
78 .88
Nat Bronx Bank
27
32
National Exchange
22
Nat Safety Bk & Tr_ _100 17
70
100 60
Penn Exchange
- 300
100
Peoples National
PublicNat Bank & Trust 25 5012 5312
Clueensbona National
100 _ 6.. 170
85
Seward Nat Bk & Tr_ _100
26
Stealing Nat Bk & Tr___25 21
105
Strauss Nat Bank & Tr_100
44
49
Textils Bank
100 142 152
Trade Bank
65
Washington Nat Bank-100
77
Yorkville(Nat Bank of).100 67
Trust Companies.
100
American Express.
Banca Comm Italians Tr 100
28
Bank of Sicily Trust
Bank of Europe Trust-25
Bank of NewYark as Tr_100
10
Bankers
Broadway Place Truett
Bronx County
20
100
Brooklyn
20
Central Hanover
Chelsea Bank & Truitt----25
Chemical Bank & Trust-10
Clinton Trust
100
Continental Bk & Trast_10
Corn Exch Bk & Trust-20
County
25
Empire
20
Fiduciary Trust
Fulton
100
195 210
232 240
2812 3112
50
60
560 580
100 103
42
44
32
37
395 410
221 228
414 614
41
43
82
1734 20 4
3
10312 10712
37
39
5212 5512
105 107
385 425
100 443 448
Guaranty
Hibernia Trust
100 114 124
20
International Madlaon..-25 15
20 14
17
International Trust
10 3112 3312
Irving Trust
Kings County
100 2550 2750
Lawyers Title & Guar 100 220 230
3
25 413 43 4
4
Manufacturers
18
20
Mercantile Bk & Tr w 1
100 75
86
Midwood
Mutual Trust of W
109 325 400
New York
25 144134 146
Timed Square
20
63
4
Title Guarantee & Tr
20 129 134
100
200
Trust Co of N A
Underwriters Trust
25 20
24
100 2825 3025
United States
100 900 1000
Westchester
Westchester Title & Tr -20 100 110
Chicago Bank Stocks.
Central Trust Co of 111.106
Continental Ill Bk & Tr_100
FRO National
100
Forman National
100
Harris Trust & Savings-100
189
329
430
330
425
192
333
435
335
450
Industrial and
Nat Bank of the Republic 20
Northern Trust Co
100
Peoples Tr & Say Bank_100
Strauss Nat Bank & Tr_100
Union Bank of Chicago_100
44
45
425 430
320 326
175 185
147 153
Railroad Bonds.
Adams Exeunt as, 1947J&D 83 85
Amer Meter ele. 1946
___
4102
Amer Tobacco Ils, 1951 FAA 90
__
Am Type Fdre6e. 1937 MAN 10213 10212
Debenture ea, 1939.131&N 10212 ___
Am Wire Fabrics lat'42 M&S 480
90
Bear Mtn-Hudson River
Bridge 7s, 1953
___
A&O 100
Blltmore Comm Ti '34 B&B 100 102
Boo & Alb RR be Oct338 J&J 107
___
Doe & Me RR ea 1933_J&I 10112 103
Chicago Stk Yds 5s, 1981- 83 86
72
Canso'Coal 414s, 1934 MAN 69
54
Como! Mach Tool 75, 19424 50
Como) Tobacco 6s. 1951_-_ d 88
___
4
11
Continental Sugar 7s, 1938_
Haul Office Bldg 54, 1952_ 89
91
Fisk Tire Fabric 638.. 1935 __- 78
Hoboken Ferry 5e,'40 MAN 9112 ___
Internal Salt fa, 1951.A&O 82 85
Journal of Comm 838e, 1937 d 89
93
Kansas City Pub Sere 633s_
44
47
55
Little (A E) 7s, 1942-A&O .2 47
Loew3i New Brd Prop
J&D 94
6a, 1945
Mallory Steamship 5s,*32J&J 09
Merchants Refrig 65, 1937._ 97
55
NO Gr No RR 5a,'55 FAA 52
N Y & Hob Ferry 58.'48 J&D 90
NY Shipbleig 56, 1948 MAN 89
90
Piedmont&No Ry 5a.134Jaci 86
Pierce. Butler & P 838s,'42 ____ 40
89
Realty Assoc Sec 68.'37 JA) 86
40
50
Securities Cool N 'Y fa__ _
61 Broadway 538e,'50 A&O 90 9212
So Indiana Ry 4s. 1951 FAA 62 85
45
Stand Text Pr 65le.'42 M&S 40
Struthere Wells. Titus88
villa. 6348. 1943
Tol Term RR 438.,'57 MAN 90 9712
114
U S Steal 55, 1951
Ward Baking ea,'37 J&D 15 10112 103
35
Witherbee Sherman de, 1944 30
86
'52.....1&..1 84
Woodward Iron 5s.
Par
Aetna Casually & Surety 10
Aetna Fire
10
Aetna LIM
10
Agricultural
25
American Alliance
10
American Constitution
American Equitable
6
American Horns
American of Newark
5
American Bo-Insurance....
American Reserve
10
American Surety
25
Automobile
10
Baltimore Amer Insurance_5
Bankers & Shippete
26
Boston
100
Bronx Fire
25
Brooklyn Fire Insurance.-5
Carolina
10
Central Fire
10
Chicago Fire & Marine
10
City of New York
100
Colonial States Fire
10
Columbia National Life_100
Conneeticut General Life_10
Conealidatad Indemnity-Constitution
10
Continental Casualty _._. 1O
,
Cosmopolitan Ins
10
Eagle
5
Eamon Insurance
5
enderal Insurance
10
Fidelity & Delman of Md..50
rrem4
.1
20
I/lumen's Fund
25
Franklin Fire
5
General Alliance
Germanic Insurance
10
Glens Falls Fire
10
Globe Insurance
10
Globe & Rutgers Fire-100
Great American
10
Great American Indem'y_10
Halifax Insurance
10
Hamilton Fire
50
Hanover
10
Harmonls
10
Hartford Flu
10
Hartf Steam Boll Innen§ 10
Home
le
Home Fire & Marine_-10
Home Pin Security
Homestud
10
Hudson Insurance
10
Importers & Hop of N T-26
Independence
5
Independence Indemnity_10
Bid Ask
80
85
45
47
4512 4712
90 100
24
27
24
19
1012 1313
19
22
1614 1714
42
39
30
27
72
75
2412 2812
1118 1218
100 110
490 510
60
55
111 1512
24
26
38
8 27121
252
12
9
280 310
100 105
413 612
10
5
33
31
8
6
4
123 133
4
314
64
514
59
150 160
24
23
86
80
4
223 243
4
22
18
10
5
4714 4914
16
13
565 615
2412 2512
1714 2014
1612 1812
200 300
2812 3012
22 24
57
55
2
3
58 6278
287
s
37
32
618 718
17
15
27
22
3512 3912
9
6
7
5
Par Bad Ask
8
5
Ineltustrial of Akron
100 850 950
Kansas City Life
18
5 14
Knickerbocker oom
27
10 22
Lincoln Fire
8
6
10
Lloyds Casualty
8
10
Voting trust certifs
4
7
10
MaBatio Fire
25 2612 3013
Maryland Casualty
81
25 73
Maas Bonding & Ins
59
Merchants Fire Amur coin 10 55
13
March & Mfrs Fire Newark 5 10
4
10 163 1814
Missouri State Life
100 120
Morris Plan Ins
18
10 113
National Clammily
10 4812 5012
NatMnal Fire
814 914
5
National Liberty
5 143 153
National Union Fire
4
4
New Amsterdam Casualty10 303 323
4
3
10 20 4 323
New Brunswick
27
10 22
New England Fire
55
pshire Fire-- _10 50
y
50
20 45
New Jersey
24
5 20
New York Fire cam
39
10 37
North River
25 75 85
Northern
Northwestern National-- 100 110
23
10 19
OccidentaL
25 110 120
Pacific Fire
5
512 612
Peoples National Fire
67
10 85
Phoenix
20 37 42
Preferred Accident
4
4
Providence-Waahington-10 428 443
612 812
5
Public Fire
Public Indemnity
212 412
(formerly Hudson Cas'ItY)
4
6
Reliance Ins. of Phila
17
10 12
Republic Dllas
a
15
10 11
Republic (Pitts)
10 20 25
Rhode Island
25 40 50
Rocheirter American
St Paul Firs & Marine_ _25 157 167
912 1113
Seaboard Fire & Marine-33
10 31
Security New Haven
Springfield Fire & Marine 25 95 05
50 100
60
Standard Accident
25 43
53
Stuyvesant
100 1500 1600
Sun Life Assurance
7
9
Transportation Indemn'y 10
1312 1018
Transportation Insurance 10
100 870 00
Travelers Fire
59
25 54
U S Calamity
2713
U B Fidelity & Guar'i Co 10 2413 4812
10 4614
U a Fire
30
U El March de Shippers-100 305
8
5
10
Victory
Virginia Fire & Marine-25 85 00
40
10 38
Westchester Fire
Realty, Surety and Mortgage Companies.
Bond & Mortgage Guar-20 88
91
Empire Title A Guar.-100 100 110
Franklin Surety
14
Ouaranty Title & Mortgage 200 225
47
Horne Title Insurance__ __25 42
18
14
International Germanic Ltd _
20 4112 4313
Lawyers Mortgage
Lawyers Wae Mtge & T1_100 180 210
50
National Title Guaranty 100 45
75
State Title Mtge
100 65
Aeronautical Stocks.
60
Alexander Inane 8% twat14 1
American Airports Corp...
AviationSee of New Hog..
212 412
Central Airport
5
41 1
Cum& Alicrafi nom
1
213
Curti'. Reid Aircraft com„
1
2
Federal Aviation
3
5
19
General Aviation let pref.- 16
Khmer Airplane & Mot new_
Lockheed Aircraft
Maddux Air Lines
New Standard Aircraft corn
Sky Specialties
Southern Mr Transport
Swallow Airplane
Warner Aircraft Engine
Whitteleey Manufacturing._
3
2
8
8
8
11
43
6
d12 212
2
3
12
112
412
Quotations for Other Over-the-Counter Securities
Railroad Equipments.
Short Term Securities.
Allis Chal Mfg 55 May 1937
,
Alum Co of Amer 36 M113 '62
Amer Metal 530 1934 A&O
Amer Red deb 433e May '47
Am Roll Mill deb 5s_Jan '48
Amer Wat Wks 5e 1934 A&O
Bell Tel of Can 5e A Mar '55
Baldwin Loco 534s '33 M&S
Cud Pkg deb 533e Oct 1937
Edison Elea Ill Boston
854% note Novl '31 MAN
6% notes Nov 1 '32 MAN
5% notes Jan 15'33-l&J
Gulf Oil Corp of Pa
Debenture 55.
-DM 1937
Debenture fa___Feb 1947
Bid Ask
leneral Motors Accept
10112 102
6% ser notea-alsz 1932
10412 105
5% ear notes-Mar 1932
91
913
4
5% aer notes-Mar 1934
9518 1013
8
86
5% ser notes-Mar 1935
85
103 10314
5% ser notes__ _Mar 1936
Soppere Gas & Coke
105 10512 ,
Debenture 5e__June 1947
10118 10178
9918 993 Mu Pet 4 Yie Feb 15'30-'35
8
saarland Oil
_
Serial 5% notes Junel5'32
1005
8
101 101 Mass Gas Coe 533.Jan 1940
12
10318 10314 floc & Gamb 43511JulY 1947
SlosteSbeff 8 Al 4338_1931
1013 102
Union 011 be 1935-__F&A
4
United Drug 55 1932-A&O
1003 101
4
Debenture be 1933-A&O
Alton Water 58 1956_-_A&O
Aric Wet nit be A +50.-Aa0
Aahtabula W W 5e'58_A&O
AtlanticCoWat 5558 A M&S
Birm W W let 513sA'54Adr0
let m & 1954 sex B-J&D
let S. 1957 ger C---F&A
Butler Water 58 1957-A&O
City W(Chat) 58 B '54_J&D
151 58 1957 ger C.- _M&N
Commonwealth Water
FdrA
let & '56 it
let m 5s '57 ser C_F&A
Davenport W 58 1961_J&J
E St L & Tot W
let m 88 1942 ser B.
F&A
1st 51 1980 ser D
Huntlon 11V let 138 '54_M&S
lot m 58 1954 ser 13__M&S
Joplin W W 58'57 ser A SI&S
Kokomo W W 5s 1958..J&D
Mania Con W 1st fge56J&D
Monon Val W 53.38 '50..144J
Richm'd W W 1st 58'5731,4N
St Joseph Wat 50 '41_ .A.140
South Pitts Water Co
FAA
1st & 1955
1st & ref & '60 ser A_J&I
tel & ref 58 '60 ser B.J&J
9912 101
d
TerrefIle WW , 49 A JAI)
9912 101
let m 581956 sec B JAD
9418 9512
98 Texarkana W let 5s'58 FAA
97
Wichita Wat let 8s'49_M&S
102
let tis 5s '58 ser 13 F&A
-9514 9612
lst m 5a '60 ser C„..31
WaterBonds.
933 9414
4
9714 9814
9312 95
9313 95
10212 10312
10012 10112
10012 10112
95
94
100 10112
10014 101
Bid
Ask
Atlantic Coast Line 6s
Equipment 034ll
Baltimore & Ohio 65
Equipment 4148 & 65Buff Boort & Pitts *quip Se.
Canadian Pacific 43.30 & 68.
Central RR of NJ Os
10112 102
Chesapeake & Ohio &
10012
__
Equipment 611
Equipments.
100 1003
4 Chicago & North Welt 66
1043 106
4
Equipment630
1025 1037
8
8 Chic It I & Pao 43.4e A 58.
9912Equipmentse
9712 9312 Colorado & Southern 06
..101
___ Delaware & Hudson Be
101
___ Erle 433a &
Equipment as
Great Northern 65
Equipment 6d
Hocking Valley 511
10118
1013
8
10118
10114
10114
___
____
___
___
102 - 98
9912
93
94
9312 95
9413 9513
100
9412 96
9914 100
Illin ls Cennra14Sis &
EOu1P me t t 64
Equipment 6a
Equipment 7s &
Kanawha do Michigan Si...
Ask
4.00
4.00
4.00
4.00
4.00
4.20
4.00
4.00
4.10
4.00
4.00
4.30
4.40
4.60
4.25
4.50
cep
4.25
4.20
4.20
4.25
4.15
4.25
4.25
4.40
4.10
4.05
4.20
4.00
4.15
4,20
4.05
4.00
4.05
4.00
4.00
4.00
4.00
4.05
Par Bid
Kamm City Southern 533s. 4.60
Louisville & Nashville ea___ 4.25
4.20
Equipment61,36
4.25
Michigan Central Si
4.00
Equipment&
Minn St P & SS 114 430 & & 4.50
4.50
Equipment 644s & 7s--4.50
Missouri Pacific 1330
4.40
Equipment 68
4.25
Mobile & Ohio 5s
New York Central 4148 & S. 4.20
4.25
Equipment S.
4.20
Equipment is
4.10
Norfolk & Western 4118
4.35
Northern Pacific 7s
4.30
Pacific Fruit Express 7a
4.20
Pennsylvania RR equip 13s
Pittsburgh Se Lake Erie 8118 4.35
4.20
Reading Co 438s & 511
St Louis le San Francisco 58 4.40
Seaboard Air Line 534. & 61 6.00
4.20
Southern Pantile Co 430
Equipment 7s
4.20
Southern Ry 438s & 5e
4.30
Equipment Os
4.40
Toledo & Ohio Central&- 4.35
4.25
Union Pacific Te
Ask
4.20
4.00
4.00
3.75
3.50
4.25
4.20
4.10
4.10
4.10
4.00
4.00
4.00
4.00
4.10
4.05
4.00
4.10
4.00
4.20
5.25
4.00
4.00
4.05
4.15
4.00
4.00
Investment Trust Stocks and Bonds.
American & Continental_ --10014 101
Amer Invest Trust Shares..
99t___ Bankers Nat Invest corn A.
993
4 ___ Beneficial Indus Loan pref-102Central National Corp A_
98 ilkiClam B
93 95
Colonial Investor Shares
102 _- - Continental Metrop Corp A
.
9613 98
Conthaental Seem Corp....*
9612 98
Preferred
Devonshire Investing corn..
Inter Germanic Trust
•No par value. a And dividend. 4 Last reported market. z Ez-d1v1dend. y Ex-rights.
Bid
4.25
4.20
4.25
4.20
4.30
4.50
4.25
4.25
4.25
4.25
4.25
14
16
478 538
20
27
41
35
1925
2
7
18
17
212
32
16
60
34
19
712 8%
Invest Fund of N J
914 584
North American Truat Shs_
Colony Inv Tr 43i% blis 80
Old
14
11Shawmut Association corn.. 12
8
Shawmut Bank Inv Trint
1042 73
77
4148
1952 79
84
58
1952 105
68
7
Standard Corporations
Standard Oil Trust Shares A
53
-Class fl
47
4- 3
8 54
18% 201s
York Share Corp
Current Carning5
uarterip anb If)atf
pearl?.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES.
Below will be found all returns of earnings, income and profits for current periods, whether monthly;
quarterly or half-yearly, that have appeared the present week. It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however,is not confined to the returns which have come to hand the present week.
It includes the returns published by us in our issue of April 25 and also some of those given in the issue of
April 18. The object of this index is to supplement the information contained in our "Monthly Earnings
Record," which has been enlarged so as to embrace quarterly and semi-annual statements as well as monthly
reports. The "Monthly Earnings Record" was absolutely complete up to the date of issue, April 17, embracing
every monthly, semi-annual and quarterly report which was available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The
figures in most cases are merely for a month later, but there are also not a few instances of additions to the
list, representing companies which had not yet made up their returns when the April number of the "Monthly
Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference to
every return that has appeared since the last preceding number of the "Monthly Earnings Record." The
latter is complete in and by itself, and for most persons will answer all purposes. But to those persons who are
desirous of seeing the record brought down to date every week, this further and supplementary index in
the "Chronicle" will furnish an invaluable addition. The "Chronicle" index in conjunction with the "Monthly
Earnings Record" will enable any one at a glance to find the very latest figures of current earnings and income,
furnishing a cumulative record brought down to date each and every week—an absolutely unique service.
A further valuable feature is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings
Record," there is a reference line showing by date and page number the issue of the "Chronicle" where the
latest complete annual report of the company was published.
Issue of Chronicle
When Published Page
Name of ComPantl—
Apr. 25_3127
Abbott Laboratories
Advance Has & Paper Co.. Inc
May
2__3340
Addressograph International Corp_May
2_3340
May
2__3340
Aero Supply Co
Mfg. Corp
May
Ainsworth
2__3310
Air Reduction Co
Apr. 25__3127
2__33I9
Air-Way Electric Appliance Corp_May
May
2__3319
Alabama Power Co
2__3319
May
Alabama Water Service Co
Apr. 25._3133
Alteghany Corp
May
2__3319
Allegheny Steel Co
Apr. 25_3150
Allied Products, Inc
Apr. 25__3127
Allen Industries, Inc
May 2__3341
Allied Motor Industries, Inc
Apr. 25__3127
Allis Chalmers Mfg. Co
Apr. 25_3127
Alpha Portland Cement Co
Apr. 25_3150
Aluminum Co. of America
Aluminum Goods Mfg. Co
Apr. 25_ _3150
Aluminum. Ltd
Apr. 25_3150
American Austin Car Co., Inc
2__3341
May
American Bank Note Co
2__3319
May
American Brown-Boveri Elec, Corp_Apr. 253127
American Coal Co.of Allenhany Co Apr. 25_3151
American Commercial Alcohol Corp_May
2_3318
Amer. Com'wealths Power Corp
Apr. 25_3127
American District Telenraph Co
Apr. 25__3151
American Electric Power Corp
Apr. 18__2959
American Factors Ltd
Apr. 25_3151
American Ice Co
May
2__3319
American Radio & Television Stores
Corp
May
2_3341
American La France & Foamite Corp.May
2__3319
American Light & Traction Co
May 2__3333
American Machine & Metals. Inc
May
2._3318
American Natural Gas Corp
Apr. 18_2960
American Republics Corp
Apr. 25..3127
American Type Founders Co
Apr. 18..2444
American Zinc, Lead & Sinelt`g Co_May
2..3319
Amoskeag Manufacturing Co
May
2_3342
Amparo Mining Co
2_.3342
May
Anaconda Wire & Cable Co
May
2._3342
Anchor Cap Corp
May
2__3319
Anglo-Norwegian Holdings, Ltd__
Apr. 25_3151
Ann Arbor
May
2._3328
Arcturus Radio & Tube Co
May
2_3342
Argo Oil Co
May
2_3342
Paper Co., Inc
A. P. W.
May
2._3319
Apr. 25_3151
Arkansas Natural Gas Corp
Apr. 25..3152
Associated Dry Goods Corp
Associated Telephone Utilities Co_Apr. 25..3144
Apr. 25_3127
Associated Investment Co
2_3328
Atchison Topeka & S. Fe Ry. Sys. May
May
2.3319
Atlantic Gulf & W 1 SS Lines
May
2..3331
Atlantic & West Point RR
.May
At-antic & Pacific Internat. Corp.
2__3342
2..3319
May
Atlantic Securities Corp
lay
Atlas Powder Co
2_3319
Apr. 25_3135
Atlantic Coast Line RR
Apr. 25..3152
Atlantic Fruit & Sugar Co
Apr. 18..2944
Atlantic Refining Co
May 2_3319
Autosales Corp
Issue of Chronicle
Name of Company—
When Published Page
Aviation Corp. (Del.)
Apr. 25__3127
Barcelona Traction Lt & Pr Co Ltd_May
2..3319
Bayuk Cigars, Inc
May
2__3319
Beech-Nut Packing Co
Apr. 25..3127
Belt Ry. of Chicago
Apr. 25__3141
Bethlehem Steel Corp
May
2__3319
Bickford's. Inc
May
2._3320
Bing & Bing, Inc
Apr. 18_2944
Birmingham Electric Co
Apr. 25_3127
Blackstone Valley Gas & Elec.Co
May
2__3320
(Sidney) Blumenthal & Co., Inc_ _Apr. 25_3127
Blum's, Inc
May
2__3344
Apr. 25._3127
Bohn Aluminum & Brass Corp
May
Bon Ami Co
2__3320
Apr. 25_3128
Boston Elevated Ry
May
Boston & Maine RR
2__3328
Apr. 25__3152
Botany Consolidated Mills, Inc
Apr. 18_-2970
131Itmore Hotels Corp
BOWLOIAD
Brandram-Henderson, Ltd
Apr. 25__3153
-..Apr. 25__3128
Brazilian Tr., Lt. & Pr. Co.. Ltd.
May
2_ _3314
(Ernestal Breda Co
Apr. 25_3152
(C.) Brewer & Co., Ltd
May
2__3344
Co
Briggs Manufacturing
Apr. 25..3128
Briggs & Stratton Corp
Apr. 25_3128
Brill° Mfg. Co
Apr. 25_3144
British Columbia Telephone Co
Apr. 25_3153
British Type Investors, Inc
May
2_3320
Broad Street Investing Co., Inc
Apr. 25_3153
Brockway Motor Truck Corp
Brooklyn-Manhattan Trans. System Apr. 25__3128
Brooklyn & Queens Transit Systcm_Apr. 25-3128
Bucyrus Monighan Co
2__3320
May
(E. G.) Budd Mfg. Co
Apr. 18._2944
Budd Wheel Co
Apr. 18-2944
Buffalo General Electric Co
Apr. 25_3144
Buffalo Niagara & East. Pow, Corp_Apr. 25_3144
Burns & Co., Ltd
May
2_ _ 3314
(F. N.) Burt Co., Ltd
Apr. 25__3154
Butte & Superior Mining Co
Apr. 18_2970
Butterick Co
Apr. 25_3128
(A. M.) Byers Co
Apr. 25..3128
California-Oregon Power Co
May
2_3334
California Water Service Co
May
2..3320
Calumet & Recta Consol. Copper Co.May
2__3320
Canada Dry Ginger Ale, Inc
May
2_ _3320
Canada Steamship Lines, Ltd
May
2__3320
Canadian Celanese, Ltd
Apr. 25__3154
Canadian Gen. Elec. Co., Ltd
Apr. 25_3154
Canadian Industries, Ltd
Apr. 25..3154
Canadian Locomotive Co., Ltd
Apr. 25_3154
Canadian National Rys
May
2_3328
Canadian Pacific Ry
Slay
2__3328
Canadian Westinghouse Co., Ltd
Apr. 25__3154
(A. M.) Castle Co
May
2__3320
Caterpillar Tractor Co
Apr. 25_3128
Central Power Co
Apr. 25_3145
Central RR. Co. of New Jersey
Apr. 18__2952
Central States Utilities Corp
Apr. 18_2963
Central Vermont Public Serv. Corp_Apr. 18_ _2963
Central Vermont Ry., Inc
2_ _3331
May
Issue of Chronicle
Name of Company—
When Published Pape
Centrifugal Pipe Corp
Apr. 25_3154
Apr. 18_2945
Century Ribbon Mills, Inc
Cerro de Pasco Copper Co
Apr. 25_3155
Checker Cab Mfg. Co
May
2__3320
Chesapeake Corp
Apr. 25__3133
Chesebrough Mfg. Co., Consol
Apr. 25..3155
Chester Water Service Co
May
2_3320
Chicago Aurora & Elgin Corp
Apr. 18_2963
Chicago Great Western RR. Co
Apr. 25..3140
Chicago Milw. St. Paul & Pac. RR__Apr. 25_3138
Chicago & North Western Ry
Apr. 18..2949
Chicago Pneumatic Tool Co
May
2..3320
Chicago Rock Island & Pacific Ry_May
2_3328
Chicago St Minneapolis & Om. Ry Apr. 18_2449
Chicago Surface Lines
Apr. 25..3128
Chicago Union Station Co
Apr. 18_2958
Chicago Yellow Cab Co.. Inc
May
2..3345
Childs Co
May
2._3320
Chrysler Corp
May
2..3320
Cities Service Co
Apr. 18_2945
Citizens Water Service Co
May
2..3320
Cleveland Union Terminals Co
May
2__3332
Cliff Mining Co
2..3300
May
Coca Cola International Corp
2..3320
May
Colorado Fuel & Iron Co
2..3320
May
Columbus Ry.. Power & Light Co_May
2..3320
Commercial Solvents Corp
Apr. 25..3128
Commonwealth Edison Co
Apr. 25_3128
2..3321
Commonwealth & Southern Corp
May
Connecticut Electric Service Co
Apr. 18_2445
25_3128
Consolidated Chemical Indus.,Inc Apr.
Consolidated Laundries Corp
Apr. 18_2445
Consolidated Mining & Smelting Co.
of Canada, Ltd
May
2._3346
Consumers Power Co
May
2_3321
2__3321
Continental Diamond Fibre Co
May
2_3347
Copper Range Co
May
2__3321
Slay
Corn Products Refining Co
Apr. 25_3155
Corroon & Reynolds Corp
Slay
2..334
Coty, Inc
Apr. I8__297
Crown Cork & Seal Co., Inc
Apr. 25._3l28
Curtis Publishing Co
2..3348
May
Curtiss Reid Aircraft Co., Ltd
2._33-8
May
Curtiss-Wright Corp
2__3348
Service, Inc_May
Curtiss-Wright Flying
2__3348
May
Davis Coal & Coke Co
Apr. 25.-3134
Delaware & Hudson Co
Apr. 25__3134
Delaware & Hudson RR. Corp
2..3328
Denver & Rio Grande West. RR. Co.May
Apr. 25-3142
Denver & Salt Lake fly. Co
Apr. I8_-2963
Derby Gas & Electric Corp
May
2__3348
Devonian 011 Co
May
2_3321
Dexter Co
kpr. 18_2972
Di Giorgio Fruit Corp
May
2..3348
Distributors Group, Inc
May
2_ _3340
Dome Mines, Ltd
International, Inc
May
2__334
Dunhill
Apr. 25__3128
E. I. du Pont de Nemours & Co
Apr, 18_2164
Eastern New Jersey Power Co
Eastern Rolling Mill Co
May
2_-3321
Axle & Spring Co
Eaton
Apr. 25_3129
3318
FINANCIAL CHRONICLE
Issue el Chronicle
Nano of COMFen11-When Published Pave
Edmonton Radial Ry
Apr. 25..3129
Electric Auto Lite Co
Apr. 25..3129
El Dorado Oil Works
Apr. 25__3156
Empire Gas & Fuel Co
Apr. 18__2964
Employers Reinsurance Corp
May 2__3321
Erie RR. Co
Apr. 25..3133
European Electric Corp
Apr. 18..2964
Fall River Gas Works
May 2_ _3321
Fashion Park Associates, Inc
May 2__33 ',I,"
Federal Light & Traction Co
Apr. 18..2945
Federal Motor Truck Co
Apr. 18-2973
Federal Public Service Corp
Apr. 25__3145
Federal Water Service Co
Apr. 25__3129
Fifth Ave. Bus Securities Corp
May 2__3335
Flintkote Co
May 2__3350
Fonda Johnstown & Glov. RR
Apr. 25....3133
Foundation Co
May 2__3350
(George A.) Fuller Co
Apr. 25_3129
Gabriel Co
Apr. 18__2945
Galveston Electric Co
May 2__3321
Galveston-Houston Electric Co
May 2_ _3321
Galveston-Houston Elec. Ry. Co
May 2__3321
Gardner Motor Co
May 2.._3350
General American Tank Car Corp Apr. 18_2945
General Baking Corp
May 23330
General Cable Corp
May 2_ _3321
General Cigar Co., Inc
May 2__3321
General Electric Co
Apr. 25__3129
General Foods Corp
Apr. 25..3129
General Motors Corp
Apr. 25__3129
General Printing Ink Corp
May 2._3321
General Railway Signal Co
May 2_ _3321
General Refractories Co
May 2__3321
General Water Works & El. Corp
Apr. 25__3145
Georgia & Florida RR
May 2__3328
Georgia Power Co
May 2__3321
Georgia Southern & Florida Ry. Co_Apr. 18_2954
Gillette Safety Razor Co
Apr. 25__3129
Globe Grain & Milling Co
May 2.._332I
Godchaux Sugars, Inc
Apr. 18__2974
Gould Coupler Co
Apr. 25..3129
Granby Consolidated Mining, Smelting & Power Co.. Ltd
Apr. 18__2974
Granite City Steel Co
May 2__3321
Great Atl. & Pac.Tea Co.of America_Apr. 18_ _2975
Greater London & Counties Tr. Ltd.Apr. 18_-2965
(S. M.) Grier Stores, Inc
Apr. 25__3137
Group No. 1 Oil Corp
May 2..3351
Group No. 2 Oil Corp
May 2__3351
Gulf Coast Lines
May 2_ _3328
Gulf States Steel Corp
Apr. 25__3129
(M. A.) Hanna Co
May 2_ _3321
Harbison-Walker Refractories Co_ Apr. 25..3129
Havana Electric Ry. Co
Apr. 25__3129
Haverhill Gas Light Co
May 2_ _3322
Hawaii Consolidated Ry., Ltd
Apr. 25__3142
Hayes Wheels & Forgings, Ltd
Apr. 18..2975
Hedley Gold Mining Co., Ltd
May 2_ _3352
Hercules Powder Co., Inc
Apr. 25__3129
Hershey Chocolate Co
May 2__3322
Hollinger Consol. Gold Mines, Ltd_May 2_3322
Honolulu Rapid Transit Co.. Ltd_ Apr. 25_3130
Household Finance Corp
May 2__3321
Houston Electric Co
May 2_ _3322
Houston Lighting & Power Co
Apr. 25_3130
Houston Natural Gas Corp
May 2_3335
Howe Sound Co
Apr. 25_3129
Hudson Bay Min. & Sm. Co., Ltd
Apr. 25__3158
Hudson & Manhattan RR. Co
Apr. 18_2946
Hudson Motor Car Co
Apr. 25..3129
Humble Oil & Refining Co
May 2__3352
Hupp Motor Car Corp
Apr. 25..3130
Illinois Central RR
Apr. 18-2949
Illinois Power Co
May 2_ _3335
Illinois Water Service Co
May 2__3322
Incorporated Investors
May 2_ _3322
Indianapolis Power & Light Co
Apr. 18__2965
Indianapolis Union Railway CoApr. 18_2959
Industrial Rayon Corp
Apr. 25__3130
Ingersoll Rand Co
May 2._3352
Inland Steel Co
May 2.3322
Inspiration Consol. Copper Co
Apr. 25-3158
Interlake Iron Corp
May 2_ _3322
Internat. Business Machines CorpApr. 25_3130
International Cement Corp
Apr. 25._3130
Internat. Hydro-Electric System_
Apr. 18_2965
International Mercantile Marine Co_May 2_ _3330
Internat. Paper & Power Co
Apr. 25__3130
International Silver Co
May 2_ _3322
Interoceanic Ry. of Mexico
Apr. 18..2948
Interstate Power Co
Apr. 18_2965
Intertype Corp
Apr. 25_3130
Iowa Public Service Corp
Apr. 18__2946
Isle Royale Copper Co
Apr. 25_3159
Jackson & Curtis Investment Assoc_Apr. 18..246
Jacksonville Traction Co
May 2..3322
Jamaica Public Service Ltd
Apr. 25__3145
Jones & Laughlin Steel Corp
May 2_ _3322
Kansas City Public Service Co
Apr. 18-.2965
Kansas City Southern Ry
Apr. 25..3133
Kennecott Copper Corp
Apr. 25_3140
Keystone Telephone Co. of Phila
Apr. 25__3130
King Royalty Co
May 2__3353
(B. B.& R.) Knight Corp
May 2..3353
Kobacker Stores,Inc
Apr. 25_3159
Koppers Gas & Coke Co
Apr. 25_ _3160
Kreuger 8c Toll Co
May 2._3353
Lambert Co
Apr. 25__3130
Langendorf United Bakeries, Inc
Apr. 18..2946
May 2_ _3354
La Salle Copper Co
Apr. 25__3138
Lehigh Valley RR
Apr. 25_ _3160
Libby, McNeill & Libby
Apr. 25_3130
Lily Tulip Cup Corp
Apr. 25__3130
Link Belt Co
May 2_3322
Liquid Carbonic Corp
May 2__3322
Loew's Inc
Apr. 25__3130
Loft Incorporated
Apr. 28._3146
Lone Star Gas Corp
Apr. 23_ _3130
Loose Wiles Biscuit Co
Apr. 25__3130
Angeles Gas & Electric Corp
Los
Apr. 25-3130
Los Angeles Investing Corp
May 2._3335
Louisville Gas & Electric Co
Apr. 25_3130
McGraw Hill Publishing Corp
Apr. 25_3130
Magma Copper Co
Apr. 25_3134
Maine Central RR
May 2..3355
Maracaibo Oil Exploration Corp
.May 2..3322
Merchant Calculating Machine Co.
Apr. 25_3130
Market Street Ry
May 2..3335
Massachusetts Lighting Cos
Apr. 25__3130
Mathieson Alkali Works (Inc.)
.May 2..3355
Mayflower-Old Colony Copper Co..
Issue of Careetiels
Name of Company—
When Published Page
Memphis Power & Light Co
Apr. 25__3130
Mengel Company
May 2__3355
Miami Copper Co
Apr, 25__3161
Mid-Continent Petroleum Corp
Apr. 25__3161
Midland Steel Products Co
Apr. 25__3131
Midland Utilities Co
Apr. 25__3146
Miller & Lux,Inc
May 2__3354
Mining Corp.of Canada
Apr. 25_3161
Mississippi Central RR
Apr. 25_3142
Missouri Gas & Electric Co
Apr. 25_3146
Missouri Gas & Electric Service Co _May 2__3322
Missouri-Kansas-Texas Lines
Apr. 25_3134
Mobile & Ohio RR
Apr. 18..2955
Mohawk Hudson Power Corp
May 2__3335
Monsanto Chemical Works
May 2__3322
Montgomery Ward & Co
May 2__3322
Mountain States Power Co
May 2_ _3335
Mullins Mfg. Co
May 2__3322
Narragansett Electric Co
Apr. 18.-2966
National Acme Co
May 2_ _3322
National Biscuit Co
Apr. 25_3131
National Cash Register Co
pr. 25..3131
National Distillers Products Corp Apr. 25..3131
National Electric Power Co
Apr. 18__2966
Nat.Enameling & Stamping Co.,Inc.May 2__3356
National Rys. of Mexico
May 2_ _3329
National Steel Corp
Apr. 25_3131
National Surety Co
May 2_ _3356
Nevada California Electric Corp_ _Apr. 25_3131
New England Fuel Oil Corp
Apr. 25_ _3(62
New England Tel. & Tel. Co
Apr. 25..3131
New Idris Quicksilver Mines, Inc_ _Apr. 25..3162
Newmont Mining Co
Apr. 18_ _2979
Newport Electric Corp
Apr. 18..2966
New River Co
Apr. 25__3162
New York Dock Co
Apr. 18_ _2979
N.Y. & Honduras Rosario Min.Co Apr. 25__3163
New York Merchandise Co., Inc- _Apr. 25_3163
N. Y. Ontario & Western Ry
Apr. 25__3134
N.Y. New Haven & Hartford RRApr. 25__3134
New York Power & Light Corp
May 2_ _3336
New York Railways Coro
Apr. 18_2966
N.Y. Susquehanna & West.RR.Co_May 2_ _3333
New York Water Service Co
May 2..3323
Westchester & Boston Ry
N. Y.
APr .25_3131
(J. J.) Newberry Co
Apr. 25..3162
Newton Steel Co
Apr. 25__313I
Niagara Falls Power Co
May 2_ _3336
Niagara Lockport & Ont. Power Co_May 2_ _3336
Niagara Hudson Power Co
Apr. 25_3131
Nipissing Mines Co., Ltd
Apr. 25_3163
Norfolk & Western
May 2__3328
American Gas & Electric Co Apr. 18_-2966
North
North American Co
May 2__3322
North Penn Gas Co
May 2_ _3336
Noranda Mines, Ltd
Apr. 25__3163
Northern Pacific Railway Co
Apr. 18_2949
North West Utilities Co
Apr. 25__3147
Northern N. Y. Utilities, Inc
May 2_ _3336
Northern Pacific kV
Apr. 25_3135
Northern States Power Co
May 2__3323
Northern Texas Electric Co
May 2__3323
Norwalk Tire & Rubber Co
May 2..3323
Ohio Copper Co. of Utah
Apr. 25_3163
Ohio Edison Co
May 2_ _3323
Ohio Water Service Co
May 2_ _3323
Oklahoma Gas & Electric Co
May 2._3336
Oklahoma Ry
May 2_3337
Oliver Farm Equipment Co
Apr. 25..3163
Orange & Rockland Electric Co-...Apr. 25_3131
Oregon-Washington Water Serv.Co_May 2__3323
Otis Steel Co
Apr. 25..3131
Owens-Illinois Glass Co
Apr. 18..2946
Pacific Gas & Electric Co
May 2__3330
Packard Electric Co
Apr. 18...2980
Packard Motor Car Co
Apr. 25..3131
Paramount Publix Corp
Apr. 18..2947
Parker Rust-Proof Co
May 2..3356
Parmelee Transportation Co
May 2_ _3323
Pathe Exchange, Inc
Apr. 25_3164
Pawtucket Gas Co
May 2_ _3323
Penick & Ford, Ltd
May 2_3323
Peninsular Telephone Co
May 2_3337
Pennsylvania Dixie Cement Corp
Apr. 25..3131
Pennsylvania Gas & Electric Co_
Apr. 25_3131
Pennsylvania Gas & Electric Corp—Apr. 18__2967
Pennsylvania Power & Light Co
May 2..3323
Pennsylvania Coal & Coke Co
May 2__3323
Pennsylvania RR. Regional System_May 2_3328
Peoples Gas Light & Coke Co
Apr. 25..3131
Pere Marquette Ry
Apr .
Perfect Circle Co
Apr .25..3131
Philadelphia Co
May 2..3323
Philippine Ry. Co
May 2__3329
Phillips Petroleum Co
May 2._3323
Phoenix Oil Co
Apr. 25_3165
Pierce Arrow Motor Car Co
Apr. 25_3132
Pierce Oil Corp
May 2..3357
Pierce Petroleum Corp
May 2..3357
Pittsburgh Coal Co
Apr. 25_3165
Pittsburgh Plate Glass Co
May 2_3357
Pittsburgh Railways Co
Apr. 18__2952
Pittsburgh-Suburban Wet. Serv. Co.May 2__3323
Pittsburgh Terminal Coal Corp
May 2__3323
Pittsburgh & West Virginia Ry
May 2__3329
Pond Creek Pocahontas Coal Co
Apr. 18__2980
Power Corp. of New York
May 2__3337
Public Service Corp. of New Jersey Apr, 25_3132
Purity Bakeries Corp
May 2..3323
Quebec Central Railway Co
Apr. 25..3142
Radio-Keith-Orpheum Corp
May 2__3323
Railway & Light Securities Co
Apr. 18_ _2947
Rand Mines, Ltd
Apr. 25_3165
Reliance Management Corp
May 2..3324
Reliance Mfg. Co. of Illinois
May 2_ _3323
Remington Arms Co.. Inc
Apr. 25_3166
Reo Motor Car Co
May 2._3324
Republic Steel Corp
May 2_ _3324
Richmond Fredericks.& Potom.RR_May 2_.3333
Koch.& Lake Ont. Water Serv. Co_ _May 2_3324
Roosevelt Field, Inc
May 2_ _3358
Ruud Manufacturing Co
Apr. 18__2981
Ryan Consol. Petroleum Corp
Apr. 25..3i66
St. Lawrence Corp., Ltd
Apr. 25..3166
St. Louis Southwestern Ry. Lines_May 2_ _3329
St. Louis-San Francisco Ry
Apr. 25 _3134
St. Mary's Mineral Land Co
Apr. 25__3166
Safety Car Heating & Lt. Co
Apr. 25__3166
Salt Creek Consol. 011 Co
Apr. 25_3166
San Diego Consol. Gas & Elec., Co May 2__3324
Apr. 25_3149
San Joaquin Lt. & Power Corp
American Commercial Alcohol Corp.
1929.
1930.
1931.
Quarter Ended March 31—
Net profit after charges and Federal
8290,449
$175,349
$124,837
taxes
389,4 1
Shares cap, stock outstanding (no par) 377,544
es
$6.74
80.45
$0.33
Earnings per share
ChronicleMar. 14 '31, P. 1993
OrLast complete annual report in Financial
[17
L. 132.
issue of Chronicle
Name of Company—
When Published Page
(B. F.) Schlessinger & Sons. Inc__-_Apr. 25__3166
Schulco Co., Inc
Apr. 18--2981
Schulte Retail Stores Corp
Apr. 18-2982
Scranton-Spring Brook Water Service Co
May 2.3324
Seagrave Corp
Apr. 18._2947
Apr. 25__3132
Seeman Brothers, Inc
Apr. 18_2982
Seneca Copper Mining Co
Shreveport El Dorado Pipe Line Co- _Ap . 25_3167
May 2_ _3324
(Frank G.) Shattuck Mining Co
May 2__3324
Sierra Pacific Electric Co
Apr. 18_2983
Signal Oil & Gas Co
Apr 25_3167
Silver King Coalition Mines Co
Apr. 18_2949
Sinclair Consolidated Oil Corp
Sioux City Gas & Electric Co
May 2_3338
Apr. 25__3167
Sloss Sheffield Steel & Iron Co
May 2__3359
Solvay Investment Corp
Apr. 25_3134
Soo Line System
Apr. 18..2968
Southern California Gas Co
May 2..3338
Southern Colorado Power Co
Southern Indiana Gas & Elec. Co May 2__3338
Apr. 25__3134
Southern Pacific Lines
Apr. 25__3132
Southeastern Express Co
May 2_ _3338
Southwest Gas Co
May 2__3359
Spencer Trask Fund,Inc
Standard Brands, Inc
May 2_ _3324
Apr. 25_3132
Standard Cap & Seal Corp
May 2_ _3324
Standard Gas & Electric Co
May 2_ _3359
Standard Investing Corp
May 2__3359
Standard Oil Co. of New York
Apr. 1 _2983
(John B.) Stetson Co
May
__3324
Stewart-Warner Corp
Apr. 2 __3167
Sax, Baer & Fuller Co
Apr. I8__2947
Stouffer Corp
Apr. 25__3132
Studebaker Corp
Apr. 25_3133
Sweets Co.of America
Apr. 25..3i32
Symington Co
May 2_ _3338
Syracuse Lighting Co., Inc
May 2._3324
Tampa Electric Co
May 2_ 3324
Telautograph Corp
(& Subs.)May 2..3339
Telephone Bond & Sh. Co.
May 2_ 3324
Tennessee Electric Power Co
Apr. 25..3143
Tennessee Central Ry
May 2..3360
Tennessee Corp
Apr. 18-2968
Texas Electric Ry
Apr. 25_3132
Texas Gulf Sulphur Co.,Inc
May 2..3338
Texas-Louisiana Power Co
May
329
Texas & Pacific Ry. Co
May 2..3360
Texon Oil & Land Co
May 2..3324
Thermold Corp
May 2_ _3324
Third Avenue Ry. System
May 2..3325
Thompson Products, Inc
May 2_3360
Tobacco Products Corp
May 2_3 25
Trico Products Corp
May 2._3339
Tr -Utilities Corp
Apr. 25_3l68
Tung Sol Lamp Works
Apr. l8..2968
Twin States Gas & Electric Co
May 2..3325
Ulen & Co
Apr. 25..3168
Union Bag & Paper Corp
May 2_.3325
Union Carbide & Carbon Corp
Apr. 25_3134
Union Pacific System
Apr. 25._3168
Union Sugar Co
Apr. 25_3168
Union Tobacco Co
Apr. 25..316
Union Twist Drill Co
Apr. 18-2984
Unit Corp. of America
Union Water Service Co
May 2..332
United American Bosch Corp
May 2..3325
United Biscuit Co. of America
Apr. 25_3132
United Business Publishers, Inc
May 2..3325
United Cigar Stores Co. of America_May 2__3330
United Dry Docks Inc
Apr. 25..3169
United Diewood Corp
Apr. 25__3169
United Biscuit Co. of America
Apr. 18..2947
United Stores Corp
May 2__3361
U. S. Cold Storage Co
Apr. 25..3169
U. S. Distributing Co
May 2__3325
United Rys.& Electric Co. of Balt_May 2..3339
United Stores Corp
Apr. 25__3l32
U. S. Hoffman Machinery Corp
Apr. 25_3132
U. S. Leather Co
Apr. 25_3132
United Light & Power Co
Apr. 18_2948
U. S. Printing & Lithograph. Co
Apr. 25_3169
U. S. Realty & Improvement Co
Apr. 18._2947
May 2__3325
Universal Pipe & Radiator Co
Apr. 18__2985
Utah Copper Co
Apr. 25_3140
Utica Gas & Electric Co
Apr. 25_3149
Vadsco Sales Corp
May 2_ _3325
Viau Biscuit Corp.. Ltd
Apr. 25_3188
Virginia Iron, Coal & Coke Co
Apr. 25_3132
Virginian Ry
May 2__3329
Wabash Ry
May 2..3329
Apr. 18_2985
Waco Aircraft Co
Apr. 25__3188
Waitt & Bond, Inc
Waldorf System, Inc
Apr. 18_2948
May 2__3325
Walgteen Co
Apr. 25_3188
Waltham Watch Co
Apr. 25_3188
Warchel Corp
Apr. 25_3133
Ward Baking Corp
Apr. 25__3188
Warner Sugar Corp
Apr. 25_3189
(John Warren) Watson Co
Apr. 25_3189
Welsbach Co
Apr. 25_3149
West Texas Utilities Co
May 2..3325
West Virginia Water Service Co
Apr. 25_3133
Western Dairy Products Co
Weston Electrical Instrument Corp_May 2_3300
May 2..3329
Western Maryland Dairy Corp
May 2_3300
Western Maryland Ry
May 2..3325
Western New York Water Co
May 2..3333
Western Ry. of Alabama
Apr. 25_3133
Westinghouse El. & mfg. Co
Apr. 25_3159
Westmoreland Coal Co
Apr. 25_3189
Westmoreland.Inc
Westvaco Chlorine Products Corp Apr. 18_2948
Apr. 18_2948
Wheeler Metal Products Corp
May 2..3329
Wheeling & Lake Erie Ry. Co
Wheeling Steel Corp
May 2_3325
White Rock Mineral Springs
Apr. 25..3133
Apr. 25....3133
Willys Overland Co
Winnipeg Electric Co
Apr. 18-2969
(Benjamin) Winter. Inc
May 2_3363
Wisconsin Hydro-Electric Co
Apr. 25__3133
Wisconsin Power & Light Co
May 2_3325
Wisconsin Public Service Co
May 2..3325
Wisconsin Valley Electric Co
May 2__3340
Woods Brothers Corp
A r. 18_2986
Wright Aeronautical Corp
May 2_ _3363
(Wm.) Wrigley Jr. Co
May 2_3325
Yale & Towne mfg. Co
May 2__3325
Yellow Truck & Coach Mfg. Co
May 2..3326
Lonite Products Corp
Apr. 18_2948
American Machine & Metals, Inc.
Gross income Earnings for Quarter Ended March 31 1931.
D"epreengltion
E401
Interest
Net loss
$3 9951
2
3
339,
4472:765
39,000
883,001
3319
FINANCIAL CHRONICLE
MAY 2 1931.]
A. P. W. Paper Co., Inc.
Air-Way Electric Appliance Corp.
Quar. End. Mar. 31Operating income
Deprec. & Fed. taxes
1931.
$15,388
12,916
1930.
$333,694
47,350
1929.
$487,695
67,465
1928.
$364,196
51,220
Net profit
Preferred dividends_ _ _ _
Common dividends
142,472
34,050
$286,344
35,100
250,000
$420,230
35,000
250,000
$312.976
15,880
100,000
Surplus
$1,244
df
.331.578
$135,230
$197,096
Shares corn, stock outstanding (no par)_ _ _ _
400,000
400,000
400,000
100,000
Earnings per share
Nil
$0.63
$0.96
$2.97
ICN'Last complete annual report in Financial ChronicleMar. 7 '31, p. 1801
Alabama Power Co.
(And Subsidiary _Companies)
-Month of March- -12 Mos.End.Mar.311931.
1931.
1930.
1930.
Gross earnings
$1,467,554 $1,419,395 $17,927,215 $18,152,851
Oper. exps., incl. taxes
and maintenance
631,150
7,641,208
591,841
7,161.536
Gross income
Fixed charges
$875.713
$788,244 $10,286,006 $10,991,314
4,151,675
4,065,149
Net income
Dividends on preferred stock
Provision for retirement reserve
(And Subsidiaries)
1929.
1931.
1930.
9 Months Ended March 31$3,047,077 $3,243,607 $3,158,363
Gross sales
2,104,723
2,099,997
1.974,875
Cost of sales
Gross profit
Other income
$1,072,202 $1,143,610 $1,053,640
2,406
4,557
6,381
Total income
Depreciation
General & administrative expense_
$1,078,583 $1,146,016 $1,058.197
71,315
44,555
39,046
665,749
628,999
699,045
Balance
Loss, Canadian Co
$378,269
23,254
$402,416
26,193
4353.402
56,935
Total
Interest
$355,015
175,887
$428.609
165,650
$296,467
147,545
$262,959
$148,922
$179,128
Profit before Federal taxes
Earns, per sh. on 156.000 shs. corn.
$1.67
$0.99
$1.15
stock (no par)
For the quarter ended March 311931, profit was $72,408, after depreciation, interest, &c., but before Federal taxes, comparing with $42,527 in
preceding quarter and $75,029 in March quarter of 1930.
ParEast complete annual report in Financial Chronicle Oct. 18 '30, p. 8540
$6,134,331 $6.926.165
2.070,063
1.888,948
925,035
923,730
Alabama Water Service Co.
12 Months Ended Feb. 28Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
$860.397
323,498
36.449
87,128
1930.
$852,093
329,461
31,088
86:784
Net earnings from operations
Other income
$413,322
4,033
$404,761
2,196
$417,356
Gross corporate income
$406.956
202,217
Interest on funded debt
194,424
W'East complete annual report in Financial ChronicleApril 11 '31, p.2757
Allegheny Steel Co.
Earnings for Quarter Ended March 31 1930.
Net sales billed
Costs depreciation, Federal taxes, &c
Atlantic Securities Corp.
Earnings for 3 Months Ended March 311931.
$4,097,547
3,901,415
Gross income
Expenses
255,934
4.544
Netincome
Preferred dividends
Balance
$3,139,232 $4,113,487
itzrLast complete annual report in Financial Chronicle Apr. 19 '30, p. 2761
$51,390
45,000
$6.390
Balance
$0.04
Earns, per share on 168,250 no par shares
Chronicle Jan. 10 '31, p. 314
IC&PEast complete annual report in Financial
Atlas Powder Co.
1928.
3 Mos. End. Mar. 31- 1931.
1930.
1929.
Netsales
$3,299,122 34,253.635 $5,609,639 $4,612,873
Cost of goods sold, de5.099,485
4,270,581
3,918,017
livery & other expenses 3,192,844
Net operating profit
Other income
$106,277
64,690
$335,618
57,718
$510.154
82,318
$342,292
87,674
Grossincome
Federalincome tax
$170.968
13.676
$393,336
42,638
$592,472
69.383
$429,966
67.974
Netincome
$157,291
Surplus beginning of year 8,355,520
$350,698
8,704,229
$523.089
8,008,712
$361,991
6.254,788
Operating profit
Other income
$196,132
89,500
Net profit
Preferred dividends
$285,632
58,495
Totalsurplus
$8,512,811 $9,054,927 $8,531.802 $6,616,779
135.000
135,000
148,006
135,000
Preferred dividends_ _ _ _
261.435
261,435
261,435
Common dividends
261.435
Surplus
$227,137
Earnings per share on 610,620 shares common stock
$0.37
'Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1621
Surplus March 31- $8,103,370 $8,658,492 48,135.367 36,220,344
$1.48
Earned per sh.on com.stk
$0.87
$0.04
$0.83
1( -1.,ast complete annual report in Financial Chronicle Jan. 31 '31, p. 842
American Bank Note Co.
Autosales Corp.
Quar. End. Mar. 31.
x Operating profit
Other revenues
1931.
$133,891
68,172
1930.
$883,854
49,459
1929.
$870,268
57,688
1928.
$655,529
45,328
Total income
Depreciation
Miscell. charges, &c___ _
$202,063
78,760
18,792
$933,313
88,500
121,921
$927,957
89,082
146,960
$700,858
70,230
102,499
Net profit
Preferred dividends_ __ _
Common dividends
$104,512
73,303
326,387
$722,892
74.735
326,234
$691,913
74,721
296,715
$528,128
67,435
296,693
$321.923
$320,476
Surplus
df
.3295.177
$164.000
Shares com, stock out652,469
593,430
593,386
652,773
standing (par $10)_ _ _
$0.99
$1.04
$0.05
$0.77
Earnings per share
x After expenses and Federal taxes.
'Last complete annual report in Financial ChronicleFeb. 21 '31, p. 1415
OF
American Ice Co.
1931.
1930.
Quarters Ended March 31$48,086
$69,300
Net profit after int., deprec. Fed.taxes, &c
$0.32
$0.46
Earnings per share on 150,000 shares $6 pref. stock
"Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2199
American-La France & Foamite Corp.
Quarters End, Mar, 31- 1931.
$104.956
Operating loss
43,730
Interest paid
Cr16.125
Interest received
1930.
333,935
46,675
Cr14,288
1929.
1928.
$25,785prof$181.420
55,000
59,862
Cr33,523
Cr29,663
$66,323
reS17,262xpf $151,221
Net loss
$132,561
x Does not include net loss of $93,594 for 1929 and net loss of $129,471
in 1928, shown by commercial truck operations and charged to special
reserve.
iZ"Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1621
American Zinc, Lead & Smelting Co.
(And Subsidiaries)
1931.
1930.
Quarters Ended March 31Net profit after deprec. & deplet., but before
$103,564
$128,639
Federal taxes
rarEast complete annual report in Financial Chronicle April 4 '31, p. 2587
1931.
$575,565
213,464
124,530
15,203
30,074
1930.
$617.712
238,352
111,902
11,233
29.382
Net profit _3192,294 $226,843
Earns. per sh. on- - - a----- oir;:itocir
$0.67
$0.76
-- -(nc;irii):
i36:75 shs. cx Amortization, $8,923 both quarters.
Financial Chronicle Mar. 14 '31, p. 1994
1:2g
"Last complete annual report in
Atlantic Gulf & West Indies Steamship Lines.
(And Subsidiary Steamship Companies)
-Month of February- -2 Mos. End. Feb. 281931.
1930.
1930.
1931.
Operating revenues
$2,479,814 $3,057,513 $4,777,569 $5,779,369
Net rev,from oper.(id683,071
463,437
depreciation)
379,499
1,032.515
Gross income
Int., rents and taxes- --
$478,087
191,803
$769,595
217,829
$668.533 41,204,765
391,848
424,891
Net income
$551,765
$276,684
$286,283
$779,873
IlarLast complete annual report in Financial Chronicle Mar. 17 '30, p. 3545
1
1931.
$238,380
252,837f
1,429
1930.
$357,504
355,323
22,083
4,403
Net loss
515,886
$24,305
10"Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2392
Barcelona Traction, Light & Power Co., Ltd.
-Month of March- -Jan. 1 to Mar. 311931.
1931.
1930.
1930.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
Gross earns,from oper__ 9,266,449
9.167.725 29,492,950 28,776,272
3.224,945
9.885,190
Operating expenses
3,058.630
8,390,998
Net earnings
6,041,504
6,109,095 19,607,760 19.385,274
Last complete annual report in Financial Chronicle July 5 '30, p. los
Bayuk Cigars, Inc.
3 Mos. End, Mar. 31- 1931.
Net after Fed. taxes, &T. $127,370
Cr19,753
Other income
88,871
Reserves
1930.
$201,041
Cr26,941
84,658
1929.
$196,767
Cr10,238
71.828
1928.
$263,032
Cr8,781
72,654
$58,252
67,141
69,539
$143,323
71,235
71,213
$135,178
76,839
49,424
$199,159
101,790
Net income
Preferred dividends_ _ _ _
Common dividends
def$78,427
Surplus
$874
$8,914
$97,369
Shares corn, stock out98,851
standing (no par) - 94,951
78.106
98,848
Nil
Earnings per share
$0.75
$1.25
$0.59
tO
-Last complete annual report in Financial Chronicle Feb. 14 '31, p. 1227
Bethlehem Steel Corp.
3 Mos. End. Mar. 31- 1931.
1930.
1929.
1928.
Total income of corp.
its subsidiaries
$7,551,977 815,846,506 415.245,471 $9,574,948
Interest charges
2.838,145
1,842,454
2,162,049
2,780,575
Prov. for depl deprec.,
and obsolescence
3,767,581
3,352,085
3,606,971
3,419,306
Net income for period_ $1,941,942 $10,077,486 $9,045,590 $3,384,718
Preferred dividends_ _ _ _ 1,750,000
1.697.500
1,750,000
1,750,000
Common dividends
3,200,000
2,400,000
4,800.000
Anchor Cap Corp.
(And Subsidiaries)
Quarter Ended March 31
Gross manufacturing profit
Expenses _ _
-xDepreciation &m
__- aortizationn
-Other deductions
Federal tax..................................
Quarter Ended March 31Gross income
Costs & expenses
Non-recurring charges
Deductions from income
Surp.for the periodydef$3,008,058 53,527,486 $4,895,590 $1,687,218
Shares corn,stock outst'g
(no par)
3,200,000 3,200.000 x1,800.000 x1,800.000
80.94
Earns. per sh.on corn_
$4.05
$0.06 •
32.60
x Par $100. y Deficiency provided from undivided surplus.
n 'Last complete annual report in Financial Chronicle April 4 '31, p. 2570
Blackstone Valley Gas & Electric Co.
Gross earnings
Operation
Maintenance
Taxes
-Month of March- -12 Mos.End. Mar.311930.
1931.
1930.
1931.
$555,517 $6,340,040 56,618.662
$544,317
3.139,566
2,976,473
266,238
247,246
238,954
284,472
22,680
21,467
439.741
430,096
39,107
37,855
Net oper. revenue_ --Deductions *
Balance
Interest and amortization
$237,747
$227,491 $2,684,871 $2,764,527
105.500
105,500
42,579.371 42,659,027
526,306
561,435
52.053.065 52.097,592
Balance
* Interest charges on bonds and dividends on outstanding preferred stock
of the Pawtucket Gas Co. of New Jersey.
ll0 Ectst complete annual report in Financial Chronicle Mar. 14 '31, p. 1988
.-
3320
[vol.. 132.
FINANCIAL CHRONICLE
Bickfords, Inc.
Checker Cab Manufacturing Corp.
Quarters Ended March 311929.
1930.
x1931.
$125,463
$183,038
Net profit after all charges & taxes- $211,238
Shs, corn. stk. outstand'g (no par)-248,744
248,744
287,413
$0.37
$0.60
Earnings per share
$0.62
Includes operations of Foster Lunch System, Ltd., acquired as of
Jan. 1 1931.
WLast complete annual report in Financial Chronicle April 11 '31, p. 2772
(And Subsidiaries)
1930.
1931.
Quarter Ended March 31$395,054
Net profit after all charges and taxes
5655
375,000
433,447
Shares common stock outstanding (no par)
31.05
30.01
Earnings per share
last complete annual report in Financial ChronicleApril 11 '31, p.2774
Chester Water Service Co.
Bon Ami Co.
Quarter End. March 31-1931.
Gross profit on sales_ _ __ $639,009
Operating profit
348,875
Depreciation
15,750
Fed.& Canadian taxes
37,819
Minority interest
35
1929.
$643,722
399,444
19,660
44,849
21
1930.
$657,630
379,282
20,115
37,984
23
1928.
$613,730
359,939
18,820
44,934
54
$296,131
8334,914
Net profit
8321.160
$295,271
Earns. per sh.on 100,000
$1.35
$1.55
$1.48
shs. cl. A stock
$1.35
Earns. per sh.00 200,000
$0.80
$0.90
$0.86
$0.80
shs.cl. B stk
rirlast complete annual report in Financial Chronicle Feb. 28 '31, p. 1623
Broad Street Investing Co., Inc.
Earnings for 3 Mos. End. Afar. 31 1931.
Cash dividends on stocks
Interest on bonds
Interetc on deposits
$20,234
4,819
678
Total income
Interest credited to contingent tax reserve
Custodian fees
Registrar & transfer agent services
State franchise taxes
Legal & auditing
Directors'fees
Miscellaneous
$25,731
2.016
661
383
895
1,885
460
317
Operating income
Net loss on securities sold
$19,114
177,187
$158,073
Net loss for period
Note.
-Aggregate depreciation in market value of securities as compared
with cost: As at Dec. 31 1930, $401.849; March 311931. $121.995; a decrease in this item during period of $279,854.
"Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2393
Bucyrus Monighan Co.
1931.
$50,568
$0.74
$0.51
Quarter Ended March 31Net profit after all charges & Federal taxes
(no par)
Earns.per sh.on 40.000 shs.com.class A stk.
Earns.per sh.00 40,000 shs. class B stk.(no par).-
1930.
$34,696
$0.54
$0.31
California Oregon Power Co.
1931.
1930.
$3,923,417 $3,444.740
2,255,866
2,067,539
6,190
15,230
12 Months Ended Jan. 31Gross earnings
Net earnings
Other income
$2,262,056 $2.082.769
Net earnings including other income
'Last complete annua report in Financial Chronicle May 2 '31, p. 84
California Water Service Co.
12 Months Ended Feb. 28Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
1930.
$2,184,969 $2,135.413
799,822
830,463
78.910
95,373
159,678
150,834
Net earnings from operations
Other income
$1,146,559 $1,058,748
18,942
13,106
81,165,500 $1.071,855
Gross corporate income
361,146
421,970
Interest on funded debt
arLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2758
Calumet & Hecla Consolidated Copper Co.
1929.
1928.
1930.
Quar. End. Mar. 311931.
$2,095,037 82.887,285 85,667.906 83,333,849
Copper sales
36,635
18.594
31,872
Interest
1.387
4,982
5,660
7,525
Miscellaneous
19.072
Total receipts
$2.115.496 82,926,682 $5,710.202 $3,357,424
Disbursements
2,115,276 3,650.171
2,982.165
Copper on hand Jan. 1_ _ 6.826,690
Prod., selling, adm. and
2,867,716
taxes
1,861.112 3,014.164 3.141,006
743.872
1,065,817
512,405
Depreciation & depletion
642,879
33,312
Miscellaneous
42,451
Total expenditure__ $9,373,132 $6,542,048 $6,322,098 $7,261,753
4,216,528
1,782,839
Less cop.on hand.Mar.31 6,522.161
4,345,063
Net expenditures- $2,850,971 82,196,985 $4,539,259 $3,045,225
1,170.941
312,198
Gain for quarter
loss735,474
729,697
Nil
$0.58
$0.15
Earnings per share
$0.36
1ZPLast complete annual report in Financial ChronicleMarch 21, p. 1996
March 213 1931, p. 2203.
and
(And Subsidiaries)
1931-6 Mos.-1930.
Period End. Mar. 31- 1931-3 Mos.-1930,
82,100,590 82,392,449 83,975,751 35.164,726
sales
Net
2.987.155 3,600,552
1.725,861
Cost of sales & expenses- 1,445,644
Profit from operations
Other income
$654,945
26,506
8666.588
49,206
Gross income
Other deductions
Depreciation
.S. & Dom.of Canada
income taxes
8681,452
99,507
69,956
3715.794 31,062,895 $1.679.139
152.801
178,309
209,844
70,396
142.720
140,763
44,698
$988.597 51,564.175
74,298
114.965
70,100
129.798
$447,899
5671,766 $1,198,734
Net profit for period_ - $468,489
Shares com.stk. outstdg.
510,684
512,631
510.684
512,631
(no par)
$1.31
60.88
$0.91
$2.35
Earnings per share
20 '30, p. 4047
ItarLast complete annual report in Financial Chronicle Dec.
Canada Steamship Lines, Ltd.
1931.
1930.
Quarters Ended March 31$585,000
$726,000
Loss after all charges
Chronicle Mar. 28 '30, p. 2394
IN Last complete annual report in Financial
(A. M.) Castle & Co.
1931.
1930.
Quarter Ended March 31$134,410
$26.575
Net profit after charges and Federal taxes
Earns, per sh. on 120,000 shs. cap. stk. (par $10)-$1.12
2
$ 3
larLast complete annual report in Financial ChronicieJa r?..2 1 '31, p. 855
1931.
$572,685
140,066
22,318
16,781
1930.
$566,597
136,284
25,031
13,689
Net earnings from operations
Other income
$393,519
12,430
$391,595
3,234
$405,949 $394,829
Gross corporate income
135,572
143,375
Interest on funded debt
tg''Last complete annual report in Financial Chronicle April 11 '31, p.2759
Chicago Pneumatic Tool Co.
(And Subsidiaries)
1930.
1931. '
Quarters Ended March 31$174,215
$1,442
Net profit after depreciation, interest and taxes_ -Earnings per share on 199,469 shares common stock
$0.05
Nil
(no par)
'Last complete annual report in Financial ChronicleMar. 28 '31, p. 2395
teEP
Childs Co.
(And Subsidiaries)
1929.
1930,
1031.
Quarter Ended March 31$6.460,933 87.301,076 $7,217.241
Gross income
6.732,782
6,589,106
5.990,901
Costs and expenses
$484,459
$711,970
$470,032
Operating profit
69,243
66,867
109,752
Other income
$579,784
158,227
15,310
206.363
1,500
Total income
Interest
Federal taxes
Depreciation
Other deductions
$778,837
148,540
49,487
202,610
968
$553.702
147.406
27,229
203,072
15,979
8377,232
8160,016
8198.385
Net profit
362,046
362,334
362,379
Shs. corn, stock outstanding (no par)30.20
80.80
$0.31
Earnings per share
farLast complete annual report in Financial Chronicle Feb. 7 '31, p. 1022
Chrysler Corp.
(And Subsidiaries).
1928.
x1929.
3 Mos.End. Mar.31- x1931.
x1930.
Net sales
$39,758,601 860,607,155 $99,831,619 843,503,918
Cost ofsales
53,463.855 81,734,918 34,566,274
34,915,237
Gross profit
34.843,363 37,143.300 818,096,701
920.271
Interest and brokerage__
381.151
288.970
88,937,644
340,538
Total income
35,132,333 87,524.451 819,016.972 $9,278,182
3,810.767
Expenses
6.498,292 8,029.179
5.363,146
44,331
917.889
Interest paid & accrued..
771,792
728,769
Profit after charges..__def$959.582
20,345
Estimated Federal taxes
Net profit
def$979,927
Preferred dividends_ _ - _
1,103,681
Common dividends
$254,367 $10,069.903 $5,423,084 .
720.618
1.231,730
73,650
$180.717 88.838,173 84.702,466
431,108
2,037,810
3,308,992
3.323,673
Surplus
def$2,083,608df$3.142,956 $5,529.181 $2,233,548
Shs.corn,stock outstand2,717.080
4,411,990
4.431.575
ing (no par)
4.414.787
$1.57
Nil
' $2.00
$0.04
Earnings per share
x Includes Dodge Brothers.
Chronicle Feb. 21 '31, p. 1402
arLast complete annual report in Financial
Coca-Cola International Corp.
1929.
$452,796
Cr.36,047
1928.
$576,355
Cr.690
Quarters Ended Mar. 31- 1931.
$1,135,329
Dividends received
580
Paym'ts by stockholders
Cr.248
Interest received
1,808
Expenses
1930.
6664,773
Cr.823
3,266
14,055
744
Net income
Dividends paid
$662,330
664,773
3474,787
452,796
8576.301
576.355
$1,134,350
1,135,329
def.$54
def.$980 def.$2,443 sur.$21,991
Balance
"Last complete annual report in Financial Chronicle May 2 '31, p. 3845
Citizens Water Service Co.
12 Months Ended Feb. 28
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
Net earnings from operations
1931.
838,651
11,089
1,261
1.215
1930.
$39,291
11,738
1,183
1,065
825,085
825,304
310,929
610.866
Interest on funded debt
'Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2759
Canada Dry Ginger Ale, Inc.
43,500
12 Months Ended Feb. 28Operating revenues
Operation expense
Maintenance
Taxes.(excluding Federal income tax)
Colorado Fuel 8c Iron Co.
(And Subsidiaries).
1929.
1930.
1931.
Quarter Ended March 31$525,204 $2,202,732 81,998,473
x Total earnings
144,096
109,869
104.743
Other income
8629,948 82,347.728 52,107,542
Total income
405,493
472.477
515,026
Interest
581.094
471,670
652.534
Deprec. and exhaustion of minerals
8939,982
def$247,215 $1,294,157
Profit before Federal tax
Earnings per share on 340,565 shs.
Nil
82.34
$3.27
corn, stock (par $100)
x After operating expenses, selling & administration. & general expenses.
Financial Chronicle May 18 '31, p. 2396
OCR-Last complete annual report in
Columbus Ry. Power & Light Co.
12 Months Ended March 31
Gross revenues
Operating expenses
Taxes (including Federal)
Depreciation
Interest and other deductions
1931.
1930.
69,638,812 59,993,947
3,687.182
4,014.024
1,106,270
1,102.338
1,000,000
1,000,000
876,226
893,054
Net income
Dividends on preferred stocks
52,969.134 $2,984,530
817.131
816,722
Surplus available for common stock dividends and
82,152.003 $2,167,809
other requirements
rirLast complete annual report in Financial Chronicle July 19 '30, p. 474
FINANCIAL CHRONICLE
MAY 2 1931.]
The Commonwealth & Southern Corp.
Galveston-Houston Electric Railway Co.
(And Subsidiary Companies)
-Month of March- -12 Mos.End. Mar.311931.
1930.
1931.
1930.
$11,079,659 612,032,198 $138425,807 5147482,032
Gross earnings
Oper. exp., incl. taxes
6,076.841 66,975,598 72,051,257
5,406,706
and maintenance
85,672,952 $5,955,356 $71,450,209 $75,430,774
Gross income
34,842,694 35,279,553
Fixed charges (see note)
$36,607,514 $40,151,221
8,623,609 6,904,494
9,569,023 8,930,086
Net income
*Dividends on preferred stocks
Provision for retirement reserve
Balance
$18,414,881 $24,316,640
Note.-IncludIng interest, amortization of debt discount and expense,
and earnings accruing on stock of subsidiaries not owned by the Commonwealth & Southern Corp. * Includes dividends on pref. stock of the
Commonwealth & Southern Corp. from dates of issuance, and prior
thereto dividends on pref. stocks of subsidiary holding compnaies which
were eliminated by merger pursuant to plan dated Jan. 7 1930.
tNrEast complete annual report in Financial ChronicleJune 28 '30, p. 4605
Consumers Power Co.
(The Commonwealth & Southern Corp. System)
--Month of March- -12 Mos.End.Mar
.311931.
1931.
1930.
1930.
Gross earnings
$2,625,477 $2,737,985 $32,187,395 $33,339,669
Oper. exp., incl. taxes
and maintenance
1,340,528 14,182,042 16.126.285
1,212.535
Gross income
Fixed charges
$1,412,941
51,397,457 $18,005,353 $17,213.383
3,369,388
2,908,736
Net income
Dividends on preferred stock
Provision for retirement reserve
14,635.964
3.931,644
2,781,000
14.304,646
3,777,619
2,412,500
$7,923.320 $8,114,526
Balance
OrLast complete annual report in Financial Chronicle June 14'30, p. 4235
-Month of March
-12 Mos.End.Mar
.311931.
1930.
1931.
1930.
$32,904
$42,390
$475.346
$565,531
8,171
13,429
153,831
210,097
114,459
59,154
Gross earnings
Net operating revenue_ _
Deficit after charges
General Cigar Co., Inc.
.
Quar. End. Mar.311931.
1930.
1929.
1928.
Net profit after charges
& Fed. taxes (est.)__ _
$614,250
$445,226
$705,369
$393,571
Shs.com.stk.out.(no par)
472,982
489,084
407,570
407,570
Earnings per share
$1.07
$1.51
$0.75
$0.75
larLast complete annual report in Financial Chronicle Feb. 7 '31, p. 1042
General Printing Ink Corp.
(And Subsidiaries.)
Quarter Ended March 31Net sales
Costsand expenses
1931.
Operating profit
Other income
5254.720
23,987
$249,422
33,999
Total income
Other deductions
Federal taxes
3278.707
40,914
29,400
$283,421
37,842
28,122
Net profit
Shares common stock outstanding (no Par)Earnings per share
$208,393
185.489
$0.77
$217,457
185.000
$0.81
General Railway Signal Co.
General Refractories Co.
(Exclusive of European Subsidiaries).
Quarters Ended March 311931.
1930.
Net loss after deprec., invent., write-downs. &c.__
$37,592prof$175,968
Earnings per sh. on 480,000 shs. no par stock
Nil
$0.37
Corn Products Refining Co.
1930.
1929.
3 Mos.End. Mar.31- 1931.
1928.
$2,535.512 $3,334,500 $3,779,908 $3,114,976
Net earnings *
• Other income
551,055
596.750
504,972
526.872
Total income
$3.086,567 $3,931,250 54,284,881 $3.641,849
778.906
697,187
Interest & depreciation_
849.476
927,141
Net income
$2.389,379 $3,152,343 $3,435,404 $2,714,708
Pref. divs.(1i%)
437,500
437,500
437,500
437,500
Com.diva. guar.(2%)
1,897,500
1.897.500
1,265,000
1,265.000
Surplus
$54,379
$817,343 $1,732,904 $1,012,208
Earns, per sh. on 2,530,000 shs. corn. stock
(par $25)
$0.77
$1.07
$1.18
$0.90
* Net earnings from operations, after deducting charges for maintenance
and repairs and estimated amount of Federal taxes, &c.
rrEast complete annual report in Financial Chronicle Mar. 14 '31, p. 1980
Dexter Co.
1931.
$41,400
$0.41
1930.
$79,083
$0.79
Eastern Rolling Mill Co.
Earns.for Quer. End. Mar. 31Operating profit
Provision for depreciation
Provision for Federal income tax_
1931.
loss$18,781
48,267
1930.
$75,610
64.139
1929.
$368,947
59.048
42,359
Net income
def$67,048
$11.501
$267,540
Earns, per sh. on 239,200 shs. corn.
stock (no par)
Nil
$0.05
$1.12
12rLast complete annual report in Financial Chronicle Mar. 14'31, p. 1998
Employers Reinsurance Corp.
Quarters Ended March 31
Net profit after charges and Federal taxes
Earns. per sh. on 150,000 shs. cap.stk.(par $10)-
1931.
8173,051
$1.15
1930.
$206.356
$1.84
Fall River Gas Works Co.
-12 Mos,End.Mar.31-Month of March
1931.
1930.
1931.
1930.
$85.852 $1,017,991 51,031,387
$82,178
42.088
506,024
42,048
522.457
4,397
71,337
5,251
62.614
12,952
161,900
13,666
142.398
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
$21,210
Income from other sources*
$26,413
Balance
* Interest on funds for construction purposes.
$278,727
798
$303,916
$279.525
24,857
Balance
Interest charges
$303,916
26,068
S254,668
5277,847
Quars. End. Mar.31Earnings before taxes,
Interest, &c
Corp.munic. & inc. taxes
Interest on bonds
Int. on floating debt--Deprec. & depletion_ -
1931.
1930.
1929.
1928.
$451,856
57,410
10,417
31,454
83,373
$939,156
97,235
11,063
70.817
$738.365
18,042
54,120
10,130
64,330
$390,982
45,634
55,177
12,120
61,761
Balance
Dividends
$269,203
300,000
$760,041
375,000
$591.744
450.000
$216.289
168,760
3385,041
5141.744
547,539
def$30,797
Surplus
Shs. cap. stk. outset'8
300,000
225.000
225,000
300,000
(no par)
$2.63
$2.53
$0.97
$0.90
Earnings per share
W"Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2207
Georgia Power Co.
(And Subsidiary Companies)
-Month of March- -12 Mos.End.Mar.311931.
1930.
1930.
1931.
$2,074,343 51.847,367 525.616,754 522,887.505
Gross earnings
Oper. exp., incl. taxes
919,644 12,884,979 10,961,456
1.069,303
and maintenance
-Month of March- -12 Mos.End.Mar.311930.
1931.
1931.
1930
$95.040 $1,194,936 $1,36.3,039
$89,956
23,089
20,774
333,231
476,671
66.211
203.067
Galveston-Houston Electric Co.
(And Subsidiary Companies)
-Month of March- -12 Mos.End.Mar.311931.
1930.
1931.
1930.
Gross earnings
5359,167
5403,820 $4,570,633 $5,171,041
Nethoperating revenue
101,193
115,276
1,331,510
1,659,514
Surplus after charges
529,482
824,368
ta-East complete annual report in Financial Chronicle Apr. 4 '31, p. 2581
General Cable Corp.
1930.
1931.
Quar.End. Mar.311929.
1928.
Gross profit
$626,287 51,377,297 52,791,947 $1,582,119
Selling & administration 1,137.973
1.635.356
1,279.719
902,560
Operating profit
loss$511.686 loss$258,059 $1,512,228
$679,559
Miscell. charges (net)
11.112
Cr. 23,064
34,044
30,835
Interest
218,082
209,343
224,812
220,000
Federal taxes
228,400
57.879
Net income
loss$697,965 loss$487.253 $1,024,971
5370.845
Shs.cl.A stk.out.(no par)
411,600
484,860
411,600
400.000
Earnings per share
Nil
Nil
$1.85
$0.27
KarLast complete annual report in Financial Chronicle Mar. 7 '31, p. 1812
$1,005,039
Gross Income
Fixed charges
5927.723 512.731,774 $11,926.049
4.668,605
3,711,069
$8,063,168 58.214,979
3,269,514
2.380.610
1,310,125
986,416
Net income
Dividends on first preferred stock
Provision for retirement reserve
53,483.528 54.847,952
Balance
Note.
-The above figures for the 12 months include operations of gas
Properties to date of sale, May 1 1929. Operations of Columbus Electric
& Power Co. are included from May 1 1931.
rN Last complete annual report in Financial Chronicle Apr. 19 '30, p. 2769
-
Globe Grain & Milling Co.
Earnings for 3 Months Ended March 31 1931.
84.000
Sales (tons)
516.860
Net loss after all charges
$2,209,764
Surplus
arLast complete annual report in Financial Chronicle Aug. 30'30, p. 1428
Granite City Steel Co.
1931.
1930.
$1,950,186 $3,242.768
1.852,078 2,920.008
Quarters Ended Mar. 31Sales
Costa, expenses, depreciation, &c
$98,108
12,464
$322,760
28,104
Total Income
Federal taxes and special charges
$110,572
22,426
$350.864
49,143
Net profit
Dividends
$ 88,146
$301,721
292,347
Operating profit
Other income
Surplus
588.146
59,374
Earns, per sh. on 292,347 shs. corn. stk. outstandg.
(no par)
$0.30
$1.03
WLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2781
Galveston Electric Co.
Gross earnings
Net operating revenue
Surplus after charges
1930.
$2,557,797
2,308.375
1930.
1929.
1928.
Quar. End. Mar. 31.
1931.
Net earns, after deprec.,
5511,319
5187,522
$314,331
$214,730
Fed. tax,&c
Shs. corn. stk. outstg.
357,500
357,500
324,100
357,500
(no par)
$1.33
$0.47
$0.76
$0.48
Earnings per share
report in Financial Chronicle Jan. 31 '31, p. 860
la"Last complete annual
Continental-Diamond Fibre Co.
Quarters Ended March 31Net profit after all charges & Federal taxes
Earns, per sh. on 100,000 shs. cap. stk. (par $5)
3321
(M. A.) Hanna Co.
Quar.End. Mar 31.
Operating profit
Interest
Deprec. and depletion
Federal taxes
1931.
$489,136
73,500
79,009
1930.
5536.645
78,750
72,504
4,172
1929.
$731.725
152,820
192,653
4.513
1928.
5210.354
160.500
161,620
Net income
$381,219
$3381.739 def$111,766
$336,627
Earns, per sh. on 1,016,Nil
$0.13
961 shs.com.stk.(no par)
$0.13
$0.09
arLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1427
Household Finance Corp.
Quarter Ended March 31Gross income
Expenses
1929.
1930.
1931.
$2,999,566 $2.494.124 52.028,530
990,410
1,223,168
1,535,846
Operating profit
Other income
$1,463,720 $1,270,956 51,038,120
46,366
41,578
4.790
Total income
Interest
Federal taxes
Other deductions
$1,468,510 $1,317,322 $1,079,698
171,082
255,425
34,834
148,024
137.509
126,989
30.964
21,278
51,034,097
$987,453
Net profit
$917,875
Earns. per sh. on combined class A
$1.48
$1.55
and class B stocks (no par)
$1.41
ragrLast complete annual report in Financial Chronicle Jan. 31 '31, p. 862
[VOL. 132.
FINANCIAL CHRONICLE
3322
Liquid Carbonic Corp.
Haverhill Gas Light Co.
(And Subsidiaries).
97192
1930.
=torahs Ended March 31x1931.
Net sales
$3,834,808 35,459,756 34,751,800
Net profit after interest, depreciation
283,116
291.027
loss$314.172
and Federal taxes
342.406
266,683
342.406
Shares com. stock outstand. (no par)
$0.85
$1.06
Nil
Earnings per share
$177,223
x Consolidated income account for six months ended March 31 1931,
4,793 follows: Net sales, $3,834.808; operating profit, $16,073; interest charges
$29,938; depreciation, $300,306; net loss, $314.172.
$172,430
rLast complete annual report in Financial Chronicle Nov. 22'30, p. 3379
.31-Month ofMarch- -12Mos.End.Mar
1930.
1930.
1931.
1931.
$747,443
$730,774
$62.733
$60,650
471,301
436,599
40,053
37.514
23,174
28.886
1,374
2,265
75.744
79.804
6.942
6,991
Gross earnings
peration
aintenance
Taxes
Z
Net operating revenue
Interest charges
$13,878
3185.483
5,203
314.362
$180,280
Balance
Hershey Chocolate Corp.
1928.
1929.
.
Quar End. Mar 311930.
.
1931.
Sales..
$9,682,331 $11,450,059 $11,180,223 $11,032,119
x Cost of goods sold_._ 5,892.320 8,051,084 7,864,825 8.287,623
678,392
676,873
637,676
Expenses
583,305
Operating profit
$3,206,706 $2,761,299 $2,638,525 $2,066,104
155.080
65,403
113.114
Other income
39,068
$3,245,774 $2,874,413 $2,793,605 $2,131,507
192.278
219.582
267,426
210.854
296,464
308,883
286.769
364,190
Net income
$2,670,730 $2.320.218 $2,265,140 $1,642,765
567,808
156,4311
121,291
Prior pref. dividends
350,000j
643.574
Cony. pref. dividends_ y293,480
847.766
883,150
Common dividends
Total income
Cash discount, &c
Federal taxes
$707,677 $1,758,709 $1,074,957
Surplus
$1,494,100
650,000
650.000
678,213
706.520
Slis.com.stk.out.(no par)
$2.57
$1.52
$2.29
$2.95
Earnings per share
x Includes reserve for adjustment of inventory fluctuations. y Does not
incl. extra div. of $1 per sh. payable Feb. 15 1931 out of 1930 earnings.
fa'Last complete annual report in Financial Chronicle Mar. 14'31, p. 2002
Hollinger Consolidated Gold Mines, Ltd.
Quarters Ended March 31Tons of ore
Average recovery
Gold and silver production
Other income
1931.
1930.
401,431
405.451
_$6.42
$6.44
$2.613,342 $2.588,407
157,163
144,448
Total income
Operating expenditure
$2,770,505 $2.732,855
1,787,559 1,648,476
$982,946 $1.084,379
799,500
799,500
Total profit
Dividend requirements
Balance before depreciation
$183,446
$284,879
Houston Electric Co.
Gross earnings
Net operating revenue
Surplus after charges
-Month ofMarch- -12Mos.End.Mar.311931.
1930.
1930.
1931.
$274.515 32.997.483 $3,336,205
$244,396
856,095
79,704
74,328
999,378
502,405
623,313
Illinois Water Service Co.
12 Months Ended Feb. 28
Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
$667,898
262,675
43,492
50,753
1930.
$639,587
251,816
36,760
45,132
Net earningsfrom operations
Other income
$310,979
936
$305,878
782
$306,659
$311,915
Gross corporate income
150,592
130.211
Interest on funded debt
tarLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2761
Incorporated Investors.
Quarters Ended Mars 31Net earns,from diva, and interest after expenses
Undivided earnings, Jan. 1
1931.
$226,918
240,216
1930.
$246,277
147,096
Undivided earnings prior to dividend
Dividend payable April 15 (25c. per share)
$467,135
208,670
$393,373
202,344
$258.465
$191.029
Undivided earnings. March 31
Inland Steel Co.
1930.
1929.
3 Mos End. Mar 31.
.
1931.
1928.
Net prof. after expenses_ $1,785,590 $4,098.424 $44,418,464 33,442,515
676,722
724,356
649,317
Deproc. and depletion__
632,823
330,750
337,500
427,500
Interest
322.000
397.000
74,900
Federal taxes
518.250
Net income
$633,873 32,721,318 $3,007,242 $2,291,442
1,200,000 1,200,000 1,182,799
(no par) 1,200,000
Shs.com.stk.out.
$2.26
$2.50
$0.52
Earnings per share
$1.89
"Last complete annual report in Financial Chronicle Mar.28, p.2402 and
April 4 '31, p. 2595.
Interlake Iron Corp.
1931.
Quarters Ended March 311930.
$69,455
Net income after int., deprec.. Fed'l taxes, &c_ _ _ _
$764.906
$0.03
Earnings per share on 2,000,000 shares no par stock
$0.38
PrLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1429
International Silver Co.
Loew's,'Inc.1
28 Weeks EndedOperating profit
Deprec., taxes, &c
129. Mar.
Nar.13'31. ifar.14'37.75fitr.10
$9,765,410 310,893,972 37,376,267 36.230,995
1.807,135
2,885.450 2,650,388 2.124.309
Net profit before subs.
$6,879.960 38,243,584 $5,251,958 $4,423,860
divs
PrLast complete annual report in Financial Chronicle Nov. 8 '30, p. 8039
Louisville Gas & Electric Co.
12 Months Ended Jan. 31Gross earnings
Net earnings
Other income
1930.
1931.
310,625,758 310,380,995.
5,513,923 5,333,684
550,171
295,701
$5,809,624 •$5,883,855
Net earnings, including other income
KR*Last complete annual report in Financial Chronicle May 2 '31, p. 3835
Merchant Calculating Machine Co.
1930.
1931.
Quarter Ended March 31$661,574
$413,018
Sales
64,956
15,386
Net profit after expenses, interest, &c
larLast complete annual report in Financial Chronicle Nov. 14 '81, p. 2005
Missouri Gas & Electric Service Co.
1931-12 Mos.-1930.
Period End.Mar 31
. - 1931-3 Mos.-1930.
3708,883
3721,358
$165,454
Gross operating revenues $164,621
202,799
230,961
54,797
Avail, for interest, &c_..
55,589
80,982
91.037
21,648
Int. on long term debt-23,520
23,166
22,298
5,875
5,665
Other deductions
$98,651
$117,627
$27,274
Net for retire. & divs$26,404
UrLast complete annual report in Financial Chronicle Apr. 25 '31, p. 3146
Montgomery Ward 8c Co.
1930.
1931.
Quarter Ended March 31$49.466,336 $57,369,069
Gross sales
1,783,674 2,318,260
Net loss after charges, depreciation, &c
rarLast complete annual report in Financial Chronicle Jan. 31 '31, P. 840
Monsanto Chemical Works.
1930.
1931.
Quarter Ended March 31$293,170
$255,378
Net profit after charges & Federal taxes
404,254
429,000
Shares common stock outstanding (no par)
$0.72
$0.59
Earnings per share
E
II2 'Last complete annual report in Financial Chronicle Mar.1 '31, p.2007,
and Mar. 21 '31, p. 2211.
Mountain States Power Co.*
12 Months Ended Jan. 31Gross earnings
Net earnings
Other income
1930.
1931.
$3,430,132 $3,370,054
1,303,614
1,204,735
59,343
170,192
31,374.927 31.362.962
Net earnings, including other income
system.
*Figures for each period are for properties now comprising the
included in other income.
Net earnings of properties sold are
report in Financial Chronicle May 2 '31, p. 3336
ni"Last complete annual
Mullins Manufacturing Corp.
1929.
1930.
1931.
Quarter Ended March 31
3296.187
$76.782
$154,624
Gross profit
139,497
112.907
132,328
Expenses
156,690
$22,296 loss$36,125
Operating profit
26,724
6,609
7,405
Other income
$183,414
$29,701 loss$29,516
Total profit
19.158
Federal taxes
$164,256
$29,701 loss$29,516
Net profit
52,500
52.500
50,356
Preferred dividends
$82.016 sur$111,756
$20.655
Deficit
Feb. 7 '31, p. 1047
tartest complete annual report in Financial Chronicle
National Acme Co.
9
1931.
1930.Quarter Ended March 313242,376 prof$191113
Net loss after all charges
Financial Chronicle Mar. 7 '31, p. 1821
r
I:a Last complete annual report in
and Mar. 14'31, p.2007.
North American Co.
(And Subsidiaries.)
1928.
1929.
1930.
12 Mos, End. Mar. 31- x1931.
$127,395,505$148,192,225$141.515,694$122,906,742
Gross earnings
74,175.601 84,884,827
Oper.exp.,maint.& tax 67.076.562 76,314.609
(And Subsidiaries).
1929.
1930.
Quarter End.Mar.31- 1931.
1928.
Netincomefrom oper-360,318,943 371,877.617 $87,340,093 $58,021,914
Netincome after deprec.,
y8,186,106 75,378,069 4.233,047 3,001.249
$268,819
$168.148
$236.018 Other net income
int. and Fed'l tax__ _ _loss$148,847
Nil
$0.69
$1.79
$1.43
Earns. per sh.on com.stk.
$68,505,049 $77,255,686 $71,573,140 $81,023,163
Total
Last complete annual report in Financial Chronicle March 7 1931, Interest charges
I"
15,756,739 19,000,829 18.542.977 17,650,949
p. 1816 and March 14, 1931, p. 2003.
8,905,023 10.527,978 10.268,429 9,052,713
Prof. divs. ofsubs
1,745,938 2,248.378 2,090,996 1.445,005
Minority interest
Jacksonville Traction Co.
Appr.for deprec.res_ _ _ _ 13,686,023 15,767,040 14.916.420 12,665,481
-Month of March- -12Mos.End.Mar.31$28.411.326 $29,711,461 325,754,318 $20,209,015
1931.
1930.
Balance
1931.
1930.
1,820,034 1,820,024
$997,687 $1,121,999 Divs. of No. Am. p.stk. 1,820,034 1,820,034
$95,864
$84,018
Gross earnings
Div. on No.Am.com.stk 6.095,295 5,504.165 4.933,845 4.450,265
13.998
72,290
6.260
91,574
Net operating revenue....
87,048
65.995
Surplus after charges
320,495,997 $22,387,262 $19,000,439 813,938.725
Balance, surplus
a"Last complete annual report in Financial Chronicle Feb. 7 31, p. 1030
Net earnings available for common stock for the 12 months ended March
31 1931 amounted to $26,591,292. These earnings are a decrease of
Jones 8c Laughlin Steel Corp.
4.66% over those for the 12 months ended March 31 1930 and are equal
to $4.35 per share on the average number of shares of No. American corn.
(And Subsidiaries).
stock outstanding during the year ended March 31 1931, compared with
1929.
1930.
1928.
1931.
3 Mos.End. Mar.31shares outstanding during the
$1.181,392 $5,092,356 $6,907,587 $44,325,204 $5.06 per share of the average number of
Net after taxes
1,396,220 1,495,610 1,259,616 same previous period.
1,236,724
Deprec. and depletion
operating expenses and all other details of
x Excludes gross earnings,
157,798
141.127
162.131
135,650
Interest
income accounts of California subsidiaries from June 12 1930 to March 31
loss$190.982 $3,555,009 35.254,179 $2,903,457 1931 and includes in other net income the proportion applicable to that
Net income
1,027,493 1,027,493 1,027,514 1,020.806 period of actual dividends only on the common stock a Pacific Gas &
Preferred dividends....
720.400
720.400 Electric Co. received in consideration for the North American interests in
720,400
576.320
Common dividends
loss$1.794,795 31.807,116 33.506.265 $1,162,251 such subsidiaries. y Includes stock dividends of non-subsidiary companies
Surplus
taken up at value at which stock was charged to surplus of issuing comShares corn, outstanding
576,320
573,320 pany: 1931. 31.214,804: 1930. 3797,641. and proceeds from sale of stock
576,320
576,320
(par $100)
$7.37
$3.28 dividends: 1931, $69,245; $1930, $51,129.
$4.38
Nil
Earns, per sh. on corn....
12rLast complete annual report in Financial Chronicle Mar. 14 '31, p. 2019
ra "Last complete annual report in Financial Chronicle March 7'31, p. 1817
3323
FINANCIAL CHRONICLE
MAY 2 1931.]
Parmelee Transportation Co.
New York Water Service Corp.
(And Subsidiary)
12 Months Ended Feb. 28Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
1930.
$2,781,412 $2,610,222
833,339
760,422
85,462
146,251
244,468
220,185
Net earnings from operations
Other income
(And Subsidiaries.)
Quarter Ended March 31
Net loss after depreciation, interest, &c
$1,618,142 $1,483,364
70,592
50,591
Gross corporate income
$1,688.734 $1,533,955
Interest on funded debt
$733,108
$627.835
ItarLast complete annual report in Financial Chronicle April 4 '31, p. 2583
Northern States Power Co.
12 Months Ended Jan. 31Gross earnings
Net earnings
Other income
1931.
1930.
$33,305,891 $32,829,306
16,653,902 16,798,064
238,061
629,050
Net earnings, including other income
$16,891,963 $17,427,114
[(JD Last complete annual report in Financial Chronicle Apr. 25 '31, p. 3137
-
Northern Texas Electric Co.
-Month of March- -12 Mos.End.Mar
.311931.
1931.
1930.
1930.
Gross earnings
$176,241
$227,051 $2,186,348 $2,645,928
341,034
Net operating revenue
28,699
58,516
669,377
65,214
Surplus after charges/
378,191
r2D
-Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2193
Norwalk Tire & Rubber Co.
6 Months Ended March 31Gross profits
Net profits from operations
Other income
•
1931.
$94,814
29,830
4.094
1930.
$57,309
loss49,032
6,477
$33,924 loss$42,554
Total income
2,759 loss75,877
Net profit after all deductions
IZ'Last complete annual report in Financial Chronicle Nov. 29 '30, p. 3543
Ohio Edison Co.
(The Commonwealth 8c SouthernICorp. System)
-Month of March- -12 Mos.End.Mar.311931.
1930.
1930.
1931.
Gross earnings
$1.609,683 $1,586,532 $19,094,517 $19,442,540
Oper. exps., incl. taxes
7.402,663
683,337
8,204,766
and maintenance
642,923
Gross income
Fixed charges
$966,759
$903,195 $11,691,853 $11,237,774
3,423,070
4,136,251
Net income
Dividends on preferred stock
Provision for retirement reserve
8,268.782
1,914,712
1,207,890
7,101,523
1.915.793
1,090,281
1931.
1930.
$79,574 prof$173,657
The Pawtucket Gas Co.
(And Subsidiary Company)
-Month of March- -12 Mos.End.Mar.311930.
1931.
1931.
1930.
$124,047 $1,442,622 $1,480,127
$120,258
55,919
50,527
646,092
658.968
6,692
83,912
8,908
94,228
7,676
89,280
8,064
87,591
Gross earnings
Operation
Maintenance
Taxes
$52,758
$623,336
56,986
$639.339
57.103
$566.349
170.794
$582,236
185,793
$395.555
Net operating revenue
Interest charges (public)
$396,443
$53,758
Balance
Interest charges(B. V.G.& E. Co.)
Balance
Pennsylvania Coal & Coke Corp.
(And Subsidiaries).
1929.
1930.
1928.
Quarters End. Mar.31- 1931.
$936,802 $1.134,408 $1,203,589 $1,151,105
Gross earnings
Oper.exps. and taxes(not
1,024,647
1,123,884
1,314.105
887,458
incl. Federal taxes)
Operating income_
Miscellaneous income__ _
$49,343
35,068
$109,761
48,229
$79,706 def$163,000
34,239
40,090
Gross income
Charges to income
Depletion & deprec
$84,411
38,561
63,817
$157,989
39,543
66,902
$113,944 def$122,910
51,436
43,174
61,362
66,525
Net inc. before Fed.tax def$17,967
$51,545
$4,246 def$235,708
lOPEast complete annual report in Financial Chronicle April 25'31, p. 3164
Pennsylvania Power & Light Co.
(Lehigh Power Securities Corp. Subs.)
-Month of February- -12 Mos. End. Feb. 281931.
1931.
1930.
1930.
Gross earns, from oper_ $3,053,295 $2,704,279 $31,765,481 $30.375,143
Oper. exp. and taxes_ -- 1,542,865
1,276,779 15,867,208 15,068,369
Net earns. from oper_ $1,510,430 $1,427,500 $15,898,273 $15,306,774
Other income
31,622
40,400
602,284
574,792
Total income
$1,542,052 .01.467,900 $16,500,557 $15,881,566
Interest on bonds
522,411
425,070
5,371,944
5,103,372
Other int,and deductions
53,685
15,307
376,055
274,357
Balance
$965,956 $1,027,523 $10,752,558 $10,503,837
Dividends on preferred stock
3,490,788
3,431,881
Balance
$7,261,770 $7,071,956
$5,146,179 $4,095,447
Balance
Philadelphia Co.
Ohio Water Service Co.
12 Months Ended Feb. 28Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
$626,141
187,679
24,131
66,586
1930.
$604,448
161,152
28,875
60.579
Net earnings from operations
Other income
$347,745
22,629
$353,841
28,476
$382,317
Gross corporate income
$370.374
$175,018
$163,474
Interest on funded debt
KirLast complete annual report in Financial Chronicle April 4 '31, p. 2584
Oklahoma Gas & Electric Co.
12 Months Ended Jan. 31Gross earnings
Net earnings
Other income
1931.
1930.
$14,059,830 $14,252,222
6,521,676
6,685,736
156,115
404,283
Net earnings including other income
$6.677,791 $7,090,019
112EPLast complete annual report in Financial Chronicle May 2 1931, p. 3336
Oregon-Washington Water Service Co.
12 Months Ended Feb. 28Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
$524,724
185,345
18,925
63,435
1930.
$612,819
230,812
28,017
77,093
Net earnings from operations
Other income
$257,018
9,411
$276,897
2,022
Gross corporate income
$266,429
$278,919
Interest on funded debt
135,782
137,723
la Last complete annual report in Financial Chronicle April 4 1931, p.2584
f
Pacific Lighting Corp.
(And Subsidiaries)
1931.
12 Mos.End. /liar. 31
x1930.
1929.
1928.
Gross revenue
$48,323,730 $47,855,025 $32,014,948 $29,272,736
Operating expenses
20,498,522 21,074,412 13,578,075 13,024,241
5,165,277
Taxes
5,029,177
3,022,472
2,890,093
Net income
$22,659,932 $21,751,436 $15,414,401 $13.358.401
Bond interest
5,625,260
5,438,340
3,147.593
3,451,852
Depreciation
6,863.150 6,138,393
4,029,823
3,611.624
Amort.of bd. disc. & exp
353,614
354,877
336,036
331,759
Net profit
$9,817,908 $9,819,825 $7.900,950 $5,963,167
Div.on pref.stks. ofsubs 1,996,063
2,011,849
1,306,380
1,327,569
Div.on com.stk. ofsubs
1,775
3,424
Div.on pf.stk.ofP.L.Corp
824,310
654.872
599,172
599,547
Cash div. on com, stock
of Pac. Lt. Corp
4,821,472
4,225,736
3.481.033
2,075,576
Remainder to surplus_ $2,174,287 $2,923,944 $2,514,365 $1,960,475
Shs. of corn, stock outstanding (no par)____ 1,608.631
1,462,314
1,250,000
1,127,459
Earnings per snare
$4.35
$4.89
$4.79
$3.58
x Includes operations of Southern California Gas Corp. and subsidiary
companies from May 1 1929.
rgrLast complete annual report in Financial Chronicle Feb. 7 '31, p. 1025
Penick & Ford, Ltd., Inc.
(And Subsidiaries).
.
Quarters End. Mar 31- 1931.
1930.
$1,152,172 $1,404,283
Gross earnings
639,652
Expenses
x621,272
Depreciation
165,073
166,584
Interest
1929.
1928.
$1,579,977 $1,041,851
788,922
509,629
166,284
173,038
30,606
47,983
Net inc. before Fed.tax $347,447
$616,427
$594.166
$311,201
x Includes premium paid on preferred stock purchased for retirement
amounting to $39,561.
rrEast complete annual report in Financial Chronicle Mar. 7 '31, p. 1823
12 font/is Ended Jan. 31Gross earnings
Net earnings
Other income
1931.
1930.
$61,289.974 $63,622,863
30.082,508 31.208,978
1,511,396
1,663,151
Net earnings including other income
$31,593,904 $32,872,129
rff
'Last complete annual report in Financial Chronicle April 18'31, P. 2952
Phillips Petroleum Co.
3 Mos. End. Mar. 31- 1931.
1930.
1929.
1928.
Gross earnings
$14,297,248 $11,931,003 $8,516,441 $8,623,381
Exps. & Federal taxes
11,224,364
7,602,357
4,903,562
5,518,290
Deprec., deplet. retire.
and other amortiz
3,692,235
2,723,801
Net income
loss$619,351 $1,604,844 a$3,612,879 a$3,105.091
a Before depreciation and depletion.
East complete annual report in Financial Chronicle Mar. 14 '31, p. 1982
10
-
Pittsburgh-Suburban Water Service Co.
12 Months Ended Feb. 28Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
$342,g00
124,257
22,542
7,569
$324,497
115,385
17,323
7.086
Net earnings from operations
Other income
$188,131
838
$184,702
1,191
Gross corporate income
$188,969
$185,894
Interest on funded debt
87,364
85,000
OPEast complete annual report in Financial Chronicle Apr. 22 '31, p. 2765
Pittsburgh Terminal Coal Corp.
(And Subsidiaries).
1931.
Quarters Ended Mardh 311930.
Net loss after deprec., depletion, &c
$123,327
$216.653
'Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2212
Purity Bakeries Corp.
(And Subsidiaries).
16 Weeks EndedApr. 18 '31. Apr 19'30. Apr.20 29. Apr.21 '28.
.
Net profit after int., deprec. and Federal tax_
$630,995 $1,248,544 $1,372,252
$773,646
Shares corn, stock outstanding (no par)____
804,042
421,652
805,044
805.061
Earnings per share
$1.20
$0.78
$1.70
$1.55
IO'Last complete annual report in Financial Chronicle Jan. 31 '31, p. 843
Radio-Keith-Orpheum Corp.
(And Subsidiaries)
Quarters Ended Mar. 311931.
1930.
Profit from operations
$1,360,899 $2,000,403
Other income
30,499
10,353
1929.
$181,373
486.836
Total income
Federal taxes
$1,371,252 $2,030,902
215,000
165,000
$668,209
60,000
Profit
Prof. diva, of subs
$1,206,252 $1,815,902
208,280
193,034
$608,209
223,459
$384,750
$1,013,218 $1,607,622
Net profit
1,850,169
1.850.169
Shs. of class A stock (no par)
2,328,250
$0.43
$0.87
$0.20
Earns, per share
le"Last complete annual report in Financial Chronicle Mar. 14 '31, p. 2011
Reliance Manufacturing Co. of Illinois.
1931.
1930.
1929.
Quarter Ended March 31$128,819
$141,265
Net profit after charges and taxes____
$263.295
Earnings per share on 250,000 shares
$0.44
$0.38
common stock (par $10)
$0.91
larLast complete annual report in Financial Chronicle Feb. 14 '31, p. 1241
[Vox. 139.
FINANCIAL CHRONICLE
3324
Standard Brands, Inc.
Reliance Management Corp.
Earnings for 3 Months Ended March 31 1931.
Interest and cash dividends received
Management fee
$54,317
20,000
Total income
Expenses
Interest on debentures
Net loss from sale of securities
374,317
17,595
40,204
81,958
$65,440
Net loss
larLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1437
Reo Motor Car Co.
1928.
1929.
1930.
Quar. End. Mar. 31- 1931.
Sales
34,626,175 $9,134,321 312.949.389 $10,378,387
7,870,663
9,061,770 19,846,427
Cost of sales, &c
,4 967,610
}
2.309.110
12,188,444
Expenses, Sze
$198,614
$914,517
$72,551
def$341,435
Operating profit
124,200
142,321
162,057
147,327
Other income
def$194,108
226,724
Total profit
Depreciation
Federal taxes
$234.608 $1,056,838
446,027
410,044
73,297
$322,814
409,303
$537,514 loss$86,489
def$420,832 def$175,436
Net profit
Earns, per sh. on 2,000,000 shs. corn.stk.(par
$1.10
$0.26
Nil
Nil
$10)
tarLast complete annual report in Financial Chronicle Apr. 4 '31, p. 2602
Republic Steel Corp.
Earnings Three Months Ended March 31 1931.
Operating profit
Interest
Depreciation and exhaustion of minerals
$1.277.302
918,324
1.976.571
Loss for period
Trumbull Cliffs Furnace Co.pref.dividends
$1,617,593
75,000
$1,692,593
Net loss
tarLast complete annual report in Financial Chronicle Apr. 4 '31, p. 2575
Rochester & Lake Ontario Water Service Corp.
12 Months Ended Feb. 28Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
$576,511
187,795
21.471
41,583
1930.
$563,232
190,355
29,953
40,069
Net earnings from operations'
Other income
$325,662
1,012
$3302,855
1,552
$3304.407
$326,674
Gross corporate income
125,000
125,000
Interest on funded debt
Chronicle Apr. 11 '31, p. 2767
tarLast complete annual report in Financial
San Diego Consolidated Gas & Electric Co.
-Month of February- -12 Mos. End. Feb. 281931.
1930.
1930.
1931.
$703,250 $7,425,918 $7,276,921
$689,917
355,608 3,785,645 3,467.746
373,165
3,563
31.624
170
378
Gross earnings
Net earnings
Other income
Net earnings including
$355,779 $3,789,209 $3,499,371
$373,543
other income
3,052,162 2.809,345
Balance alter interest
a"Last complete annual report in Financial ChronicleApr. 26 '30, p. 2963
Scranton-Spring Brook Water Service Co.
12 Months Ended Feb. 28-Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal Income tax)
1931.
1930.
$5,218,275 $5,499,905
1,269.791
1,300,836
282.540
355,281
138,039
124,317
Net earnings from operations
Other Income
$3,527,904 $3,719,471
11,863
17,818
$3,539,767 $3,737,289
Gross corporate income
1.671,621
1.626,546
Interest on funded debt
Financial Chronicle April 11 '31, p. 2767
arLast complete annual report in
Sharp 8c Dome, Inc.
Quarters Ended March 31Gross profit
Expenses
Charges (net)
Depreciation
Federal taxes
1931.
1930.
$1,555,029 $1,585,964
1,223,918
1,164,186
28,612
45,389
31,343
26,682
37,693
33,742
$276,418
200,449
Net profit
Preferred dividends
$273,010
$273,010
$75,969
Surplus
$0.09
$0.09
Earns, per sh. on 776,627 shs. com. stk.(no par)
Mar. 14 '31, p. 2012
arLast complete annual report in Financial Chronicle
(Frank G.) Shattuck Co.
1929.
1928.
1930.
1931.
.
Quar End. Mar.31Net profit after deprec.
$623,040
$542,123
$749,029
and Federal taxes_ _ -- $556,896
350,000
350,000
1,290,000
Shs.cap.stk.out.(no par) 1,290,000
$1.78
$1.54
$0.58
$0.43
Earnings per share
r"Last complete annual report in Financial Chronicle Mar. 14 '31, p. 2012
Sierra Pacific Electric Co.
(And Subsidiary Companies)
-Month of March- -12 Mos.End.Mar.311031.
1930.
1930.
1931.
$108,710 $1,524,225 $1,422,743
$114,900
Gross earnings
599,679
616,216
49,123
40,877
Net operating revenue
535,121
551,323
Surplus after charges
1413
-Last complete annual report in Financial Chronicle Feb. 21 '31, p.
10
Southern Colorado Power Co.
12 Months Ended Jan. 31Gross earnings
Net earnings
Other income
1931.
1930.
$2,255,858 $2,273,022
1,079,063
1,041,524
30.249
10,781
$1.052.305 $1.109,312
Net earnings including other Income
report in Financial ChronicleMay 2 '31, p. 3338
CarLast complete annual
Standard Gas & Electric Co.
1930.
1931.
12 Months Ended Jan.313153,324.5963154,916,059
Gross earnings
73,518,381 74,402.611
Net earnings
2,754,121
1,609.604
Other income
75,127,985 77,156,732
Net earnings includkut other income
now comprising tihe sysNote -Figures for each period are for properties
other income.
tem. Net earnings of properties sold are included in
Financial Chronicle May 2 '31. 3320
lairLast complete annual report in
(And Subsidiaries)
Quarter Ending March 31Gross profit after costs
Expenses
a1931.
a1930.
$12,074,559 $11,294,112
7,685,142
7,630.379
Operating profit
Other income
$44,389,417 $33,663,733
280,897
338,759
Total income
Charges
Federal and foreign taxes
Minority interest
$44,670,314 $44,002,492
68,574
68,818
539.747
423,043
7,405
14,405
Net income
Preferred dividends
Common dividends
$44,054,588 $3,496,226
258,604
250.717
3,793,235
4,737,439
$2,749df$1.491,930
2,198
9,193
30,131
32,219
Surplus
Profit and loss credits
Profit and loss charges
$25.184 $1,514,956
Deficit
12,644,002 12,633,170
Shares common stock outstanding (no Par)
$0.30
$0.25
Earnings per share
a Includes operations of German and South African subsidiaries of Royal
Baking Powder Co.for three months ended Jan.31,and English subsidiaries
for two months ended Feb.28 1931, and three months ended March 31 1930.
larLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1400
Stewart Warner Corp.
(And Subsidiaries)
1930.
1931.
Quarter Ended March 31Net loss after depreciation and taxes
$3331,756 Prof$656010
Earnings per sh. on 1,298,919 shs. corn, stock
Nil
$0.50
outstanding (par 310)
fa''Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1633
Tampa Electric Co.
(And Subsidiary Companies)
.31-Month of March- -12 Mos.End.Mar
1931.
1930.
1930.
1931.
$394,227 $4,583,042 $4,578,688
Gross earnings
$3384,641
1,654,752
136,968
Net operating revenue_ 1,500,223
143,964
1,602.433
1,452,644
Surplus after charges
lairLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1414
Telautograph Corp.
Quarter Ended March 31Gross income
Expenses
1931.
$257,560
110.539
1930.
$253,061
114,876
1929.
$234,757
109,818
Operating Income
Depreciation
Miscellaneous expenses,&c
Taxes other than Federal
Federal tax (eat)
$147.020
37,436
2,125
3,012
12.533
$138,185
36,609
2,950
2.896
11.488
$124,939
34,199
1,796
2.649
10.355
$75,940
Net income
$84,243
$91,912
Shares common stock
192,000
228,760
228,409
$0.33
Outstanding(no par)
$0.37
$0.40
FrLast complete annual report in Financial Chronicle Feb. 7 '31, p. 1056
Tennessee Electric Power Co.
(And Subsidiary Companies)
-Month of March- -12 Mos. End.Mar.311930.
1931.
1930.
1931.
Gross earnings
$1,123,280 $1,260,325 314.367,740 315.113.361
Oper. exps., incl. taxes
and maintenance648,509
7,565,823
7,664.938
1 599,383
Gross income
Fixed charges
$523,896
$611,815 36.801.917 $7,448,422
2.196,298
2.188,069
$4,605,619 $5,260,352
1.430.380
1,336,817
1.184,846
1,258.994
Not income
Dividends on preferred stock
Provision for retirement reserve
31.916,244 32.738.688
Balance
a"Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2197
Thermoid Co.
(And Wholly Owned Subsidiaries)
Earnings for Quarter Ended March 31 1931.
$60,917
Net loss after depreciation, but before interest
igilMast complete annual report in Financial Chronicle Mar. 7 '31, p. 1826
Third Avenue Ry. System.
(Railway and Bus Operations)
--P Mos.End. Mar.31
-Month of March
1931.
1930.
1930.
1931.
$1,176,716 $1,254,815 310,572.180 311,338,513
213,230
1,990.843
241.712
1.811,215
Operating revenueRailway
Bus
Total oper. revenue $1,418,429 $1,468,051 $12,563,024 $13,149,728
Operating expenses
958,150
7,871.037 8.738,310
864,230
Railway
1,816,268
206,766
214.517
1.939,327
Bus
Total oper.expenses.. $1,078,747 31.164.916 39.687,305 310.677.637
Net oper. revenue
296,664 2,701,143
312,486
2,600,203
Railway
6,470
174,575 def128,111
27,194
Bus
Total net oper. rev....Taxes
Railway
Bus
Total taxes
Operating income
Railway
Bus
$3339,681
$303,134 32,875,718 32,472,092
88,474
7,762
90.147
6.453
$96,237
224.012
19,431
783,321
63,032
800,383
58,610
$96,600
$846,353
$858,993
206,517
16
1.917,821
1,799,821
111,543 def186,721
Total oper. income_ _ Non-operating income
Railway
Bus
$243,444
22,157
992
23,184
957
Total nen-oper.income
Gross income
Railway
Bus
$23,150
324.141
246,170
20,424
229,701
973
Total gross income....
Deductions (incl. full int.
on adjust. bonds)
Railway
Bus
$266.594
Total deductions
Net income of loss
Railway
Bus
$239.230
221.512
17,717
24,657
2,706
$206,533 $2,029,364 $1,613,100
205,947
7,823
217,571
6.868
3213,770
3224,439
2.017,392
2,123,768
119,366 def179,853
$230.674 $2,243,135 $1,837.539
222,546
16.398
1,991.470
161,288
2.006,747
146.125
3239.944 $2,152,759 32.152,872
7,154
def15,424
10,644
132,298
def41,922 def325,977
Total combined net
$315,333
def$8.270 def$90,376
$27,364
inc.or loss--ry.&bus
OrLast complete annual report in Financial Chronicle Oct. 26 '30, p. 267
MAY 21931.]
FINANCIAL CHRONICLE
Thompson Products, Inc.
(And Subsidiaries)
Quarters Ended March 31Manufacturing profit
Expenses
Interest
Depreciation
Federal taxes
Other deductions
Vick Financial Corp.
1931.
$330,221
198,522
Cr. 94
65,767
4,780
26,188
1930.
$574.521
265,813
8,152
73,388
24.988
Net profit
$35.058
$202,180
Shares common stock outstanding
x258,660
263,160
Earnings per share
$0.11
$0.75
x Excluding treasury stock.
WLast complete annual report in Financial Chronicle Mar. 21 '31, p. 2215
and Mar. 28 '31, p. 2604.
Trico Products Corp.
Quer.Ended Mar.31Net profit after charges
and taxes
Shares com, stock outstanding (no par)
Earnings per share
3325
1931.
1930.
1929.
1928.
8514.262
$574,674
$606.679
$452,200
374,991
$1.37
374,491
$1.53
337.500
$1.79
274.460
$1.64
Earnings for Quarter Ended March 31 1931.
Interest and dividends
Expenses & taxes
$125,720
24,881
Net income
Profit & loss surplus, Dec. 31 1930
$100,839
295,047
Gross profit & loss surplus
Dividends paid
Accrual as of Dec. 31 1930 charged off
$395.886
116,660
4,614
Profit & loss surplus, March 31 1931
$274,612
WLast complete annual report in Financial Chronicle Jan. 10 '31, p. 329
Western New York Water Co.
12 Months Ended Feb. 28Gross revenue
Operating expenses
1931.
$799,646
376,566
Gross corporate income
$423.080
$397,429
tarLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2768
Walgreen Co.
Ulen 8c Co.
Quarters Ended March 311931.
1930.
Net income after int. and Federal taxes
$170,363
$283,413
Earns, per sh. on 271.522 shs. corn.stock (no par)-.
$0.43
$0.85
lariast complete annual report in Financial Chronicle Mar 21 '31, p. 2215
Union Carbide & Carbon Corp.
(And Subsidiaries)
Earningsfor Six Months Ended March 31 1931.
Net sales
Cost of sales
Store expenses
General and administrative
$26.061,014
16.830,413
7,895,104
expenses398,614
$936,884
138,445
Net profits from operations
Other income
(And Subsidiaries)
Quarters Ended March 311931.
1930.
1929.
Earnings (after provision for income
and other taxes)
$6,743.413 $8.755,165 $9.646.500
Int. on funded debt and diva, on pref.
stock of subsidiaries
311.016
308,440
309.752
Depreciation. &c., charges (est.)
1,818,726
1.973,942
2.132.802
Net profits before other charges
Other charges
Provision for Federal income tax
Balance
$4,613.671 $6,472,783 $7,203,946
Number of shares corn, outstanding
9,000 743 8.995,208
2,752,072
Earnings per share
$6.51
$0.72
$2.62
IN Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2179
-
Total surplus
Good will, &c., written off
Dividends paid
Union Water Service Co.
(And Subsidiaries)
12 Months Ended Feb. 28Gross revenues (including other income)
Operating expenses
Maintenance
General taxes
1931.
$499,558
131,124
16,985
58,688
1930.
$480,416
112,710
16,845
57,264
Gross corporate income
$392,761
$293,598
Interest on funded debt
146,520
146,520
larLast complete annual report in Financial Chronicle April 11 '31, p.2767
United American Bosch Corp.
Earnings for Quarter Ended March 31 1931.
Net sales
Costs and expenses
Depredation
$1,888,729
1.765.431
74,862
Profit
Under applied burden
$48,436
138.283
Net loss
$89,847
tZrLast complete annual report in Financial Chronicle April 4 '31, p. 2606
United Business Publishers, Inc.
Quarter Ended March 31Net profit before interest & taxes_ __Net available for dividends
Earnings per share on 150,000 shares
common stock
1931.
$185,882
64,346
1930.
$326,016
210,382
1929.
$332.249
193,446
$0.77
$0.79
Nil
United States Distributing Corp.
(And Subsidiaries)
1930.
Quars.End. Mar.311929.
1931.
1928.
Net inc. after deprec'n,
$119.888
Mt. & Federal taxes__
$100,988
$321,696
$136,807
larLast complete annual report in Financial Chronicle Mar. 14 '31, p. 2016
United States Steel Corp.
(And Subsidiaries)
Quar,End. Mar.311929.
1930.
1931.
1928.
a Total earnings
$19,464,836 $49,615,397 861,978.985 $42,884,056
Deprec., depletion, &c
11,325,302 14.813,529 14,716,828 615,026,893
Balance
$8,139.534 $34,801,868 $47,262,157 $27,857,163
Subsidiary bond interest 1,365,488
1,406,428
1.873,604
1,950,024
U. S. Stool bond interest
14.269 3.203,106
8,989
4,575,268
Balance
Special income
$6,765,057 $33,381,171 $42,185,447 $21,331,871
c2,396,636
Net profit
Preferred dividends_ - Common dividends
$6,765,057 $35,777,807 $42,185,447 $21,331.871
6,304,919 6,304,919 6.304,919 6,304,919
15,223,378 14.981,533 12,453,411 12,453,411
Surplus
def$14,763,240 $14,491,355 $23,427,117 $2,573,547
Shs. common stock outstanding (par $100)- _ 8.699,073
8,560,876 • 7,116.235
7,116.235
Earnings per share
$3.44
$0.05
$5.04
$2.11
a After deducting all expenses Incident to operations, including those for
ordinary repairs and maintenance of plants, also taxes (including reserve
for Federal income taxes). b Includes sinking fund provision on U. S.
Steel bonds. c Represents quarterly apportionment of net interest on
Federal tax refunds.
The following is a tabulation of monthly earnings after expenses
and
Federal taxes, but before depletion, depreciation, interest charges. &c.:
1930.
1931.
1929.
1928.
January
$6,118,411 $15,404,359 $19,384,243 $12,550,979
February
6.155,548
16,107.410
19.704.866
14,230.930
March
18,103,628 22,889,876
7,190,877
16,102.147
April
16,113.583
22,983,772
14.575,872
May
16,570,790 26,226,655
17,294,232
June
14,376.931
24.650,999
17,004,714
July
13,479.870 24.917.157
16,769,106
August
13,000.496
25,298,059
19,229,731
September
11,514,933
21,794,450
18,050,377
October
10,943,449 22.664,299
20.032,043
November
7,949,384
18,839,382
17,992,107
December
4,190.958
16.422,871
17,051,306
krLast complete annual report in Financial Chronicle Mar.
21 '31, p. 2177
Vadsco Sales Corp.
(And Subsidiaries)
Quarters Ended March 311931.
1930.
Net profit after charges and Federal taxes
$45,065 4114,706
x Before Federal taxes,
tarLast complete annual report in Financial Chronicle May
2 '31 p. 3363
1930.
$793,031
395.602
$1,075,329
154,745
64,689
$855,894
5,003,395
Net profits
Balance Sept. 30 1930
$5,859,289
217,744
168,596
Balance, March 31 1931
$5.472,949
Earnings per share on 858,409 shares common stock (no par)
$0.80
Note.
-The profits for six months ended March 31 1931, as above stated,
are after provision for amortization of (1) leaseholds and improvements
thereto, $108,005; (2) short-life equipment, $66,735; and for depreciation
of buildings and equipment, &c., $431,236.
rarLast complete annual report in Financial Chronicle Dec. 6 '30, p. 3724
West Virginia Water Service Co.
1931.
$851.761
330.615
46,478
98.356
1930.
$815,699
305,499
39,511
92,579
$376,312
1,160
12 Months Ended Feb. 28-Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
tiNet earnings from operations
Other income
$378,109
2,566
$377,471
$380,676
Gross corporate income
$190,941
Interest on funded debt
$177,048
Iti'Last complete annual report in Financial Chronicle April 4 '31, p. 2586
Wheeling Steel Corp.
(And Subsidiaries)
1930.
1931.
1929.
Three Mos, End. March 31$644,242 $2,711,241 $3,023,942
Net after Federal taxes
1,083,909
837.377
884.114
Deprec.and mine exhaustion
435,488
374,108
344.585
Interest and discount
def$628,623 $1,253,224 $1,795,243
99,400
99.400
99,400
563.920
563,920
563,920
396,829
Net profit
Preferred A dividends
Preferred B dividends
Common dividends
def$1,291,943
$193.075 $1,131,923
Surplus
Nil
$1.49
Earnings per share en common
$2.86
Financial Chronicle Mar. 14, p. 2017
far
-Last complete annual report in
and April 4 1931, p. 2606.
William Wrigley, Jr., Co.
1930.
Quer. End. Mar. 31- 1931.
1929.
1928.
Net profits
$5,174,015 $4.886,241 $4,676,439 $4.857,652
1,826,723
Expenses
2,287.025
1,706,367
1.961,629
130,833
189,945
135,105
Depreciation
105,303
Federal taxes (est.)
285.258
331,085
313,068
357.650
Net profit
$2.365,961 $2,643,426 $2,521,899 $2.433,069
Shares capital stock out2,000,000
1,999,974
standing (no par)
1,800,000
1,800,000
Earnings per share
$1.18
$1.32
$1.40
$1.35
ri'Last complete annual report in Financial Chronicle Mar. 14 '31, p. 2028
Wisconsin Power & Light Co.
Period End. Mar. 31- 1931-3 Mos.-1930.
1931-12 Mos.-1930.
Gross operating revenues $2,285,401 $2,304,259 $9,142,826 $8,971,026
Avail, for interest, &c__ 1,015,831
994,409
4,208,431
4,070,958
Int. on long term debt__
1,615,492
418,112
1,400.778
370.998
Other deductions
17,574
59,947
81,484
202,752
Net for retire. & divs- $580,145
$563,464 $2.511,455 $2,467,429
Ur
-Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2197
Wisconsin Public Service Co.
1930.
1931.
$5,580,665 $5,550,496
2,382,499
2,306,474
17,753
19,345
12 Months Ended Jan. 31Gross earnings
Net earnings
Other income
$2,325,819 $2,400,252
Net earnings, including other income
tarLast complete annual report in Financial Chronicle May 2 '31, p. 3339
Yale & Towne Mfg. Co.
Quar. End. Mar.31Net earnings
Depreciation
Federal taxes
1931.
$142,264
134,317
1930.
$293,548
136,754
26,372
1929.
$781.417
117,722
89.841
1928.
$525,962
94,005
58,868
Net income
Dividends
$7,947
x243,328
$130,422
486.656
$573,854
440,00
$373,089
400,000
$133.854 def$26,911
def$235.381 def$356,234
Surplus
Shares corn, stock out486.656
440,000
486.656
400,000
standing (par $25)
$0.27
61.30
60.93
Earnings per share.-x Estimated by Editor.
$.
0 02
annual report inFinancial Chronicle Mar. 28 '31, p. 2373
riPLast complete
FINANCIAL CHRONICLE
3326
Wisconsin Valley Electric Co.
12 Months Ended Jan. 31Gross earnings
Net earnings
Other income
1930.
1931.
$2,267,468 $1,961,338
827,224
912.184
24,641
22,575
[vol.. 132.
--Grossfrom Railway- -Net from Railway- -Net after Tares
1931.
1931.
1930.
1931.
1930.
1930.
Bingham & Garfield
-5,321
-3,810
75
-8,856
March
23,673
35,294
19.040 -18,512
-815
-691
From Jan 1_
103,289
73,163
$851,865 Boston & Maine
$934.759
Net earnings, including other income
March
5,136,369 5,853,282 1,388,564 1,432,520 1,135,527 1,168,030
3340
reLast complete annual report in Financial Chronicle May 2 '31, p.
From Jan L14,931,254 17,432,804 3.866,825 4.246,196 3,140,446 3,467,166
Brooklyn E D Terminal
Yellow Truck & Coach Mfg. Co.
41,134
40,192
46,752
48,497
118,392
March
110,011
(Including Yellow Manufacturing Acceptance Corp.)
122,514
113,878
143,607
134,566
From Jan 1_ 309,279
344,389
1928.
1929.
1930.
Quar. End, Mar.311931.
$10,729,996 $12,921,999 $9,467,915 Buffalo Rochester & Pitts
Net sales
85.160,375
154,237
121,674
194,237
141,744
1,411,802
March
1,073,431 1,283,794
2,508,339
2,441,513
Net earnings
x loss 802,875
468,189
247,808
588,252
308,225
1,843,633
From Jan 1_ 3,153,582 3,930,428
2,283,514
2,237,313
See x
Admin.& selling expense
190,015
289,764
244,701
•
272,116
Depreciation
Buffalo & Susquehanna
18,548
12,677
8,758
14,777
147,382
March
125,876
$621,846
$64,939
$40,501
Net loss
51,074,991
26,531
35,862
20,896
42,162
From Jan E 384,204
430,705
84,238
123,791
146,345
See x
Yellow Ace. Corp. profit
Burlington-Rock Island
--8,969 --116,689 --16,915 --124,800
$58,852 loss$537,608
134,166
March
99,322
$105,844
loss $1,074,991
Net profit
459,544 --16,590 --237,793 --40,432 --261,936
From Jan 1_
330,963
Gross earnings per sh. on
Nil Central of Georgia
$0.39
$0.70
Nil
150,000 pref. shares__
423,028
401,837
573,301
520,498
x After administrative and selling expenses and includes net operating
March
1,782,761 2,176,522
824,889 1,001,281
profit of Yellow Mfg. Acceptance Corp.
From Jan 1_ 4,713,839 5,902,714 1,174,484 1,394,036
4 '31, p. 2507 Central RR of NJ
Last complete annual report in Financial Chronicle April
IV499.687
432.916
858,716
675,514
March
3,290,198 4,261,228
From Jan 1_10,018.781 12,808,780 2,029,915 2.692,434 1.420,565 1,946,994
-We give below the Charleston & West Carolina
Latest Gross Earnings by Weeks.
30,992
55,285
48,492
75,285
262,822
March
241,622
latest weekly returns of earnings for all roads making such
40,351
82,220
96,861
142,242
713,272
From Jan 1_ 639,258
reports:
Previous Inc.(+)or Chicago & Alton
Current
397,881
205.354
397,881
319,712
1,678.013 2,089,544
March
Year
Year
Period
Dec.(-).
742,425
341,480
684,902 1.083,386
From Jan 1_ 4,839.102 6,121,915
Covered.
Name
4,212,539 -680,857 Chicao Burl & Quincy
3,531,682
3d wk of Apr
Canadian National
9,849,837 11,341,101 3,182,698 3,764,534 2,308,640 2,809,245
March
2,781,000
3,284,000 -503,000
3d wk of Apr
Canadian Pacific
From Jan L29,066,639 34,016,864 9,480,416 11,179,704 6,794,502 8,256,584
30,500
+1,800
32.300
3d wk of Apr
Georgia & Florida
Chicago di East Illinois
-51,301
221,408
272,709
72,662
3d wk of Apr
116.796
237,744
Minneapolis & St Louis
187,947
1,436,023 1,747,011
March
106.683
640,648
277,670
249,154
-98,621
234,109
332,730
3d wk of Apr
Mobile & Ohio
From Jan 1_ 4,035,642 5,321,400
3d wk of Apr
Southern
3,355,266 -590,100 Chicago Great Western
2,765,106
402,308
486,408
444.645
528,076
1,679,437 1,849,069
March
482,343 -156,843
325,500
3d wk uf Apr
St Louis Southwestern
From Jan 1., 4,801,434 5,416,683 1,490,183 1,268.414 1,231,028 1,006,099
337,347
-41,977
295,370
3d wk of Apr
Western Maryland
Chicago dr Illinois Midland
57,828
66,163
48,988
57.824
266,728
240,910
March
We also give the following comparisons of the monthly
110,494
135,499
96,659
113,030
760,834
From Jan E 706,422
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive. Chicago Ind 8: Louisville 1,322,467 216,925 296.469 172,321 214,535
1,012,013
March
866,871
398,692
630,381
579,042
From Jan 1_ 2,929,701 3,877,861
They include all the Class 1 roads in the country.
Chicao Milw St Paul-Pac1,971,352 2,043,350 1,180,913 1,246,076
9,829,071 11,591,135
March
Gross Earnings.
Length of Road.
From Jan E27,747,873 34,053,809 5,278,000 6,202,527 2,906,744 3.813,968
Month.
Chicago dc North Western
Inc.(+) or
989,927
8,725,342 10,224,550 1.771,934 1,765,626 1,046,041
March
Dec.(-).
1929.
1930.
1929.
1930.
From Jan E25,044,350 30,593,789 4,510,193 5,286,929 2,332,854 2,954,408
Miles.
Miles.
Chicago River & Indiana
173,115
175,122
213,513
212,405
450,526,039 486,628,286 -36.102.247 242.350 242,175
535,433
March
486,758
January
504,778
497,317
648,007
-8.034,122 242,348 242,113
605,510
427,231,361 475,265,483
From Jan 1_ 1.398,423 1,600,854
February
516,620.359 -69.595,796 242,325 241,964
452.024,463
March
Chic It I & Pacific
63.195,964 242,375 242,181
450,537.217 513,733.181 April
March
8.215.001 10,141,118 1,885.356 2,648,655 1,355,633 2.109,233
462,444,002 537,575,914 -75.131.912 242,158 241,761
May
From Jan 1_23,606,829 29.296,510 5,334.493 5,734,095 3,758,275 4,102,332
-87.518.847 242,320 241,340
444,171,625 531.690.472
June
Chicago St Paul Minn di 0
456.369.950 557,552.607 -101,152,657 235,049 242.979
July
250,753
106,521
1.610,598 2,019,099
360,554
March
206,128
465,700.789 586,397.704 -120.696.915 241.546 242.444
August
765,086
From Jan 1_ 4,615,537 6,140,639
132.802
429,567 1,095,664
99,634.540 242,341 242,322
466,826.791 566.461,331 September
Clinchfield482,712,524 608.281.555 -125,569,031 242.578 241.655
October
562.427
519.701
124,003
194,048
March
143,138
208,139
398.211.453 498,882.517 -100,671,064 242.616 242.625
November
From Jan E 1,480,490 1,643,966
372,685
500,634
582.760
305,627
377.473,702 468.494.537 -91,220,835 242,677 242.494
December
1931.
1930.
Colorado & Southern
1930.
1931.
85,3 4,308 242,657 242.332
Ft Worth & Denver Cy
365,416,905 450,731,213 January
792,171
91,327.690 242.660 242,726
163.591
577,890
196,393
March
123,484
153,909
336,137,679 427,465,369 February
447,355
567,342
From Jan 1_ 1,697,858 2,416,831
336,370
440.131
Inc.(4-) or Dec.(-).
Wichita Valley
Net Earnings.
-2,229
15,414
--9,425
41,248
77,376
8,256
March
Month.
Per Cent.
20,545
Amount.
27,281
48,686
226,488
--969
140,033
From Jan 1_
1929.
1930.
Columbus & Greens
10,979
16,508
21.543
7,970
136,149
91,085
March
-19.55
-23.005.176
117,764.570
20.466
94.759,394
73,418
91,235
25,628
444,157
January
262,394
From Jan 1_
-22.40
28,128.967
125,577.866
97.448.899
February
Delaware& Hudson
38.202.064
-27.46
139.756.091
101.494,027
March
334,753
76.020
211.696
176.372
2,520,295 2,924,086
March
24.54
-34,815.878
141,939,648
107,123,770
April
394.209 1,104,685
695,380 1,473,742
From Jan E 7,839,444 9,466,883
-24.22
35,711.276
147.099,034
111,387,758
May
-39,954,902
-26.58 Delaware Lack & Western
150,199.509
110.244.607
June
590,772
660,439
5,016,896 5,588,146 1,105,867 1,032.613
March
-43,753,737
25.85
169.249.159
125,495.422
July
From Jan L14,871,808 17,116,106 3,020,196 3,392,561 1,714,384 2,010,454
-52.063,396
27.21
191,197.599
139,134.203
August
-19.75 Denver & Salt Lake
-36.255.079
183.486.079
147,231,000
September
-47.300.393
23.13
19,651 -18,953
-4.953
35,662
204.416,346
145,875
146,990
157.115.953
October
March
-27,596,760
32.35
352,693
102.847
150,859
127.125.694
310,685
837,856
99,528.934
From Jan E 484,052
November
-25.567.928
24.08
105.987.347
December
80,419.419
Detroit Terminal
1930.
1931.
17.486
32,085
17,560
-30,661
131,965
105.844
March
-22,883,171
--24.13
94,830.075
71.952.904
January
27,211
59,063
104,495
68,383
409,915
281,431
From Jan 1_
-32.904,121
--33.76
97,522,762
64.618,641
February
Detroit Toledo & Ironton
551,310
249,630
618,657
296,371
723,606 1,184,315
March
-The table
Net Earnings Monthly to Latest Dates.
621,308 1,411,660
759,129 1,613,329
From Jan 1_ 1,989,372 3,259,764
following shows the gross, net earnings and net after taxes Del & Tol Shore Line
148,747
120,236
193,746
141,429
354,851
300,185
March
for STEAM railroads reported this week to the Inter-State
580,409
367,942
699,844
444,215
From Jan E 885,720 1,222,948
Commerce Commission:
Dul MIssabe di Nor
-Grossfrom Railway- -Net from Railway- -Net after Tares
189,194 -596,011 -563.833 -673,244 -671,137
116,221
March
1931.
1930.
1930.
1931.
1930.
1931.
567,668-1,645,947-1.620.287-1,878.248-1.956,790
358,114
From Jan 1_
$
$
$
$
3
$
Dul So Shore & Atlantic
Ann Arbor
27,168
20,334
58,504
50,330
75,957
336,684
March
63,794
269,812
103,116
87,175
436,386
394,731
March
68.114
23,381
161,451
117,395
Frora Jan 1_
197,159
127,203
747,756 1,021,237
276,662
197,276
From Jan 1_ 1,065,223 1.263,799
Duluth Winnipeg & Pao
Atch Topeka & Santa Fe
15,413
24,701 -28,474
184,756 -23,333
March
102,816
12,534,767 14,761,093 2,789,390 2,262,041 1,704,673 1.243.668
March
49,653
78,877 -53.363
563,813 -35,525
From Jan E 355,740
From Jan 1_36,123,862 43,588.938 7,881,517 9,176,538 4,752.524 5,774,212
Elgin Joliet & Eastern
Gulf Col & Santa Fe
518,653
220,845
648.330
337,223
March
1,523,752 2,123,521
71,771 -56,835 -24,983
40,299
1,336,214 2,033,472
March
516,777 1,381,997
865,875 1,748,924
From Janl_ 4,317,327 6,040,968
228,867 -104.685 -57,914
187,856
From Jan E 3,965,971 5,888,440
Erie RR
Panhandle & Santa Fe
847,732
35,246 -154,633
March
7,134,143 7,855,668 1,729,719 1,246.690 1.309,527
92,713 -102,707
872,850 1,234,735
March
From Jan L20.355.335 23,720,602 4.418,972 4.071,933 3,351,356 2,873,858
142,720
234,635
392,142
313,928
From Jan 1_ 2,501,747 3,689,208
Chicago & Erie
Atlanta Birm & Coast
499,305
376,048
441,067
432,168
March
996,193 1,202,227
372,814 -21,008 -14,665 -36,955 -29,726
341.786
March
955,394 1.287,855
From Jan E 2,816,621 3,508,935 1,123,538 1,462,438
From Jan E 903,823 1,048,248 -142,296 -82,048 -190,098 -127,444
NJ&NYR11.Atlanta & West Point
10,318
32,498
36,873
5.983
41,226
115,358
32,219
28,162
March
20,753
111,671
221,645
172,390
March
25,829
50,831
64,040
12,783
349,348
125,223
12,052
From Jan 1_
83,199
46,814
324,691
641,190
From Jan E 492,246
Florida East Coast
Atlantic City
792.184
387,150
658,529
503,501
March
1,290,255 1,707,197
200,947 -78,875 -76,740 -120.475 -116.740
170,020
March
From Jan E 3,702,775 4,727,938 1,448,989 2,101,228 1,099,090 1,700,424
589,927 -226,355 -199,022 -351,155 -319,022
470,009
From Jan 1_
Ft Smith & Western
Atlantic Coast Line
17,422
12,698
1,683
5,288
116,484
March
68,034
6,755,090 7,504,235 2,522,178 2,748,929 1,822,002 2,048,533
March
65,169
13,002
50.986
23,831
372,663
From Jan 1_
227,418
6,131,937 6,481,260 4,431,012 4,753,142
From Jan E18,451,695 20,188,618
Galveston Wharf
21,678
3,896
Baltimore & Ohio
loss3,822
26.896
2,970,544
110,836
March
127,612
14,205,987 17,805,405 3,377,196 3,874,223 2,688.312
52,803
March
97,893
22,893
121.538
379,879
From Jan 1_
390,391
51,231,181 7,429,309 10,247,370 4.959,831 7,334,867
$ From Jan 1_40,808,179
Georgia & Florida
32,957
25,610
23,194
33,110
Bangor & Aroostook
158,486
374,185
427,953
511,493
March
168,630
456,050
935,349 1,024,284
23,875 -21,224
1,278
March
-5,278
381,864
893,261 1,116,968
From Jan 1_
1,340,353
375,125
From Jan E 2,519,834 2,849,394 1,108,404
Georgia Rallraod68,823
69,238
60,224
77,126
Belt Ry of Chicago
96,531
426,775
516
44
M arch
28854:6
382,985
152,561
149,351
568,459
466,456
142,449
105,104
81,991
March
114,684
327,040
From Jan 1_ 1,022,321 1,172,484
493,631
457,877
From Jan 1_ 1,363,096 1,777,103
Grand Trunk Western
Bessemer & Lake Erie
576,587
173,580
294,658
446,876
134,429
1,900,424 2,551,136
March
637,030 -156,725 -109,479 -183,675
470.240
854,112 1,167,608
717,405 1,557,819
h. March
From Jan 1_ 5,364,605 7,276,178
1,910,034 --464,812 -182,829 -550,673 -264,886
k_ From Jan 1_ 1,322,202
MAY 2 1931.]
FINANCIAL CHRONICLT:
3327
-Grossfrom Railway- -Net from Railway- -Net after Taxes-Grossfrom Railway- -Net from Railway- -Net after
1931.
1930.
1931.
Taxes
1930.
1931.
1930.
1931.
1930.
1931.
1930.
1931.
1930.
S
Great Northern System
8
i
$
$
$
2
N Y Susq & Western
March
6,360,996 7,461,180 1,416.616 1,297,633
713,841
580,354
March
391.471
369,809
FromJan L17,536,396 20,422,836 3,321,549 2,809,764
142,145
84,148
109,445
52,592
1,292,807
821,269
From Jan 1_ 1.180,601 1,126,100
426,420
265,250
327,967
170,575
Green Bay & Western
Norfolk Southern
March
121,768
150,409
12,672
46,851
March
3,672
38,851
526,248
624,505
85,382
152,139
36,297
From Jan 1_
99,364
354,391
425,939
38,010
114,804
From Jan 1_ 1,411,700 1,700,998
11,010
90,804
165,299
317,608
18,950
159,387
Norfolk & Western
Gulf Mobile & Northern
March
March
6,655,232 8.258,779 2.263,556 2,966,384 1,588,348 2.065,837
345,634
565,756
39,384
151,682
12.637
115,805
From Jan 1_19,549,988 26,167.845 6,542.236 10,003,348
From Jan 1_ 1,072,846 1,553,911
144,875
288,327
4,366,000 7,301,880
62,415
195,527
Northern Pacific
Gulf & Ship Island
March
March
5,390,244 6,625,496
167,530
751,738 1,109.702
338,686 -12,846
100,906 -42,869
98,070
434,992
68,721
From Jan 1_14,701,691 17,937,987 1,427,997 2.151,565 loss530,545
From Jan 1_ 447,657
832,209 -45,949
183,424
136,001
140,393
87,009
Northwestern Pacific
Illinois Central System
March
Illinois Central Co
308.466
406,807 --64,162 --33,722 --99.603 --70,127
From Jan 1_
March
866,136 1,146,667 --223,267 --135,580 --331,158 --244,871
8,857,476 11,632,082 1,461,639 2.665.553
808,177
From Jan L25,730,937 33,917.372 3,867,625 6,999,187 1,896,481 1,838,493 Oklahoma City-Ada-Atoka
4,631,943
March
Illinois Terminal Co
54.384
87.579
13.751
12.051
8,737
7,757
From Jan 1_
March
154,849
568,653
252,015
39.969
635,718
37,774
200,398
25,141
197,227
169,797
24,747
171,043
From Jan L 1,576,361 1,870,675
487,225
546.172
393,392
467,542 Pennsylvania System
March
40,236,529 49,272,716 7,699,219 11,232.642 4,807,310 8,346.609
Internati Great Northern
From Jan 1_115082905 143970,661 19,680.858 30,506,088 12,518,599 23,370,249
March
1,823.454 1,308,383
569,909
167,560
536,962
123,529
FromJan 1_ 4,112,936 3,829,520
Long Island
914,829
430,212
794,840
229,904
March
Kansas City Southern
2,841,915 2,958,720
743,986
626,638
600,769
483,809
From Jan L 8,166,505 8,654,907 2,023,984 1,797,217 1,637,349 1,406,071
March
1,165,322 1,470,945
385,044
482,110
295,893
368,326
From Jan 1_ 3,363,499 4,187,673 1,157,183 1,292,163
889,653
950,872 Peoria & Pekin Union
March
Texarkana & Ft Smith
89,497
150,574
1,576
38,303 -15,424
21,303
From Jan 1_
March
315,726
437,298
150,093
66,730
208,295
59,948
102,576
52,382
15,230
51,247
51,308
36,715
From Jan 1_
411,742
Pere Marquette
592,207
139,019
208,096
113,065
161,007
March
Kansas Okla & Gulf
2,468,750 3,310,506
453,054
690.830
338,871
620,900
From Jan 1_ 6,878,310 9,587,602
March
218,139
887,708 1.762,973
252,630
116,440
91,400
441,008 1,415,127
72,990
95,260
From Jan 1_ 626,359
802,508
394,042
269.263
213,710
331,336 Pitts & ShawmutMarch
Lake Sup & Ishpeming
76,236
111,829
11,285
29,745
10,198
28,412
From Jan 1_
March
223,571
44,334
328,386
33,415
61,199 -40.747 --28,842 --57,886 --41,893
79,811
30,160
75,914
From Jan I_
150,911
187,645 -110,378 --82,589 --161,798 --121,374 Pitts Shawmut & North
March
Lake Terminal
111,996
141,931
33,439
38,129
30,661
35,324
From Jan 1_
March
323,163
422,773
61,778
59,026
83,245
--1,386
1,299
114,708
--3,381
74,898
108.192
--7,811
From Jan 1_
159,228
163,596
-8,987 --13.759 --23,027 --33,034 Pitts & West VaMarch
Lehigh & Hudson River
274,336
278,975
85,541
67,461
55,790
40,790
From Jan 1_
March
767,376
160,155
906,285
183,452
181,694
43,942
35,069
280,330
23,056
121,036
32,710
200,265
From Jan 1_
491,458
Quincy Omaha & SCC552.892
127,275
115.301
88,033
81,946
Lehigh & New England
March
34,594
55,569
2,810
6,675
-7,563
1,986
From Jan 1_
March
103,190
313,680
151,068 -21,314
390,358
36,492
61,176
2,994 -35,575 -11,083
28,713
51,668
From Jan 1_ 1,038,787 1,096,298
202,121
201,341
168.383
170.505 Reading Co
Lehigh Valley
March
6,594,595 7,431,557
859,425 1,174,902
623,961
887,143
March
From Jan 1_19,221,035 22,456,070 2,451,747 3,666.226 1.767,346
4,396,612 4,828,403
687,758
672,174
400,262
411,927
2.807,302
From Jan L13,208,800 15,021,015 2,391,110 2,684,282 1,521,063
1,852,001 Rich Fred & Potomac
Los Ang & Salt Lake
March
993,497 1,169,279
385,282
365,849
321.629
306,575
From Jan L 2,681,818 3,152,899
March
1,665,615 1,933,178
284,407
415,206
925,146
964,385
146.770
759,993
247,433
798,101
From Jan 1_ 4,791,821 5,778,844
725,922 1,302,214
291,443
791,395 Rutland
March
La Ark & Texas
368,212
454,330
13,418
53.727
-7,437
33,174
From Jan E 1,074,948 1,296,504
March
61,383
87,535
4,165
27,515
2,607
115,962 -35,157
Cr245
-1,412
59,855
From Jan 1_
193,033
249,427
17.825 --18,323
5,496 -30,369 St Louis-San Francisco
March
Louisville & Nashville
4,742,314 6,275,748 1,218,695 1,731,835
925,526
From Jan 1_13,884,999 18,254,553 3,542.983 4.884.039 2,533,602 1,334.678
March
8,014,184 9,486,524 1,557,347
938,806 1,068,602
501,804
3.943,727
From Jan 1_23,410,105 30,020,300 3,661,131 4,507,414 2,201,799
St L-S Fran of T
2,935,435
Maine Central
March
92,094
141.396 14,687
19,450 -19,012
15,475
March
From Jan 1_
1,340,805 1,716,979
304,796
420,710 328,253
13,212
460,997
57,917 -25,913
242,246
368,118
45,516
From Jan 1_ 3,995,745 5,049.278
Ft Worth & Rio Grande
917,743 1,329.695
646,476 1,041,789
March
44,416
63,758 Midland Valley
29.783 -19,403 -34,259 -23,868
From Jan 1_
134,533
March
207,198 79,654 -38,909 -93,879 -52,599
171,396
247,330
48,702
100,713
37,412
85,977 St Louis Southwester
From Jan 1_
513,651
n
714,595
171,914
284,293
132,498
240,879
March
1,613,090 2,181,045
Minneapolis & St Louis
339.342
650,979
262.630
532,144
From Jan L 4,381,009 5,814,723
March
709,197 1.167.266
917.343
959,860
450,752
132,160
907,870
39,206
94,373 loss19,727 San Diego
From Jan 1_ 2.495,363 2.904,130
& Ariz
169,753
135,591
22,606 loss48,897
March
77,090
101,970
Minn St P & 8 S M
13,112
25,312
7,532
19,945
From Jan 1_
223,668
311,985
March
34,132
2,458,342 2,968,434
85,779
17,386
304,762
69,680
328.395
82,106
100,617 San Ant Uvalde &
From Jan 1_ 7.003,869 8,653,069
Gulf
690,602
760,600
38,698
94,963
March
177,999
195,459
64,174
Mississippi Central
84,527
59,591
79,907
From Jan 1_
476,798
471,723
March
172.403
152,866
91,896
140,967
158.470
19,568
138,700
43,127
13,916
33,219 Seaboard Air Line
From Jan 1_
258,550
372,050
41,562
81,193
24,526
58,823
March
4,496,992 5,117,152 1,123,209 1,242,018
Missouri Illinois
782,823
889,915
From Jan L12,606,185 14,777,791 2,755.108 3,773,624
March
110,913
1,731,684 2,743,894
162.186
25,940
55,048
19,440
45,248 Southern Pacific System
From Jan L. 319.157
448,264
61,382
119,681
41,880
95,281
Sou Pacific Co
Mo-Kan-TexasMarch
12,519.058 16,208,644 2,673,556 4,131,410 1,439,071
March
2,842,378 3,765,871
750,724 1,049,930
547,729
807,832
From Jan 1_36,285,289 45,957.952 6,814.330 10,983,925 3.199,256 2,798.571
From Jan 1_ 8,278,625 10,834,531 1,949,786 2,687,244 1,341,072 2,033,122
7.098.847
Texas & New Orleans
Missouri & North Arkansas
March
3,909,118 5,361,517
535.773 1,069,628
March
426.561
121,231
751,974
162,647
26,918
40,051
24,490
37,601
From Jan 1_11,718,191 15,697,747 1,463,901 2,904,941
From Jan E 318,362
779,145 1,980.910
435,975
12,504
79,599
5,044
72,268 Southern Pacific S SLines
Missouri Pacific
March
560,005
692.091 -81,353 -56,238 -82.574
March
8,621,537 10,503,430 2,194,210
From Jan 1_ 1,537,488 2,033,723 -318,725 -207,219 -322,388 -57.776
From Jan 1_24,536,002 30,549,743 6,518,213 2,546,541 1,757,629 2,053,641
-211,448
7,624.882 5,207,762 6,212,286
Southern Railway System
Mobile & Ohio
Ala Great Southern
March
994,878 1,354,624
192,417
333,281
115,940
247,724
March
560,673
770.615
From Jan L 2,739,398 3,682,308
71.068
212,978
27,631
156,682
387,618
682,095
211,503
432,610
From Jan L 1,573,471 2,152,140
124,974
426,301
Monongahela
-4,258
276,477
CM N 0 & T P
March
427.745
505,985
204,495
201,102
193,133
187,771
From Jan 1_ 1,251,752 1,596,596
March
1,262,599 1,728,280
180,066
481,946
110.477
380,397
579,730
667,865
536,760
619.713
From Jan I_ 3,832,702 4,983.319
563,090 1,238,007
Monongahela Connecting
340,158
966,152
March
Georgia Sou & Fla
104,135
192,817
8,079
54,824
1,024
45,335
From Jan 1_
March
297,264
380.470
54.075
290,790
81.820
34,545
535,583
53,561
6,146
120,525 -12,925
95,452
From Jan L 844.532 1,102,248
145,952
Nash Chatt & St Louis
246.073
91,423
172,844
March
New Orleans & Nor East
1.490.337 1,829,382
252,856
334,816
188,713
264,054
From Jan L. 4.104,391 5,098,050
294,431
403.445
March
35.029
108,576
-5,554
495,273
62,115
800,146
318,004
606,162
From Jan E 817,171 1,155,402
62,889
Nevada Northern
295,164 -58,890
162.793
March
North Alabama
47,475
72,501
13,759
32,391
6,125
26,537
From Jan L
March
131,927
61,215
97,268
8,667
218,821
33.194
26,743
3,138
27,660
100,383
4,460
73,752
From Jan 1., 177,526
New On Great Nor
289,024
22,806
97,377
6.216
80,293
March
187,469
Southern fly Co
276,550
62,214
87,341
51,622
72,202
From Jan 1_
538,958
March
8,948,756 10,704,797 1,701,318 2,328,586 1.020,176 1,538,051
764,119
153,450
230.453
122,326
185,314
New On Texas & klexFrom Jan 1_25,252,732 31,211,204 4,109,300 6,468,506 2,132,126 4,167,165
March
207,425
N Orleans Terminal
290,056
48,022
81,642
27,153
From Jan 1_
60,652
573,623
March
814,337
151,614
99,670
106,500
27,708
63,402
224,231
15,758
52.144
44,005
161,329
St L Brownsv & MexFrom Jan E 337,259
407,090
98,849
156,508
122,735
62,981
March
701,517 1.003,721
Spokane International
263,247
470.567
239,928
From Jan 1_ 2,044,477 2,803,463
447,452
March
718,179 1,179,107
66,031
70,189
13.882
7,484
8.821
2,400
648,016 1,113,042
Beaumont Sour Lake & W
From Jan L
182,214
220,492
22,646
22,208
6,883
7,525
March
226,388
312,565
Spokane Portland & Seattle
66,880
94.705
63,039
From Jan 1_
90,412
614,119
919,233
March
132,073
495,323
699,615
146,645
292,601
223,354
136,233
60,721
110,631
279,706
New York Central
From Jan L 1,398.991 1,854,966
376,745
530,850
118,798
269,497
March
34,578,303 40,868,152 7,896,166
Staten island rt TFrom Jan L99,332,081 123204,523 19,488,729 8.232,578 5,096.327 5,343,522
March
173,723
188,807
25.229,397 11,037,195 16,509,465
32,188
33,826
14,784
14.688
Indiana Harbor Belt
From Jan 1_
505,525
563,911
117,192
97,943
97,943
63,150
March
872.279
953,909
172,237
Tennessee Central
243,021
119,382
From Jan 1_ 2,425,347 2.788,301
193,809
March
554.865
19.264
233,074
254,713
36.028
713,114
30.563
13.695
418,439
582,320
Pittsburgh & Lake Erie
From Jan 1_ 685,038
75,841
55,846
93.051
72,076
738.074
March
1,715,643 2,421,314
314,218
Term fly Assn of St L515,752
195,718
From Jan 1_ 4,854,836 6,884,270
353,351
M arch
759.950 1,162.335
162,621
211.395
120,147
67.194
739.368
937,847
405,640
700,632
New York Chic & St LFrom Jan 1_ 2,097,831 2,679,885
567.141
138,642
424,921
348,802
M arch
3.616,709 4,124,536 1,112,539
Texas Mexican
956,125
896,967
From Jan 1_ 9,761,847 12,145,882 2,327,491 2,818,002
834,383
March
17,829
18,582
12,829
97.311
106,265
13,582
1.659,438 2,258,725
New York Connecting
From Jan 1_
-1,273
23,082 -16,319
266,260
8.061
247,966
March
206,257
232,815
Texas & Pacific
143,730
161,742
108,580
From Jan 1_
123,742
581,438
672,778
411,224
866,280 1,126,014
March
720,063
2.693,415 3,388,222
492.362
940.595
300,174
378.362
NYNH& Hartford
From Jan 1_ 7,531,308 9,640,910 2,171,213 2,647,556 1.793,835 2,091,115
March
8,734.686 10,128,358 2.802.835 3,100,494
2,250,519 2.376.314 Toledo Terminal
From Jan L25,255,976 29,810,120
March
30.257
107,558
26,468
108,929
7.87
16,069
8.036 9,352.382 6,221,514
10,968
7,288,047
N Y Ontario & Western
From Jan L 288,673
154,520
321,877
90,638
41,999
44.138
March
872,538
Ulster & Delaware-779.355
233,265
56,451
190,607
From Jan 1_ 2,499,243 2,465,921
13,950
March
4,800
62,586
578,791
69,308
-2,096
261,675
500
-7,296
451,137
134,048
From Jan 1_
176,224
170.677
-9,458 -22,478 -21,258
33,278
(Vor... 132.
FINANCIAL CHRONICLE
3328
--Grossfrom Railway -Net from
1931.
1930.
1931.
$
$
Union Pacific Go
7,509,115 7,703,009 2,055,248
March
From Jan L21,084,671 22,370,834 5,772,612
Oregon Short Line
778,728
2,469,881 2,650,763
March
From Jan 1- 6,981,605 7,898,821 2,041,717
Ore-Wash Ry & Nay Co
194,981
1,638,747 1,977,157
March
386,157
From Jan 1_ 4,691,409 5,779,323
St Jos & Gd Island
97.205
288,832
March
285,943
276.853
863,355
From Jan 1_ 796,100
Union RR (Penna)871,733 -46,706
441,673
March
From Jan 1_ 1,262,926 1,928,908 --220,473
Utah
28,128
108,340
99,404
March
140,117
529,299
From Jan 1_ 407,262
Virginian
522,763
1,306,772 1,347,688
March
From Jan 1_ 3,977,153 4,759,974 1.741,101
Wabash
797,943
4,436,042 5,850,722
March
From Jan 1_12,412,558 16,128,462 2,259,471
Western Maryland
446,139
1.385,212 1,550,116
March
From Jan 1_ 3,935,940 4,593,679 1,384.885
Western Pacific
1,020,421 1,188,563 -12,889
March
From Jan 1_ 2,782,041 3,287,671 -22.563
Western Ry of Ala
34,779
254,960
183,020
March
51.583
716,236
From Jan 1- 525,204
Wheeling dc Lake Erie
231,098
1,051,434 1,424,395
March
548,544
From Jan 1_ 2,865,537 4,046,486
Wichita Falls & Southern
2,955
85,197
47,629
March
12,793
52,186
12,793
From Jan 1-
Canadian National Rys.
Railway- -Net after Taxes
1931.
1930.
1930.
$
$
$
1,925,059 1,414,171 1,233,075
5,924,576 3,849,296 3,805,954
483,503
490,277
767,907
2,427.197 1,176,086 1,539,186
11,592
282,855
814,459 -163,987
73,797
238,518
78,433
221,332
65,975
240.049
56,508
87,683
240,074 --249,873
50,383
129,574
84,210
300,885
Month of March- -3 Mos. End. March
1930.
1931.
1930.
1931.
515,030.052 518,724.187 542,200,990 553.181,733
14,249.112 16,267.436 42,102.528 48.532.514
596.461 $4,647.217
8780,939 $2,456,749
Gross revenues
Operating expenses
Net revenue
Canadian Pacific Ry. Co.
Month of March- -3 Mos. End. Mar. 311930.
1931.
1930.
1931.
$12,002,263 $14.515,798 533.974,326 $39,894,196
10,482,087 12,376,080
31.520,176 $2,139,718 $2.897,875 $3.841.183
Net profits
Mar. 28 '31, p. 2413
ta"Last complete annual report in Financial Chronicle
Gross earnings
Working expenses
Denver & Rio Grande Western RR. Mar.
to
31-Jan. 1
-Month of March
1930.
1931.
1930.
1931.
2,561
2,562
2,561
2,549
Average mileage oper_-$2,229,148 55.765,860 57.064,467
5,272,343
403,151 Total oper.revenues_ _ _ _ $1,918,494
377,738
548,152
_ 1,414,619 1,588,967 4,329,200
1,276,048 1,791,691 Total oper. expenses......
2,298,692
$640,180 51.436.659 $1,792,123
$503,875
Net revenue
550,000
495,000
175,000
165,000
575,974 1,084,556 Railway tax accruals_ _ 1,265,434
884
248
639
165
3,410,184 1,731,275 2,724,202 Uncoil, railway revenues
5,710
26,511
3.897
597
Hire ofequip.(net dr.) 77,245
73,015
26,129
25,123
447,300 Joint facil. rents(net dr.)
371.139
537,300
1,586,791 1,159,865 1,308,791
$494,568 51,040,937 51.324,195
Net ry. oper. income.. $364,430
31,471
16,942
15,840
5,184
-21,577 --107,185 -123,832 Other income
-59,888 -308,250 -385,960
6510,409 51.057.880 51.355,666
Available for interest.. $369,614
1,345,874
447,322 1,347.081
447.724
debt
47,527 Interest on funded
20,540
60,808
Cr.$9,792
$289,201
103,299
15,330
Cr.$63,087
148,105
$78,109
Net income (dr.)
'31, p. 2572
la"Last complete annual report in Financial Chronicle Apr. 4
253,802
125,597
381,855
877,000
245,728
1.048,985
& Florida RR. Mos.End. Mar.31Georgia
-Month of March- -3 1931.
1930.
21.932
1930.
-1,527
27,116
1931.
$23,875
$1,277
36,310 Net from operations..__..
$32,957
-1,021
52,186
$33,109
29,134
22,500
9.762
7,500
Railway tax accruals.15
1
-In the fol- Uncollectible ry. rev_ -Other Monthly Steam Railroad Reports.
-$5.275
$23,194 -$21,224
returns of STEAM railroad Railway open income.. $25,609
lowing we show the monthly
Cr.4.844
2,388
2,412
4,082
Equip.rents (net deb.bal.)
8,029
7,663
2,646
companies received this week as issued by the companies Jt.facil. rents (net deb.bal.) 2,558
embrace more facts than are rethemselves, where they
-58.460
-531,276
$18,135
Net ry. over, income..
4,600
4,803
quired in the reports to the Inter-State Commerce Com- Non-operating income.... 518,968
1.288
1.454
17,836
186,376
19,536
165,647
11,060
149,709
mission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
Atchison Topeka & Santa Fe Ry. System.
,
Includes the Atchison, Topeka & Santa Fe Ry..-Gulf Colorado & Santa
By,and Panhandle & Santa Fe Ry.)
-3 Mos. End. Mar.31-Month of March1930. IN
1931.
1930.
1931.
Railway oper. revenues_514,743,831 $18,029,300 $42,591,580 $53,166,586
Railway oper. expenses_ 11.821.429 15.798,194 34,208,279 43,369,038
1,166,497 3,585,254 3,893,379
Railway tax accruals...... 1,236,946
725,690
1,069,311
429,791
216,439
Other debits
$634,817 $4,072,356 $4,884,856
$1,469,015
Net ry.oper.income
13,340
13,134
13,134
13,343
Average miles operated..
Financial Chronicle Apr. 25'31, p. 3135
rarLast complete annual report in
Boston & Maine RR.
Operating revenues
Operating expenses
-Month of March- -3 Mos.End. Mar.311931.
1930.
1930.
1931.
$5,136,369 $5,853,283 514,931.254 $17,432,804
3,747,805 4,420.763 11,064,429 13,186,608
$1,388,564 $1,432,520 53,866,825 $44,246,196
Net oper. revenue
775,902
718,914
263.113
252,175
Taxes
1,464
3,127
1,377
862
Uncollectible 17. rev
606,610
619,436
169,920
198,133
Equipment rents-Dr _
63,488
79,477
20,671
-Dr_
rents
23,979
Joint facility
$977.438 $2.447,533 $2,797,068
Net ry. oper. income_ $913,415
12,075
3,474
2,803
1.916
Net misc. oper. income..
309,078
310.271
92,645
92,348
Other income
$1,007,679 $1,072,886 $2,761,278 $3,118,221
Gross income
Deductions (rentals, in636,410 2,036,677 1,935.669
659,789
terest, &c.)
5724.601 51,178,552
$436,476
$347.890
Net income
127 Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2379
Chicago Rock Island & Pacific Ry.
(Rock Island Lines)
Freight revenue
Passenger revenue
Mail revenue
Express revenue
Other revenue
Total railway operating revenue
Railway operating expenses
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenue
Total railway operating income
Equipment rents-debit balance
Joint facility rents-debits balance
Net railway operating income
Non-operating income
-Month of March
1931.
1930.
Actual
Actual
56,845,603 $8,298,519
981.752 1,352,692
251,026
290,335
213.754
264,277
394,205
505,407
$8,686,340 510,711,230
6,634,636 7.873.157
520.423
1,138
319.424
1,128
-526.473
3,418
-$3,859
3,385
Surp. appl. to it.._..-
Ann Arbor.
3 Mos. End. Mar. 31-Month of March1930.
1931.
1930.
1931.
$436,386 $1,055,223 $1,263,799
$394.730
Operating revenues
1,
867,947 _...,287,137
333.270
307,556
Expenses
50,337SL...1106,235
46,620
41.464
Net operating income
116,389
56,698
50,224
44,188
Gross income
-55,304 IN 10,301
16,671
6,840
Net corporate income__ annual report in Financial Chronicle Mar. 29 '30, p. 2200
r'Last complete
Gross income
Deductions from income
$19,284
$18,295
-$29,892
-$7.245
Gulf Coast Lines.
-3 Mos.End. Mar.31Month of March
1930.
1931.
1930.
1931.
$1,148,713 51,630,151 $3,272,534 $4,597,039
Operating revenues
480,850 1390,075
463,183
208,300
Railway over, income
Norfolk & Western RY•
-3 Mos.End. Mar.31-Month of March
1930.
1931.
1930.
1931.
2,240
2,235
2,240
mileage oper__ Average
Operating Revenues
6.171,245 7,578,721 18,136,529 24,164,624
Freight
1.616,227
1,150,680
543,615
397,743
Pass., mail and express..
122,336
85,335
59,610
28,258
Othertransportation_ _ 264.656
177,442
76,831
57,984
Incidental & joint facil
8,258,779 19,549,987 26,167,845
Railway oper. revs.._- 6,655,231
Operating Expenses
2,392,135 3,307.393
1.093,377
827,107
Manx. of way & struc__
5,238,210
1.758,604 4,075,556
Maintenance of equip.- 1.376,199
371.643
363,649
118,735
122.512
Traffic
5,372.528 6,417,390
Transporta'n-Rail line_ 1.804,725 2,065,936
105,655
72,376
22,260
20,608
operations
Miscell.
757,995
764,182
250,139
251.984
General
33,793
32,676
16,659
11,462
Transp. for invest.-Cr_
Railway oper. exps_ _ -
4,391,675
5,292,394 13,007,751 16,164.496
6,542.236 10,003,348
2,175,000 2,700,000
1,468
1.236
Net ry. over, revenues.... 2.263,556
675,000
Railway tax accruals......
208
Uncollectible ry. revs -
2,966,384
900,000
547
Railway over.income.. 1,588,347
105.009
Equip. rents (net)
2,647
Jt. facil. rents (net)......_
Net ry. oper. income_ 1,696,003
266,336
Other inc. items (bal.)--
2,065,837
150,563
Dr.15,665
4,365,999
392,122
4,190
7.301,879
657,492
Dr.10,483
2,200,735
316.214
4,762,311
526,274
7,948,889
606,716
1.962,340
403,554
2,516,950
416,213
5,288,585
1,214,312
8,555.605
1,251,641
Gross income
Int. on funded debt..
1,558,786 2,100,736 4,074,273 7,303,964
Not income
Prop, of over. exp. to
66.54%
61.77%
64.08%
65.99%
operating revenuesPropor. of transp. exps.
24.52%
27.48%
25.02%
27.12%
to over, revenues
'31, p. 2417
EirLast complete annual report in Financial Chronicle Mar. 28
Pennsylvania RR. Regional System.
-Month of March- -Jan. 1 to Mar. 311931.
1930.
1931.
Revenues$28.737,941 $34,577,665 $80,888,900 599.900.'476
Freight
7,619,526 9,951,798 23,359,564 30,428,476
Passenger
1,159,482 3.171,955 3,339,714
1,096,740
Mail
1,969,763 3,295,956
1,379,471
875,778
Express
2.164,265 2,806,940
961.703
758,107
All other transportation_
1,456,032 3,572,535 4,240,189
1,164,597
Incidental
224,672
184,659
71.997
59,426
Joint facility-Cr
19,516
16.671
6,201
5,453
Joint facility-Dr
Railway over, revs-540,306,662 $49,351,9475115,294,970$144,216,707
ExpensesMaint. of way & struc-- $5,129,197 55,975,131 $15,025,445 517,612,302
Maint. of equipment...... 8,727.637 10,226,366 25.087.888 30.276,196
928,319 2,407,276 2.880.552
Traffic763,030
51,500,964 52,283.885 Transportation
15.787,160 18,670,417 46,620,112 55.895,538
1,983,978
1,730,590
385,324 Miscell. operations
308,957
657,353
590,752
98.688
52.965 General
1.694,827 4.822.627 5,248,632
1,627,875
62.442
49,335
22,709
7,674
Trans. for inv.-Cr_ _ _ _
81,093,319 51,845,596
104.373
66,225
Railway over. exps__532,617.977 538.129.804 595.644,6038113,734,756
81,197,656 51.911.821 Net rev. from ry. oper - $7 688 685 $11,222,143 $19,650.367 $30.481,951
Gross income
12,941
12,964 Railway tax accruals_
'
2898,000 2,892.466 7,156,300 7,142.490
Rent for leased roads
19,255
33,622
3,275
1,169,262 1,020,181 Uncollectible ry. revs__
4,266
Interest
11,723
12,479
Other deductions
Railway oper. income $4 786,419 $8,326,402 $12,460.445 $23,320,206
912,442 2,770,148 2,945,460
$1,193.926 51,045.624 Equip. rents (deb. bal.) '
895,202
Total deductions
988,282
440,613
122,227
3,730
866,197 Jt, facil. rents (deb.bal.)
94,013
Balance of income
-241.356 -572.441
Balance of income to Feb. 28
Net ry.oper. income- $3,797,204 $7,291,733 $9.249,684 $19,886,464
293.756
-237,626
Balance of income to March 31
Or'Last complete annual report in Financial Chronicle Apr. 4 '31, p..2568
la'Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2376
$2,051.704 $2,838,073
550,000
550,000
740
4,188
MAY 2 19311
PlisTANJIAL CHRONICLE
FINANCIAL REPORTS
Interoceanic Railway of Mexico.
-Month of February- -2 Mos. End. Feb. 281931.
1930.
1931.
1930.
Pesos.
Pesos.
Pesos.
Pesos.
1,033,546
1,101,366
2,129,592 2,306,553
985,985
1,058,125
1,999,734 2,101,823
Gross earnings
Operating expenses
Net earnings
Percentage exps. to earns.
Kilometers
47,561
95.40%
1.644
43,241
96.07%
1,644
129,858
93.90%
National Railways of Mexico.
3329
Standard Gas 4 Eleeirle Ce:
(Annual Report
-Year Ended Dec. 31 1930.)
The remarks of President John J. O'Brien, together with
204.729
91.12% income accounts, balance sheets and other
statistical tables,
will be found under "Reports and Documents" on subsequ
ent
pages.
-Month of February- -2 Mos. End. Feb. 28INCOME ACCOUNT YEARS ENDED DEC. 31 (COMPANY
1931.
1930.
1931.
1930.
ONLY).
Pesos.
Pesos.
Income CreditsPesos.
Pesos.
1930.
1929.
1928.
Gross earnings
1927.
7,424,345 9,068,479 15,367,011 18,287,664 Int. on bonds owned...,
$28.403
$20.631
$171,663
Operating expenses
$517,497
6,550,985 7,522.464 13,657,854 15,167,549 Int. on notes & accts. rec. 1.146,736
900,416
813,925
1.058,251
Divs, on pref. and com.
Net earnings
873,360
stocks owned-Public
1,546,015
1,709.156 3,120,115
Percent. exps. to earns
88.24°7
utility cos., Byllesby
82.95%
88.88%
82.94%
Kilometers
11.516
Eng.& Mgt. Corp.,&c. 17,068,864 11,705.883 11.286.166 10,084,46
11,458
1
Net prof. on secur. sold1,537,716
105,695
1,020,008
1.463,922
(The) Philippine Railway Co.
-Month of February- -12 Mos.End. Feb.281931.
1930.
1931.
1930.
Gross operating revenue
$60,866
$72,289
$654,629
$777,683
Oper, exps. and taxes__
34,720
44,438
494,617
548,753
Net revenue
$26,145
$27,851
$160,011
$228,929
Int. on funded debt_ --28,496
28,496
341,960
341,960
Net income deficit_
$2,351
$644
$181,948
$113,030
Inc. approp. for invest.
in physical property_ 76.293
28,214
Balance, deficit
$2,351
$644
$258,241
$141,244
rarLast complete annual report in Financial Chronicle Apr. 26
'31, p. 2950
Pittsburgh & West Virginia Ry.
-Month of March- -3 Mos.End.Mar.311931.
1930.
1931.
1930.
Railway oper. revenues.. $274,335
$278,975
3767.374
$906,284
Railway oper. expenses_
188,795
211,514
583.923
625,955
Net rev,from ry.oper.
$85,540
$67,461
$183,450
3280.329
Net ry. oper. income
(net after rentals)__-$82,983
$76,004
$204,464
$316,844
Non-operating income5,409
3,319
16,344
41,795
Gross income
$88,393
$79,324
$220,809
$3358.639
Deduc'ns from gross inc.
19,433
22,022
58,181
64,985
Net income
$68,959
$57.302
$162,627
$293,653
13'Last complete annual report in Financial Chronicle May 31 '30, p.
3870
St. Louis Southwestern Ry. Lines.
-Month of March- 3 Mos. End. Mar. 311931.
1930.
1931.
1930.
Miles operated
1,913
1,816
1,913
1,816
Railway oper. revenues_ $1,613,090 $8.181,045 $4,381,00
8 $5,814,725
Railway oper. expenses_ 1,273,748
1,530,066 3,671,812 4,647,456
Ratio of oper. expenses
to oper. revenues.._
78.96%
70.15%
83.81%
79.93%
Net rev, from ry. oper. 339,341
$650,979
$709,196 $1,167,266
By. tax accruals and uncollect. ry. revenues.. _
76,711
118,835
258,444
259,396
Railway open income_
Other ry. oper.income
$262,630
26,772
$532.143
34,623
$450,752 $1,907,870
82,891
104,044
Total ry. oper. income
Deduc. fr. ry. oper. inc_
$289,402
183,756
$566,767
154,569
$533,644 $1,041,914
491,385
447,948
Net ry. open income_
Non-operating income
$105,645
10,279
$412,197
12,266
$42,259
31,684
$563,966
31,413
Gross income
Deduc. from gross inc.-
$115,925
250.616
3422.464
228,210
$73,943
740.406
$595,379
677.376
Not income
def$134.690
$194.853 def$666,463 def$81,997
la"Last complete annual report in Financial Chronicle July 26 '31,
p. 621
Texas Pacific Ry.
-Month of March
--S Mos.End. Mar.311931.
1930.
1931.
1930.
Railway oper. revenues_ $2,693,416
$3,388,222 $7,531.308 $9,640,910
Net rev, from ry. oper_866,280
2,171,213
Railway oper.income__
720,063
1,793,835
Net ry. opor. income._,
563,338
761,860
1,216,954
1,497,828
Gross income
613,100
807,383
1,355,984
1,638,028
Net income
245.825
465.575
603.868
WLast complete annual report in Financial Chronicle 278.087
Mar. 28 '31, p. 2380
Virginian Railway.
-Month of March--3 Mos. End. Mar.
311931.
1930.
1931.
1930.
Operating revenues
$1,306,772 $1,347,688 $3,977,153 $4.759,974
Operating expenses
784,008
799.535 2,236,051
2,461,282
Railway ()per. income
377,738
403,150
1,276,048
1.791.690
Gross income
515,161
525.356
1.695.825 2,185,022
Not income
171,826
202.469
664,596
1,215.267
M-Last complete annual report in Financial Chronicle Apr.
19 '31, p. 2759
Wabash Ry.
-Month of March-.-3 Mos. End. Mar.
311931.
1930.
1931.
1930.
Operating revenues
$4,436,041 $5,650,721 $12,412,555
Expenses
3.638,099 4,385,288 10,153,085 $16,128,462
12,718,278
Net oper.income
216.626
680.194
607.778
1,616,312
Gross income
319,155
788,828
927,941
1,965,714
Net corporate income_ _ _ -315.747
206,423 -944,062
216,484
tarLast complete annual report in Financial Chronicle Apr. 18
'31 p. 2953
Western Maryland Ry. Co.
-Month of March- -3 Mos.End,
Mar.311931.
1930.
1931.
1930.
Operating revenues._ _ _ $1,365,212 $1,550,116 $3,935,9
40 $4,593,679
Total operating expenses
919,073
1,012,816 2,551,075 3,026,888
Not operating revenue
446,139
537,300
1,384.865
1,566,791
Taxes
75.000
90.000
225,000
260,000
Operating income... $371,139
$447,300 81,159,865 $1,306,79
1
Equipment rents
23,163
39,925
61,789
134.745
Jt. Tacit. rents (net Dr.)_
16,922
16,899
50.806
51.249
Net ry. open income- $377,380
$470,326 $1,170,848 31,390.287
Other income
12,836
15,754
37,432
44,735
Gross income
$390,216
$486,080 $1,208,280 $1,435.022
Fixed charges
288.110
289.786
859,603
871,116
Not income
$102,106
8196.294
$348,677
$563,906
ia"Last complete annual report in Financial Chronicle May
17 '31, p. 3529
Total
318,349,698 814,164,646 $13.291,763 113.124,131
Gen. exps. and taxes
328,631
188,721
142,236
243,122
Int. on funded debt--- - 3,863,771
2,322.599 2,402,184 2,491,256
Miscellaneous interest
95,174
89.168
39,122
114,742
Net income
$14,062,121 $11,564,157 $10,708,220 $10.275,010
7 prior pref. div
2,906,892 1,396,836
1,438,702
1,470,000
4 cum. pref. div
3.021,251
2,632,945 2,326,860 2,099,858
6 cum. pref. div
450,000
6% non-cum. div
60,000
60,000
603000
Common diva. (cash).-- 7.525,251
5.132,622 4.959,746 4,386,561
Surplus for year
$158,728 $2,341,754 11,922,911 32.258,591
Previous surplus
16.431,201 14.089,447 12.166,536 9,907,944
Surplus Dec.31
$16,589,929
Shs. COM. outst.(no par) 2,162 607 $16,431,201 $14,089,447 $12,166,536
1.562,607
1.418.946
1,418,803
Earns, per sh. on coin
$..55
$4.78
$4.85
$4.68
BALANCE SHEET DEC. 31 (COMPANY ONLY).
1930.
1929.
1930.
1929.
Assets
5
Secure. owned...288,060,520 163,550,214 57Liabilities- 43,000,00
pr. pt. stock_
0 21,000,000
Secure. tote roe.
6% non-corn. pf.
from sub. co_
stock
1,000,000
Reacquired sec_ 1,200,919 3,595,963 $6 cum. pr. Prof.
Call loans
stock
c9,400,000
Cash
4,088,888 4,391,412 $4 CUM. pt. etk.1340,779,978 39.039.116
Acc'ts receivable:
Common stock a138,609,722 68,809,72?
Subsid'y cos 19,031,792 14,260,150 20-year 6% gold
Sund. debtors
668,919
390,308 notes
15,000,000
Accr.Int.& dive. 4,904,194 3,694,550 6% deb. due '51 15,000,000 15,000.000 •
15,000,000
TJnamort. debt
6% deb. due '66 10,000,000 10,000,000
disc. & exp
1,189,887 1,041,970 Std. Pr. & Lt.
Office furniture
Corp.6% gold
and fixtures
deb. due 1957 24,000,000
Prepaid Maur
1,323
Notes payable
2,500,000
Deferred charges
96,073
1,546 Acc'te payable._
606,521
395,91§
Acced int., art. 1,335,478
696.4813
Divs. accr. cap.
stock
3,028,785 1,974,093
Misc. reserves
1,377,102 1,504,545
Misc. unacff.cred
15,000
7.5,000
Surplus
16,589,929 16,431,201
Total
319,242,515 190,926,111
Total
a Represented by 2,162,607 shares (no par). b 319,242,515 190,926,111
shares (no Par) $4 cum. pref. stock. c Represen Represented by 756,850
ted by 100,000 shs. (no
par).
Note.
-The company was contingently liable at Dec.
of a note of a subsidiary company discounted in the 31 1930 on account
and for unpaid obligation of $100,000 of a subsidiar amount of 3100,000,
y company withheld in
the purchase of various securities pending settlemen
t of suit.
-V. 132.
p. 2196, 3149.
1
Wheeling & Lake Erie Railway Co.
(14th Annual Report
-Year Ended Dec. 31 1930.)
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenue1930.
1929.
1928.
1927.
Freight
$15,090,066 319,746,432 319,142,252
316,468,775
Passenger
187,001
257,448
314,061
370.985
Mail and express
80,404
117,497
101.582
112,203
Other transportation
556,050
659,582
660,608
652,624
Incidental
445,463
554,263
487,159
524.999
Total
$16,358,984 $21,335,222 $20,705,664 $18,129.586
Operating ExpensesMaint. of way .5t struc $1,875,038 32,553,713 $2,539,1
98
Maint. of equipment... 4,213,092 5,069,848 4,523,82 $2,375,000
2 4,653,947
Traffic
444,387
471,130
437,258
419,437
Transportation
4,899,685 6,022,994
5,802,265 5.684,225
Miscellaneous operations
14,056
15,656
17,260
19.565
General
536.305
580,863
570,654
568,870
Transp. for invest.-Cr_
5,150
21,027
22,074
4,472
Total ry. oper. exp -$11,977,414 $14,693,177 $13,868,383
$13,716,571
Net rev,from ry. oper
4,381,571
6,642,044 6,837,281
4,413.016
Railway tax accruals- _ - 1.451,524
1,556,021
1.679,494
1,462,571
Uncollectible ry. revs--333
898
2,900
1,676
Ry. oper. income
$2,929,714 $5,085,125 15,154,886 12,948,769
Non-Operating Income
Hire of frt. cars,cred.bal.
$886,203
29.986
Rent from equipment....
74,446
$108,242
188,634
78,783
Joint facility rent income
82,921
87,345
91,971
95,921
Inc.from lease of road
6,000
6,000
6,000
6.000
Miscell. rent income_ _
133,562
65,263
24,281
23,308
Inc.from funded securs_
100,088
100,088
101,288
102,355
Inc. from unfunded securities and accounts_
184,945
245,615
166,335
120,593
Miscellaneous income_ -4,365
4.498
4,459
3,703
Gross income
$3,602,243 $5,702,176 15,637.853 $3,409,418
Deductions
Hire offrt.cars, deb. bal.
$16,114
$234,848 •
Rent for equipment_ _
30,195
36.251
$15.487
29,910
Joint facility rents
90,143
112,914
94,897
89.953
Miscellaneous rents- 6,155
6.411
7,042
292
Interest on funded debt_
791,928
818,728
845,652
878,102
Miscell. tax accruals__ -6,888
6,961
5,949
Int. on unfunded debt,..
21,326
16,986
44,956
19.119
Amort. of disc. on fd. dt.
3,872
3,515
4,626
8,309 •
Misc. income charges.,:.
4,275
4,618
5,225
3.322
Net income
$2,647,819 $4,679,321
Divs. on prior lien stock_ 2,287,400 3,327.128 $4,364,748 32.394.833
831,782
Invest. in road & equip307,389
76.208
92,507
112,062
Sur, transf. top. & L.. $284,211 $1.044,804 $3,440,458 82,282.77
1
V. 131. p. 3204.
Chicago Rock Island & Pacific Railway Co.
-Year Ended Dec. 31 1930.)
(51st Annual Report
The joint remarks of President J. E. Gorman and Chairman Charles Hayden, together with the comparative
sheet and income account, will be found under balance
"Reports
3330
FINANCIAL CHRONICLE
and Documents" on subsequent pages. Our usual comparative tables were published in V. 132, p. 2376.
[Vol,. 132.
share. z Pref. stock (no par value) authorized, 2,000.000 shares. issued,
992.980 shares, having a value at liquidation of $100 per share. Common
stock (no par value) authorized, $5.000,000 shares; issued, 4,496,490,
less held in treasury. 1,024,130 shares; balance, 3,472,360 shares. These
are represented by capital surplus of $16,083,958.-V. 132, p. 2206. 1627
1042.
GENERAL STATISTICS FOR CALENDAR YEARS.
1927.
1928.
1929.
1930.
Rev. Freight Traffic8.052
8.082
8.110
8,183
Average miles operated_
35.448.631 34,335,161
International Mercantile Marine Co.
33,321,054 37,971,933
Tons carried
Rev,for tons carried_ _ _ _296,211,917 8113597,037 3108758,903 3105256,593
-Year Ended Dec. 31 1930.)
1.23 cts.
(Annual Report
1.18 cts.
1.15 cts.
1.13 cts
mi
Ay.rate per ton per
492.19
511.23
508.82
519.57
Av.lead in tons per mi.._
President P. A. S. Franklin, April 16, reported in part:
ficRev.Pass. Traf
The serious decrease in the export and import business of this country
11,455,961 13.091,329 12.951,898 14,113,493
No.of pass.carried
Rev,for pass. carried_ -$15.295,583 $19.388.168 320,059,598 822.791.552 and the reduction in travel resulted in a severe shrinkage in the steamship
2.98 cts. business generally, from which company naturally suffered, and caused a
2.91 eta.
2.72 cts. 2.84 eta.
T
A. .rate perm. per passdecrease of net earnings for 1930 to $1,252.285, being about $2 per share,
-V.ISO, p. 2953; V. 132. p. 2376, 2187.
as compared with 32,423.350 for 1929, or about $4 per share.
The earnings are of the American companies only, as the share holdings
Pacific Gas & Electric Co.
In the foreign companies are treated as an investment and the results of
their operations are not consolidated with those of the domestic companies.
-Year Ended Dec. 31 1930.)
(25th Annual Report
The foreign companies suffered losses, which were provided for out of
their own cash resources and although they were shown in the 1929 balance
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
sheet at a greatly depreciated valuation, namely 320.130.135, it neverthe1927.
1928.
1929.
1930.
less was thought best to further reduce their value to $18.315,823, as
Gross oper. rev. incl.
shown in the 1930 balance sheet, which reduction is in excess of the amount
877.369.388 $64,820,894 $61.788.079 $58.395,812 of their operating losses for year 1930, other than depreciation. The
other income
foreign companies provided their usual depreciation for 1930 out of their
Oper. & admin, exp..
taxes(incl.Ped.)maint.
general reserve accounts.
33.925.140 31.247.790 31.759.205 30.596,845
accts.,
As announced on Jan. 6 1931, negotiations have been concluded for the
13.014.768 10,354.984 10,659.216 11,034.372 consolidation of the interests of the International Mercantile Marine Co.
e
uncoil. disc. & expe
1n
,
1 i t..
5.378,545 and the
5.967,320
7.477.634
8.866.036
for
Roosevelt Steamship Co.. Inc., and four to the directors of the
Astor, Basil
depree'n_Earns. of subs. Prior 30
Roosevelt company, namely Kermit Roosevelt, Vincent International
159.304
acquisition
Harris, and John M. Franklin were elected directors of theFranklin were
Co., and Messrs. Roosevelt, Harris and
Mercantile Marine
$21.404,141 316./49.486 313.402.338 811.386.050 made Vice-Presidents of the International Mercantile Marine Co. and from
Net income
4,601,630
Divs. on pref. stock....... 5,145,648 4.540.565 5.550,574 4.384.858 Feb. 11931. the operations of the two companies have been consolidated.
4,892,352
6.191.892
9.685.877
dividends
Dommon
The object of this consolidation was for the further development and
upbuilding of shipping in an important manner under the American flag,
$6.562,716 $4.708.029 $3.250.134 $2.10840 in which the Roosevelt Steamship Co. has for many years been actively
Balance, surplus
Pares per share on aver.
and exclusively engaged, and it is expected that with the return to normal
no. of corn. shs. outconditions this consolidation and the advantages arising therefrom will
$3.17
$2.86 result beneficially to this company.
$3.52
$3.07
standing (par $25)--Earns. per sh. on gem.
No cash consideration was involved in the transaction, 25,000 shares
she. outatdg. at end of
Mercantile Marine Co. (no par value) stock, heretofore
$2.66 of International of the company, having been given in payment for the
$3.27
$3.05
$2.86
year
of
In the treasury
consolidaCONSOLIDATED BALANCE SHEET DEC. 31.
entire capital stock of the Roosevelt Steamship Co., Inc. Thissheet subbalance
1930.
tion is not reflected in the 1930 income account andDee. 311930.
1929.
1929.
1930.
effective since
mitted, the transaction having become
$
$
Assets-The earnings for the first three months of this year have not equalled
mint& prop's._828,477,065 407.287.837 Common stock_141,855.332 95,534.957
1st pref. stock._ 93.149,157 86,098,482 those for the corresponding period of 1930 and until there is a decided
Diset. and exPref. stk. of subs 37,406,700
increase in commerce and travel no improvement can be predicted.
cappenses on
all
Under the circumstances, efforts are being made to bring about
221,070
28.905 Minority Int.__
ital stk. he'd 1,622,503
Possible economies in the way of cancelling unprofitable voyages and
investments ___ 4,455,920 1,604,798 Sub. co. stock
(not owned)26.568 tying up some of the steamers and also a general reduction in salaries
Trustees of sinkhas been made effective both here and abroad.
345.309 P. G. & E. Co.
624,104
.
ing funds_ - _
-The liquidation of the International
International Navigation Co., Ltd.
bonds
180.785,000 155,785,000
Oa& with truscompleted durSub. co. bonds__130,140.100 51,239,200 Navigation Co. Ltd., one of the foreign subsidiaries, wasLeyland & Co.,
409.633
29,155
tees
ing 1930, its assets having been taken over by Frederick
12,037.643 20.2.37.830 Bonds called but
Cash
31.310 Ltd„ another subsidiary.
not redeemed..
Notes & accts.
x9,387,943 x8,509,346 Accts. pay., &c. 3,885,424 1,878.145 CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND SURPLUS
receivable
682,490
724,985
Drafts outstand.
Installments reYEARS ENDED DEC. 31 (AMERICAN COMPANIES ONLY).
Meter & line dep 1,825.118 1,201,988
1029.
receivable for
1930.
558,233
636,043
331,286 1,310,377 Bond lat. due__
stocks
AcInt.(not due) 3,273,724 2,399,861 Gross voyage earnings and other oper.income---$14.857.677 $15,303,564
Materials & Sup12,044.767 11,981.835
Voyage and other expenses
Accr. taxes (not
7,184.501 5,540,085
811,246
plies
1.072,135
9,366,951 6,671.065 Provision for depreciation of steamers
due)
Seamed interest
2,878,753 1,678,466
20,554 Divs. declared
5,818
on investm'ts_
31,740,775 $2,510,484
Operating profit
Deferred chgs__ 20,060.140 9,057,833 Res. for N.C.P.
1,630,321
1,222,538
Other income
Co. plant adl.
1,622,007 1,647,970
accr.depr
82.964.313 $4,140,805 •
Total income
Bee, for deprec_ 47,307,592 25,877,905
1,717,455
1,712,028
Res. for lne., &c. 3,011,344 2,252,262 Interest paid
26,599,168 20,458,032
Surplus
$1,252,284 $2,423,350
Net profit for year
1,197.936
684,687,467 454,021,922 Dividends paid
Total
684.887.467 454.021,922
Total
$54.348 $2,423,350
Balance, surplus
notes.
z After deducting 3541.996 reserve for doubtful accounts and
Earnings per share on 600,000 no par shares corn.
$4.40
$2.09
-V. 1712, p. 3147.
stock outstanding
CONSOLIDATED BALANCE SHEET DEC.31 (INCL.DOMESTICCO'S.)
General Baking Corporation.
1929.
1930.
1929.
1930.
$
Liabilities-$
-Year Ended Dec. 27 1930.)
i
(Annual Report
Assetsi
3,856,410 2,413,989 Purch. money ohand C. Leslie Lowes, Cash on call
650,100
Mations payable 650,100
Frederic H. Frazier, Chairman
2,200.000
Loans
Accts. Payable &
U. S. Govt. securPresident, state in part:
4,694,544 4,694,544 sundry accruals_ 865,800 1,080.737
Ries
-week fiscal year of 1930. the net earnings amounted to $5,109.- Other at cost
For the 52
Travelers checks &
stock as compared with
marketable
037,455
410.12, or $4.41 per share on the $6 preferred
drafts payable__ 56.5,182
10,633
10,633
stock for the 52
-week
securities at cost
87,170.381.20. or $6.49 per share on the $6 preferred
807,313 1,142,530 Int. payable & ac
Accts. receivable
410,281
374,372
fiscal year of 1929.
cruel
for$8,153.923. of which
Current assets as of Dec. 27 1930 amounted to receivables. Current Received from
114,163 Payable to foreign
eign eub. cos_ 145,343
$5,574,151 was cash and the balance inventory andcapital of $5.715.153. Invent, of supplies 190,918
212,980 subsidiary cos 1,523,260 1,798,496
259,738
liabilities were $2,438,769. leaving a net working $5,125,983 and current Cash & receivables
Res, for liabilities_ 280,747
year current assets were
At the close of the previous
Purch, money ohfrom sale of prop.
liabilities were 35,550,556.
ligation, for tonpledged under let
10-yr. 5j. % sinking
Early in 1930 General Baking Co. sold $7.000,000 which were used to
nage. pay. 193117,397,500 18,697,500
sale of
mortgage
fund gold debentures, the proceeds from the
9,040,500 9,690.600
1949
for expenditures made on plant and Steamships & other
'pay off bank indebtedness incurred company's working capital position.
a25,788,199 27,073.542 1st mtge. & cell.
Property
to improve the
other facilities and
trust 6% gold
necessary to reduce dividend Invest. in sundry
In view of lower earnings directors found it
17,421,000 20,753,000
bonds
rate on April 1
shit). & other
payments on the $6 preferred stock to a $3 annual at the reduced 1930,
Real estate mtges. 1.570.000
cos., exchange
rate.
Jaid
792.979 1,868.017
and since then quarterly dividends have been Baking Corp. and General
Deferred credits
memberships &
A plan for capital readjustment of General
451,955 insurance fund_ 7,428,581 7.384,013
Govt.deposits__ 929,731
Baking Co. has been adopted by the stockholders.
Contingent rev.... 1,656.538 3,033.677
Invest. In foreign
CO.).
Capital stock___c25.366,580 25,366,580
subs., reduced to
CONSOLIDATED INCOME ACCOUNT (INCL. GEN. BAKING
5,170,876 5,116,527
Surplus
conservative valDec. 27 '30. Dec. 28 '29. Dec. 29 '28. Dec. 31 '27.
Years Ended-- I
ues as appraised
39.510.914 $9,570,166 $10.370.630
Profit from operations__ 37.706.309
1,018.113
1.439,170
1,444,292
by the cos. of1,562.942
Depreciation
1,001.538
1,193.506
1,18.315.823 20,130,135
ficers
894,735
746.311
Federal income taxes4.725
905,249
1.506
287.645
Deferred Charges... 570,095
Interest on nuided debt..
72 708,510 78,047.222
Total
72,706,510 78,047,222
$7.170,381 $7,545.790 37.737.954
Total
Net profit for year.- $5.109.410
3.571.937
1.530,267
5,014,613 5.173.381
a After depreciation of $8,750,586. b Capital stocks of foreign subPrevious surplus
as collateral for 6% gold bonds. c Repre810,124.023 812,343.763 $11,117,727 $9.268.221 sidiary companies are pledged -V. 132,
.Total surplus
P. 504.
sented by 600,000 no par shares.
Divs. paid & accrued on
Gen. Baking Co. $8
Co. of America.
United Cigar Stores
cum. pref. stock and
730.019
729.862
730.582
728.422
minor, holders ofcom_
-Year Ended Dec. 31 1930.
Annual Report
2
1.5 0
5.957.880 5.213,145 4.964.901
Divs,on Pt.stk. of corp_ 2.978.940
1.182
1.012
Minority int. in surplus_
George K. Morrow, Chairman, says in part:
Reserve for revel. of
500,000
With the sale of its stock interest In Happiness Candy Stores, Inc.. in
capital assets
all manufacturing activities
85.173.381 $3,571.937 August 1930 company has retired from from this source have been and
ter& loss surplus... $6.415.649 85.155.301
Profit
operating losses previously experienced
SHEET.
minated. This is in line with the policy of the management to concentrate
COMPARATIVE CONSOLIDATED BALANCE
Dec. 27 '30. Dec. 28 '29. its efforts upon increasing the profits to be derived from retal mercchanDee. 27'30. Dec. 28 '294 Liabilities$
dising.
-,
$
$
Assets9L3:0
598,828 2.0 7 3
0
Another source of operating loss was terminated with the adjudication
Property & plant x29.503.081 29,812.998 Accounts payable..
of Neve Drug Stores, Inc., in bankruptcy. This chain operated at a loss
5,574,152 1.733.931 Notes payable..
Cash
Dividends payable 926.864 1,672,116 ever since its inception in 1928 under the management of Alfred J. Neve.
ACC011et8 reCelVtde 888,990
At the request of Mr. Neve and his banking associates company took over
913.000 Est. Federal tax,
894.735 the management early in 1929 and attempted to remedy the situation but
(less reserve)
current year_ 746.311
1.712.781 2,479.052 Accr. int. on debs.
Inventories
91.787
after 14i years of constant effort directors came to the conclusion that.
255.354
2.082.256
5,000
Investments
because of conditions beyond their control, the Neve chain could not be
829,432 Reserve for flour ;
Deterred charges.- 1.457,964
Put on a profitable basis. Company therefore joined with other creditors
eontr
7.000.000
of Neve Drug Stores, Inc.. in petitioning for its adjudication in bankdebt
Terrillrkfl, CODS'
Funded
137.978 ruptcy. Provision for the loss a company in this connection was made by
rights. good-will.
1 Res. for coining__ 161,861
1
xe,
!
Gen.Bkg.$8 pf.stky9.077,500 9,077.500 reserves established in 1929.
18.474
19.488
The sales for the first three months of 1931 show an increase over the
Mln. Int. corn. stk.
now real indications throughout the
Capital stock-z16.083.958 18.083.958 same period In 1930. There areretail price conditions with which comsurplus__ 8,415,849 6.155.301 country of an Improvement in the
Earned
recently leased some desirable locations
pany has had to contend. We have
41.197.225 38.023.769 for our cigar store as well as our drug store operations and it is the policy
Total
41397.225 38.023.789
Total
of directors to add more stores as opportunities present themselves at
depreciation of $8.610 920. y Represented reasonable rentals.
deductint reserve for
value at liquidation of $100 per
ilt% shares or so par value having a
trex
le71
MAY 2 1931.]
FINANCIAL CHRONICLE
CONSOLIDATED INCOME STATEMENT FOR YEARS ENDED DEC.31.
1930.
1929.
Sales
$91,862,872 $84,678,558
Rents received
13,653,281 13,970,566
$105,516,154 $98,649,124
Cost of sales, riper., adm. & general exps. & rents
Paid, incl. $1,633,488 in 1929 & $1,550,610 in
1930 for deprec. of furniture, equip. & bldgs. &
amort. of leasehold improvements
103,968.051 97.714,010
Profit on store & real estate operations, before
other income & before interest charges
$1,548,103
Other income-lot. & divs. rec
.
831.313
Net profit on sale of leaseholds, mtgs., real est..
& securs. (in 1929 less $149.851 appropriated
620,653
to reserve for contingencies)
$935,114
1,099,938
2.952,464
Total income
$3.000,069 $4,987,517
Interest paid on mtgs. & other funded debt. &c..
incl. amortization of discount on debentures
1.448,089
1.855,421
Net profit
$1,551.980 x$3,132,096
x Profit before provision for Federal income tax and proportion of
operating loss of Happiness Candy Stores, Inc.. applicable to United's
controlling interest in that company which was disposed of in 1930.
Note.
-Federal income tax of $12,717 was paid for 1929 and no tax is
for 1930 inasmuch as allowabledeductions exceed the taxable
income.
STATEMENTS OF SURPLUS AND CAPITAL SURPLUS YEAR
ENDING DEC. 31 1930.
Surplus
-Surplus at Dec. 311029
$691.828
Net profit for the year 1930
1,551,980
Total
Dividends on preferred stock
.$2.243,808
1.028,142
Surplus at Dec. 31 1930
$1.215,666
Capital Surplus
Capital surplus resulting from reduction of company's corn.
cap. from $10 to $1 per sh., as approved by the stockholders
on May 28 1930, less intangible value of goodwill & leaseholds written down to $1
12.608,327
Discount on pref. stock purchased and cap. surplus in respect
of treasury corn, stock issued during the year
897.665
Total
$13,505,992
Loss on investments in controlled companies disposed of during
the year
2,037,752
Cost of minority interest in Whelan Drug Co., Inc., acquired
and to be acquired, less capital value thereof
Recapitalization expenses
(45.000
76,096
Capital surplus at Dec. 31 1930
$11.347.145
COMPARATIVE CONSOLIDATED BALANCE SHEET DEC. 31.
1930,
1929.
1930.
1929.!
AssetsLiabilities$
$
tr 8
Cash
4,838,951 4,826,514 Notes payable____ 510,895 1,008,135
Call loans
1,000,000 1,700,000 Acne payable and
U. S. Govt. bonds 873,685
sundry accruals_ 8,145,855 7,345,414
Marketablesecurs.b1,526,610 1,526,646 Accrued interest on
Notes & accts. rec.a2,652,251 2,358,588
mtges.& debens. 404,048
447,271
Invent. at cost less
x Divs.on pref.stk.
contingent reeve
payable
1,028,142
Provision for loss
for unsalable
merchandise ___11,790,151 12,135,400 on gtd. obliga'ns
371,868
Secur. of 0th. cos_ 3,807,316 6,920,617 Res. for Federal
so il
Adv. to other cos. 1,445,877 2,855,039 income tax
100,000
1,863,283 3,098,338 Res.for outstand'g
Mtges. receivable_
Deb. sink. fd. and
premium ctfs
772,905 1,199,744
Adv.rentals & tendep. for retire't
914,559
ants' sea. depos_ 722,543
55,853
58,253
of mtges. pay'le
Cash & secur. held
Res.for employees'
219,051
209,860
for employ, penpension fund
slim fund
219,051 Def.disc.& partio.
209,860
Land and bldgs__c31,981,649 29,728,283 of others in respect of mtgee.
Imitts. to Ishlds.,
less amortiza'n_ 6,683,448 7,300,153
receivable
132,555
152,188
Store Impts. and
Res, for bldg. construt). on Wilds_ 173,159
bldg. construe155,327
Bon In progress.
505,550 Res. for conting's_ 1,164,712 1,712,027
43,039
Furniture, fixtures
Min. int. in corn.
and equipment_ 4.078,545 4,437,424 stk. of Whelan
In
Prepaid insurance,
Drug Co., Inc._
w 5,000
80
taxes, &c
404,749 534% deb. 1949_ 8,427,000 9,775,600
378,624
Rents paid in adv_ 267,187
333,310 10-yr. 6% cony.
gold notes WhoUnamort. lease benoses & comm's 883,592 1,047,384 lanDrugCo ,Ine.
1,900,000
Unamort. disc. on
Real estate mtges.18,145,273 16,476,905
funded debt__-- 450,869
643,676 6% pref. stock_x17,135,700 19,200,000
Goodwill 4: leaseCommon stock__ 5,293,661 52,764,159
holds
1 34,440,622 Capital surplus _11,347,145
Earned surplus__ 1,215,668
691,828
Total
74,829,199 114436,980 Total
74,829.199 114438.980
.
a After deducting $43,058 reserve for bad debts. b At cost, below quoted
market values. c Owned in fee as valued by company's appraisal in 1929.
plus subsequent additions at cost, less reserve for depreciation of buildings.
x Cumulative preferred stock dividends unpaid at Dec. 31 1930, 734%
.V. 132, p. 3169.
enerat Corporate anb 31nbegment
STEAM RAILROADS.
3331
jleilJEL
Comparative Balance Sheet Dec. 31.
AssetsLiabilities1929.
1929.
1930.
1930.
Class I Rail Income Dectined.-Operating revenues of class I railroads in
$2,463,600 $2,463,600
the U. S. during 1930 declined $999.786.550 below that of 1929 to a total of Road & equipm't.$6,839,469 $6,875,909 Capital :Mock
Misc. phys. prop_ 350,711
165,634 Audited accounts&
$5.281,196,875 compared with $6,280,983,425 in the preceding year ac
8,547
wages payable
123.574
9,753
cording to s‘Atistics made public by the L-S. C. Commission, N. Y. Inv. in attn. cos._ 126,974
Other investments 352.729
500.034 Misc, accts. pay.... 181,928
200.909
"Times," April 25, p. 27.
15,288
53,292 Divs, matur. unp'd
25,962
39,654
.-15 western railroads filed suit in Cash
Western Carriers Sue to Halt Rates
Unmet. rents seer.
2,754
2,734
Federal District Court on April 30 to enjoin the L-S. C. Commission from Net bal. rec. from
agents & conduc.
13,159 Unadjusted credits 2,329,451 2,131,328
13,678
putting new rates on grain end grain products in to effect on June 1. The
Misc.accts.reedy.
19,884 Addit'ns to ProP'Y
13,806
"Sun." Apr9 30, P• 93.
thr. Inc.&surplus 276,376
390,391
273,672
New Freight Cars and Locomotives Placed in Service Declined in First Material & suppl_ 342.226
8,181 Approp. surp. not
5.756
Quarter.-Class I railroads of the United States in the first three months of Int. & divs. rec
27,389 specifically Inv.. 205,107
205,107
28,767
placed 3.855 new freight cars in service, the car service division of the Deferred assets
1931
88,082 Profit & lose bal._ 2,812,658 2,952,455
American Railway Association announced. In the same period last year, Unadjusted debits 182,920
24.798 now freight cars were placed in service. Of the new freight cars
Total
$8,295,690 $8,265,511
Total
$8,295,690 $8,265,511
installed during the first three months this year, 1,669 were box cars, while
Note.
-Under agreements dated Aug. 1 1919 and July 1 1925 between
there were 1.884 new coal cars installed. In addition there were installed
in the three months period this year 131 flat cars. 170 refrigerator cars and the Atlanta & West Point RR, Co., Central of Georgia Co. and Southern
one miscellaneous car. The railroads on April 1 this year had 7,516 new fly, Co. this company jointly and severally guarantees the payment of
principal and interest on Atlanta Terminal Co.'s 1st mtge. gold bonds.
freight cars on order compared with 37,11700 the same day last year.
The railroads also placed in service in the first throe months this year 34 series A, dated Aug. 11919. due Aug. 1 1939, in the amount of $1,000,000.
new locomotives, compared with 189 in the same period in 1930. New and series B.dated July 11925, due Aug. 11930,in the amount of $200,000.
locomotives on order on April 1 this year totaled 86 compared with 442 -V.130, p. 2953.
on the same day last year.
Freight cars or locomotives leased or otherwise acquired are not included
Central Argentine Ry. Ltd.
-Smaller Dividend.in the above figures.
The company on April 22 193? paid an interim dividend of I% on the
Surplus Freight Cars in Need of Repairs on April 1.
-Class I railroads on common stock. This compares with an interim of 239% paid a year ago
April 1 had 162,117 freight cars in need of repairs or 7.3% of the number on and a final distribution of 2Si% made later in the year. During the year
line, according to the car service division of the American Railway Asso- 1929 an interim of 3% and a final of 4% were paid.
-V. 131, p. 3362.
ciation. This was an increase of 2,455 cars above the number in need of
repair on March 15, at which time there were 159.662, or 7.2%. Freight
-Annual Report.
Central Vermont Ry., Inc.
cars in need of heavy repairs on April 1 totaled 112,899, or 5.1%. an inEarnings Eleven Months Ended Dec. 31 1930.
crease of 2,199 compared with the number on March 15. while freight cars in
Revenues
need of light repairs totaled 49,218, or 2.2%, an increaes of 256 compared Freight
$5,410,505
with March 15.
Passenger
888,153
Locomotives in Need ofRepairs -Class I railroads of this country on April 1 Mail and express
265,37.5
locomotives in need of classified repairs or 10.9% of the number Other revenue from transportation
bad 5,967
338,669
on line, according to reports just filed by the carriers with the car service Revenue from operations other than transportation
71,446
division of the American Railway Association. This was a decrease of 22 Dining and buffet service
14,188
locomotives below the number In need ofsuch repairs on March 15. at which
time there were 5,989, or 10.9%. Class I railroads on April 1 had 9.781
Total operating revenues
$6,988,335
serviceable locomotives in storage compared with 9,621 on March 15.
Expenses
-Class I railroads on April 15 had 622,278 surplus Maintenance of way and structures
Surplus Freight Cars.
11,235.188
freight cars in good repair and immediately available for service, the car Maintenance of equipment
1,136,393
service division of the American Railway Association announced. This Traffic
200,247
decrease of 6.426 cars compared with April 8. at which time there Transportation
was a
2,924,500
were 628,704 surplus freight cars. Surplus coal cars on April 15 totaled Miscellaneous operations
23,128
257,472, a decrease of 2,021 cars within a week, while surplus box cars General expense
274,281
totaled 295,474, a decrease of 3,701 for the same period. Reports also Transportation for investment-Cr
1,729
showed 30,414 surplus stock cars, a decrease of 817 cars below the number
Total operating expenses
reported on April 8, while surplus refrigerator cars totaled :15,107, an
35,792,014
Net revenue from railway operations
increase of 441 for the same Period.
$1,1,96.321
172,191
Matters Covered in the "Chronicle" of April 25: (a) Rumored wage cuts by Railway tax accruals
259
railroads denied by Secretary of Labor Doak-reported as saying only Uncollectible railway revenue
serious reduction talk is from banking circles, p. 3080; (b) W. W. AtterTotal operating income
31,023,870
bury of Pennsylvania BR. scores high tariff walls before Bond Club of Hire
3.374,785
Philadelphia-Nations put in sealed tcompartments, he says-Thinks gold Rentof freight cars-credit balance
79,725
installment buying and other situations must be "corrected," p. 3080; (c) Jointfrom passenger train cars
facility rent income
53,027
Rail head in Cabinet urged by Prof. Ripley of Harvard-Holds Federal
13.359
"discipline" would aid road's recovery-Lauds consolidation trend as Miscellaneous rent income
Dividend income
40,000
efficiency move-asks wider regulation, p. 3081.
Income from unfunded securities and accounts
40,277
Other non-operating income
Atlanta & West Point RR.
10,570
-Earnings.
Calendar Years1929.
1928.
1930.
1927.
Gross income
$1,844,622
Railway oper. revenues_ $2,339,981 $2,885,412 $3,073,917 13,184,475
Deductions
Railway oper. expenses.. 2,038.614
2,347.150
2.368.250
2,447,176 Rent for locomotives
$79,406
Net rev,from ry. oper. $3301.367
$538,262
$705,667
120,499
$737,299 Rent for passenger train cars
166.796
Railway tax accruals__
195,729
1,711
143,931
190,697 Rent for work equipment
1.091
Uncollectible ry. revs...._
154.569
1.423
212
2,445 Joint facility rents
Rent for leased roads
196,943
Railway oper. income $157,224
$370,374
$508,514
$544,157 Miscellaneous rents
1,307
Non-operating income__
216,862
265,151
219.796
188,509 Miscellaneous tax accruals
1,453
Gross income
$587,236
$773,666
$377,020
3732,667 Interest on funded debt
874,046
Deduct-Hire of equip
168,546
157,288
194,308
181,327 Interest on unfunded debt
21,276
Joint facility rents__ _
166,538
166,532
154,157
169,505 Amortization of discount on funded debt
5.203
Miscellaneous rents_ 319
240
241
145
398 Miscellaneous income charges
Rent for leased roads_
841
782
784
Int. on unfunded debt
1,115
2,044
541
Net income
260
$187,974
Net income
$249,877
$409,758
$64,009
51
$381,176 Miscellaneous adjustments net credit
Dividends (8%)
197.088
197,088
197.088
197,088
Total profit
$188,025
Balance, surplus
$52,789
def$133.075
$212,670
$184.088 Loss on retired road and equipment
Earns, per sh. on 24,636
941
shs.cap.stk.
(par $100)
$10.14
$2.59
$16.63
$15.48
Net profit at Dec. 31 1930
$187,584
FINANCIAL CHRONICLE
3332
[VOL. 132.
Balance Sheet Dec. 31 1930.
payable June 1 to holders of record May 8. This compares
Liabilities
Assets
disbursements of IN% made from June 1916
$10,000,000 with quarterly
Inv. in road and equipment_ _$28,928,133 Capital stock
'Improv, on leased rY. Prop-.
960,457 Premium on capital stock__ _ 1,390,502 to and incl. March 1931.-V. 132, p. 1026.
18,916,000
4,080 Long-term debt
Sinking funds
247,581
-Annual Report.
International-Great Northern RR.
Dep.in lieu of mtgd. prop.sold
2.469 Traffic & car service bals. pay.
545,799
The results from operations for the year 1930 show a decrease in volume
Investments in affiliated cos_ 1,281,821 Audited accts.& wages pay-13,653 of freight traffic as well as in gross and net income. Total railway oper3,400 Miscellaneous accts. payable
Other investments
4,897 ating revenues for the year were $15,072,346 as compared with $18,244.Cash
313,838 Interest matured unpaid____
3,000 983 in the previous year, a decrease of $3,172,637 or 17.39%. The deTime drafts and deposits...... 1,000,000 Funded debt matured unpaid
6,221 crease in freight revenue amounted to $2,313,353 or 16.34%. Total rail3,817 Unmatured interest accrued_
Special deposits
333 way operating expenses decreased $1,394,532 or 9.79%.
2,843 Unmatured rents accrued___
Loans and bills receivable
502
The principal decreases were in manufactures and miscellaneous. $1,346,217.553 Other current liabilities
Traffic ,Sr car service bats. rec.
225,573 952, due to decrease in receipts of automobiles and other manufactures
66,667 Deferred liabilities
bal. rec. fr. agts. & cond.
Net
2,504,207 from connecting lines; products of agriculture, $564,500, largely in cotton,
238,223 Unadjusted credits
Miscellaneous accounts rec__
187,583 due to short crop resulting from drouth conditions in North and West
760,571 Profit and loss surplus
Material and supplies
2,834
Texas, Arkansas and Oklahoma, as well as increased truck eompetition.
Interest & dividends receiv__
50,991
movement of cotton also being retarded because of unfavorable market
Other current assets
8,226
conditions; less loan carload traffic, $231,075, due to a general falling-off
Deferred assets
in business and to truck competition; products of forests. $181,443, due
199.929
Unadjusted debits
to slowing up of building construction; and animals and products, $91,379,
$34,045,853 influenced largely by unfavorable market conditions.
Total
$34,045,853
Total
Products of mines increased $101,998, principal increases being in crude
-V. 132, p. 2958.
petroleum. The total number of tons of revenue freight decreased 17.26%
and the ton miles decreased 14.64%•
-Abandonment.
Chester & Beckett RR.
The average revenue per ton mile was 13.63 mills, as compared with
-S. C. Commission April 11 issued a certificate authorizing the
The I.
its entire
Company to abandon, as to Inter-State and foreign commerce, Berkshire 13.91 mills in the previous year.
Passenger revenue for We current year was $1,657,175. as compared
line of railroad. approximately 5 miles long, all in Hampden and
with $2,074,571, a decrease of 20.12%. The number of passengers car
Counties. Mass.
ried shows a decrease of 23.91% and the number of passengers carried
distance each passenger
of 19.74%.
Chicago St. Paul Minneapolis & Omaha Ry.-New one mile, a decrease 7.33 miles, orTne average the average revenue per
5.48% and
was carried increased
Directors.
with $0.296 in the previous year.
passenger per mile was $0.0295,compared
Ray N. Van Loren. Vice-President and general counsel of the Omaha,
Mail revenue decreased $188,248, due to previous year's total including
and of the Chicago & North Western railways, has been elected a member $196,746 back mail pay.
132.P. 2949. 2958.
-V.
of the board of directors.
Expenditures for maintenance of way and structures decreased $451,041:
maintenance of equipment expenditures decreased $207,595, and trans-Earnings.
Cleveland Union Terminals Co.
portation expenses decreased $806,070. Hire of freight car charges show
a. a l, pe 1 032
Ir di ireas 1 3 8,339, or 24.88% compared with the previous year.Earningsfor Period from June 29 to Dec. 31 1930.
$78,743
Rentfrom locomotives
1,266
Rent from work equipment
Minneapolis St. Paul & Sault Ste. Marie Ry.2,358,871
Joint facility rent income
18,390 Abandonment of Part of Branch Line.
Miscellaneousrent income
3.911
Income from unfunded securities & accounts
The I.
-S. Cl. Commission April 11 issued a certificate authorizing the
194 company to abandon that part of a branch line of railroad extending from
Income from sinking & other reserve funds
as Birchwood northeasterly to its terminus at
$2,461,375 a point thereon known located on or near the Lac Court Oreilles Indian
Total non-operating income
Reserve, small village
366,925 132,rvat i a2,.a distance of 18.498 miles, all in Sawyer County, Wis.-V.
Railway tax accruals
Rese p i0n
o6
$2.094,450
20,337
2.034,001
25.197
4,934
Gross income
Miscellaneous rents
Interest on funded debt
Amortization of discount on funded debt
Miscellaneous income charges
$9.980
Net income transferred to profit & loss
Balance Sheet Dec. 31.
1930.
1929.
1929.
1930.
Assets
10,000
10.000
81,295,264 73,660,342 Capitalstock
Investments
59,297,500 41,492,400
172,934 Funded debt
3,300
Cash
Non-negoti. debt
U. S. Liberty bds. 707,000
26,543,050 32,010,000
to anti. cos
13,189
54,363
Special deposits_ __
743,960 Audited accts. &
Miscell. accts. rec_ 2,475.248
622,606
wages payable_ - 212,203
Materials & suppls 231,303
14,364
13,189
55,950 Int. matured unpd
Sink, fund reserves 130,355
533,750
Unadjusted debits 2,885,489 1,652,573 Unmet. int. accr'd 736,250
300 Deferred liabilities 527,816 1.017,303
4.825
Deferred assets- Unadjusted credits 445,964
87,787,147 76,299,248
Total
-V.132.p. 122.
Total
87,787.147 76,299,248
-Extends Date.Denver & Rio Grande Western RR.
-S. C. Commission has
In response to a request of the company. the I.
extended to May 31 the time within which the company must indicate
its acceptance or rejection of the Commission's approval for acquisition
of the Denver & Salt Lake.
The order was issued by the Commission last December and held that
the Denver & Rio Grande must purchase at $155 a share the minority
interests in Denver & Salt Lake stock, must preserve through routes, and
• must begin construction of the Dotsero cutoff within six months of the
entering of a final order. Immediate acceptance of the conditions was
made impossible for Denver & Rio Grande by litigation concerning the
legality of the lease of the Moffatt Tunnel to the Denver & Salt Lake. A
recent Supreme Court decision upholding the valldity of the lease cleared
the way for a final acceptance of the conditions imposed by the Commission.
V. 132, P.2958, 2573.
•
Detroit & Mackinac Ry.-Operating Agreement Modified.
-V. 130, p. 2380.
See Erie & Michigan By. & Nay. Co. below.
-Operating
Erie & Michigan Ry. & Navigation Co.
Agreement Modified.-
-Annual Report.
Missouri Pacific RR.
Total railway operating revenues for 1930 were $120,187.689, as compared with $139,807,914 in the previous year, a decrease of 319,620,225,
or 14.03%. Total railway operating expenses decreased $13.893,894, or
13.50%. it is shown in the annual report.
The decrease in freight revenue was $14,565,794, or 12.74%. There
were decreases in all groups of commodities, the principal decreases being
products of forests, $3,276,184. and manufactures and miscellaneous.
$7,012,585. The principal decreases in manufactures and miscellaneous
were fuel, road and petroleum residual oils, iron and steel pipe and fittings,
d p nd .teel, machinery and boilers, and automobiles and auto-trucks
aartss
and
The total number of tons of revenue freight handled decreased 8.26%,
and the ton miles decreased
The average revenue per ton mile was
9.63 mills, as compared with 10. mills in the previous year.
6.22%,
Passenger revenue for the current year was $10,210,815, as compared
with $13,023.293, a decrease of 21.60%. Passengers carried decreased
27.70% and passengers carried one mile, a decrease of 20.90%. The
increase in average distance each passenger carried was 9.88 miles, or
9.40%. and the average revenue per passenger per mile was 30.0309,
compared with 50.0312 last year.
Mail revenue for the current year was $3.374,115, as compared with
ria41.14w9a2y.lma681inl 1929, hich included a payment of $1,303,207 covering back
w
pay
A program was inaugurated in 1925 to improve the line between St. Louis
and Jefferson City, Mo., by double tracking, reducing grades and curves.
and revising alignment. Except for three short sections totalling 3.76
miles, this work was completed during the past year by construction Of
10.44 miles of second main track between Lake Hill and Eureka. Grades
on this line have been reduced to a maximum of 0.3% in each direction,
On
except for two short 0.5% velocity grades against westward trains. were
the river route of the Eastern division, 3 mules of second main track
Mo., and 3.80 miles through Myrick, Mo.
constructed through Lamine,
alignment
On the Central Kansas division, improvement of grade and a distance
Grove, Kans.,
was Carried out between Osawatomie and Council Hoisington, 14.24 miles.
City and
of 24.53 miles, and between Gypsum
On the Arkansas division, 9.81 miles of second main track were constructed
at an elevation
southward from Newport across tho White River Valley.
welt above the highest known floods.
block signals were
During he last year, 407.03 miles of automatic
system, in addition to
installed, making a tota of 1,948.03 miles for the24 additional highway
installed and
which 10 interlocking plants were protection.
y ngs
ssiear. were equipped with signal
All equipment ordered in 1929 was delivered and put into service during
the
Charges to road and equipment were: Second main track, $33,550,326:
equiproad, ($14.362,824 less retirements, $455.087). net $13,907,737: and a
$9,547,487;
ment ($11,285,179, less retirements. $1,737,692). net 1917, of $175,307.
not appraised. June 1
credit of assets and liabilities
making total charges to road and equipment for the year, $27.023.410.
-V. 132. D. 1407. 1217.
-S. C. Commission April 23 approved a modification of the operatThe I.
ing agreement of April 30 1930 between the Detroit & Mackinac By. and
the Erie St Michigan By. & Navigation Co.
The supplemental report of the Commission says in part:
•
By report and certificate issued April 11 1930 we authorized the Erie &
• Michigan Ry. & Navigation Co. to operate over the main line of the Detroit
& Mackinac By. between Alabaster Junction and East Tawas, 4.09 miles,
and over a branch line of the latter between Alabaster Junction and AlaNew Orleans Texas 8c Mexico Ry.-Annual Report.
baster. 4.27 miles, all in Iosco County, Mich., in accordance with the terms
The results from operations of the company (subsidiary of the Missouri
• of an operating agreement. The agreement provided that all net revenues Pacific) for the calendar year 1930,show an increase in the volume offreight
• on all joint northbound and southbound freight to and from Alabaster, traffic handled, consisting mainly of crude oil from the Refuglo field.
• with certain exceptions, should be divided between the Detroit & Mackinac Total operating revenues for the year were 315.428,421, an increase of
and the Navigation Co. on the bases of 68% and 32%, respectively. The $191,965 or 1.26%. Total railway operating expenses decreased $96,180,or
• • agreement provides for the payment by the Navigation Co. to the Detroit .91%.
$490,974. or
. dr Mackinac of a guaranteed sum of $167.286 each year as the minimum
'rile increase in freight revenue was7p,920 The 3.87%. dThe principal
o
f ncds. 7 741 were
2 7
.
7.
$i
net revenue accruing to the latter from the movement of passengers and increase was in products of mines,51 3 4r0duet ofprireilpa1 3 2 9 , and
freight.
in products of agriculture, $257,
On April 13 1931 the Detroit & Mackinac and the Navigation Co. filed manufactures and miscellaneous, $334,132.
• a joint supplemental application for authority to modify the aforesaid
The total number of tons of revenue freight handled increased 3.11%.
.agreement, alleging that due to industrial depression the latter has been and the ton miles increased 3.797. The average revenue per ton mile was
• unable to meet the annual payment guaranteed under article 13 thereof. 14.45 mills, as compared with 14.44 mills in the previous year.
°
It is shown that for the period from April 30 1930 to Dec. 31 1930 the
Passenger revenue for the current year was $1,327,770, as compared
Navigation Co.'s payments were in arrears in the aggregate of $60,698, with $1.546,307, a decrease of 14.13%. Passengers carried shows a dehe predictions are that net revenues during the first year of operation crease of 14.4% and passengers carried one mile, a decrease of 15.44%. The
under the agreement will not exceed one-half of the sum of $167,286 which decrease in average distance each passenger carried was .92 miles. or 1.21%,
,the Navigation Co. guaranteed to pay. The applicants have found that and the average revenue per passenger mile was $0.0285, compared with
the
• the provisions embodied in articles 12 and 13 ofnew agreement are incon- 30.0281 last year.
agreement to supple• alstent. and they have accordingly formulated a
The decrease in mail revenue of $84,392 is due to the previous years total
one. The supplemental agreement entirely om.ts the pro- including back mall pay of $89,560.
anent the old
visions embodied in article 13 of the old agreement and modifies the terms
Expenditures for maintenance of way and structures decreased $26,660.
Transv.
of article 12 thereof by providing for a division of net revenues on the bases Maintenance of equipment expendittLres lin3crea 1792.
P.
of73% for the Detroit & Mackinac and 27% for the Navigation Co. instead portation expenses decreased $232.697.
of 68% and 32%, respectively, as previously shown. The divisions as
-Links Lines Closer.
effective
New York Central Lines.
modified are to be retroactive to April 30 1930, the become date of the
New York
agreement is to
effective as
The duties of R. D. Starbuck, operating Vice-President of the of the
• Old agreement. The supplemental and effect for a period of five years
Big
and continue in force
be extended shortly to include supervision
Central RR.will
of Feb. 1 1931
may be canceled at any time by either Four and the' Michigan Central lines according to reports.
thereafter. By mutual agreement it
W. J. Fran), Assistant Vice-President, it is expected, will become Vice-V. 130. P. 3155.
contracting parties.
Of the
President in charge of the lines east of Buffalo. DR. MacBain, General
of Line.
• Great Northern Ry.-Abandonment of Part authorizing the Manager in charge of the lines west of Buffalo, will be promoted to ViceApril 17 issued a certificate
President, supervising the same territory. V. 132. p. 1407.
-S. C. Commission
The I.
of railroad extending from a
company to abandon that portion of its line
-New Counsel,
direction
New York New Haven & Hartford RR.
northwest of 1VIolson in a general westerly County, 23.49
Point 0.5 mile
Okanogan
Wash.
Norman S. Buckingham of Milford. Conn., has been appointed general
miles to a point 1.25 miles east of Oroville, all in
caused by the death of Benjamin I.
counsel of the road to fill the vacancy
-V. 132, p. 2959, 2381.
-The Spock.-V. 132. p. 2577.
Rate Decreased.
-Dividend
Illinois Central RR.
directors on April 28 declared a quarterly dividend of 1%
on the outstanding $135,799,300 common stock, par $100,
Norfolk & Western Ry.-Retires Underlying Mortgage.
-year 6% gen, mtge. in the sum
The company on May 1 paid off its 50
of $7,235,000, reducing its funded debt to .hat extent, This mortgage
was a first lien upon the company's main line from Norfolk, Va., to Bristol.
Va., a distance of 408 miles. The bonds were taken up out of treasury funds and no new financing is in contemplation. The retirement of
these bonds will reduce the company's fixed charges by $434,100 a year.
-V. 132, p. 2577.
-Earnings.
New York Susquehanna & Western RR.
[Including the Wilkes-Barre & Eastern RR. Co.]
1928.
1927.
1929.
1930.
Calendar Years$4,959,591 $5,361,582 $5,263,153 $5,199,136
Operating revenue
4,857,832
4,550,025
4,022,156 4,411,489
Oper. exp., taxes, &c
$713,128
$341,304
$950,093
$937.436
Operating income_ _
Net equip.and rents_ _ _ _ Dr.284,913 Dr.253,122 Dr.224,661 Dr.238,684
Net ry. oper. income..
Non-operating income__
3333
FINANCIAL CHRONICLE
MAY 2 19311
$652,522
89,470
$696.971
88,931
$488,467
78,907
$102,620
75.129
-Earnings.
Western Ry. of Alabama.
1927.
1929.
1928.
Calendar Years1930.
Railway oper. revenues_ $2.508,623 $3,022,299 $3,238,872 $3,187,850
2,458.801
2,437.505
2,409,807
Railway oper. expenses_ 2,067,018
Net tev.from ry. oper.
Railway tax accruals___
Uncollectible ry. revs_ _ _
$441,605
172,011
129
$563,498
182,256
467
3801,367
220,194
164
$778,043
220.400
314
Railway oper. income_
Non-operating income__
$269,465
368,716
$3380,775
330.964
5581,010
541,304
$557.329
305.577
Gross income
Deduc. from gross Inc..
5638,181
311,352
5711.739 51,122,314
288.923
392,628
5862,908
318,105
Netincome
Dividends (8%)
$326,829
240,000
$422,816
240.000
$544,801
240,000
$729,686
240.000
$182,816
$489,686
$86,829
$304,801
Balance, surplus
Earns, per sh. on 30,000
$24.32
$14.09
$18.18
$10.89
shs.cap.stk.(par $100)
Comparative Balance Sheet Dec. 31.
$14,905
$235,961
$59.144
$629,335
Deficit for year
1930.
1920.
1929,
1930.
Comparative General Balance Sheet Dec. 31.
Liabilities$
$
Assets
1930.
1929.
1929.
1930.
3,000,000 3,000.000
Road & equipment 9,842,394 9,543,282 Capital stock
$
$
Assets217.968 Long term debt... 1.543,000 1,543,000
Misc. phys.
Invest.in rd. &eq 44,183,556 43,828,578 Common stock...12,818,319 12,816,319 by.In affil.prop__ 220,937
900 Traffic & car-serv.
cos__
3,300
Preferred stock___12,964,844 12,964,844
Impte. on leased
balances payable 209,835
272,789
555,804
Other investments 447,101
9,478 Stock liability for
22,482
railway Prop-180,142 Audited accts, and
222,599
conversion
223,237
223,237 Cash
of
Devoe. in lieu
209,484
wages payable__ 153,435
23,264
Loans & bills rec._
33,891
397 Long term debt._.15,335,943 15,449,943
397
mtgd. prop. sold
37,195
21,700
Misc, accts. payle
Traffic & car-serv.
10,378 Trai. & car-serv.
10,378
Misc. phys. prop_
17,358
17,358
49,936 Unmat.int. acct._
balance receiv
38,914
bats. payable... 4,513,008 4,340,258
Inv. in affil. cos.:
8,279
8,589
Other curr. liab___
Net bal. rec, from
598,781 Audited acc'ts and
598.781
Stocks
94
732
12,308 Deferred liabilities
9,821
Mts. & cond't'rs
383,371
wages payable__ 2,127,929 1,783,623
412,504
Advances
424,071 Unadjusted credits 3,126,590 2.871,789
26,982
47,693 Mill. accts. receiv_ 408,934
Misc. acc'ts pay_
1
1
Other investments
553.385
385,177 Corporate surplus_ 554,428
337,672
107.287 Material & suppl
758,087 Int. mard unpaid_ 107,300
837,780
Cash
4,142 Prof. & loss bal.-. 3,282,239 3.214.503
Int. & diva. rec...
3,114
876 Funded debt ma876
Special deposits.._
7,241
2,627
965
965 Other curr. assets_
tured unpaid...
Traffic & car-seer.
32,829
33,581
137,575 Deferred assets..._
70,282 Unmard int. accr_ 135,391
77,772
bats. receivable_
291,719
342
442 Unadjusted debits 314,272
Unmard rents accr.
Net bats. rec, from
8,112
13,331
10.950 Other curr. Habil_
17,532
agents & cond'rs
Total
11,918,981 11,728,788
Total
11,916,961 11,728,768
7,543
9,731
230,225 Other derd Habil_
Miscell. acc'ts rec. 196,002
3,846
4,731 -V. 130. p. 3347.
124,949 Tax liability
Material & supple 135,793
971,897
283 Accr. depr., equip. 1,436,918
231
Int.& dive. reedy_
55,783
122,212
50 Other unadj. cred_
Rents receivable._
50
759 Add'ns to property
Other current assets
1,988
PUBLIC UTILITIES.
818,811
thru.inc. & surp. 838,510
100,031
Other derd assets_ 133,111
Funded debt red.
Rents & ins. prem.
-Acquires Properties.
Alabama Water Service Co.
thru.inc. & sum.
50,000
50,000
3,016
paid in advance_
1,495
On April 6. this company, a subsidiary of the Federal Water Service
61,281 Profit & loss def.. 4,187,659df3,872,373
54,806
Other unadj. debit_
Corp., purchased as of April 1, the water properties at Cordova and
48,485,293 48,190,308 Parrish, Ala. The combined population of these two communities is
Total
Total
48,485,293 48,190,308
about 3,000.
-V. 132. p. 845.
Gross income
Deduc. from gross inc..
$741,992
801,136
$785,902
800.808
$567,373
803,335
$177.749
807,084
Earnings.
-
North Texas & Santa Fe Ry.-Bond.For income statement for 12 months ended Feb. 28 see "Earnings Depart-V.132, p. 2757.
-S. C. Commission, April 20, authorized the company to issue a ment" on a preceding page.
The I.
registered 1st mtge. 6% gold bond, series B, for $650,000, to be delivered
American & Foreign Power Co., Inc.
-Back Dividend.
to the Atchison Topeka & Santa Fe Ry. in satisfaction of a like amount of
-V. 132,
indebtedness to that company for advances for capital purposes.
The directors have declared a back quarterly dividend of $1.75 on the
p. 2577.
2d pref.stock,series A (for the period from July 1 to Sept. 30 1930). payable
May 29
11. Similar distribution was
- this issueto holders of record May quarter ended June 30 1930. made on
-Increase of Indebtedness Increased.
Pennsylvania RR.
on Dec. 30 1930 for the
An increase in the authorized indebtedness of the company by $150,000,The company has issued the following statement:
000 was approved by a stock vote at the annual election held on April 28.
It was announced that no new issue of securities was contemplated ImDividends on the stock have not been paid at regular intervals since its
mediately.
-V. 132, p. 2959, 3142.
Issuance. In the latter part of 1927 accumulated dividends were paid
When in December 1927 the company
-Earns.
-- for the period ended Sept. 30 1927.
Richmond Fredericksburg & Potomac RR.
offered for subscription additional units of securities consisting of one share
of 2d pref. stock, series A, and four option warrants, the statement was
Calendar Years1930.
1929.
1928.
1927.
Ry. 09er. revenues
510.343,439 $11,843,825 $11,035,433 $11,595,722 made that, although the actual earnings on an annual basis might exceed
Ry. oper. expenses
7,876,346
8,142,466
7,800,240
8,438,157 the current dividend requirements on the 2d pref. stock. series A. the full
669,451 current dividend would probably not be paid in the beginning. Attention
Ry. tax accruals
546,677
618,419
681,652
66 was called, however, to the cumulative feature of the stock.
Uncollectible ry.revs_ _ _
31
159
227
During 1928 the company paid two quarterly dividends of $1.75 each
Equip.3zjoint facility rts.
612,548
584.604
604,668
612.400
on the stock and in 1929 five quarterly dividends were paid. Four quarNet ry. oper. income_ $1,307,836 $2,434,944 $2,011,878 $1,875,647 terly dividends were paid in 1930. These payments were not made at
172,153
182,631
192,321
210,957 regular intervals, however.
Non-operating income..
Dividend requirements on the 2d pref. stock, series A, were more than
Gross income
$1,479,989 $2,617,574 $2,204,199 $2,086,603 fully earned for the year 1930. The earnings for the stock for the year
Int. on funded debt..
339,479
345,101
350,724
356,345 1931 cannot be predicted, and it is not certain that four quarterly dividends
15,501
Other deductions
14,829
13,242
20,504 will be distributed during the year. The company has invested proceeds
from the sale of the 2d pref. stock, series A, in new propertics and in adincome
$1.125,681 $2,256,972 $1,840,233 $1,709,754 ditions and improvements to properties and most or these properties are
Net
1,505,341
1,071,949
1,015,273 not yet on a good earning basis. The rate of growth of earnings has been
Cash dividends
1.071,949
retarded by reason of the world-wide business depression and,furthermore,
$751,631
$768,284
$694,481 the consolidated statements of earnings of the company and its subsidiaries
Balance, surplus_ - - $53.732
have been adversely affected by the unfavorable foreign exchange rates.
General Balance Sheet Dec. 31.
During the year 1930 the company's subsidiaries expended over $52.1930.
1929.
1929.
1930.
000,000 for new and increased power plants (largely hydro-electric) and
Liabilities
Assets
for transmission lines and for building and rebuilding distributing systems.
Common stock... 1,318,900 1,318,900
Invest. in road &
Subsidiaries now have in nearly every situation a large amount of surplus
500,400 power and transmission facilities to take care of the expected additional
equip.: Road_24,897,202 24,239,949 Guaranteed stock_ 500.400
Equipment
8,648,114 8,667,739 Div. obits. stock__ 9,017,500 9,017,500 load, and many distributing systems have been rebuilt so as to advanGen. expend_ _
170,088 Non-voting 6% stk 4,000,000 4.000,000
178,717
household appliance
as is
Long term debt.-_ 7,648,500 7.742,200 tageously handle the large electricalbut has heretofore notload such most
Deposits in lieu of
existed in
being developed in the United States
6,682 Traffic St car ser.
mtgd. prop. sold
8,682
Notwithstanding adverse business conditions,
served.
balances payable 849,140
748,531
Misc. phys. prop_ 745,575
697,859 of the countries sales campaigns are now being carried on with great
active appliance
669,994 Audited accounts&
Inv. in MM. cos
723,985
-V. 132. p. 3143. 2578.
wages payable- 430,115
Other investments 1,187,819 1,402,341
779,630 success in every country served.
346,781 Misc. accts. pay- 131,477
Cash
150,558
238,267
-Earnings.
American Light & Traction Co.(& Subs.).
1,100
782,371 Int. matured unp'd
318
Special deposits
440,081
15,485 Divs, mat. unpaid 438,961
Loans & bills rec_
782,005
138
Comparative Consolidated Income Accountfor Calendar Years.
Unmat. int. seer.
81,098
Traffic & car ser.
63,874
1929.
1927.
1930.
1928.
Sub. Oper, Cos..
25.803
718.051 Other curr. liabil.
32,954 Gross revenues
balances rec
834,800
$44,042,452 $46,684,808 $41,214,012 $35,596,684
Deferred liabilities
2,184
Net bal. rec. from
8,181 General oper. expenses... 20,750,994 22,098,081 19.409,363 16,599,222
424,471
80,548 Tax liability
87,082
580,682 Prov, for retirem't on
agents & conduc.
991,507 Accrued deprecia.
Misc.accts. rec... 846,497
3,488.718
2,928,909
2.483,471
1.921,855
general plant
Materials & Kipp_ 1,109,484 1,215,258 -equipment... 3,682,879 3,381,757 Maintenance
2,802,322
2,516,675
2,916,257
3,534,144
Other unad.i. cred. 1,231,260 1,350,620
13,592
Int. & divs. rec._ _
11,810
4,302,965
4,751,455
4,760,872
4,555,787
Gen. & Fed. inc. taxes
1,889.543 1,889,543
351 Approp. surplus
351
Working fund adv.
Profit & loss
8,749,403 8,599,613 Int. & dive, on bonds,
Rents & ins, paid
pref. stock & notes
4,874
18,568
in advance
3,942,153
4,046,339 4,107.038 3,332,104
owned by public
822,071
Other unadj. dolts. 868,002
Amort. of bond disct. &
133.855
150,452
153,711
154,268
expense
Total
Total
40,200,534 40,874,171
40,200,534 40,874,171 Profit
40,110
40,271
40.258
applic. to min.int.
37,609
-V.132. p. 3142.
Bal,applic. to Am.Lt.
Southern Ry.-Double Tracking of 77 Miles of Line
& Tr.Co
$8,001,557 $9,121,922 $7,665,320 $6,749,898
Sub. Invest. Cos.
Completed.
51,040,864
Gross revenues
Double tracking and revision of 77 miles of the Southern Ry. Systems' Gen. exile. (incl. taxes)_ 52,650.704 52,612,708 $1,885,461
11,604
22.027
98,365
103,819
Cincinnati-Chattanooga line, a major construction project which has been Interest
40.670
171,645
480,372
under way since September 1928, was completed when the last of the second
track, lying between mile posts 46 and 52, Blanchet and Hinton, Ky., was
Bal.applie. to Am.Lt.
placed in service at 9.30 a.m. April 27. The Southern now has 245 miles of
$2,342,697 $1,822,764 $1.029.259
& Tr.
double track on the 338-mile line between Cincinnati and Chattanooga with Tot. accr.Co Am. Lt. & $2,066,513
. to
extending South from Cincinnati 136 miles through
continuous double track
7,779.158
9,488,084
Tr. Co. from subs...
10,068,070 11,464,619
Lexington and Danville to South Fork, Ky. The project just completed
Amer.Lt. & Tract. Co.:
carried double track from Williamstown to Danville, and involved some Interest and dividends
145.761
259,799
454,235
891,997
very heavy construction, requiring the removal of 4,000.000 cubic yards of Miscellaneous income...
7,953
136,246
166.929
251,671
material, 75% of which was solid rock. Throughout the revision gradients
give ruling grade of 6
-10th of 1% compensated as
were reduced so as to
Total inc. accr. to Am.
against 1% uncompensated on the original line, and 490 degrees of curvature
Lt. & Traction Co_ _$11,211.738 $12,085,783 $9,884,128 57,932.873
403,147
were eliminated. Material revisions of alignment were made between Blan- Gen. exps. (incl. taxes)_
476,034
586,794
342,562
80.000
chet and Sadieville and between Vilmore and Danville, and grade re- Reserve for contingencies
80,000
80,000
175,822
visions were made wherever necessary. Practically 1.000 men were em- Interest
64,252
103.897
453,240
years -V.132, p. 2571, 2177.
ployed on the job for over two
Bal,trans.to surp.acc _$10,335,937311.465,496 $9,225.159 57.242.182
Trinity Valley & Northern Ry.-Proposed Construction.
The balance for common stock after deducting preferred dividends was
The I.
-S. C. Commission, April 16, denied the company's application for equivalent to 33.44 per share on 2.767,283 shares of $25 par value common
authority to construct and operate a proposed line of railroad from Cleve- stock outstanding during the whole of 1930. This compares with earnings
land in a southeasterly direction to Havens, 12 miles, in Liberty County. per share of $15.41 in 1929 on the average common stock outstanding durTexas
.-V. 128, p. 3823.
ing that year (607,398 shares), par value $100.
3334
FINANCIAL CHRONICLE
Surplus Account Dec. 311930.
-Balance surplus Dec. 31 1929, $33,346.712; balance surplus 1930. as above, $10,335.937; profit from sale of properties, less surplus acquired by minority interest $2; total, $43,632,647.
Deduct: Pref. divs., 3804,486; common diva., $6,918,011. Final surplus
Dec. 31 1930, 835,960,150.
Consolidated Balance Sheet Dec. 31.
1930,
1930.
1029.
1929.
Assets-$
Liabilities$
$
$
Properties, IranAm. L. & T. Co.:
chises, organPref. stock_ __ 13.408,100 13,408,100
batten, &c___170.035,109 163,181,699
Common stk. 69,182,075 69.174,300
Unamort. bond
Corn.stk. wardiscount and
rants
19,206
27,051
stock expense 3,374,991
3.512.971
Paid-in (sum.
Investments .....x62,873,275 x62,171.908
excess paid
Other securities_
52,062
in over par
392,828
Cash
val. of corn3,113,196 5,316,373
Accts. receivable 4,524.036 5,015,726
mon stock)_ 18,238,071 18,238,071
Notes receivable 2,444,269 2,337,757 Subsidiary cos.:
Interest and div9,000,000
Pref. stock_ __ 9,000,000
Wends reedyCorn, stock__
236,720
236.670
able
484,440
Paid-in sun).
257.497
Inventories (ma(prem. on
98,320
98,320
Pref. stock)
,,rials• RIPPI's
te
Surplus applio
v. appliances) 5,290,882 5,478,586
Prepaid expenses
11,147
241.041
14.456
211,149
to min. Int.
Special funds on
Funded debt of
deposit
64,313,000 64,622,000
sub. cos
40.765
38,725
Items in suslese
229.424
233,997
33,119 Notes pay.(cur.)
1,675.842
1,439,112
Acc'ts payable
1,341,448
1,607,661
Interest
1.890,716 1890,522
Dividends
1,648,961
Fed. taxes (est.) 1,605.236
1,386,887 1.178,397
General taxes
82,480
72,383
misc. cur. Habil.
Note pay. (sec.
by called debts
11,500,000 10,500,000
see x)
1,608,596
Derd liabilities_ 1,409,434
3.091
Items In susp_
Retirement
General plant 15,904.416 13,956,748
717,569
775,768
UtITIty equip_
Contribut'ns for
498,141
587,147
extensions
Maint. & other
954.463 1,059,765
oper. reserves
General contin's 2,897.655 3,236,079
35,060,150 33,346,712
Surplus
Total
252,474,066 247,948,339
252,474,066 247,948,339
Total
x Securities aggregating $17,702.500 at market value as of Dec. 31 1930
are pledged as security for notes payable of 311.500,000.-V. 131, P.3042.
[VoL. 132.
Court on Dec. 24 1929. the property was purchased by Morse Dell Plain
as manager for the syndicate. He took over operation of the railway
system on Dec. 31 1929, and on Feb. 25 1930 the property was sold to the
Calumet Railways, Inc., which had been organized in the meanwhile.
Franchises were later introduced in the city councils of Hammond.
Whiting and East Chicago, providing for an extensive rehabilitation program and operation of the railways under a service-at
-cost plan. After a
Year of negotiations with the city councils of the three cities which were
unsuccessful, the franchises were recently withdrawn.
-V. 132, P. 2758.
California-Oregon Power Co.
-Earnings.
Calendar YearsGross earnings
Operating expenses, maintenance and taxes
1930.
83,923,982
1,653,030
1929.
$33,387,415
1,354,385
Net earnings
Other income
32,270,952
6,259
$2,033,031
15,800
Net earnings
Lease rentals
Bond interest_
Debenture interest
General interest
Interest charged to construction
32,277,211
155,982
580,346
220,000
47,053
Cr20.763
32.048,831
15,577
582,914
220,000
25,326
Cr35,389
Balance
Preferred dividends
$1,294,592 $1,240,402
533,345
525,716
Bal, for retire. (deprec.) reserves, amortlz.,
common dividends and surplus
$761,246
Condensed Balance Sheet, Dec. 31.
1930.
1929.
1930.
Assets
LiablintesPlant, prop., rts.,
7% pref. stock__ 2,883,000
franchises, &c31.167,083 29,714,270 6% pref.stock.... 1,000.000
Unamort. dt. disc.
6% pref. stock_ _ 4,500,000
Inand ex pense___ 1,008,492 1,081.701 Subsc. to pt. stk..
vestmeta
n
4,531 Common stock__ _ 5,941,100
2.850
Sinking hinds _ _ _
14,192,500
1,051 Funded debt
5,274
Prepd accounts__
1,589 Std. Gas & El. Co_ 1,125,364
10,969
Insur. unexpired__
183,954
19,606 Accounts payable_
8,532
Def. accta, in pro302.980
Accrued for Int
cess of amortiz_ _
5,178 Accrued for taxes_ 429,547
1,489
Cash
324,841 Accrued for divs__ 236,921
231,141
Cash on dep. for
63,365
Customers' deps__
bond interest_
13,925 Misc. unadj. credo. 127,544
13,850
Accounts & notes
Deprec., reserve._ 1,792,321
214,106
receiv'le., net
640,120 Other reserves_
706,292
Receiv. from secs.
532,849
Surplus
sales
59,420
Ma.& supplies.. 369,581
364,904
$714,685
1929.
3,883.000
1,000,000
3,418,700
80,800
5,541,100
14,209.400
162,616
157,337
302,503
384,695
397,435
66,548
90,900
1,805,158
191,487
539.456
33.525,555 32,231,135
Total
Total
33,525,555 32,231,135
Note.
-California Power Corp. had outstanding $7,369,100 6% secured
gold bonds in the hands of public, due Feb. 1 1931, which were redeemed
Definitive cony. 15
-year 6% debentures, initial series. due March 1 1945
are now ready to be issued in exchange for interim certificates at the Chem, on that date, and $3,000,000 common stock owned by Standard Gas &
ical Bank & Trust Co., 165 Broadway, N. Y. City.
- Electric Co. California Power Corp. owned $3,000,000 gen. & ref. mtge..
-V. 132, p. 3143. 2960
series "A,"5%% bonds, due Feb. 1 1946, 3273.200 7% pref. stock, $124,600
6% pref. stock, $469,500 6% pref. stock, series of 1927, and $4,441.100
Bell Telephone Co. of Pa.
-Acquisition.
The I.
-S. C. Commission, April 16, approved the acquisition by the com. stock of California Oregon Power Co., all of which were acquired on
-V. 132, p. 2190.
company of the properties of the Dorseyville Telephone Co.
-V. 132, p. Jan. 31 1931, by Standard Gas & Electric Co.
1794, 1219.
Heat & Power
Appalachian Gas Carp.
-Definitive Debentures.
Belt Line Ry. Corp.
-Foreclosed.
The property sold at foreclosure in the Vesey Street Exchange sales
rooms April 29 to Archibald A. McDonald Jr., and Ferdinand Water, as
joint tenants, on a bid of $2,013,625. The successful bidders were said
to be acting for the Third Avenue Railway System, with which the Belt
Line Railway Corp. is affiliated.
The foreclosure was brought by the Central Hanover Bank & Trust
Co., as trustee under the 1st mtge. on a lien of $2,000,471. Back taxes
amounted to $32,283. Henry Brady, auctioneer, conducted the sale.
The real estate, equipment, rights, interests and franchises of the company were involved in the action.
-V. 132, p. 2579.
Boston Elevated Ry.-Tenders.Henry L. Wilson, Treasurer will until May 6 receive bids for the sale
to the company of 2d pref. stock to an amount sufficient to exhaust $48.122.
-V. 132, p. 2758.
-Stock to Employees
Brooklyn-Manhattan Transit Corp.
Paid on April 15.
-
Canadian Western Natural Gas, Light,
Co., Ltd., Calgary.
-Extra Dividend.
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of $1 per share on the common
stock, both payable April 15 to holders of record of the same date. Like
amounts were paid on Jan. 15 last.
-V. 132, p. 655. 1615.
-Generating
Central Public Service Corp.
Higher.
-
Capacity
Generating capacity of this corporation's electric properties was increased
over 240% during 1930, it is announced. Daily generating capacity at
the close of 1930 was 363,811 h.p., compared with 105,148 h.p. at the
close of 1929. The proportion of hydro
-electric generating capacity also
increased sharply, comprising 39.5% of the 1930 total whereas it formed
only 2% of the 1929 total.
The corporation had 16,776 miles of transmission lines in service at the
end of 1930 as against 3,011 miles a year earlier.
-V. 132.P. 3145.
-Earnings.
Chester Water Service Co.
For income statement for 12 months ended Feb. 28 see "Earnings De-M.T.System
April 15th was a red letter day for 1,400 employees of the B.
-V. 132, p. 2963.
-M. T. partment" on a preceding page.
as on that date they received the certificates for 6,000 shares of B.
preferred stock which they had subscribed for under the 1926 Employees
-Earnings.
Citizens Water Service Co.
Stock Ownership Plan. The first payments on the stock were made in 1926
For Meanie statement for 12 months ended Feb. 28 see "Earnings Deand continued monthly until the subscription price had been completed.
partment" on a preceding page.
-V. 132, P. 2759.
Under the plan deductions from earnings at the rate of $1 per share per
month were made for a period of 55 months so that the actual payments
-New Director.
Cleveland Electric Illuminating Co.
from wages by the employees totaled only $55 for each share of stock. At
Charles W. Mills has been elected a director to succeed E. M. Bulkley.
the present time the preferred stock is selling for approximately $90 a share
V.132, p. 1409 V. 131, p. 3205.
on the New York Stock Exchange.
The pref. stock was offered employees on July 20 1926, at $75 per share.
-Earnings.
Columbus Ry. Power 8E Light Co.
The difference between the offering price and the actual deductions from
For income statement for 12 months ended March 31 see "Earnings Dowages of $55 Per share has been7made up by crediting the employee sub-V. 131, p. 2893.
Partment" on a preceding page.
scriber's accounts with the dividends paid on the stock during the period of
payment and charging interest at 5% against the account for deferred pay-Smaller Common
Commonwealth & Southern Corp.
ments on the stock. In addition to receiving the preferred stock certificates
on April 15, each employee also received a check for 79 cents per share, Dividend.
At a meeting of the board of directors of this corporation held on April 28
dividend of $1.50 per share
representing the difference between the quarterly
payable on April 15 and the final deduction of 71 cents in payment for the the following dividends were declared: 10c. per share on each share of
stock -V.132, p. 2963.
common stock, payable June 1 to holders of record May 8, and $1.50 per
share on each share of preferred stock, payable July 1 to holders of record.
-Tenders.
Birmingham Ry. Light & Power Co.
June 5. From March 1 1930 to and incl. March 2 1931 quarterly dis-V. 132. p.
Tenders are invited to be made on or before May 111931. for $1,000,000 tributions of 15c. per share were made on the common stock.
more or less, principal amount of the general mtge. ref. 4%% bonds issued 1988.
under the mortgage made by the above company to the Commercial Trust
Compania Hispano-Americana de Electricidad, S. A.
& Savings Bank (name now changed to The Canal Bank & Trust Co.),
as trustee, dated Aug. 11904.
(Chade)
.-Retires Bonds.
Tenders are to be addressed to the company, 2 Rector St. N. Y. City,
Exercising the right granted to this company by the provisions of the
'
and must specify the price at which such bonds are offered for purchase. deed
creating the 6% income bonds, the redemption of the 6,665 income
The right is reserved to reject any and all tenders of bonds in whole or in that was to
take place during the year 1931, has been effected through the
part.
-V. 131, p. 4052.
-V. 131, p. 4053.
purchase in the market of the corresponding bonds.
-Sale-Dissolved.
California Power Corp.
It is announced that the assets of this corporation was sold to the Standard Gas & Electric Co., the parent concern, as of Jan. 30 1931, and the
-V. 122, p. 881.
former dissolved.
-Seeks to Discontinue Trolleys.
Calumet Rys., Inc.
-New Trustees.
Consolidated Gas Co. of New York.
George Whitney of J. P. Morgan & Co., and Charles E. Mitchell,
Chairman of the board of the National City Bank, have been elected
trustees, succeeding Samuel Sloan, resigned, and the late Walter R. Addicks.
-V. 132, p. 2385, 1795.
Permission to discontinue street railway service in Hammond. Whiting
-Interest and Dividends in 1931
Cuban Telephone Co.
and East Chicago has been asked in a petition filed with the Indiana P. S. Not
Subject to United States Income Tax.
Commission by the Calumet Railways. Inc., which serves those cities.
The Commissioner of Internal Revenue has agreed that interest on
The Commission is asked to approve immediate discontinuance of the
of the company's street railway system and to cancel and rescind bonds and dividends on stock of this company are to be regarded, for
operation
tax purposes, as income from sources without the United States during the
indeterminate permits under which it has been operated.
For many years. operation of the street railway lines has resulted in a year 1931. Such income, when received by a non-resident alien is not
subject to United States income tax during the year 1931.
substantial deficit each year, the petition states.
The following is taken from a letter received by the company from the
The petition recites that loss through operation of the lines has aggregated $273,967 during the last five years and that the deficit in the first Commissioner's office under date of April 13 1931: "Inasmuch as you have
three months of this year has been more than 25% greater than the loss shown to the satisfaction of the Commissioner that less than 20% of your
gross income has been derived from sources within the United States for
In the corresponding period of 1930.
Revenue in the first three months of this year was approximately 32% the three-year period ended in 1930, you have satisfied the requirements
(1)
(2)
less than the revenue for the corresponding period for 1930 the petition of Section 119(a) (B) and (a) (A) of the Revenue Act of 1928. Theropaid to
states. Operating revenues of the company has fallen off from a total of foro, the interest on your bonds and dividends on your stock income nonfrom
resident alien individuals during 1931, should be treated as
$320,012 in 1926 to 3237.709 in 1930.
For many years prior to August 1929, the street railway system was sources without the United State.). Consequently, you will not be re& East Chicago Ry. That company quired to withhold any tax from the interest on your bonds paid during
operated by the Hammond, Whiting
-V. 130, p. 4235.
for several years defaulted in payment of interest on its $1,000,000 of out- 1931 to non-resident aliens."
standing bonds and on Aug. 17 1929 a foreclosure suit was filed in the
Eastern Massachusetts Street Ry.-Wage Controversy.
U. S. District Court for the Northern District of Indiana.
The "Boston News Bureau" of April 28 says in part:
A receiver was appointed on Aug. 19 1929. A syndicate in which busiIn view of a persistent and alarming reduction in gross and net revenues
Chicago held a majority interest
ness men of Hammond. Whiting and East
was organized and at a foreclosure sale held under order of the Federal of Eastern Massachusetts Street Railway, which has made it necessary to
MAY 2 1931.1
FINANCIAL CHRONICLE
3335
discontinue dividends on all four classes of stock, the trustees of the road
earnings have exceeded the current preferential by $2.683,974. compared
on Jan. 27, last, suggested to the car men that they
-V. 132, p. 2761.
in wages for the contract year beginning May 1. accept a 10% reduction with $4,148.524 for the corresponding preceding period.
The
the proposition and there were practically no votes in car men voted on 849.
favor of
wage cut. Representatives of the road and the men took the taking a
matter up
International Telephone&Telegraph Corp.
with Governor Ely, who expressed the hope that the two
-Registrar.
The City Bank Farmers Trust Co. has been appointed registrar for
to reach a compromise. The representatives of the car sides endeavor
men
given their answer to the road, which demands among other have now 15,000.000 shares of common stock of no par value.
-V. 132, p. 2386.
concessions
an Increase in wages, two weeks' vacation with pay and
free uniforms.
They ask for a six-day work week for blue uniform men and
Louisville Gas & Electric Co. of Del. (& Subs.).bus
with a maximum basic rate of 79 cents an hour. The present operators
basic rate Earnings.
Is 67 cents. Nearly all the car men and bus operators now
receive a five12 Mos.End.Dec.31- 1930.
1929.
cents differential for one-man operation.
1928.
1927.
Officials of the company estimate that if the above demands were granted Gross earnings
$10.566.387 $10,338.097 59,685,999 $8,817,922
Operating expenses
It would cost the road about $587,000 a year.
5,153,393
5,013.892
4,696.295
4,264.956
-V. 132, p. 1795.
Eastern New Jersey Power Co.
Net earnings
$5,412,994 $5,324,205 $4.989,704 $4,552.966
-New Control.
-See Other income
541,459
303.964
322,473
180.381
National Public Service Corp. below.
-V. 132,
p. 2964.
Empire State Railroad Corp.
-Foreclosure Sale.
-
The mortgage under which first mortgage 5% gold bonds of the Syracuse
Lake Shore & Northern RR., due May 1 1947 have been issued is in the
course of foreclosure and the sale of the property subject to the mortgage
will take place May 18 1931. Bondholders who have not already deposited
their holdings with the protective committee are requested to do so at once.
Bonds may be sent to the First Turst &.Deposit Co. of Syracuse, New
York, depositary, or First National Bank of Boston, agent of the depositary.
The committee consists of Albert B. Merrill, chairman, Daniel P. Abercrombie and Harold 0. Beatty.
-V. 132, p. 2385.
Fifth Ave. Bus Securities Corp.
-Earnings.
Calendar YearsNet income
Dividends
1930.
$381,183
377.970
1929.
$571,557
566,936
1928.
$381,602
377,900
1927.
$380,712
377,676
Balance, surplus
Assets
Cash
Accts. receivable
I Investment
$4.621
$3,213
$3,102
$3.036
Comparative Balance Sheet Dec. 31.
1929.
1930.
1930.
1929.
$14,138 Accounts Payable_
$19,076
$532
$1,469
5,214 Common stock- 5,843,708 5,843.468
2.550
5,843,708 5,843.468 Surplus
21,095
17.882
Total
$5,865,334 55.862.819
Total
$5,885,334 $5,862,819
x 190.443 shares (81.04%) of the stock of New York Transportation Co.
-V. 131, p. 1256.
Houston Natural Gas Corp.
-Listing of Additional Bonds
The Baltimore Stock Exchange has authorized the listing of
$456.000
additional first mortgage collateral 6% gold bonds with detachable stock
purchase warrants attached.
Earnings for Calendar Years1930.
1929.
Operating income
$5s7.317
$450,344
Netincome after deductions
219,953
199,851
Consolidated Balance Sheet Dec. 311930.
AssetsLiabilities$4,931,000 7% preferred stock
ProPetty (less deprec.)
$500,000
Sinking fund cash
352 Common stock (150.000 abs.
Cash-current funds
168,589
no par)
1,221,339
Cash on deposit with trustee.
20,583 Class A common (461 abs.)..
4,610
Working funds In hands of
1st mtge. coll. Os
2,845,000
employees
419 Main extension deposits
184,983
Notes receivable
2,567 Consumers'security deposits_
89,637
Accounts receivable
260,180 Current liabilities
528,218
Materials & supplies
57,157 Contributions for extensions_
6,842
Deferred debit items
331,605 Surplus
411,804
Total
-V. 131, p. 113.
$5,772,434
Total
$5,772,434
Illinois Power Co.
-Earnings.
Calendar Years1930.
1929.
1928.
1927.
Gross earnings
$2,914,617 $2,903,606 $2,732,117 $2,637,187
Oper. exp., incl. taxes &
maintenance
1,788,289
1,839,473
1,781,027
1,818,551
Fixed charges
368,897
383,014
386,925
395,020
Net income
$757,432
$681,119
8564,164
$423,616
Dividend pref.stock_ _
242,246
230.929
228,246
228,738
Prey. for retire. reserve_
150,000
150.000
150,000
150,000
Balance
$365,185
$300,189
$185,918
$44,878
Balance Sheet Dec. 31.
1930.
1929.
1930.
AssetsLiabilities$
$
$
Prop., plant and
7% cum pref stock 1,976,300
equipment
15,217.297 14,635,817 6% cum. pref. stk. 2,009,000
Investments
52,306
45,017 Common stock_ 4,000,000
Special deposits__
44,011 Funded debt
40,420
5,671,900
Debt discount and
Springfield conssy.
exp. In process
company let M.
of amortization_ 202,107
5% bonds
253,097
35,000
Deferred charges &
Due to Commonprepaid accts.__
wealth a: South.
18,307
12,963
Cash and working
Corp
169,120
funds
85,489 Customers' deps__
79,071
52,322
Accts. receivable
302,117 MIscell. def. Ilab__
265.267
8.057
Due on subscripAccts. payable_ _ _
58,162
tions to preferred
Duo to attn. cos.__
38,627
stock
Accrued taxes____ 317,681
44,484
Materials & supers 246.918
247,352 Accrued interest__
27,272
Unred. tIcketa____
7.763
Retirement res..- 699,160
Other reserves____
40,461
Contributions for
extensions
59,218
Surplus
990,286
Total
16,10,831 15,631,007
-V. 130. p. 4605.
Total
1929.
2,125,000
1,500,000
4,000,000
5,725,200
36,000
50,655
113,4403
329,450
309,162
27,580
7.857
688,397
56,854
45,242
816,169
16,160,831 15,631,007
Illinois Water Service Co.
-Earnings.
--
For Income statement for 12 months ended Feb. 28 see "Earnings Department" on a preceding page.
-V. 132. p. 2761.
Inland Utilities, Inc.
-Plan of Reorganization for Inland,
Midland and Twin States Companies Approved.
-
Total earnings
$5.716.958
Interest charges (net)... 1,454,984
Preferred dividends
1,320,550
Appropr. for retirement
(deprec.), depletion &
other reserves
$5.865,665
1,469.919
1,326,212
Interborough Rapid Transit Co.
Contract Rental Reduced.
-
The company will pay to the city on
April 30, $1,222.242 as rental under
'Contract 3. This rental represents the
°lines over the current subway preferential,excess of earngs of the subway
fixed
ments are computed on a quarterly basis and are under the contract. Paymade within a month after
the close of each quarter. For the nine
months ended March. subway
$4,733,347
1,148,250
1.307.830
811,336
728,414
Balance
$2.941,424 33,069.533 31,817.392 31,548,853
Condensed Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
Liabilities
Assets
Plant, property,
Capital acct. (Del.
rights,fran., &e.79,872.308 66,791.842
:23,089,664 23,089.664
company)
7% pf.stk.(Ky.co.) 8,817.000 8,735.900
Unamortized debt
diset. & exp.- 2,345,410 5,261,387 6% pf.stk.(Ky.ao.)11,500.000 11,500,000
5% pf.stk.(Ky.co.) 1,500.000
Invest. In other
cos., assns.. Azo- 3,783,483 3,783.508 Com.stk. of Ky.
Sinking funds and
co.held by public
8,600
8,600
Other deposits-2.878 Funded debt
28,014.200 28,332,600
7,702
Prepaid accounts_
47,331
9,434
36.081 Stand. G.& E. Co.
38,823
Insur. unexpired__
25,147 Notes payable
43.663
2.000,000
Deed accounts in
Accounts payable_ 367,447
325,253
214,775 Acer.for Interest
process of amort 235,604
267.889
261.851
Cash
931.716 Accrued for taxes_ 327,772
315,492
804,883
Call loans
2,400,000 Accrued for diva__ 473,511
458,821
Cash on deposit for
Other accr. liabiis. 105.984
160,425
bond interest
8,870 Customers' depos_
81,806
78.216
3,810
Misc. enact). cred_ 238,284
Accounts and notes
249,94.6
receivable (net). 1,320,735 1.066.774 Depr.& depl. res.- 8.170,718 3,781,781
Due from attn. co. 298,020
286.771 Other reserves__ 1,011,745 1,032,918
442.224 Surplus
Maels & supplies- 427,431
3,427,244 2,880,548
Total
Total
89.181.677 81,246,973
89,181,877 81.248.973
x Common stock class A, 600,374 shares (no par); common stock class
B, 300,949 shares (no par).
-V. 132, p. 2192.
-Service to
Mackay Radio & Telegraph Co., N. Y.
Austria.
President Hoover opened the first direct radio telegraph service between
the United States and Austria by an exchange of messages with President
Wilhelm Miklas of Austria over the new circuit of the Mackay Radio and
Telegraph Co., associated with the International Telephone and Telegraph Corp., in conjunction with Radio Austria. A.G.-V. 126, P. 2474.
-Annual Report.
Massachusetts Lighting Cos.
Income Statement of Trustees of Holding Company.
1928.
1929.
1930.
Calendar Years3868.999
3862,557
$927,414
Total income
83,002
91.313
81,226
Expenses, taxes, inc., &c
1927.
$807,562
103.704
3771,244
$785.997
$703,858
$846,188
Balance
Consolidated Operating Accounts of Companies Whose Shares Are Owned by
Massachusetts Lighting Companies.
1928.
1929.
1927.
1930.
Calendar Years34,631,457 $4.538,712 34,336,350 34.118,868
Gross income
Net income after exp..
909,514
928.682
807,875
847.067
deprec.& taxes,&c _
122,462
139.114
142,022
153.307
Other income
Total income
Interest charges
Dividends
$1,000,374 $1,070,704 31,031,976
125,685
135.655
125.243
724,044
734,498
788.154
Total.surplus
Mass.Light, pref. diva..
Mass. Light, COM. dive_
8946,988
150,889
655,947
386,976
846,188
3210,522
785.998
5172,276
771,244
$140,152
703.859
$933.164
554,138
200.549
3996.520
554.067
171,762
3943,520
551.213
171,762
3844,011
496,986
171,506
Balance,surplus
Trustees' balance
3270,691
$220.545
3178.478
8175,519
Surplus
57,254
57.254
57,254
Shs.corn.stk. outst'ng(no par)91.917
$7.72
Earnings per share
$6.85
$6.06
x$3.49
x Figured on average number of shares outstanding during the year the
earnings per share amounted to $5.67.-V. 130, P. 3878.
-Reorganization Plan.
Midland Natural Gas Co.
-V. 132, p. 2193.
See Inland Utilities, Inc.
-Earnings.
Missouri Gas & Electric Service Co.
For income statement for 3 and 12 months ended March 31,see "Earnings
Department" on a preceding page.
-Y. 132, p. 3146.
-Earnings.
Mohawk Hudson Power Corp.(& Subs.).
Calendar Years
Operating revenues
Operating expenses
Retirement expense
Taxes
1930.
1929.
337,054,399 336,922,616
15,560,777 16,064,138
2,763,288
2,738,296
4,079,328
3,864,365
Operating income
Non-operating income (net)
$14.890,961 $14,015,862
1,432,173
708,890
315,599,851 $15,448,034
Gross Income
4,668,706
4,507,626
Interest on funded debt
2,150,453
Dividends on pref. stocks of subsidiary companies_ 2,179,005
99,058
321,504
Miscellaneous deductions
In the matters of the
Inland Utilities, Inc., Twin States Natural Gas
Co., and Midland Natural
Gas Co., the reorganization committee comNet corporate income
posed of: Donald B. Adams,
Chairman: T.
licher Jr., R. S. Link, E. McLain Watters, Taylor Wilson, Hans Froe- Dividend requirements on preferred stocks
W. 11. Stephenson, Wm. A. Common dividends
Smart and A. II. Johnson, Executive
Secretary, has approved a plan of
reorganization which it is expected will
result in the prompt reorganizaBalance
tion of these companies.
Shares
The plans contemplate sufficient refinancing to put these companies Earnedcommon stock outstanding (no par)
per share
on a firm basis. It is
expected that the firm of Loeb & Shaw, Inc., will -V. 131, p. 114.
continue with the reorganized
companies as managers.
-V.132, p.310, 124.
-Granted Appeal.
The Appellate Division of the
permission to appeal to the CourtSupreme Court has granted the company
of Appeals at Albany the recent decisions
upholding the five-cent fare in tho
company's suits, one of which sought a
7
-cent fare on both subway
the elevated alone. The and elevated lines, the other a 10-cent fare on
Transit Commission opposed the company's
efforts to take the case to the Court of
Appeals.
$5,312,177
1.318.572
1,364.877
$8.591,716
4,547,766
2,074.063
38.529,818
4,561,939
$1.969,887
1,595,432
$2.53
$3,967,878
1.595.378
32.36
-Earnings.
Mountain States Power Co.
1928.
1929.
1930.
.3112 Mos.End.Dec
$3,436.683 $3,081.421 82,872,005
Gross earnings
1,728.143
1,887.747
Oper.exp.,rnaint.& taxes 2,232,745
649,702
587.452
785,918
Interest
1927.
S2.748,174
1,715.119
682,638
Net earnings
Other income
$418.020
159,332
$606.222
59,183
$494,160
109.051
8350,416
171,727
Total income
Preferred dividends_ _ _ _
$577,352
371.842
$665,405
368,496
3603.211
356,826
3522.143
317,911
Bal. for retirem't res.,
corn. dive.,amort.,&c 3205,510
3296,909
$246,384
$204,232
3336
Condensed Balance Sheet Dec. 31.
1930.
1930.
1929.
Assets
Liabilities
Plant, property,
7% pref.stock _ _ 5,329,200
rights, fran., &c.20,334,358 19,062,069 Capital stk. of subs.
in hands of public •
Unamortized debt
discount & exp_ 491,786
-year
585,603 1st mtge. 20
gold bonds, ser.
Investments
661
664
A. 5% due 1938 1,341,350
Sinking funds
2,992
526
-year
Prepaid accounts_
5,226 1st mtge. 20
649
gold bonds, ser.
Insur. unexpired.._
15,108
14,472
B 6% due 1938_ 6,840,900
Loss on property
Conver. 6% gold
disposed of in
notes,ser. B,due
process of amort. 286,086
306,087
520,600
1935
Deferred sects, in
12,111 Purchase obligation 100,000
process of amort.
9,436
101,427 Standard Gas &
Collaterial cash_ _5,298,022
Electric Co
Cash
210,002
253,662
Accounts payable_ 167,421
Cash on deposit for
241,929 Accrued for interest 255.134
bond interest_
238.760
11,014 Accrued for taxes_ 326,766
11,014
Marketable secur.
93,261
Accrued for dive
Accounts and notes
960,228 1,062,547 Customers' depos_ 141,719
receiv., net_ _ _ _
416,721 Miscell. unadjusted
Materials & suppl_ 397,580
73,380
credits
Excess of par value
of sub. cos.stocks
& bonds over cost
Retire. (depreo.)
372,243
reserve
Other reserves_ _ 284,601
Surplus of subs_
Common stock_ _ _xl,562,439
292,821
Surplus
Total
22,999,881 22.032,861
Total
x 142,500 shares (no par).
-V. 132. p. 2193.
[VoL. 132.
FINANCIAL CHRONICLE
-Earnings.
New York Water Service Corp.
9.
192
5,295,500
2,500
1,443,700
For income statement for 12 months ended Feb. 28 see "Earnings De
-V. 132, p. 2966.
partment" on a preceding page.
-Earnings.
Niagara Lockport 8c Ontario Power Co.
1927.
1928.
1929.
Calendar Years1930.
Operating revenues
$10,676,177 $11,610,240 810,653,335 88,751,300
4,237,024
5,197,450
5,866,732
Operating expenses
5,153,585
338,145
462,784
481,200
Retirement expense...-.
490,200
847,882
884,824
925,281
Taus
799,034
6,861,200
Operating income_ - $4,233,359 $4,337,027 $4,108,277 $3,328,249
80,296
128,836
119,667
Non-oper. income (net).
63,066
588,500
100,000
Gross income
$4,296,425 $4,456,694 $4,237,113 $3,408,545
1,159.234
1,278,126
1.261,871
Int. on funded debt.... 1,243,178
186,236
735,154
940,837
Miscell. deductions
1.004.909
3,575,261
226,443
270,723
300,883
128,902
142,354
Net corporate income_ $2,048,338 82,253.986 82.223,832 $2,063,075
699,233
398,234
Preferred dividends
930,000
1,113,500
1.195,375
Common dividends
1,572,000
$1,058,611
Surplus
Shares of common stock
327 500
outstanding (no par). " 338
3277500
$6.88
Earned per share
$6.25
-V.128, p. 2462.
63,467
76,504
742,655
278,635
75.246
1,562,440
297,949
22,999,861 22,032,861
-Refunding.
Mid-West States Utilities Co.
Out of a total of $1,200,000 two-year 6% cony, gold notes of the above
company, due July 15 1931. approximately $500,000 have been refunded
or are in refunded or are in process of being refunded, E. H. Ottman &
Co.Inc. bankers for Mid-West announced. Holders of the notes have
been given privilege of proferring them as cash at par and accrued interest
together with an interest premium toward purchase of the company's new
issue of gen.& ref. mtge.6% gold bonds.due 1947 at 9834 and int.-V. 132,
P. 2762.
-Adds Eastern New
National Public Service Corp.
Jersey Power Co.
-
$712,098
$433,842
327.500
$5.57
300,000
$4.54
-Regular Dividends.
North American Co.
% in
The directors have declared the regular quarterly dividends of
common stock (at the rate of 1-40th of a share for each share held) on the
common stock, and 14% in cash (at the rate of 75c. a share) on the 6%
Prof. stock, both payable July 1 to holders of record June 5. Like amounts
were paid on April 1 last.
-V. 132. D. 2763.
--Earnings.
North American Co.(& Subs.).
For income statement for 12 months ended March 31, see "Earnings
-V. 132, p. 2763
Department" on a preceding page.
North yn New
ealendarerears-
-Earnings.York Utilities, Inc.
1929.
1930.
$6,003.493 $6,169,440
3,554,017
3,586,902
129,927
184,633
441,174
400,635
2,044,322
1,831.323
17.467
9,978
Operating revenues
Operating expenses
Retirement expense
Taxes
Operating inme
ating
Non-operating income (net)
$1,841,301 $2.061,789
Gross income
922,842
917,029
Interest on funded debt
103,144
153,921
President Harry Reid has confirmed announcements of purchase of all Miscellaneous deductions
the common stock of the Eastern New Jersey Power Co. from the Utili$770,350 $1,035,803
ties Power & Light Corp. Permission for the transfer was received on
Net corporate income
420,000
420,000
April 29 from the Board of Public Utility Commissioners of the State of Preferred dividends
600,000
450,000
New Jersey.
Common dividends
The purchase makes the National Public Service Corp. second only to
$15,803
def.$99,650
the Public Service Corp. of New Jersey in the volume of its public utility
Balance_
holdings in New Jersey. The company already controls the Jersey Central -V. 132. P. 2584.
Power & Light Co.,furnishing gas service to Asbury Park. N. J., and sur-Earnings.
North Penn Gas Co.(& Subs.).
rounding territory, and electric service in Morristown, Red Bank. Long
1928.
Branch, and 152 other communities. Operations of the Eastern New
1929.
1930.
Calendar YearsJersey company border closely on those of the Jersey Central concern. Operating revenues
81,701,063 $1,6iNg
$1.589,827
Electric service is furnished to Asbury Park, Jamesburg, Old Bridge, and Non-opeting income
74,930
ra
18,807
45 other communities. The combined total of electric and gas customers
for the two companies is 123.000.
Gross earnings
$1,608,634 $1,775,993 $1,672,982
The National Public Service Corp., as a result of the purchase of the Operating expenses & taxes
1,104,719
1,169.979
1,113,445
Eastern New Jersey Power Co. increases its annual consolidated gross Non-operating expenses
23.400
61,698
revenues to approximately $36,060,000, and total assets to 3264,000.000.
of the National Electric
The National Public Service Corp. is a subsidiary
3
1
3M. 0
$544.316
$495,189
Operating income
-V. 132, p.
Power Co., and part of the Middle West Utilities System.
165,000
es
188.788
Intert on funded debt
34,280
1618, 1031.
35,551
Interest on unfunded debt
20,853
9,724
9,808
11,203
Amort.
-Earnings. Interestof debt discount & expenses- 615
New York Power & Light Corp.(& Subs.).
2,453
charged to construction
35.000
42,000
1929.
1930.
42,000
Retirement reserve
Calendar Years$22,867.467 $22,362,018
Operating revenues
$300:244
9,584,555
8289.504
9,869.373
$232,346
Netincome
Operating expenses
92120
92.120
1,664,322 Preferred dividends
1,637,718
92,120
Retirement expense
250,000
135,000
1,891,543 Common dividends
2,035,192
Taxes
$62,384 def$41,876
$140,226
$9,325,183 $9,221,598
Balance
Operating income
71,014
30,708
-V.131, p. 4217.
Non-operating income (net)
x Includes oil and gasoline revenue.
Gross income
Interest on funded debt
Miscellaneous deductions
$9.355,891 $9.292,611
3,042,603
3,036,846
300.036
65,350
Net corporate income
$6 preferred dividends
7% preferred dividends
Common stock
$6,019,010 86,184.658
Not
576,5281
1,012,473 Reported
3.096,834)
Balance
-V. 130,
$1,333,175 86,184,657
p. 2580.
•
-Expenditures Authorized.
New York Telephone Co.
The expenditure of $1,895,845 for new construction throughout the
state was authorized by the board of directors at the regular monthly
meeting held April 22 according to an announcement made by President
J. S. McCulloh. This brings the total appropriations during the first
four months of the year to $21,825,145, of which 817.377,145 has been
-V. 132,
provided for the extension of facilities in the metropolitan area.
p. 3147.
-Earnings.
Niagara Falls Power Co. (8c Subs.).
Calendar YearsOperating revenues
Operating expenses
Retirement expense
Taxes
1929.
1930.
$12.737,505 $12,535,766
2,996,954
2,927.029
716,835
1,062,145
1,873.699
1,982,172
-Earnings.
Northern States Power Co.
For income statement for 12 months ended Jan. 31 see "Earnings De-V. 132, p. 3137.
partment" on a preceding page.
-Earnings.
Oklahoma Gas & Electric Co.
[Including all properties for the periods operated only.)
1927.
1928.
1929.
1930.
12 MonthsEnd.Dec. 31
$14.284,675 $14,162,361 $11,638,277 $9,791,816
Gross earnings
5,163,387
5,899,866
7,524,924
Oper.exp. maint.& taxes 7,606.331
Net earnings
Other income
$6,678,344 36,637.437 $5,648,411 $4,628,429
811,483
776,429
392,905
183,713
Total income
Lease rentals
Bond interest
Note interest
General interest
$6,862,057 $7,030,342 $6,424,840 $5,439,912
65,625
1,375.000
1,416,353
1,436,061
1,554,253
552,297
516,953
457.973
436,298
*60,797
*37.947
*132,316
129,726
Total
82.120,277 82,026.351
82,327
Less int. chrge to constr.
120.159
$2,036,879 $1,988,094
83,869
90,885
Net interest charges- - $2,000,118 81.944.023 $1,945,994 $1,904,225
1
it:171:1W 1?:8, SRI
2
Balance
84.861,939 $5,086,319
1,272.432
Preferred dividends.- - - 1.190.536
Bal.for retire(deprec.)
$7,111,469 $6,602,968
reser. cora, diva, and
Operating income
349,146
242,235
*$3,671,403 *83,813.887 *13,152,545 *$2,456,356
surplus
Non-operating income(net)
100,000
100,000
190.000
Sits. cons.outst.
(par $100) 191,900
$24.56
$20.07
$31.53
$19.14
$7.460,615 $6,845,204 Earnings per share
Gross income
2,001,430
1.962,843
* Interest and dividends on securities converted into common stock
Interest on funded debt
1.263,700 Included in common dividends.
1,227,382
Miscellaneous deductions
Condensed Balance Sheet Dec. 31.
$4,270,390 $3,580,073
1929.
1930.
1929.
1930.
Net corporate income
2,004,051
2,226,723
LiabilitiesS
$
i
AssetsDividends
i
7% met.atock---16,112,200 18,067,900
Plant. porpertY.
$2,043,666 $1.576.022
rights, Ran.,&c.74,545,847 68,581,125 6% pref.stook-- 1,109,700
Balance
742.241 Brokerage,comm.,
742,241
par)
.
Common stook_ _19,190,000 19,000,000
Shares of common stock outstanding(no
$4.82
&c., on cap.stk. 2,497,966 2,300,033 1st mtge. 5% gold
Earned per share
bonds, series A,
Unamort.debt disc,
Balance Sheet on Dec. 31 1930.
Consolidated
due 1950
33,500,000 27,500,000
and expense__ 7,010.631 6,847,125
Liabilities
25,057 6% gold deben.,
Assets
30,733
418.557,465 Investments
$76,948,765 Common stock
series A due 1940 7,248,800 7,359,200
Fixed capital
Shaking funds and
35,914,750
183,232 Funded debt
32,586 Okla. Power Hold.
36,262
Sinking fund
other deposits
Adv. from Buffalo, Niagara
1,098,000 1,161,000
Co. 514s
Miscellaneous investments_ _ 6,250,456
21,576
9,622
Prepaid accounts_
& Eastern Power Corp. for
to airiliated cos.__ 4,450,000
62,738 Standard Gas &
Advances
18,719,010 Insurance unexpired 105,629
retirement of pref.stock
1,133,192
9,283 2,156,921
Electric Co
Cash
372,463 Def, charges in propayable
1,822,521 Accounts
645,060
97,684 Accounts payable_ 263,254
Accounts receivable
cess of amortis._ 131,897
37,540 Subscrip. to stock of Buffalo,
751,898
2,209,473
Marketable securities
550,060 Accrued for interest 856,905
Cash
Niagara & Eastern Power
361,524
Accrued for taxes_ 1,103,759
950,973
Materials & supplies
86,748 Cash on deposit for
Corp.for employees
789,159
99,948
28,770
30,476 Accrued for diva__
105,396
Prepayments
bond Interest
1,003,344
Taxes & rent accrued
666,441
4,308,000 Customers' depos_ 692,235
.
Employee subscrib. to stock
285,020 Marketable secur
Interest accrued
Miscell. unadj. med. 118,064
106,522
01 Buffalo, Niagara &
Accounts & notes
20.911 Res. for retirement of plant & 8,700,335
1,999,062 3,282,060 Deprec. reserve_ 2,999,384 3,760,593
Eastern Power Corp
receivable, net
property
1,633,101
Unamort.debt disc.& exp_
388,483 Materials & suppl. 1,761,488 1,833,234 Other reserves____ 1,608,987 1,639,385
57,737 Other reserves
.
Surplus
4,370,813 4,089,410
Mscellaneous def. debits_ _ _
9,659,616
Profit dr loss
$93,688,139
Total
$93,688,139
Total
-V. 130, p. 288.
it Represented by 742,241 shares (no par).
90,379,337 87,960.700
Total
_v.132. p. 2194.
Total
90,379,337 87,960,700
MAY 2 1931.]
FINANCIAL CHRONICLE
Ohio Water Service Co.
-Earnings.
-
3337
in the streets: buy, sell, lease and hold real estate, personal property,
power plants, generating stations, transmission linos and equipment and
to apply for register, purchase or lease trademarks, inventories, improvements and processes useful for its business.
Oklahoma Ry. Co.
The capital stock of the company is given as 2,500 shares of no par
-Earnings.
value of which Mr. McCarter is named as the owner of 50 shares and
Calendar Years1930.
1929.
1928.
1927.
Rev, from transporta'n_ $2,611,729 $2,224,224 $1,948.847 $1,808,328 Messrs. Young and Wakelee of 25 each. Provision is made, however,
whereby the board of directors may fix or vary the working capital of the
Rev,from 0th. ry. oper_
83,414
65.663
62,705
285.486 company, borrow money, issue notes, bonds or debentures and mortgage
Total oper. revenue-- $2,695,143 $2,289,887 $2,011,552 $2,093,814 the property in accordance with the powers given under the general corporation act.
Operation expenses
2.178.605
1,853,508
1,640.139
1,571,496
Before the company can actually begin business it will be neressary to
Taxes
71,761
68.554
73,817
66,058 apply to the City Commission for an ordinance giving consent to the
opening of the streets through which mains are to be laid. If such consent
Net operating income_ $447.983
$364,618
$297,596
$456,260 is received it is the company's intention to confine its activities, for a time
Non-operating income
55,676
41.783
46,492
8,812 at least, to a rather restricted area of the business center of the city. The
Project has not yet been submitted to the City Commission but is it exGross income
$503,659
$406,401
$344,088
$465,072 pected an application will be filed in the near future.
Int. on fund. & unf. dt-298.745
206,438
219,828
318.434
"The increasing
office and commercial buildings in the
Amort. of disc. & misc..-30,011
29,908
46,889
46,735 down town section number of large
with resulting demands for central heating plant faciliMiscellaneous
38.489
49,551
ties," said Mr. McCarter in discussing the proposed undertaking, "has
Prompted us to have a through study and survey made and we believe
Net income
$125,353
$131,565
$77,371
$99,903 that Newark has reached a point in its development where there exists a
-V.128, p.2805.
real need for such a service. Land has so increased in value that it can be
Oregon-Washington Water Service Co.
-Earnings.
- demonstrated that it is more economical for the owners of the large modern
For income statement for 12 months ended Feb. 28 see "Earnings De- structures to have their buildings heated from a central station and utilize,
for revenue producing purposes, the capital investment and the space that
partment" on a preceding page.
-V. 132. p. 2967.
otherwise would be devoted to the installation and maintenance of their
own heating plants. Experience has satisfied the leaders of industry that
Pacific Lighting Corp.
-Earnings.
For income statement for 12 months ended March 31, see "Earnings central station electric power is more desirable and more economical than
isolated plants and we are convinced that the same principle applies to
Department" on a preceding page.
-V. 132. p. 3147.
heating, the conviction being strengthened by results obtained in other
cities."
-V. 132, p. 3148.
Peninsular Telephone Co.
-Earnings.
Calendar Years1929.
1930.
1928.
1927.
-Omits Dividend.
Quebec Telephone & Power Corp.
xGross revenue
$2,150,770 $2,196,578 $2,290,546 $2,427,989
The directors recently decided to omit the quarterly dividend ordinarily
Oper. exp. & all taxes.._
669,702
668.534
744,804
839.355 payable about April 1 on the class A common stock, no par value.
Maintenance
356,455
362,471
324,172
417.665
A year ago, the dividend on these shares was cut in half, reducing the
Interest charges
267,424
285,406
300,158
307,789 distribution from an annual basis of $1.60 a share to 80c. a share.Amort. of dt. disc. & exp
17,558
14,256
13,220
29,115 V. 128, p. 2463.
Res.for accrued deprec435,627
439,449
415.265
415,087
Radio Corp. of America.
-Denied Review in Vacuunt
Netincome
$437,972
$431,830
$453,592
$418,978 Tube Case by Supreme Court.
Preferred dividends---245,000
245,000
245,000
247,631
The U. S. Supreme Court denied, on April 27, the petition of the corporation to review the decision holding illegal a provision of its patent limns:Balance,surplus
$186,830
$192.972
$208,592
$171,347 ing
x Includes non-operating income.
arrangements covering radio receiving seta. Following the usual
-V.130, p.2770.
practice, Chief Justice Hughes in announcing the denial of review did
Pennsylvania Power & Light Co.
not state the reasons for the court's action.
-Bonds Called.
All of the outstanding 1st & ref. 6% mtge. gold bonds, series
The Provision, known as Clause 9 in patent licenses granted 25 maimSept. 1 1953, have been called for payment June 1 next at 105 C. due facturem, reserved to the Radio Corporation the right to supply vacuum
at the Guaranty Trust Co., trustee, 140 Broadway, N. Y. City. and int. tubes to make the radio receiving sets manufactured under the licenses
The company will purchase or cause to be purchased any of above men- Initially operative. The corporation, at the same time, agreed time it
tioned bonds with all unmatured coupons attached thereto, which are would supply the tubes required by the set makers.
presented to it at any time prior to June 1 1931 at the office or agency
Review and reversal was sought of a decision of the United States Cir.
of the company, No. 2 Rector St. N. Y. City, at 105 and int. to June 1 cult Court of A13als for the Third Circuit. That court affirmed a ruling
1931, discounted on a true discount basis at the rate of 2% per annum of the District Court for the District of Delaware that the provision in
from the date of presentat on to June 1 1931.-V. 132, p. 2764.
question was violative of Section 3 of the Clayton Anti-trust Act and therefore null and void, in a suit brought by the De Forest Radio Co. and four
Philadelphia Co.
-Earnings
--New President.
other tube manufacturers, the latter later withdrawing.
For income statement for 12 months ended Jan. 31, see "Earnings
Section 3 of the Clayton Act makes it unlawful for one engaged in interDepartment" on a preceding page.
state commerce to enter into a contract for the lease or sale of goods,
R.Phillips has been elected President, succeeding John J. O'Brien. whether patented or tumatented, on the condition, understanding or agree-V. 132,p. 2952. 2195.
ment that the lessee or purchaser shall not use or deal in the goods of a
competitor, where the effect may be to substantially lessen competiton or
Philadelphia Electric Co.
-Bonds Called.
to create a monopoly.
All of the outataiding 1st lien & ref. mtge. gold bonds, 5%%
Counsel for the Radio Corporation,
their petition for a writ of cer1947, have been called for payment on June 1 at 107% and int. atseries, due tiorari, contended that the corporation in
could grant licenses of its patents
the Girard
Trust Co., trustee, Philadelphia, Pa.
in their entirety, or only in part, or with the right in the licensee to make
-V. 132, p. 2967.
all the elements of a set covered by the patents, except the tubes, indisPhiladelphia Rapid Transit Co.
pensable parts of the patented circuits.
A suit for the recovery of upwards of $30,000,000 from Mitten Managecounsel for the De Forest company
In OPPOSing the petition for
ment, Inc., has been filed in Federal District Court by a minority stock- argued that the patent licensesreview, "an admitted monopoly of 88.35%
created
holder who claims that the operating agreements between the P. It. T. and of the vacuum tube market" and deprived independent tube manufacturers
the Mitten company are illegal and fraudulent.
of their only tube market.
The P. R. T. Mitten Bank Security Corp. and the Mitten interests
The
had previously denied its review of the decision
have filed exceptions to the decree of Judge McDevitt in the City-P. R. T. grantin Supreme Court injunction in the case. Thereafter the injunction
a Preliminary
equity suit.
restraining the enforcement of the provision in the license contracts was
ng
The exceptions to Judge McDovitt's adjudication are not jointly filed made permanent, and the Supreme Court has now denied consideration
There are 372 exceptions.
of this ruling.
-V. 132, p. 2967, 2195.
It was stated orally at the Federal Radio Commission that cognizance
Pittsburgh-Suburban Water Service Co.
be taken of the court's action, constituting a final adjudication of the
-Earnings.
For income statement for 12 months ended Feb. 28, see "Earnings case, to ascertain the applicability of provisions of the Radio Act of 1927
Department" on a preceding page.
relative to the forfeiture of licenses of permittees found guilty of unlaw-V. 132, p. 2968.
fully monopolizing radio communication.).
Plainfield (N. J.) Union Water Co.
-Bond Issue.
Moves Offices.
The company has applied to the New Jersey P
U. Commission for
The corporation on April 25 announced the removal of its offices from
authority to issue $2,000.000 of 5% bonds at 100.81. The proceeds,
President Frank Bergen testified, are to be used to retire $1.575,000 in bonds the Woolworth Building to the RCA Building, 570 Lexington Ave., N. Y.
which mature May 1 1961. $75.000 to pay for a new transmission main on City. Telephone is Eldorado 5-6300.-V. 132, P. 3148.
the southerly side of the Central RR. of New Jersey and $350.000 for
Rochester & Lake OntarioWater Service Corp.
ordinary additions to property this year.
-Earns.
-V. 127. P. 546.
For income statement for 12 months ended Feb. 28, see "Earnings
(The) Power Corp. of New York (& Subs.).
-V. 132, p. 2968.
-Earnings. Department" on a preceding page.
Calendar Years1930.
1929.
San Diego Consolidated Gas & Electric Co.
-Earnings.
Operating revenues
$6,417,271 $6,536,335
For income statement for 12 months ended Jan. 31, see "Esrnings
Operating expenses
2,310,936
2,354,433 Department' on a preceding page.
Retirement expense
-V. 132, p. 3148.
285,066
215,791
Taxes
501.868
553,086
Santa Barbara Telephone Co.
-Bands Offered.-Crocker
Operating income
$3,319,401 $3,413.024 First Co., San Francisco, recently offered at 1023' and int.,
Non-operating income (net)
1,146,330
to yield
167,010 senes p over 4.80%, $1,180,000 1st mtge. 5% gold bonds,
.
Gross income
$4,465,731 $3480,034
Interest on funded debt
1,603,456
Dated Jan. 1 1931; due Jan. 11961. Denom. $1,000 c*. Interest ray1,614,821
Dividends on pref.stock of subsidiary companies-685,778
685,778 able (J. & J.) at Crocker First Federal Trust Co., an Francisco, trustee,
Miscellaneous deductions
730,860
448,952 or at the option of the holder at the Santa Barbara Branch of the Security
First National Bank of Los Angeles at Santa Barbara. Calif., without
Net corporate income
$1,445,637
$830,484 deduction of Federal income taxes not in excess of 2%. Red. upon any
Common dividends
1,423.613
1,118,553 int. date on 60 days' notice on or before Jan. 1 1936, at 105; from Jan.2
1936 to Jan. 11941, at 104; from Jan. 2 1941 to Jan. 11946, at 103; froze
Balance
$22,024
$288,069 Jan. 2 1946 to Jan. 1 1951, at 102;from Jan. 2 1951 to Jan. 1 1956, at 101;
-V. 130, p. 4240.
from Jan.2 1956 to Dec. 31 1960, at 100%. Exempt from all personal
property taxes in California.
Public Service Co. of Indiana.
-Further Expansion.
if
Issuance.
-Authorized by the Railroad Commission of the State of
The company, in a petition filed with the Indiana P. S.
asks for authority to purchase the physical properties and Commission,
franchises of
Data from Letter of Robert E.Easton,President of the Company.
the Cambridge Light & Power Co., which supplies Cambridge
City. Ind.,
and surrounding rural territory in central-eastern Indiana with
Company.-Serves without competition, a population of approximately
light and power service. The value of the assets to be acquired electric 70,000 in Santa Barbara County, which includes the communities of Santa
is $103,- Barbara,
328 as of Feb. 1 1931, according to the petition.
Santa Maria, Montecito, Carpinteria, Lompoc and others. SubAuthority to issue 2,066 shares of no par common stock at not less
scribers' stations in service aggregate 17,486. In 1926. the company corn"
than menced a progressive
$50 a share to finance the purchase also is asked by the Public Service
plan for the conversion of the entire system into a
Co. modern automatic
of Indiana. Both this company and the Cambridge company are
subsidi- Santa Barbara, thedial system. Up to the present time, the systems in
aries of the Midland United Co.
largest of the communities served. Guadalupe, Goleta
and Carpinteria have been transferred
The petition states that the Cambridge company is without
dial system. Prior to Sept.
generation of electricity and lourchases the energy which itfacilities for 1 1931, it is intended that all telephone to the of the company in the comservice
distributes ma ncoe t io t
from the Public Service Co. of Indiana, which operates in nearby territory. diul itins r nl. he Santa Ynez Valley and Los Alamos will be under automatib
Direct operation of the Cambridge City distribution system by the
Public
Purpose.
Service Co. of Indiana would provide greater assurance of adequate
-Proceeds of these bonds, together with other funds, will be
uninterrupted service, the petition points out.
-V. 132, p. 3148, 2968. and used to retire all of the outstanding 1st mtge. 5% 30-yr. sinking fund gold
bonds, due July 11946. and all general & refunding mtge. series'A
%
bonds, due Jan. 1 1946. totaling $1,180,900. This financing does not
Public Service Electric & Gas Co.
-New Subsidia?
ciai
increase the funded debt, but reduces fixed charges and simplifies the finanucture.
Initial steps were taken on April 28 for the organization of a central
heating plant in the City of Newark, N. J., when articles of
The $400,000 general & refunding mtge. bonds, series B 5%, due Jan. 1
were filed with the County Clerk in Essex, N. J., and theincorporation 1961 will
automatically become 1st mtge. gold bonds as a result of this
Secretary of
State at Trenton, N. J., by the Newark Steam Co., a
$1,180,000 1st
incorporators are Thomas N. McCarter. Percy S. Young subsidiary. The financing. The new issue of under the samemtge. 5% gold bonds will be
and Edmund W. of the same series and issued
indenture.
Wakelee respectively President and Vice-Presidents of the Public
CapitalizationAuthorized. Outstanding:
companies. The home office is given as 80 Park Place, Newark,Service
N. J., 1st mtge. 5 gold bonds, series B
$1,500000:000000 $1,5 0000
x
with Charles M. Breder as registered agent.
5 N0
0:0
80 01,
Preferred 6% cumulative ($100 par)
The new company is authorized by its charter "to produce,
manufacture, Preferred 6 non-cumul.($100 par)
generate, acquire, buy, sell, accumulate, store, transmit, furnish,
supply Common ($100 par) y
1,000,000
and distribute steam heat and power within the City of
250,000
Newark, Essex
x Subject to provisions of trust indenture. y Dividends have been paid
County, N. J." It is also empowered to lay necessary pipes and
conduits at the rate of 7% per annum since 1924.
For income statement for 12 months ended Feb. 28 see "Earnings Department" on a preceding page.
-V. 132, P. 2967.
Cal
Earnings Years Ended Dec. 31.
1927.
1028.
1929.
1930.
$469,210
$528.969
Gross income
$617.101
$644,251
285,610
328,046
Open Exp. & tax
328,578
350,175
183.600
200,923
Net before deprec
288.523
294,076
36,029
48,711
Bond interest
62,604
63,073
5.1
4.1
4.6
Times int. earned
4.6
Control.
-Company is controlled by The Santa Barbara Corp., a Nevada
outstanding common and preferred
cornoration, through ownership of all
sti.s.
ft
Pacific Telephone & Telegraph Co. own all the preferred and a portion
-V. 122, p. 750.
of the common stock of the Nevada corporation.
-Earnings.
Scranton-Spring Brook Water Service Co.
For income statement for 12 months ended Feb. 28, see "Earnings
-V. 132, p. 2767.
Department" on a preceding page.
-Earnings.
Sioux City Gas & Electric Co.
1928.
1929.
1930.
Calendar Years63,104,543 $2,964,932 $2,757,250
Operating revenues
Operating expenses, taxes & renewal
1,726.946
1,689.091
1,762,239
&replacement reserve
'Net from operation
Other Income
$1,342,304 $1,237.986 $1,068,159
244,319
319,527
294,486
Total income
Bond interest
Other deductions
$1,636,790 $1,557,513 $1,312,478
532.381
485,422
488.156
26.423
31,410
36.055
for dividends
ed
PrIZlugeitvidends
$1,068,365 $1,045,668
338,709
338.709
$792,903
338,709
$706,959
$729.646
Balance Sheet Dec. 31 1930.
$454,194
Balance
AnsaPlant & equip., incl. real est_214,132,693
6.329,432
Investments
502.851
Unamort. debt disc. & expense
26,902
Def. charges & prepaid accts.
72.469
Unadjusted debits
24,896
staking fund
770,656
Accts. & notes receivable
280,171
61atertals and supplied
760,440
Oath
222,900,510
Total
-T.110, p.626.
Common stock
$5,800,000
7% preferred stock
4,838,700
Funded debt
9,240,100
Unadjusted credits
7,018
Accounts & notes payable...
284,239
Accrued accounts
679,828
Deferred liabilities
3,480
Reserve for retirements
681,718
Other reserves
178,903
1.186,525
Surplus
Total
$22,900,510
-Bonds Called.
Southern California Gas Co.
Southern Colorado Power Co.-Earnings.1929.
1928.
1927.
1930.
CrUendar Years$2,270.668 $2,258,382 $2.290,899 $2,327,653
Gross'earnings
Op. exp., maint. & taxes 1,215.467 1.195,675 1,217.837 1,310,318
Net earnings
Other Income
$1.055,201 $1,062,707 $1,073,062 $1,017,335
30,112
7,548
10,726
13,172
Total Income
Bond Interest
General interest
$1.065.927 $1,092,819 $1,080,610 $1,030,508
413,580
413,580
413.580
413,580
23,442
19.394
22,461
20,389
Total
Less int. chad. to constr.
Net interest charged
Balance
Preferred dividends
$436.041
574
$437,022
445
$432,974
413
$433,969
784
$435.467
$436,577
$432.561
$433.185
$630,458
297.773
$656,243
297.773
$648,049
297.865
$597,323
293,061
Total
p. 2196.
Southwestern Associated Telephone Co. (Del.).
Stook Inereased.-
The company has filed a certificate at Dover. Del., increasing its authorized capital stock (no par value) from 20,000 shares to 90,000 shares,
to consist of 30,000 shares of $6 cum. pref. stock and 60,000 shares of
common stock.
-V. 132. p. 2767.
-Acquisition.
Standard Gas & Electric Co.
Bee California Power Corp. above.
-V. 132. P. 3149.
-Earnings.
Southern Indiana Gas & Electric Co.
.
12 Mos.End Dec.311930.
43soss earnings
$3.313,686
oper. exp. incl. taxes &
maintenance
1.810,384
Fixed charges
358,498
1928.
1929.
1927.
$3,418,602 $3,165,696 $3,038,391
1,817,430
312,634
1,739,766
347,096
Net income
$1,144.804
Dividend preferred stock
444,899
267,375
Prov. for retire. reserve-
$1,190,117 $1,035,632
413,453
385,398
240,000
260,000
$951,528
351,792
220.698
1,911,750
316,735
$410,234
$516,664
Balance
$379,037
$432,530
-Bales or electricity showed an increase over 1929 of
Service Rendered.
sales of gas decreased 70,784,500
2,883,622 kilowatt hours. or 4.53%, and
cdbic feet, or 14.13%. In the steam heating department, sales Increased
123% and the number of revenue passengers carried by the transportation
Department showed a gain of 3,671 over the year 1929.
Steam
Revenue
Electric Sales Gas Sales
Sales in
Passengers
in
in Kilowatt
Pounds.
Carried.
Cubic Peet.
Calendar YearsHours.
92,958.200
12,030,431
1925
40,407,938 371.286,800
11,568,005
1926
44,619,040 401.117,200 110,116,100
93,282,600
427.246,400
11,151,361
1927
48,866,925
10,450,044
1928
53,120.109 461.194,300 111,138,400
10,577,913
1929
63.703,066 501,079,600 126,265,300
8,981.932
1930
66.586.688 430,295,100 128,573,500
1929.
3,475,400
750,100
2,449.400
4,000,000
2,322,700
3,906,742
96,524
8,903
102.161
123 52
18..62
0
2
620,889
15,974
1,797,467
116,905
32,890
44,852
603,608
21,753,106 20,486,656
Total
Total
21,753,106 20,486.656
-V. 131, p. 630.
x Represented by 400,000 shares (no par).
-Earnings.
Southwest Gas Co.(& Subs.).
Calendar YearsGas sales
Cost of gas sold
Operating and administrative expenses
1929.
1930.
$1,414,186 $1,442,480
667,977
872,327f
1 285,934
1
1
Net operating income
Other income
$541,859
33.055
$488,568
30,643
Interest, &c
$574,914
207,619
$519,211
216,165
$367,295
125,446
1,692
$303,046
125,440
Net income
Depreciation and depletion
Retirement of properties
Less minority int. in inc. of Southwest Gas Co. of
Okla.
85,977
$154,180
$177,608
Consolidated Balance Sheet As Of Dec. 31.
1929.
1930.
1929.
Assets1930.
$38,601
$36.393 $110.946 Accts. payable__ $21,629
Cash
46,294
46,541
170.494 Accrued interest__
160,588
Accts. receivable
22,032
25,638
Accrued taxes._
17,480
18,814
Inventories
1,677
3,235
27,321 MIscell. accruals__
Due from assoc.cos
94,730
1,250
1,250
42.152 Accr. commission_
28,457
Investments
103,483
107,142
810 Meter deposits__
448
Sinking funds
1,806
x8,014,944 6,136,032 Main ext. deposits
Fixed prop.
121,422
40,352
Due to assoc. cos__
Unamort.bond disc
24,500
17,500
45,092 Res. for diva. pay.
& exp.
7.622
1,696 Res. for Fed. taxes
2,356
Prepaid expenses_
2,988,400 3,153.000
Funded debt
40,551
Organization exp_
min. Mt. In Southwest Gas Co. of
954,882
Okla.
993,877
Preferred stock
430,000
430,000
Common stock y1,705,291 1.661,902
$6,397,282 $6,552,022
Total
$6,397,282 $6.552,022
Total
x After depreciation and depletion. y Represented by 178,209 shares
(no par).
-V. 131, p. 1714.
-Tenders.
Syracuse (N. Y.) Lighting Co., Inc.
The Chase National Bank of New York, as successor trustee, is notifying
tenders
holders of 1st & ref. mtge. gold bonds, 5ti% series, due 1954, that$33,288
$304,262 of so many of these bonds as well be sufficient to exhaust the sum of
will be accepted until noon May 11, next,
now held in the sinking fund
addressed to
at prices not exceeding 106 and Int. Sealed offers must be Y. City.
St., N.
1929.
the corporate trust department of the bank, 11 Broad
1929.
1930.
Calendar Years
4,253,900
68,680,024 $8,716,432
2,750,000 Operating revenues
4,317,312
4,302,748
6.893,000 Operating expenses
422,000
422,000
Retirement expense
1,084,194
988,554
56,361 Taxes
213,024
$2.960,721 $2,892,926
Operating income
327,493
3.538
2,996
61,481 Non-operating income (net)
$2,970,260 $2,895,922
income
Gross
107,070
614,424
618,049
Interest on funded debt
365,973
226,971
Miscellaneous deductions
226,945
$1,989,863 $2,050,902
Net corporate income
17,962
530,014
570,848
258,646 Preferred dividends
1,200.000
62,743 Common dividends
2,228.673
$259,849 $1,480,054
Balance
139,681
-V. 131, p. 3044.
17,848,055 17.598,978
Bal. for retirenet res.
(depree.), corn. dry.
and surplus
2.332,685
$358.470
$350,183
Condensed Balance Sheet Dec. 31.
1930.
1929.
1930.
Liabilities$
$
$
7% pref.stock.... 4,253,900
!'is t. A
rproperty.
Coro. stk. class A_ 2,750,000
r Leh t is, fran16,680,146 16,528,738 1st mtg. bds.,8%_ 8,893,000
(ibises, do
•nveatmenta
2,501
8,884 St. Gas & El. Co_
11.678
Insurance uncap
5,244
6.030 Accounts payable_
Accrued for int.__ 213,619
Det'd ace'ta In pro°.
of amortization_
14.470
21,053 Accrued for taxes_ 332.591
133,842 Accrued for dive_
109.089
61,481
Cash
Customers' depos.
Gash on deposit for
& unred. tokens 110,281
pond interest- 208.790
208.790
Pay. & betterment
Accounts & notes
assessments, due
414,641
receivable, net... 409,476
1931 to 1954_ 215,567
45,551
Due from MTh. co_
Misc. unadj. cred_
18,336
Materials and SuP231,449 Depreciation ree've 291,349
218,336
plies
Other reserves....
79,786
Corn. stk. class B. 2,228,672
139,681
Surplus
17.848.055 17.598,978
Balance Sheet Dec. 31 1930.
1930.
1930.
1929.
Assets
$
Prop., plant and
6% cum. pref. stk. 4,228,300
equipment
20,753,026 19,452,700 6.6% cum prefstk 701,400
Invest. In affiliated
7% cum. pref. stk_ 2,401,000
company
Common stock__ _x4,000,000
11,400
2,306,700
Special deposits...
1,333 Funded debt
583
Debt discount and
Due to Commonexpense in proc.
weath & South'n
3,977,835
Corp
of amortiz
145,053
136,538
Prepaid accounts &
Due to Commondeferr. charges
45,803 wealth Pow.Corp
60,838
Customers' deposit 111,191
Cash and working
funds
233.457 Accrued int. on de167,843
30,623
posits
Accts. receivable
347,831
327.430
14,227
Mtscell. def. nab
Due on subscripnis
83,057
46,710 Accounts payable..
to pref. stock...
56,781
Materials & supp- 238,667
213.768 Dividends payable 127,886
656,970
Acced taxes_ _
ru
23,442
Accrued interest
15,774
Unredeem. tickets
Retirement reserve 2,144,475
116,651
Other oper. res
32,890
Prem.on pref. stk.
Contributions for
56,808
extensions
723,877
Surplus
Net profit
All of the outstanding let & ref. mtge. gold bonds, series C of 1958. have
been called for payment on June 1 next at 105 and int, at the Union Bank &
-V.132, p.2968.
Trust Co.. trustee, 8th and Hill Sta., Los Angeles, Calif.
Total
-V. 181,
[VOL. 132.
FINANCIAL CHRONICLE
3338
-Earnings.
Texas-Louisiana Power Co.
Dec. 31 '30. Jan. 31 '30.
Years Ended64,032,348 $3,896,663
Gross earnings from all sources
Oper. exp., maint., taxes (except Federal income 2,374,721
2,013.746
subsidiaries
taxes) and prior charges of
int., amort. of bond disc..
Net earns. applic. to
1,882,917
1,657,627
deprec. and Federal income taxes
1,172,183
1,118,910
Interest
234,095
Res.for retirements
89,303
Amort. of debt discount & exps
8,750
Dividends on pref. stock of subs
acquisition_ _ _
79,151
Net earns,of prop. acquired prior to
$74,149
$764,007
Balance
Annual dividend requirements of $4,550,000 7%
318,501
318.500
Pref. stock
Consolidated Balance Sheet Dec. 311930.
14abilitIesAssets
$20,308,400
$30,053,314 Funded debt
Prop., plant & equip
175,000
10.420 Funded debt of subsidiary
Investments__
Miscellaneous
303.508
109,292 Purch. money & equip. °Wig.
Cash & special deposits
85,000
587,193 Bank loans
Accts. & notes receivable
555,871
494,579 Accts. & notes payable
Invent. of materials & suppl
202,382
87.732 Accr. int., taxes, dive. &c___
MLscell. current assets
Subscriptions to pref. stock_
182,900
Due from subscribers to Pref.
213,154
132,639 Consumers & other deposits_
stock
-net896,004
1,278,153 Due to affiliated cos.
Unamort, debt, dise..3: exp
Deferred credits to income__
5,697
Prepaid taxes, insur. & other
1,275,816
189,313 Retirement res
deferred charges
Other reserves
37,027
7% pref. stock
4,550,000
Pref. stock of subs, in hands
of public
125,000
Common stock & surplus.
x4,006.881
Total
232,922,636
632,922,838
Total
-V. 132. P. 2968.
x Represented by 30,000 shares (no par).
MAY 21931.]
FINANCIAL CHRONICLE
3339
Tr -Utilities Corp.
-Annual Report.
-
Consolidated Balance .Sheet Dec. 311930.
Income Account of Tr -Utilities Corp.for Calendar Year 1930.
Assets
I4abilitiesThis income account shows only the income received or accrued by Plant, property, rights, fran7% 1st preferred stock
corporation and does not include the undistributed earnings of subsidiary
chises. &e
$34,998,056 Participating pref. (no Far). 65,000,000
357 4 2
,0
Investments and advances
companies applicable to their common stocks owned by the corporation.1
3,080,802 Class C (no par)
3,250
Pref. stock commissions and
Interest on securities
Class A corn. stock (no par). 4,969,723
$826,227
expense in process of amort.
Dividends on securities
71,074 Class B corn, stock (no par). 4,500,000
697,961 Debt discount and expense in
Other income including profit on sale of securities
Accrued diva. payable in °lass
547,072
process of amortization
1,218,098 common stock
56,969
Prepaid insurance and diTotal income
Pref. stock of subs. in hands
62,071,261
rectory expenses
General expenses
143,157 of public
4,365,950
94.203 Other prepaid and unadjusted
Minority interest in common
items
Gross corporate income
121,737 stock and surplus of subs_ - 1,639,168
$1,977,057 Due from affiliated cos
Interest paid or accrued on funded debt
311,391 Funded debt
11,839,200
639,405 Cash and working funds
Interest paid or accrued on unfunded debt
918,232 Deferred liabilities
6,729
324,979 Accounts and notes reedy
Provision for 1930 Federal incometax,other taxes and amortiza132,254 Due to affiliated companies
448,934
lJnbilled toll
305,982 Notes payable
tion of debt discount and expense
1,350,009
68,676 Materials and supplies
846,096 Accounts payable
419,388
Net Inatome for the period available for pref. & corn, stocks__ $944,097
Accrued taxes
540,162
Accrued int, and dividends
Consolidated Income Statement for Calendar Years.
297,574
Service billed In advance_-_
Revenues
-1929.
46,387
Reserves
Electric
5,116,784
$4,655,g86 $4,478,087
Surplus
Gas
1,089,284
13.378,767 13.843.059
Water
15,937.819 15,186,045
Total
$42,046,882 TotalIce
$42,046,982
319.583
230,771
Income on Invests.,rentalsfrom bldgs.,& other Inc x4.248,363 2,923,384 -V. 132, p. 2585.
Total revenue
Operating expenses
Maintenance
Depreciation and depletion
Taxes,including Federal income taxes
$38,540.418 $36,661,346
13,669,270 13.283.648
1,638,373 1.666.875
1.965,239 1,843,824
2,683.844 2.060,595
Gross corporate income
$18,583,693 617,806,404
Deductions ofsubsidiary companies:
Int. paid or accrued on funded & unfunded debt 9.477.718
8,616,236
Divs, paid or accrued on preferred stocks
4,225,201
3,999,415
Divs. paid or accrued on class A stocks
1.785,582 1,573,039
Participation of class A common stockholders in
earnings of Federal Water Service Corp
199,754
604,970
Minority interests
60,608
276,838
Miscellaneous charges
470.990
690,180
Int. paid or accrued on unfunded debt of TrUtilities Corp
324,979
Balance
Annual int. requirements on Tri-Utilities Corp.5% 62.038.860 $2,045,726
cony,gold debs
559,850
625,000
Annual lot. requirements on Tr -Utilities Corp.
1 year 5% gold notes
116,500
Ann.div.requirements on Tri-Utils. Corp.cum.pf.:
$6 series
60,000
$3 series with stock purchase privilege
195,000
195,000
$3 convertible series
191.841
231,000
Balance
8915.669
6994,726
Sits. of corn. stk. outstanding (no par)
304.086
283.176
Earnings per share
63.01
$3.51
x Includes annual income on $1.213,000 6% 1st mtge. bonds
shares of $7 cumulative 2d pref. stock of Southern Natural and 16,050
Gas Corp.
which were owned by Tr -Utilities Corp. on Dec. 31 1930. but which
owned by Tr -Utilities Corp. on Dec. 31 1930, but which were not were
owned
by the corporation during the entire period.
Note.
-The 1930 earnings do not include any operating income of Southern
Gas Corp.
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1930.
1929,
Assets
LiabilitiesFixed capital__ _339,702,156 294,705,595 Pref. stk. $3 sex.
Sess.& cash held
with stk. purby trustee- - 5,568,244 5,701,108 chase privilege a2,925.000
2,925,000
Cash
3,064,065 4,343,941 Pref. stock $3
Notes receivable
849,899
82,718 cony. series__ b3.083,560
Marketablesecs.
2,908,520 Pref.stk.$6 ser_ e830,000 3,648,990
Accts. reedy. &
Common stock- c9,452,051 8,384,770
unbilled ins_ 9,087,833 8,436,867 Oblig. to deliver
Amts. roc, aris251.172 shares
ing from the
com.stk.ofTriBale of Props- 5,000,000
Utilities Corp. d8,952,690 8,413,790
Marls & suppfs 3,357,797 3,463,547 Pref. stock, incl.
Miso.ourr. assets
2.51,970
314,598 Pf.stk.subscr.
Subscrips. rec.on
& Cl. A stk. &
pref. stock,.
203,751
152,855 surplus applic.
Investments_- 12.261,026 11,213.761
thereto of subs 91,436,181 86,067,378
Divs.& int. ma_
394,624
MM. Interests
3,372,178 3.375,449
Special deposits _ 1,637,370
617,244 Non-int. bearing
Unamortized dt.
notes of Amer.
disc. and exp_ 8,909.178 7,665,461
Nat.Gas Corp 1,132,000 1,132,000
Capital stk exp_ 4,134,461 3,702,875 Long-termdebt_215,511,300 189,370,900
Other del chits.
Notes pay. for
& prep'd sects 2,517,685 2,181,598 Sou. Nat.Gas
Organization cap
548,362
552,038 Corp. pipe
line flys- _ _ 11,500.000
Notes payable-- 12,801.415 8,580,049
Accts. payable-- 3.988,321 5.097,967
Miso.curr.nabs5,176
239,237
Accrued Habib- 6,783,670 5,062,409
Liability for sec
sold
1,011,716
Def.'lab. az unadjust. credits 3,783,290 2,851,088
Retirement res. 18,121,595 18,493,953
Contribu'ns for
extensions ___
605.554
319,465
miscelLoper.res.
405.634
257,144
Surplus
1,781,089 1,823,143
Total
397.487,421 346,042,732 Total
397.487,421 346,042,732
a Represented by 65.000 no par shares. b Represented by 63,947
no
par shares. c Represented by 304,086 no par shares. d 75.000
issuable when earnings are equivalent to $4 per share and 176.172 shares
shares
burnable when earnings are equivalent to $5 per share in each case on
the
stock then outstanding and that proposed to be Issued. a
Represented
by 10,000 shares of no par value.
-V. 132. p. 1800.
Telephone Bond & Share Co.(& Subs.).
-Earnings.
-
Twin States Natural Gas Co.
-Reorganization Plan.
--
See Inland Utilities, Inc., above.
-V.132, p. 130.
Union Water Service Co.
-Earnings.
-
For Income statement for 12 months ended Feb. 28, see "Earnings
Department" on a preceding page.
-V. 132, p. 2968.
United Rys. & Electric Co.
-Earnings.
Income Accountfor Calendar Years.
Calendar Years1930.
1929.
1928.
1927.
Revenue from trans----$16,029,431 $16,590,546 $16,141,821 $16,043,932
Rev.from other ry. open
133,392
127.774
132,005
144.736
Total open. inco-• -- -$16,162,822 616,718,321 816,273.826 616,188,668
Maint. of way &s IC-782,069
809,418
Malta, of equipr. it__ 791,636
863,808
926,1 0
9
909,024
Maint. of power
37,081
35,273
39,176
31,154
Depreciation
1,638,680 1,638.660
878,693
809.433
Power service
1,436,412 1,333.552 1,382,337 1,432,277
Conducting transport..-- 4,893.019 5,050,639 5,168,583 5,144,414
Traffic
38,165
23,021
26,473
15,295
Gen. Sz miscellaneous__ _ 1,499,579 1,612,958 1,605,445 1,633,262
Transp. for investment- Cr.77,415 Cr.39,900
Cr.6,920 Cr.16,028
Taxes,licenses,&c
1,567,044 1.659,968 1,579,061
1,575,938
Net operating income- $3,558,380 $3,729,215 63,809,056 $3,816,291
Non-operating income.152,963
198,667
175.041
165,658
Grossincome
63,711,343 $3,927,882 33,984,097 23.981,947
Interest on funded debt_ 1,979,408 2,081,609 2,093415 2,125,064
Int.on unfunded debt 69,212
66,271
86.274
84,758
Rents
564,500
564,094
563,327
561,041
Interest on income bonds
559,080
559,080
559,080
559,080
Amortiz, of discount on
funded debt
82,877
71,721
67,902
61,687
Miscellaneous
42,997
42,719
47,172
48,737
Netincome
$413,268
$542,387
$573,142
6535,365
Dividends($2)
818,448
Balance
$413,268
6542,387
$573,142 def$283.083
Earns, per sh.on 409,224
abs. cap.stk.(par $50)
$1.01
$1.32
$1.40
$1.30)
Consolidated Balance Sheet as of Dec. 31.
1929.
1930.
1930.
1929AssetsLtabillifts$
$
Road & equipm't_92,314,1342 90,315.683 Common stook_ _20,461,200 20,461,200
Sink.5: deprea.fds 489,476
486,910 Grants In aid of
Investments
769,644
834,262 construction ___ 533,111
398,842
Treasury bonds__
548,840
522,575 Income bonds.. _14,000,000 14,000,000
Current assets__ 1,941,208 3,480,413 Funded debt
53,402,924 53,722,000
Unadjust. debits-- 1,771,816 1,941,478 Non-negotiable dl.
to affiliated cos200,000
Current liabilities. 3,076,416 2,196,250
Def.creditItem- 312,431
412,134
Unadjust. credits_ 2,608,488 2,770,737
Surplus
3,441,256 3,419,350
Total
97,835,826 97,581,321
Total
97,835,826 97,581,321
-V. 132, p. 2767.
Utilities Power & Light Corp.
-Sells Stock Interest in
Eastern New Jersey Power Co.
-See National Public Service
Corp. above.
-V.132, p. 2957, 2389.
Western New York Water Co.
-Earnings.
For
income statement for 12 months ended Feb. 28 1931 see "Earnings
Department" on a preceding page.
-V. 132, p. 2768, 312.
West Ohio Gas Co.
-To Issue Additional SecuritiesThe company has filed a petition with the Ohio P. U. Commissio. askn
ing authority to issue $300,000 of its 1st & ref. 6% bonds
to mature Dec.
1 1954, and 3,600 shares of its no par common stock
at $25 a share to
yield not less than $90,000.
Issuance of these securities is asked to make possible more permanent
financing of the great portion of expenditures aggregating $483,489 made
by the company during the past few years in extensive
additions and
improvements to its properties.
During 1930 the company, which is controlled by the MidlandUnited
Co., carried on an extensive expansion program, laying
transmission pipe line and bringing the total length of48 miles of gas
the
transmission system to 123 miles. Gas service was extended tocompan”
four adational communities and a contract was made for the sale
sale 19 . gas company in another town. The company of gas at wholep. 2 to
7a
new supplies gas
service In Lima and nine other towns in central-western Ohio.
-V. 132
West Virginia Water Service Co.
-Earnin
Calendar Years1929.
1930.
1928.
Departmcnt..9 statom2 tp or 712 months ended Feb. gs.For ineom - me. . 2 93
1927.
v.
n f
.
Gross earnings
28, see "Earnings
$8,088,401 $7,866,015
Oper,expenses and taxes 4,627.325 4,611,840 65.400.688 $4.450.669
3,049.832 2,628,836
Wisconsin Power & Light Co.
-Earnings.
Net earns, before depr. 83,481,076 $3,254,175 $2,350,856
For income statementfor 3 and 12 months ended March $1,821,833
31,see "Earning'
Prov. for depreciation... 1.387,881
1,310.726
930,406
793,103 Department" on a preceding page.
-V. 132. p. 2197.
Net earns, after depr- 82,073,195 $1,943,449 $1,420,450
Wisconsin Public Service Corp.(& Subs.).
-Earnings.
$1,028,730
Total int. & other deduc. 1,143,462 1,226,930
803,857
592,300
12 Mos.End.Dec.311930.1929.
1928.
1927.
Gross earnings
Balance of income- $929,732
$5,592,331 $5,512,207 $4,994,239 64,676,216
$716,519
3616,593
$436,430 Op.exps., maint.& taxes 3,278.484 3.147,322 2,790.344 2,791,602
Ea1118. Of subs. appile. to
period prior to dates of
Net earnings
acquisition thereof62,313,847 82,364,885 82,203,895 81,884,614
119,009
43.546
110,752 Other income
19,445
17,123
12,817
10.317
Bal. of income avail.
Total Income
$2,333,292 62,382.008 82.216,712 $1,894,930
to Telephone Bond
Bond Interest
801,574
800.881
Share Co
802,885
6597.510
$929,732
804,465
$573,047
$325,678
147,063
83,385
34.091
108,866
Note.
-$339,032 profit on sale of securities during 1928 credited direct General interest
Total
6884,959
6947,9
$836,977
to surplus and is not included in above income.
44
$913.330
Less int, chgd. to constr.
38,852
Surplus Account.
64.418
-Consolidated surplus, Jan. 1 1930, 6760,224;
56,727
105,472
balance
of income for 1930 $929732; sundry direct items, $27,575;
Net interest charges
$909,092
$820.540
1780,249
total surplus,
$807,859
$1,717,532; deduct; Dividends of Telephone Bond & Share
'
Balance
$1.424,200 $1,561,468 81,436,462 81,097,072
first
preferred, $266,875; participating preferred, $119,916; class
Co.,
666,586
611,499
548.027
class A common, $169,651; class 11 common, prior to issue0. $17,368; Preferred didivdneds_ - _
427.898
Bal. for retirem't res.
common, 830,416; subsequent to issue of class A common,of class A
6169,661;
(deprec.) amortiz.,
consolidated surplus balance Dec. 31 1930. $940,653.
div. & surplus
$757,614
$949,969
$888,435
$659,173
Condensed Balance Sheet Dec. 31.
1930.
1929.
1930.1929.
5
Liabilities$
Assetsi
.
7% pref.stock__ _ 3,396,500 3,441,000
Plant, property,
3,849,200
fights. fran., &c.35,288,008 33,239,221 834% pref. stock_ 3,719,000 2,492,400
8% pref. stock_ 3,808,300
Unamort.debt disc.
24,000
24,300
Subscr. to pref.__
368,763
and expense..__ 354,557
162.828 Common stock_ 6,500,000 5.650,000
Divestments
163,502
14,212,000 14,220,503
18,448 Funded debt
43,283
Insur. Unexpired..
Standard Gas dr
Extraordinary re2,085,608 1,854,293
Electric Co_
tire. in process
400,000
400,000
of amortizatlee- 385,362
472,994 Notes payable
224,488
182,805
Accounts payable_
Deferred accts. in
308,298
82.484 Accrued for int_ 307,729
70,389
of snort,
3
1 030ess
388,790
143,171 Accrued for taxes. 252,894
198,331
Cash
251,134
91,499
Accrued for dive__
Cash on deposit for
3,406
192,008 Other seer. liabll_
• for bond int.. &c. 194,420
Customers' dopes.
Accounts and notes
107.671
and unred.tickets 85,489
533,439
receivable, net _ _ 542,192
72,336
Miscell. unadi.cred. 70.490
Receivables from
115,701 Deprec. reserve___ 1,210,616 1,091.135
110,141
• securities sales_ _
373,681
702,780 Other reserves____ 505.752
780,711
Materials & suppl.
725,000
Capital surplus___ 725,000
538,485
530.914
Surplus
38,108,899 36,011,797
2197.
Total
-V. 132,
Total
38,108,899 38,011,797
p.
-Earnings.
Wisconsin Valley Electric Co.(& Subs.).
1928.
1929.
1930.
Calendar Years$2.255.152 $1,923,705 $1.681,955
Gross earnings
993,861
1,124,890
1.346,878
Op.exps., maint. Sr taxes
$688.093
$798,815
$908,274
earnings
Net
20,464
25,755
22,732
Other income
1927.
$1,616,839
836.741
$780,098
9,058
Net earn.s..inci.oth.ine.
$931.006
$824,569
$708,558
3789,156
Bond interest
General interest
Int, charged to construe.
$193,772
216,065
26,014
$193,923
149,190
Cr.29,18.3
$193.100
86,554
Cr.31,157
$193,100
46,456
Total interest charges
Balance
Preferred
[vol.. 132.
FLNANCIAL CHRONICLE
3340
ideuds_
_
8383.823
5313,930
3248,498
5239.556
$547,184
83,867
3510.640
83,933
6460,060
84,000
$549,599
81,000
Bal, for retirem't (cleprec.) res., anion.,
$376.060
$426,706
eons. divs. & surplus $463,317
Condensed Balance Sheet Dec. 31.
1930.
1929.
1930.
$
Liabilities$
Assetz;-$
7% pref. stock.... 1,198,100
Plant, troperty,
Common stock.._ 1,260,000
rights, Iran3,688,200
12,187,841 10,768,758 Funded debt
clOses. Arc
Stand. G.&E. Co. 3,898,048
Unamortized debt
Notes payable._ 550,000
115,907
disc. dr expense. 107,070
201,200 Accounts Payable. 105,992
201,199
Investments
33,493
4,650 Accrued for int_
4,989
Insurance unexpir_
Accrued for taxes. 126,521
Deferred accounts
Accrued for dive.. 306,533
In process of
11,827
17,126 Other accr. habits.
12.163
amortization...
42,812
94,305 Customers' deport.
189,912
Cash
8,748
Misc, unad1. ere&
deposit
Cash on
5,322 Deprec. reserve... 1,489,928
5,286
for bond lot.,&c,
28,498
Other reserves__
Accounts & notes
705,707
478,322 Surplus
receivable, net.. 432,205
303,721
Materials & suPPI. 291,557
13,432,212 11,989,312
Total
-V. 132, p. 2197.
Total
$465,599
1029.
$1,211,670
3.873,649
20,512
Total surplus
Cash dividends paid
Stock dividend (79,243 3,005-10,000 shares at 59)
Direct surplus adjustments (net)
$5,105,832
843,505
713,178
20,594
$3,528,554
Balance at Dec. 31 1930
Consolidated Balance Sheet Dec. 311930.
Liabilities
Assets
$558,430
$1,812,877 Accounts payable
Cash
219,458
Sundry accruals
Government, &e, marketable
126,666 Estimated cost to fulfill oblisecurities at cost
gations under supply sales
Notes and accounts receiv.,
125,232
contracts
2,651,244
less reserve
3,080,024 Federal and foreign income
Inventories
211,150
taxes, estimated.183,487
Deferred charges to operations
284,492
Dividend payable Jan. 10 '31
Employees notes receivable
9,039
47,708 Purchase money obligations_
secured by stock
365,440
Stock held for sale to employees 111,300 Reserve for conting. & insur.
34,308 Minority interest in pref.
Value of life insur. policies
492,336
stocks of subsidiary
5,538
Miscellaneous securities
y8,500,000
x3,862,568 Capital stock
Plant and equipment
812,974
Paid-in surplus
Patents, armee. for patents,
3,528,554
Earned surplus
develop, expense, trade3.171,606
marks & goodwill
$15,087,105
Total
$15,087,105
Total
x After depreciation of $2,585,457. y Represented by 760.213 shares
(no par).
2768.
-V. 132, a.
-Earnings.Aero Supply Mfg. Co., Inc. (8c Subs.).
13,432.212 11,989,312
$500
17,118
12,754
3,000
1,755.862
53,917
-Extra Dividend.
Administrative & Research Corp.
cents a
The directors have authorized the second extra dividend of 10is appliThe dividend
share to be paid June 1 to holders of record May 18. stock. A similar paycable to the holders of both class A and B common
ment was made on Dec. 18 1930.
The last regular quarterly distribution of 25 cents a share was made on
both issues on April 1 1931.-V. 132, p. 2198.
-Earnings.
-Advance Bag & Paper Co., Inc.
Balance available for other interest,
E depreciation, dividends. Federal in/ borne taxes, &c
-V. 132. p. 313.
Net income
Balance at Dec. 31 1929 exclusive of foreign subsidiaries
Foreign subsidiaries
Earnings for Year Ended Dec. 311930.
$897,394
897,394
Net sales..............................................3776,246
Cost of sales
92,695
Selling expense
141,121
Administrative and general expense
$112,668
Net deficit
8,483
Other income
$104,185
Gross deficit
6,382
Other charges
84,001
Depreciation
$194,569
Net loss for year 1930
INDUSTRIAL AND MISCELLANEOUS
1930.
Net income (including net income of American Multigraph
Co. and subsidiaries for the nine months ended Sept. 30
$1.405,843
1930, prior to acquisition)
Net income of American Multigraph Co. and subsidiaries for
194,172
the nine months ended Sept. 30 1930, prior to acquisition
1,198,100
1,260,000
3,689,400
2,507,207
550,000
124,280
33,683
104,280
288,738
10,423
37,497
11,419
1,469,492
19,087
705,708
-American and National sugar Refining
Price of Refined Sugar Reduced.
companies have reduced refined sugar 11) points to 4.40c. a pound. Philadelpnia "Financial Journal" April 24, 11• 3,
-Rome copper has been sold at 93-ic. a Pound,
• Price of Copper Reduced.
a new low price for the metal since 1895. The previous low. 934c. a pound.
New York "Evening Post," April 30. p 25. Refining Co. has
reduced
-American Smelting &
Lead Price Reduced.
s Bureau," April 25, p.9,
"
lead 10 points to 4.25c. a pound. Boston Newweavers who have been on
-Approximately 800
Weavers' Strike Ends.
to
strike for 3 months in the Philadelphia textile mills areII. return to work
p. 1, Sec.
at lowered wages. N. Y."Times," April 26, 25: (a) Volume of life insurMatters Covered in the "Chronicle" of April period in 1930 March
sales
ance sold in first quarter of 1931 below same
industry; over
decline, p. 3041; (b) Fluctuation of employment in radio of surplus from
laid off at close of year dispel prospect of absorption
42,000
other industries, p. 3043; (c) New York Stock Excoange suspends PynWhitely
chon & Co. for insolvency. P. 3070; (d) Prince & opposes failure; Federal
firm's proposed
investigation begun of the firm's activities; creditor
settlement plan, charging preference payments, p. 3071.
Calendar YearsGross profits of parent co. & sub,
avail,for bond interest
-parent co. and subs
"lend interest
acquisition as well as to the acquisition of the European subsidiaries have
been written off.
Consolidated Income Account Year Ended Dec. 31 1930.
Net profits after deducting all manufacturing, selling, and
general expenses but before making provision for deprecia$2,190,964
tion, amortization, &c., as shown below
349,926
Depreciation of plant and equipment
Write-off of engineering, laboratory, development and patent
187,142
expenses and amortization
223,212
Provision for Federal and foreign Income taxes (estimated)._ -Dividends on preferred stocks of subsidiary companies held by
24,841
minority interests
1929.
1928.
$597,810
473,413
$1,049,603
404,450
$916,578
288,425
$124,396
$645,153
$628,153
-Annual Report.
Addressograph International Corp.
Condensed Consolidated Balance Sheet Dec. 31 1930.
LiabilitiesAssets
$208,771 NOUS payable
Cash
49,338 Accounts payable
Notes & accts. rfteivable
432,604 Accruals
Inventories
11.233 Mortgage payable
Deferred charges
Property, plant & equipment x847,762 Capital surplus
43,800 Deficit
Leasehold purchase option..
9,394
Prepaid tuilding lease
Additions and improvements
38,913
to leasehold
939
Patents
5,200
Investments
65,825
Recapitalization expense_
21,733
Goodwill
$1,735,316
Total
$1,735,316
Total
25,000 shares of
x After depreciation of 3478,723. y Represented by B stock of no par
class
class A stock, no par value, and 500,000 shares of
value.
-V. 132, p. 1801.
--Earnings.
Ainsworth Manufacturing Corp.
1930.
Calendar YearsGross profit on sales
Selling, administrative & general expenses.
Operating profit
Other income
Total income
Provision for Federal taxes
Net profit
Dividends paid
1929.
3630.131 31,601,053
447,291
334,550
$301,581
36,195
31,153,763
17.455
3337.776 31,171,217
131,088
39,276
$298,501 31.040.129
270.235
344,499
defS45,994)
Balance, surplus
163,511
Shares of common outstanding
$1.83
Earns per share
Sheet. Dec. 31.
Comparative Balance
1030.
Liabilities
1929.
1930.
Assets
Accounts payable_ 567,305
$76,537 $928,227 Federal income tax
Cash
40,001
356,277
U. S., municipal &c 1,230,312
402,131 Accr, wages, sala215,869
Accounts receiv
13,358
ries, taxes, &e631,387
466,415
Inventories
Res. for stk. dive.
Prepaid Insurance,
declared
36,542
54,594
taxes, &c
Common stock._ 1,635,110
Value of insurance
Res.for unconvert.
Policies on lives
3,763
scrip
22,850
26,980
of officers
1,682,361
1,326,363 Surplus
1,370,890
Fixed assets
Total
$3,441,899
$3,441,899 $3.701,777
Total
3769.894
160,665
$6.47
1929.
197,560
104,824
38,841
32,301
1.606,650
Joseph E. Rogers, President, statel
1,721,600
Frank H. Woods. Chairman and including foreign subsidiaries, before
The net Income for the year, after providing for full depreciation,
tax, but
33,701,777
deducting Federal income
($537,068) was $1,629,054.
engineering, development and patent expenses income was $1.405,842 or
tax, the net
lvv_After deducting Federal income (this being the number of shares of -V. 132, p. 3150.
on 634,575 shares
32.22 per shareinternational Corp., and the American Multigraph Co.
-Earnings.Air-Way Electric Appliance Corp.
Addressograph
acquisition of the latter company's net
For income statement for quarter ended March 31 see "Earnings Departoutstanding prior to the date of
on the 760,213 shares now ment" on a preceding page.-V. 132. p. 1993.
share
the corporation), or $1.85 per shares issued in connection with
assets by
additional
outstanding, including 125.638 The additional stock was not issued until
-Earnings.
consolidation.
Allegheny Steel Co.
the purchase and
For income statement for quarter ended March 31 see "Earnings DepartDec. 29 1930.
English company was not acquired by the ment" on a preceding page.
1621.
-V. 132, p.
Owing to the fact that the the German companies until April 1 1930;
corporation until July 1 1929; 1 1930; and the American Multigraph Co.
-New Directors,
June
Corp.
Allied Chemical & Dye the board of directors held on&c. 28
the French company until consequent reorganizations and increases in
April
At the organization meeting of
until Sept. 30 1930, with
it Is impracticable to compare
'
of the businesses acquired, the year 1929. Taking the the following officers were appointed: Chairman of the Board and President,
capital of several
with those of
Clinton S. Lutkins, Geo. M. Wells:
the results; for the year 1930
falling off in net income, due in Orlando F. Weber; Vice-Presidents,
whole, however, there was a subsidiaries; to the introduction F. J. Emmerich and Charles F. 1Veber; Comptroller, F. J. Emmerich;
results as a
European
part to the reorganization of the machines which resulted in a temporary Treasurer, Joseph N. Ford; Secretary, H. F. Atherton.
of
Tne following executive committee was appointed: Orlando F. Weber
inventory, development and
Of a number of new models
production; and to substantial circumstances, the results Chairman; Clinton S. Lutkins, F. J. Emmerich and Charles F. Weber.
Slowing down in
all the
experimental write-offs. Revjenving
Alfred A. Cook and Jacob White have been elected directors. C. W.
of the executive conunittee and
may be considered as fairly satisfactory.
the net assets of the American Nichols was not re-elected as Chairman
During the year the corporation acquired the expenses incident to this as a director.
-V. 132, p. 2178, 1225.
of
Multigraph Co. of Cleveland, 0. All
MAY
2 1931.]
FINANCIAL CHRONICLE
Allied Motor Industries, Inc.(& Subs.).
-Earnings.
1930.
$206,902
481,181
1929.
$687,329
527,077
1928.
$574,952
435,048
Net operating income
Additions to income(net)
loss$274,278
74,695
$160,252
104,461
$139,904
7,302
Total income
Deductions
Provision for Federal taxes (est.) _
loss$199,58.3
194,996
$264,713
26,613
26,500
$147.206
53.182
8.156
def$394,579
$211,600
$85,867
Calendar Years-
Gross operating income
Sell., gen'l & administrative expenses_
Net earnings
Consolidated Balance Sheet Dec. 31.
3341
Consolidated Balance Sheet March 31.
1931.
1930.
1931.
1930.
Assets
Liabilities
Land, bldgs., maPreferred stock_ _ _ 4,495,650 4,495,650
chinery, &c_ _ _11,669,235 11,828,741 Common stock__ 6,527,730 6,524,690
Inventories
2,574,789 3,099,904 Cora,stock scrip.3,040
Accts. receivable
973,533 1,045,995 Prof. foreign subs. 391,032
389,582
Dec. Instal. on stk.
Accounts payable_
255,238
482,748
sold to empl_
434,443 Reserve for taxes_
323,483
452,953
Corn. stk. acquir.
Advances on cusfor resale
114,966
110,260
tomers orders__
234,148
320,084
Marketable invest. 2,478,596 2,167,966 Pref. and common
Contract deposit
108,710
dive. payable... 393,821
108,385
393,669
Loans on call
400,000 Insur. pensions &
Cash
special reserves_
2,400,962 2,195,719
769,213
776,334
Cash & seems, for
Surplus
7,475,054 8,076,348
377,334
special reserve__
407,690
Deferred & unadi.
146,026
charges
137,213
1930.
1930.
Assets
1929.
$51,975 $572,647 Notes payable..._ $220,000 $266,500
Cash
473,639
613,387 Accounts payable_
53,634
95,283
Receivables
520,911
40,472
786,504 Accruals
60,439
Inventories
Res. for guar. of
Due from faith cos.
affil. cos. Habits_
Total
144,391
53,000
Total
20,865,370 21,915,098
20,865,370 21,915,098
and misc. assets_ 369,326
Inv.in affil. cos.__ 1,349,500 3,830,991 Dividends payable
24,500 - 132, p. 1415.
V.
1,336,212 1,336,489 Due affiliated cos_
53,891
Plant, prop., &c
-New Directors.
Shoe & Foundry Co.
American Brake
196,296 Due officers and
54,487
Deferred items_
employees
3,100
Winthrop M. Crane, Jr., Louis J. Gilbert and C. Armitage have been
Federal tax
26,500 elected directors, succeeding Gates W. McGarrah, Randolph Ortman,
Funded debt
-V. 132, p. 2969.
1,500,000 1,500,000 deceased, and Joseph B. Terbell, deceased.
Preferred stock
a1,084,350
-Sales Decline.
American Colortype Co.
Common stock_ _b3,934,549
Paid in surplus
1931.
90,230 5,449,893
1930.
Three Months Ended March 31
Def, from red. in
Gross sales
$2,843,085 $3.657,715
investment
2,536,323
-V. 132, p. 1621, 1416.
Prof. and loss def_
283,862
-Earnings.
American Commercial Alcohol Corp.
Total
$4,156,051 $7,480,105
Total
$4,156,051 $7,480,105
a Represented by 24.500 shares in both years.
b Represented by 240,241 shares in 1930 and 238,509 shares in 1929.
-V. 131, p. 4218.
American Austin Car Co., Inc.-.4nnual Report.R. 0. Gill, President, April 17, reported In substance:
Company shipped its first cars the latter part of May 1930. Total
shipments for year amounting to 8,558 cars was divided as follows: 28 quarter ended June 30 1930, 1,240 cars: 3d quarter ended Sept. 30 1930, 6,635
cars; 4th quarter ended Dec. 31 1930, 683 cars.
The heavy expenses preliminary and attendant to setting up plant
operations at Butler. Pa., and the lack of precedent at the di,posal of the
management in the introduction of a new and novel car to the American
market, accounted to a large extent for the loss suffered by company in
the first eight months of actual operations.
Unfortunately, company was unable to avail itself of the full automobile
selling season of 1930. The spring season, which constitutes practically
60% of the buying period, was over when the first carload of Bantam cars
left the factory in the latter part of May 1930. For a brief period of
several months production was steadily increased to a high point of 240
cars per day.
In the autumn of 1930 when the depression became acute, production
at the company's plant was considerably curtailed to conform to the seasonal
decline prevalent throughout the industry.
On March 13 1931, a new management was installed. With the excellent
co-operation of vendors and distributors, definite plans are now in process
for the future, based on sound and conventional practices as to compettiive
quality and competitive retail price.
Modest plans for supplying "Bantam" engines for commercial use are
being worked out. Marked improvement in indirect costs are being and
have been made. Additional types of present models are being prepared
for the trade.
Consideration is being given by the board at the present time to the matter
of additional working capital and It is hoped that a plan may be effected
looking toward a simpler financial structure.
Earnings for Period from May 23 to December 311930.
Loss from operations
$291,618
Selling and administrative expenses
407,224
Loss
Other Income
$698,841
28,945
Net loss
Interest on notes, mortgages, &c
Amortization of deferred.charges, &c
Branch losses
Provision for doubtful accounts
Reserve for adjustment of inventory values
Reserve for changes to tools and parts
$069,896
44,710
97,348
35,353
50,253
130,837
50,000
Loss for period
Capital surplus
Deficit Dec. 31 1930
$1,078,397
195,338
$883,059
Note.
-The production of automobiles commenced on or about May 23
and the allocation of the expenses is approximated as and from that date.
Balance Sheet Dec. 31 1930.
Assets
-
Liabtttttes598,078 Notes and accounts payable_ _ _ $308,394
b97,642 Accrued chargea-royalties,Int,
Inventories
556,324
wages, dm
79,537
-power, &c
Deposits
2,513 Distributors' deposits
30,052
Investment
-Canadian Austin
Retail certificates
19,135
10,000 Reserves
Car Co., Ltd
140,365
Land, bldgs.,mach., equip.,&cc1,497,574 Mortgage payable (1934)
15)000
18,863 7% cony, sinking fund notes
Body plant-uncompleted work
a904.500
495,290 Capital stock
Tools, dies, patterns, &c
82,727,625
,
212,203 Capital stock warrants issued_
Licenses, rights, &c
a60,000
389,179
Deferred charges
Expenses prior to opeens-net 158,885
883,059
Deficit
Cash
Notes and accts. receivable_ _
.
$4,419,610
Total
$4,419,610
a The notes with warrants were purchased by the bankers at 97, of which
was allocated to the purchase price of the notes to conform to the Penn91
sylvania law and 6 to the purchase price of the warrants attached thereto.
The reason for placing a price of 6 on the warrants was that each
Total
warrant
called for the delivery, after one year, of one share of common stock which
at that time was selling at $6 per share on the Pittsburgh Stock Exchange.
After reserve for doubtful accounts of $69,853. c After reserve for depreb
ciation of $284,585. d Represented by 296,125 no par shares.
Trustees Appointed by Creditors.
A trusteeship for the company has been formed, effective as of April 1
1931, and to extend to the same date in 1932. Three trustees represent
the creditors' interests. one being the Hayes Body Co., Grand Rapids,
Mich.,the largest creditor.
When the company was formed It was the intention to produce 15.000
"bantams." Material was ordered in part for this production, but whereas
some material was ordered for 15,000 cars, other parts were ordered for only
percentage
a smallconsequenceof this amount.
is that the company finds itself with material in part
The
on hand to make about 5,400 Austins, as 9,600 were produced from the time
the car was introduced. About 300 are on hand at the company's plant at
Butler. Pa., the rest. or 9,300 have been disposed of to dealers and the public.
Creditors have arranged to advance $200 per car within the next year to
finish up the manufacture of the 5,400 units. Title to the car is to rest with
the creditors until it is sold. The arrangement is akin to a car trust agreement employed by the railroads and street car companies.
This credit advancement program is to cease on April 1 1932, and it is
hoped by then that surplus lines of material will be cleaned up.
-V. 131, p. 1715.
-Earnings.
American Bank Note Co.
For income statment for quarter ended March 31 see "Earnings Department" on a preceding page.
For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.-V. 132, p. 1993.
-New Directors.
American European Securities Co.
Floyd B. Odium, Vice-President of Electric Bond & Share Co., and
William 0. Bay Jr., Vice-President of Electrical Securities Corp.. have
been elected directors.
-V. 132, p. 2969.
-Earnings.
American Ice Co.
For income statement for 3 months ended March 31. see "Earnings
-V. 132, p. 2199.
Department" on a preceding page.
-Earnings.
American-La France & Foa mite Corp.
For income statement for 3 months ended March 31, see "Earnings
-V. 132, P. 1621.
Department" on a preceding page.
American Machine & Metals, Inc.(& Susb.).-Earns.
For income statement for three months ended Starch 31 1931 see "Earnings Department" on a preceding page.
Comparative Balance Sheet.
LiabilitiesJuly 1 '30. Dee. 31 '30.
AssetsJuly 1 '30. Dec. 31 '30.
Cash
$399,773 $454,198 Notes & tr. accept.
payable
$174,943
Notes & tr, accept.
$76,064
277,407
251,953
1,352,880 1,466,791 Accts. payable__
reo. (net)
57,585
79,257
Accts. rec.-cust._ 1,388,790 1,160,223 Other accruals....
Adv. pay, on contr
22,648
28,060
Accts. rec.-empl.
14,295 Funded debt:
& adv.to salesmn. 21,662
654% 15-yr.con,
Accr. int. rise
152,440
148,44
9
2,486,500 2,400,000
gold debs
Dep, with lafiUt.
Res. for °outing87,413
agt8. & to secure
45,722 Capital stock _ _ _ _y3,532,722 3,532,722
bids
45,766
1,523,534 1,220,034 Capital surplus_ _ _ 1,830,752 1,783,984
Inventories
171,674 Earned surplus_
def325,031
199,854
Investments
Ore res. & min.
1,683,006 1,636,239
rights
Fixed assets
x1,547,257 1,478,507
Prep, rent, insur.,
59,357
int., taxes, &c
67,592
58,931
Def. mine develop.
1
1
Goodwill, pats.,dm
Total...... -38,382,556 $7,914,421
Total
$8,382,556 57,914,421
x After depreciation of $1,569,645. y Represented by 195,000 shares
(no par)
.-V. 132, p. 2200.
American Radiator & Standard Sanitary Corp.
Dividend Rate Decreased.
The directors have declared a quarterly dividend of 15c. per share on
the common stock, payable June 30 to holders of record June 11. In each
of the two preceding quarters, a distribution of 25c. per share was made.
while from June 1929 to and incl. Sept. 1930, the company paid quarterly
dividends of 375ic. per share on this issue.
The directors also declared the regular quarterly dividend of $1.75 on
the 7% pref. stock, payable June 1 to holders of record May 15.
Further Expansion.
-
The corporation has acquired the Cochran-Sargent Co. of St. Paul,
Minn., plumbing and heating jobbers. This acquisition follows the recent
purchase of the Central Supply Co., another similar concern, and both
will continue operations under their own names as divisions of the American
Radiator concern.
-V. 132, p. 3151.
-Earnings.
American Radio & Television Stores Corp.
[Including Fully Owned Subsidiaries.]
1930.
Calendar Years-
1929.
$2,397,312 $4,785,497
2.696,252
4,969,148
Net sales
Cost and expenses
Operating loss
Other income.
$298,940
5,812
$183,651
102,450
Total loss
Other charges
Depreciation
Reserve for doubtful account
Organization expenses
$293,128
38,970
30,200
2,009
$81,201
67.358
60,938
144,046
69.204
$364,308
$422,747
Net loss
AssetsCash
Accts.receivable
Inventories
Fixed assets
Other assets
Consolidated Balance Sheet Dec. 31.
1929.
Liabligie.s1930.
$80,317 Notes payable___
$27,312
188,314 1,021,467 Accts. payable__
477.357 Customers depos_ _
242,374
189,380 Accruals
y154,026
77,338
42,557 Cap. stk. & sup
1930.
$28,126
146,852
1,161
x513,225
1929.
$465,841
303,514
8,833
18,209
1,014,681
$689,364 51,811,078
Total
Total
$689,364 $1,811,078
x Represented by 184,910 no par common shares. y After reserve fo
depreciation and amortization $57,000.-V. 132, p. 2200.
-Balance Sheet March 31.American Surety Co.
AssetsReal estate
Bonds
Stocks
Cash
Premium in course
of collection_ _ _ _
Accr. Int. & rents_
Reinsur, and other
accts. receivable
1931.
1931.
1930.
Liabilities
$
$
7,500,000
8,275,000 8,381,069 Capital stock
5,584,354 5,973,552 Surplus and undiv.
5,720,253
profit
9,151,226 11,664,543
1,280,735 2,776,629 Res. unearn. prem. 6,882,434
Res. contln. claims 5,115,415
2,905,269 2,613,742 Exp. & tax reserve 1,275,82Y
90,455 Volun. special res.
89,784
650,000
Res. outst. prem._
294,300
87,620 Accts. pay., &e..._
151,864
27,438,229 31,587,610
Total
-V. 132, p.3151.
Total
1930,
7,500,000
8,934,680
7,012,226
.078,747
5,403,445
1,850,000
600,000
208,512
27,438,229 31,587,610
-Regular Dividend.
American Tobacco Co.
The directors, on April 29 declared the regular quarterly dividend o
5% ($1.25 per share) on the common stock and common stock B, Par $25,
3342
[Vol.,. 132.
FINANCIAL CHRONICLE
payable in cash on June 1 to holders of record May 9. A like amount was
paid on Dec. 1 1930 and on March 2 1931, and, in addition, an extra distribution of 4% ($1 per share) was made on these issues on the latter date
(see V. 132. p. 852).
Boles Higher.
March sales of Lucky Strike cigarettes by this company are understood
to have been more than 530,000,000 greater than in March 1930. This is
more than 80% of the total increase of 636,711,714 for all cigarettes in the
month, as indicated by Internal Revenue Bureau figures. For the first 15
days of April. the increase in Lucky Strike sales over the 1930 period was
close to 300,000,000.
Sales for the first quarter were some 1,400,000,000 more than those for
the first quarter of 1930, although total consumption for all cigarettes
increased only 167,750,677.
The increase by Lucky Strike from Jan. 1 to April 15, was probably more
than 1,700.000,000 above 1930. From Jan. 1 to April 30 1930, sales of
Lucky Strikes increased 1,825,000.000 over the like 1929 period. ("Wall
Street Journal.")
-V. 132, p. 2587.
Anaconda Wire & Cable Co.(& Subs.).
-Earnings.
-Calendar YearsProfit on manufacturing operations
Selling and administrative expenses
Net profit from operations
Other income
1930.
1929.
$2,345,056 $3,950.657
1,355,695
1,151,938
$989,361 $2,798,719
29.164
29,447
Total income
$1,018,525 62,828,166
Depreciation charged off during year
587,808
478,565
Interest paid
110,779
136,500
Federal income tax
40.945
248,01(*
Income of year
$278,992 $1,965,082
Dividends paid
678,323
1,088,203
Balance, surplus
def$399,331
8876,879
Shares com,stock outstanding (no par)
422,470
411,620
Earnings per share
$0.66
$4.77
Consolidated Balance Sheet Dec. 31.
-New Treasurer.
American Trustee Share Corp.
1930.
1929.
1930.
1929.
Herbert I. Shaw has been elected Treasurer,
-V.132, p. 2587.
Assets
Liabilities$
$
$
$
x Land, buildings,
Capital stock____y20,270,717 19,736,627
-Earnings.
American Zinc, Lead & Smelting Co.
15,000
46,600
mach.,equiPokc.15,868,258 13,999,949 Notes payable___.
For income statement for quarter ended March 31 see "Earnings De- Pats., process.,&e.
339,473
59,907 Int. & taxes acer'el 119,941
49,591
Investments
partment" on a preceding page.
-V. 132, p. 2587.
30,465 Accounts & wages
16,385
Supplies on hand
432,316
payable
4,717,572 7,119,412
423,720
-Earnings.
Amoskeag Manufacturing Co.
Raw materials,&c. 6,595,296 9,777,787 Divs. payable_ _
105,017
308,715
1928.
1929.
Calendar Years1930.
Accts. receivable 2,981,033 3,826,663 Deprec. reserve
1,022,510
465,999
$1,093,880 $3,704,070 $1,959,420 Cash
Gross manufacturing profit
477,549
876,879
586,429 Surplus
480,482
2,920,119 Deferred charges
2,638,536
Taxes, int., new machinery & repairs 2,439,269
180,189
314.141
Manufacturing profit or loss (withloss$1,345,389pf$1,065.534 loes$960,698
out depreciation)
Note.
-Payments in 1930 not included above: Bonus, $356,220; dividends. $365,977; total, $722.197.
Balance Sheet Dec. 31.
1929.
1930.
1930.
%
1929.
$
$
LiabilitiesAssets$
$
16,210
48,803
Plant account__14,377,913 14,383,818 Accounts payable_
-year gold bonds14,000,000 14,000,000
Cash
862,830
106,038 20
Investments
366,592 Capital stock and
1,129,078
surplus_ __ ___14,106,690 16,178,894
Accounts receivable 7,357,105 7,235,288
Inventories
4,428,566 8,103,366
28,155,494 30,195,104
Total
_ 28,155,494 30,195,104
Total
Treasurer, F. C. Dumaine's report to shareholders. April 15, follows:
"The gross business for 1930 was only 819,802,344. substantially onethird less than for 1929
-the final result after paying $789,686 bond
Interest shows a manufacturing loss of $1,345,389. This sum added to the
dividend of $365,977 and the bonus of $356,220, has reduced the net quick
capital. as it was a year ago, to $13,728,776.
"This year 1931, is the 100th anniversary of your company. A century
ago. next July, the Legislature granted a charter to the company. Twelve
days later five men of vision accepted it. Manufacturing had been tried
at the Falls for more than 20 years, but without success. When Ira Gay.
Willard Sayles, Oliver Dean, Lamed Pitcher and Lyman Tiffany formed
the company under the name we still use, the business started on the
career that has produced a plant covering two miles of river front. All
honor to those early pioneers. Their courage, skill and foresight deserve
our respectful admiration.
"Those were days of small beginnings. We are told that a smart weaver
earned 36 cents a day. The pay roll of the first year was $36,000. Five
Years later the taxes appear to have been the irodest sum of $177. The
scale of operations has changed since then. In 1920 the payroll was
$14.000.000; in 1925 the taxes were $993,000. During the 100 years that
have passed since those five men founded the company and put Oliver
Dean in charge as agent and treasurer, the total paid out in wages has
exceeded $300,000,000, and in city taxes $15,000,000.
"During the past 10 years,if the pioneers hal been in charge of Amoskeag,
they would have needed all the courage and skill that they brought to the
solution of the problems of their own day. We have been sailing on a
troubled sea, which has grown constantly more threatening, and during
the past five years has almost wrecked the textile industry a the United
States. Without the cordial co-operation of the workers, Amoskeag might
have been forced to close its doors. I cannot find words to express my
admiration of their loyalty and my heartfelt thanks for their help in so
critical a time.
"Our troubles are not over. There are more spindles in the United
States than are required to supply the needs of the people, and the law
forbids any getting together to eliminate wasteful and destructive competition. Combination which results in unjust profits at the expense of the
People should be forbidden and prevented, but to forbid all combination,
even that which will only stop ruinous losses, is going too far. Reasonable
and orderly limitation of production, without raising the price of goods
higher than Is needed to pay a fair return to the labor and capital producing them, could be arranged if it were not for our rigid anti-trust
laws. But so long as Congress refuses to modify them, the necessary
limitation of production can be attained only by the ruin of mills and of the
communities of which they form a part. Neither the textile workers nor
the textile mill owners are receiving justice from our elected representatives."
New Trustee Elected.
-
At annual meeting of stockholders William Dexter was elected a trustee
o take the place of the late George Wigglesworth.-V. 130. p. 976.
Amparo Mining Co.
-Earnings.
Calendar YearsGross earnings
Operating expenses
1930.
$506,910
523,124
1929.
$319.747
368,289
Operating deficit
Other income
$16,214
27.778
$48,543
26,368
Total income
Deprec. & depletion_ _ _ _
Int, paid on notes
Taxes
Miscellaneous expenses.
$11,564 def.$22.175
47,014
70,833
1,110
1.238
2,000
2,010
11,511
12,693
Net deficit
Dividends paid
Deficit
-V. 128, p. 3356.
$74.028
674,028
$84,993
80,000
$164,993
Total
26,728,906 28,893,705
Total
26,728,908 28,893,705
x Before depreciation. y Represented by 422,470 no par shares.
Patent Infringement Suit.
Judge Nields, in Federal Court opinion, at Wilmington, Del., has denied
a motion of the company for dismissal of a patent infringement suit filed
against it by Edward Angier, of Angier Se Angier Corp., and also denied
common stock (at the rate of 1-40th of a share for each share held) on the
the application of Rinkle-Krinkle Paper Co.for permission to enter suit as a
party defendant. The suit involves infringement otuatent covering the type
filed a third report and second account in the Mass. Superior Court, in
of paper used for wrapping and shipping of wire cable hose and auto tires.
V. 132, p. 1226.
Arcturus Radio Tube Co.
-Earnings.
Calendar Years1929.
1930.
Sales
$5,507,702
Net income after all oper. charges, except provision
for deprec. and amortization
loss3791,892
766,304
Provision for depreciation
164,228
144,999
Provision for amortiz. of deferred charges
27.799
26,176
Federal income tax (estimated)
56,700
Invent, and plant valuation adjustment
Cr.384,978
Net loss for year
$1,368,898prof$538,429
Earns. per sh.on 600,000 abs. cap.stock (no par)-$0.89
Nil
-V. 132, p. 3151.
Argo Oil Co.
-Earnings.
Earnings for Calendar Year 1930.
Crude oil sales
Gas sales
Gasoline sales
Miscellaneous income
$364,161
5,752
11,153
3.477
Total operating income
Operating expenses
$384,543
174,047
Net operating profit
Other income
$210,497
88.126
Total income
Other expenses
Depreciation
Depletion
$298,623
85, 7
296,005
163,967
Net loss for year
$246,877
Consolidated Balance Sheet Dec. 311930.
Liabilities
Cash
$112,331 Accounts payable
$22,665
Marketable securities
840,329 Deferred liabilities
45,199
Accounts receivable
..14.4
40,511 Reserve for taxes and continNotes receivable
gencies
5,738
108,138
Accrued interest receivable
5,369 Capital stock
7,074,240
Materials and supplies
/ 3,785,238
185,872 Deficit
Oil in storage
11,272
Invest. in stocks of other co's
439,232
Fixed assets
x1,641,088
Deterred assets
83,259
Total
Total
$3,465,002
x After depreciation and depletion -V. 130, p. 2211.
63,485,002
-Reorganization Rumor Denied.
Armour & Co.(MO.
1928.
$458,397
480.028
1927.
$548,614
468,977
$21.630 sur$79,637
24,928
85,122
$3,298
78.024
$164,759
78,771
2,005
12,180
7.005
12,043
$88.912 sur$66.940
80,000
100,000
$168.912
$33,06
0
Rumors that a reorganization of the company was imminent has been
denied by Pres. T. G. Lee, who issued the following statement:
"Financial condition of
& Co. is excellent. Rumors of a reorganization are idle. Inventories are ample and are moving steadily into
consumption. Our cash in bank exceeds our bank loans by $6,000,000,
and our working capital is ample to take care of all our needs.
132.
P. 2969, 1622.
-To Readjust Capital.
Atlantic Lobos Oil Co.
The directors have proposed adjusting the capitalization of the company
more closely to its current assets and will submit the plan to the stockholders on May 12, The company has completed liquidating its Mexican
subsidiary and has formed the Carsil Oil & Gas Co.to operate in the United
States.
-V. 128, p. 3356.
-Receivership.
Atlantic Mutual Casualty Insurance Co.
Judge Pierce, in the Mass. Supreme Court at Boston, has appointed
Arthur F. Bickford receiver for the company, a mutual automobile insurance company, and enjoined it from further doing business and from reAnchor Cap Corp.
-Earnings.
For income statement for three months ended Mar. 31 see "Earnings moving its books outside the State or disposing of its assets. Action was
taken on the petition of Merton L. Brown, insurance commissioner, who
Department" on a preceding page.
says he believes the concern is insolvent to the extent of $29,160; and that
Comparative Balance Sheet.
the president, Charles H. Fingerhood, and the treasurer,
Mackie!'
Mar. 31 '31. Dec. 31 '30 have withdrawn funds for their own use from the treasury Harry extent of
Mar. 31 '31. Dec. 31 '30.
to the
Liabilities$
$
Assets-$
$7,000.us
Cap.stk.& num._c12,480,046 12,486,098
Land. bldgs.,
a
287,358
5,243,147 5,286,435 Accts. payable, &a 321,759
equip., &ci
Atlantic & Pacific International Corp.(& Subs.).126,448
Federal taxes, &c_ 131,234
b Patents& patent
C x invted Inzme Account Year Ended Dec. 31 1930.
al fl daestm e
o i
5,294,470 5,300,710
rights
Loss on s
$71362061461
310,310
216,016
Cash
Dividends and interest received and accrued
383,321
reo- 545,583
Notes & accts.
1,423,462 1,431,189
Inventories
Total income
$622,665
41,002
62,892
Prepaid insur., &c.
Interest paid
986
2.125
2,125
Investments
General, administrative and statistical expenses
107,954
144,812
Treasury stock._ d145.344
Franchise taxes
11,656
11,308
Total
12,933,039 12,899,904 Furniture and fixtures written down to estimated realizable value
12,933,039 12,899,904
Total
by
Loss for year
$754,569
a After depreciation. Is After amortization. c Represented of 31,718
889.226
no-par shares of $8.50 preferred stock and 230,758 no-par shares common Deficit at Dec. 31 1929
stock. d 3,400 common shares at cost, of which 400 shares are for resale
Deficit at Dec. 31 1930$1,643,794
to employees.
Note.
-Unrealized depreciation of the corporation's securities, based
As of March 31 1931 current assets totaled 82,250,078 and current liabilities were $452,993. Inventories were carried at $1,423.462.-V. 132, on available market quotations or estimated fair value in the absence
thereof,as compared with cost:
P. 1994.
$798,000
As of Dec. 31 1929
-Earnings.
As of Dec. 31 1930
466,000
A. P. W. Paper Co., Inc.
months ended Mar. 31 see "Earnings
For income statement for nine
3332.000
Decrease in this item during 1930
-V. 132, p. 1225.
Department" on a preceding page.
MAY 21931.]
FINANCIAL CHRONICLE
Statement of Consolidated Paid-in Surplus, Dec. 31 1930.
Proceeds from sale of 6% cum. pref. stock and class A common
stock in excess of the par value and stated value thereof,
respectively
$1,105,051
Proceeds from sale of 112.843 shares of class B common stock to
U. S. Shares Financial Corp. in excess of Si per share
282,108
Excess of the par value of6% cum. pref. stock purchased for retirement over the purchase price thereof
514,205
Excess of the book value of invest. in Standard International
Securities Corp. (based on published quotations of securities
at Jan. 25 1929) over the par value of the 6% cum. pref. stock
and class A common stock of a stated value of $10 per share,
Issued in payment thereof, after deducting expenses of acquiring Standard International Securities Corp. stock
179,091
Total surplus
$2,080,454
Capital stock selling and advertising expenses
339,617
Organization expenses written-off
3,472
Franchise taxes, &c. of Standard International Securities Corp.
applicable to the period prior to Jan. 25 1929
13,176
Balance at Dec. 31 1930 carried to balance sheet
$1,724,189
Consolidated Balance Sheet, Dec. 31 1930.
Assets
LfabUUlesInvestments at cost)
a$1,766,035 6% eumul. pref. stock
$2,915,200
Capital stock of Atlantic &
Class A common stock
c1.098.634
Pacific International Corp.
Class B common stock
d158,230
held by subs. co. for resale
Surplus
e80,394
at cost)
6330,384 Minority interest in sub. co_
4,335
Cash and time deposits
2,077,875 Accounts payable
21,250
Divs. rec. and int. accrued__
19,819 Reserve for pref. dividends
362
Accounts reedy.(owing from
from brokers for securities
sold and not delivered)_--67,417
Furniture and fixtures
1,000
Deferred charges
15,875
Total
$4,278,405
Total
$4,278,405
a The aggregate value of the investments based on available market
quotations or estimated fair value in the absence thereof, was less than
cost at Dec. 31 1930 by approximately $466,000. b 233 shares of 6%
series cumulative preferred stock and 8.264,55-80 shares of common stock
class A. c Represented by 109,863 no par shares. d Represented by
146,250 no par shares. e Arrived at as follows: Paid-in surplus,
$1,724,189;
operating deficit, $1,643,795; balance, $80,394.
Notes.
-1. Options outstanding at Dec. 31 1930 entitle holders thereof
to purchase (a) 2,500 shares of class A common stock on or before March
15 1931 at 22.95 per share, (b) 348,250 chars of class B common stock
at $1 per share, under certain conditions and (c) 5.000 shares of class B
common stock at $2 per share under certain conditions.
2. Dividends in arrears on 6% cumulative preferred stock at Dec. 31
1930 amounted to $163,251 or $2.80 per share.
-V. 130, P. 4243.
Atlantic Securities Corp.
-Quarterly Report.
-
For income statement for three months ended Mar.31 1931 see "Earnings
Department" on a Preceding Page.
Based on the accounting method adopted last year of treating as income
only interest and dividends received or accrued, your company's gross
income for the three months ending Mar. 31 1931 amounted to 355,933.
which after deducting expenses of $4,543 left net income of $51,389. This
was transferred to surplus. After payment of preferred dividends of
$45,000 there remained in this account $222,310.
There was charged to reserve account the sum of $431,367 representing
net losses from the sale of investments, leaving a balance of $3,309,196 in
that account which was $1,018,771 in excess of the depreciation in the
market value of company's portfolio.
Balance sheet as at Mar. 31 1931 shows total net assets, valuing investments at the market as of that date of$5,190.581.compared with $4,596,767
as at Dec. 31 1930, a gain of 12.9%. The cost of investments was $7,312,117 or $2,290,425 in excess of their market value.
Net assets as at Mar. 31 1931 were the equivalent of $86.50 per share
for the preferred stock as against $76.81 at Dec. 31 1930, and $13.02 per
share for the common stock compared with $9.49 at Dec. 31 1930, after
deducting the preferred stock at $50 per share.
Balance Sheet Mar. 311931.
Assets
LiabiffitesCash
$70,573 Taxes accrued
$1,575
Call loans
100,000 Preferred dividend accrued__
15,000
Investments
-at cost
87,312,117 $3 oumul. preferred stock_
3,000,000
Int. & diva. accrued
14,892 Common stock
6841,250
Paid-in surplus
108,250
Surplus
222,310
Reserve account
3,309,197
Total
$7,497,582
Total
$7,497,582
a The market value of these investments at Mar.31 1931 was $2,290,426
less than cost. b Represented by 168,250 shares no par stock. There are
outstanding 120,000 warrants entitling holders to purchase 60.000 shares
of common stock at prices ranging between $40.00 and $45.00 per share.
These warrants expire Mar. I 1934. There have been deposited with the
Trustee 60,000 additional shares of common stock registered in the
of Atlantic Securities Corporation for issuance against the exercise of name
these
warrants.
In lieu of management fees, the Corporation has granted certain options
to purchase one share of common stock for each nine shares at any time
Issued by the Corporation, these options extending for five years, respectively, from the dates of each issue of shares and being at the issue
price in each case. At Mar.31 1931 the stock under such options amounted
to 18,693 shares, at prices ranging from $21 to $35 per share.
-V. 132.
p.314,
-Earnings.
Atlas Powder Co.
For income statement for 3 months ended March 31, see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet March 31.
1930.
1931.
1931.
1930.
5
AssetsLiabUdles-$
2,016,694 1,617,158 Accounts payable_ 543,949
Cash
579,187
Collateral loans _ 200,000 1,300,000 Fed.inc. taxesam 114,169
272,994
Div. seer. on Prof.
Stk. of Atlas Powstock.
272,469
der Co
98,609
90,000
Res. for deprec. _ _ 5,448,294
Unpaid employees
Pur. money notes
stook subscrlp._ 565 224
matur. 1029-31_
U.S. Govt.secur. 1,250,000 1,250,000
100,000
Accts. tir notes rec_ 3,050,817 3,236,271 Res. for deprec.,
uncoil. accts. &
Inventories
2,808,530 3,875.749
Marketable securs. 1,264,227 2,537,350
contingencies_ 804,640 13,521,217
Pit prop.& equip.15,183,822 14.990.931 Preferred stock. 9,860,900 9,000.000
Goodwill, pats.,&c 3,135,791 2,875,242 Common stock__ _18,714,625 8,714,625
Secs, of affil. cos 3,795,470 1,951,781 Surplus.
8,103,370 8,658,492
Det'd items (net)- 205,513
302,051
Total
Total
33,688,556 33,936.514
33,688,556 33,936,514
x Represented by 261,438U no par shares.
-V. 132. p. 2588.
-Earnings.
Autosales Corp.
For income statement for Quarters ended March 31, see
"Earnings
Department" on a preceding page.
-V. 132, p. 2392.
Aviation Corp. of the Americas.
-Changes Name.
-
The corporation on April 29 filed a certificate at Dover, Del., changing
its name to Pan-American Airways Corp.
-V. 132. p. 2970, 2201.
-New
Baldwin Locomotive Works.
The Whitcomb Locomotive Co. has been formed by the Baldwin Locomotive Works as a wholly owned subsidiary to take title to the property
of the George D. Whitcomb Co. which was recently sold at
foreclosure
Officers of the Whitcomb Locomotive Co. are: Samuel M. Vauclain,
Chairman; George II, Huston, President; John P. Sykes, Vice-President
and Harold IL Perry, Vice-President and General Manager. The
Is capitalized with 20,000 no par common shares, all owned bycompany
Baldwin
Locomotive Works. It is engaged in the production of industrial
locomotives, with a plant located at Rochelle, 111.-V. 132, p. 2771.
3343
Bastian-Blessing Co.
-Dividend Decreased.
The directors have declared a quarterly dividend of 50 cents per share
on the common stock, no par value, payable June 1 to holders of record
May 15. This compares with quarterly distribution of 75 cents per share
made from March 1 1929 to and incl. March 2 1931.-V. 132, p. 1418.
Batchelder, Snyder, Dorr & Doe Co., Boston, Mass.
-Defers Dividend.
This company, controlled by Frosted Foods Co., Inc., a subsidiary of
the General Foods Corp. has decided to defer the quarterly dividend of
'
$2Per share due May 1 on the 8% cumul. pref.stock because of unprofitable
operations in the first quarter of the year.
Bayuk Cigars, Inc.
-Earnings.
For income statement for 3 months ended March 31, see "Earnings
Department" on a preceding page.
-V. 132, p. 2392.
-Probable Acquisition.
Beatrice Creamery Co.
The company has offered to purchase the assets of the Consolidated
Dairy Products Co., Inc. of New York. on the basis of one share of Beatrice
stock for each 10 shares of Consolidated common stock held.
-V. 132.
p. 2772.
Bendix Aviation Corp.
-Sales Increase.
Sales in quarter ended March 31 exceeded by more than $1,000,000 the
sales in the final quarter of 1930 according to President Vincent Bendix.
Mr. Bendix said that profits derived from first quarter business amply
covered dividend requirements for the period. The stock pays $1 annually.
The company received special income from sources other than operations
in the first quarter of approximately $225,000.-V. 132, p. 2773.
-Annual Dividend Rate on CornBethlehem Steel Corp.
mon Stock Reduced to $4 per Share from $6 per Share.
-The
directors on April 30 declared a dividend of $1 per share on
the common stock, no par value, payable Aug. 15 next to
holders of record July 18.
From Nov. 15 1929 to and incl. Feb. 16 1931, the company
made regular quarterly distributions of $1.50 per share on
this issue. A further quarterly payment will be made at the
latter rate on May 15 to holders of record April 17.
Earnings for First Quarter of 1931.
For income statement for 3 months ended March 31, see "Earnings
Department" on a preceding page.
E. G. Grace, President, says:
The value of orders on hand March 31 1931 was $65,803,609 as compared
with $68,426,595 at the end of the previous Quarter and 373.333,010 on
March 31 1930.
Operations averaged 50.8% of capacity during the first quarter as compared with 42.5% during the previous quarter and 80.8% during the first
quarter of 1930. Current operations are at the rate of approximately 48%
of capacity.
Mr. Grace announced that the company had completed arrangements
for the acquisition of three steel fabricating companies in Northern New
Jersey, the Hay Foundry & Iron Works of Newark: the Redden Iron Construction Co. of Hillside, and the Levering & Garrigues Co. of Dunellen.
These companies have a total capacity of about 190,000 tons of steel a
year, and bring the total annual fabricating capacity of the Bethlehem
company to 1,100,000 tons.
The business a the new units will be consolidated with that of the
McClintic-Marshall Co., which was recently acquired by Bethlehem. The
McClintic-Marshall capacity is approximately 700,000 tons annually.
Discussing toe business outlook, Mr. Grace said:
" do not see anything to indicate an immediate pick-up in steel business
I
right now. I expect it will go along as at present for the immediate future.
However. I do not think conditions will get any worse."
Commenting on the income account, Mr. Grace said the increase in
interest charges and provision for depletion and depreciation in the first
quarter of this year resulted from the acquisition of the McClintic-Marshall
Co., which occurred in the first quarter. The increase in the charge for
depreciation and depletion was equivalent to 8 cents a share on the common
stock, Mr. Grace, said.
The decrease in orders on hand on March 31, compared with the corresponding date of last year, was largely caused by inc reduction in steel
prices, Mr. Grace said. Tile corporation's backlog, in terms of tonnage,
was virtually unchanged.
"Current prices are just about holding," Mr. Grace said, "and have
been about the same for several weeks. There was a slight increase in the
average billing price for the first quarter, over the fourth quarter of last
year.
"Present operations are about 48% of capacity, and incoming orders are
not quite supporting this rate. The demand has been scattered and
miscellaneous. I do not expect any appreciable falling off in buying,
even though there is no sign of an early increase. Inventories are low at
present, and any orders received would be reflected in our operations.
Bethlehem is maintaining wage rates,and is continuing its work-distribution system, under which employment is given to a maximum number of
its workers, Mr. Grace said.
"This plan has worked out very well," Mr. Grace added. "It is a
fairer system than to arbitrarily lay off a number of men, and to give the
rest full-time employment."
Mr. Grace declared that there had been no "peace agreement" in the
Bethlehem-Youngstown Sheet and Tube merger fight. Bethlehem's
appeal from an injunction barring the merger was still pending in the
Circuit Court of Anneals of Ohio, he declared.
Denies Republic Merger Plan.
Reports that there have been conversations looking to acquisition of the
Republic Steel Corp. by Bethlehem were denied by Mr. Grace.
Discussing the acquisition of the fabricating properties, Mr. Grace said
that this deal rounded out the company's steel fabricating situation. He
said that the terms under which the companies were acquired would not
be disclosed, as the companies acquired were closely held, and the transactions were therefore private.
Mr. Grace confirmed tho fact that his company owned a 20% interest
in the American Stainless Steel Co.
Concerning the recent acquisition of the Eastern Steel Co. of Pottsville, Pa., Mr. Grace said they would not operate the plants of the latter
company, but would remove the useful machinery to the Bethlehem
plants.
Buys Eastern Steel Plant.
Announcement was made April 27 at Philadelphia by counsel for Alexander Luria that Luria "has disposed of all his interest in connection with
the Eastern Steel Co.to the Bethlehem Steel Co." The remaining property
of the Eastern Steel Co. at Pottsville was sold to Luria last week, and
approval of the sale is still being considered by the Federal District Court
in Philadelphia, under whose direction the sale was made. (See also
Eastern Steel (Jo. below)
-V. 132, p. 2970. 2589, 2570.
-Earnings.
Bickford's, Inc.
For income statement for 3 months ended March 31, see "Earnings
Department" on a preceding page.
-V. 132, p. 2772.
Blue Ridge Corp.
-Regular Preference Dividend.
The directors have declared the seventh regular quarterly dividend on its
Optional 6% cony, preference stock, series of 1929, payable on June 1
1931 to holders of record May 5. at ,,,he rate of 1-32nd or one share of the
common stock for each share of such preference stock, or, at the option
of such holders (providing written notice thereof is received by the corporation by May 15 1931) at the rate of 75 cents per share in cash.
-V. 132.
P. 1623.
Bohn Refrigerator Co., St. Paul, Minn.
-Expansion
Program.
-
The company on April 27 announced a nation-wide expansion program
involving the establishment of 20 retail stores in leading cities of the country
and the immediate location of store and offices in the Iske Michigan Bldg.
at the corner of Michigan Ave. and Lake St. in Chicago. In addition, the
company plans to put on the market its first electric type of refrigerator.
developed after years of experimental work and embodying many die-
[VOL. 132.
FINANCIAL CHRONICLE
3344
tinctive features. The new stores will form the first coast-to-coast chain
offering complete refrigeration service exclusively of both the ice and electric types.
All of the stores contemplated by the organization are expected to be in
operation within the next 12 months. Later the company plans to extend
operations into smaller cities until a complete national distributive structure is developed.
President G. C. Bohn says; "Our own business has shown a substantial
increase in the last four months over the same period last year, and our
-V.109.
factory force has been more than doubled in the past two months."
D. 1794.
Blum's, Inc.
-Earnings.
Years EndedProfit and income from all sources
Interest on borrowed money
Depreciation
Provision for Federal income taxLoss on sale of securities_
Jan. 31'31. Jan. 2530.
$384,944
$129,806
77,331
89,355
64,849
73,711
28,348
19,987
Net profit_
Prior year's adjustments
Dividends paid on preferred stock
Reorgan. expel. written off_
Extrad. expenses
1°68353,248
13,005
85,940
17,153
202,736
$214,417
1,202
71,734
Balance
Previous surplus-
def$372,082
460,188
$141,481
318,708
$88,106
Nil
$460,188
$1.42
Earned surplus
Earns, per all, on 100,000 shs. com. stk. (no par)_
-V. 132, p. 1806.
-Earnings.
Bon Ami Co.
For income statement for 3 months ended March 31, see "Earnings
-V.132. p. 1623.
Department" on a preceding page.
-Extension of Time for Payment of
Booth Fisheries Co.
$800,000 of 7% Debentures.
hold the entire outstandThe company has negotiated with banks which
ing amount of 3800,000 of 7% debentures which matured April 1 1931. for
-V. 131, p. 1101.
an extension of time in which to pay off these debentures.
-Affil. Co. Business Increased.
Borg-Warner Corp.
Business of the Long Manufacturing Co.. etroit, a division of the
Borg-Warner Corp., for the first quarter of ihis year was 10% above the
last quarter in 1930, it was announced by C. S. Davis. President of the
parent corporation. The company now makes several types of clutches
and radiators.
It is probable, Mr. Davis said, that the Long Manufacturing Co. will
add an important new product before the end of this year, which will be
-V. 132.
sold outside the automotive field and will have wide distribution.
P. 2392.
-Receivers' Report.
Boston Mfg. Co. (1901).
Lafayette It. Chamberlin and George W. Summersby. receivers, have
filed a third report and second account in the Mass. Superior Court, in
which they state they have on hand $195.413 in cash and ask authority
to pay a second dividend to creditors and to pay themselves, on account,
further fees of $5,000 each for their services. They have already been
paid $15,000 each for services as receivers.
The largest creditor is Amory, Browne Sc Co., former selling agent for
They state that firm is liquidatthe company, with a claim of $1,175,704. National Bank of Boston. The
ing and has assigned its claim to the First
33 1-3% to creditors,
receivers have previously paid a dividend ofto Amory, Browne &amounting
Co. The
to $393.995, of which $391,901 was paid
receivers state they have collected $668.342, and have expended $472,928.
-V. 132, p. 316.
including the first dividend, and have 3195.413 on hand.
(Ernesto) Breda Co. (Societa ltaliana Ernesto Breda
per Costruzioni Mecchaniche).-Earnings.received from Company.)
(Translated from reports
Calendar YearsProfits on finished and sold work
Discounts & rebate.s
Interest & dividends
1929.
1930.
Lire
Lire
30,988,227 35.197,445
114,800
53,176
2,357,641
3.029,623
Total revenue_
Depreciation on properties of the company
General expenses
Taxes & dues
Set aside from 1928
Interest & commissions
34,132.649 37,608,262
5,285.488
5,359.027
12,878,964 13,251,391
2,208.791
4,420,027
Cr.1.500,000
9.253,005
9,683,032
1,791,599
Balance Sheet Dec. 31 (In Lire).
1930.
Liabilities1929.
1930.
Asses
Cap. stk. 640,Grounds, bldgs.,
she. of lire
Install., mach. 92,397,267 88,667,912
15 each, fully
524,957
598,328
Cash on hand_ _
96,000,000
paid)
Bills receivable_ 1,926,653 1,851,794
Res.fd.for loans 2,284,344
& indusPublic
Ord. res. fund._ 1,994,599
trial securities 29,883,865 29,331,419
Foreign loans___ 92,318,716
Treasury bonds_ 1.728,186
MaVls & stocks. 49,495,109 43,908,847 Carried forward
190,614
from 1929_ _ Work In course
.503
of completion 58,099,582 51,115,835 Sundry suPPIlers 36,854
Adv. on acct. of
Sundry debtors. 65,116,124 74,648,862
29,360,138
orders
Guar. & sureties 26,727.196 25,818,191
Sundry creditors 38,248,600
Dep. of board of
551,100 Guar. & sureties 26,727,196
501,000
directors
Dep. account of
501,000
board of direc.
1,791,599
Net profits
Net profits
326.271,310 314,418,736
Total
-V. 132, p. 1423.
Total
9,109,507
1929.
96,000.000
2,284,344
1,083,648
94,436,818
33,664,054
26,546,211
24,924,863
25,818,191
551,100
9,109,507
326.271,310 314,418,736
-Earnings.
Briggs Mfg. Co.(& Subs.).
1928.
Calendar YearsGross profit
Other income (net)
1927.
1929.
1930.
47.002,110 $4,897,550 $6,611,838' 33.225.309
385,714
648.334
290,430
688.345
Total income
Depreciation
Federal taxes
Other deductions
37.690.455 $5,187,980 $7,260,172 $3,611.023
2,406,889 2.305.295
2,302.268 2,536.371
150,000
640.000
225,000
586.000
766.274
Net income
Dividends
$44,035,913 $2.426,609 $4,313,282 $1.155,728
3,004,837
1.001,612
-Earnings:
Broad Street Investing Co., Inc.
For income statement for three months ended Mar.31 1931 see "Earnings
-V. 132, p. 2393.
Department" on a preceding page.
-Earnings.
Bucyrus Monighan Co.
For income statement for quarters ended Mar. 31 see "Earnings De-V. 132, p. 1806.
partment" on a preceding page.
-President Noah H.
Burns Bros.
-Plan Modified Slightly.
Swayne, April 15, in a letter to the holders of preferred
stock, says in substance:
The recommendations of the directors were approved overwhelmingly
at the special meeting of the stocknolders of all classes neld on April 9 1931.
The proposed issue and sale of 39,000,000 of 5% serial notes and the adoption of the plan outlined in my circular letter of March 9 1931 (with the
modification in procedure below explained) were authorized and approved
by the holders of more than 90% of the outstanding pref. stock, of more
than 78% of the outstanding class A common stock, and of more tnan
81% of the outstanding class B common stock. No pref. stock was voted
In opposition. Only three common stockholders, holding in the aggregate
1,500 shares of class A stock and 900 shares of class B stock (or about
1 1-5% of the outstanding common stock), voted against the plan. (For
plan, see V. 132, p. 2202.)
On April 7 1931 (less'than 48 hours before the hour of the special meeting-notices for which had been sent out nearly a month before), two of
these opposing stockholders, holding 900 shares of class B common stock,
applied to the Supreme Court of New York County. for an injunction
against tne company holding the special meeting and for a receiver of the
company. The Court refused to grant such an injunction, the company
agreeing, at the Court's request, that it would not actually issue the serial
notes or reduce its capital until the Court had reached a decision on the
entire matter. The Court gave the company an opportunity to file affidavits in answer to the plaintiffs' allegations, and intimated that there
would be no delay in its decision.
Having failed in their effort to block the special meeting by a court
order, counsel for these plaintiffs appeared at the special meeting and
pposed the carrying out of the plan recommended by the board of directors.
hey offered nothing in substitution to provide the $9.000,000 which is
so urgently needed by the company. All of the stockholders present In
person or by proxy at the meeting voted in favor of the plan, except only
As a consethese two complainants and one additional stockholder.
quence of this legal proceeding, the consummation of the plan must be
matter under consideration.
delayed while the Court has the
Since my circular letter of March 9 1931, the procedure for reducing the
board,
capital of the company to $9,580,000 has been modified by theoriginal
but in a single detail only, so as to insure the fulfillment of the
purposes of the plan. The reduction of capital contemplated by the original plan
be accomplished by changing the now authorized 100,000
shares of class A common stock without par value (which now has a stated
capital of $100 per share) into 100,000 shares of new class A common stock
without par value, with a stated capital of $60 per share, and by changing
the now authorized 100.000 shares of class B common stock without par
value (which now has a stated capital of $40 per share) into 100,000 snares
of new class B common stock without par value, with a stated capital of
for
$10 per share. [See V. 132. p. 3154.1 The original procedure calledand
new class A and new class B common stock with par values of $60
$10 per share, respectively. This modification in procedure is to insure
that the new class A and new class B common stocks will have the same
respective rights, privileges and restrictions as tne now authorized class A
and class B common stocks, except for such reduction in the stated capital
per share. The resultant decrease of capital to the extent of $7.000.000
Is exactly the same as under tne original plan. The new class A and new
class B common stocks without par value are to be placed under ten-year
voting trusts of the same character and with the same voting trustees as
set forth in my circular letter of March 9 1931.
To effect such reduction of capital in accordance with the modified
procedure, a new special meeting of the holders of class A and class B
common stock will be held on May 5 1931. While roe plan, including
such modification in procedure, was approved at the special meeting of
stockholders on April 9 1931. I am advisee. that it is necessary under the
New Jersey statute to have the amendmaft of the certificate of incorporation, which was declared advisable by the board of directors on April 13
1931. authorized by the holders of class A and class B dommon stock at
the new meeting on May 5 1931. No action by the preferred stockholders
is required to effect such reduction in capital. The amendment also takes
care of the formal retirement of the 4,200 shares of pref. stock heretofore
purchased for retirement through the pref. stock sinking fund.
By reason of the above-mentioned court proceedings, it became necessary to amend the agreement. dated March 4 1931. providing for the
issue and sale of the serial notes of the company, so as to postpone the
time for the issue of such notes and so as to permit the proposed purchaser
of the notes or The Lehigh Valley Coal Co. to withdraw from the agreement if on or before May 4 1931, a situation develops which changes the
basis on which the agreement was made, or if at May 15 1931. or whenever your company is ready to issue such serial notes, any litigation is
pending which in the judgment of Delaware Lackawanna Sc Western Coal
Co., or The Lehigh Valley Coal Co. is detrimental to a further performance
of the agreement by either of them.
on April 9 1931,
At the annual meeting of the stockholders, also held.R Close (Pres. of
Lewis
the following directors were unanimously
es. of Lehigh Valley Coal Corp.).
Grant
Luzerne Coal Corp.), Richard F.
T.
Stone & Co.).
Charles Hayden (member of firm of Hayden, N. J.), Cnarles Alfred
F. Huber
Holley (Pres. of Holley & Smith, Hackensack. T. Payne (Pres. of East
William
(Chairman of Glen Alden Coal Co.), (member of firm of
Ladenburg.
Boston Coal Co.), Moritz Rosenthal
of The Chase Natioanl
Thalmann &.Co.), Carl J. SchmidlapP (Vice.-2res.
The First
Bank of the City of New York), Henry S. Sturgis (Vice-Pres. of (Pres. of
Noah H. Swayne
National Bank of the City of New York), and of The Lehigh Valley Coal
a director
Burns Bros.). Mr. Grant is also
Co. and Mr. Close is also a director af Luzerne Coal Corp., its wholly
owned subsidiary. Messrs. Huber and Sturgis are also directors of Delaware, Lackawanna Sc Western Coal Co.
At the meeting of the board of directors held on Apri 13 1931, the folcompany were elected for the
lowing principal executive officers of yourJohn M. Lee, Carman R. Run.
ensuing year: Noah H. Swayne, President Farrell, Vice-Presidents: Arthur
James P. Geagan and Thomas F.
yon Jr..
Bents,Sec.
Olsen,Treas. Sc Comptroller; William P.plan are said to have been received
[New proxies approving the modified
of the class A stockholders and 72% of the class B
from more than 74%
stockholders.j-V. 132, P. 3154, 2773.
T
-Earnings.Burns & Co., Ltd.
1930.
Calendar YearsOperating profits before depreciation
Other income and dividends
1928.
1929.
$411.962 $1,042,359 $1,263.134
146,478
404.648
275.568
Total income
Depreciation
Income war tax (estimated)
Approp. for develop. (sub. cos.).
Int. on funded Sc other indebt. (net)
$687,532 $1.447,007 $1,409,612
281,335
274,359
30,000
30.000
60,000
449.625
685,975
646,218
$3,034,301 32.426,609 $4.313.282df$1,849,109
$595,728
$489.454
$1,557
Net income
Balance, surplus
343,295
416.250
312,531
Eanieder sh.on 2,003,p
$0.57 Dividends on preferred shares
$2.15
$1.21
$2.01
common
225 shares of
sales and selling, administrative
of
$262,433
$73,204
Balance, surplus
den:310,974
After deducting manufacturing cost
x
-V. 131, P. 4059.
and general expenses.
Consolidated Balance Sheet Dec. 31. 1930.
1929.
-No. of Directors
Burroughs Adding Machine Co.
1929.
1930.
$
$
Liabilities$
5
AssetsCommon stook--y12,949,925 12,949,925 Reduced.
At the annual meeting of stockholders held on April 28, changes were
Plant, bidgs., mch. 416,619 20,446,322 Notes payable_
121
1,811,133 5,199,912 made in the by-laws,reducing the number of directors to eight from nine and
Om
4,546,675 2,323,922 Accts. payable__
29.539 eliminating the office of chairman of the board. This action was taken
Cash
Accrued accts......
225,000 as the result of the death of Joseph Boyer, Chairman of the board of directMarketable securs. 8,312,094 7,935,706 Fed. taxes
713,540
receivable_ 2,064,345
ors. -V. 132, p. 2589.
1,001,612
Accts.
3,935.007 7,824,577 Dividends pay'le..
Inventories
Contr. pay
-Reorganization Impossible.
Cadet Hosiery Co.
819.652
Adv. to Briggs
res. 706.683
760,041 Contingencies
A direct statement that reorganization of the company is impossible.
Bodies,Ltd.,Eng 767,075
1,135,736 Bal. of appr. from 1,622,343 1,622,343 and that the affairs of the company will have to be liquidated and the
Deferred items-- 377,654
appraisal of prop
22,614,233 19,579,933 proceeds distributed among its creditors, as it is "grossly insolvent," was
Surplus
made by David S. Ludlum and Horace Edward Palmer. its receivers in
permission
41,419,469 40,426,304 equity, in a petition filed in U. S. District Court forand patentsto arrange
Total
at private
trademarks
41,419,469 40,426,304
Total
Represented by 2,003,225 for the sale of the company's copyrights,
After depreciation of $10.229,323. y
sale or otherwise.
132, p. 2201.
shares (no par)
FINANCIAL CHRONICLE
MAY 2 1931.]
3345
Consolidated Balance Sheet Dec. 31.
Plans have already been made for the disposal of the company's plant at
if the trade1929.
1930.
LiabUftfes1929.
Assets1930.
Columbia, Tenn., at public auction, and the receivers feel thatprivately, to
at that time,
Cabs, equip., &c._83,523.342 $3,229,395 Capital stock_ _ __:$2,200,000 $2,200,000
marks, copyright and patents could be offered
be more
212,069
the purchaser, they would yield a substantial sum, as they would p. 4059. (I'd-will, Iran., &a 1,031,654 1,031,654 Accounts payable_ 134,022
-V. 131,
274,025 Federal taxes and
227,754
Investments
valuable to the active operator than to an outside party.
13,449
3,428
claims
Aecr. int. received
595,073
843,556
99,917
112,245 Reserves
Special deposits-.
154,923
136.949
-April Output.
Cadillac Motor Car Co.
according to Cash & call loans 2,069,244 3,219,330 Surplus
5,302,657 5,402,149
Production in April totaled approximately 2,600 units,of 2,332 units Accts.& notes rec. 107,846
220,749
compares with March shipments
preliminary figures. This
123,272
77.855
-V.132. Inventories
and is a gain over April last year when 2,053 units were produced.
570,603
Prepaid ins., &c... 1,245,636
t). 2589.
Total
$8,386,676 $8,794,723
Total
$8,388,878 88,794,723
-Earnings.
California Water•Service Co.
-V.132, p.3155.
x Represented by 400,000 no par shares.
DepartFor income statement for 12 months ended Feb. 28 see "Earnings
-V. 132. P. 2758.
ment" on a preceding page.
Childs Co.(& Subs.).-Eay nings
For income statement for quarters ended March 31 see "Earnings De-Earnings.
Calumet & Hecla Consolidated Copper Co.see "Earnings partment" on a preceding page.
-V. 132, p. 2774.
March
For income statement for 3 months ended 2394. 31
-V. 132, p.
-Earnings.
Chrysler Corp.(& Subs.).
Department" on a preceding page.
For income statement for quarters ended March 31 see "Earnings De-Earnings.
Canada Dry Ginger Ale, Inc. months ended March 31, see partment" on a preceding page.
Consolidated Balance Sheet March 31.
For income statement for three and six -V.
132, p. 2394.
"Earnings Department" on a preceding page.
1931.
1930.
1931.
1930.
Liabilities$
$
$
Assets
$
- Land, buildings,
Improvement.
-Shows
Ltd.
Canada Steamship Lines, annual meeting said that results of
Stated capital_ _y73,259,465 73.756,355
Coverdale at the
Gold bonds_ ___ 47,457,000 49,753,500
President W. H.
mach, equip.,
of this year showed an Imx71,316,198 81,160,461 Accts. payable__ 13,489,905 18,694,437
operations of the company in the first quarter He explained that during
&c
provement of $141,000 over the 1930 period.
35.381,968 29,627,731 Accrued interest
Cash
taxes, &e.._-_ 1,627,482 1,688,650
the first quarter of each calendar year the company operates at a loss. Market. scour.. 14,595,352 13,677,308
with a
compared
The loss during the first quarter of 1931 was $585,000The improvement Bk.loan & drafts 4,546,882 8,894,093 Dealers' depos__ 1,010,197 1,829,829
of 1930.
87,254 1,932,857
loss of $726.000 in the corresponding periodexpenses.
Notes receivable 1,111,724 3,544.520 Fed'I tax prey_
operating
9,520,706 10,555,440
2,416,700 3,082,715 Reserves
this year has been due to reduced
present, after taking into Accts.receivable 25,586,459 36,478,980 Surplus
43,876,893 53.848.857
Mr. Coverdale also stated that bank loans at fund, Stc., were $875,000 Inventories_
account all obligations, such as interest, sinking
Other assets.-- 8,840,632 8,560,198
less than a year ago.
25,000,000 25,000,000
19
boats will Good-will
The company has 68 ships in commission, and are passenger not ready, Deferred charges 1,533,030 1,228,419
17 boats
10 days. There
be ready for operation in about
canal boats.
Total
190,328,924 211,254,425
of which eight are upper lake boats, and nine are present.
190,328,924 211,254,425
Total
No new construction is being contemplated at new Kingston elevator
x After depreciation of $54,217.986. y Represented by 4.414,787 outMr. Coverdale further stated that profits from the
of common stock.
no par shares
already are being shown, the elevator having been full of grain all winter, standing
In a statement to stockholders, Walter P. Chrysler,
and it would continue to be a Profitable investment.
Following the meeting, T. R. Enderby, general manager, stated that President and Chairman, said in part:
company
orders on hand were far ahead of last year, and that theuntil the at present
middle of
"During the period a gradual improvement has become evident in busihad enough business booked to keep its ships busy
ness activity generally and the corporation has experienced a consequent
May.
This improvement, however, did not
ended March 31 see "Earnings increasing demand for its products. first two
For income statement for 3 months
months of this year to yield
attain sufficient momentum in the
-V. 132, p. 2394.
Department" on a preceding page.
a profit on operations for the quarter as a whole.
'On March 31 1931. net current assets amounted to $67,424,225, com-May Reorganize.Canadian Terminal System, Ltd.
pared with $62.574,261 at Dec. 31 1930. The ratio of current assets to
The holders of the 6% collateral trust sinking fund gold bonds, series current liabilities at the end of March was 5.16 to 1 compared with 4.05
"AB,"6% debentures and 6% mortgage sinking fund gold bonds,series" A" to 1 at the end of the first quarter last year. Notwithstanding a sharp
will meet May 28 for the purpose of considering and, if deemed advisable, increase in production schedules during the first quarter, the corporation's
passing as "a resolution sanctioning any scheme for the reorganization or inventory decreased approximately $500,000.
reconstruction of the company, as well as sanctioning any modification or
"Administrative, engineering, selling, advertising, service and general
compromise of the rights of Vie bondholders against the company as may be expenses were $1,135,145 less than in the first quarter of 1930. and 82,266,decided on at said meeting.'-V. 132. p. 1229.
033 less than in the first quarter of 1929. These results are indicative of
in manufacturing activities.
- similar accomplishmentscontinued its policy of absorbing in current opera-Omits Div.
Capital Dairies, Inc., Indianapolis, Ind.
"The corporation has
directors have voted to omit the regular quarterly dividend of 50 tions all expenses pertaining to the creation of new models. Charges
The
cents per share due May 15 on the class A partic. pref. stock, par $25. again current production, continuing adequate amounts for depreciation
The last distribution at this rate was made on Feb.151931.-V. 131,p.1900. and tool amortization, were 83.547.814. After provision for gross additionsanderetirements, net permanent assets decreased $2,856,427 during
quart r
the
Carbon Steel Co.-Taz Suit Dismissed.
has dismissed the suit brought by the
"Sales each month this year have shown a substantial improvement
The United States Court of Claims
60% increase over
company to recover 81,098,000 in income taxes from the Government. over the preceding month, March sales indicating a a satisfactory level
February. Stocks of cars in dealers' hands are at
-132, p. 1229.
volume of business being done. The result is that
consistent with the
the channels of distribution have been kept open and unobstructed, and
-Earnings.
(A. M.) Castle & Co.
organizations themselves report a considerable revival
For income statement for quarter ended March 31 see "Earnings De- the distributing in motor car buying that may be something more than
of public interest
-V. 132, P. 2774.
partment" on a preceding page.
-V. 132, p. 3155.
seasonal."
-Succeeds Cellulose Products,
Cellulose Products Corp.
-Wins
Claude Neon Electrical Products Corp., Ltd.
-See latter company.
Inc.
Suit.
The company's suit against Neale, Inc.. Los Angeles, alleging infringePresident Elected, 41c.
the manufacture of products under the Button
E. W. Garbisch, former Vice-President and manager of sales of the
Post Products Co., Inc., a division of the General Foods Corp., has been
elected President of the above corporation, recently organized to manufacture a new cellulose tissue product. The new corporation has acquired
all of the assets of Cellulose Products, Inc., with headquarters at Shamokin,
Pa.
The main offices of the new company will be in the Chrysler Building,
New York City. The directors of the company include: Walter P. Chrysler,
James M.Mathes (Vice-President of N. W. Ayer & Son),_Theodore Weicker
(Executive Vice-President of E. R. Squibb & Sons), W. F. Cutler (VicePresident of the American Brake Shoe & Foundry Co.), Frank L. Cheek,
Byron C. Foy (Vice-President of the Chrysler Corp.), Kurt Wendel (President of the predecessor company), P. H. Fuhrmann (Chairman of the
predecessor company), and George C. Craeber (Cashier of the National
Bank of Shamokin, l'a., and Treasurer of the predecessor company).
-Reorganization Consummated.
Cellulose Products, Inc.
reorganization of the company and
ment of patent rights in
Caesium electrode patenta, has been sustained by Judge William P.Cosgrove
In United States District Court at Los Angeles. The decision that the
method was a basic patent of the Claude Neon company reverses a former
-V,132.
court decision, which upheld the use of the patent by Neale, Inc.
P. 1807.
-Annual Report.
Claude Neon Lights, Inc.
The report for the year ended Dec. 31 1930, shows net realized profit of
$268,061. In addition to the above stated realized profit, the company's
proportionate interest in realized net profits (after deducting dividends) of
affiliated companies' reported profits for 1930 and increased deferred gross
p 2m 6.
inco3 e totaled 8339,888. These two amounts total $607.949.-V. 132.
9
-Omits Extra Dividend.
Cleveland Quarries Co.
The directors have declared a quarterly dividend of 75 cents per share on
the the common stock, payable June 1 to holders of record May 15. PreWith the consummation of the
cents per
transfer of its property and business to the Cellulose Products Corp., viously the company paid a regular dividend of 75 statementshare and an
made some
The
announcement is made by the reorganization committee comprising J. R. extra of 25 cents per share each quarter. dividend rate was erroneous.
Olyphant Jr. George 0. Graeber and Nicholas Kelley that certificates months ago that the company had reduced its
stock of the new company are now ready for -V. 132. p. 1039.
for preferred and common
'
delivery. Certificates of deposit should be surrendered at the Central
-Earnings.Cliff Mining Co.
Hanover Bank & Trust Co.. 70 Broadway, New York, or The National
1927.
1928.
1929.
1930.
-V. 132, p. 2204, 2395.
Calendar YearsBank of Shamokin, Shamokin, Pa.
8125,750
$111,311
8136,157
Net loss after all charges $170,153
-Default in Principal and Interest.
Central Foundry Co.
Excess of current assets over current liabilities as at Dec. 31 1930
The principal and interest due May 11931, on the 1st mtge.6% sinking amounted to $123,393.-V. 128, P. 3356.
-V. 121, p. 1573.
fund 20
-year gold bonds, are not being paid.
-Merger Off.
Central Ohio Steel Products Co.
-V. 131, lo• 3535.
See Hayes Body Corp. below.
-$1 Accrued Dividend.
Chain & General Equities, Inc.
The directors have declared a dividend of $1 per share on the preferred
stock, payable May 1 to holders of record April 24 on account of cumulative
dividends. A similar payment was made on Feb. 27 last. The latter
dividend was deferred on Nov. 1 1930, the previous payment having been
a quarterly of $1.62;i a share on Aug. 1 1930.-V. 132, P. 1419.
-Earnings.
Checker Cab Mfg. Corp.
For income statement for quarters ended March 31 see "Earnings De132, p. 2774.
-V.
partment" on a preceding page.
--Earnings.
Chicago Pneumatic Tool Co.
For income statement for quarters ended March 31 see "Earnings De-V. 132. P. 2395.
partment" on a preceding page.
-Earnings.
Chicago Yellow Cab Co., Inc.
1928.
1929.
1927.
1930.
Calendar YearsNet profitfrom oper__ _a $3,274,367 43,977,409 $3,834,212 $4,308,875
550,232
(See a)
773.642
Administrative expenses
1,437,359
1,261.110
1,514,627
1,107,275
Depreciation
Loss on cabs sold or
706.341
793,731
223,642
b14.038
164,803
203,700
Provision fornier income tax
Netincome
Dividends
$1,208,557 $1.786,314 81.832,586 $1,816,905
1,300,113
c1,200,000 c1.200,000
1,600,435
-Earnings.Coca-Cola International Corp.
1928.
1929.
1930.
Calendar Years,3
1 91
4
0 9 $2,641.636 82 927.837
2
50 30
11 301
Divs.rec., Coca-Cola Co $33,62 : 67 82,948: 2
6,336
5.488
Other income
$3.631.568 $2,998,334 82,647,124 $2,398.173
Total
4,552
4,403
25,274
10,827
Expenses
$33,620,741 $2,973,060 $2,642,721 82.393,621
Net income
2.391,837
2,641.636
2.950,324
3.620.361
Dividends paid
81.784
81,085
$22,735
$380
Balance,surplus
For income statement for three months ended March 31 see "Earnings
page.
Department" on a preceding
Balance Sheet Dec. 31.
1929.
1930.
Liabilities1929.
1930.
Assets$24,012 Class A stock__ _ _c$1,628.590 $1,839,830
$24,393
Cash
stock_d 4,311,680 4,432,460
Common
Common stock
24,012
24,393
Coca-Cola Co_ a 4,311,680 4,432,460 surplus
Class A stock
Coca-Cola Co.b 1,628,690 1,839.830
$5,964,663 $6,296,303
Total
$5,964,663 $6,296,303
Total
by 325,718
a Represented by 431,168 no par shares. b Represented Represented
no par shares. d
no par shares. c Represented by 162,859
by 215,584 no par shares -V. 132, p. 1807.
-Changes in Capital and
Colorado, Fuel & Iron Co.
Property Accounts Approved.
The stockholders on April 28 voted to change the authorized common
$532,473
$586,314
$8.557
8216,470 stock from 442,000 shares. par $100, to 442,000 shares of no par value,
Balance, surplus
5,402,149
4,937.558
P.& L.surplus Dec.3E 5.302,657
4,405.085 and approved the issuance of one new no par share in exchange for each
400.000
400.000
She,corn. outst.(no par)
400.000 $100 par common share held. There are at present outstanding 340.505
400,000
$4.46
$4.58
64.54 shares of this class of stock.
$3.02
Earns. per share on com_
a proposal that the 340,505
a After administrative expenses. b After deducting a refund of $212,964The stockholders also approvedon the books as a capital stock shares
liability
. of no par common stock be entered
for prior years' taxes. c Approximate (inserted by Editor).
3346
FINANCIAL CHRONICLE
prou 132.
of $8,512,625 in lieu of the previous common stock liability of $34,050,500, which is held mainly in the northwest, is at present inadequately
repreand that book values of property and equipment accounts be reduced to sented as it has only one director on the board.
reflect present sound values, that any surplus resulting therefrom be
The committee fails to see how
gain control of the board, as the
credited to a "capital surplus account" to be set up on the books of the management committee asserts init could
stockholders, even if the
its
company: that 1,850 shares of par value common stock heretofore classified stockholders' committee succeeded incircular to
electing all three directors at the
as "in treasury" be reclassified as unissued no par common stock.,..i.:041,0 annual meeting.
The stockholders' committee denies that anything it contemplates would
No Action on C'ommon Dividend.entail loss to
--Tfirdirectors have taken no action on the cluaterly dividend of cents the companythe company, although the management asserts it would lose
-n
225.000,000. The
per share ordinarily payable about May 25 on the common stock. The establishment of amicable relationsstockholders' committee believes the
with the company's neighbor. Nevada
regular quarterly dividend of $2 per share on the preferred stock was de- Consolidated Copper Co., and
an equitable adjustment of the controversy
ciared, payable May 25 to holders of record May 11.
with that company
the committee has suggested ending the
The company on Nov. 25 1930 and on Feb. 25 1931 paid a quarterly litigation which hasin the mannerso unfruitful and so costly, would
to date been
prove
dividend of 25 cents per share on the common stock as against 50 cents a great advantage to Coppermines.-V. 132, p. 2775.
per share in each of the three preceding quarters.
Consolidated Dairy Products Co., Inc.
-Probable Sale.
Earnings.
For Income statement for quarters ended March 31 see "Earnings Department," on a preceding page.
-V. 132, p. 2591.
See Beatrice Creamery Co. above.
-V. 132, p. 2591.
Consolidated Factors Corp.
-Officials Accused.
-
Oscar Greenstein, Pres., and Leon S. Pelz. Treas., of the corporation,
were placed on trial April 20 before Federal Judge William Bondy and a jury
The company has concluded a contract with the General Foods Corp. on an indictment charging that they used the mails fraudulently to take
through the latter's affiliate, Birdseye Packing Co., Inc.. providing for in about 24,000,000 from stock investors. Samuel C. Coleman, Assistant
the deferred payment financing of sales of refrigerated show cases to retail U. S. Attorney, outlining his case to the jury, said that the defendants
stores and markets handling perishable foods packaged and preserved by had organized as Peiz Greenstein Co., Inc., in 1922 and later reorganized as
the quick-freezing process.
Consolidated Factors selling stock through A. J. Roberts & Co., which
The contract covers time sales to merchants of refrigerated show cases they organized for this purpose. (New York "Times.")
-V. 129, p. 1595.
manufactured under specifications prescribed by Birdseye Packing, Inc.,
to display and preserve quick frozen foods. The latter products have been
Consolidated Mining & Smelting Co. of Canada, Ltd.
developed by General Foods Corp. through its subsidiary, Frosted Foods, -Earnings
Inc.
Calendar Years1928.
1927.
1929.
1930.
Officials of Commercial Credit Co. estimate a potential time sale volume Sales
$21.613.751 $30,200,046 629,296,520 $31,438,567
of $25,000,000 in the first two years under this contract.
-V. 132, p. 856. Inventories
5,130,329
5,507,174
4,309.160
6.693,387
870.003
776,442
866.462
1.862,960
Consolidated Coppermines Corp.
-Proxies Sought by Other revenue
Commercial Credit Co., Balt.-New Contract.
-
Stockholders' Committee.
The stockholders have organized a committee which is seeking proxies
in opposition to the present management. The avowed objects of the
committee, as stated in a letter to stockholders, is to elect three directors
at the annual meeting May 5 and bring about a settlement of the pending
litigation with the Nevada Consolidated Copper Co.
The committee states that it already has proxies for more than 300,000
shares of the stock. The number outstanding as of Dec. 31 1929 was
1,422,000.
"Our company owns a large and valuable deposit of copper ore and can
mine at least 8,000 tons of ore per day, but it has no treatment plant,"
the committee says; "A long-term contract between it and the Nevada
Consolidated Copper Co. permits Coppermines to send 3,500 tons per day
to the Nevada's plant. The latter company is not obligated to accept any
additional ore, and it will not do so while our company's litigation continues. Therefore our company is limited to a production of about 40%
of its capacity and cannot,'respective of the price of copper, show earnings commensurate with the size of the mine."
The committee says two remedies are available. One is to build a company treatment plant for ores: the other is to obtain additional facilities
at the already existing plant of the Nevada company.
"The present management is undoubtedly committed to the building of
our own treatment plant at this time," the committee continues. "To this
plan we are opposed. Independent estimates made for us place the cost at
$8,000.000. Such a sum cannot be raised during a period of business
depression and would be very difficult to secure at any time. Certainly the
terms of financing would be most severe and expensive. At best, placing
such an obligation ahead of our stock would render the same almost valueless for a long period of years and dividends would be postponed indefinitely."
The committee asserts that a group of stockholders, including men with
large individual holdings, a few months ago attempted to negotiate an
agreement with the Nevada company which would have disposed of all
pending litigation, but were unsuccessful.
The committee's letter is signed by C. K. Blandin and R. W. Higgins
as stockholders, with Oscar Mitchell as attorney.
Officials Answer Statements of Minority Stockholders'
Committee.
Howard D.Smith, President of the Consolidated Coppermlnes Corp.and
seven other members of the board of directors on April 27, mailed a letter
to the stockholders of the company answering "the many misleading statements contained in the circular" sent to stockholders by a minority group
ofstockholders who are requesting proxies to be voted at the annual meeting
to be held in New York City, May 5.
The letter in part follows:
"The directors have been kept fully informed by the President and the
General Counsel of the corporation concerning the operations and general
affairs of the company and particularly in regard to the litigation now on
trial in the U. S. District Court for the District of Nevada. The board has
also been kept fully advised with respect to negotiations and conferences
between President Smith and others with the officials of the Nevada
Consolidated Copper Co. and the following statement irk. their circular of
April 18 1931, 'we are inclined to think that many of the actions of the
President have either not been brought before the directors or else have not
been candidly and openly disclosed to them, is without any foundation
'
in fact.
In connection with the statement of the opposition that the management
holds little of the company's stock, the statement points out that eight of
the directors and their families hold upwards of 272.000 shares as follows:
George T. Ade°, 2,000 shares; Joseph B. Cotton, 36,000: William B.
Cravath, 9,000; Edwin 0. Hotter, 17,000; Stuart Logan. 95.000: Carleton
E.Merrit,85,000;Michael J. O'Brien,3.000. and Howard D.Smith,25,000.
Regarding the litigation between Nevada Consolidated and Consolidated Coppermines Corp. which is referred to extensively in the letter
distributed by the opposition, the management's letter says that this involves two aspects: "First, certain mining rights which we have under
contract and which are, if we prevail in our connections, of a value to
Coppermines in excess of $2,000,000. and; second, counterclaims against
Nevada, which involve over 21,500.000 at this time. One of the most
important phases of the counterclaim litigation deals with the provisions
of the existing treatment contract whereby Nevada agreed to concentrate
and smelt certain tonnages of Coppermines ores upon a cost plus basis.
"We contend that Nevada's methods of computing costs are wrong, and
if our view prevails it will mean not only reimbursement to us for overcharges in the past, but will determine the governing principle for the remaining life of the contract."
Commenting upon the references made by the opposition in respect
to the arrangements between Nevada Consolidated and Consolidated
Coppermines, the letter of the management further states in part:
"It is apparent .. .that it is the purpose of Blandin, Higgins and
Mitchell. if they secure control of the board of directors to execute with
Nevada the so-called working agreement which was presented by the late
David Williams as complete last November and which Mr. Blandin himself
favored withdrawing from a committee of the board of directors, appointed
committee and probably the
to study the agreement, when he found the of this agreement,
both from
board would not approve it. Upon analysis
legal and engineering standpoints, it was evident to all of the directors
the
(other than Mr. Blandin) and also to Frank G. Logan and the late Mr.
Williams,who were the only parties directly concerned with the negotiations,
Coppermines would be a grave
that the acceptance of this agreement by
and costly mistake.
proper limits of this
"You of course will appreciate that within the it to
say,
circular we cannot analyze this agreement. Suffice present it would recontract and
linquish the most valuable rights we have under the
company in excess of 225,000,000. Furthermore, it
result in a loss to our
the contrary, would
would not settle the existing injunction suit, but, onfurther litigation.
and
increase the chance, if not the certainty, of new Higgins and Mitchell, in
"This agreement. advocated by Blandin,
our judgment, instead of being generally fair to both companies, would in
effect be an abject surrender to the inequitable demands of the Nevada
company and place your company at its mercy."
Stockholders' Committee Claims Insufficient Representation
on Board.
statement of the manage-
The stockholders committee in a reply to the
ment. points out that there are nine directors on the board and that only
three come up for re-election May 5. The committee states that it represents
over one-third of the outstanding stock of the company and that this stock
Total
$30.170.098 636,577,223 635,293,311 336,524.169
Ore, previous year
4,309,160 4,836,184
5,130.329
5,507,174
Custom ore
4,063.126
3.698.691
2,890,137
3.421,206
Freight & insur. on ores
from company's mines
913,064
762.454
1,007,777
887,208
General, &c., expenses-- 12,300,316 13,040.872 12.893,720 11,572,054
597.943
Development expenses
1,478,054
546,877
1.443,026
Depreciation
1.745.948
1.958,470
1,565,835
2,191,084
Depletion
650.799
716,947
535,250
746,646
Directors' fees
6.340
6,375
6,360
7.480
Written off
1,178
6.454
Fire insurance reserve...,.
97.188
128.311
62.994
Employees pension fund
14,578
15,622
15,307
Int., bank and general
23.537
63,435
68,534
231,045
Income & mineral taxes_
1.158,333
1,281,310
1.388,989
376,966
Sundry items written off
11,869
22,054
Net income
Dividends
$2,378,351 $8,848,030 $9.182,829 $11,750,969
6,366.593
6,373,750
6,358,875
6,519,206
Balance
def$4,140,855 $2,474,279 12,816,236 25,392,094
Profit & loss balance-- 9.352,603 13,493,459
3,247.852 13,199,696
Shs, cap. stk. outstand.
(par $25)
508,863
509 463
510,048
536,184
Earnings per share
$23.08
$18.24
$4.43
$17.35
Balance Sheet Dec. 31.
1930.
1930.
1929.
1929.
Assets$
LiabllIttesProperties
15,453,231 13,767,656 Stock
13,404,600 12,751,200
Plant
18,808,134 14.633,481 Prem. on stock
6,760,345 2,294,520
Ores, metals, &o 6,693,388 5,507,174 Accts. payable.... 2,535,401 5,023,552
Stores,.kc
4,016,376 3,969,007 Res. for taxes..
379,655
Accts.receivable 2,757.754 2,425,328 Bank loans & overBonds, &c
8,551,546 13,622,925
2,263,334
drafts
Cash
280,198 1,346,301 Dividends payable 3,334,363 3,291,337
Deferred charges
15,672
12,572 Reserves
18,545,998 18,530,376
Surplus
9,352,603 13,493,458
Total
56,576,299 55,284,444
Total
56,576,299 55,284,444
-V.132. P.2
775.
Continental-Diamond Fibre Co.
-Earnings.
--
For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
John P. Wright, President, states: "Orders received for new business
during the quarter were in excess of those for the fourth quarter of 1930.
and the first three weeks of April were slightly better than the same period
in the first quarter.
"The financial position of the company continues excellent, net current
assets on March 31 amounting to approximately $3,055,000. of which more
than $1,000,000 represents cash and Liberty bonds."
Calendar Years1930.
1929.
Sales,less returns.allowances,&c
$6,842,006 $10,597,441
Cost ofsales,exclusive of depreciation
4,966,549 6,835.518
457,521
Depreciation of buildings, machinery & equipment
329,371
Selling,administrative & general expenses
944,433
1.309,866
Operating profit
Other income (net)
$473.502 $2,122,685
35.933
26,060
Total profit
Allowance for domestic and foreign income taxes_ _
$509,435 $2,148.746
62,814
230,858
Net profit
Balance, beginning of year
$446,621 $1,917.888
975.639
Total surplus
Dividends paid
Organization expenses,&c., written off
$1,422,260 $1,917,888
831.250
787,500
154,748
Balance,end of year
$591,010
$975,639
Shares capital stock outstanding(no par)
505,000
405.000
Earnings per share
60.88
$4.26
Comparative Consolidated Balance Sheet Dec. 31.
Assets
Liabilities1930.
1929.
1930,
1929.
Cash
1386,451 $975,995 Accounts payable.
U.S. Liberty Loan
vendors,
$258,277 $478,650
bonds
101,000
404,000 Prov. for domestic
Notes & accts. rec. s670,870 1,071,402 & foreign income
Inventories
taxes
93,434
2,123,659 2,256,518
256,191
Accrued int. tee_ _
c8,178,232 7,000,349
1,414
3,722 Capital stock
10,000 shares treasEarned surplus.-- 591,010
975,639
ury stock
120,237
Notes & accts. rec
not due within
1 year
55,861
39,018
Deposits with insurance underwriters
46,881
47,573
Advances to employees, &c_
14,945
14,285
Sundry investm'ts
48,138
18,131
Prepaid insurance,
taxes, Are
44,640
42,238
Land, water rights,
bides, mach. &
equipment
b5,006,854 3,837,946
Patents & trademarks
1
1
Total
89.120.953 15,710,829
Total
$9.120,953 $8,710,829
a After allowance for doubyful accounts of 322.521
b After allowance
for depreciation of $4 662 037. c Represented by 505,000 no par shares.
-V.132,D. 1808.
-Par Value Changed.
Consolidated Retail Stores, Inc.
-
The stockholders on April 13 1931 approved the adoption of a resolution
to decrease the capital of the corporation from 34.208,745 to $3,252,160.
and the adoption of an amendment to the certificate of incorporation
MAY 2 1931.]
FINANCIAL CHRONICLE
changing the 500.000 shares of common stock without par value to the par
value of $5 each.
Sales for Month and Three Months Ended March 31.
Decrease.
1931-Month-1930. Decreased 1931-3 Mos.-1930.
S332,880
8134,824 I $4,785.074 35,117,954
$1,842,968 $1,977,792
The company reports that there were 28 units in operation during both
-V. 132,1). 2775.
and 1930 periods.
the 1931
-C. S. Eaton of Otis & Co.
Continental Shares, Inc.
Severs Relations with Cornpany-Three Others Resign as
-New Directors Appointed.
Directors
3347
G. P. Doll, former President of the Thos. J. Corcoran Lamp Co., will
be President of the new company, with Thos. W. Davidson. Treasurer
and Vice-President. John W. Brown Jr. as Vico-President, H. W. Edwards
as Vice-President. and Oliver S. Larkby as Secretary.
There will be practically no change in the personnel of the three plants
and no public financing of any sort.
This consolidation brings together some of the oldest and best talent
in the lamp industry and makes us the largest manufacturing lamp plant
In the world.
We will also produce a line of electric switches, meter entrance switches,
-V.132, p. 3155.
outside meter cabinets, floodlights, direction signals. &c.
-Earnings.
Copper Range Co.
A move in line with current tendencies in the field of investment trusts
1929.
1928.
1927.
1930.
Calendar Yearstoward separation of such trusts from their sponsoring houses, emphasized Copper produced (lbs.)- 23.799.770 24,197.316 24,254,132 22,674,719
in a recent bulletin of the New York Stock Exchange, is seen in the an- Proceeds
$2.720.734 $4.341.462 $3,642,177 $3,043,450
nouncement made April 27 that four leading Cleveland bankers have be- Interest, &c.,received.. _
334.541
290.362
173,195
195.250
come members of the board of directors of Continental Shares, Inc.
The new directors are: W. M. Baldwin, Pres. of the Union Trust Co.;
82,915,984 84.676.003 83,932.539 $3,216,645
Gross income
Harris Creech, Pres, of the Cleveland Trust Co.; J. Arthur House, Pres, of
1,345,921
1,027,317
603,730
36.826
the Guardian Trust Co. and C. E. Sullivan. Chariman of the Board of the Net after expenses. &cof CopCentral United National Bank. These banks are the four largest in Cleve- Surplus earnings Co_
Cr165,535 Cr127,662 Cr115.048 Cr132,981
Per Range RR.
land.
633,843
414.679
227,895
Cr16,477
__
These four new directors, together with George T. Bishop, J. A. Hadden Deduct Champion net_
687,016
714,219
Deprec.
and H. B. Stewart, who were elected to the board a few months ago, now Int. on and depletion_
Copper Range
constitute the entire board of directors. Those retiring are C. S. Eaton
114,000
RR. bonds
of Otis & Co., Chairman of the Board; W.It. Burwell,Pres.; M.J. Mandel789.510
394,755
394.755
493.444
Dividends
baum and Philip Wick of Wick & Co.
8354,085
$600,178
$388,603 sur$50,231
Balance,deficit
The official announcement is as follows:
-V. 131, p. 1902.
Cyrus S. Eaton, Chairman of the Board of Continental Shares. Inc..
-Earnings.
Saturday presented to the board of directors of the corporation his resignaCorn Products Refining Co.
as chairman of the board, together with the resignation as a direator and
For income statement for quarters ended Maroh 31 see "Earnings Detion of W. R. Burrell as director, and President, M. J. Mandelbaum as partment:on a preceding page.
-V. 132. p. 1980.
director and Philip Wick as director, with the request that such resignations
be immediately accepted and the vacancies thereby created, filled.
-Earnings.
Coty, Inc.
1927.
At a special meeting bf the board, held late Saturady, these resignations
1929.
1928.
1930.
Calendar Yearswere accepted and George T. Bishop was elected President..
$7,919,244 $7,600,896 $6,499,969
Gross profit
E. Gen.adm.sell.exps.&c_ $5,188.617
2.664,548
Wilbur M. Baldwin, Harris Creech, J. Arthur House and Corliss
3.105.663
3.858.944
3.994.272
Sullivan were elected as directors to fill the unexpired terms of the resigned
directors.
81.194344 84.060.299 84,495.233 $3,835,421
Balance
116,672
Frank H. Ginn, of the law firm of Telles, Hogsett & Ginn. was appointed Other income
198,365
614.703
396.969
counsel for the corporation.
officers of the corporation are as
The reorganized board of directors and
81.591.313 84.675.002 $4,693.598 $3.952,093
Total income
81,903
88.593
82,192
follows:
93.893
Depreciation
-George T. Bishop. Pres.; John A. Haddon, Vice-Pros.; W. R. Federal taxes
Officers.
529,000
563,591
528,112
179.492
Burwell,Vice-Pros.; L. G. Watson. Secy.; H. M.Brownlee°, Asst. Secy.
Cr.5.205
Ad.of min.stkholders int.
Directors.
-Wilbur M. Baldwin, George T. Bishop, Harris Creech, John
A. Haddon, J. Arthur House, H. B. Stewart and Corliss E. Sullivan.
81,317,929 $4,058.297 $4,053,020 $3,341,189
Net income
2,540,155
1,855.800
2,769.996
746,327
George T. Bishop, newly elected President of Continental Dividends
($6)
($0.50)
($2)
($6)
Rate per share
(3%)180,492 (6)302.039 (6)108,298
Stock dividend
Shares, made the following statement:
"Late last fall I was asked by Cyrus S. Eaton, Chairman of Continental's
8986.262 81.404,565 $1.485,389
$391.110
Surplus
board of directors, to become a member of Continental's board. At about
the same time II. B. Stewart,of Akron,0., Pres. of the A.C.& Y. Ry.,and Shares capital stock out- 1,535.833
309.300
1,311 048
1,492.655
standing (no par)
John A. Haddon,attorney, of Cleveland. O., representative of the interests Earnings per share
$.09
$1.11
$10.80
$2.72
of John L. Severance and some of his associates in Continental Shares, were
1929 figures are exclusive ofcompany's equity in undistributed
-The
Note.
likewise requested to join the board. After consideration and after earnings of foreign subsidiaries for six months ended Dec. 31 1929, amountwith others interested in Continental's welfare, we decided to ing
conferences
to $439,550. Including this latter amount the earnings for 1929 are
comply with this request.
Since our election as directors, a number of prior transactions of the cor- equal to 83.01 a share.
Comparative Balance Sheet Dec. 31.
challenged by stockholders of the corporation. In this
poration have been
1929.
1930.
1929.
1930.
situation and with the approval of my co-directors, I suggested to Mr.
$
Liabilities$
Assets
Eaton, Chairman and Mr. Burwell, Pres. of Continental, that in my
:6,420,175 1,929,257
137,893 Capital stock
opinion the best interests of all would be subserved by the election of a board Building impts_ _ 124,545
184.996
32,945
219,453 Accounts payable_
of directors entirely disassociated with the transactions which have been Mach.. equip., &c. 168,438
72,400,000
20.887 Notes payable..
20,887
challenged or even criticized by shareholders. I am very glad to say that Rent deposit..__
400,000
500,000
4,430 10-yr. bonds
4,214
Mr. Eaton and Mr. Burwell were entirely in accord with my suggestion and Other dep. foreign
Res. for reciemp. of
900.000
I was requested by them to take such action as was deemed proper to the Call loans
scrip ctts
6,695
5,575
Notes receivable
best interest of all.
Tenant deposit_
2,692
77.950
"After further consideration I came to the conclusion that I would invite Mtge& receivable_
530,164
for membership to the board,four men,leaders in the banking and industrial Inv. Coty.Ld..Eng 5,241,908 5,241,908 Accrued expenses. 330,449
179,492
528,112
1,424.427
45.780 Res. Fed. taxes
life of Cleveland. The men to whom I refer are Wilbur M.Baldwin, Pres. Advances
4,310,425
232,398 Paid in surplusof the Union Trust Co.; Harris Creech, Pres. of the Cleveland Trust Co.; Marketable seems. 319,888
P.& L. surplus___ 7,843,788 7,230,503
J. Arthur House, Pros, of the Guardian Trust Co. and Corliss E. Sullivan. Goodwill,formulae
1
1
&c
Chairman of the board of Central United National Bank. These gentlemen
802,085
584,840
have all been familiar with the affairs of many of the great industrial Cash
corporations, large blocks of whose stock are held by Continental. I am Accts. receivable 1,719,118 4,345,881
4,023.387 8,041.358
very glad indeed to say that from all of these gentlemen I had a prompt Inventories ___
510.198
response and agreement upon their part to accept Continental directorships. Secur. held as coll. 411,554
14,543
8,212
Mr. Eaton has resigned his position as chairman of the board, and Mr. Prepaid items
Burwell has resigned as president. They both had no hesitancy whatever
Total
15,013,523 17,818.151
15,013,523 17.818.151
Total
in doing so, in view of the desire on their part to improve Continental's
x Represented by 1,535.833 no par shares. y Temporary borrowings
position before its shareholders so that no criticism might be made upon the
which have been all paid off prior to Mar.8 1936.-V. 132, P. 3156.
management.
conduct of Continental's
"In conferences with my associates, as directors, we have to-day reviewed
Curtis PuWishing Co., Phila.-Smaller Dividend.
Continental's balance sheet and even at the lowest quotations on the New
York Stock Exchange as to Continentals' holdings listed there, and our
The directors have declared a monthly dividend of 33 1-3 cents per share
Judgment as to holdings not so listed, Continental has more than 100% on the outstanding 1,800,000 shares of common stock, no par value. payequity over its payable obligations and liabilities. In my opinion there is able June 2 to holders of record May 20. The company from March
absolutely no reason for Continental shareholders to be apprehensive as to 1929 to and incl. April 1931 paid regular monthly dividends of 50 cents
the entire solvency of the corporation and the ultimate substantial enhance- per share on this issue, and, in addition, made an extra distribution of
ment of their investment, providing of course, the financial storm ever stops.
cents per share on July 2 and Dec. 2 1929, and on April 2 and Oct. 2
I have been through a number of financial storms and heretofore they have 50
132, p. 3156.
always stopped and I am still confident that is what is going to happen this 1930.-V.
time.
-Annual Report.
Curtiss-Wright Corp.
"I sincerely hope that the action above outlined and which I have inRichard F. Hoyt, Chairman,says in part:
augurated will appeal to the general body of shareholders of Continental.
The net operating loss for the year totaled $6.704.902,in addition to which
notwithstanding how small or how large their interests may be, as being for
totaling $2,670,042, resulting in
their benefit as well as for the benefit of those holding what might be extraordinary deductions have been takenof which amount, $9,012,920 is
a total loss for the year of 89.374,944.
regarded as controlling stock interests."
applicable to the shareholders of Curtiss-Wright Corp.
*
At the close of the year a careful survey of company's working assets and
Continental Shares,Inc., was organized over five years ago. In the field of
investment trusts its policy has always been tho concentration of its investl other balance sheet items was made, as a result of which directors have
nents in a few basic industries holding promise of gradual and substantia- deemed it wise to set up a contingency reserve of 86.000.000 to provide as
nearly as may be estimated for the probable excess of book value of various
growth over a period of years.
A few months ago the company purchased virtual control of United Light Items. over and above their actual value wherein it has not been possible
& Power Co.. ono of the leading public utility holding companies in the either to realize the actual loss by liquidation or to do more than estimate
country, with assets of over $500,000,100 and annual gross earnings of ap- future sound values.
At Dec. 31 1929 the Curtiss-Wright group of companies had unfilled
proximately $95.000,000. It serves a population of over 5,500,000 in 10
Stotts. Controlled companies include Kansas City Power & Light Co.. orders totalling $10.001.287, while the unfilled orders at Dec. 31 1930
Light & Power Co., Continental Gas & Elec. Cori) • Amer- amounted to 812,243.186; a gain of more than 20%•
Columbus Ry.,
While the financial results of the past year cannot be other than disican Light & Traction Co., Detroit City Gas Co., Milwaukee Gas Light Co.
appointing to stockholders, management feels that much has been accomand San Antonio Public Service Co.
Continental Shares owns over 20% of the common stock of Lehigh Coal plished looking toward the definite establishment of our products in the
in
& Navigation Co., with important railroad holdings and a major interest, military, transport and commercial fields. We have every confidencefor
aggregating 700,000 shares, in National Power & Light Co.,in which Electric the future of aviation and belive that company has laid the ground work
Bond & Share has recently substantially increased its interest. Lehigh's maintaining its substantial position in the industry. We anticipate notably
railroad holdings include Lehigh & New England and Lehigh & Hudson better operating results for 1931 than those experienced during the year just
Railroads, both of strategic importance as connecting links with the New passed.
England territory.
Consolidated Income Account farSalendar Years.
y1929.
1930.
Continentals' holdings in the steel industry, representing at the end of
$19.325.197 826,047,904
the year an investment of over 840,000.000, are largely concentrated in Sales & other revenues
25.465,848 24.934.899
Cliffs Corp., Youngstown Sheet & Tube Co. and Republic Steel Corp. Costs, expense and depreciation
Cliffs Corp. owns substantial interests in Youngstown Sheet & Tube.
,113.005
$6,140,651
Republic Steel Corp. and Inland Steel and also owns Cleveland Cliffs Iron
Loss of manufacturing subsidiaries
405.209 x2,375,337
Co.,one of the leading producers of iron ore and owner of the second largest Other income
ore deposits in the Lake Superior region. Cleveland Cliffs Iron Co. also
$5,735.442 pf$3,488,342
owns the controlling interest in the Corrigan-McKinney Steel Co., purLoss
281.881
969.460
chased about a year ago,and also has important railroad and hydro-electric Interest.patents.expenses,&c
1.421.268
2,410.577
•
Invent, adjust, develop. exp.. &c
properties.
259,465
end of the year Continental's interests in the rubber field amount Liquid. of Curtiss-Wright Exhibition Corp., &c
At the
160,602
to over $10,000,000 and include stocks of the four leading companies, the Federal taxes of manufacturing subsidiaries
major investment being the Goodyear Tiro & Rubber Co.
S9,374.944 Pf$1.624,591
subsidiaries
classifications in the company's portfolio, as revealed by
Loss of manufacturing
Other important
2,471,014
the latest annual report, include Cleveland, New York and Chicago bank Cost of establishing airports & flying service
362.025
177,891
stocks and a substantial holding in the Sherwin-Williams Co., the world's Portion of loss applicable to minotiry stockholders._
varnishes -V.132, p. 3155, 2971, 2592.
largest manufacturer of paints and
89,012,919
$668,532
Net loss
incinnati, O.
x Includes $1,619,784 profit on sale of securities. y Includes results for
(Thos. J.) Corcoran Lamp
-Merger
Co.,elle Thos. J. Corcoran Lamp Co. entire year of subsidiaries, acquired during 1929.
In connection with the consolidation of
Mfg. Co. and Indiena Lamp Corp., it is further
with the John W. Brown
Surplus Account Dec. 31 1930; Net loss for year ended Dec. 31 1929
(as above), $668.532: net profit of subsidiaries for eight months ended Aug.
announced:
The new company will be known as the Corcoran-Brown Lamp Co., 31 1929. the period prior to acquisition included in arriving at net loss above
with executive offices at Cincinnati and branch sales office at Detroit.
stated, 32,538.906: deficit Dec. 31 1929, $3.207,438; add: net loss for year
3348
FINANCIAL CHRONICLE
ended Dec. 31 1930 (as above), $9,012,920, provision for contingencies,
15.791,335; sundry adjustments arising out a acquisition of stock from
minority interests, Asc., $167,823; deficit Dec. 31 1930. applicable to stockholders of Curtiss-Wright Corp.. $18.179,515. The latter figure excludes
deficit, Dec. 31 1930, applicable to minority stockholders in subsidiary
companies. amounting to $712.797.
Consolidated Balance Sheet Dec.31.
1930.
1930.
1929.
1929.
Assets$
Land Aircraft equip
Capital stock--c53,052,650 61,293,554
buildings, &c_a48,400,620 45,909,820 Notes payable--__ 2,475.000 4,825,000
Cash
1,258,218 8,999,156 Accounts payable- 1,296,727 2,886,816
Marketable secure
326,505
46,962 Accr. wages,int.efte 127,940
Notes & sects. roe_ 1,687,149 2,661,734 Dep. on unfilled
Due from bankers_
478,078
62,042,490 sales contracts__ 518,850
Inventories
10,952,148 12,796,038 Federal tax reserve
160,600
Deps.& adv. pay_
58,028
203,563 Bonds At mtgees.
Misce11. investm'ts 1,038,745 2,304,403 payable (curr.)_ 535,062
416,604
Sinking fund
Bonds& mtges.olse
33,394
Patent & pat. rts 1,609,090 1,920,809 payable
775,722 1,389.381
Mtges. receivable_ 232,780
Res. for contingent 6,000,000
Leaseholds, prep'd
Minority interest_ 2,340,784 6,696,327
Insurance, &c.,
& expend. allots.
to future prod 1,852,542 1,587,889
Good-will
1
1
[VOL. 132.
Note.
-This balance sheet does not include Deep Rock Oil & Refining
Co., the entire property of which is leased to Deep Rock Oil Corp. The
rentals received from such lease accrue to Standard Gas & Electric Co.
through its ownership of the entire capital stock of Deep Rock Oil & Refining Co.
-V. 132, p. 2592.
DeForest Crosley Radio Co., Ltd.
-Extra Dividend. The directors have declared an extra dividend of 20 cents per share.
payable June 1 to holders of record May 15. From May 1 1930 to and incl.
May 11931, the company made regular quarterly distributions of 20 cents
per share.
-V. 132. p. 2972, 1231.
Devonian Oil Co.
-Earnings.
-
Calendar YearsGross income from operations
Oper., develop., abandoned lease exp. & taxes
Operating income
Other income
Total income
Depreciation
Depletion
Net profit for year
Earns. per sh.on 328.800 elm. corn.stk.(par $10)--V.132, D. 2398.
1929.
1930.
$1.058,544 $1,532,767
699,152 1,101,832.
$3359,392
27,603
$386.995
242,640
83.670
S%
$430,936
18,541
$449.476
232,599.
118.478
goThriti
----
30.18
Dexter Co.
-Earnings.
-
Total
67,122,715 78,472,925
67,122,715 78.472,925 Total
a After depreciation of $5,152,637. b Collected after Jan. 1 1930.
c Represented by 1,137.997 no par shares of class A stock issued or to be
issued for subsidiaries' stock deposited. 6,299,271 no par shares of common
stock issued or to be issued for subsidiaries' stock deposited and capital surplus of $16,006,600, leas deficit Dec. 31 1930 of 118,179.515. d Includes
call loans.
-V.132, p.2972.
For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
-V. 131. D. 2902.
Curtiss
-Reid Aircraft Co., Ltd.(& Subs.).
-Earnings.
Geo. B. Cortelyou Jr., has been elected President, succeeding W. W.
Watson Jr. Three new members were added to the board of directors and
three new memberships on the executive committee were created. Allen
Hubbard, partner in the firm of Hughes, Sherman & Dwight, attorneys for
Distributors Group, Inc.; Thomas McGowan, President of McGowan,
Cassidy & White, investment bankers, Chicago, and J. Henry Knapp Jr.,
of Knapp & Co., Parkersburg, W.Va., were named to the boar of directors.
Those elected to the executive committee were Robert 0. Adams, VicePresident of Bancamerica-Blair Corp.; F. A. Mayfield, of the MayfieldAdams Co., investment bankers, Akron, Ohio, and Alpheus 0. Beane of
Fenner & Beane, members of the New York Stock Exchange.
Sales of North American Trust Shares for the first quarter of 1931 showed
a substantial increase in dollar sales volume over the last quarter of 1930.
and a 38% increase over the first quarter of 1930. Investment houses
distributing North American Trust Shares now total 1,593, an increase of
58 over the past month, the report shows.
Consolidated Deficit Account as at Dec. 31 1930.
Operating losses for year 1930
Amount set up to cover loss in value of Cirrus engines and
aeroplanes parts on hand at Dec. 31 1930
Provision for doubtful accounts
Depreciation, buildings and machinery
Depreciation of aircraft used in commercial operations
$136,281
31,468
34,102
20,443
48,463
Loss for year
Organization and incorporation-expenses written off
Experimental and development-expenses written off
$270,760
174,216
201,008
Total loss
Deficit balance, Dec. 31 1929
1645,984
133,322
Balance, Dec. 31 1930
-V. 130, p. 4057.
$779,306
Distributors Group,Inc.
-New President-Sales of North.
American Trust Shares for First Quarter Show Gain of 38%
Three New Directors Added.-
West dc Co. Not Indebted to Company.
-
Referring •to the suspension of West & Co., the following statement is.
issued by Distributors Group, Inc., sponsors of North American Trust
Curtiss-Wright Flying Service, Inc.(& Subs.).
-Earn. Shares:
"West & Co. are not indebted to Distributors Droup, Inc., in any way,
Earnings for Year Ended Dec. 31 1930.
either directly or indirectly, nor is Distributors Group, Inc., indebted to
Sales,including airports St other operating revenues
$4.737.751 that firm.
Cost ofsales,selling. general & administrative expenses
6,842,107
"West & Co. have been but one of a large number of stockholders including many
and affiliates of prominent
Operating loss
$2,104,356 banks scatteredimportant investment houses and in Canada, England and
throughout the United States
Other income,interest,&c
18,175 Continental Europe. The stock ownership of any one house represents a
decided minority interest, and, in
their stock
Net operating loss
32.086,181 holding represented less than 15% ofthe case of West & Co.,Distributors
the outstanding shares of
Interest
195,907 Group,Inc."
Miscellaneous
85,736
Inventory, adjustments, planes, accessories, &c
1.112,091 Gross profit Earningsfor Seven Months Ended Dec. 31 1930.
from sales of newly created & repurchased North
Miscell.,inc.).liquidation of Curtiss-Wright Exhibition Corp_
117,856
American Trust Shares amounting to $66,060.647
$4,635,967'
Selling, administrative & general expenses (incl. commissions
Netloss
$3,597,772
to dealers, advertising, literature, salaries, legal & audit fees,
Deficit Jan. 11930
2,153,756
telephone & telegraph,rent, &c.)
3,521,371
Provision for contingencies
1,200,000
Operating profit
Deficit, Dec.31 1930
$6,951,528 Int. on res. fund and "currently distributable funds" held by $1.114,596.
Consolidated Balance Sheet Dec.31 1930.
Guaranty Trust Co. of N. Y. as trustee for North American
ASSC13Trust Shares (includes int. on both funds for the month of
LtabilftlesJune 1930, amounting to $36,016)
154,903
Cash
$200,248 Accounts payable
$278,867
14,286
Accounts receivable
357.745 Accrued wages, interest, &c
11,912 Int. on co.'s bank balances, exchange fees, & dive. received_ _
Inventories
1,417.131 Dep.on unfilled sales cont.,&e
152,894
Total income
$1,283,785
Deposits & advance payments
5,630 Notes payable
3,470,000 Fees paid to trustee:
Due from affiliated companies
156,218 Accounts payable
354.558
53,671
In respect to issue and deposit charges
Land,airport sites
443,346 Sundry reserves
66,174
In respect to coupon disbursement fees and other continuing
Airport construe.& equip.,&c 3,751,429 Notes pay,subsequent to 1931
22,000
fees (includes fees for six months ended June 30 1930,
Investments, at cost
34,800 Reserve for contingencies.... 1,200,000
142,670
amounting to $49,590)
Leaseholds, Prepaid insur.,&a
161,209 Capital stock
y5,000,000 Interest on
loans, collection cnarges, &c
55,728
Good-will
1 Capital surplus
2,922,881
compensation paid under the terms of
Deficit
6,951,528 Special21 1930 between Thomas F. Lee Co.,a contract dated
Inc., & a former
Feb.
&
part owner of that co., the liability for which was assumed
Total
$6,527,756 Total
$6,527,756
upon the acquisition of the business & net assets of that co.
x After reserve for depreciation of $898,039. y Represented by 875,000
on June 1 1930. This contract espied Feb. 28 1931
214,989
no par shares.
Provision for depreciation ofsecurities
1,087
Provision for Federal income & N. Y. State franchise taxes_ _ _ _
176,503
Davis Coal & Coke Co.(& Subs.).
-Earnings.
Calendar Years1929.
1930.
Net profit
3639,136
Sales
52,386.903
$2,546,111 13,482:440 Balance
May 31 1930
139,114
Oper. costs, sell. & gen.
expenses,tax,&c--. 2,192,671
,
2,476,496 2,413,238 3,213,221
Total surplus
$778,249,
Enipr
x
life Maur. &
Cash dividends
206,858
Indus. relation active_
13,840
18,498 Appropriated
9,162
10,413
as a reserve for contingencies
118,200.
Depletion, depreciation,
royalties & amortiz'n149,211
187,211
108,300
149,622
Balance, Dec.31 1930
$453,190
Profit from operations
Balance Sheet, Dec. 311930.
$75,518
$104,250 defS30,588
363,509
LiabU tiles
Assets
Net inc. fr. other sources
164,411
154,373
166,227
161,918
Cash
$921,937 Secured demand loans
$1,539,555
Dividend payable Jan. 2 1931
Cash set aside:
Profit before interest_ $239,929
70,568
$270,477
$225,427
$123.785
For div. pay. (per contra).
Int.on bonded debt_
70,563 Accts. pay., Incl. prov. for
48,974
For redemption of North
Federal income tax
Prov. for Federal taxes,
566,926
Reserve for N. Y. State franAmerican Trust Share
contingencies, &c. 21,400
6,656
22,550
15,804
chise tax
certificates for less than
53,515
31 of a unit
$218,529
Net income
6,000 Reserve for contingencies.
118,200
$117,129
$247,927
$160,649
Demand drafts out for collecCapital stock
Dividends declared
162,693
s1,047,102
tion secured by North
Paid-in surplus
Cr8,992
Profit & loss Cr. adjust..
11,760
5,413
125,000
American Trust Share CerEarned surplus
453,191
tificates (pledged against
Balance,surplus
$64.829
$253,340
$128,889
$160,649
demand loans)
2,528,864
Shares of capital stoci
54.242
outstanding par ($100)
53.091
54,294
54 294 Accts.& other drafts receiv
108,794
$4.57
$4.11
$2.16
Earns.per sh.on cap.stk
ii.95 Due from Cumulative Shares
Corp
31,607
-V.130, D. 2779.
Marketable sec. & North
-Condensed Balance
American Trust Shares
Deep Rock Oil Corp. (& Subs.).
repurchased
13,316
Sheet Dec. 31 1930.Investments in associated
cos. at cost(50% paid)....
Assets
63,750
6% conv.gold notes,due 1933 $10,000,000 Furniture & fixtures
Real estate, &e., oil wells and
23,581
x$44,143,040 Sub. co.'s bds., notes & caPDeferred commissions
equipment, &e
38,481
ital stock held by public_
207,201 Goodwill, contracts, &c
Unamorthed debt discount
162,158
2,595,121 Standard Gas & Elec. Co___ 6,453,694
and expense
1,021,248
377,913 Notes payable
Total
Advances to allied Interests._
$3,974,054 Total
$3,974,054
880,094
426.885 Accounts payable
Investments
x Represented by
200,167 against December 285,772 no par shares (including shares to be issued
2,995 Accrued for interest
Sinking fund & other deposits
1930 sales of North American Trust Shares In lieu of
Accrued for taxes
421,615 cash commissions),
Prepaid accounts and !flour87,500
142,622 Accrued for dividends
ante unexpired
Notes.
-There
146,364 ing to $63,750. are contingent liabilities for uncalled subscriptions amount6,309 Miscellaneous unadj. credits_
Deferred charges
966,519 Deprec. & depletion reserves 6,398,452
Cash
There are commitments to purchase the underlying securities of North
45,000 Other reserves
Special cash deposits82,154 American Trust Shares amounting to $493,395 made to cover sales of trust
725,110,534 shares confirmed on Dec.
Capital stocks
Accounts and notes reedy31 1930 and not created until following business
1,925,553 day.
1,937,537 Surplus
able-Net
-V.132, p. 2972.
2,290,677
Inventories
Dominion Coal Co., Ltd.
-Bonds Called.
Total$52,934,617I There were
$52,934,617 Total
recently called for redemption on May 1 1931, a total
x Includes oil and gas leases, oil wells and equipment, pipe lines, tank $266,000 5% 1st mtge. s. f. gold bonds, due May 1 1940, at 105 and int.
cars, refineries, distributing stations and facilities, &c. y Represented by Payment is being made at the Royal Trust Co., 105 St. James St., Mon50,000 shares cony. pref.stock,$7 cum.and 599,475 sits. corn. stk.(n9 Par). treal, Canada.
-V. 130, p. 2971.
of
FINANCIAL CHRONICLE
MAY 2 1931.1
3349
the bondholders' committee for services over a period of years. While
the bidder will be obligated to pay in cash for the material in stores, it is
understood that the purchase price of the plant, equipment and real estate
may be satisfied with the bonds. Of the cash received for stores, about
$150,000 will be required to pay off receiver's certificates, and any remaining cash will be available to pay off the creditors and satisfy the bonds.
$1,099.383 $3,911,360 $4,145,233 $4.243,681 This is understood to represent about 16c. of every remaining dollar for
Totalincome
2,207,137 creditors and 84c. for the holder of the bonds.
2,028,473
2.111,117
953,488
Oper. & maint. expenses
75,959
89,457
94,894
28,000
Res.for income taxes_ _ The plant was closed by the receiver on Feb. 28.
Reserve for deprec. of
has sold his interest in the company to BethIt is stated that
444,247 lehem Steel Corp. Mr.Luria
15.178
445,340
32.185
plants. Sic
953.334
953,334
953,334
953,334
Dividends
Dickinson of the U. S. District Court has reserved decision on a
Judge
the sale of the plant and remaining assets of the com$824.918
$540,548
$563,004 request to approve -V. 132, p. 2593.
def$867,624
Balance,surplus
pany to Mr. Luria.
Earns. per sh.on 953.334
$1.86
$1.57
81.69
$0.09
-Resignation.
abs. corn. stk.(no par)
Electric Boat Co.
Balance Sheet Dec. 31.
Reginald B. Lanier has retired from the board of dlrectors.-V. 131:
1930.
1929.
P. 2230.
1929.
1930.
Liabilities$
$
$
Assets-Wins Tax Decision.
Electric Storage Battery Co.
Property aecount_x6,289,932 5,660,853 Capital stock_ - - -y7,000,000 7,000,000
A verdict against the Government for a tax refund of $1,362,861 was
86,252
Div. assur. fund__ 2,785.427 2,639,333 Accts. pay.. &e--- 167,609
won by the company in a decision handed down by Judge William H.
Accr. int. & other
2,130,810 3,370,864
Investments
33,151
128.703 Kirkpatrick of the U. S. District Court at Philadelphia, Pa.. to the effect
taxes
98,027
68,346
Bullion
238,334 that the company's products are not subject to the higher tax rate on
311,192 Dividends payable 238,334
332,139
Cash
dive_-_
39,605
37,639 automobile accessories if they are equally adaptable for general commercial
600,000 Unelaim.
Call loans
paid
89,821 Deprec. res., &c._ 2,128,162 2.191,130 uses. The verdict represents $973,532 in taxes the battery company1926.
85,489
Accts. & Its, rec.2,283,973 3,172,172 on_products it manufactured and sold between July 1 1922 and April
171,630 Surplus
189,535
Inventories
12,510
8,958
2
• 13 . P. 1810.
Deferred charges-Reports 1930 Net Profit of
Electrolux Co. (Sweden).
-...11,890,634 12,854,230
Total._
11,890,634 12,854,230
Total
-V.132. 32,154,000.x After depreciation. y Represented by 953,334 no par shares.
The
P. 3156.
The company reports available net profit for 1930 of 52.154,000. paid
directors have proposed a dividend of 9% for the year, the same rate with
-New Unit Formed.
Drug, Inc.
years, carrying forward $590,000 as compared
for the two preceding
Effective April 27 1931 the Bristol-Myers Co.(a subsidiary of Drug Inc.) carry-over of $402.000 last year.
announces the formation of a new wholly owned subsidiary called William
The consolidated balance sheet of the company, including all subPeterman, Inc., a Delaware corporation. The new William Peterman sidiaries, shows total assets of $21,207,000 and a strong financial position,
company bought certain of the assets, inventories, accounts receivable, with current assets exceeding current liabilities by a ratio of 12 to 1. The
good will, trade marks and patents owned by the former corporation known company's patents, trade marks and good will are entirely written off.
as William Peterman, Inc., a New Jersey corporation.
In spite of the general trade stagnation last year, the company's inUnder the ownership of Bristol-Myers Co. the new William Peterman, creased output during 1930 produced better financial results than for the
Inc., will promote the sale of Flyosan and various other Peterman products. Preceding year. Sales of Electrolux products, including refrigerators and
The new corporation will have five directors, as follows: Evans E. A. Stone, vacuum cleaners, were higher during the first quarter of 1931 than for the
E. A. Means, Henry P. Bristol, Lee H. Bristol and W. M. Bristol Jr.
corresponding period last year.
The officers will be: Evans E. A. Stone, President; C. H. Sterrett, Vice-Changes Par Value.
President in charge of sales; .1. J. Clarrey Jr., Vice-President in charge of
Emerson-Brantingham Corp.
export; J. L. Warner, Treasurer; M. T. Curran Secretary, and B. M.
The stockholders on April 7 approved a proposal to change the Pax
Lozier, Assistant Secretary. The corporation will be under Mr. Stone's value of the class A stock from no par to $10 per share and of the clam B
active direction.
stock from no par to $5 per share, each share of each class to be exchanged
Principal products of the company are Flyosan, the deodorized insecticide for one new share.
for flies, mosquitoes, &c.• Peterman's Discovery, Peterman's Roach Food,
The class A stock has the same preferential and other rights as it preand Peterman's Ant Food, Flyosan and the Peterman products have an viously had under the no par value certificate.
-V. 132, p. 1626.
-V. 132,
extensive sale in the United States and many foreign countries.
-Special Dividend.
p. 2593.
Employers Reinsurance Corp.
The directors have declared a special dividend of 10 cents per share in
-Wins Suit.
Dubilier Condenser Corp.
addition to the regular quarterly dividend of 40 cents per share on the
Judge Nields in United States District Court at Wilmington, Del. has outstanding capital stock, payable May 15 to holders of record April 30
rendered a decision in favor of this company against the Government, 1931. Like amounts were paid on Feb. 16 last.
wherein the Government contended that certain patents owned by employees
Earnings.
of the Government should be turned back to the Government. This deFor income statement for quarters ended March 31 see "Earnings Decision affects the alternating current radio set operation, which patents
are owned by the Dubilier company and were obtained from Government partment" on a preceding Page.
The balance sheet as a March 31 1931, shows cash, government and
employees under agreement. The Radio Corp. of America was sued
surplus apunder these patents and the Court held that they were infringed by RCA. marketable securities aggregating 55,142,308. Capital and
Consideration of this appeal has been withheld pending a decision of the plicable to the 150,000 shares totaled $3,750,000-V. 132, p. 859.
lower courts on the Government ownership question. This present decision
-Bonds Approved.
now gives clear title to the Dubilier company.
Enamel & Heating Products, Ltd.
In commenting on the Government's contention that the patents
The shareholders have ratified the enactment of a by-law authorizing the
were Government property. Judge Nields said that to hold that every proposed bond issue of $500.000•
invention made by research workers in the Government's employ is GovernH. A. Healer has been appointed President and Managing Director,
-V. 132, p. 2973.
ment property would be not only contrary to law as laid down by the He has been Managing Director for the past few years.
would have a strong tendency to destroy the morale
Supreme Court, but
of the Bureau of Standards and take away a just incentive on the part of
Etablissements Kuhlman (Chemicals), France.
-V. 131. p. 1263.
employees to make inventions.
Smaller Dividend.
The company declared a dividend of 20 francs for the year 1930 as comDunhill International, Inc.-Eamtings.outstanding.
pared with 40 francs for 1929 on a smaller capital than now
1928.
1929.
1927.
1930.
Calendar Years$1,350.213 $1,923,316 82,020,845 $2,746,814 V. 129, p. 1597.
Totalsales
637,051
693.136
95,840
236.376
Income non-tract. cos_ _ _
(The) Fair (Department Store), Chicago.-Resigna-
-Earnings.
Dome Mines, Ltd.
Calendar YoursEarnings
Non-operating revenue_
1927.
1928.
1929.
1930.
$775,266 $3.590,189 33,914.883 $4,031,744
211,937
230,350
321.170
324.118
$1,446,053 $2,560,367 82.713,980 82,983.190
Totalincome
Cost of sales, admin.,
1,722,306 2,095. 877
1,712,566
.
1,405,268
sell.& gen.exp
16,229
12,599
11.370
15.676
Depreciation
89,284
62,637
78,693
8,157
Fed.income taxes
Lions.-
$886,160
1772,565
$792,943
$21.257
Net profit
500,000
a658.539
250.000
6405,408
Divs.paid
$386,160
$114,026
$542,943
def$384,151
Balance,surplus
126,000
125,000
141.585
No. of sha. of stk. outst145,866
Earned per share
$0.14$6.34
a In addition company paid stock dividend during 192b amounting to
889.630(6,585 shares). b 'rho company also apid a stock dividend amounting to $66,784 (4,281 shares).
Consolidated Balance Sheet Dec. 31.
1930.
LiabilUtes1929.
1929.
Assets1930.
Cash
9206,413 9588,811 Accts. pay. trade- $145,825 8108,312
443,822 Acorn., roy., comAccounts reedy
400,346
16,516
mis.,in,&c67,907
835,603
Inventories
716,426
8.166
Investments
2,200,405 2,220,405 Rm.for Inc. taxes_
Deterred liability_ 486,347
583,618
Mach., turn. & fix.
x2,278,273 2,211,489
55,325 Capital stock
leaseholds
45,679
715,882 1,213,578
Deterred charges
40,937 Surplus
18,762
1
Goodwill
1
Franchise
62,967
Net sales for March were 81,982,916, against $2,253.985 in March 1930.
For the three months ended March 31 last, net sales were $5,681,418 as
three months of previous year.
compared with $7,094,166 in the first companies reporting and does not
This is after elimination of sales between
include the sales of those companies controlled but not entirely owned.
V. 132, p. 859, 1626.
Consolidated Income and Surplus Account for Years Ended Jan. 31.
x1930.
1931.
Years Ended Jan. 31[Including Fashion Park Associates, Inc. proportions of profits and losses
of partly-owned subsidiary companies.]
824,478,433 $32.817,330
Sales
-net (consolidated basis)
16,916.693 22,007.012
Cost of sales
9,393,101
8,530,224
Operating expense
329.339
346.091
Deprec. & amort.(applicable to operations)
Total
$3,651,001 $4,184,905
Total
93,651,001 $4,184,005
-V. 131, p. 4221.
x Represented by 145,866 shares of no par value.
-Omits Dividend.Dunlop Rubber Co. Ltd. England.
The directors have decided to omit the final common dividend for the
Isar 1930. For the previous year a final distribution of 9% was made,
Total common dividends for 1930 amounted to 6% as against 15% for
1929.-V. 126. p. 2798.
-Receivership.
Durium Products Corp., N. Y. City.
The Irving Trust Co. and Arthur S. Jones were appointed receivers
recently by Judge Coleman upon the petition of William P. Mangold a
creditor, and with the consent of the debtor corporation. The complaint
stated that the corporation owns patents in 57 countries used in the manufacture of durium products and has book assets of 8500.000, against liabilities of between S350,000 and 3400.000. Since the early part of 1930 the
corporation has specialized in the manufacture of phonograph records
known as "Hit of the Week" records and is selling about 300,000 of these
records weekly. The business is said to be operating on a profitable basis,
-V. 127, p. 3710.
but the corporation is short of liquid assets.
-Earnings.
Eastern Rolling Mill Co.
For income statement for quarter ended March 31 see 'Earnings De-V. 132, P. 1998.
partment" on a preceding page.
-Plant Sold.
Eastern Steel Co.
At public sale of plant and poropeties of the company at Pottsville, Pa.,
Arpil 20 and 21, by Samuel T. Freeman & Co., autioneers, Philadelphia,
a high bid of $512,500 was submitted by A. L. Luria of Luria Brothers &
Co.. Reading, Pa., dealers in iron and steel scrap. The bid consisted of
$500,000 offered for all buildings, equipment and real estate covered by
the first mortgage bonds, and $12,500 for material in stores. This was
In excess of the aggregate bids submitted later on the plant, equipment
and materials offered in separate parcels.
Whenthe qualifying deposits of bidders were filed with Roland Morris
of Duane, Morris & Heckscher, Philadelphia, the master, it was disclosed
that A. L. Luria was the recent purchaser of the $1,800.000 of Eastern
Steel Co. bonds at $208,800, and an additional $40,000 compensation to
At the annual meeting held on April 28. all officers, with the exception of
A. F. Brockman and A. Schindel, Vice-Presidents, were reelected. A. 0.
-V. 132. p. 2593.
Hausrath was elected Assistant Secretary.
-Net Sales.
Fashion Park Associates, Inc.
loss$1,314,574 51,087,878
Net profit from operations
947,681
867,065
Other income,including building & leasehold inc- def$447,509 82,035.559
Total income
976,676
Other deduc.,incl. oper. exp.of bldgs.& leaseholds 1,100,464
150.000
Reserve for Federal income tax & contingencies_
loss$1,547.973
Net profit
Fashion Park Associates, Inc. proportion of profits
234,606
& loss of partly owned subsidiary companies..___
7,662
Adjust. on & cancell. of employ. contracts,
8908,884
loss$1,790,241
Total net profit
Balance Feb. 28 1929 (Weber & Hellbroner, Inc.
Associates, Inc. & Brokaw
now Fashion Park
Brothers,incl. Weber & Heilbroner. Inc.share of
undistributed surplus of partly-owned subs.).
1,C87,897
Previous earned surplus
• 4.958
Discount on preferred stock purchased for retire_ _ _
common stock sold
Profit on treasury
6.309
Overprov. by sub, for employ bonus
7.935
Other reserves of subsidiaries
600
Inc. in cash surrender value life insurance
8948.246
39,362'
1.355,735
558
510.
loss$682,540 $2,305,048
Total surplus
897.430
Y290,624
Cash dividend on preferred & common stocks
Common stock div. on corn. stk. (amount trans164,469
capitalize stock dividends)
ferred from surplus to
145.411
Res.for diva,on pref. stk. payable Feb. 1 1930-9.119
35,147
Adjust. in connect'n with invest.in partly-own subs
274
Additional Federal income taxes
Res.for diva, on minority-owned pref. stk. of Shulman & Co.(cont,stk.is wholly-owned by Fashion
447
4,027
Park Associates. Inc.)
500,000
Res,for doutbful accounts,&c
def$1,512,338 81,087,897
Balance
Balance of capital surplus arising through acquis.
365.438
365,438
of wholly-owned subsidiaries
def$1,146,900 81.453,335
Balance at Jan. 31
x Tnis period covers 14 months as to Fashion Park and Stein-Bloch
Manufacturing units; 13 months as to Desmond's, Inc. and Juster Bros.,
Inc.; one year as to The Hub, Henry C. Lytton & Sons, and 11 months as
3350
FINANCIAL CHRONICLE
to Weber & Heilbroner, Inc., Weber & Hollbroner Women's Departments,
Inc., Brokaw Brothers, and Shulman & Co., Inc.: and 6 months as to ChaixCopley, Inc., all wholly-owned.
As to We patly-woned subsidiaries, a portion of whose profits or losses
is included above, the period covers 11 months with the exception of L.
Strauss & Co. which is for one year and Kaufman's, Inc. for 6 months. In
the case of The Metropolitan Co., a partly-owned subsidiary, the period is
for one year, but none of the profits of this company for said period was
allocatable to Fasnion Park Associates, Inc. and no part of such profits
Is included in the above statement.
y Preferred dividends only.
Consolidated Balance Sheet Jan. 31.
x1931.
1931.
q930.
1930.
Land, bldgs., leaseholds, mach.,&c 4,007,087 4,188,789 7% pref.stook-- 8,309,200 8,309,200
Cash
794,544 1,969,711 Common stock__ _y4,540,015 4,540,015
Notes&accept. rec. 439,727
476,458 Notes & accts. pay 3,535,048 7,026,723
Accts receivable
4.096,690 5,276,067 Pref. dim payable
145,411
Cash 811ri, value of
Accr. salaries, cornInsurance policy
missions. &e_ _ _ 222,677
86,687
67,352
352,701
Inventories
4,985,825 7,384,279 Res. for Fed. taxes
Inv.in partly own,
75,240
& contingency__
177,875
sub., adv., &c
1,744,903 2,356,884 Notes payable (not
Deferred charges
330,831
382,515
752,000
current)
Good-will
1
19,649
71,062
1 Special reserves.-46,779
Term. pur. obits__
77,147
81,174
Minority interest_
def1,146,900 1,453,335
Surplus
Total
16,486,295 22,102,056
16,486,295 22.102,056
Total
x After depreciation. y Represented by 300,397 no-par shares.
-V. 132,
D. 1626.
Famous Players Canadian Corp., Ltd.
-New Directors
-Change in Fiscal Year Ratified.
E. W. McLaughlin, President of the General Motors Co. of Canada,
and Victor Ross, Vice-President of Imperial Oil, Ltd.. have been elected
directors to fill two vacancies on the board. The corporation's fiscal year
has been changed to end on Dec. 31 instead of Aug. 31.-V. 130, p. 3886.
Federal Grain, Ltd.
-Defers Preferred Dividend.
The directors recently voted to defer action on the regular quarterly
dividend of 1)(% due May 1 on the 6% cum. pref. red, stock, par $100.
The last quarterly distribution on this issue was made on Feb. 2.-V. 129.
P. 803, 482.
(William) Filene's Sons Co.
-New Director.
Harold B. Hodgkinson has been elected a director to succeed Harry R.
Floyd.
-V. 132, P. 2778.
Finance Service Co.
-Balance Sheet March 31.A3/WS1931.
Liabilities1930.
1931.
1930.
Furniture& fixture $31.668
$30,757 7% cum. pfd. stk. $245,550 13245,550
Cash
270.651
429,479 Cora, stk. class A_ 622,920 1622,920
Notes receivable 2,757,066 3,038,101 Corn.stk. 01. B___ 200,000 1200,000
Accounts receiv.,
Coll. tr. notes pay. 1,191.000 2,120,500
lees reserve
17,885
547,415 Res. for Fed. tax__
12,878
77,185
Acerured int. on
141,368
Unearned comm._
159,754
notes receiv
1,257 Res. for div. on
43
Interest paid In
1,432
pref. stock
1,432
advance
19,436
12,934
29,314 Depreo. reserve__
17,766
Coining. reserve__
100.000
Paid-in surplus_ 384,165
384,165
Earned surplus___ 225,793
311,359
Total
Total
$3,149,548 $4,076,324
$3,149,548 $4,076,324
x Represented by shares of $10 par value.
The company, in the three months of 1931. after paying quarterly dive,
at the rate of7% on its pref. stock and 8% on its corn,stock of both classes,
has added $16,847 to surplus since Dec. 31 1930.-V. 132. p. 1041.
-Bonds Paid.
First Mortgage & Bond Co.
The Baltimore Trust Co. (as trustee) in a notice recently to all holders of
(I) First Mortgage & Bond Co. 1st mtge. 6% guaranteed bonds dated
Sept. 15 1924; (2) 1st mtge. 6% guaranteed gold bonds, series 0, dated
May 1 1925; (3) guaranteed 1st mtge. collateral trust bonds dated Jan. 1
1927 and (4) National Mortgage Co. of Balto. 1st mtge. 6% guaranteed
gold bonds dated May 1 1926, states that by reason of default on the part
of the First Mortgage & Bond Co. and The National Mortgage Co. of
Baltimore under the provisions of the several deeds of trust under which
the above bonds were issued and secured, the Baltimore Trust Co. (successor trustee) has declared the principal of all said bonds to be due and
payable and has liquidated all of the property held by it as security for
said bonds.
The proceeds from the liquidation of said trust property are sufficient
to make payment in full to all holders of said bonds of the principal amount
thereof, with accrued interest thereon to April 15 1931.
Payment of the principal amount of said bonds (at par) with interest
thereon to April 15 1931 will be made by the trustee at its main office in
the City of Baltimore upon presentation and surrender of said bonds with
all unmatured coupons attached.
[VOL. 132.
to 1929 operations abroad, and 8105,813 the company's proportion of
Flintkote Roads, Inc., and subsidiaries, 1929 operations in the United
States and Canada which had previously been deferred. Extraordinary
charges have been made against the year's operations of 8102,600 in which
is included a write-off of an investment of $62,600 made several years ago,
and a reduction of $40,000, in the book value of idle machinery.
The final instalment, amounting to $1,537,500 or 37M % of th total
on 139,244 shares of class B common stock, was received on Feb. 19 1930
Tentative Comparative Consolidated Balance Sheet as at Dec. 31.
1930.
1920.
1929.
1930.
Assets$
$
Cash,incl.call loans 2,386,685 1,375.346 Accounts pay. &
U.S.Liberty bonds 102.169
505,563
accrued expenses $585,558 $71 .608
Accounts receiv___ 1,618,543 1,697,220 Dividends payable
229,659
Notes receivable.- 531,789
387,857 Accrued Federal &
Inventories (at the
States taxes_ _ _
18.876
80,669
lower of cost or
Min. stockholders'
market)
119,122
int. in sub
691.763
1,318,040 2,059.384
Cash paid Jan. 2
Class A corn. stock
1930 to minority
(337,432 abs.).... 8,220,201 8,220.201
int. In Pioneer
xClass B com.stk_ 7,551,129 6,398.004
Paper Co
691,763 Earned surplus..__ 1,043,921 1,725,915
Plant & property_ 7,627,688 7,711,682 Paid-in surplus_ _ 2,183,710 1,799 335
Inv.(In the U.S.)_
101.066
38,459
Inv., adv. & other
items relating to
foreign operat's_ 1,938,628 1,601,060
Patents, royalty
contracts, other
rights
3,947,059 3,344,701
Prepd & def. expe. 213,453
384.512
Total
Total
19,722,517 19,860.154
19,722,517 19,860,154
x Issued 330,614 shares of which 139,244 were part-paid at Dec. 31 1929
-V. 132, p. 2593.
(George M.) Forman Realty Trust.
-Four Properties
Brought Out of Receivership.
Four large Chicago apartment houses financed originally by George M.
Forman & Co. and taken over recently by the George M. Forman Realty
Trust, have been brought out of receivership, it has been announced by
William G. Lodwick, Trust president. They are the Shoreline, Wellington
Arms, Irving Park and Roscoe.
"The considerable cost of receivers' and attorneys' fees thus saved will
revert to the benefit of the bondholders," President Lodwick pointed out.
V. 132, p. 3156. 1811.
-Earnings.
Foundation Co.
Calendar YearsGross (incl. other inc.)__
Expenses, &c
1929.
1930.
$612.726 $1,284,563
1,089,545
616.390
1928.
$1,415,714
1.105,507
1927.
$1,792.476
1.309,097
Net income
loss$3.664
Common diva. (cash)._
$195,018
$310,207
$483,378
449,955
Surplus
10843.664
Previous surplus
def1,267,902
Burp. from reduct. in
stated val, of cap. stk. 2.795,000
Conting. res. transf._
3195.018
504.534
$310,207
419.438
$33,423
1,308.899
300.000
Total surplus
$1,523,435
$999,553
Con. reserve
Res. for doubtful items..
Devel, exp. written off_
Stock exp, written off_
Losses appl. to prior yrs.
109,379
Adjustments
a2,267,455
$729,644 $1,342,322
300,000
276,399
132,821
12,500
12,500
135,953
201,164
76,657
Prof. & loss surP•---- $1,414,056def$1267,902
$419,438
$504,534
Ohs, of cap. out.(no par)
100.000
100,000
100,000
100,000
Earns. per share on com_
Nil
81.95
83.10
$4.83
a Miscellaneous extraordinary charges not applicable to year's operations,
including adjustments of materials, equipment and plant, reserves for
possible losses on stocks of affiliated companies and other investments,
adjustment of Federal tax dispute of years 1917 to 1927, &c.
Balance Sheet Dec. 31.
Assets1930.
1919.
Liabilities1029.
1930.
Cash
$334,536 $518,827 Capital stock____44.000,000 $6,795,000
Notes receivable
613,201
72.348 Accts. payable_ 307,797
16,816
Accts. receivable 2.253,673 1,936,301 Accepts. payable_
64,902
15,268
Materials on hand 310.584
269,734
343,910 Bank loans
833,034
Prep. & def. accts. 208,022
64,717 Adv.pay.on IncomReal est. & bldgs.,
72,441
65,406
plete eon
plant & equip-1,1,829,647 1,887,919 0th. accr. accts._
123,234
83,857
Goodwill & pats__ 675,145
675.145 Mtge. on FoundsOther assets
367.000
tion Side
374,000
c1,547,014 1,504,122
Deficit
1,267,902 Due to Foundation
Co., Ltd.. Can.
27,692
1,414,057
Surplus
Total
$7,175,429 $8,251,194
Total
(S. B. & B. W.) Fleisher, Inc.-Sale.
$7,175,429 $8,251,194
Franklin S. Edmonds, of law firm of Edmonds. Obermayer & Rebmann,
a Represented by 100,000 shares of no par value. b Consisting of real
Philadelphia, has purchased from receivers the _property of the cornpany estate and buildings, $1,189,325 plant and equipment, 81,450,418; furnifor $226,000, in tee interest of bondnelders. Prior to the sale various ture and fixtures, $44,519; less depreciation of $854,614. c After reserves
articles of equipment and machinery had been disposed of by the receivers. of 3900,317.-V. 131, p. 3375.
These miscellaneous sales brought total of $92,063.-V. 132. p. 1424.
Fox Film Corp.
-Annual Meeting Postponed.
Florsheim Shoe Co.
-Smaller Dividends.
The annual meeting scheduled for May 1 has been adjourned to May 15
The directors have declared a quarterly dividend of 3734 cents a share
to provide further time for preparation of the annual report.
-V. 132. P.
on the class A common stock, placing the stock on a 81.50 annual basis 2978, 2778.
all compared with $3 a share previously, and a quarterly dividend of 18%
cents a share on the class B common stock. which places this stock on a
-50c. Assessment Levied.
Franklin Mining Co.
75-cent yearly basis as against $1.50 previously paid. Both dividends
An assessment of 50 cents per share has been levied on the capital stock,
are payable June 1 to holders of record May 15.
Payable May 18 by stockholders of record May 16. This will make $22.20
In commencing on the dividend cut, President Irving Florsheim said: per share paid in on the outstanding 166,519 shares of $25 par value.
"Audit of our business for the six months ended April 30 is not yet comThe last assessment (No. 9) of 50 cents per share was paid on Feb. 21
plete, but figures at hand indicate earnings will be considerably lees than 1927.-V. 124. p. 798.
a year age."
The reduced earnings for the six months ending April 30 were brought
-Statement by President
Gardner Motor Co., Inc.
about by lower sales volume and especially by inventory depreciation in
both manufacturing and retail divisions, Mr. Florsheim said. Reduction Proposal to Liquidate Automobile Business, &c.
President It. E. Gardner Jr.. In a statement to stockholders says in part:
in retail price of $1 and 82. recently announced on men's shoes, made subRealizing that 1930 would be anytning but a good year, the management
stantial inventory adjustment necessary. The women's shoe line now is
immediately began to curtail all expenses of every nature and to Plan to
-V. 132, p. 2399, 1811.
showing a profit.
put the company in as liquid a position as possible, In order to take full
advantage a any situation that might present itself.
Flintkote Co.
-Sub. Co. Changes Name.
During 1930, company exchanged its remaining stock holdings in Parks
Effective April 22 the name of Flintkote Roads, Inc. the Flintkote Co.'s
subsidiary handling colas in the United States, has been changed to Colas Air College. Inc.. for additional capital stock of Detroit Aircraft Corp.
In the fall of 1930. there being some available floor space in the company's
-V. 132. p. 2593, 2206.
Roads, Inc.
plant, the company organized the Rutger Street Warehouse, Inc. (the
Consolidated Income Account for Calendar Years.
capital stock of which is wholly owned) for the purpose of conducting a
1930.
1929.
general warehousing business In order to derive some income from this
Gross income from operations of roofing, licensing
$1,398,024 $1,217,875 available floor space.
and industrial emulsion divisions
During 1930, the aircraft business was at a very low ebb and the stock
Colas operations in U. S. & Canada (tho Flintkote
holdings of the company in the Detroit Aircraft Corp. depreciated conDr208,867
proporation of Flintkote Roads. Inc.)
Co.'s
siderably in value.
investOperations abroad (tentative) excluding
extremely
The entire
Dr359,819
Cr34,962 low ebb and automobile industry, likewise, in 1930, was at an
ments in Colas Cos
company suffered a heavy loss along with most other manufacturers. Since there has been doubt on the part of the management and
3829,337 $1,252,837 directors as to
Operating Income
independent automobile
144.312
70,790 manufacturers, future business success for small,
Amortization of patents
it
been the plan of your directors and of the manage564,582
423,810 ment to convert, aufar
Depreciation
as
as possible, all of the company inventories and
102,600
Extraordinary charges
other quick assets into cash. So, therefore, at the present time, company
72,866 is practically
Federal tax provision
free from all debt and has completely sold all of its automobile
inventories, exclusive of its parts department inventories carried to replace
817,842
$685,371 parts of cars in the hands
Net income
of their owners. Company has no purchase
commitments for materials outstanding and is now simply operating the
Ronald Jones, Vice-President and Treasurer, says:
The figures for the 1929 profits of the Colas-Flintkotre companies abroad parts department and warenousing through Rutger Street Warehouse, Inc.,
have not been finally determined. Arrangements, however, have been its subsidiary. Company is now in as liquid condition as possible, so that
made for the immediate payment to the company of $95,000 on this account. If the stockholders wish to continue in the automobile business, company
Expenses applying to the previous year's operations have been charged Is in a position to do so, but the directors and management strongly urge
to surplus of which about $96.500 were reported during 1930, but related the inadvisability of such a course.
MAY 2 1931.]
FINANCIAL CHRONICLE
As previously mentioned, tAe company is at the present time carrying
on through its subsidiary, Rutger Street Warehouse, Inc., a general warehousing business, wita a view to ascertaining whether or not the receipts
from this business will be sufficient to substantially amortize the value
of tae company building over a period of years and thus enable the company
to realize a substantial part of the book valuation of the building. which
Is carried on the company's books, as of March 1 1931. at $231,593. The
gross receipts from the warehousing business, at the present time, are
approximately $800 per month. Arrangements are now being concluded
for additional warehousing space which are expected to immediately increase
the gross warehousing receipts to $2,000 per month. As this business
was entered into only a snort time ago, the management feels that the
revenue can be very materially increased, particularly if the working capital
of the company be loaned to owners of stored goods secured on a conservative basis by the goods stored by such owners. Thus, the plant
would be somewhat productive during the period of time required to find
a purchaser of the same.
Consequently, at the last meeting of the directors, they voted to recommend to tho stockholders that they consider and vote upon the following
propositions:
(1) That the company discontinue the manufacture and sale of automobiles and sell its parts department, including the goodwill, patterns
and dies of this department.
(2) That the company sell and dispose of all its machinery and equipment.
(3) That the company reduce its capitalization to create a surplus which
will enable it to distribute to stockholders, as a dividend, such casn as,
in tne opinion of the board of directors, may be advisable in view of the
necessity of working capital being retained pending the complete liquidation
of the company's assets. In the event of the stockholders' approving the
reduction of the company's capitalization, the present board of directors
propose to authorize the payment, forthwith, of a dividend amounting to
25 cents a share.
(4) That upon the reduction of the capitalization, and the creation of a
resulting surplus, the present board of directors propose to also distribute,
forthwito, as a dividend to the stockholders, 30,000 shares of the capital
stock of Detroit Aircraft Corp. now held by company, on the basis of one
share of Detroit Aircraft stock for each 10 shares of toe stock of company.
For stock holdings of company representing any holding not evenly divisible
by 10, a cash distribution will be made In lieu of a distribution of a fractional
share of Detroit Aircraft stock, on the basis of the closing sale price of
Detroit Aircraft stock on the New York Curb Market on the date of record
of stockholders for the payment of such dividend.
(5) The liquidation of the real estate holdings in Cleveland, Ohio, and
the sale of the St. Louis plant building and lease: the company carrying
on, through its subsidiary, Rutger Street Warehouse, Inc., a general
warehousing business in the interim.
Denies Abandonment of Automobile Field.
A press dispatch from St. Louis April 30 states:
That the company has not definitely abandoned the automobile field is
asserted in an answer filed in Circuit Court at St. Louis in connection
with the receivership suit instituted by Oliver T. Remmers, attorney
and stockholder. The document declares that the company has no present
intention of liquidating as alleged and explaines that the directors in
1929 adopted a policy of economy and contraction to meet business
depression.
Earnings for Year Ended Dec. 31 1930.
$840,191
Net sales: Cars
57,827
Parts
Total sales
Cost ofsales
Selling & general expenses
$898,018
954,310
198,788
Lossfrom operations
Other income cnarges
$255,079
535,552
Gross loss
Income credits
$790.632
13,577
Loss for year
Profit & loss charge
-rebates on prior year car sales
$777,056
44.348
Gross deficit for the year
Capital surplus, Jan. 1 1930
$821,404
211,425
Deficit
-Dec.31 1930
$609.979
Comparative Balance Sheet.
Feb. 28'31. Dec.31'30. LtabllUtesAssets
Feb. 2831, Dec.31'30.
Cash
$1,084
$339,653 8138,579 Accounts payable..
$9,809
3,874
20,000
20,000 Dealers'deposits__
Certificate of dep_
4,728
7,681 Accrued taxes, inNotes receivable_ _
a6,651
Accts. receivable_ a23,657
2,214
466
12,485 surance, &c_ _ __
Inventories
51,412
430,425 Res. for adjust. of
E. H. Chaney,
finished car. Inv.
138,752
trustee
78,794
76,261 Res. for possible
loss in value of
Investment in cat).
stocks of other
Invest. In capital
companies
6393,629
449,063 stock of Detroit
Prop., leasehold,
Aircraft Corp__ 328,878
374,242
hIdgs. & equip.,
Capital stock &
&43
268,053
271,410 surplus
890,021
c849,891
Goodwill
1
1
Deferred charges...
4,089
12,112
Total
Total
$1,185,942 $1,418,018
$1,185,942 $1,418,018
a Less reserves. b 30,000 abs. of no par value stock of Detroit Aircraft
Corp. and 10 shs. (par $10) of Rutger Street Warehouse, Inc. c Capital
stock (par $5) 1.500,000; lass capital deficit of $650,109. balance, $849,891.
-V. 132, p. 2974.
General Cable Corp.
-Earnings.
--
For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
-V. 132, p. 2779.
General Cigar Co., Inc.
-Earnings.
-
For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
-V. 132. p. 1042.
General Foods Corp.
-New Co-ordinating Unit To Be
Formed on Pacific Coast.
See Standard Oil Co. of California below.
-V. 132, p. 3157.
General Printing Ink Corp.
-Earnings.
-
For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
-V. 131, p. 2704.
General Refractories Co.
-Changes in Personnel-Eatns.
Burrows Sloan has been elected Chairman of the board of directors to
serve during the current year; and John R. Sproul has been elected successor
to Mr. Sloan as President of the company. Royer A. Hitching has been
elected Treasurer as successor to John it. Sproul.
For income statement for quarters ended March 31, see "Earnings
Department" on a preceding page.
Balance Sheet March 31.
1931.
1931,
1930.
1930.
AssetsLiabilities$
$
$
$
Prop., equip., min.
Cap.stk. & surp_x22,303,124 22,128,353
lands, &c
-year gold notes__ 5,000,000
18,594,156 16,381.016 2
Cash
1.855,722
713,207 Bills & accts. pay_ 198,479
Bills & accts. rec. _ 1,359,412 1,737,058 Accrued accts__.. 200,340 1,187,755
202,059
Inventories
3,077,337 3,342,145 Fed, tax reserve__ 215,627
210,932
Accrued interest
46,687 Unclaimed diva__
298
86,695
372
Market security_ _
170,212
183,595
Employees mtges_
2.116
1,886
Investments
823,592
824,767
Due from empl.,Arc 1 286 615
Deferred accounts_ ' 4
80,195
610:386
Patents
33,245
37,297
Total
Total
27,917,868 23,729,471
27,917,868 23,729,471
x Represented by 300,000 no par shares.
-V. 132, p. 2400, 2207.
3351
General Railway Signal Co.
-Earnings.
For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
At the annual meeting the statement was made that the value of unfilled
orders on hand as of April 1 1931 amounted to 94% of the value of unfilled •
orders as of April 1 1930, while value of unfilled orders on Jan. 1 1931 was
80% of such orders on hand Jan. 1 1930, thus obviously indicating an
improvement. Orders booked in the first quarter of 1931 were reported
to be 8% greater than in the first quarter of 1930. The company, it is
stated, is figuring on substantial orders for railway signaling equipment
which will be placed at an early date.
-V. 132, p. 860.
-Earnings.
-Globe Grain & Milling Co.
For income statement for three months ended March 31, see "Earnings
Department on a preceding page.
-V. 132, p. 3157.
Goodyear Tire & Rubber Co., Akron, Ohio.
-Output, &c.
The company has inaugurated a 534-day week in the factory and increased production from 53,000 tires to 56,500 tires per day.
This expansion in production which is the second to be made since Jan. 1
reflects the fact that Goodyear sales have substantially exceeded estimates.
according to President P. W. Litchfield.
"Sales in April," Mr. Litchfield stated, "will exceed those of April 1930.
We have just completed a survey of tire stocks in the hands of dealers
and find them low. Our spring sales have pulled down the company's
inventory of tires and it is to build that inventory back to a safe figure
-V. 132, p. 2974.
that the present production increase was ordered."
Granite City Steel Co.
-Earnings:
-
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page -V. 132, p. 2781.
Craton & Knight Co.
-Earnings-Status.
In a letter to the stockholders issued in connection with the passing of
the preferred dividend, Pres. Frank H. Willard says in part: "Operations
for the first three periods of the current year showed a deficit of $16,164
after customary depreciation cnarges of $23.379. Further, owing to necessity of drastic reductions in inventory values incident to close of the year
and the depressed business of 1930 the company's earned surplus was
substantially reduced at that time.
"Financial position of the company is nighly satisfactory and its assets
are most conservatively valued.
"The company as of March 28, had total current assets of $4,896,087,
against which only $700,629 of current liabilities existed, leaving net
working capital of over $4,100,000 and a ratio of 6.9 to 1. Further,
current assets included inventory of $4,000,000 which is priced most conservatively and which could be liquidated on to-day's market without loss
and probably with some appreciation.
The bond issue has been progressively decreased until there is now
outstanding $1,547,000, of'which the company holds in its treasury $181,500.
leaving $1,360,500 in hands of investors. Deducting full principal amount
of these bonds there still remains $2,821,958 of liquid assets available for
$2,064.560 par value preferred stock now outstanding." See also V. 132.
p.3157.
Grigsby-Grunow Co.
-Dealers' Stocks Low-Sales.
Efforts of the Grigsby-Grunow Co. during the last five months to rationalize production with distribution has brought distributors' stocks, according to Chairman B. J. Grigsby, to the lowest point in the history of the
company.
Inventories have been reduced nearly 30% during the last three months,
totaling but $3,516,804 at the end of March. Notes and accounts receivable
were similarly reduced a third to $2,732,500. Cash on March 31 1931,
totaled $2,004,830. The reduction in inventories and receivables brought
total current assets to $8.633.311, to cover current liabilities of $3,260,869.
The company has sold $3,000,000 of its $5,000,000 issue of bonds and will
hold the remainder in reserve for some future need although it has
received offers for discounting the balance. The majority was taken by
creditors of the Majestic Household Utilities Corp. The Grigsby-Grunow
Co. has received $379,177 of bond subscriptions paid for. Intangibles such
as patents, trade mark and goodwill,on March 31 were given a valuation of
$3,125,000, as compared with $1 on Dec. 31 1931. The profit and loss
surplus was 82,075,051 at the end of March.
Sales for the first 15 days of April were reported to include 22,170 radios
and 203,372 tubes. (Chicago "Economist.")
-V. 132, p. 2781, 2595.
Group No. 1 Oil Corp.
-Earnings.
Earnings for Year Ended Dec. 311930.
Gross perating oncome_
Operating & administration expenses
xTaxes
$3,098,282
432,961
128,499
Net operating income
Dividends & Interest received-net
$2,536,822
879,434
Total income
$3,416,256
Intangible development costs
491,368
Depletion & lease amortization
24,003
Depreciation
162.902
Adjustment ofinventories to lower of cost or market
12,668
Net income
$2,725,315
Earned surplus, Jan. 1 1930
6,285,117
Miscellaneous refunds
19,973
Total surplus
$9,030,404
Earned surplus, Dec.31 1930
$2.067,204
Dividends paid
6.963,200
x No provision has been made for current year's Federal income taxes
as the determination of the amount thereof, if any, is contingent on the
outcome of litigation now pending.
Balance Sheet, Dec. 31 1930.
Liabilities
Assets
$1,163,943 Accounts payable
Cash
$220,303
76,651
Notes & accounts receivable._ 146,843 Accrued liabilities
17,988 Capital stock
Crude oil-at market
y324,835
49,873 Earned surplus
-at cost2.067,204
Materials & supplies
2,966
Other current assets
Invest. in & advances to affi423,053
ated & other cos.
-net
Oil & gas leases, wells & equipment, autos, trucks, &c__ _ _ 5878,149
Prepaid & deferred charges
5,
679
Total
$2,688,494
$2,688,494
Total
x After reserve for depreciation, depletion and intangible development
costs of $3,439,668. y Represented by 2,048 no par share.
-V. 132.
P. 2002.
Group No. 2 Oil Corp.
-Earnings.
Earnings for Year Ended Dec. 31 1930.
Dividends & interest received
General & administrative expenses
Taxes
Interest paid
$80,284
1,376
415
4,072
$74,421
311.214
Net income
Deficit, balance Jan. 1 1930
$236,793
Balance, deficit Dec. 31 1930
Balance Sheet Dec. 31 1930.
Liabilities
Assets-$97
Cash
$1,844 Accrued taxes
Tyson Oil & Land Co.
Stock of Reagan County
18,541
current account
1
Purchasing Co., Inc.
485,000
Non-producing leases
265,000 Capital stock
236,793
Earned surplus-deficit
Total
$266,845
Total
$266,845
-New Officer.
(Rudolph) Guenther-Russell Law, Inc.
Howard C. Allen has been elected Vice-President and a director to succeed
Henry M. Littlefield, resigned.-V.132, p. 2002.
3352
[VOL. 132.
FINANCIAL CHRONICLE
Guardian Investment Trust.
-New Trustees Represent
Insurance Companies.
P. Trustees of Guardian Investment Trust, for which F. E. Kingston &
-Balance Sheet March 31.Hupp Motor Car Corp.
1931.
1930.
1930.
1931.
Assets$
Co. were fiscal agents, have withdrawn, and representatives of insurance xProp. account_ _ _13,493,339
Accounts receivle. 1,058,062
companies have consented to act in their places. The new trustees are: Inventories
5,204,016
George L. Burnham, Treasurer of Aetna Fire group; James Lee Loomis, Govt.
President of Connecticut Mutual Life; Spencer T. Mitchell, Treasurer of Cash securities_ _ _ 6,215,634
4,326,959
Phoenix Fire group: Everett C. Willson, director of Travelers Companies;
2,600,910
- Investments
and A. C. Hickmott, Assistant Secretary of Connecticut General Life.
Good-will, &c__...
1
V. 132, p. 1627.
Deferred chgs....._
73,749
(M. A.) Hanna Co.
--Earnings.
For Income statement for quarters ended March 31, see "Earnings
Department" on a preceding page.
-V. 132,P. 1427.
Hartman Corp.
-Reduction of Capital Approved.
The stockholders on April 28 approved the proposition to reduce the
outstanding B stock of the corporation by retiring 64,879 shares of treasury
stock.
-V. 132, p. 2595, 2975.
Hawaiian Pineapple Co., Ltd.,Honolulu, Hawaii.
Note Issue Authorized.
-
$
16,198,257
1,780,311
8,853,472
8,221,002
5,846,538
1,456,507
1
66,785
$
LiabilitiesCommon stock_._15,120,915
Accounts payable_ 1,412,632
Accrued accounts_ 114,432
Contingent res.__ 1,752,283
Accrued tax, dm__ 1,308,062
138,170
Deposits
13,126,196
Surplus
$
15,120,915
2,402,373
148,967
1,513,805
y1,174,369
155,218
17,907,221
3..972,670 38,422,868
Total
Total
32,972,670 38,422,868
-V. 132, p. 3158.
x After depreciation. y Includes Federal taxes.
-Earnings.
Incorporated Investors.
For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
Balance Sheet March 31.
1931.
1930.
1930.
1931,
$
$
Lia.)ilittesAssets-s
$
Cash
750,705 Capital stock....)30,132,788f42,706,485
1.053,517
1 1,810,567
Invest, in stocks_x29,513,056 43,976,010 Surplus
1
Divs. receivable__ 117,610
134,293 Undivided earns.. 258,465 )191,029
Accrued dividends
352,925
292,929
taxes, &c
The stockholders on April 24 approved a proposal that the company
create, execute, issue and sell $5,000.000 of its 5-year 5% notes. A group
of California banking interests has sold this issue at 99 and int., it was
announced on April 27. (See 8.1130 V. 132. p. 2975.)
The company will not have much of the current season's pack in its
30,884,183 44,861,008
Tot.,1
Total
30,684,183 44,861,008
warehouses in June when the new crop comes in, President James A.
Dole, said. The company, in keeping with the general trend toward lower
x At cost or market whichever is lower. y After providing for manageprices and in an effort to further reduce its inventory recently reduced ment fee payable April 1 1930, dividend payable April 15 1930, and State
prices and during the past year curtailed its planting activities by 700 acres. taxes.
-V. 132, p. 1628.
IskThrough improved methods and general economies, Mr. Dole added,
-No Extra Dividend.
the industry expects a fair financial return for the year in spite of lower
Ingersoll-Rand Co.
are beginning to assume a sizeable
prices. By-products of the company
The directors have declared the regular quarterly dividend of $1 per share
importance, last year approximately 1.000,000 pounds of citric acid, on the common stock, no par value, payable June 1 to holders of record
valued at $400,000, being produced.
May 9.
1.Mr. Dole pointed out that although efforts are being made to develop
During 1930, the company on June 2 on Dec. 1 paid an extra dividend
the pineapple business in other sections, notably the Straits Settlements, of $1 per share on this issue!
Formosa, the Philippines and Cuba, the $20,000,000 annual net business
Consolidated Income Account for Calendar Years.
-V. 132. p. 2975.
of the company is not expected to suffer.
1927.
1928.
1929.
1930.
Calendar Years$6,646,752 $13,036,897 $10,251,991 $8,629,799
Total income
Hayes Body Corp.
-Merger Negotiations Dropped.
1,154,796
1.208,934
1,177,577
1,249,731
We have been advised that negotiations to acquire the Central Ohio Depreciation
874,106
975,869
1,144,634
522,244
Reserve for Fed. taxes
Steel Products Co. have been declared off and that the deal did not go
Prem, paid on redempthrough.-V. 132, p. 2002.
35,875
tion of bonds
50,000
50.000
25,000
-Earnings.
Interest on bonds
Hedley Gold Mining Co.
1928.
1927.
1929.
Calendar Years1930.
$4,874,776 $10,653.810 58,017.186 $6,550,897
Net profit
$37,974
$58,394
$24,970
Net loss after all charges
$31,320
151,518
151,518
151.518
151.518
Div. on pref. stk. (6%)V•
- 130. P. 2593.
4,999,691
5,999,661
6,999,629
Common dividends.. _ _ _ 5,999.696
-Earnings.
Hershey Chocolate Co.
Balance. surplus__ -def.$1.276,438 $3,502,663 $1,866,007 $1.399,688
For income statement for quarters ended March 31 see "Earnings De17,936,827 14,083.588 11,623,127 10,153.646
Previous surplus
partment" on a preceding page.
Cr.69,794
350,575
376,085
Adjustments
Consolidated Balance Sheet March 31.
Prop, of sup.of sub. co.,
1931.
1930.
1930.
1931.
Cr.594,453
not prey, taken up_
Liabilities
Assets8,248,200
6% prior pref. stk.
Land, buildings,
Profit & loss surplus_ _$16,284,304 $17,936,826 $14,083,588 $11,623,127
x293,480
321,787
machinery,&c_ 16,702,175 16,018,368 $4 pref.stock
stock
878,213 Shares of commonpar)__ 1,000,000
1,000,000
Cash
3,059,439 1,126,041 Common stock-. y706,520
1,000,000
1,000,000
outstanding (no
861,839 Earns. per share on com_
3,500,000 Accts. payable_ __ 629,967
$6.39
Call loans
$7.86
$10.50
$4.72
971,975
Accts.receivable__ 1.597,482 1.958,624 Accrued Fed.taxes 1,133,270
Consolidated Balance Sheet Dec. 31.
222,755
4,939,951 9,659,299 Accrued dividends 1,176,630
Inventories
1929.
1930.
819,318
1929.
1930.
Accr. exp., tax, &c 816,164
206,515
362,968
Deferred assets_ _
.
8
AssetsDepreciation res._ 7,816,515 7,274,652
$
483,750 Property accounta10,955,532 10,462.807 Preferred stock__ 2,525,500 2,525,500
Sinking fund
3,264,571 2,760,705 Common stock_ .c28,000,000 28,000,000
Surplus at organix. 2,389,826 2,389,826 Investments
Earned surplus__ -11,699,643 10,196.532 Treasury stock... 6770,924 1,469,468 Erne].stock acct _ 132,266 1,403,110
Accts.receivable_ _ 3,926,433 6,436,489 Accounts payable_ 1,107.241 1,834,602
75,759
75,759
11,120,178 14,398,718 Dividends payable
26,662,015 32,468,847 Inventories
Total
26,662,015 32,468,847
Total
922,493 Accrued Fed. tax.. 522,244 1,144,634
422,517
shares. y Represented by 706,520 Bills receivable
x Represented by 293,840 no par
308,159 Capital surplus__ 1,396,7051
290,947
Advances
no par shares.
-V. 132, p. 2002.
U.S.Govt.secure_ 8,065,234 7,036,703 Earned surplus_ _ _16,284,304f 17,936,827
4,908,604 3,621,436
-Earnings.- Other securities 6,173,717 5,350,579
Hollinger Consolidated Gold Mines Ltd.
Cash
For income statement for quarters ended Marc)] 31 see "Earnings De- Deferred charges
152,877
145,362
3158.
-V.132, p.
partment" on a preceding page.
50.044,019 52,920,432
Total
50,044,019 52,920,432
Total
-ForeHotel Maurice (Maurice Management Corp.).
a After depreciation of $3.644,274. b Includes common stock held for
closure.
-V. 131.
sale to employees. c Represented by 1,000,000 no par shares.
A suit to foreclose $900,000 mortgage on the Hotel Maurice has been P. 3716.
flied in the New York Supreme Court because of default in toe payment
interest, due on April 1. The action
of $200.000 principal and $36,000
Inland Steel Co.
-Smaller Dividend.
was filed by Cornelia M. Eckes and Central Hanover Bank Sc Trust Co.
a quarterly dividend of 62Hc. per share
have
-Bonds Corp. The de- onThe directors stock,declared value, payable June 1 to holders of record
as trustees under an agreement with Prudence
no par
the common
trustee, Maurice Management May 15. This compares witn quarterly dividends of $1 per snare paid
fendants include, Bank of United States as
Corp. and Circle Development Corp.
from Marco 1 1930 to and incl. March 2 1931.
-Earnings.
Humble Oil & Refining Co. (& Subs.).
Calendar Years-
1930.
1929.
1928.
1927.
$
158,662,979
122,871,005
2,014,909
4,434.845
4,057,677
.
Gross operating income_161,563,842 199,357,302 169,653,139
Costs, oper.& gen.exp_ _111,739,961 133,634.123 118.556.097
3,636.319
x4,363,507 x5,444,845
Taxes
4.352.854
6,499,065 10,083,473
Intangible devel. costs
5,184,169
4,070,729
Deple. Sc lease amortiz_ _ 4,543,570
Deprec.. retirements &
other amortization__ _ 17,478,851 17,862,992 17.645,428 16,716.203
Net operating income_ 16.938,888 28,261,141
6,857,580
Non-oper. income (net)- 3,785,026
20,278,273
1.733,107
8.568,340
1,203,677
Total income
20,723,913 35,118,721
Int. & disc, on funded &
2.581,464
long-term debt
2,440.934
2,176
199,489
Other interest
22,011,379
9,772,017
2,718,273
15,960
2,397,937
262,341
7,111,738
18,083,491 32,535,081 19,277,146
Net profit
87,482,968 60,361.295 46,997.344 45.760,211
Previous surplus
524,407
Adjust. of earned surp_Dr.1,707,849
103.858,610 93,420,783 66,274.490 52.871.949
Total surplus
5.874,605
5.913,195
7,426,448
5,937.816
Dividends paid
Earned surp. Dec. 31- 96.432,161 87.482,967 60,361.295 46,997,344
outSlut. capital stock
2,947,428
2,964,136
2,974,645
standing (par $25)- -- - 2,974,645
$2.41
$6.50
$6.08
$10.93
Earnings per share
x In addition to the amount of taxes shown above, there was paid (or
accrued) for State gasoline taxes the sum of $2,452,309 in 1930 and $1,560,520 in 1929.
Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
Assets
Accts. payable__ 12,910,113 13,518,915
Plant, equIP1145,731,564 143,704,060 Am. liabilities_ 4,110,638 9,877,010
&e
Cash & call loans 37,543,253 34,086,890 Accept. & notes
Payable
258,600
Marketable secs 3,976,405 2,664,995
Res.tor annuities 2,921,904
Acceptances and
995,381 10-yr.deb. bonds
notes receiv.._ 1,828,762
22,803,000 23,504,000
due 1932
Accts. receivable 5,524.892 7,581,751
Inventories . 48,398.810 48,904,935 10-yr.deb. bonds 20,098,000 21,114,000
due 1937
166,981
115,913
Investments ___
731,441
647,191
Deferred credits
Sinking & other
788,072 Capital stock- 74,366,125 74,366,125
trust funds... 1,199.377
106,442,169 97,418,086
Deferred charges 1,223,104 1,552,264 Surplus
245,542,079 240.445,328
Total
245,542,079 240,445,328
Total
$102,076,797.
x After deducting depreciation, &c., to the amount of
-V. 132, p. 1816.
-Earnings.
Household Finance Corp.
For income statement for quarters ended March 31 see "Earnings De-V. 132, p. 2003.
partmont" on a preceding page.
Quarterly Report.
-
For income statement for quarters ended March 31 see "Earnings De-V. 132, p. 2595.
partment" on a preceding page.
-Earnings.
Interlake Iron Corp.
For income statement for quarters ended March 31 see "Earnings De-V. 132, p. 2596.
partment" on a preceding page.
-No Extra Dividend.
International Safety Razor Corp.
The directors have declared the regular quarterly dividend of 60 cents
per share on the class A stock, and a regular dividend of 50 cents per share
on the class B stock, both payable June 1 1931 to holders of record May 14
1931.
On Dec. 1 1930 and March 2 1931, the company, in addition, to dividends
at the above rates, paid an extra of 25 cents per share on the class B stock.
V. 132, p. 1234, 666.
-Earnings Better.
International Salt Co.
Following a meeting of the board, President Mortimer B. Fuller stated
that profits of the company during the first quarter of 1931 exceeded by
about 33% those of the corresponding period last year, which was the best
quarter for the company in many years.
April business, Mr. Fuller continued, was maintained at about the same
-V. 132, P. 1816.
rate of gain as in the first three months.
-Earnings.
International Silver Co.
For income statement for quarters ended March 31 see "Earnings De-V. 132, P. 2003.
partment" on a preceding page.
-Adopts Own Financing System.
Johns-Manville Corp.
-
The company has adopted a deferred payment plan under which customers ranging from the individual home owner to the largest distributor
and dealer may purchase Johns-Manville building materials and spread the
payments over periods ranging from six months to two years.
,
Previously the larger customers were obliged to finance their dealing
with the corporation through finance companies or otherwise and the
owners, had to pay cash in full.
smaller customers, like home
Under the new plan a home owner can make extensive additions and
repairs and receive financing accommodations from the corporation on the
company's materials and on the whole contract.
The company will make its own collections, and all the legal details of
the deferred payment selling operations will be handled by its own legal
department. No finance company will figure in the new plan.
Officials believe that the new plan will bring about a wider distribution
-V. 132. P. 2976.
and increased sales of the company's products.
-Smaller Dividend.
Jones & Laughlin Steel Corp.
The directors have declared a quarterly dividend of 50c. per share on
the $57,632,000 common stock, par $100. payable June 1 to holders of
record May 13. The company on March 2 last made a distribution of
$1 per share on this issue, while from Sept. 1 1926 to and incl. Dec. 1 1930
the company paid quarterly dividends of $1.25 per share and in addition,
on Juno 1. Sept. 2 and Dec. 2 1929 and on Dec 1 1928 an extra disbursement of $1 per share was made.
1931.]
3353
FINANCIAL CHRONICLE
uarterly Earnings
-New Director.
For income statement for quarters ended March 31 see "Earnings Department' on a preceding page.
.
At the annual meeting, George M. Laughlin 3rd was elected a director.
All other officers and directors were re-elected.
-V. 132, p. 2596.
The Orange Securities Corp., the only bidder for the entire assets, already
has bought from three principal stockholders all their claims against Kolster.
The concern purchased these claims some time ago from -Rudolph
Spreckels, former chairman of the Kolster board; Frederick Deitrich, a
director, and the National City Bank of New York.
Assets Will Go to International Tel. & Tel.
Kelvinator Corp.
-April Business Better.The New York "Times" of April 29 states that the International TeleKelvinator business has been on an upward trend all through the month
indirectly has arranged to acquire the former
of April, according to H. W. Burritt, Vice-President in charge of sales. phone & Telegraph Corp.
Radio Corp.
"Orders received last month through the 22nd, says Mr. Burritt. properties of the Kolster properties to the International group lies in the
The importance of the
"reached the number of 18,453 as against 16.370 for the entire month of controlling interest held by Kolster in the Federal Telegraph Co., upon
April 1930. Unfilled orders on hand are 45% in excess of those on hand which International depended for certain purchases of radio transmitting
at this date last year.
in commercial communications. Inter"Kelvinator shipped in April 1930, 16,277 milts. The schedule for and receiving equipment for use
a subsidiary, entered into a long-term contract
April this year of 18,693 units was raised to 21,832 on April 15 because of national, throughpurchase from Federal Telegraph of essential radioseveral
equipyears ago for the
the number of orders received. This compares with 15,011 for March, or ment that could not be obtained elsewhere in the United States.
a ip_g, increase. ,
In addition to all the capital stock of the Federal Telegraph Co. of Del.
Kelvinator sales volume for the month of April will be in excess of and nearly all the outstanding shares of the Federal Telegraph Co. of
$3,000,000, and profits for the month should be in the neighborhood of Calif.. assets of the Kolster corporation consisted of the entire stock of the
$700,000, or approximately 60c. per share.
Corp., the Brandes
"It will be seen from the foregoing facts and figures that Kelvinator Brandes Products Corp., the Brandes Brandes, Ltd., and Laboratories,
the majority
business is not only satisfactory, but when all returns are in for April will Inc., the Titanafram Corp., Canadian of England.
be in excess of the most sanguine anticipations. There has been an ap- of the stock of Kolster-Brandes. Ltd., disposal would be made of these
It could not be ascertained what final
preciable rush of orders during April, day by day, coming from every
physical assets of the Holster Radio Corp. itself.
section of the country. Orders for future shipment indicate that May properties and of thethe Federal Telegraph properties at least, will become
built is expected that
business will continue this gratifying rate."
-V. 132. p. 3159.
a definite part of the International system-V. 132. p. 3159, 2597.
King Edward Hotel Co., Ltd., Toronto.
-Reorganization Plans Approved.
At the special meeting held recently bondholders, debenture holders and
shareholders approved the plan of reorganization to reduce the interest on
"A" and "B" debentures from 8 to 6% and to create a new mortgage issue
of $3.800,000 for the purpose of retiring the two senior issues and making
available $500,000 for present and future requirements. An amount of
$3,_295,000 will be required ultimately to retire the first two mortgages.
United Hotels Co. agrees to buy such of these bonds as are necessary in
the next two years to conduct operations.
By the plan accepted, interest on "A" debentures will be cumulative and
"B" debentures non-cumulative up to Dec. 1 1934. "A" debenture interest
Is payable only out of earnings up to Dec. 1 1932. "A" debenture stock
will be authorized to the extent of $2,637.500 instead of $2,500,000 as at
present. A voting trust agreement is created until full interest shall have
been paid on "B" debentures for two full years.
Three trustees. W. S. Mackenzie, W. W. Evans and Frank A. Dudley
were appointed with power to elect five of the nine directors of the company.
-V. 131, p. 3886.
King Royalty Co.
-Earnings.
Earnings for Year End. Dec. 31 1930.
Oil earnings
Gas sa es
Miscellaneous income
$573,345
2,003
14,965
Total income from operations
Production expense
General & administrative expense
$590,312
140,581
41,658
Net income from operations
Other income
Gross income
Deductions from income
Depletion & deprec. of producing properties & equipment__ _
Depreciation-Other fixed assets
Amortization of inactive leasehold costs
$408,074
5,641
$413,714
13,679
175,915
4,146
8,422
Net profit before Federal income taxes
$211,552
Balance Sheet Dec. 31 1930.
AssetsI Liabilities
$112,643 Accts. payable
Cash
$18,142
88,386 Payrolls payable
Notes & accts. receivable
4,479
14,300 Reserve for taxes
Call loans
40,035
4,633 Contractual obligations pay.
Inventories
2,597
out of oll
Accr. int. receivable
93,296
422 Preferred stock
Prepaid expenses
900,400
6,251 Common stock
Investments
33,342
Earned surplus--- --- - 810,590
of Fed.
Claim for refund
7,117 Res. for redemption of pref.
income taxes
stock
Deferred charges to lease11,441
25,000 Capital (paid in) surplus
hold costs
448,950
Res. for depict., deprec. &
Producing leaseholds, equip.
1,909,924 amort. of inactive leaseli'ds
de development
451,974
68,446
Producing royalties
54,728
Inactive leaseholds & royalt's
18,203
Other fixed assets
Total
-V. 130, p. 2978.
$2,312,648
Total..
$2,312,648
-Earnings.
(B. B. & R.) Knight Corp.
Calendar Years1930.
Net loss of B. B. & R.
$876,980
Knight Corp
Net profit of Knight
2,614
Finance Corp
Net loss of Fruit of the
•_ Loom Mills, Inc
54,586
Net loss of Fruit of the
2,793
Loom Mills, Ltd
1929.
4402,164
66,052
1928.
1927.
$199,155
$274,743
loss56,474 1os8144.253
y801.774
$931,746 $1,137,886
Balance, deficit
Cr.4,655
Cr.1,793
Cap. sur. adjus. for year
Prey.cap.stk.&cap.surp. 6.846.449 7,979,680
$255,629 sur$130,490
Cr.5,224
Cr.30,858
8,230,085 8,068.737
Capital stock & capital surplus Dec. 31.. $5,916,496 $6,846,449 $7,979,680 $8,230.085
x Including depreciation of $174,545 in 1930 and $205,387 in 1929, and
loss on disposal of plant assets of $80,418 in 1930 and $139.847 in 1929.
y Including settlement of Kelsey Wilton Textile Corp. suit of $725.000
in addition to legal expenses.
Consolidated Balance Sheet Dec. 31.
Lfabilfaes1930,
1929.
Assets1930.
1929.
Plant
$4,406,490 $4,633,042 Capital stock---$8,061,314 $8,061,314
513.159 Notes payable_.. 1.140,000 1,365000
Cash
237,039
909,248 Accounts payable
Notes & accts.rec_ y1,039,678
Inventories
1,392,912 2,129.250 & accrued caps. 128,888
103,426
Patent rights
20,000 Reserves for taxes_
15,000
23,248
27,679
Sundry stks.& bds.
79,140 Reserves for com79,140
Deferred charges
60,497 mitment
54,360
18,008
1,783
Capital surplus
Good-will, trade254,511
252,718
marks, &a
1
1
Deficit
2.399,330 1,467,584
Total
Total
$9,623.950 $9,811.921
$9,623.950 $9,811,921
x After deducting $882.184 reserve for depreciation. y After deducting
$17,590 reserve for bad debts. z Represented by 69,130 shares of no par
value pref. stock, 11,791 share of no par value class A common stock,
26,974 shares of no par value class B common stock, 5,000 shares of no par
-V. 132, p. 1629.
value class C common stock.
-Sale Confirmed.
Kolster Radio Corp.
-Annual Reportfor 1930.
Kreuger & Toll Co.
The annual report shows consolidated net profits of the company and its
wholly-owned Dutch subsidiary, of $32,789,279 for the current year 1930
compared with $29,095,130 for 1929. The 1930 results of the company
are considered particularly favorable for a year featured by declining profits.
especially in companies in the holding and investment field. The 1930
earnings of company, which are after deducting $10,414,063 for the purpose
of adjusting book value of bonds owned to a valuation corresponding to
the market value for similar securities, are equal to $3.04 per American
certificate, the American equivalent of the participating debentures of the
company.
The directors propose a dividend for the year 1930 of 30% and if this
proposal is accepted at the general meeting of shareholders the rate on the
Participating debentures will be the equivalent of $1.60 per American certificate, the same as for the previous year.
The report reveals that during 1930 a controlling interest in the L. M.
Ericsson Telephone Co. has been added to the controlling interest in the
In all, the
Swedish Match Co. and the Swedish Pulp Co. already he
company has permanent holdings in 21 industrial banking and real estate
enterprises. For the year 1930. 16 of these enterprises showed earnings
exceeding those for the previous year, while only 5 showed a declaine in
profits.
The report discusses in considerable detail the several factors contributing
to the economic crises which made itself strongly felt during 1929 and
which has, during 1930, become still more extended in its inference. "No
Problem." states the report, "Is at present of greater importance to the
whole world than that of restoring normal conditions to the bond market.
A revival of this market should, for the creditor countries, immediately
have a beneficial effect on the export business but by far the most important
result would be the removal of one of the chief factors which is now constantly depressing the price level for commodities. For this purpose, the
help of governments and central banks is essential, but apart from any
steps which may be taken from official sides, there is a great field for private
enterprise to improve and supplement the present machinery for international financing."
Income Accountfor Calendar Years (Incl. Principal Subsidiary, N. V. ManciceleMaatschaPpij Kreuger ec Fall).
1931.
1929.
$19,933,358 $17.435,562
Interest and dividends
5,016,140
§1_yndicate participations
x8,626,0781 14.816,380
Trading profits
2,654,465
Income from other sources
Total income
General expenses and taxes
Interest on secured debentures
$36.230,041 $32,251,943
972,662
1.145,529
2,468,099
2,011.283
Net income before dividends and interest on
$32,789.279 $29.095,130
participating debentures
11,188.999
7,464,479
Reserve for interest on participating debentures
$21.600,279 521.630.651
Balance, surplus
41.227.399 28,259,186
Surplus at beginning of Year
$62,827,678 $49.889.837
Total Wurplus
5,373,400
4,355,000
Cash dividends paid, Kreuger & Toll Co
Discount and other costs in connection with the
3.232,494
Issue of security debentures
1,074.943
Sundry adjustments
$57,454,278 541,227.399
Surplus at end of year
Total participating debentures and share capital
357.664.665 $57,664.665
outstanding at end of year
$2.70
$3.04
Earnings per "American certificate"
x After deducting 510.414,064 for write-down bondholdings to market.
-ale
Consolidated Balance Sheet (Incl. Principal Subsidiary, N. V. Mande
Maatschappii Kreuger & Toll) as of Dec. 31 1931.
1930.
1929.
1929.
1930.
Ltabilefes$
$
$
Assets
-$
Sund.cred.(incl.
Investments:
acct.int.& res.
SwedishMatch
Co. stock_ _- 28,361,285 28,361,285 for U. S. inc.
tax)
73,122,962 33,312,411
Grangesberg
Co.stock.- 14,382,584 17,863,942 Pref.stk.of sub.
(called for reSwedish Pulp
5,589
demotion) _
Co. stock__ 14,740,000 14,740,000
Res. for int. on
L. M. Ericsson
panic.deb- _ - 11,260,315 11,198,967
Tel. Co_ ___ 7,065,348
5% sec.sink. td.
Other Indus48,840,000 49,625.000
trial stocks_ 25,804,214 59,377,299 gold deb
Partici') debs_ _x37,296,665 37,296,665
Hufvudstaden
Share cap. (Kr.
Real Estate
76,000,000 Par
Co.(Sweden) 5,329,716 5,329,716
20,368,000 20,363,000
value
RI,est.stk. in
Reserve funds_ _157,597,479 157,597.479
other Eur.
countries _ _ 22,136,610 13,527,300 Profit and bags
57,454,278 41,227,399
Bank stocks__ _ _ 21,229,615 15,628,562 surplus
For. gov't &
other bonds
eligible as
coll, for see.
debentures_ _ _112,527,836 85,274,937
Temp.invest_ 28,901,694
Other stocks &
25,387
bonds
Notes sec. by
3,474,000
ri.est.mtgee.
Accounts reedy_ 45,378,390 36,797,559
Syndicate partic. 50,878,027 21,802,784
Cash & banking
29,204,379 48,420.398
account
Spec. dep. for
8,339
retire.of pf.stk
1
1
Furn.& fittings_
405,939,699 350,631.510
405,939,699 350,631,510 Total
Total
x Kr. 139,166,660 par value.
Note.
-All conversions of foreign currencies to dollars, used throughout
this report, have been made at par of exchange. At par, 1 Swedish
krona X3.268.-V. 132. p. 3160.
The sale of the assets of the corporation, in receivership since Jan. 21
1930 to the Orange Securities Corp. for $33,000,000 was confirmed at
Newark, N. J., April 27, by Alonzo Church, Vice Chancellor,
The Orange Securities Corp. (Del.) which does business in New York.
bid $3,000,000 for the entire assets at the public auction conducted at the
company's Newark plant, 200 Mt. Pleasant Avenue. The sale of the
•bankrupt concern was ordered by Vice Chancellor Church, March 30,
when all attempts at reorganization had failed.
-Buys Saunders Stores.
While the sale was going on an attempt to atop it by Federal Court inKroger Grocery & Baking Co.
junction was made by a lone creditor with a claim against the company of
The company has purchased the merchandise and equipment of the
a little more than $1000. Federal Judge Fake granted a temporary Clarence Saunders Stores, Inc., at Memphis, Tenn., which was sold at a
.restraint, but vacated it an hour later when lawyers for the receivers of receiver's sale several days age. The purchase price was not divulged,
Holster found flaws ip the application.
-V. 132, p. 2977. 2597.
3354
FINANCIAL CHRONICLE
Lake of the Woods Milling Co.
-Bonds Approved.
-
Mengel Co.(& Subs.).
-Earnings.
-
[VoL. 132.
The stockholders on April 22 approved an issue of $6,000,000 in bonds,
Calendar Years1930.
1929.
1928.
1927.
of which $4,000,000 will be issued at once. See V. 132, P. 2977.
Net sales
89,010.394 $18,373,494 $16,383,502 812,200,340
Cost ofsales
9,370,298
6,806,766 14,553,934 13.137,923
Lake shore Mines, Ltd.
-Production Higher.
Sell.. adm., &c.. exp...... 1,185,530
1.256,716
1,355,834
1,504,201
An increase of $35,000 in production is reported by this company for the Depreciation
571,929
539,991
648,432
645,575
quarter ended March 31. Total was $2,325,000 from 186,844 tons treated, Interest (net)
348,350
312,550
205,263
260,138
making the average recovery $12.45 a ton. This was 9 cents a ton greater Federal taxes (est.)_
57,000
152,021
90,254
than in the December quarter. Average treatment daily also was higher.
- Miscell. deductions
53.128
35.708
..
21,754
Cr3,048
Prov. for possible losses_
V. 131. P. 2906.
20,785
Adjust, of inventory_
511,579
Notes and accounts writLa Salle Copper Co.
-Earnings.
ten off(net)
8.488
32.730
19.603
9.644
1927.
Calendar Years1928.
1929.
1930.
Int.,land rentals, &c_ - _
$12,122
$14.301
$14,935
$12,173
8510,184
Net profit
$902,754
di
.8406,462 $1.248,173
706
Mine exploration
617
634
679
1.731.237
2.006,201
2,497,777
2,658,359
5,781 Previous surplus
Office and mine taxes_ _ _
5,941
6,910
5.409
7,132
207,940
9,431
1,155 Miscellaneous credits
1.155
Depredation
425
1,125
Excess, including taxes
74.112
$4.480
Net gain for year
$6.586
$6,966
$4.959
Total surplus
$2,335,440 $3.753,082 $3,116,895 $2,241,421
-V.130, p.2978.
235,221
Preferred divs. (7%).
235,221
235,221
235,221
Common dividends
160,000
480,000
Lindsay Light Co.
-Extra Dividend.
3.979
383,897
416,579
699.500
The directors have declared an extra dividend of 3•6 of 1% and the regular Miscellaneous charges_ quarterly dividend of 13.69' on the common stock, both payable May 16
Profit & loss surplus_ _ 81,203,641 82,658.359 82,497.776 $2,002,221
to holders of record May 9. Like amounts were paid May 17, Aug. 23 Shares of cam, outstandand Nov. 20 1930 and on Feb. 16 last.
ing (no par)
x60,000
240,000
315,924
315,276
A quarterly dividend of 1 34% on the common stock was paid on Feb. 28 Earns, per share on com.
$2.78
$3.21
Nil
$4.58
1930, the first distribution on this issue since 1920 when 4% was paid.
Balance Sheet Dec. 31.
-V.132, p. 2783.
1929.
1930.
Assets1930.
1929.
xLand, bldgs., maLiabilities$
-Earnings.
Liquid Carbonic Corp.
chinery, &c____ 8,028,838 8.669,628 Preferred stock___ 3,360.300 3,360.300
For income statement for 6 months ended March 31 see "Earnings Dey Common stock__ 8,090,000 8,000,000
Timberlands and
partment" on a preceding page.
3,000,000 3,400,000
timber
1,148,112 1,120,599 Funded debt
19,551
Comparative Balance Sheet.
19.516
Good-will
1 Minority interest_
700,046
440.931
772.713 Current liabilities_ 657.201
Mar.31'31. Sept.30'30. Cash
Mar. 31'31. Sept.30'30.
89,455
198,848
Accts. & notes ree. 901,028 1,154,744 Reserves
$
Liabilities-$
ASSELT$
$
105,210
5,101,781 5,677,877 Deferred liabilities 107,838
Capital etock____y17,121.299 17,122,997 Inventories
Land, buildings,
z1,203,641 2,658,359
389.170 Surplus
387,716
machinery,&c__11,093,686 11,234.365 Notes payable__ 1,625,500 1,175,000 Invest, in subsid
115,141
120.284
146,762
Cash
191,056 Accounts payable.. 826,411 1,082.561 Deferred charges
423,796
427,905
350,086 Other assets
.5,888.668 6.012,865 Federal tax reserve 179,969
Notes receivable_
137,588
Accts.receivable 1,447,013 2,297.547 Customers' credits
16,547,345 18,332,921
Total
Total
16,547.345 18,332,921
342,406
Inventories
2,485,888 2.453.897 Dividends declared 256,804
125,000
x After depreciation. y Represented by 320,000 non par shares. z InInvestments
1,028,817 1,019,867 Manag. Per share558,698 cludes $915.753 appreciation from appraisal of properties.
-V.132. P. 1820.
Deferred charges_ 108,234 Miseell. reserve__ _ 643,621
63,701
9,182
Goodwill patents,
Deferr. cred. to inc.
-Omits Common Div.
Merritt
-Chapman & Scott Corp.
&a
1 Earned surplus__ 1,500,932 2.414,314
1
The directors have voted to omit the quarterly dividend which is usually
22,154,536 23,317,832 payable about June 1 on the common stock. From Mar. 1 1929 to and
Total
Total
22,154,536 23.317.832
incl. Mar. 1 1931, the company made regular quarterly payments of 40
x Represented by 342,406 no par shares.
-V. 132, p. 2978.
In his report to the stockholders, W. K. McIntosh, Chairman of the cents per share on this issue.
board, expresses the belief that these six months were the worst period
Miller & Lux, Inc.
-Balance Sheet Dec. 31.
improvement has already set in.
of the depression and states that a slow
[Including Owned Companies.]
In 1930, April shipments showed an increase over March of 16%. This
1929.
year, he says, the increase will probably be about 28%. On April 1 salaries
1930.
1930
1929.
Assets
of all salaried employees and officers were reduced 8, 10 or 12%. It is
$
$
Liabilities-$
$
believed that with the aid of this reduction a total saving of expense for Land, machinery.
15,000,000 15,000,000
Capital stock
-V. 132. P. 2403.
the year of nearly $1,000,000 can be effected.
equipment, Ore-15,365,378 16,034.197 1st mtge. 6% gold
Sinking fund cash_ 207.997
8,343,000 9,528,500
271,986
bonds
Is+
Investments
3,060,736 2,944,423 Secured 7% gold
Loew's, Inc.
-Earnings.
5,781.500 6,540.000
notes
For income statement for 28 weeks ended March 13 see "Earnings De- Adv. to stockh'rs_ 3,311,160 3,284,160
Land sales con103,693
Accts. payable_ _ _ 240,766
-V. 132, p. 3160.
partment" on a preceding page.
imes4
tracts receivable10,016,031 9,882,178 Accr'd int., taxes,
537,204
Inventories
453,018
831,090 1,526,408
expenses
(David) Lupton's Sons Co. Phila.-New President.29,115
Notes & accts. rec.
60,609
Deferred rental Inc
Edward L. Forstner has been elected President, succeeding David D.
(less reserve)._ _ 250,044
5,003,457 5,950,385
92,415 Surplus
-V. 125, p. 1848.
Lupton, who becomes Chairman of the board.
Deposits
411,173
301,062
Call loans
-Notes Called.
- U.S.Treas. ctfs_ _ 595,500 2,294,170
(Edith Rockefeller) McCormick Trust.
There have been called for redemption as of May 25 next $5,000.000 Cash
107,440
154,325
additional coll.trust 5
-year 6% gold notes,dated July 1 1929,at 101 and int. Deferred charges
725,802
903,573
Payment will be made at the Foreman-State Trust & Savings Bank,
trustee, Chicago, Ill., or at the Guaranty Trust Co. of New York.
Total
34,882,351 37,688,897
34,882,351 37,688,897
Total
There will also be redeemed on May 16 next 83,000,000 of these notes.
The above redemptions will leave only $3,000,000 of notes outstanding -V. 131. p. 1575.
out of an issue of $11,000,000 floated in 1929.-V. 132. p. 3160.
Mining Corp. of Canada, Ltd.
-Stock Increased.
At the annual meeting held on April 29, the stockholders approved an
McKesson & Robbins, loc.--First Quarter Profits.
increase in the authorized capital to 2,000.000 no par shares,from 1,660,050
F. Donald Coster, President,commenting upon the company's operations, shares of $5 par value. The additional 339.950 shares are to be issued and
states that profits for the first three months of 1931 were slightly above allotted from time to time for a consideration to be fixed by directors,
-V.132, p.3161,2783.
those of the first quarter last year, despite the fact that the dollar volume though at a price not greater than $5 a share.
of sales were 11% less than last year, indicating that the reduction in
-Bondholders and
Minnesota & Ontario Paper Co.
-V. 132,
expenses has kept pace with the general decline of business.
p 2978, 2598.
Noteholders Committees Organized.
Formation of a protective committee for holders of first mtge. bonds.
Magnavox Co., Ltd.
-Suit Settled.
series A, B and C, has been announced.
The company has settled its suit against F. H. Thompson Co., Majestic
Frank K. Shrader of Halsey, Stuart & Co. Is Chairman and Harry R.
Radio distributors of Oakland, Calif., and the Grigsby-Grunow Co., ac- Messer, Secretary. Other members are Charles S. Garland of Brown Bros.
cording to Pres. Robert O'Connor. The settlement made with Grigsby- Harriman & Co.; Frank M. Gordon of the First Union Trust & Savings
Grunow company involved, it Is said, a substantial down payment and a Bank,Chicago; R.P. Mattheison of Halsey, Stuart & Co.; George W.Pearroyalty on each dynamic speaker manufactured by that company from this son a the Continental Illinois Co., Chicago; Harry T. Harmon of Bond &
date on.
-V. 131, p. 3886.
Goodwin, Inc., Boston; T. R. Harrison of Wood, Gundy & Co., Ltd..
Toronto, and Henry D. Thrall, BancNorthwest Co., Minneapolis. Winston, Strewn & Shaw, Chicago, counsel.
Manville-Jenckes Co.
-To Dispose of Mill.
Depositaries are First Union Trust & Savings Bank, Chicago; Central
Reports have been current in Woonsocket, R.I.,since the recent receivership action, that the Social mill of the company is either to be sold as a whole Hanover Bank & Trust Co., New York; National Trust Co., Ltd., Toronto,
or torn down. The plant has been idle for several years and has been on the and Minnesota Loan & Trust Co.
0
-year 67 notes due March 1 1931, includes
The committee for the 5
market for some time. The company also owns the Globe Mill at Woonsocket, idle for many months. The Social mill at one time gave employ- Storer P. Ware of Bond & Goodwin, Inc. Chairman; Donald A. Henderson
'
or 500.-V. 132, of Halsey, Stuart & Co., and James W. Wheeler of Burr, Gannett & Co.,
ment to approximately 1,000 operatives, the Globe to 400
Boston. Grier Bartel, 41 Broad St., N. Y. City, is Secretary. and Ropes,
p. 2006. 1819.
Gray, Boyden & Perkins, 50 Federal St., Boston, counsel. Guaranty
-Earnings. Trust Co. Is depositary.
(&
Maracaibo Oil Exploration Corp. Subs.).
A letter to the holders of the 1st mtge. gold bonds, series A, Band 0,
1927.
1928.
Calendar Years1930.
1929.
$32,126
$71,271 dated April 13 says:
$42,461
$63,769
Net earnings
Recent developments affecting the company are summarized as follows:
Balance Sheet Dec. 31.
1. Company was unable to refinance its $3,500,000 unsecured five-year
1930.
1929.
LiabilitiesAssets1930.
1929.
67gold notes, due March 1 1931 and to meet other pressing obligations.
Prop„plantAequip.x3,035,605 $2,934,895 Capital stock and
) As a result of the foregoing, the company was placed In receivership
y$4,371,964 $4,329,503 Feb. 28 1931.
406,115 surplus
368,551
Cash
'
353 Accounts PayAccts.receivable_
(3). Funds were not provided for the payment of the interest coupons due
able
15,497 April 1 1931 on the 1st mtge. series "A" bonds, nor for the principal install35,548
Treasury stock
100.000
Call loans
ment of $800,000 due on said date.
416,875
Securities owned
416,875
(4). It is not expected that the next maturing coupons on the 1st mtge.
486,763
515,385
Deferred charges
series B and series0 bonds will be paid when due.
(5). The receivers aro continuing the operations of the company although
$4,371,964 $4,345,000 only two of its three newsprint paper mills are in operation and these only
24.371.964 $4,345,000 Total
Total
x After deducting $74,137 reserve for deprec. and $878,340 amounts re- on a part time schedule.
In view of the seriousness of these developments and for the purpose of
calved for property sold. y Represen ed by 330,000 shs. of no par value:
amount paid in $2,900,800, due to property revaluation $1,104,900, due to protecting the interests of the bondholders, the committee representing
holders of substantial amounts of the three series of bonds, have connet earnings accumulated to Dec. 31 1930, $366,264.-V. 130. p. 3727.
sented to serve as members of a bondholders' protective committee. The
-Earnings.
membership of the committee may be increased later to include other
Marchant Calculating Machine Co.
For income statement for quarters ended March 31 see "Earnings De- representatives of the bondholders.
In order to give power to the committee to take such action as may be
-V. 132. P. 2006.
partment" on a preceding page.
necessary to protect the interests of the bondholders to the fullest degree
'
-Warrants Extended.
Mavis Bottling Co. of America. holders to purchase new class it is imperative that bonds be deposited promptly under the bondholders
protective agreement.
The stock purchase warrants, which permit
As the
A stock at $4.50 a share and which were to expire on April 30, has been ing this principal product of the company is newsprint, conditions affectindustry have had a material hearing on the present situation.
extended until 3 p. m. May 15.-V. 132, p. 2978.
During the last few years, new mills have been constructed in the United
--Earnings.
States and Canada, and additional paper machines have been put into
Mayflower-Old Colony Copper Co.
1928.
1927. operation. Demand has not kept pace with productive capacity and intense
1929.
1930.
Calendar Years$54,683
$111,018 competition has developed. Furthermore, the decrease in the United States
$69.C38
$15.468
Receipts
67,421 of newspaper advertising during the past year has been largely responsible
63,425
65,047
30.761
Payments
for a cessation, for the first time in a number of years of the steadily in$3,991
def$8,742
$43,597 creasing consumption of newsprint on this continent. The drop in sales of
Balance, surplus
def$15,293
allied products manufactured by the company or its subsidiaries, has been
-V.130. P. 2980.
brought about principally by the decrease in construction enterprises.
Preliminary reports indicate that while consolidated net earnings in 1930.
Mead Corp.
-New Director.
At the annual meeting, the stockholders approved a resolution to increase Including other income, but before depreciation, were substantially less
the board of directors to 15from 14. C. R. Vandecarr, Jr., Vice-President, than in 1929, nevertheless, consolidated interest charges accrued were more
than earned in 1930.
has been elected a new director.
-V. 132, p. 323, 2210.
MAY 21931.]
3355
FINANCIAL CHRONICLE
A preliminary consolidated balance sheet, as of Dec. 31 1930, disclosed
that the company and subsidiary companies, including National Pole &
Treating Co. had notes payable of $4,575,000 due banks and commercial
paper brokers, and $500,000 due Backus-Brooks Co., the parent company. Trade accounts payable amounted to $1.316.780 and other current
liabilities included $1,189,385 accrued interest and taxes, and $1,871,866
due affiliated companies. These figures do not include substantial amounts
currently due subsidiary companies.
Because of the complicating factors arising from the ownership of properties in both the United States and Canada, and also because the interests
of so many different classes of creditors may be in conflict, it is most essential to the bondholders that they unite for the enforcement and protection
of their rights. The extent to which the committee can effectively serve the
bondholders depends largely upon their co-operation in depositing bonds
promptly.
-V. 132, p. 2784, 2006.
Minnesota Valley Canning Co., LeSueur, Minn.-Opens New Plant at Windsor, Ont.The company announces plans for establishing a new plant at Windsor,
Ont., Canada, to be known as Fine Foods of Canada, Ltd. The new plant
is to be the largest vegetable cannery in the British Empire. Application
for Canadian charter authorizing capital of approximately $1,500,000
has been made.
The products packed by the Canadian cannery will include green giant
peas, Del Maiz corn and Del Matz niblets. These products are produced
from varieties of seed originated and exclusively owned by the Minnesota company.
The Canadian plant will distribute its products to other parts of the
British Empire. It is anticipated that a branch factory, will be established
In England in time for operation in 1932.
Edward B. Cosgrove. President of the Minnesota company, will be
Chairman of the board of directors of the Canadian company. John Wall
of Windsor will be President and General Manager.
National Acme Co.
-Earnings.
For income statement for quarters ended March 31, see "Earnings
Department" on a preceding page.
-V. 132, p. 2404.
National Dairy Products Corp.
-Extends Offer.
The corporation has extended its offer until May 30 to acquire the outstanding class A and class B stock of Southern Dairies, Inc., in the following ratios: One share of National common stock for three shares of
Southern Dairies class A stock and one share of National common stock
for 10 shares of Southern class B stock. Fractional shares of National
common stock will not be issued, but in lieu thereof cash will be paid
upon each such exchange, if required, computed upon the basis of the
closing sale price of said common stock on the New York Stock Exchange
as of the business day next preceding the receipt of the Southern Dairies
stock certificates in form acceptable for exchange.
Holders of stock of Southern Dairies, Inc., desiring to take advantage
of this offer should deliver their stock certificates to Bankers Trust Co..
10 Wall St., N. Y. City.
-V. 132, p. 2979. 2404.
National Mortgage Co. of Balt.-Bonds Paid.
See First Mortgage & Bond Co. above.
-March Sales.
National Service Cos.
The company reports March gross sales of ice, coal and fuel off amounting
to $622,000, which is a $72,158 increase over March 1930, and a 13% increase in gross. Net for the first two subsidiaries reporting shows a $12,000
increase.
-V. 132, p. 669, 2007.
-Earnings.
National Surety Co.
Calendar YearsNet premiums, &c
Expenses, losses, &c
1930.
1929.
1928.
518,108,948 $19,151,472 $18,379,929
18.910.652 17,058.650 16,228,770
-Earnings.
-Montgomery Ward & Co.
Balance
Income from investments
Reserve adjustments
def$801.704 $2,092,822 $2,151,159
1,935,191
2,019,680
1,995,442
744,050
-Earnings.
Monsanto Chemical Works, Inc.
Total income
Reserves
Federal tax reserve
$1,877,537
-Omits Class A Div.
Moore Drop Forging Co.
Profit
Dividends
$1,507,531 $3,073,305 $2,792,514
1.500,000
1.500,000
1,500,000
Surplus
Previous surplus
$7.531 31.573,305 $1,292,514
10.349,432 12,483.792 12,344,358
For income statement for quarters ended March 31, see "Earnings
-V. 132. p. 2784.
Department" on a preceding page.
For income statement for quarters ended March 31. see "Earnings
-V. 132, P. 2403.
Department" on a preceding page.
The directors have voted to omit the quarterly dividend due May 1 on
the class A stock, no par value. The last regular quarterly distribution
of $1.50 per share was made on this issue on Feb. 2 1931.-V. 131,p. 4225.
In connection with the passing of the dividend. President A. H. Chapin
says: "The volume of business in the last eight or nine months has been
very much smaller than normal and in the first five months of our current
fiscal year the company operated at a small loss.
"In view of this, and because of uncertainty of the immediate future.
the directors decided to omit the May dividend. While the company is
In a strong financial condition and in a liquid position, it seems pest to
conserve liquid assets at this time.
"Expenses have been reduced and efficiency of the plants increased."
V. 131, p. 4225.
370.006
$4,112,502 $4,146,601
x943,869
844,704
194,493
410,218
$10.356,963 $14.057,097 $13,636,872
Total surplus
1.189,851
547,865
Depreciation in securities (net)
411,020
500.000
Reserve for contingent
742,060
Reserve New York Indemnity Co..
N.Y.Indemnity Co.stk.charged off1,659,800
y1,500.000
Mortgage less reserve
58,667.112 $10,349,432 $12,483,792
Surplus Dec. 31
Earns, per sh. on 300,000 slits. corn.
$5.02
$10.25
$9.30
stock (par $50)
-Smaller Dividend.
- x Net after providing for decrease In miscellaneous reserves of $100,413
Morse Twist Drill & Machine Co.
The directors have declared a quarterly dividend ot 50 cents per share. and in voluntary reserves of $30,000. y To provide against possible losses
payable May 15 to holders of record April 30. A distribution of $1 per arising from the guaranteeing of real estate mortgage bonds and notes.
share was made on Feb. 14 last. Previously, the company paid quarterly
Balance Sheet Dec. 31.
-V. 132, p. 1047.
dividends of $1.50 per share.
•
1929.
1930.
1929.
1930.
Mortgage Bond Co. of New York.
-Bonds Called.
$
I Liabilities-$
$
Assets$
The company has called for redemption on July 1 next. $1,500,000 of Stocks and bonds_31,848,838 34.492.030 Cap.stk.(par 550)15,000,000 15,000,000
i Surp.&undiv. prof. 8.667.112 10.349.482
its 5% gold mortgage bonds, series 3. due Jan. 1 1932 according to an Real est. mtgs. &
President Arthur M. Ilurd.
4,760,450
announcement made by
875,615
collateral loans_ 3,562,045 2,100.776 Claims
730,937
2,301,522 1.997,073 , Acer. cool. not due 1,116,706
The company has been established for 26 years and has specialized in Cash
mortgages on out-of-town homes and business properties. Their bonds Outstaneeg preen. 4,179.639 4,951.356 Divs. payable__ 375,000
375,000
!Res. for coating.
are issued against these mortgages which are held as collateral by the Due tr. reins. on
185,288
claims
500,000 5,956,302
United States Trust Co. of New York.
253,879
Paid claims
361,987 Fed, tax res.. &ce
631,765 k,628,651
The bonds will be redeemed for their principal amount and accrued Accrued interest__ 331,470
interest in accordance svith a provision in the bond indenture.
-V. 131. Accounts receivle. 2,688,300 4,627,449 Res. for unearned
premiums
12,023,164 12,568.087
1905.
p.
Other reserves_
2,091,496 2,231,935
Mullins Mfg. Corp.
-Earnings.
-
For income statement for quarters ended March 31, see "Earnings
Department" on a preceding page.
Balance Sheet March 31.
1931.
Liabilities1931.
1930.
1930.
AssetsPreferred stock y$2,877,500 $3,000,009
Real estate, plants,
$4,663,687 $4,508,036 Common stock__ z500.000
500,000
eke
98,112
344,040 Accts. payable and
Cash
505,125
accrued
333,922
196,425
Notes & accts. Lee_ 633,156
5,600
5.600 Accrued taxes
35,872
22,266
Mortgage recelv_
1,206,160 1,589,628 Surplus
3,102,737 3,528,390
Inventories
21,750
21,750
Investments
Due from officers &
12,222
14,653
employees
89,560
85,914
Patents & goodwill
119,784
172,335
Deferred charges
$6,850,031 $7,247,081
Total
$6.850,031 $7,247,081
Total
x After depreciation. y Represented by 100,000 no par shares. z Rep-V. 132, p. 1047.
resented by 28,775 no par shares.
National Enameling & Stamping Co., Inc.
-Earnings.
45,165,693 48,715,959
Total
-V.132, p. 1630.
Total
45,165,693 48,715.959
-Stockholders Increase.
Nation-Wide Securities Co.
The company distributed its regular quarterly dividend of 9 cents per
share on May 1 to more than 10,500 holders of series B certificates, an
increase of 59% over the number of shareholders that received the previous
distribution on Feb. 1. See also V. 132, p. 2979. 3162.
-Final Dithibution to
New England Oil Refining Co.
Bondholders.
The First National Bank of Boston. trustee under indenture dated as of
-year 8% s. f. gold bonds, due
March 1 1921 securing the 1st mtge. 10
March 1 1931, now has available for distribution to the holders of the said
bonds from the funds received by it by reason of the sale under foreclosure of
the property pledged to secure the said bonds, an amount equal to 5.3034%
of the amount of principal and interest due and unpaid on the bonds to
Feb. 5 1929, the date of the sale.
The amount distributable may be obtained upon presentation of the
bonds, and the proper coupons, to the First National Bank of Boston. 17
Court St., Boston, Mass., on and after April 21 1931.
-V. 131, p. 4226.
This is a final distribution by the trustee.
1930.
x1929.
x1928.
Calendar Years1927.
Sales billed to customers $9,602,262 $12,548,257 $12,325,773 $23,373,718
Newfoundland Hotel(Newfoundland Hotel Facilities,
Cost of sales,incl.selling,
adm.exps. 9.430,341 11,542.112 11,385,354 20.283,020 Ltd.).
publicity &
-Sale.
-$171,921 $1,006,145
The property of the Newfoundland Hotel Facilities, Ltd. (in liquidation)
from opera- -__
$940,419 $3,090,698
Profits
87.191
79,393
297,324
Income from invest
103.121 is being offered for sale by tender by Montreal Trust Co., trustee of the
170.874 mortgage debentures. Tenders will be received up to May 14 at the office
Profit on sale of securs
-V. 131.
$259,111 $1,085,538 $1,237,743 $3,364,693 of Montreal Trust Co. at St. John's, Nfld., or Montreal, Can.
Total income
P. 1906.
renewals and
Repairs,
339,498
383,685
1.15,A7
3
1
1:
819m
maintenance
-New Director.
New York Dock Co.
188,285
322,189
Depreciation
McCollom has been elected a director. succeeding Robert E.
Harold
73.076 Dowling. C. 132, p. 2979.
Inc. in oper. reserves
-V.
4,625
15,438
26.523
Bond interest
Other interest (net)Cr33,143
North German Lloyd (Steamship Co.).
-Dividend.
Provision for Federal
The directors have declared a dividend of $2.50 a share on the "Amer41,500
income taxes
ican" shares, payable May 2 to holders of record April 27. This dividend
$333,539
def$268,671
$378,235
$724.349 Is for the year 1930. On April 10 1930. a distribution of $3.43 per"AmerNet inc. for year
231,224
700,000 ican" share was made for the year 1929.-V. 132. p. 2980.
Pref. stock diva. paid
155,918
77.959
155,918
Common dividends
Norwalk Tire & Rubber Co.
-Earnings.
75,000
Provision for conting_
For income statement for six months ended March 31, see "Earnings
Prior yrs. ch. account
8,000
-V. 131. p. 3543.
Department" on a preceding page.
legal fees
$102,620
def$354,630
def$8,907
Balance,surplus
$24.349
Ohio Seamless Tube Co.
-Omits Dividend.
2,473,162
2,575.783
2,482,068
2.481,765
Previous surplus
The directors have voted to omit the quarterly dividend ordinarily
Dr4.392
-net _ _Surplus adjust
payable about May 15 on the common stock, no par value. On Feb. 15
$2,575.783 $2,473.162 $2,501,722 last, a distribution of 25c, per share was made on this issue, as compared
$2,221,153
Surplus, Dec. 31
-V. 132, p. 1050.
with quarterly payments of 50c. per share previously.
Shares com, stock out155,918
155,918
155.918
y155.918
standing (no par)__ _ _
$2.14
Nil
$0.94
-Effects Economies.
$0.15
Oliver Farm Equipment Co.
Earnings per share
Par $100.
Drastic measures have been inaugurated since the first of this Year to
x Excluding Granite City Steel Co y
effect economies in operations of this company, according to President C. R.
Comparative Balance Sheet Dec. 31.
Messinger. "The savings effected up to the present are very substantial."
1930.
1929.
1929.
1930.
said Mr. Messinger. "and we are of the opinion that still more can be acLiabilities$
$
$
$
AssetsCommon stock_ _x15,591,800 15,591,800 complished in this direction. Factory and branchhouse operations and cash
Real estate, plant,
expenditures were placed on a definite program of budgets at the beginning
good-will, dee...13,261,932 713245.063 Accts. pay. and 209.971
payroes
-V. 132. p. 3163. 1630.
231,118
745,899 of the year.
348,249
Investments
39,789
3,916,255 Prov. for taxes__
107,808
2.711,144
Inventories
1410 Broadway Building (Broadway-39th Street
158,664
117,472
Accts.& notes roe_ 623,479 1,021.482 Reserves
2,221.153 2,575,783 Corp.), N. Y. City.
-S. W.Straus
-Bond Certificates Offered.
606.318 Surplus
1,153,655
Cash
118,527
122.858
Deferred charges_
& Co. Inc. are offering $1,400.000 first leasehold mortgage
o•
18,221,317 19,138.763 7% sinking fund gold bond certificates at 100 and int.
Total
18,221,317 19.138,763
Total
Dated April 15 1931; due April 15 1941. Interest coupons payable
x Represented by 155.918 no par shares. y After reserve for deprecia(A. & 0.) Denom. 51.000 and 1500 c5 Principal and interest payable at
.
tion of $4,765,000-V. 131, p.1108.
3356
FINANCIAL CHRONICLE
the office of S. W. Straus & Co., Inc., in N. Y. City. Redeemable for
voluntary redemption at 100 and int. Callable for sinking fund retirement at 100 and int. Interest payable without deduction for Federal
income tax up to 2% of interest per annum as to certificate holders resident
in the United States and up to 5% of interest per annum as to certificate
holders not resident in the United States. Minn. 3 mills tax; Mon. 34
mills tax; Penn,. Conn. Vermont, Calif. and Okla. 4 mills taxes; Maryland 4t mills tax; District of Columbia. Mich., Colo., Kansas, Kentucky,
Wyo., Neb., Tenn.. and Virginia 5 mills taxes; Iowa 6 mills tax; New
Hampshire State income tax up to 3% of interest per annum and Mass.
State income tax up to 6% of interest per annum refunded. Straus National Bank & Trust Co. of New York, trustee.
Security.
-These certificates are shares or parts of a bond and direct
closed first mortgage held by the trustee on the long term leasehold estate
in the land located at the southeast corner of Broadway and 39th St.,
N. Y. City, and the 33
-story store, office and showroom building recently
completed thereon. The land fronts 107 ft. on Broadway and 144 ft. 8
inches on West 39th St. It is slightly irregular in shape, with an area of
approximately 12,688 sq. ft.
The building contains 4,350,000 cubic feet. It is of steel frame fireproof
construction, and is served by seven high-speed passenger elevators and
four service elevators.
The ground floor of the building contains four shops, all of which have
been leased to responsible tenants. The second or bank floor is occupied by
the Sterling National Bank, while the upper floors are divided into offices
and showrooms.
-The total value of the completed building and leasehold
Valuations.
property has been appraised as follows:
Total Value Corn%
pleted Building &
Date of
Appraisal. Leasehold Property. Loan.
Appraiser60.87
$2,300,000
April 2 1931
1. Cru&shank Co
56
2,500,000
2. Kenneth Ellawson Hobbs, Inc. April 8 1931
55.22 0
2,535,000
April 6 1931
3. Spear & Co., Inc
Based on the lowest of these appraisals,this issue is approximately 60.87%
of the value of the property.
-The Industrial & Financial Audit Co. have certified that
Earnings.
they have examined all leases in effect as of Mar. 311931, and that in
accordance therewith the gross income for the fiscal year ending Jan. 13
1932 (including lighting profits figured at $12,000) will amount to $665.090.
They estimate the net income available for interest on this issue to be
$290,127 after deducting allowances and concessions to tenants and after
provisions for fixed charges and maintenance exepnses, making the net
income 2.95 times interest charges.
Leasehold Estate.
-Broadway-39th Street Corp. is in possession of the
property under lease from Robert C. Mankowski, dated Jan. 16 1930,
and amended Aug 19 1930 for a term which commenced Jan. 16 1930, and
ends April 30 1951, with the right to three renewal terms of 21 years each.
The rental for the balance of the first term is $208.0110 per annum,and the
rental for the renewal terms is to be determined by appraisal on the basis
of6% of the then value of the land considered as vacant and unencumbered
but never less than the preceding term. The fee is unencumbered and can
only be mortgaged prior to the lease to the extent necessary to defray inheritance taxes as set forth in the lease.
Guarantee.
-These certificates are unconditionally guaranteed as to payments of principal and interest by Bricken Construction Corp. and seven
affiliated comNnies jointly and severally.
Purpose.
-These certificates are issued to refund temporary financing
and for other corporate purposes.
-Sales Off.
Otis Elevator Co.
[VoL. 132.
Parker Rust
-Earnings.
-Proof Co. (Detroit).
Income Statement for Year Ended Dec. 311930.
Gross profit from manufacturing operations
Selling, advertising,shipping,general and administrative exps
Operating profit
Other income
Total income
Amort, of patents & patent litigation exp. & adj. in connection
with Australian patent rights sold in 1929
Provision for bad and doubtful accounts
Investments written off
Miscellaneous
Provision for Federal income tax
Net profit
Dividends paid
Earnings per share on 97,631 shares common (no par)
-V. 132, p. 3164.
$740,628
237,239
$503,388
54,717
$558,105
34,124
6,377
5,218
451
56,713
$455,220
328.700
$4.52
Paterson (N. J.) Mutual Hosiery Mills, Inc.-Petiton
for Receivership Dismissed.
The petition for a receivership for the company brought by the minority
stockholders last December, has been dismissed by Vice-Chancellor Vivian
M. Lewis in the Chancery Court at Jersey City by agreement between the
parties in the litigation. In dismissing the bill of complaint asking for a
receiver, the court suggested that the litigants endeavor to adjust the situation amicably and, according to Emanuel Shavick, counsel to the minority
stockholders group, negotiations have been entered into, but no agreement
arrived at as yet. It is said that the minority stockholder interest will be
acquired by the majority stockholders. The receivership application was
filed by Reinhard Huettig, Elsa Cosman, Rose Eubank, Anna Delaney,
all of Haledon, N. J., and Fred R. Huettig, of West Paterson, as stockholders to the extent of 2,034 shares of preferred, and 2,432 shares of
common.
-V. 131, p. 1432.
Pathe Exchange, Inc.
-New Officer and Directors.
At a meeting of tne board of directors held April 24, Joseph P. Kennedy
presented his resignation as Chairman of the board and as a director.
Mr. Kennedy for several months has desired to sever his connection with
the company, but has continued at the request of the directors. It was
felt, however, that with the consummation of the sale of certain of Pathe's
assets to Radio-Keith-Orpheum Corp., the directors were not warranted
in asking Mr. Kennedy to continue against his wishes.
At the same meeting, Stuart W. Webb was elected Executive Vice-President. Arthur B. Poole, Treasurer of thee ompany and George N. Armsby
were elected directors to fill existing Vacant:1483.-V. 132. p. 3164.
Penick & Ford, Ltd., Inc.
-Earnings.
For income statement for quarters ended March 31, see "Earningh
Department' on a preceding page.
-V. 132, P. 3164.
-Earnings.
Pennsylvania Coal & Coke Corp.
For income statement for quarters ended March 31, see "Earnings
Department" on a preceding page.
-V. 133. P. 316 .
4
-Dividend of 25 Cents.
Petroleum Corp. of America.
The directors have declared a dividend of 25 cents per share, payable
June 1 to holders of record May 15 1931. A similar distribution was made
on Jan. 31 last, as compared with a quarterly dividend of 371i cents per
share on Sept. 30 1930.
In connection with the declaration of the above dividend, it was stated
that the net income of the corporation from dividends and interest alone
received since the payment of the last dividend on Jan. 31 1931 was more
than sufficient to cover the dividend declared at this time.
It was also stated that payment of further dividends would be dependent
on the income received by the corporation in the future on its investments.
- 132, p.3164.
V.
Domestic sales for the year 1930 totaled $52,425,729, as compared with
$62,056,365 in 1929, a decrease of about 15%. President Jesse H. Van
Alstyne told the stockholders at the annual meeting held on April 27.
He also stated that world sales last year were $72,000,000, or about 12%
below the 1929 total.
The total carryover into 1931 amounted to 559.349,823, of which domestic totaled $41,577.823 and foreign $17,772,000. Gross foreign sales for
1930 amounted to $19,419,063, a decrease of about 2%.
Income from foreign subsidiaries, unconsolidated, totaled $1,790,312,
Phillips Petroleum Co.
-Earnings.
approximately the same as in 1929 and about 24 times ahead of the 1928
For income statement for quarter ended March 31 see "Earnings Detotal.
-V.132, 2980.
improved,"said Mr. Van Alstyne. partment" on a preceding page.
"In Europe the conditions have greatly
"In France we had a profit of $119,000 as against a loss of $71,000 in 1929;
-Registrar.
Phoenix Securities Corp.
in Germany our profit was $149,000, compared with a loss of $52,000 in
the preferred
The Hibernia Trust
1929; while in Italy, where a loss was shown in 1929, we went into the black and common stocks. Co. has been appointed registrar for
-V. 132. P. 1631, 1436.
1930."-V. 132, p. 2980, 2787.
in
Pierce-Arrow Motor Car Co.
-Smaller Class A Dividend.
Pacific Frosted Foods, Inc., San Francisco, Calif.
The directors on April 25 declared a quarterly dividend of
To Be Formed.
25c. per share on the class A common stock, no par value,
See Standard Oil Co. of California below.
payable June 1 to holders of record May 15. The company
Again Reduced.
-Dividend
Packard Motor Car Co.
on Dec.1 1930 and on March 1 1931 paid a qarterly dividend
The directors have declared a quarterly dividend of 10c. a share on of 500. per
-V.132, p. 2788.
share on this issue.
the outstanding 15,000,000 common no par value shares, payable June
12 to holders of record May 15. In each of the two preceding quarters,
-Interest Defaulted-Bondholders
Pickering Lumber Co.
I5c. a share was paid as against 25c. quarterly from
a regular dividend of
Protective Committee.
March 12 1930 to and including Sept. 12 1930.-V. 132, p. 3163.
Interest maturing May 1 1931 on the $7.167,500 first mortgage 6% gold
-New Name.
bonds, series A, due May 1 1946 has been defaulted. A bondholders comPan-American Airways Corp., N. Y.
See Aviation Corp. of the Americas above.
-Bondholders'
Pan American Petroleum Co.(of Calif.).
Protective Committee Asks for Deposits of Bonds.
The bondholders protective committee in a notice to the holders of 1st
-year cony. 13% sink, fund gold bonds, due Dec. 15 1940,says:
mtge. 15
Since the formation of the committee on Feb. 3 1931 considerable attention has been given by it to the affairs of the Richfield Oil Co. of Calif.,
now in receivership, and it subsidiary, the Pan-American Petroleum Co.
(of Calif.).
Based on the information received, and in view of the approaching interest payment dates, this committee now believes it essential that holders
-year cony. 6% sink, fund gold bonds,due Dec. 151940, of
of 1st mtge. 15
Pan-American Petroleum Co. deposit their bonds at once with the coma deposit agreement.
mittee under
At the time of making deposits, transferable certificates of deposit will be
issued and the committee proposes presently to make application for the
listing of these certificates of deposit on the New York Stock Exchange.
All bonds should be deposited on or before June 1 1931. Deposited bonds
must be in negotiable form and have all coupons maturing June 15 1931 and
subsequently attached.
The committee strongly urges the necessity for immediate action and
prompt deposit of bonds.
The members of the committee are: Harry Bronner, Chairman', Thomas
Millar, and Donald O'Melvony
B.Eastland; Edward F. Hayes; Richard W.
with H. D. Sheldon, Secy., 44 Wall St., N. Y. City, and Cravath, De
Gersforff, Swains & Wood, counsel.
44 Wall St. N. Y. City;
The depositary is The Bank of America N. A.,
Spring Sts., Los Angeles, Calif.,
Bank of America N. T. & S. A. 7th &
-'V.
V. 132, p. 1051.
sub
-Balance Sheet Discloses all
Paramount Publix Corp.
Ratios Far in Excess of Bond Requirements.
Price, Waterhouse & Co., the
that
The corporation announced April 25
indentures under which Paramount
accountants designated in the two
gold bonds were issued, have completed the
6
,
6% and 53 % sinking fund loss account for the year 1930. as prescribed
balance sheet and profit and statements, which will shortly be filed with
in the indentures, and that said Bank, disclose that at the year-end 1930
the trustee, the Chase National assets to consolidated current liabilities
the ratio of consolidated current
2.58 to 1, that the ratio of total
calculated as set forth in the indentures is
consolidated indebtedness is 2.03 to 1,
consolidated tangible assets to total
earnings before income taxes and interest
and that the net consolidated
5.65 to 1. All of these ratios are
show a ratio to total interest charges of
indentures which provide that
far in excess of the prequirements of the that tangible assets be at least
current assets be twice current liabilities,
before
consolidated indebtedness, and that earnings 132,
one and one-half times
interest charges.
-V.
taxes and interest be at least twice consolidated
P.2980,2754.
-Earnings.
Parmelee Transportation Co.(& Subs.). see "Earnings
March 31,
For income statement for quarters ended 1436.
p.
-V. 132.
Department" on a preceding page.
mittee has been formed and holders of the bonds are requested to deposit
the same with Central Trust Co. of Illinois. Chicago, depositary, or Cominerce Trust Co., Kansas City, Mo., or Mercantile-Commerce Bank &
Trust Co., St. L011.18, sub-depositaries.
All bondholders are advised in their own interests to deposit their bonds
at once with May 1 1931. and all subsequent coupons attached with one
of the depositaries named above, in order that concerted action may be
taken in their behalf and as their interests may require.
The Committee consists of C. T. MacNeille, Chairman, E.G. Cronwall,
Lester W. Hall, Sidney Maestro. W. S. McLucas and Walter W. Smith,
with Poppenhusen, Johnston, Thompson & Cole, 11 South La Salle St.,
Chicago, Counsel and Harry Smyth, 209 South La Salle St., Chicago, Sec.
The Committee in a letter to holders of the 6% bonds, says in part:
Economic conditions during recent years have adversely affected the
lumber industry, as they have similarly affected many other basic industries of the world. Company has not escaped the effect of the inactivity
In building and in business conditions generally; and while the Consolidated
condition of the company and its subsidiaries is not alarming from the
standpoint of their current asset position, company itself has not the
necessary cash to pay its May 1, next, bond interest and is confronted with
other large cash requirements during the balance of the year. As a result
of this situation, it is the feeling of those who are vitally interested in the
first mortgage bonds that it is advisable immediately to form a bondholders' committee and secure the deposit ol`bonds under a broad deposit
agreement giving the committee full authority to act promptly and concertedly in the interests of the bondholders in the case of any emergency
that may arise, and to facilitate the prompt and Orderly liquidation of certain
of the company's assets not required in its major operations.
While Pickering Lumber Co. is unable to pay the May 1 interest coupon
on its neat mortgage bonds, the committee has induced Pickering Lumber
Sales Co. to advance sufficient funds to purchase the May 1 coupons on
all bonds which are deposited with this committee. No provision has
been made for the payment or purchase of the May 1 1931 coupon of
undeposited bonds.
Pickering Lumber Sales Co. was formed about a year ago, and at that
time took over as its initial assets certain of the unincumbered current
assets of Pickering Lumber Co. including its lumber inventory, and has
since acquired from the Lumber company its entire Cut of lumbtr. Simul'
taneously with the formation of this company. it assumed, among other
liabilities, the bank indebtedness of Pickering Lumber Co., which 18 now
the sales company's major liability.
Consolidated Income Account Year 1930.
Pickering
Pickering
Consolidated
Lumber
Lumber Co. &
Income.
Sales Co.
Minor Subs.
$2,078,447
$16,124
Gross income
$2,062,322
1,568,478
424.002
Operating expense and taxes_
1,144.475
1,825,764
73,886
Interest,deprec. and deple_
1.751,878
$481,764
$1,315,795
Net loss for year
$834,031
-In prior years the company capitalized certain interest and taxes
Note.
operations, whereas in 1930 such charges to the
on timber held for future
extent of $826,807 have been deducted from income.
MAY
21931.]
3357
FINANCIAL CHRONICLE
Consolidated Balance Sheet Dec. 31
Pickering
Lumber Co. &
Minor Subs.
Assets$276,234
Cash in banks and offices
48.286
Notes and accts.receiv.,less reserves
199,960
Merchandise inventories
139,265
Mill and railway supplies
86,839
Mutual insur. &c., deposits
48,647
Prepaid interest and insurance
*474,783
Due from sales company
1,378
Sinking fund
1,657.034
Loans and advances
Land and timber, less deplection-- - 19,372,690
Plant, railroad, yards, &c., less
7,501,967
depreciation
1,881.302
Other real estate and improvements
435,366
Deferred charges
*2,463,498
Inter-company investments
1930.
Pickering
Lumber Consolidated
Sales Co.
Statement.
$175.709
$45 ,9 .
937,619
889,332
3,475,056
3,275.095
139,265
5.798
92,638
49,865
98,512
1,378
1,657,034
19,372,690
308,273
207,287
10,779
7,810,240
2,088,590
446,145
$34,587,253 $4,922,142 $36.571,114
Total _
Liabilities
$1,900,000 $1,900,000
Notes payable
51,203
207.281
$156,078
Accounts payable
234,394
345
234,048
Accrued interest
20,311
59.980
39.668
Accrued taxes
1,110
1,110
Rents collected in advance
Timber purchase 6% contracts due
5959,741
a959,741
in 1931
*474,783
Due to parent company
7,200,000
7,200,000
1st mtge. gold bonds, due 1946- _ _ _
700,000
700,000
-year note, due 1933
1st mtge.6% 3
1st mtge. 6% real estate note,
12,000
12.000
due 1934
2,777,892
2,777,892
Timber purchase 6% contracts_ _ -1.850,000
1.850,000
Reserves for contingencies
*2.463,498
Capital stock and surplus of subs
7,500.000
7.500.000
Stock of parent company
13,168.712
13,168,712
Surplus of parent company
$34,587,253 $4,922,142 $36,571,114
Total
* These items eliminate themselves upon consolidation.
a To date of this letter $400,000 of this amount has been paid; the
balance has been extended.
There are contingent liabilities aggregating $25,842 for notes receivable
discounted. Pending completion of a new plant at Alturas. California,
construction of which has been deferred, there are certain indeterminate
commitments to contractors under contracts entered into in 1929.-V.
82, p. 1326; V. 122, p. 2666, 2810.
-Earnings.
Pierce Oil Corp.
Earnings for Year Ended Dec. 311930.
Dividends received from Pierce Petroleum Corp
earned
Interest
Total
Deficit Jan. 1 1930
$110,342
206
$110,548
9,658,687
$9,548,139
Balance Sheet Dec. 31.
1930.
1929.
1929.
1930.
$
Liabilities$
$
Assets1,834 Preferred stock___15,000,000 15,000,000
110,514
Cash on deposit__
Common stock_29,622,831 29,622,831
1,868
Certif. of deposit_
44,493
44,493
Treasury stock__
x34,917,817 34,917,817
Investment
9,548,139 9,658,687
Deficit
Deficit Dec.31 1930
As of the close of business on June 30 1930, Pierce Petroleum Corp.
sold all its property, assets, business and good-will (including its subsidiary companies) to Sinclair Consolidated Oil Corp
Dividends received after June 30 1930, and dividends paid are not included in the above statement of profit and loss, but are included in the
following statement of surplus.
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1929.
1930.
Liabilities$
$
$
$
Assets310,925 1,033,667 Accounts payable
Cash
and accruals....
1,890,837
Notts & accts. rec.,
2,263,361 Notes payable
750,000
less reserves_
4,737,331 Reserve to I conInventories
tested Fed. inc.
'Invest. in Sinclair
taxes and other
011 Corp
19,386,867
contingencies__
42,466
516,190
Invest. and adv_
-year 8% sinking
10
Cap. assets (book
fund debentures
450,615
al6,620,210
value)
91,231 Common stock__b19,134,519 19,134,519
Deferred charges_
Preferred stock__
1,402,500
563,273
Surplus
643,604
19,697,792 24,788,256
Total
Total
19,697,793 24,788,266
x 645.834 shares of no par value.
a Real estate, buildings, plant and equipment, pipe lines, &c.. 321,766,077, less reserves for depreciation, $5,146.768. b Authorized, issued and
-V. 132, p. 506.
outstanding, 2,500,000 shares of no par value.
-Defers Pref. Dividend.
Pig'n Whistle Corp. (Del.).
The directors have voted to defer the quarterly dividend due May 1 on
the $1.20 cum. & panic. pref. stock, no par value.
On Feb. 2 last, a quarterly payment of 15c. per share was made on thi
-V. 132, p. 671.
issue, as against 30c. previously.
-Annual Report.Pittsburgh Plate Glass Co.
1927.
1929.
1928.
1930.
Calender years$9,121,841417.148,132 $13,988.001 $11,667,755
Profits
4,362,400
4,311,634
4,112,822
3,928,303
Deprec., &c., chgd. off_
875,000
1,207,593
1,350,000
450.000
Res. for Federal taxes
Net earns, for year_ - _ $4,743,538 $11,685,312 $8,468,773 $6,430,355
6,395,596
4,037,301
6,491,874
4,322,916
Cash dividends
4,923,900
Stock dividend
$34.759
$ 420,622 $5,193,437 def$492,428
Surplus
Surplus begin, of year... 37,937,218 32.743.781 33,236,209 33,108.036
$38,357,840 $37,937,218 $32,743,781 $33,142,795
Total surplus
Cr.93,413•
Miscell. adjustments_ .._ Dr.10,192
Total profit and loss
stir., end of year_ - -$38.347.649 $37,937,218 $32,743,781 $33,236,208
Shs. cap,stock outstandy492,392
2,166,524
2,166,524
2,166,524
ing (par $25)
$13.06
$3.91
$5.39
$2.19
Earnings per share
x Includes $40,479 unused reserve for 1938 Federal taxes. y Par $100.
Comparative Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
Liab(lities$
Assets$
54,163,100 54,163,100
Property acets___62,860,338 57.944,555 Capital stock
10,312,127 11,071.145 Acols payable___- 3,003,032 4,591,137
Merchandise
Insurance reserve 1,582,725 1,451,746
Material & work6,578,402 7,848,603 Conting. res., &or_ 2,058,624 2,187,671
ing account
Bills & accts. rec 9.559,836 11,102,127 Federal tax reserve 450,000 1,350,000
38,347,648 37,937,218
Govt.& oth.scour. 8,026,830 11,347,287 Surplus
279,284
Treasury stock.__ 279,284
Cash
1,988,312 2,087,871
99,605,129101,680,872
Total
Total
99,605,129 101,680,872
44,622,831 44,822,831
Total
44,622,831 44,622,831
Total
-V. - 132, P. 1051.
V•
x 1,103,419;i shares of capital stock of Pierce Petroleum Corp.
130, p. 2984.
-Earnings.
Pittsburgh Terminal Coal Corp.
For income statement for quarters ended March 31, see "Earnings
-Annual Report.
Pierce Petroleum Corp.
-V. 132, p. 2406.
page.
Department" on a preceding
Chairman W. It. Coverdalo, says in part:
-Larger Dividend.
Powdrell & Alexander, Inc.
On June 30 1930, company sold all its property, assets, business and
645,834 shares of common stock of Sinclair ConThe directors have declared a quarterly dividend of 87Mc. on the
good-will in return for
solidated Oil Corp. Accordingly, since June 30 1930, company has been common stock, payable May 15 to holders of record May 1. This reestablishes the stock OD a $3.50 annual dividend basis and compares with
a large holder of stock of the Sinclair corporation.of 50c. per share on
this a quarterly disbursement of 50c. per share made on Feb. 16 1931. PreOn July 15 1930, company received a dividend
paid certain
645,834 shares, viz., $322,917, out of which it of which has liabilities not viously, the company paid quarterly dividends of 8736c• Per share, and in
assumed by the Sinclair corporation, and a part liabilities. been retained 1930 also paid an extra of 37Hc. per snare on Feb. 15 and May 15.-V.
such
132, p. 2010, 1824.
4 m a partial reserve against the balance of
of this character
At the present time the only remaining known liabilities
-Subsidiary Changes Name, &c.
Pullman, Inc.
are the following: (a) for the expenses of Pierce Oil Corp. necessary to
in no year to
As of Mar. 5 1931, the name of the Middletown Car Co. was changed
enable it to maintain its corporate existence, butthan those (if an amount
any) based to Pullman-Standard Car Export Corp. This company is now a direct
franchise taxes other
greater than $10,000, plus
under the agreement subsidiary of
It formerly was a subsidiary of the Standard
upon income or profits received by Pierce Oil Corp.,
Pullman,
Pierce Oil Corp.; Steel Car Corp., which Inc.
in turn is also a subsidiary of Pullman, Inc.
dated May 6 1924, between Pierce Petroleum Corp. and in controversy.
excess profits taxes,
It is also announced that J. F. Drake resigned as of April I 1931 as
and (b) for United States income and
In addition to the dividend received on July 15 1930, company received Chairman of the latter company to accept the Presidency of the Gulf Oil
a further dividend of 50c. per share on Oct. 15 1930, on the 645,834 shares Corp.
-V. 132, p. 2576.
of Sinclair stock owned by it. viz., $322,917: and on Nov. 15 1930 com-The
-Dividend Rate Reduced.
Purity Bakeries Corp.
pany paid an initial dividend of 100. per share on its 2,500,000 shares of
common stock outstanding.
declared a quarterly dividend of The.
-on Jan. 15 1931-company received directors on April 30
After the close of the year 1930
an additional dividend of 25e. per share on its holdings of Sinclair stock, per share on the common stock, no par value, payable
viz., $161,458, and on Feb. 16 1931, company paid a further dividend of June 1 to holders of record May 15. From Sept. 1 1929 to
10c. per share on is 2,500,000 shares of common stock outstanding.
At the annual meeting a proposition to amend the certificate of incorpora- and incl. March 1 1931 the company made regular quarterly
tion of the company by decreasing its capital stock to 2,500.000 shares. distributions of $1 per share on this issue.
of preferred stock
Without par value, by eliminating the 11,500 sharesfrom the
Earnings.
-For income statement for 16 weeks ended April 18 1931, see
certificate
from the capital stock of company and by eliminating
-V. 132, P. 2213.
Earnings Department" on a preceding page.
of incorporation any and all references to such preferred stock will be
-Denied Review in Patent Suit
voted upon by stockholders.
Radio Corp. of America.
eliminated was,in fact, redeemed
The preferred stock that is to be so
the
on June 30 1930 (as part of the Sinclair transaction) andto sole purpose of the De Forest Co.
the 2,500,000
The corporation has been denied a review by the U. S. Supreme Courrof
of the amendment is to limit the capital of company
the Lower Court decision, granting an injunction asked by De Forest Radio
shares of common stock outstanding.
Corp. against patent license contracts entered into by about 25 manufacIncome Account for Calendar Years.
turers of radio apparatus with the Radio Corp. of America.
1928.
1927.
1929.
x1930.
The De Forest company charged that certain sections of the contracts are
$4,481,097 $10,099,229 $10,081,363 $8,501,134 illegal under section 3 of the Clayton Act. These sections provide that
Gross profit
7,605,225
7,540,023
7,103,884 R. C. A.
Mktg., gen. & adm.exp. 4,149,822
radio tubes for set manufactured by licensees.
162,059
112,864
211,416 De Forest shall supply the E.G. A.
42,587
Interest
-V.132, p. 3148. 1980.
is not a licensee of
131,286
193,000
114,000
120,000
Prov,for uncoil. acts.rec.
1,129,899
1.185,940
1,061,175
629,812
Deprec. and depletion
-Earnings.
Radio-Keith-Orpheum Corp.
For income statement for three months ended March 31 see "Earnings
$10.658
loss$461,123 $1,067.402 $1,052,895
Balance, surplus
-V. 132, p. 2406.
Department" on a preceding page.
250,000
Dividends paid
$10,658
df.$711,123 $1,067,402 $1,052,895
Statement of Surplus for the Year Ended Dec. 31 1930.
$643,604
Surplus as at Dec. 31 1929
461,123
Loss for the year before surplus charges
Balance, surplus
Balance, surplus
Dividends received
$182,481
645.834
14088
Total surplus
Dividends paid
on sale ol• retirements
Premiums on pruchasos of debenture bonds for retirement__ _
Miscellaneous charges, net
$828,315
250,000
19,594
3,409
10,453
Balance
Miscellaneous recoveries of prior year's losses, net
$544,859
18,415
Railway & Light Securities Co.-Bal. Sheet March 31.-
1931.
1930.
1931
Assets
Bonds & notes__ 4,704,149 4,239,919 Preferred stock___ 1,530,200
Stocks
10 013,300 9,278,835 Prof. stock (par
VW) reserved
81,412
Miscell. securities_
22,695
1,000
for exchange_ _ _
3,900,000
Call loans
Coll. trust bonds__ 5,480,000
Ctrs. of deposit
1,000,000
Accounts payable_ 279,238
4,805
Cash
1,578,402
74,908 Coup. int. accrued 107,916
Accts.receivable
42,203
• 18,984
62,658 Tax liability
Bond int. reedy
57,189
50
5,600 Suspense
Note int. receiv
9,697
2,021 Contract with R.&
Miscell.Int. reeelv.
4,879
1,000
R.Sec.Co.trste.)
Unamortiz. debt
378,719 Com.stock(149,919
disct. Se expense 360,311
7,994,682
shs., no par)Pref. stock (par
2,380,758
1,000 Earned surplus_
1,000
$100) acquired_
Reacquir.secur.1,000
bonds
1
1
Suspense
$563,273
Surplus as at Dec. 31 1930
x The above statement of profit and loss covers operations of Pierce
the close of business on
Petroleum Corp. and subsidiary companies up to
17,793,828 18,030,833
Total
June 30 1930, and of Pierce Petroleum Corp. alone from the close of busi-V. 132. p. 2980.
ness on June 30 1930, to Dec. 311930.
Total
1930.
1E530.200
1,000
5.500.000
15,041
108,312
193,124
1,000
7,994,681
2,687,521
17,793,828 18,030,883
3358
FINANCIAL CHRONICLE
(Robert) Reis & Co.(& Subs.).
-Gross Sales.
-
Quarter Ended March 31Gross sales
-V.132. p. 2406.
1931.
$1,039,034
1929.
1930.
$1,664,214 $1.728.811
Reliance Manufacturing Co. of Illinois.
-Earnings.
For income statement for quarter ended March 31, see "Earnings Department" on a preceding page.
-V.132, P. 1241; V. 131. p. 3888.
Reliance Management Corp.
-Earnings.
-
For income statement for 3 months ended March 31 1931 see "Earnings
Department" on a preceding page.
Condensed Balance Sheet March 31 1931.
Assets
Liabilities
Cash
$450
$12,571 Accounts payable
Accrued interest receivable___
26,492
12,113 Accrued Int. on debentures
Inveaments (market value
5% debentures, due 1954._ 3,170,000
x $4.640,178) at cost
7,705,665 Capital stock (220,210 shs.)__ 4,004,200
520.207
Capital surplus
Total
$7,730,349
37.730.349
Total
x 330.000 shares of Reliance International Corp. class B common stock
Included at no value in computing market values.
Note.
-The corporation has contracted to purchase a on "when issued"
basis securities amounting to $36.137.50.-V. 132, p. 1437.
Reo Motor Car Co.
-Earnings.
For income statement for quarter ended March 31, see "Earnings Department" on a preceding page.
-V. 132, p. 2602.
Republic Steel Corp.
-Earnings.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 2789, 2575.
-Decrease in Capital Proposed.
Reynolds Spring Co.
The stockholders will vote May 29 on reducing the authorized capita
stock by the elimination of the class A preferred stock and the class B
preferred stock and by a reduction in the authorized common stock from
1,000.000 shares to 200.000 shares.
-V. 132. p. 2407. 3165.
-Interest Not Paid.
Richfield Oil Co. of California.
The committee on securities of the New York Stock Exchange recently
received notice that the interest due May 1 1931, on the 1st mtge. & coll.
trust gold bonds, series A 6% convertible, due 1944, and certificates of
deposit therefor, will not be paid on that date.
The committee rules that beginning May 1 1931, and until further
notice the said bonds and certificates of deposit shall be dealt in "flat"
and the bonds to be a delivery must carry the May 1 1931, and subsequent coupons.
Federal Judge William P. James on April 30 ordered that the interest
and sinking fund requirements due May 1 on the 6% 1st mtge. collateral
trust bonds of 1944 should not be paid. The obligations total $1,188,430,
of which $749,430 is in interest and $439,000 sinking fund requirements.
The company is operating under a receivership in equity.
According to Los Angeles dispatches, Mr. McDuffie, receiver, expressed
the opinion that a reorganization is feasible and that over a period of
months the properties could be put upon a sound operating basis giving
a return to the creditors if fixed charges were not heavy.
11,"It is conceivable," he is reported to have said. "that the oil business as
a whole will be in an unstable condition for some months to come. During
this period it is essential that the properties be furnished new money for
the purpose of carrying on their operations.
"If this money is not provided to the receiver it is likely that drastic
measures will result and that the return to the creditors will be far less
than if business can be carried on as a going concern.
"It appears most advantageous for all concerned that a reorganization
be affected immediately on a basis which will allow provision for new
money-money for carrying on of the business pending the reorganization
and for the issuance of securities acceptable to the various classes of security
holders and of the receiver in amount and on a basis to be hereafter approved
by the court."
The audit completed recently for the receiver has been under study by
Cities Service Co. as an aid in determining its course of action. Liabilities
disclosed by the balance sheet as of Jan. 14 included notes of $10,270.000
payable to bankers in addition to the funded debt of $24,981,000 first
mortgage 6s, $9,393.400 of Pan-American Petroleum 6s of 1940 and purchase money obligations of 84,327,134.
[VOL. 132.
(The) Roosevelt in Hollywood (Hotel Holding Co. of
Hollywood).
-Protective Committee.
The bondholders' protective committee for the first 6% bonds is re-
questing the deposit of the bonds with the Citizens National Trust & Savings
Bank, Los Angeles. The committee also is notifying the bondholders
that under the amended deposit agreement deposited bonds may be withdrawn at any time within 30 days after notice of the adoption by the committee of any plan for reorganization or readjustment.
-V. 123, P. 465.
Royal Weaving Co. Pawtucket, R. I.
-Smaller Div.A quarterly dividend of 81.50 a share was paid on April 15. This placed
'
the stock on a $6 annual basis, as compared with the previous rate of $10,
with extras. It is the lowest dividend paid since 1913, when $8 was distributed -V. 128, P• 3700.
Sagamore Apartments, Bronxville, N.Y.
-Bonds Called.
All the outstanding $575.000, 61.6% 1st mtge. serial bonds, dated June 1
1925. have been called for redemption June 1, at the Bank of Manhattan
Trust Co., successor trustee. All maturities except the bonds due June 1
1931, will be redeemed at 102%.-V. 123, p. 990.
Santa Cecilia Sugar Corp.
-Sale. &c.
In accordance with the readjustment plan outlined in V. 128, p. 1246
and V. 129, p. 982, the deposited bonds of the corporation were sold by
the committee to Ingenio Santa Cecilia, S. A. Subsequently the mortgage which secured the bonds was foreclosed. A decreee value of $185.91
was declared on the undeposited bonds, being payable at the office of
the Irving Trust Co. The deposited bonds received bonds of the new
company at the rate of $800 per $1.000 bond deposited. After the sale
of the property there was nothing left. The first and refunding mortgage
bonds, therefore, became valueless.
-V. 129, p. 982.
(Clarence) Saunders Stores, Inc.-Sale.The properties were sold at public auction April 7 at Mephls, Tenn.,
for $379,700. The properties, including accounts receivable, were appraised
at $1,552,638.
The Memphis unit, including 26 stores, a warehouse and interests in a
Memphis bakery and two stores in Arkansas, were bought by Paul H.
Vernon, Memphis warehouseman and former chain grocery owner. Mr.
Vernon also bought units in Little Rock and Hot Springs, Ark., Fort
Worth, Tex., and San Antonio.
See Kroger Grocery & Baking Co. above.
-V. 132, p. 2602.
Saxet Co.
-Acquires Natural Gas and Oil Properties
Increases Capitalization-New Directors.
The stockholders on May 1 approved the acquisition of companies
controlling approximately 340.000 proven acres of natural gas holdings in
the Hugoton field of southwestern Kansas and western Oklahoma.
The properties acquired are now owned by the Moody Seagraves interests.
They include all the common stock of the Argus Production Co. and the
Western Production Co. and 8734% of the common stock of the Missouri
Valley Gas Co.
The stockholders also voted to increase the authorized common stock
(no par.value) from 2,000,000 shares to 4,000,000 shares. Common stock
is to be issued in payment for the properties acquired, in addition to perpetual warrants to purchase additional shares at 325 a share. The Saxet
company is controlled by the Moody-Seagraves interests. 0. R. Seagraves
is Chairman of the board of that company and also of the United Gas Corp.
Elmer G. Diefenbach. President of G. E. Barrett & Co. and E. V. Baker
of the Moody-Seagraves Corp.. have been elected to the Beset board to
represent the new interests.
In addition to the 466.000 acne; of natural gas lands, of which about
340,000 acres are said to be proven properties, the Beset company also
acquired 26,000 acres of oil leases and is now negotiating for additional
large properties. A total of 77 producing wells was purchased from the
Argus Production Co. and 11 from Western Production Co.
-V. 132.
p. 2789.
Schulte United, Inc.
-Debts Placed at $19,714,651.
Jerome Eisner. attorney, filed schedules in bankruptcy April 22 for
Schulte-United. Inc.. and Millers. Inc., affiliated concerns that operate
chain clothing stores in 27 States.
Liabilities of $19,714,651 and assets of 814,740.439 are listed for the
Schulte-United, Inc., of which Millers's, Inc.. is a subsidiary. Among
the liabilities are items designated only by letters of the alphabet. They
total approximately $1,500,000. It is not indicated whether the items
Schulte family.
-Reorganization Sought.
-The bond- represent indebtedness to members of the $441,804, the largest item being
Receiver Submits Report
Bonuses and
holders' protective committee, in a notice to the holders of $196,000, listedcommissions payable total to Disney Netzberg of Battle
under this head, as due
Creek, Mich.
the above bonds, said:
Due from Schulte-United. Ltd., a Canadian affiliate, and from Miller's.
The bondholders' protective committee in a notice ot the holders of
Inc., are sums totaling 32,808,545, all listed under assets. The bulk of the
the above bonds, said:
The receiver has just submitted his first report to the court of the con- assets is made up of real estate. leaseholds, improvements and furniture 1,8
dition of the company as of Jan. 14 1931. This report shows a corporate valued at $8.376,070.
Miller's, Inc., lists liabilities of $2.348.367 and assets of $1,543,669.
deficit as of that date of approximately $54,000,000, as compared witn
a combined surplus shown by the company as of Dec. 31 1929 of $15,- Unsecured liabilities amount to $2,018.863. Under accounts payable are
an affiliate, and $119,661
the approximate operating loss for listed $1,439.788 due to Miller's. Inc.. of Del.352.412 as cash on
198,000. The report also states that
due to Schulte-United. Inc. Assets include'
hand:
the period Jan. 1 1930 to Jan. 14 1931, amounted to $16,617,000.
and securities; $703,488 in
In response to a petition of the receiver, the Federal Court has issued $334,594 in bank deposits. $380.318 in notes & Sons, Inc., an
affiliate.
its order instructing the receiver to default interest and sinking fund stock in trade, and $50,842 due from D. Miller
V. 132, p. 1439, 507.
payments on the above bonds due May 1 1931.
The receiver expresses the opinion in his report that in order to preserve
-Sales Decline.Sears, Roebuck & Co., Chicago.
the company's business as a going concern, it is necessary that a reorganization be effected promptly . Up to the present time no group of creditors
,
1931-16 Weeks-1930.
Period End. April 23- 1931-4 Weeks-1030.
reorganization. In view of Sales
or of stockholders has offered any plan of
$28,714.667 830.495,295 398,745,934 3110,114,879
the receiver's present financial position, if no plan of reorgani- -V. 132, p. 3166.
zation is effected, a foreclosure will necessarily ensue. In either contingency, nothing constructive can be accomplished for the bondholders
-Defers Dividend.
Security Associates, Inc.
without a large percentage of the bonds acting in unison. It is obvious
The directors have voted to defer the semi-annual dividend of 334%
from the foregoing, therefore, that the time has now arrived when, unless due
May 1 on the 7% cumul. pref. stock. par $100. The last regular semia substantial deposit of bonds is made immediately, the bondholders'
annual distribution on this issue was made on Nov. 1 1930.-V. 127,P.3415.
interests may be definitely and permanently prejudiced.
All bondholders who have not already done so, are urged to deposit
-Affiliates with Tr -Continental
Selected Industries, Inc.
their bonds immediately with one of the depositaries.
J [For names of members of protective committee and depositaries, see Corp.
-See latter company bolow.-V. 132, p. 2012, 1632.
V. 132, pp. 1438 and 672.I.
-V. 132, p. 3166, 2789.
-Earnings.
Sharp & Dohme Co.
Roosevelt Field, Inc.(& Subs.).
-Earnings.
Earnings for Year Ended Dec. 31 1930.
Field and concession revenues
Flight revenue
School revenue
Miscellaneous
Interest, dividends and discount received
For income statement for quarter ended March 31 see "Earnings De-V. 132. p. 2012.
partment" on a preceding page.
$205,370
135.876
146,325
24.147
31,696
(Frank G.) Shattuck Mining Co.
-Earnings.
For income statement for quarter ended March 31 see 'Earnings De-V. 132. p. 2012.
partment" on a preceding page.
Sherwin Williams Co., Cleveland.
-Continues
Extra Div.
$543,413
Total revenue
President
A. Martin stated that the net results
597,470 for the first George months of the fiscal year command afrom operations
Operating, maintenance & general & administrative expenses....
seven
continuance of
73,724 dividends as in the past. The business booked and the
Depreciation
conditions govern$127,781 ing for spring business are most encouraging, and give assurance of unusually
Net loss
5,476 heavy seasonal demand for the company's products, he said.
Earned surplus, Jan. 1 1930
-See also
$122,306 V. 132, p. 3167.
Operating deficit, Dec. 31 1930
640,295
Paid-in surplus Dec. 31 1930
Shoreline Building (Corp.), Chicago.
-Out of ReConsolidated Balance Sheet Dec.31 1930.
ceivership.Liabilities
Assets
George M. Forman Realty Trust above.
See
-V. 124, p. 385.
733.600,000
Land and improvements__ $2,952.220 Capital stock
Surplus
517.989
Buildings, airplanes, engines
Siemens & Halske (A. G.) and Siemens-Schuckert41,094
:562,794 Accounts payable
and other equipment
21,348 •werke (G.m.b.H.).-Contingent Interest.
82,995 Accrued expenses, depos.. &o.
Treasury stock
The New York Stock Exchange has received notice that the contingent
Prepaid insurance, rents, de47,285
additional interest due May I 19:31 on the 25-year 6%% sinking fund gold
Posits. &c
38,379
debentures, due 1951, will amount to $11.28 Per $1,000 debenture.
Cash
-V.132,
432.702
p.2408.
Marketable securities
Accounts, claims and accruals
34,267
Signature Hosiery Co., Inc.
-Stock Off List.
receivable
4,583
Notes receivable-The capital stock of the company (formerly Schletter & Zander) has
25.205
Inventories
been dropped from the Boston Stock Exchange list, the Boston transfer
and registration agencies having been discontinued.
-V. 132. p. 1054.
$4,180,430
Total
$4,180,431
Total
-Exchange Offer Extended.
Southern Dairies, Inc.
x After reserves of $826,108. y Represented by 360.000 no par snares.
See National Dairy Products Corp. above.
V. 130, p. 4434.
-V. 132, p. 2791, 2214.
AIAy 2 1931.]
FINANCIAL CHRONICLE
Solvay American Investment Corp.
-Earnings.
-
3359
depreciation of $885,844 for Standard Investing Corp. on Feb. 28 1930 on
the lesser portfolio which existed prior to the acquisition of stock of American, London & Empire Corp.
General Reserve and Consol. Statement of Surplus, 12 Mos. End.Feb. 28 1931.
General Reserve
Balance of earned surplus account at Feb. 28 1930
81.381,854
Refund of excess Federal income taxes paid for year ending
Feb. 28 1929
$4,172,962 $4,646,093
750,000
750,000 Excess tax provisions for year ending Feb. 28 1930
18, 27
1 932
8
32,500
32,500
Total surplus
258,589
237,292 Excess of realized trading losses over realized trading profits $1,402,613
10,646
31,947
for year ending Feb. 28 1931
1,100,006
7,500
100,000
Balance
$302,607
Capital Surplus
Net income
$3,113,726 $3,494,354
Balance
Balance, March 31
3,989,253
$218400:61n62
2,432,947 Arising Feb. 28 1930
from repe (at a discount) and retirement of
repurchase
Income tax adjustment
Dr527
7,990 shares preferred stock
Net credit to surplus on issuance of common stock
Total, surplus
$7,102,452 $5,927,301
in excnange for Amer., London & Emp. Corp. stk.s2.028.321
Preferred dividends
1,375,007
634.032
Common dividends
1,800,000
1.200.000 Costs incurred in acquisition of American, London
& Empire Corp. stock
Dr.135,384 1.892,937
Approp.as additional reserve for secured gold notes
61,635
104.016
Balance
$2,313,775
Balance,March 31 1930
$3,865,810 $33,989 253
Consolidated Balance Sheet Feb. 28.
.Earns. per sh. on 300.000 abs. corn,stock (no Par).$5.79
$6.53
1931.
1931.
1930.
1930.
Balance Sheet March 31.
Assets
-1931.
1930.
1931.
1930.
Securities at cost--17,615,250 14,318,884 Preferred stock__15,654,800 3,115,000
AssetsLtabUtttes$
$
Advances, loans,
Common stock_ _ _y1,756,971 1,512.925
'Cash
2,285,381 1,411,969 Notes pay.,sec'd,
special inv., &c_ 249,751
420,930 10-Yr.5% gold deb. 4,299.000 4.500,000
Investments
80,307,542 79,457,499
series A
15,000,000 15,000,000 Treasury bonds_
509,200 10-yr. 514% cony.
Advances
10,129,649 12,006,709 Interest accrued
62,500
62,500 Cash in bank
1,207,791
gold debentures_ 4,774,000 5,000,000
34,179
Int. & dive. accr'd 425,377
421,051 Sundry collectors_
93,551
58,099 Accts. receivable:
Min. int. in Amer.
Sundry debtors_ - _
1,210 Est. res. for Fed.
875
For occur. sold
London E.Corp. 102.990
96,598
108,998
Reserve fund
1,665,651 1,604,016
income tax
7,500
100,000
Accrued interest
Accts. payable:For
Pret.stoek redempSpecial reserve_ _ _ 1,665,651 1,604,016
receivable_
59,272
42,126
securities purch_
62,553
10,244
tion fund
Cum. pref.stock- _25,000,000 25,000,000
1,625
Miscellaneous
16,243 Accrued int. on deb
10,940
11.458
Unamort. disc, on
Common stock-_x49,475,880 49,475,880 Unamortized disFederal & N. Y.
387,292 Earned surplus_
3,865,810 3,989,253
notes payable_ - 354,792
count on debens. 264,697
315,167
Stateinc.&other
Deferred expenses_
4,142
taxespay.&accr.
12,151
86,443
Total
95,170,892 95,289,748
Total
95,170,892 95,289,748
Int.&disc.ree.in adv
12,573
11,769
x Represented by 300,000 no par shares.
-V. 131, p. 3382.
General reserve___ 302,607
Capital surplus_ _ _ 2,313,775
140,177
Spencer Trask Fund, Inc.
-To Amend Charter.
Earned surplus__
191.001 1,381,854
The corporation, in a letter to the stockholders reminding them that the
Total
directors desire to utilize toward the payment of dividends the income re19,493,361 15,769,870
Total
19.493,361 15,769.870
ceived on securities and money owned by the Fund, says: "To assure to
a Represented by 56,548 no par shares. y Represented by 394,591 no
stockholders the continuance of this policy in so far as proper corporate par shares.
-V. 131. p. 4228.
management permits under market conditions which may vary greatly
from time to time, the directors deem it advisable to amend the certificate
Standard Oil Co. of California.-Interested in Pacific
of incorporation so as to eliminate the existing provision prohibiting the Frosted
Foods, Inc.
declaration and payment of any dividend in whole or in part from the
Announcement is made of the pending formation of the Pacific Frosted
paid-in surplus of the Fund without securing the consent of a majority of
the stockholders. Such amendment would permit the directors, if at any Foods, Inc., organized for the commercial development of the Birdseye
time it should be necessary and seem desirable, to draw on paid-in surplus Quick Freezing patents in the Pacific West, by the General Foods Corp.
for purpose of transmitting to stockholders the income received on securities and the Standard 011 Co. of California, the latter organization being
interested because of its management control of the Pacific Public Service
and moneys owned by the Fund."
Co. which already has extensive interests in refrigeration.
The proposed amendment will be voted on at the annual meeting to be Freezing
The Quick
patents cover processes for the packaging and preservation of
held on May 13.
perishable foodstuffs by quick-freezing.
The company will act primarily as a co-ordinating unit in making the
Income Account Year Ended March 31 1931.
Cash dividends
$376,577 Birdseye process available to the Western perishable foods industry.
Interest on call loans, bonds, &c
Based on seven years research work. the General Foods Corp., through
24,299
its subsidiary, Frosted Foods, Inc., has been engaged for the past two
3400,876 years in the experimental development of the patents on the Atlantic
Operating expenses
87,493 Seaboard.
The method of quick-freezing involved in the agreement is the process
Net income for the year
$313,383 developed by Clarence Birdseye, basic patents for which are held by
Net income from inception of corporation to March 31 1930,
Frosted Foods, Inc. It is a system for instantaneous freezing, at temincluding net realized security profits
652,192 peratures of 50 degrees below zero, which permits preservation of perishable
Excess of tax reserve, 1930
25,280 foods, including meats, seafoods, vegetables and fruits, for long periods of
time without affecting the quality of freshness of the product. The
Total
$990,855 Birdseye method of quick-freezing has a number of unique features, in-Realized net profit on sale of securities (less taxes
Deduct
cluding instantaneous freezing under pressure, which gives results superior
thereon) for the period ended March 31 1930, transferred
to the ordinary methods of preserving food by freezing. A major feature
to separate account
231,867 of this method is that the ice crystals which are formed are so minute that
Dividends paid
311,178 there is no rupture of cells. Because of this the product retains all its
original flavor, food value and texture.
Undistributed balance of income at March 31 1931
The Pacific Frosted Foods corporation will hold the rights to
$447,810
* A net loss of $181,166 realized on securities sold during the year ending Birdseye Quick Freezing patents in the States of California.the basic
Oregon,
March 31 1931 has been charged against a realized net profit of $231,867 on Washington, New Mexico, Arizona, Colorado, Utah, Montana, Wyoming,
securities sold in the preceding period.
Idaho, Nevada, Western Mexico, Alaska and Hawaii.
-The market value of securities owned at March 31 1931 was less
Note.
The new company will be able through its close association with the
than the book value by approximately $5,323,000 which compares with a Frosted Foods laboratories in the East, to supply the scientific and engidepreciation of approximately $432,000 at March 31 1930.
neering knowledge and experience so necessary to the successful development of this improved method of food distribution.
Balance Sheet March 311931.
In so far as possible, existing facilities for producing, storing, transAssetsLiabilities
porting, and merchandising perishable foods will be used.
8247,964 Accounts payable
Cash
$9,482
The general offices of the company will be located at 200 Bush St., San
500,000 Reserve for taxes
Call loans
16,797 Francisco, Calif.
-V. 132, p. 3167.
28,908 Capital stock
Diva, dc accrued in receiv__
1,421,555
Securities owned,at COEit *--- 12,017,468 Capital surplus
10,847,995
Standard Oil Co.(New Jersey).
-Extra Dividend.
Profit on sale of securities
50,701
The directors on May 1 declared the usual
Earned surplus
447,810 per share and the regular quarterly dividend ofextra dividend of 25 cents
25 cents per share on the
$25 par value capital stock, both payable June 15 to holders of record
Total
$12,794,340
Total
$12,794,340
* The market value of securities owned, based on closing bid prices at May 16. Like amounts have been paid quarterly since and including
March 311931, was less than cost by approximately 35,323,000.-V. 132, June 15 1929.
p. 2983.
Subsidiary Acquires Tioga Gas Properties.
The Lycoming Gas Corp., a subsidiary, on April 29 announced that
Standard Brands, Inc.(& Subs.).
-Earnings.
it has taken over the lease holdings of four companies in the Tioga gas field.
For income statement for quarter ended March 31 see "Earnings De- The deal involves about 250,000 acres under lease in New York and Pennpartment" on a preceding page.
sylvania, two producing wells and a number of wells being drilled. The
Package tea sales in January increased 69% over December, it is stated. four companies, whose holdings were sold, were the Benedum & Trees
Bulk tea gained 38%,tea balls 25% and tea house packages 131%.-Y.132, Oil Co., the J. C. Trees Co., the Paul E. Benedum Co.. and the Pennp.2408.
Ohio Gas Co. The amount of money involved was not revealed.
-V. 132.
p. 2604, 2409.
-To Reduce Stated Capital.
Standard Investing Corp.
Standard Plate Glass Co.
The corporation has notified the New York Stock Exchange of a pro-Plant Leased.
posed reduction in fixed capital represented by the preferred stock of no
The stockholders' committee has obtained from the receivers, subject to
par value from $100 to $50 and of the common stock of no par value from court approval, the right to lease the Butler properties for a year with an
option to purchase the same for $750,000. The committee proposes a
34.45 to $1 a share.
President Ray Morris says in part: "Directors have been considering plan for reorganization of tne company, it is said.
-V. 132, p. 2983.
the advisability of a reduction in me stated value of the capital stock in
Standard Oil Co. of New York.
-Earnings.
order that current income may be made applicable toward dividend payments on the pref. stock. It is expected that a special meeting a the
Calendar Years1930.
1929.
1928.
1927.
stockholders will be called to be held on the same date as the annual meet- Total earnings
$72,474,145 $98,216,083$80,821,895452,934,400
ing for the purpose of taking action upon charter amendments which will Depl., deprec., amortiz.,
be necessary for that purpose."
& insur
40,315,322 43,545,032 36,213.355 35.778.775
Interest on bonds
4,571,144
Income Account Years Ended Feb. 28.
4,528,817
4,963,312
5,740.737
Fed,and other taxes_ _ 11,090,953 11.391,384
1929.
1930.
1928.
1931.
Income from diva. & int.
Net earnings
$16,496,727 $38,750,849 $39,645,228 $11,414,888
(int. rec. St accr.)_
$580.607
$721,825
$373,231 Profit on
$924.639
gas props. solds23,749,472
Net prof.fr.sale ofsecur. See x,
956.956
450.071
270,347
Prof.fr.repurch.ofdabs.
71,273'
Net profit
$40,246,198 $338,750,849 $39,645,228 311.414.888
Previous
11,770,874 100,571.647 86,758.712 94.651,701
Total
$995,912 $1,171,896 $1,537,563
3643,578 Reg. for surplus
Salaries, directors' fees_ _
8,258.472
14,415
16,328
7,462 Ins. res.insurance
20,611
prior yrs. in exOper.exps.,interest paid
248,449
410,212
253,080
548,929
cess of
4,756.985
Provision for taxes
196,797
88,219
63,273 Prem. onrequir. restored
24,436
2.733,000
2.069,485
capital stock-205,257
Amort.ofdeb. disc., org.
Ad ustmenta
Cr.25,174 Dr.321,488 Cr.393,228
Cr571,832
& financial expenses_ _
18,000
39,332
21,540
37,520
Adjustment of provision
Total surPlus
3180.847.3763139652,927 3128151.937 5113949,802
for taxes prior years
Cr.9,709
Cash dividends paid---- 28 501,379 27 782,053 27,580.290 27.191,090
Dividend rate
(62-5%)
6 2-5%)
6 2-5%)
(62-6%)
Net income
$627,514 $1,059,902
$298,224
$364,416
$6 preferred dividends21,135
45,000
Profit & loss surp--y$132,345,997 3111770,8743100571,647 $86,758,712
$5.50 preferred dividends
218,625
220,000
173,415
Shares of capital stock
Common dividends
44,085
outstanding (par 325)- 17,849,402 17,379,572 17,363,783 17.118.931
Earns. per sh. on cap.stk
$2.23
$2.28
$2.25
; Balance, surplus
$0.66
$364,804
$818,767
$191,001
$253,224
x Total earnings are after deducting expenses incident to operations, inx Loss on sale of securities transferred to surplus account below.
$26,529,895,earned surplus,$97,098,036;
Note.
-The income account balance shown above for 1930 is before cluding taxes. y Capital surplus,
providing for the depreciation of $3.910,788 in value of investments based reserve for insurance. $8,718,067. z Less Federal taxes.
Note.
-In addition to the amount of taxes shown above there was colon approximate market value at Feb. 28 1931. This compares with a
lected for gasoline taxes the sum of $332,234.520.
Year Ended March 31Dividends received
Interest received
Royalty
Profit on realization ofinvestments
•
Total income
Interest on secured gold notes
Discount on notes payable
General &c.,expenses
Taxes paid and refunded
Federal income tax
1931.
1930.
$3.021.974 $2,634,802
599,020
651,507
2,081
2,695
549,886
1,357,088
FINANCIAL CHRONICLE
3360
Consolidated Balance Syeet Dec. 31.
1929
1930
1929.
1930.
Assets$
Capitalstock-_446,235,050 434,489,300
Real est., mach.
and vessels.. _1459,259,294 468,826,413 Funded debt_ _ _y98,321,191 98,918,661
3,000,000
Inv. In oth. cos. 12,393,051 14,962,755 Notes payable__
Deterred credits 5,224,375 7.612,933
Stk.acquired for
Accts. payable_ 33,888,699 40,494,866
emplyees stk.
Res.for Maur_ _ _ 8,718,067 8,258,472
pur. plan_....2,883,923
4,290,253 3,861,255
Inventories ___ _147,637,592 170,620,581 Taxes payable__ 26,529,895 27,081,621
Cash
22,504,998 6,813,848 Capital surplus_ 97,098,036 84,689,254
Earned surplus_
Accts. & notes
45,427,232 48,285,347
receivable
Marketable secs. 22,504,998 1,190,669
Deferred assets_ 7,290,535 7,706,749
720,305,566 708,406,362
Total
720,305,566 708,406,362 Total
x After deducting $375,040,723 reserve for depreciation and depletion.
debentures (completely
y As follows: (a) 434% serial gold debentures (maturing in maturing in
1951), $50.% gold
1948), $18,000,000; (b)
serial gold debentures (com000,000; (c) Magnolia Petroleum Co. 434% General Petroleum Corp. of
pletely maturing in 1935). $7,500,000; (d)
(maturing in 1940).
Calif. 5% 1st mtge. sinking fund gold debentures
Corp. 534% sinking fund debentures
$18,317,000; (f) White Eagle OilPurchase Obligations 127,077 (maturing
(g)
(maturing in 1937). $526.791;
In 1931), 526.191.-V. 132. p. 1633.
-To Pay $140 Cash to Shareolders.Stanfield's, Ltd.
Ltd.. and tne forma-
[Vol,. 132.
-Supervised Equities Offered.
Supervised Shares Corp.
Supervised Shares Corp. made formal offering May 1 of its new fixed
trust, Supervised American Fixed Equities, priced at the market, about
17.50 per share. The trust Is the first to present three portfolios, the
first the original portfolio, the second a "primary reserve" from which
substitutions may be made in the original portfolio, and the third, a secondary reserve, from which stocks may be advanced to the primary reserve
when their Investment position is believed to warrant it. Security Distributors of America, Inc., is the depositor and the Bank of America N.A.,trustee.
Reserve fund of the trust, designed to assure distributions at a minimum
rate of 30 cents a share semi-annually, is invested in the trust shares themselves. There is no charge to the investor (1) for receiving and holding
the deposited property, (2) for converting trust shares into stock or cash,
(3) for Issuing certificates, (4) for registration or transfer (5) for payment
of distributions or (6) for issuing prxoies. Interest on cash accumulations
and any income or interest on the Reserve fund are credited to investors.
-V. 132. p. 3167. 2984.
-New Subs. Officer.
Swann Corp., Birmingham, Ala.
F. W. Miller, formerly Vice-President of Rogers Brown & Crocker Bros.,
Inc., has been appointed Vice-President of the Swann Chemical Co.. a
subsidiary of the Swann Corp. Mr. Miller will have charge of the Cin-V. 132. p. 1243.
cinnati office of the Swann Chemical Co.
-Earnings.
Telautograph Corp.
For income statement for quarters ended March 31. see "Earnings
-V. 132, p. 3167.
Department on a preceding page.
-Earnings.
Following upon voluntary liquidation of Stanfields,
Tennessee Corp.(& Subs.).
name, it is reported that shareholders
tion of a new company of the same $140 in cash. This is in addition to
[Formerly Tennessee Copper & Chemical Corp.,
1927.
of the old company have received
1928.
1929.
1930.
one share of no par value
Calendar Yearsand
one share of6% $40 par value preferred stockold no par common held.
$12,106,518 $12,395,407 $10,223,579 $8,329,284
Sales
68,365
75,022
common stock in exchange for each share of which followed shareholders Interest received
246,886
60,774
expectations
122,471
This is in line with earlier
202.879
207.480
150,279
organization of the same name. Other income
approval to sell the company to a new
Co. made an offer to shareholders to
In November 1930, Acadia Trust company, other than cash asssets.
$12,317,572 $12,849,772 $10,501,481 $8,520,122
Total
purchase the physical assets of the
shares 6% nonThe new company will have a capitalization of 10,000 of common (no Cost ofsales incl. all mfg.
6.919.940
7,960.016
9,124,331
$440) and 12,000 shares
.
exps.except deprec -- 9,091,439
cumulative preferred stock (par
556,338
726,606
issue not more than Sell. & adnunis. exps__ _ 1.052,598
915,956
par). The new company will also have power to
94,336
88,800
comprised 10,000
192,670
196,474
Capitalization of the old company-V.131. p. 3722. Interest
$500,000 in bonds.
112,735
30,000
110,291
102,805
dividend of $5 was paid.
Organization expenses
shares of no par value on which a
428,273
427,597
458,252
752,036
- Depreciation
-Bonds Called.
1.233
Co.
132,881
73,555
Stanolind Crude Oil Purchasing Crude Oil Purchasing Co.. Federal income taxes_ - 37.959
13.747
The company, formerly named the Sinclair $50,000,000 authorized 10
- Res. for minor. interest_
has called for redemption $5,000,000 of the
$408,498
Jan. 1 1928, according to an
$1,034,907 $1,877,432 $1,267,226
Net profit
year 514% series "A" gold bonds, dated
503,358
596.566
847,605
Ellison. The bonds will be re864,432
announcement made by President R. S. the First Union Trust & Savings Dividends
as of July 1 1931 at 102 and int. at
deemed
$670,660 def$94,860
$171,475 $1,029,826
National Bank and theNatIonal City Bank
Surplus
Bank, Chicago, and the Chase
the bonds were issued on Earns,per sh.on 857,761
both of New York. Of the total, $42,000,000 of
$0.47
$1.47
$2.19
accumulated about $3,000,$1.20
shs.cap.stock(no par)
Jan. 11928. Since that time the company has calling of the $5.000,000 in
the
With
000 of the bonds in its sinking fund. outstanding after July 1 slightly over
Consolidated Balance Sheet Dec. 31.
bonds at this time, there will remain
1929.
1930.
issue.
-V. 13L p. 2709.
1929.
1930.
$34.000.000 of the original $50,000,000 authorized
$
$
Liabilities$
$
Assets31.y4,000,000 4,000,000
State Street Investment Corp.-Bal. Sheet March 1930.
x16,167,918 13,240,981 Capitalstock
Fixed assets
1931.
3,207,900 3,307,900
1930.
Funded debt
1931.
802,402
306,407
Investment
462,104 Accounts and notes
108,707
Assets
464,601 Cash
31,835
499,224
& notes PaY.
561,175
payable
Cash & Gov't bds. y54,857 $4,485,031 Accts.for Fed. &
Call loans & seer d
8,333
Res.
8,333
4,374
601,733 Accruedsink. fund
Accr. Int. paid....
Interest
41,777
412,925
taxes
290,295
State
759,776 Accrued expenses_ 343,609
Short term notes__ 4,497,241
Govt. secur., &e_ _ 580,401
taxes
132,881
73,565
10,906,052 15,337,129 Res. for prof on
Tax reserve
4,127,574 4,216,465
Sec. (at cost)-- -x
439,313 Inventories
unreal
301,328
13,839.996 13,527,607
Surplus
Accounts receivle. 781,175
14,110,488 15,047,707 Accounts & notes
Capital stock
receivable, &a._ 780,647 1,813,631 Minority interest 132,658
2,059,600 3,758,942
Surplus
180,489
subs
In
49,637
95,582
Deterred charges__
16,243,700 20,123,488
Total
22,167,237 21.946,729
16,243,700 20,123,488
22,167,237 21,946,729 Total
Total
Total
x Market value. 17.429.357. y Cash only.
there was a net loss from the
x After deducting $4,656,596 for depreciation. y Represented by
For the quarter ended March 31 1931as against a net loss of $120,992 857,761 shares (no par).
-V. 132. p. 1243.
amounting to $568.690,
sale of securities
1930. Since Dec. 31 the liquidating value
for the corresponding period of
-Earnings.
& Land Co.(& Subs.).
132. p. 2983.
$70.57.-V.
Texon Oil
Per share has increased from $65.17 to
1929.
1930.
Calendar Years-Dividend Outlook, &c.
of Canada, Ltd.
$356,604 $3,761,072
Steel Co.
held on April 22. President Gross earnings
255,791
1.080,067
At the annual general meeting of shareholders
Operating and administrative expenses and taxes
remarks, indicated that the comRoss H. McMaster, in the course of hisduring 1930 were almost entirely
$100,813 $z,681,005
paratively satisfactory results realized the year. Since that period, he
Net earnings
1,496,703
2,298,739
due to tne operations of the first half of suffered declines.
Other income
profits had
continued, tonnage, prices andstatement had so recently been issued by
$2,399,552 $4,177,708
In view of the fact that a
Gross income
under the decision
of the board
2,233
25,023
the directors regarding the dividend policy
nt was made except it was Interest
388,863
88.781
of the Privy Council. no further announceme existing business conditions Provision for depreciation
43,249
104,771
stated that the uncertainty of the duration of the company, in order to Provision for depletion, &c
of
107,179
5.178
made it desirable to conserve the resources
encountered in continuing the rate Intangible drilling costs
122,640
Provide any deficiency which might be
-V. 132, p. 2214. Leases cancelled
"Gazette".)
24,539
of dividends now being paid. (Montreal
Provision for Federal income tax
994.642
Applicable to minority interests
-Earnings.
Stewart Warner Corp.
see "Earnings DeMarch 31
$2,175,799 $2,494,363
For income statement for quarter ended 2013.
Net income
-V. 132, p.
398.819
518,916
Deficit as at Dec. 31 (adjusted)
partment" on a preceding page.
Prior year's equity in surplus of controlled comOffices.
4,262,140
(Hugo) Stinnes Corp.(Md.).-Moves Co., on May 1, anpanies not consolidated
This corporation and the Hugo Stinnes Industries42nd St.. N. Y. City. Excess of invest. over book value of minor.int.seq.
304.677
East
nounced the removal of their general offices to 41
3-9156 and 3-9157.-V. 131, P. 3382.
telephone is Vanderbilt
$5,919,023 $1,790,867
Surplus balance at end of period
4,446,185
Dividends paid
-Preliminary Earnings.
Stone & Webster, Inc.
and subsidiaries for the
Preliminary estimates of earnings of company slightly in excess of $3
$1,472,837 $1.790,867
Surplus
12 months ended March 31 1931 indicate net of
943.723
936,036
The showing for Shares capital stock outstanding (no Par)
$2.64
per share on the 2,104.500 common shares outstanding. number of shares Earnings per share
$2.32
the 12 months compares with $3.43 a share on a like
-V. 131, p. 3546.
reported for the year 1930.
Dissolved.
Subsidiary
a wholly owned
The assets of the Stone & Webster Associates Corp.,the first quarter
in
subsidiary, were transferred to the parent companyon April 24. There
Muhlfeld announced
of 1931, President George 0.
activities for which
was no further need to segregate the functions and
the subsidiary corporation was formed, he said.
subsidiary created for purThe Stone & Webster Investing Corp., a
is expected
poses somewhat similar to tnose of tne Associates corporation, the parent
to
to be dissolved this year and its assets likewise transferred
company.
and subPreliminary estimates of earnings of Stone & Webster, Inc., income
31 indicated a net
sidiaries for the 12 months ended on March common saares outstanding,
slightly in excess of$3 a share on the 2,104,500
12 months compares with
Mr. Muhlfeld said. The showing for the in the preceding fiscal year.
number of shares
a share earned on a like Associates and Investing corporations were organStone & Webster
Tne
such promotional and deized in 1926 and 1929, respectively, to conduct Stone & Webster organivelopment work as might seem desirable for thevalue to the general busiin and to make investments of
zation to engage
On Dec. 31 1930, the combined fair
ness of the organization as a whole. these companies was $17,207,306, of
assets of
the
or market value ofcash net advances on demand loans to the parent comor
which 93% was in
-V. 132, p. 2604.
pany or affiliated companies.
-New Director-March Sales.
er Corp.
Textile Inc.
-Proposed Merger Approved.-
At Gastonia, N. C., on April 14, a merger of 14 textile mills of that
region into a corporation to be known as Textiles, Inc. was approved by
the directors of the mills involved. Tne combine will control 300,000
the
spindles, and Gastonia will be headquarters. The stockholders of will
various mills have yet to approve Hie merger. The initial merger
represent a paid-In capital, under the value allotted each mill, of $10,be $17,000,000. The authorized capital of Textiles, Inc., however, willmerceriz500,000, the additional capital to be used to handle other mills,
ing plants and finishing plants that are to be added to the group, accordG.
ing to present plans. Directors named for the new corporation are: A. N.
Myers, J. H. Separk, C. C. Armstrong, J. L. Gray, A. K. Winget, S.
Boyce and R. G. Rankin. all of Gastonia.
The combed yarn mills involved in the merger are: Arkray Mills, Inc..
Gastonia; Arlington Cotton Mills, Gastonia; Cora Cotton Mills, Kings
Mountain; Elizabetn Mills, Inc., Charlotte; Gray Manufacturing Co..
Gastonia; Merco Mills. Inc., Lincolnton; Mutual Cotton Mills. Gastonia;
Myers Mill, Inc., Gastonia; Myrtle Mills. Inc.. Gastonia; Osceola Mills,
Inc., Gastonia; Priscilla Mills, Inc., Ranlo; Seminole Cotton Mills, Gastonia; Victory Yarn Mills, Gastonia, and Winget Yarn Mills, Gastonia.
The mills which it is proposed to *quire are Dining Cotton Mills, Kings
Yarn Mills, Rock
Mountain; Flint Manufacturing Co. Gastonia; Helen
Gas'
Hill, S. C.• Lockmore Cotton Mills, York. S. C.; Ridge Mills, Inc., and
Wool
'
tonia, and Wymojo Yarn Mills, Rock Hill, S. C. ("American
p. 3168.
Cotton Reporter.").
-V. 132.
Studebak
Manager of the Pierce-Arrow Motor Car Co.,
A. J. Chanter, General succeeding James H. Perkins.
director,
has been elected a Erskine on April 28 stated: "March sales exceeded those
--Earnings.
Thermoid Co.
President A. R.
1929 and April sales will be still better.
For income statement for quarter ended March 31 see "Earnings Deof any months since September
-V. 132. D. 2984.
quarter Indicates a substantial gain in partment" on a preceding page.
second
In fact, the outlook for the
our business.
-Acquisition.
by all manufacturers except Ford for the
Tide Water Oil Co.
"Production of passenger cars
Oil Co., which has a
407.898 cars, as against 558,283 cars for the
The company has purchased the Granite Statestations in surrounding
first quarter of this year was of 26.9%, whereas Studebaker and Piercedecrease
H. N., and several service
bulk plant at Newport,
first quarter of 1930, a
only 7.2%. The competitive price towns.
-V. 132, p. 1610.
Arrow combined production decreased of 20.5%, against its 3.5% and of
decrease
field of Studebaker showed a its 31.2% decrease.
-Regular Dividend.
Tobacco Products Corp.
Pierce-Arrow 40.2%, against
for the same period was 62,299
cars
of 20 cents
"The total production of commercial
The directors have declared the regular quarterly dividend
whereas Studebaker
vehicles, a decrease of 28.5%, of over 490%, and per share on the class A stock, no par value, payable May 15 to holders
vehicles, against 87,010
264, a gain
since and incl. Aug. 15 1930,
production rose to 1,215 vehicles, from
-V. 132. of record April 27. This rate has been paid
trucks of the new models."
was made on Feb. 16 last.
Pierce-Arrow rose from nothing to 59
and in addition an extra of 15 cents per share
p.3167.
MAY 2 1931.]
FINANCIAL CHRONICLE
Calendar YearsLease rental, American Tobacco Co
Other income
3361
Profit
Federal taxes (estimated)
1930.
1929. .
Tr -Continental Corp. as of March 31 1931, with securities taken at the
82,500,000 $2.500,000 market, had net assets of approximately $64,000.000 an increase of $3,43,748 3,214,883 , 726,000 since Dec. 311930. Among others, its Board of Directors includes
Albert H. Wiggin, Bertram Cutler, William S. Gray Jr., C. E. Groesbeck.
82,543.748 $5,714,883 ! John R. Simpson and John C. Martin. Selected Industries on March 31
66,558
177,895 ' 1931, had net assets of approximately 853,000,000.-V. 132. p.2984, 2792.
295.799 1
39,966
519,554 1
Trico Products Corp.
-Earnings.
-For income statement for quarter ended March 31 see "Earnings De$2.437,224 $4,721.635 , partment" on a preceding page.
-V. 131, p. 3890.
300.000
147.000'
Net income
Class A dividends
Common dividends
$2,137.224 $4,574,636
1,680,316
2,352,396
3,461,427
Gross income
Expenses
Interest and sundry charges
Less on sale of United Cigar Store Co. stock
Balance, surplus
Previous surplus
Refund of prior years Federal inc. tax & int
Reduction in inv. in corn. stk. of United Cigar Sts_
Red. of investment in other companies
Other.charges
8456.908df$1,239,187
2.029,370 8,486,701
122,763
4.018,678
1.198.399
1.067
Total profit & loss, surplus
$2,609.041 $2,029.370
Common Shares outstanding (no par)
3.296,652 x3.296.652
Earnings per share on common
Nil
$0.44
x Par value, $20.
-Capital surplus resulting from
Capital Surplus Account Dec. 31 1930.
reduction of capital stock to a stated value of 85 per share, as approved
by stockholders June 25 1930, $38,611,117; American Tobacco Co. lease
written up from nominal value of $1 to the commutation value per the
lease as at Dec. 31 1929, $36,791,117; total, 875.402.234; deduct: Reduction of United Cigar Stores Co. of America common stock and dividend
Certificates to the company's approximate book value per share on Tee.
31 1929. 851,224.743; goodwill and trademarks written off. $4.217.804:
recapitalization expenses,$10,000: capital surplus. Dec.31 1930,819,949.687
Comparative Balance Sheet December 31.
1929.
1930.
1929.
1930.
Liabilities
$
Assets$
Class A stock_ _611,202,313 20,712,631
Brands, tr.-marks.
4,217,804 Common stock _ _c16,483,263 45,584,061
&a
1,150,000
Demand loans_
sAmer.Tobacco Co.
1,342
1 Accrued int. pay _
36,786,289
lease
25,892
1,792
13,957,314 65,214,561 Accts. payable_ _ _ _
Investments
245,703 Class A div. pay__ 784,155
Cash
600,596
174,781
7 Ras. for taxes, &c_ 313,950
1
Accts. receivable
Capital surplus._ _19,949,687
Surplus
2,609,041 2.029,369
51,344,200 69,678,077
Total
51,344,200 69.678,077
Total
-year lease ($2.500.000 annually). b 2,240,a American Tobacco Co. 99
462 ii shares (no par) at stated value of $5 each. e 3.296.6523f, snares
-V. 132. p. 2984.
(no par) at stated value of $5 each.
Thompson Products, Inc.-Eatnings.-For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet March 31.
Liabilities1930.
1931.
1931.
Assets1930.
7% pref. stock
$386,300 $389,100
x Land, bldgs., machinery, eq., &c.$3,248,960 $3,301,688 Common stock__ _y2,631,600 2,631,609
Notes and scGood-will. pat836,053 counts payable_ 473,160
831,991
ents, &c
910,965
349,123 Accrued account&
81,331
84,144
Cash
200,254
Capital surplus_ _ _ 633,731
Notes, accept. &
633,731
accts. receivable 746,975 1,159,833 Profit and loss,
1,061,526 1,710,334
surplus
Inventories
2,264,965 2,909,865
106,203
Treasury
_
stock_Erne. & misc.notes
41,752
33,436
& accts. recelv__
161,330
Affiliated co.'s_ _ _ _ 267,103
38,001
Other seam owned
Prepaid exp., &c__
77,401
96,375
86.473,900 $7,675,515
Total
Total
$6,473,900 $7,675.515
x After depreciation. y Represented by 263,160 no par shares,including
-V. 132. p. 3168.
treasury stock.
Tonopah Belmont Development Co.-Bal. Sheet Dec.31.
1930.
Marti/Wes1929.
Assets
1930.
1929.
$1,500,000 $1,500,000
Prop. accounts_ _ _31,338,149 $1,354,360 Capital stock
Accts. payable_ _ _
4,541
Inv. in stocks of
18.546
14,465 Unpaid wages._ _ 22.601
1,847
other companies
6.880
Taxes accrued_ _ _ _
1,620
Matls.& suppl. for
2,786
45,028 Deficiency
34,768
operation
4,670
4,928
Accts.receivable-.
6,134
20,288
fr. smelters
Due
5,937
4,532
Due from others
Ins. prem. paid in
947
6,402
advance
94,801
78,209
Cash
$1,503,338 $1,523,284
Total
-V. 128, p. 4023.
Total
$1,503,338 $1,523,284
Transcontinental & Western Air, Inc.
-New Service.
-
-hour all-air passenger and express service between New
A new eight
York and Chicago was inaugurated on May 1 by this corporation.
-V.
132, p. 2984.
Tr -Continental I Corp._ Selected Industries Affiliates with
-Original Banking Sponsors Remain
Tr -Continental Corp.
Active in Management.
It was announced April 30 at the offices of Selected Industries, Inc.,
that the present management of the company desired to retire from the
active management of the corporation on May 11, the date of the annual
meeting of the stockholders. R. S. Reynolds, the president of the company, is also president of Reynolds Metals Co. and the United States Foil
Co. Closely associated with him in these companies are C. K. Reynolds,
Vice-President of Selected Industries, W. F. Woodward. Secretary, and
Edgar S. Bowling, Treasurer, all of whom will also retire. In addition,
G. G. Allen, Arthur V. Davis, Leighton McCarthy and W. R. Perkins
will not offer themselves for re-election as directors.
"When the present officers accepted their positions with Selected Industries," said R. S. Reynolds, "it was contemplated that a purpose of the
corporation would be to acquire substantial interests in related businesses
offering attractive possibilities. Conditions of the last two years, as well
as conditions now existing, were not and are not propitious for such investments. Under these conditions, the present management, who are all
Industrialists, have decided not to stand for re-election but they are retaining a substantial stock interest in the company."
The statement continued that in view of the retirement of the present
management, the board had approved and would recommend to the
stockholders of Selected Industries at the coming meeting a contract with
Tr -Continental Corp., under which the service of the latter corporation's
large and efficient statistical staff and the advice and recommendations of
its officers will become available to Selected Industries. It is contemplated
that 'Fri-Continental Corp. will acquire a large block of outstanding common and convertible preferred stock, and it will also be recommended to
the stockholders that they sanction an agreement between the two companies giving 'Fri-Continental Corp. an option to purchase in addition from
Selected Industries up to 200,0010 shares of common stock of Selected
Industries at $15 per share.
Tr -Continental Corp. will be represented on the Board of Selected
Industries and ft is expected that Earle Bailie will become chairman and
Francis F. Randolph, President. The banking group which has sponsored
Selected Industries, consisting of Stone & Webster and Blodget, Inc,
Chas. D. Barney & Co., Lehman Brothers, Brown Brothers Harriman &
Co., and Kidder, Peabody & Co., all of which firms are represented on the
board, will continue active in the affairs of the company and are not parting
with any of their holdings. John W. Hanes of Chas D. Barney & Co.
will become chairman of the Executive Committee.
Trinity Buildings Corp.
-Tenders.
-
The Guaranty Trust Co., 140 Broadway. N. Y. City, will on or before
June 11 receive bids for the sale to it of 1st mtge. 20-year
% s. f. gold
loan certificates, due June 1 1939, to an amount sufficient to exhaust
$82,193 at prices not exceeding 102 and Int.-V. 132, p. 871.
Truscon Steel Co., Youngstown, Ohio.
-New V.-Pres,
Garrett A. Connors Jr.. director of purchases, nas been appointed VicePresident.-V. 132. p. 2016.
Twentieth Century Depositor Corp.
-Stock Increased.
The company has filed a certificate at Dover, Del.. Increasing the no
par value stock from 10,000 shares 10 20.000 shares.
-V.132. p. 2015, 1634.
Ulen & Co.
-Earnings.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 132, p. 2984.
Union Carbide & Carbon Corp.
-Earnings.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
--V. 132. p. 2179.
Union Mortgage Co., Cleveland.
-Creditors to Get 6%.
-
Creditors of this defunct company will receive 6.2e. on the dollar, according to a report filed in Federal Court at Cleveland by Robert F. Berwald.
receiver. The report puts net assets of the company, once a $30,000,000
concern at $752,669. From this amount will be deitteted claims of preferred
creditors consisting principally of Federal and State taxes and receivers'
accounts payable which amount to $259,628. This leaves a balance of
assets estimated in value at $493,041 or approximately 6.2c. on the dollar
which will be paid creditors.
United American Bosch Corp.
-Earnings.
-
For income statement for quarter coded March 31 1931 see "Earnings
Department" on a preceding page.
-V. 132, p. 2605.
United Business Publishers, Inc.
-Earnings.
see "Earnings Depart-
For income statement for quarter ended March 31
ment"on a preceding page.
--V. 132. p. 1441.
United Engineering & Foundry Co.
-35r. Extra Div.
The directors have declared an extra dividend of 35c. per share
regular quarterly dividend of 40c. per share on the common stock, and the
payable
May 15 to holders of record May 5. Like amounts were paid quarterly
from Feb. 1930 to and incl. Feb. 1931. An extra of 30c, per share was made
on Dec. 23 1929, one of 35c. per share on Nov. 8 1929, extras of 20c. Per
share on May 10 and on Aug.9 1929. In Feb. 1929 the 20c. extra dividend
was omitted prior to which time it has been paid rexularly each quarter.
New Directors, (tr.Prank B. Bell, President of the Edgewater Steel Co., and Harry M.
Naugle of Canton, 0., have been elected directors to fill vacancies.
Pres. Geo. T. B. Ladd, says: "The outlook for this company is very
promising, and with the business already booked and under way, 1931
earnings should approximate those of 1930."-V. 132, p. 872, 328.
United Investment Assurance Trust.
-Laxity Charged.
-
At master's hearing being held before former Asst. Atty.-Gen. George R.
Farnum of Boston, Wood F. Axton, Edward Axton, and Robert Axton, all
of Kentucky, alleged that Charles W. Seager of Brookline. Stephen J.
Richards of Needham, Stephen R. Casey of Cambridge, and LothroP
Stoddard of Brookline, trustees of the United Investment Assurance Trust,
lent to the Founders Securities Co. 889.474 in 1928, 8149,000 in 1929, and
$91,452 in 1930, with practically no adequate security. They charge
neglect on the part of the respondents and also laxity in their business
methods. They ask that they be awarded personal liability. (Boston
News Bureau.)
-V. 128. fl• 3851.
UnitedStates Chain & Forging Co.
-Omits Dividend.
The directors have voted to omit the quarterly dividend ordinarily paid
about May 15 on the common stock. The last regular quarterly payment
of 75 cents per share was made on Feb. 15 1931.-V. 131, p. 1579.
United States Distributing Corp.
-Earnings.
-
For income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
-V. 132, p. 2605.
United States Electric Light & Power Shares, Inc.
Smaller Dividend.
The corporation announces a quarterly cash distribution of 10 cents per
trust certificate, series B, payable May 15 to holders of record May 11931.
From May 15 1930 to and incl. Feb. 15 1931 the company made regular
quarterly distributions of 16 cents per share on this issue.
-V. 132, p. 1442.
United States Steel Corp.
-Earnings.
For income statement for quarters ended March 31, see "Earnings
Department" on a preceding page.
-V. 132. p. 3169.
United Steel Works Corp.(Germany).
-Bonds Called.
-
The company will retire, under the sinking fund provisions, $300,000
outstanding 25
-year 65i% sinking fund mortgage gold bonds, series A
and $108,000 25
-year 634% sinking fund mortgage gold bonds, series C
on June 1 next at par and interest.
Bonds designated for redemption by lot are payable at the offices of
Dillon, Read & Co., 28 Nassau St.. in New York, or in London, England,
at the office of J. Henry Schroder & Co.
-V. 132. p. 2606.
United Stores Corp.
-Earnings.
Income Statementfor 6 Months Ended Dec. 31 1930.
Dividends received and accrued
Interest received on bank balances
$1,001.897
778
Total income
Stock transfer expense
Legal expense
Other corporate expenses, including franchise taxes
Interest paid
$1,002.675
14,890
3,314
51,522
7,686
Net profit
Deficit at June 30 1930
$925,263
34.402
Dividends paid on $6 preferred stock
$890,861
412,376
Earned surplus Dec.31 1930
$478,484
Statement of Capital and Initial Surplus for the 6 Months End. Dec. 31 1930.
Capital and initial surplus per balance sheet June 30 1930 in
the first report to stockholders
$36,641,026
Total value assigned by the directors to securities acquired by
the corporation during the 6 mos. ended Dec. 31 1930 in exchange for capital stocks of the corporation issued therefor
94,325
Proceeds of fractional shares of the corporation sold for cash
24
Total
$36,735,375
Cost of 27,491 shares $6 cum.cony. pref.stock purch.& retired_ S1,266,330
Difference between amounts realized on sale of investments and
values at which investments were carried on corp.'s books:
On sale of 20,643 shares United Cigar Stores Co. of America
preferred stock to that company
732,665
On sale of 3,100 shares Union Tobacco Co. common stock
186
Additional organization expenses incurred
1.977
Capital and initial surplus Dec. 31 1930
$34,734,218
3362
[VOL. 132.
FINANCIAL CHRONICLE
Comparative Balance Sheet.
Dec.31 '30. June 30'30.
Dee.31 '30. June 30'30.
Liabilities
Assets
a Investments_ _ _35,598,250 37,236,617 Capital & surplus 634,734,218 36,641,026
500,000
23.716 Note pay.on dem_ 13750,000
47,514
Cash
153,709
Accounts payable_ 184,379
Dividends re478,484 de134,402
Earned surplus_ _
501,317
ceived
36,147,081 37,260,333
Total
36,147,081 37,260,333 Total
a Consisting of stocks of United Cigar Stores Co. of America, Tobacco
and Union Tobacco Co. b Represented by 324,548 shares
Products Corp.
(no par) $6 pref. stock, 916,085 shares (no par) class A stock and 504.086
against
common shares (no par), incl. 458.042 shares reserved for issue 1 1931.
warrants attached to class A stock, exchangeable on or after Jan.
-V. 132. p. 3169.
"While the balance sheet position justified maintenance of the regular
dividend of $1.75, nevertheless in face of the seasonal decline in the paper
industry which occurs during the summer months and pending a definite
improvement in general business conditions, the directors felt that conservation of working capital was in the best interest of the stockholders."
-V.129, p.652.
-Notes Called.
Webster Mills (Mass.).
All outstanding 10
-year 634% gold notes, due Dec. 1 1933, have been
called for redemption on June 1 next, at 101 and interest. Holders of
such notes should surrender them with all coupons maturing on and after
the redemption date at the office of the trustee, The Chase National Bank
-V. 118, p. 2714.
of New York, 11 Broad St., N. Y. City.
Wellington Arms
Receivership.
-Out
Apartments, Chicago.
of
-V. 120, P. 2694.
See George M. Forman Realty Trust above.
-Reduction of Capital, etc.Vadsco Sales Corp.
The stockholders will shortly vote on decreasing the authorized preferred stock from 125,000 shares to 117,393 shares and on reducing the
capital represented by common stock from $7,974,533.88 to $1,021,573.
says in part:
President 'I'. J. McHugh, April 23, in the annual report, and required
The year 1930 was one of general business depression
to write down inventories and
many readjustments. It was necessary
expenses,
other assets. Provision was made for organization and merger charges
and
for Federal income tax stsessments and other adjustments for bad and
applicable to prior years. Adequate reserves were made
1930.
doubtful accounts arising from sales prior to the balance sheet as of Dec.
Giving effect to all the above adjustments
recommend the
31 1931 shows a deficit of $1,755.309. The directors
creation of an additional reserve of $200.000.
the stated value of the outstandThe board recommends a reduction in
ing common stock, 1,021,573 shares, from $7,974,534 to $1,021,573, thus
establishing a surplus of $6,952,961. The deficit andathe reserve referred
balance in surplus
to above would then be charged to surplus, leaving
of $4.997,652.
that the good-will be reduced from
The directors further recommend
$7,952,310 to $4,000,000, which would absorb $3,952,310 of the $4,997,652
sursurplus as provided above. There would then remain $1,045,342 in
plus account.
stock
The reduction in the stated value of the common changewill make no
in the rights,
change in the value of the stock, nor will there be any
privileges of such stock nor in the stock certificates. were received through
The company holds 922 shares of pref. stock which
its conversion into common stock. The company also holds 6,685 shares
in
of pref, stock in the treasury. These two lots of pref. stock appear
the balance sheet, but it is now proposed to retire same, leaving the outstanding pref. stock 69,893 shares.
Earnings Year Ended Dec. 31 1930 (Including Subsidiaries).
$6,337,164
Net sales
3,667,924
Cost of goods sold
-Defers Class A Dividend.
Western Dairy Products Co.
The directors have voted to defer the quarterly dividend of $1 per share
due June 1 on the $4 cumul. and partic. class A stock, no par value. The •
quarterly
company from Dec. 1 1925 to and incl. March 1 1931,made regular1443.
-V. 132, p. 3189,
distributions at this rate on the above issue.
-Deposit of Stock.
Maryland Dairy Corp.
Western
The stockholders on April 22 were requested in a letter signed by Presicommon and
dent Charles It. Bowman, to deposit their certificates of Md., transfer
preferred stock with the Commonwealth Bank, Baltimore,
indicate briefly the effect of a recent
agent, so that they may be stamped to
charter amendment.
This amendment, which was approved by the common stockholders at
the annual meeting Feb. 9, provided for a reduction of the authorized
are pref.
capital to 125,000 shares of which 50,000 sharesmade for stock and 75,000
eliminating from
shares are common stock. Provision also was
the charter all references to prior pref. stock.of the board of directors,
on the recommendation
This action, taken
pref. stock on
followed the redemption of tne entire outstanding prior
Feb. 2 1931.
be
desires the outstanding stock certificates to the
The company now
so as to comply with
stamped to indicate the effect of this amendment
of the Maryland laws, the letter explained.
requirements
1927.
1928.
1920.
x1930.
Calendar Years$711,079
Net income after deprec. $1,338,078 $1,233,894 $1,114,628
108,616
188,750
125,372
103,974
Fixed charges, &c
84.299
120,034
135,404
144,276
Federal taxes
Balance after charges- $1,089,827
Divs. on 7% prior pref.
stock and on $6 pref.
450,902
stock
$973,118
$805,843
$518,164
421,621
411,692
301,925
$551.497
$394,152
$216,239
Balance after dividends $638.925
Earns, per sh. on 75.000
$2.88
$5.26
$7.35
$8.52
abs. common stock-.
y sales) of
x After deducting from net sales (excluding intercompan
delivery, selling administrative and general
$2.709,299 813,942,406, cost of sales,
Total income
.1
v $tig,7:1: 4143Treciation,
(
d
nof igiaiiiInce .
2,844,078 figgn
,
7
g;of jll , 0
ao oda 7
Selling, general and administrative expenses
103,826
on sales of 1930
re oma
tti Nier fgrs e
Provision for bad and doubtful accounts, based & repossess.shs.
24,087
-Changes in
Adjust.relat.to capital stock purch. agreements
movWestinghouse Electrical & Mfg. Co.
Adjust. of inventories at Dec. 31 1930, in respect of slow
378,999
ing and obsolete stocks
Personnel.
nt to be
S. M. Kintner has been promoted from Assistant Vice-Preside
$641,690
Loss for year
1,058,099 Vice-President in charge of engineering.
-President, has been elected Honorary
Balance of surplus, Jan. 1 1930
Charles A. Terry, formerly Vice
.
$416,409 Vice-President.
-V. 132, P. 3189
Balance, surplus
-Earnings.
advertising, organ. & merger expenses at Dec. 31
Deferred
Weston Electrical Instrument Corp.
940,007
1929. written off
1927.
1928.
1929.
1930.
149,899
1929
Calendar YearsAdjustment of inventory at Dec. 31discounts arising from sales
$573,750
$802,815
Profit after depreciation $733,887 51.216,432
Provision for doubtful accounts and
46,054
135,827
197,134
101,920
576,459 Other deductions
prior to 1930 (net)
$527,696
161,532
and contingencies
5666.988
$631,967 11,019,298
Provision for prior years' Fed.income taxes,realizable value_ __ _
Balance
36,444
44,899
85,997 Other
83,476
63,327
invest, to estimated
Prov. to adjust foreign
income
25,689
prior(net)
$564,140
5711,887
Miscellaneous adjust. and charges applicable to 1929 or
$695,294 51,102,774
Total income
232,135
77.738
93,964
132,733
Preferred dividends paid in 1930
80.219
Federal taxes
$486,402
$617,923
$W1737.
-x$615,075
11,755,309
Net profit
Deficit at Dec. 31 1930
166,300
144,600
117,500
96,968
see "Earnings De- Class A dividends
For income statement for quarters ended March 31
36,750
146,600
Common dividends
partment" on a preceding Page.
6320,102
1473,323
1815.791
$371,507
Surplus
Consolidated Balance Sheet December 31.
of the shares to $4.08
x Equivalent under the participating provisions
1930.
1929.
1929.
1930.
of class A stock outstanding at end of 1930.
a share on 37,400 no par shares
$
LiabilitiesThis com$
$
$
no par shares of common stock. a share on
Assets7% pref. stock.. _b6,989,300 6,989,300 and $3.08 a share on 150,000
A and $4.49
Land,bldgs.,mach.
share on 53.900 shares of class
a2,379,634 2,463,310 Common stock _c7.974,534 7,974,534 pares with $5.49 a
and equip
1929.
525,000 150,000 common shares in -Earned surplus Jan. 1 1930, 11,475,957; net
Notes payable__
Good-will, brands,
Earned Surplus Account.
payable_
45,261
818,705
sundry adjustments $2,747;
trademarks, &c.. 7,952,310 7,952,310 Accounts unclaim.
Profit for year 1930 (as above), 5615,075; $96,969, common dividends
142,003 Accruals,
528,850
Cash
total $2,093,779; deduct: Class A dividends
dividends,tax reclass A stock retired
Notes & accts. rec _ 1,887,594 3.802,038 serves, dm
amount applicable to purchases ofof 12,600 shares of
257,536
511,156 $146,600; additional
redemption price
Accrued Interest &
146,439 or Pending retirement $225,338, capital account $189,000 in accordance
28,576 Pref, diva. payable
diva. receivable_
class A stock after charging against $283,500; transferred to capital account
Conting. reserve_ _ 150,000
Advance to officers
with resolution by board of directors
Minority int. in
19,681
$189,000; earned surplus Dec.31 1930 of
& employees_ _ _
10,060 by resolution of board of directors
subsidiaries_ _ _. 10,040
1,218,456 2,195,773
Inventories
51,152,373.
594,000
Mtge.payable__
Notes receivable
Balance Sheet Dec. 31.
def1,755,309 1.058,099
Surplus
123,479
1929.
1930.
(not current)_ _
Liabilities1929.
1930.
Assets850.744 $116,644
Invest. in and adv.
8223,498 8281,096 Accounts payable_
Cash
68,970
to Perfumed° du
18,182
200,000 Accrued accounts_
Call loans
146,208
60,000
132,732
Monde Elegante
80,220
Federal income tax
Certificate of dep.
345,759
100,000
41,349
Other investments
for conting- _ 100,000
Res,
& accrued int.__ 100,066
957,316
54,009
Deferred charges
c2,250.000 2,250,000
Capital stock
Notes & trade ac1,241,313 1,862,334
517,897 Surplus
14,265,362 18,033,293
Total
ceptances rec.._ _ a266,286
14,265,362 18,033,293
Total
to be issued for stocks of Mach. inventories 1,045,402 1,188,884
a After depreciation. b Including stock
to $495.200. County & municipredecessor companies not presented for exchange, amounting be issued for
262,337
286,555
pal securities_ _ _
stock to
c Represented by 1,021,573 no-par shares (including exchange, amounting Inv. in & acct. rec.
for
stocks of predecessor companies not presented
-Weston Elec-V. 131, p. 2914.
to 42,364 shares).
trical Instnun't
Co., Ltd., Lon-Dividend Decreased.
Veeder-Root, Inc.
don
(entirely
per share
40 cents
109,466
The directors have declared a quarterly dividend of
71,876
owned)
to holders of record May 1. This places the stock on a Sundry dep. accts.
payable May 15
-V. 132, p. 1442.
27,083
25,605
rec.& investmls
$1.60 annual basis, against $2.50 previously.
Employ. subscrip.'
-Earnings.
Vick Financial Corp.
to common stock
85,000
75,0
00
see "Earnings DepartFor income statement for quarter ended March 31
Class A stock held
held pend. statument" on a preceding page.the stock as of March 31 was $8.16, as comThe liquidating value of
tory Proceedings
31 1930. Since the beginning of the
for the retirem't
pared with $7.38 per share on Dec.common stockholdings. On March 31
its
386,377
ment thereof_ _. 88,940
year the corporation has reduced aggregating 12,570,939, which amount
it had cash and government bonds equivalent to $2.20 per share on the Land, bides., maThis is
chinery, furnihas since been increased. $258,216 cash and government'bonds on Dec.31,
1,455,557
ture,
common and compares with
present capitalization. The directors Patentsfixtures,&cb1,519,998
1
1
& goodwill
equivalent to 22 cents a share on the
share on the stock, payable May 15 to Deferred charges
26,984
27,531
declared a dividend of 10 cents a
5.
stockholders of record may set up on Dec. 31 1930,for investment de rec.
83,740,459 $4,530,683
Total
Total
$3,740,459 84,530,683
Of the $3,650,000 reserve
After allowance
March 31 1931,leaving a reserve of $2,801,a After reserves of $40,790 for doubtful accounts, &c. b shares class A
$848,023 was charged off up to in the market value of securities owned at
31. Depreciationamounted to $1,892,160. Thus, the com- for depreciation of $742,310. c Represented by 37,400 value.
976 on March
-V. 131.
31
or no par
the closing prices of March quarter had a reserve of $909,816 in excess of stock and 150,000 shares class B stock both
P. 3547,
pany at the end of the first
-V. 132, p. 872.
securities.
depreciation in
-Contract.
Wheeler Metal Products Corp.
-Omits Common Dividend.
metal tire covers for
Co.
to
(S. D.) Warrendecided to omit the quarterly dividend which orThe corporation has closed a contract Ill.produce
manufacturers and distributhe Liberties Foundry Co., of Rockford,
The directors have
May 15 on the common stock.
'
The metal tire covers will be sold
dinarily would be payable about Feb. 16 1931. the company made regular tors of the "Hades" hot water heater.
under the same trade name.
From Aug. 15 1929 to and incl.
ahead of those of March.
per share on this issue.
Officials report that April billings are running
-quarterly distributions of $1.75 of the dividend the company said in part:
.
-V. 132, 13• 2986
In connection with the passing for the first quarter of 1931 showed no which was a record month.
sales
"In spite of the fact that
quarter of 1930, operations showed a
-Earnings.
Wheeling Steel Corp.
improvement over those of the last . Federal taxes and all other charges.
March 31 see "Earnings
profit after bond interest, depreciation a ratio of current assets to current
For income statement for three months ended 2017.
with
132. 2606,
-V.
Working capital position was good
Department" on a preceding page.
excess of $5,680,000.
liabilities of 3 to 1. Surplus remains in
Operating profit
Income from investments and miscellaneous earnings
$2,669,240
40,059
MAY 2 1931.]
FINANCIAL CHRONICLE
Whitehall, Palm Beach, Fla.
-Sale.
The Whitehall Hotel
an organization of bondholders, has taken
over the Whitehall on a bid of $1.500.000. At a foreclosure sale some time
Corp.,
ago Edward Morse, Chicago, bought the property subject to court confirmation, his offer being the minimum bid allowable. $200,000 cash and
the balance in bonds.
-V. 129. p. 2876.
-Stock Off List.
Whittlesey Mfg. Co., Inc.
The class A capital stock has been dropped from the Boston Stock
Exchange list, the company having discontinued its Boston transfer and
registration agencies.
-V. 129. P. 1144.
Winchester Repeating Arms Co., (Del). -Denied New
Trial in $1,283,328 Suit Against Government on Cartridge
Contract.
-
The United States Court of Claims has denied a new trial to the company
In its suit against the Government for $1,283.328 on a contract with the
-V. 132, P. 2607.
War Department for cartridges.
-Earnings.
(Benjamin) Winter, Inc.(& Subs.).
12 Mos.
12 Mos. 12Yi Mos.
1930.
1929.
1928.
Period Ended Nov. 30$4,298,661 $3,556,988 $3,126,690
Operating income
2,111.229
3,845.817
1,799,209
Operating expenses
286,920
190,132
160,464
Deprec. & amortiz. on oper. prop
243.663
193.249
80.203
Administrative & general expenses_ _
loss$77,739 $1,062,378 $1,086,813
Net operating profit
483,956
361.505
Profit on real estate sales
38,827
45,523
6,019
Interest
4,668
3,978
5,708
Miscellaneous income
12,137
Discount on mortgage bonds retired- _
loss$16,102 $1,589,829 $1,460,046
Gross income
788,841
755,493
Interest on mortgages
113,218
Interest on notes payable,&c
10,427
Life insurance premiums
537,908
Loss on sale ofreal est., mtge.rec.,&c.
Appor. of pre-opening expenses Hotel
41,659
Delmonico
26,586
23,249
Sundry charges
87,318
79.823
Provision for Federal income tax
loss$719,314
$687,084
$601,480
Net income
Div. on cum.cony. pref.stock ($5 per
132,641
159,636
share)
def$719,314
$554,443
$441,844
Balance,surplus
282,972
282,672
251,444
Shares common stock (no par)
Nil
$1.96
$1.73
Earnings per share
Consolidated Surplus Account Year Ended Nov. 30 1930.
Earned Surplus
Earned surplus as of Nov. 30 1929
$1,000,623
Adjustment for doubtful accts. & Fed. inc. taxes, prior year.2,288
Adjustment of Federal income tax reserves
14,344
Total
Consolidated net loss for year 1930
Organization expense,written off
$1,017,255
719,314
309
Earned surplus as of Nov. 30 1930
Itnittal and Capital Surplus
Initial and capital surplus as of Nov. 30 1929
Surplus arising through conversion of 100 shares of cumulative
convertible preference stock of a stated value of $66 per share
into 300 shares of common stock of a stated value of $10 per
share
Initial and capitalsurplus as of Nov.30 1930
Totalsurplus
-V.130, P. 3737.
$297,632
489,034
3,600
$492,634
$790,266
Wright Aeronautical Corp.
-Earnings.
Calendar Years1930.
1929.
1928.
1927.
Net sales
$5,477,560 $10,379.245 $8,781,516 13,990,546
Expenses,incl. deprec'n_ x7,616,573 x10,264,321 x6,400,108
3,194,331
Net income
Other income
loss$2,139,013
111,822
Total income
loss$2,027,192
Federal taxes reserveExtraord.deductions- 171,233
$114,924 $2,381,408
883.109
364,430
$796,215
240,024
$998,032 $2,745,838 $1,036,240
97,194
312,067
102,340
1900,837 $2.433,771
Net income
loss$2,198,424
$933,900
($2)1049527 (52)539.666 (11)247,665
Dividends paid (cash)Balance, surplus_ _ _def$2,198,424 def$148,690 $1,894,105
$686.235
Shs, cap. stk. outst'd'g
300 000
(no par)
599,857
599,857
250000
0.11
$1.50
Earned per share
Nil
$.73
x Includes depreciation on fixed assets 1930, $1,059,433; 1929. $831,705;
1928,$311,115.
Surplus Account.
-Earned surplus Dec. 31 1929, $3.175.167; net loss for
1930, $2,198,424; provision for contingencies, $2,325,000. Deficit Dec. 31
1930, $1,348.257.
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
Assets8
$
$
Mach., eq., are.- -x9,248,380 7,994,344 Capital stock..._y2,999,285 2,999,285
Cash
158,417
215.287 Accts. payable-- 407,254
429,760
Securities
102,891
19,875 Deposits
43,591
Accts.& notes rec. 1,152,289
768,173 Accr. wages, sal,
dm
17,449
Inventories
4,283,155 3,748,236
15,182
taxes
Int. rec. & ins.dep.
72,916 Federal
52,980
97,195
Misc.invest
371,752 Sundry reserves__
47,546
113,510
35,313
57,655 Captial surplus._ _ 6,452,743 6,452,743
Patents,&c
38,396
Earned surplus....def1,348,257 3,175,167
Deferred expenses_ 550,562
Def. pay. to MM.
for purchase of
Plant, assets, &c 4,593,777
Res, for conting__ 2,325,000
Total
Total
15,597,688 13,248,238
15,597,688 13,248,238
x After depreciation reserve of $2 806,164. y Represented by 599,857
no par shares.
-V. 131. P. 3383.
(Wm.) Wrigley Jr. Co.
-Earnings.
For income statement for quarter ended March 31 see "Earnings De-V. 132, p. 2028.
partment" on a preceding page.
3363
3,453 of "red stamped" dissenting stock. A year ago, when Mr. Eaton
was first elected, 917,730 shares of the 1,200,000 shares of outstanding
common stock were represented.
Purnell Comments on Depression.
Frank Purnell, President of the company, told the directors that Sheet &
Tube was "going through the severest business depression the company has
witnessed. We hope to have hit bottom," he said. "We don't look for
any material improvement for some time, but we hope for a gradual upward
trend."
-V. 132. p. 3189, 2412.
-Registrar Appointed.
Zonite Products Corp.
The Hibernia Trust Co. has been appointed registrar for the capital stock.
-V. 132, p. 2986.
CURRENT NOTICES.
-The following New York investment and brokerage firms have recently
moved their offices to the addresses as shown below:
Graham Adams & Co., 1 Wall St.
Allied General Corp.,63 Wall St.
A. C. Allyn & Co., Inc., 20 Exchange Pl.
Ames, Emerich & Co., Inc., 90 Broad St.
Arthur Barnwell & Co., 24 Broad St.
Battles & Co., 90 Broad St.
Boettcher-Newton & Co.,52 Wall St.
J. R. Bridgeford & Co., 30 Pine St.
Calvin Bullock, 1 Wall St.
P. M. Cummings, 50 Broad St.
F. M. Delano & Co., 2 Rector St.
John V. Dunne & Co., 19 Rector St.
C. N. Edge & Co., 20 Exchange Place.
First Detroit Co., Inc.,20 Exchange Place.
Drake Bros., 39 Broadway.
J. Gilligan & Co., 42 Broadway
W.F. Goulet & Co., Inc., 29 Broadway
Gray & Wilmerding, 44 Wall St.
Greene & Co., 37 Wall St.
Hayman & Hayman, 11 Broadway.
Henderson & Co.,40 Wall St.
John J. Henderson & Co., 1 Wall St.
A. M.Kidder Ss Co., 1 Wall St.
Arthur S. Kleeman & Co., 1 Wall St.
Lewis & Stoehr, Inc., 7 Hanover St.
Arthur E. McCabe & Co., 50 Broadwai.
Maitland, Coppell & Co., 68 William St.
Monteith & Co., 24 Broad St.
Pack & Walbridge, 1 Wall St.
Phillips & Zoller, 1 Wall St.
Pouch & Co., 1 Wall St.
Quaw & Foley, 30 Pine St.
Rapp & Lockwood, 80 Broad St.
Ripley,Loomis & Co.,50 Broadway.
Robjent, Smith & Co., 43 Exchange Pl.
George Rust Rogers, 24 Broad St.
Rogers, Lambe & Co.,40 Wall St.
William J. Ryan & Co., 44 Wall St.
Alfred M.Sampter & Co., 1 Wall St.
Schluter & Co., 1 Wall St.
Scully Bros. & Co., Inc., 111 Broadway.
Smith & Marache, 149 Broadway.
H.S. Spingarn & Co..7 Hanover St.
Stafford & Co.,20 Exchange Pl.
'Enrico N. Stein & Co., 50 Broad St.
Edward Lowver Stokes & Co., 1 Wall St.
Stone & Webster, Inc., 90 Broad St.
Tefft & Co., 24 Broad St.
A. M.Thompson & Co., 61 Broadway.
Volk & Co., 27 Cedar St.
-W. H. Fillmore & Co., 111 E. 4th St., Cincinnati, have published a
booklet containing a review of the recent past and an opinion on the near
future, which is written in the form of an historical sketch covering the
period since the establishment of the firm in 1901. It is flattering to us to
note the first sentence of the foreword which reads: "Thirty years ago this
firm started by renting desk room and subscribing to "The Commercial and
Financial Chronicle."
-Following the dissolution of the firm of Lage & Co.,Frederico Lege and
Donald C. Alford, member New York Stock Exchange, together with
Chester W. Smith and W. Henry Gray, formerly partners of W. E. R.
Smith & Co., announce the formation of the firm of Lege, Smith & Co.,
With offices at 61 Broadway.
-Alvin Untermyer, Charles S. Guggenheimer, Laurence A. Steinhardt
and Eugene Untermyer will continue the practice of law under the firm
name of Guggenheimer & Untermyer. Samuel Untermyer will continue
to act as counsel for toe firm, offices of the firm are now located_ at 30
Pine St., N. Y. City
•
-Battles & Co., Inc., announce the removal of their New York office
from 30 Broad St. to 90 Broad St., and a change in their telephone number
to Bowling Green 9-8057. Their main office is located at 1518 Locust St,
Philadelphia.
-Lybrand, Ross Bros. & Montgomery, accountants and auditors,
announce the removal of their New York office to 90 Broad St. Their
new telephone number is Bowling Green 9-4303.
-S. A. O'Brien, formerly Vice-President of John Nickerson & Co.,
has been admitted to partnership in A'Hearn & Sheridan, members New
York Curb Exchange, 150 Broadway, N. Y .City.
-Earnings.
Yale & Towne Mfg. Co.
-Toland, Trimble & Co. of Philadelphia announce that the firm name
For income statement for quarter ended March 31 see "Earnings De- has been changed to Trimble &c Co. and that William Stix Wasserman has
partment" on a preceding page.
-V. 132, p. 2378.
been admitted to membership in the firm.
Yellow Truck & Coach Mfg. Co.
-Earnings.
-Following the dissolution of the firm of Schuyler, Earl & Co., Ralph
For income statement for quarter ended March 31 see "Earnings De- W. Earl has become a general partner in the New York Stock Exchange
-V. 132, p. 2607.
partment" on a preceding page.
firm of Pack & Walbridge.
Youngstown Sheet & Tube Co.
-Cyrus S. Eaton and
-P. Stone Douglass has been admitted to partnership in Gordon &
Three Associates Reelected to Board of Directors.
Whitney and Allen T. Clement and Clarence P. Thomas, special partners
Cyrus S. Eaton and his associates who opposed the Bethlehem Steel. have retired.
Youngstown Sheet & Tube merger retained their positions in the Sheet &
-Abbott, Hoppin & Co., members New York Stock Exchange,announce
Tube organization April 28, while reports of an early merger settlement
the appointment of Paul Forester as manager of their branch office in the
were circulated.
At a stockholders' meeting, Mr. Eaton and his associates, G.0.Brainard Hotel Pierre.
of Youngstown and Hugh B. Wick and S. Livingston Mather of Cleveland,
-Price & Co., New York, announce that C. Hoyt Woodruff, formerly
were re-elected as members of the Sheet & Tube board. Fred Tod of Youngswith A. C. Allyn & Co. is now associated with them in their retail sales
town, replaced on the board, his brother John, who is in Europe.
After a meeting of the directors, it was announced that all officers were department.
re-elected, including Mr. Eaton and Mr. Mather on the executive com-A review of the natural resources of the State of Arkansas is contained
mittee. No comment was made on the reports of a merger settlement.
At the stockholders meeting 760,624 "regular" shares of stock were in a circular prepared by William R. Compton Co., Inc., 120 Broadway,
present by Proxy or in person, and 11,505 shares of "black stamped" and New York.
-
3364,
FINANCIAL CHRONICLE
tports mut
rususmno
STANDARD
[Vol,. 132.
cenutents.
AS ADVIRTISEMENTS
GAS AND
ELECTRIC COMPANY.
REPORT FOR THE YEAR ENDED DECEMBER 31, 1930.
231 South La Salle Street,
Chicago, Illinois,
April 21, 1931.
To the Stockholders:
The twenty-first annual report of your Company is submitted herewith. Consolidated earnings of Standard Gas
and Electric Company and subsidiary and affiliated companies for the year ended December 31, 1930, irrespective
of changes during the year in holdings of capital stocks in
subsidiary and affiliated companies consolidated therein,
compare with consolidated earnings .for the year ended
December 31, 1929, as follows:
Years ended December 31—
1930.
1929.
Gross Earnings:
Public Utility Companies
153,732,480.28 154,616,919.87
Deep Rock Oil Corporation and subsidiary
and affiliated companies
18,728,391.45 18,604,300.15
Totals
172,460,871.73 173,221,220.02
Operating Expenses, Maintenance and Taxes:
Public Utility Companies_ _$80,736,609.27
Credit—Withdrawal from
Contingency Reserve_ _ _
420,000.00
80,316,609.27 80,441,200.39
Deep Rock Oil Corporation and subsidiary
and affiliated companies
16,033,164.28 13,956,746.06
Totals
96.349,773.55 94,397,946.45
Net Earnings:
Public Utility Companies
73,415,871.01 74,175,719.48
Deep Rock Oil Corporation and subsidiary
and affiliated companies
2,695,227.17
4,647,554.09
Totals
76,111,098.18 78,823.273.57
Other Income, Net—Interest and dividends
on outside investments, profits from sales
of securities (including profits of parent
Company from trading with the public in
securities of subsidiary and affiliated companies), profits on engineering and supervision fees (including those capitalized by
subsidiary and affiliated companies), etc_ _ 5,575,887.03
7,012,121.75
Gross Income
81,686,985.21
85,835,395.32
Less:
Interest (less interest charged to construction)
24,017,245.54 24,460,342.66
Appropriation for Amortization of Debt
Discount and Expense
912,366.52
954,691.56
Rent of Leased Properties
2,287,651.36
2.468,297.30
Appropriation for Retirement of Property
and Depletion:
Public Utility Companies$15,483,034.88
Credit—Withdrawalfrom
Contingency Reserve_
340,000.00
15,143,034.88 17,213,854.25
Deep Rock Oil Corporation and subsidiary and affiliated companies
726,768.99
1,821,729.22
Miscellaneous Charges
546,984.89
1,289,920.39
Totals
43.634,052.18 48,208,835.38
Net Income
38,052,933.03 37,626,559.94
Less:
Dividends on capital stocks of subsidiary
and affiliated companies held by public:
Preferred Stocks
12,934,883.78 13,849,005.72
Common Stocks
4,361,838.76
4.409,670.02
Undistributed net income accrued to capital stocks of subsidiary and affiliated
companies held by public
1,265.626.07
4.980,049.86
Totals
18.562,348.61
Remainder—Net Income of Standard Gas
and Electric Company and undistributed
net income accrued to capital stocks of
subsidiary and affiliated companies held by
Standard Gas and Electric Company
19.490,584.42
,Less Dividends paid and accrued on Standard Gas and Electric Company preferred
stock
6,408,086.83
Hurplus for the year before deduction for
dividends on Standard Gas and Electric
Company common stock
13.082,497.59
23,238,725.60
14,387,834.34
4.089.780.93
10,298,053.41
The surplus for the year 1930, before deduction for dividends on Standard Gas and Electric Company common
stock, of $13,082,497.59, was equivalent to $6.04 a share
on the 2,162,607 shares of Standard Gas and Electric Company common stock outstanding December 31, 1930. The
surplus for the year 1929, before deduction for dividends on
Standard Gas and Electric Company common stock, of
$10,298,053.41, was equivalent to $6.59 a share on the
1,562,607 shares of Standard Gas and Electric Company
common stock outstanding December 31, 1929.
The Summary of Income and Profit and Loss of Standard
Gas and Electric Company, which will be found below,
shows the amounts actually received or in process of collection by the Company. Those figures do not include the
Company's interest in the undistributed surplus earnings
of the subsidiary and affiliated companies. The report of
the Treasurer (below) shows the earnings per share on the
common stock of Standard Gas and Electric Company on
that basis.
Consolidated gross and net earnings of all subsidiary
and affiliated public utility companies now comprising the
system compare as follows:
Year ended December 31—
1930.
1929.
Gross Earnings
$153,732,480.28 $154,637,447.97
Net Earnings, before Appropriation for
Retirement of Property and Depletion_ 73,415,871.01
74,185,677.03
Gross earnings decreased $904,967.69, or 0.58 per cent,
and net earnings, before appropriation for retirement of
property and depletion, decreased $769,806.02, or 1.03
per cent.
Earnings of subsidiary and affiliated public utility companies were adversely affected by the general business depression and drouth conditions which reduced the output of
hydro-electric power and necessitated increased steam electric generation. Deep Rock Oil Corporation and subsidiary
and affiliated companies' net earnings were reduced by
proration of oil production and lower prices prevailing in
the industry.
The growth and condition of your Company and its subsidiary and affiliated companies are described in the accompanying balance sheets, earnings statements and tabulated
information. Your attention is called to the map inserted
at the end of this [pamphlet] report showing territories
served by subsidiary and affiliated public utility companies
of Standard Gas and Electric Company.
DIVIDENDS.
Quarterly cash dividends were regularly declared and paid
on Standard Gas and Electric Company's prior preference
stock, $7.00 cumulative, prior preference stock, $6.00 cumulative, and $4.00 cumulative preferred stock, at the specified
rates, and on the common stock at the rate of $3.50 a share
a year.
CHANGES IN CAPITAL AND CORPORATE STRUCTURE.
On January 7, 1930, your Company acquired the assets
of Standard Power and Light Corporation, including over
94 per cent of the common stock of the Philadelphia Company, which latter company controls Duquesne Light Company, Equitable Gas Company, Pittsburgh Railways Company and other subsidiaries, these controlled companies
variously supplying electric power and light, gas, transportation and other utility services in the city of Pittsburgh and
adjacent territory, and holdings in the stock of Market
Street Railway Company, San Francisco, and in the bonds
of Sierra and San Francisco Power Company. In this
transaction there reverted to Byllesby Engineering and
Management Corporation (a wholly-owned subsidiary of
Standard Gas and Electric Company), the right of Standard
Power and Light Corporation to share in the profits from
certain engineering and (or) management services rendered
to subsidiary and affiliated companies.
As a result of this transaction, the details of which were
given in the annual report of your Company for the year
1929, the amount of your Company's common stock outstanding increased from 1,562,607 shares to 2,162,607 shares;
the amount of prior preference stock, $7.00 cumulative, increased from 210,000 shares to 430,000 shares; and Standard
Gas and Electric Company assumed the payment of principal
and interest of $24,000,000 Six Per Cent Gold Debentures
of Standard Power and Light Corporation. The 1,000,000
shares of six per cent non-cumulative stock, $1 par value,
of Standard Gas and Electric Company have been retired
at the price of $1 cash per share.
Other changes in capitalization effected during the year
resulted from the issuance and sale of 29,270 shares of $4
cumulative preferred stock, increasing the amount of such
stock outstanding from 727,580 shares to 756,850 shares,
and 100,000 shares of prior preference stock,$6cumulative.
In January, 1931, the Company issued and sold $10,000,000 Six Per Cent Convertible Gold Notes, due 1935.
MAY 2 1931.]
FINANCIAL CHRONICLE
3365
SUBSIDIARY AND AFFILIATED COMPANIES.
company. The new six-story office building of Northern
In spite of the low level of general business conditions pre- States Power Company in Saint Paul was practically comvailing throughout the country, which naturally affected pleted during the year and was formally dedicated on Februthe gross earnings of the system, the subsidiary and affiliated ary 23, 1931.
public utility companies of Standard Gas and Electric ComThe construction budget for the year 1931 totals $45,068,pany made satisfactory progress during the year 1930. 000, of which $30,793,000 is for new projects, while $14,275,Operating expenses were only slightly in excess of those for 000 is for completion of work started prior to January 1,
1929, despite poor water power conditions affecting a num- 1931. Of the total budget $8,229,000 is for extensions to
ber of the companies, which necessitated increased steam serve new business.
electric generation and the purchase of power. While sales
Deep Rock Oil Corporation operated its refining departof service to industry decreased in proportion to the extent ment at capacity throughout the year, and continued its
of the general business depression, these losses were offset policy of acquiring desirable acreage for drilling. Its net
by residential and commercial sales which gained sharply. earnings decreased during 1930 on account of over production
This was especially true with regard to the sales of electric of 'crude oil, proration of production by the State of Oklaservice to residential customers. During the year 1930 the homa, and the lowering of prices both for crude oil and reaverage annual use of electric service per residential cus- fined products. The Company's potential production at
tomer increased from 550 to 605 kilowatt-hours.
this time is greater than ever before.
From the point of view of new business contracted for
Byllesby Engineering and Management Corporation, a
during the year, 1930 was entirely successful, large amounts wholly-owned subsidiary of Standard Gas and Electric
of revenue-producing load being added to the system's lines Company, continued to show progress consistent with the
through the sale of residential electric and gas appliances development of the subsidiary and affiliated companies.
and the continued development of new business. A total of
CUSTOMER OWNERSHIP.
237,316 kilowatts in new industrial power and heating conSales of their preferred shares by the subsidiary and affilan increase of 56.10 per
tracts was obtained, representing
companies of Standard Gas and Electric
cent over 1929 and 152.69 per cent over 1928. Sales of iated public utility
direct to their customers under the customer ownerelectric and gas appliances almost equalled those of 1929, Company
ship plan continued during the year. Sales during 1930
in spite of generally lower selling prices. There was an inpar value, represented by 20,769 sepacrease of 21 per cent in the number of electric ranges, refrig- totaled $13,102,400
par value per sale being $630.
sold, these appliances represent- rate transactions, the average
erators and water heaters
The total number of shareholders of preferred and coming the best class of residential load-building business.
and affiliated companies of record
A number of rate reductions were made during the year, mon stocks of subsidiary
of which the customer
reducing the cost of service at the close of the year was 149,961,
consistent with the policy of
or home shareholders are estimated to number in excess of
to the public wherever warranted.
Fifty-one communities were added to the properties now 106,000.
In addition to the shareholders of the subsidiary and affilcomprising the system, and at the close of the year the numiated companies, Standard Gas and Electric Company had
ber of communities served totaled 1,648, having a combined
shareholders of preferred and common
estimated population of 6,000,000. Many of the subsidiary of record 50,939
stocks.
and affiliated public utility companies made important exCONCLUSION.
tensions to their transmission and distribution facilities to
The directors of Standard Gas and Electric Company feel
serve rural territories. As of December 31, 1930, a total that substantial progress was made during the year in the
of 1,617,414 customers of all classes was served, an increase
administration of the subsidiary and affiliated companies,
during the year of 36,759 customers, or 2.32 per cent. These and, in spite of the slowing up in growth on account of the
figures include an increase of 29,826 customers, or 2.69 general business depression, feel confident in looking forward
per cent, in the electric department, and 6,779 customers, to a
continuance of their growth and usefulness.
or 1.50 per cent, in the gas department. Electric connected
The development of the subsidiary and affiliated companies
load or business served increased 189,611 kilowatts, or 6.07 is
proceeding along consistent lines, and the active commerper cent, to a total of 3,312,475 kilowatts. Electric energy cial
methods employed are resulting in steady increases in
output for the year amounted to 4,594,752,028 kilowatt- business. The reputation of the subsidiary and affiliated
hours, an increase of 0.94 per cent, while gas output was companies for fair dealing with customers and communities
46,247,039,000 cubic feet, a decrease of 0.34 per cent.
continues to be reflected in amicable public relations.
Net construction expenditures of the subsidiary and
It is particularly gratifying to note the results of popular
affiliated public utility companies during 1930 totaled votes affecting franchises in two of the larger cities served by
$40,608,887. Electric generating capacity increased 144,917 subsidiary and affiliated companies of Standard Gas and
kilowatts during the year. As of December 31, 1930, the Electric Company. The people of San Francisco adopted a
of which enabled the Market
aggregate capacity of the generating plants of the subsidiary charter amendment the terms obtain a unified twenty-fiveStreet Railway Company to
and affiliated public utility companies was 1,539,637 kiloyear operating permit, and Oklahoma Gas and Electric
watts.
Company was voted a new twenty-five-year electric franchise
The largest installation completed for the electric depart- in Oklahoma City by a popular vote of nearly eleven to one.
ment during the year was the 60,000-kilowatt capacity
Standard Gas and Electric Company and subsidiary
James H. Reed steam electric generating station of the and affiliated companies on its consolidated balance sheet
Duquesne Light Company at Pittsburgh. This is the first as of December 31, 1930, shows assets of $1,204,858,329.43.
The Board of Directors takes this opportunity to acknowlunit of a station designed for an ultimate capacity of 240,000
of the loyal and efficient services of the
kilowatts, and it was formally dedicated to the service of edge its appreciation and executives.
able force of employes
October 16, 1930. Oklahoma Gas and Electric
the public on
By Order of the Board of Directors,
Company completed the 30,000-kilowatt capacity Belle
JOHN J. O'BRIEN,
President.
Isle steam electric station B at Oklahoma City. A 10,000kilowatt addition was completed at the Coos Bay steam
REPORT OF THE TREASURER.
electric station of Mountain States Power Company, trebling
This plant is operated under lease by The
Chicago, Illinois, April 20, 1931.
its capacity.
California Oregon Power Company. Northern States John J. O'Brien, Esq.,
President, Standard Gas and Electric Company,
Power Company placed in service the new 20,000-kilowatt
Chicago, Illinois.
steam electric station at Granite
capacity Minnesota Valley
Dear Sir:
Falls, Minnesota, and installed 3,000 kilowatts of additional
I beg to submit herewith Summary of Income and Profit
capacity in the steam electric station at Fargo, 2,500 kilowatts and Loss for the year ended December 31, 1930, and Balance
additional steam electric capacity at Minot, and 4,800 Sheet at December 31, 1930, of Standard Gas and Electric
Consolidated Income for the
kilowatts additional capacity at the Dells hydro-electric Company; also, Statement of
1930, irrespective of changes
the year Louisville Gas and year ended December 31, of capital stocks in subsidiary
station in Wisconsin. During
during the year in holdings
Electric Company purchased the Canal Street steam electric and affiliated companies consolidated therein, and ConRailway Company and entered densed Consolidated Balance Sheet at December 31, 1930,
station of the Louisville
into a twenty-year contract to supply the electric energy of Standard Gas and Electric Company and subsidiary
and affiliated companies. The above statements have
requirements of the railway company.
Sells, Certified Public Acthe year included been prepared by Haskins &
Other construction completed during
countants.
the 132,000-volt transmission line connecting the system
The figures given in the Summary of Income and Profit
of the Louisville Gas and Electric Company with that of and Loss of Standard Gas and Electric Company are the
'The Cincinnati Gas and Eleotric Company, a non-affiliated amounts actually received or in process of collection by the
3366
FINANCIAL CHRONICLE
Company,and do not include its interest in the undistributed
surplus earnings of the subsidiary and affiliated companies.
Dividends were paid at the rate of $7 a share on the prior
preference stock, $7 cumulative, $6 a share on the prior
preference stock, $6 cumulative, $4 a share on the $4 cumulative preferred stock, and $3.50 a share on the common
stock.
The Summary of Income and Profit and Loss for the year
ended December 31, 1930, of Standard Gas and Electric
Company, shows a remainder of net income, before deduction of dividends on the common stock, of $7,683,978.70,
equivalent to $3.55 a share on the 2,162,607 shares of Standard Gas and Electric Company common stock outstanding
December 31, 1930. This compares with a balance for the
year 1929 equivalent to $4.78 a share on the 1,562,607 shares
of common stock outstanding December 31, 1929,
The Statement of Consolidated Income for the year ended
December 31, 1930, irrespective of changes during the year
in holdings of capital stocks in subsidiary and affiliated
companies consolidated therein, of Standard Gas and Electric Company and subsidiary and affiliated companies,
shows surplus for the year, before deduction for dividends
on Standard Gas and Electric Company common stock, of
$13,082,497.59, equivalent to $6.04 a share on the 2,162,607
shares of Standard Gas and Electric Company common stock
outstanding December 31, 1930. The surplus for the year
1929, before deduction for dividends on Standard Gas and
Electric Company common stock, of $10,298,053.41, was
equivalent to $6.59 a share on the 1,562,607 shares of Standard Gas and Electric Company common stock outstanding
December 31, 1929.
Immediately following the certified statements will be
found statements of securities owned and capitalization,
and balance sheets, earnings statements and statistical data
of the subsidiary and affiliated companies.
Respectfully yours,
M. A. MORRISON,
Treasurer.
[vol.. 132.
SUMMARY OF INCOME AND PROFIT AND LOSS FOR THE YEAR
ENDED DECEMBER 31, 1930.
Income Credits:
Interest on Bonds Owned
$28,403.34
Interest on Notes,Accounts Receivable,etc. 1,146,735.73
Dividends on Preferred and Common Stocks
Owned—Public Utility Companies, Byllesby Engineering and Management
Corporation, etc.:
Cash
16,878,863.61
Stock
190,000.00
Net Profit on Securities Sold
105,694.91
$18,349,697.59
General Expenses and Taxes
328,631.06
Net Income Credits Available for Interest and Other Charges $18,021,066.53
Intergst:
Pun led Debt, including Amortization of
Debt Discount and Expense
63,863,771.04
Bfiseellaneous
95,174.40
3,958,945.44
Net Income
Dividends on Preferred Capital Stock:
Prior Preference, $7.00 Cumulative
Prior Preference, $6.00 Cumulative
$4.00 Cumulative Preferred
$14,062,121.09
$2,906,891.56
450,000.00
3,021,250.83
6.378,142.39
Remainder
Dividends on Common Capital Stock
$7,683,978.70
7,525,250.99
Surplus for the Year
Surplus, December 31, 1929
$158,727.71
16,431,200.96
Surplus, December 31, 1930
$16,589,928.67
HASKINS & SELLS
STANDARD GAS AND ELECTRIC COMPANY.
SECURITIES OWNED—DECEMBER 31, 1930.
Sierra and San Francisco Power Company, Second Mortgage
5% Bonds, due 1949
With
Without
Par Value
Par Value
(Amount). (Shares).
Preferred Stocks—
Deep Rock Oil Corporation
969
Market Street Railway Company
$3,825,000.00
Market Street Railway Company,2nd Preferred_ - 2,350,000.00
Standard Power and Light Corporation
52,000
Common Stocks—
Byllesby Engineering and Management Corp_
100,000
The California Oregon Power Company
61,500,000.00
3,000,000.00
California Power Corporation
Deep Rock Oil and Refining Company
9,000
Deep Rock 011 Corporation
579,132
STANDARD GAS AND ELECTRIC COMPANY.
Empresa de Servicios Publlcos de los Estados
2,900,000.00
Mexicanos, S. A
BALANCE SHEET, DECEMBER 31, 1930.
25,000
Fort Smith Traction Company
ASSETS.
280,946
Louisville Gas and Electric Co.(Del.),class"B"..
6,040,000.00
Securities Owned (including those pledged as collateral to
Market Street Railway Company
note payable)
88,530
$288,060,519.95 Mountain States Power ComnY
Reacquired Securities:
729,065
Northern States Power Co. el.), class 'B"
19,190,000.00
Prior Preference Stock,$7.00 Cumulative,
Oklahoma Gas and Electric ompany
8,580,000.00
10,452 shares without par value
$1,189,693.10
Pacific Gas and Electric Company
$4.00 Cumulative Preferred Stock, 200
4,603,080
Philadelphia Company
11,225.55
9,913,800.00
shares without par value
San Diego Consolidated Gas and Electric Co"
51,175
1.200,918.65 Southern Colorado Power Company, class "A,_ _
Cash
'
75,000
4,088,888.10 Southern Colorado Power Company, class "B
Accounts Receivable:
6,500,000.00
Wisconsin Public Service Corporation
Subsidiary and Affiliated Companies_ _$19,031,791.79
1.260,000.00
Wisconsin Valley Electric Company
Sundry Debtors
668,919.08
19.700,710.87
STANDARD GAS AND ELECTRIC COMPANY
Accrued Accounts:
and
Interest on Bonds Owned
$16,872.50
SUBSIDIARY AND AFFILIATED COMPANIES.
Dividends on Stocks Owned
4,887,321.19
4,904,193.69 CONDENSED CONSOLIDATED BALANCE SHEET, DEC. 31, 1930.
Office Furniture and Fixtures
• 1.00
ASSETS.
Prepaid Insurance
1,322.77
Deferred Charges
$1,085,194,159.90
96,072.58 Plant, Property, Rights, Franchises, etc
Discount and Exipense, Subsequent to December 31, 1925:
25,679,819.01
Investments in Other Companies, AssOciations, etc
Unamortized Debt Discount and Expense $1,489,277.00
1,659,594.51
Sinking Funds and Other Deposits
Less Net Premium on Preferred Capital
Current and Working Assets:
Stock
299,390.03
622,566,503.00
Cash
1,189.886.97
Cash on Deposit for Bond and Note
1,457,114.78
Interest, etc
Total
Accounts and Notes Receivable (less
$319,242,514.58
19,585,143.89
reserve)
LIABILITIES.
Inventories—Materials and Supplies_ — 14,506,971.42— 58,115,733.09
Funded Debt:
Deferred Charges:
Twenty-Year6% Gold Notes,due October
Prepaid Accounts and Insurance Un$1,310,455.74
1. 1935
$15,000,000.00
expired
3,509,734.13
6% Gold Debentures,Series"A,"due FebDeferred Expenses and Charges
ruary 1, 1951
15,000,000.00
Unamortized Debt Discount and Expense 29,388,833.05— 34,209,022.92
6% Gold Debentures, Series "B," due December 1, 1966
10,000,000.00
$1,204,858,329.43
Total
Standard Power and Light Corporation 6%
LIABILITIES.
Gold Debentures, due February 1, 1957 24,000,000.00
$64,000,000.00 Funded Debt:
Note Payable
Standard Gas and Electric Company.— -$64,000,000.00
2,500,000.00
Accounts Payable:
Subsidiary and Affiliated Companies—
419,913,595.47
Subsidiary and Affiliated Companies_ _ _ - $560,096.28
held by public
Sundry Creditors
$483,913,595.47
46,424.28
7,973,622.25
606,520.56 Notes Payable
Accrued Liabilities:
6,706,819.25
Accounts Payable
Interest on Funded Debt
$1,250,000.00
Accrued Liabilities:
$6,782,014.03
Taxes
85.478.45
Dividends Payable and Accrued
11,628,575.21
Accrued Taxes
1,335,478.45
6,576,849.41
Accrued Dividends:
Accrued Interest
460,591.66— 25348,030.31
Preferred Capital Stock
$1,136,470.33
Other Accruals
1,892,314.20
Common Capital Stock
Deferred Liabilities:
$397,062.48
3,028,784.53
Municipal Assessments
2,615,327.55
Miscellaneous Unadjusted Credits
15,000.00
Customers' Deposits, etc
Miscellaneous Reserves
3,012,390.03
1,377,102.33
Preferred Capital Stock:
2,378,934.40
Miscellaneous Unadjusted Credits
Prior Preference, $7.00 Cumulative
Reserves:
643,000,000.00
430,000 shares without par value
Retirement (Depreciation) & Depletion-$86,535,350.09
14,371,534.04 —100,906,884.13
Other
Prior Preference, $6.00 Cumulative
9,400,000.00
Preferred Stocks:
100,000 shares without par value
Standard Gas and Electric Company---$92,124,001.76
$4.00 Cumulative Preferred
40,779,977.98
Subsidiary and Affiliated Companies—
756,850 shares without par value
held by public
233,547,450.00— 325,671.451.76
93,179,977.98
Capital Stock-2,162.607 shares without par value 136,609.722.06 Common Stocks:
Common
Standard Gas and Electric Company_ _6136,609,722.06
16,589,928.67
Surplus, per Accompanying Summary
Subsidiary and Affiliated Companies—
held by public
61,901,566.82— 198,511,288.88,
6319,242,514.58
Total
Surplus:
Standard Gas and Electric Company.. 316,589,928.67
Gas and Electric Company was contingently liable at
Note.—Standard
Subsidiary and Affiliated Companies:
December 31, 1930, on account of a note of a subsidiary company disPortion accrued to capital stocks held
counted in the amount of$100,000, and for an unpaid obligation of $100,000
purchase of various securities
by Standard Gas and Electric Co
19,762,148.97
of a subsidiary company withheld in the
Portion accrued to capital stocks held
settlement of suit.
Pending
13,983,235.31— 50,335,312.95
by public
Surplus at Dates of Acquisition of Capital
CERTIFICATE.
Stocks of Subsidiary and Affiliated
$37,479,327.46
Companies, Eliminated
Standard Gas and Electric Company: the year ended December 31, 1930,
Nil
We have audited your accounts for
and
above Balance Sheet and
Total
$1,204,858,329.43
We Hereby Certify that in our opinion theand Loss set forth, respecaccompanying Summary of Income and Profit
1930, and the results of
Note.—This Balance Sheet does not include operated lessor companies,
tively, your financial condition at December 31.
with outstanding capital stocks of $16,499,000 and bonds of $4,537,000,
your operations for the year ended that date. HASKINS & SELLS.
Certain of which are guaranteed as to dividends, principal and interest
by certain subsidiary companies.
Chicago, April 2, 1931.
MAY
3367
FINANCIAL CHRONICLE
2 1931.]
Net Earnings (Concluded).
CERTIFICATE.
Public Utility Companies (Concluded).
Standard Gas and Electric Company:
7,632,860.02
Transportation Department
We have audited your accounts for the year ended December 31, 1930.
166.884.32
Water Department
and those of your subsidiary and affiliated companies which have the
44,618.78
Ice Department
income; and have examined reports
major part of the operating assets and
84,812.06
Oil Department
of other accountants on their audits of the remaining subsidiary and
$73,415,871.01
affiliated companies.
Deep Rock Oil Corporation and subsidiary and affiliated
We Hereby Certify that in our opinion, based on the appropriation for
2.695.227.17
companies
retirement of property and depletion made by subsidiary and affiliated
companies, the above Condensed Consolidated Balance Sheet and accom876,111,098.18
Total
panying Statement of Consolidated Income set forth, respectively, your Other Income, Net—Interest and dividends on outside inconsolidated financial condition at December 31. 1930, and the results of
vestments, profits from sales of securities (including
operations (on the basis indicated therein) for the year ended that date.
profits of parent Company from trading with the public
HASKINS & SELLS.
In securities of subsidiary and affiliated companies), profits on engineering and supervision fees (including those
Chicago, April 2, 1931.
$5.575,887.03
capitalized by subsidiary and affiliated companies),etc
$81,686,985.21
STANDARD GAS AND ELECTRIC COMPANY
Gross Income
and
Less:
$24,017,245.54
SUBSIDIARY AND AFFILIATED COMPANIES.
Interest (less interest charged to construction)
Appropriation for Amortization of Debt Discount and
CONSOLIDATED INCOME FOR THE YEAR
STATEMENT OF
912,366.52
Expense
ENDED DECEMBER 31, 1930.
2,287,651.36
Rent of Leased Properties
(Irrespective of changes during the year in holdings of capital stocks in
Appropriation for Retirement of Property and Depletion:
subsidiary and affiliated companies consolidated herein).
$15.483,034.88
Public Utility Companies
Gross Earnings:
Credit—Withdrawal from Contingency
Public Utility Companies:
340.000.00
Reserve
$96,222,480.00
15.143.034.88
Electric Department
23,873,108.33
Gas Department
Deep Rock Oil Corporation and subsidiary and affili1;965,350.23
726,768.99
Steam Department
companies
ated
215,565.47
546.984.89
Telephone Department
Miscellaneous Charges
30,742.858.72
Transportation Department
$43.634,052.18
390,258.37
Total
Water Department
139.548.71
Ice Department
$38.052,933.03
Net Income
183,310.45
011 Department
affiliated$153732480.28 Less:
subsidiary and
capital stocks of subsidiary and affiliated
Dividends on
Deep Rock Oil Corporation and
companies held by public:
18.728.391.45
companies
812.934,883.78
Preferred Stocks
4,361,838.76
Total
$172.460.871.73
Common Stocks
Operating Expenses, Maintenance and Taxes:
Undistributed net income accrued to capital stocks of
1,265,626.07
affiliated companies held by public__ _
Companies:
subsidiary and
Public Utility
$59,864,228.37
Operating
1118.562.348.61
10,407,930.67
Total
Maintenance
10,464,450.23
. Taxes
Remainder—NetIncome of Standard Gas and Electric Com$80,736,609.27
Total
pany and undistributed net income accrued to capital
Credit
-Withdrawal from Contingency
stocks of subsidiary and affiliated companies held by
819,490.584.42
420,000.00
Reserve
Standard Gas and Electric Company
$80,316.609.27 Less Dividends paid and accrued on Standard Gas and
6,408,086.83
Deep Rock Oil Corporation and subsidiary and affiliated
Electric Company preferred stock
companies
16,033,164.28
Surplus for the Year (on above mentioned basis) before
Total
896.349,773.55
deduction for dividends on Standard Gas and Electric
313.082,497.59
Net Earnings:
Company common stock
Public Utility Companies:
$55,256,981.80
Electric Department
The appropriation for amortization of debt discount and expense is
9.200,387.74
Gas Department
exclusive of any portion of discount and expense heretofore charged by
943,697.67
Steam Department
certain companies to capital surplus.
HASKINS & SELLS.
Telephone Department
85,628.62
SUBSIDIARY AND AFFILIATED COMPANIES OF STANDARD GAS AND ELECTRIC COMPANY.
COMPARATIVE STATEMENT OF GROSS EARNINGS FOR YEARS ENDED DECEMBER 31.
(Figures for Each Period are for Properties Now Comprising the System.)
GROSS EARNINGS.
Company, Including Subsidiary Companies.
1930.
California Power Corporation
Empresa de Servicios ftblicos de los Estados Mexicanos, S. A
Fort Smith Traction Company
Kentucky West Virginia Gas Co.(commenced operation Dec. 1, 1927)
Louisville Gas and Electric Company (Delaware)
.
Market Street Railway Company
Mountain States Power Company
Northern States Power Company (Delaware)
Oklahoma Gas and Electric Company
Philadelphia Company
San Diego Consolidated Gas and Electric Company
Southern Colorado Power Company
Wisconsin Public Service Corporation
Wisconsin Valley Electric Company
$3,923,982.61
468,075.98
132,105.31
2,981,470.54
10,566,386.94
9.221,210.76
3,436,682.83
33,271,961.52
14,284,674.88
61.521.044.47
7,397,938.54
2.270,667.67
5.592.331.05
2,255.151.95
1927.
1928.
1929.
$3,387,415.92 $3,384,861.93
427.491.27
439,360.52
180,310.52
154,118.54
2,153,782.36
2,676,251.15
9,685,999.09
10,338,097.90
9.787,794.57
9,621.188.95
3.344.922.943,157.528.69
32,754,119.65 '31,339,721.01
14,162,360.96 12,241,494.93
63,676,775.71 61,954,822.47
6.834.772.80
7,322,175.55
2,290,899.21
2,258,381.82
4,994.239.08
5.512,207.02
1.681,955.40
1.923,705.11
1926.
$2,913,081.34
377,000.00
206,230.44
223,450.65
8,817.922.59
9,854,417.97
2,837,194.82
29,803,692.71
10,239.175.74
61.250,923.87
6,564.212.75
2,327,653.40
4.676.215.80
1,616,839.40
12.502.003.04
352,000.00
220,845.05
8.654.574.72
9,931,214.38
2.680.536.36
28,275,647.52
7,472,307.22
61,444.862.41
5,753.391.75
2,433,339.57
4,454,565.42
1.555.403.13
$157,323,685.05 $157,571,081.74 $150,115,673,33 8141.708,011.48 $135,730,690.57
358.736.28
137,672.83
2,322,523.68
2,933,633.77
3,591.204.77
$153.732,480.28 8154,637.447.97 $147,793,149.65 $141,349.275.20 $135,593,017.74
18,728,391.45 18,604,300.15 17,872,741.88 17.111,914.13 22,063,961.19
2179 Ann R71 725172951 7AR 128155.665.891.53 8158.461.189.33 8157.656.978.93
Totals—Public Utility Companies
Less—Inter-Company Eliminations
Totals—Public Utility Companies
Deep Rock Oil Corporation and affiliated company
Totals
NET EARNINGS.
Company. Including Subsidiary Companies,
California Power Corporation
Empress de Serviclos Publicoe de los Estados Mexicanos, S. A
Fort Smith Traction Company
Kentucky West Virginia Gas Co.(commenced operation Dec. 1. 1927)
Louisville Gas and Electric Company (Delaware)
Market.Street Railway Company
Mountain States Power Company
Northern States Power Company (Delaware)
Oklahoma Gas and Electric Company
Philadelphia Company
San Diego Consolidated Gas and Electric Company
Southern Colorado Power Company
Wisconsin Public Service Corporation
Wisconsin Valley Electric Company
Totals—Public Utility Companies
Deep Rock Oil Corporation and affiliated company
Totals
* Deficit.
1930.
82.255,511.19
150,751.66
3,798.69
1,792120.60
5.412,994.20
1.346,895.88
1,203,937.95
16,606,220.07
6.678,344.00
29,988,827.51
3,706.744.71
1,055,200.62
2,313.846.99
908,274.32
52.189,630.35
150,795.74
21,626.91
1,085,150.39
4,989,704.19
1,395,139.93
1.285,412.17
16.097,380.00
5.869,535.61
28,430,225.25
3,201,783.71
1.703,062.13
2,203,894.90
688,093,98
1926.
1927.
1928.
1929.
$2,018,021.27
144,161.19
11.745,82
1,486881.8
5,324,205.40
1,520.074.61
1,307,949.30
16.787.478.76
6,637,436.61
31,201,642.68
3,519,672.71
1,062,706.88
2,364,885.38
798,814.84
$1.774.268.94
141.940.80
7.672.54
142,028.82
4,552,966.21
1,554.569.94
1,125,617.87
15,092,232.16
4.840.701.87
26,522.687.44
3.067,314.56
1,017,335.32
1,884,613.59
780,098.13
81.420,222.84
132,533.44
13,820.01
4.370,309.91
1,871,503.00
1,102,729.00
14,128.774.71
3,516.137.98
25,365.805.28
2,602.461.16
1,075,132.11
1.846,220.55
736,703.24
$73,415,871.01 $74.185,677.03 $68,681,435.26 862,504,048.29 $58,182,353.23
6,767.680.95
3,724.634.62
4,668,781.76
4,647,554.09
2,695,227.17
876.111.008.18 175 5323 231.12 873.350.217.02 866.228.682.91 864.950.034.18
SUBSIDIARY AND AFFILIATED COMPANIES or STANDARD GAS AND ELECTRIC COMPANY.
CAPITALIZATION OUTSTANDING, DECEMBER 31, 1930.
Company, Including Subsidiary Companies.
FUNDED DEBT—
'California Power Corporation
Louisville Gas and Electric Company (Delaware)
Market Street Railway Company
Mountain States Power Company
Northern States Power Company (Delaware)
Oklahoma Gas and Electric Company
Philadelphia Company
San Diego Consolidated Gas and Electric Company
Southern Colorado Power Company
Wisconsin Public Service Corporation
"Wisconsin Valley Electric Company
Totals—Public Utility Companies
Deep Rock 011 Corporation
Totals
Outstanding (Less InterCompany Holdings).
Outstanding
with Public.
Face Value.
$18,561,600
28.014.200
8,857,500
8,702,850
111,265,183
41.844,800
153,859,060
13.868,000
6,893,000
14,154.700
3,686,000
Face Value.
518.561.600
28.014.200
8,857,500
8,702,850
111,265,183
41,844.800
153.859.060
13.868,000
6,893.000
14,154.700
3.686.000
$409,706,893
10,206,702
$409,706,893
10.206,702
$419,913,595
$419,913,595
3368
FINANCIAL CHRONICLE
[VOL. 132.
SUBSIDIARY AND AFFILIATED COMPANIES OF STANDARD GAS AND ELECTRIC COMPANY.
CAPITALIZATION OUTSTANDING, DECEMBER 31, 1930.
Outstanding (Less InterCompany Holdings).
Owned by Standard Gas
and Electric Company.
With
Par Value
Company, Including Subsidiary Companies.
Without
Par Value
With
Par Value
Without
Par Value
(Shares)
(Amount)
(Shares)
(Amount)
$7,515,700
21,617,000
21,279,050
5,329,200
74.203,700
17,221,900
54,545,800
6,292,500
4,253,900
10,923,800
1,198,100
PREFERRED STOCKSCalifornia Power Corporation
Louisville Gas and Electric Company (Delaware)
Market Street Railway Company
Mountain States Power Company
Northern States Power Company (Delaware)
Oklahoma Gas and Electric Company
Philadelphia Company
San Diego Consolidated Gas and Electric Co
Southern Colorado Power Company
Wisconsin Public Service Corporation
Wisconsin Valley Electric Company
$6,175,000
100,000
$224,380,650
Totals-Public Utility Companies
Deep Rock Oil Corporation
100,000
50,000
$6,175,000
25,000
10,000
901,323
(Shares)
100,000
100.000
49,031
969
$218,205,650
149,031
25,000
10,000
$8,600
620,377
4,607,400
88,53053,970
729,065
31,1- 7- 57,160
101
280,946
6,040,000
142,500
729,166
34,157,100
19,190,000
1,059,780
10,032,500
2,750.000
6,500,000
1,260,000
(Amount)
$7,515,700
21,617,000
15,104,050
5,329,200
74,203,700
17,221.900
54,545,800
6,292,500
4,253.900
10,923,800
1.198,100
969
$4,500.000
2,900,000
8,600
10,647,400
Without
Par Value
100,000
100,000
$4,500,000
2,900,000
With
Par Value
$218,205,650
$6,175,000
150.000
$224,380,650
Totals
COMMON STOCKSByllesby Engineering and Management Corp
California Power Corporation
Empresa de Servicios Publicos de los Estados Mexicanos, S. A
Fort Smith Traction Company
Kentucky West Virginia Gas Company
Louisville Gas and Electric Company (Delaware)
Market Street Railway Company
Mountain States Power Company
Northern States Power Company (Delaware)
Oklahoma Gas and Electric Company
Philadelphia Company
San Diego Consolidated Gas and Electric Company
Southern Colorado Power Company
Wisconsin Public Service Corporation
Wisconsin Valley Electric Company
Outstanding
with Public.
19,190,000
4,800.563---------4,603,080
,91,
75.000
51.175
75,000
6,500,000
1,260,000
1,059,780
118,700
2,698,825
197,483
•
$93,005,380
500
Totals
6,783.552
599,475
9,000
150,354.975
5,901,621
579.132
9,000
$42,650,405
500
881,931
20,343
$93,005.880
Totals-Public Utility Companies
Deep Rock Oil Corporation
Deep Rock Oil and Refining Company
7,392,027
850,354,975
6,489,753
$42,650,905
902,274
SUBSIDIARY AND AFFILIATED PUBLIC UTILITY COMPANIES OF STANDARD GAS AND ELECTRIC COMPANY.
COMPARATIVE STATISTICAL SUMMARY.
(Figures for Each Period are for Properties now Comprising the System.)
1930.
1929.
1928.
1927.
1,137,465
458.299
12,780
1.717
7.153
1,107,639
451,520
12,797
1,695
7,004
1,058,018
439,769
12.125
1,660
6,456
1,001,650
425,972
11,495
1,685
5,969
933,949
412,295
11,200
1,654
5,615
Total Customers
1,617,414
1,580,655
1.518,028
1,446,771
1.364,713
Kilowatt Lighting Load
Kilowatt Power Load
Kilowatt" Railway Load
1.593,289
1,620,450
98,736
1,536,582
1,498,841
87.441
1,422,563
1.324,118
87,366
1,287,486
1,206,868
82,258
1,143,681
1,123,992
67,640
3,312,475
3.122,864
2,834,047
2,576,612
2,335,313
4,594,752,028
46.247.039 000
4,551.670 111
46.405 RR4 nnn
.
201,705
4:194R2132.000
4,
147.
3.678,413,582
43,901,773,000
3,371,444,008
48,056,188,000
At December 31Electric Customers
Gas Customers
Water Customers
Steam Customers
Telephone Subscribers
Total Kilowatts Connected
Kilowatt-hour Output*
Gas Outnnt (Cubic Feet)*
1926.
* For calendar years.
THE CHICAGO ROCK ISLAND AND PACIFIC RAILWAY COMPANY
AND SUBSIDIARY COMPANIES
FIFTY-FIRST ANNUAL REPORT-FISCAL YEAR ENDED DECEMBER 31, 1930
To the Stockholders of The Chicago Rock Island and Pacific Railway Company:
Your Directors submit herewith the Annual Report for year ended December 31, 1930:
INCOME ACCOUNT
YEAR ENDED DECEMBER 31, 1930, COMPARED WITH PREVIOUS YEAR
1929.
1930.
Operating Revenues ________________________________________________________ 3123,079,909.82 $147.721,562.36
108,555,384.96
Operating Expenses-------------------------------------------------------- 90,551,758.15
Increase:
Decrease.
$24,641,652.54
18.003,626.81
$6,638,025.73
1,014,087.10
Revenues over Expenses------------------------------------------------- $32,528,151.67
Taxes
7 1ggiag
'
Uncollectible Railway Revenues----------------------------------------------
$39,166,177.40
8,212,087.10
32,396.44
--- _ -- _ -Railway Operating Income$25296877.71
--------------_-3
Rents from use of Joint tracks, yards and terminal --------- ----1.'185,654.35
$30,921,693.86
1,2 9.790.67
$5,624.816.15
54,136.32
$26,482,532.06
$32,161,484.53
$5,678,952.47
6,734,725.49
7.312,575.78
577,850.29
$19,747,806.57
1,375,258.51
$24,848,908.75
1,282,360.42
$5,101,102.18
---- $21 123,065.08
13:422,836.35
$26,131,269.17
12,123,948.30
$7,700,228.73
314.007,320.87
-debit balance, and rents for use of joint tracks, yards and
Hire of equipment
terminal facilities
Net Railway Operating Income
Income from investments and sources other than transportation operation
_- _
Total Income_ _
Deduct-Interest and Other Charges
Net Income from All Sources (Transferred to Profit and Loss)
$877.52
$92,898.09 •
11,298,888.05
15,008,204.09
$6,307,092.14
The dividends paid for 1930 were appropriated from the profit and loss surplus, and therefore do not appear in the
income account. Payments for 1930 were the same as for 1929. (See the profit and loss account [below] for a detailed
record of the payments.
As was to be expected, in view of business conditions prevailing since November, 1929, there was a material decrease
the preceding
in 1929 was the
in the revenues for 1930, as compared withits peak in theyear. The volume of tonnage transportedwas a gradual largest
early fall of that year, after which there
recession
in the history of your company, reaching which continued
throughout the year 1930, and became more pronounced as the
in the traffic available for transportation,
considerable reduction in transportation revenues.
year progressed, resulting in a very
Anticipating the reduction in gross revenues that would inevitably follow a general decline from the remarkable industrial activities of the previous year, measures were promptly taken to minimize the effect of the reduced transportation
receipts on the net results from operation by reducing as far as possible, consistent with proper maintenance and satisfactory
service to the public, the operating costs of performing the service.
By far the largest contribution was a cut of $6,698,067 in the item of conducting transportation. While substantial
reductions were made in the maintenance expenditures, the excellent condition in which the property has been maintained
for several years last past enabled us to make the reductions without seriously impairing the physical condition of roadway
or equipment, and the property is now in adequate condition to handle the expected return of normal traffic.
MAY 2 1931.]
3369
FINANCIAL CHRONICLE
The success that attended the efforts in this direction is most gratifying to the management as it must be to all concerned in the continued prosperity of your company, for through the economies thus effected the cost of operating your
railroad was reduced in approximately the same ratio as the reduction in the gross revenues.
Prompt and efficient service was rendered to patrons of the railroad during the year 1930 and the relations between
your company and its shipping and traveling public continued to be mutually agreeable and satisfactory.
The balance of income after the payment of fixed charges and preferred stock dividends was equal to $5.56 per share
on the common stock compared with $14.04 per share in the preceding year. Dividends of 7% and 6% on the preferred
stocks and 7% on the common stock were paid, these being the same rates that were paid in the previous year. Since in
the last five years we have earned $55.30 over and above all fixed charges and preferred dividends for each share of common
stock, and have disbursed in dividends only $25 per share, including the full 7% dividend for 1930, your Board considers
itself fully justified in having continued the 7% dividend throughout the year.
PHYSICAL PROPERTIES.
In accordance with the policy urged upon the nation's industries by President Hoover, we carried out, so far as possible,
our program for the usual additions and betterments and the new construction, of which you have been advised.
The increase during the year in Investment in Road and Equipment amounted to 4,611,861.35, as follows:
$8,091,875.21
19,430.427.85
9,470,684.09
Expenditures for road extensions
Expenditures for rolling stock
Expenditures for other additions and betterments
Total expenditures __ _ __ - ___ - ____ - ___________________________________________________________ 336,992.987.15
2,381,125.80
Less
-Property retired and equipment vacated ___________________________
Net increase in Investment in Road and Equipment __________________________________________________S34,611,861.35
The expenditures for rolling stock shown above represent the following new equipment, costing in excess of $19,000,000
41 locomotives,
5,000 freight train cars,
19 passenger train cars.
22 work equipment,
50 caboose cars.
This is all modern equipment of the latest type and finest construction, designed for our needs. Its cost was financed in
part through an issue of $14,040,0004M% equipment trust certificates. The purchase of this new equipment was a contributing factor to the substantial reductions that were made in transportation and maintenance of equipment expenditures.
The ordinary additions and betterments and the new work, the principal items of which are described below, were
financed in part through an issue of $32,228,000 LUi% Thirty-Year Convertible Gold Bonds, of which you have been fully
advised. The discount and expense incident to the sale of these bonds and of the equipment trust certificates were charged
directly to profit and loss.
NEW LINE, TRENTON TO KANSAS CITY.
Reference was made in last year's report to the construction of a new low grade line between Trenton and Kansas City,
Missouri
-the C. M. St. P. & P. joining us in the construction and operation of 37 miles of double track on the westerly
portion of this line, each company to own its own track. Splendid progress has been made on this construction, which
involves a total mileage of 82.4 miles, and it is now anticipated that shortly after June 30, 1931, freight traffic will be moved
by way of the new route, and shortly thereafter passenger business will move by way of the new line: This will permit us
to terminate our use of the C. B. & Q. Railroad between Cameron Junction and Kansas City, except the use of the bridge
over the Missouri River, and the connecting tracks.
DALHART-MORSE LINE.
Report for last year mentioned the construction of a 60
-mile line between Dalhart and Morse, Texas. This line was
completed on June 30, 1930, at an expense of approximately $1,500,000, and in spite of general depression has handled
considerable traffic and has earned a substantial return on the investment and has justified its construction.
NEW LINE THROUGH OKLAHOMA CITY, AND NEW PASSENGER STATION FACILITIES.
In last year's report mention was made of a new line and passenger station facilities at Oklahoma City, costing approxi
mately $2,500,000. This new line has been completed, and passenger station facilities are about 75% complete. Meanwhile that portion of the old line which we agreed to take up has been removed, and temporary passenger station facilities
provided on the new route, pending completion of the new passenger station. This change was made at the request of.the
city of Oklahoma City and at its expense, avoiding a large expenditure on the part of your compav in elevating its tracks.
REORGANIZATION OF THE OLD TRINITY & BRAZOS VALLEY RAILROAD.
The line has been reorganized under the name of the Burlington-Rock Island Railroad Company, and a plan of operation by use of the Rock Island through Dallas with trackage rights over theM-K-T. to Waxahachie now awaits the approval
of the Inter-State Commerce Commission. All necessary formalities have been completed and the new plan of operation,
when made effective, should permit the Burlington-Rock Island Railroad Company to be operated at a profit.
TAXES
The decrease in taxes from $8,212,087 to $7,198,000 represents the difference in our Federal income tax resulting from
lower revenues. Taxes assessed by the various States, towns, cities and improvement districts have not decreased, and
continue to constitute a very great burden, which is all the greater when compared with the failure of the States to devise
taxing systems that will impose a fair share of the tax burden upon motor vehicle competition. A part of the decrease in
our revenues, both passenger and freight, is attributable to the growing use of motor vehicles on the highways, which, under
present legislative conditions, are not charged with their proportionate share of the cost of construction and maintenance of
the highway systems. We believe that, when this condition is remedied, motor vehicle competition will be less of a menace
to the rail carriers, including your own.
CHANGES IN CORPORATE ORGANIZATION
At the annual meeting of stockholders held May 1, 1930, the following changes were made in the Articles of Consolidation of the Company, which constitute its charter. Due notice of these changes was given to each stockholder, as provided by law, but they are submitted here as a matter of record:
1. The charter of the Company, which by its terms expired June 2, 1930, was renewed for a period of fifty years.
2. The authorized capital stock of the Company was increased from $140,000,000 to $170,000,000, all of the
increase being common stock. This was necessary in order to protect the conversion privilege of the Thirty-Year
% Convertible Gold Bonds described above. None of the new stock has been issued. (We might mention,
as an illustration of the tax burden referred to above, that the fees paid to the States of Illinois and Iowa in connection with the renewal of the charter and the increase of capital stock exceeded $234,000.)
3. The Board of Directors of the Company was increased from thirteen to fifteen. Messrs. Charles S. McCain and Archibald M. Roosevelt have been elected to the additional places on the Board thus created.
4. The limitation of the Company's indebtedness, fixed by the old Articles at $275,000,000, was repealed.
Since the Inter-State Commerce Commission has complete jurisdiction over security issues of common carriers,
the retention of the limitation was unnecessary.
GENERAL
In previous years there has been submitted a comparison of certain selected statistics, and, for your information, the
1930 figures are added:
Total tons carried (thousands)____________________________________________
Average miles hauled per ton
_____________________________________________
Tons hauled per mile of road ______________________________________________
Freight Service
Cars per train _ _ _ _ _______________________________________________________
Gross tons per train ______________________________________________________
Net tons per train __ _____
Net tons per loaded car
Net tons per mile of road per day
Per cent loaded of total car miles _________________________________________
Per cent east-bound of total loaded car miles
t
Per cent east-bound of total car miles
Car miles per car day
Pounds of coal per 1.000 gross ton miles (excluding locomotives and tenders).Passenger S3rvicePassenger train cars per train
Ratio of passenger train to freight train mileage
Number of revenue passengers per train
Number revenue passengers per passenger car
Pounds of coal per 100 car miles
*Based on year ended June 30, 1912.
1912.
18,969
242.46
572,340
25.8
1922.
1927.
25,939
34,335
256.39
250.17
1,066.730
819.416
348
18.6
2016,
72.6
46.9
48.9
24.6
*286
30.7
1,161
4
21.2
2,540
69.9
55.6
49.7
29.2
207
5.4
109.51
51.2
.
*2,051
5.9
99.95
55.5
14.0
1.975
1929.
37,972
261.18
1,222.864
1930.
33,322
254.54
1.036,467
22.3
3,296
62.3
55.3
49.7
34.3
160
39.1
1,456
563
23.6
3,710
61.1
56.3
49.5
38.7
165
40.7
1,517
571
23.3
3,119
60.2
56.2
48.8
34.1
156
6.6
92.05
47.6
11.1
1,506
7.0
80.32
43.6
10.4
1.540
7.1
89.30
38.6
9.5
1,535
39.9
1,451
[Vol..
FINANCIAL CHRONICLE
3370
132.
Cheerful acknowledgement is made of the most competent counsel and assistance of Mr. E. N. Brown, Chairman
of the Executive,Committee.
The Board acknowledges the faithful and loyal service of the officers and employees, and again urges you as stockholders
to take an active interest in the affairs of the Company and in matters pertaining to railroads in general.
By order of the Board of Directors.
Respectfully submitted,
J. E. GORMAN,
President.
CHARLES HAYDEN,
•
Chairman of the Board.
Telephone Franklin 0976
Chicago
New York
St. Louis
Hartford
Minneapolis
Cleveland
Atlanta
Detroit
Los Angeles
Resident Partners:
C. R. Whitworth, A.C.A., C.P.A.
R. C.Brown, C.A.,C.P.A.
Cable Address Retexo
Affiliated with
George A. Touche & Co..
London, England
George A. Touche & Co.
Canada (8 Branches)
Touche, Niven & Co.
Paris, France
TOUCHE, NIVEN & CO.
Public Accountants
10 South La Salle Street
Chicago
AUDITORS' CERTIFICATE
March 6, 1931.
To the Board of Directors, The Chicago Rock Island and Pacific Railway Company:
Railway Company and Subsidiary
We have examined the books and accounts of The Chicago Rock Island and Pacific
relative income and
Companies for the year ended December 31, 1930, and certify that the annexed balance sheet and view of the financial
profit and loss accounts are in accordance therewith and exhibit, in our opinion, a true and correct
position of the Company's system at that date and of the operations for the year then ended.
TOUCHE. NIVEN & CO.,
Public Accountants.
ROCK ISLAND LINES
1-INCOME ACCOUNT
YEAR ENDED DECEMBER,1„31. 1930, COMPARED WITH PREVIOUS YEAR
Decrease.
Increase
1929.
1930.
Amount.
Operating Revenues:
Freight revenue
Passenger revenue
Mail revenue
Express revenue
Other transportation revenue
Miscellaneous revenue
Per
Cent.
Amount.
Per
Cent.
$96,211,917.14 $113,597,037.33
15,295,583.41 19.388,168.36
4,319,739.96
3,047,832.17
2,781,862.49
3,597,804.66
2.622,334.00
2,247,082.67
4,196,478.05
3,495,631.94
Operating Expenses:
Maintenance of way and structures
Maintenance of equipment
Traffic
.Transportation
Miscellaneous operations
General
Transportation for investment-Cr
15.30
21.11
29.44
22.68
14.31
16.70
$123,079,909.82 $147.721,562.36
Total railway operating revenues
- $17,385,120.19
4,092,584.95
1.271,907.79
815,942.17
375,251.33
____
700,846.11
___ - 124.641,652.54
16.68
$4,931,035.91
6,069,757.47
229,659.19
6,698,066.73
285,757.25
24.35
22.24
6.62
12.84
14.66
---
$15,319,812.55 $20,250,848.46
21,224,498.25 27,294,255.72
3,469,702.57
3,240.043.38
45,447,900.09 52,145,966.82
1,949,550.29
1,663.793.04
4,360,447.84
4,375,243.55
915,386.74
719,532.71
$14,795.71
195,854.03
____
____
____
____
.34
21.40
$90,551,758.15 1108,555,384.96
Total railway operating income
16.58
66,638,025.73
1,014,087.10
16.95
12.35
$25,296,877.71 $30,921,693.86
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenues
____ $18.003,626.81
$32,528,151.67 139.166,177.40
8,212,087.10
7.198,000.00
32,396.44
33,273.96
Total railway operating expenses
15,624.816.15
18.19
$4,867,141.10
1.205,644.01
$405,019.44
118,694.53
8.32
9.84
15.101.102.18
20.53
$86,926.40
10
. i6
.
15,008,204.09
19.17
2
9 . 25
II- -:
,
38,159.25
'lei
22.05
$4,462,121.66
1,086.949.48
Equipment rents-Debit balance
Joint facility rents--Debit balance
$877.52
2.71
__ __
$19,747,806.57 $24,848,908.75
Net railway operating income
Non-Operating Income'
Rentals
Interest and dividends
Miscellaneous income
$442.729.67
769,907.23
162,621.61
$87,990.73
11,375,258.51
Total non-operating income
$354,738.94
856,833.63
70,787.85
11,282,360.42
$92,898.09
24.80
91,833.76 129.73
7.24
$21.123,065.08 $26,131,269.17
Total income
Deductionsfrom Income (excepting interest)'
Rent for leased roads
Miscellaneous rents
Other income charges
$131.49
.08
_
$155,334.04
5,088.55
134,909.75
$155,202.55
5,280.80
173.069.00
$295,332.34
$333,552.35
$38,220.01
11.46
120.827,732.74 $25,797,716.82
14,969.984.08
19.27
Total
Balance before deduction for interest
$11,114,389.70 $10.400.972.39 $713.417.31
516,969.49
1,254,396.67
1.771.366.16
106.721.26
135.026.89
241,748.15
113,127,504.01 111.790,395.9511,337,108.06
Interest on bonds and long term notes
Interest on equipment notes
Interest on bills payable and accounts
Total interest
Net income from all sources (transferred to profit and loss)
17.700.2214_7:1 S14 0117 R211 A7
6.86
41.21
79.04
- ----- -
11.34
16.307.092.14
45.0.%
the income account. Payments for
The dividends paid for 1930 were appropriated from the profit and loss surplus, and, therefore, do not appear in
1930 were the same as for 1929. (See the profit and loss account below for a detailed record of the payments.)
2
-PROFIT AND LOSS
Dividend appopriations of surplus:
Prefored %
$1,029.773.50
:
Payable June 30. 1930(3%%)
1,029,773.50 $2,059,547.00
Payable Dec. 31, 1930 (33.5%)
6%:
Preferred
1753,819.00
Payable June 30, 1930(3%)
1.507,838.00
753,819.00
Payable Dec. 31 1930 (3%)
Common:
$1,301,265.00
Payable March 31, 1930 (134 %)
1,301,265.00
Payable June 30, 1930 (1% %)
1,301,265.00
Payable Sept. 30, 1930(13%)
1,301.26 .00 5.205,060.00
Payable Dec. 31, 1930(1%%
29,765.03
destroyed, etc_
Depreciation on equipment sold. dismantled,
101,109.12
Loss on tracks removed
99,809.34
sold, removed and destroyed
Loss on structures
connection with
Discount, commissions and expenses in
2,673.454.34
issuance of securities
238,717.14
Sundry debit adjustments, etc
35,510,160.38
Balance, December 31, 1930 (Credit)
$47,425,260.25
Balance, December 31, 1929---------------------------- 139,081,887.24
Balance transferred from income------------------------ 7.700,228.73
597,314.28
Profit on property sold. exchanged, etc
Miscellaneous credit adjustments, etc., not affecting current
45,830.00
fiscal year
147.425,360.25
MAY 2 1931.]
3371
FINANCIAL CHRONICLE
-CONDENSED GENERAL BALANCE SHEET
3
DECEMBER 31, 1930 AND COMPARISON WITH PREVIOUS YEAR.
ASSETS.
1930.
Investments:
$503,323,849.94
Investment in road and equipment. (See page 17, pamphlet report)
841,440.10
Improvements on leased railway property. (See page 18, pamphlet report)_ _ _
2,260.913.64
Miscellaneous physical property. (See page 34, pamphlet report)
Investments in affiliated companies. (See pages 32 and 33, pamphlet report)
2,195,824.72
Stocks
6,586,442.99
Bonds
8,883,324.47
Notes and advances
Other investments. (See page 33, pamphlet report):
1,749,848.00
Stocks
59,700.00
Bonds
731,987.19
Notes and advances
1929.
Increase.
8463,955,095.54
940,195.71
2,256,783.41
$39,368,754.40
•
2,205,824.72
6,860,504.11
12,131,470.34
10,000.00
274,061.12
3,248,135.87'
Total current assets
Deferred Assets.'
Working fund advances
Other deferred assets
Total deferred assets
Unadjusted Debits:
Rents and insurance premiums paid in advance
Other unadjusted debits
1930
Securities issued or assumed—
1929
Unpledged. (See Page 33,pamphlet report)$22,567,477.50 819,772,477.50
Securities issued or assumed—
Pledged. (See page 33, pamphlet report)__ 45,035,000.00 46,930,000.00
2,187.00
59,100.00
738,329.97
1,747,661.00
600.00
8489,149,480.80
837.483,850.25
$4,585,736.80
2,000,000.00
118,856.03
13,212.97
1,458,019.59
632,460.96
2,631,022.67
8,326,172.47
185,322.35
65,088.00
521,491.84
$5,322,433.06
820,537,383.68
820,608,009.43
$43,394.08
240,222.66
Current Assets:
Cash
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies _____________
Interest and dividends receivable
Rents receivable
Other current assets
$44,758.02
167,872.26
172,350.40
$283,616.74
8212,630.28
870,988.46
$126,664.71
1,542.690.87
$24.837.69
2,069,742.62
$101,827.02
6,342.78-
$736,696.26
82,000,000.00
255,567.45
9,913.70
1,788,558.85
945,752.69
2,635,965.15
8,841,307.97
146,801.46
59,804.08
601,905.02
81.669,355.58
8512,064,700.82
136,711.42
3.299.27
330,539.26
313,291.73
4,942.48
515,135.50
38,520.89
5,283.92
80,413.18
$70,625.75
$1.363.94
$527.051.75
$2,094,580.31
Grand total------------------------------------------------- 8549,123,687.05
Total unadjusted debits
898.755.61
4,130.23
$526,633,331.05
Total investments
Decrease.
$425.224.73
$37,058,986.23
LIABILITIES.
Stock:
Capital Stock:
7% Preferred
*6% Preferred
Common
$29,422,189.00
25,127,300.00
74,877,200.00
$29,422,189.00
25,127,300.00
74,877,200.00
5129.426,689.00
517,477.50
8129,426,689.00
517,477.50
$128,909,211.50
$128,909,211.50
8389,064,235.00
67,085,000.00
$345,493,540.00
66,185,000.00
843,570.695.00
900,000.00
Total outstanding in hands of the public
$321,979,235.00
Non-negotiable debt to affiliated companies. (See page 31, pamphlet report)_
2,100.00
$279,308,540.00
12.100.00
$42.670,695.00
Total
Less held in treasury. Common. (See page 33, pamphlet report)
Total outstanding in hands of the public
Funded Debt:
Funded debt unmatured. (See page 20. pamphlet report)
Less held in treasury. (See page 33, pamphlet report)
$10.000.00
Total funded debt
$321,981,335.00
8279,320,640.00
$42,660,695.00
Total capital liabilities
$450,890,546.50
$408,229,851.50
$42,660,695.00
81,641,230.85
6,172,775.32
158,903.94
1,610,546.68
954.75
13,000.00
2,815,771.07
427,134.73
561.470.45
81,500,000.00
2,066,869.80
7,665,811.14
166,863.26
1,620,907.96
4,704.75
2,000.00
2,564,721.80
438,323.64
929,027.85
$13,401,787.79
$16,959,230.20
$865,113.32
$467,681.99
$397,431.33
$865,113.32
$467,681.99
$397,431.33
$5,485,520.76
38,680,439.38
2,560,330.57
$6,396,929.80
34,633.989.36
5,081,277.13
$4.046,450.02
$46,726.290.71
$46,112,196.29
$614,094.42
$1,498,715.35
231,073.00
35,510,160.38
$1,213,853.60
$284,861.75
231,073.00
Total corporate surplus
$ 37,239.948.73
8 40,295,740.84
Grand total
$549,123.687.05
8512,064,700.82
Current Liabilities:
Loans and bills payable. (See page 31, pamphlet report)
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid- - Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total current liabilities
Deferred Liabilities:
Other deferred liabilities
Total deferred liabilities
Unadjusted Credits:
Tax liability ----------Accrued depreciation—Equipment
Other unadjusted credits
Total unadjusted credits
Corporate Surplus:
Additions to property through income and surplus
Appropriated surplus not specifically invested
Profit and Loss: Credit balance. (See above)
$11,000.00
251,049.27
$1,500,000.00
425,638.95
1,493,035.82
7,959.32
10,361.28
3,750.00
11,188.91
367,557.40
$3,557,442.41
$911,409.04
2,520,946.56
39,081,887.24
$3.571.726.86
$3,055,792.11
837,058,986.23
(See Pages 34 and 35, pamphlet report,for indirect obligations.)
*Under the final decree in the receivership cause, $10,000,000.00 6% preferred stock was reserved to be issued in settlement of such claims
as might be allowed by the Special Master. Up to Dec. 31 1930 $127,300 of this stock had been issued.
NOTE.—In stating the assets and liabilities of the companies forming the Rock Island Lines, the holdings of The Chicago. Rock Island and Pacific
Railway Company in the bonds and capital stock of the auxiliary lines, together with loans between the various companies, have been eliminated from the
liabilities and a like reduction made in the assets pertaining thereto: the figures shown, therefore, represent the book value of the assets and the liabilities
without duplication.
CURRENT NOTICES.
—The new firm of Fairrnan, Perry & Co., members of the Chicago Stock
—Wells Morris has been elected president of the Los Angeles chapter Exchange, will continue the business formerly operated as Farman, Johns
& Co., Mr. Johns having withdrawn as a partner as of April 30 1931.
of the Investment Bankers' Association of America. Mr. Morris was
Salle Street, Chicago.
formerly vice-president of the organization and succeeds Wallace Marshall Business will continue at the same address, 208 S. La
as president for the next term. Other incoming officers are George Scnind- The partners are Fred W. Fairman, Ward S. Perry and Elmer A. Kurzka.
helm of California Securities Co., who was elected vice-president, and
—Robert F. Camden is now associated with Thompson Ross & Co., 40
Earl Huntley of Banks, Huntley & Co., who is now secretary-treasurer.
Wall St., N. Y. City, as manager of their municipal bond department. Mr.
—Jackson & Curtis, members of the New York Stock Exchange, an- Camden was formerly with R. M. Grant & Co., and Morris Mather & Co..
nounce the opening of a branch office in Cleveland, located in the Union where he was Vice-President in charge of the buying department.
Trust Building. In addition to its numerous exchange memberships the
—Louis F. Fechheimer, member of the New York Curb Exchange, and
firm will become members of the Cleveland Stock Exchange. The
Cleveland Benny Friedman, well-known football star, announce the formation of the
branch will be in charge of Earl F. Finley and Sherwin H. Smith, formerly firm of Louis F. Fechheimer & Co. They will have their
headquarters at
artners of the firm of Finley, Smith 8z Co.
120 Broadway, in the offices of Frank B. Cahn & Co.
FINANCIAL CHRONICLE
3372
•
[Vol- 132.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
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.
•
On April 29 Rio de Janeiro cabled that no popular demonstrations followed the brief revolt of the police at Sao Paulo,
according to reports which reached there, and it was said
that complete quiet had been restored. On April 20 Brazilian exchange was easier with Rio 1-16d. lower at the hour
of the opening here- dollars 230 higher at 133630. Santos
'
was 5-64d. lower and the dollar 300 higher at 3 39-64d. and
133700, respectively. On April 30 Santos cabled later
an additional decline of 1-32d. in the sterling rate, making
it 3 19-32d. Dollars, 133800, a further advance of 100 reis.
To-day futures closed 6 to 11 points lower oa Rio with
sales of 22,000 bags and 8 lower to 1 higher on Santos with
sales of 12,000 bags. Final prices show an advance for the
week of 30 to 44 points on Rio and 16 to 44 points on Santos.
Brazil and Europe bought to-day and the trade and local
interests sold. Brazilian markets were closed. To-day
there were 20 "D" notices and 18 "A" (Rio) issued. Brazilian and European markets were closed to-day. A London
cabled: "State of Bahia, Brazil, has suspended service payment on its external loans owing to exchange and revenues
unsettlement. Government is said to be considering a
refunding plan." To-day the holiday in Brazil further
curtailed cost and freight offerings were Santos Bourbon
3-45 for prompt shipment at 9.80c.; 4s at 9.60c.; and 4-5s
at 9.40e. Santos Bourbon 4s afloat were offered at 934c.
Rio coffee prices closed as follows:
Friday Night, May 1 1931.
COFFEE on the spot was firm with Santos 4s 934 to
4
to 93 c. and Rio 7s 534 to 55/s0. Fair to good Cucuta,
4
1234 to 123 0.• prime to choice, 14 to 15c.; washed, 153/2 to
1734c.; Colombian, Ocana, 123/2 to 13c.; Bucaramanga
natural, 133 to 13340.; washed, 1634 to 17c.;lionda, Tolima,
Giradot, 1734 to 17340.; Medellin, 18 to 18M0.• Surinam,
'
12 to 1234c.; Ankola, 23 to 24c.; Mandheling, 2334 to 32c.;
genuine Java, 23 to 240.; Robusta washed, 834 to 834c.;
Mocha, 1534 to 16e.• Harm,1534 to 16c.; Abyssinian, 11 to
4
1134c.• Salvador washed, 143 to 16340.; Nicaragua washed,
4
1334 to 14e.• Guatemala prime, 1734 to 1730.; good, 15 to
1534o., Bourbon,.13 to 1334c., Haiti, Trio-a-la-main, 13 to
1334c.• Machine, 12M to 13c.; San Domingo washed, 1534
-and-freight offers
to 15Mc. On April 25 only a few cost
were received. Santos Bourbon 3-4s were offered at 9.25c.;
4-5s at 8.70 to 8.85c., and 5s at 8.700. On April 28 cost
and-freight offers were scarce. Santos Bourbon 3-4s,
4
10.15c.; 4s, 10.40c.; 4-5s, 8.45 to 93 c., and 5-6s, 8.65e.
There were no reported offers from Rio or Victoria. New
4
York prices, 934 to 93 e. for Santos 4s and 6c. on Rio
5 701315.73
I September
6L ®
Is. On April 29 cost-and-freight offers from Brazil were Spot unofficial
5.80®nom
5.49 ®5.52 December
2-3s, May
5 84 ®nom
still scarce. Prompt shipment Santos Bourbon 93%
5.574
July
March
to
9.85 to 11.30e.; 3s, 9.700.; 3-4s, 9.40 to 100.; 3-5s,
Santos coffee prices closed as follows:
9.800.; 4-5s, 9.15 to 9.60c.; 5-6s, 8.65 to 8.800.; Bourbon Spot unofficial
(nom
8.78
1September
®
8.87 --As were offered for June-July shipment at 9.30c., and for May
8.88 ©nom December
8 87 nom
March
8.78®
July
July-Sept. at 9.65e.
On April 30 the firm cost and freight offers were scarce
COCOA closed to-day 3 to 6 points off with sales of 28
owing to the weakness in exchange and uncertainties as to lots; May, 5.040.; Sept., 5.37c.; Dec., 5.57c. Final prices
the new tax policy. The only tenders that appeared to be in are 12 to 14 points lower than a week ago.
circulation yesterday direct from shippers were of Santos
-On April 25 futures ended unchanged to 3
SUGAR.
Bourbon 3-4s for prompt shipment at 10c.• 4s at 9.70 to
bought. The
at
934c.; 4-5s at 9.60c.; Rio 7s at 6.950.; 7-8s ' 6.85c. and 8s points higher. Cuban interests and the trade
to deduct 280,000
at 6.5c. Coffees afloat were offered at 9.70c. for 3s; 93/2 for rise was due to reports that Cuba intendssugar for this year
of
3-4s; 9e. for 3-5s and 9.15c. for 4-5s. New York,934 to 10c. tons from the United States allotmentcome to the National
for Santos 4s and 634 to 6Me. for Rio 7s, as nearly nominal and that inquiry from Shanghai has
in June of 250,000
quotations. On April 25th futures advanced 29 to 43 points Sugar Export Corporation for shipment negotiations were
rumored that
25 it
on reports that Brazil will levy an export tax of 10s. a bag. of raws. On AprilChinawas Cuba looking to the purchase
and
This caused buying by Brazil and the shorts. The sales going on between sugar by China. Details, however, were
were 52,000 bags of Rio and 36,500 of Santos. On April 25 of 250,000 tons of
nothing definite was known. It
Rio cabled the New York Exchange: "Unofficially informed somewhat conflicting and
conference of delegates. Likely to was also rumored that Cuba will segregate an additional
agreement signed for a
from this crop but nothing was
be approved signed and enforced 28th instant by the Presi- 2,700,000 tons of sugar Sugar Institute, Inc., said 'The
tax is 10 shillings per definitely known. The
dent of the Republic. Understood
and total deliveries of 14 United States refiners
bag. Official statement not expected before 28th; delegates total meltincluding the week ended April 18 1931 and same
ratification by State, and Federal up to and
refusing publication until
-1931,Jan. 1 to April 18,
Melt
Governments." On the 27th futures were irregular opening period for 1930, is as follows: 1 to April 19, 1,360,000 long
later. They ended 12 to 1,175,000 long tons; 1930, Jan.
firm and declining in some cases
-1931, Jan. 1 to April 18, 1,015,000 long
20 points lower in Rio and 7 off to 3 up in Santos. The tons. Deliveries 1 to April 19, 1,195,000 long tons." Retons; 1930, Jan.
Rio and 65,750 of Santos.
sales were 73,500 bags of
Atlantic ports for the week were 31,197 tons,
On April 27 special cables received here at 2 o'clock gave ceipts at U. S. in previous week and 75,461 last year; meltat 3 25-32d. and at Rio as against 61,327
the Santos rate on London
in previous week and 59,660 last
3 13-16d. The dollar rate at the former port was 138000, jugs 50,834, against 54,978
Santos 123980, 100 reis higher. year; importers' stocks 152,869, against 152,869 in previous
an advance of 220 reis, and at
year; refiners stocks 160,878, against
On April 27 Rio cabled the local Exchange, saying: 'Un- week and 216,689 last
and 193,658 last year; total stock
officially understood that coffee dispatches must be shipped 180,515 in previous week in previous week and 410,347
payment existing taxes, order 313,747, against 333,384
inside five days from time
25 London closed easy at 234 to 2d.
avoid payment new tax, which generally confirmed ten last year. On April
being retained except tax-in-kind. decline. Liverpool closed unchanged to 1 point lower. A
shillings bag, other taxes
at $10,000 on unchanged price.
Understood new tax subject increase decrease or suppres- membership here sold declined 2 to 4 points, owing to Euro.
On the 27th futures
sion, depending exigencies moment, also that State unthe fact that the British import duty was
possessing 50,000,000 trees be permitted plant to that limit." pean selling due to Snowden budget. On April 27 notices
in the
On the 28th Rio futures here closed 12 to 18 points lower, not increased 45. London opened at Md. lower to Md.
numbered
with sales estimated at 66,500 bags. Santos ended 26 to here Liverpool opened steady and unchanged to Md.
up.
The
32 points lower with sales of 105,750 bags. in Sao decline higher. Sales in the Liverpool market last week were 9,400
Paulo.
was due largely to reports of political troubles
tons, against 9,300 the previous week. The London termiThey caused heavy selling. On April 28 Santos exchange nal market at 3:15 p.m. was steady at an advance of 13/d
2
at
early was Md. lower at 3 11-16d.; dollars, 400 higher
over the opening level and Md. lower to Md. higher on
13$400. Rio exchange was M lower at 3 11-16d.• dollars, the balance of the list. On April 27 London cabled: "Sugar
'
350 reis to
420 higher at 13$400. Rio spot advanced points with duty unchanged." Havana cabled: "For the week ended
133625. On April 29 futures advanced 24 to 33
Brazil, Europe and the April 25: Old Crop: Arrivals, 3,861 tons; exports to Phila.cost-and-freights higher, buying by
delphia, 2,388; New Orleans, 4,643; Galveston, 868; U. K.
shorts in an evidently oversold market. notices 13,775; Chile, 145; total exports, 21,819; stock, 549,233
trade and
April 29 four Santos and two Victoria "A" 1-32d. tons. New crop: Arrivals, 43,844; exports, to New York,
On
29 opened
appeared. Santos exchange on April 13$400. Rio ex- 1,589; Boston, 3,482; New Orleans, 5,732; Galveston, 742;
11-16d.; dollars 100 lower at
higher at 3
opening was 1-16d., interior U. S., 331; U. K.,2,809; Uruguay, 772; Chile, 1,510;
change at the hour of the New York at 133400. Rio de total exports, 16,972; stock, 996,719 tons. Centrals grinddollars, 230 lower
higher at 3 11-16d.;
Mello Franco to-night ing, 39. Weather rainy." On the 28th sales were made to
Janeiro cabled: "Foreign Minister nts the following state- refiners, it was said, at 3.20c. delivered of about 10,000 tons
corresponde
gave foreign newspaper
a movement of in- of Philippines and 10,000 bags of Porto Rican for first half
ment: 'Administrative reforms caused in headquarters at May arrival. Refined was 4.40c., with a fair amount of
quartered
discipline among the police
was not political withdrawals. On the 28th futures ended unchanged to 2
Sao Paulo to-day. The movement, which
checked without bloodshed. points lower with sales of 30,300 tons. There are 78 notices
in character, was promptly
issued and liquidation in May was heavy. May selling
Banks and commercial houses were functioning normally.'"
MAY 2 1931.]
FINANCIAL CHRONICLE
hit the price the hardest. Cuban interests seem to have sold
all months except May on a larger scale.
On Apr.28 Havana cabled 109 mills have finished grinding
leaving 31 at work. London cabled prices were steadier
after early weakness. Sales were made of 500 tons unspecified raws at 6s. 3d. c.i.f., equal to 1.19e. f.o.b. Cuba,
while Mauritius afloats sold at a parity of 6s. 2%d. for 96
degree centrifugals. The offerings at 6s. 3d. c.i.f. were
reported small with buyers at 6s. 23d. The trade was
reported poor. London cabled that Mr. Chadbourne had
expressed the belief that China is a market for either or both
Cubas and Javas. Havana cabled that Chinese merchants
were in Cuba negotiating purchases of raw sugars. On
April 28th Havana :cabled that the Cuban press is filled
with energetic discussions of the Single Seller proposal. It
is understood that the larger and more influential producing
interests are opposed to the idea but that it has many
advocates among the smaller mills. According to gossip,
Mr. Chadbourne has expressed himself in favor of a Single
Seller. Willett & Gray said: "The National Export Corp.
under date of Havana, April 22, gives the following quantities of sugar for which export permits have been issued covering the period from Jan. 1st to April 15 1931. According to
this statement there were 355,342 tons of the 1929-30 crop
and 210,101 tons of the 1930-31 crop shipped or to be shipped
to the United States while 54,170 tons of the 1929-30 crop
and 23,851 tons of the 1930-31 crop have been shipped or
will be shipped to countries outside the United States,
making a grand total of 643,464 tons shipped to all destinations. On April 29th prices ended 1 point lower to 2 higher
with sales of 15,250 tons. Sales of actual sugar at 3.20c.
included 11,000 tons of Philippines, 10,000 bags of Porto
Rico, all due to arrive before mid-May. Sales in London on
April 28th were 4,000 tons of Cuba and (or) Santo Domingos
for May shipment on the basis of 6s 23.d., equal to about
1.19e. f.o.b. 'Cuba, to the United Kingdom. It was
rumored that a cargo went to Marseilles at 6s. 4%d. On
April 29th London reported sales of parcels of raw sugars at
Os. 23.,d. c.i.f. United Kingdom. Reports said there were
sales made here yesterday for May shipment to Europe of
4,000 tons Cubas and (or) San Domingos at 6s. 23d.
c.i.f. equal to about 1.200. f.o.b. Cuba. It is believed that
more than this was done but no particulars of additional
transactions are obtainable.
On April 30 prices advanced 3 to 5 points in a sold-out
market with sales of 9,700 tons. Trade and commission
firms bought Sept. and Dec. in covering hedges against
recent sales of actual sugar to local and European buyers.
Also Licht slightly reduced his acreage estimate 16,000
hectares (a hectare is 2.47 acres). Some 26,000 bags of
Porto Rican clearing May 4 sold to Boston at 3.22e. delivered. Licht estimates the European beet acreage at
2,989,000, against 3,005,000 on April 1; total in Europe,
excluding Russia, 1,607,000 against 1,623,000 on April 1.
Licht further reports temperatures too low, drilling of beets
could not make desired progress. Sprouting of beets backward by ten days. Warmth wanted. To-day futures
ended unchanged to 1 point lower with sales of 10,900 tons.
Final prices are 1 point lower to 9 higher than a week ago.
There was supposed to be buying of the distant months on a
scale down to-day by the trade and Cuban interests. To-day
London cabled: 'Chadbourne here. Understand last conference Brussels May 8. All contracts signed. Chadbourne
sails for the U. S. May 11." Private London cables reported buying interest in May shipment raw sugars at 6s.
equal to 1.203.e. f.o.b. Parcels were available at
3
this price, while 6s. 43,d. or about 1.21 Yae were asked on
a cargo lot. On the terminal market 1.38 notices were
stopped. It was said the trade demand is inclined to improve. Havana cabled to-day that 117 mills have finished,
with 23 still grinding. To-day London opened firm at 134
to %d. higher. Liverpool opened steady and unchanged
to %d.higher. Private cables from London said:"6,000 tons
were tendered and quickly absorbed. Market fully steady
with buyers at 6s. 33 d. c.i.f. and sellers 6s. 4%d." HamA
burg and Paris markets were closed to-day.
Prices were as follows:
Spot unofficial
May
July
September
1.22© ___ December
J
1.191nom anuary
1.29 nom March
1,37 nom
1.45©nom
1.46@nom
1.53@
LARD on the spot was steady; prime Western 8.80 to
8.90e.; refined Continent, 9c.; South America, 93c.; Brazil,
103c. Futures on April 25 closed unchanged to 5 points
lower despite a decline in grain and the unchanged hog
markets. Cash markets were generally steady. On the
27th futures ended 10 to 13 points higher with hogs up 25c.
and grain rallying in the final business. Receipts at Chicago
were only 32,000 hogs and at all Western points 89,000
against 108,000 last year. Last week's exports from New
York were 6,920,000 lbs. against 5,976,000 the week before.
Cash markets were very steady. Prime Western,8.90 to 9e.
On the 28th futures declined 7 to 8 points; exports 1,200,000
lbs.; cash lower. Prime Western, 8.95 to 8.95.. refined Con8
tinent,9%e.;South America,9%c.;Brazil, 103/c. On April
29 futures declined 5 points. Prime Western cash was 8.80
to 8.90c.; refined for the Continent, 93/sc. On April 30
futures ended 2 points off to 3 up. Hogs advanced 10e. at
Chicago and declined 15 to 25c. at Buffalo. Prime Western
cash was 8.80 to 8.90e. The Chicago stock in the last half
of April increased 8,944,000 lbs. and is now 39,792,000 lbs.
3373
against 30,848,000 on April 15, 27,294,000 on April 1 and
44,153,000 on May 1 last year. To-day futures ended 2 to
10 points lower on May and September with July unchanged.
Lard was under the influence as usual of the grain markets.
Final prices were practically unchanged, that is unchanged
to 2 points lower.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
•
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
8.42
8.37
8.32
8.32
8.35
8.25
July
8.60
8.52
8.47
8.47
8.45
8.45
8.75
8.67
October
8.62
8.62
8.62
8.60
May
PORK dull; mess, $25; family, $26.50; fat back, $18.50
to $20.50. Ribs, cash, 9.500. Beef steady; mess, nominal;
packet, $14 to $15;family, $16 to $18; extra India mess,$32
to $34; No. 1 canned corned beef, $3.25; No. 2, $5.50; six
pounds, South America, $16.75; pickled tongues, $70 to
$75. Cut meats steady; pickled hams, 10 to 16 lbs., 14%c.•
pickled bellies, 6 to 12 lbs., 15 to 173c.; bellies, clear dry
4
salted boxed, 18 to 20 lbs., lie.; 16 to 18 lbs., 11%c. Butter, lower grades to high scoring, 20 to 25%c. Chesee,
flats, 14 to 223'c.; daisies, 14 to 190.- Young America,
15 to 20c. Eggs, medium to extra firsts, 153' to 184c.;
'
closely selected, 19 to 20c.; premium marks, 203/ to 22c.
OILS.
-Linseed was quoted at 8.8c. for raw oil in carlots
cooperage basis while in tanks 8.2c. was asked. Consumption is steadily increasing. A much better demand is expected with the arrival of warmer weather. The movement
against contracts is limited to small quantities. Cocoanut,
Manila coast tanks, 4%c.; spot New York tanks, 4%c.
Corn, crude tanks, f.o.b. mills, 6c.; olive den, 82 to 85c.
China wood New York, drums, carlots, spot, 63 to 7c.;
banks, 6c.• Pacific Coast tanks, 53. to 53 c. Soya bean,
%
carlots, drums, 7.1c.; tanks, Edgewater, 6.5c.; domestic
tank cars, f.o.b. Middle Western mills, 6e.; edible olive,
1.50 to 1.25e. Lard, prime, 13c.; extra strained winter
New York, 9%0. Cod, Newfounilland, 48c. Turpentine,
533/i to 593c. Rosin, $4.70 to $9.15.
COTTONSEED OIL sales to-day including switches 18
- /
contracts. Crude S. E., 630e. Prices closed as follows:
RIZ
June
July
August
7.30(81
7.50
7.55i7.78
7.641(87.68
7.65(817.85
September
October
November
December
7.757.77
7.70 7.75
7.45@7.62
7.50@7.70
-Gasoline has been rather weak despite
PETROLEUM.
fairly steady gain in consumption. Smaller sellers it is
reported frequently shade the price. The Atlantic Seaboard market was unsettled. Most jobbers who are not
covered by contracts are purchasing only to fill immediate
requirements. Leading refiners quoted 63/i to 7c. for U. S.
Motor in tank cars at refineries. Domestic heating oils
were rather quiet and easier. Grade C bunker oil was a
little steadier but the demand was light at 95c. at refineries.
Diesel oil was quiet at $1.75 refineries. Kerosene was weak.
Consumption is holding up well owing to the unusually cool
weather of late. Stocks are large however. Export inquiries for cased kerosene were freer but foreign buyers are
taking very little.
Tables of prices usually appearing here will be found on an earlier page in
our department of "Business Indications," in an article entitled "Petroleum
and Its Products."
RUBBER on April 25 advanced 8 to 10 points with sales
of 210 tons of No. 1 standard and 10 of old "A." No. 1
standard ended with May 5.95 to 6c.; Sept., 6.30 to 6.35c.;
Dec., 6.63c.; March, 6.90e. Old "A," May, 5.90 to 6.10c.;
Oct., 6.30e.; Dec., 6.60c. Outside prices: Spot, April,
/
May and June, 6 to 63'c.; July-Sept., 63 to 688c.; Oct.Dec.,% to 63c. On April 25 London closed unchanged
8
to 1-16d. lower; May, 2 8d.; June, 23/41.; July-Sept., 3d.;
Oct.
-Dec., 3%d. Singapore closed dull, 1-16 to %d. higher;
May, 2 11-16d.; July-Sept., 2 13-16d. On April 27 prices
declined 5 to 10 points. Dealers bought less freely. Increased shipments from the Dutch East Indies during March
lack of snap in the cables and the falling stock market all
had a depressing effect. No. 1 standard contract on the
27th closed with May at 5.85 to 5.86e.; Sept., 6.25 to 6.27c.;
Dec., 6.55e.; March, 6.83 to 6.85e.; sales, 350 tons. Old
"A," May, 5.864.; July, 6 to 6.164.; Dec., .50e.; sales,
252 tons. Outside prices: Spot, April, day and June,
6 to 63/se. On April 27 London opened unchanged to 1-16d.
lower and at 2:35 p.m. was dull unchanged to 1-16d. de4
cline; May,2%d.; June,27 d.; April-June, 3 7-16d. Singapore closed dull unchanged to 1-16d. lower; May,2 11-16d.;
July-Sept., 23 d. No.3 amber crepe, 2 7-16d. Liverpool's
%
stock increased last week 822 tons to 52,043. Friday's estimated increase was only 450 tons. London rubber stocks
increased 218 tons to 85,922 tons, compared with 74,084
tons a year ago. The unofficial estimate on Friday was
for an increase of 100 tons.
London closed dull and on April 27 unchanged to 1-16d.
-Dec.,
lower; May and June, 2 8d.; July-Sept., 3d.; Oct.
33'd. On April 28th prices were unchanged to 15 points
lower; sales were 890 tons of No. 1 standard 20 of new "A"
and 45 of old "A." The closing on April 28th was with No. 1
standard May, 5.80 to 5.81e.• July, 5.95 to 5.97c.; Sept.,
6.14e.; Dec., 6.41 to 6.43c.; dareh, 6.68c.; New "A" Sept.,
6.13e.; Jan., 6.51e. Old "A" May, 5.80 to 5.90e.; Sept.,
6.10 to 6.30e.; Oct., 6.200.; Dec., 6.30 to 6.40c. Outside
spot, May and June, 5% to 60.; July-Sept., 65/i to 63c.;
-Dec., 63 to 63/80. On April 28 London closed dull,
Oct.
and generally 1-16d. lower, April-June net unchanged; May
and June, 2 13-16d.; July-Sept., 2 15-16d. On April 29th
3374
FINANCIAL CHRONICLE
prices ended 2 to 10 points lower and old "A" May sold
down to 5.70e. but later the tone grew steadier with London
1-16d. higher while actual rubber was firm and also tended
to brace futures. No. 1 standard contract ended on April
29th with May, 5.78e.,• July, 5.91c.• Dec., 6.36c.; Jan.,
6.48c.; March, 6.66 to 6.670.; sales 1%030 tons. Old "A"
contract May ended at 5.70 to 5.80e.; July, 5.90c.; sales
90 tons. Outside spot 57% to 6c.
On April 29 Singapore closed 1-16 to Md. lower; May,
%
No. 3 amber crepe, 23 d., a
23/sd.; July-September,
29-gd.•'
decline of 1-16d. On April 29 London closed dull and 1-16d.
8
off to 1-16d. up; May, 2 13-16d.; June, 23/d.; July-September, 2 15-16d.; October-December, 3 1-16d. On April 30
prices were steadier acting if anything sold out or at least
inclined to be short. No. 1 standard ended with May at
5.80e.; September, 6.07c.; December, 6.370.; February,
6.55c.; March, 6.64c.; sales, 1,620 tons. Old "A" July,
5.80c.; September, 6 to 6.10c.; December, 3.30c.; sales,
17% tons. Outside prices: Spot, May and June, 53/s to 6c.;
July-September, 63/8 to 63-ic.; October-December, 65 to
%
spot first latex thick, 6 to 61 c.; thin pale latex, 6%
6
to 63/sc.; clean thin brown No. 2, 59/s to 53/se.; specky crepe,
53/i to 5%c.; rolled brown crepe, 53/s to 5 9-16c.; No. 2
3
amber,5% to 53'c.; No. 3, 53% to 53-ic.; No. 4, 53/s to 5%c.
Paras, upriver fine spot, 8 to 83.c.; coarse, 4 to 6c.; Acre,
fine spot, 8% to 8%c.• Caucho ball, upper, 4 to 9c. On
'
April 30 London at 2.38 p. m. was steady, 1-16d. lower to
A
1-16d. higher. May, 23si.; June, 2 13-16d.; July-September, 2 15-16d. Singapore closed quiet and unchanged.
3
May,23/sd.; July-September, 29-gd.; No.3 amber crepe,2%d.
On April 30 London closed quiet on generally 1-16d. lower,
3
%
except April-June. May at 23 d.; June, 2 1-16d.; July-Dec., 3d.; To-day No. 1 standard closed
Sept., 2Md.; Oct.
2 to 10 points higher with sales of 14 lots. Old "A" unchanged to 10 higher and new "A" 3 to 11 points lower.
Final prices are 2 points lower to 13 higher for the week.
To-day London at 2:36 p.m. was quiet and unchanged to
1-16d. higher; May, 2 13-16d.; June, 2 13-16d.; July,
23-gd.; July-Sept., 2 15-16d.; Oct.-Dec., 3 1-16d. Singapore
closed at 1-16d. adiance• May,2 9-16d.; July-Sept.,2 11-16d.
'
No. 3 Amber Crepe, 2 7-16d., up 1-16d. The Dayton
-hour six day
Rubber Co., it seems is operating on an 8
schedule, or at about capacity against 60% last month.
Dealers' sales increased in April. Malayan shipments of
the month of April, according to Rubber Exchange advices,
total 43,453 tons. This was 5,136 tons less than March
shipments and slightly below the unofficial estimates made
earlier in the month of 44,000 tons. To-day London closed
quieter, 1-16d. to Md. higher; May, 2 13-16d.• June, 2Md.;
'
-Dec., 3Md.
July, 2 15-16d.; July-Sept., 3d.; Oct.
25 declined 3 to 17 points on futures
HIDES on April
with sales of 680,000 lbs. In Chicago 3,000 May light cows
sold at 9e. In Argentine 4,000 April frigorifieo steers sold
at 11 3-16c. Approximately 60,000 hides were reported
sold by packers with light native cows the basic grade,showie.
ing a decline of Y for the week. In the Argentine frigorifico hides fell fully a cant. At the Exchange the closing on
April 25 was with May 9.80 to 10.05c.; Sept. 11.27c.;
10
Dec. 12.52e. On the 27th prices declined 5 to' points
with sales of 1,360,000 lbs. Sept. closed at 11.17 to 11.20c.;
Dec. 12.45 to 12.50c. In the River Plate 17,000 Argentine
frigoilifico steers sold at 11 3-16e. mostly to the Continent.
On the 28th prices declined 20 to 37 points with sales of
1,320,000 lbs. In Chicago 1,000 May Colorado steers sold
at 834c.; 2,000 heavy native steers at 9c. and 3,000 branded
cows at 8c., these prices being unchanged. No sales were
heard of in the River Plate section. Here May closed at
9.55 to 9.60c.; Sept., 10.80 to 10.85c.; Dec., 2.10 to 12.15c.;
Jan., 12.40c.; March, 13.30c. Common dry Cueutas 15c.;
Orinocos 11% to 123'2c.; Maracaibo, Central America
La Guayra, Ecuador and Savanilas 11 to 12c.; Puerto
Cabello 10e. On April 29th prices declined 40 to 50 points,
a little of which was recovered ending 30 to 45 points net
lower with sales up to 4,400,000 lbs. Some 4,500 frigorifieo
steers sold at 10 5-16c. May ended at 9.10 to 9.20c.;
Sept., 10.49 to 10.50c.; Dec., 11.77 to 11.85c.; March, 12.85
to 13c. On the 30th prices advanced 15 to 25 points on
covering with sales of 1,960,000 lbs. Business in shoes and
leather was said to be better. Packer hides were quiet
despite a rather better inquiry. Common dry hides are
in small supply whereby trade is small though there is
rather more inquiry. The closing at the Exchange left
May at 9.35 to 9.50c.; July, 10.10c.; Sept., 10.65 to 10.70c.;
calfDec., 11.95e.; March, 13 to 13.15c.; New York City
9-12s, 2.55c. Today
skins 5-7s, 1.25 to 1.35c.; 7-95, 1.65c.;with sales of 42 lots.
futures closed 15 to 20 points lower10.45 to 10.50c.; Dec.,
May closed at 9.15 to 9.200.; Sept., Final prices show a
11.80c.• March 12.85 to 12.90c.
points.
'
decline for the week of 82 to 85
-More activity was reported in
OCEAN FREIGHTS.
Later further advances in
grain. Later business fell off.
rates were noted.
Montreal, May 3, ports Den-
qrs.;
CHARTERS included: Grain: 24,000
-Antwerp, Rotterdam 10c.;
Montreal
mark, full barley 1634c.; 32,000 qrs.;
Dunkirk 11c.; 9,300 tons Montreal, May
Hamburg, Bremen 10;4c.; Havre,
New York-Antwerp-Rotterdam 9 and
1-10, Mediterranean 14c.; 30,000 qrs.
May 5-22; Montreal, May 5-22,
9Mc.; French Atlantic 10 and 1034c.;
10;ic. and 11c.; Havre-Hamburg,
options Quebec, Antwerp-Rotterdam,oats lc. and 2c. more, grain 18,000
12c., option barleyrange 1134c. and
-Rotterdam, 1134c.; Bordeaux-Hamqrs. Montreal. May 10-20, Antwerp
-Antwerp. May, 11c.;
Montreal
burg, 1234c.: Grain booked, 22 loads,
Rotterdam, Sc.;
11c. and 8 loads New York, May,
28 same, Rotterdam,
-Hamburg,
4 loads, Montreal
18 loads, Montreal, Havre, Dunkirk, 12c.;
[vol.. 132.
12c.; both May; grain booked: 8 loads New York-Rotterdam, 9c.. 3 Montreal-Genoa, 14c., 5 New York-Marseilles. 12c., 5 New York-Genoa, 12c.,
5 Montreal-Hamburg, 12c., 3 New York-Liverpool, Is, 8d. a few load,
oats New York-London, Is 3d and 2 loads to Hull. Is. 9d.:. Trips: Wess
Indies prompt round $1; Canadian round, prompt 75.; West Indies prompt
round $1.05:. Lumber: Gulf, May 4 loadings, Buenos Aires, Bahia Blance
and Montevideo. $13.10. Tankers: Clean, Black Sea, May-June, Cette, 9s.
6d.; Aruba, June crude, Teneriffe, 5s. 7d.
-There has been nothing of special interest
TOBACCO.
reported here of late. Amsterdam cabled the United States
"Tobacco Journal":
About 2,700 bales bought at sale yesterday,first important
Java inscription of season. Market high but tobacco excellent. Principal buyers were Arthur Bornholdt & Co.,
1,200 bales; H. Duys & Co., 835 bales and Cullman Bros.,
500 bales. The "journal" added:
"The new Java crop is considered the best since 1924,
it was said here after detailed reports of the new tobacco.
had arrived here from Amsterdam. The active bidding for
yesterday's offerings wasinterpreted as clear indication of the
quality of this year's crop."
In Havana trade was slow; only 1,858 bales sold in a week.
Mayfield, Ky., reported that with the exception of
Hopkinsville, higher averages were reported at all the fired
markets for the past week. Mayfield sold 447,820 lbs.
at an average of $5.34, 97e. higher than the preceding week;
Paducah, 126,340 lbs. at an average of $4.94 or 35e. higher
than the preceding week; Murray, 157,110 lbs., averaging
$4.06 for the week or 25e. higher; Hopkinsville, 598,480
lbs. at an average of $5.71 or 18e. lower; Clarksville, 1,048,575 lbs. at an average of $8.68 or up 80c.;Springfield, 1,106,080 lbs. averaging $12.87 or a rise of $1.76; Richmond,Va.,
reported that despite the extraordinarily low prices of
tobacco within the last few months, indications point to
better conditions as to the 1931 crop, which is expected to
be better, but somewhat reduced, as many farmers are paying
more attention to gardening work this year in efforts to
overcome the shortage of food supplies caused by the devastating drouth, which has been followed by adequate showers
for spring plowing and planting.
COAL was dull and apparently prices had a downward
trend. Recent bituminous prices are more difficult to get,
especially in the inland trade where second grades of screenings are cheap but do not sell freely. Export trade is a little
more active. Havre took one cargo and may take another.
There is a little more Mediterranean and South African
business. Two Russian shipments for May are on the way
here at an ocean freight rate around $2.92. Hampton
Roads steamers took 33,740 long tons of soft coal on April
22. Western prices were lower. Retail coal trade of
Chicago is at lower prices for May and June. The run of
mine price is $1.75 flat, lump and egg $2.25, stove $2,
slack $1.25, that is for the best. The same qualities f.o.b.
pier Hampton Roads are quoted by some producers, for run
of mine $4.25 to $4.50, mixtures $4 to $4.25, and nut and
slack, $3.65. Prices are considered nominal. Later there
was a circular advance of 20c. a net ton on the domestic
sizes, broken, egg, chestnut, stove and pea, anthracite
products. The wholesale discount is continued indefinitely.
The retail circular is unchanged for May. In the western
market ordinary grades of Eastern high volatile block are
down to $1; frazard at $1.25; High volatile egg is 10e. to
25c. over block. Slack is scarce. High grade by-product
is bringing, it is said, as high as $1.50 f.o.b. mines. •
COPPER was slightly lower at 99-/sc. for domestic. Demand was somewhat better but is still far from brisk. Export business of late has been better with the price down to
9.80c. In London on April 30, standard spot fell 10s. to
£41, 3s. 9.; futures off us. 3d. to £41 16s. 3d.; sales 1,200
tons of futures. Electrolytic declined 5s. to £44 bid and
£45 asked; at the second London session that day standard
dropped 3s. 9d. on sales of 350 tons of futures. On the
National Exchange here on the 30th there was no sales;
prices closed on new contract all bid quotations as follows:
May 8c., with 5 points higher for each succeeding month.
To-day on the National Exchange there were no sales and
prices closed unchanged to 20 points higher; May,8 to 8.200.,
July, 8.10 to 8.30c.; Sept., 8.20 to 8.40e.; Dee., 8.35 to 8.59.
TIN declined to 23.15c. early on the 30th, the lowest price
reached since 1902. The low prices stimulated the demand
and 250 tons Straits tin sold and trading in tin futures on
the local exchange reached 450 tons. And the Navy Department is reported to have bought 190 tons at 23540. Futures
on the local exchange closed 10 to 30 points lower; July
ended at 23.60c.; Aug. 23.70c.; Sept. 23.85c.; Oct. 23.950.
In London on April 30 spot standard dropped £3 7s. 6d. to
£104 10s.; futures off £3 5s. to £105 17s. 6d.; sales 120 tons
of futures; spot Straits dropped £3 7s. 6d. Eastern c.i.f.
London ended at £109 5s. on sales of 300 tons; at the second
London session standard tin was unchanged with sales of
300 tons of futures. To-day futures closed generally 15 to
30 points lower with sales of 25 tons. May ended at 23.250.;
July 23.40c.; Sept. 23.600.
LEAD declined to 4e. New York and 3.80e. East St. Louis.
A good demand has appeared of late mostly from makers of
ammunition, the corrorders, tinfoil makers and miscellaneous
lead manufacturers, such as sheets, pipe, &c. In London on
April 30th spot fell 5s. to £11 12s. 6d.; futures off 3s. 9d. to
£11 15s.; sales 1,250 tons futures.
ZINC dropped to 3.350. East St. Louis, demand was small.
London on the 30th dropped 2s. 6d. on spot to £10 10s.;
futures off 35. 9d.to £10 17s. 6d.;sales 1,425 tons futures.
3375
FINANCIAL CHRONICLE
MAY 2 1931.]
,
The following table shows the week's total receipts, the
PIG IRON remained quiet and nominally unchanged with
absence of testing business. Buffalo iron was generally total since Aug. 1 1930 and stocks to-night, compared with
quoted $15.50 to $16 and eastern Pennsylvania iron $16.50 last year:
to $17 furnace. Prices which it is supposed apply only to
Stock.
1929-1930.
1930-1931.
small lots. At Birmingham light buying continued. ShipReceipts to
ments were smaller than a month ago. The base price was
This Since Aug This Since Aug
Mai/ 1.
1930.
1931.
Week. 1 1930. Week. 1 1929.
firm at $12 to $13 No. 2 foundry.
4,559 1,381,707 4,654 1,715,518 563.244 256,357
STEEL was still quiet and without new features of special Galveston
4,643
27.917
499 136.423
21 111,139
interest. The demand for rails and steel pipe was reported Texas City
2.8302.811,319 6.932 2.581,711 1,017,935 708,063
Houston
38,934
2,963
649 383,906
107 572,898
somewhat better. At Pittsburgh trade in bolts, nuts and Corpus Christi-- _
15,319
- -- 24,668
196
Arthur,
rivets was smaller. Business in April was no better than in Port Orleans acc 20,222 1,370,888 11.964 1,571,503 736.870 420,974
New
March. No changes in discount are announced. Prices Gulfport
8,107
4,873 573.653 5,021 384,298 248.638
are called steady for bolts and nuts and 2.75e. Pittsburgh Mobile
32,186
62,350
1.360
867
for large rivets. Oil country goods sell slowly. The demand Pensacola
384
_-__
493
Jacksonville
36,048653 449,807 359.028
2.346. 694,047
for mechanical tubes was smaller than in March. In general Savannah
7,094
49,050
operations in the steel business this week have been 49 to Brunswick
15,618
180 286,630 2,266 187.849 168,949
Charleston
9,763
_--59,750
332
Lake Charles
50% against49last week and 57 six weeks ago.
12,645
15,642
91,441
448
62,125
584
Wilmington
47,474
81.558
901 143,912
575 152.308
-Boston wired April 27: "Cables from the opening Norfolk
WOOL.
Wport Newel,
at Sydney, Australia, to-day report an unchanged wool New York Sic_ ---21,003 226.844 123,400
1,175 15,939
2,9753.291
1,842
98
4,759
171
market there, with prices steady and the buying interest Boston
1.843
1.163
43,095
---22,038
733
Baltimore
in the same quarters as last week, namely, for the account Philadelphia
5.197
5.313
753
12
---of Japan and the Continent largely."
Ohio and Pennsylvania, fine detains. 26 to 27c.; % blood, 25c.; % blood.
22 to 23c.; % blood, 20 to 21c.; Territory, clean, basis, fine staple, 64 to
65c.; fine medium French combing, 57 to 60c.; fine, fine medium. clothing,
54 to 56c.; % blood staple, 58 to 60c.; % blood, 47 to 50c.; 34 blood. 42
to 45c.; Texas, clean basis, fine, 12 months. 60 to 64c.; fine 8 months, 56
to 58c.; fall, 53 to 56c.; pulled, scoured basis, A super, 58 to 63c.; B, 47
to 52c.; 0,40 to 45c.; Domestic mohair, original Texas, 25 to 36c.
Boston wired a government report on April 30:"Demand
for wool covers a fairly wide variety of lines, but individual
sales are mostly very moderate in volume, with purchases
limited to immediate requirements. Original bag 64s and
finer territory wools bring 60e. to 61c., scoured basis, for
choice lines containing a fair percentage of strictly combining staple. Occasional sales are being closed on strictly
combing 568, graded territory wools at 48c. to 51e,scoured
basis." San Angelo, Tex., wired April 30: "The first sale
of eight months' wool in Texas this season was made yesterday to Winslow & Co. of Boston by the Producers' Wool &
Mohair Co. The price was 17c. per lb. for 50,000 lbs
without paint brand. Last year the bulk of eight months'
wool sold at 25e. per lb., but the National Wool Marketing
Co. got most of it." At Perth on April 30 there was a full
attendance. Competition active although the selection was
indifferent. Offering of 3,400 bales were mostly sold.
Compared with the last sales merino fleece and bulky merino
skirtings were 5% higher; locks and stained pieces, both
greasy and scoured were 15% higher. New season wool
sold included Binthalya at 1130. and Diomenor at 10 M.
In London on April 29 offerings were 9,600 bales. Both
merino and crossbred selections were well distributed to
Yorkshire and the Continent on the opening basis of prices.
Falkland greasy crossbreds met with a good sale chiefly to
the Continent at prices which showed a 5% decline compared
with March rates. Details:
Taw.
37.729 8.241.009 50.024 7.777.807 3.493,589 1.650,171
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts al- 1930-31. 1929-30. 1928-29. 1927-28. 1926-27. 1925-26.
19,481
13.569
25,156
10,160
4,654
4,559
Galveston---6,870
21,008
19,526
8,477
6,932
2,830
Houston •
23.994
25,913
24.381
14,361
11,964
20,222
New Orleans_
1,512
2,035
4,171
3,185
5,021
4,873
Mobile
19,928.
12.414
13,640
2,816
653
2,346
Savannah__ _
Brunswick__ _
2,633
13,913
9,085
3,180
2,266
180
Charleston - -.
845
4,813
4,222
418
448
584
Wilmington- 5.223
6.064
5.316
2,577
901
575
Norfolk
2,436
4,508
2,8111
6,067
17,185
1,560
1 1 tlerse :
i N -ws
.1.rg
Total this wk_
Since Aug.I
37.729
50,024
51,241
109,891
108,689
76,810
8.241.009 7.777.807 8.754.175 7.767.926 12068451,8,906.695
The exports for the week ending this evening reach a
total of 74,628 bales, of which 6,200 were to Great Britain,
6,748 to France, 19,242 to Germany, 5,459 to Italy, nil to
Russia, 19,026 to Japan and China, and 17,953 to other
destinations. In the corresponding week last year total
exports were 42,237 bales. For the season to date aggregateexports have been 5,872,565 bales, against 6,114,422 bales
in the same period of the previous season. Below are theexports for the week.
Exported to
Japan&
GeeGreat
-May 1 1931.
Exports from- Britain. France. many. ZW2y. Russia. China. Other.
479 2,236 2,269 --------1,096
1,663
Galveston
1,586 5,379 3,817 1,440 ---- --- 11.428
Houston
246
-n-_
Sydney, 1,235 bales; greasy merinos, 8% to 15d.; Queensland, 933 bales: Texas City485 1,835 1,781 --- 1,417 1,435
.....
----scoured Merinos. 1334 to 20d.; greasy, 1034 to 1234d.; victoria, 1,138 Corpus Christi
.....
iiii
bales; scoured merinos, 17 to 19%d.; greasy, 12% to 14 WI.: South Aus- Beaumont
920 --------3,700 1,750
__tralia, 1,088 bales; scoured merinos, 1634 to 1814d.: greasy, 7 to 1234cl.; New Orleans_ _ _ 1,461
-----------1,019
535
200
West Australla, 773 bales; greasy merinos, 7 to 12 WI.; Tasmania, 278 Mobile
------------571
155 3,476
1,375
greasy merinos, 1234 to 15d.; New Zealand, 3,121 bales; greasy Savannah
bales:
92
-----------4,713
1,038 bales: greasy crossbreds, 6 to Charleston
crossbreds, 634 to 11 WI.; Falklands,
- --Norfolk
10d. New Zealand sllpa ranged from 634d. to 12d., latter halfbred lambs. Los Angeles
335
--- 12,1440
500 ---_
______
---------282
50
In London on April 30 offerings, 9,040 bales, included Lake Charles
_ -6,277 bales of Australian merinos. Although mainly
_.__ 19,026 17,953
Total
6,200 6,748 19,242 5,459
speculators' lots they sold well, especially to the Continent.
Prices unchanged. Yorkshire was an active buyer of crossbreds at late values. Details:
Total 1930
Total 1929
7,8139 3,167 4,521
16.224 15,485 11,130
Total,
7,743
23,650.
2,066
4,652
196
8,831
1,754
5,577
4,805
1,347
13,675
332
74,628
4,329-- 12,288 10.085 42,237
7,840 9:051 18,632 13,016 89.378
Sydney, 2,727 bales; scoured merinos, 834 to 21d.; greasy, 7 to 15d.;
Exported to
From
Victoria, 2,391 balm; scoured merinos, 1434 to 19d.; greasy, 9% to 14d.;
greasy crossbreds, 1034 to 1234d.: South Australia, 448 bales; scoured Auc i 1030 is
Japanl
Gee- 1
Great
merinos, 1134 to 19d.; greasy, 10 to 1234d.; Queensland, 298 bales; scoured
Mal/ 1 1931;
Britain. France many. Italy. RussialChista. Other, Total.
merinos, 16 to 2234d.; West Australia, 168 bales; greasy merinos, 834 to Ex:wish,
1230.; Tasmania, 245 bales: greasy merinos, 12 to 16%cl.; New Zealand,
1,049,311
_248,739
Galveston____ 143,414'164,194 195,61591,988
2,766 bales; greasy merinos, 9 to 1 d.: greasy crossbreds, 6 to lid.
SILK to-day ended 1 point lower to 1 point higher with
sales of 990 bales. May closed at 2.22 to 2.25c.; July, 2.19
to 2.21e.; Sept., 2.18 to 2.20c.; Oct., 2.190.; Nov., 2.18 to
2.19e. Final prices show a decline for the week of 7 to 8
points.
COTTON
Friday Night, May 11931.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached
37,729 bales, against 33,372 bales last week and 52,119 bales
the previous week, making the total receipts since Aug. 1
1930, 8,241,009 bales, against 7,777,807 bales for the
same period of 1929-30, showing an increase since Aug. 1
1929 of 463,202 bales.
Receipts at-
Sat.
231
Galveston
Texas City
311
Houston
Corpus Christi-- _ _
---Beaumont, dm
New Orleans__ _ 1,455
30
Mobile
359
Savannah
Charleston
Lake Charles__ ----25
Wilmington
37
Norfolk
Boston
Baltimore
Totals this week_
2.448
Mon.
Tues.
Wed.
Thurs.
455
1,913
1,679
45
204
33
---7,734
126
176
---60
87
246
------1,482
124
713
87
---13
96
127
10
---1,381
496
631
28
---143
107
296
---166
7.767
3,616
77
65
---155
82
8.875
4.845
4.602 12.299
Fri.
Total.
236 4,559
21
21
1,646 2,830
64
107
---196
403 20,222
481 4873
390 2:346
---180
332
332
188
584
166
575
171
733
733
4 ggn
27 70A
184,496435,239 447,965166,492 3:485433,017260,67 1,931,318
___ 3,749 6,110 55,049
14,273 1,425
15,1671 14,325
__ 121,317 47,161 515,894
65 848 158,760 100,694 22,115
-__ 4,300 24,840
,
4,489 5,922
Beaumont
New Orleans_ 182,323 90,713 153,412 92,075 25:i44 229,884 89,00. 863,260
____ 14,015 3,367 222,939
7,440 85,966 2,244
109,907
Mobile
202 62,481
____ 5,267
43,161 1,272
____
12,579
Pensacola
Savannah .._ 133,233 2,019 218,2'' 10,707 ---- 32,809 9,366 406,334
-41,257 --------- -_ --49,050
____
7,793
Brunswick
77,411
-----------9,2313 108,694
80,480
Charleston_
563 3,501 48,034
- 11,525 24600 -- 7,845
Wilmington _ 80,611
1,17
138
-.:891
42,408 2:849 32,329
Norfolk
50
Gulfport
50
21,540
5,96
2,217 1,685 -.
New York..
2,290 8,652
4,984
2451
754
495 ----------300
3,190
Boston
05
2052
Baltimore__
85
85
Philadelphia_
-.2,62 228,913
4
Los Angeles
14,622 3,395 22,125
400
400
San Diego_
1,857 56,968
50 -_-3,685
San Francisco
8,729, ____
13,000
__
- ---- --------------13,0001
Seattle
59,890
2
____
808
003
2,456,
Lake Charles.
1,515,778425,830 29,279 1333209664,021 5,872,565
999,3i9905.129
Total
I
.
'AO'OflAfllIW1A 1RQ2 STAR lid 499
.
,
, , „
,
,
Total '28-'29_ 1,759.669.756,713 1.787,9005913,290 191,093 1348487.709.0347,149,186.
Include in the
-It has never been our practice to that virtually
-Exports to Canada.
NOTE.
being
above table reports of cotton shipments to Canada, the reason it 1.3 impossible toand
all the cotton destined to the Dominion comes overlandreports from the customs
give returns concerning the same from week to week, while
very slow in coming to hand. In view,
districts on the Canadian border are always receiving regarding this matter, we will'
are
however, of the numerous inquiries weexports to the Dominion the present season
of March the
say that for the month
of the preceding season the
have been 15,848 bales. In the corresponding month March 31 1931 there were
exports were 15,314 bales. For the eight months ended eight months ended March
against 149,36/ bales for the
15 1
314,133 bales exported, as
Houston
Texas City
Corpus Christi
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:
3376
FINANCIAL CHRONICLE
On Shipboard Not Cleared for
-
Great
GerOther CoastMay. 1 at
- Britain. France. many. Foreign wise.
Galveston
New Orleans_ _
Savannah
Charleston_ _ _
Mobile
Norfolk
Other ports*. _
2,800
8,469
3,000
4,678
4,000 11,000
9,060 10,229
1:866
4,368
4:6•56 15,15156
-
2.050
2.006
Total 1931.. _ 15,319 9,178 17,060 40,597
Total 1930_ - 9,990 12,067 14,786 49,958
Total 1929
12,775 5,642 14,392 51.163
* Estimated.
Leaving
Stock.
Total.
1,500 22,300
2,400 34,836
200
200
100
100
61 6.479
-866
540,944
702.034
358,828
168,849
242,159
81,558
23,090 1,312,302
4,761 86,915 3,406,674
4,737 91,538 1,558,633
5,809 89,781 1,244,305
[VOL. 132.
stronger technical position. Co-operatives were buying
January and March for a time. But suddenly the whole
aspect of the market changed. That was caused by a
sudden change in the stock market. It began to decline
sharply, led by United States Steel. This at once had a
depressing effect on cotton. It ran down 40 to 45 points
from the early top. This drop was accompanied by heavy
selling attributed to New Orleans, the Southwest, Liverpool, and, to some extent, to local operators. The closing
was easy, with no signs of any rallying power. Spot markets were off 25 points. Exports were very small. There
was nothing especially encouraging in the weekly statistics,
though it is true the spinners' takings, according to a New
Orleans report, were larger than in the same week last
year, that is to say, 237,000 against 226,000. The Dallas,
Texas, "News" said that the recent rains • in ,Texas were
putting a good "season" in the soil. Worth Street was dull
and more or less depressed. Manchester was also quiet
and reported that the boycott in India was as sharp as ever.
Final prices show a decline for the week to new low levels
for the season, the drop being 64 to 73 points net. Spot
cotton to-day was off 25 points to 9.50c. for middling, showing a decline for the week of 65 points.
Speculation in cotton for future delivery has increased
at times, but has been, on the whole, far from active, and
prices have dropped about %c. under the influence of the
falling stock market and selling for home and foreign
account, especially to-day when New Orleans, the Southwest, and Liverpool, not to mention local operators, sold
on a noteworthy scale. There has been too much rain,
but in Texas, at least, this may ultimately be beneficial.
On April 25 prices declined 10 points or less, with stocks
lower and some week-end liquidation. Europe sold. Liverpool sold apparently in liquidating straddles for account of
•a recently suspended firm here. The Continent, New Or- Staple Premium
Differences between grades established
leans, and Wall Street sold. Spot markets were lower. 60% of average of
six markets quoting
for delivery on contract May 7 1931.
for deliveries on
Bombay declined. Rains were quite general, on the other
May 7 1931.
Figured from the Apr. 30 1931 average
hand, in Texas, Oklahoma, and Arkansas. The trade, co-opquotations of the ten markets designated
eratives, and shorts bought.
15-16 1-inch &
inch.
longer.
by the Secretary of Agriculture.
On the 27th ultimo prices declined some 15 to 20 points,
with stocks lower, the announcement of the suspension of
White
.25
:54
Middling Fair
.88 on Mid.
.25
do
.70
Strict Good Middling.
.54
do
West & Co., the weather better, the cables not at all stimu.25
do
.52
.54
Good Middling
do
lating, and considerable liquidation on the eve of the May
.25
do
.54 • Strict Middling
.31
do
.25
do
Basle
.54
Middling
notices on the 28th. Rallies were few, small, and not
.23
do
.50 off Mid.
.44
Strict Low Middling_
.22
sustained. Alexandria fell 20 to 49 points, and Bombay
do
.42
Low Middling
1.24
do
*Strict Good Ordinary. do
1.96
do
5 rupees. In Liverpool Bombay liquidated freely. Both
do
*Good Ordinary
2.60
do
Bombay and the Continent for a time sold in Liverpool.
Extra White
Good Middling
.52 on do
do do
Strict Middling
.31
do
Manchester was dull. The start of the crop is said to have
do do
Even
Middling
do
been better than the average. Spot markets were lower.
.50 off do
Strict Low Middling.... do do
Low Middling
do do
1.24
do
The tone in cotton was pessimistic under the shadow of the
25
.55
.21 on do
Good Middling
Spotted
25
falling stock market.
.55
.03 off do
StrIct Middling
do
23
.44
.50 off do
Middling
do
On April 28 prices advanced about a dozen points for a
•Strict Low Middling.- do
1 27
do
time, with the technical position better and the issue of
*Low Middling
1 96
do
do
28
.42
Strict Good Middling
.05 off do
Yellow Tinged
May notices of delivery only 65,000 bales, whereas some
28
.42
Good Middling
do do
.54
do
28
.42
had estimated them at 100,000 bales or more. Also shorts
Strict Middling
do do
do
.89
*Middling
do do
1.42
do
covered. The co-operatives bought January and March.
*Strict Low Middling.._
do do
1.99
do
Later, with stocks lower, prices were 6 to 8 points net
*Low Middling
do do
2 67
do
22
.42
Good Middling
Light Yellow Stained 1.20 off do
lower, ending one point net lower, to two points higher.
*Strict Middling
do do
do
1.65
do
The Exchange Service pointed out that the American and
*Middling
do do
do
2.13
do
22
42
Good Middling
Yellow Stained
1.45 off do
Far Eastern mills are doing better than those of Europe,
*Strict Middling
do do
2.00
do
adding that the consumption of American cotton for the
*Middling
do do
2.70
do
.28
48
Good Middling
Gray
.75 off do
eight months ended Mar. 31 as 7,358,000 bales against
23
42
Strict Middling
do
1.00
do
*Middling
do
9,167,000 during the same time last season. The drift in
1 40
do
*Good Middling
Blue Stained
1.50 off do
the United States, it is stated, is moderately upward, while
*Strict Middling
do do
1.98
do
on the whole in foreign countries it is slightly downward.
do do
*Middling
2.68
do
*Not deliverable on future contracts.
The world's consumption shows little change, but a year
ago the trend was downward. The situation on the whole
The official quotations for middling upland cotton in the
Is regarded as better.
New York market each day for the past week has been:
April 25 to Hay 1On the 29th prices declined 10 to 15 points, with the stock
Sat. Mon. Tues. Wed. Thurs. Fri.
9.95
9.95
9.80
10.10
9.75
9.50
market lower and U. S. Steel down over nine points. Also Middling upland
FUTURES.
-The highest, lowest and closing prices at
the cables were not at all heartening, and some features
of the weekly weather report were favorable. The weather New York for the past week have been as follows:
within 24 hours was mostly favorable, aside from Texas,
Saturday, Monday,
Tuesday, Wednesday, Thursday,
Friday,
where two-thirds of the stations reported rain. Also the
April 25. April 27. April 28. April 29. April 30.
May 1.
minimum temperatures were still in most cases unseason
ably low. The weekly weather bulletin summary said: "In April __
Range
the Western cotton belt coolness retarded growth of the
Closing _
early planted, while to the eastward somewhat more favor- May
Range.. 10.07-10.18 9.92-10.03 9.88-10.04 9.82- 9.95 9.64- 9.81 9.48- 9.91
able conditions prevailed. In Texas there was some frost
Closing_ 10.08-10.10 9.94- 9.95 9.96- 9.82- 9.75- 9.78 9.50- 9.51
damage from central portions northward, while the crop June
Range__
10.10
Is backward and its condition is only fair; chopping is under
Closing_ 10.21 10.08- 9.94- 9.86
10.079.61way along the lower coast, but stands are only fair, due to July
Range__ 10.32-10.44 10.19-10.28 10.12-10.28 10.07-10.19 9.87-10.05 9.71-10.13
the cold and to the drop top soil. In Oklahoma cotton plantClosing_ 10.35-10.36 10.20-10.21 10.19-10.20 10.07-10.10 9.97- 9.98 9.73- 9.75
Aug.
ing mostly suspended; germination Is poor, account of
Range __
10.11- 9.85 --Closing _ 10.4810.33 ---- 10.33 -- 10.20wet soil; planting is unusually late. In the central parts
of the belt progress in planting, germination, and growth Sept.Range__
10.46 --- 10.3310.4710.26- 9.96 -Closing_ 10.61 varied widely, with good advance in parts, but only poor
progress In others. In the Eastern belt, except in the
Range__ 10.69-10.82 10.54-10.64 10.48-10.64 10.42-10.52 10.21-10.43 0.05-10.50
10.56-10.57 10.55-10.56 10.42-10.44 10.34- 0.03-10.06
Closing_ 10.70extreme Northeast, planting made rather satisfactory advance, although germination was slow. In Georgia the
Range....
-10.6610.54Closing 10.8110.67Closing_
10.45condition of the crop is fairly good, and chopping has
10.16 --advanced northward to Macon. Worth Street was dull Dec.Range__ 10.93-11.03 10.78-10.87 10.71-10.86 10.67-10.76 10.46-10.65 10.27-10.71
Closing _ 10.93-10.94 10.78-10.80 10.77-10.79 10.67-10.68 10.57-10.58 10.27-10.30
and Manchester still quiet."
fan.
On April 30 prices declined 20 points, but recovered half
Range__ 11.04-11.15 10.88-10.99 10.82-10.97 10.77-10.88 10.57-10.75 10.40-10.83
Closing_ 11.05-11.07 10.88-10.90 10.8810.78-10.79 10.69more of this. Stocks for a time were lower, but they
or
10.40-10.41
Freb.rallied and closed higher. There was a heavy and undesired
Range__
Closing.. 11.1510.9810.9910.88Oklahoma, Arkansas, and Louisiana of
10.79 -- 10.51rainfall in Texas,
liar.
/
V to 514 inches. One redeeming feature of the weather Range.... 11.26-11.34 11.08-11.20 11.05-11.21 10.99-11.08 10.77-10.95 10.62-11.03
2
Closing_ 11.26-11.27 11.08-11.10 11.10-11.12 10.9910.8910.63-10.64
news, it is true, was a gradual rise in the minimum temperatures. The crop as a whole, it is said, got a better
NEW YORK QUOTATIONS FOR 32 YEARS
:
start than usual. The belt now needs clear skies and higher
The quotations for middling upland at New York on
temperatures. Japanese interests, the trade, and the co-op- May 1 for each of the past 32 years have been as follows:
eratives bought. The co-operatives bought January. The 1931
9.50c. 1923
27.50c. 1915
10.40c. 1907
ii.00C.
16.70c. 1922
18.95c. 1914
13.00c. 1906
sellers were the Continent, New Orleans, the Southwest, 1930
11.75c.
1929
12.40c. 1913
11.95c. 1905
19.55c. 1921
7.90c.
Later offerings fell off as stocks rose. 1928
and local operators.
22.30c. 1920
41.25c. 1912
11.40c. 1904
13.85c.
29.40c. 1911
15.45c. 1903
irregular, advancing early some 1927
15.30c. 1919
To-day prices were very
10.75c.
1926
18.95c. 1918
28.70c. 1910
15.25c. 1902
9.75c.
15 points on firmer cables, some advance in stocks, further 1925
24.40c. 1917
10.85c. 1901
20.70c. 1909
8.31c.
30.30c. 1916
12.30c. 1908
10.20c. 1900
rains in the Southwest and other parts of the belt, and a 1924
9.81c.
MARKET AND SALES AT NEW YORK.
the
The total sales of cotton on the spot each day during
-week at New York are indicated in the following statement.
columns
For the convenience of the reader, we also add
at a glance how the market for spot and futures
which show
-closed on same days.
Futures.
Market .
Closed.
Spot Market
Closed.
Saturday_ _ _ Quiet,5 pts. dec_ _ Steady
Monday __- Quiet, 15 pts. dec--- Barely steady_ _
_ Quiet, unchanged _ _ Steady
Tuesday
Wednesday_ Quiet, 15 pts. dec_ -- Barely steady_ _
Thursday _ - Quiet,5 pts. dec._ _ _ Barely steady_ _
Easy
Quiet,25 pts. dec_
Friday
SALES.
Spot. Contr't. Total.
420
420
124
124
-866
500
1,044
1.044
.
36,561 465,866 501.861
Total week_
Since Aug. 1
Range of future prices at New York for week ending
each option:
May 1 1931 and since trading began on
"Option for
Range for Week.
Range Since Beginning of Option.
Apr. 23 1931 13.34 June 18 1930
Apr. 193L_
May 1 1931 15.00 June 2 1930
May 1931__ 9.48 May 1 10.18
Apr. 28 1931 10.76 Jan. 23 1931
Apr. 28 10.10
June 1931__ 10.10
May 1 1931 13.82 Aug. 7 1930
July 1931__ 9.71 May 1 10.44
Dec. 13 1930 12.15 Oct. 28 1930
Aug. 1931_
Dec. 16 1930 12.57 Oct. 28 1930
Sept.1931
May 1 1931 12.31 Nov. 13 1930
Oct. 1931._ 10.05 May 1 10.82
Nov. 193I- _
21
25 10.27 May 1 1931 12.32 -Feb:- -1931
Dec. 1931_ 10.27 May 1 11.03 Apr.
1931 12.42 Feb. 25 1931
Jan. I932 10.40 May 1 11.15 Apr. 25 10.40 May 1
Feb. 1932...
1931 11.59 Apr. 6 1931
Mar. 1932__ 10.62 May 1 11.34 Apr. 25 10.62 May 1
10.05
Apr. 25 9.48
Apr. 28 10.10
Apr. 25 9.71
10.44
10.19
Apr. 25 10.05
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
May 1-
1931.
bales 868,000
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
214,000
1930.
797,000
1929.
978,000
Towns.
123,000
98,000
93,000
895.000
65,000
461,000
289,000
9,000
104.000
45,000
465.000
241,000
12,000
79,000
31,000
476MOO
274 MOO
9,000
118MOO
36,000
1,095.000
908.000
828,000
913,000
520,000
388.000
10,000
112,000
2,177.000 1,828,000 1.904,000 1,808,000
Total European stocks
135,000 142.000 141,000 163.000
India cotton afloat for Europe
for Europe 161,000 160,000 283.000 357,000
American cotton afloat
99.000
89,000
99,000
Egypt,BrazilAc.,afloatforEurope 68,000
667.000 518,000 389,000 367.000
Stock in Alexandria, Egypt
1,028.000 1,331,000 1.329,000 999,000
Stock in Bombay, India
3,493,589 1.650,171 1.334,086 1.454,292
Stock in U. S. ports
1,136.594 940,995 564,846 691.224
Stock in U. S. interior towns
8,874
17,102
U. S. exports to-day
8,883,285 6.659,166 6,052.806 5,938,516
Total visible supply
descriptions are as follows:
Of the above, totals of American and other
American
Liverpool stock
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
U. S. interior stocks
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock In Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
424,000 354.000 658.000 591.000
68,000
69,000
69,000
89.000
981,000 802,000 762,000 861,000
161,000 160.000 283,000 357,000
3,493,589 1.650,171 1.334,086 1.454,292
1,136.594 940,995 564,846 691.224
8,874
17,102
6,302,285 3.975.166 3.679,806 4.023.516
320,000
211,000
29,000
55.000
125,000
66,000
114,000 106,000
135.000 142,000 141,000
89,000
99,000
68,000
667,000 518,000 389,000
1,028.000 1.331,000 1.329,000
24.000
52.000
163,000
99,000
367,000
999,000
444,000
443,000
I Ship- Stocks
ments. Mat,
1.
Week. I Season. Week.
2,581,000 2.684,000 2.373,000 1,915,000
6,302.285 3,975.166 3,679,806 4.023.516
Ship- Stocks
meats, May
2.
Week.
,
Receipts.
Riceipts.
320 33,399
319, 99,244
Ala., BirmIng'm
9751 12,714
6 28,610
Eufaula
4851 69,103 3,160' 58,923
Montgomery.
680 99,556 1,155 42,380
Selma
33 76,758 1,589 16,887
Ark., Blythville
421 4,723
209 15,0211
Forest City_ _
200 41,660, 1,200 12,664
Helena
600 3,206
32,375'
106
Hope
195 2,165
17 26,387
Jonesboro_ _ _
84 101,732 2,460 27,327
Little Rock_ _
7001
200 27,920
Newport_ _ _
939 15,104
69
69 87,037,
Pine Bluff_..
135 2,509
38 23,924
Walnut Ridge
__ 3,76
7,394
1
Ga., Albany_
55 45,028 1,200 26,56
Athens
1,151 208,644 1,073165,756
Atlanta
1,992 327,130 3,111 81,67
Augusta
750 13,700
49,330
Columbus_ _ _
6.5 30,89
115 91,605
Macon
200 10,90
20,886
Rome
326 65,72
107.5671
155
La., Shreveport
178 112,633, 2.322 26,68
Miss., Crksdale
13 25,160! 1,078 8.024
Columbus_ _ _
35 138,024 1,765 40,66
Greenwood _ _
121 60,8411 1,165 19,70
Meridian..
351 6,73
12,399,
107
Natchez
765 10.60
15 35,068
Vicksburg531 8,425
4 32,879,
Yazoo City
5,98
Mo., St. Louis_ 3,311 219,472 4,872 43,87
99 44,606 1,075
N.C..Gr'nsb'ro
Oklahoma
001 34,82
381 532,2961
15 towns*
2,740 54,69
S. C.,Greenville 1,091 136,255 18,374216.499
Tenn.,Memphls 8,0501,271,729
12
, :
38
Texas, Abilene_
41
40
24,804,
Austin
165 4,60
7 19,428
Brenham _ _ _
377 8,57
231 144,636'
Dallas
81
73
.
_13 63,518,
Paris
109 9.56
54,781;
Itobstown_ _ _
25.177' ____ 1,34
San Antonio_
132 3,51
34,576;
Texarkana
95 4,60
82 61,383,
Waco
Total, 56 towns 19,6874,661,598 57,5671136594
1928.
802.000
920,000 1.076,000
1,082,000
Movement to Mar 2 1930.
Movement to May 1 1931.
(Friday) we add the item of exports from the United States,
only.
including in it the exports of Friday
Stock at Liverpool
Stock at London
3377
FINANCIAL CHRONICLE
MAY 2 1931.]
Week. Season.
388 109,700
90; 19,843
645' 61,464
75 72,444
21 127,776
30,539
15 61,434
241
56,163
15 39,631
95 127,336
10 51,362
558 188,061
3 55.892
6,482
1.150 42,862
1,994 164,454
1,715 303,845
84 25,280
206 75,703
23,356
324 144,972
115 191,452
49 28,86
145 231,521
111 52,869
25,258
91
32,746
1
3 41,78
7,103 284,820
96 21,161
10,071
5,442
25,706
18,675
24,371
7,788
12,152
1,250
1,847
16,787
2,307
1,288 23,633
91 3.929
2,494
750 18,698
6.355 69,023
3,232 71,135
475 1,591
941 13,249
16.546
1;558 48,506
732 25,522
319 6,067
2,486 54,936
266 5,521
162 9,171
139 6,268
97 6,819
7,529 10,458
694 9,787
1,6771
146
94
680
1,718
527
823
465
867
670
885 40.481
200 749,478
3,539 174,674 7,082 51,842
17.5421,882.3981 31,330287.868
224
28,765
827
22
30 11,425
52 2,813
32 11,049
800 11.564
500 112,715
190 2.374
74,672
106
1,172
32,700
-_-_
1,155
23,864
179, 3,774
65 60,350
5551 7,154
221 105,687
6251
37,5835,966,848 76,424940,995
• Includes the combined totals of 15 towns in Oklahoma.
stocks have
The above total shows that the interior
decreased during the week 534 bales and are to-night
time last year. The
195,599 bales more than at the same
bales less than the
receipts at all towns have been 17,896
same week last year.
AND
OVERLAND MOVEMENT FOR THE WEEK
-We give below a statement showing the
SINCE AUG. 1.
since Aug. 1, as made
overland movement for the week and
The results for
up from telegraphic reports Friday night.
years are as follows:
the week and since Aug. 1 in the last two
-4930-31-Since
May 1-
Week.
4,872
ShippedVia St. Louis
Aug. 1.
227,492
----1929-30---Week.
7.529
Since
Aug. 1.
283.493
64.024
3,633
30,215
172.348
544.696
205
12
4,033
17.525
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, Stc
Between interior towns
Inland, &c.,from South
52,600
1,509
16,453
146,350
493.060
120
37
314
3.025
10,132
26,757
Via Mounds, dm
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
937,464
21.157 1,098,409
904
27.984
326
10,535
12.355
249,146
11,765 289,485
Total to be deducted
14,992 647,979
total net overland*
Leaving
* Including movement by rail to Canada.
9,037
431
9,050
59,380
15.325
379,601
18,518
454,306
2,639
644.103
movement
The foregoing shows the week's net overland
bales for
this year has been 14,992 bales, against 2,639
date the
the week last year, and that for the season to
over a year ago
aggregate net overland exhibits an increase
of 3,876 bales.
.
-----1929-30-----
-----1930-31
In Sight and Spinners'
Takings.
Receipts at ports to May 1
Week.
Since
Aug. 1.
37.729 8,241,009
647,979
14.992
Net overland to May 1
South'n consumption to May 1 _--100,000 3.280,000
Week.
Since
Aug. 1.
50,024 7,777,807
644,103
2.639
105,000 4,105.000
152,721 12,168,988 157,663 12,526,910
Total marketed
731,085
613,501 *39,284
*534
Interior stocks in excess
Southern mill takings
Excess of
667,257
317,684
______
over consumption to April 1_
118,379
Came into sight during week_ - _152.187
13.925,252
13,100.173
Total in sight May 1
17,885 1.066,456
908,504
North.spinn's'takings to May 1__ 13,489
* Decrease.
Movement into sight in previous years:
Bales.
8,883,285 6,659,166 6,052,806 5,938.516
Since Aug. 1Bales.
WeekTotal visible supply
14,749,283
118,820 1928
-May 5
8.65d. 10.02d. 11.60d. 1929
5.34d.
13.104,314
Middling uplands, Liverpool
167.411 1927
16.60c.
19.75c. 21.35c. 1928
-May 6
9.50c.
18,073,841
Middling uplands New York__ - 193,577 1926
15.20d. 19.00d. 22.55d. 1927
-May 7
9.40d.
Egypt, good Sakei, Liverpool_ -t14.50d. 13.756.
AT
Peurvian, rough good, LiverP001- 4.384.
COTTON
MIDDLING
FOR
8.60d.
6.256.
QUOTATIONS
9.954.
Broach, fine, Liverpool
9.75d.
7.60d.
5.13d.
10.90d. OTHER MARKETS.
-Below are the closing quotations
Tinnevelly, good, Liverpool
* Estimated.
Continental imports for past week
have been 64,000 bales.
a decrease from last
The above figures for 1931 show
week of 140,800 bales, a loss of 2,224,119 bales from 1930,
from 1929, and a loss of
a decrease of 2,830,479 bales
2,944,769 bales from 1928.
-that is,
AT THE INTERIOR TOWNS the movement
1, the shipments for
the receipts for the week and since Aug.
the week and the stocks to-night, and the same items for the
corresponding period of the previous year, is set out in
detail below:
principal cotton
for middling cotton at Southern and other
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
May 1.
Galveston
New Orleans _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock - - Dallas
Fort Worth -
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
10.00
9.85
9.40
9.70
9.94
10.15
9.63
8.95
9.95
8.85
9.35
9.85
9.77
9.25
Holiday.
9.81
10.00
9.44
8.80
9.80
8.70
9.40
9.30
9.85
9.77
9.25
9.56
9.88
10.00
9.44
8.80
9.80
8.70
9.40
9.35
9.75
9.68
9.15
9.44
9.75
9.95
9.31
8.65
9.70
8.60
9.25
9.25
9.65
9.52
9.05
9.33
9.69
9.90
9.25
8.80
9.60
8.50
9.15
9.15
9.40
9.25
8.80
9.09
9.50
9.85
9.06
8.60
9.35
8.35
8.90
8.90
3378
FINANCIAL CHRONICLE
NEW ORLEANS CONTRACT MARKET.
Saturday,
April 25.
April
May
June
July
August_ _ _
September
October _ _
November
December
January
February _
March_ _
April
Tone
Spot
Options.,_
Monday,
April 27.
Tuesday, Wednesday, Thursday,
April 28, April 29. April 30.
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1930 are 8,844,673 bales;
in 1929-30 were8,484,593 bales, and in 1928-29 were 8,970,880
bales. (2) That although the receipts at the outports the
past week were 37,729 bales, the actual movement from
plantations was 37,195 bales, stock at interior towns
having decreased 534 bales during the week. Last yearreceipts from the plantations for the week were 10,740
bales and for 1929 they were 765 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts.
gone out of sight for the like period:
Fr day,
M 1.
9.77- 9.78
10.1010.0210.04- 9.91- 9.92
9.51
10.33-10.34 10.23-10.24 10.23-10.25 10.13-10.14 9.99-10.01 9.71
9.71
10.6910.58-10.59 10.5910.34 -10.0: 10.04
10.4310.91-10.92 10.81 10.81-10.82 10.67 ---- 10.58-10.57 10.21 10.30
11.04-11.05 10.93 -- 10.93-10.94 10.78 Bid. 10.67 Bid. 10.41
11.14 Bid. 10.99 Bid. 10.87 Bid. 10.61
Quiet.
Easier.
Quiet.
Steady.
Steady.
Steady,
Steady.
Easier.
Quiet.
Barely stdy
Bid.
Ch et.
W eak.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
US by telegraph this evening denote that the weather generally
throughout the cotton belt has been mostly cool and wet,
retarding the growth of early planted cotton and delaying
seeding and germination. There are, however, some sections in the eastern portion of the belt that had more favorable conditions.
Texas.
-There has been some frost damage from the
central portion of this State northward. The crop is backward and the conditions of the crop is only fair.
Mobile, Ala.
-The past week has been favorable for
planting, but growth has been delayed by cool nights.
Chopping has been held back account of plants being small.
Memphis, Tenn.
-Early planted cotton is coming up to
good stands.
Rain. Rainfall.
2 days 1.92 in.
3 days 1.38 in.
5 clays 1.86 in.
4 days 0.15 in.
4 days 0.21 in.
2 days 0.84 in.
1 day
0.54 in.
6 days 3.04 in.
3 days 1.62 in.
1 day
1.30 in.
6 days 1.26 in.
4 days 2.60 in.
6 days 1.81 in.
3 days 0.56 in.
6 days 0.79 in.
5 days 2.40 in.
4 days 0.92 in.
3 days 0.25 in.
2 days 1.40 in.
3 days 1.02 in.
3 days 1.27 in.
4 days 2.26 in.
2 days 1.79 in.
4 days 4.61 in.
4 days 1.27 in.
1 day 0.90 in.
1 day
1.86 in.
2 days 0.09 in.
4 days 3.51 in.
1 day 0.16 in.
2 days 0.89 in.
3 days 0.20 in.
1 day 0.16 in.
2 days 0.25 in.
1 day 0.02 in.
dry
0.02 in.
1 day
dry
0.03 in.
1 day
2 days 0.24 in.
2 days 0.61 in.
1 day 0.08 in.
1 day 0.01 in.
2 days 0.08 in.
2 days 0.18 in.
0.08 in.
1 day
3 days 0.11 in.
2 days 0.17 In.
2 days 0.43 in.
4 days 0.83 in.
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, Okla
Muskogee, Okla
Oklahoma City, Okla
Brinkley, Ark
Eldorado. Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria, La
Amite La
NewOrleans, La
Shreveport, La
Columbus, Miss
Greenwood, Miss
Vicksburg, Miss
Mobile,Ala
Decatur,Ala
Montgomery, Ala
Selma, Ala
Gainesville, Fla
Madison, Fla
Savannah,Ga
Athens, Ga
Augusta, Ga
Columbus, Ga
Charleston, S. 0
Greenwood, S. C
Columbia, S. C
Conway. S. C
Charlotte, N.0
Newbern, N. C
Weldon, N.C
Memphis, Tenn
Thermometer
high 78 low 63 mean 71
high 86 low 44 mean 65
high 82 low 42 mean 62
high 80 low 64 mean 72
high 78 low 62 mean 70
high 84 low 52 mean 68
high 72 low 44 mean 58
high 84 low 44 mean 64
high 84 low 50 mean 67
high 80 low 42 mean 61
high 78 low 54 mean 66
high 78 low 52 mean 65
high 80 low 54 mean 67
high 78 low 48 mean 63
high 86 low 54 mean 70
high 84 low 50 mean 67
high 84 low 44 mean 64
high 79 low 42 mean 61
high 70 low 41 mean 56
high 73 low 40 mean 57
high 71 low 43 mean 67
high 82 low 39 mean 61
high 77 low 45 mean 61
high 77 low 47 mean 62
high 77 low 44 mean 61
high 82 low 49 mean 66
high 80 low 46 mean 63
mean 68
high 79 low 50 mean 65
high 83 low 40 mean 57
high 83 low 41 mean 62
high 79 low 45 mean 62
high 82 low 52 mean 66
high 78 low 41 mean 60
high 82 low 48 mean 65
high 80 low 47 mean 64
high 87 low 52 mean 70
high 88 low 50 mean 69
high 86 low 52 mean 69
high 82 low 41 mean 62
high 82 low 46 mean 64
high 85 low 46 mean 66
high 84 low 48 mean 70
high 84 low 40 mean 62
high 80 low 46 mean 63
high 84 low 41 mean 63
high 78 low 42 mean 60
high 82 low 44 mean 63
high 77 low 36 mean 57
high 78 low 44 mean 61
[VOL 132.
Cotton Takings
Week and Season.
1930-31.
Week.
1929-1930.
Season.
Week.
Season.
Visible supply April 24
9,024,085
6,817,909
Visible supply Aug. 1
5,302,014
3,735,957
American in sight to May 1-152,187 13,100,173 118.379 13,925,252
Bombay receipts to April 30_
46,000 2,779,000
83.000 3,027,000.
Other India shipments to Apr.30
499,000
16,000
642,000
10,000
Alexandria receipts to Apr. 29_.
9,000 1,305,900
33,000 1,582,200
Other supply to April 29..5J....
537,000
10,000
8,000
634,000
Total supply
9,257,272 23.523,087 7.070,288 23,546,409Deduct
Visible supply May 1
8.883,285 8,883,285 6,659,166 6,659,166.
Total takings to May La
373,987 14,639,802 411,122 16,887,243
Of which American
273.987 10,204,902 229,122 11.714,043
Of which other
100.000 4,434.900 182,000 5,173.200.
* Embraces receipts in Europe from Brazil, Smyrna. West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,280,000 bales in 1930-31, and 4,105,000 bales in 1929-30.
--takings not being available
-and the aggregate amounts taken by
Northern and foreign spinners, 11.359,802 bales in 1930-31, and 12,782,243 bales in 1929-30,of which 6,924,902 bales and 7,609,043 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1930-31.
Bombay
1929-30.
1928-29.
Since
Week.I Aug. 1.
April 30.
Receipts at
-
Since
Week. !Aug. 1.
Since
Week- I Aug. 1.
46.000 2.779,000 83,000 3,027,000 82,000 2.766.000.
For the Week.
Exports
from
-
Since August 1.
Great C07116 Japan&
,
Great
Britain. new. China. Total.I Britain.
Bombay
1930-31._
1929-30._
1928-29._
Other India
1930-3l.._
1929-301928-29_
Total all-1930-31_
1929-30_
1928-29_
2,000 11:000
2:64, 10,000
1,000! 15,000
4.000, 6,
8,000 4,
7 0001 28,01301 108,
61,000 78,000 67
41,000 53,0001 50
Continent.
Japan &
China.
Total.
572,000,1,461,0002,144,000
,
657,0001,275,0001,999,000
625,l I 1,311,0001,986,000.
16,0001 120,
379,111
10.000 131,000 511,111
10.000 94.000 436,111
499,000.
642,000
530,000.
3,000, 31,000 7.000 41,0001 228,000 951,1 1 1 1,461,0002,643,000
4,000, 23,000 61,000 88,000 198.0001,168,1 1 1 1,275,0002,641,000
8,000 14,000 41,000 63,000 144,0001,061,1 1 1 1,311,0002,516,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of'
37,000 bales. Exports from all India ports record a decrease
of 47,000 bales during the week, and since Aug. 1 show an
increase of 2,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
The following statement we have also received by tele- Alexandria, Egypt. The following are the receipts and
graph, showing the height of rivers at the point named at shipments for the past week and for the corresponding week
of the previous two years:
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge..
Above zero of gauge..
Above zero of gauge.
Above zero of gauge_
Above zero of gauge_
May 1 1931.
Feet.
5.6
16.4
19.4
9.7
23.9
May 2 1930.
Feet.
4.7
14.7
8.6
6.1
20.6
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
past of the crop which finally reaches the market through
the outports.
Week I
Rnde
Receipts at Ports.
1931.
Stocks at Interior Towns.
1930.
1931.
1930.
1929.
ecciptsIrons Plantations
1931. 1930.
Jan.
18.... 106.805 104,523 151.177 1,725.164 1,458.833 1,161,14 81.110
23-- 80,428 98,388171,761 1,696,148 1,432,387 1.118,699 51,412
30-- 115,045 87.594 155,731 1,658,372 1,403,107 1,072,678 77,269
Feb.
6.... 105,953 82,277135.0781.627.316 111,8251,355.621 74,897
13__ 106,106 53.506 81.57 1.588.762 1,328,078 968,412 67.552
20... 113,043 65,886 80.866 1.556.997 1,306,632 936.027 81,673
119,362 55.748 91,438 1.514.682 1,288,139 906,387 77,047
Mar.
6-- 118,571 50.312 86.0411,461.836 1,256,075 849,195 85,725
93,477 44,91 106,3 1,420.753 1.228,686 814.522 41,083
20_. 68,139 46,415 97,085 1.379.376 781,667 1.202,943 26,782
78,041 1.349.018 1,163.170 752,959 31,378
27-- 61.736 46,
Apr.
3__ 53,101 49.351 59,884 1.312,856 1.113.592 711.349 16,939
Nil
10._ 40,426 47,498 48,659 1,264,845 1,066,544 679.205
17.._ 52,119 46.69 53.351 1,213,990 1.024,125 646,881 1,284
N11
695,322
33,372 50,239 56,917 1,175,73 980,279
May
37,729 50,024 51.241 1.136.594 940,995 564,846 37,195
1929.
84.011 108,858
73,942 129,320
58,314 109,710
34,791
23,972 40,069
46,440 50,481
37,251 61,798
18,248
17,510
20,692
7,133
29,749
71.677
64,230
40,333
Nil
450
4.274
8,393
18,274
16,515
25,027
25,358
10,740
765
Alexandria, Egypt,
April 29.
Receipts (cantors
This week
Since Aug. 1
Exports (bales)
-
1930-31.
1929-30.
1928-29.
45,000
6,375.000
165,000
7.897,360
120,000
7,811.330
This Since
Week. Aug. 1.
To Liverpool
109,640
To Manchester,dm
99.061
To Continent and India.... 15.000 452,136
To America
1,000 16,135
Total exports
16.000 676,972
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
124,723
128,778
9:(5(315 388,746
101,491
148,613.
6.000 146,2727,000 401,828.
3,000 160,732
9,000 743,738 16,000 857,445.
Note.
-A canter is 99 lb.. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ended Apr. 29 were45,000 canters and the foreign shipments 16.000 bales.
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furdshed by Lambert & Burrowes, Inc., areas follows, quotations being in cents per pound:
High StandDensity. ard.
Uierpoo.450. .60c.
Mallehester.45e. .600.
Antwerp .450. .60o.
Havre
.31o. .46c.
Rotterdam .450. .650.
Genoa
.500. .65c.
Oslo
.50c. .65e.
High Standard.
Density
Stockholm .600. .750.
.513c. .650.
Trieste
.500. .650.
Flume
Lisbon
.450. .60e.
.60o. .75c.
Oporto
Berea na .400. .550.
Japan
.400. .550.
High
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Salonica
Venice
Stan
a2
r(,
.45e.
.40c.
.45c.
.450.
.75c.
.75o.
.50e.
.55o.
.60c.
.600.
.90e.
.903.
.65c.
MANCHESTER MARKET.
-Our report, received bycable to-night from Manchester, states that the market in
both yarns and in cloths is quiet. Demand for India is.
poor: We give prices to-day below and leave those of:
previous weeks of this and last year for comparison:
1930
1931
328 Cos/
Twist.
Feb.
83( Lbs. Shirt- Cotton
ing*. Common AfMetro
Uprds.
to Finest.
a. d.
d.
d.
d.
8H0 94.4 85 @ 91
90
840 9H 84
84 @ 90
8,444
10.
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
d.
9.49
9.40
8.85
12341814
12;4013%
1240134i
12 C4183.1
11 4
11 0
10 6
10 4
@12 0
@II 4
011 2
011 0
90
90
90
90
6.09
5.97
5.95
5.85
1114@l3
11,‘@12%
11%013
12 013
10 2
10 2
10 4
104
010 6
010 6
011 0
011 0
8.18
8.05
8.54
8.44
(4 9 0
090
090
090
5.76
5.59
5.55
5.62
4
12H(4131
1240413;i
11%01234
12 013
10 4
10 4
10 1
10 1
011 0
011 0
@105
010 5
8.85
8.76
8.61
8.74
101
@105
Spot.
Market,
12:15
P. M.
8.60
8.69
8 47
8 49
84
84
84
84
9 @WA
8H0 914
8%010%
83(010Si
84
84
84
84
17day@1011 84 0 9 0
5.46 12 @1.3
Sales
Tuesday. Wednesday. Thursday.
Friday.
Wet.
A fair
business
doing,
A fair
business
doing,
Quiet.
A fair
business
doing.
A fair
business
doing.
Total---------------------------------------------- 74.628
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port:
Apr.10.
18.000
Apr. 17. Apr. 24.
32,000
29.000
Maul.
25.000
7,000 41,000 47,000 17:82
17:8S(1 1:38S 43,000
1,000
34,000
918.000
453,000
30.000
16.000
96.000
42.000
901,000
446,000
31.000
14,000
106.001)
51,000
889,000
437.000
37,000
13,000
109,000
48.030
868,000
424.000
16,000
5.000
113.000
49,000
5.54d.
5.62d.
4,000
5,000
5.544.
5,000
5.53d.
5,000
5.414.
5,000
5.460.
4,000
Steady, Quiet but Quiet but
Steady.
Futures.1 Steady, Quiet but
Market
2 to 4 pts. st'dy,6 to 7 2 to 4 pta. st'dy, 2 to 4 sedy, Ito 2 3 to 7 pta.
pta. dec.
pts. dec. advance.
decline.
pta. dec.
decline.
opened
Quiet. Rarely sty
Market, I st'dy, un- Quiet but Quiet but Quiet but
ch'gd to 2 et'dy,7 to 9 st'dy, un- st'dy,13 to 78 to 9 pts. 2 to 4 pta.
4
decline,
advance.
dec. pta. dec. ch'gd to 2 pta. dec.
P. M. 2 pta.
sea. dec.
Bales.
-Rio Braco, 1,683- _ -April
CiALVESTON-To Bremen-April 23
2,236
28-Narbo, 553
42
To Copenhagen-April 29-Travemunde, 42
735
-Maria, 735
To Venice-April 23
100
-Maria, 100
To Trieste-April 23
609
-West Harshaw,609
To Liverpool-April 25
1,054
-West Harshaw, 1,054
To Manchester-April 25
To Havre-April 25-Middleham Castle, 100-And' 28
466
Youngstown. 366
25-Middleham Castle, 350
350
To Ghent
-April
-Marina Odero, 1,157
1,157
To Genoa-April 25
-Marina Odero, 277
277
To Naples-April 25
To Rotterdam-April 24-Gaasterdijk, 87__ _April 29656
Travemunde, 569
-Youngstown, 13
13
To Dunkirk-April 28
-Youngstown, 48
48
To Antwerp-April 28
-To Barcelona-April 23-Jomar, 500
500
NEW ORLEANS
-Traveller, 1,276
1,276
To Liverpool-April 22
-Traveller, 185
185
To Manchester-April 22
-April 24-Baja California, 2,000
2.000
To Vera Cruz
April 27
-FernTo Japan-April 25-Levernbank, 1,850
bank, 1.150
3,000
To China-April 25-Levernbank, 700
700
To Rotterdam-April 24-Crete, 100
100
-Grote,320
To Hamburg-April 24
320
To Bremen-April 24-Grete,600
600
To Antwerp-April 24-Grete,50
50
To Lapaz-Apri125--Irionla, 100
100
-To 13remen-April 21-Hastings,535
MOBILE
535
Allen, 519
-Ethan
To Japan-April 22
519
-Ethan Allen, 500
-April 22
To China
500
-San Antonio. 200
To Havre-April 24
200
-Mar Carine, 1,406_ 1,406
-To Barcelona-April 24
CORPUS CHRISTI
To Japan-April 30-Fernbank,300
300
To Gothenburg-April 25-Travemunde, 29
29
To China-April 30-Fernbank, 1,167
1,167
-Marina Odero. 1,750
To Genoa-April 27
1,750
-West Harshaw,843
-April 23
J1OUSTON-To Liverpool
843
-Youngstown, 1,882; San Antonio„2,279_ 4,161
To Havre-April 30
To Manchester-April 2:3-west Harshaw,743
743
-Tampa,
To Dunkirk-April30-1 oungstown,104- __April 29
-San Antonio, 779
335-..April 30
1.218
1.317
-Marina Odero,
1,317
To Genoa-April 23
-San Antonio,6: Youngstown.31
37
To Antwerp-April30
-Marina Odero. 123
-April 23
123
To Naples
-San Antonio, 146: Youngstown, 132
278
-April 30
To Ghent
388
To Rotterdam-April 25-Gaasterdiik. 388
To Bremen-April 30-Narbo. 1.820: April 29-Trifels, 1.997. 3,817
•
-Tampa, 1,611
1,611
To Gothenburg-April 29
-Delight,75
75
To Canada-April 27
-Tampa, 500
To Narrkoping-April 29
500
-Tampa,400
-April 29
'To Malmo
400
-Mar
To Barcolona-April 28-Jcmar, 1.873___April 29
Carib°, 2,330
4,203
-Tampa, 372
To Copenhagen-April 29
372
-Tampa, 253
Vejle-April 29
253
-City of Bedford. 3,000
To Inuia-April 28
:1,000
-Tampa,50
To Abo-April 29
50
-Tampa, 61
To Bergen-April 29
61
-Tampa, 200
To Warberg-April 29
200
-Hannover. 1,232
-To Bremen-April 27
NORFOLK
1.232
-Bellflower. 115
-April 30
To Manchester
. 115
-To Dunkirk-April 27-Braheholm, 150
SAVANNAH
150
-April 28-DellIlian, 864
To Liverpool
864
To Manchester-April 28-Delillian. 511
511
To Havre-April 29-8'orthbrIdge. 5
To Bremen-April 29-Forthbridgc, 1.620; Fluorspar, 1,175_ _ 2,795
100
Tot Rotterdam-April 29-Forthbridge. 56: Fluorspar. 50,_
To Hamburg-April 29-Fcrthbridge, 399: Fluorspar, 282._
681
-Fluorspar, 471
471
To Ghent-April 29
BEAUMONT-To Bremen-April 29-Orete, 196
196
-Fluorspar. 2,518-- -April
-To Bremen-April 23
CHARLESTON
-Fort Bridge, 2,000
25
4,518
-Fluorspar, 65
l 23
To Antwerp-Apri
65
To Hamburg-April 25-Forthbridge, 195
195
To Rotterdam-April 25-Forthbridge, 27
27
-April 25
-Columbus,500
LOS ANGELES
-To Bremen
500
-Atlantic City, 4.665: Tatsuno Meru,
To Japan-April 25
-Mama Meru, 450
3,000; Sliveryew. 2,750.- _April 27
10.865
-Atlantic City, 1,400: Silveryew, 500_
To China-April 25
April 27
-Mama Meru, 75
1,975
Maru, 100: President Filmore,235
-Mama
To India-April 27
335
-Youngstown, 485
-A 1 28
TEXAS CITY
-To Havre
485
-Youngstown. 18
To Antwerp-April 28
18
-Youngstown, 228
To Ghent,
-April 2E1
228
To Bremen-April 28-rTrifels. 1,335
1,335
-San Antonio, 50
l 28
LAKE CHARLES
-To Dunkirk-Apri
50
To Bremen-April 27
-Grew, 7; Aida, 275
282
Monday.
Mid.Upi'ds
-As shown on a previous page, the
SHIPPING NEWS.
.exports of cotton from the United States the past week have
reached 74,628 bales. The shipments in detail, as made
lip from mail and telegraphic reports, are as follows:
Sake of the week
Of which American
Sales for export
Font arded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which A..nsrican
Saturday.
8.65
934@lex
9 @t0
9 @l0
9 @lOti
.Aptil-
d
d.
d.
s. 0.
s. d.
5.41 1334014H 12 2 (412 4
5.63 1334014H 12 2 012 4
5.63 13 0144 12 2 012 4
5.72
5.85
6.04
6.18
84
84
84
84
Mar-
32s Coy
Twist.
814 Lbs. Shirt- Cotton
lags, Common Middro
prds.
to Finest.
90
90
90
90
8%0 94
9 (410
94(010M
934@1.0%
See@ OSCV
Jan.-
3379
FINANCIAL CHRONICLE
May 2 1931.]
Prices of futures at Liverpool for each day are given below:
1
April 25
to
May I,
Fri.
Thurs. I
Sat. I Mon. I Tues. I Wed.
12.1512.3012.15 4.0612.15 4.0012.15 4.0012.15, 4.0012.15 4.00
1p.
p. or. p. or. p. or. p. m. in. p. or. p. or. p. or. p. m.;p. m. p. or, p. or.
d.
New
eContrad--1 d.
5.48
April
5.48
May
5.52
June
5.56
July
LBO
August
__ __ 5.65
September
__ 5.68
October
-_ _ 5.72
November
December5.76
Jan ruay
Febuarry(1932):: -_-_ 5.80
5.84
March
5.891
5.93
April
d. 1
5.39
5.39
5.43
5.47
5.51
5.55
5.59
5.63
5.67
5.71
5.75
5.80
5.84
d. I d. I
d.
5.41 5.39, 5.41
5.41 5.39 5.41'
5.45 5.42 5.44
5.49 5.46 5.48
5.535.50 5.52
5.561 5.53 5.55
5.60 5.57 5.59
5.64' 5.61 5.63
5.69 5.65 5.67
5.72 5.69 5.71
5.76 5.73' 5.75
5.811 5.78 5.80
5.85 5.82 5.84
d. 1
5.38
5.38
5.41
5.45
5.49
5.53
5.57
5.60
5.64
5.68
5.72
5.77
5.81
d.
5.34
5.34
5.38
5.41
5.45
5.49
5.53
5.57
5.61
5.65
5.69
5.74
5.78
d. I d. I d. I d.
5.36, 5.25, 5.31 5.29
5.311 5.30' 5.35 5.33
5.34' 5.33 5.39 5.37
5.38; 5.371 5.43 5.41
5.42 5.41: 5.47 5.44
5.46', 5.45 5.51 5.48
5.50 5.49 6.55 5.52
5.54 5.53' 5.59 5.56
5.58 5.57, 5.63 5.60
5.62 5.61. 5.67 5.64
5.671 5.66 5.72 5.68
5.71 5.70 5.76, 5.72
5.75 5.74 5.80' 5.76
BREADSTUFFS
Friday Night, May 1 1931.
Flour was in moderate demand, with flour firm and
feeds weak. On the 28th ultimo feed declined 50e. Flour
was firm. On April 30 feed declined 50e. to $1 further.
'Wheat has acted very well under the stimulus of a
better demand for export and covering of shorts, with the
technical Position better, so that much of the time wheat
has paid comparatively little attention to a declining stock
market, something which has plainly affected other commodities. The ending is actually at a moderate advance.
On April 25 prices ended unchanged to 1%c. lower, partly
in sympathy with breaks in corn and oats. Private cables
reported that the German Cabinet has decided to defer
Its decision on the duty question until later. Buenos Aires
closed IA! to %c. lower, with the exchange weak and off
to 32c. Very favorable weather prevailed over the Southwest, with further rain and snow. The Northwest. on the
other hand, was dry and cold on both sides of the line, and
the forecast was bad.
/
On the 27th ultimo prices ended 14 to 1e. higher, with
Winnipeg % to 1%c. higher, due to a Supreme Court decision in Saskatchewan stated that the Grain Marketing Act
regarding the 100% pool was unconstitutional. The visible
supply decreased for the week 1.483,000 bushels, with the
total in sight 190.248,000 bushels against 136,190,000 a year
ago. World's shipments for the week were 14,872,000 bushels. North America shipped 4,494,000 bushels. From July 1
1930 world's shipments were 627,619,000 bushels, or about
120,000,000 more than for the same period the year
previous.
On April 27 It was said prices in Germany had declined
7e. a bushel during the day, which was taken by some
traders as indicating that the import duty would be lowered.
4
1
On the 28t1l ultimo prices declined / to %c., with stocks
lower, favorable crop news from the Southwest, end European crop advices promising. But later covering left prices
4c.
1
at the close % to / net higher. Liverpool closed 1 to
4d.
/
11 higher. Export business was said to have been fair
both for Manitobas and Canadian durums. France allows
'millers to use 25% of foreign wheat. Germany was expected to reduce the duty sharply from the present rate of
$1.62 a bushel. Continental arrivals for the week were
5,208,000 bushels, and since Aug. 1 1930 are 246,000,000
bushels against 246,000,000 bushels last year. Buenos Aires
4c.
1
late in the day was % to / higher. No rain occurred in
the American or Canadian Northwest. Bradstreet's world's
visible supply in a week decreased 8,269,000 bushels.
Berlin cabled the New York "Times" on April 28 that a
"reduction of about 50c. a bushel on the duty on wheat will be decreed
by the German Cabinet this week. Stocks of domestic wheat and rye have
reached a low level, so the Government 'believes Germany can absorb
about 20,006,000 bushels of cheap foreign wheat without endangering the
nation's agriculture. A rigid control over importations under the reduced
duty will exercise, Hamburg and Bremen being designated as the receiving ports because none of the Southeastern European ports are not
believed to be in a position to export wheat. The present wheat duty
of about $1.62 a bushel enabled German agrarians to unload most of
their huge reserves. The millers and bakers threaten to boost the retail
price of flour and bread in view of the coming wheat shortage. While
the demands of the Socialists and trade unions for a lowering of tariffs
on foodstuffs are largely responsible for the Government's action, the
fact that the United States and Canada are prepared to unload surplui
•
3380
FINANCIAL CHRONICLE
stocks also has influenced the Government's decision to lower the duty
in connection with its price leveling program."
On the 29th ultimo prices ended %c. lower to %c. higher.
Berlin closed 2%c. lower, and rumors were current that
Germany may reduce its duty on foreign wheat some 50 to
58c. from the present rate of $1.62 a bushel. No rains
occurred in the Northwest and export sales rose to 1,000,000
bushels. Some No. 2 hard winter sold for export via the
Gulf at 76%c. The technical position seemed better. Wheat
practically ignored the break in stocks.
On April 30 prices ended %c. lower to lc. higher at
Chicago and / to %c. higher at New York. A sharp rally
3
4
in the stock market helped. So did export sales of 1.000,000
bushels, including a fair quantity of hard winter, via the
Gulf, and also the fact that the weather was still dry in
Canada. To-day prices ended unchanged to %c. higher at
Chicago, and was in about the same position in New York.
Winnipeg, and Minneapolis. Trading was active at irregular prices. There was an advance early on reports that
the German duty was to be cut 58%c. May deliveries, however, were large in all markets, especially at Minneapolis.
where 23,000,000 bushels were tendered. The Farm Board
took the tenders. At Winnipeg some of the May deliveries
were stopped by the pool. An emergency was declared at
Chicago and track deliveries were made permissible. The
winter wheat crop reports were good. Export sales were
only 300,000 to 400,000 'bushels. It is said that the German
duties will not be changed, but that the German Government will give rebates fixing the quantities monthly to be
admitted into Germany. All this, with another break in
stocks and a noticeable decline in corn, had a very manifest
effect on wheat. Liquidation was heavy. Dry weather eontinned at the Northwest, but this was largely ignored.
The Farm Board is said to have sold 13,000,000 bushels of
hard wheat to a leading exporter in cleaning up the Board's
holdings at the Seaboard and the Gulf.
DAILY CLOSING PRICES OF BONDED WHEAT IN NEW YORK.
Sat. Mon, Tues. Wed. Thurs. Fri.
May
6234 6334 6434 6434 6434 65
July
64
65
6531 6534 6634 6634
October
6534 6634 6731 6731 6834 6834
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
9331 9334 9334 9334 93%____
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
8231 82% 8234 8234 82% 8231
5934 61
July
6151 6134 6231 6234
September
5934 6034 6134 6034 6134 6134
December
6334 6434 6434 6434 6534 6534
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs, Fri.
May
5834 5934 6031 5934 6031 6094
July
62
6134 6234 62
60
61
October
6134 6334 6434 6334 6434 6434
[VOL. 132.
last week 951,000 bushels, against 263,000 a year ago. The
total is now 13,837,000 bushels against 16,461,000 a year
ago. On the 28th ultimo prices ended %c. lower to %c.
higher, with corn prices not encouraging. On the 29th
ultimo prices ended lige. lower to %c. higher, with a very
good cash demand. On April 30 prices ended lc. lower to
/ higher. Longs sold May and bought distant months.
3
4c.
To-day prices closed 12 to lc. lower, under the influence
/
of corn. May tenders were on a moderate scale. But there.
was scattered liquidation. Farm reserves are estimated
by Murray at 224,000,000 bushels against 177,000,000 a
year ago. Final prices show a decline for the week of
1% to 2c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Fri.
Wed. Thurs.
Tues.
Mon.
Sat.
No. 2 white
3834-39
38-3834 39-3934 39-3934 39-393
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
2634 2634 2634 2631 2631 2631
July
2734 2734 2731 2731 2734 27
September
2731 2734 2834 2834 2834 2734
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
2831 2831 2831 2734 2734 2734
July
2851 2834 2831
2934 2934 29
Rye has dropped 3 to 4c., under the weight of steady
liquidation. Moreover, track deliveries are permitted, and
this of itself has had a more or less depressing effect,
especially as export business is still lacking. On April 25
prices declined 2c., with wheat lower and liquidation a
feature. On April 27 prices closed % to 2c. higher, after
being % to / lower on May. The United States visible
3
4c.
supply decreased last week 283,000 bushels against 273,000
last year. The total is now 11,176,000 bushels against
13,705,000 a year ago. On the 28th ultimo prices ended 14
to %c. lower, with wheat declining. On the 29th ulthno
prices declined % to 114c. to new lows. Spreaders bought
May and sold distant months. On April 30 prices ended %
to %c. lower. New lows were made for all months except
December. The early decline was % to lc. Good buyingcaused the rally. No export business was done. To-day
prices ended % to lc, lower, following wheat, and also
affected by track deliveries. Final prices show a decline
for the week of 3 to 3%c.
DAILY CLOSING PRICES OF RYE FUTURES - N CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
3334 3434 3334 32% 3231
35% 353( 3434
3534 3631 36
3731 3834 38% 3734 3734 363/s
May
July
September
Closing quotations were as follows:
GRAIN.
Oats, New York
Wheat, New York3834 039
No. 2 red,fob.,939( No. 2 white
.
new
3734038
No.3 white
Manitoba No.1,f.o.b. N.Y., 7534
4334
-No.2, f.o.b. N. Y
Rye
Corn, New York-railChicago,No. 1
No. 2 yellow, all
7334 BarleyNo. 2 c.i.f. N. Y., domestic_ _57%
No. 3 yellow, all rail
7131
38066
Chicago, cash
FLOUR.
$3.50083.75
8pring pet,hte protein $4.85085.25 Rye flour patents
S i
pa ten igh
234
4.600 4.80 Seminola, med., No. 3_ 234
ur
2.000 2.05
fl0
Clears,first spring
.
40 Oats goods
4 60 corn g0 0
2.000 2.05
Soft winter straights_ _ _ 44..053
1°
Hard winter straights__ 4.300 4.50 Barley goods
3.250
Coarse
Hard winter patents,,_ 4.600 4.95
Fancy pearl. Nos. 1,
Hard winter clears
5. 0 0.
8
5 42
4 0 0 6 45
6.150 6.50
2, 3 and 4
Fancy Mimi. patents
City mills
6.05(8 6.90
For other tables usually given here, see page 3233.
Indian corn has been pressed for sale during the week,
with the cash demand unsatisfactory and liquidation at
times very general, especially to-day, though farm reserves
are said to be 150,000,000 bushels smaller than a year ago.
December has been sold freely of late. On April 25 prices
declined 114 to 2c., under general liquidation, regardless
of the fact that the weather was unfavorable for all coarse
grains for the West and Central West. An official Argentine report estimated the crop at 371.000,000 bushels, which
would allow about 321.000,000 for export.
On the 27th ultimo prices declined / to %c. under steady
3
4
/c. The
4
liquidation. 'At one time prices were off % to 13
WEATHER REPORT FOR THE WEEK ENDED
United States visible supply last week increased 75,000 APRIL 29.
-The general summary of the weather bulletin
bushels against a decrease last year of 1,950,000 bushels; issued by the Department of Agriculture, indicating the
totals, 18,778,000 bushels, against 21,690,000 a year ago. influence of the weather for the week ended April 20,follows:
On the 28th ultimo prices closed lAc. lower to %c. higher,
At the beginning of the week temperatures had fallen considerably in
brought general
with the weather good and decrease in feeding substitutes. east-central sections, while a moderate depression the same time a pre"low"
cipitation from the Mississippi River eastward. At
1c.
2
On the 29th ultimo prices closed / lower to / higher. was tharted over the Southwest and this storm moved slowly across the
3
4c.
The cash demand was poor. The weekly report was bull- country from the 24th to the 27th, bringing widespread rain or snow to
practically all sections from the central Great Plains eastward. Except
ish, planting being delayed by cold weather.
for the passage of this "low", weather conditions were dominated by high
most
On April 80 prices ended 13 to 1%c. lower, after a rally pressure, with correspondingly low temperatures inwere sections.
/
4
considerably below
Chart I
for the week
/
3
4
from the low of 2 to 2 c. May deliveries were expected normal in shows that temperatures States where the departures ranged
central trans-Mississippi
quite
season in
to fall below half a million bushels, as stocks in public from 12 deg, to as much as 15 deg. It was alsowhere cool for thedeparture
the minus
Plains
the Southwest and
elevators are small. Shipping demand was still unsatis- averaged around 10 the northern Great weather prevailed in Pacific Coast
deg. Rather warm
es,
1
2
/
1
2
factory. To-day prices ended / to 2 e. lower, after a firm States, especially in the far Northwest where plus departures offrom 8 deg.
t thell dog,ther et
in
Nor w ene noted; moderate excesses occurred in southern Florida and'
opening. Outside points were bidding higher than Chicago
Minimum temperatures were well below those of last week, although
country. Early firmness in Wheat helped corn. De- the
in the
line of freezing did not extend much farther southward. The minima
liveries were said to be only 200,000 bushels at Chicago. ranged around 40 deg. in the South, except along the immediate Gulf coast,
while freezing weather was not reported farther south than southern KanCash corn was steady. Farm reserves were estimated in sas,
except for local reports from the Ohio Valley and the Appalachian
one cage at 444,000,000 bushels against 597,000,000 a year Mountain region. The lowest reported for the week from a first-order
12 deg. above zero at Yellowstone Park, Wyo., on April 23.
ago. Later on prices declined with wheat and stocks. station was shows that precipitation was again moderate to heavy in
Chart II
the
,.4e. central parts of the country, especially in the lower Great Plains and the
Final quotations show al decline for the week of 2 to 21
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
7334 7334 7234 74
7334
74
No. 2 yellow
PRICES OF CORN FUTURES IN CHICAGO.
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Fri.
5531 5534 5654 555-'
5631 56
May
5734 585'g 5734
5734 57
58
July
5831 5734 5734 5734 5834 5734
September
5131 5134 5134 5234 5034
51%
December -
Oats have declined a couple of cents under the influence
of. the depression in corp. The farm reserves, moreover,
are said to be nearly 50,000,000 bushels larger than a year
ago. There is a light export inquiry for oats and barley.
.
A
On April 25 prices declined 11 to 2c. in response to lower
prices for corn and other grain. On the 27th ultnno prices
ended / off to / higher, after rallying lc. from the
3
4e.
1
2
e.
low of the day. The United States visible supply decreased
lower Ohio and Missouri Valleys where the amounts ranged from 0.75 to
over 1.50 inches. There were also beneficial rains in the eastern Ohio
Valley, including Kentucky, where many stations reported 1.50 to 3 inches
for the week. Elsewhere in the Eastern States modte z oo wthr rh
ratir trt4•a ee t tierous precipitation occurred. It was again dry in r
large areas having no rain during the period, but in the tar Southwest
there were some rather heavy local falls, with two stations in southern
California reporting well over 1 inch.
The prevailing low temperatures and moderate to heavy rains made generally unfavorable conditions for field work throughout the central part
of the country. Frosts were reported in many sections south to Kentucky
and northwestern Texas, but there was no widespread harm to staple crops,
although early gardens and some tender varieties of vegetation were nipped.
Warm weather is now needed rather generally throughout the country
for germination of new seedings and satisfactory growth. Time additional
moisture was very beneficial, with increased penetration, in the Ohio and
lower Missouri Valleys, and the condition of the topsoil is satisfactory in
these areas.
In the Northwest it remained generally dry, with the cold weather retarding germination of early-seeded grains. There were some reports of
soil blowing in the spring wheat region, but to the westward conditions
were more serious, with general blowing noted in the Pacific Northwest,
MAY 2 1931.]
FINANCIAL CHRONICLE
33s1
tendencies to step up production will result in the revival
of the old internal obstacle to price stability, in putting a
superabundance of goods on the market, continues to be
widely felt, more especially in the cotton goods division,
despite the relatively good statistical position now in evidence there. While shipments of gray goods continue to
hold up well in the neighborhood of production, new business is slackening. More encouraging for the long outlook
is the fact that more producers of silk and woolen cloths
are beginning to observe the policy of shutting down some
machinery rather than accept business at the concessions
which buyers are trying, successfully in all too many cases,
to get. In the rayon division, also, some progress is reported in reducing stocks of yarns, and some companies
are said not to be anticipating business at all.
DOMESTIC COTTON GOODS.—Reports from retail
The Weather Bureau furnishes the following resume of
channels indicate that more instead of lesser volume of
the conditions in the different States:
products are being moved into the hands of
Virginta.—Richmond: Seasonable temperatures, ample sunshine, and cotton goods
been inclined to be
moderate precipitation in east favorable for growth; sub-normal tempera- the public, reassuring those who have
precipitation in west where wet soil dewhich seems to be
tures and sunshine and heavy
Corn planting infected with the exaggerated pessimism
layed work. Truck, grains, and pastures doing well. land
being pre- permeating most sections of the nation's industrial and
general. Tobacco plants small, but plentiful. Cotton
pared and some planted.
structure. At the same time business in primary
Norty Carolina.—Raleigh: Mostly cool and cloudy, with light to mod- financial
moving,
erate rains, favorable for potatoes, fruit, small grains, and pastures, but markets is quiet, though there is a fair total volume
low temperatures, wet soil, and insufficient sunshine retarded growth and a large proportion of which is merely shipments of goods
of tender truck, cotton, tobacco, and corn.
delayed planting
South Carolina.—Columbia: Early in week nights were too cool for ordered earlier in the year. Prices are irregular, the almost
best growth, but otherwise favorable, and soil moisture ample in most
underselling which accompanies quietude in cotsections. Winter cereals in good growing condition, with considerable inevitable
coarse
heading. Corn and cotton coming to good stands and planting continues. ton goods being in evidence. In comparison with the
have proved able to
Potatoes, truck, and gardens generally healthy. general and
rather heavy gray goods market, fine goods mills
which were
Georgia.—Atlanta: Frequent rains,
on 22d, benefited winter wheat and oats, assuring well-filled heads. but maintain their prices rather well, and a number of manuInterrupted farm work considerably. Low temperatures decidedly detri- facturers of fancies such as linings, jacquards, and extra
mental, causing imperfect germination and slow growth of all vegetation.
Planting cotton proceeding to upper tier of counties; some replanting qualities in staples are said to be well sold ahead. In the
necessary, due to damage by coolness; condition fairly good in southern fine goods division, at any rate, the hope is expressed that
half, with chopping advancing as far north as Macon. Planting corn
nearing completion, except in extreme north; progress very good, except spot business will sufficiently contribute to what is already
considerable local damage.
books, to tide them over without serious
Florida.—Jacksonville: Except showers, week dry, sunshiny, and mod- entered on mills'
erately warm. Corn improved and much worked second time. Fair stands effects till the fall season is under way. Recent developof melons, but backward; beans, cucumbers, and other truck improved,
confirm manufacturers of sheers in
except poor on lowlands of south as a result of previous rains. Straw- ments have seemed to
berries doing well in north. Harvesting potatoes increased in extreme their belief in the growing popularity of their products.
north.
fair call, and there are inquiries about
Alabama.—Montgomery: Temperatures averaged much below normal; Lawns continue in
rain delayed farm work at beginning of week; fair progress thereafter. the market for fairly heavy quantities. Voiles are also still
Planting cotton continues in south; some up to poor to good stands; planting
are sold ahead well. Publicity is
quite general in north, but germination slow account of cold. Progress interesting buyers, and
and condition of oats mostly fair to excellent. Corn, truck, vegetables, thanked for some of the more definite public calls for such
and pastures mostly fair to good.
that coining seasons will witness
Missies-II:IA.—Vicksburg: Mostly cold, with slight frost damage to cot- fabrics, and it is hoped
ton on some lowlands of north and central. Generally moderate to heavy further expansion of the new trend. Sales of finished goods
rains. Progress in planting and germination and growth of corn mostly
have been fewer, smaller, and farther between lately.
poor and of cotton poor to rather poor. Progress of fruit, gardens, and
truck poor to fair.
However, prices in that connection have held rather well,
Louisiana—New Orleans: Cold weather retarded growth of recently
principally due to the healthy condition of stocks. Interest
planted crops, but no damage reported; light to moderate showers in
most portions, but more rain needed in many localities. Growth of cotton In gray goods is negligible at the moment, though there
of cotton and rice
poor in most of interior; considerable further planting
small spot lots and for Mayand replanting cotton in many northern localities where stands rather poor. are occasional demands for
Truck and early-planted corn made fair growth. Oats, potatoes, pas- June shipment. Carded broadcloths are also poorly asked
tures, and sugar cane doing well.
nominally unchanged. Sheetings
Texas.—Houston: Cold, with freeze in portions of north and light frost for, though prices are
well into central; light to moderate rains, but more needed in portions of and drills are dull, with only a very light interest manicentral and west. Progress and condition of pastures, wheat, and oats
spot delivery. Print cloths 27-inch
mostly good, but needing moisture locally. Cold very unfavorable for fested in goods for
corn, cotton, and spring truck and some frost damage from central north- 64x60's construction are quoted at 3%c., and 28-inch 64x60's
ward; these crops all backward, with condition only fair, except fair to
-inch 68x72's construction are quoted
4c. Gray goods 39
good in extreme south. Chopping cotton under way in lower coast sec- at 37
-inch 80x80's at 7c.
tion and planting progressing, except in northwest; stands only fair ac- at 6c.. and 39
count cold and dry topsoil.
--Activity in woolens and worsteds
WOOLEN GOODS.
Oklahoma.—Oklahoma City: Cold cloudy, wet week very unfavorable
for germination and growth of spring crops. Field work suspended in has continued restricted, but women's coatings for late
by
most sections account wet soil. Corn, potatoes, and gardens damaged
in further demand. All
frost on morning of 22d. Progress and condition of wheat and oats good spring and summer have been
to excellent. Corn made very little progress as too cold and wet: early- wool flannels were asked for in the men's wear department,
planted irregular stands, but late-planted fair to good. Cotton planting
light shades have continued
mostly suspended and germination poor account cold, wet soil; planting and spot spring suitings in
unusually late and slow.
to be of interest to buyers generally, with considerable
Arkansas.—Little Rock: Cotton planting making good progress in most
these, spread out in
Portions and some coming up well; slight damage by frost on 22d; progress replenishment still going forward in
rather poor or none planted elsewhere. due to cold and wet soil. Planting small quantities over the past several weeks, with no immecorn good progress; nearly completed in some portions and coming up well.
diate prospect of complete cessation. Gray remains the
Grains, grass, and potatoes good to excellent.
Tennessee.—Nashville: Good rains in restricted areas, followed by cold outstanding color in the latter.. Fall business is by no
weather and frost, but damage slight. Much corn planted and progress
seems to be
of early plantings fair, except in many fields where replanting necessary; means entirely out of the sampling stage, and it
growth retarded by cold. Ground conditioned for cotton, but too cold the general opinion that an intermittent and uncertain
for much planting. Progress of winter wheat very good; warmth needed.
forward to until late
Kentuft.—Louisville; Temperatures low; frequent showers and total business in fall goods must be looked
precipitation heavy and beneficial, especially in northeast. Mostly too In June, which is considered to be the earliest date at
planting awaits warmer weather. Towet for plowing or planting. Corn
in good earnest.
bacco plants delayed by cold and lack of sunshine. Progress of winter which buyers will begin to take goods
wheat very good and condition excellent.
Buying activity during May and June, it is forecasted, will
center in flannels and light coatings. With spring stocks
of women's wear coatings more or less completely liquiTHE DRY GOODS TRADE
dated, the women's coating market will enter the fall season
• New York, Friday Night, May 1 1931.
In an excellent position. It is expected that volume busiThe pall of gloom which has recently been deepening and
will compensate in important measure for the fact
spreading. nom Wall Street has continued to be an influ- ness
offerings will aggregate declines of something
ence for ill in textile markets, though its effects are hard that the new
compared with last year. An increasing
to measure. It is scarcely to be doubted that it has con- like 10% in profits,
fancies in such duplicate orders for fall suittributed to the,renewed undermining of confidence which trend toward
to hand is leading producers
IS again indicated, in spite of the fact that actual business ings as already have come
continue to monopolize the
has proved at least as substantial as was expected. It to believe that staples will not they have in recent ones.
is a pretty safe guess to say that all the recent localized picture in the coming season, as
FOREIGN DRY GOODS.—Conditions in local linen maradverse developments in textiles are to some extent attributable to shaken confidence. They include such basic kets closely reflect the position in foreign primary Markets,
occurrences as further sharp declines in raw silk and cot- where it is reported that while prices are still unsatiston, greater irregularity in wool, and underlying weakness factory, the actual movement of goods is encouraging. Fair
in rayon prices, directly precipitated by intensive competi- quantities of cambric's and sheers are reported to have been
tion in the latter case. At the same time the expectations booked for export from Belfast. and further substantial
of buyers in. regard to future spring business have taken inquiries are In the market. Dress goods are in increasing
on considerably more conservatism, though the fact remains demand, and household lines are quiet, with such business
unaltered that the deflated level of values ruling on both as is being received centering in the cheaper lines. These
fabrics and the garments made therefrom are making for conditions correspond to what local importers are working
a fuller volume of business both for wholesalers and re- under. Burlaps are quiet and firmer on the possibility
tailers than they experienced a year ago this time, and ship- that there may be a further substantial Cut in production
ments of goods ordered earlier in the year are going for- in Calcutta. Light weights are quoted at 4.35c., and heavies
ward from Mills in a steady stream. 'Fear that recent at 5.80c.
attended by more or less damage, principally to wheat, which was blown
out locally.
The moderate to heavy rains in the far Southwest were very beneficial
for all dry-land crops, with general improvement noted, except that some
grains and pastures in California had become too dry to revive. The increased moisture in other parts of this area was of material benefit in replenishing irrigation and storage reservoirs, while in southern Arizona
the amounts received were equivalent to a good irrigation.
COTTON.—In the western Cotton Belt coolness retarded growth of the
early-planted, while to the eastward somewhat more favorable conditions
prevailed.
In Texas there was some frost damage from central portions northward, while the crop is backward, and its condition is only fair; chopping
to the
is under way along the lower coast, but stands are only fair, due mostly
cold and to the dry topsoil. In Oklahoma cotton planting wasplanting
suspended, and germination is poor, account of cold, wet soil:planting,
is unusually late. In the central parts of the belt progress in
germination, and growth varied widely, with good advance in parts, but
only poor progress in others.
In the eastern belt, except in the extreme northeast, planting made rather
slow. In Georgia the
satisfactory advance, although germination was has
advanced northward
condition of the crop is fairly good, and chopping
to Macon.
3382
FINANCIAL CHRONICLE
*tate anti Txty priarartutent
NEWS ITEMS
Fulton County (P. 0. Atlanta), Ga.—Voters Approve
County Merger.—At a special election held on April 22 the
voters of Fulton County approved the taking over of Campbell County by a count reported to have been 2,767 "for"
-and 1,853 "against." Barring legal complications the
1,903 citizens and 211 square miles of territory will become
a. part of Fulton County on Jan. 1 1932. The Atlanta
"Constitution" of April 23 commented on the election as
follows:
(Vor., 182.
Among the bills given approval yesterday were those reapportioning
membership of the Assembly, transferring administration of inhertiance
tax from the State Comptroller to the new Tax Commissioner, creating a
commission to study milk problems, vesting powers of the North Jersey
Rapid Transit Commission in the Regional Planning Commission, conferring additional powers Upon Banking Commissioner in the liquidation
of banks, trust companies and building and loan associations, and increasing the railroad free pass list.
New York State.—Governor Roosevelt Signs St. Lawrence
Power Authority Bill.—On April 28 Governor Roosevelt
signed the Cornaire bill, phased unanimously by the Senate
on April 7(V. 132, p. 2814), creating a State power authority on the St. Lawrence River for the development of water
power resources. This measure was one of the most important Acts passed by the recent session and has been a
bone of contention for some years. It was sponsored by
Success of the merger proposal was hailed as the forerunner of similar Governor Roosevelt both in 1930 and this year and he signed
consolidations of Georgia counties in a general move to reduce government the bill without comment or memorandum.
administration costs. C. H. Gullatt. representative from Campbell
County, Wednesday night predicted that a number of county merger proOld Greenwich, Conn.—Change of Name on Sound
posals will be launched in the June session of the Legislature.
A teat case to establish the constitutionality of the Fulton-Campbell Beach.—A petition was signed by 800 persons in the former
Merger Act probably will be filed immediately in order that the State community of Sound Beach and presented to the New York
Supreme Court may pass on the question before the consolidation takes New Haven & Hartford RR., requesting a change of name
effect, Mr. Guliatt said. Campbell recently voted four to one for the merger.
Members of the Fulton County Commission Wednesday night extended a to Old Greenwich, contending that it was the correct name
warm welcome to Campbell County as a new member of the Fulton family, of the village. The railroad company made the change
and promised that the addition to Fulton will be given efficient service and
effective on April 25, and the Post Office Department will
Its proper share of county improvements.
Chairman Walter C. Hendrix of the Fulton Commission, who had op- recognize the new name after July 1.
posed the merger, declared that now that the merger has been voted overwhelmingly by both counties, the Fulton Commission will try to remove
Port Chester, N. Y.—Governor Roosevelt Vetoes Incorporaevery legal impediment to the consolidation and will seek consummation
of the movement. There may be test cases made, but the Commission tion Plan.—On April 24 Governor Roosevelt vetoed the bills
will disregard them unless enjoined from putting the merger into effect, providing for the incorporation of the above village and adhe said.
jacent territory as a city, reports an Albany dispatch to the
Henderson County (P. 0. Athens), Tex.—Early Pay- New York "Herald Tribune" of April 25, which goes on to
ment of Temporarily Defaulted Obligations Assured.—In say:
response to our query concerning the failure of the county to
"Governor Roosevelt, in a memorandum accompanying a veto of Senator
Walter W.Westall's bills
meet its maturing obligations promptly, we are advised as and adjacent territory as for the incorporation of the village of Port Chester
a city, to-day
follows by A. B. Coker, County Judge, under date of April 25: resist annexation without their consent. defended the right of taxpayers to
The Westall bill, the Governor held, while providing for a referendum,
Commercial and Financial Chronicle, New York, N. Y.,
sought to defeat the wishes of the residents of the territory it was proposed
Dear Sirs:
Referring to your recent inquiry, regret that due to the failure of our to annex, by making the referendum apply as well to the village of Port
county depository bank,there has been delay in providing funds for payment Chester, the most populous area in the limits of the proposed city. The
of our maturing obligations. We sincerely regret this delay, but assure residents of the district outside the village of I'ort Chester should have been
you it is not chargeable to any neglect on the part of our county officials, given an opportunity to express their wishes independently. Mr. Roosevelt
as ample provision was duly made for payment of all maturing obligations, contended.
taxes having been levied and collected in due time, and the proceeds having
West Virginia.—Statement Issued on Favorable Record of
been placed in the despoitory bank.
It is our earnest desire to maintain our credit among investors, and we Municipalities.—In view of the difficulties being encountered
want to assure you that all of our obligations will be paid. We have made by many
municipal officials in the collection of taxes from
arrangements with the Brown-Crummer Co. of Dallas. Tex., to assist us in
handling these matured obligations, pending liquidation of the depository electors who are either unable or unwilling to meet their
bank. While they have distributed only a relatively small part of our out- obligations promptly, we are glad to make
room for the
standing bonds, they have agreed to assist us in providing for the matured
and maturing obligations of the current year, and we suggest therefore, following letter received on April 28 from Caldwell & Raythat you communicate with them.
mond, New York municipal bond attorneys, commenting
Your patience and consideration is fully appreciated, and will be rewarded
by our best efforts to take care of all obligations as quickly as possible under upon the excellent record established by the West Virginia
the existing circumstances.
municipalities in the prompt payment of their coupons:
Very truly yours,
The Commercial and Financial Chronicle,
A. 13. COKER,County Judge,
New York City.
April 27 1931.
Henderson County, Texas.
Dear Sirs: Your are probably aware that, pursuant to Chapter 157 of the
Acts of the
West Virginia of
lowa.—Legislative Session Ends.—Primmy Road Enatling Commission Legislature ofwhich administers 1921, a State Sinking Fund
the sinking funds for bond
Bill Dies.—At 11:51 p.m. on April 21 the 44th State Legis- service of all was created
of the counties, districts, school districts, Independent school
lature adjourned sine die. The session was adjourned with- districts and municipalities of that State. This Commission has adminissinking funds
local units most
out enacting legislation authorizing the issuance of $100,- tered thereports of the of the varioussinking funds of admirably and its
biennial
status of all
the various local
As
000,000 highway bonds, which will come up June 16 for units in the State are models of their kind.the a consequence of its able
of such funds, the bonds of
local units
public approval. On April 18 the enabling bill on the bonds administrationare highly regarded by investors everywhere. of the State of
West Virginia
The statement
was vetoed by Governor Turner (V. 132, p. 3200) and a has been made that 'West Virginia is the only State that has not had a slow
the
year. There has not been a slow
new measure was immediately drawn up, but which failed coupon during a hepast e Sinking Fund Commission as a fcouponsince the
owl %I
et
tilat in l 2rihar
t iSata
it
al
of passing before adjournment. Should the voters pass
you
eknow
be
safeguard
to
of West Virginia at its 1931 session inserted
the proposal and the Supreme Court rule favorably in the theinvestors the
following provision in the Budget Bill:
test case now pending, the issuance of bonds would have to
"Sec. 36 (d). The Board of Public Works is herby authorized to transfer
to the State Sinking Fund Commisssion the amount necessary to meet
wait until an enabling Act is passed by the Legislature.
interest and sinking fund requirements for any bond issue administered by
said commission, and
commission
not
New Jersey.—Governor Larson Signs Old-Age Pension Bill. funds for said purposesfor which said the failure ofdoes local have available
on account of
the
taxing district
—On April 24 Governor Larson signed the old age pension to remit necessary funds due to failure of the local depositary or otherwise
may be
14—V. 132, p. 3006— said amounts are hereby appropriated asamounts necessary for years ending
bill, passed by the Assembly on April
so transferred are to be
June 30 1931, 1932, and 1933. The
providing for an allowance of $1 a day for persons over 70 repaid by the State Sinking Fund Commission with interest at the rate
carried by the bonds for which the advancement was made out of funds
3rears of age, resident in the State for 15 years and who own received from the local taxing district at the time of
collecting future
Tess than $3,000 in real estate or cash. The signing of this Interest and sinking fund levies."
Very truly yours,
-bill by the Governor is said to make New Jersey the 16th
CALDWELL AND RAYMOND.
a system. A similar
in the
11,egislature
1
Union to establish such
State
measure was signed by Governor Roosevelt in NewYork State
in 1930. The New Jersey system will be supported by a fund
to be raised from inheritance taxes and the pensions will be
administered by County Boards under State supervision.
Water Bond Bill Signed.—Governor Larson has also recently signed a bill which regulates the issuance and maturity
of water bonds by municipalities throughout the State.
Such bonds are to be due in annual installments commencing
two years from their date and mature not more than 50 years
after date of acquisition of the property. The maturities
.are to be arranged on a serial annuity plan.
Governor Larson Signs Municipal Receivership Bill.—On
April 28 the Governor signed the Reeves bill (Senate No.365)
introduced on April 14 and extensively altered thereafter,
providing a method for the State taking over affairs of
municipalities defaulting in their obligations. This legislation was offered primarily to take care of the situation in
North Bergen Township. Other measures that were signed
by the Governor on that date were reported in the Newark
"News" Trenton Bureau of April 28 as follows:
Among the moasures signed was the construction appropriations bill
out a building program.
authorizing expenditure of $6,205,992 to carry forthwith or at any time
spent
The bill provides that the money may beOne purpose of the measure was
fiscal year beginning July 1.
during the
to afford unemployment relief.
One of the series of Abell reorganization measures which creates the
his appointment
office of State Tax Commissioner, providing for by the Governor for five
to-day.
years at $7,500. was one of the bills approved
It was Senate 244.
annual appropriations bill until
The Governor deferred action upon the
approval. Ile
to-day, wishing to scrutinize it carefully before giving it
items.
said this morning he had not decided to disapprove any of the study. but
was not certain whether he might do so as the result of further
ROND PROPOSALS AND NEGOTIATIONS.
ABBEVILLE, Vermillion Parish, La.—BOND SALE.—The $31,500
or
issue of 6% semi-ann. city hall and fire station building bonds offered f
sale on April 28—V. 152. v. 3007—was purchased by the Pint National
Bank of Shreveport, paying a premium of $32.50, equal to 100.10.
AKRON, Summit County, OhIo.—EMERGENCY RELIEF BONDS
TO BE ISSUED.—According to the Dover "Reporter" of April 17, E. C.
Galleher. Director of Finance, announced on the preceding day that as a
result of the depleted condition of the city treasury and the breakdown in
tax collections, which is expected to bring about a shortage of $300,000
in general revenue, the city will be obliged to issue emergency relief bonds.
the proceeds to be used for food purchases for destitute families and hospitalization purposes.
ALBANY COUNTY (P. 0. Laramie), Wyo.—BOND SALE.—The
$225,000 Issue of court house and jail bonds that was scheduled for sale
on April 21—V. 132, p. 2814—was postponed until April 30 and awarded
at that time to the Albany National Bank of Laramie, as 434s, at a
of 100.90, a basis of about 4.38% (to optional date). Denoms.11.500,price
$500
and $100. Dated Jan. 1 1931. Due on Jan. 1 1951 and optional on
Jan. 1 1941. Prin. and int. (.I. & J.) payable at the office of the County
Treasurer, or at some bank in New York City.
ALBION, Boone County, Neb.—BONDS CALLED.—The entire issue
of 6% intersection paving bonds dated May 1 1921 is called for payment
at the Omaha National Co. or the U. S. National Co. In Omaha, interest
ceasing on May 11931. Due in 1941 and optional in 1931.
ALLIANCE, Stark County, Ohio.—BOND ORDINANCE ADOPTED.
—The city council recently adopted an ordinance providing for the Issuance
of $4,000 5% storm sewer construction bonds, to be dated not later than
Oct. 1 1932 and mature $1,000 annually on Oct. 1 from 1933 to 1936. incl.
Principal and semi-annual intent (A. dr 0.) are payable at the office of
the City Treasurer.
AMITYVILLE SCHOOL DISTRICT, Suffolk County, N. y„—
BONDS VOTED.—At a special election held on April 23 the voters approved of the issuance of $225,000 in bonds for school building construction
purposes, by a favorable vote of 221 "for" to 124 "against.'
ANDREWS COUNTY (P. 0. Andrews), Tex.—BOND OFFERING.—
Sealed bids will be received until May 11. by Jesse It. Orth,
torhey, for the purchase of an Issue of $100.000 road bonds County At-
MAY 2 1931.]
FINANCIAL CHRONICLE
3383
ANN ARBOR,Washtenaw County, Mich.
All of the above issues are datediMay 1 1931. Denom. $1,000 or any
-BIDS REJECTED.-Fred
C. Perry, City Clerk, reports that all of the bids received for the purchase multiple thereof. Principal and semi-annual interest (May and Nov.)
of the $325,000 not to exceed 4%% interest water works bonds offered are payable at the office of the City Treasurer. A certified check for 1%
for sale on April 28-V. 132, p. 3007
-were rejected. The bonds are of the amount of bonds bid for, payable to the order of the Treasurer, must
dated May 15 1931 and mature annually from 1934 to 1960, inclusive.
accompany each proposal.
BRAZOR1A COUNTY ROAD DISTRICT NO. 29 (P. 0. Angleton),
APPANOOSE COUNTY (P.O. Centerville), lowa.-BOND SALE.
The $40,000 issue of coupon ann. primary road bonds offered for sale on Tex.
-BONDS REGISTERED.
-On April 22 the State ComptrolFer regisApril 24-V. 132, p. 3007
-was awarded to Geo. M. Bechtel & Co. of tered three issues of 5)4% road bonds aggregating $230,000, divided as
Davenport, as 43's, paying a premium of $443, equal to 101.10, a basis follows: $4,000 series A, $213,000 series B and $13,000 series C bonds.
of about 4.02%. Dated May 1 1931. Due on May 1 1946 and optional Due serially.
after May 1 1936. The other bidders and their bids were as follows:
-The
BRUNSWICK, Frederick County, Md.-BOND SALE.
BidderPremium. 4%% coupon water improvement bonds offered on April 24-V.$35,000
132, p.
Glaspell, Vieth & Duncan
$441 3008
to Baker, Watts & Co.,of Baltimore, the only bidders,
Iowa-Des Moines National Bank
438 at a -were awarded
price of 101.299.
ARCADIA, Trempeauleau County, Wis.-BONDS OFFERED.
-CORRECTION.
-We are informed
BRUSH, Morgan County, Colo.
Sealed bids were received until May 1, by the City Clerk, for the purchase
the $60,000 issue
i
of a $30,000 issue of 4% semi-annual improvement bonds. Denoms. by A. C. Phelps, Town Attorney, that reported purchasedof y% semiby Joseph D.
annual water refunding bonds that was
$500 and $1,000.
-has not as yet been sold as
-V. 132, p. 2815
Grigsby & Co. of Pueblo.
ARLINGTON, Middlesex County, Mass.
-BOND SALE.
-Charles the present issue has been heretofore assumed by the Public Service Co.
A. Hardy, Town Treasurer, reports that an issue of $60,000 3)4% coupon of Colorado and the refunding operation depends upon the working out of
water bonds was awarded on April 30 to F. S. Moseley & Co., of Bosotn, an agreement.
at a price of 100.864, a basis of about 3.33%. Dated May 1 1931. Due
BYRD TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Decatur),
serially from 1932 to 1941, incl. Bids for the issue were as follows:
.
-BOND OFFERING.-J R. Williams
BidderRate Bid. Brown County, Ohio. will receive sealed bids until 10 a. m.Jr., Clerk
on May 8
F. S. Moseley & Co. (purchasers)
100.864 of the Board of Education, 5 % school impt. bonds. Dated April 1
for the purchase of $35,000 3.
Atlantic Corp
100.833
$500. Due semi-annually as follows:$500 April and Oct. 1
1931. Denom.
Eldredge & Co.
100.65
from 1932 to 1944 incl., and $1,000 April and Oct. 1 from 1945 to 1955 incl.
Harris, Forbes & Co.
100.64
Bids for the bonds to bear int, at a rate other than 54%,expressed in a
Menotomy Trust Co.
100.59
Arlington Five Cents Savings Bank
100.469 multiple of y, of 1%, will also be considered. A certified chock for $500,
payable to the order of the Board of Education, must accompany each.
R. L. Day & Co
100.399
proposal.
Shawmut Corp
100.32
Estabrook & Co
-LIST OF BIDS.
100.31
CALIFORNIA, State of (P. 0. Sacramento).
Stone & Webster and Blodget, Inc
100.18
The $1,147,000 issue of 43 % semi-annual State park bonds that was jointly
National City Co. of California, and Weeden & Co. of
-BONDS OFFERED.
ASHER, Pottawattomie County, Okla.
- purchased by the
Sealed bids were received until 3 p. m. on April 28, by Roy Black, Town San Francisco, at 103.83-V. 132, p. 3202-a basis of about 3.57%, atClerk, for the purchase of a $7,500 issue of town hall bonds. Interest rate tracted the following bids:
AssociatesPremium Bid.
Bidders
to be specified by the bidder. Due $500 from 1934 to 1938, incl.
$43,987.00
Wooden & Co.
*National City Co. of Calif.
-BOND SALE.
-The $300,000 183118 Anglo Calif. Trust Co.
BAKER, Baker County, Ore.
Central Illinois Co. and Darby
of 4%% refunding bonds offered for sale on April 27-V. 132, p. 2815
41,651.00
& Co.
was purchased by a group composed of Geo. 11. Burr, Conrad & Broom, California National Co.
R. H. Moulton & Co. and
Ferris & Hardgrove, and the Commerce Securities Co., all of Portland,
Security 1st National Co.
41,648.00
at a price of 102.60, a basis of about 4.43%. Dated April 1 1931. Due Crocker First Co.
41,069.06
in 20 years, optional from Jan. 1 1936 to 1947.
Bankamerica Co., Eldredge &
Anglo London Paris Co.
Co., First National of N. Y.,
BARR TOWNSHIP SCHOOL DISTRICT (P.O. Spangler), Cambria
40,031.00
and First Detroit Co.
County, Pa.
.-M. F. Doran, Secretary of the Board
-BOND OFFERING
39,108.00
R. W.Pressprich & Co.
of Directors, will receive sealed bids until 2 p. m. on May 9 for the pur- American Securities Co.
37,737.00
chase of$25,000 4 % coupon school bonds. Dated June 1 1931. Denom. Salomon Bros. & Hutzler
$1,000. Due June 1 as follows:$2,000 from 1933 to 1938,incl.;$3,000 from Harris Trust & Savings Bank Wells Fargo Bank & Un. Trust
36,933.40
Co.and Heller Bruce & Co.
1939 to 1942, incl., and $1,000 in 1943. Interest is payable semi-annually
36,141.97
Guaranty Co. of N. Y.
in June and Dec. A certified check for $500, payable to the order of the Smith Camp & Co.
35,775.00
School District, must accompany each proposal.
Ames Emerich & Co.
Continental Illinois Co.
35.560.00
Dean, Witter & Co.
BARRON COUNTY (P. 0. Barron), Wis.-MATURITY
Wm. R. Compton Co., M. M.
.-The Capital National Bank
$165,000 issue of4%% road bonds that was purchased by the State Annuity
Freeman & Co. and Stern
Bidding for:
and Investment Board-V. 132. p. 2041-is due on June 1 as follows:
34,845.86
Bros. & Co.
$35,000, 1935; $100,000, 1936, and $30,000 in 1937.
Forman State Corp. and
Chase Securities Corp.
29,489.37
Tucker Hunter Dulin Co.
BEDFORD SCHOOL DISTRICT, Bedford County, Pa.
-BOND
SALE-Pearl Schoemaker, Secretary of the Board of School Directors,
* Successful bid.
Informs us that an issue of $39,000
% coupon school building addition
-BONDS REOFFERED.
CANFIELD, Mahoning County, Ohio.
construction bonds was awarded on April 27 to M. M. Freeman & Co., of
previously offered on March
Philadelphia, at a price of 104.179. a basis of about 3.82%. The bonds The $15,735.73 5% street improvement bonds award at 12 m. on May 4.
are dated April 11931. Denom. $1,000. Due April 1 as follows: $2,000 28-V. 132, p. 2041-are being readvertised for sealed bids. The issue is
from 1932 to 1940, incl., and $1,000 from 1941 to 1961, incl. Interest is Robert L. Fleming, Village Clerk, will receive and one bond for $760.73.
payable semi-annually in April and Oct. Bonds are registerable as to dated April 1 1931. Denoms. $800 and $775,and 3775 Oct. 1 1932; $775
Due semi-annually as follows: $760.73 April 1
principal only.
April and Oct. 1 from 1933 to 1936, incl., and $800 April and Oct. 1 from
BEEVILLE INDEPENDENT SCHOOL DISTRICT (P. 0. Beeville), 1937 to 1941, incl. Interest is payable semi-annually in April and Oct.
Bee County, Tex.
-BONDS REGISTERED.
-An issue of $125,000 59
Bids for the bonds to bear interest at a rate other than 5%, expressed in a
school, series 1931, bonds was registered on April 20 by the State Comp- multiple of %, of 1%, will also be considered. A certified check for $150.
troller. Denom. $1,000. Due serially. (These are the bonds that were payable to the order of the Village, must accompany each proposal.
voted on March 28-V. 132, p. 2815.)
-ADDITIONAL DETAILS.
CARBON COUNTY (P.O.Price), Utah.
BELL COUNTY ROAD DISTRICT NO. 9A (P. 0. Belton), Tex.
- -The $60.000 issue of tax anticipation notes that was purchased by Snow,
-bears int. at 434%
BOND .SALE.
-A $625.000 issue of 5% coupon or registered road bonds is Goodart & Co. of Salt Lake City
-V. 132, p. 2815
reported by the County Judge to have been purchased recently by the and was awarded at a price of 100.125.
Security Trust Co. of Austin, at a price of par (less expenses). (These are
SCHOOL DISTRICT (P. 0. Carutheraville),
CARUTHERSVILLE
the bonds that were voted on April 10-V. 132. p. 2242.)
-A $2,000 issue of4%% semi-ann.
Pemiscot County, Mo.-BOND SALE.
A.
BENTON COUNTY (P. 0. Fowler), Ind.
-BOND SALE.
-The refunding bonds is reported, to have been purchased recently by E. by
$6,800 4%% coupon Grant Township highway improvement bonds offered Geasler & Son of St. Louis. Dated April 1 1931. Legality approved
on April 24-V. 132, p. 3008
-were awarded to Pfaff & Hughel, of In- Benj. H.Charles of St. Louis.
dianapolis, at par plus a premium of $227.50, equal to 103.34. a basis of
-BONDS AUTHORCHARLOTTE, Mecklenburg County, N. C.
about 3.81%. The bonds are dated April 15 1931 and mature semiRaleigh
annually as follows: $340 July 15 1932: $340 Jan. and July 15 from 1933 to I1ED.-lt is reported that the Local Government Commission of widenhas authorized the City Commissioners to issue $500,000 in street
1941, incl., and $340 Jan. 15 1942. The following is a list of the bids subing bonds.
mitted at the sale:
Bidder-BOND OFFERING.
Premium.
CHATSWORTH, Los Angeles County, Calif.
Pfaff & Hughel (purchasers)
$227.50 We are informed that sealed bids will be received until May 18, by the
Fletcher Savings & Trust Co
purchase of a $40,000 issue of water bonds.
211.00 City Clerk, for the
City Securities Corp
181.00
-BONDS
CHELTENHAM TOWNSHIP, Montgomery County, Pa.
Over the Counter Securities Co
146.20
.-Official notice has been posted of the
Brazil Trust Co
224.60 CALLED'FOR REDEMPTION
to redeem as of July 1 certain bonds of an issue
Union Trust Co.
219.00 intention of the township that year and payable in whole or in part after
of 1916, dated July 1 of
BEVERLY, Essex County, Mass.
-TEMPORARY LOAN.
-The
numbered as follows; 2. 3 and 4: 7, 10. 12; 14 and 15: 17 and
$300.000 temporary loan offered on April 30-V. 132, p. 3202
-was awarded Juno 11926. 23 and 24, and from 33 to 38 incl. Prin. and semi-ann. int.
to Salomon Bros. & Hutzler of Boston, at 1.87% discount basis, Plus a 18; 20 and 21;
will be paid by the Jenkintown Bank & Trust Co., Jenkintown. on July 1
premium of$3. The loandated April 30 1931 and matures Nov.27 1931.
is
1931, upon presentation thereof, and no int, will be paid thereafter. The
BLYTHEVILLE, NI' • ippl County, Ark.
-BOND OFFERING
.- notice is signed by Howard C. Pike, Township Secretary. •
Sealed bids will be received until May 19 by Addison Smith, Secretary of
-A $340,000
CHEYENNE, Laramie County, Wyo.-BOND SALE.
the City Commissioners, for the purchase of a $70.000 issue of Sewer
issue of 4%% sewer refunding bonds is reported to have been purchased
Improvement District No. 3 bonds.
recently by Geo. W. Vallery & Co. and associates. Dated June 1 1931.
BOONE, Boone County, lowa.-BOND SALE
.-A $25,000 issue of Due $34,000 from Dec. 1 1938 to 1947, inclusive.
-At the special election held on
BONDS VOTED AND DEFEATED.
swimming pool bonds is reported to have been purchased at public auction
-the voters approved the issuance of $85,000 fire
by the Carleton D. Beh Co. of Des Moines as 4s for a premium of $65, April 21-V.132, p. 2815
airport bonds, but rejected the $10,000 trunklhae sewer
dept. and $15,000
equal to 100.26.
bonds.
BOSTON, Suffolk County, Mass.
-TEMPORARY LOAN.
-The
-BOND OFFERING
CLARK COUNTY (P. 0. Arkadelphia), Ark.
$3,000,000 temporary loan offered on April 28-V. 132, p. 3202
-was
B. W.
according to report,
awarded to Salomon Bros. & Hutzler, of Boston, at 1.74% Interest rate Sealed bids will be received until May 20,a $50,000 issue of 5% by
semi-ann.
Pincher, County Clerk, for the purchase of
basis. The loan is dated April 30 1931 and matures Oct. 2 1931. Bids
Jail bonds.
submitted at the sale follow:
-$600,000 BOND ISSUE
BidderCLEVELAND, Cuyahoga County, Ohio.
Int. Rate Basis.
Salomon Bros. & Hutzler (purchaser)
WITHDRAWN FROM MARKET S. G. Rusk, Director of Finance,
1.74
Shawmut Corp
Informs us that the issue of $600,000 4%% public hall annex bonds, origin1.77
First National Old Colony Corp. (plus $13 premium)
ally scheduled to be included in the proposed sale of $1,100,000 bonds on
1.76
-has been withdrawn from the market. Mr.
May 8-V. 132, p. 3009
BOSTON, Suffolk County, Mass.
-BOND OFFERING
.-Edmund Rusk says that the issue may be sold later. The same details previously
L. Dolan, City Treasurer, will receive sealed bids until 12 M. on May 5
given in connection with the scheduled sale apply to the $500,000 street
for the purchase of the whole or any part of $2,000,000 3%% registered impt.
bonds, which is the only issue to be sold. on May 8.
bonds, comprising the following issues:
Financial Statistics (May 1 1931).
$800.000 street reconstruction bonds. Due $160,000 May 1 from 1932 to
$125,041,888.24
Bonds outstanding
1936,inclusive.
10,166.00
480,000 highway construction bonds. Due $32,000 May 1 from 1932 to *Street improvement notes
500,000.00
Bonds herein advertised for sale May8 1931
1946. inclusive.
120,000 public golf course bonds. Due $6,000 May 1 from 1932 to 1951,
$125,552,054.24
Total indebtedness
inclusive.
$10,622,936.40
100,000 Castle Island and Marine Park impt. bonds. Due $5,000 May 1 *Street improvement bonds Included in above
25,698.500.00
Water debt included in above
from 1932 to 1951, inclusive.
1,596,897.51
Fallon Field playground bonds. Due May 1 as follows: $5,000 Par value of water sinking fund
90,000
13,566,113.10
sinking funds
from 1932 to 1941, incl., and $4,000 from 1942 to 1951, inclusive. Par value of all
2,032,430,540.00
80,000 North End Park impt. bonds. Due $4,000 May 1 from 1932 to Valuation of taxable property December 1930
Population: United States census. 1930, 900,429.
1951. inclusive.
* These bonds and notes are paid by special assessments levied upon
75,000 sewerage works bonds. Due $15,000 May 1 from 1932 to 1936,
Property abutting on streets improved by paving, sewers, &c. rim
Inclusive.
75,000 sewerage works bonds. Due $15,000 May 1 from 1932 to 1936,
CLEVELAND SCHOOL TOWNSHIP (P. 0. South Whitley), Whit-The $97,160 4%%_ coupon school
inclusive.
-BOND SALE.
ley County, Ind.
65,000 public golf course bonds. Due May 1 as follows: $4,000 from building construction and impt. bonds offered on April 11-V.132,P 2631
1932 to 1936, incl., and $3,000 from 1937 to 1951. incl.
were awarded to the Union Trust Co.of Indianapolis at par plus a premium
60,000 branch libraries establishment bonds. Due $3,000 May 1 from of $3,646. equal to 103.75, a basis of about 3.85%. The maturity of the
1932 to 1951, inclusive.
Issue as given In our notice of proposed sale was incorrect. Thelissue is
55,000 courthouse and police station bonds. Due May 1 as follows: actually due as follows:$3,470 July 1 1932;$3,470 Jan.and July]from 1933
$3,000 from 1932 to 1946,incl., and $2,000 from 1947 to 1951,incl. to 1945 incl., and $3.470 Jan. 1 1946.
3384
FINANCIAL CHRONICLE
-We are
-BOND CALL.
COLORADO, State of (P. 0. Denver).
Informed by John M. Jackson, State Treasurer, that the State calls for
payment at his office on June 1 on which date interest shall cease, the following described bonds: Nos. 1 to 925 and 973 to 1047 of the State Highway, Act of 1921, bonds. Also Nos. 4301 to 4500 of State Highway,
Act of 1923, series I, bonds.
-Two issues
COLUMBUS, Lowndes County, Miss.
-BOND SALE.
of 53(% bonds aggregating $44,917.66 were purchased by the First Columbus National Bank of Columbus. The issues are as follows: $24,500 curb
and gutter, and $20,417.66 special street impt. bonds. Dated Feb. 2 1931.
Legality approved by Benj. H. Charles of St. Louis.
CONCHO COUNTY ROAD DISTRICT NO. 1 (P. 0. Paint Rock),
Tex.
-BOND SALE.
-The $285,00 issue of 53i% coupon semi-ann. road
bonds offered for sale on April 27-V. 132. p. 3202
-was purchased by the
Security Trust Co. of Austin, for a premium of $4,500, equal to 101.57,
a basis of about 5.36%. Dated April 10 1931. Due from March 10 1932
to 1961, incl.
DAUGHERTY TOWNSHIP SCHOOL DISTRICT (P. 0. New
-The
-BOND SALE.
Brighton, R. D. No. 1), Beaver County, Pa.
$15,000 436% coupon or registered school bonds offered on April 6-V.
132, p. 2244
-were awarded at par and accrued interest to the Beaver
County Trust Co., of New Brighton. The bonds are dated March 1 1931
and mature as follows: $500 annually on Sept. 1 from 1931 to 1950 incl., and
$500 semi-annually on March and Sept. 1 from 1951 to 1955 incl.
-A
-NOTE SALE.
DAVIDSON COUNTY (P. 0. Lexington), N. C.
$20.000 issue of tax anticipation notes is reported to have been purchased
by the Bank of Lexington, of Lexington.
-BOND OFFERING.
DE KALB COUNTY (P. 0. Auburn), Ind.
Merritt Maxwell, County Treasurer, will receive sealed bids until 1 p. m.
on May 15 for the purchase of $6.126.62 6% drainage'rapt. bonds. Dated
May 15 1931. Due annually for a period of 10 years. Int. is payable
semi-annually.
-BOND SALE.
-The
DE KALB COUNTY (P. 0. Auburn), Ind.
$57,000 43. % highway improvement bonds offered on April 28-V. 132,
-were awarded to the City National Bank, of Auburn, at par plus
p. 2435
a premium of $850.50, equal to 101.49, a basis of about 4.195%. The
bonds mature $2,850 semi-annually on May and Nov. 15 from 1932 to
1941, incl. The bid of the local bank was accepted in preference to that
of the City Securities Corp., of Indianapolis, which was for par plus a
premium of $1,631, because of the latter's conditional features. An unconditional offer of par plus a premium of $768.50 was submitted by the
First & Tri-State National Bank & Trust Co., Fort Wayne.
-The $80,000 33 %
DOVER, Norfolk County, Mass.
-BOND SALE.
coupon Caryl School House addition bonds offered on April 29-V. 132.
-were awarded to the Atlantic Corp. of Boston, at a price of
ro. 3203
100.588, a basis of about 3.39%. The bonds are dated May 1 1931 and
mature May 1 as follows: $10,000 in 1932 and 1933, and $6,000 from 1934
to 1943 incl.
DUMAS INDEPENDENT SCHOOL DISTRICT (P. 0. Dumas),
-The $150,000 issue of 5%
Moore County, Tex.
-BONDS NOT SOLD.
-was
coupon annual school bonds offered on April 25-V. 132, p. 3203
not sold. Dated March 11931. Due serially over a period of 36 years.
-Sealed bids
-BOND OFFERING.
DUNN, Harnett County, N. C.
will be received by Chas. M. Johnson, Secretary of the Local Government
Commission, at his office in Raleigh, until 10 a. m.on May 12, for the purchase of a $50,000 issue of 6% town bonds. Denom. $1,000. Dated May
1 1931. Due $5,000 from May 1 1936 to 1945, incl. Prin. and int. (M.
& N.) payable in gold in New York City. The approving opinion of Storey,
Thorndike, Palmer & Dodge, of Boston, will be furnished. These bonds
cannot be sold for less than par. Preparation of bonds by McDaniel
Lewis of Greensboro. A certified check for 2% of the face value of the
bonds bid for, payable to the State Treasurer, is required.
-PRICE PAID.
-The $60,000
DYERSBURG, Dyer County, Tenn.
issue of 6% revenue notes that were purchased by the Union & Planters
Co. of Memphis
-was awarded at par, according to the
-V. 132, p. 3203
City Treasurer.
-BOND ISSUE
-BIDS REJECTED
EAST GRAND RAPIDS, Mich.
REOFFERED FOR SALE -Louis F. Battjes, City Clerk, reports that all
of the bids received for the purchase of the issue of $25,930.26, not to exceed
5% interest, North Shore Sanitary Sewer District No. 1 bonds offered for
sale on April 27-V. 132, p. 3203
-were rejected. The issue is being reoffered for award on May 11. Dated May 15 1931. Due serially from
1933 to 1941,incl. A certified check for 1% of the bid, payable to the abovementioned Clerk, must accompany each proposal.
-BOND SALE.
EAST LIVERPOOL, Columbiana County, Ohio.
The $12,197.50 city's portion impt. bonds offered on March 31-V. 132,
-were awarded as 4s to E. J. Smith & Co. of East Liverpool at
p. 2244
par plus a premium of $87.50, equal to 100.71, a basis of about 4.30%.
The bonds are dated March 1 1931 and mature Sept. 1 as follows: $2,197.50
in 1932, and $2,000 from 1933 to 1937 incl.
-PRICE PAID.
EAST LIVERPOOL, Columbiana County, Ohio.
The price paid for the $15,450 fire department equipment purchase bonds
awarded on April 6 as 435s to E. J. Smith & Co. of Liverpool, was 100.50.
not 100.57 as incorrectly reported in V. 132, p. 3203. Net interest cost of
the financing Is about 4.34%. Amount of premium received by the city
was $77.50.
-Sealed bids
ELDON, Wapello County, lowa.-BOND OFFERING.
will be received until 1.30 p. m. on May 12 by K. C. Finney, City Clerk,
for the purchase of a $15,000 issue of coupon water works bonds. Interest
Denom. $1,000. Due $1,000
rate is not to exceed 5%. payable M.&
from Nov. 1 1935 to 1949. incl. and optional after Nov. 1 1935. Legality
approved by Chapman & Cutler, of Chicago.
-The
-BOND SALE.
ELKHART COUNTY (P. 0. Goshen), Ind.
$41,500 4% coupon bridge construction bonds offered on April 29-V.
-were awarded to the City National Bank, of Goshen, at par
132, p. 3203
plus a premium of $626.22, equal to 101.50, a basis of about 3.70%. The
bonds are dated April 15 1931 and mature $2,075 May and Nov. 15 from
1932 to 1941 incl. Bids,submitted at the sale were as follows:
Premium.
Bidder$626.22
City National Bank (purchaser)
431.00
Fletcher Savings & Trust Co
367.80
Salem Bank & Trust Co
429.00
Union Trust Co. (Indianapolis)
x1,390.00
Brazil Trust Co
541.75
Fletcher American Co
x Bids for 4.3i% bonds; received no consideration.
ELLIS COUNTY ROAD DISTRICT NO. 16 (P. 0. Waxahachie),
-Sealed bids were received until 10 a. m. on
-BONDS OFFERED.
Tex.
May 1 by G. A. Neal, County Auditor, for the purchase of a $489,000
issue of 434% semi-ann. road bonds. Bids were received for all or half of
the issue. We are informed that these bonds had been offered without
success on April 4 1930.
ELLSWORTH,Pierce County, Wis.-BONDS VOTED -It is reported
that an election was recently held at which the voters approved the issuance
of $74,000 in school bonds.
-TEMPORARY LOAN.
ESSEX COUNTY (P. 0. Lawrence), Mass.
3203
-was
The $200,000 temporary loan offered on April 25-V. 132. p. a premium
Co. at 1.75% discount basis, plus
awarded to the Salem Trust
was bid for by the following:
of $1.25. The loan matures Nov.6 1931 and
Discount Basis.
BidderDiscount Basis.
Bidder1.91%
Beverly National Bank
Salem Trust Co. (plus $1.25
1.91%
1.75% Warren National Bank
premium)
Faxon,Gado & Co
Gloucester National Bank_ _ _1.775% Gloucester Safe Deposit &1.92%
Bank
Merchants National
1 92%
Trust Co
1.89%
(plus $1.25 premium)
1 94%
Trust Co
S. N.Bond & Co.(plus $1)- _1.90% Sagamore National Bank
1 97%
State
1.90% Bay
Naumkeag Trust Co
1 99%
National Bank
Salomon Bros.3z Hutzler_ _ _1.90% Cape Ann
-BOND OFFERING.
ETOWAH COUNTY (P. 0. Gadsden), Ala. F. Jeffers, President of
6, by W.
Bids will be received until noon on May
Issue of warrant
the Board of Revenue, for the purchase of a $200,000
payable semi-annually
refunding bonds. Int. rate is not to exceed 51%, to 1937, and 610,000.
Dated May 1 1931. Due as follows: $5,000, 934
the bonds will
1948 to 1960, all incl. Sealed bids will be considered but
[VOL. 132.
be sold to the highest bidder of oral bids. A certified check for 2% of the
bid is required.
(The preliminary report of this offering appeared in V. 132. p. 32033
-TEMPORARY LOAN-The
EVERETT, Middlesex County, Mass.
-was awarded
$500,000 temporary loan offered on .April 28-V. 132, p.3203
to the Everett Trust Co. of Everett at 1.95% discount basis. The loan is
dated April 29 1931 and matures $200,000 on Dec. 2 1931 and $300,000
on Dec. 15 1931. Bids submitted for the loan were as follows:
Discount.
Bidder1.95%
Everett Trust Co.(purchaser)
1.98%
S. N.Bond & Co.(plus $4 premium)
1.98%
Faxon,Gade & Co
-The $24,000 issue
-BOND SALE.
EXETER, Tulare County, Calif.
of 534% municipal impt. bonds offered for sale on April8-V.132, p.2632
were purchased at par by Mr. J. G. Cobb of Exeter. No other bids were
received.
FAULKTON INDEPENDENT SCHOOL DISTRICT (P. 0. Faulk.
-The $48,000 issue of
ton), Faulk County, S. Dak.-BOND SALE.
-was
coupon school bonds offered for sale on April 20-V. 132, p. 2816
purchased by the First Securities Corp. of St. Paul, as 4365, paying a
premium of $65, equal to 100.135, a basis of about 4.47%. Dated May
1 1931. Due from 1936 to 1951. The other bidders and their bids were
as follows:
Premium.
Rate Bid.
Bidder$60
435%
Paine-Webber & Co
910
%
Kalman & Co
330
%
Banc-Northwest Co
-E. H. Rollins
-BOND SALE.
Pa.
FLEETWOOD, Berks County,
& Sons, of Philadelphia, recently purchased an issue of $20,000 435%
coupon (series A) funding and water works improvement bonds at par
plus a premium of $995.98, equal to 104.979, a basis of about 4.05%•
The bonds mature in 15 years.
-A
-WARRANT SALE.
FOARD COUNTY (P. 0.'Crowell), Tex.
$26,000 issue of 6% county jail warrants has been purchased by the U. S.
Bond Co. of Denver. Denom. $500. Dated Dec. 15 1930. Due from
Feb. 15 1932 to 1941, incl. Prin. and int. (F. & A. 15) payable In San
Antonio and New York. Legal approval by J. T. Sluder, of an Antonio.
Financial Statement (As Officially Reported.)
$5,545,565
Assessed valuation 1930
43,000
Total bonded debt
60,000
Warrant debt
Population, 1930 census, 6,313.
(P. 0.
FORT STOCKTON INDEPENDENT SCHOOL DISTRICT
-The $100,000
-BOND SALE.
Fort Stockton), Pecos County, Tex.
Issue of 5% semi-ann. school bonds that was offered without success on
Feb. 10-V. 132, p. 1261-is reported to have since been purchased at
par by the State Board of Education.
FREDERICK COUNTY(P.O. Frederick), Md.-BOND OFFERING.. Bruce Murdock, Clerk of the Board of County Commissioners, will
receive sealed bids until 11 a. m. (eastern standard time) on May 16 for
the purchase of $510,000 bonds, comprising the following issues:
$186,000 4 % county refunding bonds of 1931.
school bonds of 1931.
124,000 4T
county
100,000434%unty road bonds of 1931.
100,000 4 3i 0 serial bonds of 1931. This issue' is dated April 1 1931.
Denom. $1,000. Due $20,000 Oct. 1 from 1941 to 1945, incl.
Prin. and semi-annual int. (A. & 0.) are payable at the office of
the County Commissioners. A certified check for 2% of the
amount of the bid, payable to the order of the Commissioners,
must accompany each proposal.
The notice of the proposed sale of the bonds does not describe the three
Issues of refunding, school and road bonds. Separate bids are requested
for each issue of bonds, but, if desired by the bidder, it may be stipulated
in the bid that its acceptance is contingent upon the bidder being awarded
each of the four issues. Proceedings incident to the sale of the bonds
are subject to the approval of Mr. W. Clinton McSherry, of Frederick,
attorney for the Commissioners, and of Niles, Barton. Morrow & Yost,
of Baltimore.
-The following
-BOND SALE.
FREEPORT, Nassau County, N. Y.
issues of coupon or registered bonds aggregating $283,000 were awarded
Fenn & Co., of New York, at a price of par:
as 3.80s to Phelps,
$150,000 series0St. impt. bonds. Due April 1 as follows:$6,000 from 1932
to 1941, incl., and $9,000 from 1942 to 1951, incl.
90.000 series C water bonds. Due April 1 as follows: $4,000 from 1932
to 1941, incl. and $5,000 from 1942 to 1951, incl.
bonds. Due April 1 as follows: $4,000 in 1932 and
23,000 series A park'
1933. and $5.000 from 1934 to 1936, incl.
Each issue is dated April 1 1931. The successful bidders are reoffering
the bonds for general investment at prices to yield from 2.10 to 3.80%,
according to maturity. The bonds, according to the bankers, are legal
Investment for savings banks and trust funds in New York State.
-The
-BONDS REGISTERED.
GAINESVILLE, Cook County, Tex.
State Comptroller registered on April 22 a $55.000 issue of 434% public
$500. Due serially.
free school 1931 bonds. Denom.
-SINGLE
GARFIELD HEIGHTS, Mahoning County, Ohio.
-Joseph Farizel,
OFFER RECEIVED FOR BOND ISSUE REJECTED.
the one bid received for the (pane of
Village Clerk, informs us that
$20.107.51 special assessment street improvement bonds offered for sale
-an offer of par plus a premium of $25 for
on April 24-V. 132, p. 2816
the bonds as 6s, submitted by Slier. Carpenter & Roos°, of Toledo. was
rejected. The bonds are dated May 1 1931 and mature Oct. 1 as follows:
$2,107.51 in 1932. and $2,000 from 1933 to 1941, incl.
-BOND SALE.
-The
GARRETTSVILLE, Portage County, Ohio.
following issues of 5% coupon bonds aggregating $14,696.49 offered on
-were awarded to the First National Bank
April 27-V. 132. p. 2816
of Garrettsville, at par plus a premium of $55. equal to 100.37, a basis
of about 4.90%:
$9,096.49 special assessment impt. bonds. Due semi-annually as follows:
$550 Sept. 15 1931; $575 March and Sept. 15 1932; $550 March
and $575 Sept. 15 1933: $575 March and Sept. 15 1934; $550
March and $575 Sept. 15 1935; $575 March and Sept. 15 1936,•
$550 March and $575 Sept. 15 1937: $575 March and Sept. 15
1938 and $571.49 March 15 1939.
5.600.00 village portion impt. bonds. Denom. $350. Due $350 March
and Sept. 15 from 1932 to 1939. inclusive.
Each issue is dated March 15 1931. The following is a list of the bids
submitted at the sale:
Premiufm
BidderFirst National Bank (purchaser)--------------------------------$55.00
Ryan, Sutherland & Co., Toledo-- ---------------------------- 53.00
Banc Ohio Securities Corp., Columbus-------------------------- 16.80
Guardian Trust Co., Cleveland --------------------------------- 10.00
Davies-Bertram Co., Cincinnati-------------------------------- 2.00
-BOND SALE.
-The followGEORGETOWN,Brown County, Ohio.
ing issues of coupon bonds aggregating $33.230 offered on April 18-V.
-were awarded as 430 to the IlancOhio Securities Corp., of
132, p. 2817
Columbus, at par plus a premium of $22.50, equal to 100.06, a basis of
about 4.74%;
$30,730 special assessment improvement bonds. Due $1,525 April and
Oct. 1 from 1932 to 1940, incl., and $1,525 April 1 and $1,755
Oct. 11941.
2,500 general improvement bonds. Due 3125 April and Oct. 1 from
1932 to 1941. incl.
Each issue is dated April 1 1931.
-BOND SALE.
-The $200,000
GRAND RAPIDS,Kent County, Mich.
-were
social service relief bonds offered on April 27-V. 132. p. 3204
award6d as 3s to the Northern Trust Co., of Chicago, at a price of 100.26,
a basis of about 2.82%. The bonds are dated May 1 1931 and mature
Aug. 15 as follows: $50,000. 1931: 575,000 in 1932 and 1933.
The following is an official list of the bids submitted at the sale:
Int. Rate.
BidderPrem.
3S
G
Northern Trust Co. (purchaser)
$526
Par
3
Chemical National Corp., New York
355 0
First Detroit Co
1,211
334%
Grand Rapids Trust Co
317
334%
Stranahan, Harris & Co., Inc
285
334%
Harris Trust & Savings Bank
111
MAY 2 19311
FINANCIAL CHRONICLE
-BONDS VOTED.
-At a special
GRETNA, Jefferson Parish, La.
election held on April 21 the voters authorized the issuance of $150,000 in
,
bonds for the completion of the cit3:' sewerage system. Unofficial returns
showed 325 "for" and 123 "against.
-BOND SALE.
-We are inGREENWOOD, Leflore County, Miss.
formed that an $8,000 issue of 51.1 % special street improvement bonds has
been purchased by the Merchants Bank & Trust Co. of Jackson. Dated
Dec. 1 1930. Legality approved by Ben. H. Charles, of St. Louis.
BOND OFFERING.
-It is reported that sealed bids will be received until
May 19 by the City Clerk for the purchase of a $20,000 issue of city hall
bonds.
GUNNISON COUNTY HIGH SCHOOL DISTRICT (P. 0. Gunni-The $100,000 issue of 414 %, coupon
-BOND DETAILS.
son), Colo.
refunding bonds that was purchased by the International Co. of Denver
V. 132, p. 2817
-Is dated May 1 1931. Denom. $1,000. Due on May 1,
as follows: $7,000, 1932 to 1938: $5,000, 1939 to 1948, and $1,000 in 1949.
Interest payable M. & N. The purchase price was par.
HAMILTONBAN TOWNSHIP SCHOOL DISTRICT (P. 0. Fair.
.-J. Warren Martin, Secretary
-BOND SALE
field), Adams County, Pa.
of the Board of School Directors, informs us that an issue of $7,000 5%
coupon refunding bonds was awarded on April 1 at a price of par to Mr.
Victor Duttera and the First National Bank. both of Gettysburg, each
having purchased half of the issue. The bonds are dated April 1 1931
and mature $500 annually on April 1 from 1938 to 1951. incl. Denom.
$500. Interest is payable semi-annually in April and Oct.
-CITY TO BORROW $75,000.
HAMTRAMCK, Wayne County, Mich.
-The Detroit "Free Press" of April 29 reports that on the preceding day
resolution to borrow $75,000. in anticipation
the City Council adopted a
of tax collections, from the Guardian Detroit Bank.
3385
-BOND OFFERING.
HUNTSVILLE, Madison County, Ala.
-sealed
bids will be received by N. M.Payne, City Clerk, until May 14 for the pm.
chase of a $25.000 issue of 5% semi-ann. sewerage system bonds. Due in 20
years. These bonds were voted at the special election held on April 21 by
a majority of about 2 to 1.
-NOTE
INDIANAPOLIS SCHOOL DISTRICT,Marion County,Ind.
SALE.
-The $200,000 "special fund" school notes offered on April 28
(V. 132, p. 3204) were awarded to the Fletcher American Co. of Indianapolis at 2A% interest rate cost, at par plus a premium of $16.75. The
notes are dated April 29 1931 and are payable June 30 1931.
Bids submitted at the sale were as follows:
Int. Rate.
Prem.
Bidder$16.75
214%
Fletcher American Co. (purchaser)
Indiana Trust Co. and the Merchants National Bank,
3.40%
Par
both of Indianapolis, jointly
3.40%
Par
Union Trust Co., Indianapolis
-BONDS DEFEATED.
JACKSON COUNTY (P. 0. Edna), Tex.
-the voters
At the special election held on April 18-V. 132. p. 2817
rejected the proposed issuance of $1,825,000 in road bonds.
JACKSON TOWNSHIP SCHOOL DISTRICT (P. 0. Ash Ridge),
-C. A. Stephen, Clerk of
-BOND OFFERING.
Brown County, Ohio.
the Board of Education, will receive sealed bids until 8 p. m. on May 8 for
the purchase of $17,015 5% school impt. bonds. Dated April 1 1931.
Denom.$415. Due $415 April and Oct. 1 from 1932 to 1951 incl.,and $415.
April 1 1952. Bids for the bonds to bear interest at a rate other than 5%,
expressed in a multiple of 4 of 1%, will also be considered. A certified
check for $500 payable to the order of the Board of Education, must accompany each proposal.
-The
-BOND SALE.
JASPER COUNTY (P. 0. Rensselaer), Ind.
% coupon Wheatfieid Township road impt. bonds offered on
$2,000
of
HAMPTON BAYS WATER DISTRICT (P. 0. Southampton), Suf- April 25-V. 132, p. 3011-were awarded to the City Securities
Corp.
-The $130,000 5% coupon or regis- Indianapolis, the only bidder, at par plus a premium of $5,equal to 100.25.
-BOND SALE.
folk County, N. Y.
-were a basis of about 4.45%. The bonds are dated April 15 1931 and mature
tered water district bonds offered on April 29-V. 132. p. 3204
awarded to George B. Gibbons & Co.. Inc., of New York, at a price of semi-annually as follows: $100 July 15 1932; $100 Jan. and July 15 from
111.279, a basis of about 4.21%. The bonds are dated May 1 1931 and 1933 to 1941 incl.. and $100 Jan. 15 1942.
mature May 1 as follows: $3,500 from 1936 to 1970. inclusive, and $7,500
-The
-BOND SALE.
JASPER COUNTY (P. 0. Rensselaer), Ind.
In 1971.
$4.100 414% coupon road impt. bonds offered on April 28-V. 132. p. 3011
Bids for the issue were as follows:
-were awarded to Pfaff & Hughel of Indianapolis. at par plus a premium of
I BidderRate Bid. $128.50. eql to 103.13. a basis of about 3.84%. The bonds are dated
Rate Bid.
Bidderua
A. C. Allyn & Co
109.26 April 15 1931 and mature semi-annually as follows: $205 July 15 1932;
George B. Gibbons & Co.,Inc.
109.19 $205 Jan. and July 15 from 1933 to 1941 incl., and $205 Jan. 15 1942. Bid
111.279 Batchelder & Co
(purchasers)
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 9 (P. 0. for the issue were as follows:
Premium.
Bidder-FINANCIAL STATE MEIN'T.Freeport), Nassau County, N. Y.
$128.50
In connection with the proposed sale on May 11 of $560,000 not to exceed Pfaff & Ilughel (purchasers)
118.00
Fletcher Savings & Trust Co
6% interest school bonds, notice and description of which appeared n
,
11.70
City Securities Corp
V. 132, p. 3204
-we are in receipt of the following:
-BOND SALE.
Financial Statement.
JEFFERSON COUNTY (P. 0. Birmingham), Ala.
-31
Assessed valuations
-1930 -Real estate & special franchise_ -$45,635,196 The $500.000 issue of court house and jail bonds offered for sale on April 27Debt
1,586,675 V. 132. p. 2633
-was awarded to Marx & Co.of Birmingham.and Associates.
-Total bonded debt, including this issue
as 434s, paying a premium of$4.400,equal to 100.88,a basis ofabout 4.35%.
Population, 1930 (estimated), 19,000
1942, and $5,000 in 1943.
-BOND SALE.
-The Due $55.000 from 1934 to
HENRY COUNTY (P. 0. New Castle), Ind.
construction bonds offered on April 28 (V. 132,p.
-INTEREST RATE.
$204,800 4% road
JOHNSON COUNTY (P.O. Iowa City), Iowa.
3204) were awarded to the Citizens' State Bank of Indianapolis. The The $173,000 Issue of semi-ann. county road bonds that was purchased by
bonds are dated April 15 1931 and mature $10,200 May and Nov. 15 from the White-Phillips Co.of Davenport, at a price of 101.344-V. 132, p. 3205
1932 to 1941, inclusive.
-was awarded as 4% bonds, giving a basis of about 3.87%. Due on May
-BOND OFFERING.- and Nov. 1 from 194210 May 11945.
HENRY COUNTY (P. 0. New Castle), Ind.
Zella M. Compton, County Treasurer, will receive sealed bids until 10
-A $2,285,KENTUCKY,State of (P.0. Frank(ort).-BOND SALE.
a. m. on May 11 for the purchase of $94,800 414% highway construction
% bridge revenue (project 8) bonds is reported to have been
bonds. Dated April 15 1931. Denom. $790. Due $4,740 May and Nov. 000 issue of
composed of Harris, Forbes & Co.; the Chase
15 from 1932 to 1941, incl. Principal and semi-annual interest are payable purchased by a syndicate
Securities Corp., and Stranahan, Harris & Co. Inc.. all of New York.
at the office of the County Treasurer.
Denom.$1,000. Dated July 1 1930. Due on July 1 1945. Prin. and int.
HILLTOWN TOWNSHIP SCHOOL DISTRICT (P. 0. Perkasie,
& J.) payable at the office of the State Treasurer, or in N. Y. City.
-BOND OFFERING.
R. D. No. 8), Bucks County, Pa.
-Elmer S. Callable in whole or in part by lot at the option of the State Highway Comthe Board of the Board of School Directors, will mission on any interest payment date beginning July 1 1931. on 30 days'
Umstearl. Secretary of
receive sealed bids until 6 p.m. on May 18, for the purchase of $110.000
103 if called on or prior to July 1 1933: less % during
4t% coupon school bands. Dated May 1 1931. Denom. $1,000. Due Published notice. at
each 2
-year period thereafter to maturity. All legal matters in connection
May 1 1961. The bonds will be payable in gold and registerable as to with the validity and issuance of these bonds have been passed upon by
principal only. Interest is payable semi-annually in May and November. Masslich & Mitchell, of New York. and Chapman & Cutler, of Chicago.
A certified check for 2% of the par value of the bonds bid for, payable to
(These bonds are ostensibly a part of the total issue of bridge revenue
the order of the District Treasurer, must accompany each proposal. Sale bonds offered in 1930-V. 131, p. 3241.)
of the bonds is subject to the approval of Townsend, Elliott & Munson. of
KING COUNTY SCHOOL DISTRICT NO. 181 (P. 0. Seattle),
Philadelphia. as to their validity.
-Sealed bids will be received by G. G.WittenWash.
-BOND OFFERING.
HOBBS MUNICIPAL SCHOOL DISTRICT (P. 0. Lovington), Lea myer, County Treasurer. until 11 a.m. on May 2, for the purchase of a
-The $132,000 issue of not to $22.000 issue of coupon school bonds. Int. rate is no, to exceed 6%,
County, N. Mex.-BONDS NOT SOLD.
exceed 6% semi-annual school bonds offered on April 28 (V. 132. p. 2633) payable semi-annually. Due serially in munerical order beginning the
was not sold, as there were no bids received. Dated April 20 1971. Due second year after date, and in such amounts (as near as practicable) as
will together with the interest on the outstanding bonds, be met by equal
$11,000 from April 20 1936 to 1947, inclusive.
-BOND OFFERING.
-Pierre annual tax levies for the payment of bonds and interest. Said bonds will
HOLYOKE, Hampden County, Mass.
receive sealed bids until 11 a. m.(Daylight run for a period of 23 years. Prin. and Int, payable at the office of the
Bonvouloir, City Treasurer, will
saving time) on May 7 for the purchase of $140,000 3Si% coupon highway County Treasurer. These bonds were voted on March 7.
and sidewalk bonds. Dated May 1 1931. Denom. $1.000. Bonds may
-BOND OFFERING.
KNOX COUNTY (P. 0. Mount Vernon), Ohio.
be registered at any time. Prin. and semi-ann. int.(M.& N.) are payable
-regarding
of April 25-V. 132. p. 3205
at the Merchants National Bank of Boston. The bonds will be engraved -In an item appearing in our issue
offer for sale at 12 m.on May 4
certified as to genuineness by the First National the intention a the above-named coun.y toname of the State in which the
under the supervision of and
an issue of $34.000 6% impt. bonds, the
Bank of Boston. Legality to be approved by Storey, Thorndike, Palmer
is
municipality, situated was given as "Indiana." whereas it should have
& Dodge of Boston, whose opinion will be furnished the purchaser.
read "Ohio.'
Financial Statement, May 2 1931.
-BOND OFFERING.
KOSCIUSKO COUNTY (P.O. Warsaw),Ind.
$113.733.890
Valuation 1930
until 2 p.m.
4.470.000 William Shaffer. County Treasurer, will receive sealed bidshighway impt.
Total debt
524.000 on May 11 for the purchase of $39.900 4% Wayne Township
Water debt included in total debt
1932;
564,416 bonds. Dated May 15 1931. Denom. $665. Due $1,995 July 15 1942.
Borrowing capacity inside debt limit May 1 1931
$1.995 Jan. and July 15 from 1933 to 1941 incl., and $1,995 Jan. 15
Population: 1930, 56,555.
-John
-BOND OFFERING.
LANCASTER, Fairfield County, Ohio.-BOAD OFFERING.
-Howard
HORNELL, Steuben County. N. Y.
P. Babcock, City Chamberlain, will receive sealed bids until 3 p.m.(Eastern W. Barnes, City Auditor, will receive sealed bids until 12 m. on May 15
standard time) on May 7 for the purchase of $70.000 coupon or registered for the purchase of $52.993.48 5% special assessment street impt. bonds.
not to exceed 6% interest water extension bonds. Dated May 1 1931. Dated April 1 1931. One bond for $993.84, others for $1.000 and $500.
Denom. $1,000. Due May 1 as follows: $5,000 from 1933 to 1936, incl., Due Oct. 1 as follows: $5,993.84 in 1932:$5.000, 1933;$5,500, 1934:$5,000,
$15,000 in 1937 and 1938, and $20,000 in 1939. Rate of interest to be 1935; $5,500, 1936; $5.000. 1937: S5,500. 1938: $5,000. 1939: $5.500, 1940,
at
expressed in a multiple of 14 of 1% and must be the same for all of the bonds. and $5,000 in 1941. Prin. and semi-ann. int. (A. & 0.) are payable
Principal and semi-annual interest (May and Nov.) are payable at the office the office of the City Treasurer. Bids for the bonds to bear int. at a rate
of the City Chamberlain. A certified check for $1,500, payable to the order other than 5%,expressed in a multiple of 1.4 of 1%, will also be considered.
of the city, must accompany each proposal. The approving opinion of A certified check for 5%. payable to the order of the City Auditor, must
accompany each proposal.
Clay, Dillon & Vandewater of New York will be furnished the purchaser.
-The following
(These bonds were authorized at an election held on April 9-V. 132,
-BOND SALE.
LANSING, Ingham County, Mich.
p. :1011.)
is811013 of coupon or registered bonds aggregating $650.000 offered on April 27
-BOND OFFERING:
- -V. 132, p. 3011-were awarded as 314s to the Harris Trust & Savings
HOUSTON COUNTY(P.0.Caledonia),Minn.
Sealed bids will be received until 2 p. m. on May 4, by 0. Hoegh, County Bank of Chicago, at par plus a premium of $390, equal to 100.06, a basis
Auditor, for the purchase of an issue of $160,000 4Si% funding bonds, of about 3.49%:
Denom. $1,000. Dated April I 1931. Due $16,000 from April 1 1933 to $400,000 sewer extension bonds. Due $40,000 May 1 from 1933 to 1942 incl.
1942, incl. Prin. and int. (A. & 0.) payable at the First National Bank
250,000 welfare emergency bonds. Due $125,000 on May 1 in 1933
in Minneapolis. A certified check for 2% must accompany the bid.
and 1934.
Each issue is dated May 11931.
SCHOOL DISTRICT NO. 3 (P. 0.
HUGOTON CONSOLIDATED
-BONDS VOTED.
-The voters are
Hugoton), Stevens County, Kan.
LA PORTE SCHOOL CITY, Laporte County, Ind.-BONDY OF
reported to have approved recently the issuance of $150,000 in school FERING.-The Board of School Trustees will receive sealed bids untibonds.
1 p. m. on May 16 for the purchase of $150,000 4 X% school improvement
July 1 as follows:
-BOND SALE.
-We are In- bonds. Dated May 1 1931. Denom. $1,000. Due1935; $3,000, 1936;
HUMBOLDT, Gibson County, Tenn.
formed that a $45,000 issue of 4}i% semi-annual improvement bonds $8,000, 1932; $9,000, 1933; $10,000. 1934; $11,000. and semi-annually
$4,000, 1937:$6.000, 1938;$7,000. 1939;$10,000 in 1940,
& Co. of Jackson.
has been purchased recently by Little, Wooten
as follows: $9,000. Jan. 1 and $10,000 July 1 1941: $10,000 Jan. 1 and
-BOND $11,000 July 11942; $11.000 Jan. and July 1 1943; $12,000 Jan. 11944 and
P. 0. Huntington), Ind.
HUNTINGTON COUNTY
OFFERING -Charles A. Griffith. County Auditor, will receive sealed $8,000 Jan. 1 1945. Principal and semi-annual interest (Jan. and July)
bids until 10 a.m. on May 15. for the purchase of $1,446.95 6% drain con- are payable at the First National Bank & Trust Co., Laporte. A certified
struction bonds. Due Nov. 10 as follows; $144.69 from 1931 to 1935, check for 1% of the amount proposed to be bid for the bonds must accomincl., and $144.70 from 1936 to 1940. incl.
pany each offer.
HUNTINGTON (P. 0. Huntington), Suffolk County, N. Y.
LAS VEGAS, Clark County, Nev.-BOND ELECTION -An election
BOND SALE.
-The $96,000 coupon or registered water system improve- is reported to be set for May 5 in order to have the voters pass upon the
ment bonds offered on April 24 (V. 132, p. 3011) were awarded as 4s to Proposed issuance of $160,000 in sewer bonds.
Sherwood & Alerrifield, Inc. of New York at 100.07, a basis of about
-Sealed bids
-BOND OFFERING.
LEBANON, Linn County, Ore.
The bonds are dated April 1 1931 and mature April 1 as follows:
Witman, City Recorder, until May 19 for the pur3.99%.
$2.500from 1936 to 1970, incl., and $8,500 in 1971. Bids submitted at will be received by C. of 5% semi-annual refunding sewer bonds. Dated
chase of a $30,000 issue
the sale were as follows:
Due from 1933 to 1939. (These bonds were voted at an
June 1
Int. Rate.
Rate Bid. election 1931.on April 20.)
Bidderheld
4%
-Sherwood & Merrifield, Inc
100.07
-BOND SALE.
-The $200,000
Bank of Huntington & Trust Co
LEBANON, Wilson County, Tenn.
414%102.08
414
Batchelder & Co
101.86 issue of 5% coupon semi-annual water works bonds offered for sale on
George B. Gibbons & Co
414%101.46 April 15-V. 132. P. 3011-without success is reported to have since been
4
'Parson, Son & Co
101.36 purchased at par by a syndicate composed of the Commerce Union Co.,
3386
FINANCIAL CHRONICLE
the American National Co. and Robinson, Webster & Gibson, all of Memphis. Dated Aug. 1 1930. Due from Aug. 1 1931 to 1960.
LEMMON INDEPENDENT SCHOOL DISTRICT (P. 0. Lexnmon),
Perkins County, S. Dak.-BOND SALE-The $50,000 issue of 5%
school bonds offered for sale on April 23-V. 132, p. 2817
-was purchased
by the First National Bank of Lemmon, paying a premium of $300, equal
to 100.60. a basis of about 4.92%. Denoms. $1,000 and $500. Dated
May 2 1931. Due from May 1 1932 to 1951 incl. Int. payable M.& N.
LEOMINSTER, Worcester County, Mass.
OFFERING
.-BOND
Charles D. Harnden, City Treasurer, will receive sealed bids until 11 a. m.
(daylight saving time) on May 7 for the purchase of $80,000 4% coupon
bonds, divided as follows:
$35,000 Lancaster School Building addition bonds. Due April 1 as follows:
$2,000 from 1932 to 1946, incl., and $1,000 from 1947 to 1951, incl.
25,000 water mains bonds. Due $1,000, April 1 from 1932 to 1956 incl.
20,000 Water Loan Act of 1931 bonds. Due April 1 as follows: $2,000
from 1932 to 1936, incl., and $1,000 from 1937 to 1946,
lad.Ech
issue is dated April 1 1931. Denom. $1,000. Principal and semiannual interest (April and Oct.) are payable at the First National Bank
of Boston. The bonds will be engraved under the supervision of and
certified as to genuineness by the aforementioned Bank. Legality to be
approved by Ropes, Gray, Boyden & Perkins of Boston, whose opinion will
be furnished the purchaser.
Financial Statement April 23 1931.
$24,184,849
Net valuation 1930
1,189.000
Total gross debt
361.000
Water debt included in total debt
No sinking funds. Population (1930). 21,083.
-BOND OFFERING.
LONG BEACH, Los Angeles County, Calif.
We are informed that sealed bids will be received until May 22, by the
City Clerk, for the purchase of a $700,000 issue of 5% semi-annual auditorium bonds. Due $70,000 from 1959 to 1968, incl.
-BOND OFFERING.
LONG BEACH, Nassau County, N. Y.
James J. McCabe, City Clerk, will receive sealed bids until 8:15 D• m•
(daylight saving time) on May 12 for the purchase of $560,000 not to
exceed 5% interest coupon bonds, divided as follows:
$450,000 public improvement bonds. Due $18,000, May 1 from 1937
to 1961 inclusive.
110,000 series H water bonds. Due May 1 as follows: $4,000 from
1937 to 1956 incl. and $6,000 from 1957 to 1961 incl.
Each issue is dated May 1 1.931. Denom. $1,000. Rate of interest to
be expressed in a multiple of 3.4 or 1-10th of 1% and must be the same for
all of the bonds. Interest is payable semi-annually in May and November.
According to the offering notice, the principal and interest of said bonds
will be included in the annual city budgets and raised by the annual tax
levy, as provided in the city charter. A certified check for $12,000, payable to Thomas J. Hogan, City Treasurer, is required. The approving
opinion of Clay, Dillon & Vandewater of New York will be furnished
the purchaser.
-BOND ELECTION.
-On
LOUISBURG, Franklin County, N. C.
May 5 the voters will be called upon to pass approval on a proposed $25,000
Issue of college purchase bonds.
-The
LOUISIANA, State of (P. 0. Baton Rouge)-BOND SALE.
$2,000,000 issue of Confederate Veterans' and Widows' Pensions bonds
offered for sale on April 27-V. 132, p.3206
-was purchased by a syndicate
composed of Lehman Bros., Stone & Webster & Blodget, Inc., E.II. Rollins
& Sons, Kountze Bros. Kean, Taylor SC Co., and Ames, Emerich & Co.,
all of New York, the 'Wells-Dickey Co. of Minneapolis, and the First
National Bank of Shreveport, as 4s,for a premium of $14,550, equal to
100.727, a basis of about 4.41%. Dated April 15 1931. Due $500,000
from April 15 1939 to 1942, incl.
The $502,000 issue of drouth relief bonds offered at the same time was
purchased by a group composed of the Hibernia Securities Co. of New
Orleans, Eldredge & Co. of New York, and New Orleans Banks, as 4jis,
for a premium of $1,702, equal to 100.339, a basis of about 4.43%. Dated
April 15 1931. Due from April 15 1932 to 1941, lad.
-The $2,000,000 issue of
BONDS OFFERED FOR SUBSCRIPTION.
bonds was immediately offered to the public by the successful syndicate
at prices to yield 4.25% on all maturities. Prin. and int. (A. & 0. 15)
payable in gold coin at the State's fiscal agency in New York or at the office
of the State Treasurer, at the option of the holder. Legality to be approved by Thomson, Wood & Hoffman of New York. These bonds are
legal investments for savings banks and trust funds in Massachusetts,
New York and other States.
LYNCHBURG SANITARY DISTRICT (P. 0. Lynchburg) Camp.
-We are informed that an issue
bell County, Va.-BOND ELECTION.
of $125,000 water system bonds will be voted upon at an election to be
held on May 26. This district was recently formed.
LYNDHURST TOWNSHIP (P. 0. Lyndhurst), Bergen County,
N. J.
-BOND.SALE.
-The $100,000 street and storm sewer bonds offered
on April 27-V. 132, p. 3206
-were awarded as 53is to M. M. Freeman
& Co., of Philadelphia, at a price of 100.015, a basis of about 5.74%. The
bonds are dated May 1 1931 and mature May 1 as follows: $5,000 from
1932 to 1936, incl., and $75,000 in 1937.
-On May
McDONOUGH, Henry County, Ga.-BOND ELECTION.
12 an election will be held to pass on the proposed issuance of $35,000 in
5% semi-ann. paving bonds. Denom. $1,000. Dated June 1 1931.
Due on Jan. 1 as follows: $1,000, 1937 to 1951; $2,000, 1952 and $1,000,
1953 to 1961, all incl. Payable at the Guaranty Trust Co. in New York.
McKENZIE COUNTY (P. 0. Schafer), N. Dak.-BONDS VOTED.
At an election held on March 17 the voters approved the Issuance of$100,000
in highway bonds by a count of 1,583 "for" to 643 "against."
-COUNTY TO
MACOMB COUNTY (P.O. Mount Clemens), Mich.
BORROW $700,000 AT 4% INTEREST.
-At a special meeting of the
Board of County Supervisors on April 29 arrangements were made to
obtain a loan of $700,000 against 1930 delinquent taxes, from Blanchet.
Bowman & Wood, of Toledo, according to the Detroit 'Free Press, of
April 30. The loan is to bear interest at 4% and mature semi-annually
over a period of two years. The bankers will pay a price of 97 for the
Issue. The county is reported to have set aside, out of current tax collections, a sum of $824,000 to pay off an $800,000 loan obtained Feb. 1.
-BOND DETAILS.
MADISON COUNTY (P. 0. Canton), Miss.
The $84,000 (not $43,000) issue of 5% semi-ann. refunding bonds that
-was
-V. 132, p. 3206
was purchased by Saunders & Thomas of Memphis
awarded at par and matures on Dee. 1 as follows: $2,000. 1931 to 1935
$4,000, 1936 to 1945; $3.000. 1946 to 1951, and $4,000, 1952 to 1955, all
hid.
-BOND OFFERMAHON1NG COUNTY (P. 0. Youngstown), Ohio.
ING -F.E. Lancaster, Clerk of the Board of County Commissioners, will
receive sealed bids until 11 a. m. (Eastern standard time) on May 18 for
the purchase of $53,800 5% road improvement bonds. Dated Oct 11930.
One bond for $800, others for $1,000. Due Oct. 1 as follows: $5,800, 1931'
$5,000, 1932; $6,000. 1933; $5,000, 1934 and 1935; $6.000, 1936; $5,000,
1937; $6,000, 1938 and $5,000 in 1939 and 1940. Interest is payable semiannually in April and October. Bidders may present alternative bids
for the bonds based upon their bearing interest at a rate other than 5%
but subject to the requirements of Section 2293-28 of the General Code.
A certified check for $538, payable to Warren A. Steele, County Treasurer,
must accompany each proposal.
-BOND OFFERING.
-Albert J.
MALVERNE, Nassau County, N. Y.
Brown, Village Clerk, will receive sealed bids until May 20 for the purchase
a $75,000 drainage issue,
of $150,000 local improvement bonds, comprisingbonds.
$65,000 paving and $10,000 street improvement
-BOND SALE.
-The
MAMARONECK, Westchester County, N. Y.
$15,000 coupon or registered fire department apparatus purchase bonds
-were awarded as 4s to Graham,
3012
offered on April 28-V. 132. p.
Parsons & Co. of New York, at 100.569, a basis of about 4.13%. The
bonds are dated] April 1 1931 and mature $1,500. April 1 from 1932 to
1941, incl. Bids submitted at the sale were as follows: Rate. Rate Bid.
Int.
Bidder100.569
43's
Graham, Parsons & Co. (purchasers)
100.073
451
Sherwood & Merrifield, Inc
.100,278
43%
George B. Gibbons & Co
100.18
4h' 0
Dewey, Bacon & Co
4)%100,345
Farson, Son & Co
100.61
4
A. C. Allyn & Co
100.210
4h
Marine
CO
[vol.. 132.
-BOND SALE-The $92,200
MANSFIELD, Richland County, Ohio.
-were
coupon street impt. bonds offered on April 29-V. 132, p. 3206
awarded as 4;is to the Citizens National Bank & Trust Co. of Mansfield
at par plus a premium of $250, equal to 100.271, a basis of about 4.13%.
The bonds are dated May 1 1931 and mature semi-annually as follows:
$9,700 April and Oct. 1 from 1932 to 1934 incl., and $8,500 April and Oct. 1
In 1935 and 1936.
-TEMPORARY LOAN.
MARBLEHEAD, Essex County, Mass.
Faxon, Gade & Co. of Boston, purchased on April 29 a $150,000 temporary
loan a 2.01% discount basis. The loan matures Nov. 5 1931 and was bid
for by the following:
Discount Basis.
Bidder
2.01
Faxon, Gade & Co.(purchasers)
2.02
Merchants National Bank of Boston
2.03
First National Old Colony Corp
2.04%
Atlantic Corp
F. S. Moseley & Co
205%
Marinette), Wis.-BOND DETAILS.
MARINETTE COUNTY(P.O.
The $110,000 issue of nighway bonds that was purchased by local investors
V. 132, p. 3012
-bears int. at 43% and was awarded at par. Due onMay 11935.
-The-BOND SALE.
MARION COUNTY (P. 0. Knoxville), Iowa.
$85,000 issue of coupon ann. primary road bonds offered for sale on April 24
V. 132, 13. 3012
the Iowa-Des Moines Co. of Des
-was purchased by
Moines, as 4s, paying a premium of $997, equal to 101.172, a basis of
about 4.00%. Dated May 1 1936. Due from May 1 1936 to 1945, andoptional after May 1 1936. The other bids were as follows:
Premium.
BidderPremium.' Bidder$970;
Geo. M.Bechtell & Co
$995 Carleton D.Beh Co
Glaspell, Vieth & Duncan
9761
-TEMPORARY LOAN.
MARLBORO, Middlesex County, Mass.
Faxon, Gade & Co. of Boston, recently purchased a $50,000 temporary
loan at 2.06% discount basis. The loan matures Dec. 8 1931 and was bid;
for by the following:
Discount Basis.
Bidder
2.06
Faxon, Gade & Co.(purchaser)
2.07
First National Old Colony Corp
2.08
Peoples National Bank of Marlboro
2.20%
Curtis & Sanger
-The fol-BOND SALE.
MARTIN COUNTY (P. 0. Shoals), Ind.
$9,380, offered on April 27lowing issues of 43 % bonds, aggregating
V. 132, p. 3012
-were awarded to the Martin County Bank of Shoals.
Price paid not disclosed:
$3,890 Center Township road improvement bonds. Denom. $194.50.
Due $194.50 July 15 1932; $194.50 Jan. 15 and July 15 from 1933
to 1941 incl., and $194.50 Jan. 15 1942.
3,340 Brown Township road improvement bonds. Denom. $167. Due
$167 July 15 1932; $167 Jan. 15 and July 15 from 1933 to 1941
lad., and $167 Jan. 15 1942.
2,150 George Medford et al., road improvement bonds. Denom.$107.50.
Due $107.50 July 15 1932; $107.50 Jan. 15 and July 15 from 1933
to 1941 incl., and $107.50 Jan. 15 1942.
Each issue is dated April 27 1931.
•
-0. Rickard.
D.
-BOND OFFERING.
MEDINA,Medina County,Ohio.
Village Clerk, will receive sealed bids until 12 m. on May 19 for the purchase of $5,000 5% special assessment sewer construction bonds. Dated
April 1 1931. Denom. $1,000. Due $1,000 Oct. 1 from 1932 to 1936 incl.
Principal and semi-annual interest (April and October) are payable at the
office of the Village Treasurer. A certified check for 2%, payable to the
order of the Village, must accompany each proposal.
MICHIGAN CITY CITY. SCHOOL DISTRICT, La Porte County,
Ind.
-BOND OFFERING.-Bertram L. Sieb, Secretary of the Board of
School Trustees, will receive sealed bids until 7 p. m. on May 27 for the
purchase of $110,500
% school bonds. Dated July 1 1931. Denom.
$500. Due July 1 as follows: $3,000 from 1939 to 1943, incl.•. $12.000'
from 1944 to 1947, incl.; $19,000 in 1948; $19,500 in 1949, and $9,000 in
1950. Principal and semi-annual interest (Jan. and July) are payable
at the Michigan City Trust & Savings Bank, Michigan City. A certified
check for $5,000, payable to the order of the Board of School Trustees,
must accompany each proposal.
MIDDLE RIO GRANDE CONSERVANCY DISTRICT (P. 0. Albuquerque), N. Mex.-MATURITY
.-The $6,164,000 issue of not to
exceed 534% semi-annual district bonds that is scheduled for sale on
-matures as follows:
May 4-V. 132, p. 2818
Amount. I Year.
Amount.
Year.
Amount. Year.
Amount.I Year.
1934.....$29.000
1954...._$123.000 1964_ __ _$244,000
,
-- 1935_ _-- 32,000 1945..__ 68,000
,
1936____ 35.000 1946_ _-_ 73,000 1956....- 159,000 1966_ _ _ 272,000
1937- _ -- 38,000 1947- __ _ 79,000 1957.... 168,000 1967_ ___ 287,000
1938- - 41.000 1948.... 84.000 0158...... 177,000 1968..-..- 303,000
1939_
44,000 1949_ _ 89,000 1959.... 187.000 l969._. 320,000
1940- - 48,000 1950- _-- 45,000 1960_ _-- 197,000 1970- - 337,000
194152,000 1951_ _ 52,000 1961.... 208,000 1971..._ 356,000
1942..... 55,000 1952---- 109.000 1962_ _ -- 219,000 1972---- 375.000
1943 _ 59,000 1953_ __ _ 115,000 1963- _-- 232,000 1973---- 396,000
-BOND gALE.-The
MINNEAPOLIS, Hennepin County, Minn.
$974,325.57 issue of coupon special street impt. bonds offered for sale.on
April 27-V. 132, p. 3013
-was awarded at public auction to Eldredge
& Co. of New York, and the Wells-Dickey Co. of Minneapolis, jointly,
as 3.its, paying a premium of $8,405, equal to 100.86, a basis of about
,
3.59%. Dated May 1 1931. Due from May 1 1932 to 1951, incl.
BONDS REOFFERED FOR INVESTMENT.
-The successful bidders are
offering the above bonds for public subscription at prices to yield investor
from 2 to 3.60%, in accordance with desired maturities. They are said
to be legal investment for savings banks in New York, Massachusetts and
Connecticut.
-The $1,000,MISSISSIPPI, State of (P. 0. Jackson), BOND SALE.
000 issue of hospital removal bonds offered for sale on April 30-V. 132.
-was purchased by a syndicate composed of C. W. McNear & Co,
1:I• 2818
A. C. Allyn & Co. and Breed. Elliott & Harrison. all of Chicago, and Asiadates as 5s for a premium of $4,200, equal to 100.42, a basis of about 4.90%
(to optional date). Due on May 1 1951, subject to call by the State at
any time after 5 years.
NOTE SALE-The $1,000,000 issue of short-term notes also offered
-was jointly purchased by the
for sale at the same time
-V. 132. P. 3207
Merchants Bank & Trust Co. and the Jackson State National Bank, both
of Jackson, at 6%. Dated May 1 1931. Due on March 1 1932. No
other bids were received for the notes.
MITCHELL, Davison County, S. Dak.-BOND OFFERING.
-Sealed
bids will be received until 7.30 p. m. on May 18, by Thomas Eastcott, City
Auditor, for the purchase of an issue of $175,000 coupon water works and
auditorium refunding bonds. Int. rate is not to exceed 43i%. payable
semi-annually. Dated June 1 1931. Due $5,000 in 1934. and $10,000.
1935 to 1951, incl. A certified check for 2% of the amount bid is required.
MOHAWK MUNICIPAL WATER CONSERVATION DISTRICT
(P. 0. Roll), Ariz.
-BOND OFFERING.-Sealed bids will be received
until 2 p. m. on May 16, by H. H. Cudworth. Secretary of the Board of
Directors, for the purchase of a $328,000 issue of 6% coupon water bonds.
Denom. $1,000. Due $16,400 from 1942 to 1961, incl. Int. payable
J. & J. A certified check for 5% must accompany the bid. (These are
the bonds that were unsuccessfully offered on .April 4-V. 132, p. 3013.)
MONROE, Green County, Wis.-BOND OFFERING.
-Sealed bids
will be received until 7 p. m. on May 5, by William Dunwiddle, City
%
Cleric, for the purchase of two issues of 4( coupon bonds aggregating
$115,000, divided as follows:
$61,000 street impt. bonds. Due on June 1. as follows: $4,000, 1933 to
1937; $6,000, 1938 and 1939; $14,000 in 1940; $10,000, 1941, and
$5,000 in 1942.
54,000 sewage disposal bonds. Due on June 1 as follows: $3,500, 1933 to
1937; S4,500, 1938 and 1939; $6,000, 1940; $10,000, 1941, and
$11,500 in 1942.
Denom. $500. Dated June 1 1931. Prin, and int. (J. & D.) payable
at the First National Bank in Monroe.
-BOND SALE.
MONROE COUNTY (P. 0. Monroe), Mich.
-In recording the intention of this county to receive sealed bids until April 28
for the purchase of $153,900 highway improvement bonds, the notice as
MAY 2 1931.]
FINANCIAL CHRONICLE
3387
given in-V. 132, p. 3013
-was incorrectly captioned "Monroe County, Investment for savings banks and trust funds in New York, Massachusetts,
Ohio." The issue was awarded as 434s to Otis & Co., of Cleveland, at a Connectictut, Rhode Island and certain other States. Bids submitted at
price of 100.53, a basis of about 4.39%. The bonds mature annually the sale were as follows:
BidderRate Bid.
'on May 1 from 1932 to 1941, inclusive. The successful bidders are re102.199
offering the bonds for general investment priced to yield from 3.50 to R.L. Day & Co.(Purchasers)
Stone & Webster and Blodget, Inc
101.52
4.15%, according to maturity.
National City Co
100.885
-BOND Harris, Forbes & Co
MONTGOMERY COUNTY (P. 0. Independence), Kan.
100.86
SALE.
-The $43.869.75 issue of 4% registered roan improvement bonds
NEWTON (P. 0. West Newton), Middlesex County, Mass.
-TEM-was purchased by the Presoffered for sale on April 20-V. 132, p. 3013
-Francis Newhall, City Treasurer, on April 27 awarded a
.cott, Wright, Snider Co. of Kansas City, at a price of 100.784, a basis of PORARY LOAN.
- about 3.80%. Dated May 1 1931. Due from Aug. 1 1932 to 1941, incl. $250,000 temporary loan to the Shawmut Corp., of Boston, at 1.845%
or New York
loan is payable
-We are discount basis. The of the holder. Nov. 5 1931 in Boston Ropes, Gray,
MOOREFIELD, Frontier County, Neb.-BOND SALE.
Legality approved by
City, at the option
..informed that an issue of $1,800 434% water works system bonds has Boyden & Perkins, of Boston. Bids submitted at the sale follow:
•been purchased by an undisclosed investor.
BidderDiscount Basis.
1.845 0
-BOND OFFERING.
-Harold A. Shawmut Corp. (Purchaser)
MORAVIA, Cayuga County, N. Y.
1.86
Banks, Village Clerk, will receive sealed bids until 7.30 p. m. on May 11 F. S. Moseley & Co
1 86
,for the purchase of $53,500 not to exceed 6% interest coupon or registered Salomon Bros. & Hutzler
1 92
improvement bonds. Dated April 1 1931. One bond for $500. Merchants National Bank of Boston
.street
1.94
others for $1,000. Due April 1 as follows: $2,500 in 1932, and $3,000 Newton Trust Co
1.95
.from 1933 to 1949, incl. Rate of interest to be expressed in a multiple of S. N. Bond & Co
1.96
3i or 1-10th of 1% and must be the same for all of the bonds. Principal Atlantic Corp
1.985%
..and semi-annual interest (April and Oct.) are payable at the First National Faxon, Gade & Co
Bank, Moravia. A certified check for $1,000, payable to the order of
-ISSUE OF $52,000,000 CORPORATE STOCK
NEW YORK, N. Y.
the Village, must accompany each proposal. The approving opinion of SCHEDULED FOR SALE.
-Charles W. Berry, City Comptroller, is ex'Clay, Dillon & Vandewater, of New York, will be furnished the purchaser. pected to call for sealed bids shortly for the purchase of an issue of $52,000,-year gold corporate stock for rapid transit construction purposes.
MORONGO SCHOOL DISTRICT (P. 0. San Bernardino) San Ber- 000 4
--Sealed bids will be re- In accordance with legislation passed at the recent session of the State Legis-BOND OFFERING.
nardino County, Calif.
ceived until 11 a. m.on May 4, by Harry L. Allison, County Clerk, for the lature, requiring six days' published notice of the intention of the city to
$4,000 issue of 5% school bonds. Denom. $100. Dated effect a sale of long-term obligations followed, not necessarily immediately
purchase of a
June 1 1931. Due $800 from June 1 1932 to 1936, inclusive. A certified thereafter, by three days'formal advertisement of the terms of the offering,
-check for 5% of the bonds bid for, payable to the County Treasurer, is a notice has been appearing in the "City Record" since April 28 announcing
the intention of the Comptroller to offer the issue for sale. On Friday
required.
was stated at the office of the Comptroller that no decision had
-BOND OFFERING.
-Nelson (May 1) it as to the date on which the sale is to be held.
MORRISTOWN, Morris County, N. J.
been made
S. fluters, Town Clerk, will receive sealed bids until 8 p. m. (dayllght
-BOND SALE.
NORTH COLLEGE HILL, Hamilton County, Ohio.
time) on May 8 for the purchase of $1,053,000 4, 4( or 434%
saving
coupon or registered water bonds. Dated May 1 1931. Denom. $1,000. -The $86,871.83 coupon special assessment improvement bonds offered
--were awarded as 434s to Seasongood &
Due May 1 as follows: $25,000 from 1933 to 1943, incl.: $30,000 from 1944 on April 17-V. 132, p. 2635
to 1968, incl., and $28,000 in 1969. Prin. and semi-annual hit.(M.& N.) Mayer, of Cincinnati, at par plus a premium of $252.85, equal to 100.29,
are payable at the office of the Town Treasurer. No more bonds are to a basis of about 4.44%. The Issue is dated March 1 1931 and matures
be awarded than will produce a premium of $1,000 over $1,053,000. A annually on Sept. 1 from 1932 to 1941, incl. Bids submitted at the sale
.certified check for 2% of the amount of bonds bid for, payable to the order were, as follows:
Int. Rate. Premium.
,Bidderof the Town, must accompany each proposal. The approving opinion of
434
$252.85
Hawkins, Delafield & Longfellow, of New York, will be furnished the Seasongood & Mayer (Purchasers)
Provident Savings Bank & Trust Co
°purchaser.
4“ 0
64.14
Well, Roth & Irving Co
MOUND SCHOOL DISTRICT (P. 0. Ventura) Ventura County, Ryan, Sutherland & Co
e
10
-Sealed
Calif.
-BOND OFFERING. Countybids will be received until a a. in. Assel, Goetz & Moerlein, Inc
660..01
717
Clerk, for the purchase of $19,000
on May 5 by L. E. Hallowell,
4
43i
445.00
issue of 5% school bonds. Denom. $1,000. Dated June 1 1931. Due Bohmer-Reinhardt & Co Corp
Securities
26.10
434
$1,000 from June 1 1932 to 1950, incl. Prin. and int. (J. & D.) payable Title Guarantee
NORTH HUNTINGTON TOWNSHIP SCHOOL DISTRICT (P. 0.
,at the County Treasury. These bonds were voted at an election held on
-BOND SALE.
-Sealed bids adMarch 27 by a count of 111 to 31. A certified check for 2%, payable to Irwin), Westmoreland County, Pa.
the County Clerk, must accompany the bid. The offering notice contains dressed to J. Howard Lynch, District Secretary, were received until April 24
for the purchase of $250,0004% coupon school bonds, the successful bidders
the following information:
Mound School District of Ventura County was established prior to 1891, for which were Edward Lowber Stokes & Co. of Philadelphia. who paid
and the boundaries thereof have remained unchanged.
Dar plus a premium of $4,302.50 for the issue, equal to 101.72, a basis of
There has been no default in payment of any of its obligations, and there about 3.75%. Dated May 1 1931. Denom. $1,000. Due Nov. 1 as
is no controversy or litigation pending concerning the validity ofthese bonds. follows: $20,000 from 1933 to 1942, incl., and $25,000 in 1943 and 1944.
The present estimated population of the district for 1931 is 1,000.
Interest is payable semi-annually in May and November.
The assessed valuation of taxable property is $3,638,230. The total
NORTH NISHNABOTNA DRAINAGE DISTRICT (P.O. Rockport),
bonded indebtedness including this issue is $43,000.
-An issue of $100.000 6% drainAtchison County, Mo.-BOND SALE.
-BOND SALE.
-The $90,- age bonds is reported to have been purchased by the Fidelity National
MOUNT VERNON,Knox County, Ohio.
460.87 coupon street improvement bonds offered on April 16-V. 132, Corp. of Kansas City. Dated March 1 1931. Legality approved by
-were awarded as 430 to the Banc Ohio Securities Corp. of Colum- Benj. H. Charles, of St. Louis.
p. 2634
bus, at par plus a premium of $126, equal to 100.13.8 basis of about 4.23%.
-The $40,000 issue of
OAKFIELD, Fond du Lac, Wis,-BOND SALE.
The bonds are dated April 1 1931 and mature semi-annually as follows:
$3,460.87 April 1 and $5,000 Oct. 1 1932: $5,000 April and Oct. 1 in 1933: water works system construction bonds offered for sale on April 10-V.132,
-was purchased by the Bank of Oakfield.
P. 2635
$4.000 April 1 and $5,000 Oct. 1 from 1934 to 1941, incl.
-BOND OFFERING.
-Sealed
OAKLAND, Alameda County, Calif.
NASHUA, Hillsboro County, N. H.
-TEMPORARY LOAN.
-The
$100,000 temporary loan offered on April 20-V. 132, p.3207
-was awarded bids will be received by Frank C. Merritt, City Clerk, until noon on May 7,
for the purchase of a $372,000 issue of 434% harbor 'rapt. bonds. Denom.
to the First National Old Colony Corp., of Boston, at 2.04% discount
basis. The loan matures Dec. 18 1931 and was bid for by the following: $1,000. Dated July 1 1926. Due on July 1 as follows: $11,000. 1932
BidderDiscount Basis. to 1936; $10,000, 1937 to 1949, and $11,000, 1950 to 1966, all incl. Prin.
First National Old Colony Corp. (Purchaser)
2.04% and bit. (J. & J.) payable in gold coin at the office of the City Treasurer.
.09% The city will furnish the approving opinion of Orrick, Palmer & Dahlquist
S. N. Bond & Co. (plus $9 premium)
W.0. Gay & Co
2.27% of San Francisco. No bid for less than par can be accepted. Bids may
be made for all or any part of the bonds. A certified check for 1% of the
NATCHITOCHES, Natchitoches Parish, La.
-BOND ELECTION.
- bid, payable to the City Clerk, is required. These bonds are issued under
We are informed that an election has been called for May 21 in order to to 3.m
and pursuant to an Act of the State Legislature, effective Feb. 25 1901.
proposed issuance of $50,000 in water and light bonds.
vote on the
They were voted at an election held on Nov. 10 1925 by a count of 29,458
NATICK, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
Shawmut Corp. of Boston, purchased on April 29 a $100.000 temporary
-BONDS CALLED.
-J. C.
OGDEN CITY, Weber County, Utah.
loan at 2.05% discount basis. The loan matures Feb. 17 1932 and was Littlefield, City Recorder, announces that the entire issue of $30,000 6%
bid for by the following:
on June 1,
Discount Basis. refunding bonds is called for payment June 1921. on which date interest
BidderDue on June 1 1941,
shall cease. Denom. $1,000. Dated
.Shawmut Corp.(purchaser)
2.05
optional or on after June 1 1931. Funds for payment of said bonds, and
Webster and Atlas National Bank (plus $3 premium)
2.07
the interest thereon will be on deposit at the place designated in said bonds.
Merchants National Bank of Boston
2.08%
Faxon, Gade & Co
2.13
ONEIDA COUNTY (P. 0. Rhinelander), Wis.-BONDS VOTED.
2.14%
F. S. Moseley & Co
At the special election held on April 7-V.132, p. 1462
-the voters approved
First National Old Colony Corp
2.195%
the issuance of $600,000 in highway bonds by a majority of about 4 to 1.
• Grafton Co
2.24%
OTIS SCHOOL DISTRICT(P.O. Otis), Rush County, Kan.
-BOND
NAVARRO COUNTY ROAD DISTRICT NO. 2 (P. 0. Corsicana),
-We are informed that sealed bids will be re- SALE.
-A $70,000 issue of 4.34% school bonds has been purchased recently
-BOND OFFERING.
Tex.
- ceived until May 11, by Clay Nash, County Judge, for the purchase of by an undisclosed investor. Due in 1941. These bonds were voted at
on election held on April 21.
-an issue of $120,000 5% semi-ann. road bonds.
OYSTER BAY (P. 0. Oyster Bay), Nassau County, N. Y.
-BOND
NEW BUFFALO, Berrien County, Mich.
-BONDS DEFEATED.
-Charles E. Ransom, Town Clerk, will receive sealed bids
on April 27-V. 132, p. 3013
-the voters defeated the OFFERING.
At an election held
proposal to issue $25,000 in bonds for improvement purposes, the measure until 3 p. in. (daylight saving time) on May 12 for the purchase of $400,000
having failed to obtain the required two-thirds majority vote for approval. not to exceed 5% interest coupon or registered water bonds. Dated May 1
Voting was as follows: "for," 164 "against," 102. J. Woltman, Village 1931. Denom. $1,000. Due $20,000 May 1 from 1936 to 1955, incl.
Rate of interest to be expressed in a multiple of 34 or 1-10th of 1% and
Clerk, states that the issue will probably be resubmitted at a later date.
must be the same for all of the bonds. Principal and semi-annual interest
NEWELLTON, Tensas Parish, La. BOND1BLECTION.-According (May and Nov.) are payable at the North Shore Bank & Trust Co., Oyster
to report the voters will be asked to pass upon a proposal to issue $35,000 in Bay. A certified check for $8,000, payable to toe order of the Town, must
6% water works bonds at a special election to be held on May 19.
accompany each proposal. The approving opinion of Clay, Dillon &
will be furnished the purchaser.
NEW LEXINGTON, Perry County, Ohio.
-BOND SALE.
-The Vandewater, of New York,
on April
.following issues of coupon bonds, aggregating $28,613.40 offered
PARK COUNTY (P. 0. Livingston), Mont.
-BONDS CALLED.
-A
-were awarded as 4s to Ryan, Sutherland & Co. of call has been issued for $66,000 5% county funding bonds for payment at
18-V• 132, p. 2635
'Toledo, at par plus a premium of 241, equal to 100.41, a basis of about the office of the County Treasurer, the National Park Bank in Livingston,
-4.425%:
or the Chase National Bank in New York City. Bonds numbered 1 to
$16,900.00 village's portion sewer construction bonds. One bond for 132. Denom. $500. Dated May 1 1916.
$900, others for $1,000. Due Oct. 1 as follows: $900 in 1932
PARKERSBURG, Wood County, W. Va.-BOND SALE.
-Three
and $1,000 from 1933 to 1948, incl.
8,000.00 special assessment street impt. bonds. Denom. $800. Due issues of bonds, aggregating $1,095,000, are reported to have been purchased by the State Sinking Fund Commission. The issues are divided as
$800 Oct. 1 from 1932 to 1941, incl.
3,713.40 village's 'portion sewer construction bonds. One bond for follows: $445,000 permanent equipment; $350,000 paving and sanitary
3213.40, others for $500. Due Oct. 1 as follows: $213.40 in sewer, and $300,000 water works improvement and extension bonds.
1932 and $500 from 1933 to 1939, incl.
PAWNEE CITY SCHOOL DISTRICT (P. 0. Pawnee City), Pawnee
Each issue is dated April 1 1931. Bids submitted at the sale were as County, Neb.-BOND SALE.
-An issue of $105,000 434% school bonds
.
follows:
has recently been purchased by the U. S. National Co. a Denver, paying
BidderInt. Rate.
Prem. a premium of $2,340, equal to 102.22, a basis of about 4.02%. Dated
Sutherland & Co.(purchaser)
Ryan,
434%
$41.00 voted. 1931. Due serially in 25 years. (These bonds were recently
April 24
Seasongood & Mayer, Cincinnati
4 %
169.00
Well, Roth & Irving Co., Cincinnati,for 5%,534% and 434%
68.00
-BOND SALE.
PEEKSKILL, Westchester County, N. Y.
-The
Breed & Harrison, Cincinnati
70.00
registered bonds, aggregating $351,598,96
Davies-Bertram Co., Cincinnati
434
3.00 following issues of coupon orP. 3014
-were awarded as 3.80s to Phelps,
offered on April 28-V. 132.
Co., Toledo
Spitzer_ Rorick &
,
o
135.00 Fenn & Co., of New York, at par plus a premium of $335.06, equal
to
Perry County Bank, New Lexington
434%
102.20 100.095, a basis of about 3.79%:
-BOND SALE.
NEWPORT Newport County, R. I.
-The following 8290.65411 street paving bonds. Due April 1 as follows: $15,654.11 in
coupon bonds aggregating $60,000 offered on April 23issues of 431<
1932; $15,000 from 1933 to 1941, incl., and 314.000 from
-were awarded to R. L. Day & Co., of Boston, at a price
V. 132, p. 3013
t
nel
41,944.85 f942 tpartanicquipment purchase bonds. Due April 1 as
lire deo l9
of 102.199, a basis of about 3.85%:
bonds. Due May 1 as follows:
follows: $5,444.85 in 1932; $5,500 from 1933 to 1936, incl.;
$35.000 series 0 pavement and sewer
$3,000 from 1932 to 1942, incl., and $2,000 in 1943.
1937; $2,500 from 1938 to 1940, incl.. and $2,000 in
$5,000.
25.000 permanent, pavement bonds. Due May 1 as follows: $3.000 in
1932 and $2,000 from 1033 to 1943, incl.
19,000.00 park bonds. Due $500 April 1 from 1932 to 1969, incl.
issue is dated May 1 1931. The successful bidders are reoffering
Each issue is dated April 1 1931. The successful bidders are reoffering
Each
the bonds for general investment at prices to yield from 3.00 to 3.75%. the bonds for general investment priced to yield from 2.10 to 3.80%,
:according to maturity. The securities, according to the bankers, are legal according to maturity.
3388
FINANCIAL CHRONICLE
PETERSBURG, Monroe County, Mich.
-BONDS DEFEATED.
At a special election held on April 29 the voters defeated a proposal to
issue $80,000 in bonds, the purpose of which was to provide funds to finance
the construction of a new high school building. The measure was defeated
by a vote of 129 "for" to 137 "against."
PHOENIX, Maricopa County, Ariz.
-BOND OFFERING.
-Sealed
bids will be received until May 6 at 11 a. m. by J. C. Furst, City Clerk,
for the purchase of an issue of $130,000 refunding water bonds. Int. rate
Is not to exceed 5%, payable semi-annually. Denom. $1,000. Due
$26,000 from May 15 1932 to 1936 incl. Prin. and int, payable at the
City Treasurer's office, or in N. Y. City. These bonds, it is stated, are to
retire the balance of a $300,000 issue voted in 1903. due for retirement on
July 1 1931. A certified check for 5% must accompany the bid.
(This report supplements that given in V. 132, p. 3014.)
PIKE COUNTY (P. 0. Petersburg), Ind.
-BOND SALE.
-The
$14.000 4%% Patoka Twp. highway impt. bonds offered on April 24-V.
132. p. 3014
-were awarded to the First National Bank, Winslow, at par
plus a premium of $507.20, equal to 103.62, a basis of about 3.725%. The
bonds are dated April 7 1931 and mature semi-annually as follows: $700.
July 15 1932; $700, Jan. 15 and July 15 from 1933 to 1941 incl., and $700,
Jan. 15 1942. Bids for the issue were as follows:
BidderPremium.
BidderPremium.
First National Bank (purCity Securities Corp
$387.00
chaser)
$507.20 Fletcher Savings & Trust Co_ 431.00
Thomas H.Yager
500.00 Pfaff& Hughel
458.50
PIMA COUNTY (P. 0. Tucson), Ariz.
-BOND OFFERING.
-Sealed
bids will be received until 10 a. m. on May 11, by W.A. Jost, Clerk of the
Board of Supervisors, for the purchase of an issue of $150,000 funding
bonds. Int, rate is not to exceed 4%%,payable semi-annually. Denom.
$1,000. Due $50,000 from June 1 1934 to 1936, incl. Prin. and int.
payable at the County Treasurer's office, or at the Chase National Bank
In New York. No bid for less than par and accrued interest will be considered. A certified check for 5% of the bid is required. (The preliminary
report of this offering appeared in V. 132, p.3014.)
PITTSBURGH, Allegheny County, Pa.
-BOND ISSUES AGGREGATING $175,000 SCHEDULED FOR SALE.
-James P. Kerr, City
Controller, informs us that a total of $175.000 bonds will be offered for
sale shortly, consisting of a $100,000 4 % general improvement issue of
1931, due in 15 years, and an issue of $75,000 4% bridge bonds, due in
15 years. Mr. Kerr states that following the Mayor's approval of the
bridge issue, public offering of both blocls of.bonds will be made.
PITTSBURGH, Allegheny County Pa.
-BOND ORDINANCE
,
ADOPTED.
-An ordinance was recently adopted authorizing the issuance
of $100,000 4% street impt. bonds to be dated April 1 1931 and mature
$10,000 annually on April 1 from 1932 to 1941 incl. Denom. $1,000.
Prin. and semi-ann. int. (A. dz 0.) are payable at the office of the City
Treasurer.
[VOL. 132.
199,000 water bonds ($200,000 offered) sold as 4s,at par plus a premium of$1,049.60,equal to 100.52, a basis of about 4.21%. Due
May 1 as follows: $5,000 from 1932 to 1960. incl.; $7,000 from
1961 to 1967, incl.. and 55.000 in 1968.
174,000 assessment bonds ($175,000 offered) sold as 414e, at par plus a
premium of $1,006.50. equal to 100.57, a basis of about 4.12%.
Due May 1 as follows: $15,000, 1932; $20,000 from 1933 to
1939, incl., and $19,000 in 1940.
Each issue is dated May 1 1931. The successful bidders are reoffering
the bonds, aggregating 3608,000, for general investment at prices to yield
from 2.50 to 4.10%, according to maturity. The securities are said to
be legal investment for savings banks and trust funds in New York and
New Jersey.
RIPLEY, Lauderdale County, Tenn.
-BOND SALE.
-A $25,000
Issue of 5%% refunding bonds is reported to have been purchased by an undisclosed investor. Dated Feb. 1 1931. Legality approved by Ben . H.
Charles,of St. Louis.
ROBESON COUNTY (P. 0. Lumberton), N. C.
-BOND OFFERING.
-Sealed bids will be received by Chas. M. Johnson, Secretary of the Board
of Local Government Commission,at his office in Raleigh, until 10 a. m.on
May :2 for the purchase of an issue of $140.000 road and bridge refunding
bonds. Int. rate is not to exceed 6%. Denom. $1,000. Dated May 1
1931. Due on May 1, as follows: S5,000, 1933 to 1942, and $10,000. 1943
to 1951, all incl. Prin. and int.(M. dz N.) payable in gold in New York.
The approving opinion of Storey, Thorndike, Palmer & Dodge of Boston,
will be furnished. Preparation of the bonds by McDaniel Lewis of Greensboro. A certified check for 2% of the bonds bid for, payable to the State
Treasurer, is required.
BOND OFFERING.
-Sealed bids will also be received by the above named
Secretary until 10 a. m.on May 12,in Raleigh,for the purchase ofa $212,000
issue of refunding road and bridge bonds. Interest rate is not to exceed
6%,stated in multiples of N, of 1.7. Dated May 11931. Due on May 1
0
as follows: $5,000, 1934 to 1946; $7,000, 1947. and $10,000, 1948 to 1961,
all included. Prin, and int. (M. & N.) payable at the Central Hanover
Bank & Trust Co. in New York. The bonds will be prepared by Bray
Bros. Co. of Greensboro, are payable from an unlimited tax, and will be
accompanied by the approving opinion of Storey, Thorndike, Palmer &
Dodge, of Boston. No bid for less than par and accrued interest will be
accepted. These bonds are issued under and pursuant to the County
Finance Act as amended. A certified check for 2% of the face value of
the bonds bid for, payable to the State Treasurer, is required.
ROCHESTER, Monroe County, N. Y.
-NOTE OFFERING.
-C. E.
Higgins, City Comptroller, will receive sealed bids until 1:30 p. m.(Eastern
standard time) on May 6 for the purchase of $1,850,000 notes, comprising
the following issues:
*550,000 general revenue (1931) notes. Due Sept. 11 1931.
450.000 school revenue (1931) notes. Due Sept. 111931.
345,000 special local impt. notes. Due Jan. 11 1932.
305,000 bridge design and construction notes. Due Jan. 11 1932.
POLAND, Herkimer County, N. Y.
100,000 school construction notes. Due Jan. 111932.
-The $4,500
-BOND SALE.
5% coupon street improvement bonds offered on April 28-V. 132, p.
100,000 municipal building construction notes. Due Jan. 111932.
3014
-were awarded to Julia E. Blue, a local investor. at par plus a preEach issue is dated May 11 1931. The notes will be drawn with interest.
mium of $72, equal to 101.60, a basis of about 4.60%. The bonds are and will be deliverable and payable at the Central Hanover Bank & Trust
dated May 31 1931 and mature $500 on Nov. 1 from 1931 to 1939, incl.
Co., New York. Bidder to state demon, desired and rate of interest
bid for. Proposal also to state to whom (bearer if desired) notes shall
PORT CARBON SCHOOL DISTRICT, Schuylkill County, Pa.
- be made payable.
BOND OFFERING.
-Thomas Reeves, Secretary of the Board of School
ROCKINGHAM, Richmond County, N. C.
-BOND OFFERING.
Directors, will receive sealed bids until 6 p.m. (eastern standard time) on
May 19, for the purchase of $80,000 4 l. % coupon school bonds. Dated Sealed bids will be received until 10 a. m. on May 12, by Chas. M. JohnMay 11931. Denom. $1,000. Due May 1 as follows: $3,000 from 1936 son, Secretary of the Local Government Commission, for the purchase of
to 1941, incl.; $4,000 from 1942 to 1946, incl.; $5,000 from 1947 to 1954, an issue of $100,000 6% town bonds. Denom. $1,000. Dated May 1
incl., and $2,000 in 1955. Interest is payable semi-annually in May and 1931. Due on May 1 as follows: 55.000. 1936 to 1945, and $10.000.
November. A certified check for 2% of the face value of the bonds bid 1946 to 1950, all incl. Principal and interest (M. & N.) payable in gold
for must accompany each proposal. The School District reserves the right in New York City. The approving opinion of Storey, Thorndike, l'almer
to call bonds Nos. 79 and 80 on any interest payment date on or about & Dodge, of Boston, will be furnished. Preparation of the bonds by
McDaniel Lewis of Greensboro. Bonds cannot be sold for less than par
May 1 1946.
Thebids will be received at the office of the Commission in Raleigh. A
PORTER COUNTY (P. 0. Valparaiso), Ind.
-BOND OFFERING.
- certified check for 2% of the face value of the bonds bid for, payable to
W. E. Seymour, County Treasurer, will receive sealed bids until 10 a. m. the State Treasurer, is required.
on May 6 for the purchase of $18,500
% road impt. bonds. Dated
ROCKPORT, Essex County, Mass.
-BOND SALE.
-The $12,000 4%
April 16 1931. Denom. $925. Due $925, July 15 1932; $925. Jan. and coupon water works
bonds offered on April 28-V. 132, p. 3208
-were
July 15 from 1933 to 1941 incl., and $925. Jan. 15 1942.
awarded to the Atlantic Corp., of Boston, at 101.61. a basis of about
PORTER TOWNSHIP (P. 0. Boone Grove), Porter County Ind.-- 3.50%. The bonds are dated May 1 1931 and mature $2,000 May 1 from
BOND OFFERING.-Lewth W. Stevens, Tovmship Trustee, will receive 1932 to 1937, incl. Bids for the issue were as follows:
Biddersealed bids until 3 p. m.on May 23 for the purchase of $42,500 4%% new
Role Bid.
school building construction bonds. Dated May 15 1931. Denom. $500. Atlantic Corp. (purchaser)
101.61
Due semi-annually on May and Nov. 15 from 1932 to 1946 incl. Prin. and F. S. Mosely & Co
101.51
int, are payable at the First Trust Co.,Valparaiso. A certified check for First Natior al Old Colony Corp
101.17
$250 must accompany each proposal.
RUPERT INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
-PRICE PAID.
-The $87,000 issue
POTTSVILLE SCHOOL DISTRICT, Schuylkill County, Pa.
- Rupert), Minidoka County, Ida.
BOND OFFERING.
-Allen W. Sterner, Treasurer, will receive sealed bids of 44% semi-ann. refunding bonds that was sold to Childs & Co. of Boise
until 7 p. m.(Eastern standard time)on May 13 for the purchase of$900,000 (V. 132. p.3015) was awarded at par. Due from July 1 1933 to 1943, incl.
434% school bonds. Dated June 11931. Due June 1 as follows: $180,000
ST. PARIS, Champaign County, Ohio.
-BOND
-The $63,000
In 1941, 1946, 1951, 1956 and 1961. Bonds are registerable as to principal water works bonds offered on April 27-V. 132, p. SALE.
-were awarded
2820
only and are not callable. Int. is payable semi-annually. The district as 43.is to the Guardian Trust Co., of Cleveland, at par plus a premium of
will assume payment of all taxes on the bonds, except succession or inheri- $291.50, equal to 100.46, a basis of about 4.44%. The bonds are dated
tance taxes, which are now or may hereafter be levied and assessed by or March 1 1931 and mature $1,500 on April and Oct. 1 from 1932 to 1952 incl.
under the authority of the Commonwealth of Pennsylvania. A certified
ST. PETERSBURG, Pinellas County, Fla.
check for 2% of t ne par value of the amount of bonds bid for, payable to the
-DEPOSITARY AP-POINTED.
-It is announced that the Central Hanover Bank & Trust Co.
order of the school district. Is required.
(These bonds were voted at a special election in December 1930-V. 131, of New York has been appointed depositary for $12,021,300 general bonds;
$100,000 guaranty fund bonds; $450,000 delinquent tax bonds; 815,640,000'
p.4087.)
PUEBLO PUBLIC WATER WORKS DISTRICT NO. 2 (P. 0. special assessment bonds and $2,401,000 special assessment refunding bonds.
SALEM, Essex County, Mass.
-TEMPORARY LOAN.
Pueblo), Pueblo County, Colo.
-The Salem
-BOND SALE NOT CONSUMMATED.
-It is reported from Denver that the sale of the $700,000 issue of 43 % Trust Co. of Salem, was awarded on May 1 a $600,000 temporary loan at
coupon refunding bonds to Joseph D. Grigsby & Co. of Pueblo
-V. 132. 1.88% discount basis. The loan is dated May 4 1931 and is payable as
-was not consummated as an approving opinion was not given by follows: $300,000, Nov. 2 1931 and 5300,000, Nov. 23 1931. Denoms.
p. 1266
'Thomson, Wood & Hoffman, of New York. It is stated that another elec- $50,000, $25,000, $10,000 and $5,000. Notes, evidencing the existence of
the debt, will be authenticated as to genuineness and validity by the First
tion will be called upon these bonds.
National Bank of Boston.
PUTNAM COUNTY (P. 0. Brewster), N. Y.
- Palmer & Dodge of Boston.Legality to be approved by Storey, Thorndike.
-BOND OFFERING.
Edward D. Stannard, County Treasurer, will receive sealed bids until
SALT LAKE CITY, Salt Lake County, Utah.
-ADDITIONAL
12 m. (daylight saving time) on May 7 for the purchase of $220,000 not
-The $1,300,000 issue of 4;4% semi-ann. water revenue bonds
to exceed 5% interest (series No. 27) coupon or registered highway im- DETAILS.
provement bonds. Dated May 1 1931. Denom. $1,000. Due $10,000 that was purchased by a group headed by the Walker Bank & Trust Co.
of Salt Lake City
-matures from 1932 to 1941. We are
-V. 132, p. 3208
May 1 from 1932 to 1953, incl. Rate of interest to be expressed in a mul- Informed
that these bonds are to be taken up providing 52,000,000 water
of 1% and must be the same for all of the bonds. Principal
tiple fo
works construction bonds are approved at an election to be held about
and semi-annual interest(May and Nov.) are payable at the First National July
1.
Bank. Brewster. A certified check for $4,000, payable to the order of
SAPULPA, Creek County, Okla.
-BONDS OFFERED.
-We are
the County Treasurer, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater, of New York, will be furnished informed that sealed bids were received until May 2. by the City Treasurer.
for the purchase of a $259.000 issue of funding bonds. (These are stated
the purchaser.
to be the bonds that were scheduled for award on Dec. 27 1929, the sale
RAMSEY COUNTY (P. 0. St. Paul), Minn.
-BOND OFFERING.
- of which was postponed.)
Sealed bids will be received by Geo. J. Ries, County Auditor, until 2
SEATTLE, King County, Wash.
-BOND OFFERING.
-Sealed bids
p. m. on May 18, for the purchase of an issue of $1,000,000 coupon city
hall and court house bonds, Series B. Interest rate is not to exceed 4%%, will be received until noon on May 2, by H. W. Carroll, City Comptroller,
stated in multiples of %, of 1%. Denom. $1,000. Dated June 1 1931. for the purchase of a $500,000 issue of coupon or registered water extension,
Due in gradually increasing_ amounts from June 1 1932 to 911, incl. 1927. Series WY-3 bonds. Int. rate is not to exceed 6%, payable semiPrincipal and interest (J. & D.) payable at the County Treasurer's office. annually. Denom. $1,000. Dated July 1 1931. Duo in equal amounts
annually, as far as may be, commencing six years and ending 20 years
the First National Bank of St. Paul, or at the Chase National Bank in from
New York City. These bonds will not be sold for less than par. Bids New date. Prin. and int. payable at the fiscal agency of the State in
York
for the above bonds must bear one rate of interest. The County will opinion of City, or at the office of the City Treasurer. The approving
Thomson, Wood & Hoffman, of New York, will be furnished.
prepare and furnish at its own expense the bonds and coupons attached The
required bidding forms will be furnished by the City Comptroller.
-law of
thereto. The approving opinion of William F. Hunt, attorney-at
-at-law of These bonds are a portion of a $2,000,000 issue authorized under Ordinance
Paul, and Messrs. Thomson, Wood & Hoffman, attorneys
St.
No. 52260. approved on Dec. 29 1926, and are a lien only ugon the gross
New York City, will be furnished with these bonds at the time of delivery. revenues
Delivery of these bonds will be made to the purchaser at such place as he check forof the Municipal Water Plant and System of the City. A certified
5% of the bid is required.
United States at.the purchaser's expense, and
may designate within the
for idbonds immediately
SEMINOLE, Seminole County, Okla.
-Sealed
-BOND OFFERING.
the purchaser will be required to take and pay read ness to make
delivery. bids will be received by Pal Noe, City Clerk, until 8 p.m. on May 5. for
the County Auditor a
upon being notified by
Each bidder must accompany his bid by a certified check or a cash deposit the purchase of a $25,000 issue of municipal building bonds. Interest
rate is not to exceed 6%, payable A. & 0. Due $2,500 from Oct. 1 1934
for 2% of the amount of bonds bid for.
(The preliminary report of this offering appeared in V. 132, p. 3208.) to 1943, incl. These bonds were approved by the voters on Feb. 4. A
-Lehman Bros. certified check for 2% of the bid is required.
-BOND SALE.
County, N. J.
RIDGEWOOD, Bergen
-BOND OFFERSEYMOUR SCHOOL CITY, Jackson County, Ind.
oth of New York, jointly, were the successand Ames, Emerich &
-The Board of School Trustees will receive sealed bids until 12 in.
Co.,asues of coupon or registered bonds offered for ING.
ful bidders for the three
on May 19. for the purchase of $44,000 41'i% school building construction,
sale on April 28--V. 132. p. 3014. The award was made as follows:
$235,000 improvement bonds (5236,000 offered) sold as 4Us, at par plus and equipment bonds. Dated May 15 1931. Denom. $500. Due semia premium of $1,251.74, equal to 100.53. a basis of about 4.19%. annually as follows: 51.000 Aug. 11932; $1,0119 Feb. and Aug. 1 from 1933.
Due May 1 as follows: $10,000 from 1932 to 1943. incl.; $15,000 to 1954,incl., and 51,000 Feb. 1 1955. Principal and semi-annual interest.
(February and August) are payable at the First National Bank. Seymour..
from 1944 to 1950. Incl- and $10,000 in 1951.
X
MAY
2 1931.]
FINANCIAL CHRONICLE
3389
paid not disclosed. The bonds are dated Jan. 1 1931 and mature semiannually as follows: $2,000. July 11946; $2,000 Jan. and July 1 from 1937
to 1971 incl., and $2,000 Jan. 1 1972.
VAN INDEPENDENT SCHOOL DISTRICT (P. 0. Van), Van
-Sealed bids will be received
-BOND OFFERING.
Zandt County, Tex.
until May 11 by R. J. Mayo, Secretary of the School Board, for the purchase of a $90,000 issue of 5% semi-ann. school house bonds.
VERMILION COUNTY COMMUNITY CONSOLIDATED SCHOOL
-BOND OFFERING.
-Harold
DISTRICT NO. 118 (P. 0. Danville), 111.
F. Lindley, Chairman of the Financial Committee, informs us that an
issue of $66,000 not to exceed 5% interest school building addition and repair bonds is on the market for sale. The bonds are to be dated about
June 1 1931 and mature $3,300 annually for a period of 20 years, at Danville. Interest to be payable semi-annually. The bonds were authorized
at an election held on April 11 1931, the vote being 3,277 "for" to 1,333
"against." Mr. Lindley states that the "sale will be made privately as
Legality
soon as legal details are completed and invites bids for the issue.
to be approved by Rearick & Meeks. The district includes the City of
Danville and some surrounding territory and the population for 1930 is
estimated at 38,159. Assessed valuation, 1930, $33.608,996; 1930 tax
rate, $1.73. The district has bonds outstanding in the amount of $548,500.
-BOND OFFERING.
WADDINGTON,St. Lawrence County, N. Y.
Ross H. Thompson, Village Clerk, will receive sealed bids until 4 p. m.
(Eastern standard time) on May 9 for the purchase of $95,000 not to exceed
6% int. coupon or registered bonds, divided as follows:
$60,000 water works bonds. Due $2.000 Feb. 1 from 1936 to 1965 incl.
35,000 sewerage system impt. bonds. Due 51,000 Feb. 1 from 1936 to
1970 incl.
Each issue is dated Feb. 1 1931. Denom. $1,000. Rate of int. to be
expressed in a multiple of 34 of 1% and must be the same for all of the
bonds. Prin. and semi-ann. in (F. & A.) are payable at the Waddington
Bank, Waddington, or at the Chase National Bank, New York. A certified check for $2,500, payable to the order of the Village, must accompany
each proposal. The approving Opinion of Clay, Dillon & Vandewater of
New York will be furnished the purchaser.
-The
-BOND SALE.
WASHINGTON COUNTY (P. 0. Salem), Ind.
$10,600 5% coupon Franklin Twp. highway improvement bonds offered on
April 25 (V. 132, p. 3016) were awarded to Breed, Elliott & Harrison of
Indianapolis at par plus a premium of $610. equal to 105.75, a basis of
about 3.86%. The bonds are dated April 6 1931 and mature semi-annually
as follows: $530 July 15 1932; $530 Jan. and July 15 from 1933 to 1941.
incl., and $530 Jan. 15 1942. Bids submitted at the sale were as follows:
-Premium.
Bidder
$610.00
Breed, Elliott & Harrison (purchasers)
508.00
Bank of Campbellsburg
563.00
State Bank of Salem
565.00
Pfaff & Hughel
571.00
City Securities Corp
WASHINGTON COUNTY UNION HIGH SCHOOL DISTRICT
-BOND OFFERING.-Seaied bids
Grove), Ore.
NO. 5 (P. 0. Forest
wl.1 be received until 8 p. m. on May 5, by the District Clerk, for the
purchase of a $75,000 issue of 6% school bonds. Denom. $500. Dated
May 15 1931. Due on May 15, as follows: $2,500, 1932 to 1935; 53,000.
1936 to 1939; 83,500. 1940 and 1941; $4,000, 1942 and 1943; $4.500, 1944
to 1947, and $5,000. 1948 to 1951. all incl.
WASHINGTON SUBURBAN SANITARY DISTRICT, Md.-BOND
-T. Howard Duckett, Chairman of the Suburban Sanitary
OFFERING.
Commission, will receive sealed bids at his office, 804 Tower Bldg., 14th and
K Sts., N. W., Washington, D. C., until 3 p. m.on May 6 for the purchase
of $500,000 44% (series X) water bonds. Dated May 1 1931. Due in
50 years; optional in 30 years. Interest is payable semi-annually. The
bonds are said to carry all the exemptions as to taxes of Maryland municipal
bonds, and are guaranteed unconditionally as to both principal and interest
by Montgomery and Prince George's counties, by endorsement on each
bond. A certified check for 35,000 must accompany each proposal. The
approving opinion of Masslich & Mitchell, of New York City, will be
furnished to the purchaser without charge.
W1LLACY COUNTY ROAD DISTRICT NO. 4 (P. 0. Raymond-BONDS REGISTERED-On April 22 the State Comptroller
ville), Tex.
registered a $65,000 issue of 54% road, series 1930 bonds. Denom.
$1.000. Due serially.
-The
-TEMPORARY LOAN.
WINTHROP, Suffolk County, Mass.
Merchants' National Bank of Boston purchased on April 27 a $38,000
discount basis. The loan, issued in anticipation
temporary loan at 2.09%
-BOND SALE.
-The Atlantic of the sale of a serial bond issue, matures Nov. 16 1931 and was bid for
STOUGHTON, Norfolk County, Mass.
4
Corp. of Boston, was awarded on April 29 an issue of $100,000 33 % c oipon by the following:
Discount.
Biddersewerage bonds at a price of 102.757. a basis of about 3.42%. The binds
2.09%
are dated May 1 1931 and mature $5,000 on May 1 from 1932 to 1951 in. Merchants' National Bank (purchaser)
2.12%
Corp
Prin. and semi-ann. in (M. & N.) payable at the Merchants National First National Old Colony
2.15%
of Boston. Legality approved by Ropes. Gray, Boyden & Perkin:4 F. S. Moseley & Co
Bank
-BOND
of Boston.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-Jere Milleman, County Comptroller, will receive sealed
-The 595,000 OFFERING.
STURGEON BAY, Door County Wis.-BOND SALE.
7 for the
-was bids until 12 ne. (daylight saving time) on May follows: purchase of $15.issue of school bonds offered for sale on April 28-V. 132. p. 3209
divided as
purchased by Hill, Joiner & Co. of Chicago, as 4 Xs, paying a premium of 547.000 coupon or registered bonds, 1 as follows: $260,000 from 1933 to
Due June
1,691, equal to 101.78, a basis of about 4.08%. Dated May 1 1931. $7,783,000 park bonds.$260,000 from 1940 to 1962, incl., and $243.000
1938, incl.;
Due from May 1 1938 to 1946.
in 1963.
SUNSET SCHOOL DISTRICT (P. 0. Salinas), Monterey County,
1,550.000 Saw Mill River Valley sanitary sewer bonds. Due June 1 as
-The $75,000 issue of 5% semi-annual school
Calif.
-BOND SALE.
follows: $15,000 from 1934 to 1943, incl.: 520.000, 1944 and
bonds offered for sale on April 23 (V. 132, p. 3209) was purchased by the
1945; $30,000 from 1946 to 1955, incl.; 550.000 from 1956 to
Anglo-London-Paris Co. of San Francisco, paying a premium of $4,632,
1965, incl., and $70,000 from 1966 to 1973, incl.
equal to 106.17, a basis of about 4.07%• Due $5,000 from April 23 1932
1,400,000 Hutchinson Valley sanitary sewer bonds. Due June 1 as
to 1946. inclusive.
follows: $20,000 from 1933 to 1936, incl., and $30.000 from
Fla.-BOND REDEMPTION.
1937 to 1980, incl.
-We
TALLAHASSEE, Leon
1,085,000 county hospital building bonds. Due June 1 as follows: $45,County,
are Informed by B. H. Bridges, City Auditor and Clerk, that the City
000 from 1933 to 1938. incl.; $45,000 from 1941 to 1943, incl.,
will purchase $100,000 of any of the following bonds on a basis of 4 %:
and $40,000 from 1944 to 1960, incl.
$9,000, due in 1932; $29,000 due in 1933; &38,819, 1934; $40,500. 1935;
1,000.000 Mamaroneck Valley sanitary sewer bonds. Due June 1 as
$36,000, 1936; $32,000, 1937% and $130.000 in 1938. No offer for any
follows: $10,000, 1933; $20,000 from 1934 to 1970, incl., and
other security is desired.
$25,000 from 1971 to 1980, incl.
NO. 108 (P. 0.
TANG1PAHOA PARISH SCHOOL DISTRICT be
800,000 highway acquisition bonds. Due June 1 as follows: $40,000
-Sealed bids will
received until
Amite), La.
-BOND OFFERING.
from 1933 to 1937. Incl.: $50,000 in 1938, and $50,000 from
11 a. m. on May 12 by C. C. Pittman, Superintendent of Schools, for the
1941 to 1951. incl.
purchase of a $2&,000 issue of school bonds. Int. rate is not to exceed 6%.
650,000 county jail bonds. Due June 1 as follows: $20,000 from 1933
Denom. $500. Dated June 1 1931. Due on June 1 as follows: 3500. 1932
to 1936. incl.; $30,000 in 1937. 1938 and 1941, and $40,000
$1,500. 1942 to 1948, and $2,000, 1949 to
to 1934; $1,000, 1935 to 1941:
from 1942 to 1953, incl.
1951, all incl. Prin. and int. (J. dr D.) payable at the office of the Parish
395,000 Central Yonkers sanitary sewer bonds. Due June 1 as follows:
School Board, or at a bank designated. A certified check for 24% must
$15,000 from 1934 to 1942, incl., and $20,000 from 1943 to
accompany the bid.
1955, incl.
(The preliminary report of this offering appeared in V. 132, p. 3209.)
300,000 North Yonkers sanitary sewer bonds. Due $10,000 June 1
from 1934 to 1963, incl.
-BOND OFFERING -Earle L
TOLEDO, Lucas County, Ohio.
210,000 county home property bonds. Due $10,000 June 1 from 1940
Peters, Director of Finance, will receive sealed bids until 11 a. m. on
to 196(1, incl.
May 16 for the purchase of $289,000 44% coupon or registered poor relief
200,000 Upper Bronx Valley sanitary sewer bonds. Due June 1 as
bonds. Dated May 1 1931. Denom. $1,000. The bonds, however,
follows: $5,000 from 1933 to 1942, incl.; $10.000 from 1943
at the request of the purchaser, will be printed in different denoms. proto 1957, incl.
vided the amount maturing at any time is not altered. The issue matures
124,000 highway bonds. Due June 1 as follows: $4,000, 1933: $10,000
Sept. 1 as follows: $48.000 from 1932 to 1936 incl., and $49,000 in 1937.
from 1934 to 1938, incl.; $10,000 from 1940 to 1946, incl.
Prin. and semi-ann. int. (M. & S. are payable at the Chemical Bank &
) bonds to bear int. at a
50,000 South Yonkers sanitary sewer bonds. Due $5,000 June 1
Trust Co., N. Y. City. Bids for the
rate other
of 1%, will also be considered.
from 1933 to 1942, incl.
than 434%, expressed in a multiple of
Each issue is dated June 1 1931. Denom. $1,000. The bonds will
A certified check for 2% of the amount of bonds bid for, payable to the
which will
order of the Commissioner of the Treasury, must accompany each proposal. bear interest at 334%, 334% or 4%, except the park bonds,
received, and bidders
The approving opinion of Squire, Sanders & Dempsey of Cleveland will be bear interest at 34% or 34%, according to bidsinterest the bonds are
rates of
furnished the purchaser at his own expense. The bonds are said to be must state in their bids which one of theprovisions, naming a single rate
to bear, in accordance with the following
payable from ample taxes levied within the 15 mill limitation.
for all a the park bonds and a single rate for all of the other bonds in the
TRENTON, Grundy County, Mo.-BOND DESCRIPTION.
-The offering. If no legally acceptable bid is received for all of the bonds at
$35,000 (not $40,000) issue of park and swimming pool bonds that was 334% interest, a bid for the park bonds at 3.4% and for all of the other
- bonds at 334% will be considered. Likewise, if no legally acceptable bid
-V.132, p.2821
Purchased by the City Bank & Trust Co. of Kansas City
Is more fully described as follows: 44% registered bonds, dated Jan. 15 is received at the above rates, a bid for all of the bonds of the entire offer1931. Denom. $1,000. Due on Jan. 15 1945. Interest payable J. & J. ing at 334% interest will be considered. Likewise, if no legally acceptAwarded for a premium of $87.50, equal to 100.25, a basis of about 4.48%. able bid is received at the above rates, a bid for the park bonds at 334%
and for all of the other bonds at 4% will be considered.
g
ds
TUNICA COUNTY (P. 0. Tunica), Miss.-BOND is
Principal and semi-annual interest (June and Dec.) are payable in gold
i
$8,000 issue of
reported
SALE.-An
% semi-ann. court house refunding
County Treasurer. The bonds will not be
by the Commerce Securities Col. of coin at the office of the addition to the amount bid, the purchaser sold
to have been purchased recently
for less than par and in
Memphis. Dated March 2 1931. Legal approval by .Benj. H. Charles pay accrued interest from the date of the bonds to the date of the must
payof St. Louis.
ment of the purchase price, less interest on the good faith deposit check,
-BOND SALE.
-The $104.000 as arranged by the County. A certified check for 2% of the amount of
VALPARAISO, Porter County, Ind.
4% city's share impt. bonds offered on April 24,V. 132, p. 3016
-were bonds bid for, payable to the order of the County Treasurer, must accomawarded to Seipp, Princell & Co. of Chicago, the only bidders. Price pany each proposal. The bonds will be prepared under the supervision
-John
-BOND OFFERING.
SEYMOUR, Jackson County, Ind.
Hauenschild, City Clerk, will receive sealed bids until 5 p. m. on May 7
for the purchase of $75,000 411% improvement bonds. Denoms. $1,000
and $500. Due $1,500 July 11932; $1,500 Jan. and July 1 from 1933 to
1956, incl., and $1,500 Jan. 1 1957. Prin. and semi-annual int. (J. & J.)
are payable at the First National Bank, Seymour.
SHAKER HEIGHTS CITY SCHOOL DISTRICT (P. 0. Cleveland),
-J. W. Main. Clerk of
-BOND OFFERING.
Cuyahoga County, Ohio.
the Board of Education, will receive sealed bids until 12 m. on May 18
coupon school bonds. Dated May 1
the purchase of $50,000 4
for
1931. Denom. $1,000. Due $5.000 Oct. 1 from 1932 to 1941 incl. Prin.
and semi-annual interest (April and October) are payable at the office of
the Clerk of the Board of Education. Bids for the bonds to bear interest at
a rate other than 44%, expressed in a multiple of 31 of 1%, will also be
for, payconsidered. A certified check for 5% of the amount of bonds
able to the order of the District Clerk, must accompany each proposal.
Legislation pursuant to the issue has been prepared by Boyd, Brooks &
Wickham, of Cleveland. Legal opinion to be paid for by the purchaser.
All previous bond issues have been approved by Square,Sanders & Dempsey
of Cleveland. Delivery of the bonds will be made at the Standard Trust
Bank, in Cleveland.
-BOND SALE.
-The
SHELBY COUNTY (P. 0. Shelbyville), Ind.
311,840 44% coupon highway improvement bonds offered on April 27-were awarded to Breed, Elliott & Harrison, of IndianaV. 132, p. 3209
polis, at par plus a premium of $417, equal to 103.52, a basis of about
3.785%. The bonds are dated April 15 1931 and mature semi-annually
as follows: $592 July 15 1932; $592 Jan. and July 15 from 1933 to 1941,
incl., and $592 Jan. 15 1942. Bids for the issue were as follows:
Premium.
Bidder$417.00
Breed, Elliott & Harrison (purchasers)
389.40
Fletcher American Co
Union Trust Co.(Indianapolis)
391.00
Fletcher Savings & Trust Co
405.50
Pfaff & Hughel
161.00
Elizabeth Schoeppel
396.48
Brazil Trust Co
377.70
City Securities Corp
SHERIDAN COUNTY (P. 0. McClusky), N. Dak.-BOND OF-Sealed bids will be received until 10 a. m.on May 5, by Christian
FERING.
Essig, County Auditor, for the purchase of a $15.000 issue of funding bonds.
Denom. $1,000. Dated July 1 1931. Due $1,000 from Jilly 1 1932 to
1946, Incl. A certified check for 2% must accompany the bid.
SLIDELL INDEPENDENT SCHOOL DISTRICT (P. 0. Slidell)
-The State Comptroller
-BONDS REGISTERED.
Wise County, Tex.
registered on April 20 a $15,000 issue of 5% school, series 1931 bonds.
Denoms. $250 and $500. Due serially.
SOUDERTON SCHOOL DISTRICT, Montgomery County, Pa.
BOND SALE.
-The $150,000 4% coupon school bonds offered on April
-were awarded to Ames, Emerich & Co., of Chicago.
24-V. 132, p. 3015
at par plus a premium of $5,773.50. equal to 103.84, a basis of about
3.74%. The bonds are dated May 1 1931 and mature May 1 as follows:
820,000. 1941; $25.000, 1946; $30,000, 1951; $35.000, 1956, and 540.000
in 1961.
-BOND OFFERING.
SOUTH BEND, Pacific County, Wash.
Sealed bids will be received until 1 p.m. on May 11 (to be opened at 8 p.m.)
by Chas. H. Mills, City Clerk, for the purchase of an issue of $100,000
special water system bonds. Int. rate is not to exceed 6%, payable semiannually. Bonds are redeemable on or before 22 years after date beginning
with the second year. Denominations of not less than $100. nor more than
$1,000. These bonds are issued under authorization of a vote of the
people at an election held on Dec. 2 1930. and will not be sold for less than
par and accrued interest. A certificated check for 5% of the bid is required.
-BONDS VOTED.
SPRINGHILL, Webster Parish, La.
-A $75.000
issue of water works bonds is reported to have been voted at a recent
election.
STERLING (P. 0. Viroqua) Vernon County, Wis.-BOND OFFER-We are informed by A. J. Broadhead, Chairman of the Board of
ING.
Supervisors, that sealed bids addressed to C. J. Smith of Viroqua, will be
received until 10 a. m. on June 12, for the purchase of a $40,000 issue of
5% highway improvement bonds. Dated April 1 1941. Due $4,000 from
April 1 1932 to 1941, incl. Prin. and int. (A. & 0.) payable at the office
• of the Town Treasurer. The Town will furnish the printed bonds, but will
not pay for the legal opinion on the validity of the same.
3390FINANCIAL CHRONICLE
of the International Trust Co. New York, which will certify as to the
genuineness of the county officials and the seal impressed thereon. The
successful bidder will be furnished with the opinion of Hawkins, Delafield & Longfellow, of New York, that the bonds are binding and legal
obligations of the County.
Statement of Debt and Other Information.
Bonded debt (general)
$62,335,445.29
Bonded debt (sewers chargeable to special districts)
10,466,170.00
132.
a basis of about 4.68%. The following is a list of the bids submitted a
the sale:
BidderRate Bid
Dominion Securities Corp. (purchaser)
._102.279
J. L. Good & Co. and the Canadian Bank of Commerce, jointly_ _1 0.8
10 .1
10
3
Wood G
Co.o101.17
Bell, bouin Y &
tmlock
Dyment, Anderson & Co
100.728
McLeod, Young, Weir & Co
100..35
9 8
9 6
It. A.
$72,801,615.29 C. H. Daly & Co.
Burgess & Co
99.55
Floating debt
17,273,520.00
MANITOBA, Province of.
-NOTE SALE.
-A group composed of the
$90,075,135.29 First National Bank, New York, the Bank of Montreal, of Montreal, and
Bonds about to be issued (issues as shown in the text
Salomon Bros. & Hutzler, of New York, recently purchased at private
of this article)
15,547,000.00 sale an issue of $2,040,000 4% coupon (registerable as to principal) refunding notes, at 100.06, a basis of about 3.97%. Dated May 1 1931 and due
. Gross indebtedness
$105,622,135.29 May 1 1933. Denom. $1,000. Principal and semi-annual interest (May
and November) payable in gold coin in New York City or in Montreal,
Floating debt included above to be funded by bonds about
to be issued
15,547,000.00 Toronto and Winnipeg, at the option of the holder. Legality to be approved
by E. G. Long, of Toronto. The notes, according to the bankers, are legal
invyieldent fo; savings banks and trust funds in Connecticut, New Hempto estm 3 n .
Net indebtedness of city, including bonds about to be
.
$90,075,135.29 shire and Vermont, and are being re-offered for general investment priced
Assessed values
1,758,484,659.00
-Real estate
Personal property
604,850.00
e SrIvince received the following offers for the notes:
d
further debt-incurring power of county
85,773,331).61
BidderRate Bid.
Value of real estate owned by the county
83,897,130.55 First
National Bank, New York, Bank of Montreal, Montreal, and
Population by 1930 Federal census, 520,947.
Salomon Bros. &
New York (purchasers)
100.06
WESTFIELD TOWNSHIP SCHOOL DISTRICT (P. 0. Westfield, Wood, Gundy & Co., Dominion Securities Corp., A. E. Ames &
-BOND OFFERING.
-J. F. Hegmann, SecreR. D.) Taoga County, Pa.
CCaon.,adCaa jointlynadian Bank of Commerce, and the Royal Bank of
tary of the Board of Directors, will receive sealed bids until 1 p. m. on
99.278
May 23 for the purchase of $15,000 4K% registered school bonds. Dated Fry, Mills, Spence & Co., McLeod, Young, Weir & Co., Bell,
June 1 1931. Denom. $1,000. Due $1,000 June 1 from 1936 to 1950 incl.:
Gouinlock & Co., and the Bankers Co. of New York, jointly
99.239
optional after June 1 1936. Interest is payable semi-annually in June and
NOVA SCOTIA, Province of (P. 0. Halifax).
-The
-BOND SALE.
Dec. Sale of the bonds is subject to the approval of the Department of
Internal Affairs of Pennsylvania. The District will not assume the payment $2,100,000
% coupon (registerable as to principal) various improvement bonds offered on April 30-V. 132, p. 3210
-were awarded to a
of the Pennsylvania tax on municipal bonds.
and the
-BOND OFFERING. syndicate composed of Wood, Gundy & Co., A. E. Ames & Co.,Canada.
WEST LAFAYETTE, Coshocton County, Ohio.
Dominion Securities
of Toronto; the Royal Bank of
-Sada Cochran, Village Clerk, will receive sealed bids until 12 M. on of Montreal, and the Corp.. all Bank of Commerce, of Toronto, at a price
Canadian
May 7 for the purchase of $7.500 6'% water works bonds. Dated April 15 of 99.277, a basis of about 4.54%. The bonds are dated May 15 1931
1931. Denom. $500. Due $500, Oct. 1 1931, and $500, April and Oct. 1 and mature May 15 1981. They are being reoffered by members of the
from 1932 to 1938, incl. Interest is payable semi-annually in April and successful syndicate for public investment at a 'price of 100 and interest.
Oct. Bids for the bonds to bear interest at a rate other than 6%,expressed According to the bankers, the bonds are legal investment for savings banks
in a multiple of h'of 1%,will also be considered. Payment of the principal in Connecticut, Maine, New Hampshire and Vermont.
.and interest of said bonds Is secured only by first mortgage upon the equip-LIST OF
ONTARIO (Hydro-Electric Power Commission of).
ment, water mains, pumps, &c., property, assets and improvements now
-The following is a list of the bids reported to have been submitted
owned or used in connection with the water works or with the distribution BIDS.
of water in the Village, together with an assignment to the Trustee for on April 24 for the purchase of the $2,466,205 434 and 5% bonds awarded
holders of said bonds of all of the surplus revenue of said water works to Wood, Gundy &
,and the Royal Bank of Canada, Jointly, at 103.678.
as
department after cost of operation and maintenance have been paid. A a basis of about 4.54%. V. 132, p. 3210.
Rate Bid.
certified check for 1% of the amount of bonds bid for, payable to the
Wood, Gundy & Company, Ltd., and the Royal Bank of Canada103.678
order of the Village, is required.
(purchaser)
WILLIAMS COUNTY (P. 0. Williston), N. Dak.-CERTIFICATE Dominion SecuritiesCorp Ltd., A. E. Ames & Co., Ltd., and the
B
of comileee
r
OFFERING.
-Sealed bids will be received by F. A. Hoare, County Auditor,
SecuritiesBank
103.587
until 2 p. m.on May 11, for the purchase of a $10,000 issue of certificates Gairdner & Co., Ltd., C. H. Burgess & Co., Dyment, Anderson &
Co. and Griffiths, Fairclough & Norsworthy Co., Ltd.
of indebtedness. Dated May 1 1933. A certified check for 2% must
103.41
McLeod, Young, Weir & Co., Ltd., Bell, Gouinlock & Co., Ltd.,
accompany the bid.
Fry, Mills, Spence & Co., Ltd.. and R. A. Daly & Co. Ltd._ _103.29
WOLBACH, Greeley County, Neb.-BOND OFFERING.
-Sealed National City
Ltd.lCityCo., Ltd Ba
Bank of Montreal and Nesbitt,'Thomson
bids will be received until 8 p. m.on May 7, by M.E. Harris,Village Clerk,
102.527
for the purchase of a $5,000 issue of coupon water works extension bonds.
-A group comPARISH OF ST. MARC, Montreal.
-BOND SALE.
Interest rate is not to exceed 6%,payable semi-annually. Due in 20 years
posed of Ernest Savard, Ltd. and Credit Anglo-Francais. Ltd., both
and optional after five years.
of Montreal, also C. H. Burgess & Co. of Toronto, recently purchased an
-BOND SALE.
YONKERS, Westchester County, N. Y.
-The issue of $350,000 improvement bonds as 5s at a price of 98.06, a basis of
id - ere ashe d f r s mature s
14% Tk bond 5% and serially in from 1 to 40 years. Alternaw .
$2,560,000 coupon or registered bonds offered on April 28(V. 132. p.3210)
o
5
were awarded as 331s and 3s to a group composed of the National City
bonds. The bids submitted for
Co., the Bankers Company of New York and Kissel, Kinnicutt & Co.. the issue as 5s were as follows:
Bidder
all of New York, at a price of 100.019, a net interest cost basis of about
Rate Bid.
Ernest Savard, Ltd.* Credit Anglo-Francais, Ltd., and 0. II. Bur3.399%. The award was made as follows:
gess & Co. (purchasers)
98.06
1,200,000 assessment bonds sold as 33is. Due $200,000 May 1 from
Nesbitt, Thomson & Co
1932 to 1937, inclusive.
and Gairdnor & coational, L. G. Beaubien & Co., Rene T. Leclerc97.15
775,000 series B. 1931, local improvement bonds sold as 3%s. Due Banq ue Canadienne N
$155,000 May 1 from 1932 to 1936, inclusive.
525,000 series A, 1931, local improvement bonds, sold as 33..s. Due
9 e
PICTOU, N. S.
-Sealed bids will be received
-BOND OFFERING.
$35,000 May 1 from 1932 to 1946, inclusive.
until 12 m.on May 4 for the purchase of an issue of $104,000 5% improve60,000 equipment bonds, sold as 3;4s. Due $10,000 May 1 from ment bonds, dated June 1 1931 and maturing on June 1 1961.
1932 to 1937, inclusive.
QUEBEC (Province of).
-Provincial officials received
-BOND SALE.
Each issue is dated May 1 1931. The bonds, according to the successful
bidders, are legal investment for savings banks and trust funds in New sealed bids until 3 p. m.(Daylight saving time) on April 30 for the purchase of $7,500,000 coupon (registerable as to principal) sinking fund gold
York and are being reoffered for general investment as follows:
bonds, the successful bidders for which was a syndicate composed of
$2,035,000 3yi% Bonds.
Dillon, Read & Co.,and
Bankers Co. of New York, both of New York;
Approx, the Dominion Securitiesthe
Approx.
the Canadian Bank of Commerce,
Due.
Price. Yield %. both of Toronto, and theCorp.and
Amount.
Due.
Price. Yield %. Amount.
Bank' of Nova Scotia, of Halifax: which bid a
101.31
1935 •
$385 000
101.48
2.00 $365,000
8.15 Price of 98.06 for the bonds as *is, the net interest cost of the financing
1932
1936
100.69
365.000
101.65
2.65 365,000
3.35 to the Province being about 4.37%. Bids were requested for 451 and
1933
100.27
1937
365,000
1934
101.71
2.90 210,000
3.45 434% bonds and for payment of both principal and semi-annual interest
Bonds Due $35,000 Annually).
$525,000 33. %
(May and Nov.) in Canada or New York City, at the option of the holder,
the bonds,
Approx.
•
Approx. or for payment in Canada only. The accepted bid was for in Canada.
Bank of Montreal, or
Maturity.
Price.
Yield %. Maturity.
Yield %. payable in New York City, at the reoffering the obligations for general
Price.
97.33
2.00 1940
1932
3.60 Members of the successful group are
101.23
yield 4.30%.
97.08
2.65 1941
1933
3.60 investment at a price of 99.16 and interest, to was an offer of 97.78, ten101.16
The second high bid for the bonds as Ois
96.40
1934
2.90 1942
101.00
3.65
96.14
3.15 1943
3.65 dered by a group headed by the First National Bank, of New York, while
1935
95.89
99.54
3.35 1944
1936
3.65 a third bid of 96.87 was made by a group managed by the Guaranty Co.
issue as 434s was
95.65
3.45 1945
98.92
1937
3.65 of New York. The fourth and last offer for theBancamerica-Blair a price
the
Corp.,
95.41
3.50 1946
98.46
3.65 of 98.05 submitted by a group headed bywere as follows: First National
1938
of New York. Bids for the issue as 4345
97.59
3.60
1939
Bank and associates. 101.50: successful group headed by Dillon, Read fir
Statement.
Financial
eo9 .80 .40; Chase Securities Corp., et al, 101.32: Guaranty Co. of New
of ., 101
9 .
-Bonds (outstanding)
$27,108,330.00
Gross debt
York, et al., 100.25, and the Bancamerica-Blair Corp. group bid a price
5,405,316.93
Bond notes
6,200,000.00
Tax and revenue notes
-D. D. Ross, City Treasurer,
Contract and land liability (outstanding).. 2,565,593.93
REGINA, Sask.-BOND OFFERING.
bonds,May 5he r the
n t fe
will receive sealed blds nntia 10 a i6.16d(stnagniduarnd
.
$41,279,240.86 purchaseof $so3 30o oi yo l nd 5%m
gold
dt
basis
Deductions
--Water debt
$3,780,178.53
of Regina payment and delivery, comprising the following issues:
Tax notes in anticipation of collection of
5,600,000.00
Int. Bearing Int.
taxes
from
Maturity.
Amount of bonds due and provided for in
Rate.
Amount. Purpose.
1,181.880.00
Jan. 1 1931 Jan. 1 1961
1931 budget
434
*63,000 Waterworks Pipe Line
5
Jan. 1 1931 Jan. 1 1946
10,562.058.53
30,000 Collegiate Heating Plant
Jan. 1 1931 Jan. 1 1961
39,000 Domestic Sewers
Jan. 1 1931 Jan. 1 1946
$30,717,182.33
:Net debt
15,400 Boulevards- - Jan. 1 1931 Jan. 1 1946
Bonds to be issued:
190,000 Pavements
$525,000.00
Jan. 1 1931 Jan. 1 1946
Local impt. bonds, Series A, 1931
33,000 Concrete Walks
775,000.00
Jan. 1 1931 Jan, 1 1961
Local impt. bonds, series B. 1931
49,900 Water Mains.
1,200,000.00
Assessment bonds of 1931
75,000 Winnipeg Street Subway_-4 % May 1 1931 May 1 1961
60,000.00
93 m.
4 % 3.4M y 1 1931 M y 1941
Equipment bonds, series A, 1931
9
66
100,000 Grain Show Building
ay
128,000 Albert Street Bridge
$2,560,000.00
4 % May 1 1931 May 1 1946
*80,000 St. Ry. Track Construction
2,560,000.00
• Floating debt to be funded
*The amounts for waterworks pipe line and street railway track construe
Mon may be reduced or withdrawn at the time of sale.
$30,717,182.33
Net debt
Alternative bids are requested for bonds payable in Canada only and in
Assessed valuations:
Canada and New York. The bonds may be made payable in gold coin of
$348,427,635.00 lawful money
Real property (1931)
of Canada at the principal office of the Bank of Montreal,
186,000.00 in
Personal property (1931)
Montreal, Toronto, Winnipeg or Regina, or in gold coin of the present
9,049,525.00 standard of weight and fineness fixed for gold coins by the laws of the United
Special franchises(1931)
States, in New York. Bids may be for all or any part of the bonds. Interest
TotalS357,663,160.00 is payable
semi-annually. The bonds will be issued in coupon form in
Population. Census 1930. 134,646;estimated State Census, 1925, 118.000. denoms. to suit the purchaser, and will be a direct obligation of the city at
large. Provision is made for registration of principal only. Accrued interest
to date of delivery to be paid for by the successful bidder.
-J. 0. S. Brunt,
SHAWINIGAN FALLS, Que.-BOND OFFERING.
Secretary-Treasurer, will receive sealed bids until 6 p. ra. on May 7 for
-The $65,000 issue of 6% coupon water the purchase of $60,000 5% improvement bonds, dated May 1 1931 and
SALE.
-BOND
EDSON, Alta.
-were awarded due serially
incl. Principal and semi-annual interest
132, p. 2050
water works bonds offered on March 31-V.price of 98, a basis of about are payable from 1932 to 1961
o Quebec.atthe Banque Canadienne Nationale at Shawinigan Falls,
a
to Wood, Gundy & Co., of Winnipeg, atannual installments of principal Montreal
equal
6.25%. The bonds mature in 20
-An issue of $43,000 5% local improveTRURO, N. S.
-BOND SALE.
and interest.
-The Dominion Securities ment bonds is reported to have been purchased recently by R. A. Mingle,
FOREST HILLS, Ont.-BOND SALE.
$347,438 5% various improvement of Truro, at a price of 104, a basis of about 4.75%. The bonds mature
-Corp., of Toronto, recently purchased installments, at a price of 102.279, in 30 years, according to report.
bonds, due in 5, 10, 15 and 20 annual
CANADA,its Provinces and Municipalities.
Fr
@FedFRASER