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VOL. 130.
SATURDAY,MAY 24 1930.
NO. 3387.
the holdings of Treasury certificates of indebtedness and the holdings of Treasury bills, the two
being lumped together under the general designation
PUBLISHED WEEKLY
of "certificates and bills." In this combined form,
Terms of Subscription—Payable in Advance
12 Mos. 6 Mos. however, the item shows an increase as between
including Postage-$6.00
$10.00
Within Continental United States except Alaska
6.75 May 14 and May 21 from $281,655,000 to $291,11.50
In Dominion of Canada
13.50
7.75
Other foreign countries, U. S. Possessions and territories
bills, aggreThe following publications are also issued. For the Bank and Quota- 857,000. As an old issue of Treasury
tion Record the subscription price is $6.00 per year; for all the others Is
for postage outside the United gating $56,108,000, of which the Reserve Banks pre$5.00 per year each. Add 50 cents to each
States and Canada.
MONTHLY PUBLICATIONS—
sumably held a considerable part, fell due and was
COMPENDIUMS—
BANK AND QUOTATION RECORD
PUBLIC Urnarr—(seml-annually)
MONTHLY EARNINGS RECORD
paid off on Monday,the same day on which payment
RAILWAY & IanusTaist,—(four a year)
STATE AND MuNicarst,--(seml-ann.)
had to be made for the new issue of Treasury bills,
Terms of Advertising
that the whole amount
45 cents it seems reasonable to assume
Transient display matter per agate line
On request
and Card rates
Contract
of old Treasury bills held was replaced by new TreasRepresentative.
Cameo° Orricm—In charge of Fred. H. (tray. Western State
0613.
208 South La Salle Street. Telephone
ury bills, and, in addition, $10,202,000 more of the
LONDON Orrice—Edwards & Smith. 1 Drapers' Gardens. London. E. C.
new Treasury bills were taken over (this being the
WILLIAM B. DANA COMPANY, Publishers,
New York
increase in the amount of certificates and bills comWilliam Street, Corner Spruce,
bined) by the 12 Reserve institutions, since no new
Published every Saturday morning by WILLIAM B. DANA COMPANY.
marand Editor, Jacob Seibert; Business Manager, William D. Riggs issue of certificates of indebtedness came on the
President
Treas.. William Dana Seibert; See.. Herbert D.Seibert. addresses of all.°Mee of Co.
ket during the present month. Exact information,
however, on that point would be very welcome.
At what figure the Reserve Banks are willing to
of Publication.
purchase these Treasury bills has not been publicly
Change of Address
announced. The buying rate of the Reserve Bank for
The Commercial & Financial Chronicle,
bankers' acceptances, the holdings of which by the
having long suffered from inadequate
12 Reserve institutions increased $15,849,000 during
facilities for handling its growing size
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the week, has been, it is known, 2 %, and if that
and growing subscription list, has moved
also is the rate demanded on purchases of Treasury
into new and larger quarters, and is now
bills, the average rate realized by the United States
located at
Treasury on the whole $104,600,000 of Treasury bills,
William Street, Corner Spruce.
namely 2.54%, would allow a trifling profit on a
New York City.
P. 0. Box 958.
resale of the new Treasury bills to the Reserve
Banks, but of course there would be no profit in
buying at 2.35%, the figure at which the public
offering was made, and selling to the Reserve Banks
The Financial Situation.
2
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on a 2 % basis.
Profound ease in money is still the overruling
It is worth noting at this point as further illusfeature everywhere. Perhaps the strongest evidence trating and emphasizing the state of ease in the
of this is found in the ready way in which the buyers money market that market rates for bankers'acceptof the $104,600,000 of 90-day Treasury bills sold ances were further reduced /of 1% on Tuesday on
2
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last week by the Secretary of the Treasury suc- the nearer maturities, that is, those running for 30
ceeded in disposing of them. On Monday $60,000,000 days,for 60 days, and for 90 days, bringing the rates
of these Treasury bills, which bear no interest, but for all these maturities down to 2 % bid and 2%70
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sell on a discount basis, were publicly offered by the asked, the lowest figures prevailing since Nov. 28
International Manhattan Co., Inc., and Salomon 1924. This lowering of market rates for acceptances
Bros. & Hutzler. It may be recalled that the Treas- did not induce the New York Federal Reserve Bank
but
ury, on the whole $104,600,000 of bills sold, realized further to lower its buying rate for
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an average price which made the annual rate on a an adjustment was reported so as to make the 2 %
acceptances,
bank discount basis 2.54%. The two banking con- buying rate apply to bills of 90-day maturity,as well
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cerns referred to in their offering of $60,000,000 as 30- and 60-day maturities to which the 2 % rate
offered the bills at a discount basis of only 2.35%, previously alone applied.
and yet were able to report the whole amount disThe reduction referred to in the market rate for
posed of on Wednesday.
acceptances has not stood alone in the further drop
It is, nevertheless, quite likely that a goodly in rates in the money market. Time loans on
2
1
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amount of the remaining $44,600,000 of these Treas- security collateral are obtainable at 3/ / per
ury bills found its way into the Federal Reserve annum for periods of 60 and 90 days. Commercial
Banks. The weekly return of the Federal Reserve paper also has developed further ease, with choice
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Board, in reporting the holdings of United States name paper readily salable at 3 %. Call loans
Government securities, does not distinguish between on the Stock Exchange have not varied all week
financial Chronicle
3592
FINANCIAL CHRONICLE
from 3%, while outside the Stock Exchange the rate
has been clown to 2 %.
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Abroad both the Bank of Germany and the Bank
of Italy have reduced their discount rates. This happened on Monday, when the Bank of Italy lowered
its rate from 6% to 5 %,and the Bank of Germany
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moved down from 5% to 4 %. On Monday also
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the Bank for International Settlements definitely
began operations. This time the marking down of
rates by two more of the central banks of Europe
was not referred to in the news dispatches as having
been prompted by a desire to facilitate the floating
of the German Reparations loan for $300,000,000, as
was the case when the Bank of France and the Bank
of England simultaneously marked down their rates
a few weeks earlier. As a matter of fact, world
wide trade depression with an intense glut of loanable funds everywhere, is unquestionably the true
underlying cause of the universal decline in money
rates. It is worth noting, however,that prognostications of a further marking down of the discount rate
of the Bank of England, this time to 2 %,have not
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been fulfilled, and it would appear to be rather hazardous for the Bank of England to further lower
its rate at a time when it is suffering a renewed drain
of gold to France (even though the drain let up the
latter part of the week) and its gold holdings, as a
result, are again rapidly declining, the Bank in its
statement the present week showing a loss of
£4,904,328, following a loss of £1,154,517 last week.
Folk 130.
underlying installment notes and that the endorsements of sound, well-managed, discriminating
finance corporations specializing in this type of
business insure the safety of this class of paper.
"In this connection it is pertinent to consider for
a moment the economic theory back of the present
rules of eligibility. The theory is that the paper
of the designated character is fundamentally sound
since it is created by responsible bank customers
engaged in productive enterprise and is further reinforced by a bank's endorsement; that the volume
of this type of paper rises and falls in accordance
with seasonal changes in business and with the
longer business cycles; and that it is inherently
liquid both in respect to maturity and to the selfliquidating character of the transactions underlying
it, since these involve the production and distribution of goods, the proceeds of whose sale at each
turnover supply the funds to pay off the original
notes. Eligible paper, therefore, so far as it serves
member banks to obtain currency or to expand deposits created by commercial loans to customers
tends to keep the expansion and contraction of credit
and currency in step with the rise and fall of current business activities.
"Neither railroad bonds, municipal issues, nor
finance company installment paper quite qualify
under this theory as classes of credit instruments
suitable for eligibility.
"As to railroad bonds and municipal issues it may
be true that, as collateral security, they are almost
as good as Federals, but Federal securities themselves are distinctly an anomaly as a basis for loans
at the Federal Reserve Banks. They were admitted
only as a war finance measure. They do not tend
to keep member borrowing co-ordinated with the
At a time of abnormal conditions, like the present, expansion and contraction of trade.
it is very important that perverted views should not
"As to installment paper it must be remembered
gain currency, and, accordingly, it is gratifying to that it represents consumer credit that is not based
find the American Bankers' Association showing on productive transactions, but is wholly dependent
adherence to sound principles. It will be recalled upon extraneous factors for its liquidation, such
as the
the purchaser of the goods involved
that the Executive Council of the Association was to holdability of
his job and make his payments out of wages.
in session at Old Point Comfort, Va., on May 5-8, The value of the underlying goods themselves rapidly
and at this meeting reports were presented by the disappears through consumption or depreciation.
various Commissions of the Association. Among This is in distinct contrast with the notes covered
other reports heard was that of the Economic Policy by the present rules for eligibility which represent
Commission, which dealt with the important ques- producer, not consumer, credit and are strictly selftion of "liberalizing" the means for availing of the liquidating out of the increased value produced by
the underlying commodities and transactions.
facilities of the Federal Reserve Banks. Fortu"Our feeling therefore in respect to these pronately this Commission is composed of men of great posals for admitting certain other types to eligibility
eminence and distinction, comprising, among others, is that such action may tend to make our Reserve
George E. Roberts.of the National City Bank, Paul credit structure less liquid, throw its workings out
M. Warburg of International Acceptance Bank, Mel- of step with fundamental business changes and also
vin A. Traylor of the First National Bank of Chi- increase the task of preventing the Federal Reserve
System from being employed as a facility to incago, and others no less renowned, and in its report
flation.
the Commission takes strong ground against the
"We believe this latter point is especially imvarious liberalizing propositions, saying, "we ques- portant. The increase in credit which these added
tion whether the sound remedy is to be found in instruments would facilitate would not necessarily
easier eligibility." The Commission takes up, one reflect and respond to the enlarged productive reafter another, the various propositions urged for quirements of commerce and industry for supplies
of currency and credit at going price levels. They
setting up "an easier basis of access to Federal Rewould rather be liable to tend to
serve Bank credit" and disposes of them all in the in advance of those requirements create easy money
and thus stimulate
following pregnant words:
over-trading, rising prices and finally over-produc"Specifically it has been suggested that the rules tion. They would tend to create a volume of credit
that would not be automatically extinguished after
be broadened to include such other credit instru- it
had served
designated function. We feel thkt
ments as finance company paper arising from install- the original its
impulse for- credit expansion should
ment selling, municipal securities and railroad come not from
easy money but from actual increased
bonds, so that banks shall have wider avenues of consumer demand which is the
channel along which
access to the Federal Reserve Banks from which the present rules tend to guide our credit economy."
many of them are almost disfranchised by the presNo sounder advice was ever given than is conent restrictions.
tained in the foregoing paragraphs, and they also
"The argument made in favor of railroad bonds constitute
the best exposition of the principles that
and municipal issues is that they are almost as good
as Federals from the point of view of security. For should govern the use of Federal Reserve credit that
finance company paper it is argued that this reflects it has been the good fortune of the public to receive
a large volume of actual trade evidenced by the in quite a long while. And such utterances are par.
MAY 24 1930.]
FINANCIAL CHRONICLE
ticularly valuable at a time like, the present, when
a disposition is growing up to regard the Federal
Reserve Banks as unlimited reservoirs of credit
which should ever remain on tap, for the benefit of
anyone demanding access to the same.
3593
With reference to the statement in the foregoing
that automotive requirements for finished steel are
more vigorous in some directions, it deserves to be
noted that the statistics of automobile production for
the month of April have made their appearance the
present week and make a sorry comparison with
those for the corresponding month a year ago. In
other words, April production of motor vehicles in
the United States as reported to the Department of
Commerce was only 442,630 as against no less than
621,910 vehicles produced in April 1929. Newspaper
headlines feature the fact that the "April auto output was beaten only in 1929, and that the 1930 production constitutes a new high, except for the mark
set by that month last year"; but that does not alter
the fact that the number of automobiles turned out
the present year was 179,280 less than in the same
month of last year. Furthermore, even back in 1926
the April production of automobiles was 439,336.
In the four months ending April 30 the output of
motor vehicles the present year has been 1,466,590,
as against 2,074,820 in the same four months of
1929 and 1,378,942 in the four months of 1928.
It does not seem out of place, either, to add, as
showing the general drift downward that tin futures
yesterday touched a new low level for the year, and
that on Thursday on the National Raw Silk Exchange four new all-time lows were recorded, the
memorandum from the Silk Exchange adding that
"Japanese silk statistics were bearish; that shipments from Japan for the United States for the
first 15 days of the current month were only 8.065
bales, against 28,000 bales in the corresponding
period in 1929," and that "the into-sight movement
in Japan, May 15, showed an increase of 5,000 bales
over 1929."
Trade developments the present week have been
along the same lines as in previous weeks, that is,
have been rather depressing, and yet have contained
a few favoring features. Among the first of these
must be mentioned the recovery in grain prices,
though whether this is to be of an enduring character remains for the future to determine. May
wheat in Chicago sold up to $1.06y on Thursday,
2
and, as a matter of fact, touched the same figure on
Saturday last, as against $1.00 on May 8; it closed
yesterday somewhat lower, at $1.04%. Other grains
have also been stronger, though showing no spectacular rise, and confidence in a permanently higher
level of values would be stronger if it were not that
the Federal Farm Board is playing such a preponderating part in the grain markets and holding such
immense supplies of unsold wheat. It is encouraging also to find the copper market maintaining the
improvement noted last week. Foreign copper sales
up to noon on May 22 were reported as totaling 210,000,000 lbs., a new high record, it is said, the largest
previous month's business having been in May 1928,
when 204,500,000 pounds were reported sold. As
offsets to this, some of the copper companies have
found themselves obliged to make sharp cuts in their
dividend declarations, though this was to be expected after the long poor period in the copper trade.
The Calumet & Arizona Mining Co. declared a quarterly dividend of only 50c. a share, placing the stock
on an annual basis of $2 a share. Three months ago
the quarterly dividend was $1.50 a share, while previously $2.50 a share was paid, or at the rate of
The Federal Reserve statements this week reveal
$10.00 a year. The Copper Range Co. reduced its no very significant features. Brokers' loans of the
quarterly dividend from 50c. a share to 25c. a share. reporting member banks in • New York City show
The Calumet & Hecla Consolidated Copper Co. re- quite inconsequential changes, the total this week
duced its quarterly dividend to 50c.from $1 paid the being $4,015,000,000, and last week having been
previous quarter. The Inspiration Consolidated $4,007,000,000. This is an increase of $8,000,000,
Copper Co. declared a quarterly dividend of 50c. as following a reduction of $267,000,000 in the two
compared with $1 paid the previous quarter, while weeks preceding, which, however, came after $785,• the Isle Royale Copper Co., which paid 50c. the 000,000 expansion in the nine weeks preceding. The
previous quarter, omitted the dividend altogether. loans made by these reporting member banks for
Accounts from the iron and steel trade unfor- their own account increased during the week from
tunately continue discouraging, price cutting being $1,618,000,000 to $1,655,000,000, while the loans for
quite prevalent and demand by no means keen. The account of out-of-town banks remain unchanged at
"Iron Age," in discussing the price situation, $1,069,000,000, and the loans for account of others
said:
fell from $1,320,000,000 to $1,290,000,000. With call
loan rates ruling at such extremely low figures, the.
"The scrap market is uniformly weak, and heavy
loans for outsiders are diminishing, while loans made
melting steel has declined 50c. a ton at Pittsburgh,
$1 a ton at Birmingham, and 25c. a ton at Cincinnati. by the reporting member banks for their own account
Pig iron prices are nominally unchanged, although are steadily rising. At $1,655,000,000 the present
subject to shading. The general trend of foundry week, these latter'compare with only $827,000,000 at
operations is downward, the only conspicuous excep- the corresponding date a year ago. On the other
tion being the melt of companies making castings hand, the loans for account of out-of-town banks at
for Ford and Chevrolet automobiles.
$1,069,000,000 this year compare with $1,651,000,000
"Automotive requirements for finished steel are a year ago, and the loans "for account of others" at
more vigorous in some directions, as manufacturers $1,290,000,000 compare with $3,042,000,000
.
specify material for new models, but the rise in Ford
The amount of Federal Reserve credit outstanding,
and Chevrolet operations appears to have run its
represented by the total bill and security holdings,
• course and there is some opinion that automotive pro- as
increased during the week from $920,023,000 to $931,duction is passing its first half year peak.
"The 'Iron Age' composite price for finishel steel, 603,000. The discount holdings which constitute the
which has been declining for nearly '10 months, is measure of member bank borrowing show only an
now 2.214c. a pound. This figure is $4.32 a ton unimportant change, the amount for the present
above the low point of the post-war slump, which week (May 21) being $209,999,000, and for last week
was reached in the last week in February 1922, fol- (May 14),$210,486,000. The holdings of acceptances
lowing an uninterrupted decline lasting 18 months." purchased in the open market were
enlarged in
3594
FINANCIAL CHRONICLE
amount of $15,849,000, the amount of these the
present week being $186,884,000 as against $171,035,000 last week. The holdings of United States
Government securities, dealing with them as a whole,
show no great change, the total this week being
$528,320,000 as against $527,902,000 a week ago. In
the separate items, however, making up this total,
some considerable changes appear. Holdings of "certificates and bills" during the week increased from
$281,655,000 to $291,857,000. As noted in the earlier
portion of this article, the increase reflects presumably the taking over of new Treasury bills by the
Reserve Banks in excess of the old Treasury bills
previously held, and which matured and were paid
off on Monday of this week. As an offset to the
increase in the item of certificates and bills, the
holdings of United States Government bonds were
reduced from $52,431,000 to $41,776,000. On the
other hand, the holdings of Treasury notes are
slightly larger at $194,687,000 against $193,816,000.
The amount of Federal Reserve notes in circulation
fell during the week from $1,464,897,000 to $1,452,663,000, while gold reserves increased from $3,074,082,000 to $3,076,456,000. Owing to an increase in
Government deposits from $12,837,000 to $37,088,000
during the week, due no doubt to the sale of Treavry
bills far in excess of the old Treasury bills paid off,
total deposits of the 12 Reserve institutions increased during the week from $2,420,830,000 to
$2,438,911,000.
The course of the stock market this week has
been downward on a limited volume of business,
but with a sharp recovery on Friday. The decline
has not been uninterrupted, nor altogether uniform,
but the drift has been quite generally towards a
lower level. Yet there has been no very pronounced
weakness, and rallies have been frequent, even
though the recoveries have been more or less fitful—
that of yesterday having been the most pronounced.
It seems quite accurate to ascribe the declines which
have taken place to bear pressure, and those conducting the assaults have, on the whole, proceeded
very cautiously. The declines appear to have followed entirely as the result of such selling, and the
striking fact is that they have led to no extensive
liquidation, very little stock evidently being shaken
out. As a result of such attacks, moreover, with
trading at no time large, the volume of sales underwent further contraction, and whenever bearish demonstrations ceased, the volume of trading further
declined, falling on Thursday to below 2,000,000
shares on the Stock Exchange—the actual total of
the sales being 1,860,220 shares, the smallest full
day's business since Jan. 13, when total sales were
1,452,580 shares.
The general drift downward may be ascribed to a
variety of depressing circumstances affecting different groups of stocks, and some of them applying
to the entire market. First of all, there has been
little or no indication of recovery from the industrial
depression from which the whole country has been
suffering. In addition, the steel shares have been
weak because of the unfavorable accounts regarding
the steel trade, while the copper shares have suffered
by reason of the dividend reductions, notwithstanding that since the last cut in the price of the metal
the demand for the metal has been very active,
especially for export. The railroad list has held
up better than the rest of the market, in face of
the fact that the returns of earnings that have been
[VoL. 130.
coming in for the month of April have, as a whole,
made the same poor comparisons with a year agoas
all preceding months of the year. Nevertheless, the
railroad shares have also drifted downward, even if
at a more moderate pace. One favorable feature of
the week among the railroads has been the inauguration of dividends on the common stock of the Missouri-Kansas-Texas, this being the first dividend on
the common stock since the reorganization of the
property back in March 1923. The dividend is $1.00
a share, and is construed as intended to be a quarterly dividend of that amount, although not definitely 60 stated.
Trading on the Stock Exchange suffered further
contraction, as already noted. At the half-day session last Saturday the sales on the New York Stock
Exchange were 790,950 shares; on Monday the sales
were 2,413,930 shares; on Tuesday, 3,526,770 shares;
on Wednesday, 2,078,400 shares; on Thursday,
1,860,220 shares, and on Friday, 2,157,520 shares.
On the New York Curb Exchange the sales last Saturday were 366;600 shares; on Monday, 735,500
shares; on Tuesday, 1,021,700 shares; on Wednesday, 696,200 shares; on Thursday, 597,200 shares,
and on Friday, 696,900 shares.
As compared with Friday of last week, prices are
quite generally lower,in most cases very much lower.
/
Fox Film A closed yesterday at 49% against 521 8
Warner Bros. Pictures at
on Friday of last week;
/
62% against 65; General Electric at 8214 against
Power & Light at 86% against 89;
83%; Electric
/
United Corp. at 4478 against 46%; Brooklyn Union
/
Gas at 15014 against 158%; North American at
4;
1183 against 1191 American Water Works at 111
%
/
against 111%; Pacific Gas & Elec. at 6778 against
4;
/
693 Standard Gas & Elec. at 11414 against 1173
4;
N. Y. at 125 against 130; CoConsolidated Gas of
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lumbia Gas & Elec. at 831/s ex-div. against 8618;
l Harvester at 101% against 107;
Internationa
%;
Sears, Roebuck & Co. at 83% against 851 Montgomery Ward & Co. at 42% against 44; Woolworth
/
at 62% against 62%;Safeway Stores at 9414 against
Telegraph at 183% against
95%; Western Union
180% bid; American Tel. & Tel. at 229% ex-rights
selling at 21 against 247; Int. Tel. & Tel. at 62%
against 64%; American Can at 142% against 145;
3
United States Industrial Alcohol at 92% against
92%; Commercial Solvents at 30% against 31%;
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Corn Products at 10578 against 105; Shattuck & Co.
/,
at 47 against 4678 and Columbia Graphophone at
/.
2718 ex-div. against 2814
/
Chemical & Dye closed yesterday at 305
Allied
against 310% on Friday of last week; Davison
/
Chemical at 35% against 3678; E. I. du Pont de
Nemours at 130% against 129; National Cash Register at 59 against 55%; International Combustion
Engineering at 9% against 10%; International
Nickel at 32% against 33%; A. M. Byers at 92%
%
/
against 9414; Simmons & Co. at 36% against 421 ;
Roller Bearing at 73 against 75; Mack
Timken
Trucks at 72% against 6734; Yellow Truck & Coach
at 28 against 27%; Johns-Manville at 107% against
111; Gillette Safety Razor at 86 against 87%; Na4;
tional Dairy Products at 58% against 583 National
Bellas Hess at 15 against 15%; Associated Dry
Goods at 43% against 45%; Lambert Co. at 100
18
against 101; Texas Gulf Sulphur at 60 against 60/,
and Bolster Radio at 4% against 5%.
The steel shares have followed the course of the
general market, and U. S. Steel often led on the decline. United States Steel closed yesterday at 1711/8
MAY
24 1930.]
FINANCIAL CHRONICLE
3595
against 173% on Friday of last week; Bethlehem
NEW HIGHS.
Industrial & Misc. (Conc.)—
Steel at 9534 against 96 , and Republic Iron & Railroads—
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International Salt
14 against 54. The motor stocks have at Brookl3n dc Queens Transit
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Steel at 53
Kinney Co
Industrial & Miscellaneous—
Kraft Cheese
times shown resistance to the general downward American Tobacco
Martin-Parry
Philadelphia & Reading Coal & Iron
movement. General Motors closed yesterday at 51 Borden Co.
Brockway Motor Truck
United Biscuit
against 48% on Friday of last week; Nash Motors at Fairbanks Morse
Warren Foundry dr Pipe
40% against 43; Chrysler at 36 against 34%; Auburn Auto at 162 against 165 ; Packard Motors at
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17 against 17 ; Hudson Motor Car at 44% against
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Stock exchanges in the important European finan417s, and Hupp Motors at 18 against 19. The rub- cial centers remain quiet and irregular, with price
/
ber stocks also have yielded little. Goodyear Rub- movements moderate and of no especial significance.
ber & Tire closed yesterday at 83 against 8378 on Reports of the downward trend at New York in the
/
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Friday of last week; B. F. Goodrich at 41 against early days of the week produced comparatively little
40 ; United 'States Rubber at 291 8 against 281 8 effect on the London, Paris and Berlin markets.
/
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/
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and the preferred at 5214 against 50%.
/
Favorable developments were accepted with a simThe railroad stocks have held up better than the ilar lack of interest, the reduction of the Reichsbank
rest of the list, notwithstanding the poor monthly in- discount rate Monday from 5 to 4 %, and that of
/
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come reports. Pennsylvania RR. closed yesterday the Bank of Italy from 6 to 5 %, bringing about
/
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at 78 against 7834 on Friday of last week; New mild firmness in Berlin, while other markets hardly
/
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York Central at 177 against 176%; Erie RR. at 481 8 noticed the incidents. The London market displayed
/
against 49; Del. & Hudson at 173 against 175; increasing concern over the French gold with/
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Baltimore & Ohio at 1141 8 against 115 ; New drawals, which are estimated at more than n.1,000,/
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Haven at 11514 against 11678; Union Pacific at 227 000 in the past fortnight, and even more attention
/
/
against 226; Southern Pacific at 122/ against was paid to the steady increase in British unemploy14
1211 4; Missouri-Kansas-Texas at 56 against 5778; ment. Official figures now indicate that
/
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1,712,000
Missouri Pacific at 82 against 81 bid; Southern out of the total of about 11,000,000 registered workRailway at 113 against 115; •St. Louis-San Fran- people are unemployed. Money rates are low in all
cisco at 115 bid against 116; Rock Island at 114
/ markets, but general business shows little if any
1
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against 113%; Great Northern at 921 8 against 92, stimulation due to this factor.
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and Northern Pacific at 82 against 8278
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.
The London Stock Exchange was very quiet and
The oil shares have this week also strongly shared slightly irregular in the opening
session of the week.
in the downward trend of values. Standard Oil of Gild-edged issues
declined a little, but some strong
N. J. closed yesterday at 7634 against 791 8 on Friday spots appeared
/
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among the industrials, while oil
of last week; Simms Petroleum at 27 against 29%; stocks also were
/
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2
firm. The gilt-edged list regained
Skelly Oil at 35 against 3518; Atlantic Refining at its losses Tuesday,
/
but on this occasion virtually all
41% against 42%; Texas Corp. at 58 against
57½; the rest of the market sagged. International issues
Pan American B at 62 against 653 Phillips Pe- were lower,
/
1
2
4;
and profit-taking in oil shares also upset
troleum at 381 8 against 3934; Richfield Oil this group. Improveme
/
nt in sterling exchange in
at 22% against 23 ; Standard Oil of New relation
/
1
2
to the dollar produced cheerfulness WednesYork at 3578 against 3634, and Pure Oil at 23 day, and gilt-edged
/
/
securities advanced briskly for
against 24.
a time. This movement was also aided by wideThe copper stocks have shown a lagging tendency, spread discussion of
a possible further reduction of
notwithstanding the good demand for the metal; the the Bank of England
discount rate. The bank rate
dividend reductions by some of the copper companies reduction did
not materialize Thursday, and British
have, of course, been an adverse feature. Anaconda funds reacted.
Home rails, industrial issues and inCopper closed yesterday at 59 against 6078 on Fri- ternationa
/
1
2
/
l stocks also sold off, giving the entire
day of last week; Kennecott Copper at 46 against
/
1
2
market an easier appearance. The market was firm
46½; Calumet & Hecla at 19% against 2014; Andes
/
yesterday, however, and the losses were regained.
Copper at 27 against 26 bid; Inspiration Copper at
Trading on the Paris Bourse was extremely dull
19
/ against 19%; Calumet & Arizona at
1
2
5478 in the initial session of thisweek. The lack of in/
against 63; Granby Consolidated Copper at
30 terest was attributed in part to the imminence of the
against 33 ; American Smelting & Refining at 72
/
1
2
public offering of B. I. S. stock on the French maragainst 69 , and U. S. Smelting & Refining at 28
/
1
2
/ ket. A little selling by professional interests upset
1
2
against 2834 In the following we furnish a list of
/
.
the market and the tone was weak. Tuesday's sesstocks which the present week have touched new
low sion was much like the preceding one, a report to
figures for the year, and also those which
have the New York Times stating that the volume of
touched new high points:
trading "was so slight that the results of the day's
NEW LOWS.
session were scarcely perceptible." Prices remained
Railroads—
Industrial & Miscell. (Cond.).—
weak. Some improvement occurred Wednesday,
Colorado dr Southern
International Shoe
Internat. Rys. of Central America
both in the turnover and in the price trend. It was
Kayser Co
Twin City Rapid Transit
Lehigh Valley Coal
assumed that the highly successful flotation of B. I.
Long Bell Lumber A
Industrial & Miscellaneous—
S. stock would release funds which had been accuMcCrory Stores class A
American Brake Shoe & Foundry
Mohawk Carpet Mills
mulated in anticipation of the offering, with resulAmerican Locomotive
National Department Stores
American Solvents dc Chemical
National Enameling ez Stamping
tant benefit to Bourse prices. After a somewhat
Auburn Automobile
N. Y. Air Brake
Booth Fisheries
better opening Thursday, prices again began to wilt
Otis Steel
Calumet de Arizona Mining
Reis (Robt.) SE Co.
and the volume of trading also dropped again to a
Chickasha Cotton Oil
Ritter Dental Mfg.
Consolidated Cigar
South Porto Rico Sugar
minimum. Losses at the close were small, however,
Continental Diamond Fibre
Standard Brands
and in one or two issues slight improvement was
Fairbanks Co.
Timken Roller Bearing
Gamewell Co.
United Paperboard
manifested. Prices were again soft in yesterday's
General Cigar
U. S. Distributing Corp.
Gotham Silk Hosiery
session on the Bourse.
U. S. Freight
3596
FINANCIAL CHRONICLE
Prices at Berlin were stimulated to a degree in
the opening session of the week by the reduction of
the Reichsbank discount rate to the lowest figure
yet reached in the post-war period. A number of
issues in the potash, textile and department store
groups were lively and higher, but banking and industrial stocks generally were quiet and but little
changed. An uneven tendency appeared on the
Boerse Tuesday, with the volume of trading considerably smaller than on the previous day. A few
speculative favorites resumed their advance, but the
market as a whole was dull. The tone of the Berlin
market was confident at the opening Wednesday,
partly because of the favorable results of the B. I. S.
stock offering in Paris. Selling appeared as the
session progressed, however, and the market turned
soft. Announcement was made Thursday of a reduction of the Boerse taxes, and the market was
stimulated by this development as it was hoped that
a wider participation of the German public will result. Some sharp gains were recorded among the
brewery issues and in other speculative favorites.
The tone of the market was irregular at Berlin yesterday, with a few specialties again strong.
The end of an epoch in European relations and
the beginning of a new period were signalized over
the last week-end by the formal termination of all
functioning organizations of the Dawes plan of German reparations payments, and the opening for
business of the new Bank for International Settlements which will be the sole intermediary organization in the application of the Young plan. An appropriate occasion was made in the several European
centers of this highly important occurrence. Germany, in fulfillment of its previous promises, deposited with the B. I. S. at Basle last Saturday the certificates of indebtedness covering the Young plan
annuities. This step prepared the way for the last
whir of the Dawes plan machinery. S. Parker Gilbert, Agent General for Reparations Payments in
Berlin under the old plan, turned over approximately
150,000,000 marks of undistributed German payments to the new bank and closed his office. The
Reparations Commission in Paris, established under
the previsions of the Treaty of Versailles, ended its
labors Monday, having received from the B. I. S. a
communication regarding the necessary deposit of
the German certificates of indebtedness. As a final
official act, the Reparations Commission burned
132,000,000,000 marks of the German A, B and C
bonds of 1921, and the 11,000,000,000 marks of railroad bonds created under the Dawes plan. Concurrently, the Bank of France burned the 5,000,000,000
marks of German industrial bonds created by the
Dawes plan. Public opening of the new bank in
Basle was accomplished without ceremony of any
kind. The institution began to function with 13
employes in addition to its directors, officers and
'administrators.
In recognition of the new adjustment now consummated on reparations payments, prompt action
was taken by the French Government for complete
evacuation of the third German Rhineland zone.
Premier Tardieu, after a discussion of the matter
with Ambassador von Hoesch of Germany and high
French military authorities, announced last Saturday that Germany had carried out all necessary conditions for acceptance of the Young plan. An order
for progressive evacuation of the last Rhineland zone
[vol.. 130.
was given, and the first of the 40,000 French troops
began to move out of the smaller towns early this
week. The evacuation is to be completed by June 30,
and it is understood the Saar area will also be freed
of French troops by that time. Instructions issued
Tuesday by the High Commander of the French
Army of Occupation indicate that the bulk of the
troops will depart June 15, while the whole Rhineland will be evacuated by June 26, with the exception of the city of Mayence. Two French battalions
will remain in Mayence until June 30, when the
occupation will be formally ended by the hauling
down of the French tricolor at the headquarters
there.
Formalities in connection with the inauguration
of the Young plan were quickly completed Tuesday
by the subscription of a total of 112,000 shares of
the capital stock of the B. I. S. in seven equal portions of 16,000 shares each by the American, British,
French, German, Italian, Belgian and Japanese markets, while a further 12,000 shares were taken in
equal allotments of 4,000 shares each by the Swiss,
Dutch and Swedish markets. These 124,000 shares
represent 62% of the banks authorized capitalization
of 200,000 shares of 500,000,000 Swiss gold francs
(approximately $100,000,000.) An initial payment
of 25% of the par value was made, giving the bank
about $15,500,000 in capital funds with which to begin business. The remaining 75% may be called in
whole or in part at any time by the bank, upon three
months' notice. Other countries having a interest in
reparations payments are to have the opportunity
later of subscribing to the 76,000 shares, or 38% of
the capital stock, held in reserve. Subscription of
the larger allotments was guaranteed in the United
States by a banking group composed of J.P. Morgan
& Co., the First National Bank of New York and the
First National Bank of Chicago, while in other markets the guarantors were, respectively, the Bank of
England, the Bank of France, the Reichsbank, the
Bank of Italy, the National Bank of Belgium, and
the Industrial Bank of Japan. Public offering was
made of the French and Belgian share allotments,
with the result that the French portion was oversubscribed approximately 150 times, while the Belgian portion was oversubscribed 12 times. The
American shares were distributed among approximately 100 prominent banking institutions, while
the shares allotted to the remaining markets were
retained by the respective central banks.
With these matters finally disposed of, attention
was turned in increasing degree this week to the
forthcoming issue of $300,000,000 bonds on the international markets. Of this total, $200,000,000 will
represent annuities bonds or commercialized reparations payments. The other $100,000,000, to be issued
concurrently, will be for the benefit of the German
railway and postal services. It will be recalled that
Germany wished to float a $100,000,000 issue of
bonds last January but was prevented from doing
so by the conference of governments at The Hague
because of the possible effects of the issue on the
first annuities flotation. An agreement was made
at the time for inclusion of the loan in the first annuities bond flotation. Settlement of the terms and
conditions of the huge bond issue has occupied successive conferences of bankers and Treasury experts
in Europe for more than a month. A further meeting of the investment banking representatives of ten
nations was begun at Paris yesterday, and it is now
MAY 24 1930.]
FINANCIAL CHRONICLE
expected that final arrangements will be made
shortly. One of the details remaining to be settled,
it is understood, is the amount of the issue to be
placed on the London market, Chancellor of the Exchequer Philip Snowden desiring no more than
$26,000,000, which is the amount the British Treasury will receive out of the flotation in reparations,
while bankers of other nations believe the British
market should take up to $60,000,000 of the loan.
Public offering will probably be made June 2.
3597
member nations. "The European organization," M.
Briand adds, "does not oppose any ethnical grouping on other continents or outside the League: The
work of European co-ordination responds to the necessities of immediate and vital constructive work,
which would never be directed against the interests
of any one. On the contrary, the work must be
pursued with the fullest and friendliest accord, in
collaboration with all other states which recognize
underlying interests in a homogeneous Europe, respecting modern laws and international economy—
Foreign Minister Aristide Briand of France took a simplified Europe committed to a minimum menace
his first important official step last Saturday in be- of war and to the indispensable development
of
half of the proposal for a European federation which economic exchange."
he broached formally during the League of Nations
In the general questionnaire sent to the other 26
Assembly meeting in Geneva last September. Private European governments, M. Briand essayed "as
discussions on this proposal were again held at simple an exposition as possible" of the project,
not
Geneva by M. Briand last week, and the approval for the purpose of limiting the future possibili
ties, •
of some of the Foreign Ministers of other important but for the sake of increasing the chances of unaniEuropean governments was apparently extended. mous consent to "the first concrete proposal capable
The French Minister, thus encouraged, transmitted of conciliating all the interests and all the
special
to each of the 26 other European States which are situations involved." M. Briand, more specific
ally,
members of the League, a document entitled a seeks to begin a "practical realization of the
first
"Memorandum on the Organization of a Regime of means of contact of what is intended to
be a solid
a Federal European Union." Assurances were given basis of co-operation with a view to the
settlement
at the same time by accredited French representa- in common of all problems bearing on the organiza
tives in Washington and other non-European capi- tion of European peace and the national
organizatals that the proposed union of 27 European nations tion of the vital forces of Europe."
The document
is not directed against the United States or any concludes with the observation
that times have
other nation or group of nations. Along with his never been more propitious nor
more pressing for
memorandum, M. Briand submitted to other Euro- the inauguration of such
constructive work. Repean capitals an elaborate questionnaire designed marking that the "settle
ment of the main material
to insure further discussion of his ambitious project. and moral problems inciden
t to the last war will
Both papers were published last Sunday, in Europe soon have freed the new
Europe from a burden that
and in this country, presumably in full. Although bears most heavily
on its mind as well as on its
formal discussions of the scheme have not yet devel- wealth," M. Briand exhorts
to "unite to live and
oped, press comment was exceptionally widespread prosper." Replies to the
questionnaire, with full
immediately after publication. The European press commentaries, are request
ed before July 15, and it
as a whole received the proposal rather coolly, much is suggested that a
program will be drawn up at the
adverse criticism being expressed even in France. next Geneva meeting for
the establishment of a lastThere was a disposition in many quarters to view ing framework of
European co-operation.
the proposal as directed against the growing power
Four general statements are made in the questionof the United States and particularly of the Amer- naire, of which the
f
first posits the "necessity for a
ican high tariff policy.
pact of general order, however elementary, for the
The memorandum of the French Foreign Office, affirmation
of the principle of a moral union of
published in full in subsequent pages of this issue, Europe and
solemn consecration of the fact of solirecalls tfte previous steps taken at Geneva for
the darity between European nations." Signatory govorganization of a "sort of federal union which would ernments,
in the service of this association, should
establish among European governments a regime
of engage to make regular contacts in periodical or
constant solidarity which would permit them im- extraor
dinary meetings. In observations under this
mediately to commence study of problems in which head,
the proposed organization is made definitely
there exists common interest." The French
Govern- subservient to the League of Nations. The -second
ment, to which further progress was
confided, statement treats of the "necessity of Et mechanism for
"takes this opportunity of setting forth its
general the assurance of the European union; indispensable
ideas along with some essential reservations
which to the organization for the accomplishment of its
were consistently maintained in the thoughts of
the task." Under this head M. Briand suggests a rerepresentatives who met at Geneva on the ninth
of presentative and responsible organ to inform the
last September." Both political and economi
c rea- regular institution of the "European conference".
sons are seen for the establishment of the
proposed The powers of this conference, its organization, its
federal union, and special emphasis is placed
on the president and its meetings should be determined at
dangers of the 20,000 kilometers of new
European the next conference of European nations. A political
frontiers, with their added tariff barriers,
which the committee with an executive is also suggested. The
peace treaty created. The common organization
of activity of the committee, like that of the general
European nations, moreover, is to take the
form of conference, is to be within the framework of the
one of the regional ententes which the covenant of League.
the League of Nations formally recommends, and it
A third statement "deals in advance with the
would thus aim to "harmonize European interests fundamental purposes which
must determine the
under the control and spirit of the League." It would broad outlines of the European
t
committee and guide
act in a purely consultative capacity and would in no I it in its study and elaborat
ion of European organway implase or infringe upon the sovereign rights of ization." Observations
relating to the subordina-
3598
FINANCIAL CHRONICLE
tion of economic to political questions follow, M.
. Briand contending that the best efforts of the organizers should be expended in the political field. The
economic policy of Europe, as well as the tariff
policies of the various European States, must also
develop along these lines, it is added. The organization should also foster a "sincere conception and
effective pursuit of a truly liberal tariff policy." It
is suggested that the European federation might
imply the general development in Europe of a system
of arbitration and security, and the progressive extension of the policy of international guarantees
inaugurated at Locarno. Essential in the economic
organization of Europe, M. Briand holds, is a rapprochement among the various economic systems,
holding as its ideal the creation of common market.
"Gradual liberation and methodical simplification
of the circulation of goods, capital and persons, under the single reserve of the national defense needs
of each state, could immediately be started," according to M. Briand.
Means for carrying out the broad principles of
the European conference are to be reserved for the
study of the next general meeting of European
States, the fourth statement remarks. Nine great
subdivisions are listed, however, as offering the best
field for European co-operation. General economics
is the first of these, particularly as applied to the
effective application in Europe of the program set
up by the recent economic conference of the League,
the control of policies of industrial unions and cartels and the study of future possibilities regarding
the progressive lowering of tariffs. The second subdivision deals with the economics of public works,
on which European States are asked to co-operate.
Communications and transit by land, water and air
are also to be regulated and improved, while a
fourth subdivision suggests the extension of credit
for the economic progress of undeveloped European
States. Labor questions of a special European character are to be considered from the broad sociological
angle, and the extension of certain methods of
hygiene is to be considered from an equally wide
viewpoint. A seventh subdivision suggests intellectual co-operation, literary, artistic and scientific.
The two final subdivisions propose improvement in
interparliamentary relations and administration.
Settlement of methods of European co-operation
would also be reserved for the study of the next
European conference.
Although this extraordinary proposal was well
received and carefully studied in all European countries, reactions of the press in important centers
made it clear that the European federation sought
by M. Briand will be realized only in the more distant future, if at all. France was rapidly divided
into two great camps of critics and supporters of
the proposal, according to a Paris dispatch to the
New York "Time's." The critics were generally identical with the political Right or conservative group,
it was remarked, while the more liberal and radical
Left considered it a step in the right direction.
British comment was friendly in tone, but it was
stated with much assurance in a London report to
the "Times" that "England is not going to become
mata member State with any commitments in the
that no predicter whatever." The dispatch added
tion in the field of international politics could be
safer than that England will stay outside the
United States of Europe. Subsequent reports indi-
[voL. 130.
cated that Britain is certain to favor the development of a British Empire Union rather than a European federation. The German reaction to M. Briand's proposal was based largely on partison orientation. Nationalist organs saw in the scheme an
attempt to perpetuate French hegemony of the Continent, and they berated it accordingly. The more
liberal organs conceded the necessity for European
co-operation and were generally in favor of the
proposal. It was remarked in a number of reports
that the antagonism evoked in Europe by the pending American tariff bill was an important factor
in the friendly reception of M. Briand's proposal
in Europe.
Discussion of the naval armaments treaty which
was signed at London April 22 was continued with
much animation this week in Washington, London
and Tokio, the problem of ratification occupying
the constituted authorities in Washington and Tokio,
while in London maneuvers of equal significance
took place. The British Government has the power
to make treaties and ratification by Parliament is
not required to give effect to pacts. Discussion of
any important agreement is always forced in the
House of Commons, however, and in the present
instance a motion to condemn the treaty is sought
by about half the 260 Conservative members of Parliament. Since the Labor and Liberal members are
united in support of the treaty little doubt is entertained of the support of the Labor Government in
any division that may occur on this question. In
Washington hearings were continued all week by the
Senate Committees on Foreign Affairs and on Naval
Affairs. Both bodies examined at great length the
naval advisers to the American delegation at London
and also some members of the Navy General Board.
Obstructionist tactics were adopted by several Senators, with the result that President Hoover, acting
through Senator Watson, urged Wednesday that
action on the treaty be not delayed beyond the present session of Congress. That the Senate will ratify
the treaty is considered assured. In Japan,Premier
Hamaguchi began this week an active campaign for
ratification of the treaty by the Privy Council. Opposition to the treaty has been expressed by the
powerful Big Navy group in that country, but here
also ratification is counted upon in June.
Termination within recent weeks of the protracted
foreign negotiations of Britain's Labor Government
on reparations and naval limitation has finally made
possible the long expected Parliamentary attack on
the domestic policies of Prime Minister Ramsay MacDonald and his Ministers. It was recognized even
while Mr. MacDonald was taking office last June
that his Government would stand or fall on its treatment of the unemployment problem. At that time
it was understood that the Conservative and Liberal parties, which together outnumber the Laborites, would permit the Labor Government to remain
in office at least two years so that the ability of
the Labor politicians to deal with such important
domestic matters might be demonstrated. Since the
Laborites took office, unemployment has increased
from 1,250,000 out of the 11,000,000 registered British workpeople, to more than 1,700,000. Until early
this year, Conservative M. P.'s absented themselves
from the Commons in sufficient numbers during
divisions to prevent the defeat of the Government.
MAr 24 1930.]
FINANCIAL CHRONICLE
They showed increasing restiveness, however, and
in recent months a sort of working agreement between the Labor and Liberal parties has kept the
former in office.
A heated debate on the policies of the Labor Government in dealing with the growing unemployment
developed in the Commons Monday, the attack centering on J. H. Thomas, Lord Privy Seal and Minister for Employment. One of the Conservative
members described the unemployment figures as
"racing with the circulation of the Government
organ, the "Daily Herald," to the 2,000,000 mark."
A division on the question was sought by the customary device of presenting a motion for the reduction of the salary of the responsible Minister. The
Government won the division by the narrow margin
of 15 votes,224 members voting with the Government
and 209 against it. The absence of some Conservatives preserved the Labor Government, as 15 discontented Socialists and nearly all the Liberal members
refrained from voting. An even more significant
occurrence was the resignation Tuesday of Sir Oswand Mosley from the Cabinet post of Chancellor
of the Duchy of Lancaster. Sir Oswald was prominently associated with Mr. Thomas in his endeavors
to solve the unemployment problem, and it appeared
from a personal statement which he made in the
Commons the next day that rejection by a Cabinet
Committee of his suggestions for dealing with this
matter was directly responsible for his resignation.
It was confidently assumed that Sir Oswald would
rally about 40 members of the radical Labor group
about him and oppose the Labor Government on this
issue.
A further difficulty for the Labor Government appeared Wednesday, when David Lloyd George, the
Liberal leader, served notice on the Prime Minister
that his party support would cease unless the Government gave assurance of electoral reform legislation. Such reforms are desired by the Liberals because they polled a total of votes in the last general
election out of all proportion to their present small
representation. It is now indicated that the Conservatives will seek another division of the Commons
on the unemployment question next week, and grave
doubts are entertained of the ability of the Labor
Sovernment to withstand this attack. If Prime Minister MacDonald falls, a general election will follow,
it is believed. The immediate threat from within
the ranks of the Labor party was overcome by Mr.
MacDonald Thursday at a party meeting called to
consider the resignation of Sir Oswald Mosley from
the Cabinet. A resolution was offered stating that
the Labor party was dissatisfied with its own Government's record on the unemployment issue, but
Prime Minister MacDonald was sustained by a vote
of 210 to 29. Further developments in the House of
Commons will now be followed with the keenest
interest.
Informal protests against the high duties on foreign products proposed in the Hawley-Smoot tariff
bill were voiced in addresses made over the last
week-end by the Spanish Ambassador, Don Alejandro de Padilla y Bell, and the Swiss Minister to
this country, Marc Peter. The Ambassador spoke
last Saturday at a luncheon in this city of the Spanish Chamber of Commerce in the United States.
He expressed regret at the severe treatment of Spanish articles in the proposed new tariff, pointing out
3599
that the changes would mean an increase of more
than 50% on imports from his country. "To make
this situation still worse," he added, "we see that
among the articles which have been increased are
those which practically make the bulk of the Spanish exports to the United States, namely, cork,
olives, onions, almonds, pepper and imitation
pearls." This speech was broadcast by radio. Minister Peter spoke of the industrial development of
Switzerland in a radio address delivered last Sunday. In concluding his address, he remarked that
"it was not without concern that they heard in
Switzerland of the new American tariff with high
and almost prohibitive duties, which threatens to
impair the economic relations of our two countries,
because it is not always possible to buy where one
cannot sell." The remarks of these official representatives of foreign governments were viewed with
considerable interest in diplomatic Washington,
according to a dispatch of Monday to the New York
"Times." No official comment was forthcoming,
but it was pointed out in informal circles as a
recognized principle of international etiquette that
accredited foreign representatives must not interfere
in domestic matters. Any communications on subjects of mutual interest should be made through the
State Department, it was pointed out. Last year,
it was recalled, representatives of 33 countries transmitted protests of their nationals on the tariff to
the State Department.
Bellicose speechmaking has been resumed by Premier Benito Mussolini, several of his recent addresses to his Italian Fascist supporters resounding
with warlike sentiment. Although such speeches
were common in the early days of Fascismo, they
were almost entirely discontinued the last year or
two, to the indubitable improvement of Italian relations with France, Yugoslavia, and other nations.
To 55,000 wildly cheering citizens of Leghorn, 11
Duce declaimed on May 11 that "if anyone deceives
himself so far as to think he can halt our onward
march, he will find the whole Italian people in
front of him. If our frontiers were threatened there
would be gathered one human mass—nay, a thunderbolt—launched against any and all comers. There
is something inescapable and inevitable in this march
toward destiny of Fascist Italy, and nobody can halt
it." An unofficial protest against the tenor of this
speech was registered in Rome by the French Ambassador, Maurice de Beauharnais. It was suggested, moreover, that energetic protestations were
made by Foreign Minister Briand of France to Foreign Minister Grandi of Italy, in the course of the
League of Nations Council meeting at Geneva last
week.
Notwithstanding the alarm thus manifested at
his bristling remarks by representatives of the Quai
d'Orsay, Signor Mussolini made an even more
pointed series of statements in Florence last Saturday before a vast throng. He declared that right is a
vain word without might, and that pretty phrases
were all very fine, but that machine guns, ships and
fighting airplanes were even better. Deprecating
the "stupidity of all those who beyond our frontier
think they can pass judgment on Fascismo," Signor
Mussolini remarked;"they think we are still a small
nation and do not realize we are approaching
43,000,000 inhabitants. They think our movement is
reaction, while it is revolution. They think it is
3600
tyranny, while it is a whole nation governing itself.
They think we are not capable of greater sacrifices
than those we bore to defeat the Austro-Hungarian
Empire in the last war." The Premier repudiated
as an insult to the pride of the Italian people, the
suspicion that the Italian naval program will not
be carried out in full. "I hereby affirm," he continued,"that the program will be carried into effect,
ton for ton, and that 29 units of the new program
will be launched because the will of Fascismo is
stronger than iron, for our will is attracted rather
than repelled by difficulties. I am sure the Italian
people, rather than remain prisoners in a sea which
once belonged to Rome, will be capable of even the
greatest sacrifices." In a further address at Milan,
Tuesday, Il Duce declared that Europe, tormented,
uneasy and disheartened, will not find its salvation
except through the coming of Fascism. "We are
anxious to march because we do not like to be sedentary," he said.
Clashes continue in India between the British
authorities and the numerous groups of Hindu campaigners who desire to achieve political independence
through civil disobedience and non-co-operation.
Both the Government and the leaders of the civil
disobedience movement follow steadily the tactics
adopted when 'Mahatma Gandhi inaugurated the
campaign early last month. Fewer fatalities have
resulted this week, but, on the other hand, the number of campaigners and the urgency of their demonstrations have shown substantial gains. As the
clashes have been much less bloody, the country is
considered more tranquil from the official point of
view. Raids by large groups of Gandhists on the salt
pans at Dharasana and Wadala took place this
week and hundreds of demonstrators were arrested,
while other hundreds were injured by the police who
resisted their efforts. The salt deposits at Wadala,
on Bombay Island, were raided last Sunday, and
more than 600 Hindus were arrested by the authorities. At Dharasana similar efforts were made by a
group of Gandhists, led by Mrs. Sarajini Naidu, who
succeeded Abbas Tyabji as leader of the movement
when the latter was arrested. Police rifles were used
on riotous mobs in several parts of India Monday,
while a similar incident developed at Madras Wednesday. Mrs. Naidu headed a contingent of 2,000
volunteers who raided the Dharasana salt pans on
the latter day, and in this instance fierce fighting
developed. About 600 of the disobedience campaigners were reported injured in this affray, and 400
troops were hastily dispatched to the center of disturbance from Bombay. Mrs. Naidu was among
those arrested, and the leadership of the volunteers
thereupon descended to V. J. Patel,former President
of the Legislative Assembly. A huge mass meeting,
attended by 75,000 to 100,000 Hindus, was held in
Bombay Thursday, Mr.Patel explaining to the crowd
that the All-India Congress had decided to intensify
the independence campaign.
The Bank of Germany on Monday reduced its discount rate from 570, the figure in effect since Mar.
24, to 41 270. On the same day the Bank of Italy
/
reduced from 67, the rate put in force April 23, to
0
5 %. Yesterday the Bank of Portugal cut its rate
/
1
2
of 87, in force since July 28 1926, to 7 %. Rates
0
/
1
2
remain at 6% in Austria; at 51270 in Spain; at
/
41 2 in Norway; at 47 in Denmark and Ireland;
/%
0
[VOL. 130.
FINANCIAL CHRONICLE
at 3 % in Sweden; at 37 in England, Holland, Bel/
1
2
0
gium, and Switzerland, and at 2 % in France. In
/
1
2
the London open market discounts for short bills
yesterday were 2 3 1
/ 6% against 2 1/16% on Friday
of last week, and for long bills 2 3/1670 against
21 8% the previous Friday. Money on call in Lon/
don, after having been at 2%7 on Wednesday, was
0
1%7 yesterday. At Paris the open market rate
0
/
continues at 2 %; at Switzerland it is 23870.
/
1
2
The Bank of England statement for the week
ended May 21 shows a loss of £4,904,328 in gold
holdings, which brings the amount held down to
£158,443,549 in comparison with £162,747,297 a
year ago. However the decrease in reserves amounted
to only £3,143,000 since note circulation fell off
£1,761,000. Public deposits decreased £3,370,000,
while other deposits increased £303,676. Other deposits consist of banker accounts and other accounts.
The former showed a decrease of £474,438 and the
latter an increase of £778,114. The reserve ratio of
the Bank is now 54.82% compared with 56.05% last
week and 55.84% a year ago. Loans on Government securities fell off £3,005,000, while those on
other securities rose £3,087,362. The latter includes
"discounts and advances" and "securities" which
increased £434,100 and £2,653,262 respectively. The
Bank's rate of discount remains 3%. Below we
show a comparison of the various items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
1928.
1927.
1926.
1930.
May 22.
May 23.
May 25.
May 26.
May 21.
z
Circulation
354,693,000
Public deposits
21,178,000
Other deposits
95,071,654
Bankers accounts 57,836,199
Other accounts_ -- 37,235,455
Governm't securities 49,787,909
Other securities_ 20,480,300
Disct. & advances 8.837,628
Securities
13,642,672
Reserve notes & coin 63,749,000
Coin and bullion
158,443,549
Proportion of reserve
to liabilities
54.82%
Bank rate
3%
362,383,000
15,299,000
92,821,000
57,507,000
35,314,000
38,486,855
27,034,000
6,915,000
20,119,000
60,383,000
162,747,297
55.84%
554%
135,064,000 135,858,775 140,581,930
13,095,000 19.759.090 20,220,399
100,517,000 98,356,360 103,041,828
29,582,000 48,518,920 41,035,328
54,925,000 50,919,442 71,816,648
48,872.000 36,431,265 28,175,481
162,187,000 152,540,040 149,007,391
41.27%
%
30.85%
%
22.87%
5%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of note
Issues, adding at that time £234,199,000 So the amount of Bank of England notes
outstanding.
The Bank of France statement for the week ended
May 17., shows an increase of 236,881,379 francs in
gold holdings, thus raising the total of the item to
43,187,319,778 francs, as against 36,534,411,502
francs the same week a year ago. Credit balances
abroad records a gain of 7,000,000 francs while bills
bought abroad decreased 11,000,000 francs. French
commercial bills discounted fell off 562,000,000 francs
during the week. Notes in circulation showed a
contraction of 482,000,000 francs, reducing the total
of that item to 71,130,800,645 francs, as compared
with 62,863,739,910 francs at the corresponding date
last year. An increase appears in advances against
securities of 26,000,000 francs and in creditor current
accounts of 54,000,000 francs. A comparison of the
various items with the previous week as well as with
the corresponding week a year ago is furnished below:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as 0Changes
May 17 1930. May 10 1930. May 18 1929.
10? Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings_ _ _ _Inc. 236,881,379 43,187,319,778 42,950,438,399 36,534,411,502
Credit bals. abrd..Inc. 7,000,000 8,895,786,739 6,888,786,739 7,941,368,146
French commercial
bills discounted-Dec. 562,000,000 4,550,691,043 5,112,691,043 6,114,635,646
Bills bought abr'd_Dec. 11,000,000 18,875,987,685 18,886,987,685 18,343,852,994
Adv.agst.secursInc. 26,000,000 2,678,826,389 2,652,826,389 2,367.419,213
Note circulation- _Dec.482,000,000 71,130,800,645 71,612,800,645 62,863,739,910
Cred. cure. acct5.-Ino. 54,000,000 13,899,472.150 13,845,472,150 18.629,436,630
MAY 24 19301
FINANCIAL CHRONICLE
The statement of the Bank of Germany for the
second week of May reveals a gain of 12,248,000
marks in gold and bullion, the total of which is now
2,577,665,000 marks. Gold at the corresponding
week last year stood at 1,764,785,000 marks and the
year before at 2,040,796,000 marks. Reserve in
foreign currency and bills of exchange and checks
record decreases of 32,379,000 marks and 275,535,000
marks, while deposits abroad remain unchanged.
An increase appears in silver and other coin of 18,089,000 marks, in notes on other German banks of
2,642,000 marks and in advances of 15,422,000
marks. Notes in circulation fell off 207,421,000
marks, reducing the total of notes outstanding to
4,196,257,000 marks, as compared with 4,196,257,000
marks in 1929. Other assets and other liabilities
show gains of 9,433,000 marks and 2,669,000 marks,
whereas the items of other daily maturing obligations
and investments declined 45,347,000 marks and
19,000 marks respectively. A comparison of the
• various items of the Bank's return for the past 3
years is furnished below:
3601
(0)3%% for five months, and 33
31 4
/
4@4% for six
months. The demand for prime commercial paper in
the open market continued unabated, and a sufficient
supply of paper was on hand to meet all requirements at 4%. Prime commercial paper continued
active during the early part of the week, but the
demand gradually simmered down, and little activity
was apparent on Friday. Rates are 3 (4)3%7 for
/
1
2
0
names of choice quality, maturing in four to six
months, while names less well known and shorter
choice names are quoted at 4%. The shorter choice
names sell at 3 %.
/
1
2
The demand for prime bank acceptances has continued fairly brisk, with the volume of dealings
gradually increasing as fresh offerings became available. Rates were unchanged on Monday, but on
Tuesday were reduced / of 1% for the shorter ma1
2
turities, bringing the quotations for 30, 60 and 90
days down to 2 % bid and 238% asked. The Re/
1
2
/
serve Banks further increased their holdings of
acceptances during the week from $171,035,000 to
REICIISBANK'S COMPARATIVE STATEMENT.
$186,884,000. Their holdings of acceptances for their
Changes for
foreign correspondents fell from $471,648,000 to
Week.
May 15 1930. May 15 1929. May 15 1928,
Assets—
Retchemarks.
Retchsmarks, Retchsmarks. Retchamarks. $461,131,000. The posted rates
of the American AcInc. 12,248,000 2.577,665,000 1,764,785,000
Gold and bullion
2,040,796,000
Unchanged
Of which depos.abed_
149,788,000 163.008,000
/
1
2
85,626,000 ceptance Council are now 2 % bid and 23
/ asked
8%
Rea've in foen cure._ _Dec. 32,379,000 197,610,000
67,085,000
Bingo!exch.& cbecke.Dec. 275,535,000 1,482,886,000 2,672,388,000 212,913,000 for bills running 30 days,
1,986,536,000
and also for 60 and 90
SUver and other coln__Inc. 18,089,000 156,113,000 141,942,000
82,039,000
Notes on oth. Ger.blus.Inc.
2,642,000
17,896,000
22,511,000
/
/
1
2
23,383,000 days; 258% bid and 2 % asked for 120 days, and
Advances;
Inc. 15,422,000
59,067,000 216,523.000
59.741,000
Investments
Dec.
19,000
93,045,000
92.899.000
4% bid and 258% asked for 150 days and 180
94,004.000 23
/
Other assets
Inc. 9,433,000 564,829,000 538,498,000 5
66,408,000
Liabilities—
days. The Mceptance Council no longer gives the
Notes in circulation—Dec. 207,421,000 4,196,257,000 4,167,321.000 3,987,108,000
0th. daily mat. oblig-Dee. 45,347,000 729,123.000 648,357.000 463.541,000
rates for call loans secured by acceptances, the rates
Other liabiltiee
Inc. 2,669,000 162,877,000 297,656,000 208.191,000
varying widely. Open market rates for acceptances
Money rates remain easy, not only in the New have also been reduced for the shorter maturities,
York market but in all other centers as well. Indica- and are now as follows:
tive of the general trend were two discount rate
SPOT DELIVERY.
reductions by important foreign central banks, both
—180 Days—
—150 Days—
—120 Days—
announced Monday, as already noted above. The
BM.
Asked.
Hid.
Asked.
Rid.
Asked.
Prime eligible bills
23(
2%
251
2%
2%
234
German Reichsbank lowered its figure from 5% to
—90 Days—
—60 DC1418—
—30 Days—
42 and the Bank of Italy made a reduction from
/
1
%,
ltd.
Asked.
/ltd.
Asked.
Bid
Asked.
6% to 5 %. There was considerable discussion Prime eligible bill.
2K
2%
/
1
2
2K
234
234
234
of the possibility of the Bank of England announcFOR DELIVERY WITHIN THIRTY PAYS.
ing a cut from its present figure of 3%, but the rate Eligible member bank.
234 bid
Eligible non-member banks
234 bid
was maintained Thursday. In the New York market
small reductions were 'made Monday in the yield
There have been no changes this week in the redisrates on bankers' acceptances, and this was followed
count rates of the Federal Reserve Banks. The folWednesday by softness in cime money levels. Call
money was available in abundance at all times at lowing is the schedule of rates now in effect for the
the official Stock Exchange figure of 3%, which pre- various classes of paper at the different Reserve
vailed undeviatingly all week. Moreover, quotations Banks:
on overflow funds in the unofficial outside market
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
were continued all week at 2 %,thus maintaining
/
1
2
AND MATURITIES OF ELIGIBLE PAPER.
the/ concession that has become almost a fixture
1
2
%
Rate in
• in recent weeks. On the Curb Exchange funds were
Federal Rosen" Rank.
Effect on
Date
Previous
May 23.
Rnahltshed.
Rate.
quoted on call at 3 % in all sessions. Brokers'
/
1
2
May 8 1930
334
4
loans against stock and bond collateral increased Boston
New York
3
May 2 1930
34
Philadelphia
4
Mar. 20 1930
434
$8,000,000 in the statement for the week ended Wed- Cleveland
4
May. 15 1930
434
4
Apr. 11 1930
434
nesday night, issued by the Federal Reserve Bank Richmond
Atlanta
4
Apr. 12 1930
434
Chicago
4
Feb. 8 1930
434
of New York. Gold movements at New York for St. Louis
4
Apr. 12 1930
434
Mtnneapolla
4
Apr. 15 1930
434
the same period consisted of imports of $2,515,000, Kansas City
4
Feb. 15 1930
434
Dallas
4
Apr. 8 1930
434
with no exports reported. Gold ear-marked for for- San Francisco
4
Mar 21 1930
434
eign account showed a net decrease of $2,000,000.
Sterling exchange has been more active than in
Dealing in detail with the call loan rates on the
several weeks and shows improvement on average
Stock Exchange from day to day,it is only necessary
-from last week. The range this week has been from
to say, as was the case last week, that the rate 4.85
11-16 to 4.86 for bankers' sight bills, comremained unaltered day after day, at 3%, this inpared with 4.95 9-16 to 4.857 last week. The range
A
cluding renewals. Time money has been dull and
•for cable transfers has been from 4.85 15-16 to
without noteworthy feature, and quotations virtu4.86 3-16, compared with 4.85 13-16 to 4.86 1-16
ally the whole week have been 3@31 4% for 30 days,
/
a week ago. Aside from the seasonal improvement in
314@3 % for 60 days, 90 days, and four
/ /
1
2
months, demand for sterling here, the London
rate was
FINANCIAL CHRONICLE
firmer because of the cessation of withdrawals of
European funds from London by Paris and other
Continental centres which has been so much a feature
of the market during the past few weeks as the
result of preparation by Continental banks for meeting subscriptions to the stock of the Bank for International Settlements. It is even thought that by
Wednesday there was some return flow of funds
to London, especially from Paris, with the result
that the sterling-franc rate advanced in favor of
London to a point where for the present at least the
gold movement from London to Paris has been
halted.
Total gold taken from London by Paris on the
movement now apparently ended was approximately
£14,250,483, of which £10,633,070 was taken from
the Bank of England. Opinion is divided regarding
the possibility of a return flow of gold from Paris to
London, but it is felt that the return of funds previously withdrawn would have to be on an extremely
heavy scale in order to bring about this movement
of gold. It is estimated that the gold import point
in London from Paris is approxinately 124.45.
Throughout the week bankers were inclined to expect
a reduction in the Bank of England rediscount rate
from the present 3% to 23/2%. The cessation of the
gold drain at London, together with a slight weakening in London bill rates, was largely responsible for the
expectation of a lower official rediscount rate. Opinion
is about equally divided in banking circles as to the
near prospect of such a reduction. The situation is
more favorable for such a step than at any time since
the last reduction on May 1, and if sterling continues
to improve and London bill rates to weaken a lower
Bank of England rate might perhaps be attempted.
The Bank of England shows a loss in gold holdings for
the week ended May 22 of £4,904,328, the total standing at £158,443,549, which compares with £162,747,297 a year ago and with the accepted ideal minimum
of £150,000,000. On Saturday the Bank of England
sold £2,662,867 in gold bars, exported £2,000 in
sovereigns, and received £1,000,000 in sovereigns
from abroad. The gold bars were taken for shipment
to Paris. On Monday the Bank sold £500,694 in
gold bars. The London bullion market reported that
the gold was taken for French account. On Tuesday the Bank sold £194 in gold bars and set aside
£500,000 in sovereigns. There was approximately
£800,000 gold available in the open market, of which
the trade and India absorbed £83,000, Germany purchased £250,000, and the Bank of England £300,000
on unknown account. The price of the metal was
84s. 11d. The remainder, approximately £150,000,
was left with the market. On Wednesday the Bank
of England sold £214 in gold bars. On Thursday the
Bank sold £195 in gold bars and exported £3,000 in
sovereigns. On Friday the Bank bought £1,530 in
gold bars, sold £12,026 in gold bars and earmarked
£100,000 in sovereigns.
At the Port of New York the gold movement for
-May 21, as reported by the Federal
the week May 15
Reserve Bank of New York, consisted of imports of
$2,515,000, of which $2,433,000 came from Peru and
$82,000 chiefly from other Latin American countries:
There were no gold exports. The Reserve Bank reported a decrease of $2,000,000 in gold earmarked
for foreign account. In tabular form the gold movement at the Port of New York for the week ended
May 21, as reported by the Federal Reserve Bank of
New York, was as follows:
[VoL. 130.
-MAY 21 INCLUSIVE.
GOLD MOVEMENT AT NEW YORK, MAY 15
Exports.
Imports.
$2,443,000 from Peru
None.
82,000 chiefly from other Latin
American countries.
$2,515,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease $2,000,000.
An aggregate of $5,935,000 has been received at
San Francisco since Friday of last week, of which
$5,240,000 came from Japan and $695,000 from
China.
Canadian exchange has continued to show relative
steadiness, although Montreal funds are still at a
discount. On Saturday last Montreal funds were at
3-32 of 1% discount; on Monday at 3-32; on Tuesday
at 1-16; on Wednesday at 1-16; on Thursday at 7-64,
and on Friday at 5-64 of 1% discount.
Referring to day-to-day rates, sterling exchange
on Saturday last was steady. Bankers' sight was
4.85%@4.85 13-16; cable transfers, 4.86. On Monday sterling was in demand. The range was 4.85 11-16
@4.85 13-16 for bankers' sight and 4.85 15-16©
4.86 for cable transfers. On Tuesday sterling displayed a firmer tone. Bankers' sight was 4.859@
8
. On
4.85%, cable transfers 4.85 31-32@4.863/
was in demand. The range was
Wednesday sterling
4.85%@4.85 15-16 for bankers' sight and 4.86 1-32
@4.863/i for cable transfers. On Thursday sterling
4
continued in demand. The range was 4.857 @4.86
for bankers' sight; and 4.86 3-32@4.86 3-16 for
cable transfers. On Friday sterling was fractionally
easier; the range was 4.85%@4.85 15-16 for bankers'
sight, and 4.86@4.863/ for cable transfers. Closing
quotations on Friday were 4.85 13-16 for demand
and 4.86 for cable transfers. Commercial sight bills
finished at 4.85 11-16, sixty-day bills at 4.83 11-16,
ninety-day bills at 4.82k, documents for payment
(60 days) at 4.83 11-16; seven-day grain bills at
4.85 5-16. Cotton and grain for payment closed at
4.85 11-16.
Exchange on the Continental countries has been
steady and in somewhat greater demand. On Monday the German Reichsbank reduced its rate of rediscount from 5% to 432%. Bankers have been expecting such a reduction since early in May, when
the Bank of England, the Bank of France, and the
New York Federal Reserve Bank reduced their official rates. German marks made no response to the
lower Reichsbank rate, as the change had been fully
discounted. There had been some discussion of a
possible 4% rate and the fact that the change was
only M of 1% had a steadying influence on mark exchange. However, the market still expects that there
will be a further reduction in the Reichsbank rate to
probably 4%, as such a step would harmonize
with the general trend of international money rates
and with the increasing ease and supply of money in
Berlin. As noted above, Berlin again secured a
large proportion of the open market London gold
this week. The Reichsbank statement for the week
ended May 15 shows its strong position. Gold holdings stand at 2,577,665,000 marks,an increase over the
previous week of 12,248,000 marks and over a year
ago of 812,900,000 marks. The Bank's note cover
ratio stands at 69%. German money rates are lower
than at any time since the war. Last week day
money went to favored borrowers as low as 2% and
the private discount rate to 3%%. To ordinary
borrowers day loans were quoted at 23/2-43/2% and
Ifer 24 1930.]
FINANCIAL CHRONICLE
at 4%-53 % for monthly loans. Since last July the
4
average interest rate for monthly loans has been cut
in two. The official Institute for Studying Trade
Fluctuations at Berlin predicts a considerable further
drop and also expects lower rates for long-term home
credit. In view of the probable improvement in the
market for capital the Government seems inclined
to grant the demands of municipalities for the abolition of the Loans Advisory Board, the term of which
expires May 31.
Italian lire are steady. On Monday the Bank of
Italy reduced its rediscount rate from 6% to 532%.
The action of the Italian bank took the market
somewhat by surprise, although the move was only
in keeping with the general trend of international
money rates and central bank policies. Lira exchange
was strong last week, but on the reduction in the
Bank rate lire in New York dropped to 5.241 for
A
cable transfers.
French francs are on balance slightly easier owing
largely to market influences arising in Europe. The
franc has receded with respect to the pound as the
movement of French funds from London to Paris
which was due to preparations for subscribing to the
stock issue of the Bank for International Settlements and for subscriptions to the German reparations annuity bonds came to an end. There has been
even some re-transfer of French balances to London.
These movements, without any other influences,
would be sufficient to account for the fractionally
lower quotations for francs. The Bank of France
statement for the week ended May 16 shows an
increase in gold holdings of 236,881,000 francs, the
total standing at 43,187,319,000 francs, which compares with 36,534,411,000 francs a year ago. The
Bank's ratio is at record high, standing at 50.79%,
compared with 44.83% a year ago, and with legal
requirement of 35%. The Bank's gold holdings have
increased since May 1 approximately 837,000,000
francs. Practically all this gold came from London.
The London check rate on Paris closed at 123.93 on
Friday of this week, against 123.84 on Friday of last
week. In New York sight bills on the French center
finished at 3.92, against 3.923 on Friday of last
week; cable transfers at 3.921 , against 3.923 ; and
A
A
commercial sight bills at 3.923's, aganist 3.91 8
.
Antwerp belgas finished at 13.953/2 for checks and at
13.963/ for cable transfers, against 13.943 and
13.95%. Final quotations for Berlin marks were
23.8534 for checks and 23.8634 for cable transfers, in
comparison with 23.85 and 23.86 a week earlier.
Italian lire closed at 5.24 for bankers' sight bills and
at 5.243/ against 5.24 3-16 and 5.243s on Friday
8
,
/
of
last week. Austrian schillings closed at 1434,
against
1434; exchange on Czechoslovakia at 2.963 ,
% against
2.9634; on Bucharest at 0.60, against 0.60; on Poland
at 11.25, against 11.25; and on Finland at
2.52,
against 2.52. Greek exchange closed at 1.30
for
bankers' sight and at 1.3034 for cable
transfers,
against 1.30 and 1.3034.
Exchange on the countries neutral during the
war
has been irregular. Holland guilders have
been
steady. The Scandinavian currencies have also
been steady, Swiss francs have been decidedly firm,
and Spanish pesetas have fluctuated widely. The
course of guilders is attributed largely to movements resulting from the mobilization of funds at all
centres for subscription to the stock of the Bank of
International Settlements and for subscription to
3603
the German annuity bonds. Practically all the
major exchanges of Europe have been under the
influence of this mobilization. The sharp advance
in Swiss francs was occasioned by the conversion
of funds in payment for stock of the Bank for International Settlements into Swiss francs. Recently
the funds of the Reparations Agent were also turned
over to the Bank in Swiss francs. The fluctuations
in pesetas are due of course to uncertainties with
respect to Spanish policy on the question of stabilizing the currency.
Banker's sight on Amsterdam finished on Friday.
at 40.20, against 40.20 on Friday of last week; cable
transfers at 40.213/, against 40.213/; and com2
2
mercial sight bills at 40.163/2, against 40.16. Swiss
francs closed at 19.333/ for bankers' sight bills and
at 19.341 for cable transfers, in comparison with
A
19.32% and 19.333 . Copenhagen checks finished at
%
26.75 and cable transfers at 26.763/, against 26.706
2
and 26.76. Checks on Sweden closed at 26.81 and
cable transfers at 26.8234, against 26.81 and 26.823/
2
,
while checks on Norway finished at 26.75 and cable
transfers at 26.763', against 26.75 and 26.764.
1
Spanish pesetas closed closed at 12.19 for bankers'
sight bills and at 12.20 for cable transfers, which
compares with 12.23 and 12.24 a week earlier.
Exchanges on the South American countries are
on the whole steady. Argentine exchange displays a
slightly better tone, although still ruling lower than
at any time since the end of March. The fractional
firmness displayed by Buenos Aires is due largely to
official support. The fundamental weakness in
Argentine and in Brazilian milreis is due basically to
the need for a radical alteration in currency and banking systems of both countries. However, the prospects of both exchanges are considerably more promising since money rates are lower thoughout the world
and South American borrowing facilities are therefore
improved. Exchange on Colombia is of minor
importance in the New York market, but interest
attaches to it at this time as the Banco de la Republica
of Colombia reduced its discount rate from 9% to
8% on Thursday. Exchange on Bogota has been
comparatively firm in the past few days, advancing
to 96.62% from 96.39%. Argentine paper pesos
closed at 38 3-16 for checks, as compared with
38 3-16 on Friday of last week; and at 3834 for cable
transfers, against 3834. Brazilian milreis finished at
11.80 for bankers' sight and at 11.85 for cable transfers, against 11.85 and 11.90. Chilean exchange
closed at 12.10 for checks and at 12.15 for cable
transfers, against 12.10 and 12.15; Peru at 4.00 for
checks and at 4.01 for cable transfers, against 4.00
and 4.01.
The Far Eastern exchanges occupy a spotlight
position this week owing to the sharp drop in Chinese
quotations following a new fall in silver prices.
The weakness in the Chinese units was noticeable
on Saturday last following the announcement of a
ban by the Chinese National Government on silver
coin imports and gold bar exports, and both Hong
Kong and Shanghai exchanges sank to their lowest
levels. In Tuesday's trading the drop in silver
prices carried the Chinese exchanges to new lows.
On Wednesday the silver market was again weak
and the London price dropped to 185/d. per fine
,8
ounce, which almost equalled the record lsw of
189/d. made on March 4. The official New York price
8
3604
[voL. 130.
FINANCIAL CHRONICLE
was marked down to $0.40%, the lowest reached possible to show the effect of Government operations
The Federal
York stark-Ls at 3998 cents on March 4. The action Reserve Bank of New York was creditor at the Clearof silver prices and the silver currencies have been ing House each day as f011OWS•
interesting- of late in view of the fresh outbreaks of DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE RANK
AT CLEARINO HoUSE
civil warfare in China. Generally when such trouble
threatens, silver prices appreciate and the Chinese Saturday, 1 Monday, Tuesday, iv. Thwartak,1 Friday.
Avr oats
minerd'v.
currencies move upward in sypmathy due to a May 17. May 10. May 20, May 21. May 22. May 23. for Wee.k.
I
I
$
I
$
$
demand for silver to carry on internal operations. 149.000,000 125,000,000 169,000,066 154,000.080 155,000,000 154,099,000 Cr 906.000.005
This factor at present has had no effect. It is stated Note.-The foregoing heavy credits reflect the huge mass of checks which come
York Reserve Bank from all parts of the country in the operation of
that China now has too much silver for its needs. to the New Reserve System's par collection scheme. These large credit balances,
the Federal
however, reflect only a part of the Reserve Bank's operations with the Clearing
New York City are represented
Silver stocks in Shanghai on May 19 amounted to House institutions, as only the items payable In on institutions located outside of
In the daily balances. The large volume of cheeks
such cheeks do
New York are net accounted
approximately 235,000,000 ounces, which is about not pass through the Clearingfor in arriving at these balances, asFederal Reserve
House but are deposited with the
Bank for collection for the account of the local Clearing House banks.
135,000,000 ounces above what is considered a normal
level. There is very little expectation that either
silver or the exchanges will work definitely to higher
The following table indicates the amount of bullevels in the immediate future. Closing quotations lion in the principal European hanks.
for yen checks yesterday were 49%@4932, against
May 23 1929.
May 22 1930.
49%@49M. Hong Kong closed at 35%@35 13-16, Banks of
&firer.
Total.
Gold.
Total.
I Siker.
Cold.
against 363'@36 7-16; Shanghai at 44%@44 9-16,
.0
£
£
£
182,747,297
158.443,549 162.747,207
158,443,549
4)45 13-16; Manila at 49 8, against England__ 345,498,568 (di 345,498,568 292,275,291 (d) 292,275,292
4
1
/
against 45%1(
France a__
994,600 81,083,450
c994,600122,388,45 84,088,851
Germany
49%; Singapore at 56 3-16@56%, against 56 3-16 Spain b 121,353,850 28,439, 127,235,000 102,441,000 28,543.000130,944,000
98,796 000
so
56,520,000
58,520%000
56,279,000
1, against 36, and Cal- Italy
@56%; Bombay at 363
Netherl'ds, 35,993,000 2,131,000 38,124,000 36,420,000 1,606.000 38,116,000
34,135,111 27,491.000 1,270.000 28,761,000
Nat. Belg_ 34,135,
363t, against 36g.
cutta at
23,152,000 19,843,000 1,632,000 21,475,000
SwItzerl'd_ 23,152,000
•on the current reaction. The record low for New in the Clearing House institutions.
d70 (ten
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is nom
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
MAY 17 1930 TO MAY 23 1920 INCLUSIVE.
Country and Monetary
UnU.
Noon Buying Rate for Cable Transfers tn New York,
Value in Untied Stales Money.
May 17. May 19. May 20. May 21. I May 22. May 23.
EUROPE
.140857
Austria. whining
.139550
Belgium, belga
.007220
Bulgaria, lev
Czechoslovakia, kron .029630
.287530
Denmark, krone
England. pound
4.859609
sterling
.025172
Finland, markka
.039229
France. franc
Germany, relchsmark .238576
.012861
Greece. drachma
.492060
Holland, guilder
174764
Hungary, peogo
052430
Italy. lira
267530
Norway. krone
112031
Poland, zloty
045055
Portugal, escudo
005960
Rumania,len
.122302
Spain, peseta
288226
Sweden, krona
193371
Switzerland. franc
017666
Yugoslavia, dinar
ASIA.465833
China-Chefoo
.461875
Hankow tadl
.449285
Shanghai teal
.473750
Tientsin tadl
.358482
Hongkong dollar
.323437
Mexican dollar._
Tientsin or Pelyang
.324166
dollar
.321250
Yuan dollar
.360542
India, rupee
.493808
Japan. yen
Singapore(S.S). dollar .559041
NORTH AMER..998827
Canada, dollar
.999937
Cuba. peso
.475166
Mexico. peso
Newfoundland, dollar .996093
SOUTH AMER Argentina. peso (gold) 870057
.118667
milreb
120752
Chile, peso
.922108
Uruguay. Penz
.966200
Peso
Colombia.
.140855
.139552
.007223
.029632
.267517
.140850
.139571
.007216
.029633
.267532
.140857
.139583
.007218
.029640
.267559
.140857
.139584
.007218
.029644
.267805
.140870
.139567
.007220
.029646
.267584
4.859592 4.859945 4.860788 4.861153 4.860095
.025170 .025170 .025175 .025181 .025167
.039215 .039208 .039207 .039221 .039216
.238551 .238584 .238613 .238852 .238616
.012961 .012962 .012958 .012962 .012982
.402012 .401996 .402042 .402124 .402093
.174776 .174746 .174735 .174728 .174739
052415 .052419 .052425 .052418
052409
267525 .267530 .267578 .267617 .2675813
.122020 .112000 .111990 .111990 .112000
.045060 .045050 .045080 .045050 .045050
.005954 .005949 .005947 .005948 .005950
.122286 .122215 .121515 .121543 .122006
.288223 .268208 .268169 .268238 .268219
.193362 .193375 .193427 .193517 .193470
.017861 .017658 .017682 .017660 .017658
.460416
.457031
.445000
.467500
.355892
.319843
.456875
.454375
.441785
.484791
.354821
.317500
.456875
.454687
.442678
.484375
.354285
.316582
.457916
.454531
.442767
.485000
.353928
.318250
.457916
.455156
.443482
.464583
.354107
.316375
.320208
.317291
.360528
.493818
.559041
.317916
.315000
.360503
.493953
.559041
.317500
.314583
.380485
.493856
.559041
.317500
.314583
.360485
.493868
.559041
.317916
.315000
.380414
.493831
.559041
.998961 .999197 .999310
1.000000 1.000000 1.000062
.475412 .475400 .475433
.996387 .996562 .996718
.998813
.999781
.475325
.996155
.999152
.999781
.475325
.996558
.869740
.118070
.120787
.919377
.966200
.868530
.117947
.120790
.919689
.966200
.868915
.117990
.120781
.918469
.966200
.870198
.118702
.120718
.923043
.966200
.870462
.118592
.120771
.9'22106
.963900
Owing to a marked disinclination on the part, of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
arid
giving for so many years showing the shipments
interior.
receipts of currency to and from the
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is also no longer
Sweden___ 13,517,I I I
Denmark, 9,567,I I I
Norway
8,144,000
13,517,000 13,031,000
9,567,000 9,594,000
8,158;000
8,144,00
13,031,000
443,0001 10,037,000
8,156,000
936,483,56 808,567,439 34,578,800.843,146,039
Tot. wk.904,918,967 31,564,
Prey.week 907,289,834 31,655,600 38,945,43 815,763;588 34,741,600858,465.188
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is LT,489,400. c As of Oct. 7 1924.
d Silver Is now reported at only a, trifling sum.
The Briand Idea of a United States
of Europe.
The tentative outline of a United States of Europe
which M. Briand has at last submitted to the European governments differs in important respects from
the plan as suggested informally at Geneva last
September. In what was said at that time M. Briand
was at pains to insist that the union which he contemplated was economic and not political, and the
impression which his remarks conveyed was that
politics, at least in the ordinary sense of the term,
was not to enter into the scheme at all. In the questionnaire which was made public last Sunday it appears that the proposed organization is not only to
be political as well as economic, but that the political
element in the union is to be the foundation upon
which the rest of the structure will rest. A second
novelty consists in the close identification of the
proposed union with the League of Nations, and the
utilization of the administrative organization of the
League, wherever practicable, in carrying out the
business which the union may undertake. What M.
Briand proposes, in short, is a European union
within the League of Nations, equipped with a political organization, but concerned principally, for the
present at least, with certain economic matters of
common interest.
What is said about the political side of the proposed organization, while cast in general terms, is
of far-reaching significance. "All hope of progress
toward an economic union," the questionnaire declares, "being rigorously determined by the question
of security, and this question itself being intimately
bound to that of the progress realized by political
unity, it is on a political plane that the first constructive efforts should be concentrated for the purpose of giving Europe its organic structure. It is
on the same plane that the great lines of Europe's
political economy as well as the customs policy for
MAY 24 1930.]
FINANCIAL CHRONICLE
3605
each particular state should be elaborated. An in- conditions for the transmission of news through the
verse order of progress would not only be vain, but press; and, in general, any similar questions with
would expose the weaker nations to the risks of which the League of Nations does not happen to be
political domination without guaranties and with- concerned.
out compensations, and might result in complete
All this, as has been said, is to go on within the
industrial domination by the better organized League. While the proposed union would not, apstates." The proposed European union, accordingly, parently, have any organic connection with the
would comprise "a federation founded in the idea League, it would, as a regional pact, have the apof union rather than unity—that is, sufficiently proval of the League, and its working relations with
flexible to respect the independence and sovereignty the League would in practice be close. It is suggested
of each state, and at the same time assure to each that the headquarters of the League should be at
the benefits of collective solidarity for the regula- Geneva, and that the secretariat and other machintion of political questions equally interesting to all." ery of the League might be used, wherever practicSuch a plan of political co-operation "might result able, for the work of the federation. The essentially
in the development of a general system of arbitra- subordinate relation of the union to the League
tion for Europe, and the extension to the whole of appears from the fact that the non-political activities
Europe of the international guaranties inaugurated of the union which have just been mentioned, all of
at Locarno." With this political organization is to which appear to be regarded already as within the
go an economic organization "responsible to the scope of the League and a number of which the
united governments."
League has already taken up, may either pass from
In a general expository statement prefixed to the the control of the union if the League elects to take
questionnaire, M. Briand emphasizes strongly the them over, or may be left to the union by arrangenecessity of preserving the sovereignty and rights of ment between the two bodies. There is to be, in
the individual states, and thereby preventing the other words, a wheel within a wheel, the League,
domination of any state or group of states by any which is universal, favoring and aiding a European
other state or group. This principle being premised, regional union all of whose members are members
his proposal contemplates the creation, within the also of the League.
League of Nations, of a regional pact for Europe,
In some general observations which conclude the
through which, as a political organization, the questionnaire, M. Briand again emphasizes the neeconomic work of the union is to be done. Save for cessity of political as well as economic union
in
its obvious federal character, nothing is said of the Europe, and dwells upon the friendly nature of his
form which the political organization should take proposal. "The European union would
not be opbeyond the suggestion of a permanent committee, posed to any ethnic group outside the
League,
with executive functions, the presidency of which whether in other continents or in Europe
itself.
might properly be held in rotation. It is this polit- Implying a conception absolutely contrary
to former
ical union of states that is to afford the security customs unions, the union must develop
in complete
without which, it is thought, the member states and friendly confidence, often even in
collaboration
would not be ready to make the tariff changes or with foreign states, members or not
of the League,
other economic adjustments which it is the object which interest themselves sincerely in the
progress
of the union to facilitate. Precisely what M. Briand of peace in the world." The hour for
the formation
means by security is not clear from the text of the of such a constructive force in Europe, he thinks,
questionnaire, but the reference to Locarno and the was never more propitious or the need
more pressing.
possibility of a general arbitration treaty makes it With the disappearance of
the problems, material
plain that the political side of the United States of and moral, arising out
of the World War, a new
Europe is not intended to be merely formal, but may Europe will emerge "ready
for positive effort," and a
become of considerable importance. A further re- union appears to
him to be the natural and inevitference to the "utilization of the organization and able response
to the new demand.
work of the Inter-parliamentary Union for the deM. Briand asks for replies to his questionnaire by
velopment of contacts and exchange of views between July 15.
Until that time, accordingly, we shall
parliamentary groups of the different European hardly know
with much certainty how the proposal
countries, in order to prepare the political ground is
regarded. The immediate response has not been
for so much of the work of the European Union as
enthusiastic. British government opinion, while
required parliamentary sanction, and in general to
in general friendly, is reported as indisposed to make
improve the international atmosphere of Europe by
Great Britain a party to the scheme. Germany is
mutual understanding of the interests and feelings
represented as hesitating because of fear that the
of peoples," points in the same direction.
union would be dominated by France. Even in
On the non-political side, the questionnaire enFrance the press has shown as yet only a mild delarges considerably the list of things which the progree of interest, while as for Italy, the flamboyant
posed union might do. In addition to a "progressive
speeches of Mussolini do not hold out much promise
lowering of tariffs," which naturally holds first
of Italian co-operation in a union chiefly promoted
place, the list includes the co-ordination of public
by a French Foreign Minister. On the other hand,
works such as highways and canals; communication the group
represented by the Austrian publicist,
by land, water and air, including telegraphs, tele- Count Coudenhove
-Kalergi, which has recently made
phones and radio; the facilitation of credit for less public an outline plan
of its own for a European
developed regions, and commercial and financial union,is reported to
have hailed the Briand proposal
questions in general; labor problems and migration as an important step
toward the attainment of the
of workers; public hygiene, including occupational same end.
diseases and infant mortality; • intellectual co-opThe reasons for hesitation are, on the whole, fairly
eration in universities and schools, the encourage- obvious. The Briand questionna
ire is, after all, only
ment of scientific research, and improvement of a preliminary inquiry,
designed to elicit expressions
3606
FINANCIAL CHRONICLE
of opinion regarding the general plan and the detailed form, in certain respects, which it should receive. In the very imperfect and diverse English
translations in which the text of the questionnaire
has reached this country, the document is not easy
reading, and some of its provisions are obscure;
probably in the original French all is not clear at a
first reading. The unexpected prominence given to
the political side of the proposed organization undoubtedly comes as a surprise to those who had
looked for an economic document, at the same time
that the interweaving of union and League raises a
question as to whether the proposed United States
of Europe is expected to be in reality anything more
than an extension, for European purposes, of the
work of the League. Moreover, while there are many
and serious manifestations of European resentment
over the pending American tariff, the European
states whose industries or commerce are likely to
suffer from the new duties have not yet shown a
disposition to enter openly upon a policy of retaliation; and the Briand proposal, whatever may be
said of its friendly character, unquestionably provides a machinery through which, if the members of
the union so chose, retaliation could be undertaken.
On the whole, then, the idea must he adjudged to
be still in a formative stage. The possible advantages to Europe are many, and it may well be that
they will not grow less as the outline of M. Briand
is studied. They will almost certainly gain in importance if M.Briand, with his persuasive eloquence,
takes further occasion to expound them. Neither the
political nor the economic situation in Europe, however, seems at the moment to be quite ripe for aggressive co-operation save, possibly, at the single
point of the tariff, and M. Briand has in mind much
more than the amelioration of the tariff situation
either between the European states or between
Europe and the United States. Not until we have the
replies of the twenty-six governments to which the
questionnaire has been sent shall we know whether
the seed of a European union has fallen upon good
ground.
The Omnipresence of Congress.
Usually, special sessions of Congress are called to
fulfill political promises. The one now soon to end
comes, distinctly, in this category. While the present is the session of Congress which regularly convenes the first Monday in December, it is virtually
a continuance of the special session called together
on April 15 of last year, as that session did not adjourn until Nov. 22, and then only to allow a week's
respite before the beginning of the regular session
on Dec. 2. The extra session was called to aid the
"poor farmer"; and to give,stamina to certain industries (not named) suffering depression from causes
(not specified) which might be removed by the machinery of "the tariff." This session, prolonged into
the regular session, has had a long and wearisome
existence. Its net results are more to be deplored
than commended. The Federal Farm Board, with
its half a billion appropriation, has neither pleased
the farmers, grain dealers, millers, nor been successful in its attempts to market surplus crops and
fix prices. We doubt that it ever will be.
Meantime, this Farm Board has gone out of its
way, by means of its offshoot, the Stabilizing Corporation, and the co-operatives, to engage in buying
'and selling wheat and cotton much as the open deal-
EVoL. 130.
ers do on the exchanges. The tariff bill, in the shape
it is finally to emerge, it is safe to say, will satisfy
no class, section, or industry. It is a "high protection" measure, builded by the dominating party,
quarreled over at great length by blocs, combinations, majority and minority parties, increasing the
costs of living to the people, pretending to help the
farmer by tariff rates whence no help can come,
attracting well-fed industries as sweets attract flies
—an ensemble of debate and desperation.
If anything is needed to demonstrate the danger
of sessions devoted to special legislation it can be
found in this last attempt to legislate the continuance of "prosperity." The people must now be pretty
well convinced that it constitutes a political blunder
and an economic mistake. The masses do not need
the pronunciamenta of more than a thousand economists to convince them that no good has come out of
this session, that the country would be better off
if it had never met. It is important to consider
these special legislative measures in the light of their
relation to the public welfare. In the first place
they are usually the result of a crisis, an emergency,
in business affairs, and are therefore contrary to the
•basis upon which our permanent laws should stand.
If concealed, remote and recondite causes bring on
"business" changes and conditions, no hastily framed
special Congressional enactment can turn the tides
of human endeavor in production, commerce and
finance, and at will by statutes cause the waters to
ebb and flow to overcome these causes. Such legislation is, therefore, anomalous and foredoomed to
failure.
In fact, going down to the roots of things, special
legislation by Congress is a calamity. It attempts
to guide, control and order the "business" of a
people. With this, as a law-making body, Congress
has nothing to do. It presupposes an emergency to
exist when,as far as our national laws are concerned,
none does exist. It undertakes to cure an evil when
none exists that statute law can cure. It affirms
that Congress was created to manage the business
affairs of the citizenry at large when no such intent
was in the minds of the Founders. Plunging into
legislation from this attitude it at once interferes,
disorders, and depresses, because economics and politics have no sure relation to each other. "Business"
lives in and thrives by economics and is hampered
and hamstrung by politics. Not that from time to
time we do not need directing and supervising laws
to meet the needs of progress, when the need has
been demonstrated. But the compact of human endeavors and indigeneous resources, by which we live
and thrive, is independent of political theory and
Congressional law.
Generally speaking, a legislative body called upon
to enact special legislation is supposed to circumscribe its activities largely to such legislation. But
when so broad a lubricant as "tariff" is poured into
the legislative machinery of the mill, no bounds to
its'action can be set. And, practically, the same may
be said when it is sought to aid so wide an industry
as the agriculture of a whole country. But Congress
has gone outside even these limits and by the modern
institution of "investigating" committees has hurled
itself upon many other lines of business. Witness
the proposals to investigate virtually everything
under the sun, with heated discussions and often unseemly wrangles at committee meetings. The regular sessions are thus dominated and burdened by
MAY 24 1930.]
FINANCIAL CHRONICLE
the special. Law-making in itself becomes a major
industry. Congressmen come to expect to stay in
Washington working, year in and year out.
Furthermore, Congress, being in session practically all the time, in the natural course of events
things transpire in the business world. Last autumn
there was a "smash" on the Stock Exchange. There
was another recently. Business felt the impact.
Congress, imbued with the new idea of "business"
control, at once becomes avid to pass laws of control
and remedy. A naval conference for limitation and
reduction meets for months in London and brings
back a treaty. The Senate receives it and begins
discussion. So that Congress is on the "front page"
during the whole year. All this is a mistaken conception of its normal duties. We are flooded with
laws. They become so numerous and so burdensome
that they cannot be obeyed. More laws are invoked
to enforce other laws that are disregarded. International relations, more or less, impinge themselves
upon us, and Congress, or the Senate, leaps to the
rescue. We are growing afraid of our own laws.
It would seem that special legislation should be
avoided as far as possible. Let the people have a
rest from troubling. A return to the original conception of enacting only general laws, fewer laws,
broader laws, is imperative. The Executive division
should beware of the penchant of all Congresses to
make more laws. Political parties should hold aloof
from special legislation. No one can tell what will
come from it. Legislative endeavors of that kind
are the breeders of political platforms. They become
the agencies of reform. They are filled with debate,
and disturb the serenity of business and of the social
life. We know where the session goes in, we cannot
tell where it will come out. It is high time for a
change and for getting back to first principles.
Summer Schools for Bankers.
The season of summer schools for bankers, for
that is what bankers' conventions really are, is here
and is attracting far more interest than usual. The
series of bankers' meetings being held this month
all over the country is the first since the unprecedented upheaval in the stock market last autumn
with subsequent subsidence. The various meetings
thus afford the bankers the first opportunity they
have had to get together to compare experiences and
to teach and be taught the valuable lessons growing
out of most unusual circumstances. As history repeats itself the financiers must fit themselves for a
repetition at some time of the experiences encountered in 1930.
These conventions are growing in importance because of new and somewhat complex situations which
now surround the banking business. It is most
edifying for bankers of the smaller cities and towns
to come in personal contact with representatives of
some of the largest financial institutions in the
country. Such gatherings afford opportunities to
present the many new problems which have arisen
and discuss them with men who have had the widest
experience. Opportunity is also given for the smaller
bankers to discuss with representatives of banks of
..the larger cities, which may be their correspondents,
questions arising out of constant business relations
and also any vexatious subjects which may be worrying the smaller banker who is in need of sound advice.
The Federal Reserve System is ever a live topic
3607
because of modification measures perpetually before
Congress. It was scarcely to be expected that so
great an innovation as was provided by the Federal
Reserve Act would be workable in every way with
satisfaction to both the public and the banking interests, but in the nearly twelve years which have
elapsed since the end of the war, time has been afforded for practical financiers to study the present
banking system in the light of practical experience
so that suggested changes May be well based and
worthy of serious consideration. It therefore is not
surprising that the Reserve System generally is a
topic for discussion at State conventions of bankers. Group banking and branch banking are also a
live topic, and one requiring deep study, as it involves many controverted points.
Most unusual and disconcerting effects were produced upon banks by the tremendous surge of stock
speculation in 1928 and 1929. Prospects of great
and quick profits through purchases of stocks on
margin made possible a huge demand for call loans,
the rates for which soared to unprecedented heights,
prospective profits inducing the speculator to pay
any rate demanded for the use of funds. The first
effect of this remarkable condition was to draw
money from country banks to the great speculative
centres to be loaned at high call rates.
The next step was for great corporations to send
their surplus funds to the money centres to be loaned
in the call money market, presenting a new phase
of loans with undermining effects for bankers to
solve. These loans were termed "outside" or "bootleg" loans. This perplexing situation is also a topic
for discussion at the bankers' summer schools.
At the session last week of the National Association of Mutual Savings Banks another aspect of the
collapse of the bull market of 1929 was disclosed.
Managers of the savings banks did not complain so
much of the withdrawal of deposits for the purpose
of buying stocks, as that process was gradual, and
when profits were realized, funds withdrawn would
at least to some extent be redeposited.
The more serious disadvantage came when the
sudden decline in market values required speculators
to keep margins good. At such times many savings
accounts were rapidly depleted to an extent which
compelled savings institutions to sell bonds in order
to raise money to meet withdrawals. With high
rates for call and time loans and a consequent depression in the bond market, the savings banks had
to sell gilt edged low-interest bearing securities to
meet the unprecedented situation. This involved a
real sacrifice on the part of such institutions. It is
their practice to buy good bonds below par and to
hold them until at maturity they are paid at par,
so that the banks obtain a profit in addition to interest, which together afford a return on the investment above the rate of interest paid. But when
forced to sacrifice bonds in an unfavorable market
the savings banks may be compelled not only to lose
a prospective profit, but in fact to sustain a loss.
As the mutual savings banks of the country have
in custody billions of dollars of savings of thrifty
depositors, the managers in convention have seriously discussed the subject of permitting these institutions to become members of the Federal Reserve
System so as to be in a position to obtain inside
temporary relief, inasmuch as they have no such
resource upon which they may now call in time of
need, but obviously if this involved making ordinary
3608
FINANCIAL CHRONICLE
collateral eligible for borrowing at the Reserve
Banks, the proposition could be entertained only if
the privilege were properly safeguarded.
Since national banks and trust companies are
permitted to act as guardians,trustees and executors
the savings bank managers believe that their institutions should also possess fiduciary powers, a subject
which will be pressed before State legislatures.
Conventions of bankers this year are altogether
too important for responsible and progressive executives to overlook.
Women and War.
"Mother's Day" and "Peace Week" come tumbling
along together, and we give them little more than
perfunctory observance. We have so many special
days •and weeks that they are losing their point.
But it is to be hoped we will never forget our
mothers or lose sight of that eternal vigilance which
is the price of peace throughout the world. And
this suggests the thought that the coming of woman
into the civic and industrial affairs of mankind is
fascinating opportunity and fit occasion for the fixed
and final establishment of peace. For it lies in the
power of women to bring this happy state to all
the separate countries of the world. They are the
chief sufferers in war, even though in the vast majority they stay at home. They go down to the borders of the valley of shadow to bring into existence
the man-child who offers himself a sacrifice before
the mighty engineries of death. They become mothers, not to feed these fires of hell, but to bear children
who will help humanity to be worthy of the great
gift of life.
We say that it lies in the power of women to end
war in the world. No greater tribute could be paid
to the ability and rightness of women to aid in the
direct rule of states than to record that on the attainment of suffrage and industrial independence they
proceeded at once to abolish war. Will they do this
as mothers of men or as politicians following in the
footsteps of those who in a not very remote past
lived by pillage and sword? We have no criticism
of a late resolution by the Daughters of the American Revolution declaring the duty of the United
States to be prepared for war by ample military defenses—but this is the view of the militarist come
down from the habitual fighting-man and not that
of the pacifist of a modern civilization sustained
equally by men and women willing to conciliate and
arbitrate. Women cannot abolish war this year or
the next, but ultimately they can do so if they set
their united wills against it. Their right to do this.
we say, is because they are the silent sufferers
everywhere.
Men have reached the high plane that impels them
to denounce war as an outlaw. They have signed
treaties announcing their intention to abide by arbitration, not arms. They contract among themselves
that they renounce forever war as a means for settling differences between nations and peoples. Yet
when national representatives meet together in conference to further peace, as recently at London, they
exhibit fear, demand parity of naval strength, talk
themselves into confusion over the number and
strength of naval vessels, of guns and their size, and
accomplish very little save a questionable limitation.
They listen to the admirals and experts, and reduction fails. Not this general attitude will women
bring to this tremendous question. They are not
[VoL. 130.
schooled in the arts of war. They are liberated into
thought and civil action without being ingrained
with the fighting spirit. They are ruled more by love
than reason. They have more trust, more sensitiveness to the horrors to be endured, more willingness
to forget and forgive, less indurated spirit of national retaliation.
We do not forget the honor due to the millions
of men who have defended these women in the past,
who have saved their countries from tribute and
terrorization, soldiers of safety and sorrow. All
honor to the defenders of the past! To-day, after
the greatest war in history, Gold Star mothers stand
weeping by the "rows on rows" of crosses in the fields
of France, mute testimony to the love and reverence
for bravery and unselfishness. Must they not feel
in their hearts—"it shall not come again"? So,
with the advent of women into the active affairs
of a war-ridden world is it too much to expect that
they will not cease to strive for peace until that
clear day shall sometime come? With a more open
attitude of mind, with an inborn resolve, that the
precious fruit of their travail shall no more feed the
fires of hell, will they not refuse to split hairs over
"parity" and relying on the nobler qualities of mutual kindness and faith in others work for "reduction" until there shall be no more war?
With privilege comes duty, and with duty responsibility. If women enter politics and industry and do
not work for peace they become mere camp-followers
of an outmoded era. The war debts not only fall on
the home, they are a crushing weight on all future
human effort. The woman voter must ever keep in
mind the causes that contribute to war, or which
create it. These causes often are economic, and
tariff duties are certainly one of the barriers. There
is so much moss growing on the body politic that
her vote must tear it away without ceremony. Not
only is reduction of armaments a road to peace,
but industrial wars are a means of military wars.
For ourselves, we believe that peace will be maintained and that woman will not fail in duty and
responsibility.
Not only has woman borne the brunt of war at
home. She has followed the contending armies with
infinite courage, mercy and helpfulness. She has a
right to object to the blood and slaughter. Her
hands have soothed wounded and dying in every
recent encounter. Unarmed,she has lived in trench
and camp under shellfire and saved lives that war
tried so hard and so brutally to extinguish. She has
not been afraid. She has never hesitated to aid.
And now she has knowledge upon which to base her
demand that states make peace. If war does come
again, with its new murderous appliances, the debts
it will entail will tax the future home into penury,
if there are any home and inmates left. More and
more, if war does not end, the women of the world
will become the chattel slaves of hate, malice and
revenge, the victims of remote economic causes to
which they did not contribute.
But when perpetual peace has wrought its influence on civilization what glorious gardens of culture
will grow about woman in every clime and country!
She has never consciously borne a man-child to cast
into the maw of war. When the fearful conflict
comes, she only asks that her boy be brave, patriotic
and unselfish. But in the agony of her sacrifice she
has never yielded to the necessity of belching guns
and withering gases. Now that she has equal oppor-
MAY 241930.]
FINANCIAL CHRONICLE
tunity in civics and industry she will not fail to
favor peace by every vote and every voice. Preparedness is not the remedy. Parity is but a continuance. Let both men and women continue to
advocate peace, that the day may come when woman
may enjoy her motherhood.
Basis of Federal Reserve Credit.
[Editorial in New York Journal of Commerce, May 20.1
The American Bankers' Association in times past has
issued many statements on questions of policy. Some it has
later reversed, some it has silently passed over, without
further comment, recognizing that it had made a misstep.
Others have hit the nail squarely oil the head, and have
done much to shape public thinking on current questions of
banking and credit. The statement which is now issued by
its Economic Policy Commission with regard to the character of paper that should be taken by Reserve banks as a
basis for advances, is in the latter class.
For a long time past there has been a great deal of "picking at" the Reserve System in the endeavor to undermine
Its essential base. A good deal of this work was done during
the war, under the auspices of the Federal Reserve Board
Itself, and gave rise to dangerous changes whose effect is
still apparent. With this as a beginning, one interest after
another which has worn out its welcome at organized banks,
has put forward a claim to admission as an honored guest
In Reserve Banks. Among such •wouldbe "permanent boarders" although seldom "paying guests," is the United States
Treasury, but it has a great many associates. So classified
have been the makers of almost every kind of long-term
paper, including, last but not least, the paper collateraled by
stock exchange securities, which the President of the Exchange about a year ago put forward as eminently entitled
to admission to eligibility. Among others who have sought
to gain admission are the makers of installment paper, and
a great variety of others.
So strong is the pressure of debauch the Reserve System
still further that the Economic Policy Commission must have
felt serious temptation to make at least some concessions to
the insistent demands that have run all through our banking community. Instead, it remarks that action of the kind
desired "would make Reserve Credit less liquid, throw its
workings out of step with fundamental business changes
and also increase the task of preventing the Federal Reserve
system from being employed as a facility to inflation."
This is a condensed statement of unimpeachable veracity
and force. There can be no doubt whatever that these art
3609
exactly the results to be anticipated from such changes as
are proposed. The Economic Policy Commission has on its
side the accumulated experiences of more than a hundred
years of commercial banking, in addition to the unquestioned practical training of its own members in extending
credit.
Special commendation should be extended to the commission because of its treatment of the question of loans
secured by Treasury obligations. It says that these obligation "are an anomaly as a basis for loans at the Federal
Reserve Banks," and after noting how they got into the
system originally as a war finance expedient, the Commission says plainly that "they do not tend to keep member
borrowing co-ordinated with the expansion and contraction
of trade." This is the whole story in a nutshell, and little
more needs to be said by way of defense of the Commission's attitude. It does, however, offer some general observations which are worthy of careful study. Increase in
credit, it points out, produced by the admission of instruments or obligations not now eligible,'would not necessarily
reflect and 'respond to the enlarged productive requirements
of commerce and industry for supplies of currency and
credit at going price levels. They would rather be liable to
tend to create easy money in advance of those requirements,
and thus stimulate overtrading, rising prices and overproduction. They would tend to create a volume of credit that
would not be automatically extinguished after it had served
its designated function." This is an old-fashioned doctrine,
but as sound as it was when it was first formulated.
At another point, the Committee makes a valuable contribution to current thinking. There has been a good deal
of disposition in some quarters to temporize with the question of reducing the requirements for eligibility of paper
to a lower level, and certain minds have been somewhat disposed to apologize to themselves for a good Lard, good devil
attitude, by noting that the amount of commercial paper on
hand at banks was declining. Therefore they have been
inclined reluctantly to say, it may perhaps be well to admit
some other kind of paper to eligibility. As to this, the
Economic Policy Commission simply notes that whatever
reduction may have taken place in real commercial paper,
the amount of it actually used as a basis for member bank
borrowing is small in proportion to the total outstanding.
There is, in short, plenty of basis for an abundance of
sound, liquid rediscount accommodation and no amount of
sophistical reasoning can change the fact.
The preliminary accounts of the Commission's work indicate that it is a most valuable doctrine. If the completed
study fulfills its promise, it should be a milestone in postwar banking literature.
Text of Proposal of Minister Briand of France for European
Federation of Nations.
In a memorandum issued May 16 to 26 European Nations,
Foreign Minister Aristide Briand of France submitted in
detail his proposals for the "organization of a system of
Federal union in Europe." The memorandum is in line with
the previously announced ideas of M. Briand, who in September last invited these 26 Nations to consider the formation of the proposed European federation. It was stated in
a Paris cablegram to the New York "Times" May 16 that
"M. Briand, it appears, has gone further in his proposal
than was anticipated. He has not been content with Just
putting forth his idea for consideration. He is laying before Europe a definitely constrticted plan with concrete proposals." It has been suggested that the Federation be formed
under the name of the United States of Europe. It was
noted in Paris advices May 18 to the New York "Journal
of Commerce" that accompanying M. Briand's memorandum
was a questionnaire in which the opinions of the several
nations relative to the various items in the memorandum
are asked, and the replies are to be communicated to M.
Briand by July 15 so that he can include them in a general
report he will submit to the Assembly of the League of
Nations in September. In the same account it was stated
It is not H. Briand's intention to form a federation of European states
as closely interrelated as the United States, however. This his memorandum makes clear. Primarily, the federation would be formed for the stimulation of trade, but would also act in the preservation of peace on the Continent. No character or constitution is proposed in the memorandum The
nationality of every member would be preserved, but regular conferences
among representatives of the nations are proposed. Through these conferences H. Briand believes it will be possible to lower trade barriers, and
thus increase Eunspean commerce to the benefit of the federation.
Indicating that M. Briand's memorandum was transmitted
to all the Governments of Europe which are members of the
League of Nations a cablegram May 17 to the New York
"Times" thus referred to his proposal:
He proposes not only to create a federal bond between the European
States, but specifies what organization should be set up to maintain this
bond. He outlines its constitution, with a president, permanent committee
and permanent secretariat, and enumerates a whole series of questions
which might be studied and developed by means of this institution.
Proposal Limited to Possibilities.
M. Witold, however, limits his proposal to what he believes can be accomplished. It is not, in his opinion, an idealistic plan. He seeks only to
establish a "method of contact and solidarity between the European governments."
He makes three reservations which will have general approval. They are:
First, the federation shall be developed within the League of Nations
as a kind of regional pact, and will not be in opposition to the wider
organizaion.
Second, it will not be in opposition to any ethical group in other countries, either within or outside the League.
Third, the federation will in no wise affect the sovereign rights of its
members or their political independence.
With these reservations he goes on to elaborate and to ask the advice of
the other governments on the following suggestions:
First, that there should be a general pact affirming the principle of
the moral union of Europe, by which various countries would be engaged
to meet regularly for discussion of their problem.
Second, that the organization necessary for assuring such contact should
be set up. This organization should consist of a president, a limited committee and a secretariat, and should meet in Geneva.
3610
FINANCIAL CHRONICLE
Business Subordinate to States.
The program which the French Foreign Minister suggests will be read
interest, and will provoke much discussion. M. Briand
with the greatest
suggests that the economic problem of Europe should be subordinate to
political considerations. His federation is to be one elected by the governments, and not business interests. All countries within it must be free
and equal, and therefore there can be no subordination of the small to the
great through better economic organization.
The subjects which M. Briand suggests might be studied by the committee of the federaion include inter-European tariffs; improvement in
communications by road, rail, canal and rivers; financial co-operation for
the development of backward countries; improved hygiene; increased parliamentary intercourse.
The French Foreign Minister concludes with an appeal for union if
Europe is to survive and prosper, and to the governments to respond, by
their adhesion to the pact, to desires which have been ardently expressed
by their peoples.
According to United Press advices from Paris to the New
York "Herald-Ilribune" the complete texts of Aristide
Briand's analysis of his plan for a European Union and his
questionnaire to the nations of Europe were made public
May 17 by the Foreign Office, as follows, the Foreign Minister's analysis being given first:
Analysis of Memorandum on the Organization of a Regime of European
Federal Union.
"At a European reunion of Sept. 9 1929, held at Geneva on the request of France's representatives, the qualified representatives of twentyseven European states, members of the League of Nations, unanimously recognized the necessity for an effort with a view to the institution among the
peoples of Europe of a sort of federal link which would establish between
them a regime of constant solidarity and permit them whenever it may be
necessary to enter contact immediately for regulation of problems of common
interest.
"France's representatives had received a mandate to present to the governments concerned the essential points they should study and then to gather
the conclusions of this large consultation in a report which they would submit to the deliberations of a new European reunion at the next meeting of
the League's Assembly.
"This enterprise finds justification in the proved sentiment among all
European states of collective responsibility in the face of danger confronting
European peace, both political as well as economic and social, caused by
lack of cohesion in the grouping of Europe's material and moral forces.
"General Observation.
"Three essential reserves dominate all consultations in which the French
government is engaged.
"First, European co-operation must be assured in Holston with the League
of Nations; that is to say, in conditions which, far from weakening the
authority of the League, will tend only to ease its labors and to benefit all
nations, even those outside Europe.
"Second, the European union would not be opposed to any ethic grouping
outside the League, and no more on other continents than in Europe itself,
implying a conception absolutely contrary to ancient customs unions, the
union must evolve in complete and friendly confidence, even often in collaboration with all foreign states, members or otherwise of the League of
Nations, with interest themselves sincerely in the progress of peace in the
world.
"Third, the institution of a federal link between European governments
would not in any case nor to any degree affect the sovereign rights of the
states which are members of the union.
"Consultation.
"Consultation bears on four essential points.
"First, the necessity of a pact of general character, even if elementary, in
order to affirm the principle of European union, and solemnly to consecrate
the fact of solidarity instituted between European states. The signatory
governments, bound to general orientation of certain common politics with
view to the pacific organization of Europe, would pledge themselves to keep
in regular contact by periodic or extraordinary reunion.
"Second, the necessity of assuring the European union of the indispensable
organizations for the accomplishment of the task:
"(a) The necessity of a representative, responsible organization under the
form of a regular institution, a "European conference," composed of representatives of all European governments members of the League, and which
will remain the essential directing organ of the European union in liaison
with the League of Nations:
"(b) The necessity of an executive organization under the form of a permanent political committee composed only of a certain number of the members of the European conference, assuring the European union an organization of study as well as an instrument of action:
"(c) The necessity of a secretariat service, even though of small beginning.
"Third, the necessity to define in advance the direction which will determine the general conceptine of the European committee and guide in the
work and studies for the elaboration of the program for European organization.
"(A) General subordination of the economic problem to the political
problem.
"(B.) The conception of European political co-operation.
"(C.) The conception of an economic organization of Europe.
"Fourth, the opportunity to arrange for study of all applicable questions
either at the next European conference or by a future European committee.
"(A.) Determination of the field of European co-operation, notably in the
following domains: General economic, development of resources, communications, transport, finances, labor, hygiene, intellectual co-operation, interparliamentary reports, administration, etc.
"(B.) Determination of methods of European co-operation.
"(C.) Determination of all modes of collaboration between the European
Union and countries outside the Union.
"Conclusion.
"The French government wishes for purely practical reasons to hold itself
to as purely elementary a conception as possible of its opinion—not that it
intends to limit its desires for the possibilities of the future development of
the federal organization of Europe, but because in the present state of the
European world, and in order to increase the chances of unanimous assent
to the first concrete propositions susceptible to conciliate all interests and
all particular situations involved, it is essential in the initial stages to outline onl.• the very simplest views.
[VoL. 130.
"It will belong to time, by constant evolution and by a kind of continual
creation, to assure the full flourishing of natural resources which the
European Union will embody in itself.
"The French government, in requesting the other governments to reply
before July 15, expresses the hope that these responses, inspired by the deep.
care to do justice to the peoples and to the aspirations of European conscience, will furnish the elements of an entente and a conciliation, enabling
the institution, with the first embryo of a Federal organization, of the durable framework of this European no-operation, the program of which could
be laid down at the next Geneva meeting.
"The hour was never more propitious nor more pressing for the inauguration of a constructive work in Europe. As soon as it is freed from the
principal problems, material and moral, belonging to the last war, a new
Europe will appear, immediately ready for positive effort, which will respond
to the new order.
"To unite in order to live and prosper, such is the strict necessity before
which the nations of Europe now find themselves. The sentiment of the
peoples is already manifested on this subject.
"It is for the governments today to assume their responsibilities."
Briand Questionnaire Cites Obstacles to Broadening the Markets of Erirope.
The complete text of H. Briand's questionnaire to the nations of Europe
follows:
"Memorandum on the Organization of a Regime of European Federal Union.
"During the first reunion which occurred at Geneva on the 9th of September, 1929, on request of the representative of France, the qualified representatives of twenty-seven European states, all members of the League of
Nations, were asked to state what interest the aforementioned governments
would have in the institution among the peoples of Europe in a sort of
federal union which would establish among them a regime of constant solidarity which would permit them immediately to commence study of problems in which there exists common interest.
"Unanimous in recognition of this effort, the representatives consulted
agreed to recommend to their respective governments a study of the question submitted by the French representative, noting in addition that the
French representative had already submitted the project before them to the
tenth Assembly of the League on September 5.
"In order better to affirm this unanimity, which itself already was consecrated to the principle of a moral European union, they thought it best
to draw without delay a method of procedure which appeared to be the
most practicable and best way to facilitate the proposed inquiry; they confided in the representatives of France the duty of setting forth in a memorandum to the interested governments the essential points on which theirinterest should center; to assemble and register their opinions and to
consummate their conclusion on this wide consultation with a view to.
consolidating a report on their deliberations to a European conference which
might occur at Geneva after the next Assembly of the League of Nations.
"In fulfillment of this mission which has been Confided to it the government of the Republic takes this opportunity of setting forth its general
ideas along with some essential reservations which were consistently maintained in the thoughts of the representatives who met in Geneva on theninth of last September.
"The proposition tb be studied by the twenty-seven European governments.
found its justification in a precise expression of collective responsibility in
the face of danger which menaced European peace from a political as well
as from an economic and social point of view, regarding the existence of
a lack of co-ordination in the general economic status of Europe.
"The necessity of establishing a permanent regime of conventional solidarity for the rational organization of Europe depends on conditions of
security and the well being of peoples, in which their geographical location
plays an important part, where in this particular part of the world there
exists factual solidarity.
"No one doubts today that the lack of cohesion in the grouping of thematerial and moral forces of Europe constitutes practically the most serious
obstacle to the development and efficaciousness of political and juridicial
Institutions which might tend to found the first step toward universal organization of peace. This distribution of forces is equally an obstacle to the
broadening of economic markets. The curtailing as well as intensification or
amelioration of industrial production by the same reason provides no guarantee against labor crises, which are a source of political and social instability. Moreover, the dangers of this dispersion of forces is further evidenced'
by the new frontiers in which exist 20,000 kilometers of tariff barriers,
which the peace treaty created in response to the just demands of national
aspirations.
"The activities of the League of Nations, whose responsibilities are as
heavy as they are universal, might well be exposed to serious perils if this
splitting up of territory does not sooner or later find its compensation in a
common organization permitting European nations to realize their European
geographical unity and, within the sphere of the League of Nations, one of
those regional ententes which are formally recommended by the pact.
"That is to say, that the formula of European co-operation in liaison with
the League of Nations, far from weakening the authority of the league would
have a tendency toward strengthening it, inasmuch as it follows closely its
policies.
"It is not a question of constituting a European group outside the league,
but, on the contrary, of harmonizing European interests under the control'
and spirit of the league, of incorporating in its universal system another one
equally limited although more effective Realization of a federated European
organization would redound to the progress of the League of Nations, while
the other !unions of the world would benefit as well.
"Such a conception cannot leave the way open to anything equivocal, no
more than that which proceeded on a smaller scale—the Locarno agreement
—instituted a real policy of European cooperation.
"In fact, certain questions interesting Europe alone, for which European
states feel a direct and immediate need in the interests of peace, are a result
of their technical affinities and their community ideas. The league itself,
in the general exercise of its activity, has had on more than one occasion to
note this geographical unity of which Europe is constituted, and in which
common solutions are possible which, at the same time, would not apply to
the rest of the world. To prepare to facilitate the co-ordination of these
activities pertaining properly to a European League of Nations would be
precisely one of the tasks of the proposed association of nations.
"Far from constituting a new and contentious means for the regulation
of litigations, the European association, which would be called in a purely
consultative capacity, would be qualified to treat certain problems, the regulation of which would be confided by pact or certain treaties to a special
procedure of the League of Nations, expressly defined.
"But in cases in which the questions would fall essentially within the competence of the League, the European federation would exercise the useful
role of preparing a favorable atmosphere for facilitation and execution of
its decisions by the League of Nations.
MAY 24 1930.]
FINANCIAL CHRONICLE
3611
"The representative of France has taken care to avoid ambiguity and has, of the League of Nations, which would be particularly interested in the
since the first initiative was taken, confined the discussion solely to states study of any special question. Moreover, facilities would be reserved for
which are members of the League of Nations, and, moreover, has kept nego- them each time they considered it opportune to invite a representative
tiations within the atmosphere of the League of Nations by consolidating from a non-European power, whether or not belonging to the League of Naefforts during the tenth assembly of the league.
tions, to assist and participate—(with consultative or deliverative power)—
"The European organization, moreover, does not oppose any ethical in deliberations bearing on questions especially interesting to them.
grouping on other continents or outside the league. The work of European
"3. One of the first tasks of the committee would be: In part, the general
co-ordination responds to the necessities of immediate and vital constructive examination of all producedure directed toward realization and application
work, which would never be directed against the interests of any one. On of the project under study, conforming to the essential procedure of consultathe contrary, the wtork must be pursued with the fullest and friendliest tion with the governments, to make research into ways and means for comaccord, in collaboration with all other states which recognize underlying in- pleting the constitutional and technical elements of a future European
terests in a homogeneous Europe, respecting modern laws and international federal union; and in part to make a general inventory of a program of
economy—a simplified Europe committed to a minimum menace of war and European co-operation comprising: (a) study of political, economic and
to the indispensable development of economic exchange.
social questions of particular interest to the European community, and not
"The policy of the European Union would be contrary to the customs and yet treated by the League of Nations; (b) particular action to be exercised
conceptions hitherto attempted in Europe in the formation of tariff unions, toward putting into active execution by the European governments of
tending to abolish interior customs barriers, which in the end resulted in general decisions of the League of Nations.
raising a final barrier more severe than heretofore.
"4. The committee, after adoption of a plan for general European co"Such a conception would be incompatible with the principles of the operation, will confide the study of certain chapters to special technical
League of Nations, which closely adhere to the notion of universality.
committees, assuring that the necessary conditions for the work of experts
"It has been important to elaborate the idea that the European federation will always be maintained under the control and influence of the political
would in no way impose or infringe upon the sovereign rights of member element, the direct examination of governments which are solidly responsible
nations. It is on such a plan of sovereign rights and entire independence for the pursuit of an international enterprise which alone can assure success
that the European federation must be realized. It must be made impossible in a political plan in which it finds superior justification. The presidency
that any thought of domination should arise within an organization placed of the technical committees can be confided in each particular case to a
under control of the League of Nations, whose chief principles are the European statesman chosen either within or outside of the European political
sovereignty of states and equal rights. And, with sovereign rights, cannot committee.
the genius of each nation affirm itself even more oonspicupusly in particular
"Part C. The necessity of a secretariat service, somewhat reduced at
co-operation in a collective work under a Federal regime fully compatible the outset, to assure the administration and execution of the instructions of
with respect for the traditions and characteristics common to each people? the presidency of the conference or of the European committee, communica"It is under the reserves of these observations that the government of the tions between the signatory governments of the European pact, convocations
republic, conforming with the procedure laid down at the first European to the conference or the committee, preparations for their discussions,
reunion on September 9, 1929, has the honor to submit today to the examina- registration and notification of their resolutions, etc.
tion of the interested governments, an outline of the different points on
"Observations: 1. At the beginning of its service the secretariat would
which they are invited to form an opinion.
be assigned to the government charged with it by a system of rotation with
the presidency of the European committee.
Asks Pact Defining Association's Aims—First Question.
"2. When the necessity would be • ognized for a permanent secretariat
"The Necessity of a Pact of a General Order, Elementary Though It May and meeting place, such a secretariat must be at Geneva, the same as the
B, in Order to Affirm the Principles of European Moral Union, and to reunions, conference and committee meetings must be.
Consecrate Solemnly the Fact of Solidarity Instituted Between European
"3. The organization of the service of secretariat must be examined,
Countries.
taking into account the possibilities of the utilization at least partially or
"In a formula as liberal as possible, but indicating clearly the essential temporarily of the particular services of the secretariat of the League of
objective of this association toward collective work for the pacific organiza- Nations.
tion of Europe, the signatory governments would engage themselves to keep
Would Protect Weaker Nations--"Third Question.
regular contact in period or extraordinary reunions in order to examine in
"The Necessity of Drafting in Advance Essential Formulae Which Will
common all questions susceptible of interesting to the first degree
the Determine the General Conception of the European Committee and Guide
community of European peoples.
Its Task in Study and Elaboration of the Program for European Organiza"Observations:
tion.
"1. The signatory governments appearing thus linked to the general
"A—General Subordination of the Economic Problem to the Political
orientation of certain common polities, the principle of European union
would Problem: All hope of progress toward an economic union being rigorously
find itself henceforth placed outside all discussion and above all
procedure determined by the question of security, and this question Reef being intiof daily application; study of ways and means would be reserved
to a mately bound to that of the progress realized by political unity, it is on a
European conference or permanent organization which would be called
to political plane that the first constructive efforts should be concentrated for
constitute a living link of solidarity between European nations and to
incar- the purpose of giving Europe its organic structure. It is along the same
nate thusly the moral personality of a European union.
plane that the great lines of Europe's political economy as well as the cus"2. This initial and symbolic pact, under the auspices of which
organiza- toms policy for each particular state should be elaborated.
tion and development of the constitutive elements of a European
An inverse order of progress would not only be vain, but would expose the
association
would be pursued, would have to be drawn up rather summarily in
order to weaker nations to the risks of political domination without guaranties and
confine itself to defining the essential role of the association. (It rests
without compensations and could result in complete industrial domination
with
the future if it should be favorable to the development of a
European by the better organized states.
union to facilitate eventual extension of this pact of principle to the
"It is logical and normal that the economic sacrifices which must be
extent
of conceiving a more articulated charter.)
made for the sake of the collective good find justification only in the devel"3. The drawing up of a European pact nevertheless would have to
take opment of a political situation which authorizes confidence among the
into account the essential reserves indicated in the present memorandum. peoples and a real spirit of pacification. Even after the realization of such
It would be necessary, in effect, that the definite character of
Europe be a condition is assured by the constant and closest peaceful associatione of
considered as a regional entente, responding to the dispositions of Article the peoples of Europe, it will be necessary to impose upon the individual
21 of the League pact and exercising its activity within the framework
of members the conception and active pursuit of a liberal tariff policy for the
the League. (It would be specified notably that the European
association mutual well-being of the whole.
would not be a substitute for the League in tasks designated
"B—The conception of European political co-operation which should point
to the
League by pact or by treaty, and that even in its own domain the
to this essential end: A federation founded on the idea of union rather
tion of a European union must co-ordinate its particular activity organiza- than unity—that is, sufficiently flexible to respect the independence and
with the
general activity of the League.)
sovereignity of each state, at the same time assuring each the benefits of
"4. Better to attest the subordination of the European association
to the collective solidarity for the regulation of political questions equally interLeague, the European pact would be reserved in its original state
to Euro- esting to all. (Such a conception might have as a consequence the general
pean states which are members of the League.
development of a system of arbitage for the security of Europe, and extension to the whole of Europe of the international guaranties inaugurated at
Presents Plan for Organization—Second Question.
Locarno.)
"The Necessity of a Mechanism to Assure the European Union
of the
"0—The conception of an economic organization; mpproachment of EuroOrganization Indispensable to Accomplishment of Its Task.
pean economic agencies, under responsibilities to the solid governments.
"Part A. The necessity of a representative and responsible
organization
"To this effect the governments themselves may pass necessary legislation
in the form of a regular institution of a European conference,
composed of with the ideal tariff state in view. (Establishment of communal markets
the representatives of all European governments in the League of
which would be named as the essential directing organization of Nations, shaped to the needs of each and all countries, etc.) With this orientation,
the Euro- the mind of Europe can engage immediately upon rational organization, propean Union in liaison with the League of Nations.
duction and exchanges in Europe through progressive liberation and method'The powers of this conference, its organization, presidency, its
regular and extraordinary, must be determined at the next meeting sessions, ical simplification of the circulation of merchandise, capital and labor,
of Euro- reserving the right for each to retain sufficient for the needs of national
pean states, which would deliberate on the conclusion of the
report of in- defense.
quiry which, under reserve of governmental approval or
parliamentary rati"These principles, after being studied by the countries and parliaments,
fications, must assure the perfecting of the project for a European
organiza- might be returned to the technical examination committee experts under
tion.
the conditions of Section 2, Part B, Division 4,
"Observations: In order to avoid predominance or special
favoring of
any state of Europe the presidency of the conference must be made
Asks Agreement on Public Works—"Pourtlt Question.
annual,
or exercised in rotation.
"The Opportunity of Reserving Either at the Next European Conference
"Part B. The necessity of an executive organization in the
form
permanent political committee composed solely of certain members of a or a Future Reunion of the European Committee, Studies of All Questions
of the of Application, Including the Following:
European conference, and assuring particularly to the European
"A—Determination of the field of European co-operation, notably in the
union its
research organization and at the same time its instrument of action.
following domains:
"The composition and powers of the European committee, the
method of
"1. General economy—The effective realization in Europe of the prodesignating its members, the organization of its presidency, and its
sessions, gram established at the last economic conference of the League of Nations;
regular or extraordinary, must be determined at the next reunion of
Euro- a checking up of the policies of the unions and industrial cartels between
pean states. Activities of the committee, like those of the conference,
must the different countries, examination into and preparation for the future
be exercise within the organization of the League of Nations. Its
reunions possibilities in the matter of a progressive lowering of tariffs.
must take place at Geneva, where its regular sessions can coincide
"2. Economic public works—Realization of co-ordination between vast
with
those of the League.
public works executed by European states. (Main automobile routes, canals.
"Observations: 1. In ordee to remove the European
committee from etc.)
all special political predominance its presidency should be exercised
"3. Communications and transit—By land, air and waterways, regulation
by a
system of rotation.
and amelioration of inter-European circulation, co-ordination of inter-Euro"2. Containing only a restricted number of representatives of
European pean riverveays agreements, railroads, posts, telegraphs, radio diffusion, etc.
states, the committee would envisage the possibility of calling at any
"4. Finance—Encouragement of credit destined to develop regions of
time
the representatives of other European governments, whether or not
members Europe less productive than others, European markets, monetary questions.
3612
FINANCIAL CHRONICLE
[VoL. 130.
"5. Labor—Solution of certain labor questions peculiar to Europe among American reaction is concerned, much is expected to hinge on whether
and affecting ship workers, river workers, etc.; continental and regional Great Britain is to be a party and whether the British colonies and dominquestions responsive to inter-European immigration. (Application to one ions will be included in the union.
or more countries of laws for compensation of workers, and social assurance
According to the New York "Times" Secretary Stimson,
pensions.)
"6. Hygiene—A generalization of certain methods of hygiene proven by on returning from his outing to the Rapidan with President
experimentation by the League of Nations. (Notably the regeneration in Hoover May 19, expressed gratification over the assurance of
agricultural regions, application of sick benefits from national schools of M. Briand, French
Foreign Minister, that the latter's prohygiene, European epidemolegy exchanges of information and workers'
hygiene services, scientific administrative co-operation in the struggle posed federation of 26 European nations was not directed
•
against social diseases, against occupational maladies, and infant mortality.) against the United States. The "Times" despatch from
"7. Intellectual co-operation—Co-operation by universities, and acad- Washington May 19 said further:
emies in literary and artistic relations and concentration on scientific reThis assurance was given Saturday by Jules Henri, Charge d'Affaires
searches; amelioration of press conditions in relations between agencies of the
French Embassy, to J. Theodore Marriner, Chief of the Western
and in transportation of newspapers.
European Division of the State Department, and was reiterated to-day
"8. Interparliamentary reports, utilization of the organization and works by Mr. Henri to
Stimson.
of an interparliamentary union for the development of contacts and exIn a brief call upon the Secretary to-day the French Charge repeated
changes of views between the parliamentarians of the different countries of the outline of the plan he had given earlier to Mr. MarrIner, but Mr.
Europe. (In order to prepare the political terrain for the realization of a Sthrson made no comment and declined to discuss the matter with newsEuropean union necessitating parliamentary approval, and in the general paper correspondents, explaining that he had not studied the Briand project
manner to ameliorate the international atmosphere in Europe by reciprocal in detail.
comprehension of the interests and sentiments of the people.)
He said, however, that the French Foreign Minister had always been
"9. Administration—Formation of European sections in a certain inter- an enlightened statesman and that he knew M. Briand included America
among the friendly nations with which France wanted good relations.
national world bureau.
There are indications, however, that American officials believe there
"B—Determination of methods of European co-operation in questions
observed and studied by the European conference or committee. The follow- will be no occasion for more than an academic interest on the part of the
United States in the Briand project. The differences between the Euroing might be opportune:
"To create an organization for the co-ordination of study which as yet pean countries are so many and so diverse, it is felt, that the proposal
faces many obstacles, and a long time probably will be required for it to
does not exist. (For example, in European public works projects among
attain any great measure of success.
river commissions.)
This view was reflected in diplomatic circles, where it was held the
"To aid the League of Nations in studies already undertaken.
"To stimulate conferences, general or European, on questions susceptible Briand plan had little chance of meeting with anything like enthusiastic
and practical acceptance. Some diplomats saw in the project an effort
to treatment by the league, but with which the league is not now occupied.
on the part of France to cement the boundaries set up in Europe by the
(Invitation to observers from extra-European countries on questions before
Versailles Treaty. Others saw in the French proposal an effort to gain
the conference interesting to non-Europeans.)
for France the security for which she worked at the London naval confer"C—Deterrnination of all modes of collaboration between countries in the
ence.
European Union and those outside the union.
In some American official quarters it was pointed out that the principal
"Conclusion:.
tangible advantage of such an organization would probably be economic,
"In soliciting opinion on the four above outlined points from the twenty- Particularly if it succeeded in breaking down some of the tariff barriers
six European governments which are mandated to the question, France in- existing in Europe. The possibility of any great progress in this direction
sists upon making an exposition of general observation, to which it feels In the near future was regarded as problematic, however, in the light of the
obligated by the purely practical reason that consultation be as elementary recent tariff truce negotiations at Geneva in March.
These discussions, it was asserted, showed the difficulty of united action
as possible. Not that France seeks to limit the possible future development
of some European federal organization, but because, in view of Europe's among nations of highly national aspirants and varying economic needs.
It was doubted particularly whether France could exert the leadership for
present state of mind, and to have the greatest possible hopes of obtaining
unanimous consent to a first concrete proposition capable of conciliating all such an enterprise, and it was further doubted whether French business
Interests, it is therefore essential to restrain the first exchange to the Interests would be willing to follow a Government which advocated wholesale reductions of tariff.
simplest views.
"It is such a conception that already guided the representative of France
when, before the first reunion of European union convoked at Geneva, he
suggested the virtual immediate possibility of a simple federal bond to be Proposal of Minister Briand of France for European
Instituted between European governments to assure practical co-operation.
Federation of Nations Adversely Criticized In
"It is not a question on constructing a perfect institution responding in
France—Great Britain Reported As Friendly to
an abstract manner to the logical needs of a vast European conglomeration,
Proposal But Not Willing to Join—Tariff Policies
but of guarding the hope of spiritual anticipation. It is, rather, a question
of realizing the first effective step toward contact and constant solidarity
Opposed.
between European governments for the regulation in common of all problems
Among the newspaper reports regarding the views abroad
bearing on the organization of peace and the rationalizing of the vital
forces of Europe.
of the proposal of Foreign Minister Briand of France for a
"The government of the Republic looks hopefully toward the reception
European Federation embracing 26 Nations, we quote the
before July 15 of the responses of the governments consulted, with all the
observation and spontaneous suggestions which they believe should accom- following Paris advices May 18 to the New York "Times:"
Foreign Minister Briand's suggested European federation has aroused
pany their communications. It expresses the first hope that these responses, inspired by generous regard for the rights of peoples and the aspi- even in the country of its initiator all kinds of adverse criticism, with,
rations of a European conscience, will furnish the elements of entente con- however, a good measure of praise. Broadly, its critics and supporters
ciliation, permitting the first institution with the first embryo of federal are found in the two great political camps into which the country is divided,
organization to have the durable framework of this European co-operation Right and Left. The Right is skeptical. The Left is of the opinion that
It is a step in the right direction.
for which the program will be drawn up at the next reunion at Geneva.
Among the criticisms these are some:
"The hour was never more propitious or more pressing for such construcThe proposed federation is just a European League of Nations, with no
tive work in Europe. Regulation of the principal problems, material and
teeth to it. Neither Europe nor the world is ready for it—and then follow
moral, resulting from the last war will soon have liberated a new Europe
Premier Mussolini's Florence speech.
from that which was burdened so heavily by its psychology and its economy. numerous quotations from
It could derive its authority only from the public opinion of member
It appears henceforth to be ready for a positive effort in response to the new
countries, and public opinion is notoriously unstable.
order. This is the decisive hour when waiting Europe can itself dictate its
These criticisms, however, are softened by the pride which even the critics
own destiny.
show in the fact that this initiative has been taken by a Frenchman and by
"United to live and prosper. That is the strict necessity facing the nations France.
of Europe henceforth. It seems that the sentiment of the people has been
For the rest, to-day's press inclines toward a certain optimism about the
clearly manifest on this subject. Today it is up to governments to assume
responsibilities under pain of abandoning to private initiative and poorly final result. It has seen the world accept the League of Nations, the
organized enterprises the grouping of mere] and material forces with which Kellogg pact and the principle of proportionate navies, and there would
they are charged to survey and retain collective mastery for the everlasting seem to be ground for hope that it would ultimately accept the European
federation if it were not for such voices as that of Signor Mussolini proclaimbenefit of the European community as well as of humanity."
ing that words may be fine things, but that machine guns, airplanes, ships
and guns are better.
Proposal of Minister Briand of France For European
Federation of Nations Not Directed Against U. S.
or Any Other Nation According to Advices to
State Department—Comments of Secretary Stimson.
Informal assurance that the proposed European economic
union is not directed against the United States or any group
of nations were given the American Government by Jules
Henri, French Charge d'Affaires on May 17, according to
Associated Press accounts from Washington that date,
which stated:
The Acting Chief of the French Embassy called at the State Department
to inform the American Government that he expected to be able to deliver
the official copy of French Foreign Minister BrIand's memorandum on the
proposed union on Wednesda3
In the absence of Henry L. Stimson, Secretary of State, and Under
Secretary J. P. Cotton, the diplomat discussed the proposal with J. Theodore Marriner, Chief of the Western European Division of the Department.
He will confer with Secretary Stimson early in the week.
M. Henri explained to the Department, however, that from the preliminary outline of the memorandum of the plan, he was convinced the project
was not directed against the United States in any way.
The official reaction of the American Government to the proposal has
been withheld ever since it first was advanced last September. So far as
In a London cablegram May 19 the same paper says:
It Is clearly evident the British attitude toward Aristide Briand's plan
for a United States of Europe will be very similar to that of America in
recent years toward the League of Nations. In other words, Britain will be
sympathetic and friendly to the proposed union of European States, If it
is organized, but England is not going to become a member State with any
commitments in the matter whatever.
No official statement on the matter has been made by the Foreign Office
yet and will not be until after the proposal has been officially received from
Paris and the MacDonald Government Is ready to make its comment on
it in the House of Commons. In the meantime there is unofficial assurance
from members of the Government that England's attitude will be one of
"benevolent helpfulness but no commitments."
See Issue for Imperial Parley.
Opinion in the Department for the Dominions is that, for the moment,
the matter is solely the business of the Foreign Office, but that no action
could possibly be taken without consultation of all the Dominion Governments. So far as the British Empire is concerned, M. Briand has at least
added another question for discussion at the imperial conference in
September.
But it will be an academic question. No prediction In the field of international politics could be safer than that England will stay outside the
United States of Europe. That is the British opinion, regardless of party
politics, for the economic implications of M. Briand's plan as seen in
London are such that British participation in it would be contrary to the
policies of all three political parties.
MAY
24 19301
FINANCIAL CHRONICLE
It is assumed, as a matter of course, that one objective of the United
States of Europa will be to reduce tariff barriers among themselves—free
trade as among the 48 American States being far off ideal.
Also, it is taken as a corollary that in the course of the development ot
the common economic policy, the European union would adopt a syslem
of rigid high tariffs against the countries of all other continents that levied
heavy duties on imports from Europe.
Tariff Problems a Snag.
That fact alone is sufficient to keep England out of the union, for if she
were a member of it and committed to adopt any such tariff barrier policy,
it would go contrary to the present plans of both British political groups,
although the plans of those groups are themselves diametrically opposed.
First, there is the empire free trade plan with a tariff against the rest of the
world, which Lord Beaverbrook is advocating and which the Conservative
party, under Mr. Baldwin, is beginning to support. That calls primarily
for a high British tariff against every country in Europe as well as the
United States. Obviously, that could not be reconciled with membership
of a European union.
Second, there are the plans of the Labor and Liberal parties, which, on
the question of free trade, are now one group. The Chancellor of the
Exchequer, Philip Snowden, in the budget, has already doomed the Tory
safeguarding tariff duties to extinction. And both the Liberal and Labor
leaders are quietly combining for a joint fight at the next election against
the Conservative protectionist policy which is bound to be a campaign
issue. So it is equally apparent that, under a Labor or a Liberal government, England would not commit herself to join Europe in a tariff fight
against the rest of the world.
Trade Flow Is a Factor.
A further argument on the same line Is to be found in the figures of
British exports and imports on both sides of the account, trade with the
Continent is less than with the rest of the world.
In the last year for which complete figures have been compiled, exports
from the United Kingdom amounted to 83,660,000,000 of which only
81.015,000,000 went to European countries, S1,820,000,000 going to the
British dominions and $995,000,000 to the rest of the world.
For the same year, British imports were 86,110.000,000. Of these,
82,340,000,000 came from Europe, $1,800,000,000 from the dominions and
81,970,000,000 from the rest of the world.
While neither the Conservative protectionists nor the Labor and Liberal
free traders would have any use for English membership of the United
States of Europe, the free traders are more friendly to the Briand scheme
than the Tories are, and they feel England would suffer nothing from
it so long as she adhered to her present free trade policy. Their argument is that the proposed European union would erect its tariff barriers
only by way of retaliation against high protectionist countries, and that
England, as a free trade country, would enjoy the same trade privileges
with European States that they had among themselves, even if England
were not a member of the new internationaLas.sociation.
Dominions Could Not Join.
On the other hand, there is an expression of hope that combining the
European countries would cause America to hesitate before further increasing her duties, and might even induce America to adopt a new policy
of tariff reduction.
There is a political as well as an economic argument against England's
committing herself to M. Briand's undertaking. It would be detrimental
to the hopes of all Britishers for improving the empire relations between the
mother country, the dominions and the colonies. While England herself
could be considered as a European State for purposes of joining the new
union, the British Empire certainly could not be so regarded. Canada,
Australia and the others could not follow England into the United States
of Europe as they followed her into the League of Nations.
England would go alone and find herself, as an officially enrolled European State, committed to policies contrary to her interests as the head
of the empire. For the same reason she would find herself, if too closely
committed in Europe, in a difficult position with reference to America.
Criticism if Friendly.
Politically and economically, and also so far as sentiment is concerned,
England's first interest is with the other parts of the British Empire.
Her second is with the United States of America. The United States of
Europe cannot take the place of either of those.
However, as has already been said, England's attitude toward the new
association, if it is organized, will be one of "benevolent helpfulness."
3613
M. Briand's proposal to make Geneva the Federation's headquarters
naturally pleases the Genevese and meets approval in League circles,
where it is thought that both the existing and proposed institution would
gain from proximity. League enthusiasts are pleased, too, that M. Briand
is taking the League as his model.
There is a general feeling that the American tariff bill, which is causing
much protest in Europe. will help M. Briand greatly in pushing the European federation. An example of how deep and widespread this feeling is
came today when a Swiss messenger was commissioned to go to the French
Consulate to bring copies of the memorandum to the secretariat for the press.
"It is the plan for a United States of Europe, isn't it?" the youth asked.
and then exclaimed: "That is the thing we need with this tariff of the
United States of America ruining our watchmaking business."
Berlin Sees Paris Ruling Pan-Europe--"Too Much
France," Is Reaction to Briand's Proposal for
European Federation as Reflected by Press—Official Quarters Silent.
In part a Berlin cablegram to the New York "Times"
May 18 said:
"Too much France" is the German reaction to Aristide Briand's panEuropean scheme as reflected in early press appraisals, which again reveal
their familiar partisan orientation. The Nationalist organs see in the proposed European federation an obvious attempt to perpetuate or to stabilize
the Freanch hegemony on the Continent which set in with the Treaty
of Versailles and has grown since through the consolidation of a ring of
"vassal States" committed to do France's bidding.
The more liberal organs concede the inevitable economic necessity of
such a Continental union and of looking ahead to assay and to assign
Germany the role of an industrial powerhouse for a united Europe by virtue
of her superior organization and faculty of meeting requirements of foreign
markets.
Official quarters exhibit conspicuous aloofness in refraining from immediate comment on M. Briand's proposal, apparently preferring to await
Its reception by the United States. England and Russia, desiring to avoid
any commitments which might adversely affect German relations with those
powers.
Nicholas Murray Butler Backs Idea of U. S. of Europe—
Columbia University Head Tells Berlin Economic
Barriers Should Be Swept Aside.
With the issuance this week of the memorandum detailing
the plans for the proposed European Federation of Nations
we give the following Associated Press account from Berlin
May 1 published in the New York "Evening Post":
The suggestion of a United States of Europe, pet idea of Aristide Briand,
French Foreign Minister, was before the German people to-day from the
lips of an American, Dr. Nicholas Murray Butler, President of Columbia
University.
Dr. Butler, addressing a distinguished audience in the plenary hail of the
Reichstag, closed his talk with the peroration:
"What of Europe? Has not the time come when the next long step
forward in promoting National satisfaction and international comfort
Is the building of an economic United States of Europe which shall do for
these teeming and highly civilized populations what has already been
done on the other side of the Atlantic?"
Dr. Butler spoke in German, reading from a prepared Parton He appeared under the auspices of the German Committee for International Conciliation and was introduced by Erich Koch, former Minister of Justice.
He declared at the outset of his address that the world had been marching toward the goal of peace for ten years and that the League of Nations,
the Locarno pacts and the Kellogg-Briand treaty all had worked to that
end.
"Those energies, those efforts and those vast expenditures which have
heretofore gone into preparations for war and into the conduct of war are
now to be turned toward multiplying the satisfaction and increasing the
happiness of the great mass of people in every land,' he said.
Developing his idea of the disadvantages of artificial economic barriers,
he declared:
"Had it been possible for the constituent States of the American Union
to affect barriers against trade each with its neighbors, the people of the
United States would to-day have been economically backward and relatively
impoverished. That huge domestic trade, untaxed and untrammeled, is
the foundation of American prosperity."
Briand Plan for European Federation of Nations Based
on Monroe Doctrine—Covenant Article on Regional
Understandings Cited to Uphold the Project—
Drafted to Please Senate.
Clarence K. Streit in a special cablegram from Geneva Pan-European Union Approves Briand Plan
For
May 17 to the New York "Times" says:
European Federation of Nations—Press Feare
The article the United States put into the covenant of the League
of
French Hegemony.
Nations to safeguard the Monroe Doctrine turns out to be the very
article
The following cablegram from Berlin May 19 is taken from
on which Foreign Minister Briand of France is seeking to found his
United
States of Europe.
the New York "Times":
This unexpected historical twist is one of many points striking attention
here in M. Briand's memorandum proposing a European federation, which
the French Consul General officially transmitted to the Secretary
General
of the League today.
In his introduction M. Briand seeks both to forestall possible
criticism
of his federation as competing with the League and to urge the necessity
of it by calling it "one of those regional understandings which the covenant
formally recommends."
If the covenant recommends them it is because Woodrow Wilson,
after
consultations with Senate and other leaders, had inserted in it
Article
XXI, which reads: "Nothing in this covenant shall be deemed to
affect
the validity of international engagements such as trestles of arbitration
or regional understandings like the Monroe Doctrine for the securing and
maintenance of peace."
Comments ranging from "sensational as Mr. Hughes's opening speech
at the Washington conference" to "important as the peace pact" were
heard in League circles tonight on M. Briand's "bold" memorandum.
The document has surprised many, either bemuse it was expected that
M. Briand merely would send a quastionnarie instead of taking the lead
and answering all questions himself in advance, or because it was not
not expected that he would submit such a comprehensive, detailed project.
The fact that the proposal is net only M. Briand's, but has the backing of
the French Government, is considered to add greatly to its importance.
On the substance of the proposal there is a general desire to reserve
comment until there has been more time to digest it, but judging from
what was heard today the reception of the memorandum here is very
sympathetic.
The Pan-European Union concluded its two-day congress here to-night
with speeches by Louis Loucheur and Count Coudenhove-Kalergi, both of
whom extolled M. firiand's memorandum.
"The security of France and Germany," said M. Loucheur, "is now
guaranteed through the Locarno pact, the reparations issue has been
solved through the Young plan and in a few weeks we shall witness the
final liquidation of the war in the liberation of the Rhineland. Europe
Is suffering from surplus production and has 5,000,000 unemployed. Important markets like those of Russia and China are locked up. What we
need as an offset is an increase in the buying power of the markets left
us. We must endeavor to bring production in all parts of Europe into
harmony."
Count Coudenhove-Kalergi expressed complete concurrence with M.
Briand's memorandum. The Pan-European movement, he said, was of
an intellectual and moral nature, in contradistinction to M. Briand's
which provided a political and economic program.
The congress passed a resolution approving the Briand memorandum
and sent a message of congratulation to M.Briand.
Further press comment on the Briand plan reveals a suspicion that
M. Briand is seeking to consolidate French hegemony on the Continent.
"Despite its cautious phraseology," says the Cologne "Gazette," "M.
Briand's plan plainly proposes a European economic block to combat the
expansion of the United States foreign trade."
Parliamentary circles are inclined to view French political
altruism
askance for the time being and it is felt assurance should be given on
such
issues as minorities, union with Austria, the future of the Saar and
the
eastern frontier.
3614
FINANCIAL CHRONICLE
{Von. 130.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. off in the cash demand. Oats are considered cheap at these
prices after a drop for the week of 2 cents. Rye has fallen
Friday Night, May 23 1930.
Wholesale and jobbing trade is proceeding at a very 2 to 33c. this week and now gets a new blow from the remoderate pace, to say the least In many lines trade is ported sale by Russia of 35,000 tons to the Continent, supactually dull. Rains in parts of the country have inter- posedly Germany at 51c. c. j. f. Moreover the German duty
fered with retail trade. In the Southwest there has been has been it appears sharply increased. Cotton has declined
too much rain. A year ago there were complaints of dry about Mc. on the new crop which is believed to have had on
weather in much of the country In the main the trend the whole a good start.
Heavy rains in Texas, Oklahoma and Arkansas and the
of commodity prices has been downward. In the presence
of an unsatisfactory dem nd that may be partly attributable Mississippi delta are a drawback to the progress of the crop,
to the undeniably large amount of unemployment in this however and much replanting will have to be done, but the
country. It is supposed to have some bearing in the trade, rains may have a beneficial effect later when the temfor instance, in meat3 which still further has fallen off notice- peratures rise. May cotton went out at 16.20c. to-day,
ably. Still, outdoor employment has increased and is after tenders estimated for the month at as high as 465,000
likely to increase. In the retail line busines has been bales. The sale of spot cotton is still very slow and also
stimulated to some extent by special sales in department that of cotton goods at home and abroad. The exports of
stores, and other large retail establishments. These have American cotton this season are hopelessly behind those
helped to get rid of old and surplus stocks and therefore thus far last year. Coffee has declined roughly M to Mc. on
have eased the situation to some extent. But there is no selling by Brazilian and European interests in a narrow
disguising the fact that business in this country makes an market. Spot coffee has remained very dull and the cost
unsatisfactory comparison with that of last year, whatever and freight offers from Brazil, though not very plentiful,
the explanation. Iron and steel are supposed to make up have on the whole been at lower prices. Occasionally the
a sort of barometer of American trade. And prices are Defense Committee is said to have given support to coffee
lower for steel scrap and its products, as well as pig iron, prices and at one time there was covering in a temporarily
and it includes such items as plates, bars and automobile "short" position but the drift of a seemingly stricken market
sheets. Some reports say that there has been a better has in the main been downward. Sugar dropped to a new
trade in structural materials and pipe, but if this is the case low but then ran into an apparently good sized short interest,
they are exceptions which prove the rule of general dulness the natural result of the universality of bearish sentiment
accompanied I. y some depression in prices. Iron and steel expressed in actual selling for weeks on end. But at this
in fact are 5 to 732% lower, according to the accepted level economic forces are supposed to come into play on the
indexes, than a year ago. The stock of bituminous coal theory that the price is below the cost of production. Such
has decreased, but there appears to be no activity in either a situation sooner or later cures itself. Stocks of sugar it is
true are large and refined is down to 4.70c. but there is an
hard or soft coal.
In the textile trades the curtailment plan is st:11 in opera- undertone of resistance to a further decline in raw Erugar.
tion, notably in cotton goods. Finished cottons are in fair Provisions have declined in a small market.
The stock market was dull and 1 to 8 points lower on the
demand, though evidently only for small lots. Print
cloths are selling in scanty volume, buyers asking for a re- 19th inst. with transactions only about 2,400,000 shares.
duction in prices of Mc., which does not appear to be gen- U. S. Steel common fell to 168. Leaders which also made
erally accorded. Up to this time the falling off in produc- noticeable declines on what appeared to be professional
tion has made no sensible impression on the price. Still, hammering were General Electric, American Can, Auburn
it is true that certain goods are firm and are not so Auto, J. I. Case, Consolidated Gas, Houston Oil, Eastman
easily obtainable for prompt delivery as formerly. This Kodak, Public Service, Westinghouse Electric, Worthington
applies more to fine and fancy goods. No doubt the Pump, United Aircraft and Standard Gas. Yet call money
logical effect of diminished cotton goods production will was easy at 3% and time at 33 to 4%. There was also a
t
be apparent sooner or later. The point is that it is not cut of M of 1% in the rate on thirty to ninety-day bankers'
generally evident at this time. Woolen goods, though acceptances. Silver was at the lowest rate since March.
Later stocks after drifting downward at times got into a
quiet, are steady. Wool has been selling at firm or higher
prices in Europe and Australia and Australian wool in this better technical position and to-day advanced. There was
country is reported to be rather firmer. In general wool an increase in brokers loans of ,000,000 despite lessened
however, is not at all active in this country. Broad silk stock trading. A partial explanation is a big covering of stock
has been in better demand. Raw silk was quiet and prices rights, the conversion of American Telephone bonds into
showed some downward tendency with output of silk goods stock, &o. The transactions in stocks to-day were about
latterly reduced. The furniture trade is still quiet. The 2,150,000 shares against 1,860,000 yesterday and 2,100,000 a
sales of copper in May have been very large, possibly the week ago. Leading the rise were U.S. Steel, General Electric,
largest on record for a month. Copper prices during the General Motors and American Telephone. In steel and
past week have been more steady and a good export trade motors the short account is supposed to be rather extensive.
has been done, though on the other hand domestic business American Telephone advanced over 5 points net. American
has not been brisk. Bank clearings are still noticeably Tobacco went to new high levels. Bonds as a rule advanced
smaller than those of a year ago. Car loadings show a falling to-day in response to higher prices for stocks. An outstandoff. What the country needs for one thing is seasonable ing feature was A. T. & T.4s of which there were heavy
weather. In parts of the Southwest it has been too cool. sales for cash this being the last day for conversion into stook
Temperatures have been on the edge of frost in some sections by those entitled to rights to subscribe to the new issues.
St. Paul adjustment 5s sold down to a
of the Winter wheat belt, and it has been quite cold at the Chicago Milwaukee &
these things of course militate more or less new level for the year, but rallied later. Some other railroad
Northwest. All
issues, were higher. Foreign bonds were irregular. Through
• against normal business.
at a higher level despite more favorable crop it all ran the easy tone of the money market. On one thing
Wheat is
reports from the Winter and Spring wheat belts and the the financial community of the United States may congratulate itself, and that is the cessation of lurid trading in the
lack of activity in export business. Argentina is shipping on
to Europe and although the export stock market.
only a moderate scale
Charlotte, N. C. wired that a large North Carolina mill
trade in hard American wheat leaves much to be desired it
on Europe in the presence of reduced sold about 4,000 bales of cotton to a shipper on a tenderable
is believed that later
basis and bought 4,000 from the same firm for shipment
stocks will have to buy American much more freely. France
on the basis of October contracts and that a
its duty. But it has been unseasonably cold in early fall,
bas increased
come from France and similar transaction occurred between the same shipper and a
In Europe and crop complaints have
large South Carolina mill involving 5,000 bales. It was a
Italy. Meanwhile the Farm Board in this country is unwhich neutralizes in a sidelight on the dullness of the cotton goods trade. Atlanta,
bending in its attitude something
Ga. wired the "Wall Street Journal" that Georgia is in the
measure the better crop prospects in this country and the
during
vigorous export demand. Corn de- doldrums. While a few mills are able to run full time
lack at this time of a
some falling the day and at night, the majority are struggling to mainclined with larger receipts better weather and
MAY 24 1930.1
FINANCIAL CHRONICLE
_
tamn an average of three to four days a week. On the whole,
mills in Georgia, which has more than 3,000,000 spindles
are apparently running at from 40 to 45 hours per week.
One prominent mill executive estimated Georgia mills are
operating at from three to four days a week with practically
all mills operating on orders for immediate delivery. There
is no future business he said. The uncertainty concerning
May and July raw cotton deliveries caused considerable
apprehension among mill owners. A number of mills of the
largest size are operating on orders only. It can be safely
estimated that Georgia mills are operating at from 40 to 50%
capacity. Some mill men state they have never known of
such a condition to exist at this season for the last decades.
Another Atlanta wire said that of several large mills one of the
largest, with more than 150,000 spindles, is operating fullday time, while one with 100,000 or more, is running three
days, and another with 50,000 or more is practically idle.
No mills in Georgia, except a few with urgent orders, are
operating night shifts.
Charlotte, N. C., advices state that there were no material
changes in the textile situation during the past week. Lack
of demand for practically all classes of goods and an unfavorable trend in the cotton market combined to make it
one of the dullest weeks of the year. The "Journal of Commerce" says that curtailment of production of print cloths
and sheetings affects 5,000,000 spindles in Southern mills
and all of the print cloth and narrow sheeting mills still
operating outside of that section. Greenville, S. C., advices stated that recently quite a large amount of cotton
was shipped by both mills and merchants to Charleston for
delivery against May contracts and that local warehouse
stocks are down to the lowest level since last fall.
Manchester cabled that demand continues very poor
despite large curtailment of production and that sales at
the moment are less than output while stocks are increasing
and order lists running down. Back of it all are the political
disorders in India which continue to be acute. April saw
first gain this year in department store charge account collections according to the Associated Retail Credit Men of
New York City, Inc.
On the 19th inst. there were general rains from the Mississippi Valley eastward to Atlantic coast and along the
west Gulf coast and in north Pacific States. Rainfall was
reported heavy from eastern Tennessee southwestward to
the Louisiana and Alabama coast. In two days it reached
2 to nearly 8 inches in Arkansas, Mississippi, Alabama,
Tennessee, Texas and Oklahoma. Smaller rivers of Arkansas were in flood, inundating three towns. Tornadoes
or "twisters" killed many in those parts of the country.
Here there was half an inch of rain, with temperatures of
47 to 54 degrees, cold and raw. The West was cloudy or
rainy. Boston had 50 to 54 degrees, Chicago 44 to 50,
Cincinnati 64 to 72, Cleveland 48 to 68, Kansas City 44 to
56, Milwaukee 42 to 52, St. Paul 44 to 58, Montreal 40 to
62, Omaha 44 to 60, Philadelphia 52 to 54, Portland, Me.,
46 to 54, Portland, Ore., 54 to 60, San Francisco 50 to 62,
Seattle 48 to 60, St. Louis 56 to 62, Winnipeg 42 to 58.
Little Rock advices say that creeks and rivers were spreading destruction over four Southern States. Arkansas presented a gloomy picture while in Louisiana, Mississippi and
Texas large areas of low farm land were submerged.
Here to-day the temperature rose to 89 degrees, the
minimum being 67 in Boston for 24 hours ending 8 a. m.
London had 58 to 80 degrees; Montreal,62 to 76; New York,
68 to 76; Philadelphia, 64 to 84; Portland, Me., 54 to 76;
Chicago, 68 to 84; Cincinnati, 62 to 84; Cleveland, 66 to
84; Detroit, 62 to 86; Milwaukee, 56 to 84; Kansas City,
50 to 82; St. Paul, 50 to 64; St. Louis, 64 to 96; Winnipeg,
34 to 58.
tary of Commerce Lamont Looks for Return o
Business to Normal Within Three Months—
Construction Contracts in April $483,000,000,
Highest Since August Last Year, But Below
April 1929.
The view that normal conditions in business will be
realized within three months was expressed on May 19 by
Secretary of Commerce Lamont, who is quoted in Associated
Press dispatches from Washington on that date as saying:
S
If the showing of the charts maintained by business observers is correct,
bus ness operations in the United States as they are variously expressed
are about 6% below what might be considered normal.
In 1921 at this time they were about 20% below normal and it took
something like six months tor them to recover, but we have not nearly so
far to go now as the country had to go then to attain what we think of a
normal business.
3615
• As to the status of business, as indicated by Secretary
Lamont, Washington accounts May 19 to the New York
"Journal of Commerce" said:
Basic conditions, the Secretary declared, all indicate rapid recovery
within the next few months. Bituminous coal stocks, he pointed out, were
lower this spring than at any corresponding period since 1920: wool prices
are better than for many years; metals are showing a decidedly stiffening
trend, the curve of the commodity prices is showing a decided tendency
to flatten out, and the steel industry is enjoying a satisfactory volume of
business.
Construction Off 17%.
Information obtained by the Departmen shows that con'racts for public
works and utilities construction projects last month totaled 8149,670,000,
compared with $105,350,000 in March and $152,127,000 in April 1929.
which was an unusually high month. For the four months of 1930 such
contracts totaled 8452,910,000, compared with 8347,750,000 last year.
Total construction contracts for April were 8483,000,000, the highest
for any month since last August, but 25% less than last April, while the
aggregate for the first four months of the year was 17% under that of 1929.
Domestic trade, the Secretary commented, is showing a decided upward
tendency, as indicated by the Federal Reserve Board statistics reporting
April department store sales as 8% better than last year. Foreign trade,
he pointed ow, is naturally reflecting the materially reduced buying power
of the world n general, which has greatly reduced the ability of foreign
countries, particularly the agricultural nations, to take American manufactures, while, at the same time, our domestic industry has benefited
by the depressed prices of staple imports, such as rubber, coffee, sugar
wool and t n.
Business Only Slightly Lower.
While there is difficulty in comparing the depression which followed the
stock market liquidation last fall with that of 1921, the Secretary pointed
out that, whereas business in the spring of 1921 was approximately 22 points
below the line of normal growth, conditions to-day are only 6 points below
that line, which itself is a. a higher point than it was nine years ago, being
adjusted to the gradual improvement in living conditions, purchasing
power, &c.
Secretary of Labor Davis Says President Hoover Prevented Wage Cuts—Tells Advertisers That After
No Other Stock Slump Was This Done.
President Hoover received credit for having brought the
country safely through the recent business crisis without any
reduction of wages in a speech delivered at Washington
May 21 by Secretary James J. Davis, before the convention
of the Advertising Federation of America. A dispatch from
Washington to the New York "Times"in indicating this said:
Departing from his prepared address Secretary Davis declared that never
before had recovery from any crisis such as the recent stock market crash
been achieved without a wholesale reduction in wages.
"I just want to take you back to last November, when President Hoover,
after the stock market crash in November, called that conference of industrial leaders, business men and workers, said Mr. Davis.
"What was the first thing that they discussed at those conferences. I
think the first subject matter was 'let us go through this crisis without reducing wages, because reducing means reducing purchasing power. After
that was agreed to, the workers then said: 'We will go through this crisis
without asking for an advance in wages.
"In all the years that I have been Secretary of Labor—I will say this, as
far back as I can go—there never has been a crisis such as we have had as the
stock market crash that threw hundreds of thousands—yes, millions—out
of employment, that there wasn't a wholesale reduction in wages. I will
say this: That if President Hoover accomplishes nothing more in all of his
service to the Government, that one outstanding thing of his administration—no reduction in wages—will be a credit that will be forever remembered
not by the working classes alone but by business men as well, because without money in the pay envelope business is the first to suffer." . . .
Sees Slow Recovery.
The Secretary was followed on the program by Senator Capper of Kansas
and Dr. Julius Klein, Asst. Secretary of Commerce, who told the advertisers that "business is gradually but unmistakably coming out of the
depression and that factor of slow and steady progress is in itself a decided
advantage."
U. S. Senate Passes Wagner Bill to Establish National
Employment System.
By a vote of 34 to 27 the U. S. Senate on May 12 passed
the bill of Senator Wagner of New York, providing for the
establishment of a National employment system. It was
pointed out in the Washington dispatch to the "HeraldTribune" that this is the third bill bearing on unemployment,
sponsored by Senator Wagner, to be passed by the U. S.
Senate. The paper quoted said.
One would provide for collection and publication by the Department o
Labor of statistics on employment, and the second would assure long-term
planning of public works and their construction in periods of slack and
depression, carrying an authorization of $150,000,000 for that purpose.
According to the "United States Daily" of May 13 the
measure providing for a Federal employment system to cooperate with State agencies was opposed by the National
Manufacturers Association and was made the unfinished
business of the Senate only by a majority vote over the
objection of the majority leader, Senator Watson (Rep.) of
Indiana. The "Daily" likewise said.
New Bureau Created.
The bill provides for creation in the Department of Labor of a bureau to be
known as the United States employment service, at the head of which shall
be a Director General, and for the abolishment of the present employment
service in the Department. It provides further that the bureau shall
"establish and maintain a national system of employment offices and
assist in establishing and maintaining systems of public employment offices
in the several States."
3616
FINANCIAL CHRONICLE
I VOL. 130.
Of course, as already stated, unemployment during the warm month&
The bureau is to furnish and publish information as to opportunities for
employment by maintaining a system for clearing labor between States, does not bear so harshly upon those out of work as during severe weather.
by establishing and maintaining uniform standards, policies and procedure, There is less suffering from insufficient clothing and from lack of food.
Moreover, many workers who during the Winter tend to concentrateand by aiding in the transportation of workers to points for obtaining
employment. An appropriation of $4,000,000 per year beginning June 30 in the larger cities are enabled to go to the country and seek employment
1930 and continuing until June 30 1934 is authorized, 75% of which is to at various kinds of outdoor occupations.
go to the States on a population basis. Reports from each State agency will
FRANKLIN D. ROOSEVELT.
April 30, 1930.
be required.
A further provision is that the director general shall establish a Federal
advisory council composed of an equal number of employers and employes
to formulate policies and discuss problems relating to unemployment. Proposals of Governor Roosevelt of New York State
He shall require organization of similar councils in the various States.
To Further Employment.
Nation-wide Employment Service is Purpose.
"The purpose of this bill," Senator Wagner said,in opening the discussion,
"Is simply to provide an adequate free employment service, nation-wide in
scope. The bill provides for Federal aid and co-operation in States which
already have such an agency established."
The New York Senator continued by pointing out there is nothing compulsory in the terms of the act. "Whether or not the States accept the
benefits of the act is entirely within the discretion of the State," he said.
The $4,000,000 authorized by the bill to be appropriated, he said, will be
apportioned among the States according to population, each amount to be
met by an equal amount from the State,just as in other forms of Federal aid.
Twenty-three States already have State directed agencies, Senator Wagner
said, and representatives of most of these State organizations have given
their approval to this legislation.
"The bill aims to afford a free channel of labor between States, which
formerly has been impossible, due to lack of information as to the economic
conditions in various sections," he said.
Senator Wagner pointed out that as chairman of the unemployment conference of 1921, President Hoover recommended the enactment of such
legislation.
"This is a Federal aid proposition, and I do not believe the country wants
more Federal aid propositions," declared Senator Bingham (Rep.), of
Connecticut. "Resolutions have been passed throughout the country
against Federal aid propositions."
The Connecticut Senator asserted there is a tendency to bring the central
Government in to help in financing work that the States ought to do themselves. He stated there are 26 States which do not have State employment
agencies, which "think it unnecessary and that they ought not to expend the
money for it.
"This may bring a certain amount of alleviation in the present situation.
but it Is the wrong way to go about it," Mr. Bingham continued. "It is
an attack on the self-respect of local communities." He said setting up of
such agancies should be left to the State.
At the request of the Connecticut Senator there was read from the desk
a brief of the National Association of Manufacturers against the provisions
of the bill.
Under this bill, a State must design its employment agencies along lines
directed at Washington, Senator Bingham said. "If it wants to conduct
Its agency in its own way,it must do so without Federal aid. If a State has
an agency, the Department of Labor may set up another." Unprecedented
authority is conferred on a departmental official in the expenditure of funds,
the Senator contended.
The most that can be hoped for from this bill is the broadcasting of in..
formation, he continued. That can be brought about without an expendL
ture of $4,000.000 and without encroaching on the States rights, he said.
The other two Wagner bills on which earlier action was
taken by the U. S. Senate passed that body April 28.
Governor Roosevelt in Message to Secretary of Commerce Lamont on Unemployment Conditions in
New York.
The statement that "there is now more than usual unemployment in New York State," was contained in a message,
sent by wire to Secretary of Commerce Lamont at Washington by Gov. Franklin D. Roosevelt of New York. The message, which was in response to one from Secretary Lamont,
was made public May 3 at Albany, as follows.
R. P. Lamont,
Secretary of Commerce, Dept. of Commerce, Washington, D. C.
The questions relative to the economic situation in New York State
contained in your telegram cannot adequately be answered on the basis
of present information. The well-known lack of correct statistical information as to unemployment, both in New York State and in the United States
as a whole renders impossible any authoritative statement.
Numerous requests have been made to the Department of Labor in New
York State during the recent months as to an estimate of the number of
unemployed workers, to all of which reply has been made that the information at hand was so defective as to render dangerous any such statement.
We would not know the possible margin of error in any such estimate,
nor would we know whether such margin of error was in the direction of
too great or too low an estimate. It has been my feeling that in the absence
of some genuine basis figures as to the amount of distribution of unemployment were not only useless, but positively harmful.
Taking up your questions in order, it is safe to say that there is now
more than usual unemployment in New York State, and such indications as
we have are to the effect that such unemployment has increased rather
than decreased since the middle of January.
During May there doubtless will be a decrease in the actual want and
seasonal
suffering occasioned by lack of employment because of normal
changes.
years had an index of factory
The Department of Labor has for 15
employes
employment based upon monthly reports as to the number of
on the payroll.
index indicates that factory employIn 13 out of the last 15 years, this
with April.
ment declined in the month of May, as contrasted
fact that we have now a serious amount
This fact, coupled with the other
that unemployment will increase
of unemployment, leads to the conviction
preliminary tabulations of factory emin May rather than decline. Our
decrease as compared
ployment In the month of April indicates a further
Marly this month, before leaving for Georgia, where he
has been enjoying a vacation, Gov. Franklin D. Roosevelt
of New York forwarded to the mayors of the various cities
in the State, and Chairman of Boards of County Supervisors a letter offering five suggestions for coping with
the unemployment situation. Governor Roosevelt stated
that "public officials everywhere should make plans now
so that the outlook for the winter and autumn of 1930-31
will be less distressing." The Governor's letter, made
public at Albany May 4 said.
A recent inquiry made by me of public officials and chambers of commerce all over New York State, conferences with responsible labor leaders
and conferences and correspondence between the Industrial Commissioner
and experienced industrialists of this State reveal the fact that we have not
Yet turned the corner toward greater employment in industrial activity in
the State of New York.
We are suffering from unemployment because of three causes: first.
seasonal fluctuations which have become chronic in some industries; second,
technology unemployment or displacement due to the amount of laborsaving machinery and methods and, third, depression due to business
cycle which Is an economical phenomenon occurring with some irregularity
throughout the nation as well as in this State.
There is, of course, likely to be some easing of the unemployment situation with the coming of Spring and the opening ofsome construction activity
and the development of agriculture. This will not be sufficient to restore
the normal employment necessary for stable business.
Public officials everywhere should make plans now so that the outlook
for the Winter and Autumn of 1930-31 will be less distressing. Concerted
action of all elements will do much to remedy existing unemployment and
prevent further depression. Action should be taken in full knowledge of
the facts, but without hysteria or exaggeration,
In some of the cities of this and other Statessuccessful enterprises for relief
of emergencies have been instituted and I recommend to Mayors, Boards
of Supervisors, public officials in every county of this State immediate
adoption of the following program, which is based on the best experience
of American communities in dealing with this unfortunate situation:
1. The collection locally by responsible agents of complete local figures
on the number of unemployed in each city and town; the Department of
Labor is prepared to suggest forms and methods for such an enumeration.
2. The co-operative organization and supervision of public and private
philanthropic activities for the giving of such unemployment relief as is
locally needed under joint control.
3. The active stimulation of small job campaigns in every city and town
In the State of New York, so that the medium of employment can be
furnished locally.
4. The establishment of local employment clearing houses under public
auspices in every city and town integrated with the State public employment services, where possible.
5. The development and opening up of local public works immediately.
Road building, sanitation systems, water works, building and building
repair are many instances in the control of local officials, and the boards
of supervisors should make every effort to begin work on these items
Promptly.
In addition, let the local chambers of commerce appoint committees
and plan concretely local means for stimulating trade and industry at the
same time discussing ways and means for thefuture stabilization ofindustry
in the local communities. Chambers of commerce must recognize that
the prosperity of each town in this State is dependent upon having all of
the people in its town at work steadily and so be able with their purchases
to keep trade alive.
Any assistance in planning the developing of your programs locally
will be given gladly by the appropriate State departments.
Outlook for National Buying Power as Viewed by
Silberling Research Corp.
Under date of May.17 the Silberling Research Corp., Ltd.,
of San Francisco discusses as follows the outlook for national
buying power:
Indications.
While many of our regional indexes of business activity and the intensity of buying power showed small gains in April and our general national
index advanced from 92 to 93% of normal, the probability is that these
wero gains due to temporary factors and irregularities in seasonal tendency.
such as the late Easter. and that the May and June figures will still show
severely depressed conditions.
It now appears likely that a tendency toward recovery will begin somewhat earlier in the southern and western areas, which have reached a
level more fully compensating the elevated position shown by our indexes
in 1929 than have the industrial sections. In New England, which among
the manufacturing sections has thus far shown a very extensive decline.
followed by a slight upturn, there may be continuation of a low level for
several months because conditions in many of the local manufacturing
industries are not yet thoroughly balanced. In District 9 (Northwest
Region) on the other hand, there is an exception to most of the western
districts in the fact that as yet a very incomplete recession has occurred
and further irregular declines during the balance of the year will probably
develop.
One of the most striking characteristics of the prevailing depression in
business and buying power is its broad scope. Practically no section has
with that for March.
declined steadily since October, escaped it and the only essential difference between one area and another
The index of factory employment has
series was begun in June has been in the time at which the downward movement developed, and
1929, and is now at the lowest point since the
the level now reached.
1914.
In preparing our statistical measures of regional conditions we have made
employment will
We see no reason to predict that the index of factory
an attempt to avoid or at least minimize the use of check transactionsin
rise daring the month of May.
MAY 24 1930.]
FINANCIAL CHRONICLE
areas where organized exchanges and purely speculative activity are found
to affect such figures to a marked extent. Instead we have made use of
such data of physical activity as employment, freight traffic, and in some
instances electric power production. For sections which are primarily
agricultural we have found check transactions (either clearings or debits
or both) reasonably reliable. Practically all indexes contain more than
one element. In the course of this work it is frequently necessary to make
minor revisions to incorporate data received late or to improve the allowance for average seasonal change. These revisions rarely change the
direction of the broad sweep of the cyclical movements which it is the
purpose of the charts to convey.
Many national distributors are finding it of great advantage to study
their own sales by areas roughly corresponding to those of the Federal
Reserve districts, since these permit significant measurements to be made
of the external factors influencing most lines of business and the future
direction of buying power can be more accurately gauged than in areas
confined to individual cities or counties particularly those of small size.
The districts are good units for broad sales budget planning.
National
Association Reports
Decline in Commodity Prices.
Fertilizer
Continued
Commodity prices declined five-tenths of 1% during the
week ended May 17, according to the wholesale price
index of the National Fertilizer Association, which, under
date of May 19, says:
The total decline during the past two weeks has amounted to nine-tenths
of 1%,and the index is now 1.1% below the low point of March 15.
Nine groups declined and only one showed a slight advance. Of the
total items 37 declined and 16 advanced. The larger declines occurred in
fats; grains, feeds and livestock; fertilizer materials; textiles; miscellaneous
commotles; certain foods, and fuel.
Based on 1926-28 as 100 and on 476 quotations, the index stood at 90.1
for the week ended May 17, 90.6 for May 10, and 91.0 for May 3.
The "Annalist" Weekly Index of Wholesale Commonay Prices.
The "Annalist" Weekly Index of Wholesale Commodity
Prices stands at 132.1, a decline of 0.3 point from last week
(132.4 revised), and compares with 143.5, the index on the
corresponding date last year. The "Annalist" adds:
Two groups, the farm and food products, have advanced; the remaining
six groups show declines.
In the farm products group the rise of the index is due to a sharp advance
In heavy steers, amounting to 54 cents a hundredweight. Eight commodities
in this group show declines and six are unchanged. The rise of the food
products index is small, only 0.1 point, and is the consequence of a mixed
movement in prices, all changes being minor and showing no decided trend.
The textile index Is lower because of declines in cotton goods. Sharp
declines in crude petroleum and anthracite coal have made for a steep
decline in the fuel index: further declines in finished steel and in lead and
tin have again lowered the metal index. Building materials are lower
because of lower structural steel prices, and reductions in wood pulp paper
price and in rubber have reduced the miscellaneous group.
On the whole, there appears little to justify the hope that the index has
reached bottom, and there certainly has appeared no indication that a
reversal is imminent. In the important commodities, such as wheat and
cotton, excessive stocks preclude hope of any immediate price reversal,
unless a spectacular crop failure should change the statistical position.
The textiles are giving no indication that the industry is emerging from
the demoralized conditions of the last few months. Although some of
the larger mills are bravely holding to their accumulated stocks and are
not reducing prices, consuming establishments which some months earlier
had bought cotton goods on future delivery are now reselling at lower
prices rather than take up their options and manufacture for the present
market. The statistical position of silk, hides, anthracite, finished steel,
paper and rubber all point to continued low price levels.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100.)
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
volume of plans hastily filed in New York City in anticipation of the multiple dwellings legislation pending at
Albany. Excluding New York City, April 1930 had a loss
of 39% from April 1929. The Straus report adds:
The Straus Index.
For the first time since October 1929 the Straus index of building permits,
after allowance has been made for seasonal and trend factors, shows an
upward tendency toward normal.
The Straus index of building permits, unadjusted for the above factors,
was 63.3 for April as compared with 58.6 for March and 40.0 for February.
It is important to note here that the April 1930 index is only 29.9% below
normal, when seasonal and trend factors are considered, whereas the
March 1930 index was 42.6% below normal. This increase is not entirely
due to the fact that the April seasonal factor is lower than that of March,
and therefore points to a decided improvement in the building outlook.
The Twenty-five Leading Cities.
The 25 cities reporting the largest volume of building permits for April
showed a collective gain of 25% over March. The loss from April 1929
was 68%, but again the abnormal conditions in New York City must be
taken into consideration. Excluding New York City, the loss amounted
to 29%•
Eighteen of the 25 cities showed gains over March, Los Angeles, Cincinnati, Detroit, Seattle, Boston, San Francisco and Pittsburgh being the
only ones to fall behind. Twelve of the cities gained over April 1929,
namely, Philadelphia, Baltimore, Cincinnati, Washington. Ponca City,
Okla., Jersey City, Memphis, Kansas City, Mo., Schenectady, Newark,
Sioux City and Albany.
Philadelphia ranked second in volume to New York City, followed by
Los Angeles, Chicago, Baltimore, Cincinnati, Washington, Detroit,
Houston and Ponca City, Okla., in that order. The high rank of Ponca
City, tenth in the country, is attributable to the fact that the Empire
Refining Co. planned a $2,800,000 addition to its plant during April.
Twelve of the cities-Philadelphia. Baltimore, Cincinnati, Washington,
Houston. Ponca City, Jersey, Memphis, Kansas City, Mo., Schenectady,
Oklahoma and Sioux City-showed gains over April 1928.
Building Materials.
Building material prices showed no important changes in April over
the month preceding.
Portland cement prices remained unchanged. Common brick prices
decreased 50c. per thousand in Dallas, whereas paving brick increased
50c. in the same market.
The most important factor affecting the building materials market is
the revisions of freight rates to become effective on May 20 1930 on finished
steel products in the Pittsburgh district. These revisions affect nine cities.
In eight of these cities the revisions are downward, Boston being the only
city where an increase will be made.
The Labor Situation.
The employment situation in the building trades as reflected by the
reports of the American Federation of Labor again shows a slight improvement over the preceding month. This organization reports 40% of its
850,000 building members unemployed in the month of April as compared
with 41% in March and 43% in February. Whatever improvement in
the employment situation has been apparent so far this year has been
largely due to an increase In engineering construction. As the Straus
Index of building permits does not include this type of construction, a
further improvement is to be looked for, on the basis of the rise in this
index shown for April.
TWENTY-FIVE CITIES REPORTING LARGEST VOLUME OF PERMITS
FOR APRIL 1930, WITH COMPARISONS.
April 1928. Mar. 1930.
Apr12 1929.
April 1930.
$81,984,782 $36,942,766
$39,431,448 5259,154,268
New York (P. F.)
6,864,490
9,161,970
7,329,520
10,342,475
Philadelphia
7,045,931
8,711,040
9,843,782
7,026,973
Los Angels
4,597,800
29,345,300
25,049,500
6,490,300
Chicago
2,531,160
2,142,750
4.222,200
5,526,120
Baltimore
6,267,980
3,621,895
3,368,415
4,914,689
Cincinnati
3,083,040
3,035,870
3.513,385
4,778,720
Washington, D. C
5,230,080
10,869,515
11.548,340
4,556.439
Detroit
1,359,488
2,301,189
8,455,771
2,829,831
Houston
64,710
73,261
10,625
2,813,739
Ponca City, Okla
367,660
1,116,770
1,507,635
2,718,041
Jersey City
809,000
1,226,953
959,215
2,677,650
Memphis
1,168.231
5,204,577
4,054,841
2,577,845
St. Louis
1,276,225
801,800
1,048,450
2,562,250
Kansas City.!do
2,297.762
3,920,252
4,514,554
2,552,620
May 20 1930 May 13 1930. May 21 1929. Milwaukee
134,500
301,070
252,925
2,500,990
Schenectady
2.615,810
3,478,025
4.604,090
2,112,920 •
Seattle
125.8
126.1
137.9
1,005,240
2,522,974
1.564,855
1,974,755
Newark
135.7
135.8
144.6
1,740,740
1.537,755
2,235,300
1,848,213
Oklahoma City
126.1
148.9
126.0
2.780,766
5,784,349
4,202,408
1,672,627
Boston (P. F.)
156.9
161.1
155.0
111,025
124.345
320,025
1,396,905
Sioux City, la
114.0
113.5
128.3
3,502,312
3,701,861
2,816,146
1,356,653
San Francisco
149.3
148.8
153.6
1,783.623
6,206,833
1,820,860
1,330,201
Pittsburgh
130.4
130.0
135.2
247.403
1,965,214
793,844
1,271.230
Albany
115.6
131.5
112.7
824,655
1,469,790
6,938,540
1,247,495
Minneapolis
132.4
143x
132.1
$118,511,129 6370,129,494 5190.630.140 $94,652,397
(P. F.) Indicates plans tiled.
Building and Construction Activities in Leading Cities
During April.
Building and construction activities in the United States,
which began to show a definite improvement in March, are
continuing their upward movement, according to official
building permit reports received by S. W. Straus & Co.,
but nevertheless run far behind the same period in 1929
and also below 1928. During the month of April permits
issued in 584 leading cities and towns throughout the country
amounted to $210,411,881, a gain of 12% over March,
when the total was $188,452,117. March in turn had gained
46% over February. The April figures are considered particularly significant in view of the fact that the normal trend
in building permits between the months of March and April
is slightly downward. The gain registered during the past
month indicates, we are told, that the outlook for increased
building activities from now on is encouraging. Still the
April permits reveal a loss of 61% from April 1929, when
the total was $541,343,313. It should be remembered,
however, that April 1929, like March of that year, was an
abnormal month in building permits due to the excessive
3617
Loading of Railroad Revenue Freight Continues Small.
Loading of revenue freight for the week ended on May 10
totaled 933,931 cars, the Car Service Division of the American
Railway Association announced on May 20. This was a
decrease of 8,968 cars under the preceding week and a
reduction of 115,029 cars below the same week in 1929.
It also was a reduction of 68,480 cars under the same week
in 1928. Details are outlined as follows.
Miscellaneous freight loading for the week of May 10 totaled 367.923
cars, 43,999 cars under the same week in 1929 and 28.718 cars under the
corresponding week in 1928.
Loading of merchandise less-than-carload-lot freight amounted to 249,244
cars, a decrease of 15,036 cars below the corresponding week last year and
11,954 cars below the same week two years ago.
Coal loading amounted to 137.713, a decrease of 15.748 cars below the
same week in 1929 and 22,000 cars below the same week in 1928.
Forest products loading amounted to 53,617 cars, 15,713 cars under
the same week in t929 and 13.557 cars under the corresponding week in 19281
Oro loading amounted to 51,515, a decrease of 20,079 cars below the
same week in 1929, but 13,264 cars above the corresponding week two
years ago.
Coke loading amounted to 12,175 cars, a decrease of 3.013 cars below
the corresponding week last year, but 1,928 cars above the same week
in 1928.
3618
FINANCIAL CHRONICLE
[VOL. 130.
Grain and grain products loading for the week totaled 37,466 cars, an a measure
of commercial loans as usually thought. Our experience indiIncrease of 583 cars above the corresponding week in 1929, but 4,657 cars cates
that there is probably an element of truth in both conclusions.
below the same week in 1928. In the western districts alone, grain and
Trend of "All Other Loans" Average Annual Increase of
grain products loading amounted to 24,352, an increase of 239 cars over
3.1%•
the same week in 1929.
"All other loans" increased, on the average. 3.15% each year during the
Livestock loading totaled 24,275 cars, 2,024 cars under the same week period 1923-29. This was more rapid than the 2.4% increase production.
in
In 1929 and 2,786 cars under the corresponding week in 1928. In the And the discrepancy may lie in the fact that
"all other loans" probably
western districts alone live-stock loading amounted to 19,487 cars, a Include unsecured speculative loans and short time credits not strictly
decrease of 1,725
commercial.
cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
Seasonally, the commercial demand for money usually reaches the
compared not only with the same week in
but also with the same highest peak of the year in September and October, and a secondary peak
in the spring.
period in
Loading of revenue freight in
compared with the two Previous
"All Other Loans" Will Not Be Back to Normal Before Autumn.
Fears follows:
"All other loans" became sub-normal in December
and are still
1930.
1928.
1929.
below the trend line. The figure for April
Four weeks in January
was down
from
3,349,424
3,448,895 the peak of
3,571,455
last October, which, incidentally, was the high point for the
Four weeks In February
3,505,962
3,590,742 entire period
3
.766,136
Five weeks in March
4,414,625
4,752,559
4,815,937
A seasonal pickup in commercial demand for money is ordinarily not
Four weeks in April
3
3,740,307 to be
.989,142
,619,293
3
expected until the latter part of July. So unless business activity
Week ended May 3
942,899
978,053 increases
1,051,935
more rapidly than we are assuming, "all other loans" will not
Week ended May 10
1,002,411 be back
933,931
1,048,960
to normal before autumn.
Total
16,766,134
17,512,967 Increase in "All Other Loans" During Next Five Years Probably Will Not
18,243,565
Exceed
Trend.
By
our forecast
The Department of Commerce's Weekly Statement of years reason of continuation that the industrial trend during the next five
will be a
of the trend of the past seven years, we feel
that the trend of "all other loans and discounts" should continue
Business Conditions in the United States.
upward.
Expanding business
According to the weekly statement of the Department of should continue to will require increased credit, even if commodity prices
decline Business may use bank credit in smaller
Commerce for the week ended May 17, business as measured volume than formerly, relying more on money from profits or from the
by the volume of check payments was lower than the week sale of securities, but the probabilities are that commercial loans will
expand somewhat as business grows.
ended May 10, and less than that for the same week in
To the extent that speculative or other non-commercial credit
may
1929. Operations in steel plants during the latest reported enter into "all other loans," the problem of forecasting is complicated.
But
week were slightly less than the activity for the preceding aide to reach a definite conclusion, we feel that it is better to err on the
of conservatism and say that the trend of "all other loans" during
week and below the level of the corresponding week in 1929.
the next five years will not exceed the rate of increase during
Wholesale prices, again showing a decline, were off slightly Secured Loans Increased Five Times as Fast as "All Other Loans" and Three
Times as Fast as Deposits.
from what they were a week ago, and were more than 7%
Loans on securities by reporting member banks, Chart X, have
below the week of May 18 1929. The composite iron and no regular seasonal fluctuation throughout the past seven years. shown
Neither
steel price registered a slight decline from the previous week did they show close correspondence with the sub-normal periods of production. But they have made a serious business of expanding-at the
and was more than 8% lower than a year ago.
average annual rate of
Bank loans and discounts, while showing a slight change
This increase was more than five times as fast as the rate of increase of
from a week ago, were more than 3% below the same period "all other loans" and almost three times as fast as the average annual
increases in
a year ago. Prices for stocks showed a gain over the pre- required as deposits. And no further statistical demonstration should be
to the process which commercial bankers have been forced to
ceding week and were 8% below the same week of 1929.
recognize, namely, that business is getting its money more from profits
and the sale of securities and less on the old
to -day basis.
WEEKLY BUSINESS INDICATORS.
Bankers must accept the fact that it was "normal" during the past
(Weeks Ended Saturday. Average 1923-25=100.)
seven years, for secured loans to increase
a year while the increase
in "all other loans," chiefly commercial, was only
And an up1930.
ward trend of secured loans will doubtless continue. The American pioneer1929.
ing spirit has turned again, after a "trust busting" era, to ownership in
May May May Apr. May May May Apr.
business.
17. 10. 3. 26. 18. 11. 4. 27.
Secured Loans Are Already Above Normal.
Steel operations
100.0 101.3 102.6 126.3 128.9 127.6 132.9
The peak of secured loans for the period
came in November of
Bituminous coal production
85.1 85.5 84.0 91.8 *95.1 *91.3 *94.8
The recession to the February
low was
Petroleum produc'n(daily average) ........ 124.6 124.6 124.3 126.9 126.0 126.3 127.3
But the February
Freight car loadings
98.0 98.3 94.6 109.1 .109.4 109.5 109.7 average was higher than any prior to July
and the monthly average
a Lumber production
105.2 106.7 107.0 ____ 121.6 122.1 120.8 of secured loans in April set a new high record for all time.
Building contracts. 37 States
(daily average)
May Not Be Quite so Rapid an
117.2 131.0 121.7 131.7 125.8 122.9 141.2 Trend of Secured Loans During
Wheat receipts
38.4 47.0 51.3 51.3 50.8 48.3 46.1
Increase as During
Cotton receipts
49.6 32.3 36.9 36.2 27.7 33.5 34.6 50.0
The trend of secured loans during the next five years will continue to
Cattle receipts
71.8 78.2 74.7 76.3 79.7 88.6 86.4 be a rate
of increase larger than that for commercial loans. This rate
Hog receipts
78.0 74.7 73.5 76.1 70.9 85.7 82.4
Price No. 2 wheat
74.4 75.2 76.0 79.8 80.6 82.9 82.9 may not quite equal the secured loan trend during
but the forces
Price cotton middling
61.0 81.0 59.9 72.4 72.1 72.8 72.8 that brought about a seven-year average increase in loans on securities
Price iron and steel, compordte
81.7 82.0 82.8 83.1 89.7 89.5 89.5 89.5 amounting to
deep seated to be more than checked
a year are too
Copper, electrolytic, price
89.9 94.9 100.0 129.0 129.0 129.0 129.0
Fisher's index (1926=100)
88.7 89.0 89.7 90.2 95.9 98.7 96.7 96.7 by a stock market crash.
Check payments
120.4 136.3 120.4 116.1 134.2 136.0 136.0 125.6
Bank loans and discounts
134.5 134.8 135.7 135.7 130.4 130.1 131.6 131.1
Interest rates, call money
72.7 76.6 92.1 97.0 218.2 290.9 269.7 200.0 Union Guardian Trust Co. of Detroit Believes Low
Business failures
127.0 129.0 116.0 134.4 116.7 105.2 103,4 110.3
Stock prices
Point of Business Recession Is Past
234.9 228.6 233.0 244.5 256.4 257.6 257.2 253.2
-Michigan
Bond prices
106.3 106.1 106.0 105.9 105.3 105.7 106.0 106.2
Conditions.
Interest rates. time money
89.1 91.4 97.1 100.0 205.7 202.9 197.1 194.3
Federal Reserve ratio
107.9 107.1 106.4 105.5 96.9 95.9 94.6 95.9
Clear signs of a definite upturn in Michigan as well as
9 Detroit employment
• Revised. a Relative to weekly average 1927-1929ibr week shown. 0 Data nation wide business are still lacking. Information at hand,
available semi-monthly only.
however,
1929,
1928.
1930
1930
1929,
10.6%
1923-29.
1923-29
19'3-29.
16.5%•
60 90
16.5%
3.15%.
...... -_-_
1929.
1930
1930-34
1923-29
7%.
1929,
1923-29.
1923-29,
16%
....... ____
indicates that the low point of the current recession is behind us, and this applies especially to industrial
Continental Illinois Bank & Trust Company of Illinois production, according to Ralph E.
Badger, Vice-President,
on Trend of Business
-Course of Secured Loans.
and Carl F. Behrens, Economist, of the Union Guardian
According to the Continental Illinois Bank & Trust Co. Trust Company, Detroit. In part, under
date of May 17
of Chicago, "the trend of secured loans during the next five they state:
years will continue to be at a rate of increase larger than
A period of extremely easy credit seems certain
during the next several
that for commercial loans." Discussing secured loans, the months, for gold holdings are the highest they have been in two years.
The volume of Federal Reserve credit
outstanding is, with the exception
bank under date of May 19 says (the charts referred to are of the
early months of 1924, the lowest since the war (1917) and the
omitted):
reserve ratio at 83.0% is very nearly as high as
it has been at any time
since the establishment of the Federal Reserve
System. Abundance of
credit is expected to provide the stimulus
necessary to overcome the present
hesitancy in business throughout Europe and America.
In addition, the inevitable seasonal expansion
that takes place during
the spring will undoubtedly provide relief
from some of the depressing
influences recently in evidence. Agricultural work
has already absorbed a
large number of unemployed, especially those in
the smaller cities of the
middle western states. Extensive building
operations together with high"All Other Loans" Do Not Indicate Periods of Business Recession as Might way construction and repair programs in various parts of the country
should provide employment for increasing
Be Assumed.
numbers as the season advances.
Seasonal recovery in these several lines in
The best yardstick to measure the volume of commercial bank loans is
Michigan appears to parallel
that for the country as a whole.
the item "all other loans and discounts" of reporting member banks.
Certain unpleasant situations, however,
are generally assumed to be made in response to
And commercial loans
still exist. In the first place,
business needs. It is surprising, therefore, to find that Chart IX,showing commodity prices have shown further weakness. The Fisher Index of Commodity Prices for the week ended
May 9 stood at 89.0 (average 1926-100).
both the fluctuations and the trend of "all other loans," does not indicate
Crude rubber, silk, and coffee are now
and
more clearly the business recessions of
at the lowest prices in their
To be sure, this chart is not corrected for seasonal variation, but if it history; steel, tin, zinc, and cement have not been lower since the war;
fluctuations above and below the trend line would be even smaller May wheat at $1.00 is the lowest it has been since 1924.
were, the
Secondly, railroads are reporting earnings
and
and would not indicate a marked sag in
which compare rather badly
Accordingly, two conclusions are suggested: Either periods of business with those published a year ago. In March, the net railway operating
recession do not bring about the reduction in commercial loans that is income of 173 class I railways was off nearly 40% from net for the same
often assumed, or "all other loans" of member banks are not as accurate month in 1929, and was 35% less than that reported
in March 1928. CarLoans on securities by commercial banks, during the past seven years,
outran commercial loans more than to 1 and outdistanced deposits almost
to 1. If this trend continues, it will involve changes in loaning technique,
In bank policies and management, perhaps in the very structure of the
American banking system
Accordingly, it may not be amiss to ermine with some care the course
of bank loans and deposits in this, the fourth, number of a series of special
studies on business trends.
3
5
1924
1924
1927.
1927.
MAY 24 1930.]
FINANCIAL CHRONICLE
3619
loadings, however, have averaged only about 7% below 1929 and less 100.0, stands at 90.7 for April compared with 90.8 for
than 5% below loadings in 1928.
March, a decrease of only 1-10 of 1%. Compared with
Lastly, the stock market has suffered a rather severe set-back reflecting,
April 1929, with an index number of 96.8, a decrease of
partially at least, unfavorable first quarter earnings reports.
*
*
•
nearly 6 1-3% is shown. Based on these figures the purSouthwestern Michigan business shows definite improvement. In 7 out
chasing power of the 1926 dollar was $1.033 in April 1929
of 17 cities of this part of the state employment is reported as normal.
8 cities indicate increasing employment, and only 2 evidence a decline. and $1.103 in April 1930. The Bureau on May 19 further
In Grand Rapids the smaller demand for furniture and automobile bodies reports as follows:
still exercises a depressing influence on business. Electric refrigerator
Farm products as a group increased over 1% in average prices from
plants, however, are operating at capacity, and outdoor enterprises under- March to April, due to advances in corn, cotton, oranges, lemons, hay,
contributing to improvement. Productive activity in Muskegon onions and potatos. April prices were, however, 8 2-3% below those
way are
has also improved in the last month. Cereal manufacturers in Battle of April 1929.
Foods averaged , of 1% above the March level, with increases for butter
8
4
Creek continue to operate at rates of production exceeding those of 1929.
Their raw material costs this year have been substantially lower than and most corn products. The level for April was, however, over 3% lower
costa a year ago so that profits probably have been improved thereby. The than that for the corresponding month of last year. Fuel and lighting
seasonal expansion of other industries should provide for the maintenance materials also averaged higher than in the month before, due mainly to
of general business in Battle Creek at or above the levels which have appreciable increases for petroleum products.
Hides and leather products were somewhat lower than in March, with
existed throughout the winter months. In Kalamazoo the paper industry
is enjoying materially better conditions than during the winter months decreases shown for most kinds of leather. Textile products also were
and improvement continues, according to recent reports from that city. noticeably lower, due to declines in raw silk and certain woolen and worsted
Increased demand for agricultural implements is also favorable for this goods.
Metals and metal products decreased 114%, with slight declines in iron
city. Employment conditions in general are better than they were a
month ago. Building under way at the moment includes a large college and steel and larger declines in nonferrous metals. Building materials,
chemicals and drugs, and housefurnishing goods likewise all averaged lower
structure, an office building and a number of small improvements.
Northern Michigan's tourist trade has grown to be a very important than in the preceding month, while cattle feed in the group designated as
source of revenue in recent years. Reports from this part of the state miscellaneous caused that group to advance slightly.
An increase is shown for the group of raw materials, while serni-manufaoshow much improvement in business in the last month due to the preliminary preparations now being made to take care of this summer's influx tured articles weakened slightly and finished products showed a decrease
of almost 3%.
of vacationers. Another factor which has contributed to improved busiOf the 550 commodities or price series for which comparable Information
ness in the northern area has been the completion of the spring movement for March and April
was collected, increases were shown in 103 instances
of potatoes to market which, of course, brings purchasing power into the and decreases in 171 instances. In 276 instances
no change in price was
communities from which the potatoes are shipped.
reported.
Industrial operations in the Upper Peninsula are reported as normal in
Comparing prices in April with those of a year ago, as measured by
11 cities. At Newberry conditions are below normal because of the changes in the index numbers, it is seen that decreases have taken place
shutting down of one of its principal plants, charcoal iron company. At In all groups of commodities, such decreases ranging from 3i of
1% in the
Iron Mountain, on the other hand, where wool-working is the chief in- case of housefurnishing goods to 1034% in the case of textile products.
dustry, operations are being conducted at rates above normal and laborers INDEX NUMBERS OP WHOLESALE PRICES
BY GROUPS AND SUBare employed over-time. In the copper mining area in the Keweenaw
GROUPS OP COMMODITIES (192100.0).
Peninsula mining operations are still conducted at normal rates but the
drop in copper prices is expected to cause some slowing up in the near
Purchasing
future.
April
March
Power of
April
Groups and Sub-Groups.
1929.
the Dollar
1930.
1930.
April 1930.
Gas Sales Slower in First Quarter, According to
All commodities
96.8
90.8
90.7
51.103
American Gas Association.
Farm products
104.9
94.7
95.8
1.044
Grains
94.3
83.5
1.189
84.1
Reports from companies representing nearly 90% of the
Livestock and poultry
114.7
99.6
1.032
96.9
manufactured gas industry indicate that sales for the first
Other farm products
101.8
95.2
1.010
99.0
97.7
93.9
1.057
94.6
quarter of 1930 aggregated 97,233,000,000 cubic feet or an Foods cheese, and milk
Butter,
106.1
98.5
1.007
99.3
Meats.
111.5
104.2
103.2
.969
increase of 2.3% from the corresponding period of the preOther foods
86.0
86.2
87.7
1.140
107.9
103.2
102.7
.974
ceding year, according to Paul Ryan, Chief Statistician of Rides and leather products
Hides and skins
108.2
95.8
95.8
1.044
Leather
111.3
107.4
105.3
the American Gas Association. This it is noted is consider.950
Boots and shoes
106.6
103.8
103.8
.963
ably less than the usual year to year increase experienced
Other leather products
105.0
105.8
105.3
.950
Textile products
95.5
86.5
85.5
1.170
by the manufactured gas part of the industry. The AssociaCotton goods
100.2
91.9
91.4
1.094
Silk and rayon
82.4
73.7
72.0
1.389
tion.May 20 also says:
Woolen and worsted goods100.3
91.0
1.116
89.6
Other textile product*
85.3
70.6
A group of the larger natural gas companies, representing approximately
72.3
1.383
80.6
77.4
77.9
1.284
60% of the public utility distribution of natural gas, report sales of Fuel and lighting materials
Anthracite coal
88.1
91.2
1.109
90.2
118,355,260,000 cubic feet for the first quarter of 1930, as compared with
Bituminous coal
89.3
89.9
1.131
88.4
Coke
84.7
84.2
84.2
123,779,935,000 cubic feet sold by the same companies in the first three
1.188
Manufactured gas
93.4
94.1
*
months of 1929, a decrease of 4.4% in sales of natural gas.
Petroleum products
71.1
63.7
1:524
65.6
Such data should, however, be viewed in conjunction with the decline Metals and metal products
106.4
100.6
1.012
98.8
Iron and steel
98.2
in general industrial and economic activity during the quarter, the magni94.9
93.8
1.066
Non-ferrous metals
113.1
98.6
1.105
90.5
tude of which may be partially indicated by data on pig iron production,
Agricultural Implements
98.8
95.0
95.0
1.053
which declined 14% from the first quarter of 1929, or the volume of
Automobiles
112.2
106.8
106.8
.936
Other metal products
building contracts awarded, showing a drop of more than 12%, and de98.5
98.4
1.016
98.4
97.9
95.4
1.056
94.7
creases of 10% in bituminous coal production, 7% in freight ear loadings, Building materials
Lumber
95.4
91.6
1.089
91.8
33% in the production of passenger automobiles and a decline of 10% in
Brick
92.4
88.3
1.131
88.4
Cement
bank debits outside of New York City.
94.6
92.7
1.079
92.7
Structural steel
97.0
91.9
91.9
1.088
These factors are reflected in a decrease of more than 5% in
natural
Paint materials
85.2
92.1
91.4
1.094
gas sales for industrial purposes, with corresponding declines in the
Other building materials
106.4
109.6
104.0
.962
same
class of manufactured gas sales, as indicated by a decrease of over
Chemicals and drugs
91.2
94.9
91.0
1.099
11%
Chemicals
100.5
96.8
96.6
for industrial sales in Massachusetts, with industrial sales for New
1.035
EngDrugs and pharmaceuticals_
70.7
68.3
68.0
1.471
land as a whole showing a drop of nearly 6%. In Indiana industrial
Fertilizer materials
94.6
88.2
88.1
1.135
were down nearly 3%, in Michigan over 5%, and Wisconsin nearly sales
Mixed fertilizers
96.2
94.8
94_4
1.1159
1%. Houaefurnishing goods
96.7
96.5
96.2
Illinois was one of the few states to register a gain in industrial
1.040
sales of
Furniture
95.0
96.6
1.055
96.6
manufactured gas for the quarter, the increase amounting to 4.4%
Furnishings
97.8
96.3
95.8
1.044
over
the same period of 1929.
Miscellaneous
79.2
78.2
1.274
78.5
Cattle feed
The decline of some 4% in sales of natural gas for domestic
108.9
103.8
117.1
.854
purposes
Paper and Pull)
87.8
87.0
86.0
1.163
may be attributed in large part to the unusually mild weather
Rubber
4.00
31.6
30.9
prevalent
3.236
throughout most sections of the country during the first quarter of
Automobile tires
55.8
55.2
54.7
1.828
Other miscellaneous
108.6
as an appreciable proportion of the domestic consumption of natural 1930,
103.8
108.3
.923
gas is Raw materials
97.0
89.3
89.8
1.114
devoted to househeating purposes, and is therefore greatly
97.4
affected by Semi-manufactured articles....
90.6
87.9
1.138
climatic and weather conditions.
Finished products
96.9
92.0
91.9
1.088
Non-agricultural commodities-.
The steady and persistent growth in number of customers
94.7
89.8
89.4
1.119
continued during this period however, those served by the manufactured gas
•Data not yet available.
companies
aggregating 8,863,507 at the close of the current quarter, a gain
of 2.2%
while customers served by the natural gas companies totalled
3,485,294, Slight Increase in Retail Food
an increase of 2.5% from March 31st of the preceding year.
Prices from March 16..
The tendency to provide for manufactured gas requirements by
April 15.
pur.
chased gas continued during the first quarter of the current year,
the total
Retail food prices in the United States, as reported to the
manufactured gas produced showing a decline of 3% for this
period. This
was the result in large part of a decrease of nearly 6% in water
Bureau of Labor Statistics of the United States Department
gas production, of 1.6% in coal gas production and a 2% decline in oil
of Labor, showed an increase of slightly more than 4 of 1%
3
duction. Coke Oven gas produced by the utilities themselves gas proincreased on April 15 1930 when compared with March 15 1930, and
5.3% during the quarter, while coke oven gas purchased from
by-product coke companies and concerns affiliated with the iron merchant a decrease of slightly less than 1-3 of 1% since April 15 1929.
and steel
Industry, registered a gain of 17%.
The Bureau's weighted index numbers, with average prices
in 1913 as 100.0, were 151.6 for April 15 1929, 150.1 for
Wholesale Prices in April Slightly Lower than in March 15 1930 and 151.2 for April 15 1930. Under date of
March.
May 19 the Bureau continues:
During the month from March 15 1930 to April 15 1930 7 articles on
A check to the recent downward movement of wholesale
as
which monthly prices
Oranges,
prices is shown for April by information collected in leading cabbage, 15%; onions,were secured increasedporkfollows:and butter,17%;
chops
12%; potatoes, 5%;
3%,
markets of the country by the Bureau of Labor Statistics and round steak less than 5-10 of 1%. Twenty-one articles decreased:
Bananas, 3%;leg of lamb, strictly fresh eggs, flour, navy beans, pork and
of the United States Department of Labor. The Bureau's
beans, and sugar, 2%; plate
weighted index number, based on average prices in 1926 as 1%,and sirloin steak, sliced beef, cheese, lard, coffee, prunes and raisins,
bacon, sliced ham, bens, canned red salmon,
3620
FINANCIAL CHRONICLE
oleomargarine, vegetable lard substitute, and tea less than 5-10 Of 1%•
The following 14 articles showed no change in the month: Rib roast, chuck
roast,fresh milk, evaporated milk, bread, cornmeal, rolled oats, cornflakes,
wheat cereal, macaroni,rice,Canned corn,canned peas and canned tomatoes.
Changes in Retail Prices of Food by Cities.
During the month from March 15 1930 to April 15 1930 there was an
increase in the average cost of food in 46 cities, as follows: Cleveland,
Detroit, Indianapolis, Los Angeles, Louisville and Salt Lake City, 2%;
Atlanta, Baltimore, Birmingham, Boston, Chicago, Cincinnati, Columbus,
Denver, Kansas City, Little Rock, Manchester, Memphis, Milwaukee,
Mobile, Newark, Norfolk, Omaha, Peoria, Philadelphia, Portland, Me.,
Providence, Richmond, Rochester, St. Louis, St. Paul, San Francisco,
Seattle, Springfield, Ill., and Washington, 1%; and Bridgeport, Buffalo,
Butte, Charleston, S. C., Houston, Minneapolis, New York, Pittsburgh,
Portland, Ore., Savannah and Scranton, less than 5-10 of 1%. In three
cities there was a decrease: Dallas and Jacksonville, 1%,and New Orleans,
less than 5-10 of 1%. There was no change in the month in Fall River
and New Haven.
For the year period, April 15 1929 to April 15 1930. 29 cities showed
decreases: Atlanta, 4%; Dallas and Louisville, 3%; Birmingham, Fall
River, Norfolk, Pittsburgh, Portland, Me., and Savannah, 2%; Bridgeport, Charleston, S. C., Detroit, Houston, Jacksonville, Little Rock, Los
Angeles, Memphis. Mobile, New Haven, New Orleans, New York and
Richmond, 1%; and Denver, Minneapolis, Newark, Omaha, Philadelphia,
Rochester and Washington, less than 5-10 of 1%. Twenty-one cities
showed increases: Cincinnati and Columbus, 3%; Butte, Indianapolis,
Kansas City, Milwaukee, Peoria, San Francisco, Seattle and Springfield,
Ill., 2%; Baltimore, Boston, Portland, Ore., Providence, St. Louis and
Salt Lake City, 1%; and Buffalo, Chicago, Cleveland, Manchester and
Scranton, less than 5-10 of 1%. In St. Paul there was no change in
the year.
As compared with the average cost in the year 1913,food on April 15 1930
was64% higher in Chicago,61% in Cincinnati,58% in St. Louis and Scranton, 57% in Richmond and Washington, 56% in Detroit and Milwaukee,
55% in Baltimore and Buffalo, 54% in Birmingham and Charleston, S. C•,
53% in Boston, Minneapolis and New York, 52% in Philadelphia, Providence and San Francisco, 51% in Indianapolis, Kansas City and New
Orleans, 50% in Atlanta, Dallas, New Haven and Pittsburgh, 49% in
Louisville, 48% in Cleveland and Manchester, 47% in Fall River, Omaha
and Seattle, 48% in Little Rock, Memphis and Newark, 40% in Loa
Angeles and Portland, Ore., 38% in Jacksonville,36% in Denver, and 32%
in Salt Lake City. Prices were not obtained in Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portland, Me., Rochester, St.
Paul, Savannah and Springfield, Ill., in 1913, hence no comparison for the
-year period can be given for these cities.
17
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES (1913=100.0).
RutYear and Sirrn Rou'd Rib Ch'k Plate Pork BaMonth. steak, steak, roast. roast. beef. chops con. Ham. Hens Milk. Mr. Clese
100.0 100.0 100.0 100.0 100.0 100.0 100.0100.0 100.0 100.0 100.0 100.0
1913
102.0 105.8 103.0 104.4 104.1 104.6 101.8 101.7 102.2 100.5 94.4 103.6
1914
101.1 103.0 101.4 100.6 100.0 96.4 99.8 97.2 97.5 99.2 93.4 105.0
1915
107.5 109.7 107.4 100.9 106.0 108.3 106.4 109.2 110.7 102.2 103.0 116.7
1916
124.0 129.8 125.5 130.6 129.8 151.7 151.9 142.2 134.5 125.4 127.2 150.4
1917
153.2 165.5 155.1 166.3 170.2 185.7 195.9 178.1 177.0 156.2 150.7 162.4
1918
1219
164.2 174.4 164.1 168.8 166.9 201.4 205.2 198.5 193.0 174.2 177.0 192.8
172.1 177.1 167.7 163.8 151.2 201.4 193.7 206.3 209.9 187.6 183.0 188.2
1920
1921
152.8 154.3 147.0 132.5 118.2 166.2 158.2 181.4 186.4 164.0 135.0 153.9
1922
147.2 144.8 139.4 123:1 105.8 157.1 147.4 181.4 169.0 147.2 125.1 148.9
153.9 150.2 143.4 126.3 106.6 144.8 144.8 169.1 164.3 155.1 144.7 167.0
1923
155.9 151.6 145.5 130.0 109.1 146.7 139.6 168.4 165.7 155.1 135.0 159.7
1924
159.8 155.8 149.5 135.0 114.1 174.3 173.0 195.6 171.8 157.3 143.1 166.1
1925
162.6 159.6 153.0 140.6 120.7 188.1 186.3 213.4 182.2 157.3 138.6 165.6
1926
167.7 166.4 158.1 148.1 127.3 175.2 174.8 204.5 173.2 158.4 145.2 170.1
1927
188.2 188.3 176.8 174.4 157.0 165.7 163.0 196.7 175.6 159.6 147.5 174.2
1928
1929
196.9 199.1 185.4 186.9 172.7 175.7 161.1 204.1188.4 160.7 143 9 171.9
1929190.6 191.0 180.8 181.3 170.2 153.8 159.3200.0 184.0 160.7 150.7 173.8
Jan
Feb-. 188.2 188.8 178.8 179.4 167.8 157.1 158.2 199.6 186.4 160.7 152.7 172.9
March.... 188.6 189.2 179.3 180.0 167.8 167.6 158.9 201.9 190.1 160.7 152.5 172 9
April.. 192.9 194.6 183.8 184.4 170.2 176.7 160.4 203.3 196.2 159.6 145.7 172.4
May.. 198.4 201.3 187.0 190.0 174.4 179.5 160.7 204.8 198.1 159.6 142.3 171.9
June...... 201.6 205.4 189.9 191.9 176.0 179.0 182.2 205.6 193.9 159.6 140.5 171.9
Ju1y.-- 206.7 210.8 192.9 195.6 177.7 188.1 164.1 209.7 187.3 160.7 139.4 171.5
Aug....-. 206.3210.8 191.9 194.4 176.0 192.4 165.6 211.2 185.0 160.7 140.5 171.0
Sept..- 202.8 206.7 189.4 191.9 175.2 193.8 164.4 209.7 184.0 160.7 143.1 171 9
Oct-- _ 198.0 199.6 186 9 187.5 173.6 185.2 161.9 204$ 180.3 161.8 145.4 171.5
194.1 198 4 183 3 183.8 171.1 170.5 159.3 200.4 177.0 161 8 139.7 171.0
Nov
Dec.,.. 192.5 194.6 181.8 183.1 170.2 163.3 157.4 198 5 174.2 161.8 134.7 170 6
1930
192.9 195.5 183.3 184.4 172.7 168.1 157.0 199.3 178.4 159.6 121.9 169.2
Jan
Feb-- 191.3 194.2 181.8 184.4 171.9 167.6 157.8200.7 179.3 158.4 122.7 167.0
Mar-. 190.6 192.8 181.3 182.5 170.2 171.9 157.8 201.1 179.8 157.3 121.9 164.7
. 168.6 176.7 157.4 200.4 179.3 157.3 125.6 162.9
AprlL_ 190.2 193,3.
INDY= NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
951 9
All but two of the nine sections of the country increased production in
April. The largest sectional increase for the month was 13%, this was
In the Mountain States. Several states recorded unusually large gains
In April-Vermont, Iowa, Delaware and Montana each gaining over
30%•
In the first four months of the year the volume paid for was 5% higher
than in the same period a year ago. This is not due to unusually large
gains in certain sections but to generally increasing sales. The states in
the West South Central section are the only ones which did not experience
better sales. The states on the Pacific coast show the greatest gain for
the year-to-date. Their average gain for the first four months is 12%.
The West North Central States show the next largest increase, 11% gain
over the same period last year. Only eleven states in the country show a
lower average production in the first part of 1930 when compared to the
same months in 1920. All of these decreases are slight, in no state did the
sales fall more than 7% below the volume sold in the same period last year.
The following table shows the average increase or decrease for the month
and for the first four months for the country as a whole and for the individual sections:
Sales of Ordinary Life Insurance 1930. Compared to 1929.
First Four
April Sales.
Mos. Sales.
United States Total
104%
105%
New England
108
105
Middle Atlantic
104
105
East North Central
102
103
West North Central
111
112
South Atlantic
108
104
East South Central
97
105
West South Central
97
92
Mountain
113
107
Pacific
108
112
Sales of Life Insurance in Canada Show Slight Decrease in April.
In April sales of ordinary life insurance in Canada fell
slightly below the volume paid for last April. This decrease
in sales was generally distributed; British Columbia, Quebec
and Prince Edward Island showed increases, the other provinces recorded smaller volume than a year ago. Only 33%
of the companies reporting figures showed increased sales in
April. The Life Insurance Sales Research Bureau at Hartford, Conn., compiles statistics on life insurance sales and
issues production figures every month. These figures are
based on the reports of companies which have in force 84%
of the total legal reserve ordinary life insurance outstanding
in Canada. Sales in Canada during the first four months
of 1930 show a 3% decrease when compared to the same
period in 1929. In March the companies reporting figures
showed a 2% increase, in the other three months the volume
was below that of a year ago. For the 12
-month period,
which ended April 30 1930 the Dominion as a whole increased
its production 1% over the preceding 12
-month period.
100.0 100.0
100.4 99.7
100.2 100.6
100.4 100.3
106.9 101.4
119.1 102.4
128.9 145.3
134.7 157.7
128.1 121.8
125.2 121.1
127.8 126.5
131.4 145.3
138.8 172.8
141.0 171.1
142.5 162.1
142.3 165.1
142.6 164.8
imbo'cobobbbo
•
NNWNWOIWWX.O.0.40.X.N0g
005000401
,
DONCMOVW.*CAWNM ,
229.4
229.4
229.4
WWWNN .....
bON
qe"?.?R'IRgelcicliRR.? c!c..R..1, cl.loic'
1
cle1vie4....-,c4...0
o....fv=oomomocewnmm.o.. ............ ootmo
..mmci..
..,-.oc
occo.,r000s,
q-...rooclncqc,s,Rr,t,comnt, c-c-t-,nir-r-t,t-t,r,r-o onc,r
9.6oiciNcOmoDgommOOvieito ciaSoMa6MecticoaDMO Ocitoc
Id. .1 inn n ix, 1 1,112 K
135.3
135.3
135.3
135.3
158.8
182.4
229.4
235.3
229.4
223.5
223.5
223.5
POMO
1
1
1 ruAll
100.0
108.3
88.9
168.8
252.7
188.2
223.5
370.6
182.4
164.7
170.6
158.8
211.8
288.2
223.5
158.8
188.2
Sales of Life Insurance in United States Increased
4% In April.
Life insurance sales in the United States continue to show
substantial increases. In every month so far in 1930 the
country has paid for a larger volume of insurance than in
the same month 'a year ago. In March a new high record
was set for sales in a single month. Figures just received
for April show that in the past month the gain has continued
and sales are 4% greater than in April 1929, The Life
Insurance Sales Research Bureau at Hartford, Conn., computes statistics on life insurance sales and issues a report
every month. These figures are based on the report of 78
companies, which represent 88% of the total legal reserve
ordinary life insurance in force in the United States. Under
date of May 20 the Bureau added:
100.0
102.4
101.3
113.7
140.4
188.3
185.9
203.4
153.3
141.6
146.2
145.9
157.4
160.6
155.4
154.3
156.7
142.5 166.1
142.6 166.1
142.6 166.4
142.6 166.4
142.6 166.1
142.5 165.8
142.3 165.8
142.5 165.4
142.6 165.1
142.6 164.8
142.3 162.1
142.8 155.4
154.6
154.4
153.0
151.6
153.3
154.8
158.5
160.2
160.8
10.5
Slight Decrease in Industrial Employment in April
Reported by U. S. Department of Labor-Increased
Employment in Building Trades.
The Bureau of Labor Statistics of the United States
Department of Labor reports a very slight change in employment, in the combined 13 industrial groups surveyed, in
April as compared with March. These groups do not include
Federal, State, or Municipal construction work, which has
increased steadily under the measures now in course. Reports coming to the department from various sources show
employment conditions were somewhat improved in April,
with a marked increase in employment in the building trades.
Building permit reports for March and April show increases
of 8.2% for residential buildings; 14.9% for non-residential
buildings; 5.5% for alterations and repairs; and 11.2% for
total building operations.
Six industrial groups reported increased employment in
-anthracite mining, quarrying, electric railroads,
April
power-light-water plants, retail trade, and canning. In its
survey issued May 20, the Bureau adds:
143.4 147.0
143.2 143.3
142.6 140.6
155.4
153.0
150.1
151.2
April is a month that customarily shows but little net change in employment, and this year is no exception, as the change shown in the 13 industrial
groups surveyed in April as compared with March was a decrease of twotenths of 1% out of a total of nearly 5,000,000 employees; and the decrease
in the amount of the pay rolls was 7-10ths of 1%.
Year and Lard Eggs Bread Flour Corn Rice Polo- Sugar Tea Colmeal
toes
fee
Month,
1913
100.0 100.0 100.0 100.0
1914
98.6 102.3 112.5 103.9
93.4 98.7 125.0 125.8
1915
1918
111.0 108.8 130.4 134.6
174.9 139.4 164.3211.2
1917
210.8 164.9 175.0 203.0
1918
1919
233.5 182.0 178.8 218.2
186.7 197.4 205.4 245.5
1920
113.9 147.5 176.8 175.8
1921
1922
107.6 128.7 155.4 154.5
112.0 134.8 155.4 142.4
1923
120.3 138.6 157.1 148.5
1924
147.5 151.0 167.9 184.8
1925
138.6 140.8 167.9 181.8
1926
122.2 13E0 166.1 166.7
1927
117.7 134.5 162.5 163.6
1928
115.8 142.0 160.7 154.5
1929
1929117.1 146.7 160.7 154.5
Jan116.5 142.3 160.7 154.5
Feb
March 116.5 122.0 160.7 154.5
117.1 106.4 180.7 154.5
Aprn
May.... 118.5 112.2 160.7 151.5
June
115.8 120.0 160.7 148.5
July. 115.8 127.8 160.7 151.5
Aug- 116.5 140.0 160.7 157.6
117.1 153.6 160.7 160.6
Sept
115.8 168.1 158.9 157.6
Oct
113.9 183.5 158.9 157.6
Nov
Dec.__ 111.4 182.0 158.9 154.5
1930
Jan .... 108.9 160.6 158.9 154.5
Feb
108.2 136.8 157.1 154.5
Mar
107.0 102.3 157.1 151.5
[VOL. 130.
142_3 138.9
Weighted
Food
Index
159.7
158.0
3621
FINANCIAL CHRONICLE
MAY 241930.]
The seven groups reporting decreased employment were manufacturing,
bituminous coal mining, metalliferous mining, crude petroleum production,
telephone and telegraph operation, wholesale trade, and hotels. These
changes were almost entirely seasonal.
The 37,453 establishments reporting had in April 4,905,798 employees
whose combined earnings in one week were $131,157,899.
Manufacturing Industries.
Further Gain in Detroit Employment.
Press advices from Detroit May 20 state:
The employment index of the industrial department of the Detroit
Board of Commerce on May 15 was 111.5, compared with 109 on April
15 and 108 on March 15. On May 15 last year the index was 137.
The index covers two-thirds of the industrial employment in Detroit
and is based on the monthly average for the years 1923 to 1925,incl.,taken
as 100.
Although April 1929, was a period of high employment and of abnormally
high payroll totals, the printing industries, petroleum refining, and shipbuilding each reported more employees in April 1930,than in April 1929,and Canadian Building Permits for April 1930, for First
Four Months Show Big Decrease from Previous
increased payroll totals as well. Chewing and smoking tobacco also had
more employees in April 1930, than 12 months earlier, and slaughtering and
Year.
packing, cast iron pipe, and flour each showed an increase in payroll
meat
The Dominion Bureau of Statistics tabulated returns from
totals over the period.
Fourteen of the 54 separate industries had more employees in April than 61 cities which granted building permits valued at $16,276,in March, the notable gains having been in brick, cement, ice cream,
fertilizers, rubber tires, automobiles, cast iron pipe, structural iron work, 443 during April, as compared with $13,352,640 in the
and iron and steel. In each of these industries the increases in payroll totals preceding month and $29,656,709 in the same month of last
were considerably greater than the increases in employment.
year, which had constituted a high record for the month of
The stone-clay-glass group of industries gained 3.6% in employment in
April and the vehicle group 0.9%, while both groups reported even larger April. There was, therefore, an increase of $2,923,803 or
increases in payroll totals; the iron and steel group showed a drop of 0.2% 21.9% in the first comparison, but a decrease of $13,380,266,
in employment and no change in payroll totals.
or 45.1% as compared with April 1929. The aggregate for
April in comparison with March showed employment loss in manufacturing industries. This has been true in April in five out of seven years pre- the elapsed months of this year, viz., $45,646,694, was only
ceding 1930. The 13,016 establishments reporting in April show 3,206,003 twice exceeded in the years since 1920, the totals for 1929 and
employees; for March identical establishments showed 3,223,668 employees.
larger. This year, however, wholesale
April payrolls showed an aggregate of $86,288,420 as against a March 1928 having been
costs of building materials have averaged lower than in any
payroll of $86,789,417.
Each of the 10 separate industries of the textile group reported fewer of the past 10 years. Details are outlined as follows:
employees in April than in March, and among other industries reporting
Some 50 cities furnished detailed statistics, showing that they had issued
losses were agricultural implements, machine tools, furniture and electrical
nearly 1,400 permits for dwellings valued at over $5,000,000 and some 3,300
goods.
estimated to cost more than $8,000,000. In March, authIncreased employment of 1% was shown in April in the Pacific geographic other buildings
given for the erection of some 1,000 dwellings and 1,900 other
division, and very small increases in the East North Central, South Atlantic, ority was
$9,000,000, respectively.
and East South Central divisions. The other geographic divisions showed a buildings, valued at approximately $4,000,000 and
Prince Edward Island, Nova Scotia, New Brunswick, Ontario, Manitoba.
decrease in number employed.
increases in the value of building perTwenty industries showed fewer employees in April 1930, than in April Saskatchewan and Alberta recorded
March, the greatest gains of
1929, but in at least ono-half of these industries employment in April 1929, mits issued during April as compared with
$1.218,824, or 23.2% and $1,087,129, or 478.1%, taking place in Ontario
was abnormally high.
Per capita earnings in manufacturing industries in April 1930, were and New Brunswick, respectively.
As compared with April, 1929, Prince Edward Island, New Brunswick
0.3% lower than in March 1930, and 4.5% lower than in April 1929.
authorized;
In April 1930. 10,882 manufacturing establishments reported an average and Alberta reported increases in the value of the building
Brunswick indicated the most pronounced advance of $1,113,085.
of 87% of a full normal force of employees, who were working an average New
$4,307,677 or
of 94% of' full time; the percentages reported for the last three months were Among the remaining provinces, the greatest decline, of
63.5% was in Quebec.
87 and 95% respectively.
larger cities, Toronto and Winnipeg registered increases in the
Of the
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
building authorized during April as compared with the preceding month,
MANUFACTURING INDUSTRIES.
but losses as compared with April 1929. In Montreal and Vancouver there
(Monthly Average 1926=100)•
were declines in both comparisons. Of the smaller centres, Charlottetown,
Saint John, Three Rivers, Guelph, London, Owen Sound, Stratford,
Payroll Totals.
Employment.
Sarnia, Nanaimo and North Vancouver reported increases in the value of
the building represented by the permits issued, as compared with March,
April March April April March April
Manufacturing Industries.
1930, and April 1929.
1929. 1930. 1930. 1929. 1930. 1930.
General index
99.1
Food and kindred products.
95.9
Slaughtering and meat packing_ 96.3
84.0
Confectionery
90.1
Ice Cream
97.9
Flour
100.6
Baking
98.1
Sugar refining, cane
98.7
Textiles and their products
96.7
Cotton goods
97.8
Hosiery and knit goods
100.5
Silk goods
Woolen and worsted goods88.
8
109.3
Carpets and rugs
Dyeing and finishing textiles.. 104.3
88.9
Clothing, men's
93.1
Shirts and collars
115.3
Clothing, women's
103.8
Millinery and lace goods
Iron and steel and their products 100.4
95.9
Iron and steel
74.5
Cast-Iron pipe
98.7
Structural ironwork
Foundry & machine-shop prods 106.8
92.9
Hardware
129.7
Machine tools
81.4
Steam fittings
92.4
Stoves
88.0
Lumber and its products
86.4
Lumber, sawmills
86.8
Lumber, millwork
92.9
Furniture
89.7
Leather and its products
89.4
Leather
89.8
Boots and shoes
99.6
Paper and printing
95.3
Paper and pulp
92.9
Paper boxes
99.9
Printing, book and lob
107.1
Printing, newspapers
107.8
Chemicals and allied products
104.7
Chemicals
167.5
Fertilizers
92.7
Petroleum refining
87.5
Stone, clay and glass products
81.2
Cement
80.4
Brick, tile and terra cotta
96.5
Pottery
96.7
Glass
Metal products, other than iron
102.9
and steel
94.3
Stamped and enameled ware_
Brass, bronze and copper prods 107.0
93.2
Tobacco products
Chewing and smoking tobacco
88.1
and snuff
93.9
Cigars and cigarettes
107.8
Vehicles for land transportation
134.5
Automobiles
80.8
Carriages and wagons
Car building and repahing,
91.3
electric railroad
Car building and repairing, 85.3
railroad
steam
.110.5
Miscellaneous industries
134.3
Agricultural implements
apparatus
Electrical machinery.
113.0
and supplies
70.6
Pianos and organs
93.0
Rubber boots and shoes
113.0
Automobile tires
107.7
Shipbuilding
89.8
89.1
104.6
90.8
89.8
94.8
97.8
86.2
80.5
100.0
97.0
93.8
90.8
87.7
91.2
97.1
78.
8
96.6
99.8
86.8
89.3
106.3
99.9
92.1
90.3
70.3
93.7
97.0
85.2
114.3
70.1
80.0
24.8
73.7
68.2
81.7
90.5
89.1
90.9
100.8
95.6
90.8
102.6
109.2
102.2
95.6
139.0
98.2
75.9
71.5
61.5
91.0
91.9
93.7
95.2
83.3
86.2
95.9
97.3
94.8
88.7
86.9
91.0
95.3
73 7
.
95.0
98.0
81.9
86.9
108.8
97.7
91.9
90.8
72.1
94.7
96.4
83.4
110.4
68.8
79.4
74.1
73.7
68.0
78.7
88.9
88.3
89.1
99.7
94.9
89.3
100.5
109.0
101.7
94.4
145.7
96.1
78.6
77.3
67.0
90.6
90.3
97.7
98.0
85.7
91.6
98.0
100.7
105.7
100.6
98.7
105.5
106.7
88 5
'
103.7
107.4
80.2
92.8
116.0
107.0
107.4
104.8
73.7
101.6
114.1
95.6
114.0
82.8
89.7
89.4
87.2
87.6
94.9
85.0
89.4
83.7
104.9
98.4
100.7
103.7
1119
107.0
109.9
152.2
96.6
87.7
81.7
78.3
96.9
100.1
97.2
99.0
88.0
78.8
104.9
99.2
100.4
88.8
82.7
94.2
98.1
72.9
81.8
100.6
79.0
81.3
109.9
101.9
92.8
93.1
71.2
92.5
97.5
79.1
113.9
66.0
73.4
73.4
74.7
66.7
75.3
82.2
87.3
80.0
106.5
98.5
96.3
107.2
114.3
102.1
99.0
122.5
101.5
72.2
69.9
55.5
85.4
90.7
97.1
98.8
85.1
87.2
100.7
100.0
94.0
83.2
82.2
90.8
92.8
67.1
77.6
96.3
67.2
76.8
97.5
97.6
92.8
94.3
74.5
06.3
96.8
74.8
107.6
65.0
70.7
72.7
75.4
67.3
70.8
70.9
86.2
76.8
105.1
97,5
93.2
104.2
1148
1020
96.5
139.9
100,7
75.7
77.7
61.8
846
80,8
85.1
85.2
85.1
91.8
83.8
83.8
83.9
90.1
112.3
97.8
118.0
91.0
84.5
83.7
84.8
85.8
82.6
81.7
82.9
81.7
93.7
91.5
86.0
93.1
65.3
88.8
90.3
86.8
96.1
64.5
89.1
91.2
120.1
147.8
86.2
93.7
84.8
89.9
94.6
73.8
87.2
81.0
91.5
98.1
71.6
89.2
89.4
94.5
92.4
926
79.6
102.9
122.0
78.6
101.8
114.7
93.7
114.6
142.8
85.1
105.5
128.6
84.8
105.4
117.5
111.3
50.0
89.6
80.3
119.6
109.2
49.2
86.0
83.1
121.7
117.7
66.5
92.9
118.6
109.7
115.2
45.1
87.8
80.7
124.8
114.2
42.9
83.3
87.0
125.9
Cumulative Record for First Four Months, 1920-1930.
The following table gives the value of the building authorized by 61 cities during April and in the first four months
of each year since 1920, as well as index numbers for the
latter, based upon the total for 1920 as 100. The average
index numbers of wholesale prices of building materials in
the first four months of the same years are also given (1926
-100).
Year.
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
Value of
Permits
Issued
In April.
Value of
Permits
Issued
in First
Four Months.
$16,276,443
29,656,709
18,606,167
17,312,470
19,044,499
15,482,383
13,689,101
19,530,851
15,833,688
13,500,360
15,648,915
$45,646,694
72,606,937
51,769,505
42,340,823
41,538,073
35,463,398
31,737,100
39,008,970
34,513,861
27,069,872
34,558,901
Indexes of Value Aege. Indexes o
Wholesale Prices
of Permits
of Building
Issued in
Materials in
First Four
1st Four Months
Months
-100).
(1920-100). (1926 ay.
132.1
210.1
149.8
122.5
120.2
102.6
91.8
112.9
99.9
78.3
100.0
96.2
99.2
96.8
96.8
101.7
103.1
111.6
110.8
107.7
136.9
143.1
The aggregate for the first four months of this year was smaller than in
1929 and 1928, but was substantially higher than in any of the eight preceding Years, while the average index number of wholesale prices of building
materials was lower than in any other year of the record.
April Industrial Activity Based on Consumption of
-11.9% Below
Electricity on Par With March.
April 1929.
April industrial activity in the nation as a whole held at
substantially the same levels as in March, but was 11.9%
under April 1929, according to the consumption of electrical
energy by 3,800 manufacturing plants throughout the country, reports the "Electrical World," which, on May 19, said:
Manufacturing operations for past year indicate a tendency to drop
during April as compared with March, but this year tho customary decline
did not take place and general manufacturing remained at a balance in
the March-April period. The average rate of industrial activity during the
first third of the current year was 10.9% below the same four-month
period last year.
Every section of the oountry, except the Western States, showed a
decline in operations during April as compared with March, and every
section was operating on a plane substantially under April last year.
Materially increased operations in the food products and lumber products
industries during April brought the level of Western manufacturing activity
to a point some 12.8% above March.
Several industrial groups appear to be experiencing marked upward
tendencies. The leather products industry reported a 12.9% increase over
I.
3622
FINANCIAL CHRONICLE
[VOL. 130.
March, followed by shipbuilding, with a gain of 10.5%; stone, clay and
glass, 10.2%; lumber products, 9.7%; automobiles, including parts, 3.7%;
textiles, 2.7%; chemical products, 2.0%, and rolling mills and steel
plants, 1.1%. Chemical products, leather products and shipbuilding are
the only industries operating on a plane above April last year.
HOW CURRENT MANUFACTURING COMPARES WITH THAT OF OTHER
PERIODS.
NATION AS A WHOLE.
April 1930
First Third 1930
April 1930
and
and
and
Industrial Grow-March 1930.
Aprfl 1929. First Third 1929.
All Industry
-0.1
-11.9
-10.9
Chemicals
+2.0
+6.3
+3.8
Food
-8.0
-1.5
+2.4
Steel plants
+1.1
-11.0
-9.8
Metals
-4.9
-15.4
-12.6
Leather
+12.9
+11.2
-5.4
Lumber
+9.7
-11.3
-4.8
Paper
-6.2
-6.8
-0.7
Rubber
+6.3
-11.1
-2.6
Shipbuilding
+10.5
+12.1
+18.7
Stone
+10.2
-10.4
-14.1
Textiles
+2.7
-20.1
-19.3
Automobiles
+3.7
-33.8
-31.2
SECTIONS.
New England
-2.0
-18.0
-14.5
Middle Atlantic
-4.1
-8.4
-4.7
North Central
-2.1
-14.2
-10.0
South
-3.6
-7.1
-9.3
West
+12.8
-3.4
-10.1
The rate of manufacturing activity in April, compared with March
(revised) and April 1929, all figures adjusted to 26 working days and
based on consumption of electrical energy as reported to "Electrical
World" (monthly average 1923-25 = 100) follows:
All of the chief cities of the State reported an increase in total industrial employment in April from March. In Akron, Cincinnati, Cleveland,
and Columbus the increase amounted to 1%; in Youngstown and Stark
County, to 3%; In Dayton, to 4%, and in Toledo to 5%.
As compared with April 1929, however, all the chief cities of the State
reported a decline in April, ranging from 1% in Dayton to 39% in Toledo.
Likewise, all the chief cities of the State showed a decline in total
industrial employment for the first four months of 1930 as compared with
the first four months of 1929, the decline from the first four months of
last year amounting to 2% in Dayton, 3% in Columbus, 5% in Youngstown, 7% in Cincinnati, s% in Stark County, 10% in Cleveland, 17% in
Akron, and 21% in Toledo.
Construction employment in April increased substantially from March
in Akron, Cincinnati, Cleveland, and in Stark County, but continued to
decline in Dayton, Youngstown, and Toledo, but showed no change in
Columbus. Construction employment for the first four months of 1930 was
greater than for the first four months of last year in Cincinnati, Cleveland,
and Dayton, but less than in the first four months of last year in Akron,
Columbus, Toledo, Youngstown, and Stark County.
Employment in the non-manufacturing industries of the State increased
in April from March in all the cities except Cleveland, which reported a
decline of 1% from March. Employment in the non-manufacturing industries of the State, however, showed a decline from the same month of
last year in all the cities of the State except Akron and Cincinnati.
Manufacturing employment in April remained substantially unchanged
from March in Cincinnati, Columbus and Cleveland, and increased in
Akron, Dayton, Toledo, Youngstown, and Stark County.
Akron was the only city of the State to report increases in all types
of employment in April from March, although Columbus and Cincinnati
reported either no change or an increase in all types.
UNITED STATES.
April 1930.
120.2
140.0
119.4
130.2
138.3
125.5
91.2
102.8
126.7
138.5
130.1
129.9
10213
12 9
Decline in Factory Employment and Wages in Pennsylvania During April-Slight Gain in Wages in
Delaware, With Improved Employment Conditions
in Some Lines.
Factory employment in Pennsylvania declined less than
usual between March and April, according to figures compiled by the Department of Statistics and Research of the
Philadelphia Federal Reserve Bank in co-operation with
the Pennsylvania Department of Labor and Industry, based
on 850 reports from 51 manufacturing industries. In its
survey, issued May 16, the bank says:
All industry
Chemicals
Food
Metal industries group
Rolling mills and steel plants
Metal working plants
Leather
Lumber
Paper
Rubber
Shipbuilding
Stone
Textiles
Auto
New England
Middle Atlantic
North Central
Southern
Western
March 1930.
120.3
129..8
37 2
133.7
136.8
132.0
80.8
April 1929.
139..7
131 4
19098..9
9
SECTIONS.
102.9
117.2
125.7
117.3
132.9
121 ..9
49 2
153.3
148.3
82.0
108.0
136.0
155.7
116.1
145.0
128.1
170.6
105.0
122.2
128.4
121.7
117.4
125.4
128.0
146.5
126.3
137.0
135..0
93 7
110..3
37 7
117.9
++11+11+11++11+++
o.
The volume of wage payments also showed a drop of about 1% in the
month and nearly 6% as compared with April 1929. Groups comprising
chemical, stone, clay and glass products, and transportation equipment
had larger wage disbursements in April than March, while the remaining
groups report declines varying from eight-tenths of 1% for
Industrial Conditions in Ohio and Ohio Cities During to 9% for textile products. Reports on employee hours leather products
worked at 664
plants also showed a decrease of almost 1% from March to April. In
April.
-Slightly Upward Trend Continued.
comparison with a year ago, larger payrolls were reported by manufacturers
The Bureau of Business Research of the Ohio State Uni- of foods and tobacco, certain chemical industries, leather and shoes, and
versity, in its survey of industrial employment in Ohio and Paper and printing. All textile lines, except shirts and furnishings, had
wage
Ohio cities in April, states that "the slightly upward trend smalleras a payments in April this year than last. The metal products
group
whole reported a decline from a year ago in spite of the fact
in employment which began in Ohio in February was
that such individual industries as structural iron work, stoves and furnaces,
maintained in March, and continued in April." The Bureau, in and electrical apparatus continued to show larger payrolls than at the same
time last year. Among the industries included in the transportation
Its survey, continues:
equipment group, shipbuilding alone had a substantial gain In the month
and over April 1929.
General Summary.
Delaware factories, particularly those engaged in the manufacture of
Total industrial employment for the State as a whole was
1% greater
In April than in March, although the total volume of employment in metal products, transportation equipment, building materials, and chemical
Products had taken on more workers during April than in March, but this
April was 13% behind that of April 1929, and the average for the
first gain was offset by declines in employment in the textiles, food and tobacco,
four months of 1930 was 12% behind the average for the corresponding
paper and printing, and leather and rubber products industry. Wage payperiod of last year. Five hundred and two of the 891 concerns reporting
ments on the whole showed a very slight gain over March, all lines sharing
to the Bureau of Business Research reported employment increases
it exceptmetal products, paper and printing, and leather and rubber
in pod
April from March, and only 379 a further decline in employment in April.
Manufacturing employment, which largely dominates the figure for total
The statistics supplied by the bank follow:
Industrial employment in Ohio, also increased 1% in April from March.
The increase in manufacturing employment was caused by increases in about
EMPLOYMENT AND WAGES IN DELAWARE.
half of the 643 firms reporting to the Bureau, the other half reporting
Compiled by Federal Reserve Bank of Philadelphia.
decreases. In spite of the increase from March, manufacturing employment
In April was 16% less than in April 1929, and the total for the first
No. Increase(+)or Decrease(-)
of
four months of 1930 was 15% behind the total for the same period of
April 1930 over March 1930.
Plants
last year. The increase in manufacturing employment in April from
Industry.
Report- EmployTotal
Average
March, however, was not due to any marked improvement in employment
frig.
ment.
Wages. Wage*.
conditions in the Manufacturing industries of the State in general, but almost
All industries
59
-0.3
+0.0
+0.8
entirely to employment increases in the automobile, the machinery, the
Metal products
14
+1.6
-2.6
rubber products, and the textile products groups, and to the fact that there
Transportation equipment
4
+0.9
+2.4
+1.5
Textile Products
5
was no further decline from March in employment in the food products,
-1.2
+0.0
+1.2
Foods and tobacco
7
-2.7
+6.5
+3.6
the metal products, the paper and printing, the stone, clay and glass
Stone, clay and glass products
4
+4.9
+12.2
+7.0
products, and the miscellaneous manufacturing groups. Employment in the
Lumber products
5
+36.9
+38.9
+1.4
Chemical products
5
non-manufacturing industries of the State increased 2% in April from
+3.9
+10.2
+6.1
Leather and rubber products
8
-5.4
March, while the increase in the construction industry amounted to 13%.
-7.7
-2.4
Paper and printing
7
-1.7
-1.7
+0.1
As compared with the same month of last year, all types of employment
EMPLOYMENT AND WAGES IN CITY AREAS.
In the State have definitely declined; total industrial employment by 13%;
manufacturing employment, 16%; non-manufacturing employment, 4%, and Compiled by the Department of Statistics and Research of the Federal Reserve
Bank of Philadelphia.
construction employment, 4%. For the first four months of 1930, total
industrial employment declined 12% from the corresponding period of
Employment
Payrolls
lad year; manufacturing employment, 15%, while non-manufacturing
No. Percentage Change Percentage change
employment for the first four months of 1930 was only 3% behind the first
of
April 1930 Since April 1930 Since
Plants
quarter of 1929, and construction employment only 2% behind.
Report- Mar. April
Mar. April
Employment in the automobile and automobile parts industries of this
lag.
1930.
1929.
1929.
1930.
State in April was 4% greater than in March, but 34% less than in the
Allentown-Bethlehem-Easton
81
same month of last year.
+0.2
+1.0
+6.0
Altoona
13
+4.8 +12.2
+7.3
In the metal products group of industries, there was no change in Erie
23
+6.9 -0.8
+4.5
employment in April from March, but a decline of 13% from March 1929. Harrisburg
36
-6.0
--2.7
--3.1
Hazleton-Pottsville
20
Employment in the machinery industries showed an increase of 2% in Johnstown
-0.6 -10.7 -9.0
+2 6
.
__0.3 -1.2
15
April from March, but a decline of 9% from April 1929.
Lancaster
-3.2
30
+0.2 -1.1
In the rubber products group of industries, of which the tire and New Castle
_11.
4
+31 -12.8
10
Philadelphia
_6 3 -0.7 -8.7
.
257
tube manufacturing is the principal Industry, there was an increase of 1% Pittsburgh
_0.4
+2.1
-6.6
90
In employment in April from March, but a decline of 21% from April Reading-Lebanon
66
-2.3 -8.5 -10.3
1929. In the stone, clay, and glass products group, April employment Scranton
+3.3 -4.8
-5.0
30
Sunbury
+4.4
remained practically unchanged from March and was 14% less than in
+4.6
23
+3.8
Wilkes-Barre
4.1.6
-7.0
26
+4.0
April 1929.
Williamsport
-10.9 -3.3 -19.4
25
+7.4
the lumber products group, employment in April WU 7% less than Wilmington
In
_2 8
.
+8.8
28
In March, and 6%, leas than in April 1929.
York
-1.0 -7.1
-1.1
49
MAY 24 1930.]
FINANCIAL CHRONICLE
-0.9 $.600 5.597
All manufacturing industries (47) 564
.635
.635
-0.4
187
Metal products
.589
.588
+4.3
7
Blast furnaces
.642
.642
-1.7
32
mills
Steel works and rolling
.561
.568
+1.3
8
Iron and steel forgings
.563
.571
+3.1
7
Structural iron work
.617
.603
+3.3
Steam & hot water heat. appar. 13
.610
.610
-2.7
Foundries
31
.616
.627
-3.9
Machinery and parts
37
.655
.659
+4.5
19
Electrical apparatus
.607
.609
-2.1
Engines and pumps
10
.567
.566
-4.2
Hardware and tools
14
.553
.557
-6.8
Brass and bronze products- _
9
.632
.634
+2.7
Transportation equipment
32
.650
.653
+4.9
6
Automobiles
.605
.605
-0.7
Automobile bodies and parts
9
.615
.607
-1.7
Locomotives and ears
9
.704
.722
+2.0
Railroad repair shops
4
.656
.654
+14.1
Shipbuilding
4
.473
.467
-10.4
Textile products
100
.477
.488
-3.8
Cotton goods
10
.462
.467
-17.0
Woolens and worsteds
9
.423
.413
Silk goods
-7.0
32
.505
.532
Textile dyeing and finishing
-10.7
7
.542
.560
Carpets and rugs
+0.9
6
.581
Hosiery
.625
-19.9
11
.422
.402
-8.4
Knit goods, other
10
.331
Men's clothing
.342
-4.2
3
Women's clothing
.311
.323
-8.5
8
.344
Shirts and furnishings
.344
-4.5
4
.468
+2.6
.476
Foods and tobacco
51
.487
Bread and bakery products
.486
21
-1.0
Confectionery
.441
.462
+6.7
6
.555
Ice cream
.558
+2.8
8
9
+2.0
.579
Meat packing
.587
7
+4.1
.365
Cigars and tobacco
.370
.544
+7.0
.546
39
Stone. clay and glass products
Brick, tile and pottery
.505
19
+6.0
.507
8
+14.5
.537
Cement
.544
+1.2
.591
Glass
12
.592
-9.2
.556
48
Lumber products
.551
+0.3
.582
Lumber and planing mills
14
.591
-13.4
.569
Furniture
27
.557
-0.2
.474
Wooden boxes
5
.477
30
+6.3
.597
.598
Chemical products
+3.9
.477
15
Chemicals and drugs
.500
9
+8.9
.553
Paints and varnishes
.551
6
+6.1
.625
Petroleum refining
.622
+1.2
.483
.482
Leather and rubber products__ _ .. 31
9
-2.7
.332
Leather tanning
.524
12
+4.3
.359
.383
Shoes
6
-2.7
.574
products, other
.565
Leather
4
+8.2
.573
.578
Rubber tires and goods
48
-0.1
.681
.651
Paper and printing
8
-0.1
.551
.548
Paper and wood pulp
6
-0.8
.361
.373
Paper boxes and bags
34
-0.0
.803
Printing and publishing
.747
me figures are for toe aou fIrms reporting employment.
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EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry, Commonwealth of Pennsylvania.)
-1923-1925 avg.-=100.
Index Numbers
Employment
Payrolls
April 1930.
April 1930.
No. of
Per Cent
Plants
Per Cent
Change Sines
ReportChange sines
Group and Industry.
Apr.
ing. Apr.
Apr. Index. Mar.
Index. Mar.
Apr.
1930. 1929.
1930. 1929.
850
97.6 -0.2 -0.1 100.5 -1.0 -5.5
All manuf.Indust.(51)
94.1 -0.6 -2.2 98.8 -0.9 -8.2
244
Metal products
60.5
9
0 -5.6 60.4 +2.5 -3.2
Blast furnaces
86.4 -0.4 -4.3 91.3 -2.4 -13.1
Steel works & rolling mills 48
96.4 -0.1 -0.1 99.7 -1-0.5 -5.3
10
Iron and steel forgings_
10 123.3 +3.6 +2.7 128.4 +4.6 +11.0
Structural iron work
Steam and hot water heat16 103.0 +3.7 -0.4 105.5 +3.3 -4.6
ing appliances.....
8
81.3 -2.0 +6.4 72.6 +1.4 +16.5
Stoves and furnaces
36 100.8 -0.7 -3.0 100.6 -2.9 -10.5
Foundries
44 104.9 -1.7 -0.3 101.9 -4.9 -8.9
Machinery and parts
21 115.3 -1.2 +6.5 131.0 +4.4 +7.6
Electrical apparatus
94.7 -0.5 -6.8 98.5 -2.4 -10.7
10
Engines and pumps
20
96.8 -1.6 -12.8 93.7 -7.5 -18.6
Hardware and tools
+3.6 -20.8 102.7 -5.5 -26.6
products 12 106.1
Brass and bronze
41 *86.6 +3.8 +4.8 *88.2 +3.4 -0.5
Transportation equipment
6
70.3 +4.0 +4.6 61.2 +5.7 -0.3
Automobiles
97.3 +6.1 -32.3 96.8 -0.4 +37.4
Automobile bodies & parts 12
+3.0 +0.7 56.8 +2.3 +0.9
54.1
Locomotives and cars _ __ - 13
77.2 -1.3 -4.3 85.0 +0.5 -3.0
6
Railroad repair shops_
4
89.6 +6.0 +105.0 145.4 +13.8 +73.3
Shilbuilding
170 102.9 -3.4 -5.2 99.9 -9.1 -15.9
Textile products
72.7 -6.9 -22.6 61.4 -12.9 -36.4
12
Cotton goods
52.3 -11.7 -28.0 42.8 -17.1 -37.6
Woolens and worsteds-. 14
48 119.2 -3.3 +1.5 124.3 -9.9 -4.2
Silk goods
99.4 -2.4 -12.7 104.1 -7.1 -13.4
Textile dyeing & finishing 12
+5.8 -10.6
10
72.9 +3.4 -1.2 62.1
Carpets and rugs
89.6 -0.8 -7.9 64.2 -16.0 -28.7
4
Hata
28 124.1 -2.7 -4,8 140.9 -8.6 -18.3
Hosiery
14
93.6 -3.6 -1.2 92.3 -8.6 -20.4
Knit goods, other
85.8 +0.7 -8.0 87.4 +12.2 -14.0
10
Men's clothing
9 123.2 -9.0 -11.5 125.3 -7.1 -15.3
Women's clothing
9 138.7 -2.0 +10.9 137.3 -7.7 +0.5
Shirts and furnishings _ _
97 109.3 -0.8 +6.9 103.4 -2.8 +4.3
Foods and tobacco
Bread and bakery prods- 27 110.8 -0.9 +1.2 112.6 +0.2 +3.4
98.0 -5.6 -0.5 103.6 -4.4 +2.1
13
Confectionery
99.8 +2.7 -8.6 103.7 +4.0 -6.0
11
Ice Cream
96.7 -1.7 -1.6 94.5
14
0 +2.6
Meat packing
32 111.0 +1.0 +16.1 00.0 -6.6 +10.7
Cigars and tobacco
81.2 +4.9 +0.5 79.1
+9.0 -0.3
Stone,clay &glass products_ 68
32
87.2 +3.9 -1.9 83.7 +5.9 6.3
Brick, tile & pottery
14
71.7 +17.0 +9.8 73.0 +24.1 +10.8
Cement
22
87.9 -10.8 -5.9 88.0 -4.3 -7.5
Glass
75.0 -2.9 -10.6 70.6 -5.0 54
17.7
Lumber products
3.0 -23.7
17
66.7 -1.0 -19.2 64.1 Lumber & planing mills
75.9 -7.2 -9.8 71.7 -8.8 -16.3
30
Furniture
+7.1 +3.2 64.1
71.0
+4.9 -2.3
7
Wooden boxes
61 104.4 +3.0 +12.4 113.9 +6.8 +16.9
Chemical products
88.6 -2.5 -3.8 87.7 -1.5 -7,9
36
Chemicals and drugs
+18.7 99.9 +8.6 +21.8
3 110.5 +7.7
Coke
84.0 -0.8 -10.4 93.9 +10.5 +14.8
3
Explosives
12
97.3 +4.2 -1.0 111.0 +7.4 -0.1
Paints and varnishes
7 132.9 +2.1 +21.7 150.9 +7.4 +28.8
Petroleum refining
97.3 -0.8 +1.7 100.0 0.8 +1.7
49
Leather & rubber products
17 104.3 -1.1 +5.6 103.4 -1.2 +5.4
Leather tanning
20
96.4 +1.6 +0.8 99.8 -0.4 +1.1
Shoes.
88.0 -9.7 -12.5 94.9 -6.3 -8.0
8
Leather products. other- _
+1.0 -5.1 102.4 +7.5 -8.9
88.1
4
Rubber tires and geode- - _
99.4 -0.1 +6.4 113.6 -1.6 +8.6
66
Paper and printing
86.7 -0.2 +10.7 96.3 +2.6 +11.7
12
Paper and wood pulp- __ _
92.2 -0.3 +1.0 98.5 -4.9 -4.9
9
Paper boxes and bags_ _ _ _
0 -2.5 119.3 -2.6 +0.3
Printing & publishing_ _._ 45 103.9
Inary figures.
-HOURS AND AVERAGE HOURLY AND WEEKLY WAGES
EMPLOYEE
IN PENNSYLVANIA.
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry. Commonwealth of Pennsylvania.
EmPl.Average
Hours
No.
Average
Change Hourly Wages. *Weekly Wages.
of
Plants Apr. '30
Group and Industry.
Report- from
Mg. Mar.'30 April. Mar. April. Mar.
$27.26
29.75
29.19
31.14
26.41
29.58
29.45
28.66
29.86
28.03
28.42
24.39
28.34
30.56
33.03
31.62
30.51
29.10
26.57
21.07
21.93
19.87
19.58
26.85
21.47
25.36
17.33
15.26
14.22
15.38
20.22
28.13
20.23
32.75
28.95
14.49
26.40
23.88
30.03
25.37
21.27
21.56
22.23
17.79
28.95
27.19
27.63
30.37
23.11
25.57
17.91
24.04
26.90
34.55
29.02
16.42
38.65
3623
Industrial Employment Situation in Illinois Declined
During April.
Employment in reporting industries of Illinois declined
1.3% during the period Mar. 15 to April 15. Factory employment decreased 2.0% and non-manufacturing 0.1%.
Howard B. Myers, Chief of the Bureau of Statistics and
Research of the Illinois Department of Labor, reports this
in summarizing, on May 17, employment conditions in the
State during April, and adds:
Payrolls increased 0.7%, a gain of 3.9%, for non-manufacturing wage
earners, more than offsetting a decline of 1.1% for factory workers.
Man-hours of work, based on figures furnished by approximately four.
fifths of the reporting establishments, showed a curtailment of 2.4% in
manufacturing and an increase of 0.8% in non-manufacturing industries, the
combined industries registering a decline of 1.6%.
While a recession in industrial activity during April is not unusual,
especially in manufacturing industries where operations slow down after
the spring season has reached its height, the downward trend has been
almost continuous this year. The slight improvement that was noticeable
in manufacturing employment in February was more than wiped out during
March, and the further decline in April brings employment to a level 2.9%
lower than in January in manufacturing lines and 3.3% lower for all
reporting industries. A year ago, both manufacturing and all industries
combined showed a steady increase in employment from January into
June, and, following a slight break in July, until October, which month
marks the beginning of the present depression. In April 1929 factory
employment was 4.9% and employment for all reporting industries was
2.9% higher than in the preceding January.
A comparison of the index figures for April this year with those of a
year ago indicate that factories of the State are employing 7.8% fewer
workers and paying out 15.3% less in wages. For all reporting industries
the figures reflect losses of 6.7% in men and 12.5% in payroll amounts.
Shorter operating schedules this year than last are mainly responsible
for the fact that payrolls show a more severe decline than the volume
of employment.
During the current month, however, the trend has been somewhat more
favorable in payrolls than in employment. While total employment declined
1.3%, payrolls increased 0.7%. In the manufacturing industries a proportionally larger number of women than of men were laid off in those
establishments that report employment separately by sex-5.0% compared
with 1.5%-and as wages of women average only $17.82 a week compared
with $31.18 for men, the payroll total was affected less by the loss of
these women to industry than was the total number of workers. In the
non-manufacturing industries, payrolls increased 3.9%, although employment showed a slight decline of 0.1%. The gain was apparently due to
increased operations, which were also partly reflected in an increase of
0.8% in the total man-hours of work.
Of the 10 large manufacturing groups, half registered increased employment for April. These were stone, clay and glass products; furs and
leather goods; chemicals, oils and paints; textiles, and miscellaneous
manufacturing. All Industries included under stone, clay and glass
products registered gains in payrolls and man-hours of work as well as
in employment. Quarries, brick yards, and cement plants are seasonally
active. Glass factories continued to increase employment, although at a
rate somewhat lower than the average increase since the beginning of
the year.
The furs and leather goods group increased employment 0.7%, but
payrolls and man-hours of work showed declines. Increased employment
in the manufacture of paints, dyes and colors and mineral and vegetable
oils more than offset losses in drugs and miscellaneous chemicals, the
chemicals, oils and paints group, as a whole, registering a gain of 0.3%.
While most of the textile industries experienced a decline, with knit goods,
cotton and woolen mills, and thread and twine factories laying off workers,
mattresses
a gain for miscellaneous textiles, including the manufacture of
Misceland bedding, caused a 2.1% increase in the group as a whole.
laneous manufacturing, representing a small number of workers, also
showed an increase in employment.
Metals, machinery, and conveyances registered a general decline totaling
2.6% In employment, 4.1% in man-hours of work, and 0.3% in payrolls.
Three of the 13 industries classified under this heading increased their
employment. These were tools and cutlery, cooking and heating apparatus,
and autos and accessories. All other metal industries showed decreases.
Agricultural implements reversed the trend of the previous months with a
drop of 3.6% in employment, 7.9% in payrolls, and 6.8% in man-hours
of work. Electrical apparatus reduced employment 7.7%; instruments
and appliances, 4.7; machinery, 2.3 ; watches and jewelry, 2.0; cars and
locomotives, 1.9, and iron and steel, 0.5%. A year ago all but three of
the 13 industries in this group showed an upward trend.
In the wood products group, many furniture and cabinet makers were
laid off, resulting In a total decline for the group of 2.9% in employment;
4.4% in payrolls, and 4.8% In man-hours of work. While half of the
printing and paper goods industries added more workers, a loss of 5.1%
in lithographing and engraving, and of 2.3% in job printing reduced
the total by 0.8%.
Clothing and millinery experienced the largest curtailment of any reporting groups, registering a decline of 12.8% in employment; 24.7% in
payrolls. In the manufacture of women's clothing there was a further
increase, 8.9%, but employment in men's clothing fell off seasonally 19.4%,
and in overalls and work clothes, 34.3%. Millinery shops laid off 5.3%
to adr bo yke ages,
of Fhei, wer errs,
and tobacco, the second largest reporting group in
number of workers employed, reduced employment slightly, 0.5%, but
increased payroll amounts and man-hours of work 1.1 and 2.6%, respectively.
Most of the industries in this group experienced seasonal gains. Plants
manufacturing ice added 20.7% more workers, and the ice cream industry
16,1%. Fruit and vegetable canning increased employment 8.7%, and
products, 2.4.
p
dairyese
however, were more than offset by a 2.4% decrease in
employment in the slaughtering and meat packing industries, which employ
a larger number of workers than any of the other industries in this group.
Employment in the manufacture of beverages declined 1.5%, and cigars
and other tobaccos recorded a loss of 7.0% in number of workers.
Of the non-manufacturing industries, trade, services, and coal mining
showed declines in employment, while public utilities and building and
contracting registered gains. A decline of 4.8% in the employment at mail
order houses caused a net loss for the wholesale and retail trade group,
although practically all other lines added more workers. Department stores
added 8.6%, and wholesale groceries, 9.1% to their volume of employment.
3624
FINANCIAL CHRONICLE
In the services group, hotels and restaurants reported a decline of 2.1%,
while laundries increased their working forces 0.6%. Every public utility
industry with the exception of railway car repair showed gains in employment.
Coal mines reduced employment 7.9%, man-hours of work,
13.5%, and payrolls 11.7%, a decrease which is to be expected at this
time of year. A seasonal increase in activity in building and contracting
was evidenced by a gain of 15.8% in the number of men employed, 9.2%
in payrolls, and 18.0% in the man-hours of work. Road construction
added 43.9% more workers, while employment in building construction
Increased 11.7%, and in miscellaneous contracting, 28.2%.
Average weekly wages in the non-manufacturing industries were $33.78
for men and $20.31 for women, figures which are somewhat higher than
the average of $31,18 for men and $17.82 for women recorded by
manufacturing.
In his analysis of the industrial situation by cities, Mr.
Myers says:
Manufacturing employment in all Illinois cities decreased by 2.0%, and
payrolls by 1.1% during the period Mar. 15 to April 15. This decline was
not evenly distributed, however. Chicago suffered heavily, with a decline
of 3.3% in employment and 2.5% in payrolls. The remaining cities of
the State, as a whole, reported an 0.2% increase in employment and a
1.7% increase in payrolls. Of the 14 cities, excluding Chicago, for which
figures are separately compiled, six reported an increase in employment
and eight an increase in payrolls. In the 14 cities as a whole, however,
employment decreased 0.9%, and payrolls 0.1%. The remaining cities
reported a net increase of 0.8% in employment and 2.8% in payrolls.
Women suffered more severely than men in the factory employment
decline. Male employment decreased 1.5% during the month, while female
employment decreased 5.0%. Similarly total payroll figures decreased
0.3% for men and 8.4% for women. Average weekly earnings for all
cities increased from $30.80 in March to $31.18 in April for men, but
decreased for women, from $18.61 in March to $17.82 in April.
The ratio of applicants to positions open at the Illinois free employment offices, the unemployment ratio, decreased from 209.0 in March
to 190.2 in April. This ratio has decreased steadily since January, but is
still above the ratio of 133.5 for April a year ago. The ratio declined
during the past month in each of the industrial groupings for which a
ratio has been calculated, and, with the exception of four cities, the ratio
declined in each city for which it was calculated. This improvement in
the unemployment ratios indicates some increase in activity in agriculture,
the construction industries, and in casual or unskilled outdoor work,
which is to be expected at this time of the year. It is probable, also,
that part of the decrease in the ratio is due to the failure of many unemployed peTsons who have registered earlier to renew their registrations
in later months.
Aurora.
-The decline in manufacturing activity during March has been
arrested, the April figures showing an increase of 0.1% in employment
and 1.8% in payrolls. The unemployment ratio declined from 175.1 in
March to 118.2 in April. Most factories are still operating on part time
schedules, however, and there is a surplus of farm and common labor.
Building operations remain inactive, but a considerable amount of municipal
building is in prospect.
Bloomington.
-The revival of activity which began in March continued
through April at a less rapid rate. Factory employment increased 2.4%
during the month, but payrolls decreased 7.2%, a reaction from the
unusual increase of 16.4% the previous month. The unemployment index
declined slightly, and is now only 109.2, the lowest for any reporting city.
Building is still inactive, but a large construction program is in prospect.
The farm labor situation is not as gocd as in former years, and there is a
surplus of unskilled and farm laborers.
Chicago.
-The sharp decline in industrial activity during March was
aggravated in April, with a decline of 3.3% in factory employment and
2.5% in payrolls. Increased seasonal activity in the textile and stone,
clay and glass groups was more than offset by declines in all other
manufacturing groups. The declines in the clothing group and the metals,
machinery and conveyances group were especially heavy, clothing decreasing
14.7% in employment and metals 3.8%. The unemployment ratio declined
from 244.8 to 228.6, showing some increase in outdoor activities. Building
construction is still inactive, however, for this time of the year.
Cicero.
-The decline of 3.0% in factory employment in this city
equaled the drop of the previous month, offsetting a large part of the
February gains. Payrolls declined 4.1%, while the unemployment ratio
showed practically no change. Most factories are working part time, and
building is inactive. There is a large surplus of unskilled workers and
building trades workers.
Danville.
-The largest gain among the reporting cities was registered
at Danville, with an increase of 9.6% in factory employment and 6.9% in
payrolls, thus accelerating the gain of the previous month. Many factories
are still working part time, however, and there is little activity in
building construction at present. The unemployment ratio increased slightly
and a surplus of all kinds of labor is reported.
Decatur.
-Payroll totals increased 1.4% during the month, but no
change was recorded in factory employment. Many factories are reported
to be working part time. The unemployment ratio decreased from 249.7
to 195.7, but this was due largely to temporary work, and a large surplus
of all kinds of labor is reported. Building operations are inactive at
present, but an improvement is in prospect.
-An increase of 3.5% in factory employment and 5.9%
East St. Louis.
In payrolls slightly more than offset the decline during March. A number
of industries are operating on part time schedules. The unemployment
ratio showed practically no change, and a surplus of skilled and unskilled
labor exists. Building construction is reported to be showing some activity,
but less than is usual at this season.
Joliet.
--The improvement in the industrial situation recorded last month
was checked and factory employment declined 0.5%. Many factories are
working with reduced forces. Payrolls increased 6.9%, however, which
indicates a decrease in part time work. The unemployment ratio increased
from 182.6 to 200.5, and a surplus of all kinds of labor exists.
-An employment decrease in factories of 0.7% and a larger
Moline.
payroll decline of 4.4% reversed the upward trend of the last two months.
A large agricultural machinery company has been working overtime for
several months, but many other factories are working part time or with
reduced forces. There is still a surplus of labor, but must of it consists
of transient workers. Building is more active, and there is prospect of
further improvement soon.
Peoria.
-The increase in factory employment during the past two months
was continued, with a gain of 2.0% in April. At the same time a surplus
[Vol,. 130.
of labor is reported and the unemployment ratio rose from 147.1 to 155.8.
A large building program, including several new factories and additions,
is reported.
Quincy.
-The marked improvement in conditions last month was continued
at a less rapid rate. Employment in factories increased 4.7% and payrolls
5.5%. The unemployment ratio decreased from 168.5 to 141.8, but there is
still a surplus of all types of labor. Most factories are now operating on
normal schedules and a few are working overtime.
Rockford.
-Factory employment decreased again in April, continuing the
decline of the last eight months. Almost all factories are working part
time, with reduced forces. Although the unemployment ratio declined
during the month, a surplus of all kinds of labor exists. A promised
revival of building offers some prospect •of improvement in the situation.
Rock Island.
-A sharp decline of 6.5% in factory employment and 9.5%
in payrolls is reported for this city. Some plants are reducing their
forces or working part time. A surplus of common labor and farm labor
exists, and is increased by an influx of floaters and transient workers,
most of whom have been attracted by the activity in the manufacture of
small farm tractors. A good building program is in prospect.
Springfield.
-A decline in some lines of manufacturing activity is indicated by a drop of 3.0% in employment. On the other hand, a tractor
plant is working overtime and a meter works full time, an increase in
activity which is reflected by a 2.6% increase in payrolls. The coal mines
are affording part time employment, but an uncertainty regarding future
orders is reported. The unemployment ratio showed a slight decrease, but
there is still a surplus of all types of labor.
Sterling-Rock Falls.
-The largest decrease in factory employment of any
reporting city was recorded by a drop of 9.9% in employment and 20.5%
in payrolls. This was mainly due to inactivity in the metal industries.
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
APRIL 1930.
By Howard B. Myers, Chief of Bureau of Statistics and Research.
Employment.
Industries.
Earnings (Payroll).
Index of
Total
Average
Employment
Per Cent
Earnings
Weekly
(Average
Change
Per Cent
Earnings
from a
1925-27=-.100). of Choc Apr. 1930.
from
Month
Ago. Apr. Mar. Apr. March
Fe1930. 1930. 1929. 1930. Males. males.
-1.3 93.8 95.0 100.6 +0.7
All Industries
--2.0 95.0 96.9 103.0 -1.1
All manufacturing industries
+6.8 85.8 80.3 95.2 +7.5
Stone, clay, glass
+11.1 83.3 75.0 97.6 +12.5
Miscellaneous stone-mineral
+4.9 72.9 69.5 88.7 +9.8
Llme-cement-plaster
+14.4 59.7 52.2 78.8 +12.2
Brick-tile-pottery
+2.8 127.4 123.9 113.1
Glass
+3.8
Metals-machinery-conveyances. -2.6 105.1 107.9 116.0 -0.3
-0.5 114.1 114.7 117.9 +4.5
Iron and steel
Sheet metal work-hardware.. -1.1 88.4 89.4 99.3 -3.0
+1.8 81.2 79.8 118.1
Tools-cutlery
+1.8
+1.4 93.2 91.9 107.3 +1.8
Cooking & heating apparatus_
Brass-copper-zinc and other.. -1.0 101.8 102.8 114.3 +1.9
-1.9 75.9 77.4 78.0 -0.7
Cars-locomotives
+1.1 127.9 126.5 144.7 +12.6
Autos-accessories
-2.3 111.1 113.7 128.3 -1.3
Machinery
-7.7 108.4 117.4 122.4 -5.3
Electrical apparatus
-3.6 126.7 131.4 128.9 -7.9
Agricultural implements
Instruments and appliances_ -4.7 77.5 81.3 95.6 -7.5
-2.0 91.3 93.2 98.1 -0.9
Watches
-jewelry
-9.1 -------------11.1
All other
-2.9 63.6 65.5 76.4 -4.4
Wood products
+1.3 61.2 60.4 74.5 +5.1
Saw-planing mills
-3.7 70.9 73.6 84.0 -9.7
Furniture-cahinet work
+1.5 45.8 45.1 57.2 +6.3
Pianos-musical instruments
Miscellaneous wood products_ -4.9 64.6 67.9 76.2 +0.9
Furs and leather goods
+0.7 94.2 93.5 97.3 -7.1
-0,1 88.3 88.4 91.7 -13.1
Leather
+20.5 91.9 76.3 100.9 +8.2
Furs-fur goods
+0.9 98.7 97.8 101.3 -5.6
Boots and shoes
-8.4 47.4 50.6 70.1 -4.6
Miscellaneous leather goods
+0.3 99.9 99.6 105.9 +0.7
Dhemicals-olls-Paluts
-2.9 75.3 77.6 94.2 -1.5
Drugs-chemlcals
+3.0 99.5 96.6 107.0 +4.1
Palnts-dyes-colors
+1.3 95.0 93.8 93.3 +2.6
Mineral and vegetable oil
-0.2 113.7 113.9 126.3 -2.2
Miscellaneous chemicals
-0.8 98.2 99.0 96.7 -0.5
'tinting and paper goods
+1.3 88.4 87.3 101.3 +3.8
Paper boxes-bags-tubes
-0.4 93.2 93.6 103.1 -1.6
Miscellaneous paper goods
-2.3 82.8 84.8 88.3 -3.0
Job printing
+0.3 94.2 93.9 107.3 +1.6
Newspapers-periodicals
+3.8 ------------+2.7
Edition book binding
Lithographing and engraving- -5.1 -------------3.9
+2.1 92.0 90.1 88.0 +2.0
luttiles
-3.7 93.0 96.6 96.1
Cotton-woolen goods
+2.8
-2.9 81.9 84.3 83.9 -2.0
Knit goods
-4.4 93.1 97.4 116.7 -8.4
Thread and twine
+17.3 117.2 99.9 93.6 +12.0
Miscellaneous textiles
-12.8 75.8 86.9 88.6 -24.7
lothing and millinery
-19.4 67.6 71.5 79.0 -34.4
Men's clothing
-4.9 55.4 58.3 86.4 -2.2
Men's shirts-furnishings
-34.3 41.9 63.8 71.3 -38.8
Overalls-work clothes
-7.4 83.9 90.6 97.9 -4.9
Men's hats-caps
+3.9 141.9 136.6 101.3 +2.4
Women's clothing
+0.7 165.8 164.6 138.2 -4.3
Women's underwear
-5.3 45.5 48.0 72.5 -1.9
Women's hats
-0.5 85.0 85.4 88.8 +1.1
'ood-beverages-tobacco
+0.9 91.8 90.8 83.2 -1.7
Flour-feed-cereals
+8.7 11.2 10.3 11.7 +7.9
Fruit-vegetable canning
+1.9 88.3 86.7 94.8 +0.5
Miscellaneous groceries
-2.4 89.9 92.1 98.2 +0.3
Slaughtering-meat packing
+2.4 104.4 102.0 110.6 +0.3
Dairy products
Bread-other bakery products_ -0.2 82.3 82.5 87.2 -2.3
+3.3 88.5 83.7 81.7 +8.3
Confectionery
-1.5 68.8 69.6 68.9 +2.4
Beverages
-7.0 91.0 97.9 95.2 +1.7
Cigars-other tobaccos
+20.7 63.0 52.2 71.4 +17.4
Manufactured ice
Ice cream
+16.1 ------------+13.5
liscellaneous manufacturing_ _ _
+9.8 ------------+19.4
fon-manufacturing industries
-4).1 -----------+3.9
'rade-wholesale-retail
--2.1 71.8 73. 83.3 -0.4
Department stores
+3.5 102.4 98.9 110.9 +8.4
Wholesale dry goods
-0.5 96.9 97.4 89.9 +7.7
Wholesale groceries
+9.1 87.5 80.2 79.9 +15.2
Mall order houses
-4.8 65.0 68.3 81.8 -4,7
Milk distributing
+0.3
Metal jobbing
+0.3 ------------+2.3
7,
!rvices
-01 -------------12.9
Hotels-restaurants
-2.1 7,7.
: --- - -- - -15.5
Laundries
+0.6 1uo:( Will 107 8 +1.9
.
ublic utilities
+1.1 103.6 102.5 104.3 +8.2
water-gas-light-power
+2.8 122.8 119.5 117.7 4-5.3
Telephone
+1.6 111.9 110.1 112.6 +6.5
Street railways
+3.2 99.1 96.0 98.5 +15.6
Railway car repair
-6.0 76.0 80.9 81.9 +0.3
sal mining
-7.9 70.2 76.2 77.2 -11.7
HiOffing and contracting
+15.8 58.7 50.7 79.1
+9.2
Building construction
+11.7 49.7 44.5 73.7 +6.7
Road construction
+43.9 96.7 67.2 81.3 +47.8
_1_10 A
flOm9 S on n
-I- 912 9
Miscellaneous eontraetlnir
$
$
$31.90 $18.90
31.18 17.82
28.58 13.34
30.18 15.00
27.94 22.00
25.22 12.81
30.02 13.36
31.88 20.99
31.17 15.77
31.24 16.76
32.39 13.70
30.52 15.75
27.78 14.97
32.84 21.97
32.75 18.33
29.50 15.67
37.74 26.47
28.89 16.39
29.50 15.72
26.04 12.99
25.90 13.15
25.00 13.10
29.84 11.87
23.84 13.34
28.30 13.04
23.45 12.40
21.91 12.11
27.80 16.75
40.78 25.25
18.50 11.38
26.51 18.35
28.93 14.84
29.90 18.77
29.44 16.07
29.77 15.94
27.11 12.75
38.55 17.54
29.82 15.98
34.49 17.44
37.81 17.71
48.69 23.40
36.19 18.60
46.36 20.08
24.01 12.38
20.80 11.47
26.88 10.29
24.00 19.05
23.88 13.66
26.24 14.83
24.00 14.11
40.20 21.28
32.12 11.19
31.32 19.48
44.49 16.52
25.65 11.20
31.74 23.25
30.02 18.11
29.52 14.10
19.70 13.03
30.97 13.71
28.42 20.72
38.77 13.25
34.03 15.94
30.86 15.90
34.79 14.04
25.54 22.56
38.23 --87.88 19.33
33.41 16.06
33.78 20.31
36.08 19.42
38.04 19.22
25.22 20.04
32.44 17.74
25.53 19.27
49.51 35.80
36.13 26.27
22.90 15.61
21.32 15.34
33.28 16.06
36.88 21.40
31.17 19.37
41.79 21.40
38.85 17.81
30.85 22.38
21.87
38.48 --38.55 --__
27.41
AR An
Business Conditions as Viewed by Wisconsin
Bankshares Corporation.
"It is now generally recognized" says the Wisconsin
Bankshares Corp., "that recovery of business will be a
much more gradual process than at first had been visualized."
Further discussing the general business position the Corporation says:
The theory prevailed last winter that the collapse of speculation had not
done much damage to business and, therefore, recovery would be rapid.
It was pointed out that business had not overborrowed, prices had not
been inflated and inventories were relatively moderate. All of this was
summed up in the phrase "business is sound."
It is not possible to draw a sharp line between speculation and business
and say that one can undergo severe liquidation while the other remains
comparatively immune. The stock market and business react upon one
another. Stocks may make short swings for reasons of a technical nature
confined to the market itself. But when the whole market plunges downward as it did last fall, it is reflecting something outside itself, something
symptomatic of business, or more accurately, of the money market which
conditions both business and the stock market.
Business is stimulated by a rapidly rising stock market and stocks, in
turn, are boosted when business turns out new high records of production
and earnings. The bull market which ended in November last year was unprecedented in the number of people participating in it. Speculative profits
swelled the purchasing power of the country. Production in 1928 and 1929
advanced at over twice the normal rate for the past decade. Plant capacity
was enlarged and the stock market furnished the means, since the universal
enthusiasm for stoCks made it easy for corporations to procure capital
through sale of their stock in order to finance expansion.
Back of the rising stock market, the investment of new capital and expansion of production in the months preceding November 1929 was the
fundamentally important financial factor of expanding bank credit based
upon the flow of gold to this country. The growth of bank credit VMS not
made evident in loans to finance inventory expansion, as in 1919 and
1920, but in loans based upon collateral or in outright Investment in securities. The result was over-expansion of capital assets rather than inflation
of inventories. But the growth of credit always has its limits. Throughout
1928 and 1929 money rates were rising all over the world. Finally, stringency of credit exercised its inevitable effect upon commodity prices which
began to fall toward the middle of last yeat, followed closely by decline in
production.
This brief sketch of the succession of events leading up to the end of last
year serves to show that the present business recession did not begin with the
collapse of the stock market. According to precedent, the stock market of
1929 should have forecast the recession of business. But the momentum
of the market was so great and the belief in the so-called "new era" had
become so thoroughly inculcated that the market practically ignored the
usual signs of coming business recession.
The April Record.
Improvement of business in April fell short of expectations. In fact
if the customary seasonal rise be taken into account, it is doubtful whether
there was any improvement at all. The sharp reaction in the stock market
late in the month undoubtedly reflected disappointment and a revision of
opinion regarding the time of business revival. It is now thought that
sustained advance will not come before fall.
Agricultural and Business Conditions in Minneapolis
Federal Reserve District-April Volume of Business
Smaller Than In Same Month Last Year But
Higher Than In March.
The preliminary summary of agricultural and business
conditions in its district, issued May 10 by the Federal Reserve Bank of Minneapolis says:
The district volume of business in April was somewhat smaller than the
volume in April last year, but was on a higher level than in March, after
allowing for seasonal variations. Debits to individual accounts were as
large in April as in the corresponding month last year, with Minneapolis
and St. Paul reporting increases and all other portions of the district
reloading decreases, ranging from 1% in the dairying region to 17% in
the mining and lumber areas and at South St. Paul. The country check
clearings index was 7% smaller in April than a year ago. Electric power
consumption and department store sales showed Increases in April as
compared with the same month last year, but decreases as compared with a
year ago occurred in freight carloadings, postal receipts, building permits
and contracts and flour and linseed product shipments. The increase in
department store sales over the volume a year ago was partly due to the
later date of Easter, which caused most of the pre-Easter buying to fall
in April this year and in March a year ago.
The estimated cash income to farmers from the marketing of cash
crops, hogs and dairy products in April was 28% smaller than the income
from these sources in April last year. Declines occurred in the income from
all the estimated sources except potatoes. Wheat receipts at Minneapolis
and Duluth-Superior were only two-fifths as large in April this year as
in April a year ago. The price of butter increased 1%c. per pound between
March and April this year, although the price of butter ordinarily decreases
2c. per pound at this time of year, and last year the decrease was 2%c. per
pound. Consequently, the price of butter in April was only Sc. less than
the price a year ago, whereas in March the price of butter was 12c. under
the price in March last year. Decreases in April as compared with the
same month last year also occurred in the prices of wheat, corn, oats, barley,
rye, cattle, calves, hogs, lambs, milk, hens and eggs. Price increases
occurred in flax and potatoes.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.
April 1930.
Tntol of seven
Per Cent
April 1930
April 1929. of April 1929
12,127,000
1,479,000
168,000
393.000
2,713,000
16.188,000
9,901,000
Bread wheat
Durum wheat
Rye
Flax
Potatoes
Dairy products
Hogs
items
3625
FINANCIAL CHRONICLE
MAY 24 1930.1
16,296,000
3,875.000
290,000
505,000
1.641,000
22,651,000
10,347,000
34
38
58
78
165
71
96
132.969.000
S41 son (inn
79
April Automobile Production Shows Big Decline from
1929 But Small Increase Over 1928.
April production (factory sales) of motor vehicles in the
United States, as reported to the Department of Commerce,
was 442,630, of which 374,606 were passenger cars, 67,459
trucks, and 565 taxicabs, as compared with 401,382 passenger cars, trucks and taxicabs in March and 621,910 in
April 1929.
The table below is a complete revision of figures previously published, due to corrections submitted by reporting firms and is based on figures received from 144 manufacturers in the United States for recent months, 42 making
passenger cars and 113 making trucks (11 making both
.
passenger cars and trucks) Figures for passenger cars include only those designed as pleasure vehicles, while the
taxicabs reported are those built specifically for that purpose,
pleasure cars later converted to commercial use not being
reported as taxicabs. Figures for trucks include ambulances,
funeral cars, fire apparatus, street sweepers and busses.
Canadian figures are supplied by the Dominion Bureau of
Statistics.
AUTOMOBILE PRODUCTION (NUMBER OF MACHINES).
Canada.
United States.
Total.
1928
January
February
March
April
May
June
July
August
September _ _ _ _
October
21,728
323,796
413,314
410,104
425,783
396,796
392,086
461,298
415,314
397,284
257,140
234,116
November
December
TartPassenger
Trucks. cabs.x
Cars.
205,035
290,643
370,612
363,649
374,173
355,277
337,161
398,253
357,428
338,224
215,042
203,317
26,189
32,791
42,031
45,843
51,103
41,111
54,526
62.576
57,610
58,401
41,398
29,763
Total (year)... 4,358,759 3,808,704 543,342
1929
January
February
March
April
May
June
July
August
September _ _
October
November
December
Total (year)
401,037
466,418
585,455
621,910
604,691
545,932
500,840
498.628
415,912
380,017
*217,673
*120,007
345,545 53,428
404,063 60,247
511,577 71,799
535,878 84,346
514,863 88,510
461,371 93,183
424,944 74,842
440,780 56,808
363,471 51,576
318,462 60,687
167,846 *48,081
91,011 *27,513
504
462
671
612
507
408
409
469
276
659
700
1,036
FastenTotal. tier Cars. Trucks.
8.463
12,504
17,469
24.211
33,942
28,399
25,226
31,245
21.193
18.536
11.769
9,425
6,705
10,315
15,227
20,517
29,764
25,341
20,122
24,274
16,572
13,016
8,154
6,734
1,758
2,189
2,242
3,694
4,178
3,058
5,104
6,971
4,621
5,520
3,615
2,691
6,713 242,382 196,741 45,641
2,064
2,108
2,079
1,686
1,318
1,378
1,054
1.040
865
868
1,646
1,483
21,501
31,287
40,621
41,901
31,559
21,492
17,461
14,214
13,817
14,523
9.424
5,495
17,164
25,584
32,833
34,392
25,129
16,511
13,600
11,037
10,710
8,975
7,137
4,426
4,337
5,703
7,788
7,509
6,430
4,981
3,861
3,177
3,107
5,548
2,287
1,069
*5,358,420 4,569,811 *771,020 17,589 263,295 207,498 55,797
1930
January
February
March
April
*275,507
*347,071
*401,382
442,630
*236,279 *38,656
*296,595 *49,454
335,789 *64,204
374,606 67,459
572
1,022
1,389
565
10,388
15,548
20,730
24,257
8,858
13,021
17,165
20,872
1,532
2,527
3,565
3,385
Total(4 mos.) 1,466,590 1,243,269 219,773 3,548 70,923 59,914 11,009
• Revised. x Includes only factory-built taxicabs, and not private passenger
cars converted into vehicles for hire.
New Automobile Models Announced.
The H. H. Franklin Manufacturing Co. is introducing a
new Transcontinent sedan, developing 95 horsepower and
priced at $2,395 at factory, it was announced this week.
The price of the standard Franklin sedan is $2,585.
The Graham-Paige Motors Corp. is introducing a new
Graham Special Eight Convertible Sedan priced at $2,085
at the factory. The new model has a 122-inch wheelbase and
is powered with a 100-horsepower engine.
The De Soto Motor Corp., a division of the Chrysler
Motor Corp.,is introducing a new line of De Soto six-cylinder
cars in six body styles ranging in price from $810 to $945.
Prices are reduced $10 to $35 from the preceding six-cylinder
line, which consisted of seven body styles ranging in price
from $845 to $955. A new convertible coupe, listing at
$945, has been added to the line. The two-door sedan and
the deluxe sedan do not appear in the new line. New and
former prices and reductions on comparable models are
as follows:
Phaeton
Business coupe
Roadster
Sedan, four-door
Coupe deluxe
New Price.
1830
830
810
885
860
Former Price.
$845
845
845
885
885
Reduction.
115
15
35
10
25
Tire Business Affected Less Than Automobile Business
By Slowing Down of Business Otis & Co. Report.
That the tire industry has been less affected by the general
slowing down of business than the automobile industry is
the contention contained in an analysis of the seven principal
rubber companies prepared by Otis & Co. After reviewing
the 1929 record, the analysis continues:
We venture the statement that the tire industry has been less affected
by the general slowing down of business than the automobile industry,
since the major portion of tire needs grows out of transportation
-a fairly
3626
FINANCIAL CHRONICLE
stable factor-and not out of the new car production in a given period, although the latter, of course, has its influence. This is true In spite of the
fact that considerable volume of output goes to car manufacturers early
in the year. It is also true In spite of the fact that the primary selling
season is still a few months away.
The analysis also points out the disparity in 1929 between
record gasoline consumption and lower tire sales:
Last year saw more car registrations than ever before. Gasoline consumption attained a new high record. And yet tire sales were below 1928.
Granting that the popularity of higher-power motor cars might detract
moderately from the reliability of the "gasoline index" and that tires to-day
wear longer than a few years ago, it is obvious that these trend lines cannot go in opposite directions indefinitely. We must be nearing a time
when they will parallel each other in the same general manner as they have
for years. Revival of tire demand along with a continuance of satisfactorY
volume in lines other than tires should result in a rising trend of earnings
in the latter half of the year.
Raw material costs are to-day the lowest in the industry's history. Crude
rubber is selling around 15 cents per pound, which is below the average
cost of production. Under these circumstances, the danger of declining
rubber prices interfering with profits Is remote.
Tire stocks have been rather thoroughly deflated marketwise. A share
of common stock in each of the seven rubber companies tabulated herein at
the mean price during the first four months of 1929 would have cost $633.
To-day they may be purchased for $327, or a little more than 50% of
their average prices of a year ago.
Stocks of the weaker companies have been severely marked down in
price. This has affected the stocks of stronger companies, although the
decline has been on a much smaller scale relatively. It is a manifestation
of the sentiment which develops In periods such as the one through which
we are now passing. Sooner or later necessity will replace option in the
matter of tire purchases and the industry will benefit from a pent-up
business volume.
Indiscriminate accumulation of rubber stocks is of course, not warranted under the circumstances, but In our opinion stdrks of the stronger
companies are now at levels rather amply reflecting the unfavorable elements in the situation and from which marked improvement can be made
with a return of tire demand that has been deferred as a result of unusual
business conditions.
Lumber Orders and Shipments Nearer Production
Volume.
An improvement over the previous week in the relationship of lumber orders and shipments to production is indicated for the week ended May 17 in the reports of 877 hardwood and softwood mills to the National Lumber Manufacturers Assn. Orders and shipments were both 12% less
than total production of 372,720,000 feet. The previous
week 886 mills reported orders 20% less and shipments
16% less than production of 387,513,000 feet. Unfilled
softwood orders reported by 505 mills, as of May 17, were the
equivalent of 18 days' production, the same equivalent
reported a week earlier by 508 mills. As compared with
last year, 477 identical softwood mills gave production as
13% less, shipments 22% less and orders 14% less than for
the same week in 1929; for hardwoods, 205 identical mills
reported production 9% less, shipments 30% less and orders
37% under the volume for the week a year ago.
Lumber orders reported for the week ended May 17 1930
by 611 softwood mills totaled 297,821,000 feet, or 10%
below the production of the same mills. Shipments as
reported for the same week were 295,856,000 feet, or 10%
below production. Production was 330,503,000 feet.
Reports from 285 hardwood mills give new business as
31,578,000 feet, or 25% below production. Shipments as
reported for the same week were 33,175,000 feet, or 21%
below production. Production was 42,217,000 feet.
Unfilled Orders.
Reports from 505 softwood mills give unfilled orders of 937,159,000
feet, on May 17 1930, or the equivalent of 18 days' production. This is
based upon production of latest calendar year
-300
-day year-and may be
compared with unfilled orders of 508 softwood mills on May 10 1930, of
918,740,000 feet, the equivalent of 18 days' production.
The 366 identical softwood mills report unfilled orders as 843,276,000
feet, on May 17 1930, as compared with 1,172,170,000 feet for the same
week a year ago. Last week's production of 477 identical softwood mills
was 303,173,000 feet, and a year ago it was 347,446,000; shipments were
respectively 272,194,000 feet and 348,969,000; and orders received 278,447,000 feet and 325,405,000. In the case of hardwoods, 205 identical mills
reported production last week and a year ago 34,666,000 feet and 38,020,000:
shipments 27,053,000 feet and 38,415,000: and orders 25,474,000 feet
and 40,540,000.
West Coast Movement.
The West Coast Lumbermen's Assn. wired from Seattle that new business
for the 211 mills reporting for the week ended May 17, totaled 176,605,000
feet, of which 54,417,000 feet was for domestic cargo delivery, and 41,445.
feet export. New business by rail amounted to 60,888.000 feet. Shipments totaled 166,999,000 feet, of which 57.417,000 feet moved coastwise
and Intercoastal, and 27,028,000 feet export. Rail shipments totaled
577.556,000 feet, of which domestic cargo orders totaled 214,014,000 feet,
foreign 217,296,000 feet and rail trade 146,246,000 feet. Weekly capacity
of these mills is 243.090,000 feet. For the 19 weeks ended May 10, 139
identical mills reported orders 7.2% below production, and shipments were
5.9% below production. The same mills showed an Increase in inventories
of 10.6% on May 10, as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
143 mills reporting, shipments were 10% below production, and orders
15% below production and 6% below shipments. New business taken
during the week amounted to 50,106,000 feet, (previous week 50,421,000
at 140 mills); shipments 53,067,000 feet. (previous week 54,201.000): and
[VOL. 130.
production 59,277,000 feet, (previous week 59,142,000). The three-year
average production of these 143 mills is 70,020.000 feet. Orders on hand
at the end of the week at 116 mills were 151,578,000 feet. The 124 identical
mills reported a decrease in production of9%,and in new business a decrease
of 18%, as compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland. Oregon,
reported production from 88 mills as 53,230,000 feet, shipments 38,388,000
and new business 36,360,000 feet. Sixty-five identical mills reported a
decrease of 5% in production and a decrease of 10% in new business,
when compared with 1929.
The California White & Sugar Pine Manufacturers Assn.,of San Francisco
reported production from 18 mills as 19,580.000 feet, shipments 15,171,000
and orders 13,566,000 feet. The same number of mills reported a 20%
decrease in production and a 22% decrease in orders, in comparison with
last year.
The Northern Pine Manufacturers Assn.,of Minneapolis, Minn.,reported
production from 8 mills as 6,449,000 feet,shipments 4.207,000 and new business 3,964.000. The same number of mills reported production 23% less
and new business 15% less, than that reported a year ago.
The Northern Hemlock and Hardwood Manufacturers Assn., of Oshkosh.
Wis., reported production from 19 mills as 2,191,000 feet, shipments
3,399,000 and orders 1,368,000. The same number of mills reported a
decrease in production of 15%, and a decrease in orders of 29%, when
compared with the corresponding period of last year.
The North Carolina Pine Association, of Norfolk, Va., reported production from 111 mills as 9,764,000 feet, shipments 8,634,000 and new business
7,715,000. Forty-six Identical mills reported production 10% less, and
new business 3% less, than that reported for 1929.
The California Redwood Assn., of San Francisco, reported production
from 13 mills as 6,857,000 feet, shipments 5,991,000 and orders 8,137,000.
The same number of mills reported an 8% decrease in production, and a
6% decrease in orders, In comparison with a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 266 mills as 37,225,000 feet, shipments 30.518.000 and
new business 28,337,000. Reports from 186 identical mills showed production 9% less, and new business 41% less, than last year.
The Northern Hemlock and Hardwood Manufacturers Assn., of Oshkosh,
Wis., reported production from 19 mills as 4.992,000 feet, shipments 2,657.000 and orders 3,241,000. The same number of mills reported a
decrease of 9% in production, and an increase of 21% in orders, when
compared with the same week of 1929.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR WEEK ENDED MAY 17 1930 AND FOR 20 WEEKS TO DATE.
Association.
ProdsoHon
M Ft.
Shipments.
M Ft.
P. C.
of
Orders
Prod. .11 Ft.
Southern Pine
Week-143 mill reports
59.277
53,067 90
20 weeks-2,847 mill reports
1,217,510 1.127,427 93
West Coast LumbermensWeek-211 mill reports
178,155
166.999 96
20 weeks-4,271 mill reports
3,253,504 3,007,019 92
Western Pine Manufacturers
Week-88 mill reports
53,230
38,388 72
20 weeks-1,760 mill reports
747,060
687.130 92
California White dr Sugar Pine
Week-18 mill reports
19,580
15,171 77
20 weeks-507 mill reports
411,490 186
248,076
Northern Pine Mfrs.
Week-8 mill reports
6,449
4,207 65
20 weeks
-165 mill reports
82,621 130
63,399
No. Hemlock & Hardw'd(softwoodfll
Week-19 mill reports
2,191
3,399 155
20 weeks
44,227 83
70,067
-643 mill reports
North Carolina Pine
Week-Ill mill reports
8,634 88
9,764
20 weeks-2,220 mill reports
199,106
183,776 92
California Redwood
Week-13 mill reports
5,991 87
6,857
20 weeks
151,585
133,923 88
-293 mill reports
Softwood total
Week-611 mill reports
295,856
330,503
20 weeks.
-12,706 mill reports_ __ _ 5,950,307 5,677,613
Hardwood Sites.' Institute
Week-266 mill reports
20 weeks-5,001 mill reports
No. Hemlock & Hardwood
Week-19 mill reports
20 weeks
-643 mill reports
50,108
1,129,014
P. C.
of
Prod.
85
93
176,805 102
3,065,579 94
36,360
676,385
68
91
13,566 69
424,811 171
3,964 61
78,619 124
1,368
45,279
62
65
7,715
157,875
79
79
8,137 119
137,865 91
90
95
297,821
5,715,427
90
96
37,225
724,823
30,518
654.874
82
90
28,337
652.389
76
90
4,992
180,159
2,657
105,398
53
59
3,241
96,184
65
53
42,217
904,982
33,175
760,272
79
84
31,578
748,573
75
83
Grand total
Week-877 mill reports
372,720
329,031
20 weeks-17.707 mill reports-. 6,855,289 6,437.885
88
94
329,399
6.464.000
88
94
Hardwood total
Week-285 mill reports
20 weeks-5,644 mill reports
and Pulp Industry in March-Increase in Paper
Production as Compared with Previous Month
6% Below March 1929.
According to identical mill reports to the statistical department of the American Paper & Pulp Association from
members and co-operating organizations, paper production
in March showed, an increase of 4% over February 1930,
and a decrease of 6% under March 1929. The total wood
pulp production in March registered an increase of 12%
over February 1930 and an increase of 6% over March 1929,
according to the survey of the Association, which likewise
says:
Paper
The March production of newsprint, uncoated book, paperboard, bag.
wrapping, writing, tissue and building papers registered a decrease under
March 1929 output. Hanging paper production showed a substantial
increase in production over March 1929. Shipments f all grades of
paper, excepting hanging paper, decreased as compared with March 1929.
Newsprint, uncoated book, writing, tissue and hanging papers registered increases in inventory at the end of March 1930 as compared with the
end of February 1930. As compared with March 1929 inventory, newsprint, wrapping and bag papers showed decreases. The total stocks on
hand for all grades was 4% above February 1930 and 10% above those
of March 1929.
Identical pulp mill reports for March 1930 indicated that during March
1930 18% more mitscherlich sulphite pulp. 6% more bleached sulphite
MAY 24 1930.]
FINANCIAL CHRONICLE
pulp and 5% more kraft pulp was consumed by reporting mills than in
March 1929. The total shipments to outside markets of all grades of
pulp in March 1930 were 3% below the total for March 1929.
Easy bleaching sulphite pulp was the only grade that showed a decrease
in inventory at the end of March as compared with the end of February
1930. As compared with March 1929, groundwood, news grade sulphite
and soda pulps registered decreases in inventory.
REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS FOR THE
MONTH OF MARCH 1930.
Grade.
Production,
Tons.
Shipments,
Tons.
Stocks on Hand
End of Month.
Tons.
113,331
84,365
193,169
48,996
14,457
34,048
11,750
5,587
5,146
21,878
109,785
79,612
194,308
49,431
15,064
32.012
11,422
4,888
5,155
20,305
24,004
49,384
59,825
45,777
6,755
46,344
8,879
4,242
4,990
15,935
Newsprint
Book (uncoated)
Paperboard
Wrapping
Bag
Writing
Tissue
Hanging
Building
Other grades
Total
-All grades
532 727
521.962
286.115
REPORT OF WOOD PULP OPERATIONS IN IDENTICAL MILLS FOR
THE MONTH OF MARCH 1930.
Shipped Our- Stock on Hand
ing Month, End of Month,
Tons.
Tons.
Grade.
Production,
Tons.
Used During
Month, Tons.
Groundwood
Sulphite news grade
Sulphite bleached
Sulphite easy bleaching
Sulphite mitscherlich....
Kraft pulp
Soda pulp
Pulp-Other grades...
106,205
38,734
28,544
2,906
7,913
31,954
24,779
62
85,403
34,167
25,901
2,844
8,621
26,608
15.963
2,600
3,109
2,409
375
1,240
3,887
8,628
59
64,492
7,858
3,218
744
1,020
8,478
3,812
32
Total--attirradrifi
241 1107
107 5117
22.307
SO RA4
Manufacture of Automotive Parts-Accessory Improved
in April.
April proved to be a very satisfactory month for manufacturers in the automotive parts-accessory industry, business showing a marked gain over March. There has ,been
no evidence of curtailment of operations so far this month,
and May will quite possibly register a slight increase over
April, according to the Motor & Equipment Association,
composed of more than 800 automotive parts, accessory and
equipment manufacturers and wholesalers. The Association also says:
Increased business was enjoyed by both the suppliers of units, parts and
accessories to the car and truck manufacturers for original equipment and
of parts, accessories and garage repair equipment to the trade. The
business of member wholesalers in the Association also forged ahead.
There has been a consistent gain in the parts industry since the first of
the year,from the low levels reached in the closing months of 1929. Operations are, of course, still running below the same period last year.
The grand index of shipments for all groups of manufacturer members
reporting their figures to the Association in April stood at 163% of the
January 1925 base index of 100 as compared with 155 in March. 138 in
February and 254 in April a year ago.
Reports by divisions of member manufacturers business in April follow:
Parts
-accessory makers selling their products to the car and truck makers
for original equipment made shipments aggregating 175% of the January
1925 base index as compared with 167 in March, 141 in February and 287
In April last year.
Shipments to the trade by makers of service parts were 150% of the
January 1925 base as compared with 139 in March, 131 in February and
174 in April 1929.
Accessory shipments to the trade in April were 74% of the 1925 base
figure as compared with 67 in March, 66 in February and 91 in April
last year.
Service equipment shipments- that is, repair shop machinery and tools
in April were 180% of the 1925 base as compared with 175 in March, 151
in February and 227 in April a year ago.
Aggregate sales of the group of member wholesalers reporting to the
Association gained approximately 6% last month over March.
New York Cotton Exchange Service on Probabilities of
Figures of Total Stock of Cotton July 31.
Total stocks of all cotton in the United States on April
30 last showed an increase of 1,482,000 bales over the same
date last year, it was stated May 20 by the New York
Cotton Exchange Service. The total at the end of April
this year is placed at 6,242,000 bales, the largest since the
April 30 1927 total, which exceeded this year's figure by
more than 600,000 bales. The bulletin of the New York
Cotton Exchange Service follows:
The total stock of all kinds of cotton in all hands in this country on April
30 was 6,242,000 bales against 4,760,000 at end of April last year, 5,262,000
two years ago, 6,864,000 in the big crop season three years ago, and 6.066,000 four years ago. The stock on April 30 this year was 1.482,000 bales
larger than on the corresponding date last year, 980,000 larger than two
years ago, and 176,000 larger than four years ago, but it was 622,000
smaller than three years ago.
If exports this season should be 6,950,000 balm and domestic consumption
of all cotton 6,500,000 bales, the total stock of all kinds of cotton in all
hands in this country at the end of this season, July 31, would be about
4,000,000 bales. 'If, however, exports should total only 6,650,000 and domestic consumption only 6,350,000, the stock at end-season would be
about 4,450,000.
The stock of all kinds of cotton in all hands in this country on July 31
last year was 2,313,000 bales, two years ago 2,536,000, three years ago
3,762,000 and four years ago 3,542,000. The foreign cotton in the endseason stock last year totaled 182,000 bales.
3627
Asiatic Rubber Producers Ask Government to Stabilize
Industry.
Asiatic rubber producers of Perak have adopted resolutions asking the Government to take steps to stabilize the
rubber industry, according to Singapore advices to the
Rubber Exchange of New York on May 21. Among the
steps suggested by the producers were action by the Government declaring Sunday a day of rest for all laborers in
Malaya, legislation to prohibit the exports of second grade
rubber and the granting of permission for the export only
of smoked sheets and crepe. The producers also suggested
that the Government call a conference of producers and
officials to evolve a plan to save the industry from the
effects of overproduction.
United States Rubber Exchange of New York, Inc.,
Votes to Keep Exchange Open on Saturdays
-Will Close May 31.
During June, July, August
Members of the Rubber Exchange of New York have
voted to keep the exchange open for trading during all
Saturdays in June, July and August. The proposal to close
the exchange on those days failed to receive the necessary
two-thirds majority in the balloting. The Board of Governors, however, has voted to close the exchange on Saturday,
May 31, but directed members who have rubber to deliver
or to receive to keep their offices open on that day for the
completion of such deliveries.
Questionnaire on Problems Confronting Textile Trade
Issued by Council of Textile Association Executives.
In furtherance of efforts to determine the problems confronting the textile trade the Council of Textile Association
Executives has addressed a questionnaire on the subject
to various textile associations. Charles L. Bernheizner,
Chairman of the Council, in his letter May14 to the concerns
addressed says:
A Steering Committee of which Mr. Peter Fletcher, of Lamb, Finlay
and Co., is Chairman, is making an analysis of the problems confronting
the textile trade for the purpose of developing a program upon which the
Council of Textile Association Executives, recently established, can work
intelligently for the trade as a whole, covering all fibres and their manipulation. This Steering Committee is made up of outstanding leaders.
Many suggestions have been made for a program which includes such
important problems as:
Piracy of design and fabric.
Terms and time of credit.
Keeping and photographing of samples and placing orders elsewhere.
Truth in fabric.
Vestal Bill.
Financing the industry.
Hours of labor in manufacturing plants.
Chain-store and mail-order buying.
Co-operation between producer and consumer and others.
In order to facilitate our activities it is necessary to get information:
first hand, so OS to have a true picture of the situation exactly as it exists.
Your co-operation in furnishing us with accurate data will be helpful to you
as well as to us.
We enclose a questionnaire asking five specific questions which we believe
cover the whole field for present requirements.
•
May I repeat emphatically that the Council of Textile Association Executives is not designed to, and will not in any manner interfere with the individual integrity or the autonomy of any association. The Council is not
intended to duplicate the work of any association now existing. It offers
itself simply as a medium for the determination of common problems and
to seek a solution, if possible, through concerted action. All data supplied
will be treated in the strictest confidence. We shall be glad to keep you
Posted on developments.
As a member of the Council you can expect in a short time a very inter.
eating analysis of the problems with which we are struggling. We are making
this survey without cost to anyone.
Trusting that we may be favored with an early reply,
Very truly yours,
CHARLES L. BERNHEIMER,Chairman.
The questionnaire follows:
COUNCIL OF TEXTILE ASSOCIATION EXECUTIVES.
41 Park Row.
Questionnaire.
Steering Committee: Peter Fletcher, Chairman, A. D. Whiteside, Henry
Lauten, W. L. Pierce, II. C. Oppenheimer, H. S. Morgan and Benjamin
Schwartz.
The Committee will deeply appreciate your answers to the following
questions. Please do not feel limited to the space on this questionnaire
in your replies, but a fuller and more complete analysis on a separate sheet
would be sincerely appreciated.
1. What are the most pertinent problems and glaring abuses confronting
the Association and its individual members engaged in that line?
2. What in your opinion are the most prominent and outstanding abuses.
or problems, confronting the textile trade as a whole?
3. What is your Association doing about looking toward the solution of
the above problems, and the correction of the above abuses?
4. In your opinion what problems, or abuses, lend themselves to united
corrective action by the trade as a whole?
5. Have you any specific suggestions or recommendations other than
problems or abuses which you believe would promote the interests of the
textile trade, and which might be made part of the program of the Council
of Textile Association Executives?
Name
Association
Address
3628
FINANCIAL CHRONICLE
For.. 130.
Diamond Cutters Vote Sharp Curtailment—Belgian
Industry Decides To Enforce 15
-Day Month by
Patrolling Shops—Present Situation Attributed
To Wall Street Slump.
A Brussels cablegram May 11 is taken as followed from
the New York "Times":
The bulletin said they have not operated even the full time shift of
55 hours a week, and night work has been practically unheard of for some
years Other sections have adopted the 55 hour day week and 50
;
-hour
night week.
"In the first quarter of 1930, the average spindle in place ran 73.2 hours
less than the legal limit in the New England States," the report says,
"In addition to the fact that more than 3,000,000 spindles had been scrapped
since 1922. The curtailment during the first quarter of 1930 amounted to
The decline in the demand for diamonds which has followed the Wall 33.1% when based on spindles in place and 9.1% when based on active
spindles.
Street slump of last fall has provoked a situation in the Antwerp diamond'
"During the past year the New England mills operated at only 81.8%
trade which is almost without precedent. In April the diamond cutters'
-hour week. During the same period mills in the
organizations decided to reduce the output of cut stones by half while of capacity based on a 48
South operated 32% overtime."
the market remained poor. They agreed to employ their men only 15 days
a month, but to give a living allowance to those men who were laid off.
While the decision was unanimously approved, it is now said that many Silk
Mills Curtail Operations Reduced Temporarily to
firms have not held to it. Thirty-five master diamond cutters have been
Avoid Over-Stock—Retail Sales Good.
expelled from their syndicates for infringing on their agreement to reduce work, and in country places it is believed a number of small firms
The following is from the "Wall Street Journal" of May 19
have continued working full time.
Markets in broad silks continues quiet and steady with indications that
There have been threats among syndicate members, and so a meeting
of the heads of the diamond trade was called at the Diamond Bourse In the industry Is keeping in sound technical condition. Following brisk
activity by the mills earlier in the year, general seasonal curtailment is
Antwerp this morning to consider the situation. The smaller houses
complained they had no money to pay in doles to men whom they were under way with the idea of avoiding piling up inventories. Summer goods
not employing, and even the richer firms said the payments were burden- have been cleared out at price concessions and retail demand has been
some. The Government will do nothing, the official position being that satisfactory on the whole.
Carryover of stocks seems moderate despite high rate of activity which
the masters are voluntarily seeking to reduce the output in order to maintain
has prevailed. The warm weather has stimulated retail demand and
the market.
At the meeting to-day it was unanimously decided to control output business particularly in the large New York stores has been good.
Raw silk, in the opinion of trade observers, shows no indication so far
even more strictly and to organize patrols to enforce the 15
-day month
of having reached bottom, and the cautious policy of mills and large stocks
in the cutting shops.
on hand in Japan indicate that no reversal of the trend is probable for some
time.
American Newspaper Publishers' Association Opposed
Silk hosiery business is still in an unfavorable position with overproduction, substantial inventories and considerable price cutting.
to Five-Day Week.
The American Newspaper Publishers' Association, meeting in annual convention in New York last month, accepted Lowering of Production Costs Rather Than Restriction
of Output Will Be Most Helpful to Industry Acand approved on April 24 the report of its special standing
cording to H. J. Welsh of Rubber Plantations
committee recommending that "no member of the A.N.P.A.
Investment Trust.
enter into a five-day week contract until and unless a naReal and permanent interest of the rubber industry will
tional policy is jointly agreed upon and recommended by
the A.N.P.A. and International Union." The New York not be served by restriction of output, but by lowering
costs of production, it is stated by H.J. Welsh, Chairman of
"Evening Post," in which this was reported, said:
This action was regarded as strengthening the position of the New York the Rubber Plantations Investment Trust, the largest
publishers, who are faced with the threat of a strike by the typographical holding company of British producers, whose remarks in
unions for the five-day week at six days' pay.
London have just been forwarded to members of the Rubber
In discussing the report, the Chairman of the standing committee,
Harvey J. Kelly, said American publishers to-day were paying in wages Exchange of New York. "If the industry was a monopoly,"
to members of the printing trades unions $150,000 a day more than they Mr. Welch said, "restriction of tapping with price as the
paid in 1920, when living costs were at their peak.
factor of regulation would undoubtedly be sound and effecWant Newsprint Stability.
tive, but at least two-fifths of the total area planted with
The newsprint committee which yesterday presented to the convention
the proposal of the newsprint manufacturers' organization for an increase rubber is owned by natives whose adhesion to a common
In price of $5 a ton to be spread over the next three years, to-day presented policy cannot be secured."
the following resolution of policy which the convention adopted:
He believes that the United States will absorb 470,000
"Resolved, That the American Newspaper Publishers' Association approves the principle of a board economic stabilization of production and tons this year, the same as in 1929, while the rest of the world
distribution of newsprint paper over a period of years; and,further resolved, will consume 360,000 tons, or 30,000 tons more, making a
that the price to be paid for newsprint at any time is a matter to be deter- total
of 830,000 tons. If his views are confirmed production
mined by each publisher in the exercise of his own independent judgment."
A telegram was read to the convention suggesting that the members co- and consumption should about balance. According to Mr.
operate with the University of Alabama in experiments to determine the Welch the average consumption of rubber per automobile in
value of flash pine and wood pulp.
other countries is twice as much as in the United States.
Open Shop Report.
This is due, he said, to the fact that in the United States
The report of the open shop department, which also was presented to
only about 13% of the total registered vehicles are buses and
the convention and approved at the morning's session, said:
"During the last twelve months there has been at all times a fair supply trucks, while in other countries the proportion is twice as
of non-union labor, all of which may be said to have been uniformly good. large.
are at the present time very few non-union
There
men unemployed.
"During every yea? this department receives a great many applications
for work from union men who wish to give up their union cards, and the
year 1929 has seen a great increase in the number of this class of applicants.
"Numerous calls for composing room forces to be held in readiness for
call in case of a strike or walkout have been received and the wise forethought of several publishers in assembling a force of this kind has resulted
In strikes having been avoided and in settlements made which were fair
both to the men and to the office.
Five
-Day Demand No Success.
"The demand of the typographical union for the Inclusion in new contracts of a five-day week has not proved a success. No instance has been
reported of newspapers having signed new scales shortening hours to that
extent. In all cases involved where the newspaper has prepared in advance
to take care of its publication in any case, a new agreement has been reached
with the demand for a five-day week eliminated."
Curtailment of Operations by Kirschau Textile Union
Mills of Germany.
In its issue of May 16 the New York "Journal of Commerce" announces the following special advices from Frankfort-on-Main May 5:
Because of the lack of business considerable curtailment of operation
is expected in the Union-Ostsaechstsche Textilwerke, A.
-G. of Kirschau,
according to the Frankfurter Zeitung. This union employs about 2,000 men.
The affiliated plants of C. Otto Engert of Kirschau and Pelz and 0. G.
Thomas of Wilthen have been operating on an average schedule of three
days per week since the beginning of the year. The falling off of business
has been so sharp, however, that even further curtailment is likely. On the
other hand several departments of the Gebr. Friese A.
-G.of Kirschau, which
is not a member of the Textile Union, appear to be fairly active.
Chicago Printers Adopt Five-Day Week for a Limited Swiss Textile Goods Association Advised to Stop
Period—Typographical Union Acts to Give Work
Exports to India—Told Threat of Boycott Has
to Unemployed.
Closed Indian Market.
The following from Geneva May 9 is from the New York
Associated Press advices from Chicago May 13 said:
As a means to provide work for fellow printers out of employment, the "Times":
6,000 members of the Chicago Typographical Union have voted to adopt
The Swiss Textile Goods Association at St. Gall yesterday received a
alfive-day week.
Stit The action was taken under provisions of the International Typographical
-day
Union laws permitting its locals to adopt abbreviated hours for a 90
Period. Similar action to combat unemployment has been taken in some
other cities.
i At present members of the Chicago Typographical local work five and
one-half days, taking a day off every two weeks to give work to unemployed
members.
telegram from the Delhi branch, advising the temporary suspension of
textile exports and of existing contracts, owing to the unsettled situation,
as the Indian merchants are threatening to boycott not only British but all
European goods.
The Swiss textile industry, which annually exports to India goods valued
at nearly $5,000,000. Is seriously affected, especially after the proposed
increase in the American tariff on Swiss textiles.
Raw Silk Imports in 1929 Valued at $427,126,000-10%
Curtailment of Operations By New England Cotton
of Total Commodity Imports.
Mills.
For the third successive year imports of raw silk in 1929
Associated Press dispatches from Boston May 16 said:
constituted the largest single commodity in money value
The National Association of Cotton Manufacturers in the monthly imported into the United States, it was announced May 19
further in
bulletin to-day reports that New England mills have gone much
by the National Raw Silk Exchange, which adds:
curtailment than those in other sections of the country.
MAY
24 1930.1
FINANCIAL CHRONICLE
3629
Marine fuel oils are steady. Grade C bunker fuel oil
holds steady at $1.15 a barrel at refineries, and business is
satisfactory on this basis. Diesel oil is moving normally at
$2 per barrel.
Kerosene continues weak. Although posted prices still
range from ni to 74c. per gallon, tank car at local refineries, it is understood that 41-43 water white can be obtained
Petroleum and its Products-Crude Prices Reduced at under the low figure.
Price changes follow:
Santa Fe Spri:ofgs Following Refusal of Producers
-Standard 011 Co. of Ohio advances tank wagon and service
May 19.
to Agree on Proration-Pennsylvania Operators station gasoline prices 2c. per gallon to new price of
18c. per gallon.
Plan Drastic Cut in Production.
Gasoline. U. S. Motor, Tank Car Lots, F.O.B. Refinery.
Beacon Oil
09
Loa Angeles. export_ .0754
Conforming with its expressed warnings that failure of N.Y.(BaYo'n)$.09115.10
Carson Pet
.09
Stand Oil, N
.0954 Gulf Coast,export-- .0834
producers to arrive at an equitable basis of proration by
Crew Levick
Stand 011,N Y_... .10
North Louisiana.
.09
.0754
West Texas
.06% North Texas
Tide Water 011 Co .09
Q64
which production at Santa Fe Springs would be curtailed
Chicago
Richfield 011Co-- .10
.0954 Oklahoma
08
Warner-Gull:1%C° .10
.0754 Pennsylvania
0954
would lead to lower prices for crude, the Standard Oil Co. Pan-Am Pet Co- .09h New Orleans
Arkansas
06%
California
Shell Eastern Pet.. .10
.0834
of California on May 17 announced reductions of from 42e.
Gasoline. Service Station, Tax included.
to 95c. per barrel in the offered price on Santa Fe Springs
Minneapolis
5.183 Cincinnati
5.19
5 138
crude, effective as of that date. This action was brought New York
Denver
.21
.16
New Orleans
Atlanta
195
.22 Detroit
Baltimore
.188 Philadelphia
.21
about by the refusal of seven independent operators to join Beaton
20 Houston
.18 San Francisco
231
15 Jacksonville
.24 Spokane
with others in that field in curtailing daily crude output to Buffalo
.195
Chicago
15 Kansas City
179 St. Louis
.16
the desired figure of 104,716 barrels. The day previous,
Kerosene. 41-63 Water White, Tankcar Lots. F.O.B. Refinery.
Pennsylvania crude had been cut 25e. a barrel, the second itY.(Bayonne).073g 0.07il Chicago
8.0554 New Orleans
5.0754
North Texas
0534 Los Angeles, export_ .05H Tulsa
0634
this month.
Fut' OIL 1342 Degree. F.O.B. Refinery or Terminal.
The following statement accompanied the Standard of New York (Bayonne)$1.15 los Angeles
$ 85 Gulf Coast
$70
2.00 New Orleans
Diesel
95 Chicago.
California announcement: "Conditions in Santa Fe Springs
as
Gas Oil, 32-34 Degree, F. 0. B. Refinery or Terminal.
do not justify offerings of prices that will encourage overpro(Bayonne)---5.0534 Chicago
$.031Tuisa
1.03
duction. The operators of Santa Fe Springs today failed to N. Y.
agree on the conservation program which has been accepted
Crude Oil Output in United States Higher.
by operators in all other California fields.
The American Petroleum Institute estimates that the
"This failure to agree places in jeopardy the entire conservation movement in California. No change has been daily average gross crude oil production in the United States
made in prices offered by Standard for oil in other fields of for the week ended May 17 1930 was 2,607,900 barrels, as
California. Standard is maintaining its established policy compared with 2,595,150 barrels for the preceding week, an
of currently offering producers such prices for crude as con- increase of 12,750 barrels. Compared with the output for
the week ended May 18 1929 of $2,643,550 barrels, per day,
ditions warrant."
This adverse reaction to the conservation movement fol- the current figure represents a decrease of 35,650 barrels
lowed immediately upon the announcement by the general daily. The daily average production east of California for
committee on State-wide proration to the effect that Cali- the week ended May 17 1930 was 1,975,800 barrels, as comfornia's daily allowable production had been set at 596,000 pared with 1,960,350 barrels for the preceding week, an inbarrels for the rest of 1930, a reduction of 36,700 barrels crease of 15,450 barrels. The following are estimates of
under the actual daily production for the week ended May17. daily average gross production by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Bradford, Pa., producers, representing 25,000 barrels of
Weeks EndedMay 17 '30. May 10 '30. May 3'30. May 18 '29.
660,150
the 32,000 barrels daily average production in the McKean Oklahoma
653,350
658,800
672,150
Kansas
.400
127,150
125,450
115,150
County, Pa., field, have declared their decision to cut pro- Panhandle Texas
103,500
102,850
103,550
62.300
North Texas
80,900
80,100
79,900
84.800
duction to 80% of their April output. This decision was West Central Texas
59,350
59,950
59,250
51,300
West Texas
310,550
317,350
318,300
363,900
spurred by the two price reductions made during the first East Central Texas
40,050
39,150
36,700
19,400
Southwest Texas
two weeks in May.
65.400
63,850
63,500
78,800
North Louisiana
41,000
41,150
40,900
35,350
Arkansas
Price changes follow:
57,600
71,200
57,850
58,050
The value of raw silk imports for the year was 2427,126,000, and represented close to 10% of the total commodity imports of the country.
The percentage of total commodity imports represented in raw silk during
1929 was the highest yet achieved by that article. For the past six years,
the comparative percentage represented by raw silk has shown little variation, ranging from 8.9 to 9.7%. In 1924 raw silk occupied second position
with cane sugar leading, and in 1925 and 1926 raw silk also ranked second
with crude rubber leading.
May 17.
-Standard 011 Co. of California announced reductions ranging
from 42C. to 95c. per barrel in price offered for Santa Fe Springs crude.
Prices of Typical Crudes per Barrel at Wells.
(Ali gravities where A.P. I. degrees are not shown.)
Bradford, Pa
Corning, Ohio
Caton, W. Vs
Illinois
Western Kentucky
Midoontinent, Okla., 37
Corsicana, Texas, heavy
Hutchinson. Texas. 35
Luling, Texas
Spindletoto. Texas, grade A
Spindletop. Texas. below 25
Winkler. Texas
52.30
1.75
1.35
1.45
1.53
1.23
.80
.87
1.00
1.20
1.05
.65
Smackover, Ark., 24 and over
Smackover. Ark., below 2
Eldorado, Ark., 34
Urania. La
Salt Creek, Wyo.. 37
Sunburst, Mont
Artesia, N. M
Santa Fe Springs, Calif.. 33
Midway-Sunset, Calif.. 22
Huntington, Calif., 26
Ventura. Calif.. 30
Petrolia, Canada
1.90
.75
1.14
.90
1.23
Coastal Texas
Coastal Louisiana
Eastern (not incl. Michigan)_._
Michigan
Wyoming
Montana
Colorado
New Mexico
California
182,600
21,900
126,000
10,950
52.950
9,300
4,300
17,900
632,100
183,050
22,100
127,000
11,200
48,000
9,200
4,600
12,450
634,800
179,000
22,100
128,000
11,400
52,300
9,200
4,550
11,150
633,100
130,150
18.750
107,350
6,900
49,900
11,050
7,450
2,450
755,200
Total
2,607,900 2,595,150 2,595,200 2,643,550
The estimated daily average gross production for the Mid-Continent
field, including Oklahoma, Kansas, Panhandle, North, West Central, West,
1.65
108 East Central and Southwest Texas, North Louisiana and Arkansas, for
1.75 the week ended May 17, was 1,549.900 barrels, as compared with 1,542,750
1.05
1.34 barrels for the preceding week, an increase of 7,150 barrels. The Mid-Con1.13 tinent production, excluding Smackover (Arkansas) heavy oil, was 1.509,650
1.90 barrels, as compared with 1,502,500 barrels, an increase of 7,150 barrels.
The production figures of certain pools In the various districts for the
REFINED PRODUCTS
-PRICES FIRM AND UNCHANGED IN
current week, compared with the previous week, in barrels of 42 gallons,
GASOLINE MARKET
-TANK CAR MOVEMENT GOOD-.
follow:
DOMESTIC HEATING OIL DEMAND STEADY
-Week Ended-Week Ended
-KEROSENE
-May 17. May 10.
Southwest TexasOklahoma
May 17. May 10.
WEAK.
East Central Texas
Bowlegs
13,300 14,400
16,000 16,050 Van Zandt County
Gasoline prices hold firm and unchanged in this market, Bristow-Slick
24,700 23.500
Burbank
16,350 16,500 Darst Creek
22,000 19.750
the range being from 9 to 10c. per gallon, tank car at re- Carr City
11,100 9,900 Luling
9,400 9,500
44,950 40,750 Salt Flat
Earlsboro
21,900 22,300
fineries. While there has been a slight lessening in
34,550 36,250
North Louisiana
spot East Earlsboro
15,800 15,700 Sarepta-Carterville
Konawa
3,300 MOO
demand, movement against contract has been in
28,900 32,100 Zwolle
large Little River
3,800 3,550
volume.
Arkansas
15,500 15,500
East Little River
6,450 5,900 Smackover, light
Maud
5,300 5,300
All reports indicate that the steadily mounting consump- Mission
15,950 13,050 Smackover, heavy
40,250 40,250
114,800 113,250
Coastal Texas
Oklahoma
tion figures will establish a new high record for the spring St. Louis City
45,000 43,700 Barbers H111
18,050 18.200
12,300 8,950 Raccoon Bend
12,050 12,000
Searight
and summer months. The University of Michigan has Seminole
16,500 15,450 Refuglo County
39,600 38,850
discovered a new and reputedly more powerful
2,950 3,700 Sugiuland
12,200 11,850
gasoline East Seminole
Coastal Louisiana
Kansasblend and on Thursday May 22 announced the formula
19,900 21,200 East Hackberry
2,100 2,200
to Sedgwlek County
22,150 17,850 Old Hackberry
1,400 1.300
the petroleum industry for free use of all. The blend is said Voshell
Wyoming
Panhandle Texas
30,950 26.100
70,850 68,250 Salt Creek
to restore natural gasoline and naphtha, usually removed in Gray County
Montana
22,900 24,300
Hutchinson County
Kevin-Sunburst
refining processes. Natural gasoline is highly volatile,
5,600 5,600
North Texas
New Mexico
19,000 18,550
County
Archer
vaporizing readily in cold weather, while naphtha
24,200 24,050 Balance of Lea and Eddy
retards Wllbarger County
Counties
15,250 9.900
vaporization when the engine is hot, thus eliminating
West Central
the young County Texas- 19,200 18.800 Elwood-Goleta
Cl
44,900 45,300
choke and drag of completely vaporizing fuel.
Huntington Beach
West Texas28,300 28,300
17,200 17,400
Demand for domestic heating oils is steady, with demand Crane A Upton Counties 43.200 44,300 Inglewood
13,400 14,100 Kettieman Hills
15,700 15,000
Ector County
expectations of refiners. No price changes
up to the
38,100 38,000 Long Beach
Howard County
99,500 99,800
are Reagan County
16,400 16,400 Midway-Sunset
• 67 000 68,000
expected during the immediate future 1, I consumption has Winkler County
75.200 77,800 Santa Fe Sprh:gs
129,000 134,500
113,800 113,500 Seal Beach
Yates
23,900 23,500
continued unusually well for this time of the year.
4,000
4,800 Ventura Avenue
Balance Pecos County
51.200 49,000
3630
FINANCIAL CHRONICLE
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,519,400 barrels, or 95.7% of the 3,678,900 barrel estimated daily potential refining capacity of the
plants operating in the United States during the week ended
May 17 1930, reported that the crude runs to stills for the
week show that these companies operated to 75.2% of their
total capacity. Figures published last week show that companies aggregating 3,515,900 barrels, or 95.6% of the 3,678,900 barrel estimated daily potential refining capacity of all
plants operating in the United States during that week, but
which operated to only 75.7% of their total capacity, contributed to that report. The report for the week ended
May 17 1930 follows:
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL Erroqiis
WEEK ENDED MAY 17 1930.
(Figures in Barrels of 42 Gallons.)
District.
Per Cent
Potential
Capac'y
Report(no.
100.0
East Coast
89.1
Appalachian
Indiana,Illinois, Ketit'ky, 99.5
89.8
Okla., Kansas, Missouri
90.8
Texas
96.8
Loulsiana-Arkansas
93.6
Rocky Mountain
99.3
California
Total week May 17....
Daily average
Total week May 10....
Daily average
95.7
95.6
Crude
Runs
to
311118.
Per Cent
Oper.
of Total
Capac'y
Report
Gasoline
Stocks.
Gas
and
Fuel
Oil
Moats.
3,294,000
665,000
2,217,000
2,180,000
4,447,000
1,218,000
448,000
4,051,000
77.7
83.3
84.2
75.0
88.8
66.4
45.9
64.9
9,090,000
1,783,000
8,513,000
4,536,000
7,940,000
2,641,000
2,800,000
16,117,000
7,048,000
823,000
3,428,000
4,164,000
10,482,000
1,878,000
1,102,000
108,081,000
18,520,000
2,645,700
18,622,000
2,660,300
75.2
53,320,000
137,004,000
75.7
53,203,000
136,949,000
3,318,000
90.0
6,814,000
7,678,000
Texas Gulf Coast
100.0
1,014,000
834,000
80.7
2,149,000
Louisiana Gulf Coast__
100.0
to stills and stocks figures follow exactly the p esent Bureau
Note.
-All crude runs
of Mines definitions. In California stocks of heavy crude and all grades of fuel oil
are included under the heading "Gas and Fuel 011 Stocks." Crude oil runs to
atliki include both foreign and domestic crude.
Gross Crude Oil Stock Changes for April.
Pipe line and tank farm gross domestic crude oil stocks
east of the Rocky Mountains decreased 1,879,000 barrels
in the month of April, according to returns compiled by the
American Petroleum Institute from reports made to it by
representative companies. The net change shown by the
reporting companies accounts for the increases and decreases
in general crude oil stocks, including crude oil in transit, but
not producers' stocks at the wells.
-Lower
Export Copper Active-Domestic Trade Fair
Prices Named in Week for Tin, Lead and Silver.
[VoL. 130.
by the superior performance of companies with diversified output, is 74%
a decline of only 1 point from the 75% rate of a week ago. The Steel Corporation average is unchanged at 80% of capacity.
Additional price recessions have occurred in both primary and finished
materials. The scrap market Is uniformly weak, and heavy melting steel
has declined 50c. a ton at Pittsburgh, $1 a ton at Birmingham and 25c. a
ton at Cincinnati. Pig iron prices are nominally unchanged, although
subject to shading. The general trend of foundry operations is downward.
the only conspicuous exception being the melt of companies making castings
for Ford and Chevrolet automobiles.
Automobile body sheets and vitreous enameling stock have gone down
$2 a ton to 3.70c. and 3.80c. a lb., Pittsburgh, respectively. Another general reduction of $2 a ton has Occurred in plates and shapes, following concessions that were localized a week ago. The market on these products
is now 1.80c. a lb. at Chicago and 1.70c. at Pittsburgh.
Prices on continuous sheets show greater irregularity and cold-rolled
strip is more generally available at 2.45c. a lb., or $2 a ton below nominal
mill quotations. Weakness has extended to semi-finished steel, with concessions of $1 to $2 a ton reported on sheet bars, billets and slabs.
The "Iron Age" composite price for finished steel, which has been dedining for nearly 10 months, is now 2.214c. a lb. This figure is $4.32 a
ton above the low point of the post-war slump, which was reached in the
last week in February, 1922, following an uninterrupted decline lasting
18 months.
The less severe character of the present business recession, coupled with
the fact that price reaction has already gone far, has caused some observers
to persist in the view that a turn is not far away. It Is true that the iron
and steel industry seems to be moving into the usual mid-year dull period,
but steel company earnings are rapidly diminishing and considerations
of cost are counted on to influence the trade's attitude on prices.
Current business is not without its encouraging features. Fabricated
structural steel awards, at 51,000 tons, are the largest since the second week
in February. More than half of the current total is represented by two
projects, a 20,000
-ton office building in New York and a 7,500-ton bridge
for the Santa Fe at Chillicothe, Ill. The large amount of pending work
has been swelled by inquiries aggregating 30,500 tons. Demand for reinforcing steel is sustained, with 13,000 tons of new business up for bids.
Line pipe remains active, with producers, some of which are now booked
for several months, figuring on twice the tonnage that has been placed.
The Gulf Refining Co. has entered the market for 1,000 miles of pipe.
Motor car production shows little change, with the Ford and Chevrolet
companies accounting for most of the automotive demand for steel. The
outlook for June is uncertain, as some automobile makers plan to increase
operations slightly, while others will curtail. Current shipments of steel
to the motor car industry are estimated at 60% of those a year ago.
Farm equipment makers, particularly manufacturers of harvesting
equipment, are reducing output. Lessened demand, the receipt of the first
cancellations in years, and the uncertainty of prices for farm .products
are mentioned as contributing factors.
Makers of tin plate, following the accumulation of anticipated tonnage,
are scaling down their schedules, and rail mills, now on an 80% basis at
Chicago, will reduce operations in June. Specifications from railroad car
builders continue to decline.
The "Iron Age" composite price for finished steel, at 2.214c. a lb.,
compares with 2.228c. last week. The pig iron composite remains at $17.58
a gross ton.
fqg Iron.
Finished Steel
May 20 1930, $17.58 a Grose Ton.
May 291930, 2.214e. a Lb.
2.228e. One week ago
817.67
One week ago
2.264c. One month ago
17.78
One month ago
2.4120. One year ago
18.71
One year ago
Based OD steel bars, beams. tank Plates, Based on average of basic iron at Valley
wire. rails, black pipe and black sheets. furnace and foundry Irons at Chicago,
These products make 87% of the United Philadelphia. Buffalo, Valley and Birmingham.
States output of finished steel.
Low.
High.
Low.
High.
1930.-2.362o. Jan. 7 2.214e. May 20 1930-318.21 Jan. 7 $17.50 may 13
Apr. 2 2.362c. Oct. 29 1929___ 18.71 May 14 18.11 Dec. 17
1929_.2.4120.
1928.-2.391c. Dee. 11 2.314e. Jan. 3 1928___ 18.59 Nov. 27 17.04 July 26
1927_2.453c. Jan, 4 2.293c. Oct. 25 1927___ 19.71 Jan. 4 17.54 Nov. 1
1926_2.4530. Jan. 5 2.403c. May 18 1926...... 21.0 Jan. 5 19.48 July 13
1925_2.560o Jan. 6 2.396o. Aug. 18 1925.- 22.50 Jan. 13 18.96 July 7
Heavy sales of copper for export featured the metal markets in the last week, with foreign consumers buying their
full allotment every day, "Metal and Mineral Markets"
reports. Domestic demand quieted down to the proporTo unsteady demand and declining prices in finished
tions of an average week, after the excited market of a week
steel has been added the further complication of probably
ago, and the price now seems fairly well stabilized at the
the most drastic freight rate revision in the history of the
13 cents delivered level. The following observations are
industry, affecting practically every haul east of the Misalso made:
sissippi and north of the Ohio and Potomac rivers, the
Domestic demand got back to the level of two weeks ago-somewhat
better than early in the year but not 10% of last week's total. Foreign "Iron Trade Review," of Cleveland May 22 reports in its
buyers, however, have taken all they could get, and many demanded even summary of iron and steel conditions. The "Review" adds:
larger allotments. As a result of the excellent export business, totaling
Based on wileage scales prescribed by the Inter-State Commerce Com90,855 long tons, it is likely that the May 1928 record of 91,273 long tons mission, the new rates were effective Tuesday. In general, long haul rates
will be exceeded.
have been reduced and short haul rates increased, lowering the freight bllls
Considerable unsold copper is still in the hands of producers in spite of of a
majority of consumers.
large volume of domestic and export buying that resulted from the
the
While it is too early fully to appraise the extent of the dislocation, many
price cut. Manufacturers report that the early rush of copper purchasing structural steel fabricators may be seriously handicapped in reaching
Is over but that they are still obtaining a satisfactory volume of orders not- their accustomed markets. For a portion of the automotive trade the
withstanding the current industrial depression.
Cleveland base on bars may be more widely applied, although reductions
Due chiefly to unsettlement in London prices, the volume of business in to Detroit maintain the relationships of important producing districts.
lead fell off to less than half of the total reported for the preceding week.
Sharing widespread interest in a study of the new rate situation is a
The weakness abroad was instrumental in bringing about a general decline further softening of prices. Semi-finished steel is off $1 to $2 per ton in the
In prices to a New York level of 5.50 cents. St. Louis prices settled at Middle West. Steel bars, plates and shapes at Chicago have been reduced
5.40 cents. Inquiry for lead improved considerably at the lower prices, to the normal spread of $2 per ton over Pittsburgh.
especially in the New York district.
Autobody sheets are quoted $2 per ton lower, with further weakness in
A fair tonnage of zinc was booked in the last week at 4.60 and 4.70 cents, black sheets at Detroit and blue annealed at Chicago. Cold-rolled.strip
St. Louis, but there was no snap to the market. Tin was unsettled. The is quoted $2 down at Cleveland. Oast iron pipe has been lowered $2 at
market was quiet with sales one day during the week at 31 ji cents, a new Chicago. Quotations on fabricated structural steel mirror the intense
low.
competition for business.
Assome of the larger producers,especially of heavy finished steel, evidence
Declines Slightly-Prices Continue an intention of meeting the low prices of their competitors a feeling that the
Steel Output Again
market may be stabilized at about current levels is apparent. Producers
to Drop.
generally believe the price situation will be righted before fall. In fact,
increasingly some sheet producers specify present prices are
for second quarter only.
With prices still giving ground and with selling
become
Demand for finished steel continues sluggish. From time to time various
aggressive, the lull in the iron and steel market has
products display a burst of activity, but it is short-lived and on the whole
Measmore pronounced, the "Iron Age" of May 22 states.
business is receding gently. This ties in with a steady lowering of steelproducers, de- making operations. Steel corporation subsidiaries this week have fallen
ured in terms of specifications received by
is due slightly below 80%, after holding that rate for several weeks. Pittsburgh
mand is still receding, but how much of the decline
is off a few points, to below 75%. Chicago holds at 90%, Cleveland at 76,
consumption is not yet Birmingham at 85-90. Youngstown is off
to caution rather than to reduced
about two points, to 68, while
Buffalo is up three, to 73%.
apparent, adds the "Age," which further says:
Automotive requirements for finished steel are more vigorous in some
deBusiness sentiment, rendered extremely conservative both by price
directions, as manufacturers specify material for new models, but the
velopments and the approach of the customarily dull summer season, has
rise in Ford and Chevrolet operations appears to have run its course and
also been chilled by the recent secondary reaction in the stock market.
is some opinion that automotive production 18 Passing its first half
Steel ingot production shows wide variations, with certain producers there
running at as low as 50% of capacity, but the general average, influenced year peak.
MAY 24 1930.1
FINANCIAL CHRONICLE
Pipe is more active as the Southern Natural Gas Corp. distributes 50,000
tons to the National Tube Co. and 17.000 tons to the A. 0. Smith Corp.
The former company has booked a round tonnage supplementing 60.000
tons recently placed by the Cities Service Co. for the Texas-Chicago line.
Railroad equipment orders are negligible, including 25 miscellaneous
cars. The Illinois Central has deferred action on 2,200 freight cars until
June. Gulf Refining Co. Is inquiring for 250 tank cars. Five locomotives
were bought and two placed on inquiry last week.
After two exceptional weeks, structural steel awards have subsided, being
25,500 tons this week compared with 68,425 tons last week and 47,630
tons a year ago. For the year to date awards have totaled 726,500 tons;
a year ago, 833,849 tons. Due chiefly to the active market at Chicago,
plates lead other heavy finished lines. Wire, sheets and strip, as a whole,
continue in a dull market.
Consumers of pig iron are watching the price situation closely, and are
paring their purchases accordingly. The lack of interest in third quarter
requirements is noticeable. Pig iron from Manchuria is being offered in the
Pacific Northwest at $4 per ton below the domestic product. Indian
iron is being imported fairly freely in California. Last week's decline of
10 cents in beehive furnace coke has not stimulated business. Users of
scrap are not tempted by further reductions, and while using a higher
percentage of scrap are not accumulating reserves.
European steel entente, reported last week having difficulty maintaining
prices, is meeting in Paris to adjust quotas to permit more equitable distribution of current demand, which is light. Iron and steel markets in
Europe continue dull. In Britain two blast furnaces have been blown
out and production is being -curtailed. German makers are competing
more sharply with British in tin plate exports.
Reduction in semifinished steel lower the "Iron Trade Review" composite 28 cents this week, to $33.56. For 12 consecutive weeks this index
has declined. At the beginning of May it stood at $33.96 and for April it
averaged $34.44.
Steel ingot production has been reduced during the past
week, with the average around 75%, compared with 76%
in the preceding week and 763/% two weeks ago, stated the
"Wall Street Journal" on May 20. The "Journal" continues
to say:
There has been no change by the United States Steel Corp., which has
maintained its rate at a shade under 80%, the same as last week. Two
weeks ago the corporation was slightly over 80%.
Independent steel companies are down 1.1i% to a shade over 70%,
against around 72% in the preceding week and a fraction over 72% two
weeks ago.
At this time last year, the steel corporation was running at practically
capacity, with independents around 93%, and the average at 96%. Two
years ago the steel corporation was at 86%, with independents at 78%
and the average was slightly under 82%.
Production of Coal Continues Below That in Corresponding Period Last Year.
The total production of soft coal for the country as a whole
during the month of April, with 25.8 working days,amounted
to 35,860,000 net tons, as against 35,773,000 tons during
the 26 days of March, according to the United States Bureau
of Mines, Department of Commerce. The average daily
rate of output in April was 1,390,000 tons. Compared with
the average daily rate in March, this shows an increase of
14,000 tons, or 1%.
The production of Pennsylvania anthracite in April is
estimated at 4,916,000 net tons. The average daily rate
of production in April was 197,000 tons, an increase of
22,000 tons, or 12.6% over the March rate. The Bureau
also shows:
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN APRIL (NET TONS).
Illtatnttnous.
Month.
Antbraette.
No. of Average
No. of Average
Total
Total
Working per WorkWorking per WorkDay. Production. Days.
Productin. Days.
Dor.
1930
-February_
March
Aprll
39,555.000
35,773,000
35,860,000
23.9
26
25.8
1,655,000 6,157,000
1,376,000 4,551,000
1,390,000 4,916,000
23.5
26
25
262,000
176,000
197,000
-ADM
1929
a Revised.
37,380,000
25.6
1,460.000 6.441.000
25
258,000
Soft Coal Demand Reported Lagging in United States
April Output Below That of a Year Ago.
Uncertainty during the period of spring price adjustments,
which adversely affected business, and a marked reduction
n the demand for domestic sizes made the past month a
hectic one in bituminous coal markets of the country, the
"Coal Age" reports. The decreased call for domestic sizes
resulted in difficulties in adjusting production schedules and
made steam sizes, particularly screenings, the leaders in the
market, adds the "Age," which further states:
On the other hand, the advent of the lake season caused a renewal of
optimism, though reports of exceptionally low prices on this business were
current. Contracting still lagged as compared to other seasons, as did
replenishment of stockpiles.
April production of bituminous coal is estimated at 35,750,000 net tons, a
decrease of 23,000 net tons from the March figure and of 1,630.000 net tons
from that of April 1929. Anthracite production was estimated at 4,899,000
net tons for last month, against 4,551.000 in the preceding month and
6,441,000 net tons in April 1929. The "Coal Age" index of spot bituminous
prices (preliminary) for April was 141%, which compares with 145 in
March. The corresponding weighted average prices stood at $1.75I4 in
April and $1.73 4-5 in March.
With the opening of the season last month total dumpinga at the lower
lake ports to April 27 were as follows: Cargo, 1,369,765: bunker fuel. 48,700
tons. Dulness pervaded the anthracite markets of the country until the
3631
latter part of April, when price reductions on domestic sizes went into
effect. Following cuts by the producers a buying rush began, helped by
a little cold weather and the small supplies in the hands of the retailers.
Anthracite Shipments in April 1930 Below Those of
Last Year.
Shipments of anthracite for the month of April 1930, as
reported to the Anthracite Bureau of Information, Philadelphia, amounted to 3,662,647 gross tons. This is an increase as compared with shipments during the preceding
month of March of 231,707 tons, but when compared with
the month of April 1929 shows a decrease of 1,497,873 tons.
Shipments by originating carriers (in gross tons) are as
follows:
Apr. 1930.
Month of800,244
Reading Co
Lehigh Valley RR
534.960
339,543
Central RR. of New Jersey
Delaware Lack.& Western RR_ 686,827
534,444
Delaware & Hudson Co
365,014
Pennsylvania RR
293,197
Erie RR
73,425
N. Y. Ont. & Western Ry
Lehigh & New England RR
146,993
Mar. 1930.
749,522
505,913
309,466
589,196
437,805
368,474
246,439
103,114
121,011
Apr. 1929.
941,389
764,523
487,158
874,135
688,331
499,536
537,828
110.558
257,062
Mar. 1929.
676,295
583,014
308,049
626,825
489,840
345,147
375,165
82,802
141,554
3,662.647
3,430,940
5.160,520
3,628,691
Total
Output of Bituminous Coal Continues Below Rate a
Year Ago-Production of Pennsylvania Anthracite
Lower Than in Preceding Week, but Exceeds That
of Corresponding Period Last Year.
According to the United States Bureau of Mines, Department of Commerce, 8,293,000 net tons of bituminous coal,
1,406,000 tons of Pennsylvania anthracite and 62,200 tons
of beehive coke were produced in the week ended May 10
1930. This compares with 9,264,000 tons of bituminous
coal, 1,253,000 tons of Pennsylvania anthracite and 124,800
twig of beehive coke produced in the week ended May 11
1929, and 8,335,000 tons of bituminous coal, 1,726,000 tons
of Pennsylvania anthracite and 63,000 tons of beehive coke
in the week ended May 3 1930.
For the calendar year to May 10 1930, the production of
bituminous coal amounted to 172,896,000 net tons as against
190,286,000 tons in the calendar year to May 11 1929. The
Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended May 10 1930
including lignite and coal coked at the mines, is estimated at 8.293,000
net tons. Compared with the output in Lae preceding week, this shows a
decrease of 42,000 tons, or 0.5%. Production during the week in 1929
corresponding with that of May 10 amounted to 9,264,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1929----1930Cal. Year
a . Year
Week Endedto Date.a
Week.MI
Week.
to Date.
April 26
9,239,000 172.124.000
8,191,000 1,156,268,000
1.739.000
Dally average
1.365,000 An 1,566.000
1,540.000
May 3 b
8,335,000 164.603.000
8,898,000 181,022,000
1,724,000
Daily average
1.483,000
1,389.000
1,486.000
May 10 c
8.293.000 172,896.0009,264,000 190,286.000
1,713,000
Daily average1,544,000
1,382,000
1,558,000
a Minus one day's production first week in January to equalize number
of days in the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year to
May 10 (approximately 111 working days) amounts to 172,896,000 net
tons. Figures for corresponding periods in other recent years are given
below:
213,558,000 net tons
190,286,000 net tons 11927
1929
200.794,000 net tons
1928
175,896,000 net tons 11926
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended May 3 is estimated at 8,335.000 net tons. Compared with the output in the preceding
week,tnis shows an increase of 144,000 tons, or 1.8%. The following table
apportions the tonnage by States and gives comparable figures for other
recent years:
Estimated Weekly Production of Coal, by States (Net Tons).
Week Ended
May 1923
State.
May 3'30. Apr. 26'30. May 4 '29. May 5 '28. Average.a
398,000
342,000
290,000
357,000
Alabama
313.000
21,000
20,000
12.000
14.000
Arkansas
12,000
168,000
142,000
74,000
138,000
Colorado
80.000
857.000
555.000 1,292,000
838,000
845.000
Illinois
213.000
394,000
265.000
254,000
272,000
Indiana
89.000
54.000
58.000
52,000
49,000
Iowa
34,000
75,000
28,000
24,000
Kansas
32,000
Kentucky
815,000
800.000
815,000
867,000
679.000
Eastern
152,000
207,000
257,000
183.000
Western
154.000
40,000
45,000
41,000
41.000
47.000
Maryland
7,000
8,000
14.000
1.3,000
12.000
Michigan
61.000
45,000
66,000
56,000
55.000
Missouri
47,000
41,000
42,000
28.000
33,000
Montana
57,000
27,000
33.000
48,000
49.000
New Mexico_ 22,000
20,000
10.000
14.000
18,000
North Dakota
214,000
860.000
424,000
335,000
357,000
Onio
46,000
29,000
41,000
54,000
28,000
Oklahoma
Penna. (bitum.)- 2,422.000 2,340,000 2.601.000 2,401,000 3,578.000
103,000
121,000
104,000
96.000
104.000
Tennessee
22.000
8.000
20,000
18,000
8,000
Texas
41.000
40,000
64,000
60.0000
Utah
199.000
250,000
216.000
202.000
233.000
Virginia
27,000
32,000
40,000
43,000
Washington 44.000
West Virginia1,644,000 1,639.000 1.723.000 1,756,000 1.380.000
Soutnern b..
828,000
670,000
649,000
683.000
Nortnern c
862.000
69,000
67.000
107,000
85.000
110,000
Wyoming
1.000
2,000
2.000
5.000
Other States
5.000
bitum's_ 8.335,000 8,191,000 8.898.000 8.307,000 10,878,000
Total
Penna.anthracite 1,726,000 1,404,000 1,633,000 1.793.000 1.932,000
Total all coal-10,061,000 9,595,000 10.531,000 10,100,000 12.810,000
a Average weekly rate for the entire month. b Includes operations on
the N.& W.,0.& 0., Virginian, and K.& M. c Rest of State, including
Panhandle.
3632
[VOL. 130.
FINANCIAL CHRONICLE
a decrease of 62,600 net tons as compared with the corresponding period
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended last year and a decrease of 800 net tons as compared with the week ended
May 10 Is estimated at 1,406,000 net tons. Compared with the output in May 3 1930.
the preceding week, this shows a decrease of 320,000 tons, or 18.5%.
Estimated Production of Beehive Coke (Net Tons).
Production during the week in 1929 corresponding with tnat of May 10
1930
1929
Week Ended
to
to
amounted to 1.253,000 tons.
May 3 May 11
May 10
to Date.a
Dale.
1929.
Region—
1930.c
1930.b
Estimated Production of Pennsylvania Anthracite pat Tons).
Pa., Ohio and W.Va___ 56,300
54,800 111,500 1,131,600 1,880,900
1929—
1930
124.400
108.000
Week Ended—
Daily Aver.
Ga., Tenn. Sc Virginia__ 3,900
Week.
8,600
Daily Aver.
Week.
6,400
April 26
104,500
47.400
Col., Utah & Wash'ton- 2,000
4.700
314.200
1,800
1,885,000
1,404,000
234.000
May 3
272,200
1,633,000
1,726,000
287,700
United States total-- 62,200
May 10
208,800
63,000 124,800 1,287,000 2,109,800
1,253,000
1.406,000
234,300
18.838
11,492
Daily average
20.800
10,500
10,367
BEEHIVE COKE.
The total production of beehive coke for the country as a whole during
a Minus one day's production first week in January to equallze number of
the week ended May 10 1930 is estimated at 62,200 net tons. This shows days in the two years. b Subject to revision. c Revised.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on May 21, made public by the Federal
Reserve Board, and which deals with the results for the 12
Reserve banks combined, shows increases for the week of
$15,800,000 in holdings of bills bought in open market and
$400,000 in U. S. Government securities, and a decrease of
$500,000 in bills discounted. Member bank reserve deposits
declined $5,200,000 and Federal Reserve note circulation
$12,200,000, while Government deposits increased $24,300,000. Total bills and securities were $11,600,000 above
the amount reported a week ago. After noting these facts,
the Federal Reserve Board proceeds as follows.
The principal changes In holdings of discounted bills for the week were
decreases of $4,600,000 at the Federal Reserve Bank of Cleveland, $1,500,000 at Boston and $1,000,000 at New York,and increases of $2,400,000
at St. Louis and $1,000,000 each at Atlanta and Dallas. The System's
holdings of bills bought in open market increased 1515,800,000, of Treasury
,
bills and certificates $10,200,000 and of Treasury notes 3900,000. while
holdings of U. S. bonds declined $10,700,000.
Federal Reserve note circulation increased $9.000,000 at the Federal
Reserve Bank of New York and declined $6,400,000 at Chicago, $5,700.000
at Philadelphia, $4,600.000 at Cleveland, $1,900,000 at Boston, and
$12.200,000 at all Federal Reserve banks.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages—namely, pages 3670 and 3671. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended May 21 1930, follows.
May 21 1930.
Total reserves
Gold reserves
Total bills and securities
3,248,051,000
3,076,456.000
931,603,000
209,999,000
Bills discounted, total
Secured by U.S. Govt. obligations_ 76,379,000
133,620,000
Other bills discounted
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
May 211930. May 14 1930. May 22 1929.
$
$
7,831,000,000 7,832,000,000 7,120,000,000
Loans and investments—total
5,848,000,000 5,865,000,000 5,294,000,000
Loans—total
On securities
All other
3,456.000,000 3,407,000,000 2,614,000,000
2,391,000.000 2,458,000,000 2,680,000,000
1,984,000,000 1,967,000,000 1,825,000.000
Investments—total
1,097.000,000 1,091,600,000 1,038,000,000
886,000,000 878,000,000 788,000,000
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
765,000,000
46,000,000
Net demand deposits
Time deposits
Government deposits
188,884,000
U. S. Government securities, total
Bonds
Treasury notes
Certificates and bills
528,320,000
+418,000
41,776.000 --10,655,000
+871,000
194,687,000
291,857,000 +10,202,000
+375,033,000
--8,610,000
+102,848,000
+280,795,000
Federal Reserve notes in circuiation
1.452,663,000 —12,234,000
—186.891,000
Total deposits
Members' reserve deposits
Government deposits
2,438,911,000 +18.081,000
2,374,166.000 —5,194,000
37,088.000 +24,251,000
+114,400.000
+98.414.000
+17,797,000
701,000,000
55,000,000
5,417,000,000 5,444,000,000 5,070,000,000
1,370,000,000 1,372,000,000 1,169,000,000
42,000,000
18,000,000
18,000,000
Due from banks
Due to banks
106,000,000
908,000,000
112.000,000
942,000,000
92,000,000
772.000,000
111,000,000
Borrowings from Federal Reserve Bank-
Loans on secur. to brokers & dealers;
For own account
1,655,000,000 1,618,000,000 827,000,000
For account of out-of-town banks— _1,069,000,000 1,069,000,000 1,651.000,000
For account of others
1,290,000,000 1,320,000,000 3,042,000,000
4,015,000,000 4,007.000,000 5,520,000.000
Total
On demand
On time
Loans and investments—total
3,391,000,000 3,376,000,000 5,187,000,000
624,000,000 631,000,000 333,000,000
Chicago.
1 888,000,000 1,863,000,000 1,873,000,000
Loans—total
On securities
All other
Increase (-I-) or Decrease (—) Investments—total
During
Year.
Week.
U.S. Government securities
Other securities
—208,000 +239.920,000
+2,374,000 +234,554,000 Reserve with Federal Reserve Bank
Cash in vault
+11,580,000 —271,913,000
Net demand deposits
—487,000 —694,427,000 Time deposits
—7,164,000 —426,179,000 Government deposits
+6,877,000 —268.248,000
Due from banks
+15.849,000
+48.898.000 Due to banks
Bills bought in open market
760,000,000
49,000,000
Borrowings from Federal Reserve Bank_
1,504,000,000 1,482,000,000 1,489,000,000
874,000,000
608,000,000
815,000,000
674.000,000
384.000.000
381,000,000
384,000,000
163.000,000
220,000,000
167,000,000
214,000,000
169,000,000
215,000,000
186,000,000
13,000.000
183,000,000
13,000,000
166,000,000
14,000,000
899,000,000
605,000,000
1,269,000,000 1,251.000,000 1,166,000,000
544,000,000 540.000.000 538,000,000
11.000.000
2.000,000
2,000,000
111,000,000
319,000,000
115,000,000
336,000,000
122,000,000
295,000,000
33,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business May 14:
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
Toe Federal Reserve Board's condition statement of weekly reporting
the following Monday, before which time the statistics cover- member banks in leading cities on May 14 snows decreases for the week
banks in the dif- of b29,000.000 in loans and Investments and $32,000,000 in borrowings
ing the entire body of reporting member
from Federal Reserve Banks, and increases of $140,000,000 in net demand
ferent cities included cannot be got ready.
deposits and $21,000,000 in time deposits.
Below is the statement for the New York member banks
Loans on securities declined $16,000,000 in toe New York district.
Chicago member banks thus issued in $8,000,000 in the Phlladelpnia district and $7,000,000 in the Boston disand that for the
trict, and Increased $6,000,000 in the
and $5,000,000
advance of the full statement of the member banks, which n the Chicago district, all reporting San Francisco districtdecline of 813,banks showing a net
available until the coming Monday. The 000,000. "All other" loans declined $6,000,000 in the San Francisco dislatter will not be
brokers' trict, $5,000.000 eacn in the Boston, New York and Chicago districts and
New York statement, of course, also includes the
at all reporting banks.
reporting member banks. The grand aggregate of $33,000,000of United States Government securities decreased $9.000,000
loans of
Holdings
shows an increase of in tile New York district and Increased $6,000.000 in Lie Chicago district.
these brokers' loans the present week
at all reporting banks snowing a net reduction of $6,000,000. Holdings of
$8,000,000, the total of these loans on May 21 standing
other securities increased $10,000,000 in the New York district and $25:
$5,520,000,000 on May 22 000.000 at all reporting banks.
,015,000,000 as compared with
during
The principal change in borrowings from Federal Reserve Banks for the
1929. The loans "for own account" have increased
The week was a reduction of $27,000,000 at the Federal Reserve Dank of New
the week from $1,618,000,000 to $1,655,000,000.
York.
loans "for account of out-of-town banks" remain unchanged
A summary of toe principal assets and liabilities of weekly reporting
while loans "for account of others" have member banks, together with changes during the week and the year ending
at $1,069,000,000,
May 14 1930, follows:
fallen from $1,320,000,000 to $1,290,000,000.
MAY 24 1930.]
FINANCIAL CHRONICLE
3633
Increase(+) or Decrease(—)
are becoming more active and shoe factories are fairly well engaged on
Since
tons represents
May 15 1929. summer and sport lines. April newsprint output of 228,000
May 7 1930.
a substantial gain in both volume and operating capacity over the March
$
Canadian mills for the first four months of 1930
—29,000,000 +460,000.000 figures. The output of the
is only 1% below the corresponding total for last year, although operating
16,806,000,000
—46,000,000 +505,000,000 radios(75% rated capacity in April) have been lower in view of the expanLoans—total
8,246,000,000
—13,000,000 +1,025,000,000 sion of producing equipment. April shipments amounted to 221.000 tons.
On securities
8.560,000.000
—33,000,000 —519,000,000 The value of metallic production from Ontario mines and smelters during
All other
the first quarter of 1930 was 7% higher than during the first quarter in
5,811,000,000
+19.000,000
Investments—total
—44,000,000
1929. There were gains in gold and in the quantity of silver, although
2,831,000,000
—6,000,000 —141,000,000 the value in the latter commodity declined. Increases were registered in
U. S. Government securities
2,980,000,000
+25,000,000
+97,000,000 copper metal and nickle matter exported, but copper matter shipments
Other securities
was the quantity of nickel recovered in refining. A new
+28,000.000
Reserve with Federal Res've banks 1,755,000,000
+73,000.000 were lower as
225,000,000
+7,000,000
—2,000,000 high gold production. $2,993,000 was established in April. The valuation
Cash in vault
of Canada's chemical production during 1929. $168,599,000 exceeded 1928
13,467,000.000 +140,000,000 +328.000.000 production by 14%,according to preliminary estimate just issued. Output
Net demand deposits
+21.000,000 +305,000,000 of sulphuric acid, 110.749 tons,increased
7,100,000,000
Time deposits
15%,seven plants manufacturing,
Government deposits
51,000,000
—54,000.000
and two of these from waste smelter gases. Movement of wheat from the
Due from banks
+56,000,000 +138,000,000 Dominion continued low in April, exports in that month of 3,428,000 bushels
1,237,000,000
+11,000,000 +341,000,000 valued at $3,804,000, being 53% smaller in both quantity and value than
Due to banks
2,935,000,000
Borrowings from Fed. Res. banks_
—32,000.000 —579,000,000 in April last year. Exports of wheat flour, 451,000 barrels, valued at
47.000.000
$2,270,000, were 37% smaller in quantity and 41% lower in value in the
same comparison. Lakehead stocks had declined on May 9 to 49.265,000
bushels. A Canadian Government crop report issued on May 12 indiSummary of Conditions in World Markets, According cates that on April 30, 21% of the 809.000 acres sown to fall wheat in
to Cablegrams and Other Reports to the Depart- Canada had been winter killed, as compared with 6% a year ago. Fall
rye was less affected with only 6% of the 818,000 acreage involved. Comment of Commerce.
mercial failures in Canada in March numbered 201, as compared with 180
in March 1929 and 205 in February 1930. The total liability involved
The Department of Commerce at Washington releases
was higher in both comparisons.
following summary of
May 14 1930.
$
Loans and investments—total.......22,616,000,000
market
for publication May 24 the
conditions abroad, based on advices by cable and radio:
CHINA.
Prospects for trade in North China centres continue greatly dependent
ARGENTINA.
upon the outcome of political and military developments now moving slowly.
The general situation improved slightly, with better prospects for foreign Money is easy, but credit restrictions still apply, due to the strained
situation resulting from slow recovery of commodity markets abroad and
outstanding factor.
loans as the
In his speech May 13, the Governor of the Province of Buenos Aires to other conditions which have made business difficult during the past year.
calculated that provincial revenues during the last eight months amounted Several additional Tientsin firms have ceased operations, and banks are
to 127,000,000 paper pesos and expenditures to 145,000,000 Paper Pesos. carrying numerous others over this period of depression, with extreme
with the result that there was a deficit of 17,000.000 paper pesos. Euro- caution exercised toward granting new extensions of credit. Many firms
pean air mall is arriving in four days and is creating a great deal of interest that are accustomed to secure financing from foreign banks are now seeking
in aviation as a means of travel and communication. The weather con- accommodations from Chinese banks, with the latter also exercising
tinues to be favorable and peso exchange, although still unfavorable, is caution, being, in some cases, unfamiliar with commodity situations abroad.
steadier. Sales of carded yarn are slow; of mercerized yarns, active; and Both the winter and summer wheat crops in North China continue to offer
excellent prospects, and sufficient moisture at proper intervals has been
prices are steady with Italian competition continuing strong.
deposited to make possible the planting of the usual summer crops. HowAUSTRALIA.
ever. crop conditions are reported to be less favorable in Shansi and Kansu
More optimism is noticeable throughout the commonwealth at present Province. The Hai River remains navigable to Tientsin wharves, accomdue to good general rains, particularly in wheat and pastoral areas. A modating steamers up to 14.5 feet draft or ordinary high tide. No developbetter tone is also being felt in the business community due to improved meats in the alleviation program are reported, but shippers feel confident
wool prices. Unemployment is more general throughout the Common- that conditions will continue favorable for some time. Spring and summer
wealth and has reached 22% in New South Wales. Extensions on over- rains may scour the river to a slightly greater depth. Conditions at Taku
due mortgages and loan accounts have further accentuated the depression Bar still prevent entrance to river other than coastwise or small steamers
in business and financial circles. Bank deposits have declined £14,640.INDIA.
000 during the past 12 months and advances have increased £26,260,000
Serious political disturbances during the past month have further decompared with the same period last year. Commonwealth accounts now
pressed general business and boycotts of certain commodities have brought
show a deficit of £3.000,000 for the nine months ended with March. Bank
clearances at Sydney and Melbourne for April were 439,000.000 below activities in specific lines practically to a standstill. The price slump
April of last year and bank notes in the hands of the public throughout steadied somewhat in April due partly to increased consumption and
the Commonwealth are about £2,300,000 below March 1929. Collections partly to an approaching balance between consumption and production of
native basic products. Money remains tight with call funds in fairly good
are becoming increasingly difficult.
demand at 5% to 5%. The Imperial Bank rate is steady at 6% with cash
BELGIUM.
against liabilities at 17.63% compared with 16.03% in April. Government
Belgian industry is generally occupied at a low level with practically securities are showing a slight recovery from the low level of 3ji% reached
lack of markets. There has been no marked lately, but little business is being done. Collections continue poor and
all branches suffering from a
change during the past month, but the continued dullness since last Novem- extreme care should be exercised in further extensions to Indian accounts.
ber has destroyed any hopes for improvement in the near future. Belgian Gold is slightly better. Trading in silver is dull. Cotton shares are steady
conditions are very dependent upon renewed activity in the International but few transactions are noted. Jutes have risen slightly in response to fresh
markets and the outlook for the latter Is considered unpromising. Small rumors of shorter working hours. Trading in coal shares is brisker, but at
retail establishments are being hardest hit with an increased number of lower prices. Teas are dull despite reduced crop and production restriction
failures apparent; this movement will undoubtedly spread upward if the proposals. Rubbers are stationary.
slump continues. Money is still plentiful with call rates recently quoted
INDO-CHINA.
as low as 1 and Ils;%. The Bourse is showing moderate activity with
Business conditions continue depressed and imports of American merthe trading largely professional.
BRAZIL.
chandise are decreasing as the result of recent alterations in customs interThere has been a slight pick-up in local business, resulting in firmer pretations. The first shipment since 1926 of pepper sent directly to the
money and slightly increased discount rates, but the widely prophesied United States were made in April, amounting to 150 tons, and it is probable
improvement is slow in materializing. Exchange has been firm, and the that direct export of this commodity will continue. The value of the piastre
Bank of Brazil has been selling foreign exchange freely at par. Coffee is now fairly steady, remaining within the limits of 1% variation from the
exports have been normal with the Santos market firm but Rio futures official rate of 10 gold francs. The New York sight quotation on April 30
slightly lower. Pernambuco sugar prices are weak with exporting to was $0.3925. Only about 30% of local rubber planters agreed to the London
plan for cessation of tapping during May. Deliveries of paddy to rice mills
Europe.
continue slow and the tendency of rice prices is still upward, although the
BRITISH MAYALA.
market is gradually becoming easier in order to attract customers. White rice
The decreased purchasing power of native Malayan producers is making was quoted on
May 9 at 13.10 piastres per 100 Idlograms. ($5.14 per 220
itself increasingly felt, and European business interests are expressing
pounds), compared with 12.69 piastres ($4.95) about a month previous.
disappointment that there has been no increase in rubber and tin prices in Exports of
rice from Saigon for the first four months of the current year
spite of restriction in output. The outstanding feature of the present situamounted to 527,649 metric tons, of which 144,037 tons went to Hong
ation is the shortage of cash coming in from consumers to retailers and
Kong: China, 105,670; Java, 71.508; France and Colonies, 67,039; Japan,
wholesalers. Stocks of wholesale dealers are somewhat reduced but are
27.732; Singapore, 60,011, and all other countries, 51,652 tons.
now clogging retail channels. Collections are very slow and many requests
have been made for extensions. Importers and wholesalers maintain a
JAPAN.
cautious attitude. Although the shortage of ready cash is evident in many
The Japanese financial situation has been eased by completion of the
ways, the money market is easy and there is an abundance of idle capital. 230,000,000 yen refunding loan recently floated in New York and London.
Owners refuse to invest in rubber and tin and hesitate to enter other fields. Industrial conditions remain unchanged with production restrictions and
The amusement business may be regarded as a bright spot in the present falling commodity prices still noticeable.
Malayan situation. A large new theater is nearly completed and others
MEXICO.
plan improvements. A motorcycle speedway is now functioning and the
erection of a large skating rink has been proposed. General building activity
Business conditions continue with collections slow. It is generally agreed
except for Governmental works,is showing signs of slackening.
in business circles that no basic improvement can be expected until the
autumn crops are harvested. A mining congress is being held in Mexico
CANADA.
during the present week to consider plans for relieving the depression
Seasonal influences appear to be responsible for an almost general im- City
prevailing in the mining industry. Representatives from several
provement in business in recent weeks but the highly stimulating forces in now
countries having major mining enterprises in Mexico are in attendance.
evidence a year ago are still lacking. Rainy weather in the pat week
first complete census of population, agriculture and industry since
throughout the Prairie and Eastern Provinces curtailed retail buying but The
1921 was begun on May 15.
its favorable effect on crops has brightened the commercial outlook. Changes
NETHERLANDS.
in the customs tariff made early in the month continue to unsettle import
trade. Wholesalers report that shipments are chiefly in small parcels
Netherland trade and industry as a whole were maintained on a quiet
merchants are following a cautious buying policy. Dry goods orders but steady level during April, but the difficulties of the agricultural situation
since
are confined very largely to medium priced merchandise. Industrial ac- are causing considerable concern. The stock exchange, after maintaining
tivity is being fairly well maintained at the lower levels established earlier, its former improvement during the first week, followed a declining course
and manufacturers are said to be more optimistic. The major steel pro- and closed at a level below that of March. The only group showing a net
ducers are operating at only slightly below capacity and wire and fencing gain was petroleum while losses were suffered in tabacco,sugar, and rubber.
demand is apparently good. Toronto employment offices look for more Government revenues are in a highly satisfactory condition, amounting to
activity in iron and steel lines in the near future. Radio manufacturers 44.146.00 florins in April as against 40,128,000 in the corresponding month
0
3634
FINANCIAL CHRONICLE
a year ago. The unemployment index in the second week of April stood at
6.8 as compared with 3.6 in 1929. Failures in April numbered 246, making
a total for the first 4 months of 1,053. The textile industry is still in an
unsatisfactory condition, numerous factories are working on a short time
basis, orders from the Netherland Indies have been reduced and exports to
British India have been practically stopped as a result of the political
agitation in that comtry. Building and other outdoor work is increasing
under the stimulus of the customary spring activities. The machinery
industry has been affected by the reduced volume of orders from the
Indies. The tanning industry has reduced its production and the shoe
branch is operating considerably below capacity, although an improvement in this case is anticipated. Ship repair yards are well employed.
but new construction work is falling off; shipping continues depressed and
a large volume of idle tonnage is still laid up.
NETHERLAND EAST INDIES.
General conditions continue unfavorable, but slight improvement is
expected next month when harvesting of the rice crop begins and the tight
credit situation is partly relieved. Bazaar collections are very difficult.
A large portion of dealers are behind in payments and are requesting extensions, which are granted by importers in order to prevent failures. The
economic condition of natives of the coastal districts and in mid-Java
continues bad, although the position of natives in the higher lands is
Improving slightly, The number of laborers returing to Java from estates
in the Outer Possessions and in neighboring countries is increasing. Import
markets in general are dull with the turnover reduced because of the
cautious attitude adopted by importers in granting credits to dealers whose
credit dituation is already strained. Dealer demand continues quiet,
owing to large stocks and slackened retail buying. Textile demand has
improved slightly, but the market remains quiet. Dealer stocks and
importers' stocks of certain staple lines are reported heavy, with prices
often below replacement costs.
UNITED KINGDOM
Increased railway returns, the realization of coal mining profits In all
districts of Great Britain. and the placing with British firms in 1029 of
contracts aggregating 239.000,000 by the Central Electricity Board, are
summarized from official statements in a report received from London.
All of the nine districts into which Great Britain is divided tbr purposes of
the coal mining industry have shown a profit on production during the
last quarter of 1929, according to a statistical summary Issued by the
Mines Department. The results, however, varied substantially. The
highest profit made was 36 cents a ton in South Derbyshire, Leicestershire,
Canock Chase, and Warwickshire; while the lowest profit was fractionally
above 5 cents a ton for Cumberland, North Wales, South Staffordshire,
Shorpshire, Forest of Bean, Somerset and Kent. Average profits over the
whole country were 2234 cents per ton. As a result of the satisfactory
showing for the last quarter, coal production for the whole year showed
an average profit margin of 9 cents per ton.
The Department's summary also includes the following
with regard to the territorial and Island Possessions of the
United States:
HAWAII.
Business recessions noted on the mainland during recent months are
now being reflected in the islands. Smaller purchases of luxury lines.
automobiles, radio, furniture, musical instruments, oriental wares, and
textiles and notions are also very noticeable. Fertilizers, lumber, cement
and hardware are in less demand. Collections during the past month
have been poor and repossessions of installment sales have increased.
Established houses are checking credits with more than usual care. Business mortality among small merchants is higher and more voluntary
bankruptcies of individuals are reported. The underlying business structures, however, is sound. Banks are examining loans with more care but
money is not scarce. For the first time in eighteen months, saving deposits have declined. Unemployment continues among city workers,
Including mainly clerks, typists, salesmen, and domestics. Salaried salesmen are suffering salary cuts or are being placed on a commission basis.
Important Federal projects, dredging and wharf construction, and school
and business building, however, are providing employment for skilled
labor, including brick layers, carpenters, concrete, steel and tile workers.
and native unskilled labor.
,
PHILIPPINE ISLANDS.
Philippine business continues far below normal, with credits right and
collections difficult. Textile trade remains unsatisfactory and there is
only slight demand for isolated lines. Today's prices for warehouse grade
resacado (dried copra) are: 10.125 pesos per picul of 139 pounds at Cebu:
Manila. 10.25. and Legaspi and Honclagua. 10 pesos. (Peso equals $0.50.)
Three oil mills are operating and arrivals of copra are very light. Receipts
at Manila from the first to the 13th of May totaled 79.450 sacks and arrivals at Cebu during the first nine days of the month amounted to 83.051
sacks. The abaca export market has weakened further owing to absence
of buyers. The local market is quiet but steady and sellers are indifferent,
claiming that prices are below cost of production. Stocks of abaca at
Philippine ports on May 12 totaled 169,331 bales, compared with 201,111
bales a year previous.
George E. Roberts of National City Bank of New York
Appointed Member of Gold Delegation, a SubDivision of Financial Committee of League of
Nations-Succeeds Professor Sprague.
George E. Roberts, Vice-President of The National City
Bank of New York, received word from Geneva on May 19
of his appointment as a member of the Gold Delegation, a
sub-division of the Financial Committee of the League of
Nations. The appointment, authorized by the Council
of the Legue of Nations, is to fill the vacancy created by the
resignation of Prof. 0. M.W. Sprague, Professor of Money
and Banking at Harvard University, who has entered upon
an engagement to join the permanent staff of the Bank of
England as successor to Prof. Walter Stewart, formerly
head of the Research Department of the Federal Reserve
Board, who is returning to the United States. Mr. Roberts
on May 19 cabled his acceptance of the post and will sail
[vol.. 130.
from the United States on the "Berengaria" on June 3 to
attend the next session of the Delegation scheduled to be
held at Geneva on June 10. It is pointed out that with
practically all countries of the world on a gold basis, the
general decline of commodity prices here and in Europe has
aroused new interest in the relation of gold to prices. As a
result of this interest, the Council of the League of Nations
in 1928 took up the problem of undue fluctuations of the purchasing power of gold and their effects on the economic life
of nations. The Financial Committee last July reported to
the Council the advisibility of making a systematic international investigation and suggested that a special committee
be constituted to make this investigation. The committee,
known as the Gold Delegation of the Financial Committee
of the League of Nations, held its first meeting last August
and reported an interchange of views without any attempt
to formulate conclusions on the question of theory and
policy. It is stated that the creation of the Gold Delegation
has excited considerable interest in European financial
circles where the thought has been advanced that the report,
which is not expected for a year or more, may establish a
landmark in monetary hietory comparable to that of the
famous Bullion Report of 1810 by a British Parliamentary
Committee, which led to the establishment of the single
gold Standard in Great Britain and, started the movement
to the universal gold standard.
Professor Sprague's resignation from the Gold Delegation
is effebtive July 1. He will sail with Mr. Roberts on June 3
to be present at the next meeting. Membership of the
delegation as it will sit at the next session comprises:
M. A. Janssen, Chairman, Belgium, formerly Minister of Finance.
Prof. A. Benaduce, Italy, head of the Government Savings Bank of
Italy.
Prof. Gustav Cassel, Sweden, Professor of Economics of the University
of Sweden.
M. de Chalendar, France, member of the Finance Committee of the
League of Nations.
Sir Reginald Mant and Sir Henry Strakosch. Great Britain, both formerly
members of the Indian Currency Coramission,
Dr. F. Nylnarskl, Poland, member of the Financial Committee of the
League of Nations and formerly Vice-President of the National Bank of
Poland.
Dr. V. Pospisil, Governor. National Bank of Czecho-Slovakia.
Dr. L. B. A. Tripp, Holland. former Governor of the Bank of Java.
Professor Sprague and Mr. Roberts.
Gold and Silver Imported Into and Exported From
the United States, by Countries, in April.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report showing the imports and exports of gold
and silver into and from the United States during the month
of April 1930. The gold exports were only $109,805. The
imports were $65,834,688, of which $36,733,000 came from
Brazil, $14,285,575 from Japan and $5,715,472 came from
China. Of the exports of the metal, $90,000 went to the
United Kingdom. Below is the report:
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
Gold.
Countries.
Silver.
Total.
Relined Bullion Total (Including Coin).
Exports,
Dollars,
Belgium
France
Germany
Poland&Danzig
Portugal
Spain
Unit. Kingdom
Canada
Costa Inca.
Honduras
Nicaragua
Panama
Mexico
Trinidad and
Tobago.
Other British
West Indies_
Cuba
DorninicanRep.
DutchW.Indlea
Haiti, Rep. of_
Aggentina
Bolivia
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
China
Java & Niadura
Hong Kong___
Japan
Philippine Isrs
New Zealand.._
Belgian Congo_
Union of S.air
Total
Imports.
Dollars.
Exports.
Ounces.
Imports.
Ounces.
Exports.
Dollars.
1
.
1,775
Imports.
Dollars.
49,873
8,72
90,000
14,705 2,270,681
7,320
23.257
22,233
21,320
3,628
1,837
3,265
399,379
129,856
/70,466
159,834
1.141
5,146
2.772
303,206
758,271
202,
I
267.493
113,014
1,783
200.
131,634 9,219.34k
20,000
4,007,31
4.555
20,600
150.
100
61,767
66,230
40,000
36,733,000
31,172
72,957
110,151
2,525,720
1,000,000
58,920
368.300
160
5,715,472 6,528,960
102,608
4,60 1,640,000 2,808,016
14,285,575
262,912
18,
4,621
2.080
709
31.000.
1,4006,100
,
125.
138,349
27
3,479
604,440-
1,46
63,7
157,200
2,776,692
66T
33,273-
1,204.339
33
3,211
14
90,643
35
109,805 65,834,688 10,284,384 4,542,845 4.646,140 3,589,555
MAY 24 1930.]
FINANCIAL CHRONICLE
3635
Bank for International Settlements Opens at Basle,
As regards the shares to be launched on the different markets, Britain
Switzerland—Dawes German Reparations Board has remained immovable in her refusal to take more than the minimum of
$26,000,000. Whether France and the United States will be obliged to
Terminates as Young Plan Is Brought Into Opera- divide the residue from
the amount it had been hoped England would assume
tion.
remains undecided.
The opening of the Bank for International Settlements at
Basle, Switzerland, on May 17, void of any ceremonial Allied Reparation Commission Burns $37,000,000,000
in German Bonds—Ends Old Claims Against Gerproceedings, marked the inception of the Young Plan and
many as Young Plan Goes Into Effect—Bulk of
the passing of the Dawes Reparations Plan. As to the
Payments for U. S.—Two-thirds of $9,000,000,000
change thus effected a Paris cablegram May 18 to the New
to Pay European Debts.
York "Journal of Commerce" stated:
Edwin L. James in a Paris cablegram May 19 to the New
The Young Plan is now officially in effect in Europe. With the final
conferences of the Reparations Commission here yesterday the Dawes Plan York "Times"
said:
came to an end, and
was succeeded by the new system, through which
reparations will be paid to the creditor nations. The Reparations Commission together with the German War Debts Commission wound up their
duties simultaneously, and their work will be handled through the Bank
for International Settlements.
This occurrence marks a distinct change in the handling of reparations,
since it raises the problem out of politics and places it in the hands of a
group of International bankers and economists. As a result, the Dawes
certificates A, B and 0, formerly a guarantee of payment held
by the
Reparations Commission, are replaced by new certificates based
on the
easier terms of the Young Plan. These certificates are now in
Basle,
where the International Bank is located.
Thirty-seven billion dollars in German bonds were burned in Paris to-day.
Thereby were liquidated all the past efforts to collect reparations from
Germany. To-day the Bank for International Settlements starts operations, which means the Young Plan starts functioning.
The last official act of the Reparations Commission before it died was
to incinerate 132,000,000,000 marks of bonds of the ABC issue of 1921.
Then were burned 11,000,000,000 marks of the railroad bonds established
by the Dawes Plan and now superseded by other arrangements in the Young
Plan. At the same time, at the Banque de France, were burned
5,000,000.000 marks in the industrial bonds created by the Dawes Plan.
These mere figures give a picture of how the demands on Germany have
been reduced. Nearly $40,000,000,000 worth of German promises to pay
have been destroyed as Germany starts on the task of paying the $9,000.000,000 fixed in the Young plan.
Guarantee Issue Unsettled.
The Reparations Commission, headed by Senator Chapal, held
two long
sessions yesterday to wind up its affairs. After the last of the two
Young Plan Coordinates Issues.
meetings
announcement was made that the Young Plan was formally in effect.
Not only does the Young plan bring France, the greatest allied creditor,
The
final day, however, was one which witnessed to the last dissension
between and the debtor, Germany, into better relations, but the plan through the
the former allied nations and Germany. At the morning session
the Ger- working of the International Bank at Basle, promises important political
man representative, Dr. Aloys L. Ruppel,disagreed with the other
delegates results, not only for all the European nations, but for the United States as
as to the terms in connection with the final 22 annuities. This
agreement well. From now on it is a question of the European debt to America, rather
was based on whether the payment of the unconditional annuities
after the than of the debts of the individual States which borrowed money from
lapse of 37 years should be guaranteed by Germany. No final
settlement Washington.
was reached, and the matter went over for future consideration.
The Young plan co-ordinates the whole business. From to-day Germany
With the Young Plan finally in operation France is now prepared
to pays to meet the obligations to America of the former Allies. As long as
finish evacuation of the Rhineland. While evacuation started
last fall, the Young plan works, the payments to America do not fall directly on the
there are still French troops in the third zone at Mayence. Removal
of taxpayers of Britain, France, Italy and the other debtors to America.
these troops was taken up at a meeting yesterday morning between
The Young plan sets forth definitely the sums Germany must pay for
French
Cabinet members and General Guillaumat, German military chief
of the 57 years to meet the annuities due to America. Two-thirds of what
district.
Germany pays goes to the United States in this manner, while one-third
Under agreement complete evacuation of the Rhineland is to be
effected goes to the allied creditor,. Should America ever remit the claims on the
by June 30, and as there are still over 20,000 French troops
occupying former allies, Germany will profit to the extent of two-thirds of any such
German territory it is planned to start the homeward movement
as soon as remission.
Possible.
British Taxpayers Aided.
From its Paris correspondent May 17 the New York
Particularly interesting is the operation of this system as regards Britain.
"Times" reported the following:
Under the Balfour plan London stands committed to collect from Britain's
Continental debtors only what she must pay to the United States. Not
The Allied Reparation Commission established under the provisions
of the only the Young plan but Britain's settlements
Treaty of Versailles to collect the war indemnity from Germany,
with her debtors are arranged
ended its on that basis. This year, Britain will
labors at a meeting here this afternoon.
receive from Germany about $80.000,000 and a similar sum from France, Italy and the other former allies,
After 10 years of an eventful history, during which it was the storm
centre thus making up the approximate
for the highly controversial question of what the Reich should
sum of $160,000,000 which London pays
pay, the to Washington this year
under the war debt settlement. Thus, the paycommission has finally reached the conclusion of its task. The
termination ments to America do not
constitute any part of the burden on the British
of its existence comes simultaneously with the conclusion of the Dawes
Plan taxpayers this year, or any year,
regime and the official commencement of the Youn Plan.
so long as the Young plan works.
So no longer can it be said, as Winston Churchill preached years back.
*
*
5
that England's payments to America put 734d.(about
It is true that the Reparation problem is far froni liquidated, but
15 cents) in the pound
henceforth this and kindred subjects will be disposed of upon a strictly business on the English income tax. It was true then, when Germany was paying
basis by business men and through a thoroughly businesslike organization little and before France and Italy began paying England, but it is not true
—the Bank for International Settlements. The framers of the new order any more. It will be of service to the good relations between England and
America when British statesmen find occasion,
of things have seen to it that those in charge shall be protected, so far
as naturally they will, to
as explain how the situation
has altered since then.
it is humanly possible from the unfortunate political influences which
have
so often beset the Reparation Commission. That there will be
Political Benefits Seen.
disputes
cannot be denied, but it is fair to anticipate that unbiased business
Not only are the payments to America not a burden
ideas
on the heavily taxed
will in the final analysis rule the new organism.
Englishman now, but, interestingly enough,
by the operation of the
Balfour plan, it would not do the British
taxpayers any good for America
Its Concluding Act.
to cancel the British debt,for the benefit would go
The concluding act of the Reparation Commission was the
to Germany and Britain's
receipt
wire from the headquarters of the World Bank, saying it had receivedof a former allies since Britain would collect no more than she pays to the
the United States.
certificates for the German debt, in which the Government of
the Reich
It is true that before England began to get collections she
formally recognizes the unconditional portion of the Young Plan
had been making
annuities, payments to the United States,so that there
extending over a period of 22 years beginning in 1966 and ending
is a sum of about $500,000.000
in 1987 which she has paid and not recovered.
Philip Snowden made an effort
and amounting each year to 612,000,000 gold marks (about
$146,880,000). at The Hague last August to cover this
The payments during the first 37 years of the Young Plan had
amount, and further efforts may be
already been expected. But as far as the
future goes, while the Young plan works.
agreed upon between Germany and her creditors, but it was
not until England receives from the Continent
what she pays to America, and she
this afternoon that the Reich consented officially to recognize her
obligations will not benefit from any remission by America,
for the period from 1966 to 1987, when the Young Plan is to come to
except as,from the economic
an end. point of view, the Continental nations
might have more money to spend in
The Commission was also informed by S. Parker Gilbert, the
Agent Gen- trade with England if they were to
send less to the United States.
eral for Reparations in Berlin, that he was turning over certain
funds to
The European nations have shaped their calculations
the World Bank. The money will remain temporarily in Berlin
on the good perto cover formance of the Young plan, which means
that its non-fulfillment would
certain outstanding reparation operations, but actually it will
figure as a create disturbances from which the United
credit for the World Bank.
States could not but feel reactions. It is therefore to America's interest that the Young plan
The Commission officially decided that all the provisions
should
of the
Hague protocol had now been fulfilled, the last of these being the final work smoothly, even if it does connect German reparations and the allied
formal debt payments in a manner which Washington said
opening of the Bank for International Settlements at Basle to
could not be followed.
-day.
The United States will benefit politically from complete success
After witnessing the burning of the old German certificates
of the
of debt International Bank in making collections from
Germany in a manner so
obligation, familiarly known as "ABC bonds" and handed to the
members that two-thirds may go regularly to the United
States, either in credit or
on May 5 1921 the Commission closed its books. A skeleton
force will otherwise. It is only if the Young plan does not
remain until the end of June to clear up certain unimportant
work that the payments
matters to the United States will add to the British income tax,
relating to Austrian. Bulgarian and Hungarian Reparations.
which has just had
to be increased to meet other expenditures of the British Government.
Obstacles Still Remain.
Another meeting next week at either Paris or Basle will
be necessary S. Parker Gilbert Concludes Task as Agent
-General for
before the Bank for International Settlements can proceed with the
mobilizaGerman Reparation Payments—Under Dawes_Plan
tion of Reparation payments. At Basle to-day enough
obstacles were
Handled Over $2,000,000,000—Declined Post in
removed in the course of the negotiations to permit the bank to
declare
Itself technically operating, but this will not be entirely official
Bank for International Settlements—Agents Acuntil an
agreement between the bank and the Governments has been
formally signed
counts With New York Federal Reserve Bank,
here next week.
Bank of England, &c., Terminated.
The principal outstanding difficulty relates to the terms of issuance
of
the Young Plan bonds. All the details in this connection remain undeterSeymour Parker Gilbert, who for five and a half years has
mined with regard to the initial $300,000,000 slice and on this the
conversa- officiated as the Agent
-General for Reparation Payments,
tions next week will centre.
There has been much discussion at Basle of this question, but agreement officially balanced his books on May 17 following which
[he
has not been reached in several particulars. As matters now stand it is turned over to the newly created
Bank for International
probable that the interest rate will be 5,4%, but a divergence of opinion
Settlements cash and investments representing the
persists as to the price of issue. A proposal now under consideration would
balances
permit different rates in different countries, to be adjusted in accordance standing to the creditor powers. A Berlin
cablegram on
with taxation in each nation.
,,,,,,,,,,
that date to the New York
/
"Times" reporting this said:
3636
FINANCIAL CHRONICLE
The formal transfer of the moneys in his custody constitutes the final act
of his administration and the office of Reparation Agent created under
the provisions of the Dawes plan in 1924 will now be wound up along with
the other organizations hitherto identified with the collection and dissemination of Germany's reparation payments.
Mr. Gilbert will issue his final report the middle of next week, covering
the last annuity year under the Dawes plan. It will again comprise an
exhaustive review of the development of German economy during the
period. Mr. Gilbert and his wife will leave Berlin for the United States
later in the week.
Final Transfer Authorized.
With the joint report issued in Paris to-day by the Reparation Commission and the War Burden Commission, the Young plan formally comes
into force as provided by The Hague agreement of Jan. 1 1930. Accordingly
the Transfer Committee met to-day in Berlin to authorize the final transfers
of reparation funds collected under the Dawes plan.
Out of these funds the transfer was made for Mr. Gilbert, to the Bank for
International Settlements, in accordance with instructions received from
the Reparation Commission and authorized by representatives of the creditor powers, of the cash and investments representing the balances standing
to the credit of the creditor powers at the close of business to-day, but of
funds received by the Agent-General from Germany under the Dawes
plan and during the transition period under The Hague agreements.
The balances thus transferred amounted to 73,700,000 reichsmarks
(about $17,690,000) at the Reichsbank in Berlin and 109,000,000 reichsmarks (about $26,160,000) in foreign currencies at the Bank of France,
the Bank of England and the Federal Reserve Bank of New York.
[VOL. 130.
The meeting between Dr. von Hoesch and M. Tardieu, at which, besides M. Briand, the War Minister, Andre Maginot; the Rhineland High
Commissioner, Paul Tirard, and General Guillaumat were present, received formal importance from the issuance afterward of an official communique in which emphasis Was placed on the entirely harmonious settlement of this great cause of friction between France and Germany.
The French Government has adhered strictly to the terms of its promises
under the Treaty of Versailles to advance the date of evacuation if and when
the reparation issue should be settled, promises repeated by M. Briand
and M. Tardieu at the Hague.
For M. Briand to-day's settlement is the culmination of a policy which
he inaugurated more than five years ago with the late Dr. Stresemann,
and it is interpreted here as of good augury for German co-operation in
his scheme for a European federation.
From various cities the "Times" reported as follows,
under date of May 20, the process of evacuation:
Ludwigshaven.—The High Commander of the French Army of Occupation to-day issued instructions preparatory to the evacuation of the third
Rhineland zone, according to which 2,000 of the troops stationed in the
palatinate are to leave this month, with the greater part leaving June 15.
By June 26 the whole Rhineland will be evacuated, though a number of
civil officials will remain to deliver the sequestrated property.
The commanders of the Germersheim, Kaiserslautern, Landau, Speyer
and Zweibruecken garrisons have received instructions to carry out the
departure in a manner worthy of the victorious French Army.
On June 30 the occupation will be formally ended by the hauling down
of the French tricolor at the headquarters at Mayence, where two bat
talons will remain as a guard of honor for the occasion.
Accounts Terminated.
-General with the
The accounts heretofore maintained by the Agent
French Evacuate Bingen.
Reichsbank, the Bank of England. the Bank of France, the Federal ReBingen.—The French troops evacuated this city this mornin
banking accounts in his name
serve Bank of New York and all the other
Their departure was practically unobserved and without formalities.
were to-day terminated.
The largest single transaction concluded was the transfer by the Agent"
Heavy Artillery Leaves.
General to the German Government of 369,200,000 reichsmarks (about
Germany.—Evacuation of the Rhineland began
represents the sums, plus interest, paid by Germany In Frankfort-on-the-Main,
$88,610,000), which
earnest to-day in this sector of the third zone of occupation.
during the transition period in excess of the amounts due by her. This
‘
Heavy artillery, pioneer equipment and columns of troops were moving
total represents the difference between the first annuity under the new plan toward France in the final exodus which will strip the Rhine of French
and the standard annuity of 2,500,000,000 marks prescribed by the Dawes soldiery.
Plan, under which Germany continued her monthly reparation payments
Will Quit Small Places First.
pending ratification of The Hague agreements. With the reimbursement
Mayence.—Evacuation of the Rhineland by the French Army of Occuto her of these overpayments accounts between the Agent-General and
pation to-day entered upon its last phase with the homeward movement
the German Government are finally closed.
-General has been en- of the first of 40,000 troops,
The work of liquidating the offices of the Agent
In accordance with an order issued by the supreme command of the
trusted to F. A. Colenutt, who is secretary of the office for reparation
payment. A considerable part of its physical equipment is on the way French Army of the Rhineland, the smaller places are to be freed of military
control first and the French War office made it known that Wiesbaden,
to Basle to be installed in the new international bank, which will also
Mayence and other larger cities would not be liberated until the very end.
absorb numerous employes of Mr. Gilbert's organization.
Halt Scrapping of Hangar.
It was noted in further advices (May 18) from Berlin to
Treves, Alsace.—To the great surprise of workmen scrapping a hangar
he which
the "Times" that Mr. Gilbert, during the period which
the French Army of Occupation recently auctioned to Alsatian con-General, collected and turned over to the tractors, the work was suddenly halted by French military order to-day.
served as Agent
former Allied Nations something more than $2,000,000,000
From Paris May 17 Associated Press accounts from Paris
in cash and kind. That account, by Edwin L. James, also said:
stated in part:
The last Rhine bridgehead held by the French Army of Occupation was
When, after the formation of the Dawes plan, this young man of 34
was put in charge of the task of collecting from Germany and exporting marks abroad, it was after Germany had ceased paying reparations
In any important manner. With the help of the Dawes loan of $200,000,000,
Mr. Gilbert worked with the Germans to start the first year's annuities
under the Dawes plan. When the year finished the Germans had paid
what was called for. The second year he collected an increased amount,
and so on, until last year he got from the Germans 2,500,000,000 marks.
Refused World Bank Post.
In the making of the Young plan Mr. Gilbert played a large role, giving yeoman aid to his friend, Owen D. Young. When the Young plan
did not come into effect until six months after it had been intended, Mr.
Gilbert handled the hiatus in a most skillful manner, being able yesterday
to turn over every mark due to date.
It should be borne in mind that Mr. Gilvert was clothed with very little
authority under the Dawes plan. The final authority remained always
with the Reparations Commission and his power was largely moral. But
he was certainly successful in having both the allied nations and the paying
Germans accept his advice.
Mr. Gilbert leaves his post with the conviction that the Germans have
gotten a fair deal in the Young plan. It is his belief that they can carry
it out, and he thinks they will do so. He agrees with Mr. Young that the
International Bank will, in the long run, make it easier for the Germans
to meet their obligations. It is also his belief that the lessening of their
financial burden and the political advantages which the Germans have
gained in the Young plan, they have merited by their performances under
the Dawes plan. He feels sure the Germans have now come to see that
they stand to gain a great deal by meeting their obligations under the Young
plan and stand to lose a great deal by failing to do so.
Quiet and gentle in manner, Mr. Gilbert can show an iron hand when
needed. His coming final report will, perhaps, show something of that.
He could have headed the International Bank had he wished, but he declined the offer of that post. He leaves Berlin to-morrow without a job.
It is a pretty good guess that he can find one. Both the former allies and
the Germans long ago ceased to object that he was not worth the $40,000
salary he got as Agent-General for Reparations Payments. Few men on the
sunny side of 40 have put over a bigger performance than has this quiet
lawyer, whose equanimity Is equaled only by his ability.
Last French Troops to Quit Rhine June 30—Full
Accord Reached at Paris for Evacuation.
Complete agreement was reach on May 19 between Germany and France on the conditions of evacuation of the Third
Rhineland Zone at a meeting attended by Premier Tardieu,
Foreign Minister Briand and the German Ambassador,
Dr. Leopold von Hoesch, and by June 30 the last French
soldier will have left the Rhine. A cablegram from Paris
on that date to the New York "Times", making this known,
went on to say:
The withdrawal of troops will be begun almost at once, conformably to
the established plan drawn up by the Rhineland High Commission and the
Wench military authorities.
to-day ordered progressively evacuated.
Premier Andre Tardieu, who has been discussing evacuation of the
third occupation zone with Ambassador von Hoesch of Germany and high
French military authorities this week, announced in a communique that
Germany had carried out all the necessary conditions for acceptance of
the Young Plan.
Germany has deposited with the Bank for International Settlements a
certificate acknowledging its total debt. In conformity with the declaration made by the French Government to Parliament, the order was given
for progressive abandonment of the third zone of occupation.
Stock in Bank for International Settlements Sold to
100 Institutions in United States—American
Allotment Consists of 16,000 Shares—No Public
Offering Here.
American participation in the stock of the Bank for
International Settlements has been divided among approximately 100 leading banking institutions throughout the
country, it was stated in authoritative quarters on May 19,
according to the New York "Journal of Commerce" Of
May 20, from which we also take the following:
The American underwriters, J. P. Morgan & Co., the First National
Bank(New York) and the First National Bank of Chicago,issued the shares
privately at the same price and upon the same terms upon which subscription was guaranteed.
Payment for the shares is to be made to-day. The American allotment
consists of 16,000 shares with a par value in Swiss francs of 2,500 and of
$482.37 United States currency. Only 25% is to be paid in, so that the
American subscription will total $1,929,080. Total paid-in capital of the
Bank from all subscribing countries will be 314,953,470. The proceeds will
almost in entirety be converted into Swiss francs, and the Bank for International Settlements will carry its capital funds chiefly in cash and in part
in foreign exchange balances.
No Public Offering Here.
Although the American shares will not be publicly offered,floatations will
be made in European markets by the Central banks. According to advices
from Paris yesterday. French shares were quoted, when, as and if issued,
at a premium of 40% above par value, which is, of course, the issuing price.
The 25% paid in value of the French shares is approximately 3,125 French
francs. In the Paris markets the stock was quoted at a premium of 970
French francs per paid-in share. Initial offering in France of trust certificates against underlying B. I. S. shares is made only tn French nationals,
but the stock may be transferred, after issuance, to foreign purchasers.
It was taken for granted yesterday in Wall Street circles that the stock was
also selling for future delivery at a premium in other European financial
markets. It was reported yesterday that French requests for subscriptions
totaled 500,000 shares.
The total authorized capital of the Bank will be represented by 200,000
shares. Only 124,000 shares, however, are being offered for immediate
subscription. The remaining 76,000 shares are reserved for offering in
countries which may in the future have an interest in reparations payments or other operations of the B. I. S. The shares may be offered in
MAY 24 1930.]
FINANCIAL CHRONICLE
countries whose currencies are on a gold or gold exchange standard actually
as well as by law. The amount to be issued in any one such country may
not exceed 8,000 shares.
Of the 124.000 shares immediately issued, 112,000 shares are for subscription in equal amounts of 16,000 shares each in seven countries. Such subscription has been guaranteed by the National Bank of Belgium, the Bank
of England, the Bank of France, the Bank of Italy, the Industrial Bank of
Japan, the Reichsbank and in the United States by J. P. Morgan & Co..
the First National Bank, New York, and the First National Bank of
Chicago.
The remaining 12,000 shares being immediately issued are divided into
equal amounts of 4,000 shares each and are guaranteed by the Central banks
of Holland, Sweden and Switzerland.
The unpaid 75% may be called in part or entirety at any time by the
B. I. S. upon notice of three months. Because the stock is only in part
paid-in and for other reasons the stock is transferable only with the consent
of the B. I. S., transfers presumably to be permitted where the purchaser of
the stock is financially responsible.
$70.000,000 Resources.
According to calculations in Wall Street circles the B. I. S. commences
operations with total resources of approximately $70,000,000, inclusive of
the funds turned over to it by S. Parker Gilbert. The Central banks of the
shareholding and of other countries will act as correspondents and, it is
expected, will carry deposits with it. The statement of the Federal Reserve
banks will be watched this week for the items "Due to foreign banks" and
"Due from foreign banks," changes in which might indicate respectively
Federal Reserve deposits with the B. I. S. and B. I. S. deposits with the
Federal Reserve banks. It was considered possible that the B. I. S. and
the various Central banks acting as correspondents and (or) agents would
make book entries, crediting each other with initial deposits.
Presumably the first earnings of the B. I. S. will be gained through commission on the handling of the proceeds of the $300,000.000 annuity bonds.
The amount to be offered will total 3300,000,000, irrespective of the discount at which the bonds are sold. If the bonds were sold at 90% in all
countries,the total par value of the bonds would be more than $333,000,000.
According to guesses in financial quarters yesterday, the Bank would
immediately earn commissions of more than 5% of the paid-in capital.
3637
We likewise quote from the "Wall Street Journal" of May
21 the following Paris account:
Announcement that Bank for International Settlements stock was oversubscribed 158 times and that over 2.500,000 shares were demanded, although only 16,000 are available, caused no surprise here. After allowance
Is made for block of shares which the Bank of France will retain, it is calculated that about 6,500,000,000 francs was mobilized for the operation
through sales of sterling, which produced about fr. 1,500,000.000,seven-day
rediscounting with the Bank of France exceeding fr.1,000,000.000, and
drafts on franc balances. Special preparations have been made to deal with
applications and the Bank of France is returning 90% of the subscriptions.
There were numerous applications for the entire issue, and since 125 shares
is the smallest application to receive consideration, the stock will ultimately
go mainly to the banks.
Bank of France regrets the enormous speculation over the issue. but is
forced to sell its shares to avoid political attacks and was unable to discover
any other workable system of allotment than that of apportionment to
demands.
There was some surprise here that the recovery of sterling was not more
marked after operation of withdrawal of French funds from London, but
return of 6.500,000,000 francs to the market will probably stimulate flow
offunds to London.
No Public Offering in Holland of Stock of Bank for
International Settlements.
Amsterdam advices in the "Wall Street Journal" of May
21 said:
There will be no public issue in Holland of shares of the Bank for International Settlements. Dutch share of 10,000,000 Swiss francs will be
retained by the Bank of Netherlands.
Large Banks in France Able to Buy Shares of Bank
for International Settlements "Virtually for Nothing" According to French Paper.
The following from Paris May 22, is from the New York
Heavy Oversubscription in France and Other Countries "Evening Post":
to Offering of Stock of Bank for International
About 50 French financial houses will receive allotments of the 16,000
shares of the new Bank of International Settlements sold at public offering
Settlements.
by the Bank of France, each obtaining from 80 to 100 shares, according
In a cablegram from Paris May 20 the New York "Times" to newspaper La vie Financier°.
The other 2,000 shares go to other subscribers. Large banks, the paper
said.
The capital shares of the Bank for International Settlements were issued
in eight European countries today, and wherever they were offered to the
public they were heavily oversubscribed.
In France the stock was oversubscribed 156 times and in Belgium it
was covered more than twelve times. The Bank of England and the
German Reichsbank retained their entire allotments of the capital shares
for themselves.
In every country the sale was completed today and 25% of the payments— the proportion called—was forwarded tonight to the world bank
at Basle.
France, Britain, Germany, Italy and Belgium disposed of 16,000 shares
each and smaller amounts were taken by Holland. Sweden and Switzerland. Shares are expected to pay a dividend of 6%, with a possibility
of producing 12%.
The great demand for them in France has caused large sums of money
to be immobilized by purchasers who borrowed from the banks in order
to be sure of having the necessary covering. Owing to the method of
selection in France, the shares will be distributed only among a few purchasers, as it is impossible to give satisfaction to the large number who
desired them. Unmet or only partially met demands were returned by
the Bank of France tonight.
says, were able to buy their own shares "virtually for nothing" from the
proceeds of the commissions charged to their customers. The "unreasonable
demand" for the shares is ascribed to the smallness of the issue.
Washington Studies the Young Plan Loan—Bank for
International Settlements Expected to Submit
Scheme for Absorption of Part of Issue Here.
A plan for the absorption by American investors of a part
of the first issue of $300,000,000 of German reparations
bonds, put out under the Young plan, is expected to be
submitted to the United States Government by the Bank
for International Settlements, through the medium of
American banks, Under Secretary of State Cotton said at
the State Department on May 22. Advices from Washington to this effect were reported by the New York "Times,"
which also said:
This action by the world bank would necessitate a decision by the State
Department, which so far has refused to admit any official concern in the
bank's affairs.
Mr. Cotton said the issue was already under discussion by officials of
Treasury and the Department of Commerce.
The issue ance of the capital shares of the world bank has been officially his Department, the
He said the State Department would not formally pass on the legality
announced for Tuesday [May 20]. This will take place simultaneously in
issue, but it is understood that, in considering whether the governParis, London, Berlin, Brussels, Rome, Tokio and New York [No public of the
the bonds his countrl,
offering was made in New York.—Ed.1, where, in each case, 16,000 shares ment has any objection to the flotation of a par of
have been offered, and in Amsterdam. Stockholm and Zurich for an amount the legal aspect will be examined.
The fact that the issue apparently must pass the visa of the Governrestricted to 4,000 shares each. In some markets, as in Berlin, the shares
the Government
are to be retained by the central bank intact. In others, as in New York, ment indicates to some observers that it is difficult for
International Bank.
they will be distributed among various banking institutions. In still others, to keep absolutely divorced from the activities of the
Before the allied governments chose Gates W. McGarrah, former Chairas in Paris, they will be sold to the public.
head the
Twenty-five per cent, of the value of each share is to be payable on man of the Board of the New York Federal Reserve Bank, to
the
delivery and must be transferred by Tuesday night by the issuing insti- world bank, Secretary of State Stimson announced that no one from
Federal Reserve System would be allowed to serve and that the Governtution to the credit of the Bank for International Settlements. In Paris
the
the prospect is that the issue will be greatly oversubscribed. It is esti- ment had no interest in recommending an American representative for
mated there are already 100,000 purchases. It has been decided the largest International Bank. The Government, he stated, had no concern with
application accompanied by cash will be filled first and other demands in the institution.
After Mr. McGarrah was designated, and resigned from the Federal
order of their receipt and their size. All cash received on unfilled orders
Reserve System, Under Secretary of State Cotton praised his qualificawill be returned immediately after the allotment.
As a result of this operation the world bank will have on Tuesday night tions highly.
approximately $18,000.000 in cash, representing subscriptions of 868.000,000. The total capitalization is $10,0000,000. The remainder of the Yield of German Reparation Bonds put Above 6%
shares will be issued as additional countries are admitted as capital-holding
to Be Issued in June.
nations.
The signing of the agreement between the bank and the participating
following is from the New York "Journal of ComThe
governments will take place probably this week in Paris and will give merce" of May 17:
the Bank for International Settlements official control of the distribution
Although the terms for the initial flotation of $300,000,000 German
of reparations, as provided in the trust agreement.
annuity bonds have not been definitely determined, it was believed in well
From the New York "Evening Post" we take the following informed quarters yesterday that the bonds would be ready for the market
around the first week in June and that the yield would be likely somewhat
Paris advices May 21:
6%. Bearing a coupon of 53 % and maturing in 35 years, it was
Subscriptions to the public offer of 16,000 shares of the Bank of Inter- to exceedthat the price would be close to 90%•
believed
Settlements, the French share of the bank's capital, amounted to
national
2,500,000 shares. The bids at the equivalent of $482,37 each aggregated
more than $1,200,000,000 and it is estimated that the funds mobilized to British Balk at Loan Exceeding Reparation—Bank of
make the subscriptions totaled more than $250,000.000,000 in francs. This
England Governor Also Refuses to Release Official
would have been sufficient to pay the 25% in cash required immediately.
to World Bank.
funds accumulated to make the subscriptions were obtained through
The
sales of about £12,000,000 in sterling and through discounting at the Bank
In its issue of May 17, the New York "Times" had the
of France and drafts on French balances abroad.
This accounts for the recent heavy drafts on London's gold supply. following to say in a Paris cablegram, May 16:
Advices from Basle to-night indicate that the council of bankers and
To-day the Bank of France is returning 90% of the subscriptions, releasing
to the market nearly 6,000,000,000 francs. This is expected to stimulate a treasury agents has made small progress in solving the difficulties facing the
return flow of francs to London and strengthen sterling exchange.
directors of the Bank for International Settlements.
In a previous cablegram from Paris (May 18) reporting
the forthcoming offering of the stock of the International
Bank, the "Times" stated.
3638
FINANCIAL CHRONICLE
The British representatives, it is understood, maintained the position
to-day that the Bank's activities for the present must be confined to
handling reparations. They flatly refused to consider any transaction by
which a greater amount of Young plan bonds should be floated on the
London market than Britain receives in reparations annuities. As there
was opposition to allowing them a greater share than the $26,000,000 out
of the $300,000,000 of the first bond issue, which was Britain's allotment
under The Hague protocol, the British resisted all attempts to induce them
to float a loan of $40,000,000 or $60.000,000.
Montagu Norman, Governor of the Bank of England, served notice today that Mr. Siepman, the Bank of England man whom the world bank
board selected as liaison officer between it and the Central banks, could
not accept this post. Mr. Norman said Mr. Siepman was fully occupied
by his duties in England.
Germany, too, remained obdurate and won her point with regard to
the guarantees demanded for the extra $100,000,000 in bonds which have
been added to the first slice of bonds for the benefit of the Reich railways and
postal services. The Germans contend that as this portion of bonds for
German usage, the Reich's word was sufficient guaranty. The bankers
finally accepted this view and abandoned efforts to obtain more tangible
security.
The $2,000,000 bonds, which go for mobilization payments to the Allies,
however, it is recognized, will have the security of the Reich Railways
covering all unconditional reparations payments.
New $300,000,000 Reparations Loan to Be Designated
German International 5%% Loan of 1930—United
States and France to Absorb $82,500,000 Each—
Other Allotments.
Associated Press accounts from Paris yesterday (May 23)
stated:
Bank and Treasury representatives of nine countries decided to-day on
the designation of the $300,000,000 German reparations loan which will
be floated under the auspices of the Bank for International Settlements,
'but did not settle the issue price of the bonds.
The loan will be known officially as "the German international 534%
loan of 1930." Another meeting to-morrow will discuss the issue price.
[VOL. 130.
German bonds are to be given as evidence of the indebtedness, according
to an agreement. Bonds for the Mixed Claims Commission awards are
to bear 5% interest, While those covering the army costs will carry 334%.
All interest is figured in the total distributed through the various annual
payments, which started in March of this Year.
Chairman McFadden of the Banking and Currency Committee sought
to amend the Bill to specify that reparations payments should not be
confused with these debt instalments in any way. The House voted down
this amendment, however, on the argument of Chairman Hawley of the
Ways and Means Committee that the Bill was strictly one approving a
settlement agreement and in no wise was an enunciation of policy on settlements.
Representative McFadden warned the House against any involvement
of the United States in the Bank of International Settlements and charged
that the State Department was "evasive" to questions regarding the
Bank's present status, declaring that the State Department had "deliberately deceived Congress on this subject."
Representative Dunbar of Indiana responded that the State Department
should not be called upon to divulge information regarding such intricate
international questions beyond what was absolutely necessary.
Representative Lester of Missouri then congratulated the framers of
the agreement for extending the time for payment. He said that Germany
was far more deserving in her efforts to come back than were certain of
America's allies in the World War in trying to keep her down.
"We have been a party to France's crime of trying to impoverish the
German people," he said. "Germany has displayed a far better spirit toward
the United States in all this debt settlement controversy than has any of
our own allies."
He declared that France was animated by a military spirit, "more interested in training men to be soldiers than helping settle these matters,"
and he charged that the failure of a five-power agreement at the London
conference was due to French "militarism."
The agreement reached between the United States and the
German Governments was referred to in these columns
Jan. 4, page 45.
Holds Bank for International Settlements Will Solve
Russian Debt—Dean Edwards Predicts Soviet Bank
From the New York "Sun" we take the following (United
Will Join Group.
Press) from Paris yesterday (May 23):
The Bank for International Settlements will be the means
The United States and France will each absorb $82,500,000 of the for settling the Russian debt, the State Bank of Russia
will
$300,000,000 mobilization loan for the International Bank at Basle, it was
eventually be a member of the group, and the bank will aid
decided to-day at a meeting of representatives of the bank.
Great Britain will absorb $50,000,000, Holland and Sweden each $25.- in the financial reconstruction of both Russia and China,
000,000. Switzerland $15,000,000, Germany $10,000.000 and Belgium and Dean George W. Edwards
of the School of Business of the
Italy each $5,000,000.
Thus Germany will receive $100,000,000 from the issue for industrial College of the City of New York predicted before the business
development, but will make an outlay of only one-tenth of that amount.
forum of the school on May 8. We quote from the New York
"Journal of Commerce" of May 9, which further indicated
T. W. Lamont, Back from Europe, Expects Public Sale as follows what Dr. Edwards had to say:
Dr.Edwards also declared the Bank to be the only logical means by which
of German Bonds Soon.
Germany could pay its debt.
Thomas W.Lamont of J. P. Morgan & Co., who returned
In a discussion of the functions, the operations and the nature of the
on May 16 to his desk after an absence of seven weeks in International Bank, Dr. Edwards said:
"In a general way it is somewhat similar in nature to the League of NaParis, London and Italy, with a brief stay in Brussels, to tions. The League of Nations was primarily formed as an organization
confer on the plans for the offering of the $300,000,000 to bring the world out of political chaos, while the International Bank is
German annuities loan in the principal money centres of primarily concerned with enabling the world to emerge from economic
chaos. The League
while the
safeguard the war
the world, refrained from commenting at this time on the International Bank of Nations seeks tointernational trade treaties,
and exchanges.
aims to safeguard
"Specifically the Bank has reparations and non-reparations function.
price at which the issue will be offered, said the "Times"
From the standpoint of reparations it should create a better machinery to
of May 17, from which the following is also taken:
facilitate payments. Whereas the machinery under the Dawes Plan was
He indicated, however, that public offering of the American portion by
a nation-wide syndicate headed by Morgan & Co. might be expected betiveen May 28 and June 6.
Mr. Lamont said that, as many details in connection with the offering
are to be ironed out, a statement concerning definite plans could not be
made until a later date. It is understood that Mr. Lamont will be asked
to deliver soon an address outlining the salient features of the loan before
a gathering of bankers.
The latest advices received from abroad indicated that the American
part of the $300,000,000 loan, amounting to $80,000,000, would carry a
534% coupon and will be priced at about 90 to 92. The German Government 7s of 1949, issued under the Dawes Plan, closed on the Stock Exchange yesterday at 10834, indicating a yield of about 6.20%. For the
new loan to yield 6.20% it would have to be priced at 90.
Mr. Lamont pointed out yesterday, however, that as the German 7s
were callable at 105 for the account of the sinking fund, the upward movement of the price of the issue was necessarily retarded, so that an exact
comparison with the price of the new loan could not be made.
primarily political, inelastic and complicated, the 'B. I. S.' should be nonpolitical, elastic and more simplified in nature. It should also aid in the
commercialization of reparations into successive public issues.
"Of its non-political functions it should be of help in assisting countries
either to restore or to maintain the gold standard. For this end it vril
probably develop an international gold settlement fund somewhat like
the Federal Reserve. It will seek to reduce unnecessary gold shipments,
therefore cutting down the cost and risk of transporting gold over the
frontiers, and, in a broader sense, by aiding in the proper distribution of
gold, may prevent future price inflation.
"The Bank should also serve as a co-ordinating agency of the various
central banks. Where formerly the officers of these institutions had casual
meetings without definite rules, they should hold regular sessions under
definite regulations. It is even possible that the 'B. I. S.' may develop
broader functions. Under its charter it has a right to aid in the financial
reconstruction of 'undeveloped regions.' This probably refers to Russia
and it is expected that this bank will be the means for settling the Russian
debt. Eventually the State Bank of Russia will probably be a member of
the group. Also China, whenever that country ends its Civil War, may be
one of the 'undeveloped regions' to be aided by the 'B. I. S.' The Bank
may also serve as trustee for the debit services under international control
as in the case of Greece. Financial advisers will probably be appointed by
the Bank in the future. The Bank in its broadest conception may also exert
considerable influence politically as well as financially since it is even
suggested that the Bank could exert a financial blockade against nations
carrying out policies against international public interest."
House of Representatives Passes Bill Authorizing
Settlement of German Indebtedness on Account
of Mixed Claim Awards and Rhine Army Occupation—"Young Plan" Interjected but McFadden
Amendment for Reservation Against it is Rejected.
A bill authorizing settlement of the German debt to the
United States on account of the awards of the Mixed Claims Bank of England Sponsors Organization Capitalized at
£6,000,000 Formed to Help British Business In:Commission and costs of the army of occupation, amounting
dustries,
in all to about $753,400,000, was passed by an overwhelming
The Bank of England has taken the lead in a new movemajority in the House on May 22. Advices from Washington
that date to the New York "Times" from which we quote, ment to reorganize British industry, according to information from the trade commissioner at London, Roger B.
went on to say:
The measure would authorize Secretary Mellon, with the approval of Townsend, made public May 14 by the Department of ComPresident Hoover, to conclude an agreement already arranged with the merce. Advices to this effect published in the "United
German Reich and upon which it already has started to pay. This agree- States Daily" of
May 15, further said:
ment provides for payment of the amount,including interest and annuities,
The Bank is sponsoring a development company considered of such
over a period of 52 years.
It Is estimated that full payments to private claimants will have been importance that its organization was given a special announcement in
Paid under this agreement in 35 years. The awards to the government made Parliament. The Department's statement follows in full text:
Abandoning its traditional policy of reserved isolation, the Bank of
by the Mixed Claims Commission would take about 17 years more. During
this time, or for about 37 years of it, Germany would have disposed of the England Is now actively assuming the role of public leader in the move to
annuities, to about $249,000,000, revive British industry, by sponsoring a new financial organization whose
army of occupation cost, amounting, with
purpose it will be to promote industrial rationalization. This is considered
or nearly half.
MAY 24 1930.]
FINANCIAL CHRONICLE
3639
an important development in the British situation and has been given
official publicity by Parliament as well as by the Bank.
quires 71,000,000 hectares (a hectare is 2.47 acres) to be sown this Spring
with grain and other cultures, and to date 44,000,000 hectares have been
sown, 22,000,000 by collective farms, 20,000,000 by individual farmers
Capitalized at £6,000,000.
and 2,000,000 by State farms.
The new organization is to be known as the Bankers Industrial DevelopThis means that 65% of the sowing has been done by the socialized
ment Co.and will be capitalized at £6,000,000(approximately S30,000,000),
farms, whereas Joseph Stalin recently said that if the socialized "sector"
This capital is divided into 60 shares of £100,000 each, of which 45 shares
reached 40% this year after his modification of The collectivization policy
have been subscribed by the leading British and financial institutions, and
It would be a satisfactory total.
15 shares by the Securities Management Trust.
A recent editorial in Pravda contends that this advance on Stalin's figure
The former are called "A" shares and carry one vote each, while the
latter are designated "B" shares and have three votes each. Hence the is the best proof that the Kremlin's action was correct and has overcome
bank, which controls the Securities Management Trust will indirectly errors committed earlier. The resolutions voted by the meetings of local
Connnunist executives now being held throughout the Soviet Union as a
control 50% of the voting strength of the new company.
Only 25% of the capital will actually be called up except in the event preliminary to next month's Communist party convention all contain a
of liquidation, in which case the 15 "13" shares would be fully used before vigorous expression of confidetnce In Stalin and the Kremlin's policy, which
any further call could be made on the 45 "A" shares.
would seem further to dispel rumors current in Moscow six or eight weeks
The names of the "A"shares subscribers have not yet been published. A ago that his modifications of policy had aroused considerable criticism,
definite time limit of five years has been set for the life of the company, not to say actual opposition, in high party circles.
but this ma. be extended if necessary.
The Soviet press is rather guarded in its conunents on today's figures and
seems to fear to count its chickens before they are hatched, but argues
To Promote Rationalization.
As the name of the company implies, it has been formed by the bankers that the present results augur well for the grain-sowing plan's fulfillment
for the purpose of assisting the development of industries; or, to put it in and emphasizes the fact that the wheat-growing program has already been
accomplished 100% in the Ukraine and other southern grain producing
the popular parlance of to-day,to promote rationalism.
It aims to accomplish this object by helping entire industries, or industrial areas.
regions, to reorganize along modern lines and to co-ordinate their activities.
It does not intend to deal with individual companies, but only with basic German
Bank Rate Cut—Dr. Luther Says Foreign
Industries of major importance.
Reductions Made Action Unavoidable.
The idea Is that the various firms within an industry will get together for
the purpose of deciding upon a scheme of co-operation and reorganization.
In announcing a reduction in the official bank rate to
They will then approach the bankers company for advice and assistance in
working out the scheme, and, eventually, for the all-Important provision 43 % to the Central Committee of the Reichsbank on
of new capital.
May 19, the President, Dr. Hans Luther (according to
The company will not provide the capital itself, but, after approving the Berlin advices to the New
York "Times"), said:
proposed scheme, will act as intermediary for the supply of new capital
The liquidity which has existed some time In all important foreign Money
through the usual channels. Its comparatively large capital is designed
markets has become more pregnant recently under the influence of the
to give it prestige rather than for use In its own operations.
It is indicative of the importance attached to the formation of the Bankers economic depression throughout the world and led to the reduction of
official bank rates. Because of the domestic monetary and capital conIndustrial Development Co. that it was made the subject of a special announcement in Parliament. Some time ago the Lord of the Privy Seal ditions, the Reichsbank hesitated to follow the example Immediately, and
(the Cabinet Minister dealing with unemployment) made a public speech the development in foreign exchange rates in recent weeks justified the
In which he stated that the "city" (I. e. London's financial district) was reserve.
Inasmuch as the German money market meanwhile became still more
Prepared to finance the reorganization and rationalization of industry on a
liquid the reduction seemed unavoidable. The Reichsbank hopes that
large scale.
There was considerable questioning at the time as to just what was lowering of the burdens which the reduction Involves will help to relieve
meant by the statement, and,in making a Parliamentary announcement of businees in Germany, which is fighting hard under the depression, and
of 1%
the formation of the new company, the Minister said he was giving the serve as a stimulus. The reason that the reduction was confined to
answer to these questions. He made it clear, however, that the Govern- Is that the Reichsbank must consider Germany's dependency on foreign
ment was not involved in the scheme, except by way of general approval money markets.
and good-will.
Germany's Budget Deficit—Greater Part of It Carried
Over from Year Before.
French Tax Returns Huge-3,536,000,000 Francs
Collected by Government in April.
From Berlin, May 9, advices to the New York "Times"
Under date of May 21 a Paris cablegram to the N ow York said:
The completed budget of the Reich for 1929-30 indicates a deficit of
"Times"says:
The tax collections of France during April, it was announced to-day,
reached the great sum of 3,536,000,000 francs (about $141,400,000).
Although the tax reductions voted by the French Parliament did not
figure during the month of April, this total is in excess of the previous
month's collections and indicates that, despite the tax reductions, the
French budget will easily be balanced through increased tax returns.
1,650,000,000 marks. Of this 896,000,000 marks came from the ordinary
budget and 759,000,000 from the mtraordinary budget. Of the total
deficit, however, 1,060,000,000 represents the shortage carried over from
the preceding financial year.
The deficit is expected to be reduced by 360,000,000 marks when the
budget is recast. It is now based on the Dawes Plan and will be adapted
to the altered conditions under the Young Plan.
German Cabinet Agrees to Farm Relief Plan—Program
Calls for $124,800,000 in Five Years—Provides for Germany to Abolish "Capital Yield Tax"—Impost on
Loans by Foreigners Had to Be Paid by Home
Bank to Ease Loans.
Borrowers.
In a wireless message from Berlin May 16 the New York
The following from Berlin, May 9, is from the New
"Times" reports that after several weeks of deliberation,
with the Prussian York "Times":
the Cabinet, following a joint meeting
The Government has decided to abolish the 10% "capital yield tax."
State Ministry and representatives of the Prussian State This is an Income tax deducted at the source from interest on loans payable
to foreigners. As the matter worked out, foreign lenders insisted on borBank, the Reichsbank and the credit institution, has agreed
to an agrarian relief program for which 520,000,000 marks rowing free of taxation, so that the German borrowers always had to
obligate themselves to pay the tax. The Government therefore holds that
(about $124,800,000) will be raised within five years. The the tax has merely the effect of making foreign credit dearer. Its abolition
will cheapen foreign loans to German borrowers, and will therefore operate
message goes on to say:
impulse to borrowing.
The new bill, which will be submitted to the Reichstag as soon as
possible, provides for the establishing of a special bank for converting
short-term into long-term loans. In this the Prussian State will play an
important part and Prussia will also participate in investigating the conditions of agrarian estates. A Prussian Minister will probably be entrusted with the execution of the entire program.
A sum of 116,000,000 marks has already been secured for relief in the
current year.
The Federation of German Industries has issued a treatise containing
detailed propositions for agrarian relief. First, it suggests reductions in
the cost of production and an improvement in the quality of the German
products, which are described as being greatly inferior to foreign products.
The former plan calls for less wasteful working methods and complete
rationalization.
To improve quality, the treatise says, a bill should be passed by the
Reichstag prescribing the standardization of all agrarian products. It
adds the law should also provide for the compulsory classification of all
products by both producers and dealers.
Premiums are proposed for those who turn rye areas into wheat areas
and vegetable auction halls are advocated, at which prices should be fixed.
The treatise says a public subvention should be granted for dairy cooperatives and adds the principal aim must be to produce what is demanded
by the public, instead of what the agrarians' forefathers produced.
Russian Soviet Grain Sowing Tops Stalin's Estimate—
Socialized Farms Have Done 55% With ThreeFifths of Spring Plan Achieved.
Walter Duranty in advices from Moscow May 15 to the
New York "Times" says:
Sixty per cent of the Spring grain sowing program has now been &momplished, according to figures published in today's Izvestia. The plan re-
as an
The credit committee of the German Municipal Congress predicts that
after omission of the mobilization reparations loan Germany will be able
to obtain foreign loans much more easily. But the Commission recommends municipalities to show reserve in contracting loans.
Plans Public Works to Aid Idle in Germany—Bruening
Government Will Push Projects to Relieve Economic Depression in Republic.
A determined effort will be made by the Bruening Government to force a revival of business and industry through
governmental intervention not only to relieve the current
economic depression but primarily to solve the problem
of unemployment, which continues to menace the nation's
economic and financial situation. This is indicated in a
Berlin cablegram May 20 to the New York "Times," from
which we quote further as follows:
A special session of the Cabinet, which discussed ways and means of
carrying out such a program, was also attended by Dr. Hans Luther,
President of the Reichsbank. Among the measures to be undertaken are
the construction of roads, waterways and workmen's settlements, to be
composed of small standard homes.
It is also planned to give financial aid to municipalities and smaller
communities under a scheme for consolidating their short-time credits
Into long-time loans. Dr. Paul Moldenhauer, Minister of Finance, hopes
to be able to put the program into execution without imposing new burdens
on the Reich's budget.
The program voted to-day will be in addition to the Cabinet's farm relief
undertaking, which will be wholly confined to East Prussia and bordering areas.
3640
FINANCIAL CHRONICLE
[VoL. 130.
New Indian Loan Reported as Depressing London.
In a cablegram from London, May 19 the New York
"Journal of Commerce" said:
The nine years of our experience with Latin American bonds include
three separate phases. The first, from 1921 to 1923, was the experimental
stage. Bonds bore high coupon rates, were so priced as to yield a high
return, and had various features designed to make them attractive to the
.
The Stock Exchange opened to-day with signs of confidence in prices buyers who were willing to try out this new form of investment. . .
being firm, despite the recent heavy drain on gold to France. Oils were the On the whole, the experience of the investor with these early issues was
best feature of the day, based on the good earnings of Burmah Oil, but the quite satisfactory and many of them have long since been redeemed at
good tone was not long maintained, and sentiment was depressed by news premiums in order to make way for others at a lower rate of interest.
The year 1924 started a marked recovery in Latin America from the
of another Indian Government loan of £7,000,000 of 6% bonds, redeemeffects of the post-war depression of 1920-1921. Rising commodity prices,
able in 1935 and callable in 1933. The price is 99.
This loan followed news that the London County Council's £4,500,000 for which the signal was given in the United States when a bumper wheat
loan issued at 95 last week had a poor reception, the underwriters being left crop was sold on a market sustained by the failure of the Canadian harvest,
with 62% of the total. India is hardly a popular market just now; con- spread their benefits throughout the various regions, stimulated trade,
sequently investment demand became weak and speculatives receded, increased public revenues, brought weakened exchanges back into line
with gold parity and in general provided a basis for renewed confidence.
Including oil shares.
The plentiful supply of investment capital in the United States, due not
only to business prosperity but to the large balances which were available
Mexican Mining Ills Diagnosed—First National Con- just prior to monetary stabilization by several European countries, gave
gress Finds Troubles "International, Legal and the opportunity for the great "bond market" that lasted into 1928. This
period is sufficiently recent to be well remembered and it was availed of to
Social"—Miners Unified.
float many provincial and municipal issues as well as those of national
The "Wall Street Journal" of May 21 reports the following governments. . . .
The recession from the bond boom really began in 1928, although this is
from Mexico City:
not entirely evident from the statistics. The best conditions had been
Mexico's mining ills were diagnosed at first National mining congress reached in
1927 and much of the business done during 1928 ran counter to
just closed here as international, legal and social.
the trend of Interest on the part of the public, which was then begininng to
Boletin Financiero says that the most important thing accomplished turn to common
stocks as a quicker way of making money. As money
was the unification of the republic's miners. A permanent commission rates
advanced after the middle of 1928 and the bank credit which had
headed by Genaro P. Garcia, head of the mining Chamber of Commerce absorbed
much of the bond volume no longer existed, the decay in the
In Mexico City, was named as means toward curing international ills. foreign bond
market was almost complete. During the year 1929, with
The Congress petitioned President Ortiz Rubio to call an international its credit
stringency and the almost complete absorption of the public in
mining congress, inviting United Sates, Canada, England, China and Peru stock
speculation, issues of Latin American bonds were comparatively
to attend. International meeting Is to be for the purpose of discussing the negligible, and
the operations which were put through may be considered
low silver market.
as evidences of policy or obligation rather than as manifestation of normal
To cure legal ills of Mexican mining troubles the congress sent a petition business.
to the Federal Government asking lowering of imposts and the free importation of certain mining necessities. Many recommendations to be included in
Mexico's new mining law were made. It was recommended that small Offering of $4,000,000 Treasury Note Issue of Province
mining companies be exempt from Federal imposts for first 10 years of their
of Santa Fe, Argentine Republic.
existence.
The Chatham Phenix Corp. of New York,which purchased
an issue of $4,000,000 of 9 months 6% Treasury gold notes
of the Province of Santa Fe, Argentine Republic, publicly
offered the notes on May 21 at 100 and accrued interest to
yield 6%. The proceeds of these notes, which are being
The decision of the third National Roads Congress and the first Congress issued in anticipation of tax collections, are to be used for
on Tourist Traffic, which recently ended their sittings here, are likely the redemption on May 31 1930 of $1,500,000 1-year 7%
to have more far-reaching effects on National reconstruction and economic
Treasury gold notes of the Province, and for its general
stability than anything undertaken in this republic for many years.
The roads congress unanimously decided the existing road construction purposes. The notes will be dated June 2 1930 and will
projects must be continued at all costs and that new construction should, become
due March 2 1931. It is stated that in the event of
as far as possible, be linked with communications already established.
any external financing by the Province prior to maturity,
such as railways.
This Congress also recommended the raising of a loan of 150,000,000 these notes will be immediately due and payable at par and
pesos (about $75,000,000) for the construction of the network of roads
days' published notice. They are
recommended by the previous Congress. In a heated debate objectors accrued interest on 10
urged the loan be limited to 100,000,000 pesos, to prevent large sums coupon notes in denontinations of $1,000. Principal and
from lying idle during the lengthy period necessary for the completion of interest will be payable Dec. 2 1930 and March 2 1931 in
the program. It was also recommended that the loan should be for thirty
years, an amendment that it should be for ten years in order to save on the United States gold coin of the present standard of weight
interest payments being defeated.
and fineness at the principal office in New York of the Fiscal
Agent without deduction for any Argentine National, Provincial or Municipal taxes.
Sugar Loan in Trinidad.
The Chatham Phenix National Bank & Trust Co., Fiscal
From the New York "Times" we take the following
Agent. The Minister of Finance of the Province of Santa Fe,
cablegram from Port of Spain (Trinidad), May 21:
The finance committee yesterday voted £140,000 to the sugar industry says in part:
Mexicans Urge Loan to Push Road Building—Conference Recommends Raising of $75,000,000.
From Mexico City May 19 the New York "Times" reported the following:
The revenues of the Province of Santa Fe are well diversified, and have
on recommendation of a committee appointed by Governor Hollis. The
loan is repayable over 15 years. It is estimated to amount to £2 a ton, Increased from $7.719,532 in 1921 to approximately $18,444,525 in 1929.
As a result of the rapid development taking place in the Province and the
which is believed to be sufficient for the current year's crop.
extraordinary expenses incurred for public works during this period, expenditures have averaged more than revenues. The 1930 budget balances
April Colombian Revenues $3,273,026.
at $18,238,642.
Including the present issue of notes and $7,839,102 contingent guaranteed
Bogota advices May 16 to the New York "Times" state:
obligations, the total public debt of the Province of Santa Fe, excluding the
Although the Government of Colombia is collecting in advance, the
amount of one year 7% Treasury gold notes of the
ordinary revenues of the Government continued to decline in April. The $1,500,000 principal
Province above referred to, amounts to approximately $43,000,000. The
total, Just announced in El Tiempo, was 3,364,977 pesos (about $3,273,026),
constitution of the Province limits the total amount of loans which the
the lowest figure for any month in 1930.
Province may contract to an amount, the service of which shall require not
The Treasury received in April about $500,000 additional in ordinary more
than 25% of its annual revenues.
revenues on account of the Indian •National Oil Company's 1928 income
tax, and domestic and foreign banks yesterday paid nearly $400,000 in
1929 income taxes which are not due before Aug. 31 of this year.
The new Government will face a problem because of the revenues col- Venezuelan Congress Authorizes Payment of Outstanding Foreign Debt.
lected by the previous administration.
Associated Press advices from Caracas, Venzuela, May
Latin American Loans Total $1,660,569,000—Compila- 22, said:
tion by A. Iselin & Co. Shows 97 Issues Actively
A special session of the Venezuelan Congress by unanimous vote to-day
authorized immediate payment of the outstanding remainder of the
Traded in on New York Market.
country's foreign debt.
Ninety-seven Latin American loans, having a nominal
On Dec. 31 1929, this amounted to $4,681,906. The Treasury surplus
outstanding value of approximately $1,660,569,000, are was $22,740,150.
Congress took
Presidential message stating
now traded in on the New York Stock Exchange, according General Gomez, action after receiving a"strong man" of Venezuela, that
had
former President and
to a compilation made by A. Iselin & Co. These bond recommended this course. The General said he desired to see the country
represent the major portion of United free from its last foreign obligation. The only remaining debt will be the
issues, it is stated,
internal one of $5,470,000.
States capital investment in Latin American securities,
a number of small loans dealt in on other Porto
although there are
Rican Farm Aid Grant Expected to Be Exhausted
exchanges or which are unlisted. It is noted that financing
July 1.
market for Latin American countries dates back only
in this
The following message from San Juan,Porto Rico, May 22
issues were brought out.
to 1921, when a few experimental
appeared in the New York "Times:"
The peak of this financing was reached during the years
With $5,437,000
Congress for
American bond offerings farm rehabilitation out of the 66,000,000 appropriated byMay 1, Lieut.
1926, 1927 and 1928, when Latin
approved in loans to 2,901 farmers up to
exceeded $300,000,000 each year. In 1929, when the pub- Col. C. S. Ridley, acting for the Porto Rican Rehabilitation Commission,
composed of the Secretaries
lic's interest turned almost exclusively to stocks, less than the exhaustion of the fund of War, the Treasury and Agriculture, predicts
by July 1.
$100,000,000 of Latin American securities came into the
Colonel Ridley, who has been ordered to the Army War College, said
many farmers yould be disappointed.
market. TheNselin survey states:
MAY 24 1930.]
FINANCIAL CHRONICLE
3641
The new rate will be of some assistance in the wheat situation and also
will help in sheep financing through livestock association loans.
Fields says it looks now as if the new rate will not have to be raised until
at least after wheat harvest. This will reduce the rate to cattle and feed
men from 8 to 73 % as the companies are permitted to charge 23 % above
the Intermediate Bank rate.
Loans outstanding for the credit bank here were $3,174,000 as of May 10.
The general bond securing the State of San Paulo 40 year 6% sinking
fund gold bonds, external loan of 1928, provided, among other things, Fields said.
or guarantee any loans secured
that if in the future the State should issue
by a lien or charge on any of its revenues or assets it would prior thereto
Legal
secure both Dollar and Sterling issues of the 1928 loan by a lien or charge W. G. Owens Appointed Chief Attorney of
on revenues or assets approved by Messrs. Speyer St Co., and J. Henry
Division of Federal Farm Board.
Schroder & Co.
The Federal Farm Board announced on May 17 the
As the recently issued State of San Paulo 7% Secured Sinking Fund gold
bonds, Coffee Realization Loan 1930. are secured by pledge of coffee and appointment of William G. Owens of Williston, No. Dak.,
by a first charge on the receipts from a new transport tax on coffee, the
Chief Attorney in its legal division, effective June 1.
State has, therefore, with the approval of Messrs. Speyer & Co. and J. as
Henry Schroder & Co., provided separate security for the 1928 loan. In Mr. Owens is a native of Minnesota and was admitted to
accordance with the law, providing such approved security, the State of the Bar in that State. He has practices law in the NorthSan Paulo 40
-year 6% Secured Sinking Fund gold bonds. External Loan of
nearly thirty years and has been a member of the
1928, both Dollar and Sterling issues, are now secured by a lien, subject west for
only to the prior charge of the 8% loan of 1925, on the receipts from the Judicial Council of North Dakota for the past two years.
transmission of property tax and death duties of the State.
The appointment of Mr. Owens was made, it is stated, with
The receipts from these taxes, after deducting the maximum annual
Dakota Congressional
service requirements of the 8% loan of 1925, were officially reported for the approval of the entire North
1928 as $5,493,000 and for 1929 as $3,918,000. The total annual interest delegation.
and sinking fund requirements of both I he Dollar and Sterling issues of the
6% loan of 1928 were thus covered over 2.5 times in 1928 and 1.8 times
"Russell's Review of Commodities and Finance" Sees
In 1929.
Speyer & Co. Announce That State of San Paulo
(Brazil) has Provided Special Security for its 6%
External Loan of 1928.
The following announcement is issued by Speyer & Co.:
The coffee realization loan of 1930 was referred to in our
issue of May 3, page 3091.
Offering of $48,000 Collateral Trust Bonds of Industrial
Bank of Richmond.
An issue of $48,000 6% serial payment collateral trust
gold bonds of the Industrial Bank of Richmond were offered
May 11 by Scott & Stringfellow of Richmond. They are
coupon bonds in denominations of $1,000 and $'00. They
are dated May 15 1930 and interest is payable quarterly on
Feb. 15, May 15, Aug. 15 and Nov. 15 at the office of the
Industrial Bank of Richmond, Va. The First & Merchants'
National Bank of Richmond is trustee. The bonds were
offered at prices varying with the maturities, ranging from
100 and interest, to yield 6%,for bonds due Aug. 15 1930,
to 98.26 and interest, to yield 63%, for bonds maturing
May 15 1934. The notice offering the bonds says:
Operations of Federal Farm Board Undermining
Confidence, Increasing Unemployment Through
Mill Curtailment, &c.—Also Losses to U. S. Cotton
Growers.
In its June issue, made available May 22, "Russell's Review of Commodities and Finance" (New York) discusses
as follows the adverse effect of the operations of the Federal Farm Board:
Is there a corner in cotton? Has the United States Government, through
the Farm Board sponsored co-operatives, been doing what is forbidden
any individual firm or corporation?
The holdings of spot and future cotton by the co-operatives are estimated
at 1,250,000 bales up to 1,700,000 bales.
At the time the Farm Board began loaning money to the co-operatives,
cotton was considerably higher priced than at present and loans were made
evidently with the idea of helping to stabilize the price. The twelve cooperatives in the South sold spot cotton and replaced such sales it was
reported with purchases of future contracts on the New York Cotton
Exchange.
When prices declined to around the 14c level, margin calls were sent out
Merchants National Bank of Rich- to holders of contracts. The Farm Board advanced money to the co-operaSecured by deposit with the First dr
mond, Va., trustee, of $60,000 first and second mortgage real estate notes. tives preventing the closing out of contracts and saved huge losses to the
The notes so deposited are secured by mortgages on improved income- cotton world, had the co-operatives been sold out of their ill-advised purproducing city real estate. These real estate notes are curtailed monthly chases.
until fully paid, such payments being deposited with the trustee and thus
The purchases of future contracts by the co-operatives so congested the
providing the funds necessary for the payment of the collateral trust bonds May and July position on the New York Cotton Exchange that the Conas they severally mature. The collateral deposited under each series is to trol Committee of the New York Cotton Exchange made investigations.
be held separate from that deposited under any other series.
They sought legal advice. It was found that because the co-operatives were
Bonds maturing one year or more after date of issue are callable by lot twelve different legal corporations no one of them was carrying contracts
proper notice by the maker.
were
at 101 and interest at any time upon
in excess of the limits allowed by the Exchange. Yet these contracts
The bonds are the direct obligation of the Industrial Bank of Richmond,
Board.
all financed through one commission house by the Federal Farm
a corporation chartered under the laws of Virginia, with capital, surplus,
Exchange
While legally the interest was not a violation of the Cotton
undivided profits and reserves in excess of $1,000.000. and operated under
Board
the immense holdings of contracts financed by the Farm
the supervision of the Banking Division of the State Corporation Com- rules,
corner in the May and July delivery. No one individual
amount of bonds outstanding, including this issue, created a practical
mission. The total
contracts,
firm or corporation could have held any such gigantic amount of
amounts to only $945.000.
without it being termed a corner.
through reIn the past corners have been seen in the cotton market but
in Washington the Cotton Exrules
Offering of $1,000,000 434% Bonds of New York State form of passed and advice of our legislatorswere limited in their operations
rules by which individuals
change
control comLand Bank.
in any one month, extensive credit was discontinued and a
An offering of $1,000,000 43% gold bonds of the Land mittee created to supervise trading for the benefit of the entire trade. The
govBank of the State of New York is announced as follows by question naturally arises, have the co-operatives, backedaby unlimitedas to
market so
ernment funds, the right as well as power to congest
David B. Hutton, Managing Director of the Bank.
The Land Bank of the State of New York offers for sale
bonds in the amount of $1,000,000 or any part thereof,
bearing date June 1 1930.
These bonds are sold at par, bear interest at the rate of
04% per annum payable semi-annually, mature for payment in equal annual installments over a period of 10 years,
are registered as to principal and interest, and are sold in
series only.
The Land Bank bonds are exemptfrom taxation as personal
property in New York State, and the income received therefrom is exempt from the State Income tax. The bonds are
legal investments for savings banks, (Article 6, Section 239,
Sub-division 10 Banking Law) and for trust and fiduciary
funds.
In our issue of Feb. 22, page 1211, in referring to the offering of $2,000,000 43 % bonds of New York State Land
4
Bank we gave the figures shown in the bank's report of
condition Dec. 31 1929.
Wichita (Kansas) Federal Intermediate Credit Bank
Reduces Rates on Loans from 532 to 5%.
/
The Topeka "Capital" in advices from Wichita, May 16,
said:
Announcement was made here to-night by John Fields, President, that
the Federal Intermediate Credit bank hero is authorized to reduce its rate
to 5%, effective May 15. Loans made hereafter to farmers' co-operative
marketing associations will be at that rate instead of at 534% the previous
rate.
completely upset the business world?
of
Premiums on near months could be explained if there was a shortage
and in
cotton but there is more than enough cotton in the United States
demand for
the world to meet all present demands. Ordinarily when the
more
spot cotton is slow, near months sell at carrying charges under the
distant months.
spots has been the
The effect of the co-operative purchases of futures and
near
accumulation of an enormous line advancing the premiums for the
above
months at one time to over 200 points per pound or 2c. per pound
cotton as
the new crop positions when normally with large stocks of old
under the
at present there would be a discount of the old months' contracts
but delivery
new. It has been stated that holdings would not be liquidated
months is
would be demanded on the contracts. This premium of the near
contract when the carrying charge is
equivalent to upwards of $1,000 per
considered.
The premium has resulted in curtailment of consumption. Mills are
refusing to buy old crop cotton on the basis of a price apparently $1,000
mill
per contract over cotton bbtainable a little later. This is restricting
activity and resulting in an increase of unemployment as reflected in the
closing of mills, 50% of the time during May, June and July. The effect
throughof this unemployment is being felt in other industries as well as
out all the cotton world.
Although the Farm Board made great efforts to restrict acreage, as announced by Chairman Legge of the Farm Board, with the help of Governors
cotton
of various Southern states, the premiums for the near positions of
have stultified these efforts and private reports indicate a very moderate
decrease in acreage if any. The co-operative activity in advancing the
premiums of the near months has apparently set at naught the efforts of
the Farm Board to restrict acreage.
The effect of the premiums on near positions has been not only to curtail exports to foreign countries but to begin the bringing back to America
for delivery of cotton already shipped abroad. At one time New York was
at such a premium over Liverpool that cotton could be brought back and
delivered at a profit American cotton is being brought back from Europe
and as far away as Japan to be delivered on contract. The long staple
California cotton is arriving at New York for contract delivery. Mills
3642
FINANCIAL CHRONICLE
[VOL. 130.
abroad are restricting buying of American cotton where possible and buying
other cotton at lower prices. Indian cotton recently sold at 5c. a pound State Senator E. D. Rivers Before Wholesale Growers'
or $2,500 a contract below a parity with American.
Convention Urges Broader Basis for Fight on
The effect on foreign consumers of cotton has been to stimulate efforts
Chains.
to increase production in all parts of the world. The Soviet Government in
The fight against chain stores should be tied up with the
Russia plans a 54% increase in cotton acreage. This cotton is said to
more nearly compete with American cotton than any other foreign grown growing feeling
against concentration of the country's wealth
cotton. Increase in Russian cotton production will decrease the American
in a few hands, declared State Senator E. D. Rivers, Lakegrowers' market for export cotton.
The large holdings of contracts by the co-operatives means that where land, Ga., in a speech before the American Wholesale Grocthere is not sufficient cotton of % and 15/16 inch staple for delivery on ers' Association
convention, at Atlanta, Ga., May 14, accordcontract, sellers will be compelled to deliver longer staple cotton and
sacrifice an important portion of the commercial premium. Under the ing to a dispatch to the New York "Journal of Commerce,"
Cotton Exchange rules cotton of 1 inch or better when delivered on con- which quotes the Senator as saying:
tract commands only 60% of the premium for such cotton at the 10 desig"The public will not respond to a fight waged on the simple
basis that
nated markets. This cotton is to be practically taken away from the owner merchants resent the fact that a little business has been taken
away from
without compensation for nearly half of the premium for such high-class them. The public will respond to a fight waged on the basis of seeing
to
cotton. The effect of this will be that merchants will be very careful it that the wealth of the nation goes to benefit the community rather than
about hedging inch cotton or better. Some of the most astute minds in the a few individuals. This issue will, I believe, be the principal economic issue
trade claim that the longer staples will sell in the future at / to lc. a affecting the politics of the country in the next few years."
1
2
pound lower in basis than in the last 10 to 15 years due to the inability
to safely hedge and this will be a direct loss to the grower. Each decrease
in premium on such high grade cotton will be reflected into progressive
R. W. Lyons of National Chain Store Association
decreasing returns to the grower on the new crops.
Replies to Critics of Chain Stores—Do 15% of all
The effect of the operations so far has been an evident undermining of
confidence in the trade upsetting the activities of the merchants, the
Retailing.
Interior cotton buyer, the exporter, the manufacturer and the distributor
R. W. Lyons, executive Vice-President of the National
of cotton. The mills which previously bought future requirements of spot
cotton of specific grades on a definite difference basis over or under the Chain Store Association, 205 East Forty-second Street,
price of the near future delivery and have not settled with the seller are issued a
statement on April 25 replying to critics of the chain
now being faced with serious losses as manufactured goods cannot be sold
Store system of merchandising. Noting this the New York
on the present price for the near delivery.
The buying of a large amount of spot cotton if the activities of the co- "Times" of April 26 stated:
operatives had been confined to the spot market would not, in the minds
He declared that toe accusations lodged against the chain store system of
of keen spot dealers have greatly upset the business situation. It would retailing are "wild, unreasoning, unfair and superficial and originate in
or a time have restricted the available supply of cotton until the "Corpse" almost every Cage with an Individual or an organization waose selfish motives
are easily recognized."
had to be disposed of. By entering the future market where deliveries
must
He cnaracterized as misstatement the charge that chain stores sell smaller
be certain types, the whole cotton world has been upset, as the control of
the future market backed by government money has demoralized a market sized packages than independents and branded as untruth the accusation
where operations in spot cotton by all interests are more carefully pro- teat chain stores sell popular brands at a loss.
In listing chain store merchandising benefits he said the chain stores
tected by counter operations or hedges in futures than in any other market
pay taxes equivalent to other stores in the same line, pay wages as high
In the world.
Very similar conditions exist as to hedged wheat with merchants, distri- if not oftentimes higner than the average for their line of work, employ
butors and millers timid and alarmed because their hedges in the hands of virtually all local help and give efficient service.
Mr. Lyons made the point teat about 6,000 separate cnain store sysconcentrated Farm Board agencies have became a hazard instead of an
in- tems were in the United States and, according
to tne last Government
surance. This is shrinking credit and oonfidence,—thereby reducing
consumption and by the reduction of absorption tending to reduce price levels figures, they do only 15% of the retail business of the country.
He gave figures to illustrate "what happens to the consumer dollar spent
amd reduce premium on quality grades. This is true of both home
and In important chain store companies in various parts of toe country:.
foreign trade.
Ofeach dollar spent in a National drug cnain 65 cents is for manufacturers,
12 cents for loam payroll, 9 cents for local rent, 9 cents for light, heat,
New York State Banking Department Takes Over 14 laundry and other local expenses and 5 cents profit distributed to stockholders in all parts of the country. A Middle Western cnain grocery comCredit Unions in Process of Liquidation.
pany,according to Mr.Lyons,reported only 2X cents net profit on a dollar,
The Banking Department of the State of New York from which stockholders' dividends are paid. He added that "lower prices
cent
makes the following announcement in its Weekly Bulletin at the chain stores offering savings of from 1moneyto 20 cents and more
on every dollar spent outbalances by far the
that leaves the comissued at Albany, May 16:
munity."
CREDIT *UNIONS.
Pursuant to the provisions of Sec. 57 of the Banking Law as
amended
by Chapter 664 of the Laws of 1930, which became effective on April
22
1930, the Superintendent has to-day taken possession of the property and
business of:
American Mutual Credit Union, 11 First Street., New York, N. Y.
Consolidated Credit Union 350 Broadway, New York, N. Y.
County Credit Union, 1774 "A" Pitkin Avenue, Brooklyn, N. Y.
East Side Credit Union, 101 Essex Street, New York, N. Y.
Fraternal Credit Union, 183 Harrison Street, Brooklyn, N. Y.
Glaser Mercantile Credit Union, 69 St. Marks Place, New York, N. Y.
Grand Credit Union, 76 Throop Ave., Brooklyn, N. Y.
Guarantee Credit Union, 1556 St. Marks Avenue, Brooklyn, N. Y.,
(428 Hopkinson Avenue).
Manhattan Credit Union, 222 East Fourteenth St., New York, N. Y.
Manufacturers Credit Union, 1123 Broadway, New York, N. Y.
New York County Credit Union, 100 Essex Street, New York, N. Y.
Reliable Credit Union, 133 Second Ave., New York, N. Y.
Riverside Businessmen Credit Union ,124 West 98th St., New York,N.Y.
United Credit Union, 1739 Madison Ave., New York, N. Y.
(These Credit Unions have been in process of virtual liquidation for some
time but have not taken the orderly proceeding for a voluntary dissolution
under Section 486 of the Banking Law. It is deemed expedient, therefore,
that the Superintendent shall, pursuant to the power now vested in him,
take possession of the property and business of said Credit Unions and
continue to liquidate them under the provisions of Article II of the Banking
Law relating to liquidations by the Superintendent.)
Maryland Grocers Fight Chain Stores—Will Ask Law
Similar to That of Kentucky Creating Tax on
Volume of Sales.
Plans for a legislative fight on chain stores similar to
that made in a number of States in the South were outlined
at Hagerstown, Md., on May 13 by a legislative committee
following the annual convention of the Maryland Independent Retail Grocers' Association. Associated Press advices to the New York "Times," reporting this, also said:
Two plans were discussed, the preparation of actual legislation for the
forthcoming State General Assembly being left in the committee's hands.
One was a plan sponsored by independent retail grocers in Georgia, imposing
a tax in relation to the number of stores in a chain.
Kentucky's plan of taxing the gross sales of retail stores, but exempting
establishments doing a gross annual business of less than $100,000, was
favored by many and will obtain consideration by the committee. The
Kentucky tax measure, passed in March after a hot fight, levies on the
gross sales, beginning at one-twentieth of 1% on $100,000 volume and
graduating the tax so that a concern doing a business of $1,000,000 or more
would pay at the rate of 1%.
The chain stores are especially hard hit in Kentucky, it was pointed
cut, because, for the purposes of the tax, business done by individual stores
of a chain is grouped.
New Hampshire Lists Investments Qualified for Sale
Within State—List Also Issued of Investment
Trust Issues Suspended for Sale in State.
Concord (N. H.) advices May 16 published in the "United
States Daily" state:
A list of qualified investment trust issues which may be sold or offered for
sale in New Hampshire has been published by the Division of Securities of
the Insurance Department, by direction of John E. Sullivan, Insurance
Commissioner. All investment trust issues not mentioned in the list are
to be considered as suspended for sale in the State.
Mr. Sullivan points out that the action of the Department in qualifying
certain issues is not a guarantee of their soundness, but entitled them to be
classed as a reasonable speculative investment. His statement follows
in full text:
Licensed dealers in securities or their salesmen in the State of New Hampshire are privileged to sell or offer for sale herb n any of the qualified list et
Investment trust issues.
Soundness Left to Investor.
The action taken by the Department in clearing these issues for sale
should not be considered by prospective investors as a guarantee of the
soundness of any of the issues.
The issuers or dealers in securities proposing these offerings for sale have
agreed to comply with rules and regulations of the Department by furnishing
statistical and documentary information. Their compliance with the foregoing rules and regulations entitles the offerings to be classified as a reasonable speculative investment. The issues may be dealt in by persons or
corporations who are the holders of a license from the Department unless
otherwise notified by the Department.
All other investment trust issues not mentioned in this qualified
list shall
be considered suspended for sale in the State of New Hampshire.
Qualified issues:
Aldrid Investment Trust, American Equities Co., American
General Corp., Atlantic Investments, Inc., Atlantic Securities Utilities &
Co., Associated Standard Oil Stock Shares, Bond Investment Trust,
Boston Personal
Property Trust.
Century Shares Trust, Continental Shares Inc.,Commonwealth Securities
Inc., Corp. Securities Co. of Chicago, Devonshire Investing
Corp., Distributors Group, Diversified Trustee Shares Series "C".
First Investment Co., First Industrial Bankers,
Financial
Inc.. General Capital Corporation, Guardian Investors Corp. Institution
Incorporated Investors, Insurance Snares Corp. of Delaware, Investors
Corporation, Mass. Investors Trust, Mass. Utilities Associates, North
American Trust Shares, North American Investment
Corp.
Old Colony Trust Associates,
Colony Investment
Light Securities Trust, Railway OldLight Securities Co.,Trust, Power &
&
Reliance International Corp., Seaboard Utilities Shares Corp.
Standard Investing Corp., Securities Co.
Hampshire Utilities
Associates Inc.. United States Electric Power of NewUtility and Industrial
Corp.,
Corp., United States Electric Light & Power Shares,series "A."
Others Suspended.
The following list of investment trust issues were definitely suspended for
sale in the State of New Hampshire May 11930. Basis of suspension order
was made effective owing to the inability of the issuer to comply with the
department's rules and regulations of investment trusts:
MAY 24 1930.1
FINANCIAL CHRONICLE
3643
and light companies in the country approximated $85,700,000.
Last year gross revenue totaled $2,073,100,000, or more than
20 times as much. Among theereasons cited for the estimated
growth of power and light consumption are the facts that
30% of the population of the United States still lives in
unwired homes; more than 90% of the farms in the country
are not yet served by the power and light companies, only
Disastrous Effect of Installment Selling on Consumers half of the power requirements in industry
is supplied by the
Seen by Dr. C. W. Phelps of University of Chatta- power and light companies; less than 2% of the total
railroad
nooga In Address Before National Association of track mileage is electrified; lighting of
the country's highCredit Men.
ways, airways and airports has little more than begun.
While instalment selling has undoubtedly had a stimulating effect on business, it has, in many cases, had a disas- Changes in Ticker Abbreviations
Announced by New
trous effect on consumers, Dr. C. W. Phelps, of the UniverYork Stock Exchange.
sity of Chattanooga, said in an address before the annual
Changes in ticker symbols which will be put into effect
convention of the National Association of Credit Men,
by the New York Stock Exchange next Monday, May 26,
at Dallas, Texas, May 13. These ill effects should be were commented upon as
follows in the "Times" of May 22:
guarded against, Dr. Phelps said, by closer credit co-operaTicker abbreviations for 12 stocks and bonds were changed yesterday
tion to prevent over-buying on the part of people who are by the New York Stock Exchange to help keep the ticker up to the market.
The most important change was in American Telephone & Telegraph Co.,
unable to budget their incomes and plan ahead. He said:
whose symbol has been ATT for more than 30 years. The stock's new
"It is impossible to escape the conclusion that so far as goods of rela- abbreviation will be T.
tively high value are concerned, large-scale production and large-scale
The announcement by the Stock Exchange follows:
merchandising could not exist in their present degree without the aid of
American & Continental Corp., American Founders Corp.. American
General Securities Corporation, Federated Capital Corp., General American
Securities, Inc., General Public Service Corp., International Securities
Corp. of America, Mohawk Investment Corp., Second International
Securities Corp., Selected Industries, Inc., United States & British International Co., Ltd., United States Electric Light & Power Shares, series
"B. Utility Equities Corp.
instalment selling.
"However, we find many cases where individuals have been led into
extravagance and debt due to the opportunities offered by the instalment
plan. There have been many distressing cases brought to light of people
who have over-bought, and finding their monthly payments to be larger
than their salaries, have borrowed from loan companies at high rates in
order to meet their obligations. But borrowing from loan companies loads
new and larger monthly payments on the borrowers, and many people have
become hopelessly involved.
"This is an economic evil of the first importance, and it can be cured
in only two ways: By effective credit co-operation among firma selling
on instalments to prevent consumers from over-buying, and by educating
consumers to obligate themselves only within the limits prescribed by their
incomes."
Dr. Phelps discussed the various ways in which instalment selling has reacted on business. Some lines of business have been helped, and others hurt, he said. In his comments he stated:
"Instalment selling has tended to direct a large part of the spending
of consumers away from ephemeral goods and commodities of low value to
durable goods of high value. In other words, if it were not possible to
devote small autos each month to the purchase of high-priced, durable
goods, those small sums would very likely be spent for more food, more
delicacies, and more articles of personal adornment.
"The increasing volume of instalment credit also seems to have slowed
down the collections of firms selling on open account. Some merchants
estimate that a quarter of their open accounts have been made slower by
instalment buying from other houses on the part of their customers."
NEW YORK STOCK EXCHANGE
Committee of Arrangements
IMPORTANT.
May 21 1930.
To the Members of the Exchange:
at the opening on Monday. May 26 1930, the following changes
Effective
in abbreviations will be made:
American Telephone & Telegraph Co
From ATT
To T
Fox Film Corp
" FOX
"F
International-Great Northern RR. Co.(Bond).. " IT
" ITG
International Match Corp
ILM PR " ILM
"
International Tel. & Tel. Corp
" ITT
" IT
Pacific Coast Co
" PX
" PCX
Paramount Publix Corp
" FP
" PX
Seaboard Air Line Ry. Co
" SBD
" 513
Standard Brands, Inc
" SB
" SBX
Texas & Pacific Railway Co
" T
" TP
Union Carbide & Carbon Corp
" UN
" UNC
Warner Bros. Pictures, Inc
" WDP
" WB
A SHBEL GREEN, Secretary.
Philadelphia Stock Exchange Suspends Trading in
Common Stock of Shaffer Stores Company.
According to a Philadelphia dispatch yesterday (May 23)
to the New York "Evening Post," the Philadelphia Stock
Exchange has ruled that trading in the common stock of
Shaffer Stores Co. shall be suspended until further notice.
Dr. Phelps said that it is not yet possible to determine the
effect of instalment selling on the business cycle, because Robert Neill Appointed Chief National Bank Examiner
of St. Louis Federal Reserve District.
there has not been sufficient time for the collection and
study of adequate data. He continued:
The Comptroller of the Currency on May 21 announced
"As far as the present recession is concerned it appears that the bad the appointment of National Bank Examiner Robert Neill,
consequences of instalment selling on the credit structure and the business
at present located in New York City, as Chief National Bank
cycle have failed to appear in the exaggerated forms which were predicted.
"Installment selling is here to stay. It is simply an evolution in the Examiner of the Eighth Federal Reserve District, with headdevelopment of credit. Its abuses are similar to the abuses which have quarters at St. Louis, Missouri. Mr. Neill, who has had a
arisen in the past whenever credit was extended to a new field, or for a new
number of years experience in the Eighth District, succeeds
use. We shall rid it of its abuses and utilize it to promote the prosperity
of the country, because our credit men will learn how to handle it scien- John S. Wood, resigned.
tifically, as they have learned to do with the older forms of credit."
Nearly $26,500,000,000 Invested in Public Utility Business by 3,000,000 Security Holders—Additional
Capital Funds of $3,800,000,000 Expected to Be
Raised for Power and Light Industry in Next 5
Years According to Bonbright & Co.
More than $26,500,000,000 is now invested in the public
utility business in this country, exclusive of steam railroads
by more than 3,000,000 investors, according to the annual
public utility survey made by Bonbright & Co., Inc. This
figure represents an increase of $1,000,000,000 in the past
year. The largest investment in any one branch of public
service, it is stated, is in the electric light and power field
where the amount is approximately $11,100,000,000. This
compares with about $5,353,000,000 in electric railways,
$4,557,000,000 in telephone and telegraph companies and
$4,750,000,000 in the manufactured and natural gas industry.
Approximately $900,000,000 is invested in privately owned
water supply facilities. An interesting feature of the report
is that the total investment for electric railways decreased
slightly during the year. The survey says: "The field for
future development in the electric light and power industry
is so great that capital investment is expected to increase by
about 35% and gross receipts by about 37% during the next
five years." This predicted increase will require the raising
of approximately $3,800,000,000 in new funds. The survey
points out that in 1902 gross earnings of all the electric power
Chicago Stock Exchange Suspends Kempner Bros.—
Action Follows Temporary Suspension Earlier in
Month.
Jean H. Kempner, member of the Chicago brokerage firm
of Kempner Bros., was suspended from membership in the
Chicago Stock Exchange on Monday of this week, May 19.
The announcement by the Exchange made late on that day
is as follows:
Pursuant to a vote of the Governing Committee of the Chicago Stock
Exchange, Jean H. Kempner has this day (May 19) been suspended from
membership in the Exchange, in accordance with Article 15, Section 1 of
the Constitution.
Temporary suspension of this firm from both the Chicago
Stock Exchange and Chicago Curb Exchange, for periods of
5 and 10 days, respectively, was indicated in our issues of
May 10, page 3284 and May 17, page 3474.
Milton C. Quimby Convicted in Failure of Clarke
Brothers of New York—John W. Cutler Not Guilty
—Sale of Real Estate Holdings of Concern.
After deliberating about five and a half hours, a jury in
Federal Court reported at 11 o'clock p. m. May 13 that
it had found Milton C. Quimby guilty on an indictment
charging him with using the mails to defraud in connection
with the failure of the private banking firm of Clarke Brothers. The New York "Times" in reporting this added:
The jury handed up a verdict of not guilty for John W. Cutler, who has
been on trial with Quimby since April 24.
3644
FINANCIAL CHRONICLE
[VoL. 130.
Quimby, who was paroled in the custody of his counsel pending the to about $200,000,000, the lowest level since 1917. The funds for the
hearing of the usual motions to set aside the verdict, faces a maximum sen- reduction of these rediscounts have been derived from the addition of
tence of 55 years in prison—or five years on each of the 11 counts in the $200,000,000 to the country's stock of monetary gold, largely through
indictment against him. He is the fifth person to be convicted in the imports from abroad, and an inflow of $150,000,000 of money from circulaClarke bank crash. . ..
tion, caused by decreased activity of trade and industry and a decline
District Attorney Tuttle, who had charge of the prosecution, assisted in the price level, the funds from both of these sources having tended to
by Edward S. Silver and Seymour D. Altmark, issued this statement after decrease the total volume of Reserve Bank credit, as well
as the volume
the verdict had been announced:
of rediscounts by member banks; in addition, the Federal Reserve Banks
"This shows that it is possible to convict all persons who have been con- have increased their
holdings of United States Government securities by
cerned in the wrecking of a bank. The Clarke brothers and their partner, $350,000,000
and their holdings of acceptances by $100,000,000, these
John F. Bouker, were convicted within one month after the failure of the open-market
operations having tended to reduce member-bank rediscounts
bank and were sent to Atlanta. This conviction to-night adds to those
without changing the total volume of Reserve Bank credit in use. Easier
convicted one who, while not a partner, obtained a large share of the deconditions prevailing in the money market, therefore, which accord with
positors' money. So therefore, as far as the prosecutor is concerned, the
the lower level of member bank indebtedness at the Reserve Banks, reflect
history of the Clarke Brothers failure has been successfully concluded."
Cutler. according to the indictment, borrowed $184,000 from the bank gold imports from abroad, a reduced domestic demand for currency, and a
on unsecured notes, and Quimby borrowed money secured only by his more liberal open-market policy by the Federal Reserve System.
"assignment" of a half
-interest in a "million-dollar law suit" against the
Decrease of Commercial Loans.
New York Edison Co.
The recent increase in member bank loans has been altogether In the
In summing up, Federal Attorney Tuttle said that he had given Quimby
form of loans on securities to brokers and dealers at New York City.
and Cutler more than eight months in which to make restitution to the
Available information for member banks in leading cities indicates that
depositors of the bank.
"Quimby," he said, "received $2,500 from Clarke Brothers as a 'loan' other borrowers have been paying off their loans, both secured and unsecured,
during the last 30 days of the bank's existence, and this was payment for at a rapid rate since the end of last October, and that during this period
they have liquidated about $2,000,000,000 of such loans. This decrease
making his famous affidavits."
The affidavits stated that Quimby had assigned various sums of money has resulted in part diminution in the demand for credit by trade and
to Clarke Brothers on the strength of claims he had in various enterprises. industry, owing to the prevailing recession in activity, but has also
He listed Percy Rockefeller, Colonel Robert Stewart and others as his reflected a shift by borrowers on securities and otherwise from seeking
"partners" in these deals, according to the indictment, but Mr. Rockefeller direct accommodation at their own banks to borrowing indirectly through
and the others appeared in court during the trial and denied that they had brokers. Such a shift is indicated by the fact that loans on securities
had any connections with the defendant.
by banks in leading cities to borrowers other than brokers have decreased
Clarke Brothers failed for $5,000,000 on June 29 last year, with losses considerably; it is also suggested by the fact that in recent months the
to 2,200 depositors, many of whom were left penniless. Just six weeks decrease in 'all other" loans, that is, loans not secured by stocks and bonds,
afterward James R. Clarke, Philip L. Clarke, Hudson Clarke Jr. and has been largely at banks in New York City. It would appear, therefore,
John F. Bouker, members of the firm, received prison sentences. Hudson that borrowers on securities and on regular lines of credit, who had used
Clarke was placed on probation.
the proceeds of their loans for the purpose of carrying or trading in
A number of deaths of persons connected with the Clarke securities, have been influenced by the prevalence in the open market of
failure have occurred since the suspension of the banking lower rates than at their banks, to transfer their borrowings from these
borrow at the open-market rate. This shift
banks to their
firm. The New York "Evening Post" in supplying this represents a brokers, who can
reversal of the movement that took place in 1929 during the
record May 2 said:
period of extremely high rates on Stock Exchange loans, when borrowings
John L. Lyttle, referee In bankruptcy, who was handling the affairs of for the financing of security operations were transferred in considerable
the defunct Clarke Brothers Bank, and Frank C. Mullener, his confidential volume from the brokers to the banks. This shift from other loans to
clerk for 15 years, died within seven hours to-day. The clerk was a victim brokers' loans has been a factor in the large increase in Stock Exchange
of shock. He collapsed when he called at the home of his chief and learned loans that has characterized the period.
that Mr. Lyttle was dead.
Growth of Bank Investments.
The bankruptcy referee passed away at 2 a. m. at his home in Calhoun
Avenue, New Rochelle, after an illness of two weeks. . . .
Liquidation of loans to others than brokers in recent months has taken
Mr. Lyttle and Mr. Mullener are the fourth and fifth persons connected place in all Federal Reserve Districts, and funds placed in the New York
with the Clarke Bank case who have died.
money market have come from banks throughout the country. Member
During the early part of the investigation into the bank's affairs, Mrs. bank holdings of investments, as measured by the figures for reporting
Hudson Clarke Jr., wife of one of the partners, died.
member banks, after showing little change from the first of the year,
Hudson Clarke Sr., father of James Rae Clarke, Philip L. Clarke and Increased in the last half of March and less rapidly throughout April In the
Hudson Clark Jr., was next. His death was believed to have been hastened amount altogether of about $260,000,000. Excepting the period of the
by the troubles of his son's bank. He had been a paralytic for several October-November break in the securities markets this is the most rapid
Years.
increase in the banks' investment portfolio since November 1927. This
James Rae Clarke died In Atlanta penitentiary (Oct. 12) shortly after
of member banks is another indication of the
he was sent there for eight years for his part in the bank failure. He was increase in the investments
fact that these banks do not encounter a demand for all their funds from
head of Clarke Brothers.
their commercial customers, and seek to employ the surplus in the purchase
Nine pieces of property belonging to the bankrupt bank- of investments as well as in making loans on the Stock Exchange.
ing firm of Clarke Brothers brought a total of $119,100 at
an auction held on April 30 by the Joseph P. Day organization. The amount which the depositors will realize from
the sale, the "Times" stated, will be negligible, because
mortgages against the properties amounted to $99,940. 111
Federal Reserve Board's Review of Credit Situation—
Brokers' Loans at $2,900,000,000, Close to Record
Figures—Borrowers Shifting From Banks to
Brokers For Accommodation.
In reviewing the credit situation, the Federal Reserve
Board, in the May number of its "Bulletin," issued May 19,
states that loans to brokers by banks, "which total $2,900,000,000 at the present time, are close to the highest levels
that they have ever reached, and brokers' loans by banks in
New York City for their own account are larger than at
any previous time, excepting only the week following the
break in the stock market last October." The Board also
states that there has been a shift by borrowers on securities
and otherwise from seeking direct accommodation at their
own banks by borrowing indirectly through brokers. Such
a shift," says the Board, "is indicated by the fact that
loans on securities by banks in leading 'cities to borrowers
other than brokers have decreased considerably." The
Board's review of the month follows:
Growth of Brokers' Loans.
Growth of brokers' loans in the past has usually accompanied an advance
in security prices, and this has been the case in recent months, but since
early in April the advance in brokers' loans has continued, while security
prices have tended to recede. Between the end of Decembr and the first
week in April prices of common stocks advanced by 20%, but later in April
they showed a downward tendency. The advance in dock prices had been
almost continuous for more than three months, becoming especially rapid
after a period of pronounced ease in the money market for a few days
in the early part of March. A factor in the recent growth of brokers'
loans, which include loans to issuing houses, has been the large volume
of bonds issued and in process of distribution.
The course of brokers' loans, showing a distribution between loans by
banks and loans by other lenders, is presented in the chart for the period
since the end of 1927. During December 1929 and the first two months
of 1930 there was relatively little change in the aggregate of brokers'
loans, funds withdrawn by non-banking lenders being replaced by funds
loaned by the banks themselves. Further withdrawals by non-banking lenders
were made in March, but from the end of February the money placed in
the call market by the banks exceeded these withdrawals. The growth of
brokers' loans in April represented not only a further increase in lending
by banks, but also an increase of $120,000,000 of loans for other lenders,
the first growth in this class of loans since last October. At their
present level of $1,400,000,000, loans for non-banking lenders placed by
reporting New York banks, notwithstanding the recent increase, are lower
than at any time during the two years between the spring of 1928 and the
end of March 1930. Loans to brokers by banks, on the other hand, which
total $2,900,000,000 at the present time, are close to the highest levels
that they have ever reached, and brokers' loans by banks in New York City
for their own account are larger than at any previous time, excepting
only the week following the break in the stock market last October.
The Capital Market.
The credit situation has continued to be relatively easy in recent weeks.
With greater activity in recent months in the markets for securities,
Demand for credit from commercial sources has declined further, while the volume of new securities issued has been increasing, and in the first
demand from the securities markets has increased. During the last two quarter of 1930, at $2,140,000,000, was much larger than in the final
months increased activity in the securities markets, a large volume of bond quarter of last year, but continued to be below the exceptional levels of
issues, and—until the middle of April—a rising level of stock prices have the late months of 1928 and the first three quarters of 1929. More than
form
been accompanied by an increase of more than $785,000,000 in brokers' nalf of the new issues during the last six months have been in the
January
loans at New York City. Loans and investments of member banks in of bonds, for the first time in more than a year, and from
issues. New
leading cities, after reaching a low point at the end of February, increased through March bonds represented more than 75% of the new
quarter in the
in March and April by about $750,000,000, reflecting growth in their foreign securities issued in the American market during the
all bond issues.
security loans and in their investments, while "all other" loans continuously amount of $300,000,000 represented about one-sixth of
previous months most
declined. Indebtedness of member banks at the Reserve Banks decreased Preliminary figures for April indicate that as in accomplished through
further in the two months by about $135,000,000, chiefly on account of of the new financing in the American market was
liquidation made possible to the member banks by gold imports from the the issue of bonds.
Bond prices advanced in February and March to the highest level In
Orient and South America and a further inflow of currency from circulation.
they receded. In the
As compared with a year ago, the volume of credit extended by the member nearly two years, but after the third week in March
exceptionally easy credit conditions
banks is ltwger by about $450,000,000, but the volume of their rediscounts second and third weeks of March, when
bond prices advanced by
with the 1'e-.1.zral Reserve Banks has declined from nearly $1,000,000,000 accompanied the quarterly Treasury financing,
MAY 24 1930.1
FINANCIAL CHRONICLE
1.5%, but in subsequent weeks they declined by more than one-half of this
amount. A factor in this decline, in addition to the passing of the temporary period of exceptional ease in the money market, was the continued
issue of new bonds in substantial volume. Furthermore, the preference of
investors for stocks has continued in recent months, as for several years
past, and has been a factor in making the revival of the bond market slow
and irregular.
Texas Bankers' Association Declares Chain Banking
Principle Unsound—Policies of Federal Reserve
System Criticised at Convention.
At the concluding session of the annual convention of the
Texas Bankers' Association at Fort Worth Texas, May 15,
a resolution was adopted (according to the Dallas "News")
holding that the chain banking principle is unsound, contains no material advantages and is a detriment to the smaller
bankers, and therefore should be resisted.
The account of the Convention in the Dallas "News"
also said:
Assail Policies.
Three speakers on the last business program assailed the policies of the
Federal Reserve System and denounced chain banking.
Nathan Adams, President of the First National Bank of Dallas, declared that the police power of the Federal Reserve Act is throttling agriculture by taking the debit power into its hands without at the same time
balancing the picture by also assuming credit responsibility.
"If I had one last act to accomplish for the people of Texas and had it in
my power," he asserted, "it would be destruction of the Federal Reserve
debit power.
"The flow of credit between the farm and the bank should not be
damned by any Government agency. The proposed tariff will not help.
The salvation of the farmer and agriculture is not so much in a curtailment
of acreage planted, but in the free and untrammeled functioning of the
country banks and in diversification of crops and the feeder-breeder movement now under the leadership of Mr. Holland of Dallas."
Hits Chain Banking.
T. H. Minor, Cashier of the First State Bank of Killeen, pointed out
that chain banking would not prevent crop failures nor the entrance of dishonest or incompetent men into the banking business, for neither the elements nor human nature can be controlled. These two sources of hardship on the small town bank, crop failure and mismanagement, account
for the greatest number of bank failures, he declared. He also stressed
that the State should be more careful in granting charters to new banks,
especially in communities already sufficiently supplied with financial institutions.
He compared the present tendency of control by autocrats in the world
of money and its dangers to a democratic form of government, with the
other two crises in the history of the American people, the Revolution and
the Civil War.
Talley Speaker.
Oxsheer Smith, President of the Citizens National Bank at Cameron.
discussed means by which a small town bank can make extra profits through
adequate and justifiable charges for services rendered its patrons.
Speaking on bank management, Lynn P. Talley, Governor of the Federal Reserve Bank of Dallas, stressed the interdependence of service and
profit, declaring one can not exist without the other. He favored more
restrictions on the handling of public funds by depository banks, and
would have the present law amended so that banks could not secure such
funds by furnishing surety or personal bonds.
H.E. Boyce,President of Maryland Bankers Association
Doubts Benefit of Branch Banking to Rural
Sections.
Doubt as to whether the extension of branch banking to
rural communities would be valuable to such sections was
expressed by Heywood E. Boyce, President, in an address
before the Maryland Bankers Association in session at
Atlantic City on May 21. In reporting this the Baltimore
"Sun" further quoted Mr. Boyce as follows:
"I have no doubt that both group and branch banking under intelligent
operation can be very beneficial in every community," he said,
"but I
am fearful that in extending to smaller towns and rural communities,
the
benefit of the local touch is in most cases lost. It has yet to be
demonstrated that such extension of bank service is primarily for the
benefit of
the community,rather than for profit to the head organization."
Ho expressed the belief that .
the operation of groups of banks under
control of a single corporation will play an important part in banking
in
this country and called attention to the series of conferences on
the subject that have been taking place in Washington.
"I personally believe," he added, "that out of these
conferences will
come some legislation that will, in all probability, be beneficial to
at largo and particularly to the National banks and members of the banks
the Federal
Reserve System.
"It is interesting to note that Dr. Benjamin M. Anderson,
the wellknown economist of the Chase National Bank of New York, has
recently
made a vigorous protest against the extension of branch
banking to cover
trade areas, whereas, on the same day, Mr. Giannini, who is
looked upon as
the originator of State-whie branch banking, was arguing before
the House
Committee for nation-wide branch banking. Here we have
two
the one idea from a leading economist and the other from one of extremes,
the leading
practical bankers of the Pacific Coast."
Referring to the decline in business activity that has
followed the Stbck
Market crash of last fall, Mr. Boyce said he believed easy
money conditions
would go a long way toward correcting the situation, the
worst of which
probably has been seen.
Looks for Normal Year.
"In the last few years this country has enjoyed the greatest
prosperity
that we have ever known," he added,"and while some of us
might be depressed on account of the recession which has prevailed in
the last few
months. I am strongly hopeful that the last half of the year
will see a
substantial improvement in general business, and that when
the results of
the year are summed up we will find that 1930 has been at least a
normal
Year, comparing favorably with any others except those that we might
term boom years."
3645
State Limitations Asked for Group or Branch Banks
By R. A. Hovey, Massachusetts Bank Commissioner
—Would Confine National Bank Privileges to
Local Regulations—Branch Plan Favored Over
Group System—Views Expressed Before House
Committee inquiring Into Subject.
There appears to be no real or immediate necessity for
group banking nor wide extension of branch banking privileges in Massachusetts, according to Roy A. Hovey, Banking Commissioner of that State, who testified May 15 before
the House Banking and Currency Committee hearings OM
branch, chain and group banking. Limited branch privileges
are now given by the State law, but State-wide extension
of the system has never been encouraged, the witness stated.
Conditions in other parts of the country might warrant its
adoption, he added. The further views expressed by Commissioner Hovey are set forth as follows in the "United
States Daily".
It there is to be a change in the way of liberalizing the branch privileges
of national banks, the permission should not go beyond that which the
States give to their own chartered banks, Mr. Hovey declared. This would,
he continued, necessarily limit branch banking in its widest latitude to
the State in which the parent bank is located.
Six Groups in State.
Group banking has developed in Massachusetts during the last two
years, according to Mr. Hovey, to the point where there are now six
groups, comprising nearly half of the aggregate assets of all national
banks and trust companies in the State.
Mr. Hovey stated he has no quarrel with group banking in theory, and
that, when ably managed, it is a satisfactory method, but that it can be
subjected to improper use, and is more difficult to supervise. For those
reasons, he stated, he looks with disfavor on the system. If forced to
choose between group banking and branch banking, he would choose the
latter, he declared.
Bank failures in Massachusetts are rare, Mr. Hovey stated. He praised
the regulation in that State whereby savings deposits are segregated and
given special protection.
In response to quesions of Representative Luce (Rep.), of Waltham,
Mass., the witness explained the only State-chartered banks in Massachusetts are trust companies. There are no institutions known as "State
banks," as is the case in most States, he said.
The banking consolidation movement in Massachusetts has slowed down
somewhat, Mr. Hovey declared. There has not appeared, he added, any
disadvantage to either depositors or borrowers, resulting from the concentration of banking capital by various methods employed. Bad management might so result, he thinks, but there has been no evidence of that
in his State.
Mutual Savings Banks.
Mr. Luce and Representative Fenn (Rep.), of Wethersfield, Conn.,
questioned the witness concerning the mutual savings banks of New England. Mr. Hovey stated mutual savings banks are found in 17 States, but
most of them are in New England and New York. One of the features of
savings banking under this system is the close supervision of the investments of funds deposited.
Only the highest grade securities may be purchased by such banks, he
stated. The trust companies in Massachusetts which operate savings departments must segregate the savings assets, and follow the same investment rules that are applicable to mutual savings banks, Mr. Hovey said.
His questioners were thinking, they said, about the advisability of providing for segregation of savings assets in national banks that operate savings
and thrift departments.
There have been attempts in Massachusetts to consolidate the mutual
savings banks with commercial banks, Mr. Hovey stated, but with little
success. He and Mr. Luce agreed it would be a calamity if commercial
interests were allowed to invade the mutual savings bank field.
Difference in Needs Of Sections Cited.
Representative Pratt (Rep.), of New York City, asked Mr. Hovey if he
did not think the banking needs of the western States, with their more
sparsely settled rural districts, might be quite different from those of
the closely populated State from which he comes. He agreed and reiterated
his statement made earlier that branch or group banking might be necessary or desirable in some parts of the country. In response to another
question from Mrs. Pratt, he again expressed his belief that if branch
banking is to be authorized by Congress at all, it should not be upon a
wider basis than State-wide.
The formal statement which Mr. Hovey read to the Committee follows
in full text:
Branch banking made its first appearance in Massachusetts in 1902,
when the legislature by a general law authorized trust companies, our
only State chartered commercial banks, to establish branch offices subject
to the approval of the supervising board. The act limited to one the
number of branches that a trust company might have and confined its
location to the same town or city in which the main office was located
and with the restrictions that it be operated solely for the purpose of receiving deposits, cashing checks and maintaining a safe-deposit business.
At that time there were 87 trust companies having total assets of
$164,000,000. To-day there are 101 with assets of $777,000,000.
Only four of our 101 trust companies have a capital of less than $100,000,
the minimum statutory requirement being $50,000 and then only in towns
of less than 10,000 inhabitants. The smallest town in which a trust
company is located has a population of approximately 1,800.
In spite of the fact that there are many towns within which there are
no banking facilities, there is no town in all the State which is not within
approximately 15 miles of the main office of a trust company or national
bank.
Policy Adopted in 1914 Through Legislation.
Under our statutes the authority for the establishment of branch offices
of a trust company is granted by the board of bank incorporation, which
consists of the commissioner of banks, commissioner of
corporations and
taxation, and the treasurer and receiver-general, and only
after a public
hearing has been held and it has been shown that public
convenience will be
served by the establishment of the branch.
3646
FINANCIAL CHRONICLE
[Wu 130.
In 1914 the policy was also adopted through legislation to allow consolidating banks to maintain the offices of the consolidating bank as
branches provided both banks were located in the same city or town and
that the commissioner of banks was satisfied that public convenience would
be served thereby. In 1920 we have our first instance of a branch being
established outside of the town in which the main office is located.
This was accomplished by a special Act of the legislature. Similar
privileges have been similarly granted four times since then, but only
for the purpose of establishing a branch where no other bank existed.
Three of these branches are located in communities which adjoin the town
in which the main office is located, the others being in towns within 12
miles of the main office.
In view of the number of special bills which were being introduced in
the legislature seeking branch privileges for trust companies not authorized under the general laws and which appeared reasonable and desirable
for the extension of banking facilities to our citizens, the banking department was convinced that general legislation should be passed and in 1926
made such a recommendation.
This sought to remove the restriction on the number of branches in the
town in which the main office was located and also sought to allow the
establishment of a branch office in an adjoining city or town provided no
other trust company was located therein. The recommendation, which was
intended mainly to extend banking facilities to communities where such
facilities were lacking, also carried provisions which would prevent the
consolidation of trust companies which were not located in the same town
or city.
Immediate Necessity Said Not to Be Evident
Each State should know its own needs best and for this reason it appears to use that if a change is made in national bank branch regulations,
the privileges granted thereby should not exceed those granted to Statechartered institutions. This would, of course, necessarily limit branch
banking in its widest latitude to the State in which the bank is located.
In Massachusetts more than one-half of the banking assets are made up
of savings or time deposits. In the smaller or suburban centers the ratio
of savings is greater than in the large cities. Outside of the larger cities
banking resolves itself more or less into an investment service. This
raises the question of whether the centering of control and management
of a group of banks of this type may not open a way for unwise or unscrupulous investment of savings deposits which deposits we in New England for more than a century have given the greatest possible protection.
In so far as Massachusetts State-chartered banks are concerned, I feel
that they are well protected by the statutory requirement that such savings be segregated from commercial deposits and invested only as savings
bank funds may be invested, savings depositors being protected by an
elaborate statutory system regulating the investment and management of
their funds.
Our experience has demonstrated that such segregation and investment is
of great advantage to the savings depositor who has always been given the
utmost protection. Therefore, in considering this subject it would seem to
mu that some form of segregation and regulation of assets representing
savings deposits should also have attention if it is within the scope of this
investigation.
When a large proportion of the deposits consists of time or savings
Attempts to Obtain Changes Were Unsuccessful
accounts I do not see how any better service can be rendered by banks in
At that time we were opposed to a policy of State-wide branch banking, a group that could be worked out by a unit bank under an arrangement
and the most that the bill would have accomplished would have been to with a larger city bank as correspondent or investment counsel.
In view of the limited experience of Massachusetts in these different
provide additional banking facilities within the same or adjoining towns
in which the main office of the trust company was located. While the forms of banking it is difficult at this time to arrive at a definite conoperation of such a law would not have permitted any of the trust com- clusion. I appreciate that my views have offered no solution of the
panies located in Boston to establish branches in neighboring cities and problem confronting you but only reflect my opinion as a supervisor and
towns it would have been of advantage to some of the mailer communities that of many others in my State, namely, that there appears to be no
in other parts of the State which are unable to support a bank of their Teal or immediate necessity for group banking or wide extension of
branch banking privileges in Massachusetts.
own.
However, attempts to obtain such a change in 1926 and in 1927 were
unsuccessful. Misunderstandings and the apposition of the national banks
Craig B. Hazlewood of First National Bank of Chicago
undoubtedly prevented the adoption of such a measure.
Before New Jersey Bankers' Association Says
In 1928 an amendment was passed which removed entirely the numerical
restriction of branches in cities of more than 100,000 population, and reBanking Business Has not Kept Pace With Some
stricted to two the number permitted in dies of 50,000 to 100,000, and
Lines of Business—Discusses Major Problems of
to not more than one in cities and towns under 50,000; thus bringing our
Bank Management.
law more in line with the McFadden Act of February 1927. These are
the restrictions which are in force to-day.
Addressing the New Jersey Bankers' Association at
The total number of trust companies having branches is 42, 30 have
branch, eight have two, three have three, and one has five; 60 in all. Atlantic City on May 16, Craig B. Hazlewood, Vice-Presione
In 1908 the legislature granted a similar privilege to our mutual sav- dent of the First National Bank of Chicago stated that
ings banks, but the conditions under which they were allowed to establish "strangely the business of banking has not kept pace with
branches varied from those of trust °commies at that time in that they
some lines of business towards which it acts as counsellor.
might establish one or more branches in the same town where the banking
house was located or in towns not more than 15 miles distant, where no Here and there, it is true, financial institutions have swung
savings bank existed at the time. The branches of savings banks were into the general advance. But is it not time that this imnot established for competitive purposes but for the encouragement of thrift
proved technique be applied more generally to the key
and to furnish facilities for savings in communities not sufficiently large
business of banking? May we not well extend greatly our
to support or maintain a bank of their own.
Among the 196 mutual savings banks only 30 have branches; 22 have research into such problems as the proper capital structure
1, 6 have 2, and 2 have 3; 40 in all. Ten of these banks have branches for a
bank, suitable overhead, income and expense, market
outside of the town in which the main office is located.
We have never been in sympathy with a State-wide branch policy for analysis, range of departments, credit policies, profits and
Massachusetts, but recognize, however, that conditions in other sections the liquidity as well as the productivity of its assets and
of the country might warrant its adoption.
reserves? May we not well consider in a more scientific
Group Banking Developed in Two Years
Concerning chain banking, our experience has been limited to two or
three cases several years ago in which one or two persons were the dominating influence. These were made up of trust companies and banks located
in Boston and suburbs. These chains were, however, eventually terminated,
local interests taking over the control and management in each instance.
One resulted in the suspension of the parent bank which caused losses to
stockholders and directors to an amount exceeding $4,100,000. Failures
among our banks are, it should be noted, few and except for the situation
in 1920 and 1921 the record of Massachusetts among its trust companies is
exceptionally clear, there being to date but 11 failures since trust companies were first organized in 1869. Among the national banks in Massachusetts there have been but 15 failures.
Group banking in Massachusetts has developed within the last two
years, although not as widespread as in other sections of the country. At
the present time there are six groups, all but one of which include both
national banks and trust companies. The accompanying schedule exhibits
these groups as constituted at the present time, their assets comprising
45.5% of the aggregate assets of national banks and trust companies in
Massachusetts. The trust companies involved aggregate 14.4% of the
banking assets of all trust companies, while the national banks represent
59.1% of the assets of all national banks in Massachusetts. At the present
time all of these groups are controlled by national bank Interests and
include the largest of our national banks.
The success of chain or group banking, of course, depends upon the
character of management, the same as in individual banks. Group banking may have its advantages and benefits, and much can be offered in its
favor, as your Committee knows. I have no quarred with the system in
theory, and would not object to it if proper operation could be guaranteed,
but, granting that there are advantages, in actual practice it can too easily
be subjected to improper use and, when composed of banks operated under
more than one code of laws and more than one supervising authority, the
opportunity for misuse is enlarged.
For this reason and from the standpoint of a supervisor, I am forced to
look with disfavor on such a system. I much prefer to see local management of a unit bank if the locality can furnish proper support, and believe
a community is better served thereby than by the branch of a distant bank.
If however I were to choose between group and branch banking, I should
prefer to see the branch system, with all the difficulties it carries in
examining, but I question whether permitting the establishment of branches
will of itself stop or even check the growth of the group method. It is
realized that regulations governing national banks must necessarily be
national in scope but it must also be recognized that conditions differ
widely in various parts of the country and policies and methods which may
be beneficial in one section may be detrimental in another.
mannor how to diversify a bank's business in a manner to
serve and develop its community and stabilize its own
progress? By equipping bankers everywhere with these
weapons of scientific management and knowledge, may we
not enable them to become better guardians of the vast
treasure which every community has entrusted to them?"
"To my mind," said Mr. Hazlewood, "the major problems
of bank management are three:
1. Managing the bank's operations.
2. Managing the investment of the bank's funds.
3. Managing the bank's new business activities.
"In the last analysis," Mr. Hazlewood stated, "successful
management shows itself in the coordination and efficiency
of the work of employees. Whenever we find constructive
thinking, absolute fairness, and open-mindedness in the
principal executives of a bank, we almost inveitably find a
progressive, profitable bank." He pointed out that "few
phases of bank management are arousing more interest
to-day then the analysis of checking accounts." Mr. Hazlewood in part added:
In perhaps no other Phase of management can the banker more quickly
build his profits and reduce his losses. Surveys have shown that banks
lacking an adequate service or activity charge are carrying two-thirds of
their accounts at a loss, while about one in five yields a profit, and in the
remainder the income about equals the expense. In a study covering a
number of communities, it was found that one third of the accounts average
$7.08 apiece; about one half average less than $15. Four out offive accounts
average less than $60, and 80% of the accounts constitute less than 22%
of the total dollars on deposit. Too frequently the major earnings of the
t
banking operations, but from the investment of the
not
stockholders'funds.
It is estimated that in the average bank, an inactive balance of more
than $75 Is required to cover the general expense of carrying the account.
We have too often been weak-kneed in the matter of carrying unprofitable
accounts. Why should we do business with 70% of our customers at a
loss? What would we think of the wisdom or even the credit of a customer
who admitted that 70% of his accounts were carried at a loss? Beyond
question, thousands of checking accounts are being carried at a loss—with
the banker in some cases even paying interest on the unprofitable accounts.
The subject of paying interest on checking and savings accounts deserves
far more attention than is being given to it. Bankers are figuring interest
on savings deposits with results which, at the same rate of interest. vary
MAY 24 1930.1
FINANCIAL CHRONICLE
200 to 300%. Of two banks having precisely the same volume in deposits
one paid 40% more interest than the other. It is through attention to such
matters as these that management must build profits.
• *
The practice of asking borrowers to liquidate their loans at least once a
year is often a very good method of discovering the liquidity of a customer's
financial position. While it is true that there may be exceptions to the rule
of annual liquidation, the mere assumption that a loan which was good
two years ago is therefore good to-day often gets us into trouble. After
all, it may well be repeated that the only test of a loan is its ultimate
liquidity. However honest a borrower may be, he must demonstrate his
ability by paying his obligations at the time he should do so. If I were going
to list those principles which a banker must observe if his loan administration program is to be sound, I should include the following rules.
1. No excess loans to customers, officers, or directors.
2. No capital loans which enable the borrower to use the bank's demand
deposits in the permanent capital structure of a business.
3. No loans on second mortgages, accounts receivable, contracts for
services yet to be performed, or other security upon which actual realization would be problematical.
4. A refusal to let competition or the borrower dictate the credit terms.
5. No unsecured loan over $500 without a financial statement.
6. Diversification of loans both as to security and types of business.
7. Adopt a general policy of requiring annual liquidation
8. Insist upon adequate compensating balances.
9. Review large loans with a discount committee.
10. Maintain a consistent follow-up to check the position of all loans
from time to time.
*
* •
riThe bank's own bond account should consist or diversified securities.
Bank history has indicated too many instances of banks which have invested
unwisely for their investment account, have not diversified their holdings,
have concentrated on high yields instead of safety, and have placed themselves in a position to incur substantial marketwise losses. No bank which
concentrates on high yields and relatively unmarketable, long-term securities can hope to keep itself out of a more or less frozen condition, although
on the face of the facts the assets may appear sound. The manager of one
of the largest investment trust portfolios recently told me that he had
yet to find a first-class commercial banker who was also a first-class investment banker. While there are some exceptions to this statement, we must
admit that it contains a great deal of truth. If more bankers would consider
their investment account as a merchant does his goods, and maintain a
reasonable inventory with a fast turnover, many of our problems would be
solved.
In summary, let me remind you that your future and my future—the
future of every one of us—is to a large degree interwoven with various
phases of this threefold subject of mana.gment. Through we have as yet
only pioneered in bank management,I suspect that if we could bring together
all of the thought that has been put into this matter, and could apply it to
even 50% of our banking institutions, a great era of better banking would
be at hand.
But banking progress must come by slow evolution, because we do not
grasp the whole picture, we do not act aggressively upon our resolutions,
we do not study and apply all that is available to us.
Let us then recognize the pressure of circumstances that makes banking
progress inevitable. The future holds little hope for those banks which
disregard good organization, cost control, safety, liquidity, profits, and
modern new business methods.
But for those who are alert, the way is clear. The banking business has
always been noted for the mass of statistics and figures it has had available.
But of recent years these figures have been made comparable, have been
analyzed, and from them there have been established basic standards,
practices and policies for sound management. Now we have begun to invest
banking with the characteristics of a scientifically managed business. Let
us then say to ourselves every day that the basic essentials of management
are simple. Its fundamental principles are few and easily grasped. We
may work in line with experience. We may secure the assistance of outside
experts. And so, if we have the will power and the application, the future
ef banking will be assured and the results of good management will be
immeasurably great.
3647
veloped chains within this State—one comprising approximately 50 banks
and the other about 10.
We can see no harm, and the possibility for much good in a chain banking
system if managed by experienced bankers and if the capital structure is
sound. lf not sound, beyond question its existence is not justified, for it is
far better to have a few failures among unit banks scattered over a wide
area than to have the collapse of a chain system with the unfavorable
publicity that its announcement would bring.
Unit Banks Must Act.
Personally, I do not think It for the best interests of the State for our unit
banks to be swallowed by a system of group or chain banks, but this is going
to take place in a large degree unless the advocates of unit banking get together,takestock ofthesituation and takethe necessary action to restore the
standing of this class of banks, causing them to function more efficiently.
What should be done? In my opinion there should be a concerted move
this fall that will have for its purpose the elimination of about 125 banks in
Arkansas by consolidations or orderly liquidations, thus enabling those
that remain to have the opportunity to make enough money to pay a reasonable return to their stockholders after taking care of expenses and charging
out all doubtful assets.
The history of banking in this State during the past nine years, and it
does not differ materially from the experiences of Oklahoma and Missouri,is
tragic. It is estimated that the stockholders in State banks alone have lost
approximately $30,000,000, a sum twice as large as the present capital of
the State Banks. The depositors have fared a little better, their losses
running a little over $6,000,000.
Too Many Banks.
Several causes can be assigned as contributing to these heavy losses, but
the major cause, I think, and one which can be removed by close co-operation of the bankers, is the over-banked condition that prevails.
There are 70 principal cities and towns of Arkansas having from two to
eight banks each, or a total of 175 banking institutions, which could be as
well served with from one to three banks less at each place, reducing the
number nearly one-half.
This list does not include the smaller towns,60 to 75 in number,that have
a single bank that is either struggling for an existence or not making enough
money to pay satisfactory dividends. Any bank with less than $75,000.
unless its assets are unquestionably good and it is paying regular dividends
to its stockholders can hardly justify its continued operation.
Intelligent Bankers Needed.
But after the banks have been reduced to a reasonable number, this is not
all that should be done. There should be placed In charge intelligent,
conscientious men who know how to make investments.
We have bankers in Arkansas, I am sorry to say, who still believe it is
alright to make loans without limit, provided the loan is against "actually
existing values." It is not only important that loans to any one interest
be limited, but it is necessary that a margin of security be taken to protect
the bank from unforseen hazards.
According to statistics announced by John W.Pole, United States Comptroller of the Currency, Arkansas ranks seventeenth in the list of States
in the number of bank failures for the period 1920 to 1929. Bank failures
in Arkansas in that time reached 95, or 1.5% of all the banks the State
had in 1920.
New Jersey Bankers' Association Advocates Amendment to Federal Reserve Act for Greater Share by
Member Banks in Reserve Bank Earnings—President Couse Urges Change—Sees Passing of Federal
Reserve System in Event of Centralized Banking
System.
In line with the recommendation by William J. COWAN of
Asbury Park, President of the New Jersey Bankers' Association, that Association, in annual Convention at Atlantic
City May 17, adopted a resolution favoring an amendment
Buffalo-Pepin County (Wis.) Bankers' Association to the Federal Reserve Act making possible a larger distriProtests Against Advertising of Wisconsin Bank- bution of earnings of Federal Reserve Banks to member
shares Corp. Outside its Trade Territory.
banks. The following is the resolution adopted.
"Resolved, that this association favors an amendment to the Federal
The following resolution was adopted by the BuffaloPepin County Bankers' Association at a meeting at Madison, Reserve Act, providing for a fair distribution of the earnings of the
Federal Reserve Banks to their respective stockholders and depositors, and
Wisconsin:
that we will call attention of Congress to the economic injustice of this
Whereas, The Wisconsin Bankshares Corp., a group of banks,
doing
business in the State of Wisconsin, is advertising for business outside of its
own trade territory, and in the territory of unit banks, which are now
correspondents of the First Wisconsin National Bank of Milwaukee, the
corporation promoting and heading the Bankshares corporation for
this
system of group banking; and
Whereas, The Wisconsin Bankshares Corp. is advertising in every local
paper and on the radio that "they are bringing better banking service to
the community, and that the public confidence in this group
banking
organization is growing," thus trying to destroy public confidence in
the
unit bank and at the same time casting reflections on said unit banks,
and
Whereas, The unit banks of the State of Wisconsin were and are largely
responsible for the growth of the First Wisconsin National Bank of
Milwaukee, by placing large deposits with it as a correspondent bank.
Now, therefore be it further resolved by the Buffalo-Pepin County Bankers'
Association: That from now on should the Wisconsin Bankshares
Corp.
continue such advertising methods against their unit banks; and
should
they not immediately cease advertising outside of their own trade
territory;
that the member banks of the Buffalo-Pepin County Bankers' Association
place their surplus funds and do their city business with some city unit bank.
Further: That a copy of this resolution be forwarded to every bank
in
the Buffalo-Pepin Bankers' Association and to the First Wisconsin National
Bank of Milwaukee. Wisconsin and its Wisconsin Bankshare Corp.
Absorption of Unit Banks in Arkansas Field Is Predicted—Assistant Commissioner Declares Too Many
Exist to Successfully Compete With Group System.
R. G. Dickinson, Assistant State Bank Commissioner
of the State of Arkansas, is quoted as follows in the "United
States Daily" of May 2:
Group or chain banking is here, and will very likely remain in some form
unless outlawed by statute or by its own failure. We have two well de-
situation and urge it to provide this proper relief, and be it further
"Resolved, that the officers of this association be and hereby are instructed to actively proceed in this matter, lending every support to passage of such amendment."
Mr. Couse, in his address as President of the Association,
said:
The Federal Reserve Act was designed to strengthen the banking system
of the country and it has served its purpose well. There is no desire on
the part of practical bankers to have radical changes made in the Act,
but there is a strong sentiment in favor of an amendment which will permit member banks to have an equitable share of the surplus earnings of
the Federal Reserve Banks. Bankers very generally subscribe to the soundness of the principle embodied in the Act that the Reserves of member
banks shall not bear interest. However, there is no justice in the present
provision of the law which permits the Government to capture all of the
excess earnings above the amount set aside for surplus and the limited
dividends allowed on the capital stock held by member banks. The earning assets which produce the profits are supplied by the member banks
and they should not be deprived of a proper return on their investment.
A more adequate distribution of the earnings among member banks would
make membership in the System snore attractive. Our Association would
render a distinct service by taking active leadership in endeavoring to have
the Act amended in this respect.
The bankers of the country are confronted with many new problems that
have arisen as a result of the economic changes that have taken place during the past decade. The most battling problem pressing for solution is
that of diminishing net profits. This item has shown a steady downward
trend for a long period. Bank executives have been giving the matter
intensive study in an effort to work ont a solution. Last year, during the
administration of Craig B. Haziewood as President of the American Bankers Association, the First Conference on Commercial Bank Management was
peornoted and since that time a number of similar conferences have
been
held in different sections of the country for the purpose of bringing
about
3648
FINANCIAL CHRONICLE
[Vol.. 130.
better and more profitable banking. Our Association co-operated with in which a decision was reached In the oil-cracking case which created a
seven other states and the Commission on Banking Practices of the Amer- new set of considerations and where the law needs te be further clarified.
The department has before it at all times many cases of possible vioican Bankers Association in the Bank Management Conference which was
held in Philadelphia on March 14th and 15th. Many New Jersey bankers lation of law, which are subject to rigid inquiry, and in most it Is found
attended In view of the general interest in this subject, your Convention that the violation does not exist. There are other cases where there still
Committee felt it would be helpful to our members to major on it at this remains a doubt, and generally in such, the business world readily makes
adjustments to remove such doubts.
year's Forum sessions.
Where there are cases of actual and deliberate violations of the Act,
A matter that is giving serious concern to bankers very generally is
the department now, as always, proceeds to enforce the law. There Is
that of excessive rates of interest paid on deposits. This is the largest
no change in policy in respect of any of these matters.
single item of cost in the expense account. It absorbs entirely too large
a share of gross earnings and imposes a burden that will have to be
reckoned with, particularly at this time when we are in a period of easy
money. There is a wide spread in the rates paid in different sections of Conferees on Tariff Bill Agree to Compromise Flexible Prothe state. Our members will do well to co-operate in an effort to bring
vision—Farm Debenture Plan Eliminated—$1 Duty on
about a more uniform and sounder policy in this respect.
Lumber—Silver on Free List.
Banks should not be under the strain of seeking high yields on investThe deadlock, which we indicated in our issue last week
ments, with the additional risk this involves, in order to pay excessive
interest rates.
(page 3477), existed between the Senate and House conAmerican banking has been experiencing changes during the past year ferees on the tariff
bill was broken this week, after the
or two that are almost revolutionary in character. Mergers have been
taking place rapidly, particularly in the larger cities where huge banking Senate May 19, relieved its conferees from their pledge not
structures have been created by this process. The movement has spread to to yield on the Senate amendments providing for the flexismaller centres and on the whole it has strengthened the banking situation, blie tariff and the export debenture plan. The
"Heraldespecially in communities where too many banks existed.
Group and chain banking has been growing very fast throughout the Tribune" reporting the action May 19 in a Washington
country. According to figures submitted by the Governor of the Federal dispatch said:
Reserve Board to the House Banking and Currency Committee, more than
On two roll calls taken late today, the Senate retreated from its
one-sixth of the total banking resources of the nation are involved in support of the export debentures amendment and the Norris-Simmons
group or chain banking. He stated that at the end of 1929 there were amendment to the flexible clause of the tariff bill, and practically in24,645 banks and 3,547 branches, a total of 28,192 banking offices with sured passage of the measure.
aggregate loans and investments of $58,500,000. Of these offices 0,353
The question at issue was whether to release the Senate Republican
were included in some branch, group or chain system with loans and in- conferees from their pledges not to recede on debentures and on the
vestments amounting to $30,000,000. These are impressive figures that flexible tariff controversy until they had referred these matters to the
indicate the present day trend in banking.
Senate. By a vote of 43 to 41, the conferees were ordered released
There is a steady advance toward centralized banking • control with a on the debenture question. By 43 to 42, they were released as to the
Nation-wide branch banking system as the ultimate goal. If the inde- flexible amendment. The roll call on the flexible provision resulted in
pendent system of banking, so closely identified with the business and a tie, 42 to 42, and Vice-President Curtis voted with the regular Repubfinancial history of the United States, is to be maintained in the face of lican forces to release the conferees on that issue.
such a strong movement, the bankers of the country opposed to centralized
Vote on Debenture Resolution.
banking will have to unite in an effort to defeat the enactment of Federal
The roll call to relieve the conferees from the pledge on debenture
legislation to legalize extended branch banking.
The Comptroller of the Currency, J. W. Pole, in his annual report to follows: For 43—Republicans 37, Democrats 6; Against 41—RepubCongress recommended that the Federal Reserve Act be amended so as to licans 12, Democrats 28, Farmerdaboritel.
permit National Banks to operate branches within trade areas, although a
Vote on Flexible Provision.
year ago he declared himself as favoring unlimited domestic branch priviThe roll call on the motion to release the conferees from their pledge
leges for National Banks. Roy A. Young, Governor of the Federal Reserve to stand by
the Simmons-Norris flexible tariff provision follows: For 42—
Board, is in agreement with the Comptroller in this matter. If National Republicans 37,
Democrats 5; Against 42—Republicans 12, Democrats
Banks are granted branch privileges In line with the Comptroller's recom- 29. Farmer
-Labor I.
mendation, most of the states will quickly pass laws to enable State Banks
Vice-President Curtis then broke the tie with his vote to release the conand Trust Companies to compete In the extension of branches. The move- ferees.
ment has been gaining headway, and if it succeeds, unit banking will in
The action taken by the Senate means that the conference committee
time be supercetfed by a centralized banking system like that prevailing of the two
will proceed in the next few days to work out a corn.
In foreign countries. If this does happen, it may also mean the passing promise onhouses
the eight items left in dispute between the two houses.
of the Federal Reserve System in its present form.
Senator Watson predicted an adjustment by the end of this week. The
debenture amendment will be dropped. The flexible tariff controversy
$60,000,000, 90-Day Treasury Bills Publicly Offered. probably will be compromised.
Early enactment of a tariff measure is expected, since it is generally
The International Manhattan Co., Inc., and Salomon believed President Hoover will sign the bill if the debenture proposal
Bros. & Hutzler publicly offered on May 19, $60,000,000 and the Senate flexible plan are stricken out.
A resolution by Senator
release the
United States of America Treasury Bills, dated May 19 conferees on debenture and Smoot to issue was theSenate Republican
the flexible
proposition before
1930 and due Aug. 18 1930, at a 2.35%, per annum dis- the Senate.
The United State8 Daily of May 20 in giving the text of
count. These bills, authorized by section 5 of the Second
Liberty Bond Act, as amended June 17 1929, are part of the the resolution said:
Resolution as Adopted.
issue of $100,000,000, or thereabouts, of Treasury Bills
The approved Smoot resolution, divided into two parts for voting
placed on the market by the Treasury Department, May 12, purposes,
follows in full text:
and referred to in these columns May 17, page 3477. As
"Resolved, that it is the sense of the Senate that the Majority Members of the Conference Committee on the part of the Senate on the tariff
indicated therein, bids totaling $275,674,000 were received bill (H. R.
2667) he relieved from the promise made by them that no
in response to the offering, and applications for $104,600,000 agreement in conference on the export debenture or flexible tariff would
be made until opportunity was afforded in the Senate for a separate
at an average price of 99.356 were accepted; the average vote on such items."
To have defeated the resolution, Senator Smoot said on the floor
rate of the latter on a bank discount basis was 2.54. It was
announced May 21, that the $60,000,000 United States prior to the vote, would have meant a deadlock in conference which
would have seriously impaired possibilities of enacting the bill.
Treasury bills purchased by the International Manhattan
In their session on May 20 the conferees reached no agreeCo. and Salomon Bros. & Hutzler have all been sold.
ment as to any items yet in controversy said the Washington account to the "Times" which added:
U. S. Attorney General Mitchell Following Test Suit
The debenture will undoubtedly be stricken out,
Against Radio Corporation of America Denies conferee, said, and a compromise worked out on Senator Watson, a
the flexible tariff
-Busting" Campaign.
Reports of "Trust
provision. Under such a compromise the President would retain a large
portion of his present rate-changing power.
A statement by the Department of Justice May 15 issued
According to Chairman Smoot of the Finance Committee, Chief Senat the direction of U. S. Attorney General Mitchell, denies ate conferee, the remaining items in dispute will be disposed of in the
reports that the Department is starting on a "trust-busting' order in which they appear in the bill.
The House turned down a duty of $1.50 per 1,000 board feet on
campaign. According to the New York "Journal of Com- soft wood
lumber written into the bill by the Senate. Likewise, it
merce" the reports no doubt resulted from the action under rejected a duty of 30 cents an ounce on silver which the Senate inserted and on two occasions rejected a Senate amendment for the free
the Sherman Anti-trust Act against the Radio Corporation
cement for public construction.
of America, Westinghouse Electric & Manufacturing Co., importation ofwere that the silver and cement
Indications
Electric Co., Western Electric Co., American thrown out and a compromise made on the lumberamendments will be
General
duty.
Besides the debenture and flexible tariff provisions in the administraTelephone & Telegraph Co. and subsidiaries in the Federal
tive section of the bill, the reorganization of the Tariff Commission
Court of Wilmington, Del., reference to which appeared in must still be settled in conference, as well as a provision regarding
our issue of May 17, page 3440. The Department's an- investigation of the difference in cost of production here and abroad
and a Senate amendment to make accessible to any member of Congress
nouncement of May 15 follows:
Reports that the Department of Justice is starting on a "trust-busting"
campaign are erroneous, as there is no occasion for any such campaign.
It must be borne in mind that the courts during the last 20 years have
greatly clarified the Sherman Act so that the business world knows more
precisely what the limitations upon its activities are. In addition, the business world as a whole in the large sense is endeavoring to keep within the
Act.
There are developments in cs r economic life which bring forward new
Problems in relation to the Sherman Act that have to be further clarified
by the courts. One of these situations arises out of the action of the last
administration in raising the question as to the use of Interlocking patents,
information in possession of the Tariff Commission.
On May 21 the farm export debenture plan was stricken
out of the tariff bill by the conferees, meeting for the second
time since the Senate voted on May 19 to release its delegates from their adherence to the proposition. The "Times"
dispatch May 21 from Washington noting this, went on to
say:
The conferees also adjusted the three rate items in dispute, compromising on a $1 duty on soft wood lumber, restoring silver to the
MAY 24 19301
FINANCIAL CHRONICLE
3649
free list and striking out the Senate's amendment for free importation
of cement for public construction. The Senate provision for a hi-partisan Tariff Commission of six members was adopted.
The flexible tariff provision, on which the Senate also voted to release its conferees, and two other administrative clauses remain to be
acted on. Adjustment of the differences between the two branches on
these items is expected to be made at meetings tomorrow and Friday.
President Hoover during the day took a hand in the tariff in a way
which indicates a desire on his part to speed the bill through to a final
settlement. He conferred separately with Senator Watson, the Republican floor leader, and Chairman Hawley of the House Ways and
Means Committee, both conferees, concerning a final adjustment of
the flexible provision.
in the House bill. The Senate provision that the Chairman and ViceChairman of the commission be selected alternately from different
political parties was adopted, with the provision that no commissioner
could serve as chairman twice during one term of office.
They struck out the McMaster amendment providing that any information in the possession of the Tariff Commission should be available to any member of Congress and the Simmons amendment providing that the Commission, in investigating differences in costs of
production at home and abroad, should take into consideration efficiency, economic operation, location of the domestic industry, profits,
the extent to which adverse conditions may be due to foreign competition or other factors, the extent to which adverse conditions
could be remedied by tariff changes and the effect on export trade
of proposed increases.
Compromise Provision in Sight
The White House conversations marked the first time in the long
tariff debate, lasting nearly a year and a half, that the President has
acted directly on framing of the bill. He has held several previous
conferences with leaders of Congress regarding the tariff, but these
have been of a general nature. The fact that the President has thus
attempted to work out an agreement over the last stumbling-block
in the bill was regarded as brightening the prospect for early passage.
A flexible tariff provision is sought which would be agreeable to the
President and which both branches of Congress would accept. A
compromise may be effected, it was said, whereby the President would
retain his power to raise and lower rates by 50% on recommendation
of the Tariff Commission. A proposed new clause would make such
action mandatory on the President. Congress might retain the privilege
of annulling the action of the President within a stated period, say
of sixty or ninety days.
Chairman Smoot of the Finance Committee, chief of the Senate
conferees, said after the session that it probably would not be possible to bring the tariff bill up in the Senate this week. Even though
the conferees should adjust all remaining differences tomorrow, he
said, the preparation of the report would require two or three days.
He could file the completed report in the Senate Saturday, he said,
if a session were held that day. The Senate recently has been adjourning over Saturday. The expectation is that the report will
be filed with the Senate on Monday and taken up on the following
day.
House Recession on Lumber
The House conferees receded in agreeing to the duty on lumber of
$1 per thousand board feet. The House left soft wood lumber on the
free list, hut Western Senators succeeded in having written into the
bill a duty of $1.50 a thousand board feet. The House recently rejected a compromise amendment of 75 cents, but House leaders feel
now that they can prevail on the body to accept the $1 duty plan.
The conferees restored railroad ties and telephone, telegraph, trolley
and electric light poles to the free list.
Little difficulty is anticipated in getting Senate agreement to the
two rate items on which its conferees gave in. The House objected
to the Senate's amendment placing a duty of 30 cents an ounce on
the silver content of silver ore, bullion and scrap silver, and it has now
been dropped. With the rejection of the Blease amendment for the
free importation of cement for use in public construction, the general
rate of 6 cents a hundred pounds stands.
The Senate provision for
Tariff Commission of six members to
hold office for six years displaces a House plan for a non-partisan commission of seven appointed for terms of seven years each. A House
clause making eligible for appointment only men "possessed of qualifications requisite for developing expert knowledge of tariff problems"
was adopted.
The President is authorized to reorganize the commission, as he has
long planned to do. The pi °vision requires him to act within ninety
days, but he may reappoint any or all of the present six members if
he chooses.
Besides the flexible tariff, the remaining differences to be settled
are the McMaster amendment, adopted in the Senate, making available to any member of Congress information in the possession of the
tariff committee and a provision defining differences in cost of production here and abroad.
_
Henry Ford Believes Tariff Bill Headed for Veto—Undesirable to Business Interests and Congress, Manufacturer
Tells Interviewer.
The following United Press advices are from the "Wall
Street Journal" of May 21:
Henry Ford was pictured in a copyright interview with William
Philip Simms, of the Scripp-Howard Newspaper Alliance, as believing
the pending tariff bill is indefensible as a pure business proposition
and as convinced that President Hoover will veto it if it ever goes to
him. The automobile maker was represented as feeling the bill is not
wanted by American business and Congress. Simms wrote, in part:
In Henry Ford's opinion, high tariffs will not stimulate industry,
but will slow down by a process of stultification. It will not do away with
unemployment, but will eventually increase it by limiting, or killing,
world trade, without which business cannot properly expand.
"In fact," Ford declared, "the tariff bill belongs to another political
era and never should have been introduced because, in effect, it turns
the people of this country over to a handful of men to exploit as their
own private preserve."
"I venture to predict," he said, "that this bill is the last legislation
of its kind anybody will ever try to get through Congress. The day
when this coutnry will stand for that sort of thing is past.
"Who wants this high tariff bill? The President does not want it.
I am told that Congress does not want it. No up-to-date business
man wants it. Who, then, is forcing it on the country?
"You say it is the contention of those who are backing it that it
will revive industry and cure unemployment.
"I say it will have precisely the reverse effect. It will stultify
business and industry and increase unemployment. When you prevent
your customers from purchasing your goods, you are absolutely throwing men out of work. I know something about employment and I say
that this tariff reduces the number of American jobs.
"Instead of building up barriers to hinder the free flow of world
trade, we should be seeking to tear existing barriers down. People can
not keep on buying from us unless we buy from them, and unless international trade can go on, our business will stagnate here at home."
The question of a compromise on the flexible provision
was under consideration by the conferees on May 22, but
action was deferred until yesterday (May 23) when a complete agreement on the tariff bill was reached by the conferees with approval of a compromise flexible provision
curtailing Presidential power to change duties and broadening tariff commission authority. We quote from the Associated Press accounts from Washington which further said:
The conference report will be submitted to the Senate on Monday
and taken up on the floor then or Tuesday.
Under the new flexible clause, the Tariff Commission would be
empowered to recommend increases or decreases in rates to the President, who would be given sixty days within which to approve or disapprove the findings.
If the President disapproved a proposed change, it would go back
to the commission and new proceedings would be instituted.
The compromise is said to have the approval of President Hoover
and it represents a concession to the Democratic-Independent Republican coalition of the Senate, which prefers a complete revocation of
the authority to change rates now vested in the Chief Executive.
The coalition succeeded in writing into the Senate bill an amendment
under which the commission would make its recommendations to
Congress, which could then take whatever action it saw fit.
Some criticism of the new plan has arisen on the ground that
it gives legislative powers to the Tariff Commission. Senator Simmons of North Carolina, a Democratic conferee, has withheld his support for this reason. Representative Garner, the Democratic leader,
however, approves the compromise, but prefers the Senate coalition's
amendment.
The 50% limitation upon present rate changes would be retained
under the compromise arrangement. The time provision would prevent
a recurrence of President Coolidge's failure to act when the commission in 1924 recommendation by a 3 to 2 vote a reduction in the tariff
on sugar.
In its report of the action of the conferees on May 22 the
"Times" stated:
The conferees completed action on reorganization of the Tariff Commission by setting the salaries of members of the commission at $11,000 annually, as compared with $10,000 in the Senate and $12,000
U. S. Trade To Extent of Between $175,000,000 and
$225,000,000 Adversely Affected By New Canadian
Tariff Law.
An analysis of the new Canadian tariff law, which was
designed to foster Empire trade and which, it is said, would
affect, "adversely in most instances," American trade with
Canada to the amount of $225,000,000, was made public on
May 11 by the Department of Commerce at Washington,
according to the New York "Times," from which we take
the following:
The analysis is based on telegraphic dispatches from Lynn W. Meekins,
commercial attache, and A. H. Thriemann, Assistant Trade Commissioner
at Ottawa.
The new duties affect mainly iron and steel products, machinery, fruits
and vegetables, while countervailing duties are also carried in the
measure.
American producers are greatly interested in the clauses which give
preference to British Empire goods and raise the duties against American
products. These follow Canada's threat to retaliate against the United
States because of the many adverse rates that appear against Canada in
the tariff bill pending here.
Australia and other countries are threatening to take similar retaliatory
action and American manufacturers see the probability that the high rates
in the proposed new American tariff will have the effect of injuring American foreign trade.
Canada is now the United States' best customer, buying about $800,000,000
annually.
Analysis of Provisions.
The Commerce Department's analysis of the new Canadian tariff law
reads:
"The budget speech to the Canadian Parliament on May 1 1930 included
tariff proposals by the Minister of Finance which represent the most extensive
revision of the tariff since 1907. The proposed changes in duties and
sales tax are effective provisionally from May 2, subject to final adoption
by the Canadian Parliament.
"American trade aggregating between $175,000,000 and $225,000,000 is
affected, adversely in most instances.
"Competition between imports from the British Empire and the United
States is substantially increased, 216 items being added to the free list
under the British preferential tariff. British Empire trade favorably
affected amounts to about $200,000,000. American exporters of many
lines will be required to lay greater stress on service and quality.
"The revision expounds the tariff schedule to 1,188 classifications or
items, of which 539 will be free under the British preferential tariff; 495
items are changed. The British preferential rate is decided on 270 items,
including the 216 items made free, with increases on 11 items.
"Under the intermediate tariff, which applies to imports from countries
having favored-nation treaties with Canada, the rates are reduced on 98
items, with increased rates on 35. Under the general tariff, applying to
imports from the United States and other countries having no commercial
treaties with Canada, the rates are increased on 87 items and reduced on 82.
The favorable effect upon British Empire trade results from the increased
spread between the preferential and general rates.
3650
FINANCIAL CHRONICLE
[VoL. 130.
New Countervailing Duties.
the manufacture af engines for aircraft provided that after July 1 1930
"New features of the proposals include countervailing duties on white at least 25% of the cost of producing the finished engine has been incurred
and sweet potatoes, soups and soup preparations, live stock, fresh meats, in Canada.
cured and pickled meats, butter, eggs in the shell, frozen eggs, egg albumen,
"Sales tax.—The basic rate of the sales tax has been reduced to 1%.
wheat, wheat flour, oats, oatmeal, rye, cut flowers and cast iron pipe.
"Bounty on bituminous coal—Provision is made for the granting of a
"By 'countervailing duty' is meant the same rate as the country of bounty of 495 c. per ton on bituminous coal mined in Canada converted
,
origin imposes on the identical product when imported from Canada, if into coke in Canada and used In the smelting of iron from ore or in the
that Tate is higher than the regular Canadian rate. The necessary provisions production of steel."
have been embodied within the wording of the respective tariff items
The new Canadian tariff was referred to in our issue of
affected.
"The iron and steel and machinery schedules are completely revised, May 10, page 3291.
changes being made in the wording, structure and rates, resulting from
months of investigation by the Canadian Advisory Board on Tariff and Taxation and involving many public sittings and intensive technical research.
The British preferential rate is 'increased on eight items and reduced, J. D. Mooney of General Motors Export Company Endorses
or the products made free, on 152 items. In the intermediate schedule
1,028 Economists in Urging Veto of Tariff Bill—Effect
the increases number 24, with reductions on 86 items. In the general
of Tariff on Workmen—Retaliatory Measures by Other
column the increases number 40, with 66 reductions. All scrap iron is free
Nations.
from all countries, and the rates on pig iron are unchanged.
"In addition to the regular duties, a surtax of 5% ad valorem has been
The action of the 1,028 economists in petitioning President
placed on ferro alloys valued at not more than 61e. per pound, when
/
2
containing certain percentages, by weight, of vanadium molybdenum, nickel Hoover to veto the pending tariff bill has the support of
chromium, tungsten, cobalt, manganese or silicon.
James D. Mooney, President of General Motors Export Company. The effect of the tariff upon American workmen was
Provisions for Increases.
discussed by Mr. Mooney on May 20 at a luncheon of Western
"The rate on tin plate is unchanged, but provision is made for duties
of 71 under the British preferential, 121 under the intermediate, and Universities Club, at the Railroad Club, this city. Mr.
/
2
%
/
2
%
15% under the general if Canada begins to produce tin plate. Skelp is free Mooney's remarks dealt with the statement of the group of
under the British preferential and dutiable at 5% under the intermediate economists, whose petition to President Hoover was given
and general; but provision is made for rates of 5% preferential, 10%
in our issue of May 10, page 3288. In part Mr. Mooney
intermediate, and 121 general if Canada begins to make it.
/
2
%
"Agricultural machinery is free from all British sources, with the said:
general 'rates mostly unchanged. The rates on tractors not already admitted
There is nothing new in the two opposing voices that we now hear on
free of duty, as well as on complete parts of tractors, have been reduced this
subject, that of the economist versus the legislator. There are
ender all tariffs. Printing machinery and equipment are subject to
other voices, however, which deserve a hearing, those of the two elematerially reduced rates under all tariffs. The British preferential rates
ment most vitally concerned, the manufacturer and the worker, and
are reduced on typewriters, dictaphones and calculating machines.
hitherto these voices have been strangely inarticulate. In reality, how"There is a downward revision of the rates on certain household, miscelever, these are not two separate voices. When they speak it will be
laneous and construction machinery. Machinery, engines, boilers and elec- as
a combined voice—that of the industrialist, and, in all justice, it
trical apparatus not elsewhere specified in the tariff, and parts thereof, if is
this voice which should render the final decision.
of a class or kind not made in Canada, are free under the British preferential
The industrialist represents directly the interests not only of Amtariff, and dutiable at 15% ad valorem under the intermediate and 20%
erican stockholders but literally millions of workers, therefore he has
under the general tariff; if of a class made in Canada, the British prefernot only a right to be heard but a duty to make himself heard.
ential rate is 15%, the intermediate 35%, and the general 30%.
The time has come when our country can no longer depend for its
"Zinc plates not otherwise specified in the tariff have been added to
demand alone. We need and must have
Item 345-A, which provides for a duty of %c. per pound preferential and lc. economic welfare on home
foreign markets, and any domestic policy which prevents or retards
per pound general on 'zinc speller and zinc in blocks, pigs, bars or rods,
our access to these markets is a direct menace to our national proszinc plate not otherwise specified.'
"All fresh fruits, vegetables and grains are free under the British prefer- perity. In order to show the magnitude of the stake involved let us now
ential tariff. Fresh vegetables are dutiable under the general tariff at 30% consider some facts and figures derived from the automobile industry
and the General Motors company. These figures are presented not in
ad valorem, with the following specific minimum rates in cents per pound:
Brussels sprouts, 4; asparagus, 3; cauliflower, eggplant, celery, parsley terms of capital, or dollars, or production volume, or production units,
but in terms of people and the earnings of these people. After all it is
and tomatoes, 2; lettuce, 11; cabbage, carrots, beets, cucumbers, rhubarb
/
2
the people only in whom we are interested—the industrial workers whose
and spinach, 1; onions, %.
interests and whose very jobs are threatened by these policies.
Rates on Fresh Fruits.
Last year the automobile industry in the United States employed in
427,459 workers, and in tire and other
"Fresh fruits under the general tariff are dutiable mostly at 25% ad motor vehicle factories alone
parts and accessory factories 370,000 more. In addition 417,000 workers
valorem, with the following specific minimum rates, in cents per pound:
and wood working, transportation,
"Strawberries, raspberries and loganberries, 3; cranberries, 2%; cherries were employed indirectly in metal
and other lines of activity which serve the industry and are immediately
and edible berries not otherwise specified in the tariff, 2; cantaloupes, 14;
total of 1,214,459 workers. It should
peaches, 1%; apricots, quinces and nectarines, 1; pears, plums and prunes, dependent upon it. Here we have a
be noted that these figures do not include those workers whose occuapples, 3-5. Oranges remain free, regardless of source.
pations are likewise created by the industry, such as dealers and sales"Canned vegetables are free under the British preferential tariff, except
men, garage and repair shop employees, gasoline refiners and vendors,
peas, for which the rate is lc per pound. The general rate on beans,
and professional drivers, who number in all 3,486,000 more. The reason
canned or otherwise prepared, is 11
/
2c. per pound; on canned corn,
for excluding them is that such workers might not be directly and
tomatoes and peas, 2 cents per pound, and on all other canned vegetables,
immediately affected by shrinkage in production volume due to loss
30% ad valorem.
of foreign trade. Certainly they would suffer from such shrinkage, just
"The rates on canned pineapples are: British preferential, Ihc. per
as everybody would, but their actual jobs or occupations might not be
pound; general, 2c. per pound. All other canned fruits are dutiable at
such shrinkage, however, on the
1%c. per pound under the British preferential and 24c. under the general immediately at stake. The effect of
employed in the automobile and related
tariff. All dried fruits are free under the British preferential and dutiable 1,214,459 creative workers
and immediate.
at 2-3c. per pound under the general—unchanged except on dates and figs, industries would be direct
Now consider what these workers represent. The wages of the 427,459
which were formerly dutiable at 40c. per 100 pounds under the preferential
actual workers in automobile factories amounted last year to $775,478,and 55c. general. The rates on raisins are unchanged.
810. The same scale, applied to all the 1,214,459 workers would give
an annual wage total of over two billion dollars. If we assume each
On Mall and Malt Flour.
one of these workers as having an average of three dependents, which
"Whole malt and malt flour not otherwise speoified become dutiable gives the very moderate estimate of four for every worker's family,
under the preferential tariff at 1-3c. per pound, and under the general at we would have a total of 4,857,836 people directly dependent
on the
%c. per pound; malt flour containing less than 50% of malt, and also wages earned through automobile production in the United States and
malt syrups and extracts and grain molasses, are dutiable under the Canada. If we wish to be ultra-conservative and allow in these figures for
British preferential tariff at 3c. per pound plus 25% ad valorem, and all unmarried workers without dependents, and the members of
worker's
under the general tariff at 3c. per pound plus 35% ad valorem.
families who are also wage earners, we may reduce the total to four
"All eggs not in the shell become dutiable at 10% ad valorem under the million dependents, a figure which no one can question.
preferential, 25% under the intermediate, and 30% under the general.
So much for the total American automobile industry. Last year's
Yeast is free from British sources, with the other rates unchanged. The figures for General Motors, whose volume
represented 35% of the
rates on butter are increased from 4c. to 7c. under the general tariff, from industry, would work out on the same basis to 425,000
workers, and a •
4c. to Sc. under the intermediate, and from Sc. to 4c. per pound under the total on the lowest computation of 1,400,000 workers
and their dependBritish preferential
ents. Not all of these workers, of course, are actual employees of
"Anthracite coal remains free of duty. The new rates on celluloid, partly General Motors. They simply represent a prorated
percentage of all
manufactured, are: British preferential, free; general, 10%. On manu- productive workers who contribute directly to the
volume of General
factured celluloid, British preferential, 15%; general, 35%. Belting Motors output.
leather, further finished than tanned, becomes dutiable under the general
The next question that arises is how much of this volume is repreA% ad valorem; British preferential rate, 10%, and Inter- sented in foreign business. Here again we can be exact.
tariff at 221
For the entire
mediate, 20%.
American industry the foreign percentage was 14.7. For General Motors
"Proposed new items provide for the granting of 99% drawback of import it was a little higher, or 15.7%. In other words, the total losses of
duty on materials used in the manufacture of containers for non-alcoholic this business by the automobile industry would cost 184,000 workers their
preparations or chemicals for disinfecting, dipping or spraying, not other- jobs, and about 600,000 people their means of support. These figures
wise specified; materials, not otherwise specified, for use only in producing represent actual American bread winners and their dependents, resident
such products (item 219-A), and 60% drawback on materials, including all in America, whose living is at stake in the foreign trade of this one
parts when imported prior to July 1 1932, and used in the manufacture of industry. Imagine a similar proportion extended to all industries and
aircraft, not including engines, if 50% of the cost of producing the finished you will get an idea of the present stake of the American worker in our
foreign trade.
articles has been incurred In Canada.
Passing on from the worker, who is directly
"Provision is also made for reductions from 99% to 60% in the amounts
concerned, to the great
of drawback of duty on steel, when used in the manufacture of files, auger mass of the people, no one need be reminded of what a shrinkage of
bits, bit braces, wrenches, hammers or hatchets; and on hot rolled hexagon 15% in the total volume of American business would mean. It would
Iron or steel bars when used in the manufacture of cold drawn or cold rolled mean all the difference between the highest national prosperity and the
iron or steel bars; and from 99% to 40% of the duty on steel when used very extreme of industrial depression.
• •
•
In the manufacture of skates or bicycle chain.
We come now to the final question: What is the extent of the
"An increased drawback from 50% to 60% of the duty is granted on
materials, including all parts, imported prior to July 1 1932, and used in injury which will be inflicted on this trade by the policy to which,
24
Congress seems to be committed? I do not assert that any act of
Congress can utterly destroy this trade; the prestige which so many
articles of American manufacture have won in foreign countries cannot be killed by any deed of our legislators, however destriuctrve. On
the other hand, it is important that the American public should know
how serious the injury may become and how grave the danger already
is.
Few Americans realize the extent to which foreign retaliation has
already set in.
• •
•
•
•
It is needless to depart from our main theme in order to expose the
fallacy of this doctrine. The facts already presented are sufficient to
show the gravity of the present situation. It would be an understatement to say that our foreign trade may be imperiled. It IS imperiled
by the measures of retaliation which have already been taken against
us. And all because we have not yet learned our great lesson, that we
cannot go on indefinitely selling our goods to these peoples unless we
are willing to buy their goods as well.
•
*
•
In view of all these facts, there can be but one judgment on the document which these 1,028 economists have signed. There is not a single
abstract theory in it; nothing that a practical industrialist might not
have said; nothing that he should not be glad to say. It simply sets
forth the facts as they are and as they are bound to affect the American
industry and the American worker.
I am glad, gentlemen, you have given me the opportunity to say a
word to you in support of such a truthful statement. Let us hope that
the gravity of this situation will become impressed upon our statesmen
before the damage is done.
Nicaragua Raises Tariff on Shoes 50% to Protect Its
Industry.
Associated Press advices from Managua (Nicaragua),
May 22 state:
The collector of General Customs and Resident High Commissioner,
Irving A. Lindberg, announced today that the import duty on all kinds
of shoes would be increased 50% for the protection of Nicaraguan
shoemakers, that the tariff on raw materials for the manufacture of
footwear would be reduced 30% and that shoemaking machinery would
be placed on the free list. The largest quantity of shoes and leather is
imported from the United States.
The duty on wicker furniture is increased 25%. Proceeds of the new
revenue, after the foreign debt service is.provided for, will be used
for public instruction and sanitation. The Increase is effective immediately.
Customs revenue are decreasing because merchants are buying less
merchandise abroad due to the low price of coffee. Business conditions
are poor because of the coffee price.
Marketing of manufactured iron and steel went on a new basis on Tuesday, May 20, when readjusted freight rates throughout official classification territory became operative. The effect on competition and distribution
can be known only after the new tariffs have been applied for a reasonable
time.
The new rate structure grew out of the decision of the Inter-State Corn
merce Commission under the Hoch-Smith resolution. It is the most sweeping of the kind ever made as it affects iron and steel rates.
The task of preparing the new schedules was so great that their effective
date was postponed several times in order to give the carriers an opportunity to complete them. Even then it was necessary for the Commission,
in an order last week, to permit the carriers to file schedules upon one day's
notice. This action of the Commission made it evident that it had concluded definitely not to grant requests from both railroads and shippers
for further postponement of the effective date.
The new rates are built on two mileage scales. A separate scale for
the New England territory carries a differential of 10% above that applying
to the remainder of official classification territory. In this territory lies
approximately 90% of the steel-making capacity of the country. Under
the recent structure both fifth class and commodity rates applied to iron
and steel shipments.
The decision met with protests from all sections of the affected territory,
as well as from the railroads. These protests made clear the diverse views
within the industry as to the competitive situation that would arise from
the new method of making rates. One source of objection was that, while
there would be both increases and decreases, higher rates would generally
prevail for short hauls under which the vast bulk of steel moves. It was
maintained that elimination of the Pittsburgh-plus system had a tendencY,
especially in some lines, to "localize" the industry and that the new rate
structure would emphasize this trend. Another outstanding objection was
that the decision would break up the rate relationship.
Large Increases Result From New Grouping Arrangements.
Among the latest and most vigorous requests for further suspension of the
rates and reopening of the case were those developing from the grouping
arrangement. Particularly pointed was this request coming from Indiana
consuming points. It was declared that the new grouping starts from
Chicago proper instead of following past practices under Commission
authority to fix the grouping on an average distance basis. Had this latter
policy been adopted, it was maintained, the railroads would have grouped
the average distance from the 10 or 12 origin points in the Chicago district.
The method adopted, it was held, will result in unduly increased rates.
Protest also was made regarding the adjustment between the Chicago and
Milwaukee districts as well as the adjustment on steel wire rates from
Waukegan, Ill., to Kenosha, Wis. Border points especially along upper
Mississippi River crossings, not included in the rate structure, contended
that the break in rates adversely affected consumers at destinations'in
Iowa and other points west of the Mississippi River.
PITTSBURGH AND CHICAGO RATES TO WESTERN
CONSUMING POINTS.
From Chicago.
To-
From Pittsburgh.
Old.
Decatur, III
Jacksonville, 111
LaSalle, Ill
Moline, III
Peoria, Ili
Quincy, 111
Rockford, Ill
Springlield, III
Evansville, Ind
Fort Wayne, Ind
Indianapolis, Ind
Kokomo, Ind
Michigan City, Ind
South Bend, Ind
Terre Haute, Ind
Vincennes, Ind
Detroit, Mich
Grand Rapids, Mich
Holland, Mich
Muskegon, Mich
Saginaw, Mich
Clinton, Iowa
Dubuque, Iowa
Keokuk, Iowa
St. Louis, Mo
Cincinnati, Ohio
Hamilton, Ohio
Toledo, Ohio
Beloit, Wig
Madison, Wig
Milwaukee, Wls
Old.
18.0
20.0
13.0
17.0
16.5
20.0
12.0
18.0
23.5
18.5
18.0
16.5
8.0
12.5
18.0
22.0
27.5
25.5
23.5
26.0
29.5
17.0
17.0
20.0
22.0
28.0
27.5
26.5
12.0
14.0
9.5
-
New.
36.0
40.5
38.5
43.0
36.0
43.0
38.5
38.0
37.0
26.0
29.0
29.0
31.0
30.0
34.0
35.0
29.0
33.0
34.5
35.0
32.5
43.0
43.0
43.0
40.5
27.0
27.0
26.0
44.0
46.0
37.0
New.
OWC.CICOC.00M.-4V01 N.V.4..00..05C.OMNWt
,
MMMMM*MMMNMMMMMMNMMMMMV,PMCANC4MMM
•
New Freight Rates on Steel Made Effective May 20 by
Inter-State Commerce Commission-Influence on
Marketing Awaits Trial.
The "Iron Age" of May 22 comments as follows on the
new schedule of freight rates on manufactured articles of
iron and steel put into operation this week by the InterState Commerce Commission.
•
qRRqqqqqciqqqqqqqqqqqqqqqqqq'qqqq
Canada, the best export customer of the United States, on May 2nd,
put into effect provisionally a new tariff law designed to foster empire
trade and which the Department of Commerce estimates will cut our
$800,000,000 export volume to Canada by at least $225,000,000. Canadian Government heads did not beat around the bush in telling why
they were putting a new tariff into effect. They frankly stated that it
was a measure of retaliation against our proposed tariff wall and that
if we wanted a tariff war we could get a tariff war.
British industrial and government leaders have seized upon our new
commercial aloofness for a revival of the "Buy British Goods" and
"Empire Trade" movements with telling effect. England has not retaliated with specific tariff moves, but some of her colonies have and the
present American tariff attitude is a powerful force for the arousal
of British commercial patriotism.
Australia has put into effect an emergency tariff which raises duties
on American cars approximately 50% and also limits or embargoes
entirely many other American commodities. While the Australian economic situation, which demands the immediate development of home
industries of all kinds, was primarily responsible for this new tariff,
our attitude had much to do with increasing the bitterness which made
it possible to get widespread public acceptance of newschedules.
Australia, hitherto, had been little affected by the "Buy British Goods"
campaign and has been most friendly in its attitude toward America.
Italy is seriously discussing a 20% increase in the already prohibitive tariffs operating against American automotive products.
Aristide Briand of France is gaining ground for his movement for
the United States of Europe. While there is open disavowal that such
a consideration is involved, we well know that this union would be
powerful enough commercially to do about whatever it willed against American products.
France on April 4th changed the basis of duty upon automotive exports from value to weight, resulting in an increase of as much as 50%
on some models and practically closed the market to American medium
priced automobiles.
Germany, due to the necessity of continuing to borrow from us,
has not been quite so outspoken, so far as her government is concerned,
but the people bitterly resent our attitude. Germany's automotive manufacturers have requested a tariff law which will set quotas upon our
cars and provide f 3r prohibitive tariffs upon all cars sold above the
quota. This bill still is pending. The German Metalware Makers Federation on May 10th requested the Trade Minister to associate himself
with the protests of other European countries.
Because of our projected tariff attack upon cork, Spanish cork men
have petitioned their government for an abrogation of the trade treaty
with the United States. The populace is becoming aroused. On March
7th, Premier Berenguer of Spain, after a meeting of the cabinet, declared: "If other means fail we shall take measures of retaliation."
In Argentina there long has been agitation for reprisals against our
tariff. On May 5th, the Minister of Finance appointed a committee of
customs appraisers to draw up a new tariff. American automobiles,
which constitute 96% of the total automotive imports into Argentina
will be the first item to be studied, according to a press dispatch.
This list could be prolonged indefinitely with such items as mass
meetings against American tariffs in Switzerland and the dozens of
formal protests, all reflecting the resentment of the people, or ultimate
customers, in foreign lands, but these outstanding recent developments
serve to show the wounds already suffered by our foreign trade.
3651
FINANCIAL CHRONICLE
1030.1
inbin 6bininbinbIbbiabin6inbiA6ObbbiAbbiDiminb
MAY
COMPARISON OF OLD AND NEW FREIGHT RATES ON MANUFACTURED
IRON AND STEEL ARTICLES FROM PRINCIPAL PRODUCING
POINTS TO NEW ENGLAND.
(In cents per 100 lb.).
From
From
From
Pittsburgh. Buffalo. Cleverd.
To.
From
Coatesville.
From
Bethlehem.
From
Spar'ws Pt.
New Old. New Old. New Old New. Old. New. Old. New, Old.
Conn
Bridgeport- 37
Hartford .... 37
New Brit'o 37
New Haven 36
Waterbury 36
Mass.Boston---. 40
Springfield_ 38
Worcester _ 39
Maine
PortIan d__ 43
N. H.
Concord___ 40
Portsmouth 41
R.I.Providenc, 40
Vt.-.
urlington_ 39
38.5
36.5
36.5
36.5
36.5
32
32
32
32
31
33
33
33
33
33
39
38
38
38
38
43
43
38
43
43
22
24.5
24.5
23
23.5
25.5
25.5
25.5
25.5
25.5
20.5
23
23
21.5
24
36.5
36.5
36.5
34
31
33
33 40
33 38
33 39
43
43
43
30
26
28
25.5
25.5
25.5
28.5 25.5
24.5 25.5
26.5 25.5
36.5
37
33
42
43
33
25.5
33
36.5
36.5
34
36
33 40
33 41
43
43
32
32
25.5
25.5
30
31
36.5
35
33
40
43
28.6
25.5
36.5
32
33
38
43
34
25.5
25.5 25.5
25.5 28
25.5 28
25.5 26.5
25.5 27
25.5
25.5
25.5
25.5
25.5
33
29
31
25.5
25.5
25.5
25.5
37
25.5
25.5
25.5
35
35
25.5
25.5
27
25.5
32
25.
29
25.5
35
25.5
3652
FINANCIAL CHRONICLE
NEW AND OLD RATES FROM EASTERN BASING POINTS TO
IMPORTANT CENTRES IN THE EAST.
(In cents per 100 lb.).
From
Bethlehem.
To.
New York
Philadelphia
Baltimore
From
Coatesville.
From
Buffalo.
From
Johnstown.
New.
Old.
New.
Old.
New.
Old.
New.
Old.
15.50
12
19.50
14.50
13
19
18
10.50
15
17.50
10
14.50
31
31
31
32
32
32
29
25.50
24.50
32.50
30.50
29.50
Senate Passes Couzen's Resolution Designed to Delay
Railroad Consolidations Until March 4 Next—
Would Also Check Acquisition of Roads by Holding
Companies.
By a vote of 46 to 27, the U. S. Senate on May 21, passed
the Couzen's resolution to make it unlawful for railroad
holding companies to obtain further control of carriers and
prevent exercise by them of present control.
In addition to the holding company feature, the resolution
provides for suspension of the power of the Inter-State
Commerce Commission to approve railroad consolidations
until March 4 1931, except on fulfillment of certain conditions. The New York "Times" stating this said that the
vote was a surprise to some Republican leaders who had
predicted the measure would be defeated. The New York
"Journal of Commerce" in its Washington account, May 21
said.
[Vote 130.
Commission, that the Commission shall prescribe in its order authorizing
the consolidation such terms as may be found necessary
to prevent dismissal, demotion or lay-off of employes; that existing through
routes and
channels of trade must be maintained, and that
the applicant must make
a bidding offer for the acquisition of other
lines allocated to it by the
general consolidation scheme of the Commission; and
third, that the Commission shall not approve any consolidation that
would be in violation of
any anti-trust law, except for such approval.
Other Provisions.
The resolution provides:
"That any consolidation or unification, or common
control, or any
exercise of common control, of carriers by railroad engaged in
inter-state
commerce, or the properties thereof, however accomplished, whether
directly or indirectly, through a holding company
or holding companies,
by a voting trust, or in any other manner whatsoever,
and which the Commission is not empowered to approve and authorize,
or which the Commission, if empowered, has not approved and authorized,
Is hereby declared
unlawful and may be enjoined by any court of competent jurisdiction
at the
suit of the United States, the Commission, any Commission
or regulating
body of any State or States affected, or any part in
interest: Provided, that
the provisions of this paragraph shall apply only
to consolidations, unifications, and common control effected or exercised subsequent
to Feb. 28
1920.
It is reported that House action on the resolution is unlikely.
Senate Passes Bill to Protect Rail Men—Would Safeguard Interests of Employees in Mergers.
The Senate, May 22, passed a measure (S. 4205) introduced by Senator Hawes (Dem.) of Missouri, to amend
section 5 of the Inter-State Commerce Act designed to
protect the interests of employees in consolidations, according to the "United States Daily" which states that the
report on the Bill explains its purpose as follows.
Coming as a surprise to the opponents of the measure who predicted its
easy defeat when brought up for a vote, principally because it carried
with it an adverse report of the Inter-State Commerce Committee, doubts
were left in the minds of many Senators as to just what the resolution
The bill is in the nature of an amendment to the Inter-State Commcrce
would accomplish if it meets the approval of the House and becomes law. Act and directs the Inter-State Commerce Commission
to consider the
Senator Couzens (Rep.), Michigan, Chairman of the Committee, who, element of damage to or loss of seniority or
employment by railroad embecause of opposition to the measure in the committee had to rewrite it ployees resulting from consolidation of carriers.
three times before he was able to report the resolution to the Senate, had
At the hearings before your Committee on Senate Joint Resolution
161 by
two objects in mind in presenting the measure. First, he wanted to check Senator Couzens, relating to consolidation of railroads
under the present
the operations of holding companis, and second, he hoped to halt the Inter-State Commerce Act, it developed that the Inter-State
Commerce
proposed merger of the Great Northern and Northern Pacific railroads.
Commission is uncertain as to its authority to consider and act upon the
status ofemployees or the effect ofsuch consolidations and to make a decision
Would Halt "Influence"
on such questions a condition precedent to railroad consolidations.
The Michigan Senator pointed out during debate on the measure to
-day
The Bill is intended to remove that uncertainty and specifically directs
that in his opinion the resolution was not intended to "break up" such
the Conuntssion to protect the interests of employees in all consolidations.
holding companies as the Van Sweringens' Alleghany Corp. or the PennsylThe Commission by this Bill is given power to preserve seniority, Prevent
vania RR.'s Pennroad Corp., but was intended instead to call a halt on
loss of employment by old employees, and to prescribe, in any order which
whatever "Influence" these companies exert over railroad control until
it may enter approving any acquisition of control or consolidation,
such
Congress enacts legislation affecting them.
The work of determining this "influence" has already been started by the terms and conditions as it may find necessary or desirable to protect such
House Inter-State and Foreign Commerce Committee. More than 600 employees against uncompensated injury resulting from such acquisition of
questionnaires have been mailed to the holding companies since the passage control or consolidation.
As there are a number of applications for acquisition of control or conby the House of the resolution authorizing the committee to conduct the
inquiry. However, up to the present time less than 500 have been returned solidation pending before the Commission, the uncertainty should be removed and this amendment to the Inter-State Commerce Act should be
with the information desired by the committee. All of these questionnaries
adopted.
were to have been in the hands of the committee on May 10.
That the House committee might resort to stringent action in an effort
to
Nomination of Owen J. Roberts as Associate Justice of
secure answers to the questionnaires loomed to-day when it was learned
that
more than 150 of the questionnaires were still in the hands of the holding
U. S. Supreme Court Confirmed by U. S. Senate.
companies.
The U. S. Senate on May 20 confirmed the nomination of
Seeks Data for Legislation.
While it is not believed that the "holdouts" have actually refused to Owen J. Roberts of Pennsylvania to be an Associate Justice
answer the questions contained in the questionnaires, it was pointed out of the U. S. Supreme Court.
The name of Mr. Roberts for
that should such a situation arise the resolution authorizing the investigation is broad enough in its language to permit the committee to take the post was sent to the Senate on May 9, by President
strong action against the companies.
Hoover after the Senate had rejected, May 7, the nomination
The resolution states that for the purpose of obtaining information of
John J. Parker as Associate Justice succeeding the late
necessary as a basis for legislation the committee is authorized to investigate
the ownership and control, direct or indirect (through stock ownership or Edward T. Sanford.—Reference to this was made in our
control or otherwise), of stock, securities or capital interest in any common issue of May 10, page 3289.—On May 19 the Senate Jucarried engaged in the transportation of persons or property in inter-state
diciary Committee unanimously ordered a favorable report
commerce by holding companies, investment trusts, &c., and to require
the attendance of witnesses and the production of such books, papers and on Mr. Roberts' nomination. Regarding the Senate action
documents as may be necessary to determine the effect of such ownership on May 20, the New York "Times" said:
and control on railroads.
Acting unanimously, and in less than a minute, the Senate this afternoon
"Nearly all of the major holding and investment companies have replied,
confirmed the nomination of Owen J. Roberts of Pennsylvania to be an
but the others take the attitude that their activities are none of our busAssociate Justice of the United States Supreme Court to fill the vacancy
iness," Chairman Parker, New York, declared to-day. "But we have all
caused by the death of Justice Edward T. Sanford of Tennessee. There
the power we need to compel them to give us details of their holdings, and Was no
debate.
we intend to get it," he added.
This great compliment to Mr. Roberts was emphasized by the fact that
The opinion was advanced by some familiar with the situation that the the
nomination was approved without a vote. With a quickness unusual
companies which have failed to respond to the questionnaires are doing With
the Senate, the nomination was disposed of through a mere request of
so merely for publicity purposes. It is also believed that many of the hold- the pending
officer, Vice-President Curtis, as to whether there was any
ing companies are fearful of the type of investigation to be conducted and objection
to confirmation. None was offered, and the Vice-President
are disposed to dissolve their company rather than face a Congressional declared
the nomination confirmed.
investigation into their "private affairs." This was evidenced by the fact
In thus acting, the Senate seems to have established a record
for quick
that one holding company, when it learned that the investigation was to be disposal
of an appointment to the Supreme Bench. Its fast-moving course
held, immediately went out of existence.
to-day was in marked contrast to its protracted debate over
the nomination
In an effort to get a reply to the questionnaires mailed to companies of
Charles Evans Hughes of New York to be Chief Justice and the recent
which have not as yet responded, it is understood that letters have been long
discussion which resulted in the rejection of the nomination of Circuit
written to these companies asking for the questionnaires to be filled out and Judge
John J. Parker, of North Carolina to be an Associate Justice.
mailed promptly to the committee. The compilation of the questionnaires
The Hughes nomination was confirmed on Feb. 13 by a vote of 52 to
already mailed to the committee has been completed, it was stated, and the 26, exactly 2
to 1, and on May 7 Judge Parker failed to obtain confirmation
rest of the work is being delayed because of failure to return the question- by a vote of 41 to 39. 'Fen days
were taken by the Senate in considering
naires to the committee.
Judge Parker's case.
An indication of the uncertainty over the provisions of the Couzens
After the turmoil in the Senate over the Parker nomination, the action
resolution, passed by the Senate to-day, is found in the fact that Couzens on the Roberts nomination
had a touch of the dramatic in its suddenness.
believes the resolution would stop only consolidations of competitive rail- About 4 o'clock, Senator McNary,of Oregon,
who was acting as Republican
roads, while Senator Hawes (Dem.), Missouri, and other opponents of the floor leader in the temporary absence of Floor
Leader Watson, moved
resolution insist all concerns of whatever nature, would be stopped.
that the Senate proceed to the consideration of executive business "In
States Daily" in indicating in its May 22 open session," and, when the motion was carried perfunctorily, he asked
The "United
that the calendar of nominations be taken up for consideration. The first
issue the provisions of the Couzen's resolution said.
name on the calendar was that of Mr. Roberts.
Senator Robinson, of Arkansas, the Democratic floor leader, arose to
An amendment to the resolution, submitted by Senator Connally (Bern.),
of Texas, was incorporated in the Bill, providing that the Commission remark that he understood that the nomination of Mr. Roberts had been
approve no consolidation which does not require continuation of shops and reported unanimously by the Committee on the Judiciary.
"It was," answered Senator Norris of Nebraska, chairman of that
offices on all lines affected, or provide adequate compensation for any
damages to employees arising from the abandonment ofsuch shops or offices. committee, who had been one of the most vehement opponents of the
The resolution sets up as requirements precedent to approval by the nomination of Judge Parker.
MAY 24 1930.1
FINANCIAL CHRONICLE
"I have no objection," said Senator Robinson for the Democrats.
"Without objection, the nomination will be confirmed," droned VicePresident Curtis. "The Chair hears none."
And that ended it.
With the favorable disposal of the Roberts case, the Bench of the Supreme
Court will be filled for the first time since the deaths of Chief.Justice Taft
and Associate Justice Sanford, which occurred on the same day. The personnel of the Court, with the new Associate Justice included, will consist
of six Republicans and three Democrats.
3653
chester, Conn., Chairman of the Board for the ensuing year,
while Magnus W. Alexander continues as President and
Chief-Executive of the organization. Frederick P. Fish, of
Fish, Richardson & Neave remains Honorary Chairman.
Fred I. Kent, director of the Bankers Trust Co., N.Y. City,
was re-elected Treasurer of the Conference Board and the
following Vice-Chairman were elected:
Irenee du Pont, of E. I. du Pont de Nemours & Co.. Wilmington, Del.
Co., Chicago, Ill.
F. Perkins,
Decision by Judge John J. Parker Upheld by U. S. HerbertDickerman, President, International HarvesterCo., N. Y. City.
President, American Locomotive
W. C.
Supreme Court—Sustains Injunction Against
President, International Business Machine Corp.,
Thomas J. Watson,
Richmond Segregation Ordinance in Negro Case. N.Y.City.
The Executive Committee for the year will be composed
The following Washington dispatch, May 19, is from the
of these officers and John Henry Hammond, member of
New York "Times."
Co., N. Y. City; Howard Heinz, PresiA decision by Judge John J. Parker of North Carolina, which figures Brown Brothers &
largely in the Senate debate which resulted in refusal to confirm him as an dent, H. J. Heinz Co., Pittsburg, Pa.; R. C. Holmes, PresiAssociate Justice of the Supreme Court, was upheld by that Court to-day dent, The Texas Co., N. Y. City, and Malcolm B. Stone,
when it affirmed his ruling that a racial segregation ordinance of RichTreasurer, Ludlow Manufacturing Associates, Boston, Mass.
mond, Va., was not valid.
J. B. Deans, a Negro, purchased a house in a white district of Rich- Loyall A. Osborne, President, Westinghouse Electric Intermond, but did not move into it because he was threatened with criminal
Co., N. Y. City; A. Farwell Bemis, Chairman,
prosecution by the city authorities. He obtained an injunction against the national
city authorities in the Federal Court for the Eastern District of Virginia. Bemis Bro. Bag Co., Boston, Mass.; Cornelius F. Kelley,
The city of Richmond appealed to the United States Circuit Court of President, Anaconda Copper Mining Co., N. Y. City, and
Appeals and there Judge Parker upheld the lower Court. The Supreme
Matthew S. Sloan, President, New York and Brooklyn
Court took like action to-day.
The case created interest here because of the protest of the National Edison Companies, N. Y. City, are ex-officio members of
Association for the Advancement of Colored People against Judge Parker the committee.
when President Hoover named him for the Supreme Court.
In the forenoon Magnus W. Alexander, President, delivered the annual address entitled "Industry's Age of ReaCapital Expenditures of Class I Railroads in First
He also spoke of vital economic problems facing
Quarter of 1930 Reach $223,772,000—Increase of son."
American industry and outlined those which the Conference
$96,653,000 as Compared With Same Period Last
has been or is now, studying as an aid to industrial
Year—Higher Costs Follow Efforts to Co-operate Board
President, Bell Telephone
Hoover in Furthering Business management. Frank B. Jewett,
With President
Laboratories, Inc., spoke on "The Science Motif of the
Progress.
World's Fair Centennial." "World Sources of
The railroads of this country in the first three months Chicago
Energy and the Competitive Position of Fuel Oil" was the
this year made capital expenditures for new equipment and
theme of the afternoon discussion in which, as a background,
additions and betterments to railway property totaling
George Otis Smith, Director, United States Geological
$223,772,000. This was shown by replies just received from
Survey, reviewed the oil resources of the country; Walter
the Class I railroads of this country as a result of a special Barnum, President, Pacific Coast Co., spoke on the coal
questionnaire sent to them for the purpose of determining resources of the United States; and A. G. White, of the Conthe extent to which the rail carriers have co-operated with ference Board's Research Staff, described the competitive
the policy of President Hoover to maintain employment and position of fuel oil with coal, natural gas, water power and
business progress in this country. The advices from the other energy resources. John Henry Hammond, Chairman
Association report further as follows:
of the Conference Board's Executive Committee, presided
Capital expenditures actually made in the first quarter of 1930 were at the annual dinner in the evening at which military and
$11,772,000 above the estimate of $212,000,000 for that period submitted
guests of honor and speakers.
at the conference of industrial leaders held in Washington naval officers were the
the
by
railroads
last December at the instance of President Hoover.
They also were an increase of $90,653,000 above capital expenditures
made during the corresponding period in 1929, and an increase of $95,344,000 above the corresponding period in 1928.
The amount of expenditures during the first three months of 1930
devoted to purchase of new equipment was $89,070,000, compared with
$37,642,000 for the corresponding period of 1929.
Roadway and structures expenditures aggregated $134,702,000 compared
with $89,477,000 for 1929.
In the first three months this year, the railroads installed 24,739 freight
train cars, an increase of 16,195 cars compared with the number installed
during the same period in 1929. Passenger train cars placed in service in
the first quarter of 1930 totaled 472, a decrease of 453 under the same
period the year before. Locomotives installed totaled 189 compared with
118 in the first three months of last year, and compared with 435 in the
first quarter of 1928.
On April 1, the railroads had 37,117 freight cars on order, compared
with 42,561 on the same day in 1929. Passenger train cars on order
totaled 688 compared with 615 on April 1 last year, while locomotives on
order mil April 1 this year amounted to 442 compared with 372 in 1929.
Capital expenditures actually made in the first three months this year
for locomotives amounted to $14,064,000, compared with 10,517,000 made
during the corresponding period of last year. For freight cars, expenditures amounted to $62,962,000 compared with $14,168,000 in the first
quarter of 1929. For passenger cars, capital expendittites in the first
three months of this year amounted to $7,889,000 compared with $10,835,000 for 1929.
Total capital expenditures for roadway and structures made by the
railroads of this country in the first three months this year amounted to
$134,702,000. This was an increase of $43,225,000 over the same period
last year.
Capital expenditures for additional main track, yards, and sidings, In
the first three months of 1930 amounted to $27,608,000, compared with
$20,089,000 during the corresponding period last year. For heavier rail,
expenditures totaled $10,356,000, compared with $8,502,000 in 1929. For
shops and engine houses, including machinery and tools, expenditures totaled
$8,361,000, compared with $5,479,000 in 1929. For station facilities and
office buildings, capital expenditures amounted to $23,774,000, compared
with $11,607,000 in 1929. Bridges, trestles, and culverts absorbed
$15,801,000, compared with $12,572,000 in 1929. For all other improvements, $48,802,000 were expended in the first quarter of this year, an
increase of $17,571,000 compared with the same period in 1929,
Charles Cheney Re-Elected Chairman National Industrial Conference Board, Inc.—M. W. Alexander
Continues as President—F. I. Kent Re-Elected
Treasurer.
The National Industrial Conference Board at its fourteenth
annual meeting on May 15 at the Hotel Astor re-elected
Charles Cheney, President, Cheney Brothers, South Man-
Reported Move by August Belmont & Co. to Form
Western Pennsylvania Bancorporation.
Formation of a holding corporation designed ultimately
to represent holdings of a billion dollars, to bring fifty to
sixty banks in Western Pennsylvania into close association
by common membership, was confirmed yesterday at the
offices of August Belmont & Co., who, if the plan is consummated, will underwrite the financing of the new corporation.
The New York "Times" of May 18, authority for the foregoing, went on to say:
The new company, to be known as the Western Pennsylvania Bancorporation, will differ from the usual bank holding company in that it will
be controlled by its member banks.
Morgan Belmont, a member of August Belmont & Co., said yesterday
that reports of the new combination were premature and that he preferred
not to comment on the matter at this time. However,Pomeroy & Salmon,
real estate concern at 17 East Forty-second Street, said that they had
been acting as agents for the bankers in promoting the plan.
in
Under the plan, which at present contemplates only organization
Pennsylvania with the spread to other States to follow later, it is proposed
bank
that the holding company acquire 51% of the stock of each member
that
by stock transfer. The schedule for the exchange of stock provides
class A cony, nonmember banks shall receive an amount of no-par value
book value of the present shares of each
voting preferred equal to the
will be
bank involved. In addition, class B voting stock of no-par value
issued for good-will based on average earnings for the past four years.
value
It has been figures out on this basis that a bank which has a book
$280
of $280 a share and net average earnings of $25 a share would receive
present
in class A stock and $125 in class B stock, or a total of $405 for each
share exchanged.
On a basis of acquisition of 51% interest in member banks, there would
would be
be issued a total of 1,239.000 class A shares, although the total
increased if necessary. It is planned to market an additional issue of
428,570 class A shares to provide a revolving fund of about $15,000,000
class A
for the needs of the member banks, making a total of 1,667,570
shares to be outstanding at the start.
It is planned to capitalize good-will through the issuance of 918,000
is exclass B voting shares, out of an authorized 3,000.000 shares. It
pected that a portion of the class B shares will go to the underwriters and
for conversion. Application would be made to list
the balance be held
the shares on the New York Curb Exchange.
The Western Pennsylvania Bancorporation will form the Western
Pennsylvania Securities Corp. with a capital of $5,000,000.. The latter,
which will be controlled by the Bancorporation, will originate security
issues and assist in building up the securities departments of the member
banks.
August Belmont & Co., who have been instrumental in the formulation
of the plans, are better known to the older generation in Wall Street than
at present, inasmuch as the firm has participated in comparatively few
3654
FINANCIAL CHRONICLE
[VoL. 130.
public offerings of securities in recent years. Polk's
directory lists the branch banking under control of relatively few banks but he did not believe
members of the concern as Morgan Belmont, Edward Rice, John
Speed, this would mean monopoly or lack of competition. He favored branch over
Elliott and David T. Wells. * • *
group banking which, he said, however, represented an economic developThe new banking group will control at the outset banks having total
deposits of $300,000,000 and assets of $400,000,000. Reports from Pitts- ment along `trade-area' lines and would spread unless checked. He did
not advocate a check unless something else were substituted and
burgh indicate that neither of the two large
he thought
banking groups in that city 'trade-area' branch banking
would serve this purpose.
will be connected with Western Pennsylvania Bancorporatio
n, but that
"The inquiry is now in the stage of gathering information as to the
an independent bank in that city might be included.
major issues. Branch and unit bankers are now being heard. The indications are that the issue as to branch banking will not be joined for some
Modification of Attitude of American Bankers Associa- time. It would therefore seem best to wait before attempting to formulate
anything in the name of the American Bankers' Association along the line
tion on Branch Banking Forecast in Report of of a
broad policy.
Economic Policy Commission—"Trade-Area” Pro"It is the intention of the Economic Policy Commission
to oontinue to
posal of Comptroller of Currency Not Likely To develop its own studies in these questions, to watch carefully every move
that is made and every bit of information that may develop
Receive Support.
in this connection and keep itself prepared to give the Association an unbiased and
Modification of the attitude of bankers on the long dis- accurate statement of the facts of the case whenever that is desired.
"In the meantime we do not hesitate to venture the opinion
puted branch banking question is forecast in a review and
that the
Association
report covering group, chain and branch banking develop- has taken inin the not distant future will have to modify the position it
the branch banking problem although we do not believe that
ments prepared by the Economic Policy Commission of the so-called 'trade-area' branch banking is likely to gain the support of any
large percentage of the banking fraternity."
American Bankers' Association and
made public in New
York on May 21 by the Chairman R. S. Hecht, President
Hibernia Bank and Trust Co., New Orleans, La. The report, however, after referring to the proposal of Comptroller
of the Currency J. W. Pole that national banks be given
branch banking powers within the trade areas surrounding
their places of operation, expresses the opinion that "we do
not believe that so-called 'trade-area' branch banking is
likely to gain the support of any large percentage of the
banking fraternity." "The Economic Policy Commission
feels that the most important development that has affected
American banking in recent years involves the rapid growth
of multiple banking organizations in the form of group,
chain and branch banking 'systems," the report says. "We
present this report as an unprejudiced economic study and
have no theories or policies to urge at this time."
Rapid changes in the banking world along the lines of
failures, voluntary liquidations, amalgamations and new
organizations have caused substantial changes in respect
both to group and chain banking as well as to individual
unit banking during the past six months, the report declares. The report says:
Recommendation for Study of New York Money Market
and Ability of U. S. to Absorb New Securities
Renewed by Commerce and Marine Commission
of A. B. A. With View to Averting Market Disasters
—Situation as to Brokers' Loans.
Studies of the New York money market and the condition
of the National income available for absorbing new securities,
by a qualified commission representing all interested elements
are possible on the basis of available data along lines that
should go far toward averting market disasters, it is declared
in a report of the Commerce and Marine Commission of
the American Bankers Assn. made public in New York
on May 21 by the Chairman, Fred I. Kent. American
business has been seriously affected by three principal
causes, the report says, naming overproduction, uncertainty
caused by prolonged delay in tariff legislation and overissuance of securities beyond the power of the public to
absorb, accompanied by extraordinary developments in the
stock exchanges. The report has the following to say:
"Brokers' loans increased half a billion dollars in a few weeks during last
September and October because of the issuance of securities which could not
"A great many larger group organizations have taken in not only many be absorbed by the public and had to be carried. There is no question but
additional unit banks latit also a number of smaller bank groups as a whole. that if the brakes had been put on the issuance of new securities in time
There have also been numerous consolidations between strong bank groups. much harm could have been prevented. In order to put on such brakes
Furthermore many instances have come to our attention where consolida- It would only have been necessary to place the facts before the investment
tions of groups have been followed by consolidations within the group of bankers,for it is not conceivable that they would have deliberately arranged
banks that duplicated or over-supplied facilities in given localities. These the issuance of new securities it they could have seen that the national
have been factors tending toward stranger, more compact banking, whether Income available for their purchase had been more than taken up and that
from the angle of individual unit banking or from that of group or chain attempted distribution was certain to be attended by catastrophe.
"The Commerce and Marine Commission in April 1929 and the San
organizations.
"They have also tended to increase the volume of banking resources now Francisco Convention of the American Bankers Association in October
1929 in its resolutions recommended that a study be made of the money
held in group and chain systems at a faster rate than the increase in the
market by the Federal Reserve System, representing the public, the New
number of systems or of member banks. Our files new contain informa- York
bankers, representing the lenders and the Stock Exchange, representtion regarding 269 group or chain systems, comprising 1922 member banks ing the
borrowers of the huge sums covered in brokers' loans.
and $15,285,000,000 in aggregate resources. There are only six states
No one apparently has attempted to measure the ability of the United
and the District of Columbia where we do not find any group organizations. States to absorb new issues, as its potential
wealth was so great there
"We have been in touch with the managers of many important groups. seemed to be no limit
to the ability of people to take up securities. The
Aside from the obvious economies of centralized operation and control a combined net income of the people plus their ability to borrow,
must measure
number of these organization heads very frankly tell us that they do not their ability to absorb new securities. National income
provided, on the
feel that the system has been in operation and tested long enough to average for the five years closing Jan. 1 1929, about $600,000,000 a
month
justify them in making positive or sweeping statements as to its advantages for ultilization for investment in new securities or deposits
in savings
or disadvantages as compared with unit banking in the larger economic banks.
viewpoint.
During the first three months of 1929 securities issued amounted to
"The Banking and Currency Committee of the House, which is conduct- about $2,800.000,000. The rights that had to be taken up came to another
ing an investigation into banking developments has called a number of billion and a half, making a total of over $4,000,000,000 in securities that
operating heads of some of the great group systems. These men declared had to be taken up in three months. National income available for the
that they found, under certain conditions, definite operating and economic Purchase of securities was about $1,800,000,000 for the three months.
advantage in both group and branch banking over independent unit bank- New securities were being issued at a much greater rate than we could
ing. Some thought group banking was only a transitional stage, that absorb and It was time to call a halt.
In September and October 1929 securities were issued to a
branch banking was preferable and if it were permitted on an extensive
total of $1,000,000. The liquidation in the stock market was such that brokers'
enough scale they would change their groups over to branch systems. 612,
loans would have fallen on a normal basis $500,000,000, but instead
Others held that group banking was preferable as being more flexible and
they
went up $584,000,000 showing that of the $1,612,000,000 in securities issued
maintaining greater local independence and contact.
in those two months fully $1,000,000,000 went into
brokers' loans because
"Some held that the ideal plan was a combination of the two with group
they could not be distributed.
bank units for localities strong enough to support complete banking instituFollowing the stock market break in November 1929 issuance of new
tions and with branch offices extending further out into the smaller places
securities was practically stopped with the exception of those which could
requiring banking services but not large enough to support complete banks. not
be postponed. The drop was from an average per month for 1929 of
Several of those who advocated multiple banking declared that nevertheless
$915,913,600 to $126,768,000. It came down under the National income
they believed there would always be room for vigorous independent unit available
for such purposes. The prompt easing in money and the ability
bank competitors.
of financial America to protect itself without financial
failures was due in
"The Comptroller of the Currency recommended that national banks be important
measure to this stoppage of the issuance of new securities.
given branch banking powers within 'trade-areas.' His theory is that this
If a commission such as we have recommended, made up representatives
of
would strengthen the national banks, extend the benefits of city banking of the Federal Reserve Bank of New York, the
New York Clearing House
to country districts and allow national banks to adapt themselves to modern and the New York Stock Exchange, should make a
study of this situation
regional economic developments evidenced in the spread of group and there would seem no quest ion but that they could develop series
a
of going
chain banking in some sections of the country through what might be figures that would put them in position to give information to investment
baeners a y
designated as economic trade areas, comprising sometimes several states. seinktmethat would enable them to guide their security operations more
ll
'Governor Young of the Federal Res.rve Board appeared to be in general
There would probably be very few occasions when a warning would be
agreement with the Comptroller. As to multiple banking, he said that
there were 24,645 banks and 3,547 branches, a total of 28,192 banking necessary if the question of the issuance of new securities could be scienoffices; that in this total, 6,353 offices were either branches or bank tifically studied by investment bankers. It should have a steadying effect
for the good of all concerned. It would act directly
members of groups, or both, leaving 21,839 banking institutions that
to save losses to those
who otherwise must go forward blindly in
the issuance of securities'. It
might be definitely termed independent unit banks, having no branches
would be of tremendous value to business and to the general public. At
and in no way connected with group affiliations. He said all the banks present
the question of issuance Is measured by the price at which securities
had total loans and investments of $58,500,000,000, of which the group can
probably be absorbed rather than by the combination of price and the
and branch systems held $30,000,000,000, Sr more than half. While he ability of
the
expressed himself as in favor of 'trade-area' branch banking he was at any price. public, from the standpoint of sound finance, to purchase
opposed to nation-wide branch banking at present. However he said that
The Commerce and Marine Commission therefore reiterates its recomultimately if banker became trained and experienced in the larger technique mendation to have the
New York money market studied by those directly
of 'trade-area' banking he thought it would in time evolve nation-wide concerned with
it and that the situation be not left to haphazard political
MAY 24 19301
FINANCIAL CHRONICLE
3655
A. AT
THE COMING CONVENTION OF THE A. B.
J. Arthur House, wife of the PresiCLEVELAND.—Mrs.
has acdent of the Guardian Trust Co. of Cleveland, Ohio,
Commission
members of the Commerce and Marine
Chairmanship of a committee of 45 women, wives of
The
cepted
es
are:
Cleveland bankers, who will assist in entertaining delegat
Trust Co., New York City, Chairman.
Fred I. Kent, Director Bankers Shawmut Bank, Boston, Vice-Chair- to the 56th convention of the American Bankers Association
3. Announcement
W. S. Bucklin, President National
to be held in Cleveland Sept.29 to Oct.
man.
R. Kraus, ViceCommittee Bank of Italy National
A. P. Giannini. Chairman Advisory
of her appointment was made May 17 by J.
Trust and Savings Assn., San Francisco.
an of the Union Trust Co., who heads the local execuThe Union Trust Co., Cleveland. Chairm
J. R. Kraus. Vice-Chairman of Board
bankers except a visiting list of 7,500
Houston, Texas.
F. M. Law, President First National Bank,Committee First National tive committee. Local
Robert F. Maddox, Chairman of Executive
persons to attend the September convention.
be made to other points in the
investigations. An extension of the study can
s are uncovered if it seems wise
United States as knowledge and principle
to do so.
Bank, Atlanta, Ga.
and Trust Co.,
Charles B. Mills, President Midland National Bank
Minneapolis, Minn.
Irving Trust Co.. New York City.
Lewis E. Pierson, Chairman of Board
Bank, New York City.
Jackson E. Reynolds, President First National
York City.
Lewis L. Strauss, Member Kuhn, Loeb and Co., New
Bank and Trust Co.,
J. R. Washburn, Vice-President Continental Illinois
Chicago.
Bank.St.Louis,Missouri.
F.0.Watts,Chairman of Board First National
Bank, Philadelphia.
Joseph Wayne, Jr., President Philadelphia National
Indianapolis,
Evans Woollen, President Fletcher Savings and Trust Co.,
&c.
ITEMS ABOUT BANKS, TRUST COMPANIES,
York Stock Exchange memberships were reTwo New
ration
ported posted for transfer this week, the conside
stated as $465,000 each, a decline of $14,000 from the
being
made
last preceding sale. Arrangements were also reported
for the sale of a membership for $455,000.
d sold
A Chicago Board of Trade membership was reporte
, an increase of $500 over the last
this week for $20,500
ng sale.
Sale at Auction of 34,980.80 Shares of Stock of Chase precedi
the
of New York Yields $5,975,140.
National Bank
Action on the question of increasing the capital of
Three brokerage houses obtained all of the $4,980.8 share Corn Exchange Bank Trust Company of this city, from
units of the Chase National Bank and the Chase Securities $12.100,000 to $15,000,000, will be taken at a spjecial meetH.
June 2. The
Corporation at the auction held May 20 by Adrian
ing of the stockholders of the bank to be held
56 Vesey St., an item regarding which directors voted on May 21 to recommend the proposal to the
Muller & Son at
appeared in our issue of May 10, page 3296. The account in stockholders. According to the notice to the latter the inthe "Times" regarding the results of the auction said:
be effected by the issuance of 145,000 additional
Indiana.
York City, Secretary.
W. Espey Albig, Amer. Bankers Assn., New
of a stock increase after
The offering, which represented the balance
an exchange of shares of the bank in connection with its absorption of the
Co., fetched prices ranging
Equitable Trust Co. and the Interstate Trust
17034. The total realized
from 169 to 175 a unit, or an average price of
was 85,975,140.
s of
g
Although no announcement was made concernin the purchaser
fifteen lots of 1,000
the stock, it is understood that Potter .4 Co. obtained
,
dc Co. and
units each and the odi lot of 980.8 units, and McClure Jones
Part of the stock purBromnhall, Killough & Co., Inc., ten lots each.
of the Chase
chased by the brokers is believed to have been for the account
Securities Corporation.
Chase National Bank stock of $20
Each unit consists of one share of
par value, and one share of Chase Securities Corporation, of no par value.
In the bank stock market yesterday the Chase stock was quoted at 16834
bid and 17114 asked, up 134 from the previous day. The range for the
year to date has been 178 high and 154 low.
The bidding on the first lot of 1,000 shares began at 167 and moved
up rapidly to 16934. The second lot was knocked down at 171, the third
at 172, the fourth at 17234 and the fifth at 17434, which was the high
the odd lot of
until the last three lots were put up. The latter, including
various bank stock dealers
980.8 shares, fetched 175. From time to time
out under the
and individuals participated in the bidding, but dropped
determined bidding of the three brokerage houses.
the Chase National Bank, repreS. F. Telleen, Second Vice-President of
of the auction buyers were
sented the bank at the sale. Under the term
, with the remainder to be
required to pay 10% down on their purchases
paid to the bank on May 29.
crease will
:
shares of $20 each, such stock to be issued as followsthe 12th
business on
Each stockholder of record at the close of
per share
1930, shall have the right to subscribe at $100
day of June,
4
equal to 231 % of the stock held by
to an amount of the new stock
12, 1930. In this manner 142,175
him at the close of business on June
a share, leaving a balshares will be subject to subscription at $100
and any of the 142,175 not subance of 2,825 shares. These shares
Fractional shares will not
scribed for will be sold at public auction.
be entitled to a dividend.
on May 26
The New York Trust Company announces that
s at
street office will move to temporary quarter
Its 40th
of a new
Number 274 Madison avenue pending the erection
completion of
building on the site of the present office. On
present location at
the building this office will return to its
Complete arrangements have been
277 Madison avenue.
s as heretofore at
made to conduct the safe deposit busines
location.
the temporary
J. M. Pratt of Guaranty Co. of New York Elected President of Association of Uptown Bankers.
At the annual dinner of the Association of Uptown Bankers
at the Union League Club on May 21, James M. Pratt,
Vice-President of the Guaranty Trust Co. of New York,
in charge of its Madison Avenue office, was elected President. Mr. Pratt has been active in the affairs of this
Association since its organization in 1922. He was Secretary
and Treasurer in 1925-26, and Chairman of the executive
committee in 1928-29. John W.Blodgood, Assistant Treasurer at the 43d Street Office of the Bankers Trust Co., was
elected Secretary and Treasurer. George D. Graves, VicePresident of the Graybar Office of the Chase National
Bank, was elected Chairman of the executive committee, the
other members of which are 0. H. Harriman, Vice-President
of the Harriman National Bank & Trust Co.; Edward C.
Wilson, Vice-President of the Empire Trust Co.; Robert E.
Allen, Vice-President of the Central Hanover Bank & Trust
Co., Henry Bruere, Vice-President of the Bowery Savings
Bank; Michael H. Cahill, President of the Plaza Trust Co.,
and Mr. Pratt, ex-officio.
Company of New
The Central Hanover Bank and Trust
as
announces the appointment of Alick McD. McLean
York
-President in charge of the office to be opened
Assistant Vice
g. Prior to his connecshortly in the new Chrysler Buildin
October, Mr.
with the Central Hanover made last
tion
of Eisemann Brothers, Boston Wool
McLean was a partner
buying.
Merchants, in charge of foreign wool
of Central Hanover Bank and Trust ComThe trustees
Chairman of the Trust
pany have appointed Edwin Thorne
a member of the
ee, succeeding W.Emlen Roosevelt,
Committ
organization in 1909. John B. Clark
Committee since its
the Trust Committee.
has been appointed a member of
of Persia, who
The will of Sultan Ahmed Shah Kadjar
year, was filed for probate in New
died in Paris early this
Company of New
York on May 22. The Guaranty Trust
that
executor under the will, which provides
York is named
estate shall be left to relatives
the bulk of the ex-Shah's
and a few close friends.
es the appointNew
Guaranty Trust Co. of- York announc
Manager of the comment of Georges A. Vernhet as Acting
pany's Havre office.
of the Title
At a meeting of the Board of Trustees
it was
ee & Trust Co. of New York, held this week,
Guarant
of Chairman of the Board.
decided to discontinue the office
Organize $100,000,000 Oregon Banking Group.
e H. Kelsey, and
This office was created in 1923 for Clarenc
The following from Portland, Ore., yesterday (May 23), his death on April 30 does away with the necessity for the
President. The
is from the New York "Sun" of last night:
office. Clinton D. Burdick continues as
A $100,000,000 banking group has been created in Oregon through the
under the management of Frederick
office will be
sale of eight banks to the United States National Corporation and the New York
esident.
of the West Coast National Bank into the United States National P. Condit as Executive Vice-Pr
merger
Bank. The United States National Bank is the nucleus around which the
group has been built. It has a capital of $3,000,000 and has surplus and
undivided profits of 84,000,000. it organized the United States National
Corporation and sold the class B voting stock of the latter entirely to its
own stockholders.
the
The chain of eight banks recently acquired was owned formerly by
West Coast Bancorporation. The United States National Corporation
of its class A stock for the chain. The West Coast
gave 60,812 shares
Bancorporation now becomes a security investment company.
&
Harry A. Kehler, President of the New York Title
e Co., resigned from that position and was made
Mortgag
Chairman of the Board at a meeting of the directors, on
May 20. George T. Mortimer resigned as Chairman of the
Executive Committee and was made President of the corn-
11=MMIL,
3656
FINANCIAL CHRONICLE
pany, and H. Pushae Williams, also a director, was made
Chairman of the Executive Committee, to become effective
June 1. These changes are designed to enable Mr. Kithler
to give more time to devote to the American Trust Co., of
which he is the President, and the Manhattan Co., with
which the New York Title & Mortgage Co. recently became
affiliated. Mr. Kahler has been President of the New York
Title & Mortgage Co. since 1914, the largest title company,
it is said, in the United States. Its capital funds are over
$63,000,000. It does a national title insurance business, insuring titles to real estate located anywhere in the United
States. In the present arrangement, Mr. Miller is a director of the parent company, the Manhattan Co., of which
Paul M. Warburg is Chairman of the Board; Chairman of
the Board of the New York Title & Mortgage Co.; Preside
nt
and director of the American Trust Co.; Chairman of the
Board of the County Trust Co. of White Plains; President
of the National Mortgage Corp.; director of the Bank of
Manhattan Trust Co.; director of the International Manhattan Co., all of these being members of the Manhatt
an
group of financial institutions.
On Saturday, May 17, the Bush Terminal office of the
Bank of America N. A. of New York marked its tenth
anniversary. This office, at Third Avenue and 35th
Street,
Brooklyn, was the first bank to open in the district.
Ivar Kreuger, President of Kreuger & Toll Co. and
the
International Match Corp., will be the guest of honor
and
speaker at the next luncheon meeting of the Bond
Club of
New York, to be held at the Bankers' Club on
Thursday,
May 29.
Frederick Beers, President of the National Biscuit
Co.,
has been elected a director of the Fidelity Trust Co.,
New
York City (which latter is a member of the Marine Midland
group of banks), and also has been elected a
director of
the Marine Midland Corp., Delaware, bank stock holding
company. Two other directors have been added
to the
Board of the Fidelity Trust Co. They are: R.
B. White,
President of the Central RR. of New Jersey, and Eustace
Seligman, a partner in the firm of Sullivan & Cromwel
l.
In addition to Mr. Beers, two other men have
been elected
to the Board of the Marine Midland Corp. of
Delaware.
They are James G. Blaine, President of the Fidelity
Trust
Co., New York, and David G. Wakeman, Vice-President
of
Crum & Forster, New York City. Mr. Blaine
also was
elected a Vice-President of the Marine Midland
Corp.
George F. Rand of Buffalo, President of the Marine
Trust
Co., is President of the Marine Midland Corp.
Incident to the proposed consolidation of the Union
National Bank of Lowell, Mass., and the Old Lowell Nationa
l
Bank of that city, indicated in our issues of April
12 and
April 26, pages 2521 and 2904, respectively, stockhol
ders
of both banks on May 21 ratified the union, according
to
Associoated Press advices from Lowell, May 21, printed
in
the Boston "Transcript" of the same date. The consolidation will become effective May 31. The new organiza
tion
will be known as the Union Old Lowell National Bank.
[VOL. 130.
Meyers, Assistant Vice-Presidents, and Alvin
W. Case Jr.,
Alfred W. Van Dusen and William C. Boker,
Assistant
Secretaries and Assistant Treasurers.
In its issue of May 17 the Pittsburgh
"Post Gazette"
stated that a group banking plan which
provides for tho
combination of 60 or 70 banks in western Pennsyl
vania with
a Pittsburgh institution, resulting in
a corporation which
will control deposits of more than
5300,000,000 and which
will have resources of nearly $400,00
0,000, has been proposed to heads of institutions in the Pittsbu
rgh territory.
The new corporation would be known as the
Western Pennsylvania Bancorporation. We quote further
as follows from
the paper mentioned:
Under the plan the identity of the individual
bank, personnel and management would remain intact, and the stock,
carrying control of the new
corporation would be vested in the stockholders
of the affiliated institutions.
Neither of the two large banking groups in Pittsburg
h is associated with,
or connected in any way, with the proposal,
and it is believed that neither
has been approached in conjunction with its
consummation.
The proposition to the banks has been nade
by Pomeroy & Salmon,
N. Y. City, and the bankers in connection with
the underwriting are understood to be August Belmont & Co., New York.
Pomeroy & Salmon are said to have secured indication
s from more than 50
bank heads in this territory that they will attend
a meeting in Pittsburgh
some time this month.
The object of the Western Pennsylvania Bank Corp.
Is to bring together
Into a holding company strong independent banks
which are strategically
located. The purpose is to provide a complete, sound,
dependable and
related bank service to all the communities served by these
individual banks.
The promoters have stressed the fact that study of recent
banking developments reaveals a definite progression towards control of all
geographic
economic areas by financial combines of size heretofore unheard
of. It is
said that sections of the country which do not prepare
to command their
own finances will find many of their financial institutio
ns falling under
control of outside influences, controlled by competitive areas.
More than one institution may be acquired in some towns and
merged,
with an idea of having 40 banks in the new corporation.
The exchange of stock provides for member banks receiving
an amount of
no par value class A cony, non-voting pref. shares equal
to the book value
of the present shares of each bank. In addition, class
B voting stock of no
par value will be issued for the good-will, based on average
earnings during
the past four years.
It has been figured out on this basis, that a bank which
has a book value
of $280 per share and net average earnings of $25 per share, would receive
$280 in new class A stock and $125 in class B stock, or a total
of $405 for
each present share.
On a basis of acquisition of a 51% interest in member banks,
there would
be issued a total or 1,239,000 class A shares. A higher
degree of interest in
each bank will be acquired where necessary.
A revolving fund of $15,000,000, to be provided for needs
of the member
banks, will be obtained through sale of 428,570 additional class
A shares,
making a total of 1,667,570 shares that would be outstanding.
To Day for goodwill, there would be issued 918,000 class B voting shares.
A portion of the balance of 3,000,000 authorized class D shares
would go to
the underwriters and the balance held for conversion.
The Western Pennsylvania Bancorporation will form the Western Pennsylvania Securities Corp. with capital of $5,000,000. control of which would
be subscribed for by the Bancorporation. The securities corporati will
on
originate issues and build up security departments in the banks.
The stock of the Bancorporation would be listed on the New York curb
to provide a ready market, and possibly later on the New York Stock
Exchange.
The Second National Bank of Allegheny, Pittsburgh, Pa.,
on May 12 changed its name to the Second National Bank
of Pittsburgh.
Two Toledo banks, the Security Savings Bank & Trust
Co. and the Home Bank & Trust Co., are planning to consolidate under the title of the Security-Home Trust Co., according to the Toledo "Blade" of May 17, which stated that
the respective directors of the institutions the previous day
had approved the merger. The proposed union will become
effective as soon as ratified by the stockholders of both
banks and by the Ohio State Banking Department. The
two banks have combined deposits in excess of $30,000,
000
and resources of approximately $36,000,000. The capital
of the new organization will be $1,500,000, with surplus
and
undivided profits of $2,000,000. The stock basis of the consolidation will be as follows:
The New Haven "Register" of May 18 reported that
under a charter granted by the State Banking Commissioner
the financial institution operated by Genaro Franco & Sons
of that city has become the Columbus Bank & Trust Co.,
the organization being completed the previous day, May 17,
when George Di Cenzo, a well known New Haven lawyer,
was appointed Chairman of the board of directors. The new
The new Security-Home Bank will issue 60,000 shares
of stock at *26
bank is located at Columbus Ave. and Water Street, and is par value. Of that amount Security stockholders will receive 35,000 shares
or approximately 1.09 shares for one of Security.
Home Bank stockholders
capitalized at $100,000 with surplus of $50,000. Its re- will receive
25,000 shares, or on the basis of 2% shares for
sources total $250,000. Other officers in addition to Mr. Home Bank stock at present is on the basis of $100 par value one. The
and Security
Di Cenzo are: John Franco, President; Pasquale De Cicco stock $25 par. In addition Home Bank stockholders will receive a special
dividend of $10 a share.
'and Dr. Alfonzo Capecelatro, Vice-Presidents; and Michael
Frank C. Hoehler, now Chairman of the Board of the
Franco, Secretary and Treasurer.
Security Savings Bank & Trust Co., will be Chairman of the
Incident to the consolidation of the three Newark, N. J., new Security-Home Trust Co., while Rufus H. Baker, of
banks—the Fidelity Union Trust Co., the North Ward the Home Bank & Trust Co., will be Vice-Chairman. Stacey
National Bank and the Equitable Trust Co. (the last two L. MeNary, the present head of the Security Savings Bank &
affiliated institutions), referred to in our issue of May 17, Trust Co., will continue as President of the enlarged bank.
page 3485, the directors of the first named bank on May 19 The Vice-Presidents will be Will H. Gunckel, Raleigh D.
appointed the following additional officers, according to Mills, H. J. Heywood, and James W. Harbaugh, who will
the Newark "News" of that day. The new officers are: also be Trust Officer. The new Board of Directors will
John W. Lushear and H. Stacy Smith, Vice-Presidents; consist of the present members of the two Boards. The
William H. Pierson, F. Herbert Lushear and Howard W. paper mentioned furthermdre said, in part:
MAY 24 1930.]
FINANCIAL CHRONICLE
The deal will carry with the merger the present 10-story Horne Bank
Building, Madison Avenue and Huron Street, one of the city's finest office
structures. While both banks will be maintained in their present quarters
for a time, the main banking quarters will be in the present home of the
Security in Madison Avenue, near Huron Street. It is expected that ultimately the Home Bank quarters will be remodeled for other business
purposes, but this is for future decision.
•
•
•
Marion M. Miller, President of the Home Bank dr Trust Co., after many
years of accomplishment in the Toledo banking field, announced to his friends
and to the Board of Directors of the Home Bank several months ago that he
would retire from active business during the present year. He said that
on May 1, just passed, he would complete 50 years of active business
and would insist on being relieved of the management and direction of
the bank.
The Home Savings bank opened for business on Dec. 20 1893, after a year
spent in organization details. The late Herbert Baker was the first President of the institution, which began business in the Gardner building.
Upon the death of Mr. Baker several years later Mr. Miller assumed the
presidency and under his administration the bank has grown to one of the
really strong financial institutions of the state with resources of approximately $12,000,000 and deposits of $10,000,000.
•
•
•
The Security Savings Bank & Trust Co. was organized June 14, 1898,
with the late F. B. Shoemaker as President. It has had a remarkable
growth. Stacey L. MeNary, the new President of the merged banks,
became President of the institution in May of last year.
The growth of this institution, which was located for years in Superior
street, also was one of the business romances of Toledo. In 1927 the bank
purchased the Nasby building and adjoining property and built the
beautiful new home which it now occupies on the property adjoining the
Nasby. It has occupied the new home more than two years.
The ultimate plan for the development of this property is the erection
of a 14-story building covering the entire property including the Nasby
building site. Only the first unit, six stories in height, was constructed
but the merger of the two institutions, it is believed, will bring the final
development of the property to a quicker conclusion.
Youngstown, Ohio, .advices on • May 18 to the New York
."Times" stated that the respective directors of the Home
Savings & Loan Co. and the Central Savings & Loan Co.,
both of that city, are considering plans looking towards
the union of the institutions. The dispatch went on to say:
With this acquisition the Home Savings would increase its resources to
about 00,000,000. The Central controls resources of $6,000,000. The
deal would include transfer of the Central company's nevr seventeen-story
tower, recently completed, to the Home Savings and Loan Company.
Formation of a commercial bank, to operate in the Central Savings headquarters. is also contemplated.
A merger of the First National Bank of Duquoin, Ill., and
the First Bank & Trust Co. of that place, effective July 1
next, was announced on May 20, according to Associated
Press advices from Duquoin on that day, appearing in the
St. Louis "Globe-Democrat" of May 21. The resulting institution will be capitalized at $100,000 with surplus and
undivided profits of $150,000; deposits of $2,500,000 and resources of $3,000,000. It will occupy the new home of the
First Bank & Trust Co. Officers were listed in the dispatch
as follows: L. S. Smith, Chairman of the Board; L. S.
Smith, Jr., Vice-President and Cashier; Walter J. Forester,
Charles Rogers, Jr., R. S. Lanzee and George Crossman, VicePresidents, and R. S. Steel, Hiley L. Ward, Miss Emma
Weinberg and Miss Florence Baird, Assistant Cashiers.
From the Chicago "Journal of Commerce" offMay 16 it
is learned that a change in the policy of offering purchase
rights to stockholders was announced by the National Bank
of the Republic, Chicago, on the previous day. Directors
of the bank voted an increase in the capital of the institution
from $10,500,000 to $11,000,000, but instead of following
the previous semi-annual practice of offering $500,000
additional stock in one lot, the current increase is proposed
to be divided into two installments. One of $250,000, or
12,500 shares of $20 par stock, willibe offered to holders of
record June 20 at $40 a share on the basis of one new share
for each 42 held. The balance of $250,000 will be offered
to stock of record Sept. 20, also at $40 a share, but in the
ratio of one for every 43 held. Of the proceeds, $500,000
will be carried to the capital account of the bank and the
balance will be used to enlarge the capital and surplus of
the bank's investment affiliated, the National Republic
Co. At the same meeting the board of directors voted the
regular 4% cash dividend, payable June 30 to stock of
record June 20.
3657
stock to-day (May 20) was around $855 a share, the paper
mentioned quoted President Solomon A. Smith as saying:
The business of the Northern Trust Co. has been constantly increasing
In volume. In order to provide additional space for the public in its various
departments and to provide adequate working accommodations for its
growing organization, the bank has Just completed extensive additions and
Improvements to its building. These additions and improvements have all
been paid for out of its reserve accounts.
With the bank's facilities ready for the expanding needs of all its departments, the directors believe that it is now advisable for the Northern
Trust Co. to have a larger capital structure. This increased capitalization
will enable the bank to serve its growing clientele to better advantage in
all its departments and is a step which will mark the beginning of another
long series of successful years in the life of the Northern Trust Co.
The "Post"furthermore stated that of the money received
for the new stock ($3,000,000) $1,000,000 will be added to
the bank's capital and $2,000,000 to surplus account. It is
planned to pay annual dividends on the increased capitalization at the rate of $18 per share, which is6% on the purchase
price of the new stock. After the changes have become
effective, the Northern Trust Co. will have a capital of
$3,000,000, surplus of $6,000,000, and undivided profits of
approximately $3,000,000.
The enlarged home of the Northern Trust Co. at the
Northwest corner of LaSalle and Monroe Streets was formally opened on May 19. In its report of the opening, the
Chicago "Journal of Commerce" of the following day said:
The opening marked the bank's fourth expansion in its four decades of
business and among the visitors shown through the building were a number
who were depositors when the institution occupied a small suite on the
second floor of the Rookery Building.
Solomon A. Smith, President, was kept busy throughout the day receiving congratulations of associates and customers. In the evening a
buffet dinner and dance were given on the main banking floor for employees,
after which the Northern Trust Players presented Guy Bolton's farce.
"Adam and Eva" at the Goodman Theatre.
Construction work has been in progress a year. It included the addition
of two stories, giving the bank a total of six floors and two sub-floors, all
occupied by its own business.
The final step in the absorption of the Transportation
Bank of Chicago by the Congress Trust & Savings Bank of
that city was accomplished on May 19 when the latter
institution assumed the business of the Transportation Bank.
At the same time the enlarged banking quarters of the Congress Trust & Savings Bank, at Wabash Ave. and Congress
St., were opened for public inspection. In reporting the
matter in its issue of May 20, the Chicago "Journal of
Commerce" stated that with its latest move the trust company has increased its deposits to more than $5,000,000, its
cash resources to nearly $1,200,000 and total resources to
about $5,675,000. Its first published statement as of June
30 1927, showed deposits of $603,572, cash of $175,402 and
total resources of $947,954. The personnel of the enlarged
bank is as follows: Philip F. W. Peck, Chairman of the
board; George C.Jewett (former President of the Transports-.
tion Bank), Vice-Chairman; William Fuller Gregson,
President; Thor H. Erickson and Marvin C. Greener, Vice
Presidents; Daniel E. Lupton, Cashier, and John W. Gorby
and Samuel Bay, Assistant Cashiers. Items with reference
to the acquisition of the Transportation Bank by the Congress Trust & Savings Bank appeared in our issues of Feb.
22 and March 29, pages 1222 and 2147, respectively.
The First National Bank of Monroe, Wis., said to be the
largest bank in Green Co., became affiliated with the Wisconsin Bankshares Corporation of Milwaukee on May 19,
making the thirty-eighth unit in the holding group, according to the Milwaukee "Sentinel" of May 20. The acquisition of the bank was announced by Leo T. Crowley, who is
in charge of the Wisconsin Bankshares holding corporation's
activities in that area. The institution is capitalized at $15,000 with surplus of like amount, and undivided profits and
reserve of $161,000. Total deposits at its last statement date
amounted to $2,183,735. Officers of the acquired bank are
as follows: Willis Ludlow, Chairman of the Board; F. B.
Luchsinger, President; John T. Etter, Edwin Ludlow, Roy
F. Burmeister and Paul T. Schulze (and Trust Officer),
Vice-Presidents; C. A. Schindler, Cashier, and R. E. Erickson, Assistant Cashier.
In addition to the acquisition of the above named bank, a
dispatch from Milwaukee on May 20, appearing in the "Journal of Commerce" of May 21, reported that on May 20
control of the Citizens' State Bank of Belleville, Wis., with
deposits of approximately $600,000, and the Bank of Oregon,
Oregon, 'Wis., with deposits of $475,000, had passed to the
Wisconsin Bankshares Corporation.
Directors of the Northern Trust Co. of Chicago on May 20
transferred $1,000,000 from the bank's undivided profits
account to the surplus account and called a special meeting
of the stockholders for June 24 to vote on a proposed increase
in the capital of the institution from $2,000,000 to $3,000,000,
according to the Chicago "Post" of that date. The new stock,
The following five new banks have become affiliated with
consisting of 10,000 shares of the par value of $100 a share,
Bankcorporation, Minneapolis, bringing the
will be offered to stockholders of record June 25 in the ratio Northwest
new share for each two shares now held at the price total number of banks or trust companies in the group to
of one
of $300 a share. After stating that the market price of the 100:
3658
FINANCIAL CHRONICLE
Bank of Spearfish, South Dakota, capital $25,000, surplus $75,000 and
deposits of $1.500,000, was organized in 1882 and long has been prominent
as a live stock bank. It absorbed the American National Bank of Spearfish in 1927. H. G. Weare, pioneer rancher is President, W. E. Dickey,
Vice-President and Cashier, J. M. Ramsey, Assistant Cashier.
The First National Bank,Groton,S. D.,capital $25,000,surplus,525,000
deposits, $471,000, and resources, $548,000 also dates from 1882. Officers
are: W. B. Miller, President; Alex. Highland, Vice-President; J. Williams.
Cashier; V. M. Accola, Assistant Cashier.
First National Bank in Mobridge, S. Dak. has capital $50,000, surplus
$10,000, deposits $230,000 and resources 5290,000. F. W. Schirber is
President; R. A. H. Brandt, Vice-President.
Manhattan State Bank, Manhattan, Mont., has capital $25,000, surplus
515.000, deposits $200,000,resources 5250.000. Officers are S. McKennan,
President; Martin Jacoby and George Verwolf, Vice-Presidents; L. D.
Moritz, Cashier, and A. D. Winter, Assistant Cashier.
First National Bank of Hillsboro, N. flak., was organized as a State
bank in 1881 by E. Y. Sarles, one time Governor of that State. It became
a National bank in 1893 and in November 1929 absorbed the Hillsboro
National Bank. Capital is $50,000. surplus $12,210, deposits $767,936
Officers are: Fred L. Goodman, Chairman of Board; Earle R. Series,
President; P. B. Peterson, Vice-President; 0. E. Rudrud, Vice-President,
E. A. Iverson, Cashier; Palmer E. Rudrud, Assistant Cashier.
[VoL. 130.
State charter of the former, was reported in Ogden advices
on May 20 to the "Wall Street Journal." Assets of the two
institutions total $5,000,000, it was said.
According to advices from Oklahoma City on May 16 to
the "Wall Street Journal," business men and capitalists of
Okemah, Okla., have been granted a charter to establish a
State bank at Hanna, Okla. The new institution will be
opened for business about Sept. 1.
C. Milton Callihan, of Ashland, Ky., has been appointed
Cashier of the First National Bank of that place to succeed
John M. Millis, who resigned recently when an alleged
shortage of $23,000 was detected in his accounts, according
to a dispatch from Russell May 14 to the Cincinnati "Enquirer," which continuing said:
Sam I. Williams was elected to the Board of Directors to succeed Mills.
Callihan has been connected with the bank for several years. He received
his business training at University of Cincinnati School of Commerce.
The Security Trust & Savings Bank of Fort Dodge, Iowa,
was closed on May 19 and taken over by the State Banking
Associated Press advices from Jackson, Miss., on May 16
Department, according to a dispatch from that city appearing in the Des Moines "Register" of May 20, which went reported that because of "frozen" assets the Bank of Decatur,
at Decatur, Newton County, Miss., was closed on that day,
on to say:
according to an announcement by J. S. Love, State Superintendent of Banks, who placed State Examiner W.B.Pollard
in charge of the institution's affairs. According to the figures
of the Banking Department, the closed bank was capitalized
at $15,000 with surplus of $11,000 and had deposits of
• $380,000. C. M. Wells is President and M. B. Potter,
The Merchants National Bank of Burlington, Iowa, with Cashier. The former was reported as saying that an attempt
capital of $100,000, was placed in voluntary liquidation on will be made toward reorganization of the institution.
May 12. The institution was absorbed by the First Iowa
State Trust & Savings Bank, Burlington Savings Bank,
It is learned from Birmingham, Ala., advices by the
American Savings Bank & Trust Co., and the Farmers & Associated Press, May 22, printed in yesterday's New York
Merchants Savings Bank, all of Burlington.
"Times," that the respective directors of the First National
Consolidation of the Argusville State Bank, Argusville, Bank and the American-Traders' National Bank, BirmingN. D., and the Mapleton State Bank, Mapleton, N. D., with ham, have approved a consolidation of the institutions to
the Merchants' National Bank & Trust Co. of Fargo, N. D., form a new organization with capital of $5,000,000 and rean affiliate of the first Bank Stock Corporation (with sources in excess of $70,000,000. We quote further from
headquarters in St. Paul and Minneapolis) was announced the dispatch as follows:
Deposits dwindled $220,000 in the last six months officers announced.
And the board of directors voted Sunday to close the institution as a
protective measure. Present deposits total $455,000, which, the directors
said, will be paid in full. Liquidation of the bank will begin at once under
the direction of D. W. Ernst, receivership examiner for the State Banking
Department. The Security Trust SE Savings Bank was organized in 1915
The merger was prompted, a statement by officials said, by a desire of
both banks to establish in Birmingham a financial institution of outstanding strength.
On March 27 last, the combined deposits of both banks were $54,863,808, and combined resources. 572.288.191. The announcement today said
, Argusville and Mapleton are located in Cass county, North Dakota.
The Merchants National has assumed the deposit liability of the two the enlarged institut'on will have deposits in excess of 550,000,000 and a
banks, totaling about $170,000, and has taken over assets covering corresponding sum of total resources.
J. C. Person, President of the American Traders, will head the comthe liability. Stockholders will receive the balance of the assets
bined house, with Oscar Wells, President of the First National Bank.
above the deposit liability, Mr. Leeman said.
expected to be Chairman of the board, and W. W.Crawford, at present
The two banks have been conservatively managed and the stockholders will receive a substantial recovery on the capitalization, he said. Chairman of the board of American Traders, Vice-Chairman.
on May 17 by P. J. Leeman, Vice-President and General
Manager of the corporation, according to the Minneapolis
"Journal" of that date, which continuing said:
This week (May 20) Minneapolis advices to the "Wall
The American Banks Corporation, a holding company for
Street Journal" reported that the Security National Bank the
property of the American National Bank of Nashville in
of Huron, S. D., an institution organized under the sponsor- 15
localities in Middle Tennessee, was granted a charter on
ship of the First Bank Stock Corporation, has been for- May 15
by Ernest N. Haston, Secretary of State for Tennesmally opend. The dispatch said:
The new bank is planned as a key unit of the First Bank Stock Corp.
group system in South Dakota. It is capitalized at $200,000 with a
paid in surplus of $50,000 and undivided profits of $10,000, the largest
initial capitalization of any bank ever organized in the State. It
becomes the twelfth affiliate of the First Bank Stock Corp. in South
Dakota.
The Onida National Bank, Onida, S. D., and the First
State Bank of the same place, both capitalized at $25,000,
were consolidated on May 12, under the title of the former.
The new organization is capitalized at $25,000.
On May 16 the Comptroller of the Currency issued a
charter for the First National Bank of Mobridge, S. D., with
capital of $50,000. F. W. Schriber is President of the new
bank and H. A. Swenson, Cashier.
A charter was issued by the Comptroller of the Currency
on May 13 for the Security National Bank of Huron, S. D.,
capitalized at $200,000. Officers chosen for the new bank
are F. D. Greene, President and C. W. Boteler, Cashier.
Effective April 30, the Labor National Bank of Great
Falls, Mont., capitalized at $100,000, was placed in voluntary liquidation. The institution was taken over by the
Conrad Banking Co. of the same place.
On May 15 application was made to the Comptroller of
the Currency to organize a new bank in Humboldt, Neb.,
under the title of the Citizens National Bank, with capital
of $40,000.
see, according to the Nashville "Banner" of May 18. The
banking institutions represented by the new corporation
have deposits of $35,000,000 and assets of $45,000,000. The
"Banner' went on to say:
The charter authorizes the company to deal in bank stocks, borrow
money, issue bonds, and to carry on a banking business in general. The
corporation is authorized to issue 1,000,000 shares of common stock of no
par value.
P. D. Houston, Chairman of the Board of the American National Bank,
explained that the movement meant the taking of the banks in various
localities into a partnership, and that the step marked the general movement
toward "group" banking.
Incorporators of the holding company include Paul M. Davis, President
of the American National Bank, Mr. Houston, R. A. Shillinglaw, Vice.
President of the American National Co., E. R. Burr, Vice-President of the
American National Bank, and F. A. Berry, member of the law firm of
Bass, Berry dc Sims.
Closing of the American Bank of Greenwood, S. C., on
May 10, was reported in Associated Press advices from
Greenwood on that date, printed in the New York "HeraldTribune" of May 17. The dispatch stated that a note signed
by Dr. R. E. Gaines, President of the bank, and posted on
the door, said the action was taken because of "unusual
withdrawals". The institution, it appears, was the second
to close within two days, the National Loan & Exchange
Bank of Greenwood having closed at noon the previous day
(May 15) by order of its directors, who stated that the
institution had been placed in the hands of the Comptroller
of the Currency. The American Bank, it is understood, is
capitalized at $125,000, while the National Loan & Exchange
Bank has a capital of $100,000.
Announcement was made on May 21 by W. C. Bradley,
That the directors of the Commercial Security Bank of
Ogden, Utah, and the National Bank of Commerce of that President of the Third National Bank of Columbus, Ga., that
city, have approved a union of the institutions under the on that day the stockholders of the institution ratified a plan
MAY 24 1930.]
FINANCIAL CHRONICLE
of merger of the institution with the Columbus Bank & Trust
Co., as adopted by the directors on Mar. 14, to become effctive at the close of business May 31, 1930. The announcement, which was in the form of a letter addressed to the
bank goes on to say in part:
Under the plan of merger the continuing corporation will take the
name and charter of the Columbus Bank & Trust Co., with an increased capital of $850,000 and a surplus of $650,000 with a total resources over $8,500,000. •
• ••
All officers and employees will be retained in their same positions.
3659
ment department of the institution. The appointment of
Horace Dunbar as Vice-President and Manager of business
development was noted in our issue of May 17, page 3487.
San Francisco advices by the Associated Press on May 9
printed in the Los Angeles "Times" of the next day, stated
that A. F. Ganong,former Manager of the Elmhurst Branch
of the Bank of Italy National Trust & Savings Association
in Oakland, Cal., on that day pleaded "guilty" before United
States District Judge Kerrigan to a six-count indictment
charging embezzlement of $9,000. Ganong, the dispatch
Creditors of the Planters' Bank of Americus, Americus, said, is asserted to have issued small notes as Manager of
Ga., May 12 received a dividend of 5%, the first to be de- the branch and to have paid them with cashier's checks
clared by the State Banking Department since the affairs made out to himself.
of the institution were taken over for liquidation more than
The Comptroller of the Currency on May 12 issued a
a year ago, according to advices from Americus on the same
day, printed in the Atlanta "Constitution" of May 13. The charter for the First National Bank of Orosi, Cal., with
dividend represented a little more than $11,000. It was capital of $25,000. Officers of the institution are H. J.
furthermore stated that the bank had deposits of more than MacKenzie,President, and H.A. Collin, Cashier.
$200,000 when its doors were closed by the State banking
On May 12 the Brotherhood Co-operative National Bank
authorities.
of Tacoma, Wash., changed its title to the Washington
With reference to the three Monroe, N. C., banks (the National Bank of the City of Tacoma.
recent closing of which was reported in our issue of April
26, page 2906), namely the Bank of Union, the Farmers'
Bank & Trust Co. and the First National Bank, advices
from Monroe on May 13 to the "Wall Street Journal" stated
that the First National Bank and the Farmers' Bank &
Trust Co. had been taken over by the North Carolina Bank
& Trust Co. (head office Greenboro), combined into a
single institution and re-opened as a branch of the chain
institution. The new bank is capitalized at $200,000.
"Cheeks of depositors of the two closed institutions will
be honored for full amount of the deposits. Stockholders,
however, were not paid in full for their stock, but are
promised the full amount if the realization from the assets
of the bank justify it." As to the Bank of Union, the dispatch stated, that it will be liquidated. "It is believed, however, that this bank will eventually pay most of its liabilities."
Sir Harry Goschen, Bart., K.B.E., Chairman of National
Provincial Bank Limited, sailed for New York on the "Olympic", leaving Southampton on May 21. Sir Harry Goschen, in
addition to being Chairman of National Provincial Bank
Limited, is a Partner in Goschens and Cunliffe, Merchant
Bankers, London; Chairman of the Agricultural Mortgage
Corporation, Limited; Deputy Chairman of Lloyds and National Provincial Foreign Bank, Limited, and is also a Director of Chartered Bank of India, Australia and China, and
Atlas Assurance Company, Limited. Sir Harry Goschen is
accompanied by William Hadwick, an Assistant General
Manager of National Provincial Bank, Limited.
THE WEEK ON THE NEW YORKSTOCK EXCHANGE.
Quiet and irregular price movements have characterized
the New York Stock Market during the present week, and
the trading on several occasions has been extremely dull.
On May 17 announcement was made by Arthur F. Perry, Indeed, at times, the tickers were almost at a standstill,
Vice-Chairman of the Board of the Barnett National Bank particularly on Thursday when the total transactions were
of Jacksonville, Fla., of the acquisition by his institution down to 1,860,220 shares. The trend of the market has
of a majority of the stock of the St. Augustine National generally been toward lower levels, though there was a sharp
-Union" of May 18. upturn on Friday. The weekly statement of the Federal
Bank, according to the "Florida Times
The acquired bank only a few days previous, it was said, Reserve Bank, made public after the close of business on
Increased its capital from $50,000 to $100,000. It has surplus Thursday showed an increase of $8,000,000 in brokers' loans.
and undivided profits of $79,000 and deposits totalling Call money renewed at 3% on Monday and continued un$2,400,000. The Barnett National Bank, according to its changed at that rate throughout the week. Prices were
last statement, has a capital of $1,500,000 with surplus and somewhat irregular on Saturday in the slowest two-hour
undivided profits of $1,283,000. The total 'resources of the session that has been recorded in several months, and with
banks in the Barnett group exceed $28,000,000. Besides the exception of a few of the more popular speculative
the newly acquired St. Augustine National Bank, the others favorites the changes were confined to fractions. The tobacco
front early
are the Barnett National Bank of Deland, Fla., the Barnett stocks were exceptionally strong,and moved to the
Tobacco "B"
National Bank of Cocoa, Fla.,and the Barnett National Bank in the session under the guidance of American
264 with a net
of Avon Park, Fla. Officers of the acquired institution are which shot briskly forward and closed above
7
%
at 261 with a gain
as follows: G. B. Lamar, President; George L. Estes, Vice- gain of 4 points, and the common closed
Byers advanced about 4 points and
President; Frank F. Harrold, Cashier, and X. L. Pellicer, of 4 points. A. M.
reached its final at 98. Railroad shares also made a good
Assistant Cashier. C. S. L'Engle, a Vice-President of the
showing and gains of a point or more were registered by
Barnett National Bank of Jacksonville, will represent the
Canadian Pacific, Lehigh Valley, New York Central, New
institution on the Board of the St. Augustine National and
Haven and St. Louis Southwestern. Sears, Roebuck moved
aside from this, it was stated, there will be no change in
4
ahead about 1M points to 863 and Montgomery Ward
the directors or officers or in the clerical department "excrossed 44.
cept as may result from seasonal business demands."
The trading was characterized by an irregular decline on
Monday and most of the popular favorites were driven
Ernest Steves, Chairman of the Board of the Alamo
from 2 to 8 or more
National Bank of San Antonio, Tex., and prominent in sharply downward with net losses ranging
points. United States Steel common was under constant
financial circles of that city, died in San Antonio on May 14,
to a low level at 168,
following an operation for appendicitis. Mr. Stoves was pressure and moved steadily downward
was also sublast surviving member of the original directorate of the but closed fractionally higher. American Can
the
jected to pressure and dropped below 140 with a loss of 5 or
Alamo National Bank organized in 1892 and was President of
while General Electric dipped 3 points to 803,
the institution prior to becoming Chairman of the Board more points,
4.
his death. He was a followed by Westinghouse with a loss of 5 points to 1723
on Jan. 1 last, the office he held at
Public utilities as a group were the weakest of the day, Condirector of the Federal Reserve Bank, the Morris Plan Bank,
slipping back 4 points and closing at 126, while
the San Antonio Building & Loan Association, and Treasurer solidated Gas
%
Columbia Gas lost 3 points to 1123 , American & Foreign
of the Steve Sash & Door Co. The deceased banker was
4 points to 82'Hi and Public Service of N.J. 33.j points
a former President of the Lumbermen's Association of Power
also
and closed at 112X.
Texas, Secretary of the San Antonio Airport Co., and a
Selling pressure was again in evidence during the early
member of the Railroad Committee of• the Chamber of trading on Tuesday and many of the more active stocks fell
Commerce.
offfrom 2to 4or more points. Shortly after midsession,a brisk
The Citizens National Trust & Savings Bank of Los rally develcped and numerous stocks not only made up their
Angeles, Cal., announces the appointment of Louis G. morning losses, but closed with moderate gains. Motor
Brittingham as Assistant Manager of the business develop- shares forged ahead to the front under the leadership of
3660
FINANCIAL CHRONICLE
[VOL. 130.
General Motors which moved up to 50 with a gain of 23.'
THE CURB EXCHANGE.
points, followed by Hudson which gained 2% points to 45.
Curb Exchange trading was again dull the vblume of
Auburn auto, Moon auto and Packard were also strong and
closed at higher levels. United States Steel common business being the smallest in some time. Prices generally
recorded a net gain of about 2 points as it closed at 1073. show unsatisfactory. Changes through the tendency was
Prices in the railroad group were somewhat mixed, Union downward. Public utilities show the largest number of
Pacific recording a five point gain to 229% and New York changes of movement. Amer, Commonwealth Power com.
Central registering an advance of about a point, but on the B gained over five points to 47%. Amer. Gas & Elec. com.
other hand, Erie, Balto.& Ohio, and Missouri-Kansas-Texas after early loss from 146 to 137, sold up to 143 and closed toclosed the day with net losses. Public utilities dropped day at 141. Commonwealth Edison declined from 320% to
lower all along the line and so did General Electric, Vanadium 303 on few transactions recovering to-day to 312. Electric
Steel, J. I. Case, United Aircraft and Worthington Pump. Bond & Share com. fell from 103% to 963/8, advanced to
%
The market was unsettled in the early trading on Wednes- 1013 and ends the week at 101. Nevada-California Electric
day and toward the closing hour became decidedly heavy. receded from 1193 to 115 then rose to 127 with to-days
The turnover was only slightly over the two million mark. transactions at 1223. United Light & Power class A sold
United States Steel, common sold down to 166 in the first down from 56 to 513', the close to-day being at 533. Oils
hour, but made up some of its loss in the rally in the latter were listless. Humble Oil & Ref. sold down from 1053. to
101 in the beginning of the week but later recovered to 1035 ,
%
part of the session, closing at 168% with a net loss of 1M
the close being at 103. Gulf Oil of Pa. lost about seven
points. Around noon the railroad shares showed some activpoints to 1443. recovering finally to 1473/s. Few industrial
ity and move forward under the guidance of Missouri-Kansasor miscellaneous issues registered changes of any importance.
Texas and Rock Island, the former reaching 59 at its top for
the day, and Rock Island closing at 1143' with a gain of 23' Aluminum Co. of Amer. eased off from 2993' to 292 and
points. Most of the trading favorites were off at the close, recovered to 300. Deere & Co. moved down from 144 to
the list including such stocks as Auburn Auto, Calumet & 1283, the close to-day being at 129%. Ford Motor of
Arizona, Eastman Kodak, Johns-Manville and J. I. Case Canada A stock lost almost four points to 343. but recovered
Threshing Machine. Irregularity was again in evidence in finally to 353. Technicolor Picture com. sank from 62%
the greater part of the list on Thursday, though a fairly brisk to 51 and closed to-day at 58.
A complete record of Curb Exchange transactions for the
rally in the final hour carried several of the more active stocks
week will be found on page 3691.
to higher levels. United Aircraft, for instance,forged ahead
about 3 points to 73 or better. Motor shares were the outDAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
standing strong stocks and moved briskly upward under the
leadership of General Motors, which closed at 50%, with a
Bonds (Par Value).
Stocks
gain of 1% points on the day. Some of the independent
Week Ended
Number of
Foreign
May 23.
Shares).
Domestic. Government.
Total.
Rights.
motors also were moderately strong. Copper shares made
little progress and specialties moved within a narrow range. Saturday
366,600
25,700 $1,135,000
$164,000 $1,299,000
Monday
735,500
17,200 2,119,000
304,000 2,423,000
Under the leadership of United States Steel common the Tuesday
1,021,700
81,500 2,607,00
262,000 2,869,000
Wednesday
696,200
63,300 2,295,000
288,000 2,583,000
market moved briskly forward on Friday and a number of the Thursday
597,200
71,000 2,298,000
326,000 2,624,000
696,900
59,700 2,107,000
215,000 2,322,000
popular speculative favorites registered substantial gains at Friday
Total
the closing hour. Public utilities were, perhaps, the strongest
4,114,100
318,400 $12,561,000 $1,599,000 $14,120,000
division and a large number of the more active stocks recorded
substantial gains. Included in the list were Amer. Tel. &
Tel., Electric Power & Light, American & Foreign Power
COURSE OF BANK CLEARINGS.
and Public Service of New Jersey. United States Steel,
common gained 3 points and closed at 172. Numerous other
Bank clearings this week will show a decrease as compared
issues, particularly in the specialties group, moved briskly with a year
ago. Preliminary figures compiled by us, based
upward, J. I. Case, for instance, was particularly noteupon telegraphic advices from the chief cities of the country
worthy as it jumped 123/i points to 307. American Tobacco,
common and also the "B" stock were each up over 5 points. indicate that for the week ended to-day (Saturday, May 24)
Westinghouse Electric bounded forward nearly 5 points to bank exchanges for all the cities of the United States from
1743's and Eastman Kodak gained 43/i points to 2403.t. which it is possible to obtain weekly returns will be 20.9%
The final tone was good.
below those for the corresponding week last year. Our
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
preliminary total stands at $10,403,284,890, against $13,DAILY, WEEKLY AND YEARLY.
159,921,010 for the same week in 1929. At this centre there
is a loss for the five days ended Friday of 25.5%. Our
Railroad,
Stocks,
State,
United
Total
Week Ended
Number of
etc..
Municipal dt
States
Bona
comparative summary for the week follows:
Shares.
Bonds.
May 23.
Forn Bonds.
Bonds.
Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
'Into
790,950
2,413,930
3,526,770
2,078,400
1,860,220
2,157,520
5919,000
1,995,000
2,419.000
2,095,500
2,146,000
1,192,000
12 R27 700 833 163.000 810.766.500
Sales at
New York Stock
Ezchange.
Week Ended May 23.
1930.
-No.of shares_
Stocks
Bonds.
Government bonds__
State and foreign bonds
Railroad & misc. bonds
Total bonds
82,521,000
4,940,000
7,681,000
6,162,000
5,944,000
5,915,000
1929.
$46,000 $3,486,000
216,000 7,151,000
496,000 10,596,000
122,000 8,379,500
250,000 8,340,000
149,000 7,256,000
81.279.0110 845.208.500
Jan. 1 to May 23.
1930
1929.
12,827,790
21,401,390
405,720,660
452,545,920
81,279,000
10,766,500
33,163,000
$2,767,000
10,485,000
43,691,000
$46,223,000
277,884,000
877,740,100
$51,885,050
249,754,150
722,865,500
$45,208,500 856,943,000 $1.201,847,100 $1,024,504,700
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
May 23 1930.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prry wook rovlard
Philadelphia.
Bait more.
Shares. Bond Sales
Shares. Bond Sales
Shares. Bond Sates.
•14,961
*28,541
*38,043
*24,353
*29,451
23,334
82,000 a49,435
5,000 a124,852
23,000 a129,742
18,000 a108,664
8,000 a89,785
26,725
$1,100
9,000
.27,600
7,000
17,600
4,000
5820
51,575
82,227'
51,617
52,172
4.529
$9,000
17,000
26,500
17,600
4,500
20,000
158,683
$56,000
529,203
$66,300
12,940
594,600
177.741
8132.000
763,961
572,700
10,650
540,600
• In addition, sales of rights were: Saturday, 3,061; Monday, 4,258; Tuesday,
7,513; Wednesday, 5,727; Thursday, 4,552.
a In addition, sales of rights were: Saturday, 2,600; Monday, 23,400; Tuesday,
19,800; Wednesday, 8,900; Thursday, 19,800. Sales of warrants were: Saturday,
300; Monday, 140; Tuesday, 1,100; Wednesday, 1,500: Thursday. 800.
S In addition, sales of rights were: Saturday, 648; Monday, 975; Tuesday, 945;
Wednesday, 109; Thursday, 225.
Clearings-Returns by Telegraph.
Week Ending May 24.
1930.
1929.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5,216,000,000
476,372,864
425,000,000
355,000,000
100,885,361
101,200,000
150,917,000
155,139,000
154,787.038
189,419,722
108,200.000
67,721.474
42.195,336
86,999,000,000 -25.5
604,588,055 -21.2
495,000,000 -14.1
407,000,000 -12.8
121,185,184 -16.8
124,200,000 -22.6
186,029,000 -18.9
207,048,000 -25.1
173,348,436 -10.8
205,859,187
-7.9
155,579,815 -30.4
87,190,448 -22.3
46,434,463
-9.2
Thirteen cities, 5 days
Other cities, 5 days
$7,542,787,795
1,126,616,280
$9,812,462,588
1,125,686,175
-23.1
+10.1
Total all cities, 5 days
All cities, 1 day
$8,669,404,075 $10,938,148,763
1,733,880,815
2,221,772,247
-20.8
-21.9
510.403.284.890 811150. 621 nin
-20.0
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. 'Accordingly, in the above, the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended May 17. For
that week there is a decrease of 18.0%, the aggregate of
clearings for the whole country being $10,777,535,355 against
$13,130,564,459 in the same week of 1929. Outside of this
city the decrease is 12.1%, while the bank clearings at this
centre record a loss of 21.1%. 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
shrinkage of 20.8%,in the Boston Reserve District of 14.5%,
and in the Philadelphia Reserve District of 7.5%. In the
Cleveland Reserve District the totals are smaller by 14.6%,
in the Richmond Reserve District by 4.7%, and in the
Atlanta Reserve District by 13.1%. The Chicago Reserve
District suffers a decrease of 15.3%, the St. Louis Reserve
District of 15.9%, and the Minneapolis Reserve District of
4.5%. In the Kansas City Reserve District the decrease is
12.4%, in the Dallas Reserve District, 23.9% and in the
San Francisco Reserve District, 13.1%.
In the following we furnish a summary by Federal Reserve
districts:
Week Ended May 17.
Clearings at
1930.
Total(20 cities)
1930.
1,50.0?
Dec.
1929.
Federal Reserve Dists.
$
488,282,818
1st Boston- - --12 cities
2nd New York_11 "
6,829,259,695
3rd Philadaria_10 "
572,118,341
41.11 Cleveland__ 8 "
443,887,978
5511 Richmond _ 6 "
178,468,883
6th Atlanta-- __12 "
167,418,661
922,163,204
7th Chicago --_20 "
8th St. Louis-- 8 "
216,081,315
040 Minneapolis 7 "
122,086,320
10th KansaSCItl 10 ..
198,008,600
11th Dallas
5 "
59,681,871
12th San Fran 17 "
580,077,669
$
571,287,039
8,638,031,091
618,580,805
513,683,829
187,199,727
192,668,107
1,088,718,315
229,640,288
127,867,763
2226,199,837
78,449,410
667,338,248
1928.
1927.
$
$
%
-14.5
630,906,154
603,119,360
-20.8 8,937,658,506 6,281,874,115
-7.5
647,040,876
631,012,550
-14.6
456,737,595
434,909.818
-4.7
191,581.825
193,303,607
-13.1
194,181,125
193,669,291
-15.3 1,142,858,415 1.029,673,302
-15.9
244,428,836
226,304,819
-4.5
134,747,820
116,575,823
-12.4
209,190,088
239,440,615
-23.9
74,134,944
75,143,515
-13.1
727,784,712
567,695,549
124 cities 10,777,535,355 13,130,564,459 -18.0 13,591,248,899 10,566,885,417
Total
Outside N. Y. City
4,082,668,319 4,644,630,718 -12.1 4,809,003,491 4,412,253,127
Canada
31 Cities
389.230.281
605.184 414 -22.9
537.818.620
11517 MIA All
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended May 17.
Clearings at
1930.
1929,
Inc. or
Dec.
$
$
%
First Federal Reserve Dist rict-BostonAlaine-Bangor__
716,636
635,952 +12.7
Portland
4,052,404
4,200,705 -3.5
Mass.
-Boston._ 431,264.811 500,564,313 -13.8
Fall River..._
1,250,028
1,634,325 -23.5
Lowell
1,017,893
1,436,200 -29.2
New Bedford
1,282,106
1,537,619 -27.7
Springfield ...
4,925,131
6,266,704 -21.4
Worcester
3,753,683
4,164,007 -9.9
- onn.-Hartford_
J
15,160,322
19,831,417 -23.6
New Haven_ _ _
7,692,862
8,890,695 -13.5
R.0.
-Providence
16,437,800
21,329,800 -22.9
4.H.-Manches'r
729,142
795,302 -8.8
Total(12 cities)
488,282,818
571,287,039 -14.5
Second Feder al Reserve D strict
-New
N. Y.
-Albany.6,767,828
7,132,519
Binghamton.-1,465.579
1,470,889
64,663,494
Buffalo
55.357.120
Elmira
1,346,891
916,792
Jamestown....
1,347,643
1,350.777
New York- 8,694,867,036 8,485,933,741
Rochester
15,923,636
11,585,852
Syracuse
5,701,744
7,809.108
Conn.
-Stamford
3,701,551
4,580,686
N. 3.
-Montclair
829,701
937.895
Northern N. J.
46,708,849
46,881,455
1928.
$
623,367
4,291,849
555,000,000
2,779,948
1,264,679
1,189,145
6,596,705
3,732,968
23,618,168
10,059,877
20,989.200
760,248
630,906,154
1927.
$
756,014
3,573,713
545,000,000
2,191,228
1,305,213
1,279,188
6,038,224
3,625,274
16,486,979
7,212,190
14,840,200
811,137
603,119,360
York
-5.1
9,664,434
7,725,419
-0.3
1.322.093
1,134,502
-25.4
64,492,090
54,295,411
-32.2
1,277.705
1.182,879
-0.2
1,333,021
1,438,492
-21.1 8,782,245,408 6,155,449.240
-27.3
15,664,196
13,418,229
-27.0
7,093.494
6,502,551
-19.2
4,894,881
4,189,960
1.198.664
-11.5
963,797
-0.5
48,472.520
35,573,535
Total(11 cities) 0.829.259.6958.638.031,091 -20.8 8,937,658,506 6, 81.874.115
2
Third Federal Reserve Dist rict-Philad elPhlaPa.'
-Altoona....
1,402.263
1,787,086
1,546,013 -9.3
Bethlehem....
4,859,198
4,973,962 -2.3
4,904,003
Chester
1,119,423
1,393.460 -19.7
1,287,501
Lancaster
1.992,254
2,007,778 -0.8
1,995,852
Philadelphia... 542,000,000 584,000,000 -7.2 608,000,000
Reading
4,111,001
5,354.425 -23.2
5,099,657
Scranton
4.898,069
6,717,984
6,821,517 -28.2
Wilkes-Barre3,241,180
3,924.307 -17.4
4,600,004
York
2,519,953
2,350,724 +7.2
2.294,735
N.3.
-Trenton
5,975,000
10,354,054
6,208,619 -3.8
572,118,341
618,580.805
7,584,000
4,316,
682
80,389,096
131,346,001
17,963,300
2,392,512
5,487,142
185,431,085
513,683,829 -14.6
456,737,595
434,909,818
Fifth Federal Reserve Dist riot-Riches ondw.
va.-Hunt'g'n
1,288,572
1,214,013 +6.1
Va.- Norfolk
4,185,742
5,073,569 -17.5
Richmond_ ._ _
43,866,000
44,459,000 -1.3
-Charleston
S.C.
2,372,000
2,510,000 -5.5
Md.-Baltimore_
99,821,575 103,372,128 -3.4
D.c-washing'n.
26,934,994
30,571,017 -11.9
1,330,007
5,946,571
46,411,000
2.100,000
106,309,942
29,484,305
1,259,078
5,367,078
46,164 000
2,104,171
110,533,454
27,875,826
-4.7
191,581,825
193,303,607
Sixth Federal Reserve Dist rict-Atlant a
-Knoxville
.3,000,000
Tenn.
.3,500,000 -14.3
Nashville
23,757,754
24,169,100 -1.7
49,688,911
62,005,039 -19.9
Ga.- Atlanta...
1,748,710
Augusta
1,816,547 -3.8
1,413,712
Macon
1,621,647 -12.8
Fla.-Jack'nville.
15,618,119
17,533,648 -11.4
2,976,000
Miami
2,946,000 +1.1
21,320,816
Ala.-BIrminiem.
25,872,021 -17.6
1,900,074
2,205,386 -13.8
Mobile
•1,900,000
Miss -Jackson..
2,066,000 -8.0
180,723
308,880 -41.5
Vicksburg
43,913,842
48,523,839 -9.5
La.
-New Orleans
3,448,238
22,794,064
53,636,894
1,759,922
2,344,764
17,36,1378
3,164,000
25,365,348
1,884,090
2,138,000
334,120
59,950.307
533001y30
24,043:793
53,134 630
1,810,197
186395
21,898,270'
595267
25 429 447
1:97 ,77
4
5
1,510,446
329,879
52,478,492
194,181,125
Total(6 cities).
Total(12 citi68)
443,887,978
178,468,883
167,418,661
187,199,727
III
1..
MOON...1..4000,
192,668,107 -13.1
1927.
255,102
1,224,150
185,059,005
8,130.696
2,670,554
3,377,811
22,956,000
3,513,300
6,134,201
43,496,996
2,899,375
9.863,810
5,883,859
1,449,901
1,712,386
721,963,369
1,507,407
554,555
4,142,921
2,877,904
922,163,2N 1,088,718.315 -15.3 1,142,856,415 1,029,673.302
8,676,298
156,300,000
43,666,923
355,440
21,206,085
14,280,672
312,774
1,630,644
6,252,453
142,900,000
37,699,670
270,560
24,187,376
13,137,932
389.337
1,467,491
229,540,288 -15.9
244,428,836
226,304,819
Ninth Federal Reserve Dis tric t-Minn eapolis
8,151,701 -43.1
4,639,047
-Duluth_ _
Minn.
85,393,572 -1.2
84,367,050
Minneapolis_ _ _
26,340,322
26,579,982 -0.8
St. Paul
2,102,044
2,166,746 -3.0
N. D.
-Fargo..
1,331,170 -25.0
-Aberdeen
998,165
S. D.
669,364
695,592 -3.8
Mont -Billings.
3,549,000 -16.3
2,970,328
Helena
8,704,119
86,798,205
31,832,169
1,988,424
1,425,650
681,253
3,318,000
8,196,547
72,902,191
29,362,628
1,867,708
1,188,707
540,042
2,518,000
Total(8 cities).
216,081,315
134,747,820
116,575,823
Tenth Federal Reserve Dis trict.-Kans as City
389,776
374,621 -3.9
360,079
Neb.-Fremont..
487,950
633.929 -23.5
484,839
Hastings
4,763,113
4,746,940 -21.0
3,751,490
Lincoln
45,869,090
45,677,134 +0.5
45,928,200
Omaha
3,329,088
3.007,224
3,180,609 -5.4
-Topeka _ _
Kan.
8,563,850
8,323,434 -13.6
7,191,114
Wichita
Mo.-Kans. City 128,486,951 142,711,525 -10.0 136,017,372
7,157,530
5,820,023
7,310,000 -20.4
St. Joseph....
1,162,999
1,397,526 -7.6
1,291,634
-Col. Spgs.
Colo.
1,844,119 -8.5 , 1,450,320
1,687,046
Pueblo
446,439
408,358
4,776.999
40.348,039
2,995,139
8,637.674
143,148.203
6,289,606
1,087,541
1,302,617
226,199,837 -12.4
209,190,088
209,440,615
Eleventh Fede ral Reserve Dist Het.-D atlas.
1,976,969 -17.5
1,631,966
Texas-Austin
52,256,943 -21.9
40,815,129
Dallas
14,432,892 -35.0
9,388,158
Forth Worth..
4,671,000 -38.5
2,875,000
Galveston
4,971,618
5,111,606 -2.7
La.
-Shreveport.
1,529,669
48,674,243
13,897,152
4,834,000
5,199,880
1,641,196
48,440,831
13,682,313
7,002,000
4,377,175
74,134,944
75,143,515
Twelfth Feder al Reserve D istrict-San Francl see...
51,680,930
42,235,199
55,180,772 -23.5
-Seattle_
Wash.
13,300,000
11,394,000
13,814,000 -17.5
Spokane
1,257,353
954,194
1,439,754 -33.7
Yakima
38,333,207
38,223,971
50,208,660 -23.9
Ore,
-Portland..
17,579,703
18,035,025
19,726,955
Utah-S. L. City
3,084,469
3,449,779
3,492,199 --11.7
-Fresno
Calif.
8,657,765
7,860,368
9,742,395 --19.4
Long Beach
Los Angeles... 209,985,000 244,408,000 --14.1 250,658,000
24,158,360
16,042,113
21,286,533 --24.6
Oakland
8,644.292
6.173,145
8,510.588 --27.5
Pasadena
7,101,304
6.756.195
8,020,507 --25.8
Sacramento_ _ _
5,710,746
6,340,418
7,018,336 --9.7
San Diego_ _ _ _
Francisco_ 203,605.419 214,002,467 --4.9 287.091.000
San
3,213,904
3,220,908
3,536.103 --18.9
San Jose
1,798,817
2,184,120
1,899,957 +15.0
Santa Barbara_
2,411,052
2,424,022 --17.6
1,998,525
Santa Monica.
2,738,500
1,984,600
2,627,000 --24.5
Stockton
46,720,204
12,452,000
1,433,358
45,391,990
17,512,580
3,239,098
7,718,288
197,201,000
18,645,128
7,415,708
7.085,522
4,808,009
189,372,000
2,213,708
1,398.013
2,164,543
2,924,400
Total(7 cities).
Total(10 cities)
Total(5 cities).
122,086,320
198,008,600
59,681,871
127,867,763
-4.5
78,449,410 -23.9
Total(17 cities) 580,077,669 667,338,248 -13.1 727.784,712 567.695.549
Grand total (126
10 777535355 13 130 564459 -18.0 13591248899 10 566885417
cities)
Outside N.Y.-- 4,082,668,319 4,644,630,718 -12.1 4,809,003,491 4,412,253,127
Week Ended May 15.
193,669,291
Total(8 cities).
I
a
7,145.000
4,455,022
83,001,361
144,471,807
18,141.600
2,236,541
6,487,125
190,799,139
1928.
Eighth Federa I Reserve Dis trIct-St,Lo uis6,426,200 -12.9
6,305,664
Ind.
-Evansville.
Mo.-St. Louis.. 136,000,000 144,000,000 -5.6
38,814,667 +2.9
39,940,296
Ky -Louisvle.
383,251 -14.8
326,940
Owensboro....
22,897,486 -16.7
-Memphis
19,047,995
Tenn.
14,979,989 -14.2
12,855,397
-Little Rock
Ark.
413.816 -46.1
223,253
III.- Jacksonville
1,355,220
1,524,879 -11.1
Quincy
631,012,550
Fourth Feder at Reserve D istriet-Clev
Ohio-Akron....
5,882.000
8,343,000
Canton
5,006,725
6,014,900
Cincinnati_-67,361,387
81,833,219
Cleveland
153,405,456 185,137,482
Columbus
17,266,400
17,786,300
Mansfield
2,089,706
2,514,151
Youngstown - 5,892,821
7,309,590
Pa -Pittsburgh. 186,983,483 204,745,187
Inc.or
Dec.
1930.
1929.
Inc.or
Dec.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort WilliamNew Westminster
Medicine Hat...
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
$
139,625,237
126.406,908
37,926,055
17,679,364
7,089,605
8,699,431
3,066,701
6,089,044
8,225,627
1,469,610
2,461,191
3,101,681
6,560,999
3,929,200
507,478
560,489
2,154,735
916,553
1,129,611
778,921
939,119
298,178
857,066
979,604
1,112,382
5,187,968
365,555
1,063,355
700,580
654,507
693,507
$
169,112,047
155,978,858
68,479,321
25,716,367
8,567,536
7,107,399
3,603,782
7.033,140
13,352,497
2,928,981
3,028,194
3,304,760
7,723,453
5.650,155
629,810
688,352
2,591,898
1,332,244
1,410,908
1,040,080
1,051,027
420,839
936,062
1,250,066
1.290.626
7,202,682
481,028
907,360
841,827
768,024
755,091
Total(31 cities)
389.230,261
505,184,414 -22.9
•Estimated.
t.,,10.411.M0005004O.000000,—,0.00C,00..MW.0,t..0.4,W
647,040/876
4
:4. •4,4,61
Total(10 cities)
1,687,724
4,210.305
1,356,063
2.017,066
597,000,000
4,851,808
6.173,408
4.985.771
1,763,454
7,166,061
1929.
Seventh Feder al Reserve D !strict Chi cago331,377
300,010 -14.9
255.366
Mich.
-Adrian..
934,125
994,206 -11.9
875.406
Ann Arbor-___
199,206,949 241,036,628 -17.3 221,618,027
Detroit
9,649,286
7,624,151 -22.9
5.879,785
Grand Rapids_
3,642,000
4,258,000 -19.8
Lansing
3,417,000
8,552,630
4,556,411 -14.3
3,906,551
-Ft. Wayne
Ind.
27,306,000
29,670,000 -13.9
25,553.000
Indianapolis...
3,847.000
3,344,936
3,387,032 -1.3
South Bend_ _ _
5,901,597
6,166,254 -10.0
5,549,890
Terre Haute_ _ _
47,659,021
31,972,442
39.011,929 -18.0
Wis.-Milwaukee
2,777,755
3,232.137 -8.3
2,963,202
Iowa-Ced. Rap_
10,907,461
10.957,486 -18.6
8,913,349
Des Moines_ _ _
7,062,638
7,286,685 -10.4
6,531,999
Sioux City....
1,559,994
1,958,408 +12.1
2,176,799
Waterloo
1,900,829
2,054,998 +7.6
2,210,093
-Bloomington
Ill.
607,040,295 710,562,387 -14.7 779,592,948
Chicago
1,335,523
1,447,278 +7.7
1,559,277
Decatur
5,977,987
6,757,311 -27.7
4,885,888
Peoria
4,213,746
4,580,593 -19.1
3,707,834
Rockford
3,086,471
2,876,412 +11.7
3,213,153
Springfield....
SUMMARY OF BANK CLEARINGS.
Week Ended May 17.
3661
FINANCIAL CHRONICLE
MAY 24 1930.]
1928.
1927.
$
206,540,396
154,321,231
76.442,247
20,211,165
9,265,156
6,013,763
3,513,317
6,568,947
11,963,967
3,010,927
3,682,085
3,899,453
6,950,030
4,489,967
616,882
863,830
2,415,011
1,037,114
1,333.864
980.057
845,437
471,436
856,974
940,242
1,242,033
5,595,917
386,692
962,544
831,590
835,608
730,738
$
125,281,355
131,570,241
44,695.375
17,704,370
8,224,125
6,252,129
2,999,106
5,733,088
6.649,731
2,863,837
2,478,451
3,344,296
5,408,456
4,288,522
628,012
564,850
1,948,950
1,123,982
1,171,025
1,000,659
826,324
321,810
887,531
1,018,472'
1,135,289
5,686,733
377.077
815,982
866,289
878,604
732,162
537,818,620
387,576,833
3662
FINANCIAL CHRONICLE
[VoL. 130.
Condition of National Banks March 27 1930.
-The statement of condition of the National banks under the Comptroller's call of March 27 1930 has been issued and is summarized below. For purposes of comparison, like details for previous calls back to and including March 27 1929 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON MARCH 27, JUNE 29, OCT. 4
DEC. 31, 1929 AND MARCH 27 1930.
Mar. 27 1929 June 29 1929
7.575 Banks, 7,536 Banks.
Oct. 4 1929
7,473 Banks.
Dec. 31 1929 Mar.27 1930
7.408 Banks. 7,316 Banks.
Resources$
$
$
$
Loans and discounts (including rediscounts)-a
14.849,926,000 14,801.130.000 14,961.877.000 15,150,046.000 14,648%53,000
Overdrafts
12.257,000
15,533.000
10.193.000
10,181.000
9.943,000
United States Government securities owned
3,096,760.000 2.803.860.000 2,704,874,000 2,612,087.000 2,722,843.000
Other bonds stocks, securities, &c., owned
3.973,995,000 3,852.675.000 3.741,014.000 3,845,756,000 3,832.829.000
Customers' liability account of acceptances
484,728.000 617,515.000
397,333.000
472.486.000
519,530.000
Banking house, furniture and fixtures
746,419.000
747.684.000
726.267,000
766,193.000
765.866,000
Other real estate owned
121.684.000
126,903.000
118,839.000
123.613.000
125,823,000
Reserve with Federal Reserve banks
1,404.528.000 1.344,951,000 1,320,427.000 1,348.046.000 1.363.651.000
Cash in vault
363,491.000
298.003.000
347.362.000
393.330.000
350.641.000
Due from banks
3,385,661.000 2,569.098.000 2,970.190.000 3.413,047.000 2,507.770.000
Outside checks and other cash items
69,921.000
70.095.000
72,290.000
93,034.000
45.106,000
Redemption fund and due from United States Treasurer
32.854,000
32,740.000
32,786,000
32,928,000
33,025,000
Acceptances of other banks and bills of exchange or drafts sold with endorsement
188.925.000
247.867.000
164,866,000
230,961,000
203.966,000
Securities borrowed
21.929.000
20.186.000
35.425,000
26,985,000
18.000,000
Other resources
196.573,000
221,270,000
208.575.000
218.761.000
200,752,000
•
Total
29.021.912.000 27,440,228.000 27,924,310.000 28,882.483,000 27,348,498,000
Liabilities
Capital stock paid in
1,633,271,000 1,627.375.000 1.671.274.000 1,704,473.000 1.704,408,000
Surplus fund
1,528.326,000 1.479.052.000 1,515.241,000 1.548.376.000 1.553.544,000
Undhided profits
-net
538,744,000
555,873.000
487,504.000
497.043.000
541,195,000
Reserves for dividends, contingencies, &c
61.759,000
80.832.000
67.271.000
91,911,000
79,467,000
Reserves for interest, taxes, and other expenses accrued and unpaid
86.475,000
80.700.000
73.968.000
71.931.000
88.759,000
National bank notes outstanding
641,104.000
647.848.000
649.452,000
646,420.000
649,703,000
Due to banks
3,498,397.000 2,548,482,000 2,829.960.000 3.146.301.000 2,762,093,000
Demand deposits
10,934.994,000 10,504.268,000 10,568,012.000 11.089,432.000 10.163.225,000
Time deposits (including postal savings)
8,166.596,000 8,317.095.000 8.301.751,000 8,434,442.000 8,514,864.000
United States deposits
202,274.000
103,318,000
272,893.000
228,243.000
200.796,000
Total deposits
22,872,880,000 21,598,088,000 21,901,997,000 22,773,493.000 21,640,978,000
Agreements to repurchase United States Government or other securities sold
41,690,000
53.451,000
49,660,000
31,981.000
10,123,000
Bills payable and rediscounts
657,572.000
545,587,000
714.507.000
703.812.000
225.654,000
Acceptances of other banks and bills of exchange or drafts sold with indorsement
164.866.000
230,961.000
247.867,000
188,925.000
203,966,000
Acceptances executed for customers
392.623,000
626,497.000
473.509.000
479.931.000
523.194.000
Acceptances executed by other banks for account of reporting banks
12.538,000
20.918,000
20.618.000
18,648,000
11,304.000
Securities borrowed
35,425.000
21,929,000
26,985.000
20,186.000
18.000,000
Other liabilities
79,922.000
74,287.000
117.890,000
83.467.000
98.203.000
Total
29.021.912.000 27.440,228.000 27.924.310,000 28.882,483,000 27,348,498.000
Details of Cash in Vault
Gold coin
Gold certificates
All other cash in vault
Details of Demand Deposits
Individual subject to check
Certificates of deposit
State, county and municipal deposits
Other demand deposits
Details of Time Deposits
State, county and municipal deposits
Certificates of deposit
Deposits evidenced by savings pass book
Time deposits, open accounts, Christmas saving accounts, 8tc
Postal savings
Deposits of other banks and trust companies located in United States
Foreign countries
Percentages of Reserve
Central Reserve cities
Other Reserve cities
All Reserve cities
Country banks
Total United States
a Includes customers' liability under letters of credit.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 7 1930:
16,105.000
39,159.000
308,227.000
15.237,000
35,689,000
207,097,000
15,572,000
32,612.000
299.178.000
15,273.000
37,847.000
340,210.000
14,762,000
32,695,000
303,184,000
9,615,080,000 9.071.077,000 9,382.903.000 9,839,311.000 8,844,610.000
153,454,000
149,107.000
140.268.000 147.229,000
133.641.000
1.015,157,000 1,104.247.000
963.389.000 1,080,117.000
882,509.000
151,303.000
179.837,000
162,332,000
139.503,000
124,857,000
287,971.000
344.493.000
325,965.000
388.178.000
458.441,000
1,334.715.000 1,290,947.000 1.297.944.000 1.308.242,000 1.334.398,000
5.922.568.000 6,089.637.000 5,978.300.000 6,024.199.000 6,041.194,000
478,180,000
422.003.000
496.996.000
416.676.000 499.517.000
91.087.000
88,569.000
94.336.000
96,767.000
100,880.000
1 52,066.000 I 54.789.000
78.200.000
76,381.000
84,762,000
30,010.000
i 26.657.000
53,736,000
65,935,000
11.43%
7.37%
8.86%
4.88%
6.92%
11.36%
7.20%
8.60%
4.86%
6.77%
11.05%
7.24%
8.52%
4.93%
6.72%
11.23%
7.19%
8.62%
4.93%
6.85%
10.99%
7.15%
8.46%
4.87%
6.74%
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Apr.30 Apr.22 Apr.15
Notes in circulation
17390
17332
17366
Silver coin and bullion in India
11060
11003
11037
Silver coin and bullion out of India
Gold coin and bullion in IAdia
3227
3227
5227
Gold coin and bullion out of India
Securities (Indian Government)
3073
3072
50V7
Securities (British Government)
30
30
30
The stocks in Shanghai on toe 3rd .nst. consisted of about 97,900.000
ounces in sycee, 144.000,000 dollars, 17.100.000 Saigon dollars, and 13,840
silver bars, as compared with about 97.600 ounces In sycee, 144.000,000
dollars 18,100,000 Saigon dollars,and 14,980 silver bars on the 26th ultimo.
Quotations during toe week:
-Bar Silver per Os. Std.
- Bar Gold per
Cash.
2 Mos.
Ounce Pine,
May I
1930.
19 7-166.
84s. lid.
May 2
1954d.
195-16d.
84s. 1134d,
May 3
1934.d.
197-16d.
84s. 11)-d.
May 5
'Med.
19M d.
84s. 11d.
May 6
1934d.
191-16d.
84s. 11)4d.
May 7
197-16d.
195i d.
84s. 11Hd.
Average
19.479d.
19.417d.
848.11.42d.
Toe silver quotations to
-day for cash and two months' delivery are
each 3-I6d. below those fixed a week ago.
GOLD.
The Bank of England gold reserve against notes amounted to £163.341,964 on the 30th ultimo (as compared with £162,887,487 on the previous Wednesday), and represents an increase of £17,381,880 since the
first of January last.
On the 1st inst. the Bank of England lowered its official rate of discount
from 3% to 3%.
The week has seen a substantial efflux of gold to France, and besides
withdrawals from the Bank of England a large proportion of the gold
offered in the open market was also acquired for that country. There
watt in consequence a good demand for the £837,000 of South African gold
available yesterday and the price was fixed at 84s. 11 lid. per fine ounce.
Franbe secured £515,000 and Germany 1208,000. bids from the latter
quarter being mostly limited to lower prices. The balance was divided
between India (E60,000), the Home trade (£24,000), and the Continental
trade (ammo).
Movements of gold at the Bank of England have resulted in a net influx
of £223,057 during the week under review. Receipts totalled £3.350.000,
composed of £3,050.000 in sovereigns from Australia and £300.000 in
sovereigns from South Africa. Of the withdrawals, amounting to £3.126.943, about £3,100,000 was in bar gold for France.
The following were tne United Kingdom imports and exports of gold
PRICES ON PARIS BOURSE.
registered from mid-day on the 28th ultimo to mid-day on the 5th inst.:
Exports
ImportsQuotations of representative stocks on the Paris Bourse
£436.500
Australia
mocc000 Germany
14,947 as received by cable each day of the past week have been
British South Africa
711,935 France
20,460 as follows:
British West Africa
47.646 Switzerland
10,137
Irish Free State
8,600 Spain
May 17 May19 May20 May21 May22 May23
47.508
Other countries
Bonds863 British India
Francs. Francs, Francs. Franca. Francs. Francs.
6,793 French Rentee 3%
Other countries
Perpetual-88.25 87.75 88.25 88.45 87.95
French Rentee
102.25 102.20 102.30 102.40 102.35
£536,345 French Rentes 4% 1917
£2,769,044
5% 1915-16
101.00 100.95 101.40 101.90 101.40
The Southern Rhodesian gold output for the month of March last
Banks
amounted to 45.511 ounces, as compared with 43,385 ounces for February Banque de France
24,145 23.880 24,230 24,160 23,865
1930 and 47,388 ounces for March 1929.
Banque de Paris et des Pays Bea3,020 3,005 3,045 3.020 3,005
Credit Lyonnais
SILVER.
3,240 3,205 3,240 3,240 3,220
Canal
The market has developed an easier tendency. China has continued a Canal Maritime
de Suez
from America
18,810 18,650 18,775 18,790 18,625
seller at current rates and offerings from this quarter and
Raliroadhave more than offset the demand from the Indian Bazaars. The latter
de
2,470 2,455 2,465 2,470 2,450
have continued to buy but the demand has been less insistent and orders Chemin- fey du Nord
Mines
have again been limited to prices rather below those fixed. Quotations Mines de Courrieree
1,534 1,519 1,524 1,534 1,613
have. in consequence, shown a tendency to sag and have ruled at a slightly Mines de Lens
1,241 1,233 1.245 1,247 1,229
lower level than that of last week
The following were the United Kingdom imports and exports of silver Soc. Miniere and Metallurgique. HOLI- 1,025 1,013 1,010 1,010 1,000
Union des Mince
DAY 1,512 1,505 1,509 1,511 1.510
registered from naid-day on the 28th ultimo to mid-day on the 5th inst.:
Public Utilities
Exports
ImportsCie. Generale d'Electricite
3,600 3,585 3,635 3,620 3,570
£119,193 Soo. Lyonnalse des Ea=
France
£138,024 British India
3.495 3,490 3,520 3.505 3,450
12,986 Cie. Franc:dee dee Procedes
countries
United States
34,299 Other
Thomson-Houston
Belgium
43,644
983
998
096
1,022 1,001
Union d'Electricite
Switzerland
27,300
1,406 1,413 1,410 1,412 1,410
Mexico
43.5.6
IndustrialTrefileries & Laminoirs du Havre
British West Africa
9,277
2,200 2,195 2.220 2,220 2,185
Other countries
Societe Andre Citroen
38
982
980 1,001
963
950
Ste. Franealse Ford
317
310
318
310
310
£132,179 Coty S. A
£296,108
1,065 1.055 1,035 1,030 1,025
MAY
IndustrialsPechiney
nth' Liquide
Etablissernents Kuhlmann
Galerles Lafayette
oil
Royal Dutch
3663
FINANCIAL CHRONICLE
24 19301
May 17 May 19 May 20 May 21 May 22 May 23
Francs. Francs. Francs. Francs. Francs. Francs.
3,355
3,385
3,385
3,355
3,390
2,015
2,040
2,055
2,030
2,050
1.030
1,042
1,043
1,040
1,052
180
ISO
178
178
178
4,120
4,140
4,160
4.170
4,160
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.
May May May May
23.
21.
22.
20.
Per Cent of Par
116
116
116
117
116
116
Ang. Deutsche Credit(Adea) (8)
176
177
179
177
179
178
Berlin. HeadeIs Gm.(12)
153
153
153 153
153 154
Commerz-und Privat-Bank (II)
255
233
233
235
234
232
U. Nationslbank (12)
Darmstaetiter
141
143
142
142
143
142
Deutsche Bank u. Disconto Gus.(10)
143
143
143
143
143
143
Dresdner Bank (10)
301
301
302
300 300 300
Reischsbank (12)
106
108
106
108
110
Algemeene Kunstzlide Unie(Aku)(18)__ _ _ 110
171
171
170
172
173
173
Aug. Elektr. Ges. (A.E.G.) (9)
227
23034 23034 22934 22934 226
Ford Motor Co., Berlin (10)
140
140
140
140
140
141
Gelsenkirchen Bergwerk (8)
169
166
163
170
167
169
Gesfuerel (10)
114
115
115
115
115
116
Hamburg-American Line (Ilapag)(7)
140
139
140
140
140
140
Hamburg Electric Co.(10)
59
Heyden Chemical (5)
126
125
125
126
127
126
Harpener Bergbau (6)
142
143
144
145
142
141
Hotelbetrieb (12)
190
187
186
188
189
188
3.0. Farben-Indus.(Dye Trust)(14)•
157
139
160
156
155
1.2
Kali Chemle (7)
134
133
133
136
136
136
Karstadt (12)
110
110
109
110
110
109
Mannesmann Tubes (7)
116
114
115
115
116
116
North German Lloyd (8)
100
100
100
100
100
99
Phoenix Bergbait (314)
298
296
297
298
298
293
Polyphonwerke (20)
182
181
182
182
182
183
Rhein, Westf. Elekt.(It. W.E.)(10)
117
118
118
118
117
117
Sachsenwerke Licht U. Kraft (734)
250
255
258
257
254
251
Siemens & Ilalske (14)
105
105
104
105
105
103
Stoehr & Co. Kammgarn Spinnerel (10)
158
156
157
158
159
151
Leonhard Tietz (10)
98
98
98
08
98
(United Steel Works)(6)_. 97
Ver. Stahlwerke
* Proposed.
May
17,
May
19.
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
,
-The Brotherhood Co-Operative National Bank of Tacom"
May 12
Wash., to
"The Washington National Bank in the City of Tacoma."
VOLUNTARY LIQUIDATIONS.
Capital.
$25,000
-The First National Bank of Lamar, Ark
May 12
Effective April 29 1930. Liquidating agent, R. C.
Temple, Lamar, Ark.
Absorbed by the Farmers National Hank of Clarksville.
Ark., No. 11580.
100,000
-The Labor National Bank of Great Falls, Mont
May 13
Effective April 30 1930. Liquidating agent, Ben S.
Hill, Great Falls, Mont.
Absorbed by Conrad Banking Co., Great Falls, Mont.
-The Merchants National Bank of Burlington, Iowa-- - 100,000
May 15
Effective May 12 1930. Liquidating agents, C. J.
Artz and J. L. Edwards, Burlington, Iowa.
Absorbed by First Iowa State Trust & Savings Bank,
Burlington Savings Bank, American Savings Bank
& Trust Co., and Farmers & Merchants Savings
Bank (all located in Burlington).
CONSOLIDATION.
25,000
-The Onida National Bank, Onida, S. Dais
May 12
25.000
First State Bank of Onida, S. Dak
The
Consolidated under Act of Nov. 7 1918. as amended
Feb. 25 1927, under the charter and corporate title
of "The Onida National Bank." No. 12777, with
capital stock of 825,000.
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
.
.
100 Brixton Develop. Corp.(N.Y.)
$2,250 lot
com, no par
180 Metals Chemical Co., Ltd.
$21 lot
(Ontario) par $1
15734 Trinity Seeur. Co. of Del.,
85101
corn.. 20% paid, no par
115 Trinity Secur. Co.of Del., pref.
110101.
20% paid, no par
1,000 Federal Royalties Co., Inc. of
S300 lot
Del.. corn., Par $10
30,000 Ariz. Ray Cop. (Ariz.)
Shot
par 10c
18,000 Muddy Creek 011 (Wyo.)
$3 lot
par $1
10,000 Black Range MM. (Ariz.),
$77 lot
par 51
238 F. W.Poe Mfg.Co.(S. C.)_ _ _ _ 28
121 Enoree Mills, Pref. (S. C.) _$41 la
50 Leefro Realty Corp., par $10 _51C1 lot
5 Rockland & Rockport Lime
33
Corp., 1st pref
Sundry sects reedy. aggregating
approximately $7.557.64_51,200 lot
10 Interstate Co., pref.; 22 com_595 lot
50 U. S. Rayon Corp., Pref. no par;
$45 lot
50 corn., no par
20 Interstate Co., pref.; 44 corn_
$185 lot
no par
Per Cent.
Bonds$10,000 Edgewood Pub. Co., Inc.,
bonds, due May 1, 1933,
6%
May 1930 & subs. coup. attached; 200 Edgewood Pub. Co..
$125 lot
Inc., par $10
By Wise, Hobbs & Arnold Boston:
$ per Sh.
$ per Sh. Shares. Stocks.
Shares. Stocks.
20 Chain & General Equities, Inc..
25
25 Exchange Trust Co
834
Corn
153
10 Boston National Bank
95 Wickwire Spencer Steel Corp..
153
10 Boston National Bank
$5 lot
Corn. vet, trust ctfs
Associated Textile Co's. as follows:
15 New Bedford Cordage Co.. par
5 at 35: 5 at 35; 2 at 35; 5 at 3634
21 ox-div.
525
88
5 Naurnkeag Steam Cotton Co
102% 129 Springfield Gas Light Co.(free)
6 West Point Mfg. Co
6034-61
Par 125
14 20-30 B. B.& R. Knight Corp.,
45e 100 General Utilities Co., corn.: 5
corn. class C, vet, tr. ctfs
$2 lot
pref
614
123 Tremont & Suffolk Mills
25 F. S. Emery & Co., Inc., pret_ _ 70
70
18 Charlton Mills
37
110 United Securities Trust Assoc
1 Berkshire Fine Spinning Asso6434 3 Land & River Co., corn.; $36.88
ciates, pref
corn. scrip; 113 3rd pref.; $47.50
98
Co
The price of silver in New York on the same days has been: 44 Cabot Mfg.
3rd pref.: 547.50 3rd pref. scrip-51 lot
331
12 Everett Mills
20 Simbroco Stone Co., pref., par
10 Berkshire Fine Spinning AssoSilver in N. Y., per as.(eta.):
$10: 20 Simbroco Stone Co., com_52 lot
8414
4034
ciates, pref
4034
4034
4034
4034
4034
Foreign
150 Amer. Core Twine Trustees, par
5 Berkshire Fine Spinning Asso510: 49 Austin Coke A: Coal Co.;
65
ciates, pref
1 Converse Rubber Shoe Co.,
1
7 Boston Mfg. Co., prof
pref.; 14 Worcester Investment
1 Federal Wat.Sexy. Corp.,$6 pfd_ 85
Trust, pref. carrying 3 shs. corn.;
_ _ 4214
17 Old Colony Trust Associates..
10 Androscoggin & Kenneb2e Ry.
100 United Investment Assurance
Co. 2nd pref. (ctf. of beneficial
434
Trust (Founders Shares)
New York City Banks and Trust Companies.
Int.); 2 Bank Stocks of aid., corn.
12 special units First Peoples Trust _ 3
All prices dollars Per share.)
class A: 5 Bank Stocks of leid,
10 New Bedford Gas Sr Edison Light
corn., Cl. B, par 510; 4 Bank
11414-115
Co., par $25
Trust Companies.
Banks.
Stocks of aldg., pref., par $50;
7 Malden & Melrose Gas Light Co.,
New York (Concl.)- Par fAcl Ask
Par Bid Ask
New York90 Coca Cola Bottling Corp., pfd.
37
20 68
74
Par S25
Co Trust
25 132 134 Bronx
Am erica
of Mass.: 15 Coca Cola Bottling
100 Shawmut Bank Investment
20 390 393
100 110 120 Cent Hanover Bk & Tr
American Union.
Corp.,com .; 1.000 Goldfield Deep
30-3014
& Trust
25 50 54
Trust
Broadway Nat 13k dc Tr_100 112 120 Chelsea Bank az Trust 10 75
Mines (12 assessments paid), par
Gas& Edison Light
23 New Bedford
76
52 Chemical Bank
20 47
Bryant Parke
Sc.: 250 M. V. Allweather Train
115
Co., par 525
20 163 169 Continental Bk & Tr ._ 10 3612 3712
$30 lot
Chase
Control
$I lot
20 223 22414 50 Laconia Car Co., corn
Corn Each Bk & Trust
Chat Phenix Nat Ilk & Tr 20 138 140
2338 233
Rights
4
Commercial Nut Bk & Tr 100 515 525
Day & Co., Boston:
By R. L.
100 223 227
100 3250 3450 County
$ per SS.
Fifth Avenues'
$ per Sh. Shares. Stocks.
234 2414 Shares. Stocks.
Rights
100 5850 5950
First
10 Nat. Rockland Bank, par S20_10634
153
92
20 84
25 Boston National Bank
Empire
1934
100 600
Grace
3 units First Peoples Trust
100
20 13312 13412 6 Federal Nat. Bank. par 820
Harriman Nat Ilk & Tr_100 1450 1600 Equitable
1 New England Power Assn., pref. 92
100 630 660
25 13k. of Commerce & Trust Co.
100 185 200 Fulton
Industrial
& Knight Mfg. Co.. Pf- 57
100 Grafton
38
100 770 772
with rights, par $20
100 132 142 Guaranty
Lefeourt Nat Bk dr Tr
10 United Securities Trust Assoc.__ 37
20
100 175 185
50 Indian Orchard Co
100 125 135 Hibernia
Liberty Nat Ilk & Tr
734 160 National Service Co., pref___29-333'4
20 54
57
50 Lancaster Mills, pref
20 19712 199 International
National City
pref 4114
10334 20 Heywood Wakefield Co.. let
25 43
1 West Point Mfg, Co
48
100 98 106 Internal Mad Bit & Tr
Penn Exchange•
514 100 Rand Avery Supply Co., corn. 5914
20 5234 543
4 10 Union Mills, Inc
57 Interstate
10 47
Port Morris*
par 525
23%
10 6012 61.
65 Arlington Mills
25 140 143 Irving
Public Nat Ilk & Tr
5 Huntington Chambers Trust____ 86
84
4 Naurnkeag Steam Cotton Co
30
Seward Nat Bank & Tr_100 118 128 Lawyers
7134 25 Board of Trade Building Trust__ 31
121 135 136
;10 Androscoggin Mills
52 Manhattan
Sterling Nat Ilk & Tr_ _ _25 47
5034 13 New Bedford Storage \Niue Co__
25 134 136
20 Merrimack Mfg. Co., corn
Straus Nat Bk & Tr_ _ _100 270 290 Manufacturers
.
66 Mutual (Westchester)_100 295 425
Steam Cotton Co_ _85-88
25 3
7
20 Naumkeag
25 641
Per Cent.
United States.
Bonds253.4
298
15 Harmony Mills, pref
180 N Y Trust
100
Yorkville
$300 Boston Worcester & N. Y. St.
14
100 180 200
180 Pacific
25 York Mfg. Co
100
Yorktown•
3134% flat
Ity. 5s. Nov. 15 1947
75
100 108 118
Plaza
20 Pilgrim Mills
Brooklyn
$5,000 National Service Co.frs, Dec.
75
80-100 Berkshire Fine Spinning As50 113 118 Timm Square
Brooklyn
9734
1932
1734
121 158 160
67
sociates, common
100 475 600 Title Guar &Trust
Peoples
$7,100 Jacksonville (Fla.) Tree.
Ry. Co.,
100 4375 4450
United States
50 Worcester Consol. St.
I% flat
1935
Co., 5s Sept.
83.1
Westchester
100 1000 1100
1st preferred, par 580
Trust Companies.
3350 Eastern Mass. St. Ity. Co. 56,
BrooklynPar
10 Boston & Maine RR.. common,
New York4334 & int
Jan. 1948,series /3
90
Brooklyn
100 815 830
unstam ed
American10
2
1
190
Banca Conunerciale Ital_100 353 358 Globe Bank & Trust ___ _100 3
By Barnes & Lofland, Philadelphia:
24 10
00 310
1
5 Per $h.
Bank of N Y & Trust_ -100 750 770 Kings Co
$ per Sh. Shares. Stocks,
Shares. Stocks.
100 21'
10 16312 16412 Midwo_od
0
Bankers
13534 5 United Security Life Ins. & Tr.__250
10 Pella. Nat. Bank, par 120
10 Broadway Merchants Tr. Co.,
305
•Hata banks. 1 New stock. z Ex-dh Wend. a Ex-stock div. u Ex-rights.
First Nat. Bank, Chester, Pa.
5
58
Camden, N. S., par 520
53 Adelphla Bk.& Tr. Co., par $10, 1234 2 Camden Safe Deposit & Tr. Co.,
Bk. & Trust
Corn Exch.
-The following information regarding 15Co., par $20 Nat.
National Banks.
123% Camden, N. J.. par $25Camden,18534
West
national banks is from the office of the Comptroller of the SOBS of Phila.& Tr.Co., par $10... 23 40N.J.,Jersey Trust Co.,
80
par $20
6014k.of Phila. & Tr. Co., par $10. 2234
Currency, Treasury Department:
8 U.S. Acceptance Corp.. v. t.c. no
Bk.& Tr. Co.,
84 Commercial Nat.
4
par
28
APPLICATION TO ORGANIZE RECEIVED WITH TITLE
par $10
100
169 Abcrfoyle Mfg. Co., corn
REQUESTED.
Capital.
C Tradmmens Nat. Bk. & Tr. Co _415
5 Phila. Co.for Guar. Mtge, par $20 37%
Co__ _403
$10,000 1 Trad &miens Nat. Bk & Tr.
-The Citizens National Bank of Humboldt, Nob
May 15
5 Phila. Co.for Guar. Mtg.,par $20 3734
70
50 Bankers Trust Co., par $50
Correspondent, Lloyd W. &alder, Humboldt, Neb.
5 Phila. Co.for Guar. Mtg., par $20 37
20 Kensington Tr. Co.. par $50_350
APPLICATION TO ORGANIZE APPROVED.
4 Catawissa RR., 1st pref.. par 850_ 44
par
Ins.on Lives, drc.,
50,000 2 Pa. Co.for
-The First National Bank of Hickman, Ky
May 15
10614 8 Catawlasa Rit.. 2d pref.. Oar 550_ 44
$10
Correspondent, W.B. Amberg, Hickman, Ky.
31 Constitution Indemnity Co., par
5 Sixty-Ninth St. Term.Title & Tr.
1234
$10
ISSUED.
120
CHARTERS
Co., par $50
20
4 I3ourse, common
25,000 70 Real Estate Land Title & Tr. Co.
-First National Bank in Orosi, Calif
May 12
Per Cent.
Bonds4134
President, it. J. MacKenzie; Cashier, H. A. Collin,
par $10
$2,000 Manor Theatre, Prospect
200,000 10 Franklin Trust Co., par $10_ 58
-The Security National Bank of Huron, S. Dais
May 13
8034
Park, Pa., 1st 6s, 1932
4
President, F. D. Greene; Cashier, C. W. Bolder.
60 Plaza Trust Co., par $10
Bank in Mobridge, S. Dais
50,000
-First National
May 16
By A. J. Wright & Co., Buffalo: Stocks.
President, P, W Schirber; Cashier, H. A. Swenson.
per Sh.
5
S Per Sh. Shares.
Shares. Stocks.
CHANGES OF TITLE.
90c.
100 Premier Gold Minus, Pax $1
Creighton Fairbanks Mines,
-The Second National Bank of Allegheny, Pittsburgh, Pa., to 500
12 lot
$1 lot 100 Assets Realization Co
May 12
Ltd., par $I
Second National Bank of Pittsburgh."
"The
Wed.,
Thurs.,
Fri.,
Tues.,
Mon.,
Sat.,
May 19. May 20. May 21. May 22. May 23.
May 17.
1814
1814
1834
18 13-16
1811
Silver, p. oz_d_ 19
Gold, p.fine oz. 843.111.40. 84s.1114d. 84s.11d. 848.1134d. 84s.1134d. 84s.11%d.
5534
5534
5534
5534
5534
Consols,2% %_
102
102
102%
102
101%
British, 5
9714
9734
97%
9794
British, 4147. ____
9734
French Rentes
88.00
88.35
87.95
87.70
88.05
(in Paris)-frFrench War L'n
101.40
101.30
101.35
100.90
100.95
(in Paris)_ fr_ ___
goininercialandmisceltaixeonsBMUS
3664
FINANCIAL CHRONICLE
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:
[VoL. 130.
Per
1Vhen
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Commercial Invest. Trust, corn.(guar.)..
40e. July
Common (payable in common stock)... 1134 July 1 Holders of rec. June Ba
1 Holders of rec. June 5a
7% first preferred (guar.)
134 July 1 Holders of rec. June 50
634% first preferred (guar.)
13.4 July 1 Holders of rec. June 5a
Convertible preference (guar.)
July 1
Continental Shares, Inc., corn.(guar.).- (z) July 1 Holders of rec. June 50
250.
Holders
Convertible pref. & pref.B (guar.).- 134 June 16 Holders of rec. June 12
of rec. June 1
Copper Range Co.(guar.)
"25c. July 15 "Holders of rec. June 16
Per
Crane Co. common (quar.)
TVhen
Books Closed
4334c June 16 Holders of rec. May 31
Name of Company.
Cent. Payable.
Preferred (guar.)
Days Inclusive.
134 June 16 Holders of rec. May 31
Crown Willamette Paper lot pref.(qui - $1.75
July 1 Holders of rec. June 13
Railroads (Steam).
Second preferred (guar.)
$1.50 July
Boston & Albany (guar.)
"2% June 30'Holders of rec. May 31
Crown Zellerbaeh Corp., corn,(guar.).- •250. July 1 fielders of rec. June 13
Cin. New On. do Tex. Pao., common.. '4 June
15 *Holders of rec. June 30
2 4*Holders of rec. June 6 Crucible Steel pref. (guar.)
134 June 30 Holders of rec. June 160
Consolidated RRs. of Cuba pref. (guar.) 1% July I
Curtis Mfg.,corn.(guar.)
Holders of rec. June 10
+6234c July 1 *Holders of rec. June 14
Cuba RR. common
51.20 June 27 Holders of rec. June 27
Curtis Publishing, corn. (monthly)
"50c. July 2 *Holders of rec. June 20
Preferred
3
Aug. 1 Holders of rec. July 15
David & Frere, Ltd.(Canada), el. A (qu)
57c.
Preferred
3
Feb2'31 Hold, of rec. Jan.15'31a Detroit do Cleve. Navigation (quar.)........ "200. June 16 Holders of rec. May 31
July 1 *Holders of rec. June 14
Kansas Oklahoma & Gulf, prof. A
3
June 2 Holders of rec. May 20
Detroit Motor Bus
"20e. June 14 "Holders of rec. May 29
Preferred B & C (No. 1)
3
June 2 Holders of rec. May 20
Dominion Glass, Ltd, corn. & pt. (qu.)..
Midland Valley, preferred
134 July 2 Holders of rec. June 16
31.25 Juno 2 Holders of rec. May 240 Dresser (S. R.) Mfg class A (guar.)...._
Mo.-Kansas-Texas, corn. (No. 1)
87)4c June 2 Holders of rec. May 21
51
June 30 Holders of rec. June 5
Class B (guns.)
50c. June 2 Holders of rec. May 21
Mobile & Birmingham, preferred
2
July 1 Holders of rec. June 2a Du Pont(E. I.) de NOM.at Co.com.(qu) $1
June 14 Holders of rec. May 29
Reading Company 2nd pref. (quar.)_ _
"50c July 10 *Holders of rec. June 19
Debenture stock (guar.)
134 July 25 Holders of rec. July 10
Elec. Controller & Mfg. corn. Marl
$1.25 July 1 Holders of rec. June 20
Public UtilitIes.
Elec. Stor. Batt. corn, & pref.(guar.)... $1.25 July 1
American Commonwealth Power Corp.
Holders of rec. June 7
Electric Trust of Budapest
Corn. A dr B (1-40th share corn. A)
1234 July 25 Holders of rec. June 30
2 pengoes per share of 25 pengoes
First preferred series A (guar.)
51.75 Aug. 1 Holders of rec. July 15
Equitable Invest. Corp. corn. A (quar.)_ 11 34 June 16 Holders of coup. No. 4
Holders of rec. May 29
$6.50 1st preferred (guar.)
$1.62 Aug. 1 Holders of rec. July 15
Famous Players Caned.Corp.,com.(qU-) *50c. June 23'Ho
36 1st preferred (guar.)
lders of rec. June 9
51.50 Aug. 1 Holders of rec. July 15
Faultless Rubber, coin. (guar.)
"62%0 July 1 "Holders of rec. June 16
Second preferred series A (guar.).
- $1.75 Aug. 1 Holders of rec. July 15
Feltman & Curme Shoe. pref. (guar.).--134 July 1 Holders of rec. June 1
Amer. Community Pow., 1st pref.(qu.)_ $1.50 July 1
First Nat. Stores, corn. (quar.)
Holders of rec. June 15
"62%c July 1 *Holders of rec. June 16
Preference (guar.)
$1.50 July 1 Holders of rec. JUDO 15
Ford Motor of Canada class A & B
$1.20 June 23 Holders of rec. June 2
American Telep. & Teleg. (guar.)
234 July 15 Holders of rec. June 20
Class A and B (extra)
30e. June 23 Holders of rec. June 2
Central Gas & Elec., 2d pref.(quar.)
51.75 July 1 IIelders of rec. June 18
Garnewell Company common (guar.).
- $1.25 June 16 Holders of rec. June 6
Central Ill. Pub.Serv $6 prof.(guar.).- *51.50 July 15 'Holders
Garlock Packing common (guar.)
30e. July 1 Holders of rec. June 14
Central Public Service Co., pref.(guar.)- $1.75 July 1 Holders of rec. June 30
General Alloys Co., coin.(guar.)
of rec. June 16
.20c. July 1 'Holders of rec. June 20
Cities Serv.Pow.& Lt., $6 p1.(mthly.)_ *50c. June 15
*Holders of roe. May 31
Preferred (guar.)
'1734 June 2 *Holders of rec.
57 preferred (monthly)
58 1-3c June 15 *Holders
General American Investors pref. (qu.)- '134 July 1 *Holders of rec. May 20
+134
June 20
Cense'. Gas, El Lt.& P., Balt.com.(qu.) *90c. July 1 'Holders of rec. May 31
General Asphalt common (guar.)
of rec. June 14
$1
June 16 Holders of rec. June 20
5% preferred series A (quar.)
4
.134 July 1 *Holders of rec. June 14
General Public(euatc; corn. (in stock)... "13
s erar feed S rv
p le rr
g
June 30 *Holders of rec. June 2
6% Preferred series D (quar.)
'13.4 July 1 *Holders of rec. June 14
*51.50 Aug. 1 *Holders of rec. July 10
534% preferred series E (guar.)
5.134 July 1
$5.50 preferred (quar.)
Aug. 1 *Holders of rec. July 10
Engineers Public Service Co.$5 p1.(qu.) $1.25 July 1 *Holders of rec. June 14
Holders of rec. June 170 General Railway Signal, common (qu.)
July I Holders of roe. June 10
$5.50 preferred (guar.)
51.375 July 1 Holders of rec. June 170
Preferred (guar.)
3311 July 1 Holders of rec. June 10
ii 5
General G.do E.corn. A & B (qu.)(No.1) "734c. July 1
"Holders of rec. May 29
Gilbert (A. C.)
+8734c July 1 *Holders of rec. June 20
$7 preferred A (guar.)
$1.75 July 1 Holders of rec. May 29a Gledner Cycie( Co., pref. (guar.)
Gola en Combine rester corn.(guar.)
C rn bin mr
o
g
50c. July 1 Holders of rec. June 16
$8 preferred A (guar.)
52
July 1 Holders of rec. May 290
"40c June 10 'Holders of tee .May 31
Houston Gulf Gas 7% pref.(guar.)
+134 June 1 'Holders of rec. May 15
Goodyear Tire & Rubber, corn.(guar.). *$1.25 Aug. 1 *Holders of rec. July 1
Illinois Power Co.6% pref. (guar.)
134 July 1 Holders of rec. June 16
Gorton Pew Fisheries Mar.)
*75c. July 1 "Holders of rec. June 20
7% preferred (guar.)
134 July 1 Holders of rec. June 16
Gotham Silk Hosiery common-Dividen d omit ted.
Indiana Hydro-Elec. Power pref.(qu.)
"134 June 16 *Holders of rec. May 31
Granger Trading Corp. (quar.)
+40c. June 21 *Holders of rec. Juno 6
Laclede Gas Light common (guar.)
"234 June 16 *Holders of rec. Juno 2
Grier (S. M.) Stores common (guar.)
5
.25e. June 16 *Holders of rec. June 2
Preferred
.
234 June 16 *Holders of rec. June 2
$7 preferred (guar.)
3311.75
.
*3 e June 16 *Holders of rec. June 2
Nassau & Suffolk Ltg. Prof.(quar.)
134 July 1
Gulf States Steel corn. (guar.)
July 1 *Holders of rec. June 16
New England Pub. Ser. $7 pr. pt.(qu.). $1.75 June 16 Holders of rec. June 16
Hall (C. M.) Lamp.(guar.)
Holders of rec. May 31
June 16 'Holders of rec. June 2
New England Telep.& Teleg.(guar.)._ _
2
June 30 Holders of rec. June 10
Ilarbauer Co., Prof.
"15.1 July 1 'Holders of rec. June 20
New York Water Service pref. (quar.)
(guar.)
$1.50 June 15 Holders of rec. June 5
Habirshaw Cable & Wire (guar.)
25c. July 1 Holders of rec. May 310
Niagara & Hudson Power, corn.(guar.)_ "10e. June
30 *Holders of rec. June 5
Helena Rubinstein, Prof. (guar.)
"750. June 2'Holders of rec. May 20
Pub. Serv. Corp. of N. J. cons.(quar.)..
85e. June 30 Holders of rec. May 31
Holland Furnace, pref
*3% July 1 'Holders of reo. June 16
8% preferred (guar.)
2
June 30 Holders of rec. May 31
Flolzbank (A. G.) Budapest)
7% preferred (guar.)
134 June 30 Holders of rec. May 31
1.80 pengoes per share of 15 pengoes
Holders of coup. No. 4
$5 preferred (guar.)
$1.25 June 30 Holders of rec. May 31
Hudson Motor Car (guar.)
$1.25 July 1 Holders of rec. June 11
6% preferred (monthly)
500. June 30 Holders of rec. May 31
Hungarian Gen'i Savings Bank
Pub. Serv. Elec. do Gas 7% pref. Marl *134 June 30
7 pengoes per share of 50 pengoes
*Holders of rec. May 31
Holders of coup. No. 4
6% preferred (guar.)
*13.4 June
Inspiration Con. Copper Co.(guM.)50e. July 7 Holders of rec. June 19
South Carolina Power $6 pref. (quar.).... 51.50 July 30 "Holders of rec. May 31
1 Holders of rec. June 21
Internat. Match, corn. & pref.(guar.).- r$1
July 15'Holders of rec. June 25
Standard Gas & Elec. $4 prof.(guar.)
$1
June
International Paints, Ltd., Canada
Tri-State Tel. & Tel.6% pref. (quar.)-- +15e. Dec. 16 Holders of rec. May 31
1 *Holders of rec. Nov. 15
Class A and B
75c June 15 Holders of rec. June 2
Twin City Rap. Tr., Minneapolis, conl-- g2
July 15 Holders of rec. July 1
International Salt (guar.)
2
July 1 Holders of reo. June 16s
Preferred (guar.)
134 July 1
Kimberrr-Clarkari
protelyed (gu Corp., corn. Mara--- 6234c July 1 Holders of roe. June 12
Utilities Power do Light, class A (guar.). *p50c. July 1 Holders of rec. June 12
1% July 1 Holders of rec. June 12
Virginia Elec. & Power,7% pref.(guar.) '134 June 20 'Holders of rec. June 5
Kobacker Stores, Inc., corn
'Holders of rec. May 31
5
11
June 1 *Holders of rec. May 15
6% preferred (Quar.)
'134
Kresge (S. S.) Co., corn. (guar.)
'400 June 30'Holders of rec. June 10
Wisconsin Pub. Serv., 7% pref. (qu.)- 134 June 20 *Holders of rec. May 31
Rine 20 Holders of rec. May 31
Preferred (guar.)
'134 June 30 *Holders of rec. June 10
6 % preferred (guar.)
134 June 20 Holders of rec. May 31
Kepler Company, pref. (guar.)
$1.10 June 2 Holders of rec. May 21
6% preferred (guar.)
131 June 20 Holders of rec. May 31
Kree sh & m il Co. tdmerican shares... *51.60 July 1
LakugeroreTol nes , A . guar.)
.L (
30d. June 16 Holders of rec. June 2
Miscellaneous
+700. June 30'Holders of rec. June 18
Co.(
Adams Express, corn.(guar.)
*400. June 30 *Holders of rec. June 14
i wgers M y gCagoael Corp
L iy h Vallert
th
750. July 1 Holders of rec. June 12
. arj
Preferred (guar.)
(guar
•134 June 30 *Holders of rec. June 14
Lehigh Valley Coal Sales
900. June 30 June 13 to June 30
Addressograph Internat. Corp.(guar.)... "3734c July
10 *Holders of rec. June 21
Lobitos Oilfields, Ltd
'1234
Aldred Invest. Trust. common
50o. June 2 Holders of rec. May 31
Loew's, Inc., common (guar.)
75c. June 30 Holders of rec. June 14
Alliance Investment Corp., corn.(qtr.)._
20e. July 1 Holders of rec. June 13
Lynch Glass Machine (guar.)
'50c. Aug. 15 'Holders of rec. Aug. 5
Allied Products common (guar.)
"50c. July 1 *Holders of rec. June 16
Stock dividend
*el
Aug. 15 *Holders of rec. Aug. 5
Class A (gar.)
*8734c July 1 'Holders of rec. June 16
•S1
Macy(R. H.) & Co.(extra)
July 2'Holders of rec. June 13
American Chicle (guar.)
•50c. July 1 'Holders of rec. June 12
Mallinsons(H. R.) dz Co., Inc.. pf.(gu.) 1% July 1 Holders of rec. June 20
Extra
•25e. July 1 *Holders of rec. June 12
Mandel (H.) Devel., prof
June 1 'Holders of rec. May 20
5
13
Amer. ColortyPe Co., corn. (guar.).
- 60e. June 30 Holders of rec. June 12
Manischewitz (B) Co., corn. (quar.)......- '450. June 1 *Holders of rec. May 20
$7 preferred (guar.)
$1.75 Sept. 1 Holders of rec. Aug. 14
Matson Navigation (guar.)
+134 Aug. 15
American Home Products (monthly)
- 35c. July 1 Holders of rec. June 140
Quarterly
•154 Nov. 15
American Stores Co. (quar.)
"50c. July 1 'Holders of rec. June 14
Melchers Distilleries (Canada) A (war.) 50c. June 16 Holders of rec.
American Surety Co. Marl
June 2
51.50 June 30 Holders of rec. June 14a Morgenthaler
$1.50 June 30 Holders of rec. June 40
Linotype (guns.)
Amer. Writing Paper, pref.(guar.)
51
June 30 Holders of rec. June 20a Mesta Machine, common
.400. July 1 'Holders of rec. June 14
(guns.)
Amer. Zinc, Lead & Smelt., pref.(qu.)_ .51.50 July 1
*Holders of rec. June 13
Common (extra)
.
5100. July 1 'Holders of rec. June 14
Armour & Co. (Illinois) pref.(guar.).
- 154 July 1 Holders of rec. June 10
Preferred (guar.)
*51.50 July 1 *Holders of rec. June 14
Armour & Co. of Del., pref.(guar.)_ _
134 July 1 Holders of rec. June 10
Midland United Co., com.(In corn.)
/134 June 24 Holders of rec. May 31
Atlantic & Pacific Internat. Corp., prof. -divi dend passed
Pref Class A (guar.)(No. 1)
k75c. June 24 Holders of rec. May 31
Atlantic Terra Colts prior pref. (quar.)
134 June 16 Holders of rec. June 5
Midland Royalty $2 pref.(guar.)
P50c. June 16 Holders of rec. June 5
Preferred (quar.)
1
June 25 Holders of rec. June 5
Midvale Co.(guar.)
$1 July 1 Holders of rec. June 14
Atlas Utilities, pref. (guar.)
5
.75c. June 2'Holders of rec. May 24
Mohawk Carpet-dividend omitted.
Austin, Nichols &
Monighan Mfg., class A (guar.)
•45c. July 1 Holders of rec. June 20
Prior A stock (guar.) (No. 1)
750. Aug. I Holders of
Muskogee Co
+54
June 14 Holders of reci. June
Baldwin Locomotive Works common_ '8734c July 1 'Holders of rec. July 15
rec. June 7
National Lead, common (guar.)
•1t4 June 30 *Holders of rec. Juno 4
Preferred
13
74 July 1 *Holders of rec. June 7
Preferred, class B (guar.)
'134 Aug. 1 Holders of rec. July IS
Bon Ami Co., class A (guar.)
" - July 31 "Holders of rec. July 15
El
National Bond do Share(No. 1)
250. June 16 Holders of rec. June 2
Class A (extra)
+$1
July 31 'Holders of rec. July 15
National Steel Car Corp (guar.)
500. July 2 Holders of rec. June 17
Class B (guar.)
*50c July 1 'Holders of rec. June 19
National Transit(guar.)
"25c. June 16 *Holders of rec. May 31
Class B (extra)
"500 July 1 'Holders
Neptune Meter, class A dr B (guar.).- - June 16 *Holders of rec. Juno 2
Boston Woven Hose & Rub., corn. (qu.) $1.50 June 16 Holders of rec. June 19
Nichols Copper Co., class A (guar.)
of rec. June 2
- -• 43%c. July 1 *Holders of rec. June 20
Preferred
3
June 16 Holders of rec. June 2
North Central Texas Oil, pref. (guns.).._
1% July 1 Holders of rec. June 10
British-Amer. Tobacco, ord. (bearer)._ (o) June 30 Holders of coup,
No. 135 O'Connor & Nlof., class A (guar.)
5
.37%0 June 2 'Holders
Ordinary (registered)
(o) June 30 See note (o)
Oliver Farm Equip., partic. stk.(qu.).- +75c. July 1 'Holders of rec. May 15
Bunker Hill & Sullivan Mtn.& Contr.-.
of rec. June 10
Prior preferred (guar.)
"51.50 July 1 *Holders of rec. June 10
Monthly
+250 June 5'Holders of rec. May 22
Ontario Mfg.,corn.(guar.)
*50c. July 1 'Holders of rec. June 20
Extra
.25e June 5 *Holders of rec. May 22
Preferred (guar.)
*154 July 1 'Holders of rec. June 20
Burns Bros., pref. (guar.)
'134 July 1 *Holders of rec. June 15
Paraffine Cos.(guar.)
•$1 June 27 *Holders of roe. Juno 17
Calumet & Arizona Mining (guar.)
*50c June 23 *Holders of rec. June 6
Stock dividend
.2 June 27 *Holders of
rec. June 17
Calumet & Hecht Cons. Copper Co.(qu.)
50c June 30 Holders of rec. May 31
Peoples Drug Co.,corn.(guar.)
*25c. July 1 *Holders of rec. June 9
Canadian Canners, Ltd., corn.(guar.)._ +25c. July 1
Preferred (guar.)
•1% June 16 *Holders of rec. June 2
First preferred (attar.)
"1% July 1
Pet Milk Co., corn.(quar.)
373.4e. July 1 Holders of rec. June 10
Second preferred (guar.)
*25c. July 1
Preferred (guar.)
1% July 1 Holders of rec. June 10
Carman & Co., Inc., class A (quar.)_.._ '50c. June 2 *Holders of rec.
Phelps Dodge Corp.(guar.)
May 15
*75c. July 1 *Holders of rec. June 6
Carter (William) Co., pref. (guar.)
134 June 16 Holders of rec. June 10
Phillips Petroluem Co., corn.
500. June 30 Holders of rec. June 10
(guar.)-Case (J. I.) Co., common (guar.)
July 1 Holders of rec. June 12
134
Plymouth Oil (guar.)
50c. June 30 Holders of roe. June 18
Preferred (guar.)
134 July I Holders of rec. June 12
Prentice-Hall, inc.$3 partio. pref.(qu.)
+75c. June 2 *Holders of rec. May 20
Central National Corp., class B
$1
June 2 Holders of rec. May 26
Pressed Steel Car pref.(guar.)
134 June 30 lIolders of rec. June 2
Chatham-Phenlx Allied Corp. (No. 1)
50c. July 1 Holders of roe. June 16
Public Service Trust Shares
.51.40 July 15 *Holders of rec. June 30
Chemie (I. G.) (Basle, Switzerland)__.._ 12
June 7 Holders of coup. No. 1
Pure Oil Co.,534% prof.(guar.)
"1% July 1 *Holders of rec. June 10
Bonus
2
June 7 Holders of coup. No. 1
6% preferred (guar.)
•1A July 1 *Holders of rec. June 10
Childs Co.. common (guar.)
600. June 10 Holders of rec. May 23a
8% preferred (guar.)
July I 'Holders of rec. June 10
Preferred (guar.)
134 June 10 Holders of rec. May 23a RR.& General Securities, corn.(In stk.) _
Cities Service, common (monthly)
254e. July 1 Holders of rec. June 14
Raybestos-Manhattan, Inc. (guar.)_ - - *65c. June 16 *Holders of rec. May 31
Common (payable in common stock)... ,f% July 1 Holders of rec. June 14
Real Silk Hosiery, corn. (guar.)
$1.25 July 1 'Holders of rec. June 13
Preference and pref. B B (monthly)._
Preferred (guar.)
50c. July 1 Holders of roe. Juno 14
July 1 "Holders of rec. June 13
Preference B (monthly)
Reliance Internat.$3 pref.(guar.)
5c. July 1 Holders of rec. June 14
750. June 2 Holders of roe. May 20
City Savings Bank of Budapest
Root Refining cony. prior pref.(guns)....
.
45e. June 1 Holders of rec. May 20
Extra (4 pengoes per share of 60 Pen goes)
Cony.cum. pref.(quar.)
Holders of coup. No.
75e. June 1 Holders of rec. May 20
Claude Neon Elec. Prod.,corn dr pt.(qu.) *250. July 1 "Holders of rec. June 37
Rosy Theatres, class A (guar.)
20
* 87I4c. May 31 'Holders of rec. May 15
Columbia Graptiophone, Amer. shares-28e. May 29 Holders of rec. May 23
Royalties Management,class A & B (qu.)
5
.7c. Juno 2 *Holders of rec. May 20
MAY 24 1930.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Miscellaneous (Concluded).
Selected Stocks, Inc
*El July
Stock dividend
*04
July
Signal Oil & Gas,cl. A &B (quar.)
*500. June
Signal Royalties (quar.)
*50e June
Simmons-Bordrnan Pub. pref.(quar.) _
*75c. June
Spicer Manufacturing, pref.(quar.)
*75c. July
Stone & Webster, Inc.(quar.)
$1
July
Match (final)
Swedish
10
Interim
5
Texas Corporation (quar.)
*75c. July
Thew Shovel, corn.-dividend deferred_ _
Thompson Products. corn. (quar.)
*60c. July
3 June
Tudor City Eighth Unit, Inc., pref
*1% June
Unexcelled Manufacturing (quar.)
Union Carbide & Carbon (quar.)
65c. July
United Amusement, Ltd., cl. A & B (qu.) *50c. Juno
250. July
U.S.Foil, corn. A & B (quar.)
Preferred (quar.)
1% July
U. S. Freight (quar.)
*75c. June
Valvoline 011, corn.(quar.)
134 July
Preferred (quar.)
*2
July
Vesta Battery, Prof. (quar.)
June
.134 June
Victor Monaghan Co., corn.(quar.)
Viking Pump, Prof. (quar.)
*600. June
Virginia-Carolina Chem. pr. pref. (qu.)
•144 June
Vortex Cup Co., corn.(quar.)
*50c. July
Class A (quar.)
• 6234c. July
Waitt & Bond,class A (guar.)
*50c. June
Westmoreland, Inc. (guar.)
*30c. July
Wheeler Metal Products-dividend omit ted
Wiener Bank-VereinOne schilling per share of 20 schillIngs_
Wilson-Jones Co.. corn. (quar.)
*750. June
Young (L. A) Spring & Wire, corn.(qu.)
750. July
Books Closed,
Days Inclusive.
Name of Company.
1 *Holders of rec. June 14
1 *Holders of rec. June 14
10 *Holders of rec. May 29
15 *Holders of rec. May 29
2 *Holders of rec. May 22
15 *Holders of rec. July 2
15 Holders of roe. June 17
1 *Holders of rec. June 6
1 *Holders of rec. June 20
1 6 June 1 to June 16
2 *Holders of rec. May 20
1 Holders of rec. June 2
15 *Holders of rec. May 31
1 Holders of rec. June 14a
1 Holders of rec. June 14a
10 *Holders of rec. May 29
10 Holders of rec. July 5
1 *Holders of rec. June 18
1 *Holders of rec. May 21
1 *Holders of rec. May 20
15 *Holders of rec. May 31
2 *Holders of rec. May 26
1 *Holders of rec. June 20
1 *Holders of rec. June 20
2 *Holders of rec. May 15
1 *Holders of rec. June 20
Holders of coupon No. 4
2 *Holders of rec. May 26
1 Holders of me. June 12
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.
Railroads (Steam).
Alabama Great Southern ordinary
Ordinary (extra)
Preferred
Preferred (extra)
Atchison. Topeka & Santa Fe,corn.(qu.)
Atlanta & West Point
Atlantic Coast Line RR., corn
Common (extra)
Baltimore dr Ohlo, common (quar.)
Preferred (quar.)
Bangor & Aroostook, corn. (guar.)
Preferred (Guar.)
Boston & Maine, corn. (guar.)
Prior preference (quar.)
6% preferred (Qum.)
First preferred, class A (quar.)
First preferred, class B (quar.)
First preferred, class C (quar.)
First preferred, class D (quar.)
First preferred, class E (guar.)
Canadian Pacific common (quar.)
Chesapeake & Ohio, preferred
Chestnut Hill RR.(quar.)
Chicago & North Western, corn. (quar.)
Preferred (guar.)
Chic. R. I. dr Pao.common (quar.)
6% Preferred
7% Preferred
Cln. New On. & Tex. Pao., pref. (qu.)_
Cleveland & Pittsburgh guar.(quar.)
Special guaranteed (quar.)
Delaware & Hudson Co.(quar.)
Georgia Southern & Fla., let & 2nd pref.
Hudson dr Manhattan. common
Illinois Central, Cora. ((Mar.)
Leased lines
Louisville dr Nashville
Maine Central, corn.(quar.)
Preferred (quar.)
Missouri-Kan.
-Texas pref. (quar.)
New Orleans Texas & Mexico ((Mar.)
N. Y. Chia. dr St. L., corn. dr pt. (qu.).
Norfolk & Western, coin. (quar.)
• Pennsylvania RR.(quar.)
Phila. Germantown & Nor. (quar.)- Pitts. Bessemer & Lake Erie, prof
Pittsb. Ft. Wayne & Chia. corn. (qu.)
Preferred (quar.)
Pittsb. Voungst. & Ashtabula, pf. (qu.)
Reading Co..first pref. (quar.)
St. Louis-San Francisco common (v.)...
Preferred (guar.)
Preferred (guar.)
Southern Pacific Co.(quar.)
Union Pacific common (guar.)
United N. J. RR.& Canal Coe.(WO
Quarterly
Quarterly
Wabash ny•. Pref. A (guar.)
Western Railway of Ala
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
June 28 Holders of roe. May 24
52
21.50 June 28 Holders of rec. May 24
$2
Aug. 15 Holders of rec. July 11
51.50 Aug. 15 Holders of roe. July 11
2% June 2 Holders of rec. May Is
4
June 30 June 21 to June 30
344 July 10 Holders of roe. June 12a
1% July 10 Holders of roe. June 12a
1% June 2 Holders of rem Apr. 111a
1
June 2 Holders of rem Apr. lfla
87c. July 1 Holders of rec. May 31a
1% July 1 Holders of reo. May 31a
July 1 *IIolders of rec. June 14
•1
*141 July 1 *Holders of rec. June 14
•134 July 1 *Holders of rec. June 14
•1
.
July 1 *Holders of rec. June 14
*2
July 1 *Holders of roe. June 14
•14d July 1 *Holders of roe. June 14
*244 July 1 *Holders of rec. June 14
*114 July 1 *Holders of roe. June 14
2% June 30 Holders of rec. May 290
3% July I Holders of roe. June 70
75e. June 4 May 21 to June 3
1% June 30 Holders of rec. June 56
1% June 30 Holders of roe. June 5a
1% June 30 Holders of roe. June 6a
June 30 Holders of rec. June 6a
3
3% June 30 Holders of rec. June 6a
•144 June 2 *Holders of reo. May 15
87440 June 2 Holders of roe. May 10a
50o. June 2 Holders of rec. May 10a
2% June 20 Holders of roe. May 28a
2% May 29 Holders of rec. May 15
1% June 2 Holders of roe. May 15a
1% June 2 Holders of rec. May 96
2
July 1 Holders of rec. June ha
*334 Aug. 11 *Holders of roe. July 15
g July 1 Holders of rec. June 16
1% June 2 Holders of rec. May 15
1% June 30 Holders of rec. June 14a
1% June 2 Holders of roe. May 16a
1% July 1 Holders of rec. May 15a
2% June 19 Holders of rec. May 31a
May 31 Holders of rec. May la
$1
51.50 June 4 May 21 to June 3
$1.50 June 1 Holders of ree. May 15
1% July I Holders of rec. June 10a
1% July 8 Holders of rec. June 10a
1% June 2 Holders of rec. May 20a
600. June 12 Holders of rec. May 22a
2
July 1 Holders of rec. June 26
114 Aug. 1 Holders of rect. July la
144 Nov. 1 Holders of rem Oat. la
144 July 1 Holders of rec. May 26a
2% July 1 Holders of rec. June 2a
*255 July 1 *Holders of rec. June 20
*2% Oct. 1 *Holders of rec. Sept. 20
•244 Jan1'31 *Holders of ree. Dee.20'36
1% May 24 Holders of reo. Apr. loa
4
June 30 June 21 ,to June 30
Public Utilities.
Alabama Power 57 prof.(quar.)
$1.75 July 1 Holders of rec. June 14
$6 preferred (quar.)
11.50 July 1 Holders of rec. June 14
$5 preferred (quar.)
51.25 Aug. 1 Holders of roe. July 15
Amer. Power & Light common (quar.)
25o. June 2 Holders of roe. May
Common (one-fiftieth sh. corn. stk.)._ (f) June 2 Holders of rec. May 15a
15a
Amer. Telegraph & Cable (guar.)
1; June 2 Holders of roe. Mayd2la
‘
,
Amer. Water Wks. & El. 26 Prof. (qu.) $1.50 July 1 Holders of rec. June
12a
Associated Gas & Elec., $6 pref. (guar.) $1.50 June 2 Holders of rec. AM.
30
$6.50 preferred (tluar.)
51.625 June 2 Holders of rec. Apr. 30
$5 preferred (calor.)
$1.25 June 16 Holders of rec. May 15
$7 preferred (guar.)
$1.75 July 1 Holders of reo. May 31
Original series preferred (quar.)
87440 July
Holders of rec. May 31
Blackstone Valley Gas & Elec.. pref
June 2 Holders of roe. May 15a
3
Boston Elevated, corn. (qtuu..)
'
0144 July 1 *Holders of rec. June 10
(quar.)
First preferred
*4
July 1 *Holders of rec. June 10
Preferred
*334 July 1 *Holders of rec. June 10
Brazilian Tr.. Lt. & Pow.,corn.(qu.)
50c. June 2 Holders of rec. Apr. 30
Brooklyn Edison Co.(quar.)
2 June 2 Holders of rec. May Oa
Brooklyn Union Gas (quar.)
$1.25 July 1 Holders of reo. June 2a
Canadian Hydro-Electric. 1st pf.
114 June 1 Holders of rec. May 1
Cent. Ark. Pub. Serv., pref. (quar.)_
1% June 2 Holders of roe. May 15a
Central Gas es Elec., pref.(quar.)
$1.625 June 1 Holders of rec. May 16
Central Indiana Power. pref. (quar.)
134 June 2 Holders of roe. may 20
Central Pub.Sem Corp.. cl. A (quar.)_. 43 MC June 15 Holders of rec. May 26
$4 preferred (quar.)
$1
July 1 Holders of rec. June 11
21.50 July 1 Holders of rec. June 11
$6 Preferred (quar.)
$1.75 July 1 Holders of ree. June 11
$7 Preferred (quar.)
Utilities-Central & South West
Common (payable in corn. stock)
f134 July 15 Holders of rec. June 30
10o. July 1 Holders of rec. June 5
Central States Elec. Corp., corn.(qu.)
Common (payable in common steak)- /2;4 July 1 Holders of roe. June 5
1% July 1 Holders of reo. June 5
7% preferred (quar.)
13.4 July 1 Holders of reo. June 5
6% Preferred (quar.)
Cony. pref. series 01 1928 (quar.)
(r) July 1 IIolders of roe. June 5
(z) July 1 Holders of rem June 5
Cony. pref. series of 1929 (quar.)___
3665
Per
When
Cent. Payable.
Books Closed
Days Incluslre.
Public Utilities (Concluded).
Chia. Rapid Transit, Pr. pref. A (qu.)_. •65e. June 1 *Holders of roe. May 20
Prior preferred B (guar.)
•600. June 1 *Holders of roe. May 20
Chicago South Shore & South Bend RR.
Preferred class A (guar.)
154 June 2 Holders of rec. May 15
Cleve Elec. Illuminating. pref. (quar.).. I% June 1 Holders of rec. May 15
Columbia Gas dr Electric, corn
(1) June 30 Holders of rec. May 246
Commonwealth dr Sou. Corp., corn.(qu.)
150. June 2 Holders of roe. May, 66
$6 preferred (quar.)(No. 1)
21.50 July 1 Holders of rec. June oa
Community Water Service, let pr. (go.) $1.75 June 2 Holders of rec. May 20
Connecticut Lt. & Pow., 644% pf.(qu.) '134 June 1 *Holders of rec. May 15
Connecticut Power. corn. (quar.)
56234c June 2 *Holders of rec. May 15
Connecticut River Power, prof
*3
June 2 "Holders of rec. May 14
Consolidated Gas of N. Y.corn.(quar.)_ $1
June 16 Holders of rec. May 90
Consol. Gas Utilities, class A (quar.)--550. June 1 Holders of rec. May 15
Consumers Power, $5 pref.(guar.)
31.25 July 1 Holders of reel. June 14
6% preferred (quar.)
134 July 1 Holders of roe. June 14
6.6% preferred (guar.)
1.65 July 1 Holders of rec. June 14
77 preferred (quar.)
,
134 July I Holders of rec. June 14
67: preferred (monthly)
50o. June 2 Holders of rec. May 15
6% preferred (monthly)
500. July 1 Holders of roe. June 14
6.6% preferred (monthly)
550. June 2 Holders of reel. May 15
6.6% preferred (monthly)
5.50. July 1 Holders of roe. June 14
East Kootenay Power, pref. (quar.)___ - 134 June 16 Holders of rec. May 31
Empire Gas & Fuel.6% prof. (monthly) •50c. June 2 *Holders of roe. May 15
644% preferred (monthly)
•541-60 June 2 "Holders of rec. May 15
•58 1-3c June 2 *Holders of rec. May 15
7% Preferred (monthly)
8% preferred (monthly)
•662-30 June 2 *Holders of roe. May 15
Empire Power Corp. $6 pref. (guar.).- 51.50 July 1 Holders of rec. June 16
Participating stock
'
$3.04 July 1 Holders of rec. June 16
Engineers Public Service, corn.(quar.)-600. July 1 Holders of rec. June 176
Federal Light dr Tract.. corn.(quar.)
373.4e July 1 Holders of rec. June 130
Common (payable in common stock)_ 11
July 1 Holders of rec. June 13a
Preferred (guar.)
144 May 31 Holders of rec. May 150
Federal Water Service, corn. A (quar.). o60c. June 1 Holders of roe. May 2a
Common B (guar.)
be. June 1 Holders of rec. May 31
Gary Railways, Prof. A (quar.)
51.80 June 2 Holders of rec. May 20
General Gas & Elec., cony. pref.A(WO $1.50 June 16 Holders of rec. May 15a
Gulf Power. pref. (guar.)
21.50 July 1 Holders of rec. June 20
Hackensack Water, corn
750. June 1 Holders of rec. May 16a
Preferred
8734e June 1 Holders of rec. May 160
Havana Electric RY., pref. (guar.)
134 June 2 Holders of roe. May 12
Indianapolis Water, pref. A (auar.)- - 134 July 1 Holders of roe. June 120
Indiana Service, 7% pref. (guar.)
154 June 2 Holders of rec. May 15
6% preferred (guar.)
134 June 2 Holders of rec. May 15
IntercontInents Power, corn. A (quar.)_
60c. June 1 Holders of reel. May 1
$7 preferred (guar.)
$1.75 June 1 Holders of roe. May 15
Keystone Telephone of Phila., pf.(qu.)_ *21
June 2 *Holders of reel. May 21
Lexington Water Co., pref. (quar.)- - 154 June 2 Holders of rec. May 20
Lone Star Gas,com.(in corn.stk.)
Hold,of rec. Feb.2 1931
Louisville Gas & Elec., corn. A & B (qu.) 4340. June 25 Holders of rec. May 311
Middle Western Telen.. corn. A (qu.)
'4334 June 15'Holders of reel. June 5
Common A (guar.)
•4334o Sept.15 *Holders of roe. Sept. 5
Common A (guar.)
•4334e Doe, 15 "Holders of rec. Dee. 5
Monongahela W. Penn Public Service
7% preferred (guar.)
4334c July 1 Holders of rec. June 16
Montreal Light, Heat & Power Cons.
New no par corn.(gear.)(No. 1)
d38c July 31 Holders of rec. June 30
National Power & Light, cam.(tluar.)
25c. June 2 Holders of reel. May 10a
$1.75 July 1 Holders of roe. June 14
27 preferred (quar.)
National Public Service, corn. A (guar.)
40c. June 15 Holders of rec. May 27
Common B (guar.)
400. June 1 Holders of rec. May 15
$3.50 preferred (guar.)
87340. June 1 Holders of rec. May 15
75c. June 1 Holders of rec. May 15
$3 preferred (guar.)
Nebraska Power, 7% pref. ((War.)
134 June 2 Holders of rec. May 15
6% preferred (guar.)
134 June 2 Holders of rec. May 15
Newark Telephone (guar.)
"21 June 10'Holders of rec. May 31
Quarterly
*21 Sept. 10 *Holders of rec. Aug. 29
Quarterly
•S1 Doe, 10 *Holders of rec. Nov.30
New Rochelle Water Co., pref. (guar.). 134 June 2 Holders of rec. May 20
North American Co., corn. (guar.)
p234 July 1 Holders of rec. June 56
Preferred (guar.)
75e. July 1 Holders of reel. June 5a
North American Edison, pref. (guar.)
- 51.50 June 2 Holders of rec. May 15a
North American L.& P., pref.(guar.). $1.50 July 1 Holders of rec. June 20
North Amer. Utility Scour., 1st pfd.(ou.) 21.50 June 16 Holders of rec. May 31
Northern States Power, Prof. (gust.)... 134 June 2 Holders of rec. May 20
Ohio Edison Co. 6% pref. (qual.)
144 June 2 Holders of rec. May 15
6.6% preferred (quar.)
1.65 June 2 Holders of rec. May 15
7% preferred (guar.)
144 June 2 Holders of rec. May 15
5% preferred (guar.)
131 June 2 Holders of rec. May 15
6% preferred (monthly)
50e. June 2 Holders of roe. May 15
6.6% preferred (monthly)
56e. June 2 Holders of reel. May 15
Ohio Power Co..6% pref.(guar.)
•134 June 2 *Holders of rec. May 8
Ohio Pub.Serv.,7% 1st pt. A (mthly.)•58 I-30 June 1 *Holders of roe. May 15
Ohio River Edison, 7% pref. (quar.)__.._
134 July 1 Holders of rec. June 14
Ohio Telephone Service, pref. (quar.)_ _ _ •134 June 30 *Holders of rec. June 23
Preferred (Usar.)
*134 Sept.30 *Holders of rec. Sept.23
Preferred (quar.)
•144 Dee. 31 'Holders of reo. Dec. 24
Oklahoma Gas d: Elec.. pref. (guar.) _
134 June 16 Holders of rec. May 31
Peninsular Telephone, corn.(guar.)
*360. July 1 *Holders of roe. June 14
Common (guar.)
*356. Oct. 1 'Holders of rec. Sept. 15
Common (guar.)
*35o. Jan 1'31 *Hold. of rec. Dee. 15 '31
Pennsylvania Gas & El. Corp., A (qu.)_ 53734c June 1 *Holders of rec. May 20
Pennsylvania Power, 26.60 pref.(mthlY.)
550. June 2 Holders of rec. May 20
$6.60 preferred (guar.)
11.60 June 2 Holders of no. May 20
Penna. State Water Co., Prof. (guar.).- $1.75 June 2 Holders of roe. May 20
Peoples Gas Co. preferred
July 1 Holders of reel. June 126
3
Philadelphia Suburban Water. pf. (.311.)- 144 May 31 Holders of reel. May 124
Public Service of N. J. $6 pt. (rntlilY.)-500. May 31 Holders of reel. May la
Rochester Gas & Elec. 7% pref. B (qu.). 144 June 2 Holders of rec. Apr. BO
144 June 2 Holders of rec. Apr. SO
6% Preferred series C (guar.)
134 June 2 Holders of rec. Apr. 30
0 Preferred series D (guar.)
%
Seaboard Public Service, Prof. (quar.)- $1.50 June 1 Holders of rec. May 15
Sou. Calif. Edison, Prof. series A (guar.) 4344c. June 15 Holders of rec. May 20
Preferred series B (guar.)
3734e. June 15 Holders of rec. May 20
Southern Calif. Gas corn.(qtrar.)
•250. May 31 *Holders of rec. Apr. 30
$6.50 preferred (guar.)
•144 May 31 *Holders of rec. Apr. 30
South. Cities Util. 26 pr. Pf.(g.)
51.50 June 2 Holders of roe. may 15
Southern Colorado Power corn. A (qu.).
50c. May 24 Holders of rec. Apr. 30
Preferred (quar.)
134 June 16 Holders of rec. May 31
Southern N.E. Telep.(guar.)
*2
July 15'Holders of rec. June 30
Southwestern Power at Light, pf.
144 June 2 Holders of reo. May 15
Stand.Pow.& Lt.corn.& corn. B.(qu.)_ 500. June 2 Holders of rec. May 10
Tennessee Electric Power Co.
5% first preferred (guar.)
134 July 1 Holders of roe. June 14
6% first preferred (guar.)
134 July 1 Holders of rec. June 14
7% first preferred (guar.)
14.1 July 1 Holders of rec. June 14
7.2% first preferred (guar.)
$1.80 July 1 Holders of rec. June 14
6° first preferred (monthly)
,
500. June 2 Holders of roe. May 15
67 first preferred (monthly)
9
d
500. July I Holders of rec. June 14
7.2% first preferred (monthly)
60o. June 2 Holders of rec. May 15
7.2% first preferred (monthly)
60o. July 1 Holders of rec. June 14
Tri-State Tel. & Tel., 6% pref. (guar.). "15e. June 1 *Holders of rec. May 15
Union Natural Gas of Canada (quar.) •140o. June 10 *Holders of rec. Apr. 15
United Corp., 23 pref. (guar.)
75c. July 1 Holders of rec. June 50
United Gas Improvement corn.(gust.)..
30c June 30 Holders of roe. May 31a
Preferred (guar.)
31.25 June 30 Holders of rec. May 315
Western Continental Util. corn. A (qu.)_ *32440 June 1 *Holders of roe. May 10
I% July 15 Holders of rec. June 30
Western Power Corp., pref.(guar.)
144 June 2 Holders of rec. May 15
West Ohio Gas, pref. A (guar.)
Williamsport Water Co., 26 pref.(guar.) $1.50 June 2 Holders of rec. May 20
Banks.
Prise° State (guar.)
Trust Companies.
Chelsea Bank ,k Trust Co. (guar.)
Continental Bank & Trust (guar.)
234 June I Holders of reo. May 15a
623'50. July 1 Holders of rec. June 6
300. Juned15 June 6 to June 15
Fire Insurance.
*21
Importers & Exporters (Wier.)
Merchants Fire Amur., corn. (In stock) f32
June 2 *Holders of rec. May 20
May 26 Holders of rem. May 7
3666
Name of ComPane.
Fire Insurance (Concluded).
North River Insurance (guar.)
Quarterly
When
Per
Cent. Payable.
Books Closed,
Days Indusive.
500. June 14 Holders of reo. June 4
50c. Sept. 15 Holders of reel. Sept. 5
Miscellaneous.
MeV,July 1 *Holders of reo. June 16
Abbott Laboratories (guar.)
lei July 1 Holders of rec. June 16
Agnew-Surpass Shoe, pref. (guar.)
"62*c June 2"Holders of rec. May 20
Ainsworth Mfg., corn. (guar.)
June 2 *Holders of rec. May 20
"el
Common (payable in stock) (quar.)__
- 15e. June 18 Holders of rm. May 310
Allegheny Steel, common (monthly).
•Plet June 2 *Holders of roe. May 15
Preferred (guar.)
1
•
Sept. 1 *Holders of rec. Aug. 15
Preferred (guar.)
'134 Dec. 1 *Holders of reo. Nov. 15
Preferred (gear.)
750. June 1 Holders of tee. May 20
Allen Industries, pref. (guar.)
1K June 1 Holders of reo. May 20
Alliance Realty. pref. (guar.)
1H Sept. 1 Holders of reo. Aug. 20
Preferred (guar.)
1K Dec.I Holders of tee. Nov.20
Preferred (quar.)
- *50e. June 30 *Holders of rec. June 14
Aluminum Mfrs., Inc., corn. (guar.)
'50c. Sept.30 "Holders of rec. Sept. 15
Common (guar.)
.50c Dee. 31 *Holden of rec. Dec. 15
Common (guar.)
*144 June 30 "Holders of reo. June 15
Preferred (guar.)
*144 Sept.30 *Holders of roe. Sept.15
Preferred (guar,)
*144 Dec. 31 'Holders of reo. Deo. 15
Preferred (guar.)
15
Amer.British & Continental, 1st ptegli.) $1.50 June 1 Holders of rec. May 15
A-- *50c. June 1 *Holders of reo. May
American Capital Corp., common
*500. June 1 *Holders of rec. May 15
Common A (extra)
51.375 June 1 *Holders of rec. May 15
Preferred (guar.)
150. May 24 Holders of rec. May 10
American Cash Credit, corn. A (quar.)_
12e. May 24 Holders of reo. May 10
Common A (extra)
13Leo May 24 Holders of tee. May 10
Common B (guar.)
lee June 30 Holders of rec. June 200
American Chain, pref. (guar.)
1H June 1 Holders of rec Mar. 14
American ColortyPe. Pref.(guar.)
June 15'Holders of rec. JUDO 5
*2
(quar.)_
American Fork & Hoe, coin.
750. June 2 Holders of rec. May 15
Amer.& Gen. Securities. 53 1st pl. (qu.)
35e. June 2 Holders of rec. May lea
Amer. Home Products (monthly)
American International Corp.
Oct. 1
Common (payable in common stock)_ _ f2
May 20
American Laundry Machinery (guar.).- '$1 June 1 "Holders of reo. June 13a
June 30 Holders of reo.
$1
Amer. Locomotive, corn.(guar.)
lee June 30 Holders of rm. June 13a
Preferred (guar.)
July 1 June 18 to JUDO 80
American Manufacturing, cool. (quar.)- 1
Oct. 1 Sept. 16 to Sept.80
1
Common (guar.)
Dec. 31 Dec. 16 to Dee. 30
1
Common (guar.)
134 July 1 June 16 to June 30
Preferred (guar.)
134 Oct. 1 Sept. 16 to Sept. 30
Preferred (guar.)
1K Dec. 31 Dec. 18 to Dec. 30
Preferred (guar.)
75c. June 2 Holders of rec. May 21a
American Metal. corn.(guar.)
1)4 June 2 Holders of rec. May 21e
Preferred (guar.)
62)40 June 1 Holders of reo May 16
Amer. MultigraPh. eon/.(guar.)
20
Amer. Pneumatic Service, 1st pref.(M1.) *87Lec June 30 Holders of rec. June 20
"75c. June 30 Holders of tee. June
Second preferred (guar.)
Sanitary Mfg.
Amer. Radiator & Stand.
37He. June 30 Holders of reo. June Ito
Common (guar.)
134 May 31 Holders of rec. May 15a
Preferred (guar.)
50o. July 15 Holders of tee. June 30a
American Rolling MIll (guar.)
e5
July 30 Holders of rec. July la
Stock dividend
Invest. (guar.).- _ *300. June 1 Holders of reo. may 15
American & Scottish
152 June 2 Holders of rec May 2a
Amer. Smelt. & Ref., pref. (guar.)
1K July 2 Holders of reo. June ba
Amer. Sugar Refit., corn. (guar.)
134 July 2 Holders of reo. June ba
Preferred (guar.)
Illa
American Tobacco. COM. & COM. B (gu.) 32 June 2 Holders of rec. May 23
Utilities & Gen. Corp., el. A (go.) 32).4c June 2 Holders of rec. May
Amer.
10e. June 4 Holders of ree. May 23
Class B (alien)
75c. June 2 Holders of rec. May 23
Preferred (guar.)
'26e. July 2 Holders of tee. JUDO 14
Amoskeag Mfg.. common (guar.)
.250. Oct. 2 Holders of reo. Sept. 13
Common (guar.)
"20c. July 15 Holders of rec. July 5
Angle Steel Stool (lear.)
134 June 2 Holders of tee. May 16
Anticosti Corp.. pref. (guar.)
51.75 June 1 Holders of tee. May 15s
Artioorn Corp.. pref. (guar.)
1H Jute 2 Holders of roc. May 10a
Associated Dry Goods, lot pref. (quar.)_
154 June 2 Holders of reo. May 10e
Second preferred (oliar.)
June 30 Holders of reo. June 20
Associates Investment Co., corn. (qu.). 51
51.75 June 30 Holders of tee. June 20
Preferred (quar.)
*30e. June 2 *Holders of rec. May 22
Atlantic Coast Fisheries (guar.)
6rs
Atlantic Gulf & W.1.8.5. Lines, corn.... $1 May 31 Holders of rec. May Ila
1H June 80 Holders of rec. June
Preferred(guar.)
134 Sept. 30 Holders of reo. Sept. 10s
Preferred (guar.)
1
,
14 Dec. 31 Holders of reo. Dec. 11
Preferred (Oar.)
25c. June 16 Holders of rec. May 21a
Atlantic Refining, corn. (guar.)
28e. June 16 Holders of rec. May 21a
Common (extra)
16
Atlantic Securities Corp., prof. (gaar.). *750. June 2 'Holders of rec. May 20
Atlas Imp. Diesel Eng.. A & B(MO-- .50o. June 2 *Holders of reo. May 29a
$1
June 10 Holders of rm. May
Atlas Powder. coin. (guar.)
25c. Juno 2 Holders of reo. May 16a
Atlas Stores, corn. (guar.)
Common (payable in common stock). flK Juno 2 Holders of reo. May 16a
.750. June 28 *Holders of reo. JUDO 16
& Kars, corn.(guar.)
Balaban
1
•%
une 2a "Holders of reo. June 18
Preferred (gust.)
Bamberger (L.) & Co.. pref.(quar.)_... 144 Juno 2 Holders of reo. May 14a
50o. July 1 Holders of rec. Juned14
corn. (guar.)
Barker Bros.,
51.625 July 1 Holders of rec. Juned14
$8.50 preferred (guar.)
.75c. June 1 *Holders of rec. May 15
Bastian Blessing Co., nom. Mar.)
(quar.).__. 1)4 June 2 Holders of rec. May 15
Bawl( (N.) Grain Co.. Pref.
*250. Juno 2 *Holders of roe. May 31
Beaton & Caldwell Mfg.(monthly)
*250. July 1 'Holders of reo. June 30
Monthly
750. July 10 Holders of roe. June 254
Beech-Nut Packing, corn. (guar.)
50o. July I Holders of rec. June 10a
Bend's Aviation Corp.(guar.)
50o. June 18 Holders of rec. May 23a
Best & Co.(guar.)
51.50 Aug. 15 Holders of rm. July 18a
Bethlehem Steel, common (guar.)
lea July 1 Holders of roe. Juno 6.
Preferred (guar.)
37Ke June 2 Holders of rec. May 17a
Maw-Knox Co.(guar.)
*3734c Aug. 15 *Holders of reo. Aug. 9
Bloch Bros., common (gum'.)
'3734c Nov. 15 *Holders of rec. Nov. 10
Common (guar.)
1
• M June 30'Holders of rec. June 25
, Preferred (guar.)
Sept.30 *Holders of roe. Sept.25
Preferred (guar.)
"144 Dec. 31 *Holders of rec. Dee. 26
Preferred (guar.)
s75o. June 1 Holders of tee. May 5
Blue Ridge Corp.,cony. pref.(qu.)
*56H June 1 *Holders of rec. May 20
(guar.)
Hobbs-Merrill Co.
750 June 2 Holders of reo. Msy 15a
Borden Company. com.(Quar.)
314 June 30 Holders of rec. June 2
Boston Wharf
*50c. June 1 glolders of roe. May 17
corn.(guar.)
Brach (E.J.) & Sons,
of reo. June 1
Brandram-Henderson, Ltd., pref.(mt.). 1.54 July 2 Holders of reo. May 19
June 2 *Holders
Brill Corp.. pref. (guar.)
9o. June 2 Holders of roe. May 1
-mthly)_
(b1
British Type Investors cl. A
reo. June 10
Brockway Motor Truck Corp.. pl.(go.) *1H July 1 *Holders of rec. May 15
60o. May 31 Holders of
Brown Fence & Wire, A and B (guar.)._
June 2 Holders of rec. May 20a
75e.
Brown Shoe, corn. (guar.)
Juno 14 Holders of reo. AM. 28
11
Buckeye Pipe Line (guar.)
25e July 1 Holders of roe. May 27a
Bucyrus Erie Co., common (guar.)
1)4 July I Holders of reo. May 27.
Preferred (guar.)
62)40. July 1 Holders of reo. May 27a
Convertible preferred ((Mar.)
*250. June 30 *Holders of rec. June 10
Budd Wheel, corn. (guar.)
*1% June 30 "Holders of reo. June 10
Preferred (guar.)
"75e. June 30 *Holders of rec. June 10
Preferred (extra)
75e. June 1 Holders of rec. May I5a
Bulova Watch,corn.(quar.)
*1373ec June 1 *Holders of roe. May 15
(guar.)
Preferred
July I *Holders of roe. June 10
*2
Burger Bros., pref. (guar.)
.2
4
Oct. I "Holders of reo. Sept. 15
Preferred (guar.)
250. June 5 Holders of roe. May 90
Machine (quar.)
Burroughs Adding
*25e. June 1 *Holders of reo. May 15
Byron Jackson Pump
•e2
Sept. 1 *Holders of roe. Aug. 15
Stock dividend
June 16 Holders of reo. May Ma
Si
California Packing, corn.(guar.)
50o. June 1 Holders of re*. May 15.
Campbell. Wyant & Cannon Fdry.(gu.) $1
June 15 Holders of reo. May 31
class A (quar.)...
Canada Wire & Cable.
44e. May 30 Holders of reo. May 15
Canadian Car & Fdy., ordinary (go.)....
400. June 2 Holders of tee. May 15
Canadian Vinegars, Ltd
750. May 31 Holders of reo. May 150
Caterpillar Tractor (guar.)
250. May 31 Holders of rec. May 15a
Extra
May 10
panic.stk.(gu.)- 31.75 June 2 Holders of rec. May 10
Celluloid Corp. 1st Df.
$1.80 June 2 Holders of tee.
1st pref. (part*. die.)
$1.75 June 2 Holders of rec. May 10
$7 preferred (guar.)
June 30 'Holders of rec. June 25
Central Cold Storage, common (guar.).- *400 Aug. 15 Holders of reo. Aug. 5
15o.
Centrifugal Pipe Corp.(guar.)
150. Nov. 15 Holders of reo. Nov. 5
Quarterly
[VOL.130.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Cont(nued).
lee June 2 Holders of reo. May 20e
Century Ribbon Mills, pref. (guar.).---1
Chartered Investors, Inc.. pref. (guar.)._ *$1.25 June 2 *Holders of rec. May 150
35c. June 2 Holders of rec. May
---Checker Cab Mfg. Corp.(monthly)
350. JU1Y 1 Holders of rec. June 180
Monthly
June 30 Holders of rec. JUDO 9a
$1
Chesebrough Mfg, Cons.(guar.)
50c June 30 Holders of rec. June 9a
Extra
*75e. June 1 *Holders of rec. May 15
Chicago Corporation, pref. (guar.)
*30e. July 1 *Holders of reo. June 20
Chicago Flexible Shaft, corn. (quar.)
"300. Oct. 1 *Holders of rec. Sept. 20
Common (guar.)
"750. June 1 *Holders of rec. May 20
Chicago Investors. pref. (guar.)
250. June 2 Holders of reo. May 200
Chicago Yellow Cab (monthly)
*250. July I *Holders of rec. June 20
Monthly
"25e. Aug. 1 'Holders of roe. July 21
Monthly
*25c. Sept. 2 Holders of rec. Aug. 20
Monthly
600. June 10 Holders of rec. May 230
Childs Co., corn.(guar.)
154 June 10 Holders of rec. May 230
Preferred (guar.)
75e. June 27 Holders of rec. June 130
Chili Copper Co.(guar.)
75c. June 30 Holders of reo. June 2a
Chrysler Corp.(guar.)
*2*c June 2 Holders of rec. May 15
Cities Service, common (monthly)
«5
(payable In corn stock)_ __- "fie June 2 Holders of rec May 15
Common
Oc June 2 Holders Of CM May 15
Preference and pref. BB (monthly)...
'Sc. June 2 Holders of rec. May 15
Preference B (monthly)
90c, May 31 Holders of rec. May 150
(guar.)
City Ice & Fuel, corn.
e
15
Common (payable in common stock). f1)4 Aug. 31 Holders of reo. Aug. 15a
lee June 1 Holders of rec. May
Preferred (guar.)
75e. June 16 Holders of tee. May 2130
Clark Equipment, corn.(guar.)
20
July 1 Holders of roe. Jan.
*3
Claude Neon Elee. Prod.. stock MY
750. June I Holders of roe. May 15
Cleveland Quarries (guar.)
250. June 1 Holders of rec. May 15
Extra
*25o. July 15
Coca Cola Bottling See.(guar.)
*25e. Oct. 15
Quarterly
$1.50 July 1 Holders of rec. June 12a
Coca-Cola Co..corn.(guar.)
31.50 July 1 Holders of reo. June 12a
Class A (semi-annual)
July 1 Holders of rec. June 12a
$3
Coca-Cola Internat., corn.(guar.)
July 1 Holders of ree. June 12a
$3
Class A
Colgate-Palmolive-Peet Co., corn.(MI.) 623ee July 15 Holders of roe. June 200
13e July 1 Holders of tee. June 100
Preferred (guar.)
Collins & Aikman Corp., pref.(gust.).. let June 2 Holders of rec. May 20a
- 50e. May 26 Holders of rec. May 100
Iron, corn. (guar.).
Colorado Fuel &
May 26 Holders of rec. May 100
2
Preferred (guar.)
June
Columbia Pictures, corn. (qu.) (No. 1). 37Lec July 2 Holders of reo. Sept. 190
3a
common stock)_ .f234 Oct. 2 Holders of recs.
Common (payable in
75o. June 2 Holders of rec. May 19a
Convertible preference (guar.)
50e. June 1 Holders of tee. May 17
Columbus AULD Parts. pref. (clusw.)---reo. June 26
Community State Corp., claw A (guar.) *12 Ko Juno 30 *Holders of res. Sept 26
'121.40 Sept. 30'Holders of
Claw A (guar.)
•1234c Dec. 31 *Holders of rec. Dec 26
Clam A (guar.)
'123.40 3131131 *Hold, of tee. Mar. 26'81.
Clam B (guar.)
*1234c June 30 *Holders of roe. June 26
Class B (guar.)
'12)40 Sept. 30 *Holders of reo. Sept. 26
Clam B (guar.)
*12 Leo Doe. 31 *Holders of roe. Dm. 26
Class B (guar.)
of roe. May 15a
Consolidated Cigar Corp.. pref. (guar.). I 41 June 2 Holders of rec. June 16
Consolidated Dairy Products (quar.).._ "500. July 1 *Holders
10
Consolidated Rook Products, pf. (go.). *433443 June 1 *Holders of rec. May 15
7r. June 1 Holders of rec. May
)
Continental Chicago Corp., prof. (go•_ June 2 *Holders of rec. May 15
Continental Semi/ides Corp.. M.(MI./- .31.25
50c June 2 Holders of rec. May 20
Como Mills (guar.)
Corporation Securitles Co. of Chicago
2
cr) June 20 Holders of rm. June 180
Corn (3-200ths share corn. stk.)
63
June 30 Holders of reo. June
Coty, Inc., stook dividend
common (guar.) *50c. June 30 *Holders of rec. June 20
Crowley. Milner & Co.,
250. July 1 Holders of reo. June 10a
dCrown Cork International, el. A (guar.)
Crown Zellerbach Corp.
31.50 June 1 Holders of rec. May 13
Cony. pref. and pref. A & B (qual.).. • 3..4
1
June 2 *Holders of rec. May 12
Crows Nose Pass Coal (guar.)
2
June 30 Holders of reo. June 20
Crum dr Forster, pref. (guar.)
Crum & Forster Ins. & Snares Corp.
234 May 31 Holders of tee. May 15
Common (guar.)
May 31 Holders of reo. May 15
Common (payable In clam B corn.)... 5
154 May 31 Holders of rec. May 15
Preferred (guar.)
1)4 Aug. 30 Holders of rec. Aug. 20
Preferred (guar.)
154 Nov.29 Holders of rec. Nov. 19
Preferred (guar.)
SI June 16 Holders of rec. May 31
Cumberland Pipe Line (guar.)
$14 June 18 Holders of reo. May 31
Extra
•134 June 15 *Holders of rec. June 1
Cuneo Press, pref. (guar.)
50e. June 2 Holders of rec. May 20a
Curtis Publishing, corn. (monthly)
$1.75 July 1 Holders of rec. June 20a
Preferred (guar.)
June 1 *Holders of rec. May 15
*El
Cushman's Sons, COM. (guar.)
154 June 1 Holders of rec. May 150
7% preferred (guar.)
2
June 1 Holders of rec. May lba
8% preferred (guar.)
*50e. June 14 Holders of rec. June 5
Decker (Alfred) dr Cohn, coin.(gust.).. • 5.4 June 2"Holders of rec. May 20
1
Preferred (guar.)
'131 Sept. 2 *Holders of reo. Aug. 20
Preferred (guar.)
30e. July 1 Holders of res. June 14
Deere es Co., new corn.(go.)(No. 1).
common stock)_ 113e July 15 Holders of rec. July 14
Common (payable In
1K June 2 Holders of reo. May 150
Preferred ($100 par) (guar.)
35c. June 2 Holders of rec. May 150
Preferred (520 Par)(guar.)
Dennis Brothers, Ltd.
May 31 Holders of reo. May 2
Amer. dep. rots, for ord. reg• abz----* Spence July 1 Holders of reo. June 20
Denver Union Stook Yards,corn.(gIL)--*El Oct. 1 Holders of reo. Sept. 28
11
1
Common (guar.)
11 Jan 1'31 Hold, of rm. Deo. 20 30.
1
Common (guar.)
Ap.1 81 Hold, of roe. Mar. 20 '81
"51
Common (guar.)
"350. June 2 Holders of rec. May is
Dexter Co.(guar.)
June 16 Holders of reo. May 810
2
(quar.)
Diamond Match
"750. June 1 Holders of rm. May 18
Dictaphone Corp.. corn. ((mar.)
*2
June 1 Holders of rm. May 113
Preferred (qual.)
• 54 July 15 Holders of roe. June 14
- 1
DI Giorgio Fruit Corp.. pref. (guar).
250. July 21 Holders of reo. June 300
Dome Mines. Ltd. (guar.)
30c. June 30 Holders of rec. June 170
Dominion Stores, corn. (guar.)
June 30 Holders of rec. JUDO 170
/2
Common (payable in corn. stock)$1.25 July 2 Holders of rec. June 14
Dominion Textile, corn.(guar.)
134 July 15 Holders of rm. June 30
Preferred (guar.)
81
June 2 Holders of reo. May 150
Drug, Inc. (guar.)
Eastern Utilities Investment
$1.50 June 2 Holders of reo. Apr. 30
$6 preferred (quar.)
81.75 June 2 Holders of reo. Apr. 30
$7 preferred (qual.)
51.25 July 1 Holdere of refl. May 81
55 prior preferred (guar.)
$1.25 July 1 Holders of reo. May 310
Eastman Kodak common (qual.)
75o. July 1 Holders of reo. May 310
Common (extra)
1,4 July 1 Holders of reo. May 310
Preferred (guar.)
144 June 14 Holders of roe. May 31
Edison Brothers Stores. prof. (guar.)
3730 June 14 Holders of roe. May 28
Eisler Electric Corp
250. June I Holders of rec. May 5
Elec. Shareholdings. coin. (guar.)
June 1 Holders of roe may 6
Common (payable in common stock). fl
June 1 Holders of rec. may 5
or 1-20th sh.com.stk)
Pref.(51.50 cash
3
June 2 May 18 to June 2
1140 Fifth Ave., Inc., pref
50o. Juno 1 Holders of reo. May 21
Ely Walker Dry Goods COM.(gust.)....
(6) June 1 Holders of roe. May 20
(quar.)
Empire Corp., $3 pref.
50c. June 24 Holders of rec. May 31
Emporium Capwell Corp.(guar.)
75e. July 1 Holders of rec. June 140
Equitable Office Bldg. common (guar.).
lee July 1 Holders of rec. June 14a
Preferred (guar.)
June 2 Holders of rec. May 10
$3
Essex Company
600. Aug. 1 Holders of rec. July 210
Fair (The) common (guar.)
154 Aug. I Holders of rec. July 210
Preferred (guar.)
75e. June 30 Holders of roe. June 120
Fairbanks, Morse & Co.. com.(gust.)..
12a
114 June 2 Holders of reo. May 260
Preferred (guar.)
rec. May
Federal Mining dr Smelt. pref. (gust.)-., 1K June 16 Holders of reo. June 15
*750. July 1 *Holders of
Federal Screw Works (guar.)
$1
June 2 Holders of reo. May 20
Federal Theatres, 1st Pf.(MO (No. 1)
20c. May 31 Holders of reo. May 15
Federated Capital Corp. corn. (qua!,)..
May 31 Holders of rec. May 15
/1
stock)
Common (payable In corn,
373ec May 31 Holders of rec. May 15
Preferred (guar.)
3
June 2 May 18 to June 2
Fifteen Park Ave., Inc., preferred
*16c. June 30 *Holders of reo. June 13
Fifth Ave. Bus Securities (guar.)
40e. Juno 1 Holders of rec. May 15
Finance Service, Bait., corn. (guar.)...
1734c June 1 Holders of rec. May 15
Preferred (guar.)
of rm. Apr. 30
First Trust
-Bank Stock Corp.(qua!,).. *12 Yee June 10 'Holders of rec. Apr. 30
'154 June 10 *Holders
Preferred (guar.)
& Dock
Fitz Simons & Connell Dredge
*50c. June 1 *Holders of rec. May 21
Common (qual.)
*Holders of reo. May 21
Common (payable in common stock)_ ef23i June I
MAY 24 1930.1
Name of Compantt.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Firestone Tire & Rubber. 6% pref (qu.) 134 June 1 Holders of rec. May 150
750. June 2 Holders of roe. May 170
Florshelm Shoe, Class A (oil.)(No.1)•37150 June 2 *Holders of rm. May 17
Class B (guar.)(No. 1)
134 July 1 Holders of rec. June 160
Preferred (guar.)
750. June 14 Holders of rec. May 316
Follansbee Bros. Co.common (guard
134 June 14 Holders of rec. May 31
Preferred (guar.)
650 June 16 Holders of roe. June 5
Foote-Burt Co. common (guar.)
Ford Motor Co. of France
(0 June 2 *Holders of ree. May 15
Amer. dep. rots, for bearer shares
*50o. July 1 *Holders et roe. June 15
Formica Insulation (guar.)
.
1500. Oct. 1 *Holders of roe. Sept. 15
Quarterly
*500. Jan1'31 *Holders of rem Deo. 15
Quarterly
Fox (Frances) Laboratories, the.
17340 June 1 Holders of rec. May 20
Participating 7% 1st pref. (guar.)
•134 July 1 "Holders of rect. June 15
Frank (A. B.) Co., pref. (Quer.)
el% Oct. 1 *Holders of rem Sept. 15
Preferred (guar.)
334 June 16 June 1 to Juno 16
French (Fred F.) Investing pref
334 June 14 Holders of rec. June 4
French (Fred F.) Security Co. pref
31.50 July 1 Holders of rec. JUDO 100
Fuller (Geo. A.) Co., pr. Prof. (guard
$1.50 July 1 Holders of roe. June 10a
Participating second pref. (quar.)
I% June 1 Holders of roe. May IF,
General Box Corp.. pref. (quay.)
500. June 2 Holders of roe. May 20a
General Bronze (guar.)
June 1 Holders of rec. May las
General Cable, class A (guar.)
$41
General c
!gar Co., pref. (guar.)
134 June 2 Holders of rec. May 21a
25e. June 30 Holders of rec. June 16
General Development
750. June 12 Holders of rec. May 10a
General Motors, corn. (guar.)
134 Aug. 1 Holders of rec. July 70
7% Preferred (guar.)
135 Aug. 1 Holders of rec. July 7!
6% preferred (guar.)
6% debenture stock (guar.)
134 Aug. 1 Holders of rec. July 7a
May 26 Holders of rec. May 10a
General Refractories (guar.)
250. May 28 Holders of rec. May 10a
Extra
•3734c June 1 *Holders of rec. May 15
Gerrard (S. A.) Co.(guar.)
1,650. July 1 *Holders of roe. June 20
Gibson Art, common (guar.)
•20e. July 1 'Holders of rec. June 20
Common (extra)
*65e. Sept. 1 'Holders of rec. Aug. 20
Common (guar.)
"650. Dec. 1 *Holders of rec. Nov. 20
Common (guar.)
•65e. Aprl'31 "Hold. of rem Mar. 20 131
Common (guar.)
*25o. June 80 "Holders of rm. June 18
Gilbert (A. C.) Co.. corn. (guar.)
$1.25 June 2 Holders of rec. May la
Gillette Safety Razor (guar.)
*50e. July 1 *Holders of rec. June 18
Glidden Co., corn. (guar.)
*1.54 July 1 'Holders of rec. June 18
Preferred (guard
134 June 1 Holders of rec. May 20
Globe-Democrat Pub. Co., pref. (guard
June 1 Holders of rec. May 20
$3
-Godman (H. C.) Co. 1st prof
$1.75 June 10 Holders of rec. June 1
Second preferred
250. June 16 Holders of rm. June 2
Goldberg (S. M.) Storm, corn.(guard- $1.75 June 16 Holders of roe. June 2
Preferred (guar.)
"e2.6 June 30 *Holders of rec. May 15
Golden State Milk Prod. (in stock)
June 2 Holders of rec. May 19a
Goodrich (B. F.) Co.common(guard --- al
154 July 1 Holders of rec. June 144
Preferred (guar.)
114 July 1 Holders of roe. May 81a
Goodyear Tire & Rubber, pref.(guar.)
50c. June 2 Holders of reo. May 1
Gorham Manufacturing, corn. (guar.)_
June 2 Holders of rec. May 1
Com.(stock div. 1-20th sh. corn.sad .
'1734c Aug. 1 *Holders of rec. July 20
Grand Rapids Storm Equip. p1.(qu.)
'17340 Nov. 1 'Holders of rec. Oct. 21
7% preferred (guard
.250. July 1 *Holders of rec. June 20
Grand Rapids Varnish (guar.)
Grand (F. & W.)
-Silver Stores, Inc.
June 25 Holders of rec. June 2a
Common (payable in common stock). fl
750. June 1 Holders of rem May 15a
Grand Union Co., cony. pref.(guard
• Grant(W. T.) Jr Co.. corn. (guar.)
.
125e July 1 *Holders of rec. June 12
Great Atlantic & Pae. Tea corn.(Quer.)- •$1.25 June 1 *Holders of rec. May 5
Preferred (guar.)
*134 June 1 "Holders of roe. May 5
*750. June 2 *Holders of rec. May 20
Great Northern Paper (guar.)
Greenfield Tap & Die,6% pref. (guar.)_
155 July 1 Holders of rec. June 14
July 1 Holders of roe. June 14
8% preferred (guar.)
2
Gruen Watch, common (guar.)
•500. June 1 'Holders of rec. May 20
Common (guar.)
*50e. Sept. 1 *Holders of rec. Aug. 20
Common (guar.)
.
1500. Dee. 1 "Holders of rec. Nov. 20
Common (guar.)
*50c. Marl 31 *Hold. of rec. Feb. 20'31
Preferred (guar.)
•134 Aug. 1 *Holders of rec. July 20
Preferred (guar.)
•114 Nov. 1 *Holders of rec. Oct. 20
'134 Feb 1 81 *Hold. of rem Jan.20 31
Preferred (guar.)
•37150 July 1 *Holders of ree. June 20
Gulf Oil Corp.(guar.)
'37140 Oct. 1 "Holders of rem Sept.20
Quarterly
Quarterly
'37340 Janl 31 *Hold. of reo. Dee. 20 '30
Gulf States Steel, lot prof.(guar.)
134 July 1 Holders of rec. June les
First preferred (guar.)
154 Oct. I Holders of roe. Sept. is
.
134 Jan2 31 Holders of rm. Dec. 150
First preferred (guar.)
•25c. June 1 *Holders of rec. May 15
Hale Bros. Stores (guar.)
300. May 31 Holders of rm. May 20
Hamilton Watch common
135 June 2 Holder's of roe. May 106
Preferred. (guar.)
Hanna(M. A.) Co., 1st pref.(guar.)-L
.- 134 June 20 Holders of rec. June 5.
$1.75 June 20 Holders of rec. June 5a
$7 Preferred (guar.)
Hanes(P.H.) Knitt.,com.& com.B(qui .150. June 2 *Holders of rec. May 20
Preferred (guar.)
"134 July 1 "Holders of rec. June 20
450. July 1 Holders of rec. June 24
Harbauer Co.common (guar.)
50e. Juno 2 Holders of rec. May 23a
Harbtson-Walker Refract., corn. (guar.)
250. June 2 Holders of rec. May 234
Common (extra)
Preferred (guar.)
134 July 19 Holders of rec. July 96
Hart-Carter Co., corn.(guar.)
*25c. June 10'Holders of ree. June 1
Preferred (guar.)
nem June 1 *Holders of rm. May 15
Hartman Corp. class A (quard
50o. June 2 Holders of rec. May 19a
Class B (guar.)
300. June 2 Holders of rec. May 190
Hart Schaffner & Marx. corn.(guard
May 3 *Holders of rec. May 15
142
Hathaway Bakeries, class A (guar.)
75o. June 2 Holders of rem May 15
Preferred (guar.)
154 June 2 Holders of reo. May 15
Hawaiian Pineapple (guar.)
50o. May 31 Holders of rec. May 15e
Hayes Wheels di Forgings, corn.(guar.)- •50e. July 1 *Holders of rec. June 20
*s0e. May 3 *Holders of rm. May 15
Hazeltine Corp.(guar.)
Hecht Mining (guar.)
"250. June 15 "Holders of rec. May 15
Hibbard, Spencer, Bartlett dr Co.(mth17)
350. May 29 Holders of reo. May 23
Monthly
350 June 27 Holders of rec. June 20
Higbee & Co., first preferred (guard
- "114 Aug. 1 "Holders of rec. July 20
First preferred (guar.)
1
.114 Nov. 1 *Holders of rm. Oct. 19
Second preferred (guar.)
June 1 May 21 to June 2
2
ea
Second preferred (guar.)
Sept. 1 *Holders of roe. Aug. 20
Second preferred (guar.)
Dec. 1 *Holders of reo. Nov.21
*2
Hires (Charles E.) Co.,corn, A (guard
50o. June 2 Holders of rec. May 15a
Hobart Mfg. common (guar.)
'6234c June 1 "Holders of rm. May 17
Holland Furnace (guar.)
62140 July 1 Holders of rec. June 160
Holt(Henry)& Co., panto. A (qu.)
"450. June 1 *Holders of rem May 10
Homestake Mining (monthly)
500. May 26 Holders of reo. May 20a
Horn (A. C.) Co. 1st pref.(gear.)
•87150 June 1 *Holders of rec. May 23
Horn dr Harden (N.Y.) pref.(guard
134 June 2 Holders of rm. May 120
Hydro-Electric Securities (guard
50e. June 14 Holders of rec. May 8
Illinois Brick (guar.)
'600. July 15 *Holders of rem July 3
Quarterly
•600. Oct. 15 "Holders of rem Oct. 3
fllinols Pipe Line(adjustment dividend)- *$4.50 June 14 "Holders of ree. May 22
Imperial Chemical Industries
American deposit receipts
*sob
June 7 "Holders of rec. Apr. 15
Imperial 011 of Canada reg.stock (guar.) 12340. June 2 May 16 to June 1
Bearer stock (guar.)
1234c. June 2 Holders of coup. No.25
Imperial Royalties pref. A (monthly) 18e. May 31 Holders of rec. May 25
Old preferred
1150. May 31 Holders of roe. May 25
Indiana Limestone, pref.(guar.)
114 June 2 Holders of rec. May 20
industrial Finance Corp
Common (payable In common stook) 1254 Aug. 1 Holders of roe. Apr. 18
Common (payable in common stook) fa% Nov. 1 Holders of ree. Apr. 18
Common (payable In common stook)._ 1254 Febl'31 Hold. of rec. Apr. 18'30
industrial & Power Securities, corn.(and n25o. June 1 Holders of rec. May 1
rdagereoll-Rand Co.,corn.(guar.)
$1 June 2 Holders of rec. May 9a
31 June 2 Holders of rec. May Pa
Common(extra)
$1 June 2 Holders of rem May 15a
Inland Steel (guar.)
.
Instill Utility Invest., corn. (In stook) - en% July 15 *Holders of rem July 1
Common (payable in common stock)_ '1134 Oct. 15 *Holders of rec. Oct. 1
$1.50 Jun. 2 Holders of reo. May 15
Second series preferred (guar.)
150. June 15 Holders of rec. May 31
tnsuranshares Certificates (guar.)
250. June 25 Holders of rec. June 10.
•Interlake Iron (guar.)
June 2 *Holders of rec. May 20
*S1
:Internat. Arbitrage, corn. (guar.)
1June 2 Holders of rec. May I bit
Internale Agree. Corp.. pr. Prof.(gm)._
25e. July 1 Holders of rec. July 160
Internat. Carriers, Ltd. (No. 1)
:
6234c JuiyI 15 Holders of rem June 200
intermit. Harvester common (quar.)
134 Jun01 2 Holders of rec. May 5a
Preferred (guar.)
3667
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Internat. Mtge. & Invest. Pref. (quay.)
134 June 2 Holders of rec. May 20
250. June 30 Holders of rec. June 2a
Internat. Nickel, corn. (guar.)
60c. June 2 Holders of rec. May 15a
Internat. Safety Razor, class A (guax.)50c. June 2 Holders of roe. May 15a
Class B (guar.)
75e. June 2 Holders of reo. May 15
Internat. Securities Corp. corn. A (qu.)_
1234e June 2 Holders of reo. May 15
Common B (guar.)
7% preferred (guar.)
13.4 June 2 Holders of rec. May 15
154 June 2 Holders of rec. May 15
634% preferred (guard
6% preferred (quar.)
134 June 2 Holders of rec. May 15
500. June 1 Holders of roe. May 15
International Shoe, pref. (monthly)
134 June 1 Holders of rm. May 156
International Silver. corn. (guar.)
•250. July 1 'Holders of rec. June 14
Interstate Bakeries. corn.(gu.)(No.1)
*50c. July 1 'Holders of roe. June 16
investors Equity (guar.)
.
1250. June 1 *Holders of rec. May 15
Iron Firemen Mfg.(guar.)
Jaeger Machine, corn. (attar.)
6234c June 1 Holders of rem May 15
750. July 15 Holders of rec. Ally 1
Jewel Tea, Inc., corn.(quay.)
June 16 Holders of rem June 2
$I
Common (extra)
6235c June 2 Holders of reo. May 15
Johnson-Stephens-ShInkle Shoe (gu.)
.
1134 June 2 "Holders of reo. May 13
Jones & Laughlin Steel Corp., corn.
(
111 July 1 Holders of rec. June 131
Preferred (guar.)
134 July 1 Holdertrof rec. June 10
Kaufman Department Stores pref.(qu.)_
$1.50 June 1 Holders of rem May 10a
Kendall Co. partie. pref.(guard
370. June 1 Holders of rem May 10a
Partic. prof.(participating died
-•56340 Aug. 1 *Holders of rem July 17
Kidder Participations, Inc., common
Participations No. 2. pref.(extra) "25o. Oct. 1
Kidder
250. July 1 Holders of rem June 160
Kinney(G.R.) Co.,corn.(guar.)
June 2 Holders of rm. May 16.
2
Preferred (guar.)
'13.4 June 10 *Holders of reo. May 31a
Kirby Lumber (guar.)
'134 Sept. 10 *Holders of me Aug. 30
Quarterly
•134 Dee, 10 *Holders of roe. Nov. 29
Quarterly
.
1250. July 1 'Holders of rm. June 15
Klein (D.Emil) Co.(guard (No. 1)
Kleinert (I. B.) Rubber Co. con).(gu.)- 6234e June 2 Holders of roe. May 15
*51 June 15 *Holders of rec. May 15
Hat,corn.(quer.)
Knox
250. June 2 Holders of rec. May 10a
Kroger Grocery & Baking. corn.(guar.)'134 July 1 "Holders of roe. June 20
First preferred (guar.)
.
1154 Aug. 1 "Holden; of rec. July 21
Second preferred (guar.)
June 2 Holders of coo. May 10a
el
Stock dividend
Sept. 1 Holders of roe. Aug. 116
el
Stook dividend
July 1 Holders of rec. June 21a
Kuppenheimer (B.) & Co., common__ $1
114 June 2 Holders of reo. May 24a
Preferred (quay.)
80e. June 2 Holders of rec. May 17
Lake of the Woods Milling, corn.(guar.)
114 June 2 Holders of rec. May 17
Preferred (guar.)
*750. Aug. 16 *Holders of rec. Aug. 5
Landis Machine, common (guar.)
'750. Nov. 15 "Holders of reo. Nov. 5
Common (guar.)
Lanston Monotype Machine(guard--- *1.54 May 31 *Holders of rec. May 21
*25e. May 31 "Holders of rec. May 21
Extra
*25o June 30 *Holders of rem June 20
Leatb & Co., common (quer.)
•250. Sept.30 "Holders of tee. Sept.20
Common (guar.)
Lehigh Coal & Navigation
350. May 81 Holders of rm. Apr. 300
New no par common (guard (NO.1)
LehighPortland Cement, pref. (qua?.)134 July 1 Holders of rec. June 146
750. June 1 Holders of me. May 150
Lebo & Fink Products corn (guar.)__._
*43140 June 1 *Holders of rec. May 15
Leonard Customs Tailors com.(gud
.250. June 1 *Holders of rec. May 15
Common (extra)
315 July 1 Holders of rec. June 18
Libby, McNeil & Libby, pref
25o. June 1 Holders of roe. May 16a
Libby-Owens Glass,corn.(guar.)
'el
Dee. 31
Liberty Share Corp.. stock dividend_ _Liggett & Myers Tob.com.&com.B.(gu.) $1 June 2 Holders of rec. May 150
Lily-Tulip Cup Corp.. corn. (guar.).___ 3715c June 16 Holders of roe. June 6
$1.75 June 30 Holders of rec. June 6
Preferred (guar.)
25e. June 1 Holders of rec. May 15
Lindsay (C. W.)&Co.,corn.(guar.)
1 15 June 1 Holders of rem May 15
Preferred(guar.)
*50e. June 1 *Holders of rec.'May 20
Lindsay Nunn Publishing pref.(qu.)_
65e. June 1 Holders of roe. May 15
Ink Belt Co., corn.(guar.)
*20c. June 2 *Holders of rec. May 12
Loblaw Groceterias A & B (guar.)
London Canada Investment. pref. (Om) 134 June 2 Holders of rec. May 15
Lord & Taylor, let pref. (guard
134 June 2 Holders of rec. May 170
134 Aug. 15 Holders of rec. Aug. la
Louisiana Oil Reg. pref.(guar.)
$2.50 June 2 Holders of rec. May 10
Ludlow Mfg. Associates (guar.)
'3734c June 14 *Holders of rec. June 4
(guard
Lunkenheimer Co. common
"154 July 1 'Holders of rec. June 21
Preferred (guar.)
'134 Oct. 1 *Holders of rec. Sept.20
Preferred (guar.)
*134 Jan 1'31
Preferred (guar.)
954 Aug. 15 *Holders of rote. Aug. 5
Magnin (I.) Co., pref. (guar.)
*154 Nov. 15'Holders of roe. Nov. 5
Preferred (guard
154 June 1 Holders of rec. May 200
Mantel Stores. pref.(guar.)
50e. June 2 Holders of reo. May 15a
Manhattan Shirt, corn. (guar.)
Mantsohewitz (B.) Co.
June 1 *Holders of roe. May 20
Common (pay, in corn,Stook)(dear.)- *11
•154 July 1 'Holders of reo. Mar.20
Preferred (guar.)
*30c. June 30 *Holders of rec. June 2
Marine Midland Corp. (gear.)
June 2 Holders of rec. May 190
Marmon Mot.Car,com.(payin comstk.) f2
Marshall Field dr Co. (ell.) (No. 1)__.._ 62340 June 1 Holders of rec. May 150
•Sim May 25 *Holders of rec. May 15
Mascot Oil (monthly)
"50c. June 1 'Holder, of rec. May 15
Material Service Corp (guar.)
50e. June 2 Holders of rec. May 150
May Department Storm, corn.(guar.) 0
Common (payable In common stook). 1134 June 2 Holders of rem May 15
(payable In common stock) /13.4 Sept. 2 Holders of reo. Aug. 164
Common
Common (payable in common stook)- 1134 Doe. 1 Holders of rem Nov.lba
•500. June 15 *Holders of rec. June 3
Mayflower Associates (guar.)
June 15 *Holders of rec. June 3
*el
Stock dividend
June 1 Holders of roe. May 2
0
$1
May Hosiery Mills Prof. (guar.)
McCahan (W. J.) Sugar Refg. &
1.5.4 June 2 Holders of tee. May 16
4
Molasses Co. pref. (gear.)
15e, June 15 Holders of roe. May 15
McColl-Frontenac Oil, corn.(quer.)
McCrory Storm Corp.
20a
50c. June 2 Holders of rec. May
Common and common B (guar.)
250. June 2 Holders of rec. MAY la
McIntyre Porcupine MInee (guar.)
87340. June 16 Holders of rec. June 2a
McKesson & Robbins, pref. A (Vara
50e. June 1 Holders of rec. May 20
Medart (Fred.) Mfg.. corn.(guar.)
500. July 1 Holders of roe. May 816
Mengel Co.. eom. (guar.)
134 June 1 Holders of rec. May 154
Preferred (guar.)
2
July 1 Holders of rec. Junal 7
Merck Corporation, pref. (guar.)
$1.50 May 31 Holders of roe. May 6
Merrimack Mfg. common
400. June 1 Holders of roe. May 15
Merritt
-Chapman &Scott CorP..00m((le)
115 June 1 Holders of roe. May 15
Preferred (guard
Metal Textile Corp. panic. pref.(gm). 81340 June 1 Holders of rec. May 20
Metro-Goldwyn Pictures, pref.(qu.)---- 4711c. June 14 Holders of roe. May 296
50e. June 1 Holders of rec. May 15
Metropolitan Paving Brick corn.(eu.)-134 July 1 June 16 to June 30
Preferred (guar.)
el July 21 Holders of rec. June 300
Michigan Steel (extra in stock)
Miller & Hart. Ino., cony. pref.(guar.)- '87340 July I "Holders of ree. June 15
- 50c. July 1 Holders of rec. June 20
Miller (I.) di Sons, Inc., corn.(guar.)
154 June 2 Holders of rec. May 23
Preferred (guar.)
Mississippi Val. Utilities Investment
37 preferred (guar.)
31.75 June 2 Holders of rec. May 15
Mohawk Mining
$1.50 May 31 Holders of rec. Apr. 30
Monarch Royalty Corp. of. A (mthly.) 12150 June 10 Holders of rec. May 31
154e. June 10 Holders of rec. May 31
Preferred (monthly)
June 16 Holders of rec. May 310
Montreal Loan At Mtge.(guar.)
3
Morison Elec. Supply, corn.(guard-"250. June 1 *Holders of rec. May 15
Common (payable In common stook)- ef134 June 1 *Holders of rec. May 15
Morrell (John) & Co., Inc. (guar.)
$1.10 June 14 Holders of roe. Stay 246
Motor Products Corp. corn.(guar.)..50c. July 1 Holders of rec. June 216
Motor Wheel Corp. corn.(guard
75e. June 10 Holders of rec. May 200
75c. June 1 Holders of rm. May 160
Munsingwear. Inc. (guar.)
Murphy (G. C.) Co. common (guar.)
400. June 2 Holders of rec. May 22
Muskegon Motor Specialties A (guard-- "500. June 1 *Holders of rem May 20
•114 May 31 'Holders of roe. May 10
National Baking. 7% pref. (guar.)
Nat. Bearing Metals, corn. (guar.)
75e. June 1 Holders of rec. May 15
Nat. Belles Hess Co., prof. (Guard
134 June 1 Holders of rec. May 214
700. July 15 Holders of rec. June 200
National Biscuit, new corn.(No. 1)111 May 31 Holders of rec. May 150
Preferred (guar.)
50e. June 1 Holders of rec. May 15
National Container Corp. pref.(guar.)
50e. July1 1 Holders of rec. June 3a
Nat. Dairy Products. corn.(guar.)
July 1 Holders of ree. June 54
Corm (Payable In corn. stook)(guard- 11
Oct. 1 Holders of roe. Sept. 34
Com.(Payable In corn. stook)(OUST.). 11
*1.54 July 1 *Holders of rec. June 30
Preferred A & B (guar.)
•114 June 1 *Holders of rec. May 15
National Dept. Stores, 2nd prof.(gm)
400. June 1 Holders of rem May 20
Nat. Family Stores, Corn. (gust.)
500 June 1 Holders of rec. May 2
Preferred (guar.)
0
234 July 1 Holders of rec. June 10
National Investors Corp.. Prof
3668
Name of CompaNY.
Per
When
Cent. Payable.
Books Closed,
Days inductee.
Miscellaneous (Continued).
National Lead pref. A (guar.)
134 June 14 Holders of rec. May 200
Nat. Manufacture dr Stores
Class A and pref. stocks (guar.)
*51.75 July 1 *Holders of rec. June 14
Notional Screen Service (quar.)
*50e. July 1 *Holders of reo. Juno 20
Nat. Sugar Refining (Suer.)
500. July 1 Holders of rec. June 2
Nat. Supply pref. (guar.)
134 June 30 Holders of rec. June 206
Nehl Corp. common (Suer.)
3234e June 2 Holders of rec. May 16
First preferred (quar.)
5 1.3114 July 1 Holders of rec. June 15
Neiener Bros., Inc., common (quar.) _
400. July 1 Holders of reo. June 146
Common (quar.)
400. Oct. 1 Holders of reo. Sept. 150
Common (Quay.)
400. Jan 1'31 Holders of reo. Dee. 156
Newberry (J. J.) Co. common (quar.) .27340 July 1 *Holders of rec. June 16
Preferred (guar.)
•1 3i June 1 *Holders of rec. May 16
New Jersey Zinc (extra)
2
June 10 Holders of rec. May 21
Newport Co.(quay.)
*500. June 2 *Holders of rec. May 23
Class A (quar.)
75c. June 2 Holders of rec. May 236
New York Transit
400. July 15 Holders of rec. June 20
New York Transportation (quar.)
*50c June 28 *Holders of rec. June 15
Niles-Bement-Pond, common (quar.)
*500 June 30 *Holders of rec. June 20
Common (quar.)
•500 Sept. 30 *Holders of reo. Sept.20
Common (quay.)
*500 Dec. 31 *Holders of reo. Deo. 20
Noblitt-Sparks Industries (in stock)--- *el 34 July 1 *Holders of rec. June 20
Stook dividend
*el 14 Oct. 1 *Holders of reo. Sept. 20
Northam Warren Corp.. cony. pref.(qu) *750 May 31 *Holders of rec. May 15
North Amer. 011 Consol. (monthly)---- *10c June 28 *Holders of rec.
.May 20
North Central Texas 011 (guar.)
150 June 2 Holders of reo. May 10
Northern Disc., pref. A (monthly)----'662-3c June 1 *Holders of roe. May 15
Preferred A (monthly)
•662-30 July 1 *Holders of reo. June 15
Preferred A (monthly)
•66 2-3e Aug. 1 *Holders of reo. July 15
Preferred A (monthly)
•682-30 Sept. 1 *Holders of reo. Aug. 15
Preferred A (monthly)
•682-3 Oct. 1 *Holders of rec. Sept. 15
Preferred A (monthly)
•66 2-3c Nov. 1 *Holders of rec. Oct. 15
662-30 Dec. 1 *Holders of rec. Nov. 15
Preferred A (monthly)
Northern Pipe Line
July 1 Holders of rec. June 13
52
Oceanic Oil (bi-monthly)
•2c May 26 *Holders of rec. May 16
*31.50 Aug. 1 *Holders of reo. July 20
Ogglesby Paper, preferred (quar.)
*51.50 Nov. 1 *Holders of reo. Oct. 20
Preferred (guar.)
134 June 2 Holders of rec. May 22
Ogilvie Flour Mills, prof.(guar.)
Ohio 011 common (guar.)
June 14 *Holders of rec. May 15
•$1
New preferred (guar.)(No. 1)
*31.50 June 14 *Holders of reo. May 22
Omnibus Corp. pref. (quar)
2
July 1 Holders of rec. June 136
*37sic May 25 *Holders of rec. May 15
Orange-Crush Co.(guar.)
Oshkosh Overall, pref.(quar.)
•50c. June 1 *Holders of reo. May 27
Otis Elevator. prof.(guar.)
134 July 15 Holders of rec. June 300
134 Oct. 15 Holders of reo. Sept. 30a
Preferred (guar.)
134J anI5'31 Hold, of reo. Deo.31'300
Preferred (guar.)
Outboard Motors Corp., el. A (quar.)„ •45c. June 2 *Holders of rec. May 19
Owens Illinois Glass, pref.(guar.)
134 July 1 Holders of rec. June 15
Pacific American Fisheries (guar.)
•50.3. June 1 *Holders of rec. May 15
Pacific Commercial Co. (suer.)
*70c. June 30 *Holders of rec. June 14
Packard Motor Car (quar.)
25e. June 12 Holders of res. May 150
Paragon Refining class A (guar.)
75c. July 1 June 21 to
July 1
Paramount Publlx Corp. corn. (quar.)
31
June 28 Holders of rec. June 6a
Parmelee Transportation corn.(mthlY.)- 1234c June 10 Holders of reo. May 29a
Patterson-Sargent Co.,corn.(quar.).._
50c. June 1 Holders of roe. May 15
87 14c. June 1 Holders of reo. May 20
render (D.) Grocery Co.,el. A (aU.)25c, June 17 Holders of rec. June 56
Penick & Ford, Ltd., corn.(guar.)
14.1 July 1 Holders of reo. dMay 286
Preferred (guar.)
Pennsylvania Investing Co.. cl. A (qu.). 6234e. June 2 Holders of rec. Apr. 30a
50e. June 2 Holders of rec. Apr. 306
Class B
250, June 1 Holders of reo. May 15
Pepper (Dr.) Co
*3734e May 31 *Holders of reeY May 20
Perfection Stove (monthly)
Phoenix Hosiery prof. (guar.)
134 June 1 Holders of rec. May 17a
Pierce-Arrow Motor Car, pref. (quar.)
114 June 1 Holders of rec. May 10a
Pillsbury Flour Mills, corn.(guar.)
500. June 2 Holders of rec. May 15a
Pines Winterfront Co. (quar.)
*25o. June 1 *Holders of rec. May 15
*e2
Stock dividend
June 1 *Holders of reo. May 15
Pittsburgh Plate Glass (Suer.)
•500. July 1 *Holders of rec. June 10
Pittsburgh Steel pref.(guar.)
134 June 1 Holders of rec. May 10a
Poor & Co., class A and B (quar.)
50e. June 1 Holders of rec. May 150
- '134 July 1 *Holders of reo. June 15
Powdrell & Alexander, pref. (quar.)Prairie 011 & Gas(guar.)
50c. June 30 Holders of reo. May 3I6
Prairie Pipe Line (guar.)
750. June 30 Holders of reo. May 316
Extra
50c. June 30 Holders of rec. May 316
*$1
Pratt & Lambert Co. common
July 1 *Holders of rec. June 16
Pressed Metals of Amer. corn. (quar.)
•250. July 1 *Holders of rec. June 14
Prince & Whitely Trading, coin.(Nol)_
250. June 2 Holders of rec. May 15
Preferred (guar.)
75e. June 2 Holders of reo. May 20
Procter & Gamble 5% pref.(quar.)
1M June 14 Holders of rec. May 240
25o. June 16 Holders of rec. May 15
Public) Investing Co. (quar.)
10o. June 16 Holders of rec. May 15
Extra
3734c June 1 Holders of reo. May 90
Pure 011 Co., corn. (guar.)
Purity Bakeries Corp., corn. (quar.)...
June 1 Holders of rec. May 150
$1
Quaker Oats Co., corn. (quer.)
July 15 *Holders of rec. July 1
•51
•114 May 31 *Holders of rec. May 1
Preferred (guar.)
Preferred ((Man)
'134 Aug. 30 *Holders of ree. Aug 1
87340. July 1 Holders of rec. June 20
Radio Corp. of Amer., pref. A (quar.)
$1.25 July 1 Holders of rec. June 20
Preferred B (guar.)
1234c June 16 Holders of roe. May 19
Railroad Shares Corp.(quar.)
Ry. de Utilities Investing, 7% pf. (rm.). 8734e June 2 Holders of reo. May 15
750. June 2 Holders of reo. May 15
6% convertible preferred ((Wan)
Ranier Pulp & Paper, class A (quar.)
*50o. June 1 *Holders of reo. May 10
*25e. June 1 *Holders of reo. May 10
Class B (quar.)
*3734c June 15 *Holders of rec. June 1
Rapid Electrotype, corn. (guar.)
July 15 *Holders of reo. July 1
•er5
Stock dividend
Remington Rand. Inc., corn. (quar.)
400. July 1 Holders of rec. June 7a
First preferred (guar.)
154 July 1 Holders of reo. June 7a
July 1 Holders of reo. June 7a
2
Second preferred (quar.)
Republic Supply (guar.)
•750. July 15 *Holders of rec. July 1
Quarterly
•750. Oct. 15 *Holders of rec. Oct. 1
July 1 Holders of reo. June 10a
Revere Copper & Brass, class A (quar.) $1
$1.75 Aug. 1 Holders of reo. July 10a
Preferred (quar.)
Reynolds Metals (qilar.)
600. June 2 Holders of reo. May 15a
Russek's Fifth Ave.. common (guar.)
400. June 2 Holders of ree. May 26
Ruud Manufasturing(Omn)
•65o. Aug. 1 *Holders of roe. July 30
500. June 20 June 10 to June 20
St. Joseph Lead Co.(quar.)
Extra
250. June 20 June 10 to June 20
Quarterly
500. Sept.20 Sept. 10 to Sept. 21
250. Sept.20 Sept. 10 to Sept. 21
Extra
Quarterly
50o. Deo. 20 Dec. 10 to Dec. 21
250. Dee. 20 Dec. 10 to Dee. 21
Extra
Savage Arms, corn.(quay.)
50o. June 2 Holders of reo. May 15a
Second preferred (quar.)
*134 Aug. 15 *Holders of roe. Aug. 1
50c. June 15 Holders of rec. May 31
Schiff Co., common (glum)
134 June 15 Holders of reo. May 31
Preferred (guar.)
el
Aug. 1 Holders of rec. July 150
Sears, Roebuck & Co.,stock div.(qu.)
Cl
Nov. I Holders of reo. Oct. 154
Stook dividend (guar.)
Second National Investors, pref.(guar.) $1.25 July 1 Holders of reo. June 106
Selfridge Provincial Stores, Ltd.
•w334 June 7 *Holders of rec. May 16
American deposit receipts
25o. July 10 Holders of rec. June 20a
Shattuck (Frank G.) Co.((Wan)
11 Sept. 15 *Holders of reo. Aug. 25
Sheaffer (W.S.) Pens, common (guar.). 1
-*51.46
Shell Transport & Trad. Am.shares
350. June 30 Holders of rec. June 46
Shell Union 011 Corp. corn. (quar.)
134 July 1 Holders of rec. Juno 106
Preferred (guar.)
Sherwin Williams Co., pref. (quar.)..__. 134 June 1 Holders of rec. May 15
50c. May 31 Holders of reo. May 18
Shippers Car Line, class A (guar.)
134 May 31 Holders of rec. May 16
Preferred (guar.)
400. June 14 Holders of recs. May 290
Simms Petroleum (guar.)
- 154 June 2 Holders of reo. May 160
Simon (Franklin) & Co., pref. (guar.).
6230. June 1 Holders of reo. May 20
Simon (H.)& Sons, Ltd., 001n.(quar.)
134 June 1 Holders of rec. May 20
Preferred (guar.)
50c. July 15 Holders of rec. June 140
Sinclair Consol. 011 common (quar.)June 2 May 16 to June 2
3
16 Park Ave., Inc., pref
50o. June 18 Holders of rec. May 150
Skelly 011 (Suer.)
Mills, prof. (qu.) 134 June 2 Holders of rec. May 21
Smith (Howard) Paper
*750 June 15 *Holders of reo. June 10
Southern Acid & Sulphur(War.)
July 1 Holders of rec. June116
31
South West Pa. Pipe Lines (quar.)
500 July 15 Holders of rec. June 300
Spalding(A.G.)& Bros., corn.(quar.)-Ili June 2 Holders of reo. May 170
First preferred (guar.)
June l 2 Holders of reo. May 17
2
Second preferred (guar.)
Spear & Co., pref. & 2nd pref. (quar.)
154 June 2 Holders of rec. May115a
[VOL. 130.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Name of Company.
Books Closed,
Days Inclusive.
Miscellaneous (Continual).
Specialized Shares Corp., corn.(quer - *25o. June 2 *Holders of rec. May 20
Preferred A & B (guar.)
*75o. June 2 *Holders of rec. May 20
Spencer Trask Fund (No. 1) (quar.)-•25c. June 30 *Holders of reo. June 19
Square D Co., corn. B (quer.)(No. 1)
•50o. June 30 *Holders of reo. June 20
Common B (payable in stock)
•2 June 30 *Holders of rec. June 20
Standard Dredging. corn. (suer.)
•150. June 1 *Holders of reo. May 15
Corn.(1-80th of one share of corn.).
(f) June 1 Holders of rec. May 15
Standard OU (California)(guar.)
6234e June 16 Holders of rec. May 15s
Standard Oil (Indiana) (guar.)
•620cc June 16 *Holders of rec. May 16
Standard 011 (Kansas) (quar.)
500. June 16 Holders of rec. May 246
Standard 011(Nebraska) (guar.)
6234c. June 20 May 25 to June 20
Extra
25c. June 20 May 25 to June 20
Standard 011 Co.(N. J.) $25 par (guar.)
25e. June 16 Holders of rec. May 1711
$25 par (extra)
25o. June 16 Holders of rec. May 170
$100 par (Suer.)
I
June 16 Holders of rec. May 17
3100 par (extra)
1
Juno 16 Holders of rec. May 17
Standard 011 (N. Y.) (quay.)
40c. June 16 Holders of rec. May 90
Standard 011 (01110), pref. (quar.)
134 June 2 Holders of roc. Slay
Standard Utilities, common (No. 1)__
25o June 1 Holders of rec. May 20
Common (extra)
lb.June 1 Holders of reo. May 20
Stearns (Fred.) Corp.(monthly)
+1 8 2-3e. May 31 *Holders of rec. May 21
Sterling Securities, cony. 1st pref.(guar.)
75e. June 2 Holders of roc May 156
Preferred (quar.)
30c. June 2 Holders of rec. May 15a
Stiff, Baer & Fuller, common (guar.).-- 37340 June 52 Holders of reo. May 15
Common (quar.)
.37340 Sept. 1 *Holders of reo. Aug. 15
Common (guar.)
•37340 Doe. 1 *Holders of roe. Nov. 15 ;
Stone (II. 0.)& Co.
Common (in corn. stk.)
July 1 *Holders of reo. June 16
'lb
*250. June 2 *Holders of rec. May 19
Stromberg-Car1son Telep. Mfg.(qu.)
Extra
•12340 June 2 *Holders of rec. May 19
Stroock (S.) & Co. (Suer.)
75c. July 1 Holders of rec. June 20
Studebaker Corp., corn.(guar.)
$1 June 2 Holders of rec. May 10s
134 June 2 Holders of rec. May 106
Preferred (quar.)
Sun Oil Co., corn. (guar.)
25c. June 16 Holders of rec. May 26a
Preferred (guar.)
134 June 2 Holders of roc. May 10.1
Superior Portland Cement (guar.)
•27340 June 1 *Holders of rec. May 23
Swan-Finch 011 Corp., pref. (qu.)
.43Sic June 3 *Holders of rec. May 15
Telephone Corporation (monthly)
•200. June 1 *Holders of reo. May 20
•20o. July 1 *Holders of reo. June 20
Monthly
•200. Aug. 1 *Holders of rec. July 20
Monthly
Monthly
*200. Sept. 1 'Holders of reo. Aug. 20
•200. Oct. 1 *Holders of reo. Sept. 20
Monthly
•200. Nov. 1 *Holders of rec. Oct. 20
Monthly
*200. Doe. 1 *Holders of reo. Nov. 20
Monthly
Tennessee Copper & Chem.(guar.)
250. June 16 Holders of rec. May 31a
Texas Gulf Sulphur (guar.)
SI
June 16 Holders of reo. June 2*
Third National Investors Corp., corn
$1
July I Holders of reo. June 10a
39 Broadway, Inc., preferred
3
June 2 May 16 to June 2
Thompson Products pref. (Suer.)
134 June 1 Holders of rec. May 20
Tide Water Associated 011. semi-annual.
300. Aug. 15 Holders of res. July 216
Timken-Detroit Axle, pref. (quer.).- - - 134 June 2 Holders of reo. May 200
Timken Roller Bearing (quar.)
750. June 5 Holders of reo. May 20s
•e3 July 25 Holders of rec. July 5
Transamerica Corp.stock dividend
Traung Label & Lithograph, ol. A (qu.).. *3734e June 15 Holders of reo. June 1
Class A (quay.)
*37340 Sept. 15 Holders of rec. Sept. 1
Class A (quay.)
•37350 Dec. 15 Holders of rec. Dec. 1
Trinidad Leaseholds, Ltd.
Is. 6d. May 28 *Holders of reo. May
Amer. dep. rots. ord. reg. shares
30e. July 15 Holders of rec. June 260
Truseon Steel, corn. (guar.)
134 June 2 Holders of rec. May 21
Preferred (quay.)
Underwood-Elliott-Fisher
31.25 June 30 Holders of reo. June 12a
Common (guar.)
154 June 30 Holders of reo. June 12s
Preferred (guar.)
Underwrit's de Participat'ns, el,. A (flu.) _ •750. June 2 *Holders of reo. May 15
•50o. June 2 *Holders of rec. May 15
Union Mills common (guar.)
.134 June 2 *Holders of rec. May 15
Preferred (guar.)
•82340 Aug. 15 *Holders of reo. Aug. 1
Union Storage Co. (quar.)
'62340 Nov. 15 *Holders of reo. Nov. 1
Quarterly
400. Juns 2 Holders of reo. May 20.
Union Tank Car (auar.)
United Amer. Utilities, Inc.
June 10 Holders of reo. May 15
Corn.(1-40th share COM. stk.)(No. 1)
01 212-30 June 1 Holders of reo. May 9
Class A, first series(No. 1)
400. June 1 Holders of reo. May 170
United Biscuit,corn.((uar.)
11
4 Aug. 1 Holders of rec. July 176
Preferred (guar.)
•334 July 1 *Holders of reo. June 13
United Carbon, preferred
•150. JunO 2 *Holders of reo. May 20
United-Carr Fastener (quar.)
United Chemicals, Inc., prof. (guas.)--- •750. June 1 *Holders of reo. May 15
$1
July 1 Holders of rec. June 2e
United Fruit (guar.)
United Hellenic Bank Shares, Inc.
10o. July 1 Holders of reo. May 31
Corn. de Prof. (quar.)(No. 1)
*500. June I *Holders of reo. May 15
United Milk Crate, el A (guar.)
500. Aug. 1 Holders of rect. July 154
United Piece Dye Works, corn.(quar.)..
500. Nov. 1 Holders of reo. Oct. 15.
Common (guar.)
154 July 1 Holders of rec. June 20a
Preferred (guar.)
154 Oct. 1 Holders of reo. Sept. 200
Preferred (quay.)
154 an2'31 Holders of rec. Dec. 20.
Preferred (guar.)
31.25 June 2 Holders of rec. May 10
U.S. Dairy Products corn. A (quar.)
$1.75 June 2 Holders of rec. May 20
First preferred (guar.)
Juno 2 Holders of rec. May 10
$2
Second preferred (guar.)
*400. June 30 *Holders of rec. June 14
U. S. Gypsum common (guar.)
•134 June 30 *Holders of reo. June 14
Preferred (Suer.)
500. Juno 1 Holders of reo. May 2I6
U. S. Hoffman Machinery (Suer.)
U. S. Pipe ik Foundry, corn.(quar.)
234 July 20 Holders of reo. June 30a
234 Oct. 20 Holders of reo. Sept. 20a
Common (guar.)
234 Ja20'31 Holders of rec. Doe. 310
Common (guar.)
300. July 20 Holders of reo. June 300
First preferred (quar.)..
300. Oct. 20 Holders of reo. Sept. 300
First preferred (guar.)
300. Ja20'31 Holders of roe. Dec. 310
First preferred (guar.)
1300. July 20 Holders of reo. June 300
Second preferred (quar.)
t300. Oct. 20 Holders of rec. Sept. 30.
Second preferred (guar.)
1300. Ja20'31 Holders of reo. Dec. 3Ia
Second preferred (guar.)
*31
July I *Holders of rec. June 20
U. S. Playing Card (guar.)
U.S.Print. & Lithograph., corn.(1U.)
*500. July 1 *Holders of roe. June 20
•750. July 1 Holders of rec. June 20
Preferred (guar.)
U.S. Realty & Impt.(quay.)
$1.25 June 16 Holders of roe. May 180
U.S.Steel Corp., Com•
134 June 28 Holders of reo. May 296
Man/
154 May 29 Holders of reo. May 30
Preferred (quar.)
U. S. Stores Corp., 1s0 Pref. (quar.)... $1.75 June I Holders of reo. May 19a
Utility Equities Corp. priority stk.(qu.) $2.75 June 2 Holders of rec. May 15
$1
Vacuum 011 (quar.)
June 20 Holders of reo. May 31
Vapor Car Heating, pref. (guar.)
•134 June 10 *Holders of reo. June 1
.
0134 Sept. 10 *Holden of reo. Sept. 1
Preferred (guar.)
•134 Dec. 10 *Holders of reo. Dec. 1
Preferred (quar.)
Victor Welding Equip., A & B (guar.).- •37340 May 25 *Holders of rm. May 14
Vulcan Detinning, corn. & corn. A (qu.). 1
July 21 Holders of rec. July ba
134 July 21 Holders of rec. July 50
Preferred and preferred A (guar.)Wagner Electric common (guar.)
37340 June 1 Holders of reo. May 15
Walluku Sugar (monthly)
*100 May 25
Walker (Hiram)-Gooderham de
250. June 16 Holders of rec. May 23
Worts (Ltd.) (quar.)
Waltham Watch, pref. (quar.)
•134 July 1 *Holder, of rec. June 21
'134 Oct. 1 *Holders of reo. Sept. 20
Preferred (quay.)
Walworth Co. common (guar.)
500. June 16 Holders of roe. June 5a
•750. June 30 *Holders of reo. June 20
Preferred (Suer.)
Ward Baking, pref.(guar.)
154 July 1 Holders of roe. June 17a
Warner Bros. Pictures, corn.(guar.)
$1 June 2 Holders of roc. May 136
550. June 2 Holders of rec. May 12a
Preferred (guar.)
Warren Bros., new corn.(qu.)(No. 1)..
75c. July 1 Holders of rec. June 16a
Nowfirst pref.(guar.)(No. 1)
25e. July 1 Holders of .ea. June 16a
New second Pref.(guar.)(No. 1)
29sec July 1 Holders of roe. June 16
Wayne Pump Co.. Prof. (guar.)
87340 June 1 Holders of rec. May 20
Welch Grape Juice corn. (guar.)
250. May 31 Holders of rec. May 15
Common (extra)
$2.25 May 31 IIolders of reo. May 15
Preferred (guar.)
13.4 May 31 IIolders of rec. May 15
Wellington Oil (guar.)
:0. June 15 *Holders of reo. May 31
50
.
Extra
750. June 15 *Holders of reo. May 31
Wesson Oil & Snowdrift Co., pf.((in.) - $1 June 1 Holders of reo. May 15a
.
Western Auto Supply. corn. A & B (qu.) 51.50 June 1 Holders of rec. May 20
6
Western Dairy Products, Cl. A (au.)--- $1 June 41 Holders of reo. May 12
West. Maryland Dairy Prod. pf.(qu.) *87 me July 1 *Holders of rec. June 20
Prior preferred (guar.)
Sept. 1 *Holders of rec. Aug. 20
Western Pipe & Steel (guar.)
•50c. June 5 *Holders of rec. May 20
.)-
FINANCIAL CHRONICLE
MAY 24 1930.]
Name of'Company.
Miscellaneous (Concluded).
Western Reserve Investing6% Pf.(CMS6% mirth's pref.(guars
Western Tablet & Stationery. oom.(an.)
Preferred (guar.)
Westvaco Chlorine Products, corn.(qu.)
West Va.Pulp & Paper pref.(quar.)._
Preferred (guar.)
Wheatsworth, lao. (fluor.)
Wheeling Steel, corn.(guar.)
White (.1. G.)& Co.,Inc. pref.(quar.)
White(J.0.) Engineering. pref.(gn.)
White Motor Co., coin.(guar.)
White Motor Securities, pref.(quar.)
White Rock Mineral Sees,corn.(qu.)
First preferred (guar.)
Second preferred (guar.)
Will & Baumer Candle pref.(guar.).Willys-Overland Co., pref.(guar.)
Windsor Hotel (Canada) pref. (loar.)
WInsted Hosiery (guar.)
Extra
Quarterly
Extra
Winton Engine, corn.(guar.)
Preferred (guar.)
Wolverine Tube, pref.(guar.)
Woolworth (F. W.) Co. (guar.)
Wrigley (Wm.) Jr. Co.(monthly)
Monthly
Zonite Products Corp.(guar.)
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
1)4 July 1 Holders of rec. June 13
114 July 1 Holders of rec. June 13a
*50c. Aug. 1 *Holders of rec. July 21
al si July 1 *Holders of rec. June 20
50c. June 1 Holders of rec. May 150
.
111.4 Aug. 15 *Holders of rec. Aug. 5
'114 Nov. 15 *Holders of rec. Nov. 5
*25e. July 1 *Holders of rec. June 20
8$1 June 2 *Holders of reo. May 12
114 June 1 Holders of rec. May 15
17( June 2 Holders of rec. May 15
50c. June 30 Holders of rec. June 12
June 30 Holders of rec. June 12
July 1 Holders of rec. June 18
$1.
July 1 Holders of rec. June 18
5
July 1 Holders of rec. June 18
2
July 1 Holders of rec. Juno 2
17( July 1 Holders of rec. June 18a
1% June 2 Holders of rec. May 15
'274 Aug. 1 *Holders of roe. July 15
•50c. Aug. 1 *Holders of rec. July 15
•2% Nov. 1 *Holders of rec. Oct. 15
•50c. Nov. 1 *Holders of rec. Oct. 15
$1.
June 1 Holders of rec. May 30
75c. June 1 Holders of rec. May 30
01% June 2 *Holders of rec. May 15
60c. June 2 Holders of rec. Apr. 2Ia
600. June 2 Holdere of rec. May 200
25e. July 1 Holders of rec. June 20a
250. May 26 Holders of rec. May 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 exdividend on this date and not until further notice.
a Transfer books not closed for this dividend.
b Empire Corp. pref. dividend is payable in common stock at rate of 1-16th share
common,or at the option of holder, 75c. cash.
S Correction. e Payable In stock.
f Payable In Common stock. g Payable In scrip. h On account of accumulated
dividends.
Payable in preferred stook.
Ford Motor of France dividend is 7.5993 francs per share less expenses of
depositary.
k Midland United pref. A dividend is payable in cash, or at option of holder,
1-40th share of common stock.
I One share Columbia Oil & Gasoline. cons..'rte.. for each five shares Columbia
Gas & Electric. corn.
m United American Utilities class A dividend unless notified on or before May 9
to the contrary, will be paid in class A stock.
n Industrial & Power Securities dividend is payable n cash or stock at option of
holder.
e Holders of Federal Water Service class A stock may apply 500. per share of this
dividend to the purchase of additional class A stock at $27 per share.
Is Utilities Power & Light class A dividend will be paid 1-40th share in class A
stock unless holders request cash.
g North American Co. cora, stock dividend is payable In common stock at rate of
one-fourth share for each share held.
s Blue Ridge Corp. pref.stock dividend payable in common stock at rate of 1-32nd
share common for each share preferred, unless stockholders notifies company on or
before May 15 of his desire to take cash.
Payments on 2d pref. stock of U.S. Pipe & Fdy. Co. subject to discontinuance
in the event of the redemption of that stook before all dividends are paid.
ti Union Natural Gas of Canada dividend payable either 400. cash or 2% stook.
, British American Tobacco dividend is 150. per share. On registered stock all
3 o
transfers received in London on or before June 7 will be in time for payment of
dividend to transferees.
w Less deduction for expenses of depositary.
z Central States Electric cony. pref. stock dividends will be payable In corn.stock
atirate of 3-32nds cora, for each share optional series of 1928 and 3-64ths corn, for
each;share optional Beet 1929 unless holders notify company of their desire to
take cash, $1.50 per share.
y Lone Star Gas stock dividend is one share for each seven held.
z Commercial Investment Trust cony, preference dividend is payable In common
stock at rate of 1-52d share common stock for each share of pref. Holders desiring
cash ($1.50 per share) must notify company to that effect on or before June 16.
Weekly Return of New York City Clearing House.
Beginning with Mar. 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. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. MAY 17 1930.
Clearing House
Members
• Capital
Bank of N.Y.& Tr.Co-Bk.of Manhattan Tr,Co_
Bank of Amer., Nat.Assn.
National City Bank
Chemical Bk.& Tr.Co--.
Guaranty Trust Co
Chat.Phen. N.B.SsTr.Co.
Cent. Hanover Haar.Co.
Corn Each. Bank Tr. Co.
FirstNational Bank
Irving Trust Co
Continental Bk.& Tr.Co.
Chase National Bank
Fifth Avenue Bank
Equitable Trust Co
Bankers Trust Co
Title Guar.& Trust Co_ _ _
Fidelity Trust Co
Lawyers That Co
New York Trust Co
Comml Nat. Bk.& Tr.Co
Harriman N.B. At 'Fr. Co_
6,000,000
22,250,000
36.775,300
110,000,000
15,000.000
90,000,000
16.200.000
21,000,000
12,100,000
10,000,000
80,000,000
6,000.000
105,000,000
500,000
50,000,000
25,000,000
10,000,000
6,000,000
3,000,000
12,500,000
7,000,000
2,000,000
Clearing Non-Members
City Bank Farmers Tr.Co.
Mech, Tr. Co.. Bayonne-
10,000,000
500,000
*Surplus and Net Demand
Undivided
Deposits
Profits.
Average.
14,512,400
61,554,000
43,707,300 204,675,000
41,293,100 161,506,000
130,559,400 a1015568,000
22,348.600 200,304,000
205,035,100 11830,749,000
19,492,800 188.438,000
84.128.000 347,883,000
23,115,300 181,165.000
105,614.300 221,580.000
84,197.00 354.089,000
11,345,700
11,140,000
138,568,700 c766,878,000
3,793,600
24,711.000
63,916,300 d470,592,000
84,295,800 04 6
0 ,103,000
24,671,900
36,987,000
5,695,100
45,143.000
4.694,300
21,410,000
34,851,100 159,596,000
9,105,300
50,818.000
2,395,700
32,192,000
13,21.20
0
Time
Deposits
Average.
12,751.000
43,173,000
63.757,000
239,455,000
21,484,000
104,105,000
41,551,000
45,066.000
33,041,000
22,192,000
61,189,000
229,000
02,793,000
1,460,000
85,243,000
60.803,000
1,470,000
5,397.000
2,459,000
29,408,000
8,604,000
7,118,000
3.731,0001,633,000
3.2270
5.427,000
626,825,300 1.171,246,2005.800.039,000
Totals
989.808.000
'As per official reports: National. March 27 1930: State, March 27 1930:
trust companies. March 27 1030.
Includes deposits in foreign branches: a $324,073,000; b 8143.368,000: 314c.781,000; d $127,833,000; e $74,194,000.
3669
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending May 16:
INSTITUTIONS NOT IN CLEARING HOUSE WITH pLosata or susnme
FOR THE WEEK ENDED FRIDAY, MAY 16, 1930.
NATIONAL AND STATE BANKS
-Average Figures
OthaCash Rea.,Den., Dep. Other
Including N. F. and Banks and
Gross
Bk.Notes. Elsewhere. Trust Co.. Deposits
Gold.
Loans.
Manhattan-$
Bank of U.S._ __ 221,379,000
Bryant Park Bk. 2,773,000
Grace National__ 20,495,126
3,414,200
Port Morris
Brooklyn151,656,0001
Public National _
9,076,3001
Brooklyn Nat'l
Peoples Nat'l.-- 7,500,0001
$
$
$
$
$
19,000 3,683,000 37,301.000 2,114,000 222,458,0
00
--- - 160.300
370,600
2,281,7
00
84,252 1,808,439 2,113,550 18,871.0 8
3,000
11,300 115,000
251,4003.025.7
00
1,766,000 9,601,000 31,088,000 164,911.0
30,000
00
18,700
5,000
96,600
97,000
646,300
109,000
602.800
552,000
6,590,100
7,500,0
-Average Figures
TRUST COMPANIES
Loans.
Cash.
Res've Dep., Depots.Other
N. Y. and Banks and
Elsewhere. Trust Co..
Manhattan$
$
$
American
48,364.200 10,271.900
792,700
Bank of Europe & Tr. 15,770,580
819,012
131,390
25.297,864
Bronx County
610,614 1,804,581
21,682,000 1,279,000 1,878.000
Chelsea
Empire
83,035,400 4,847,900 7,150,300
Federation
18.622,766
129,501 1,436,988
Fulton
19,447.300 2,223,700
262,400
Manufacturers
369,700,000 2,725,000 51,601,000
76,354,447 3,650,000 11,674,200
United States
Brooklyn
121,820,600 2,122,000 23,959,800
Brooklyn
29,946,112 2,374,848 2,668,979
Kings County
Bayonne, N..1.Menhaning
5.897.137
274.545
945.110
Gross
Deposits,
$
$
21,200 47,682.200
15,135.051
25,203,194
20.092.000
3,182,800 82.403.805
127.125 18,539,871
16,655,401
2,631,000348,382,000
62,792,181
127,761,201
28,203,551
336.504
9.057.451
•Inclu des amount with Federal Reserve Bank as follows: Empire, $3,201,500
Fulton, $2,103,500.
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
May 21
1930.
Changes from
Previous Week.
May 14
1930.
May 7
1930.
$
$
$
95,825.000 Unchanged
95,825,000
Capital
95,825,000
102,431,000 Unchanged
Surplus and profits
102,431,000 1,024,431,000
Loans,disets & Invest'ts_ 1,055,428,000 + 1,470,000 1,053,958,000 1,066,017,000
647,961,000 -1,251,000 649,212,000 668.293,000
Individual deposits
142,224,000 -2,076,000 144,300,000 156,031.000
Due to banks
261,864,000 +10,401,000 251,463,000 249,852,000
Time deposits
4,339,000
5,357.000
4,341,000
-2,000
United States deposits
Exchanges for Clg. House
31,799,000
22,326,000
22.900.000
-574.000
86,134,000
87,526,000 +3,420,000
84,106,000
Due from other banks._.
79,803,000
84,298,000
-282,000
80.085.000
Res've in legal deposIVies
7,179,000
6,987,000
7,233,000
-246,000
Cash In bank
3,030,000
-497,000
636,000
Res've In ExcessinF.R.Bk
1,133,000
Philadelphia Banks.
-The Philadelphia Clearing House
return for the week ending May 17, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended May 17 1930.
Two Ciphers (00)
omitted.
Members of
Trust
P.18. System Companies.
5
60,470,0
Capital
Surplus and profits.- 220,285,0
Loans, disole & invest. 1,087,253,0
39,246.0
Exch. for Clear. House
100,324,0
Due from banks
149,427,0
Bank deposits
620,349,0
Individual depordta
249,389,0
Time deposits
1,019,165,0
Total deposits
72,331,0
Bee. with legal depos
Rte. with F. R. Bank_
10.193,0
Cash in vault*
82,524,0
Total res. & °ea held_
1
Reserve required
Exociss reserve and cash
.rt crattlt
7
$
May 10
1930.
May 3
1930.
$
$
Mal.
$
7,500,0
67,970,0
67,970,0
67.930.0
16,714,0 236,999,0 236,999.0 236.999.0
64,193,0 1,151,446,0 1.156,151,01,154,700,0
39,512,0
266,0
36,545,0
39,981.0
13,0 100,337,0
97.947,0
90,139,0
1,867,0 151,294,0 147,371,0 150,024,0
28,804,0 649,153.0 643,647,0 650.576,0
16,061,0 265,450,0 262,902,0 265,352,0
46,732,0 1,065,897,0 1,053,920,0 1.065.952,0
72,331,0
72,262.0
72,810,0
4,285,0
4,265,0
4,034,0
4,614,0
1,562,0
11,755,0
11,439,0
11,257.0
5,827,0
88,351,0
87,735,0
88,681,0
7
?
?
7
7
7
?
• Cash In vault not counted as reserve for Federal Reserve member,
9
[VOL. 130.
FINANCIAL CHRONICLE
3670
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday arternoon, May 22,and showing she condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results tor the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding w‘tek last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's Comment upon the returns for the
latest week appears on page 3632. being the jirst item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 21 1930
May 21 1930. May 14 1930. May. 7 1930. Apr. 30 1930. Apr. 23 1930. Apr. 16 1930. April 9 1830. April 2 1930. May 22 1929.
8
$
$
$
$
$
3
I
$
RESOURCES.
1,621.714,000 1.640.814.000 1,659,814.000 1,642,214,000 1.654,164.000 1,688,084.000 1.703.584,000 1,693,284,000 1,318,551,000
GOldtwith Federal Reserve agents
61,196,000
41,097,000
40,722,000
41,097,000
51,851,000
42,245,000
41,142,000
39,483,000
41,245,000
Goldkedemption fund with U. S. Treas.
Gold held exclusively eget. F.B. notes 1,681,197,000 1,681,536,000 1,700,911,090 1,683.311,000 1,695,306,000 1 729.329,000 1,745,829,000 1.745,135,000 1,379,747,000
614,457,000 597,981.000 508,889,000 634,847,000 615.295,000 592,097,000 587.240,000 588,864,000 652,404,000
Gold settlement fund with F.R.Board
Gold and gold certificates held by banks_ 800,802,000 794,565.000 768.369,000 754.502,000 735,799,000 710,065,000 704.212.000 687,710,000 809,751,000
Total gold reserves
Reserves other than gold
3,076,456,000 3,074,082,000 3,068,169.000 3,072,660.000 3,046400 000 3,031,491,000 3.037,281,000 3,021,709,000 2,841,902,000
171,595,000 174,177.000 173,955,000 178,937.000 178,376.000 177,413,000 184.069,000 187,167,000 166,229,000
Total reserves
18on-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,248,051.000 3,248,259,000 3,242,124,000 3,251,507,000 3,224,776,000 3,208,904,000 3,221,350,000 3,208,876,000 3,008,131,000
83,517,000
66,349,000
63,890,000
67,422,000
62,607.000
67.460,000
65,027,000
66,357,000
69,096,000
76,379,000
133,620,000
83,543.000
126,943,000
106,620,000
130,828,000
105,079,000
127,473,000
93,129.000
118,362,000
96,640,000
117,155,000
105,035.000
121,129,000
113,652,000
127,471,000
502,558,000
401,868,000
Total bine discounted
Bills bought in open market
0. S. Government securities:
Bonds
Treasury notes
Certificatesand bills
200,999,000
186,884,000
210,486.000
171,035,000
237,448,000
175,203,000
233,452,000
209,564.000
211,491,000
256,889.000
213,804,000
302,414,000
226,164,000
267,002.000
241,123.000
301,207,000
904,426,000
137,986,000
41,776,000
104,687,000
291,857,000
52,431.000
193.816,000
281,655.000
55,145,000
186,749.000
285,950,000
66,136,000
175,491,000
287,882,000
66.184,000
176,525,000
284,679.000
58,226,000
68,478.000
177,583,000 184.404,000
289,332.000 284,666,000
54,105.000
194,519,000
281,765,000
50,386,000
91,839,000
11,062,000
Total U.S. Government securities
Other securities (see note)
Foreign loans on gold
528,320,000
6,400,000
527,902,000
10,600.000
527,844,000
10,600,000
529,509,000
9,700,000
527,388.000
9,215,000
535,393.000
9,865,000
527,296,000
8,780,000
530.389.000
8,780,000
153,287,000
7,817,000
Total bills and securities (see nole)
0010 held abroad
Due from foreign banks (see 001e)
Uncollected items
Bank premises
All other resources
931,603,000
920,023,000
951,095,000
982,225,000 1,004.963,000 1,061,476,000 1,029,242,000 1,061,589.000 1,203,516,000
710,000
631.038.000
58.646,000
12.204,000
712,000
724,146,000
58.580.000
12,369,000
711,000
607,416,000
58,580,000
12,202.000
711.000
606,619,000
58,580.000
11.542,000
711,000
649,170.000
58.580.000
11,499,000
711.000
736,580,000
58,509,000
11,006,000
711.000
588,014.000
58,507,000
12.304,000
722,000
645,986,000
58,507 000
12,195,000
726,000
691,828,000
58,761,000
8,319,000
4,951,348,000,5,030.438.000 4,936,018,000 4.973,881,000 5,016.056,000 5,142,213,000 4,977,588.000 5,075,305,000 5,056,798,000
I
1,452,663.00011,464,897.000 1,492,994.000 1.507,268.000 1,518,344,000 1,547,869,000 1,558.305,000 1.576,097.000 1,639,554,000
Total resources
LIABILITIES.
LB.notes In actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
2,374,166,000 2,379,360,000 *2349446.000 2,384,721,000 2,363,314,000 2,380,128,000 2,344,643,000 2,375,348 000 2,275,752,000
19,291,000
12,837,000
25.683.000
33,794,000
37,088,000
38,922,000
36,738.000
22,674,000
35,200.000
6,362,000
5,526,000
5,497,000
6,610,000
6,371,000
5,337,000
5,730,000
5,365,000
5,775,000
23,106,000
18,779,000
22.167,000
23,107.000
24,432,000
22,180,000
20,538,000
21,173,000
17,897,000
Total deposits
Deferred availability items
Capital paid in
iherplus
All other liabilities
2,438,911,000 2.420,830.000 *2413 009.000 2,433,933,000
588,896,000 674,399,000 *559,800.000 562.769,000
174,240.000 174,154.000 174,185.000 174.209,000
276.936,000 276,936,000 276,936,000 276,936,000
19,222.000
19,094,000
19,702,000
18,766,000
2,422,186 2,443,132,000 2,395,476,000 2.443,047.000 2,324,511,000
805.006.000 681.164,000 553.971,000 586.667.000 655,232,000
174.243.000 174,153,000 174,217.000 174,240.000 156,279,000
276,936,000 276,936,000 278,936,000 276.936.000 254,398,000
26,824,000
18.059.000 18.683.000
18,312,000
19,341,000
4,951,348,000 5.030.438.000 4.936.018,000 4.973,881,000 5,018,056.000 5,142,213.000 4,977,588.000 5,075.305,000 5,056,798,000
Total liabilities
Ratio of gold reserves to deposits and
71.6%
79.1%
76.8%
75.1%
75.9%
77.9%
78.5%
79.0%
77.6%
F. R. note liabilities combined
Ratio of total reserves to deposits and
83.6%
75.9%
81.5%
83.0%
79.8%
80.4%
83.5%
82.5%
81.8%
F. R. note liabilities combined
Contingent liability on bills purchased
481,131,000 471,843,000 468,574,000 465,458,000 459,983,000 459,446,000 469,571,000 475,524,000 381,751,000
for foreign correspondents
c
$
$
5
$
$
$
$
$
$
Dist:tetefon by Mafurttfea73,110,000
86,374,000
99,090.000 110,370,000 147,584,000 190,529,000 171.421,000 205,100,000
1-15 day Mlle bought in open market— 103,146,000
120,809.000 124,065.000 153,260,000 149,983,000 133,350.000 141,044,000 151,547,000 164.404.000 718,591,000
discounted
1-15 days bills
2,120,000
100,000
28,000.000
1,640,000
1,580,000
26,000.000
1-15 days U. S. certif. of indebtedness.
15,000
15,000
1-15 days municipal warrants
31,118,000
41,454,000
39,178,000
32.293,000
38,448,000
47,760.000
44,260,009
36.754.000
54,041,000
16-30 daym billa bought In OPen market—
45,644,000
19,682,000
18,725.000
19,154.000
18,888,000
19,815,000
17,888.000
17,292,000
18.305,000
16-30 days bills discounted
35,000
1.000
26,000,000
47,188,000
16-30 days U. S. certif. of indebtedness.
30,000
30.000
16-30 days municipal warrants
21,621,000
48,709,000
81-e0 days bills bought in open market.. 37,118,000 36,375,000 29,864.000 39,804,000 35,084.000 24,958,000 47,492,000 40.996,000 71,402,000
27,502.000
27.125,000
29,901,000
29,723,00
30.082.000
31,074.000
27,417,000
51-60 days bills discounted
27,000,000
32,400,000
54,973.000
1,000
49,642,000
48,350,000
50,802,000
45.198,000
31-60 days U. S. certif. of indebtedness102,000
31-60 days municipal warrants
10,265,000
13,277.000
8,690,000
12.082,000
12,370,000
9.417,000
9,212,000
11,913,000
18.158.000
61-00 days bills bought In open market...
42,000,000
17,646,000
18,534,000
16,893.000
16.254,000
18,483,000
17.202,000
18,878,000
17,351,000
61-90 days bills discounted
57.037,000
58,072,000
92,385,000
48,355,000
48,350,000
52,383.000
62,500.000
39.500,000
61-90 days U. S. certif. of Mdebtednees_
61-90 days municipal warrants
1.872,000
380.000
221,000
1,874,000
421.000
654,000
3,046.000
3,157,000
4,002,000
Over 90 days bills bought in open market
12,233.000
11.799,000
26,095,000
18,826,000
13,221.000
20,931,000
21,029,000
17,573.000
15,068,000
Over 90 days bills discounted
8,907,000
143,956.000 157,657,000 156,827,000 170,000,000 176,981.000 195,306,000 195,229.000 196,193.000
Over 90 daye certll. of indebtedness
300,001)
Over 90 days municipal warrants
F.R.noted received from Comptroller
F.R.notes held by F.R. Agent
3.054,437,5003.071.992,000 3,090,608,000 3.100.743.000 3,112,259.000 3.140,248,000 3,146,693.0003.131,407,001) 3,227,661,000
1,260.820,000 1,271,117,000 1,275.418,000 1,273,756,000 1,265,917,000 1,275,751.000 1,252,741,000 1.231,271,000 1,161,597,000
lamed to Federal Reserve Banks
1,793,817,000 1.800,875,000 1,815.190.000 1.826.987,000 1,848,342.000 1,864,495,000 1,893,952.000 1,900.138.000 2,066,064,000
•
402,108,000
Now Secured—
402.028,000 402,028,000 402.028,000
402,008,000 402,108,000 402,108,000 402,108,000
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board --- 1,219,706.000 1,238,706,000 1,257,708,000 1,240,106,000 1,252,056,000 1,286.058,000 1,301,956,000 1,291,256.000
386,821.000 367,661,000 405,267.000 430.807.000 460,096.000 494,433.000 489,807,000 514,028.000
By eligible Paper
9 one FAA non 2 nrol 475 000 2.068.081.000 2079 091 nnn 9 114 9110 ono 9 1A9 111 1 nnn 91179 901 nnn o 9A9 019 Nlf1
TesAal
376,295,000
102,211,000
840,045,000
999,891,000
-1 lie AA" Ann
• Revised figures.
ZIOTE.—Beglnoing with the statement of Oct. 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 Foreign Intermediate Credit Bank debentures, was changed cc.
"Other securities." and the caption, "Total earning assets- to -Total bills and securities." The latter item was adopted as a more accurate description of the total cf
the amounts, acceptances and securities acquired under the provision of BerAl• 13 and 1401 the Federal Reserve Act, which. It was stated,are the only items included herein.
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 211980
WiZIELY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
Two ciphers (00) omitted.
Federal Reserve Bank of—
Total.
Boston.
New York.
Phila.
Cleveland. Rkhmone Atlanta. Chicago. St. Louis. Minneap. Kan.Ctly. Dallas, San Frost
I
$
RESOURCES.
um with Federal Reserve Agents 1,621,714,0 174,917,0
U.S. Treas.
483,0 1.217,0
39,
sold red'n fund With
$
$
3
$
$
s
$
$
$
s
258,594,0 140,000,0 185,5,50,0 73,000,0 110,000,0 259,000,0 69,245,0 55,845,0 75,000,0 30 800 0 189 763 0
903:0 6:2 8:0
' 8
15.078,0 2,781,0 2,202,0 1,582,0 2,424,0 1,637,0 1,835,0 1,906,0 1,602,0
4
Gold held excLaget.F.R. notes 1,661.197,0 176,13 .0
10111 settle't fund with F.R.Board 614,457,0 22,321,0
km and gold dfs.held by banks. 800,802,0 35,996,0
273.670.0 142,781,0 187,802.0 74,582,0 112.424,0 260.637,0 71.080,0 57,751,0 76,602,0 31 703 0 198 051,0
0
'
204,146,0 33,611,0 72,026,0 13,733.0 11.129,0 120,358,0 27,604,0 12,600,0 31.072,0 14:7810 51:076,
482,249,0 33,776,0 53.751,0 9,129,0 6.450,0 119,918,0 7,787,0 5,143,0 10,016.0 9,115;0 27,463,0
3,076,456,0 234,451,0
171,595,0 12,204,0
980,065,0 210,168,0 313,579,0 97,424,0 130,012,0 500,013,0 106,471,0 75,404,0 117,690,0 55,509,0 274,590,0
58,065,0 8,559,0 12,074,0 7,374,0 14,379,0 16,444,0 12,797,0 4,032,0 8,163,0 7,134,0 10,370,0
Total gold reeervee
Wearyo other than gold
8
104,798,0
3,248,051,0 246,655,0 1,018,130,0 218,727,0 325,653,0
Total reserves
16,943,0 4,012,0 5,057,0 4,101,0
69,096,0 7,711,0
Ion-reserve cash
lIlls discounted:
14,762,0 15,413,0 11,342,0 3,024,0
76,379,0 7,244,0
Sea. by U.S. Govt. obligations
14,518,0 14,018,0 7,029,0 13,713,0
133,620,0 10,825,0
Other bills discounted
29,280,0 29,431,0 18,371,0 16,737,0
209,999,0 18,069,0
discounted
Total bills
50,550,0 4,689,0 13,049,0 8,894,0
186,884,0 17,413,0
illis bought in open market
I. S. Government securities:
670,0 1,299,0
978,0
2,278,0
41,776,0 1,190,0
Bonds_
63,643,0 17,746,0 23,243,0 3,818,0
194,687,0 13,190,0
reasury notes
s
291,857,0 25,943,0 1120,37,0 27,401,0 26,083,0 7,523,0
WU/Rata or Indebtedness
144,391,0 517,357,0 110,288,0 79,526,0 125,853,0 62.733,0284,960.0
4,772,0 8,725,0 4,904,0 1,917,0
1,782,0 4,180,0 5,012,0
170 058 0 46.125.0 49,996,0 12,640,0
8,787,0 71.009.0 19.268.0 23.457.0 18.325,0 25,637,0 38,695,0
'otal U. B. Gov't eenuritiee____
520 ft9ri n to 2220
3,257,0
5,494,0
1,851,0 10.193,0 4,778.0
24,152,0 8,536,0 12,154,0
385,0 2.651,0
2,846,0 12,955,0
1,479,0
7,330,0
26,003,0 18,779,0 16,932,0
16,808,0 18,184,0 9,198,0
3,231,0 15,608,0
7,015,0 8,754,0
8,809,0 8,751,0
7,265,0 25,287,0
368,0
121,0 20,564,0
607,0 8.279,0
645,0 4,779,0
4,590,0 17,339,0 11,657,0 8,353,0 5,294,0 7,193,0 18,821,0
4,078,0 33,106,0 6,086,0 10,325,0 10,424,0 10,185,0 17,708,0
MAY 24 1930.]
weVSUURCES ,(.oacsuz,c) -Two Ciphers 001 no e,i
Total
New York.
Boston.
5
1,000,0
$
6,400,0
Other securities
Foreign loans on
3671
FINANCIAL CHRONICLE
$
4,400,0
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San/Praia
-a
S
s
$
S
$
$
$
$
Phila.
5
1,000,0
gold
Total bills and securities
live from foreign banks
Uncollected items
Bank prorating
All other resources
931,603.0 76,805,0
710,0
53,0
631,038,0 62,864,0
58,646,0 3,580,0
54,0
12,204,0
262,288,0 81,245,0 81,416,0 38,271,0 51,396,0 107,972,0 45,398,0 33,703,0 40,685,0 41,711.0 70,713,0
21,0
21.0
49,0
26,0
16,0
95,0
26,0
233,0
69,0
30,0
71,0
158,348,0 56,125,0 63,634,0 44,898,0 19,437,0 85,781,0 29,417,0 12,757,0 33.120,0 22,340,0 34,317,0
15,664,0 1,762,0 7,059,0 3,204,0 2,658,0 8,295,0 3,811,0 2,018,0 3,972,0 1,876,0 4,747,0
414,0
505,0
443,0
303,0
305,0
412,0
4.114,0
207,0 1,177,0
779,0 3,491,0
4,951,348,0 397,722,0 1,483,720,0 362,147,0 484,067,0 196,081,0 226,171,0 728,637,0 203,129,0 130,380,0 205,716,0 133,275.0400,303.0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 1,452,663,0 154,855,0 174,226,0 132,372,0 178,663,0 66,711,0 124,970,0 231,434,0 75.764,0 56,928,0 72.580,0 31,503,0 152,657,0
Deposits:
Member bank-reserve acc't 2,374,166,0 142,209,0 971,586,0 134.234,0 194,585,0 66,468,0 61,283,0 351,894,0 77.413,0 50,834,0 87,823,0 63,300,0 172,537,0
770,0 1,538,0 1,592,0 1,876,0
17,615,0
37.088,0 3,881,0
333,0 1,934,0 2,082,0 1,986,0 1,971,0 1,510,0
Government
161.0
370,0
193,0
123,0
161.0
719,0
5,497,0
1,897,0
193,0
397,0
225,0
521.0
537.0
Foreign bank
36,0 8,043,0
150,0
62,0
559,0
342,0
64,0
22,160,0
59,0
11.087,0
51,0 1,615,0
92,0
Other deposItS
Total deposits
Ceferred availability items
Capital paid in
Surplus
ell other liabilities
146,546,0 1,002,185,0 135,139,0 198,671M 68,867,0 63,526,0 355,143,0 79,458,0 51,877.0 89,584,0 65,089,0 182,826,0
62,376,0 150,864,0 50,119,0 60,099M 41,123,0 19,253,0 78,872,0 30,150,0 10,400,0 29,669,0 22,614,0 33,357,0
11,822,0
69,766,0 16,738,0 15,899,0 5,884,0 5,370,0 20,316,0 5,335,0 3,100,0 4,329,0 4,355,0 11,326,0
21,751,0
80,001,0 26,965,0 29,141M 12,496,0 10,857,0 40,094,0 10,877,0 7,143,0 9,162,0 8,935,0 19,514,0
392,0
779,0
623,0
932,0
6,678,0
372,0
814,0 1,594,0 1,000,0 2,195,0 2.778,0 1,545,0
2,438,911,0
588,896,0
174,240,0
276,936,0
19,702,0
4.951,348,0 397,722,0 1,483,720,0 362,147,0 484,067,0 196,081,0 226,171,0 728,637,0 203,129,0 130,380,0 205,716,0 133,275,0450,303,0
Total liabilities
Memoranda.
64.9
84.9
77.6
76.8
73.1
88.2
Reserve ratio (per cent)
81.8
86.5
81.8
77.3
76.6
83.5
86.3
Contingent liability on bills purchased for foreign correspondls 461,131,0 33,325,0 158,955,0 43,683,0 45,034,0 18,914,0 16,212,0 60,345,0 16,212,0 10,358,0 13,510,0 13,510,0 31,073.0
I% R. notes on hand (notes reed
from F. R. Agent lee notes Is
9.481.0 61.932,0
341 154 0 32.483.0
57.751.0 25.831.0 35 615 n 29.111 0 26.795.0 38.993.0 14.171.0 5.856.0 9.935.0
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS MAY 21 1930
Federal Reserve Agent at-
Boston.
Total.
New York.
Dallas. flan Free
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City
Phila.
Two Ciphers (00) omitted$
$
F.R.notes reed from Comptroller 3,054,437.0298,838,0
F.R.notes held by F. It, Agent__ 1;260,620,0 111,500,0
s
5
$
$
s
5
5
s
$
S
$
685,397,0 202,503,0 294,153,0 115,947,0 227,875,0 512.537,0 107,135,0 96,184,0 122,045.0 83,034,0 308.789,0
453.420,0 44.300,0 79,875,0 26,925.0 76,110,0 242,110,0 17,200,0 33,400,0 39,530,0 42,050,01 94.200,0
F.R.notes Issued to F.R.Bank _ 1,793,817,0 187,338,0
Collateral held as security for
P.R.notes issued by F. R. Bk.
Gold and gold certificates__ 402,008,0 35,300,0
Gold redemption fund
Gold fund-F.R. Board
1,219,706,0 139,617,0
386,821,0 35,404,0
Eligible paper
231,977,0 158,203,0 214,278,0 89,022.0 151,765,0 270,427,0 89,935,0 62,784,0 82,515,0 40.984,0214.589,0
Total collateral
2,008.535.0210,321,0
229,968,0 39,900,0 15,550,0
5,000,0
14,300,0 35,000,0
9,145,0 11,845,0
6,000,0
28,626,0 100,100,0 170,000.0 68,000,0 104,000,0 259,000,0 60,100,0 44,000,0 75,000,0 16,500,0 154,763,0
76,333,0 30,898,0 30,057,0 25,309,0 42,306,0 36,779,0 25,536,0 10,131,0 24,265.0 15,959,0 33,844,0
334,927,0 170,898.0 215.607,0 98,309,0 152,306.0 295,779,0 94,781,0 65,976,0 99,265.0 46,759,0225,607.0
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. Those figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board upon
the figures for the tatest week appears in our department of "Current Events and Discussions," on page 3632. immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude 'Acceptances of other banks and bills of exchange or drafts sold with endorsement, and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks included mortgages in investments. Loans secured by U. S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting banks Is now omitted: in its place the number of cities included (then 101) was for a time given, but beginning Oct. 9 1929 even this has been omitted.
The figures have also been revised to exclude a bank to the San Francisco district with loans and investments of $135,000.000 on Jan. 2 which recently
merged with a non-member bank. The figures are now given in round millions instead of in thousands.
,
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MAY 12 1930 (In millions of dollars).
Federal Resents District-
Total.
Boston. New York
Phila.
Cleveland, Richmond Atlanta. *Chicago. St. Louis. Minneap. Kan. City Dallas. gastFraa.
Leans and investments
-total---
$
22,616
$
1,487
$
9,144
$
1,208
$
2,167
Leans
-total
16,806
1,142
6,815
907
8,246
8,560
513
628
3,887
2,928
5,811
346
2,831
2,980
157
189
1.755
225
5
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Dus to banks
Borrowings from P. R. Bank
364
661
457
1,984
1,519
482
478
2,570
505
249
442
348
1,350
478
429
732
787
197
285
155
322
1,257
1,314
228
276
94
155
145
297
116
231
444
906
2,329
301
649
161
130
678
160
116
219
109
615
1,216
1,113
77
225
315
333
75
86
62
68
320
358
39
120
64
.52
95
123
66
44
345
270
101
16
825
62
82
14
128
28
41
11
41
10
270
36
44
6
25
6
58
11
33
7
108
19
890
482
4
6,070
1,950
19
715
297
3
1,052
966
4
347
247
5
326
243
4
1,927
1,202
2
382
229
1
223
129
____
497
180
1
289
150
3
751
1,024
5
56
124
157
1,010
64
169
116
250
64
99
72
103
202
466
56
120
50
72
131
193
78
88
190
240
47
U.S. Government securities ---Other securities
884
1,237
2,935
InVestments--total
$
3,248
13,467
7.100
51
On securities
An other
607
6
5
4
o
4
4
1
$
$
$
643
$
A4
$
3
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business May 21 1930
in comparison with the previous week and the corresponding date last year:
May 211930. May 14 1930. May 22 1929.
1160011ree4
-
Gold with Federal Reserve Agent
Gold redemp. fund with U.S.'treasury_
258,594,000
15,076,000
258,594,000
15.174.000
261,034,000
10,117,000
Gold held exclusively apt. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank..
273.670,000
204,146.000
482.249,000
273,768,000
192,722 000
477,105.000
271,151,000
190,111,000
505,125,000
Total gold reserves
Reserves other than gold
960,065,000
58,065,000
943,595,000
57,769,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
May 211930. May 14 1930 May 21 1929.
$
$
$
966,387,000
47,672,000
Total reserves
1,018,130,000 1,001,364,000 1,014,059,000
Non-reserve cash
11,380,000
16,943,000
40,075,000
Bills discountedSeoured by U. S. Govt. obligations_
14,762,000
16,494,000 136,387,000
Mils discounted
Other
14,518,000
13,810,000
60,938,000
LiabilitiesFed'l Reserve notes In &Moo circulation_
-Member bank, reserve acc1__
Deposits
Government
Foreign bank (See Note)
Other deposits
Totalbilb discounted
Bills bought in open market
U. B. Government securities
Bonds
Treasury notes
Certificates and bills
Total deposits
Deferred availability
Capital paid in
Surplus
All other liabilities
30.304,000
35,307,000
197,325,000
27,441,000
2,278,000
53,643.000
112,137,000
12,807,000
65,182,000
99,874.000
155,000
18,409,000
2,120,000
Total U.S. Government securities-Other securities (see note)
Foreign loans on gold
178,058,000
4,400.000
177,863,000
8.600,000
20,684,000
1,915,000
Total bills and securities (See Note)
262.28.3.000
252,074,000
247.365,000
234,000
206.175.000
15,664,000
4,312,000
220,000
187,965,000
16,087,000
1,306,000
1,483,720,000 1.491,203,000 1,507,077,000
Tote resources
29,280,000
50,550.000
233,000
166.348,000
15.664,000
4,114,000
11.6111$
Total liabilities
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
275,051,000
174,226,000
971,586,000
17,615,000
1,897,000
11.087,000
165,213,000
972,566,000
2,469.000
1,927.000
11,307,000
913,102,000
3,202,000
1,635,000
8,741,000
1,002,185.000
150,864,000
69,766,000
80,001.000
6,678,000
988,269,000
81,661,000
69,766,000
80,001,000
6,293,000
926,680,000
170,704,000
56,202,000
71,282,000
7,158,000
1,483,720,000 1.491,203.000 1,507,077,000
86.5%
158,955,000
86.8%
154,557,000
84.4%
125,605,000
voTE.-Beginning with the statement of Oct. 7 1925. two new items were added in order to show separatelythe amount of halenetm held abroad and amounts de to
foreign correspondents. In addition, the caption -All other earning assets." previously made up of Federal Intermediate Credit bank debentures waschantgheerdeiton.
"Other securities," and the caption "Total earning assets- to -Total outs and
4d,Wd
EIEl
4nottrate deaerlotion Of the total of the
" rite latter tern
discount acceptances and securities acquired under the provisions of Sections 13 and 1401 the Federal Reserve Act, which. it 552',Mee Are
ly Items Included
3672
FINANCIAL CHRONICLE
STOCKS.
Week Ended May 23.
Vaulters' iJ azette.
Wall Street, Friday Night, May 23 1930.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 3659.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended May 23.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Ind.& MIsc.((Jone.)Pa
Stand CidrE 7% prat_
Stand Oil of Kansas_25
Thermold Co
Third Nat Invest
*
Thompson Products *
Thompson-Starrett
*
Preferred
Trl-Continental Corp.*
Preferred
100
Tobacco Prod div otfs B
Dividend ella C
Truax-Traer Coal
Rights
United Business Pub.*
Un Dyewood pref _ _100
Univ Leaf Tob pref 100
Sales
for
Week.
[VoL. 130.
Range for Week.
Lowest.
Highest.
II Range Since Jan. 1.
II Lowest.
Highest.
Shares. $ per share. $ per share. $ Per share.S per share.
MO 1104May 221104May 22 11034 May 11034 May
Apr
5,100 40 May 20 42 May 19 3734 Mar 49
15,600 244May 23 264May 19 2434 May 2674 May
700 364May 23 374May 23 3
634 May 4634 Apr
May 3934 Apr
1,000 32 May 20 33 May 23 30
M
13,400 134May 17 154May 19 11
1834 Mar
Jan 4934 Mar
1,200 434May 23 4536May 19 40
May 204 Apr
8,009 1436May 20 154May 19 14
3,800' 93 May 17 934May 17 894 May 9374 May
100 434May 23 4%May 23 334 Jan 634 Jan
Jan
100 44May 23 4%May 23 23-4 Jan 5
16,700
40
150
90
1-16May
23 May
55 May
184May
34May 17 1-16
20
22 234May 21 23
20 55 May 20 50
21 1834May 21 184
May
X May
Jan
May 30
Feb
Mar 57
Jan
Feb 22
RailroadsPar. Shares. $ per share. $ per share. $ per share 1$ per share.
Jan 89 May Van Raalte
Buffalo 5r Susnue_100
100 88 May 21 89 May 22 71
Jan
90 184May 21 1834May 21 1834 Feb 22
Certificates
3,200 834May 21 894May 23 77
1st preferred_ ___100
FebI 8934 May
50 484May 22 48% May 22 484 Feb 5434 Jan
Apr 8934 May Va El & Pow pf (6)_100
Prat certificates
650 86 May 21 894May 23 84
Apr
20 1034May 20 1034May 20 1004 Jan 104
Jan 90 May Vs Iron Coal & Coke100
Preferred
50 89 May 22 90 May 23 75
100
200 134May 19 134May 19 12
Jan 14% May
May1 524 May Walgreen Co pref_ 100
Can Pac new w i
25 24,800 51 May 20 524May 21 51
100 1013
(May 21 1014May 21 97
,
Mar
Jan 103
Feb Webster
May 315
Central RR of N 5_I00
300265 May 21 274 May 22 265
150 65 May 20 65 May 20 514 Jan 70 May
Elsenlohr pf100
Apr, 69 May Wells Fargo & Co
1001 69
Ch Ind & Lou pref__100
May22 69 May 22 6534
100 234May 20 24May 20 2
Apr 34 Apr
1
Chic Rock Isl& pac rts. 10,000 134May 17 134May 17
74 Mail 24 Mar Wilcox-Rich B ctfs__
1,200 22 May 21 234May 17 22 May 2336 May
Mar Wrigley
Cuba RR prat
100
1101 66 May 17 664May 17 5734 Marl 70
Apr
Co
• 2,800 70 May 20 7134May 22 6774 Apr 73
Febl 8234 Apr
Int Rap Tr c of
2001 8134May 20 814May 20 75
May 363.4 Apr
Iowa Central
1 f:
2001 30 May 21 31 May 19 30
* No par value.
1101 59 May 17 60 May 20 514 Jan 684 Apr
Manhat Kiev guar 10
Feb
100
1001 14May 20 14May 20 134 Jan1 3
Market St Ry
Marl 5536 Mar
1001 52%May 22 524May 22 50
M StP&SSMpf_100
New York City Realty and Surety Companies.
Mar 3% Feb
3401 2 May 21 234May 21 2
Y State Rya pref_100
17 May 17 17 May 17 15
Febl 1934 Mar
Pac Coast 2d pref_.100
(All prices dollars per share.)
May
Jan 155
50 155 May 17 155 May 17 151
Pitts F W & Ch pref 100
Mar
Par Bid !Ask
Par Bid 'Ask
M 142
40 1404May 22 1404May 20 136
Rena & Saratoga
100
Jan Bond & Mtge Guar
Jan 110
20 106 109 I Lawyers Title & Guar_ _ _100 278 284
100 110 May 21 110 May 21 110
Wheeling 5c L Erie_100
Home Title Insurance __ _25 64
70 ,Lawyers Westcheet M&TI00 200 250
20 51
523 IWestchester Title & Tr__ 135 155
4
Indus. & Miscall.
Lawyers Mortgage
Apr
May 72
300 60 May 21 60 May 21 57
Alleghany Steel
•
Mar
200 284May 23 304May 20 284 May 45
Amer Beet Sugar pf_100
May 69% Apr Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
400 58 May 19 60 May 17 54
Amer Chain
•
May
1 101 May 17 101 May 17 95
Jan 101
Am & For Pow pf(6)Int.
Jul.
2
85 May 22 85 May 22 83
American Ice pref.._ 1
Apr 87% Jan
Maturity.
Rate.
Maturity,
BM. Asked.
Rau. Bid. Asked.
7,115 May 19 1154May 23 112
Am Mach & Fdy pf_100
Jan 119% Apr
200 7034May 21 7034May 20 70
,
Amer News Co
•
May 804 Apr
June 16 1930... 474% 100in 100Tss Sept 151930-32 334% 10030si 100un
3
5 May 17 5.4May 22 3 May 94 May
Amer Piano pret___100
Sept.15 1930- 334% 100su 10010n Mar. 151930-82 334% 100lon 1002 si
Amer Radiator &
0
May Dec. 15 1930-- 33$% 10001n 100 ,1 DSO. 15 1930-32 334% 100"n 100lin
3 14334May 22 144 May 23 1264 Jan 44
Stand San pref_..i00
Feb
HMay 17 3-16May 19
Am Rolling Mill rights. 59,500
34 May 2
24 May 1 244May 10 23
Mar 2
Am Tel& Cable..__ _100
734 Feb
30 464May 22 464May 22 4614 May 46% May
Am Shipbuilding new.
-p. 3663.
Apr New York City Banks and Trust Companies.
40105 May 17 1054May 17 1034 Mar 10
Arch Daniels Mid pf 100
311 254May 20 2634May 17 2434 Jan 28% Feb
Art Metal Construc._10
May
• 9,300 344May 21 364May 19 3134 Mar 37
Atlas Stores
May
100 30 May 17 30 May 17 27
May 30
Austin Nichols Cl A
United States Liberty Loan Bonds and Treasury
500 60 May 19 60 May 19 58
May 7034 Jan
Beech-Nut Packing_ _20
300 3634May 20 364May 19 344 May 4134 Apr Certificates on the New York Stock Exchange.
•
Blair-Knox Co
Apr
50 384May 21 384May 21 2234 Jan 41
Brit Em Steel 1st pt I
844 Apr
100 65 May 23 65 May 23 85
pref_ __ _100
Celotex Co
may
May Daily Record of U. S. Bond Prices. May 17 May 19 May 20 May 21 May 22 May 23
110 40 May 20 40 May 201 3734 Feb 42
City Stores cl A
1,000 59 May 21 6034May 19 59
Colgate-Palm-Peet -may 644 May First Liberty Loan
: 100lst 100"ss 100"11
High 100tts 1001031 10011
2
164May 23 1636May 23 1634 May 20% Apr
Colonial Beacon OIL -*
334% bonds of 1923-47._ Low- 100ln 100sts 100hs 100hs 100*rs 1001%,
Mar
ill 98 May 22 98 May 22 91
Jan 98
Col Gas 5:El pref B_10
(First 334)
Close 100'st 10016,, 10011
, 100oss 1001ln 100usi
90 24 May 19 25 May 23 224 Jan 25% Apr
Comm Cred pref (7).25
3
7
13
1
Total sales in $1,000 units_
5
10
Iii 89 May 19 89 May 19 7734 Jan 94
Apr
1st pref ex-war.__100
-----__ 1004ii
-li
Converted 4% bonds of Hig
Feb 10434 May
Com'w1th & Sou pf_ • 5,000 1024May 17 1044May 231 99
20 86 May 20 88 May 20 764 Jan 934 May
Consol Cigar D1(73_100
300 14May 19 14May 191 1
Apr 2)4 Jan
Cuban Dom Sugar *
------Total sates in $1,000 units_ _
Apr
8 106 May 23 106 May 23 105
Cushman's Sons Pt8%*
Jan 120
10111st 101uts Muss 101",, 101lhs 101"Tss
-Converted 43$% bontbrigh
10",s
101"ss 101u
01 1932-47 (First 4Xs) LOS- 101"ss 1011h, 101"s
400 244May 22 2436May 22 2434 May 244 May
Deere & Co pref new...ss
Close 1010 101"as 101us 101uss 101uss 101"ss
Apr
13
Duluth Sup Tractl-1
234May 17 234May 17 234 May 8
10
14
1
7
5
24
Total sales in $1.000 units,
Du Pont de Nem rights. 56,900 1%May 22 14May 23 134 May 136 May
Second converted (First{Min
434%
----------------49 May 21 49 May 21 4434 Feb 57% Feb
Durham Hos Mill p1100
bond* of 1932-47
Mar
20 5536May 22 5536May 22 53
May 80
Fash Park Assn pfd_10
Second 43.4,)
Close
Apr
May 50
Fourth Nat Investors_* 1.500 41 May 2 43 May 19 38
Total sales in 11,006 units. _
---------------Mar
30 96 May 21 96 May 21 944 May 99
Franklin Simon pith 1
,,
rill 1023ss 102lss 102sss 102',, 102% 102'
Fourth Liberty Loan
pref____100
2 102 May 22 102 May 2210134 May 109% Apr
Gen'l Cable
102lss 1021ss 102l
434% bonds of 1933-38._ Low- 102212 102102',,t 102
Apr
1501154May 21 1154May 22 11234 Jan 118
Gen'l Cigar prat_ ___100
,
Close 102% 102hs 102hs 102% 102hs 102 ss
(Fourth 4340
May
200 25 May 17 25 May 17 25
May 25
Gen'l Gas as Elea cl B.*
23
136
134
90
125
76
Total sates in ELMO units_
400 3936May 20 394May 22 3934 Apr 44% Feb
Gen'l Italian Edison
---- 111ths 1121n 112',,112',,112h,
illlifi
200 1154May 20 1154May 19 104
Feb 1154 May Treasury
Gen Motor deb (6) 100
!
.
---- 111ths 1111hs 111 41 1121n 112 i,
,
Lost_
,
434*. 1947-52
* 7,100 144May 21 164May 19 134 May 1934 Apr
Gen'i Realty & Util
_....- 111ths 1122n 112 n 112in 112hs
,
Close
Apr
• 2,000 95
May22 964May 21 91
May 100
Preferred
2
177
7
50
13
---Total sales in $1.000 units__
Mar
600 99 May 17 994May 23 99
May 101
Gen'l Steel Cast'gs Pfd•
0
107"n
iiligi 1072hs 107"n 107"n 107 n 108
May
Jan 109
Gold Dust pref
* 2,200 1083(May 21 109 May 21 100
48, 1944-1954
Los/. 107ths 107"ss 107"ss 107"ss 107"n 107"ss
Gotham Silk Hosiery
, 108
C1OSS 107",, 107"n 107"st 10780
107"ss
May
Jan 79
100
360 72 May 23 77 May 21 65
Pre: ex-warr
12
11
6
1
5
1
Total sales n $1.000 units...
May
10 28 May 22 28 May 22 273-4 May 30
Hackensack Wat pfd_25
--__ 105142 105148
--__ 105itss 105ths
rLob
1004 Jan 133 May
10
100
Hanna 1st pref
---- 105su 105',,
w_
---- 105",, 105",,
354s. 1940-1960
Jan 120% May
10 1204May 19 1204May 19 117
pfd100
Hercules Powder
close
_-- 105tss 105"ss
---- 105"ss 105"ss
Internat Carrier's Ltd.* 2,200 1436May 22 164May 17 134 May 1934 Mar
19
8__
Total sales In 51.000 units__
---25
11
Apr
Feb 123
200 12036May 23 12134May 19 116
Internat Nickel pfd_100
-_ 101las 101',, 101h;
High
-----May
100 47 May 21 47 May 21 47 May 47
Internat Print Ink et's.
Low_
---- 1012n 1014ts 101%
BM.1943-1947
---.
--10 9434May 21 9436May 21 9434 May 944 May
Preferred ctfs
awe
____ 101112 101% 101%
------Kan City Pow & Lt
-12
---51
Total sales Os $1,000 units-Mar
Jan 115
150 113 May 22 11334May 23 108
1st pref ser B
---- 101521 101%
High
Mar
100 834May 22 834May 22 7% Apr 9
el
Kresge Dept Stores_ _.•
-___ 101282 101 n
354s. 1940-1943
Low,
Jan
May 62
7 45 May 17 4534May 20 45
1
Preferred
101Its 101532
Jan 100% Apr
1 1004May 21 1004May 21 98
100
Laclede Gas pref
Mar
Jan 237
200 230 May 22230 May 22 200
100
Common
o
• 5,000 844May 22 8836May 17 80% May 974 Apr
Lehman Corp
Note.
-The above table includes only sales of coupon
Jan 14234 May
3001394May 22 140 May 19 138
Liggett & Myers pf_100
Mar bonds. Transactions in registered bonds were:
2 122 May 22 1224May 21 118% Jan 128
Loose
-W Bis 1st p1.100
May
100 98 May 21 98 May 21 924 Jan 99
Lorillard Co pref._ _1
8 1st 434s
Apr
101i% to 10131si
800 1-64May 17 1-64May 17 1-64 May 1
Ludlum Steel rights__
101"ss to 102hs
10 824May 22 824May 22 804 Mar 824 May 25 4th 44s
Mackay Cos prat_ _100
10% Mar
200 7 May 20 74May 231 534 J
Maracaibo Oil
3,700 43 May 20 434May 17 43 May 484 Apr
Marshall Field & Co..
Jan 9234 Feb
Foreign Exchange.
2 894May 2 894May 20 83
Mengel Co pref.._ _100
200 2634May 22 2634May 22 234 Jo 2636 Apr
MetroGoldwyn Plc p127
To-day's (Friday's) actual rates for sterling exchange were 4.85%©
Feb
Feb 110
100 96 May 20 96 May 20 90
Mid St Prod 1st p1_100
4.85 15-16 for checks and 4.86©4.8634 for cables. Commercial on banks,
Jan
Jan 110
291064May 20 1064May 20 103
Milw El Ry & Lt p1_100
sight, 4.85%@4.85 11-16; sixty days, 4 8334@4.03 11-16; ninety days,
for payment 4.83©4.83 11-16. Cotton
Max 4.82% ©4.8234. and documents
..100
20011454May 22 146 May 17 14236 Jan 148
Nat Biscuit pref.
for payment, 4.85 5-16, and grain for payment. 4.85 5
-16.
Apr
Jan 54
100 50 May 20 50 May 20 43
Neisner Bros
*
To-day's (Friday's) actual rates for Paris bankers' francs were 3.920
Apr
May 32
17 22
N Y Investors
"i 5,300 2736May 23 3036May
3.92 3-16 for short. Amsterdam bankers' guilders were 40.19H@40.21
* 21,400 104May 20 12 May 17 934 May 14% Apr for short.
No Am Aviation
Apr
Mar 110
190,
20 1074May 21 10734May 21.102
Outlet Co pref
Exchange for Paris on London, 123.93; week's range, 123.98 francs high
*j
200 27 May 23 27 May 23', 204 May 354 Apr and 123.88 franca low.
Park & Tilford
Jan
Jan 110
80 10836May 17 10836May 17 107
Penick & Ford pref_100
The week's range for exchange rates follows:
6034 Apr
May
300 55 May 20 56 May 19 54
Peoples Dug Store... *1
Sterling ActualCables.
Checks.
May High
Jan 50
90 49 May 17 49 May 17 47
Phila Co 5% pret___50
for the week
4.86 3-16
4.86
Phillips Petrol rights_ __I 51,700 14May 22 14May 17 14 May 1% May Low for the week
4.85 15-16
4.85 11-16
Apr
82
800 78 May 22 78 May 22 6934 Feb
Pierce-Arrow Co p1..109
Paris Bankers' Francs
Jan High for
20 100 May 21 10036May 19 9834 May 103
Pittsb Steel pret___100,
3.92%
3.92 5-16
Jan Low for the week
Man 45
540 40 May 19 40 May 19 36
Pittsb Term Coal p1100
the week
3.92 1 32
3.91 29-32
Mae 15% Jan
100;
500 934May 23 10%May 23 8
Common
Germany Bankers' Marks
Jan High for
Jan 103
pf100:
400 10034May 21 100%May 20 97
23.86%
Postal Tel& Cable
the week
23.8634
0834 May Low for the week
.
200 9736May 22 98 May 22 924 Jan
23.86
Pub Ser of NJ pf (5)_*
23.84
May 24 May
Radio-Keith-Orph ma._ 69,400 1%May 17 134May 17 1
Amsterdam Bankers' Guilders
40.21%
10 35 May 22 35 May 22 334 Feb 3734 Jan High for the week
Rand Mines
40.21
Jan 11434 Mar Low for the week
40.20
200 1134May 19 114 May 19 107
Rep Jr & St pref___100,
40.18
Jan
May 72
509 66%May 20 664May 23 61
Revere COP slr Br cl A..1
Mar
Apr104
100
10,10034May 22 1094May 22 100
Preferred
Reynolds Metal
*1 10,500; 31484ay 20 3434May 17 2834 May 3434 Air
The Curb Exchange.
-The review of the Curb Exchange is
Shell Transp & Trad,12
200, 45
'May 23 46 May 23 42% Feb 4836 Apr
Skelly Oil pref
I 1,4001 9934May 22 9936May 22, 9934 May 9934 May given this week on page 3660.
Mar
May 82
30 61 May 20 61 May ' 60
Sloss-Shelf StarIr pf 109
A complete record of Curb Exchange transactions for the
Jan 104 Feb
Spear & Co
4
',
140 734 May 20 734May I 6
May week will be found on page 3691.
Jan 81
Preferred
100'
90 79 May 21 79 May 21 71
Report of Stock Sales New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here,
see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday.
May 17.
Monday.
May 19.
Tuesday.
May 20.
Wednesday. Thursday.
May 21.
May 22.
Friday.
May 23.
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 $ per share
per share $ per share $ per share 3 per share
2273 228
4
227 227
225 22712 227 22938 227 227
227 2271
/
4
*106 10614 10512 10614 *10512 1053 10534 1053 106 105
4
4
106 106
*165 167
166 166
166 166 *167 170 *167 170 *167 170
115 116
1143 11614 1134 114
4
/
1
1141 1157 1133 1143 11418 11418
8
8
/
1
4
4
8
1 83
83
83
83
*83
8314 824 83
/
1
83 83
83
83
78% 79
78
7912 7713 7814 763 78
4
*77
78
78
78
13114 11412 *114 11412 114 114 *11214 114 *11213 114 *11213 114
,*953 10012 *964 10013 *97 10012 *
4
/
1
97 1001 *97 101
*97 101
I. 12
12
1218 1212 1212 123
8 123 15
8
15
151 1418 144
/
4
/
1
62 62
1360
63
61
61
60
64
64
/ 65
1
4
60
65
704 7118 *6912 69% 683 697
/
1
8
69
/ 711 681 6914 69
1
4
/
4
/
4
/ 69
1
4
/
1
4
4 9112 9112 *91
L'
' 923
9
92
/ *
1 91
4
923 *9214 923 *9214 923
4
4
19
/ 2014 18
1
4
20
18
1918 1918 191 *193 2012 2012 201
4
/
4
20614 207
/ 206 208
1
4
/ 205 207
1
4
206 209
20612 20612 20614 20714
216 216
216 216 *215 21712 21711 21811 220 22112 22012 222
*7
7
/ .63
1
4
4 714 ' / 718
*63
63
4 73
4 71
4 712
4 483
31
6
4
78 7
7
/ *7
1
4
/ 7 4 *7
1
4
3
714 71
*7
714
7
7
714
•
1814 211 *1814 213 *1814 213 *19
/
4
4
213 •18
4
213 *18
4
213
4
*43
/ 44
1
4
4312 4312 4012 43
4111 411 *4012 42
4112 4113
1512 1618 1412 157
8 1413 147
1514 1413 15
8
8 143
143 143
8
8
513 523
8
8 4812 611 473 4878 48
/
4
4
/ 50'2 48
1
4
493
8 49
49
/
1
4
217 22
8
214 213
/
1
4 2012 21
2012 21
2012 2013 *203 21
4
3914 344 363
36
/
1
8 343 343
8
8 3418 353
8 3314 3412 333 3414
4
*
8312 8412 8314 8314 8212 823
831 *8212 8312 82
4 81
*1393 1403 *139 1403 *139 1403 *139 1403 •139 1403 *139 18212
4
4
4
4
4
003
4
11312 1137 112 114 *111 112
8
11178 11412 11412 11412 11412 1144
/
1
*10712 10812 *1073 10814 1083 1084 *10812 10912 "108 10912 *10812
4
8
/
1
10914
103 103 13101 103 *102 103
103 103 *103 107 *103 107
*761 82
*761 82
761 7618 • / 82
/
4
711
4
*78
82
3 78
'
82
.7618 78
*7618 78
78
78 .
7618 78
77
77
*77
78
*6714 69
69
69
*6814 69
*
6814 69
*6814 69
*6814 69
*60
62 62
62
6012 601.3 6014 6014 60
60
*60
62
1317314 17612 1723 17314 172 1723 173 174
4
4
172 173
/
1
4
172 1731
*12712 128 2 12712 12712 126 126
126 127
/ 125 1263 12514 1253
1
4
4
*6618 721 "69
70
7212 70
*69
70
70
70
*6913 70
4812 49
4712 50
471 48
/
4
4714 49
474 4818 471 481
/
1
/
4
8312 634 6313 63
*63
/
1
63
*62
*63
63
637 *63
8
537
*5712 59
*58
59
*5712 59
59
*58
5712 5712 5613 5718
914 917 "913 92
/
1
4
*911 92
/
4
911 92
/
4
92
92
92 18 921
8712 88
873 87
4
/ 88 88
1
4
8718 8714 8718 87
/ 873 873
1
4
4
*3812 39
"37
3812 *37
38
38
/
1
394 *38
3914 *374 381
/
1
*96
971 "953 9612 96
8
98
96
96
96
*96
96
97
*4
7
*4
7
*4
7
*4
6
6
*4
*4
6
*58 _ _ _
* 8
583
- *58
_ _ _ *5812 ____ 555
•55
'470 505 *475 505 *470 505
500 500 *485 500 "485 500
4812 4914 473 493
8
8 484 49
/
1
48
/ 48 48
1
4
/ 49
1
4
481 48
/
4
/
1
12812 12812 12812 13013 1287 1293 128 12912 127 127 *127 1284
8
8
*76
77 .
76
77
*75
7714 77 77 I "76
77
*76
77
Shares
Railroads
Par 3 per share S per share
2,600 Atch Topeka & Santa Fe... 100 216 May 2 24212 Mar 29
1,000 Preferred
100 102 Jan 3 107 May 7
/
1
4
300 Atlantic Coast Line RR
100 16112May 1 17512 Mar 18
8.200 Baltimore & Ohio
100 11018May 5 12241.1er 31
/
1
1,100 Preferred
100 78 Feb 10 8412May 14
/
1
4
1,700 Bangor & Aroostook
50 63 Jan 3 8412 Mar 29
20 Preferred
100 109 Feb 28 114121slay 14
Boston & Maine
100 95 Apr 29 112 Feb 8
8.500 Brooklyn & Queens Tr_No par 10 Jan 11 157
8May 22
3,300 Preferred
No par 53 May 3 6512 Mar 18
3,700 Bklyn-Manh Tran v t o_No par 63 Jan 2 783 Mar 18
2
100 Preferred v t o
No par 84 Jan 6 9312 Mar 31
/
1
4
7,000 Brunswick Term & Ry Seo_100 1412 Feb 17 334 Apr 23
/
1
19,300 Canadian Pacific
100 187 Jan 8 2263 Feb 10
/
1
4
4
2,000 Chesapeake & Ohio
100 20112May 5 2413 Mar 28
4
300 Chicago de Alton
100
414 Jan 8 10 Apr 2
400 Preferred
100
634 Jan 20 103 April
2
Chic& East Illinois RR__ 100 1414 Jan 7 28 Mar 26
800 Preferred
100 36 Jan 2 52 Mar 26
/
1
4
19,100 Chicago Great Western- 10
114May 5 171 Mar 31
/
1
/
4
27,000 Preferred
100 34 Fob 25 623
81slay 16
2.900 Chicago Milw Si Paul & Pac_
18 May 3 263 Feb 7
2
12,800 Preferred new
313
8May 5 4614 Feb 10
3,000 Chicago & North Western. 100 7912May 1 891 Feb 8
/
4
Preferred
100 136'* May2 14012May 14
1,400 Chicago Rock Isl & Pacific.100 109 May 1 12518 Feb 14
100 7% preferred
100 107 Jan 2 1103 Mar 20
8
500 6% preferred
100 99 Jan 6 108 Feb 7
/
1
4
100 Colorado .4 Southern
100 7618May 20 95 Feb 13
40 First preferred
100 683 Jan 3 78 May 20
4
10 Second preferred
100 65 Jan 23 75 Apr 23
1,100 Consol RR of Cuba pref
100 49 Jan 2 62 Apr 10
3,000 Delaware & Hudson
100 16112 Jan 3 181 Feb 6
2,800 Delaware Lack & Western_100 121 May 5 153 Feb 8
500 Deny.& Rio Or West pref..100 60 Jan 2 80 Mar 28
9,000 Erie
100 4312May 5 63 Feb 14
/
1
4
300 First preferred
100 61 May 3 673 Feb 19
8
600 Second preferred
100 3612May 2
6212 Fob 19
1,100 Great Northern preferred 100 87 May
102 Mar 29
certificates
1,700 Pref
100 8312May 5 99 Feb 21
/
1
4
500 Gulf Mobile & Northern_ 100 32 Apr 29 461 Feb 17
/
4
400 Preferred
100 94 Jan 14 9814 Mar 10
Havana Electric Ry___No par
3
/
1
4May 10
813 Jan 17
Preferred
100 58 Slay 9 72 Jan 2
10 Hocking Valley
100 450 Jan 25 525 Mar 29
4,000 Hudson az Manhattan_.
.100 463 Jan 16 53 Mar 25
8
/
1
4
4,900 Illinois Central
100 126 May 8 1363 Apr 22
4
100 RR Sec Stock certificates-- 70 Jan 2 77 May 13
3013 314 29
/
1
/ 31u 30
1
4
3134 2932 314 30
/
1
31
2914 3038 7,7001Interboro Rapid Tran v 1 0.100 20 Jan
/
1
4
:Mar 18
3 391
1328
2814 28
28
28
281 .28
28
2814 28
274 2713
/
1
420 lot Rye of Cent America_ _100 27381May 23 3212 Jan 16
*73
75
7312 731 *7312 75
*7312 74
7312 731 *7312 74
100 Preferred
100 613 Jan 2 73 4May 7
4
3
.
72
76
*7312 76
76
*72
*72
*7214 76
76
*721 76
/
4
Kansas City Southera____100 7112May 3 853 Mar 29
2
136813 69
/ 69 4 69
1
4
3
/ •6912 70
1
4
*6912 70
70
70
6912 6912
400 Preferred
100 6718 Jan 6 70 Apr 16
741 7612 .76
/
4
74
7418 75
7712 74
3175
77
*75
78
1,700 Lebigh Valley
60 7014 Jan 27 844 Mar 31
/
1
134 134
134 134
134 135
133 133 *132 135
13312 1343
4 1,000 Louisville & Nashville
100 128 Jan 3 13312 Apr 4
3012 313
4 30
31
2914 304 30
3012 29
/
1
/ 301 3014 31
1
4
/
4
6,200 Marshal Eley modified guar 100 29141May 20 40 Mar 18
12
23 23
1323
25
23
23
"23
23
2412 •23
23
241
600 Market St Ry prior pref 100 17 Jan 16 2512 Feb 13
11 134 *14 11 *112 14 *112 13
/
4
/
1
/
4
/
1
4 *112 134 *113 13
700 Minneapolis & St. Louis...100
112 Feb 27
218 Apr 5
27
/ 27
1
4
/ *25
1
4
28
*25
*25
28
28
*25
28
2712 *25
100 Minn St Paul & EIS Marie..100 2712May 14 35 Feb 7
5612 5912 5814 5314 *55
5812 *55
.55
55
5813 55
581
160 Leased lines
100 64
57
583
4 5714 60
/ 55
1
4
/ 584 5618 59
1
4
/
1
5614 567 57,600 Mo-Kan-Texas RA____No par 467 Jan 8 5912 Feb 21
541 57
/
4
2 Jan 2 66 Apr 14
/
1
4
10414 10412 1043 1043 1043 1044 105 105
4
4
4
/
1
105 1067
/ 10512 106
1
4
2,000 Preferred
100 103 Jan 3 1083 Mar 27
s
84
/ 844 83
1
4
/
1
84
*781 8212 8212 827 "7818 85
/
4
82
8
82
700 Missouri Pacific
100 70 May 5 9812 Mar 6
133 133
132 133
/ 1311 1333 1314 132
1
4
/
4
/
1
8
8
/ 13112 1313 1313 132
4
1
4
8,700 Preferred
100 125 May 5 14512 Mar 8
83
83
*823 8412 *823 842 *823 8614 *823 841 *823 8412
4
4
4
4
4
50 Morris & Essex
50 814 Jan 29 84 Apr 11
/
1
*12112 125
12112 12112 "1183 125 *122 125
4
122 122 "122 125
20 Nash Chatt & St Louis_ _ _100 118 May 8 132 Mar 25
*4
1
1
*3
4
*7
1
8 1
.78
1
•
/
1
4
/ 1
1
4
/
1
4
500 Nat Rye of Mexico 2d pref _100
17612 17738 17518 17814 1733 176
3 Feb 6
4
114 Jan 11
4
175 1773 175 176
17513 177
4
15,100 New York Central
100 167 Jan
192 Feb 14
116 116 *115 116
/
1
4
11412 115 *11412 11612 *114 11612 *114
300 NY Chic & St Louis Co_ 100 11212May
144 Feb 10
1097 1097 *10912 1097 10912 1093 1093 1093 10914 10914 10813 11612
8
8
8
8
4
4
10812
600 Preferred
100 108 May
1103
248 255
4May 14
245 249 *232 240
245 259
240 240
248 248
430 N Y dr Harlem
60 180 Jan
324 Feb 3
117 118
11512 11812 115 1153 11538 117
4
116 116
11514 11512 8,300 N Y.N H & Hartford
100 1053 Jan 20 12813 Mar 29
*122 123 *122 123 '12112 123
8
12212 12212 *122 123
122 /
1
412278
'200 Preferred
119 May 3 13511 Mar 21
14
14
*1312 1414 121 1218 13
/
4
1312 .1213 131,1 *1213 127
8
800 NY Ontario & Western-100 103
8May 5 1714 Mar 31
*2
/ 2
1
4
212 211 *23
/
1
4
8 23
4 *238 23
4 .23
8 23
4 *21 23
/
4
4
100 N Y Railways pref____No par
2 Jan 7
418 Jan 16
*112 114 *118 114 •118
114
/
4
/
4
114 *11 114 *11 11 4112
/
4
N Y State Rys
2212 23 8 2212 2212 *20
100
118 Jan 15
212 Feb 6
7
21
21
2214 *20
2112 "21
2112 1,500 Norfolk Southern
100 163 Jan 8 3312 Feb 14
*236 240
4
236 236 *23512 245
239 239 "238 249 *237 239
200 Norfolk & Western
100 226 Jan 4 265 Feb 18
.
86
8812 86
8812 *86
864 86
/
1
*8618 8812 86
86
8618
190 Preferred
100 83 Feb 3 8712 Mar 22
84
*83
*
83 8312 824 83
/
1
8312 8312 8212 8212 821s 82
/ 2,900 Northern Pacific
1
4
100 79 May 1 97 Feb 21
82
*81
*81
82
80
81
.80
82
804 813
8 79
/
1
/ 8
1 013 2,100 Certificates
4
100 7712May 1 96 Feb 21
/
1
4
*16
•16
17
17
16
16
.15
163 *15
4
17
*15
17
100 Pacific Coast
100
7814 79
8
7 Jan 3 197 Apr 9
773 7915 774 78
4
/ 7712 78
1
4
4
/ 773 7812 7818 7813 25,700 Pennsylvania
1
4
20
*15
50 7218 Jan 8 863 Mar 31
1315
8
20
*15
20
3116
20
*15
20
"15
20
Peoria & Eastern
100 1714 Feb 28 2412 Mar 31
*130 140 •130 150 *140 150 13140 150 *140 150 *140
150
Pere Marquette
100 14114May 5 16412 Apr 10
100 101
1003 101
4
101 101
.9912 ---_ •9912 100
1001 10018
/
4
49612 98
80 Prior preferred
100 94 4 Jan 31 101 Slay 17
3
9613 98
3
*9612 98
*951 98
/
4
*963 973 *963 973
4
4
4
4
Preferred
100 95 Jan 7 99 Apr 15
* 4 102
983
*983 102
4
9834 983 *95 101
4
*95 101
595 101
100 Pittsburgh
*115 11812 115 116
100 983
4May 6 121 Feb 11
/
1
4
114 114
11514 117
1154 11512 11512 11718 1,900 Reading & West Va
/
1
50 11018May
4914 4914 *48
14112 Feb 6
491 *48
4912 *48
4912 *48
4912 *48
4912
100 First preferred
61
50 4413 Mar 11 53 Feb 21
49
*48
49 .48
51 ' *48
51
49 49
"48
51
300 Second preferred
50 47 Jan
*5218 5512 *5218 5518 *
/
1
4
57 Feb 6
5218 5518 *521 5518 *5218 551 *5218 551
/
4
/
4
/
4
Rutland RR pref
100 5018May
116 116
116 116
6774 Mar 5
11514 116
11512 1154 11514 11512 *115 11513 1,600 St
/
1
Louis-San Francisco_ - 100 107 Jan
1187 Mar 27
/
1
4
99
8
/ 99
1
4
/ 9912 99
1
4
/ 993 993
1
4
2
8 9914 9912 9914 9914 99
9
912 2,000 lat prat paid
100 92 Jan 2 101 Apr 2
7614 7614 6814 74
68
72
73
70
/ 68
1
4
70
71
71
3,100 St. Louis Southwestern _ _ - _100 58 May
*90
931 *90
7614May 16
933 *
4 90
'
9312 90
9014 *90
9312 •
90
9312
200 Preferred
100 85 May
9
/ 9
1
4
9014May 21
/
1
4
9
/ 93
1
4
8
912 9 2
93 10
,
8
014 912
93
4 94 1,800 Seaboard Air Line
/
1
100
8 8May
22
22
7
22
22
1213 Feb 15
2112 2112 2112 22
*21
22
*21
900 Preferred
100 203
4May 1
12214 12214 12112 12214 1217 12214 12134 1227 1211 12212 1217 2134
28 Feb 7
2
8
/
4
8
100 116 May
127 Feb 10
11412 1143 11214 11412 111 11214 11114 1133 112 11318 1111 12214 3.300 Southern Pacific Co
4
8
/ 113
4
8,700 Southern Railway
100 10118May
/ 983
1
4
136 4 Jan 13
3
983 983
4
4 98 4 9834 983 09
4 98
3
4
9812 983 *9814 99
4
1,300 Preferred
100 9712:Slay
101 Mar 20
134 134
•134 140
133 133 *133 140 *132 140
131 132
400 Texas & Pacific
100 117 Jan
145 Apr 24
*111 1112 *1014 11
/
4
"1014 1114 *1012 11
1012 1012 *1012 113
8
200 Third Avenue
100
812May 5 1512 Mar 20
1712 18
1712 19
1712 18
19
19
18
18
184 1818 2,600 Twin City Rapid Transit 100 1712May 1
/
1
3112 Jan 29
*
70
65
*65
70
•66
70
1365
*77
70
793 •75
4
77
100 64 4 Apr 1
Preferred
3
79 Feb 3
8
2267 2264 2243 2267 2244 2293 229 23212 *2253 227
/
1
8
8
/
1
4
4
227 2273
4 2,800 Union Pacific
100 215 Jan a 2423 Mar 29
4
3186
8
/
4
8618 861 861 857 86
/
4
85
/ SES
1
4
86
86
853 853
4
4 70
100 8214 Jan 17 8612 Mar 29
2;7200 Pr h
tLferred
0
5418 50
513 5212 51
4
51
50 4 5312 5012 5112 51
3
51
100 47 May 5 6738 Apr 1
Wabash
85
*84
85
86
85
85
*84
86
*84
86
•84
86
100 83 Jan 7 8914 Apr 8
200 Preferred A
32
8
/
4
/ 343
1
4
8 313 33
4 321 3412 303 323
4
/ 311 3318 32
1
4
/
4
3314 60,500 Western Maryland
100 21141slay 5 36 Mar 29
*31
31
3412 31
32
34
34
34
*32
35
3313 3313
100 2312May 3 38 Mar 28
800 Second Preferred
*24
25
*254 253
/
1
4
*23
4 2512 25
/
1
25
52212 25
2212 2212
100 2O4May6 3012 Mar 29
SOO Western Pacific
*4713 49
*47
/ 4812 4712 473 *4718 483 *4718 4812 *471
1
4
8
4
/ 4812
4
100 4012 Jan 2 5312 Mar 19
600 Preferred
8
313 313
4 313 3113
4
3
61
81
813
81
4
•Bid and asked Prices; no kale,.
*313 323
4
4
*81
8212
Industrial & Miscellaneous
3112 3112 30
/ 30
1
4
/ *31
1
4
3212
No Par
600 Abitibi Pow & Pap
8112 81121 *82
8212 821 8212
/
4
100
400 Preferred
.ual Usa.
c00% stook dividend paid.
z .34-.nvid•n1
V 3
.13-rIgnu•
22 Jan 18
84 Jan 17
/
1
4
4218 Apr 9
8612 Apr 8
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ per share S Per obtoi
195% Mar 2983 Aug
5
99 May 1047 Dec
8
161 Nov 2091g July
10514 Nov 145 Sept
/
1
4
75 June 81
Dec
55
Oct 9038 Sept
y10314 Oct 115 Sept
85 Apr 145 July
7 Nov
15 Dec
44 Nov 65 Sept
40 Oct 814 Feb
/
1
76 Nov 923 Feb
/
1
4
8
4
/ Oct 441 Jan
1
4
/
4
185 Dec 269 Feb
/
1
4
160 Nov 279 4 Sept
3
4 Nov
19 Feb
/
1
4
3 Nov
13
25 Feb
/
1
4
15 Dec 43 Feb
36 4 Dec 66 Feb
3
/
1
4
7 Nov
23 Feb
/
1
4
17 Nov 633 Jan
/
1
4
8
16 Nov
447 Aug
8
2812 Nov 683 Aug
8
75 Nov 10812 Sept
134 Apr 145 Feb
101 Nov 14312 Sept
100 Nov 109
Oct
947 Nov 10314 Nov
8
8614 Dec 135 July
65 Oct 80 Jan
12
64 Apr 7212 Mar
45 Nov
703 Jan
8
14112 Oct 228 July
12014 June 169 4 Sept
3
49 Oct 77 Feb
/
1
4
4112 Nov 93 Sept
12
5512 Nov 6614 July
52 Nov 63 a July
7
85 Nov 128 July
14
/
1
4
8612 Nov 12214 July
18 Nov
59 Feb
70 Nov 103 Jan
612 Dec
1112 Apr
55 Feb
73 4 Dee
3
370 Nov 600 Oct
3413 May 583 Jan
8
116 Nov 15312 July
70 Nov
8018 Feb
15 Oct68 Feb
/
1
4
25 Nov
59 Jan
611 DecS0 Jan
/
4
14
60
Oct108 July
/
1
4
83 Nov7012 Jan
66 Nov10214 Feb
110 Oct 154 Sept
/
1
4
24
Oct 5712 Jan
1413 Nov 3912 Jan
114 Nov
3 Jan
/
1
4
35 May 6112 Sept
61 Dec 66
Jan
271 Nov 65 July
/
4
/
1
4
93 2 Nov 10712 Alz
7
46 Nov 1014 July
/
1
105 Nov 149
Oct
75 Oct 86
/
1
4
/ Jan
1
4
173 Nov 240 Aug
1
Oct
3 8 Jan
3
180 Nov 25612 Aug
110 Nov 192 Aug
/
1
4
100 May 110 Dec
155 Oct 379 Jan
80 Jan 13212 On
/
1
4
1144 Jan 134 4 Aus
/
1
3
8 Nov
32 Feb
112 Dec
97 Feb
8
1
Oct 14 Mar
/
1
4
1412 Dec 4813 Feb
191
Jan 290 Sept
82 Nov 87 May
/
1
4
7518 Nov 118 July
/
1
4
75 Nov 1143 July
8
4 Dec 43 Feb
/
1
4
7212 Mar 110 Aug
17 Dec 35 July
140 Nov 260 Aug
94 Nov 101 Mar
90 Nov
97
Jan
90 Nov 1483 Jan
4
10112 May 147 Sept
/
1
4
4112 Apr 50 Sept
43 May 603 Sept
/
1
4
4
49
/ Oct 74 Sept
1
4
/
1
4
101 Nov 133 4 Aug
3
87 Nov
9612 Feb
50 Nov
1534 Feb
84
Oct 94
Apr
918 Dec 211 Mar
/
4
1614 Jun,. 413 00
8
,
105 Nov 15713 Sept
109 Nov 1621 Sept
/
4
93 June 100 Dec
115 Nov 181 Mar
6 2 Nov
,
39 Feu
2014 Dec 5814 J57:
75 Dec 100
Jan
200 Nov 297 Aug
/
1
4
5.813 Seto
80 Nov
40 Nov
81 2 Jan
,
82 Nov 1047 Jan
2
10 Oct 54 k eo
1438 Nov
5312 Fell
15
Oct
417 Mar
8
3713 Nov 67 July
/
1
4
3414 De,
89 Nov
57 Aug
/
1
4
3 / Ja•
13.
1
4
New York Stock Record-Continued-Page 2
3674
Fn. sales durtng the week of stocks not recorded here, see second page preceding
Sales
for
she
Week.
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICES
Saturday.
May 17.
Monday.
May 19.
Tuesday.
May 20.
Wednesday. Thursday.
May 22.
May 21.
Friday.
May 23.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100 share lots
Highest.
Lowest.
Railroads (Con.)
Par $ per share S per share
$ per share $ Per hsare 3 per share S per share S per share $ Per share Shares
Abraham & Strauss_ __No par 45 Jan 2 86 Apr 21
6314
*52
*5114 6314 *51
6314 ,*5114 6314 *52
6314 .5314 56
100 104 Jan 11 110 Feb 11
30 Preferred
*109 10912 *109 10912 *10812 109 *10812 10912 10912 10912 *10912 110
8
No par 23 8 Jan 20 373 Mar 31
13,300 Adams Express
,
8 303 3118 30
3034 3014 31
8 30
313
4 30
303
8
313 313
8
Preferred
100 8514 Feb 4 92 Mar 27
9314
9314 •90
9314 *90
9314 *90
4
*893 9314 *90
9314 *90
1,300 Adams Millis
No Par 23 Jan 23 32 Mar 31
31
30
8
8 307 3118 .
313
31
3012 3012 31
*30
3014 31
100 1112 Jan 6 2314 Jan 24
*18
1712 18
1814 1718 1712 1,500 Advance Rumely
*18
4 1712 18
4 1814 183
183
100 22 Jan 4 4114 Jan 29
300 Preferred
33
8
8
*3212 34
*3212 34
3212 3212 3214 3214 315 315 *31
12 Jan 4
8
15 Mar 28
1
400 Ahumada Lead
2
7
8
7
5
7
4
*3
4
3
4
3
8
7
8
7
8
7
4
*3
8
7
4
*3
No par 118 Jan 22 15038 Apr 9
25.100 Air Reduction Inc
8
144 144
8
14112 14458 138 142
1383 1415 13814 14012 13958 142
4
8 1,700 Air-Ray Elea ApplianceNo par 21 Jan 13 36 Mar 24
4 253 267
253
*25
26
28
4
*27
243 2712 26
8
*273 28
212 Jan 9
8
13 Jan 2
No Par
112
8 1,600 Ajax Rubber, Inc
17
8
8
4
8 178
13
4 17
•15
13
4
13
4
13
15
138
1511
612alay 5
,
9 8 Jan 7
8
4 67 10,500 Alaska Juneau Gold Mln__10
63
4 7
*63
612 7
4
7
7
4 63
63
7
7
,
2,000 Albany Pert Wrap Pap_No Par
8 4 Jan 21 1512 Feb 17
11
yl 1
8
1312 1312 12
1314 1012 1118 1012 1012 *103 12
No par 23 Jan 8 3514 Mar 31
106,100 Alleghany Corp
8
8 265 2714
4 26313 267
28
4
8 263 273
283
8 2618 273
4 2714 287
Feb 11
Jan 3
8
4
10012 10012 +10012 101
10012 10058 10012 1003 10012 10012 1003 10012 3,000 Prof A with $30 warr____100 9512May 8 10712 Apr 11
4
993
700 Pert A with $40 warr____100 95
8 9518 9518
957
4
4
953 953 *95
95
*95
8 95 9518 95
957
400 Prat A without warr____I00 8914 Jan 27 0612 Feb 24
9312 9312 9312 9312 9312 9312 9312
*9214 9312 93 93
*93
4
6,600 Allied Chemical & Dye-NO Par 2553 Jan 3 343 Apr 17
305 308
298 306
302 305
311 313
301 304
30114 309
100 121 Jan 2 12614 Apr 1
300 Preferred
4
4
8
8
4
*12418 1243 *12414 12512 1243 1243 1243 1243 *125 12512 12514 12514
6218 6314 29,400 Allis-Chalmers mu new No par 4914 Jan 3 88 Mar 11
8 6112 623
4
8
61.7 633
63
8 6258 6414 61
3
63 4 643
100 Alpha Portland CementNo par 2818 Mar 7 4214 Mar 27
*3114 3212 *3114 32
32
8
8
*3018 32
*301g 3212 317 317 *31
4
18 Jan 16 293 Mar 28
No par
2512 2612 8,500 Amerada Corp
8
8 237 26
8
2112 2412 23.8 2418 237 237
2412 25
8
514May 5 103 Mar 31
400 Amer Agricultural Chem__100
712 712
7
7
712
714 714 *7
8
77
*7
8
*7
100 26 Feb 20 39 Apr 1
500 Preferred
32
3212 *30
3012 3012 *30
30
30
30
3312 30
*32
2
10 77 Jan 2 973 Mar 27
600 Amer Bank Note
85
8412 8412 85
*8112 86
86
8612 8612 *84
85 85
4
50 61 Feb 3 663 Jan 31
20 Preferred
4
643
4
643 *64
643 +64
4
4
643 *84
4
643 +64
6414 6414 *64
12 Jan 16
400 American Beet Sugar-No Par
7 Jan 4
8
*7
8
*7
7
7
7
7
758
718 718 *7
8
700 Amer Bosch Magneto__No par 34 May 5 547 Feb 14
38
3614 *37
39
35
*38
4
*393 40
39
3912 •38
*39
8
Am Brake Shoe & F____No par 4414May 19 545 Mar 20
4514 4514 4412 4514 4518 4518 4514 4514 4512 4514 *4518 4514 2,800
100 11314 Jan 14 128 Feb 13
10 Preferred
124 124 *12312 124
4
4
*1123 124 *12234 124 *12214 124 1•1223 124
4
1
83 Jan 16 213 Apr 25
8 15,800 Amer Brown Batted El_No par
8 1712 1838 1814 187
1812 1618 1712 1612 173
1814 1812 17
100 6012 Jan 3 80 Apr 9
180 Preferred
7912
7912 '7
*75
75
75
75
75
76
7614 7614 +75
25 11714 Jan 2 15812 Apr 18
8
142's 13912 14238 14214 1435 112,200 American Can
4
8
8
14418 1453 1395 1443 13812 14214 14018
100 14014 Jan 27 1413143lay 15
800 Preferred
146 146
146 146
14614 14614 146 146
4
4
*1453 14614 1453 146
2,400 Amerlean Car & Fdy--NO Par 52 May 8 8212 Feb 6
573
55
56 4 577
8 5738 59
59
,
*55
56
55
55
55
100 10014May 6 116 Jan 4
500 Preferred
102 *10134 105
10218 102's 102
4
*1013 104 *102 104 1+102 104
100 Ws Jan 3 101 Mar 28
300 American(Main prof
9734
98
*9514 96
2
96, .96
8
4
4
973 973 *9514 977 *9514 97
8
No par 365 Jan 2 5114 Apr 3
2,100 American Chicle
4
443 45
45
45
8
45121 4312 435 *4314 45
44
*4412 45
1614May 5 33 Jan 16
2,300 Am Comma Alc,ohol__ _No par
1912 1912; 1838 1918 1812 187 *1858 19111 *1812 1914
8
197 20
8Mar 31
Amer Encaustic Tiling_No Par 23 May 16 307
2412
2412 *23
241 *23
2412 *22
24121 *22
8
257 *24
*24
*4612 4712 4712 4712 1,700,Amer European Sec's_No par 35 Jan 8 5912 NIar 31
8
473 48
47
11 45
8
8 48, 48,
*4818 493
4
81381131,9001Amer & Torn Power .__No par 65 May 5 1013 Apr 16
4
8152 7712 803
8 78
8 793
7612 807
8514 7914 84
84
No pa 107 Jan 3 11112 Apr 29
1,500 Preferred
111 111
111 111 I 111 111
11012 11012 11012 11012 11058 111
95 Mar 12 9912 Fob 10
1,100 28 preferred
98
9812 98
9812 *98
9812 *98
98
99
99
99
99
8
8
197 Jan 2 335 Mar 19
2312 2312 1,100 Am Hawaltan S SCo
2212 23 1 2214 23
4
,
2318 2318 23 8 223 23
*23
7 Apr 10
8
4, Jan 30
American Hide & Leather 11a
No_ p0
8 *414 5
*414 47
8 *414 5
*414 47
*414 5
*414 5
8
22181May 16 347 April
10
400 Preferred
*2314 24
2212 2212 *2314 24 .2338 24
4
4
2212 2212 233 233
4
8
553 Jan 11 693 Mar 20
1.200,Amer Home Products_ _No pa
621s 6218 6212 6212 6112 6112 *6112 63
*6212 64
8
623 63
8
3512 Feb 7 417 Mar 27
374 5,000 American Ice
8 37
41 3718 373
3718 3814 3712 373
39
8 38
393
39
8
353 Jan 20 5532 Apr 2
14,700 Amer Internal Corp
No
No pa
44
4212 43
4218 42781 42
4358 4112 43
8
435 435
8 42
4 Apr 2
2 Jan 20
100 Amer La France dr Foarnite_l
8 25
25
8
8 27
*238 27
8 *23
8 •258 27
*212 27
8 *258 27
8
100 30 Jan 9 35 Feb 14
10 Preferred
3014 3014 3014 *3014 3012
3112 .30
3112 *30
3112 *30
*30
6114May 23 105 Jan 6
13,000 American Locomotive_No Pa
6318 6114 6212
6318 6414 62
6414 6314 64
6418 6418 84
100 103 Mar 5 11812 Mar 1
500 Preferred
4
105 105 *1043 105
4
1043 10514 *10518 106
*10514 106 •10514 106
4
4 3,100 Amer Machine & Fdy_ _No pa 210 Jan 10 2843 Apr 30
8
4
264 2783 265 2767 262 2673
256 260
265 265
+268 270
3914May 8 5112 Feb 7
1,600 Amer flafred I Co 1 td _NO Pa
e ereta 6 ;
41
40
8
4218 4238 *4214 4312 4214 423 24118 4118 *4014 41
Preferred
10 110 Feb 6 118 Feb 18
*112 115 •112 115 .112 115 *11012 115 *111 115 •111 115
65 Jan 23 95 Mar 27
270 Amer Nat Gas pref._ __No pa
s
8912 8912 395a 897
8912 90
8912 90
90
,
90 2 90
*90
8
27 afar 31
12 Feb 7
No Pa
1
114
1
14
1
118 35.300 American Plano
1
118
1
l's
1
114
1
77 Jan 2 11938 Apr 1
_No pa
14,900 Am Power & Light
100 102
8
973 101
4
1013 10618 9818 10212 10012 102
*105 10614
No pa 100 Jan 28 107 Mar 24
1,400 Preferred
105 103
105 105
8
8
1043 10458 *10412 1045 10412 105
8
1045 105
75 Jan 8 85 Mar 20
200 Preferred A
8314 8314 *8314 85
4 8318 8318 *8318 85
*8318 843
83
83
4
Nor 80 Jan 6 883 Mar 21
p
o Pa
8 1,100 Prof A stamped
4
863 873
4
4
*863 87
4
863 867
4
a 863 87
s
8
873 873 *883 87
4
3018 Jan 3 393 Apr 7
41,000 Am Rad & Stand San'ry NO Da
8
8
2 327 337
8
3 315 327
327
32
8
3258 313 3212 3112 32
32
2012 Jan 21 37 Mar 25
990 American Republics__ _NO Pa
2514 2514
25
24
24
4 24
4
8
247 *23
*2412 2612 253 253
2
25 7012a1ay 5 1007 Feb 17
13,200 Amer Rolling Mill
8 7218 75
8
7118 7312 725 7234 7114 727
7
7312 73 8 7318 74
59 Jan 16 6738 Apr 26
300 American Safety Razor_No Pa
66
*65
66
6612 66 66
6512 66
*65
6612 *65
*65
16 May 10 2612 Feb 18
300 Amer Seating v t a
No Pa
1612 1612 1612 1612
*1612 17
*1612 17
*1612 17
*1612 18
338May 6
112 Feb 25
214 *2
2 15 1,200 Amer Ship & Comm-No Pa
2
2
218
218 214
218 212
218 218
90 American ShIpbuilding____100 821/May 5 98 Feb 14
*85
8712
85
85
85
83
*8412 90
90
89 I *35
89
9.600 Am Smelting & Refining_100 6514May 5 7912 Apr 2
72
71
8
4
8 7018 71
4 693 7014 695 703
703
70
70
70
100 13312 Feb 8 141 Apr 8
500 Preferred'
139 139 *139 13918
4
*13914 1393 139 13914 *139 13912 139 139
2
41 May 3 437 Jan 27
2
prefur l
100 Amerlca nedinuff
421
42 .42
43
*42
42
8
*417 43
43
43 1 +42
•42
4
100 10018 Jan 3 1073 Apr 22
108 .•103 108 *102 108 *102 108 *102 108 *102 108
*103
8May 20 221254ar 7
117
1,200 Amer Solvents & Cherna70 Pa
8
8
8
*123 13
8
8 117 1314 1214 123 *123 13
4
8 133 137
8
137 137
4May 5 3314 Mar 5
243
300 Preferred
No pa
*2718 2812 *2718 28'z 2718 2812 2714 2714 *2714 2312 2714 2714
4014alay 5 6214 Mar 20
1,200 Amer Steel Foundries_ _No Pa
411 411
41
41
4113 4114 4114 411
43
42
43
43
100 11012 Jan 7 116 Feb 25
Preferred
+113 115 1'113 1141 *113 11412 *113 11412 *113
4614May 5 5558 Apr 16
400 American Stores
No Pa
*4712 52 2
8
8 475 48
8
473 475
48
48
49
*48
2
100 80 May 5 897 Mar 26
600 Amer Sugar Refining
4
62 62
6212 613 613
*61
8
617 62
3
*617 63
6112 62
100 104 Jan 6 110 Apr 24
300 Preferred
103 108 *108 10814 *108 1091
10814 10814 *108 10858 108 108
4
1218May 3 263 Feb 10
No Pa
2,500 Am Stunatra Tob
4 1412 1412 1412 17
*1412 143
4
1518 143 15
1514 1514 1518
100 216 Jan 2 27414 Apr 17
24218 2437 24112 24152 22412 2301 88,800 Amer Tolep & Teleg
2
4
2413 245
8
8
2463 247 I 2445 247
8alay 5 2252 Apr 17
195
,
8
2014 197 2014 . 2018 21 4 284.500 Rights (expire Aug 1)
8 20
8
8 197 203
4 2014 205
2012 203
26414May 23
4
4
257 2593 25812 2593 25712 26414 5.500 Amerlcan Tobacco corn__ __50 197 Jan 9 26912alay 23
260
256
259 261 .*254 258
50 197 Jan 8
4
4
4
257 2843 25414 26312 2573 204 1 259 2633 26212 26912 52,800 Common chum B
259 264
100 120 Feb 3 12412a1ay 22
300 Preferred
4
4
124 124 *1233 12412 12412 12412 *1233 12414
4
124 *1233 124
124
4
200 American Type Founders 100 125 Jan 22 1413 Apr 1
4
130 1333 *130 134 *130 134 .130 134
*131 134 *131 134
8
100 108 Feb 5 1143 Apr 4
60 Preferred
*11214 113121 11312 1131 11312 11312*113 11312'•113 11312 113 113
8812 Jan 2 12472 Apr 23
108 1093 110 11212 25,800 Am Vat Wks & El___No Par
10658 110 1 10712 110
4
81
110 1107 1073 111
9912 Jan 4 10612 Apr 15
600 lot preferred
10518 *105 10518 105 10512
4
4
10518 105101043 1051 +1043 105'8.'104°4
712 Jan 2 2014 Fob 17
100
4,200 American Woolen
1418 15
15
8
135 1412 1412 1512 15
4
4
123 12341 123 123
4
193 Jan 2 44ts Feb 18
100
5,400 Preferred
39
383 *38
3814 3914 *38
3008 38
3618 3618 3512 361
812 April
5 Jan 20
712 7s, *73
8
8 814 2,300 Am Writing Paper ctfs_No Par
718 75
818
'7
714 71
818
*7
4
2912 Jan 17 443 Feb 27
100
300 Preferred certificate_
39
*38
40
39 .37
39
39
38
8
*385 39
39
•38
2
8 May 3 177 Feb 3
.912 10
1,300 Amer Zinc, Lead dt Smelt_ __25
4
*93 10
912 10
10
10
107
10
11
*10
2
56 Jan 8 707 Jan 20
25
200 Preferred
65
62
65 .
*60
64
6712 64
671 *64
*64
65
65
2
521safay 6 81, Apr 2
5818 5912 89,900 Anaconda Copper Mtn new_50
8
4
4
583 613
s 5812 5912 573 6012 573 583
61
s
605
35 May 5 5314 Feb 6
1,300 Anaconda Wire & Cable No Par
39
38
3714 371
38
3 3714 371 *3714 3712 *3714
397
38
35 Jan 2 5134 Apr 21
900 Anchor Cap
*4612 48
48
*47
481
48
4612 4712 +47
*4812 4912 48
105 Jan 2 11518 Apr 14
Preferred
'11112 116 *11012 116 *11012 116 *11012 116 *11012 116 •11012 116
4
2134alay 6 3714 Apr 2
0
N0 ppaa;
N
800 Andes Copper lal Ming N0 par
27
27
2618 2712 2618 261
4
*263 27
4
*203 27
8
*263 28
2212 Mar 6 2914 Apr 5
4 1,500 Archer, Daub, Nfld'id _No par
4
233 233
23
23
8
8
225 223 *2212 23
4
223 23
23
23
8
7414 Mar 14 813 Jan 3
7758 *76
8 1,200 Armour & Co (Del) prof ___100
8
757 757
761
*76
77
7718 7714 *76
77
76
814 Mar 26
614 Jan 18
612 652 13,800 Armour of Illinois class A___25
612 658
4
612 63
4
612 63
653 714
8 758
63
452 Mar 26
5
2 8 Jun 20
25
4
8 33 22,200 Class B
35
8
4 37
33
2
3
3 4 37
3
8 418
35
38 3 4
312 418
55 Slay 5 64 Jan 9
100
2,300 Preferred
63
63
62
*61
62
*61
8
627 63
6112 63
61
59
4
632 Feb 8 133 Apr 21
500 Arnold Constable Corp_No par
4
•83 10
4 *812 10
4 83
83
9
9
913 918
1018
*9
1312May 15 2018 Apr 28
par
100 Artlootn Corp
1.5
*14
15
4
4
4
*133 2018 133 133 *14
14
*13
14
*13
8May 8 461s Mar 10
335
No
13,600 Associated Apparel Ind No par
40
8 39
395
3914 39
38
38
3712 3812 37
38
38
28 Jan 4 5012 Apr 15
8 42
4212 4312 4312 5,600 Assoc Dry Goods
4 4212 435
4
8
8 427 453
s 413 433
4514 455
3'2,2 Feb 27 5014 Apr 9
Associated Oil
46
*44
46
*44
4912 *4218 46
*46
4712
4912 *47
*46
3May 9 8012 Jan 30
600 AtIG&WISSLIne
Aro pa2
No p ai 597
63
*61
61
6118 6118 61
63
6112 *61
61
*6112 63
Preferred.
100 59 Jan 7 6514 Feb 26
6012 *60
6012
6012 *60
6012 *60
6012 *60
6012 *59
*59
25 3814 Jan 17 5132 Apr 7
18.000 Atlantic Refining
4178 4112 42
4158 41
241
4114 4212
8
427 4312 4212 43
4
No par 73 May 5 1043 Mar 21
400 Atlas Powder
83
8 83
847
84
*83
•83
84
8 84
8
8518 851s 847 547
120 Preferred
100 101 Jan 2o 106 afar 22
102 10214 .102 103
104 104 *102 104 *102 103
•104 105
812 Mar 5
6 May 8
par
Atlas Tack
8
*6
8
8
*6
*6
8
*6
8
*6
8
*6
4
160 May 20 2633 Apr 1
No
N
bi_ '
4 11,800 Auburn Automola _A
4
161 16912 150 1643 15214 16412 153 16212 162 1643
166 168
7 Slay 14
6 Apr 30
Auetlit. NIceols new
NO par
a
618 618 *612 67
2
1
/
3 6
63
8
8 67
67
8 7
*63
s 7
*63
200 Preferred non-voting____100 21 Jan 2 3512 Apr 23
39
*35
39
40
*35
*35
35
*32
35
35
35
35
50 Jan 10 61) Jan 13
200 Austrian Credit Anstalt
8
8
8 5612 5758 *5612 573 *5612 573
8
5612 5612 *563 573 *
*5612 58
44 Jan 20 1042 Mar 3
2,400 Antedates Corn
4 7
53
4
,
5 2 53
514 61s *512 6
,
518 *012 6 2
Preferred
15 Jan 11 25 Mar 4
,
58
1914 20
19
1914 *16
*16
19
*16
20
+16
20
f Razor A
*16
600 Au
,
No "r
50
NoPar 37 Jan 2 5858 Apr 28
5378 54
4 54
54
543
4 54
533
8 53
3
8
97 Apr 15
3
4 4 Jan 20
412 .5412 53 8 545
5
No Par
71 16,600 Aviation Corp
712 714
714 712
714 712
712 733
3
712 7 4
sMaY 5 38 Feb 18
8 9,000 Baldwin Loco Wks new No Par 2.15
8 2612 2752 2712 283
2714 277
28
8
4 277 2814 27
2814 283
100 109 May 14 110 Jan 21
200 Preferred
113 *11212 113
112
10912 110 *110 114
10914 110
109 109
200 Bamberger (L) & Co pref_100 107 Jan 3 11012 Feb 4
10812 10812 *10812 109
4 109
4
3
•108 10812 108 108 *1073 10812 .1073
520 Barker Brothers
1618 Jan 15 20 4 Mar 5
No Par
8
1718 1718 167 17
Preferred
1712 1712 *1715 1712 •1718 1712 •171tt 1712 *80
100 7312 f b 11 91 Star 31
84
*30
84
8
8712 *723 84
8712 *80
718 April
8712 *80
Barnett Leather
*87
par
8
25 Feb 18
5
*3
5
*3
5
5 1 *3
*3
5
*3 8 5
8 5
*35
No par5 2012 Feb 15 34 Mar 28
8
23311 287 14.200 BarnsdaU Corp class
8 2612 27
263
26
26
8 25
4
253 265
8
263 27
"».121A1
• Bid and asked prices: no sales on this day.
.
xEx-cliv.
y Ex-rights.
1
PER SHARK
Ran ye for Previous
Year 1929
Hioh.st
Lowest.
Per share $ per Aare
43 Dec 15912 Jan
10012 Nov 11212 Oct
34 Nov
20 Nov
Jan
84 Nov 06
8
357 Jan
19 Nov
g
7 Oct 1047 May
15 Oct 119 May
44 Feb
38 Dec
0
77 Nov 223 8 Oct
8
1818 Dec 487 May
1 Dec
1114 Jan
1014 Jan
4% Nov
Jan
Oct 25
5
5612 Sept
17 Nov
4
90 Nov 1153 July
367" Nov
11812 Nov
351s Nov
23 Nov
1712 Oct
Oct
4
18 Nov
(15 Nov
67 July
514 Dee
27 Nov
4012 Nov
113 Nov
418 Oct
CA Jan
86 Nov
13318 Nov
76 Nov
11012 Oct
7014 May
27 Nov
Oct
20
1)04 Nov
23 Nov
Oct
50
10112 Nov
3614 Oct
1712 Dec
312 Dec
2314 Nov
90 Nov
Oct
29
2912 Nov
212 Oct
2712 Nov
90 Nov
11114 Nov
142 Nov
3112 Nov
106 Nov
53 Nov
114 Dec
641, Nov
9214 Oct
70 May
8
727 Nov
Oct
28
1212 Nov
60 Nov
44 Nov
17 Dec
8
3 Oct
Oct
70
82 Nov
12318 Nov
Oct
33
93 Nov
3543 Aui
125 API
7512 Sept
23 Nov
8
425 Jan
8
235 Jan
3
73 4 Jan
Oct
157
4
653 June
2012 Jan
7812 Sept
62 Feb
12612 Mar
4
343 June
104 June
18412 Aug
145 Der
10612 Jan
Jan
120
9518 Oct
8158 Sept
55 May
4
473 Feb
9312 Sept
19914 Bert
10312 Feb
103 Feb
42 Apr
10 Jan
5214 Aug
8
1353 Jan
5312 Aug
4
963 Sept
872 Jan
75 Feb
136 .11117
120 Dec
4
2793 Oct
8118 Feb
135 Feb
9814 Jan
8
177 Jan
4
1753 Sept
105 Feb
80 Feb
8418 Feb
8
553 8ept
4
643 Jan
144S8 Sept
4
745 Jan
4178 Mar
7 Feb
11218 Aug
13014 Sept
Jan
138
49 July
112
Jan
3534 Oct 797g Feb
110 June 114 Mar
Apr
40
Oct 85
4
56 Nov 943 Jan
Feb
99 Nov 111
Jan
18 Nov 60
19314 Jan 81014 Sept
faii"
Mar
Oct
160
11458 Nov
115 Nov
103 Nov
.50 Nov
97 Jan
2
57 Oct
1512 Nov
4 Nov
28 Nov
7 Nov
4934 Nov
6714 Dec
46 De
25 Oct
96 Nov
Oct
30
1812 Nov
75 Oct
518 Oct
4
23 Nov
57 Nov
4
6, Dec
8
163 Nov
34 Nov
25 Nov
3412 Dee
32,8 Feb
3
45 4 Feb
Oct
30
87 Nov
90 Nov
5 Nov
Oct
i'20
23221 Oct
Oct
235
l2114 Jan
181 Sept
112 Apr
199 Sept
Jan
104
8
277 Jan
8
583 Jan
1618 July
46 Mar
4914 Mar
11114 Mar
140 Mar
4
893 Sept
Oct
80
15412 Oct
8
683 Mar
4912 Mar
Jan
95
1818 Jan
1014 Jan
86 Jan
40% Jan
30 Feb
58% Jane
704
Ja
474
,,
41
8612 Oct
8
627 sew
an,/MY
340 Sept
'06'2
174
619
Jan
July
SeP1
8
18 Nov :421- Tor;
Jatt
4912 Nov 65
4 Dec 364 Aug
8
13 Dec 457 Aug
50 Jan
34 Nov
412 Dec 20 Allg
8
15 Oct 665 Aug
Apr
10912 Nov 125
9312 Nov 11011 Feb
4
18 Dee 333 Jan
Jan
97
70 Nov
29;4 Jan
212 Dee
Oct 49,2 May
20
New York Stock Record-Continued--Page 3
3675
For sales during the week of atocks not recorded here. see third page preceding.
111WI AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
May 17.
Monday,
May 19.
Tuesday.
May 20.
Wednesday. Thursday.
May 21.
May 22.
Friday.
May 23.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE.
Per share $ per share 3 Per share $ per share $ per share $ per share
.60
64
6312 *60
*60
8312 *
60
6312 60
6312 *60
60
98
*97
*97
98
*97
98 .97
98
9712 08
98
98
PER SHARE
Range Since Jan. 1.
On baste of 100-share tots.
Lowest.
Illpheet.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest
Shares Indus. & MIscel. (Con.) Par $ per share $ per share 11 per share 9 per share
200 Bayuk Cigar/8, Inc
No par 5914May 5 88 Feb 4
55 Nov 1133 Jan
4
40 First preferred
100 97 Mar 3 993* Feb 21
95
Oct 1063 Jan
4
Beacon Oil
_
No par
13 Feb 18 2053 Apr 9
1212 Dec 32% July
r85 85 - 84 84's 83 W1- 841g 84's *84 85 ;8-i- 85
2
700 Beatrice Creamery
50 67 Jan 18 92 Apr 14
12
69 Dec 131
Oct
*106
_ _ *106
*106
*106
____ *106
106 106
100 Preferred
100 10114!Mar 20 106 May 15 100 Dec 1043III Aug
*412 5
5
*438 43
5
4% 412
4
4% 4% *4
4%
400 Belding Hern•way Co_No par
Os Jan 3
6% Jan 17
412 Dec 17% Apr
85
.84
*8418 85
844 8414 *8118 85
•8414 85
85
85
300 Belgian Nat Rys part pref._ _
80 Jan 3 8512 Mar 19
75 Nov 84% Jan
4118 425-8 4012 4214 39
4112 4012 41% 4118 42
413 42
4
17,700 Bendix Aviation
No Par
Wei Jan 18 57% Apr 7
25 Nov 10438 July
4914 493
4 4738 49
47 8 49
5
4812 49% 4818 4814 x5212 56
No par
7,900 Best & Co
2118 Jan 8 5614 Apr 25
25 Nov 12312 Sept
963 9612 95% 97 4 944 96
8
,
9412 95% 9418 9514 9514 96
Bethlehem Steel C,orp
19,400
,
100 91 8May 5 11014 Apr 1
7814 Nov 14034 Aug
13114 13114 13114 13114 131 13114 130% 13114 *13034 131 •13034 131
1,200 Beth Steel Corp pf(7%)
100 12214 Jan 13 134 Mar 22 116 8May 128 Sept
,
*22
26
*233 26
4
*233 26
4
*2334 26
*22
28
*22
30
Bloomingdale /3ros____No par 23 Jan 4 29% Apr 24
223 Dee 617 Apr
4
8
*98 100
99
09
*93 100
100 100
*98 100
*98 100
100 99 May 12 103 Mar 8 100
20 Preferred
Oct 111
Jan
*86
87
*86
87
*86
*86
87
8712 *86
87
*86
87
Blumenthal & Co pref
100 74 Feb 7 90 Apr 7
7018 Dee 118
Jan
5518 56
5412 5613 523 5414 *52% 56
4
53
53
56
5612 4,500 Bohn Aluminum & Br__No par 47% Jan 22 69 Apr 7
37 Nov 1363 May
4
*72
75
*71
75
75
*71
75 *
*
71
71
75
*73
75
Bon And class A
No par
70 Mar 7 78 Apr 5
70 Oct 8912 Jan
318 312 4312 4
.3 2 33
,
312 312
4
*33
8 33
4 *3
4
% 33
No par
31sMay 20
500 Booth Fisheries
5 Mar 26
3 Dec 11% Jan
*20
25
2218 2218 20
20
20
20
"18
25
*18
25
100 20 May 20 3314 Jan 3
300 1st preferred
18 Dec 623 Jan
4
8712 888 843 87 4 83% 86% 86 2 8814 86
4
,
,
87 8 87
,
88% 79,100 Borden Co
25 8018 Jan 8 S137
8:May 23
53 Oct 10012 July
37
37% 3614 3712 3418 363
4 3118 3512 3412 3518 3313 36
15,000;Borg-Warner Corp
10 327 Jan 2 5012 Mar 27
26 Nov 14312 May
8
11 314 312 *314
,
313 *34 312 *314 312 *314
100113otany Cons Mills class A_50
312
3 2 312
,
Mar 27
3 Jan 14
212 Dec
1512 Feb
21
2112 2012 213
2112 21
8 20
224 2118 2218 211 22
812 Nov 6318 Jan
81,103'Briggs Manufacturimr_No par
1313 Mar 6 227 Apr 21
8
*2912 30
*2712 30
*2712 30
*2712 30
•2712 30
29
293
4
2001Briggs & Strrtton
• 214 Jan 2 3512 Apr 4
17 8 Dec 4313 July
3
*213 2% *212 2% *212 2 8 *2
2%
,
212 213 *24 212
100-British Empire Steel
113 Dec
100
15$ Jan 30
4 Apr 8
67 Jan
8
*5
6% *512 6
*512 6
*514 614 •
514 6
*514 61
37 Nov
2
2d preferred
100
1313 Jan
418 Mar 10
814 Apr 10
2112 22
2113 2214 2012 2114 203 2114 2012 2112 2138 22 4 12,000 Brockway Mot Tr
4
No par 13 Jan 3 2214May 19
14 Nov 73% Jan
*
83
87
83 83
*83
85
*83
*80
85
8712 *80
8713
7114 Dec 145
10 Preferred 7%
100 88 Jan 11 85 Apr 24
Jan
157 157
15212 155
148 152
149% 15212 *148 150
15014 151
2,800 Bklyn Union GM
No par 131 Jan 6 17814 Mar 3
99 Nov 24812 Aug
41
41
414 4114 z40
*40
40
4114 *40
41
*40
41
600 Brown Shoe Co
No par 40 Jan 30 42 Feb 18
Oct 5112 Sept
36
.21
2112 2112 2112 2018 2038 20
201s *2014 2114 201* 2018 1,100 Bruns-Balke-Collender_No par 1318 Jan 15
1614 Nov 5514 Jan
3038 Mar 31
265 27% 26% 26 8 26
8
,
2618 2514 25% 2512 2512 257 263
4 1,500 Bucyrus-Erte Co
10 22% Jan 24 31% Mar 24
14
Oct 42% Jan
*40
403 *4014 4012 39% 40
4
8 39% 40
3918 397
4018 4018 1,100 Preferred
10 3318 Jan 7 43 Mar 25
2612 Oct 50 Feb
•1133 115 *11314 115 *1133 115 *1133 115 *11312 115 *11312 115
4
4
4
Preferred (7)
100 107% Jan 3 115 Apr 15 107% Dec 117
Apr
•1212 12% 1213 1212 115 1214 12
8
1212 11 8 123
,
8 1213 1213 13,800 Budd (E 0) Mfg
818 Dec 22% Oct
No par
8
818 Jan 3 183 Apr 15
1334 14
133 1418 1334 14
4
133 14
13% 14
4
137 14
19,800 Budd Wheel
7% Dec 1212 Dec
No par
8
818 Jan 2 145 Feb 6
34
34% 33
333
33
4 32
33
32
3218 3212 32
3253 5,000 Bulova Watch
No par 2618 Jan 17 43 Mar 31
2114 Nov 34 Dec
4012 41
3912 40 4 3718 3912 38% 39,
,
3 3812 39
3853 387
6,800 Bullard Co
par 297 Jan 16 74 Apr 2
25 Nov 54% July
8
*104 105 *101 105 •109 104
100 10014 100 100
100 100
1,100 Burns Bros new cl AeomNo par 99 May 3 110% Apr 2
No ar
Jan
88 Nov 127
*24
24% *24
24% *2312 2412 24
24
24
*23
*2312 24
100 New classB corn_
17 May 5 35 Apr 2
22% June 39
No Oar
Jan
*97
99
*97
*96
99
99
9612 9612 •95l2 983 *9012 99
4
30 Preferred
68 Nov 10514 Jan
1110 Feb 19
4112 42
40% 4214 38% 4013 3913 40324 3918 4012 393 4013 8,100 Burroughs Add Maoh_No 100 93 Feb
4
par 37 May 3 517 Mar 1
29
Oct 3293 Mar
8
4
.4018 4012 4013 4012 40
*39% 42
40
*393 41
4
*4013 42
300.Bush Terminal
par 36 Jan 4 4812 Mar 5
3114 Nov 8918 Feb
*103 106
104 105
105 105
10114 106 *105 106
105 105
230 Debentore
V°
9118 Nov 11013 Mar
10014 Jan 2 110 Mar 15
.115 117 *115 117 *115 118
115 115
115 115 *115 117
20 Bush Term Bldgs prof
100 1091* Feb 10 118 Apr 7 105 4 Nov 11812 Feb
3
23
25
234
234
23
4 234
278 238 *234 27
8 *234 27
*
900 Butte & Superior Mining___10
2 8Slay 5
,
4% Dec
123 Jan
8
514 Jan 6
*27
3
*278 3
.278 3
•27
2% 27
3
27
8
28
200 Butte Copper & Zinc
912 Jan
5
278May 12
2 Oct
44 Feb 20
.
20
2114 *20
21
.20
207
8 20
*17
19
20
19
204
700 Butterick Co
100 1812 Jan 17 29% Feb 24
Jan
1712 Dec 41
95
98
903 977
8
8914 938 904 9338 903 93
937 46,800 Byers & Co(A M)
92
4
70 May 5 1128 Apr 26
No pa
50 Nov 192% Jan
8
.112
_ *112
112 112 *111 112
20 Preferred
100 109 Jan 27 114 Jan 25 105 Apr 12114 Jan
69
09
*683 69 •112- 6814 6814 69
2
68% 683
69
2 , 30
70 .8 8 69% 1,600 California Packing____Ne pa
4
65 8May 6 7712 Mar 5
,
6312 Oct 84% Aug
•
28
30
*29
30
*28
30
*28
30
*28
30
California Petroleum
25 28 Jan 22
25 June 3412 Aug
2958/May 6
114
114 .114 13 *118
114
118
118
114
1%
1,
4 •118
600 Callahan Zinc-Lead
10
1
4
I Jan 2
Oct
Jan
218 Feb 3
*83
6713 63 63
59
63
50 3 53
,
5212 56
5138 62
23,200 Calutnet & Arizona Ivlining_20 5018May 22 89% Jan 9
7313 Nov 1363 Aug
4
2018 203* 191s 20
19% 20
19% 20
19
1912 193 193
8
8,500 Calumet dr Reda
25 1618May 5 3338 Jan 7
25 Oct 61% Mar
"23
2313 .223 24
4
227 227
8
8 2118 2214 23
23
23
23
800 Campbell W & C Fdry _No pa
19 Jan 2 30 Mar 25
19 Dec 49% Aug
654 6718 6414 658 6318 65
6378 6478 6213 65
6514 6618 17,200 Canada Dry Ginger Ale No pa
95 Oct 983 July
5712MaY 7 7538 Mar 10
4
•227 28
8
28
28
2718 273 .27
4
2712 27
274 "27
2738
500 Cannon Mills
No pa
27 Jan 7 3414 Mar 18
27 Dec 48% Sept
.
22
233 *22
4
233
4 2212 2258 222 2218 *2213 23
•221 234
300 Capital Adminis el A_No pa
1838 Jan 18 2834 Apr 4
17 Nov 65% Oct
*37
40
*37
39
*37
39
*37
39
39
*37
*37
39
Preferred
50 31 Jan 2 42 Mar 19
29 Nov 39% Oct
340 3423 323 339
4
315 332
305 33012 291 305
299 310 123,100 Case ThreshA
h
0f81Machlne fs_100 19214 Jan 2 3622 Apr 23 130 Nov 467 Sept
•129 130
1293 130 •129 130
4
130 130
130 130 •130 131
230 Preferred certificates__ _100 115 Jan 16 132 Mar 25 113 Nov 12311 Dec
76
7618 745 7614 73
743
4 7388 743
4 7314 7418 7453 75 4
,
7.500 Caterpillar Tractor ____NO pa
5014 -Dec 61 Dec
54 Jan 2 79% Apr 28
*713 812 *74 8 2 •712 812 *712 842 •712 812 •712
,
812
Cavannagh-Dobbs Inc_No pa
8 May 7 137 Jan 11
614 Dec 4218 Feb
8
*65
88
*65
68
*
65
68
68
*65
•05
*65
68
68
Preferred
100 62 Jan 2 75 Jan 18
58 Dec 10512 Mar
3412 3618 3113 317
8 318 3312 32
3112 32
34 8 31% 32
,
23,300 Celotex Corp
20 Slay 7 60 Mar 10
No Pa
31
Oct 702 Feb
*263 27% *263 27'4 *263 27 8 27
4
4
4
7
27
27
273
8 27
27
400 Central Aguirre Asso No pa
2312 Feb 19 3012 Mar 31
21
4
Oct 483 Jan
------ Central Alloy Steel
No pa
30% Jan 2 35 Apr 16
2618 Nov 593 Oct
4
Preferred
100 10514 Feb 7 11038 Apr 10 105% Apr 11212 Jan
. 8 514 *1
;43
514 *4174 14
% 5 4 •433 514
/
,
438 43
3514
200 Century Ribbon Mills_No pa
3% Feb 4
814 Mar 27
3 Oct 2018 Jan
*60
8712 .
60
6712 *5814 6712 *533 60
*58
8
60
*58
60
Preferred
100 Si Feb 27 6212 Apr 7
5014 Dec 82 Jan
*58
57
5612 55
55
52% 55
55
5218 53
53
513* 5.100 8:erro de Pasco Copper_No pa
5114May 8 65 8 Jan 6
5214 Nov 120 Mar
913 012
3
0% 012
9% 9% 4.043 0% •94 113
9
9,
2
700 Certain-Teed Products_No pa
812:May 16 15% Feb 6
1078 Dec 32 July
*44
45
*44
45
*44
44
*43
45
44
44
44
44
200 City Ice & Fuel
No pa
4018 Jan 3 49 Feb 4
3912 Dec 623 Jan
4
96
96
*9518 9914 951s 9518 •98
9614 *96
9614 .06
0614
20 Preferred
100 9518Slay 20 983 Feb 11
4
06 Sept 10514 Jan
4518 47
4418 46
43
4414 4313 443
4514 46
4 4418 45
15.300 Checker Cab
No pa
38 Jan 2 6778 Mar 27
18
Oct 86 4 Sent
3
7012 71
69
71
873 68
6914 71% 6914 70
4
70
,2
70
2.300 Chesapeake Corp
No pa
63 Jan 3 8213 Mar 29
12
4218 Nov 112 July
.23
233
4 23
233 *2218 2212 *2213 23
4
8 22
'2218 227
223* 1,400 Chicago Pneumat Tool_No pa
1713May 5 37 Mar 31
.
3
217 Oct 471 Sept
*5012 51% 50
5012 .4912 50
50
4912 494 *48
50
4912
600 Preferred
No pa
4912May 22 557 Mar 14
8
47 Nov 61 Sept
*2718 2812 *27% 2812 *267 2812 *27
2812 *27
8
29
*27
29
Chicago Yellow Cab___No pa
1614 Feb 1 32 Mar 20
21% Oct 36
Jan
*26
27 .253 27
4
21% 2512 21 8 23
,
2214 223
4 23
23
10.700 Chickasha Cotton Oil
1
213
8May 20 3212 Apr 10
25 Dec 50 Jan
6412 647
8 64
65% 63
643
4 64
643 264
8
64% 63
65
7,000 Childs Co
No pa
53 May 5 6712 Mar 3
4412 Nov 75% Sept
.
50
70
*50
70
*50
*58
*50
70
70
70
*50
70
Chile Copper
2
51 Apr 30 65 Feb 6
53 Nov 12712 Mar
34
3412 33 8 317
,
8 3314 3514 34
4 343 36
35 8 33% 343
3
4
97,100,Cbrysler Corp
No pa
3012May
43 Apr 11
26 Nov 135 Jan
9% 1014
013 9,
9% 97
8
9% 912
93 95
,
,
98 913 10,1001City Stores New
7% Oct 27 Feb
No Pa
7 8 Mar 21 1314 Apr 25
,
.
38
3812 *33
3812 *38
383 38% 3813 3812
3812 38
38
4
300 Clark Equipment
No pa
33 Jan 20 4412 Apr 21
*4213 60
25 Nov 617 Oct
2
43
43
*43
48 .43
*43
*43
48
48
48
200,Cluett Peabody & Co No pa
30 Feb 1 60 Apr 5
*103 10412 *103 10412 103 103
3412 Dee 723 Jan
4
*9538 104
I
*95% 103
*0.538
100 9114 Jan 2 105 APT 8
185 1873 179 186% 180 1834 180 183% 18112 183% 18314 104I() Preferred
9012 Dec 119 Jan
8
18612 15,600 Coca Cola CO
No pa 1334 Jan 8 187% Apr 21 101 Nov 154 3 Aug
,
.
5114 5112 5112 5113 5114 5113 5114 5114 *513 52
5112 5113
8
600 Class A
No par
4812 Jan 8 53 Mar 21
44% Oct 50 Feb
253 253
4
4 26
27
243 2513 25 4 26
4
.25
3
257
8 26
2913 5,000 Collins dr Allman
No par
1438 Jan 2 35 4 Feb 13
3
*863 92
10 Nov
4
7214 Mar
*8612 92
*85
92
*8518 89% *86
893
4 893 89%
4
100 Preferred non-voting ____100 73 Jan 3 893
4May 23
65 Dec 10313 Fet
6218 8312 60 8 6314 5814 6212 80
,
61% 59
60
5934 61% 18,100 Colorado Fuel & Iron
100 3612 Jan 2 77 Apr 8
7812 Mat
158 15812 14812 157
27% Nov
145 15212 149 15113 148 151
15012 15212 10,000 Columbian Carbon v t cNo par
12812Nlay 5 199 Mar 11 105 Nov 344
854 868 8218 8512 8118 8312 8212 84% 82% 84
Oct
8112 83% 261,000 Cilium Gas & Elec
No par
69 May 5 87 Apr 10
*1097 110
8
1093 1097 109% 1097 1097 110
4
s
8
1093 110
8
4
1097 1097
8
8
100 10414 Jan 31 110 April "i61- Nov 109 July
2
28
27
2738
278 2618 2712 26 8 27% 2638 2714 26 8 2713 2,700 Preferred
,
,
61.600 Columbia Graphophone
2314May 5 373 Apr 28
2912 30
8
1613 Nov 88% Jan
30
3018 2938 2912 2938 3038 297 2978 2913
8
3014 6,000 Commercial Credit___ -No Par 2338 Jan 2 40 4 Apr 1
.
3
3818 40
18 Nov 62% Jan
39
39
*39
3912 39
39
39
39
"3814
400 Class A
3
50 317 Jan 2 44 Apr 1
.2514 2512 2514 2514 *2514 2513 *2514 2512 *2514 2512 *2514 40
28 Nov
51% Sept
2513
10 Preferred B
25 22 Jan 6 28 Apr 29
2038 Nov
90 90
28 June
89
89
8812 89
*8813 91
91
91
90 4 01
,
170 1st preferred (636
--100
Jan
42
4253 413 4213 40
70
34 Jan
4
Oet 105
4012 .40 8 413
,
41% 42% 3,600 Corn Invest Trust %)-No par 7614 Jan 18 95 Mar 29
4 4014 41
20 55 Mar 6
36%
8312 8312 38314 85
2818 Nov
Oct
70
834 8314 83
83
83
83
*8212 83% 1,100 Cony pref
par
p
No 100 8212May 7 87 Mar 28
*1114 12% *1114 13 *W4 12
*1114 12
*1114 1212 114
100 Warrants
11 Jan 3 2314 Mar 5
3118 317
0 Dec 19 2 Sept
* 29% 3114 28% 30% 2914 30% 29% 30% 3012 1114
-131
98,600 Comm Solvents
par
2518May 5 38 Apr 11
1712 173* 1714 177
20% Oct 63 Oct
17
1712 1714 177
8 1714 17% 17% 1814 183,400 Commonwealth&Sou'rriNs par
No
*47
48
1238 Jan 2 2014 Apr 7
4ct 2434 Oct
10 3
47
47
*47
47 4 *47
,
49
473 *47
*47
4
49
lOO1 Conde Nast Publir-a_ _No par 44 Mar 8 57 Mar 27
154 16
35 Nov
03 Jan
1512 1014 15
15 3 15% 153
,
4 15 . 15,
4
15% 153 18,400 Congoleum-Nalrn Ine__No par
4
13181May 3 19 4 Mar 24
3
11
*3812 43
Oct 35 4 Is°
40
3
40
427 43
8
•40
43
42%
4314 4314 4418 2,000 Congress Cigar
No par 35 Slay 5 56 8 Mar 11
7
*82
43 Nov
*12
82
.3
8
92 8 Frt.
,
3
4
12
12
•3
s
%
*3
858
100 Comley Tin Poll stv1 No par
*43
41 1 43
1 Mar 24
% Jan 16
4 Nov
43
2
1, Fe!
40% 42
42
43
42
4314 44
44
1,400 Consolidated Cigar.
No par 40581tl11y 20, 593 Mar 17
8
40 Oct 9614 Jan
7412 7112 7312 74
7312. 74
7312 73
*73
7312 *73
7312
1901 Prior preferred
100 67 Jan 221 80 Mar 25
63 Nov
98 Jan
2312 23
23
23 8 2318 2312 2318 233
7
4 2318 2318 23% 2314 2,800 Consol Film Indus ___No par
1513 Jan 3 273 Mar 11
8
*22% 23
10 Oct 25 4 Sept
3
2314 2312 2238 2338 23
2318 "2314 2312 23
23%
18 Jan 3 2814 Jan 10
8
15% Oct 30 4 Ai r
3
129 1297 12518 1283 12238 1257 1223 1253 1213 1243 12358 12512 2,500 Comm)] Film Ind pref__No par
4
8
4
8
4
4
155,400 Consolidated Otie(N Y)No par 96 8 Jan 2 136% Apr 26
,
8018 Nov 18314 Bert
*102% 103
1027 10314 1027 1027 1023 103
8
8
4
102% 10314 •103 10313 1.600 Preferred..
No par 9912 Jan 28 10314May 19
114
9213 Nov 10012 Dec
•114
13
8
114
114
114
its
8
118
1I4
114
1t8 7,200 Consolidated Textile.-NO Par
1 Jan 2
2 Jan 27
58 Der
6% Jan
*16
8
1714 167 17
*1513 17
*1513 17
16% 1678 *1512 1818
300 Container Corp A vot No par
12 Jan 2 2213 Feb 24
12 May
2312 Jan
6
6
6
6
6
6
6
6
*53
4 6
*53
4 6
ClClassB voting
No par
414 Jan 2
500
3% Nov
1112 Jan
8 2 Feb 20
,
2913 2912 283 2918 2818 29
4
29
30
29% 3013 30
303
4 5,600 Continental Baking el ANo par 2712May 5 5212 Feb 17
254 Oct 90 July
43
.412 4%
413 438
458
413 45,
412 4%
413 4% 8,000 Class B
No par
4 May 5
7 Feb 17
4 8 Oct
,
154 July
8014 80 4 7914 80
79, 80
2
,
80
80
8014 8014 8014 80% 2,900 Preferred
100 7812 Apr 24 94% Feb 17
7912 Nov 100 June
6518 6512 6412 6512 6253 6412 6314 64
62% 6378 633 6414
4
,
7,700 Continental Can Inc__.No Par 50 8 Jan 2 7153 Mar 31
4012 Oct 92 Sept
2612 2612 2538 267
8 233 2538 2418 2413 2418 24 8 24% 25%
8
,
,
10,600 Cone! Diamond Fibre.No par 23 8May 20 37% Apr 21
2034 Nov
8312 Dec
6512 63% 64
65 4 663
3
8 64
6314 638 63 8 64
,
64
65
10 58 Slay 5 7738 Mar 31
4618 Nov 11°4 sent
3,500 'LIontinental Ins
5% 512
514 55,
514 53
8
514 512
54
,
5%
518 5% 4,400 ontinental Motors_ __No par
43
4Slay 5
618 Dee '?8, Jan
4
84 Feb 19
8 2512 2612 2538 2653 2513 2612 2612 27
2714 28
2538 273
No par
Continental Oil
1913 Feb 4 3012 Apr 24
18 Nov 37 4 Aug
38.800
8
31% 3134 30
3153 2813 2914 2714 29
2811 2813 29
29
8
4,600 Continental Shares _No par 273 Jan 21 40% Apr 1
2612 Dec 45% Dec
8 104% 100 10418 10018 10312 10118 10318 102% 104
1047
10418 1063 2 :40 0Cor y I
Refining- _25 87% Jan 3 1113 Apr 23
8 6 8 0cot
0
70 Nov 1263 Oct
8
147 14712 14513 146 •145 149
8
•145 147
1453 147
145 145
100 140 Feb 10 1471251ay 29 137 Nov 14434
350 Preferred
27% 27
2713 2712 2718 278 27
271s 27
27
ProductsnmNo par 244 Jan 2 33 Feb 3
27
2718
IA
Dec 824 Jan
32% 32% 3212 3212 3113 3112 *3112 33
*3112 32
3214 3214
No 100 2512 Jan 8 35% Mar 20
par
800 Cream of Wheat
24 Nov
31 Nov
.1513 17
1512 1512 1513 1513 .1513 18
•1512 18
15% 1512
9 Jan 22 2918 Mar 5
000 Crex Carpet
15 Dec 57% Apr
*1818 1813 18
*1534 17 I *1512 153
18
4 16
16
1612 1612
1014 Jan 17 22 Jan 2
700 Crosley Radio Corp __No par
15 Dec 125
Feb
• Bid and asked prices no sales on this dar
Ex-clIvIdend.
p Ex-dIvklend and ex-rights.
New York Stock Record-Continued-Page 4
3676
For sales during the week of stocks not recorded here, see fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
May 17.
Monday.
May 19.
Tuesday.
May 20.
Wednesday. Thursday.
May 22.
May 21.
Friday.
May 23.
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 1929.
Highest.
Lowest.
3 per share $ per share $ per share $ per share Shares Indus. & Mace!.(Con.) Par $ Per share $ per share $ per share $ Per aliare
79 Aug
371g Nov
400 Crown Cork & Seal__ _No par 43 Jan 2 594 Apr 7
/
1
4612
4612 *45
*45
*45
4612 45 45
/ Jan
1
4
17 Oct 25
200 Crown Zellerbach
15 May 5 1812 Feb 19
No par
1512
*1512 153 *1512 153
4
4 1512 1512 *15
4
71 Nov 1213 Aug
76
772
4 3,200 Crucible Steel of America_100 7514May 8 9358 Mar 25
76
7614 76
767
8 7514 76
4
190 Preferred
100 1093 Feb 7 117 Mar 13 103 Nov 1103 Feb
4
4
1133 11412 11312 11412 *11312 11412 *11312 11412
5 Nov 2412 Jan
2,600 Cuba Co
1612 1612 16
/
1
4
Jan 2 17 Apr 1
No par
9
8
157 154 *157 164
8
16
3 Mar 26
/
1
4
7 Mar 3
4
44 2,700 Cuba Cane Products_ _No pa
*312 412 *312 4
37
8 34
3 Aug
4
5'2 Jan
Cuba Cane Sugar
111 Feb 2
No Pa
3 Jan 2
4
15s Dec
Preferred
184 Jan
4 Mar 3
2 Jan 7
100
678 Dec 17 Jan
612 628 -171512 - 65 --613 513 *612 64
700 Cuban-American Sugar
9 Feb 4
612May 10
_10
363 -14 --612
4
;
56 Dec 95 Jan
120 Preferred
49 May 2 655 Feb 11
8
10
*49
50
4912 4912 *49
*4912 50
5012 *49
50
50
50
/ Jan
1
4
36 Nov 67
50 4112May 8 48 Jan 2
4412 45
44
45
4414 4414 4414 4414 4414 4414 4414 4414 1,900 Cudahy Packing
Oct
Curtis Publishing Co__ _No pa 113 Jan 27 12514 Apr 26 100 Nov 132
*123 12412 *123 12412 *12212 12312 *1223 12312 *12212 12312 *12212 12312
4
/
1
700 Preferred
No pa 1147 Jan 29 12118 Mar 19 11218 Nov 1214 May
8
4
4
*119 1193 119 119 *119 1193 *11912 1193 11912 1193 1193 11954
4
4
4
6 Dec 301/4 Aug
/
1
4
/
1
4
No pa
612 Jan 31 14 Apr 7
1138 113
1014 107
8 1012 104 54,800 Curtlett-Wright
4 1118 115
1012 11
8 1012 11
/
1
4
1314 Dec 37 Aug
4
2
100 133 Feb 1 193 Apr 2
1414 8,900 Class A
1414 14
15
15
1414 1518 1418 144 1414 1412 14
1,300 Cutler-Hammer Mfg_ __No pa
64 Jan 25 9012Mar 31
74
74
74
*73
*7512 77
74
7312 76
73
7414 74
2114 Oct 6918 Jan
5
No pa
284 Jan 2 43 8 Mar 31
/
1
34
3418 34
353
4 7,200 Davison Chemical
365 37
8
3518 365
8 33 8 34
5
8 3314 317
/
1
20 Dec 464 Jan
Si 22 Mar 25 30 Apr 14
100 Debentaun Securities
27
*24
27
*24
*2512 30
2.312 2512 *24
30
*24
27
Jan
100 117 Jan 4 12712 Fel, 13 109 Nov 128
*12214 12212 12214 12214 *12114 12112 *12114 12112 12114 12112 12112 12112 1,200 Deere & Co prof
Aug
2,000 Detroit Edison
4
/
1
4
100 195 Jan 3 2553 Apr 23 151 Nov 385
233 238
235 235
239 240 237 240
237 237
23712 238
/
1
4
z4 Nov 04 Feb
4
200 Devoe & Raynolds A__No pa
304 Jan 24 423 Mar 4
/
1
4
*3612 38
4
4 363 363 *36
4
3
9
*36
39
*3512 39
363 363
Dec 11512 Jan
181 preferred
/
1
100 1064 Jan 14 11412May 13
4
4
4
•112 1143 *112 1143 *112 1143 *112 1143 *112 1143 *112 1143
4
4
4
100 139 Jan 13 237 Apr 24 117 Nov 16412 Jan
220 225 4 4.500,Diamond Match
,
20812 215
*220 223
222 222
217 218 208 219
1114 Aug
6 Nov
95 Jan 18
8
No par
6 Jan 3
/
1
4
84 84 2,609 Dome Mime, Ltd
8S
8 8 84
5
34 84
84 84
88 8 8
12
Oct 5414 July
3
No par 20 Mar 28 30 8 Apr 5
7
8
8 3,300 Dominion Stores
2378 23 8 2312 234 23
2318 2258 23 8 2314 237 *2314 237
7
69 Nov 12618 Feb
/
1
4
No par 76 Jan 2 87 Mar 10
4
8014 804 803 814 8,300 Drug Inc
81
814 813
8 8012 813
8012 80
4 80
Jan
25 Oct 92
4May 5 4312 Apr 7
34
8
35
355 *337 35
8
353
8 2,500 Dunhill International_No par 273
35
35
35
354 36
33
/ Jan
1
4
10 Nov 28
Dupan Silk
No par 15 Jan 4 1812 Apr 4
*1518 1714 *1518 1712
*1518 1712 *1518 1712 *1518 1712 *1518 16
4912 Jan 10018 Mar
Duquesne Light let pref__ _100 100 Jan 7 103 May 15
4
4
4
4
*1023 ____ *1023 1033 *1023 1033 *1023 ____ *1023 10312 *1023 10312
4
4
4
4
Oct 3912 Sept
19
200 Eastern Rohing 1V1ill_ __No par
17 May 5 2512 Jan 31
21
*17
20
*1812 21
*1818 21
184 184 1712 1712 *17
4
/
1
4
/
1
4
23712 2404 40,800 Eastman Kodak Co_ __No par 175 Jan 9 255 Apr 25 150 Nov 2643 Oct
4
234 24112 23318 2113 23212 237
245 248
240 245
4
18 Nov 763 Feb
27
273
8 2712 28 8 4,100 Eaton Axle & Spring___No par 2418May 5 3714 Feb 20
,
265 27
8
2814 2814 2714 2814 2612 2712
Oct 231 Sept
80
38,000 El du Pont de Nern
/
4
20 1121 Jan 11 14514 Apr 10
129 131
12918 1293 127 12918 12312 13014 12714 13012 128 130
8
/
1
4
1,200 6% non-vot deb
100 11412 Feb 4 121 May 15 10712 Nov 119 Aug
4
8
4
*12012 1205 12012 12012 12012 1203 *1205 --_- 12012 1203 *12012 121
8
/ Jan
1
4
4 Dec 39
100 Eitingon Schild
s
614May 14 107 Feb 6
No Par
718 *6
71s
74 *6
614 *6
614 814 *614 718 *6
Jan
39 Dec 113
Preferred 8/4%
100 40 Apr 30 62 Feb 5
*40
4312 *40
4312 *4018 4312 *4018 4312 *4018 4312 *4018 4312
Oct 174 July
50
/
1
28,500 Electric Autolite
91
No par 81 Jan 7 1144 Mar 29
90
8
90
8818 9012 865 91
894 9014 8512 9112 86
4
3
6 110 4 Jan 7 1023 Nov 115 Air
Preferred
100 10614 Jan
4
*108 1094 *108 1093 *108 1093 *108 1094 *108 1093 *108 1094
4
4
8
314 Oct 183 Mar
93 Mar 31
4
413 Jan 4
No par
6
6
6
63
4 7.700 Electric Boat
57
8 7
64 84
*512 57
8
53
4 53
4
8
2914 Nov 865 Sept
No par 4914 Jan 2 103 Apr 23
4
8 844 8714 191,500 Electric Power & Lt
8
8812 815 8614 825 8512 823 847
8
8814 887
8 84
98 Nov 10914 Feb
112 Apr 25
No par 10612 Jan
8
8
4
8
8
8 1,000 Preferred
*11014 1103 11014 11014 11018 1105 *110 1105 1103 1107 1107 1107
4
12614 Jan 9 153 Apr 4 106 Nov 14012 June
Certificates 60% paid
64 Nov 10412 Oct
5,300 Elec Storage Battery_No par 66 May 16 7914 Feb 10
703
8 7014 71
69
69
70
8
. 677 6918 6612 67 1, 685 69
8
1012 Oct
3 Jun
/
1
4
Elk Horn Coal Corp__ No par
24May 9
512 Mar 24
*212 4
12 *212 3 2 *212 4
3
*212 3 4 *212 3 4 *212 3
3
,
314 Oct 2212 Feb
312 Apr 21
75 Jan 24
5
100 Emerson-Brant class A _No par
4
*312 412
4
412 *4
414 *4
414
*4
412 *4
/
1
4
4914 Nov 83 Jan
/
1
4
400 Endicott-Johnson Corp___ _50 50 May 12 59 Jan 22
*4812 51
50
50
00
50
5012 5012 50
50
5012
*50
200 Preferred
100 10712 Jan 7 113 Apr 23 10814 Sep 12414 Feb
4
4
4
112 112 *1113 116 *1113 116 *1113 116
112 112 *112 116
/
1
Oct 794 Aug
31
613 6218 6218 6212 624 6314 6,400 Engineers Public Sera_ _No Par 3914 Jan 2 6712 Apr 7
4
62
61
62
*63
64
62
80 Nov 12314 Aug
5
No par 94 8 Jan 8 107 Apr 21
1054 10578 1,600 Preferred $5
105 105
105 10812 106 106
*105 10518 105 105
Oct
84 4 Oct 109
3
/
1
300 Preferred (555)
No par 9412 Jan 2 1044 Apr 21
4
4
1033 1034 *1027 10412 1023 1023 *10314 104
4
8
4
*103 1033 103 103
311 Jan 41 May
/
4
8May 15
/
1
4
47
484 483
8 48 4814 4814 4814 2,400 Equitable Office Bldg No par 39 Jan 3 495
47
48
47
477 48
8
3612 Dec 64 Feb
/
1
4
2,100 Eureka Vacuum Clean_No Par 21 May 5 43 Mar 5
24
24
2418 2312
254 2412 25
264 25
*263 27
4
20
/
1
4
15 Nov 73 Mar
3
700 Evans Auto Loading
5 1314May 9 30 4 Feb 18
16
1518 4518
154 1514 1514 *15
1518 1515 15
*1518 16
2214 Jan 2712 July
8
280 Exchange Buffet Corp_No Par 22 Jan 2 263 Mar 3
2412 2412 *2412 25
2412 2412 2412 2412 *2412 25
*2412 25
133 Dec
4
33
4
/
1
4
3 No
6
358May 22
3
9 Jan
/
1
4
400 Fairbanks Co
25
33
4 334
*312 5
*312 5
*312 4
35
8 3 4 *312
Apr 35 Jan
11
/
1
4
30 Preferred
100 12 May 8 39 Jan 20
4
1412 *1414 153
1412 *14
14
*14
*1418 1412 1418 1418 14
/
1
4
293 Oct 54 Sept
4
No par 3412 Jan 6 5012May 17
4512 4614 161g 481 16,000 Fairbanks Morse
47
45
487
8
3
483 5012 483 50 8 44
4
4
40 Preferred
100 102 Jan 7 11112May 16 10112 De 11078 Jan
____ *108 110 *108 110 *108 110
11112 11112 110 110 *108
72 Mar
/
1
4
22 De
1418May 5 2714 Feb 27
700 Fashion Park Assoo___No Par
8 1414 l5'z
145 *1414 147
8
8
*15
1512 1512 1512 1412 153 *14
/
1
4
60 Nov 109 JUne
200 Federal Light & Tree
15 5952 Feb 6 9014 Mar 18
8
71
*707 72
71
*71
72
*71
72
75
*71
72
*71
90 Nov 104 Feb
/
1
4
100 Preferred
NO Par 91 Jan 13 98 Apr 22
9612 9612
*9612 97
9614 964 '9614 97
'
1
9614 97
*9512 97
8
Oct 223 Feb
5
100 Federal Motor Truck No par
74 Jan 17 1214 Feb 23
1012 *10
10'2
1012 *10
1018 1018 *10
1012 *10
1012 *10
28 Nov 5614 Sept
Facia Water Service A_No par 3212 Jan 3 43 Mar 19
3618 354 364
8 363 3612 36
8
363 363
8
2512 Dec 33 Dee
Federated Dept Stores_No par 29 Jan 4 38 Apr 16
3312 *30
313
8 3012 3012
*32
36
*30
4712 Nov 123 Sett
/
1
4
'',
1E Fidel Phan Fire Ins N Y___10 6512 Jan 2 89 Mar 31
T r113481
*76
3518 *
76
76
76
764 R 8 P.
.111141
*76
7814 76
Oct 1334 Mai
6
012 *0
012
50 Fifth Ave Bus
7 Feb 11 1012 Apr 4
No par
9
9 '
*83
4 9
91 912 *9 r4912 *9
30 Dec 9812 Feb
4012 Jan 22
Filene's Sons
No par 33 Apr
*31
38
*31
38
*31 138
*31
38
*31
38
33
*31
Jan
84 Dec 107
20 Preferred
100 92 Mar 15 98 May 3
*96
97
*96
97
*96
97
*96
97
*96
97
96
96
24 Dec 37 Dee
/
1
4
3318 Jan 7
/
4May
2,400 Firestone Tire & Rubber___10 211
*233 24
4
8
4 2218 2238 2212 23
4
2312 223 2318 217 223
*23
/
1
4
8358 Dec 89 Dec
87 Mar 24
/
1
4
1,000 Preferred
100 7958May 1
80
80
797 80
8
*7912 80
*7912 80
*7912 80
80
80
4412 Nov 90 Sept
613 Jan 30
8
/
1
4
3,000 First National Stores-No par 50 Jan
8 525 53
8
5212 524 527
8 5212 525
544 52
7
534 53 8 53
/
4
512 Apr 2
218 Dec 201 Jan
3 Jan
No par
34 3 4
3
3
33
4 37
8 2,900 Fisk Rubber
33
4 33
4
34 34
,
,
3 4 38
,
7
3 4 38
,
7
8 Dec 7212 Jan
21 Apr 2
2
220 let preferred
100 13 Jan
14
*133 1512 *133 1512
8
1418 1418 134 133
4 14
*1418 15
8 Dec 8212 Jan
214 Apr 11
/
1
1212May
20 1st pref convertible
100
*1514 19
*1412 1614 31412 1614
1612 *1514 18
1514 1514 *15
Jan
38 Nov 54
5278 Mar 21
600 Florsheim Shoe class A_No par 4212 Jan
344
46
*41
4412 45 45
*4012 45
45
*44
4512 *40
9018 Oct 10218 Jan
*9812 gg
100 9512 Apr 1 100 Feb 3
Preferred 6%
*9812 99
39812 99
*9812 99
*9812 99
*9812 99
3
3218 Nov 82 4 Aug
50 Mar 25
/
1
4
1,000 Follansbee Bros
No par 3114May
35 2 3518 351 *3514 37
,
347 3612 3512 3512 *35
8
*3612 37
33 Nov 95 Sept
99 Apr 30
No par 6012 Jan
8914 917 21,000 Foster-Wheeler
8
903
4 8712 891
853 8812 88
4
9214 9214 8718 91
/
1
4
4
123 Nov 69 Apr
283 Apr 14
4
1518 Jan
500 Foundation Co
No pa
22
193
4 20
204 *19
2012 20
2114 21 4 *20
,
22
*21
/
1
4
194 Dec 105 Sept
/
1
/
1
4
1618 Jan 3 57 Apr 25
No oar
49
503 92,700 Fox Film class A
4
481g 50
8 484 503
8
,
515 527
8
8 495 52 4 4714 503
/
1
23 Nov 544 Jan
/
1
4
3818 Feb 25 5512 Apr 11
No pa
487 14,400 Freeport Texas Co
8
471
463 47'2 47
4
8
4718 4818 465 4712 47
4812 4812
8212 Nov 10712 May
85 Feb 14 9512 Mar 6
120 Fuller Co prior pref__ No pa
913
4
9134 *90
*90
92
92
91
92
90
*91
92
*91
7
5 Oct 33 8 Feb
4
81
55 Jan 2 113 Apr 9
8
*8
100 Gabriel Snubber A
No Dar
*83
8 8'2 *814 812
8
8
94
3
93
4 *8
*8
/
1
4
6512 Nov 83 July
69 May 20 80 Mar 28
100 Galnewen Co
*69
70
No Pa
*6918 70
*694 70
69
*69
7018 69
72
*69
25 Jan
3 Dec
7 4 Feb 18
3
312 Jan 16
5
8 *418 412 1,100 Gardner Motor
418 43
418 41
418 43
8
414 438
*418 414
12 Jan 23 1612 Feb 18
1,000 Gen Amer Investois___No pa
*1214 13
*1214 13
124 1212 *1214 13
13
1318 134 13
100 Preferred
100 90 Jan 23 105 Apr 25
98
9934 98
*98
101 101
*101 102 *101 102 *101 102
Oct
/
1
2
993 Jan 2 1114 Apr 4 'Yi" Nov
4
4
4
106 1063 1033 1054 1034 10412 104 1051 10312 1043 1043 1054 7,400 Gen Amer Tank Car--No Da
8
3
42 Nov 94 4 At,
/
1
4
5714 555 563
100 4918 Jan 7 7112 Apr 7
8 6.700 General Asphalt
4 5612 575
8
*5818 584 5612 5814 5518 5612 50
Gen Baking pref
No pa 105 Mar 4 125 Jan 15 121 Nov 140 Feb
*115 118 *115 118 3115 118 3115 118 3115 118 *115 118
/
4
24 Nov 691 June
25 Jan 7 3812 Feb 15
/
1
4
No Pa
2912 31
3014 3012 8,100 General Bronze
8 3014 3114 3014 311
3112 3214 3114 317
23 Nov 61 Feb
17121vIay 5 3412 Mar 7
500 General Cable
21
No Pa
22
21
320
22
8
8
*2314 23 4 227 227 *20
23
,
23
/
1
/
1
4
63 Dec 1204 Feb
4
51 May 7 743 Feb 5
2,200 Class A
No pa
59
5714 58
358
60
5712 59
59
60
60
61
61
42
Oct 74 Feb
5014May 21 61 Mar 7
2,700 General Cigar Inc
52
No Pa
5112 5112 5014 5t2 5112 5112 52
514 52
52
52
2
8
No Pa b 643 Jan 29 953 Apr 10 16818 Nov 403 Aug
8012 803 8314 304.400 General Electric
4
s 78
4
803
5 773 807
,
8312 8414 7912 83 4 77
113 Feb
4
11
Jan
/
1
111 Jan 2 114 Apr 5
/
4
1
8 113 113
8
4
4 2,500 Special
4 115 115
4
8 113 113
4
4
8 113 117
113 117
4
8 113 117
Oct 77 July
/
1
4
35
4518 Jan 17 6114May 1
No pa
5812 5714 5814 5818 5938 36,600 Gen Foods
57
567 58
8
4 574 59
5812 583
8
26,400 Gen'l Gas & Elea A new No Pa
8
1314MaY 5 183 Apr 10
137 14
14
4
8 133 1418 134
8
8
8 137 143
4 143 145
145 143
8
1,100 Cony pre ser A
No par 85 4MaY 5 10612 Apr 16
3
4
9058 903 *9014 91
9018 9018 9014 91
90
90
90
90
135 Feb
4
Preferred A (8)
4
No Dar 115 Mar 19 122 Apr 2 fin;
4
/
1
4
*120 1244 *120 1244 *120 124 3120 1243 3120 1243 3120 1243
99
Oct 11612 Jan
50 Preferred A (7%) N0 Par 104 Feb 19 111 Apr 9
107 108 *107 10812
107 107
*106 107 *10612 107 *10612 107
50 Oct 8918 Jan
/
1
4
400 General Mills
No par 4518May 5 59 Apr 12
48
347
*47
48
48
3
47
48
47
48
4812 3
48
48
Jan
873 Dec 100
4
Preferred
100 90 Mar 29 95 Mar 22
4
8
4
4
8
8
8
4
*907 913 *907 914 *905 913 *907 913 *907 913 *904 914
8
4
3312 Oct 913 Mar
10 3712 Jan 16 5414 Apr 10
503 514 617,800 General Motors Corp
8
8
484 504 485 51
483 484 4718 50
4
475 48
8
/
1
4
100 117 Jan 24 13112May 8 112 Nov 12612 Jan
8
8
s
4
8
8
12914 1295 1285 1295 1283 12914 1283 12812 128 1287 13,800 7% preferred
8
*12912 1297
30 Oct 52 Jan
/
1
4
1,000 Gan Outdoor Adv A___No par 32 Apr 29 4118 Apr 14
33
33
33
8 33
8
,
8
8 325g 32 8 325 325
8 325 325
325 325
8
/
4
1318May 6 211 Apr 3
4
4 1,000 Common
No Par
8
8
1412 1412 1412 1412 1418 144 145 147 *1412 143 *1412 143
/
1
4
/
1
4
No par 32 Jan 2 52 Apr 7 16- Nov 98 Aut
8 4318 435s 4312 4414 5,000 Gen Public Service
4312 447
4518 4518 4312 4518 424 4414
70 (Oct 12612 Aug
/
1
4
No par 8512May 5 106 Mar 28
8 944 9518 7,200 Gen Ry Signal
945
934 93
92
93
91
9512 9112 94
*94
Oct 8812 Aug
No par 67 Jan 2 90 Mar 28! 54
4
83 4 8118 814 823 8314 3,600 General Refractorles
3
4
4 813 844 8118 8314 81
8012 843
4
55,600 Gen Theatres Equip_ No par 393 Jan 31 6114 Apr 101
454 46
45
4 4414
4
4418 4618 443 453
8
464 4712 455 47
80 Nor 143 Oo
/
4
31,500 llllette Safety Razor__No Pa
8018 Apr 24 1061 Jan 16
86
864
873
8 8518 86
867
8 844 8612 85
8 85
8
865 877
4818 Jan
1012 Nov
1712 7,200 Imbel Bros
1112 Jan 20 2078 Apr 14
17
8
4 167 17
No pa
1012 163
4
4 163 17
4
163 183
8
187 19
Oct
1 Preferred
58 Dec 04
/
1
4
60 Jan 30 8212 Apr 25
*7818 79
*7818 79
*7818 79
*784 80
*7914 80
*7914 80
26
Oct 6414 July
38 Mar 20
8,1001011dden Co
NO Par 2312May 14
8 2418 2412 2418 2478 2112 2412 244 2412
3
247 25 4 2412 255
8
95 Nov 10618 A r
/
4
5301 Prior preferred
9812 98
9812
100 95 May 14 1051 Mar 27
98
8 9712 98
983 987
4
99
9914 99
*99
9'8 Nov 66 Feb
6,600 Cobol(Adolf)
13 Jan 16 19 Feb 7
No par
141 1312 1378 1312 14
/
4
4 144 144 134 1414 14
4
143 143
Jan
3112 Oct 82
/
1
4
4
4358 4412 29,600 Gold Dust Corp v t e_..No Par 373 Jan 2 47 Apr 28
8 4314 41
4312 443
44
3
8
445 4514 43 4 4512 43
4
3814 DOC 1053 Jan
No par 36 May 5 5812 Mar 25
403 4114 10,700 Goodrich Co(B F)
4
8 41
41
413
40
4038 427 r3918 4214 3918 40
8
/
4
9512 Dec 1151 Feb
500 Preferred
Jan 7 10412 Mar 28
97
0712 971
*95
100 9552
9612 97
4
984 983 49712 98
99
*98
60 Oct 15412 Mar
/
1
8
82
833
8 8212 837 10,400 Goodyear T & Rub____No par 62 Jan 2 964 Mar 31
84
82
83
81
8412 8213 85
2
83
87 Nov 1047 Feb
/
4
1,000 lot preferred
100 100
No par 90 Jan 3 1021 Apr 30
4
994 995
8 993 100
*995 100
8
100 100
80 Apr
*100 101
14 Nov
/
1
15 May 20 284 Mar 8
4 1518 1558, 5,300 Gotham Sil Hoe new No pa
8 1514 153
177
8 1514 157
,
*1814 1812 1828 18 8 15
68 Dee 10114 Jan
200 Preferred new
75
78
75
100 70 Jan 10 8212 Apr 4
*75
79
75
*7012 75
14 May
*7012 79
Oct
4
•7012 79
712 Jan 2 15 3 Apr 23
3
No pa
8 3,200 Gould Coupler A
1014 1014 1014 1012 1014 1014 1018 107
738 Oct 54 Jan
111s 1012 11
11
/
1
4
1,800 Graham-Palge Motors_No pa
8181May 5 13 Apr 1
83
4 9
9
9
8 8 918
7
9
9
9
912
9
7 Nov 4912 Jan
*9
400 Certificates
4
4May 22 103 Apr 1
73
8
No pa
8
4
73
4 73
*73
4 8
*73
4 8
*73
4 8
4614 Nov 1024 Mar
*73
4 8
3,200 Granby Cons M Sm & Pr_100 27 May 6 59 Apr 2
/
1
4
30
4
3212 293 301s 30
30
321
/
1
3212 3212 32
3212 33
3212 Dec 444 Doti
1,500 Grand Silver Stores._ No pa
*4158 43
3214 Jan 22 52 Apr 2
8
*415 42
43
43
7
43
4 43
33 Dec 9612 Mar
4414 4414 443 443
4
Grand Stores
Feb 6 4512 Mar 1
100 3312
/ Jan
1
4
94 Nov 32
/
1
8
No pa
13 Jan18 205 Feb 13
52
l6s 17 4178 1728 1712 17 17 2,500 Grand Union Co
2
Oct 543 Jan
30
300 Preferred
'i6' 17 ;165* 17 -i6; 41 4112 Ti7- *4012 42 •4012 42
No pa
37 Jan 2 4312 Apr 10
8
41
13 2
4112 *4012 41
32 Nov 0 3 Bent
*40
6034 Apr 3
Granite City Steel
an
No pa
37
*40
4012 2,000
40
4014 40
4012 4012 40
*4014 41
*
4012 41
$ per share
per share
4514 4514 *45
47
*1512 15 4 *1512 153
3
4
*7614 77
7614 7712
11412 11412 114 1143
4
*153 1612 163 1718
4
8
*312 414 *312 412
aw
• Bid and asked prices: no sales on Mu, day
s fra-nlyldend.
C.Cs-ntvid,.oa ex-rights.
1/ 3 additional shares for &lc& share arid.
New York Stock Record-Continued-Page 5
3677
For *ales tu4ring the wee* .., stocks Oct recorded here. see fifth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
6 Saturday.
May 17.
Monday.
May 19.
Tuesday.
May 20.
Wednesday
May 21.
Thursday.
May 22.
Friday.
May 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-Mare lots.
Lowest.
Highest.
per share
Per share 3 per share $ per share 3 per share $ per share Shares Indus. & Miscel. (Con.) Par
$ per share $ per share
/
1
37
384 36
383
4 3514 373
4 3612 38
36
3718 3618 3718 51,400 Grant(W T)
No par
*2114 213 *2114 214 2112 2112 2114 2112 2118 2112 2112 2112 3,000 Gt Nor Iron Ore Prop No par 3214May 5 43 Jan 9
4
194 Jan 3 253 Mar 25
/
1
8
251 2512 25
/
4
251 25
/
4
263
4 2512 26
25
2512 25
2514 12,700 Great Western Sugar_No par 25 May 16 341 Jan 18
•11012 114 *11012 114 *11012 113 *11012 113 *-- 110
1103 1103
4
80 Preferred
100 1103
4
4May 23 120 Mar 14
203 21
4
203 22
8
54 223
/ 20
1
4
8 2112 22
/ 213 241 228 2414 184,400 Grigsby-Grunow
1
4
4
/
4
121 Jan 18 274 Apr 28
No pa
118 118 *1
Da *1
118 *1
11 •1
/
4
114 *1
114
100 Guantanamo Sugar-- No Par
12 Mar 7
4 Feb 4
*56
563 *54
4
55
*5412 56
*5412 57
*5412 56
*54
56
Gulf States Steel
100 514 Jan 2 80 Feb 19
/
1
*10514 10712 *10514 10712 *10514 107 *10514 106 *10514 106 *10514 106
Preferred
100 9818 Jan 17 109 Apr 30
298 30
29
30
29
30
297 297
8 297 297
8
8 297g 3014
660 Hackensack Water
2
26 Jan 4 32 May 9
*2614 28
2612 2612 27
2612 27
27
*2612 27
*2612 27
2
70 Preferred A
26 Jan 6 29 Apr 17
1914 193
8 184 1914 1818 18
/
1
/ 1814 187
1
4
8 181 188 183 19
/
4
8,500 Hahn Dept Stores
No pa
12 Jan 2 2314 Apr 17
/
1
4
*8314 84
*8314 84
*8314 84
8314 83 4 *83
,
84
83
83
300 Preferred
100 711 Jan 3 8612 Apr 17
/
4
*2512 2612 2512 2512 *25
2612 *25
2612 *2518 2612 *2518 2612
100 Hall Printing
1
24 Mar 17 31h Mar 25
*10312 106 *10312 1044 10312 10312 1043 1043 *10312 10412 *10312
/
1
4
4
12
104
60 Hamilton Watch pref
100 99 Jan 7 1043
4May 21
*9612 97
96
9612 9.5 4 96
,
96
96
9618 *9618 9612 1,110 Hanna pref new
96
No pa
8.5 Jan 16 98 Apr 14
*6712 6812 66
6718 *65
67
66 66
65
65
x6312 6312
800 Harbison-Walk Refrae_No pa
55 Mar 12 7214 Apr 21
*1512 153 21414 1514 1412 16
4
15
161 15
/ 16
1
4
/
4
15
158 9,800 Hartman Corp class &No pa
13 4 Jan 15 20 Feb 5
3
*2212 2314 *2212 2314 *2214 2314 *2214 2338 *2212 2314 *2212 23
Class A
14
No pa
2012 Jan 17 2318 Apr 25
*5512 593 *5512 593 *5512 593 *55 2 593 *5512 593 *5512 593
4
4
4
,
4
4
Hawaiian Pineapple
4
20 54 Jan 14 61 Feb 13
*1034 1118 1012 11
97 104 10
/
1
1114 10
1012 10
1012 11,1001,layes Body Corp
No par
614 Feb 24 173 Apr 4
4
85 85
*81
85
*81
85
*81
85
*84
85
*83
85
100 !Jaime (G W)
25 81 May 3 92 Feb 19
/
1
4
*27
28
*27
28
*27
2712 *27
2714 •27
2714 27
27
par 22 Jan 3 31 Apr 11
200 Hercules Motors
102 10314 103 1047 1023 106
8
8
10358 1083 103 10434 1041 1053 26,700 Hershey Chocolate
4
/
4
4
N par 70 Jan 2 1077 Mar 25
A
8
*103 104
104 104
103 104
105 106
104 104
105 105
2,800 Preferred
No 1w 8318 Jan 2 1067 Mar 25
par
8
*107 ---- *107
_ 107 107 *1043 1054 *107
8
/
1
___- 107 107
000 Prior preferred
10414 Feb 21 107 May 14
*15
18
*15
18
*1512 18
163 163 *1512 18
4
4
1512 1512
300 Hoe (R) & Co
No par 15 Jan 15 2514 Feb 27
39
3912 3812 39
3818 3914 3918 4014 3912 41
4018 41
7,800 Holland Furnace
No par 2614 Jan 14 4114 Mar 28
*8
812
974
9
/ 93
1
4
2 *914 912
8
8
*8
812 812 1,100 Hollander & Sons (A) No par
812 Feb 27 12 Jan 29
/
1
4
*
73
793 *75
4
793 *7412 793 •7412 793 *7412 7914 *7412 793
4
4
4
4
Homestake Mining
100 7412May 5 SO Feb 1
207 21
8
2012 21
194 2012 193 2012 1912 20
4
195 2014 10,400 Houdaille-Hershey el 13'No par
8
1712May 5 29 Feb 5
5418 547
8 5418 5418 5412 545
4
8 543 5514 55
5512 5512 553
4 1,600 Household Finance part pf..50 49 Mar 5 553
4May 23
Household Prod Inc___No par 5212 Jan 25 6112 Mar 10
'la" 162 4 -155r2 10138 -iir4 -- -3- -5i- -- -3- -OiT2
1
9 2
6
9 4
6
-1 5-C3 -5
;
f712 7 1i
3 (
5 - -1- -- :i gg Houston Olio!Tex tern etfs 100 5214 Jan 17 1164 Apr 25
5
/
1
3214 3212 311 3214 303 32
/
4
4
3012 31
30
3014 3014 0
HoweSound
No par 2812May 5 417 Feb 7
s
4218 43
4212 44
42 4 45
,
433 447
8 433 441 433 4418 13.400 Hudson Motor Car
4
4
/
4
4
No par 4118May 5 627 Jan 6
8
19
1914 1812 187
8 183 18
8
/
4
/ 181 19 4 18 4 183
1
4
,
4 18
,
181 8.200 Hupp Motor Car Corp
/
4
10 171May 5 265 Apr 11
/
4
8
2414 25
243 2532 243 25
4
4
2518 25
/ 2518 25
1
4
/ 24
1
4
2532 5,300 Independent Oil dr Gae_No par 2014 Feb 19 32 Apr 7
8
/ 8
1
4
/
1
4
8
812
8
8
8
818
7
/ 71
1
4
/
4
8
8
No par
2,200 Indian Motocycle
5 Jan 3 17 Mar 4
*4414 453 *4414 50
4
*4414 50
*4414 50
*4414 50
*4414 50
Preferred
100 30 Jan 6 8718Mar 3
1918 193
8 1812 1952 1712 1812 1712 184 1712 181 1712 18
/
4
43,800 Indian Refining
10 16 May 3 283 Mar 22
s
18
1812 17
/ 1812 1612 1714 16
1
4
1738 1612 1714 1638 1712 25,5001 Certificates
10 1518May 5 273 Mar 22
4
*101 112 *102 112 *102 110 *102 110
102 102 *10218 112
100 Industrial Rayon
No pa
90 Feb 11 124 Jan 10
21912 21912 215 219
20912 215
210 210
205 205 *206 214
1,0001Ingersoll Rand
No par 15414 Jan 8 239 Apr 24
*853 87
2
86 86
*857 88
8
853 853
4 851 85% 85
/ 85%
1
4
4
/
4
600 Inland Steel
No par 704 Jan 6 98 Mar 11
/
1
193 197
8
8 19
1912 19
193 183 20
4
183 1912 1912 197
4
8 3,800;0n*niration Cons Copper__ 20 1618May 6 3078 Feb 7
1414 1414 *143 1514 14
2
1412 1438 1412 1412 1412 *14
15
800'Insuransharee Corp__ _No par 1314 Jan 3 171 Mar 10
8
*514 5
/ *5
1
4
5
/ *514 53
534
1
4
4 •5
5
/ *5
1
4
intercont'l Rubber__ No par
53
4 *5
414 Jan 2
718 Apr 1
*2312 2314 2318 2318 2318 2318 23 23
*23
237 •23
8
237
8
400,Interlake Iron
No par 23 May 8 28 Apr 2
/
1
4
*6
612
58 53
4 *512 53
4
5111 552
41 Jan 2
55
8001Internat Agricul
8 552
5111 552
No par
812 Apr 7
*8112 613 *61
4
63
6114 6114 .61
*61
63
63
*61
63
100 5412 Mar 8 8714 Apr 9
100; Prior preferred
187 187
184 1863 1787 181 *182 185
4
8
18114 184
18514 1861
2,500'Int Business Machines_No par 15212 Jan 18 193 Apr 11
6714 673
4 66
6618 67 673
4 67 67
663 67
4
67 67
International Cement_Ne par 55 4 Mar 6 754 Apr 2
2,000
3
/
1
10
101 10
/
4
913
101
/
4
912 03
914 10
4
3
2
94 1012 18,900 Inter Comb Eng Corp.
/
1
..No par
5 Jan 2 1412 Mar 26
*62
67
*62
65
62
62
*59
65
*6014 65
65
65
100 30 Jan 2 78 Apr 1
3.400 Preferred
106 1073 102 106
8
/ 99 4 103
1
4
9938 103
,
/ 9812 10114 100 4 1024 47,100 Interest Harvester----NO Par 78 Jan 7 1153 Apr 16
1
4
,
/
1
/
1
4
4
*14318 1433 *14318 14414 *1433 144
4
1433 1433 *1433 144
4
4
4
1433 14334
4
100 14012 Feb 10 14412 Mar 14
300 Preferred
464 473
4518 4712 4438 458 4514 4612 45
453
4 45
463 22,000 Int Hydro-El Sys el A_No par 3112 Jan 3 54 Apr 11
8212 825
8 81
8118 80
8118 8018 8214 8012 8138 82
87
9,500 International Match pref--_35 6512 Jan 8 92 Apr 24
2712 271
2612 263
4 25
261 26
/
4
26
2514 26
26
26
3,100 Int Mercantile Marine etfa_100 2412May 5 33 Apr 17
32
/ 3314 3212 334 3114 32
1
4
/
1
/ 313 323
1
4
4
4 313 3212 323 327 97,000 Int Nickel of Canada-No pa
4
8
3014May 5 44 Apr 4
/
1
4
International Paper__ _No par 58 Jan 8 05 Mar 21
;WI
;go"
;85
- 84
Preferred (7%)
100 80 Jan 23 86 Apr 29
263 263
4
4 2612 267 *263 2612 *2614 2612 *26
8
8
2612 26
26
900 Inter Pap & Pow Cl A__No pa
28 Jan 7 31111 Mar 22
183 183 *1812 20
4
4
*1812 20
1918 1912 *1812 1918 *19
191
No par 151 Jan 6 22s Apr 14
400 Class B
4
•14
15
14
1412 14
143 *133 1414 133 1414 1312 145
8
4
4
8 2,300 Class ,C
No pa
1218 Jan 7 18 Apr 14
*794 8012 *7912 81
/
1
80
80
*7912 80
•7912 80
.7912 80100 Preferred
100 79 May 6 88 Mar 28
*4812 50
49
49
47
4814 47
473 .4614 47
4
*46
47
700 Int Printing Ink Corp--No Pa
4814 Jan 17 58h Apr 5
9612 9612 933 961
4
95
953
*9414 95
4 94
94
947 95100 93 Feb 7 101 Apr 12
8
1
220 Preferred
14112 14238 139 142
138 14178 1413 1473 147 15112 15114 153
2
4
32,000 International Salt
100 69 Jan 30 153 May 23
56
56
*56
56I 56
56
56
*5614 58
56
*5614 5812
800 International Shoe____No par 56 May 17 62 Jan 15
*89
97
*87
97
*89
03
*89
*89
95
95
*89 95100 95 May 8 119 Feb 1
International Silver
*107 108
108 108 *107 108 *107 108
107 107 *107 108
100 105 Feb 26 11214 Feb 17
30 Preferred
6418 647
8 62
643
s 605 6314 6114 623
4 61
8
62% 6112 6314 79,500 Internat Toler)& Teleg_No par 5514may 5 7738 Apr 24
*2712 283
4 27
27
253 253 *2512 27
8
2512 263
8
4 27
2718 1,400 Interstate Dept Stores_No par 24 May 5 40 Feb 4
*70
75
*70
*70
75
75
*70
75
75
*70
*70
75
Preferred ex-warrants
100 70 May 9 7514 Feb 6
*25
263 *25
8
263 *25
8
263 *25
8
263 *25
8
263 *25
8
Intertype Corp
Ms
No par 23 Jan 2 32 Apr 9
2158 22
2112 22
213 *2012 21
20
*29
/ 2112 1,700,Investors Equity
1
4
2012 21
No par 17 May 5 29 Feb 19
3612 3612 *36
361
3612 361 1136
361 *36
3612 *36
361
300 Island Creek Coal
343
4May 7 43 Mar 19
6012 61
5918 591
57
57
587 587
58
8
58
8 58
583
4 1,200 Jewel Tea Inc
par 43 Jan 20 6612 Apr 30
r
111 111
10512 1101 1013 1071 10014 106
4
10012 106
105 1073 52,000 Johns
4
-Manville
No par 98 May 5 148 Feb 6
/
1
4
•12012 122 *12012 ____ *12012 - *12012 -_ -_ •1204 -- •12012 ____
/
1
Preferred
100 11814 Feb 24 123 Mar 21
12218 12218 12212 12212 122 122 *122 123 *122 123
122 122
40 Jones dr Laugh Steel pref 100 11812 Jan 6 12312 Apr 11
*3
312
3
3
2
/ 3
1
4
8 3
*27
*27
8 3
*27
8 3
1,300 Jordan Motor Car
No par
2 Jan 22
512 Apr 9
*125 1314 123 123 *123 1314 1212 1213 1212 1212 *12 2 13
8
4
4
4
,
1,300 Karstadt (Rudolph)
1112 Mar 17 1313 Jan 16
*1812 19
*1812 19
*1812 19
*1812 19
1812 1812 *1812 19
100 Kaufmann Dept Stores.$12.50 18 Jan
94
Mar 2
7
293 293
4
4 287 2912 2812 29
8
*2812 29
*283 29
8
2812 285
8 1,800 Kayser (J) Co v t o____No par 2812May 2
41 Jan
20
*43
493 *42
4
493 *40
4
493 *____ 493 ____ 495* ---- 493
4
Keith-Albee-Orpheum _No par 21 Jan 5 45 Apr 23
•133 142 *128 140 •126 136 *125 133 *125 139 *126 140 4
Preferred 7%
100 85 Jan 7 150 Apr 24
414 414
414 4
/
1
4
4
/ 414
1
4
414 43
414 414
412 412 2,400 Kelly-Springfield Tire__No par
3 Jan 2
/
1
4
618 Apr 10
32
32
31
3218 *30
3178 *3014 317 *2914 30
291g 2918
preferred
100 8%
100 2018 Jan 3 42 Jan 24
*3018 40
*32
34
*3018 ?„.40
*3018 40
*3018 40
*3018 40
6% preferred
100 29 Jan 2 55 Jan 25
323 323
8
3218 327
4
8 3112 32
317 323
8
8 3112 3212 3214 3212
KeiseyllayeaWhee
/
4
2518 253
8 24
2514 2314 2412 233 24'2 2314 2414 234 2414 3,700 Keivinator Corp l____ No par 221 Jan 3 3912 Apr 11
2
/
1
47,900
No par
/
1
7 Jan 2 264 Apr 25
18
*823 85
8
82
/ 82% 8238 .825
1
4
/
1
8238 8253 824 8238 •82
/ 83
1
4
Kendall Co pref
No par 4513,
82l Jan
89 Mar 21
4612 467
8 4518 467g 45 . 4614 4512 47
/
1
451 464 46
/
4
4614
Kennecott Copper
No par
6214 Feb 7
*54
553 *54
4
553
4 5412 541s *54
*54
56
5612 *54
56
477211g:000 Kimberley-Clark
No par 49 Jan 7 59 Mar 31
4018 403* 40
4014 *393 Y40
4
393 393
4
3912 3912 *39 2 3938
,
900 Kinney Co
No par 20 Jan 29 403
8May 17
•8914 94
*8914 94
90 _, 90
9012 901
90
90
8812 8914
60 Preferred
100 881 Feb 26 97 Apr 17
/
4
512 53
4
514 63
8
4
/ 47
1
4
44 518
43
4 47
8
412 45*
Holster Radio Corp__ _No pa
lh Jan 18
512 Apr 14
533 54
8
53
5312 504 523
8 5212 53 . 53
5318 5314
/ 4,800 Kraft Cheese
1
4
No par 381 Jan 6 54 May 17
/
4
*1103 1105 1103 1103 11012 11012 11012 1103 11038 1103 1103 53
8
8
8
8
2
8
4 11074 1,600 Preferred
100 98 Feb 6 1107
43May 23
*31
3114 304 3112 3012 305* 3012 3012 30
/
1
/ 37
1
4
30
/ 307
1
4
8 4,000 Kresge (S 5) Co
58
58
4May 6 363 Jan 2
10 293
58
58
4
58 ; 58
*57
583
8 5838 585* •5614 5912 51,00 Kress
0
400
Co
No pa
55 May 5 70 Jan 24
33
3318 323 33
3214' 323
4
8 3214 32
32
/
1
4
/
4
325* 321 325*
Kreuger & Toll
233 Jan 2 353 Apr 10
4
$
34
347
8 3212 3412 33 4.;;3314 325* 333
331
323*
33
Kroger Grocery dcBkg_No
*2412 2512 *24 2512 2412 2412 24 24 4 *24 33 *24 2514 8,100 Lago Oil az Transport__No par 301g Apr 30 4818 Jan 23
2512
2 5,620000
par 2114 Jan 11 2612 Apr 7
•10012 101
1003 101
4
975
8100
983 9912 9712 997
4
8 9912 100
Lambert Co
No par 96 May 5 113 Apr 1
8
8
8
*7
63
4 714 *7
8
*7
8
*7
8
1,000 Lee Rubber dr TireNo par
614 Jan 2 11 Mar 25
*3712 40
*37
39
37
3712 4
'3612 40
37
37
3612
4
0
10712 108 *10714 10814 *10714 10814 108 4 10814 *107 10811 *107 2 3612 4,0 0 Lehigh Portland Cement---50 34 Jan 4 42 Apr 1
/
1
4
,
, 10812
270 Preferred 7%
100 105 Jan 2 1084 Apr 21
/
1
12
12
12
12
113 12
4
1112 117g
111 12
/
4
12
121g
Lehigh Valley Coal____No par
11121‘1ay 21
17 Mar 17
12
31
*3012 32
32
3238 33
32
32
*31
32
31
31
800 Preferred
50 31 May 15 3712 Mar 19
*3012 307
8 304 30% 2914 2934 •293 307 *2814 29
/
1
2
*2814 30
600 Lehn & Fink
No par 28 May 5 36 Apr 14
*2314 23
/ 23
1
4
23
*2212 227 *223 23
4
8
23
23
.2212 23
400 Libby-Owens Glass..
..No par 19 4 Jan 4 3112 Mar 29
3
/
4
1091 10914 10712 10712 *107 4 10812 *106 107
1063 1063 107 107
4
4
500 Liggett.4 Myers Tobaceo___25 99112 Feb 13 1134 Apr 1
1083 109% 10714 10912 106 , 108
4
10618 1077 106 10714 10718 1081 31.900 Series B
8
/
4
25 09112 Feb 10 1143 Apr 1
8
*3418 36
*3418 36
34 ;, 3438 *3312 35
/
4
344 341 *34
/
1
35
300 Llma Locomot Worke__No par 3318May 5 49 Feb 15
/
1
4
43
43 *40
*40
*40 ' 43
*-12
43
43
43
40
4234 10, 00 Ligu Beit Co
nltia corborao
No par 39 Jan 14 45 Feb 21
4 0
2
/
1
4
68
69
4
.6812 69
66 fil 71
72 8 7512 74
,
7512 74
75
52 4 Jan 3 814 Mar 28
3
/
1
8718 93
9212 931
854 88
/
1
/ 8532 884 85
1
4
/
1
8812 8612 8914 88,500 Loaves Incorporated-No par 4218 Jan 2 953
4MaY 14
107 1084 10714 10714 107 108
/
4
11014 1101 108 110
/
1
10814 1102
No par 855 Jan 17 1113
,200 Preferred
8
4May 16
9214 9258 9214 9212 9212 93
923 923
4
924 93
/
1
93
9512 3.800 Preferred ex-warrantallo par 785
2MaY 5 9512May 23
4
/ 438
1
4
4
/ 5
1
4
412 5
4
/ 43
1
4
8
412 4
/
1
4
44 4
/
1
/ 4,400 Loft Incorporated
1
4
No par
312 Jan 27
63 Feb 19
8
1014 10
10
10
*1014 13
*9
13
*9
10
419
No par 10 May 19 153 Mar 22
10
500 Long Bell Lumber A
4
8 6114 643
8
6312 63% 623 647
8 6312 663
8 64
6514 64 8 6618,600 Loose-Wiles Biscuit
,
25 5012 Jan 4 7014 Apr 2
/ 244 2538 24% 251
/
1
4
4
/
1
2514 261 204 2614 2412 25
25
257 55.400 Lorillard
25 1618 Jan 2 2818 Mar 3
*93 10
4
9
/ 10
1
4
972 97
No par
8 Fob 28 12 Apr 28
4,100 Louisiana Oil
*823 90
8
*823 90
8
•8338 2 *823 9078 *821
34
8
*823 90
1
94 9S
Prefenarred
100 84 Jan 7 8912 Feb 6
4 423 443
4
8 43 4 44
*4458 4514 4318 443
3
43
NNoo
431 431
3 145 y 15 454171:
2
/
8 tan 8
4
/
4
4 10,300 Louisville0 dr El A
25
12
3214 3352 3112 33
324 33
/
1
33
35
343 361 3514 443 41,600 Ludlum Steel
8
/
4
par
364
/
1
Mar
*8012 90
85
*83
85
90
*84 I 90
*83
90
*83
No par 85 May 19 993 Mar 18
90
7 0,
100
0
4
/
1
8
/ 287 284 2812 285* 2812 2812 *2812 29
1
4
287
8128
29
Maernrreci & Forbes_No par 28 Feb 28 392 Apr 3
P edrews
29
/ 70
1
4
/ 67
1
4
6918 697
671 68
69
*68
8 70
72
No par 6518May 8 SSI2 Mar 27
135
72
% 6,700 Mack Trucks Inc
130 134
135 137
134 13112 129,2 132
132 13412 13752
No oar 125 May 5 15914 Feb 3
2.700 Macy Co
• 1510 apd_asked.prices; no sales on this day. V
Ex-inv.-Ex-right&
l
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ per share $ per share
3218 Dec 14438 Feb
19
Oct 3914 Feb
28 Nov 44 Jan
105 Nov 11912 Feb
1414 Nov 70 Sept
I Nov
512 Jan
42 Nov
79 Mar
993 Dec 109 Feb
4
2312 Nov
35 Aug
26 Jan 30 Aug
12
Oct 563 Jan
4
715* Dec 115 Jan
27 Dec 297 Dee
8
99 Nov 1053 Jan
8
- - Jan 877 Oct
54
s
13
Oct 414 Aug
/
1
167 Oct 31 Sept
8
55 Dec 72 Aug
/
1
4
514 Nov 68 Ma,
/
1
4
84 Nov 11812 Jan
2118 Dec 3318 Oct
45 Nov 143
/ Oct
1
4
60 Nov 14314 Oct
/
1
4
104
Jan 1063 Oct
8
123 Dec 33 Aug
4
21 Nov 51 Mar
131* May 2438 Aug
65 Nov 93 Aug
13 Nov
523 May
45 Aug 5214 Sent
40
Oct 7912 Jan
28
Oct 109
AIR
34 4 Nov 8212 Mar
3
38 Nov 93 Mar
13
18 Nov
82
Jan
173 Oct 39 8 May
4
3
3h Oct 3212 Jan
25 Nov 95 4 Feb
3
1318 Oct 53 Aug
Ilh Oct 5114 Aug
6813 Nov 135
Jan
120 Jan 22318 Oct
71 Dec 113 Aug
22 Oct6611 Mar
12 Dec 16 Nov
2 Nov
1414 Jan
4 Oct -1/7i Jan
40 Nov 8812 Jan
109 Nov 255
Oct
48 Nov 1023 Feb
4
414 Dec 10312 Feb
1812 Dec 121 Feb
65 Nov 142 Aug
137 Aug 145 Jan
23 Nov59 Sept
12
47 Nov 10212 Jan
1818 Nov 3918 Oct
25 Nov 72h Jan
57 Dec 112
Oct
77 Nov 9412 Jan
20 Nov
4414 Oct
12 Nov
33 Oct
/
1
4
9 Nov 264 Oct
/
1
77 Nov 95 Oct
40 Nov 683 Oct
8
914 Nov 106 Mar
/
1
5512 Jan 90 4 Feb
3
54
Oct 77 Sept
12
95 Nov 15918 Aug
10314 Oct 119 Jan
53 Nov 1494 Sept
/
1
2518 Oct 9312 Jan
74 Dec 97 May
17 Nov 38 July
/
1
4
1218 Nov 7218 Aug
39
Oct 69 Mar
39 Nov 16214 Feb
90 Nov 2423 Feb
4
118 Nov 123 May
117 June 128
Oct
112 Oct 1612 Jan
10 8 Nov
7
13 8 Now
7
1714 Dec 37 Feb
/
1
4
30 Nov 58h July
1518 Nov 46 Jan
70 Nov 138
Jan
3 Dec 23 8 Jan
7
16 Dec 94 Jan
/
1
4
26 Dec 100 Feb
1852 Nov 59 4 May
3
5 Oct1914 Feb
75 Nov 98 Feb
49 Nov 104 Mar
/
1
4
/
1
4
45 May 57 8 Oct
/
1
4
3
2112 Nov 4412 July
80 Oct109 4 Mar
3
3 Dec 784 Jan
12
/
1
27 Nov 7614 Oct
95 Apr 105 Oct
/
1
4
28 Nov57 Mar
12
5314 Nov114 Jan
2218 Nov 463 Mar
8
3814 Nov 12212 Jan
1612 Nov 3838 JIM
8018 Nov 15714 Mar
5 Oct 25 Jan
30 Nov 65 Feb
100 Nov 110 4May
1
10 Ocl 32
Oct
31 Dec 44 4 July
3
28 Nov 6818 Feb
17 Oct 43 Aug
8014 Nov 106
Oct
80 Nov 10614 Oct
30 Nov
57 4 Ju y
3
37 8 Nov 61 Feb
3
Oct 113 Jan
441
/
1
4
32 Oct 8412 Feb
80 Oct 110 4 Jan
3
80 4 Nov 95 Mar
3
3 Dec 1112 Apr
/
1
4
12 Dec 3212 Jan
394 Nov 877 Sept
/
1
8
1414 Oct 3112 May
7 Oct 18
Jan
80 Nov 10014 Feb
2228 NovO
FeblJuly
76 Nov
8 June
3014 Oct 46
Jan
5512 Nov 1071
14! PI
.
110 Nov 25512 Sent
New York Stock Record-Continued-Page 6
3678
For gales during the week of stocks not recorded here, see sixth page preceding
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
May 17.
Monday.
May 19.
Tuesday.
May 20.
Wednesday. Thursday.
May 22.
May 21.
Friday.
May 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
Lowest.
PER SHARE
Range jor Previous
Year 1929.
Highest.
Lowest.
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & MIscel. (Con.) Par $ per Mare $ Per share $ per share $ per share
24 Feb
1112 Nov
1,100 Madison So Garden__No par 10 4May 8 14% Feb 14
3
*1114 12
8
*1114 12
1112 1113 *1114 12
*1112118 117 12
*35
3513 35% 35% 3518 35% 3512 37% 33
35 Nov 8212 Mar
No par 3214May 7 523 Jan 7
4
341 3514 3,300 Magma (Mom.
35
6 Nov 393 Jan
3,900 Mallison (It R)& Co__No par
8
4
613May 5 123 Mar 18
812 8%
83
4 914
8% 9
814 812
814 8 4
914 1018
,
3 Dec 26 Jan
190 manati Sugar
*312 5
3 4Alay 12
3
8 Jan 29
100
*412 4% *312 5
43
4 434
*312 5
413 5
197 Dec 5012 Jan
8
450 Preferred
25
25
100 1514May 7 50 Jan 28
22
*19
22
*17
23
263 *2218 2512 2112 26
4
14
Oct 38% Mar
100 Mandel Bros
133 Apr 12 15 Jan 14
4
15
*133 15
4
4
*133 1513 *133 15
4
133 133 •10
4
*133 15
4
4
373 Jan
4
197 Nov
No par
N°9 r
14 May 9 5518Alay 1
4 4,600 Manh Elea Supply
15% 1712 1512 163
1718 18
1913 1718 18
17% 19% 18
8
300 Manhattan Shirt
1914 Dec 355 Jan
25 17 May 5 243* Jan 10
*1812 20
19
8
1812 1812 19
1812 183
8
*1812 187 *185 183
4
4
1,200 Marlln-Rockwell
Oct 898 May
30
par 397 Jan 2 65 Feb 28
45
•42
8
*4112 45
43
4014 4112 4018 4013 *41
*4114 44
1,900 Marmon Motor Car_ N par 1714May 5 3033 Apr 9
19 Nov 104 May
No
r
2012 2014 21
8
2058 20% 3197 20
2012 207
193 20
4
8 20
Jan
18
514 2,300 Martin-Parry Corp_ _ _ _No par
212 Nov
4% 5
6 May 19
3 Jan 6
5
6
514
514 *5
53
4 53
4
512 5%
29 Oct 218 Feb
3
443
8 2,700 Mathieson Alkali WorkeNo par 37 Jan 2 513 Mar 28
12
44
44
44
433 433
4
443
4 43
4
43% *431z 44
Preferred
100 115 Jan 24 127 Apr 24 120 Jan 125 Jan
26
*125
*125
*12614 -- -- *14312
*126
_ *12612
4512 Dec 10812 Jan
8
25 49 Jan 15 613 Jan 31
51
52
5
2
5212 5212 - -12 52
5212 52% 52
5433 8,700 May Dept Store.
*5212 54
1532 Oct 2912 Aug
900 Alaytag Co
No par 16% Jan 2 23 Mar 26
17
17
17
17
17
17
17118 17
1714 1714 17
17
prior prd
400 Preferreeferred
2814 Der 491g July
No par 2914 Jan 2 4012 Apr 7
3118 3113
*3118 32
*3118 32
*311g 32
*31% 333 *3118 33
4
751 Nov 9018 Jan
No par 76 Jan 7 8412 Mar 26
8018
*75
8312 *75
80% *75
8312 *75
8312 *79
8312 *75
500 McCall Corp
3914 Dec 108 Oct
3
No par 40 8 Jan 14 50 Apr 1
4414
8
4212 42 2 4212 44
4414 *42
8
4212 4212 423 423 *42
,
74 Dec 1133* Feb
70 McCrory Stores class A No pa
60 May 19 74 Jan 2
•6212 63
8
60
*60
63
*5912 627 *6012 6278 627 63
60
8
70 Dec 11512 Feb
100 Class
6211
62133 *59
21Nopar 60 Apr 10 70 Jan 16
*5712
*60
62
*57% 67
*5713 67
60
60
8612 Nov 120 Feb
Preferred
*93
9514 *93
B
9514 *93
100 8912May 7 97 Mar 24
9514 *93
9412' *93
9514 *93
941
30 Oct 48 Feb
McGraw-Hill Publica's No par 35 Jan 15 44 Apr 7
*3612 40
*3612 40
*3612 40
*3612 40
*3612 40
*3612 40
1212 Nov 2312 Jan
300 McIntyre Porcupine Mines_5 14 4 Jan 2 1912 Apr 23
3
8
8
8
*18
8
188 1814 183 *1813 18% *183 187 *183 188 *1812 19
54 Nov 82 Jan
4
4,900 McKeesport Tin Plate_No par 61 Jan 2 863 Apr 23
8014 81
80
81
81
823
4 8018 80% 81
817 823
4 81
2118 Oct 59 Mar
8
2712 2733 1,600 McKesson & Robbins-No Par 25 May 5 373 Apr 12
2718 2734 2718 2718 *2712 29
27
28
28
2812
40 Oct 83 July
4212 1,500 Preferred
50 4113 Mar 6 4914 Apr 8
*42
42 42
42
42% 4212 4213 4212 42 4218 42
1812 Dec 5912 Aug
900 McLellan Stores
*
No par 14 May 5 2014 Jan 7
4
4
141 1418 143 143
1412 1412 *1414 15
143 15
4
.1413 15
2618 Dec 72 Jan
No par 2614 Feb 8 42 Apr 16
4
4 3812 3812 1,300 Melville Shoe
383 3914 333 383
4
3812 39
39
39
*3813 39
9 Oct 347 Jan
3
2,000 Mengel Co (The)
No par 15% Jan 15 23 4 Mar 10
*1012 16
157 16
157 16
8
16
16
1612 16
*1618 17
914 Oct 6933 Jan
1618 Jan 18 37 Apr 7
8
2758 2712 283 64,900 Mexican Seaboard OIL-No Par
2818 283
4 2613 2814 2518 273* 26% 278 26
20 Oct 5412 Mar
May 7 338 Feb 6
2.200 Miami Copper
21
5 17
21
2114 2112 2118 2112 2112 218 2114 2214 2012 21
44 Dec 1227 July
8
753 14,700 Michigan Steel
4
No par 53 Jan 6 77 May 13
75
7418 73
77
74
7612 728 74'2 74
75
75
2218 Nov
397 Jan
No par 2312 Feb 24 33 Apr 7
8
273 13,100 Mid-Cont Petrol
4
2712 277
8 263 27'2 26% 2718 264 274 27
28
28
35 July
1 Nov
4
213 Mar 17
78 Mar 4
112 112
114
113
11
13
8 112 2,000 Middle States 011 Corn
1%
*113 15
113
8 *112 133
No par 3218May 5 53 Feb 28 ---- ---8 1,700 Midland Steel Prod
3518 358 36
351
3614 3614 363
377
8 3612 3718 35
314 Dec --287 Marar
8
538 Apr 2
Miller Rubber
parpar
3% Jan 23
59 Nov 12314 Sept
4
100 MInn-Honeywell Regu_No
61 Jan 10 763 Mar 19
2
No
641- .613 1412
iiiii" 16"
.
*60
65 - *61- 66 - -6161
10
Oct 435 July
8
2312 2218 2438 14,200 Mina-Moline Pow Imp'No par 12% Jan 10 28% Ayr 17
2514 22
2518 2533 2412 2533 2358 2412 23
65 Nov 102 July
1,100 Preferred
No par 72 Jan 7 9018May 21
91
*90
89% 9018 *9014 91
88
88
89
8912 8912 89
8014 Mar
35 Nov
1818May 22 40 Jan 27
1914 19% 5,800 Mohawk Carpet Mills_No par
2014 2012 2012 1818 20
2018 2018 20 2014 20
47 Nov 8012 Oct
52
53
5212 5433 1,900 Monsanto Chem Wks_No par 485* Mar 15 634 Apr 21
52
53% 5512 5212 5412 *52
57 57
8
8
425 Dec 1567 Jan
7 4412 42
8
42
43% 415 427
443
8 4112 427
8
43
8 4214 43121 77,000,Mont Ward &CoIllCorpNOPar 35% Mar 28 497 Jan 2
112 Oct
5 Oct
2,800 Moon Motor Car new _No par
3 4 Jan 22 1612 Apr 2
1
1012 11
8
1012 11
1012 11
103 1078 1012 11
10 4 11
3
8
42 Oct 813 Oct
500 Morrell (J) & Co
No par 5812 Jan 7 72 Feb 5
x64
64
*647 66
65
65
65
65
*6412 66
65
66
112 Oct
6% Mar
2 Jan 2
11
112May 5
8 3,200 Mother Lode Coalltion_No par
112 13
112
113 15
113 112
4
112 112
11
153
3% Oct 313* Aug
43 Jan 16 1133 Apr 10
700 Mob Meter Gauge tkEetNo par
6% 618
612 61
65
8 658
6% 63
4
7
7
*63
4 7
36 Nov 206 Mar
1.600'Motor Products Corp_No par 50 Feb 15 81 Apr 7
58
58
58
5912 58
58
59
59
*5913 63
563* 58
21 Nov 55% Aug
28
2812 28
No par 2612 Jan 2 34 Mar 19
2818 2818 2814 2814 1.200 Motor Wheel
2914 x28
2938 293
8 29
Oct 8178 Jan
10
3
,
100 Mullins Mfg Co
8
*1513 17
16
16
•16
17
*1512 1612 *1512 165
*16
17
IncNo Par 127 Jan 2 20 4 Feb 14
55 Dec 10214 Jan
8
20 Preferred
No par 57 May 12 847 Jan 31
*5712 59
*5712 59
*5713 59
58 58
59
*5713 59% *58
38 Nov 6184 May
*471 49
Munsingwear
*4713 49 .4712 49
*471 49
No Par 46 Jan 3 5312 Feb 10
*4712 49
*4712 49
147 Nov 1007 June
8
No par 18 Jan 17 2514 Apr 11
2134 17,300 Murray Body
2012 2138 21
2214 223
g 2112 223g 2012 2112 2012 22
8
12
30
Oct 67 Oet
300 Myers F & E Bros__No par 35 Jan 2 4912Mar 25
*4212 43
*4212 43
4312 4312 4212 4212 *4213 43
*4312 45
:
40 Oct 11878 Jan
14,500 Nash Motors CO
No par 351 may 5 5812 Jan 6
423 4438 4212 4234 4012 43
4
423 423
8
8 4212 4238 418 43
14% Nov 417 July
8
1712 1812 173 1733 173 18
173 174 175g 184 3,000 National Acme stamped__10 1673May 5 2614 Feb 14
4
4
8
*1813 19
10 Dec 4814 May
11 Jan 13 3933 Apr 14
5.600 Nat Air Transport
No par
24
2538 23
4
2312 2312 233 2412 2414 247
2518 2612 24
918 Dec 71 Mar
9 8 Jan 13 20 Apr 7
5
4,200 Nat Hellas Hess
No par
4
1514 147 158 143 15
15
15% 15
15 4 154 1518 151
3
4
National BIscult
25 177 Jan 2 2253 Mar 21 140 Nov 2363* Oct
6514 Doe 73 Dec
New
4
10 71 Jan 2 9118 Mar 31
"85'8 "ifics "iTa IA; "i&is WI; "iii's 16 "gis I97; "851e 161- 91,1155 Nat
4
59 Nov 1483 Mar
Cash Register A w 1No Par 5318May 5 8312 Feb 3
5913 9,600
*56
5512 5614 5412 5612 5412 56
563
4 5814 5812 58
36 Oct 8812 Aug
4May 13
5812 591s 5718 59
No par 4514 Jan 20 593
8
5818 593 74,800 Nat Dairy Prod
55 4 5713 57
3
584 5633 577
20 Dec 373 Mar
4
ltDeP
Department Stores No par 1912May 23 2412 Feb 27
1912 1912 2,500 Na et
20
20
2018 2018 2018 2018 20
20
20
20
89 Dec 96 June
preferred
100 88 Feb 4 90 Jan 27
*88
901 *88
9012 *8812 9012 *8812 9012
9012 *88
9012 *88
15 Oct 58 June
1,000 Nat Distill Prod ctfs___No par 29 Jan 2 3912 Feb 6
32
33
33
*3212 34
3212 328 327
3212 327 *3212 33
8
2512 Dec 8214 Jan
12
100 Nat Enam & StampIng
100 25 May 20 33 Mar 1
271 *25
29
30
*23
*24
30
25
25
*2314 30 '24
100 137 Jan 2 18013 Feb 71 12914 Nov 210 Oct
100 National Lead
*14912 1501 14712 14713 *14612 149 *14612 149 *14612 15014 *146% 148
100 138% Jan 3 143 May 13 138 Nov 14113 Feb
110 Preferred A
141 141 *141
141 141
141 141
141 141
141 141
100 116 Jan 17 119 Apr 2 116 Oct 1233* Apr
50 Preferred B
118 118
118 118
118 118 *118 11812 *118 11812 118 118
23 Nov 71% Aug
No par 32 Jan 2 Ws Apr 24
4718 473
4314 45
443 4718 42% 45
8
44
453g 4514 46% 75,800 National Pr & Lt
112 Dec
17 Jan
412 Jan 15
1% Jan 7
No par
400 National Radiator
212 21
*214 21
2% 212 *214 212
8
23
23
8 *214 23
113 Dec 41
Jan
512
4 Jan 2 11 Jan 15
100 Preferred
512 *5
512 *5
No Par
*5
6
512 51
*5
53
4 *5
Jan
9812 Nov 144
1
50 101 May 16 124 4 Apr 7
3,700 National Supply
10534 106
106 109
105 105
11314 11312
112 112
11112 112
7014 Dec 155 Feb
3
13
50 30 Jan 7 98 8 Mar 22
600 National Surety
8614 8612 *8614 89
87 87
*8712 89
87
8814 8612 8612
311 Nov 9133 Mar
s
No par 30 May 5 417 Feb 4
3012 301
*3034 31
30% 3012 3014 3014 3014 3014 3018 3018 2,000 National Tea Co
2314 Nov 62 8 Mar
7
8
2018 203
21% 2034 211
21
2014 2034 14.200 Nevada Consol Copper_No par 17 May 6 323 Jan 7
4
8
3
4 195 20 4 193 201
43 Mar 103 Sept
Newport Co class A
50 51 Jan 9 85 Mar 25
*60
*65
70
80
703 *65
70
697
8
*65
8
*61
69% *65
35 Dec 113 July
No par 40 Jan 2 58 Apr 14
52
51
51
5014 5012 3,600 Newton Steel
51% 5112 5112 5012 511
*48
50
3512 Oct 493* Mar
2,200 NY Air Brake
4312 4312 41% 413
No Par 4118May 20 47 Feb 19
*4114 42
42
4 4178 417 *41
*4313 44
5838 Feb
33 Nov
New York Dock
100 35 Jan 9 48 Apr 25
42
42
*38
*38
44
*38
*38
42
42
*40
44
*38
823 July 90 Apr
4
Preferred100 80 Feb 8 8812 Apr 24
891 *84
89
*84
*86
89
88
89
892 *86
*84
*86
9312 Nov 103
Jan
150 N Y Steam pref (8)____No par 100 Jan 2 104 May 13
4
8
4
4
4
*102% 1031 10314 10314 *1023 10314 1023 1023 1023 1023 1027 103
10 1st preferred (7)
No Par 110 Feb 5 11612 Mar 13 107 Nov 115 Aug
8
8
8
4
*1124 1137 *11312 1137 11312 11312 *11313 113% *1133 1137 *11334 1137
3 Jan 18 1327 Apr 11
6612 Nov 1863 Sept
8
4
North American Co___ _No pa
93
4
8
3
11818 1183 116 11814 1133 1157 1143* 11633 1147 11614 116 118% 37,800
4
48 Nov 5414 Jan
400 Preferred
50 51 Jan 13 5514May 23
5514 *55
5514 5514
55
55
5518 55 55
*55
5518 *55
98 Nov 10334 Jan
3
10414 105
1048 1047
4
8 2,200 No Amer Edison pref__No pa 100 4 Jan 23 105 May 22
103% 1037 103% 10418 1041g 10418 104 104
8
4112 Dec 6414 Jan
45 Jan 7 55 May 14
54% 1,000 North German Lloyd
3
54% 54% 5412 54 4 547 547 *5414 55
•54
*54% 55
4013 Dec 50 Mar
60 Northwestern Telegraph-_50 42 Jan 2 5018 Mar 14
46
46
46
46
46
46
*4513 46
*4513 46
*4512 46
4 Mar 26
614 Feb
se Oct
% Jan 9
700 Norwalk Tire dr Rubber10
2
2
*17
8 2
2
2
2
2
*17
8 2
2
2%
2 Dec
3 May 14
8 Feb
2 Feb 3
par
Nunnally Co (Tho ____No
*3
6
*3
6
*3
6
*3
6
6
*3
*3
6
77 Dec 32 Jan
9% Jan 3 1514 Mar 21
25
200 011 Well Supply
1012
10
1012 1013 *10
*10
1012 *10
1012 10
*1013 11
888 Dec 10612 Jan
50 Preferred
100 86 Mar 10 93 Apr 4
*9113 9212 *9113 9213 *91% 9212 9113 911 *9113 9212 *9113 9212
7
8
Oct 6412 Apr
27,600 Oliver Farm Equip___No par 13 2 Jan 2 34% Apr 17
3034 305 32
8
33% 3018 3212 3018 3218 29
33 8 31
7
33
17 Oct 693* Apr
3,100 Cony participatIng_No par 3118 Jan 3 4618 Apr 17
42
42
41
41
4378 4218 43
43
44
43
4312 44
6412 Dec 99'z May
4May 13
No par 20 Jan 2 903
800 Preferred A
89% 894
*89
90
90
8912 89% *89
8912 90
*8912 90
*6
212 Oct 107 Feb
83 Mar 31
8
2% Jan 3
618 1,500 Omnibus Corp
8
No par
8 614
6
618 *57
4
6
6 14
513 53
54 58
3
7
k
5018 Oct 96 4 Jan
3
_100 63 Jan 6 997 Apr 24
360 OrPheUm Circuit. Inc pref.
95
95
*9314 96
9312 *9314 98
9612 9612 9214 9612 93
3
9,600 Otis Elevator new
No par 6712May 5 80 8 Mar 13
743 753
4
3
7412 743
753 76
4
77
4 73 4 75% 7312 7438 75
40 Preferred
*
100 1181.1 Jan 23 126 Mar 24 1187 -Oct
126 126
12514 12514 *125 127 •125 127 *125 127 *126 127
8
8May 19 387 Mar 31
2214 Nov 55 Oct
3112 2,500 Otis Steel
No par 293
31
293 293
8
4 2912 2912 3012 3013 *3012 31
*293 31
4
Prior preferred
100 91 Jan 10 99 Apr 29
898 Nov 108 Feb
_ 98 • _ _ 98
*__ _ _ 98 *__ __ 98 *-- _ - 98 10-- 98
*
100 Owens-Illinois Glass Co___25 5014May 8 607 Feb 7
43 Nov 8912 Sept
5212
54
521 *62
5213 *52
5214 5214 *52
*5214 5212 *52
25 521 Jan 2 747 Afar 31
42 Nov 985 Sept
67% 60% 11,000 Pacific Gas & Elea
67
8
6814 69% 663 6818 6718 6812 67
69% 70
No par 72 Jan 2 1077 Mar 28
5818 Nov 1461 Sept
4 6,800 Pacific Ltg Corp
9514 953
931 95
95
96
94
95
99
•99
9912 95
1712 Nov 37 Apr
100 21 Jan 7 30 Feb 8
160 Pacific Mills
2312 25
23 23
*22
23
22
25
25
*24
25
22
1 Jan :.,i 114 Jan 22
Jan
Pacific Oil
No par
100 141 Mann 178 Feb 19 131% NovN ct
450 Pacific Telep & Teleg
112 July
143 143
142 143 4 *142 144
3
142 142
*142 143 *142 144
Preferred
100 11612 Jan 6 145 Feb 21 1163 Jan 138 Oct
*126 130 *126 130 *12518 130 *126 130 *12514 130 *125 130
8
8
13 Nov
3212 Sept
173 68,600 Packard Motor Car_ _ __No par 153 Jan 18 233 Mar 18
8
4 17
1712 17% 17% 17% 16% 173
4
1712 163 17 8 17
,
4014 Feb 69 Aug
200 Pan-Amer Petr & Trans_50 Sir's Feb 21 6414May 14
61
6018 60% *5912 61
63
*58
61
*57
*62
50 5012 Jan 25 6712May 14
8,900 Class B
401 Feb 6914 Aug
63
62
4
6018 62
8 6212 6412 6112 6512 613 63
6514 655
151 Dec 21 Dec
4 3.800 Parmelee Transporta'n.No par, 1218May 5 26% Mar 19
1614 1412 153
4 15% 15 4 14% 15 2 1512 151
3
1614 1614 16
,
;airs
125- -Jan
*11% 11% 1114 1114
80
*72
80
*72
5
6812 69% 65 8 6812
2% 3
8
*2% 27
612 672
612 67
s
13 4 15
3
15
15
20% 207
8
*2014 21
*8
814 *7% 8
50
49% 5114 48
6812 6812 68
681
*10014 10012 *10014 1001
814 814
*9
1014
49
4618 *40
*40
312 31214 *300 312
20 20
20
20
*36
39
*36
38
*225 245 *225 245
7
*53% 53
53% 54
2313 23% 2238 233
1312 12
127
.12
20
•17
2014 •17
*7018 71
*7018 71
418 Feb 14 123
4May 14
2,700 Panhandle Prod & ref__No par
11
103g 1114 1034 11
11
103 11
4
100 471k Jan 14 80 May 14
Preferred
80
*72
*72
80
*72
80
*72
80
No Par 4852 Jan 2 7714 Mar 31
6412 673
6714 76,500 Paramount Publix
8 6518 673
, 644 6612 66
213 Jan 31
4 8 Apr 7
3
1
1,400 Park Utah C M
*23
4 3
2 4 23
3
23
4 23
4
4
27
8 28
7
23 Jan 3
9 Apr 25
No par
6
614 612 9,000 Pathe Exchange
612
614 68
61
63
4
No par
5 Jan 2 195 Apr 25
8
13
1378 1312 1434 1312 14
1312 1418 10,100 Class A
2,800 Patine Minim & Enterpr___ _20 1814Alay 1 327 Feb 5
8
203 21
8
20
20% 21
2018 201g 20
50
2.900 Peerless Motor Car
618 Jan 7 14 Feb 3
8ie
87g
8
8
838
8
73
4 8
No par 2618 Jan 7 5.53 Apr 10
8
4714 48% 487 50
4
50
5012 5012 523 12,900 Penick & Ford
8
No par 625 Jan 22 80 Jan 3
67% 6712 67
8712 68
6712 4,600 Penney (J C)
6778 67
100 93 Jan 7 100 Apr 26
53
600 Preferred
10012 1001, 10012 10012 100% 1001 10012 10012
61g Jan 4 12 Mar 8
8'
8 814
81g 813
9
913 912 3,300 Penn-Dixie Cement___ _No par
913
100 3018 Jan 2 5512 Mar 13
Preferred
*44
*45
49
49
*43
49
*45
49
2,700 People's G L & C(Cido)_100 230 Jan 17 323 Apr 25
301 307
300 307
305 30812
307 308%
7
No par 17 8 Apr 3 213 Apr 30
4
400 Pet Milk
•20
201 *20
20
20
201 *20
2012
-Dodge Corp
8
25 3414Alay 6 443 Apr 7
3512 3734 358 36
35
38
38
36% 4,100 Phelps
Philadelphia Co (Pittsb)
50 22134 Jan 10 248 Apr 15
*225 245 *225 245 *210 250 *225 245
50 50% Jan 15 55 Mar 31
7
500 6% preferred
531 53
5318 5318 537 537g *548 548
8May 23
lita Jan 17 257
e
14 2234 247
243 257 146,400 Phil& & Read C& I-__No par
4
213 2318 2218 23
4
814 Jan 8 1512 Mar 11
900 Phillip Morris & Co.. Ltd_ 10
*1113 1233 123 127
8
127 *1112 12
8
8
12
Phillips Jones Corp---No par 20 May 2 278 Feb 18
7
*17
19
2018 1 16
'
20
2018 •15
*15
100 70 Feb 4 78 Feb 11
10 Phll111/8 Jones pre
7312
70% 70% *70
7312 *70
*70% 71
• Bid and asked prices no sales on this day. b Ex-dividend and ex-rights. z Ex-dividend.
y Ex-rightss
3 Nov
151 Jan
Jan
4712 Feb 76
36 Oct 7512 Oct
3 Dec 137 Feb
14% Jan
212 Dec
41 Dec 30 Jan
4
247 Oct 473 Mar
8
518 Oct 2213 Jan
22 Nov 60% Sept
66 Nov 10514 Oct
33 Oct 97 Dec
Jan
313 Nov 27
2018 Nov 94 Jan
Jan 404 Aug
208
18% Dec 45% Jan
k
31 Nov 797 May
Oct
15712 Apr 285
47 Nov
12
Jan
918 Nov
Bae
5 4 Oct 2345784314 Meb
3
May
19% Nov
85 Nov 98 May
New York Stock Record-Continued-Page 7
3679
For sales during the week of stocks not recorded here, see seventh page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
May 17.
$ per share
3914 395
*1812 20
2812
*28
17
8 2
45 45
614 613
*3212 3318
45 45
*5518 5812
*8718 95
22
*21
22
22
29 2914
*64
67
20 203
8
4712 4712
517 52
8
912 912
63
*57
Monday.
May 19.
$ per share
3812 *3912
•1812 20
2712 28
13
4 2
44
43
614 68
4
323
.32
45
45
5512 5512
*87% 95
*21
217
8
22
22
4
283 283
s
64
64
19
195
8
4612 47
514 5214
914 912
55
55
7114 717
7114 72
8
812 81
5
88 85
Tuesday.
May 20.
$ per share
377 38%
*1812 20
*27
28
8
13
4 17
40
42
618 614
3212
*32
443 443
4
4
5812
•54
*8718 95
21
2114
22
22
273 284
4
67
67
184 19
4512 46
5112 52
914 914
557 59
8
Wednesday. Thursday.
May 21.
May 22.
5 per share
371 384
*1712 19
*27
29
4
15
8 13
40
40
55
8 614
*3112 32
4438 4418
5712 573
4
8712 8712
*2012 2114
22
22
27% 273
4
85
6514
19
19
4512 46
517 5214
8
91
94
*58
59
707 727
8
703 72
4
84 814
818 818
$ per sharel
38
383
2
*1812 20
27
27
15
8 13
4
3712 38
4 614
53
314 3212
4412 4412
*5418 5812
90
90
*2012 22
22 22
2758 28
*65
67
19
19
4612 4612
52
52
9% 9112
554 594
Friday.
May 23.
Sales
for
gbo
Week.
$ per share
33
383
2
*1712 19
•2712 28
15
134
*3812 40
6
618
3238 324
*4438 4458
573 6212
4
90
9714
*2012 22
22
22
2712 2814
*6414 6712
19
1934
47
47
517 5238
04 95
*56
58
7114 723
4
818 814
STOCKS
NEW YORK STOCK
EXCHANGE.
Shares Iodus.& Miscall.(Con.) Par
34,800 Phillips Petroleum___No par
Phoenix Hosiery
5
300 Pierce-Arrow Class A__No par
11,100 Pierce Oil Corporation
25
1,300 Preferred
100
No par
65,700 Pierce Petrol'm
No par
300 Pillsbury Flour Mills
1,600 Pirelli Co of Italy
1,800 Pittsburgh Coal of Pa____100
100
2,000 Preferred
200 Pittsb Screw & Bolt___No par
No par
5,500 Pittston Co
No par
5,400 Poor & Co class B
800 Porto Rican-Am Ton Cl A_100
No par
3,000 Class B
25
1,800 Prairie Oil & Gas
9,200 Prairie Pipe & Line
25
No par
3,000 Pressed Steel Car
100
600 Preferred
7018 7158
No par
10,800 Procter & Gamble
•814 812
Corp_50
900 Producers & Refiners
Pro-phy-lao-tic Brush__No par
8 11114 1153- 10818 11314 10914 1123 109 11112 11114 1131 126,500 Pub Ser Corp of N J__No par
1151 1173- .
4
4
8,
4
111 111
*1103 111
111 11158 *111 1115 1113 112
8
8
1117 11214 1,600 8% preferred
8
100
13014 13014 *13014 13012 13014 13014 13014 1304' 1303 1301 13014 13012 1,200 7% preferred
8
8
100
*1545 1554 *1545 15514 15514 15512 *15514 156 ,*15514 156 *15514 156
8
8
100
200 8% preferred
*110 11012 11012 11012 *110
112 112 I*11014 112 *1103 1113
209 pub Serv Elea & Gas pref_100
4
4
7718 7713 77
7714 7814 27
7812 7612 7614 77% 7612 77
8,400 Pullman, Inc
No par
*258 212
212 23
4
212 241
212 212
238 212 6,200 Punta Alegre Sugar
212 212
50
233 24
4
2312 24
8' 2314 2334 23
224 2312 2312 233
2312 13,700 Pure 011 (The)
25
*11212 115
11212 114 *11212 115 *11212 115
11212 11212 11212 1121z
50 8% preferred
100
*73
7314 7118 7212 7018 714 70111 71 I 71
715
8 71
7272 6,600 Purity Bakeries
49141 487 484 483 513 647,000 Radio Corp of Amer___No par
g
504 5114 477 503
8
8
8 46's 48'I 47
8
5512 5512 *555 5612 *554 5612 *56
8
5
56
5612 *555 56
56I
20
Preferred
50
8312 8312 83 83
82 8212 81
81 I 8012 8012 81% 8212 2.000 Preferred B
No par
435 4458 42
4358 40% 4214 405 423
4138 4212 333,200 Radio Keith-Orp el A No par
40% 42
8
391
*403 41
8
3912 4012 3812 40
3914 4018 9,200 Raybestos Manhattan_No par
3812 40I 39
5112 517
5072 513 514 3,400 Real Silk Hosiery
50
4
50
5018 484 514 51% 517
10
*883 98
4
*883 96
4
98
98
*883 96
4
4
4
*883 96 I *883 96
10 Preferred
100
7
*3
4
312 312
318 312 *312 312 .318 312 *312 312
500 Reis(Robt) & Co
VS par
*28
3114 *28
32
*15
32
28 i *20
31 •____ 33
28
100 First preferred
100
364 37
8 3412 3512 34,800 Remington-Rand
4
35
35 I 333 343
37
34
3514 34
No par
*9814 100
99 99
*9814 99
99
99 , *9814 99
99
99
300 First preferred
100
*10118 10114 10113 10118 *10118 102 *10118 102 *10118 102 102 102
120 Second preferred
100
114 114 1118 1114 114 1114 *1118 1114 1112 1112 1118 1112 1,700 Reo Motor Car
10
5514 5558 5418 5612 5212 5412 53
53
5312 525 54
55
8
12,700 Republic Steel Corp._ No par
95 9518 95 95
95
95 I 95
95
95
9518 7,200 Preferred cony 6%
9518 95
100
.
122
25
*2212 24
233 233
12212 243 *2212 241s *2212 24
4
4
4
100 Revere Copper & Brass No par
*43
4 47
412 412
458 43
4
412 43
458 458
412 45
8
2 2,200 Reynolds Spring
No par
1
53
8
5138 527 36,300 Reynolds(R J) Top class B_10
515 5204 515 53 I 5112 517
8
5355 525 53
8
*7112 713 *7112 7134 *7112 713
4 7112 7132
4 7112 7112 *7112 713
100 Class A
10
7 *424 4378 *4272 437
*43
*4314 44
44
*4234 438 *423 43
4
Rhine Westphalia Elea Pow__
23
2355 23
2312 224 23
2253 7,100 Richfield Oil of Callfornla__25
2214 22121 224 2212 22
2112 2118 2058 2112 203 21
8' 203 203
4
8
4 207 21% 8,400 Rio Grande Oil
2012 213
8
No par
*45
48
46
46
*45
*47
*45
4
48 I 443 46
48
47
500 Ritter Dental Mfg
No par
e 38
38
404 381 407
3818 3914 3834 3934 15,000 Rossia Insurance Co
40
3912 30
10
533 53 8 53% 534 523 5314 5314 5312 534 534 534 5384 6,600 Royal Dutch Co (N Y shares)
8
3
4
*443 45
4
4412 45
4314 4414 44
44
45
44
45
453
2,600 St. Joseph Lead
10
9512 964 953 9718 9214 92% 923 954 923 943
2
8
4 9414 95
,
7,100 Safeway Stores
No par
96
96
9512 96
4 9512 9512
9512 9512 9512 95's 954 953
330 Preferred (6)
100
*108 109
108 1087 108 109 *108 10812 *10812 109 *10812 109
8
170 Preferred (7)
100
26
2658 26
26
253 253
4
4 25% 25% *253 257 *254 2534
4
2
son Savage Arms Corp.---No par
*812 9
9
9
812 812
4 83
4
812 812
83
83 10
4
9,900 Schulte Retail Stores-No par
•6018 65
*60
65
64
*6014 65
64
6014 6014 *6018 643
110 Preferred
100
10
10
*10
1012 1058 1012 1014 1014
1012 010
1012 *10
700 Seagrave Corp
No par
8518 864 8414 865, 8258 8412 8278 84
83
84% 8318 847g 19,100 Sears, Roebuck & Co No par
*1412 16
*1414 15
1418 1418 1455
14
1414 144 1414 14
1,000 Second Nat Investors No par
*73
7412 *7314 747 *73
7312 7318 7312 573
75
*73
300 Preferred
No par
75
*214 332
24 21
2
212 212
218 212
24 212
2
900 Seneca Copper
No par
11
1112 1038 1138 1018 108 1012 1114 103 103
8
4 105 1Ole 43,600 Serval Inc
8
No par
47
4714 453 461
4678 473 10,100 Shattuck (F G)
4
8
463
4758 4512 4758 45
4 46
No par
*24
25
*24
25
*21
24
24
24
24
*21
24. 24
300 Sharon Steel Hoop
No par
*20
21
*19
2014 *19
203 *19
20 , *19
20
*19
2014
Sharp & Dohme
No var
*593 62
80
59
*594 61
4
5934
605
61
8 60
*60
4.
60
400 Preferred
No par
214 22
21
2112 20% 2112 2114 215
4
4
8 203 2153 203 21
4,900 Shell Union 011
No par
102 102
4
8
984 100'4 9914 10184 1013 1013 1013 1013 *10012 1013
4
4 2,100 Preferred
4
100
26
4 2412 253 16,500 Shubert Theatre Corp_No par
268 2411s 2655 2312 2354 24
4
2514 233 243
4
4012 413
4 3812 4114 358 3855 365 38
3512 3714 3612 3712 67,400 Simmons Co
8
No par
.
12812 29
4 2712 2812 2,800 Simms Petroleum
2812 29
267 2712 274 273
8
2612 27
10
2712 277
8 2738 28
2634 27's 263 273
4
263 Ws 271 2814 68,200 Sinclair Cons 011 Corp_No par
4
4
*1093 1104 *1093 1103 *1093 1094 110 110
4
10912 10912 *10814 110
4
4
4
1,000 Preferred
100
35
4 344 35
3558 344 3514 3414 353 *35
3514 344 343
7,300 Skelly Oil Co
25
*64 684
614 614 *614 63
*614 64 *614 63
4 *514 63
100 Snider Packing
4
No par
•26
32
*26
32
32 '
*28
*26
726
32
32
32
*26
Preferred
No par
1183 1163 115 11612 115 115
4
4
115 115
1157 116
8
11618 1163
4 1,400 Solvay Am Inv Trust pref_100
*
201 21
21
21
21
21
21
2118 21
21
21
2214 2,700 So Porto Rico Sug
No par
6612 673
664 835 647
8 65
6412 65
8
64
65
6518 66
9,000 Southern Calif Edison
25
*55
8 8
*512 8
*512 6
*8
*512 6
614
614 *6
Southern Dairies el B__No par
*381 40
3812 3812 *3818 40
•3818 40 .38% 40
*3818 40
100 Spalding Bros
No par
*1094 113 •10914 113
11012 11012 *10914 1101 *1094 11114 *10914 11114
10 Spalding Bros 1st pref___100
2812 2912 •28% 29
2818 2818 29
8
*28
29
287 •28
29
900 Spans Chalfant &Co IneNo par
*9412 9514 *9412 9514 *9412 95
9514 951 *9412 9514 *9412 9514
50 Preferred
1170
2618 2612 2514 2734 245 2618 2511 26
8
25
26 1 26
2612 14,800 Sparks Withington____No par
*2134 23
*2112 23
*2112 23
*2112 23
*212 23 *214 23
par
Spencer Kellogg & Sons No p
24
24
2414 2414 2312 24
2312 *2318 2372 24
*23
24
1,700 Spicer Mfg Co
No par
40 40
*39
4258 *39
4213, 41
4212 *41
4212 *41
41
200 Preferred A
No par
*3112 34
32
32
31
31
*3012 3112 *3014 31121 *3014 3112
300 Spiegel
-May-Stern Co_No par
2212 22's 2214 2212 22
223
2 22
2212 2112 2210 22
22's 82,500 Standard Brands
No par
*12012 128 *12012 128 *12012 128 *12012 128 *121 128 *121 128
Preferred
No par
*5
54
5
5
*47
8 54 *44 54 *47
2 5
5
5
300 Stand Comm Tobacco_No par
117 1183 11212 117
8
11112 115
11218 11412 113 1143 113 1151 26,000 Standard Gas & El Co_No par
4
6612 605o 6638 667
663 867
4
8 8658 661
6612 6612 663 663
4
4 1,700 Preferred
50
11
11
*107 11
8
1014 1014 1014 101
1014 1012 *1014 11
1,200 Stand Investing Corp__No par
1027 103'2 1035, 10312 103 103
8
103 103% 1033 10312 103 103
8
1,500 Standard 011 Export pret _100
3
70
701
6918 703
8 6818 693
4 6834 695
8 6814 69
694 6934 15,800 Standard Oil of Cal__No par
791
7655 79
7435 763
4 76% 771 251,500 Standard Oil of Newlersey_25
8 748 763
2
4 747 765
364 3684 353 363
4
2 35
36
2 354 354 353 357 40,300 Standard 011 of New York 25
3514 357
2
11
8 lIx
13
8 11
114
114 112
P8
13
114
114 3,700 Stand Plate Glass Co__No par
114
414 44
5412 414
412 44 *44 414
418 44 544 4'4
100
80 Preferred
*60,8 73
•6218 73
*6018 73
*7012 73
*6012 73
*6018 73
Stanley Co of America_No par
44 44
*4314 44
4318 43 4 4412 45 8 45
3
3
46
4555 4838 9,200 Starrett Co (The L 3)__No Par
8
17
1714 1614 1612 167 163
8 1674 1614 17
1714 17
17
3,100 Sterling Securities cl A_No par
133 133 *1312 133
4
*133 14
4
4
4 1312 1312 .1312 133
4 1312 1313
20
500 Preferred
*433 441
*433 44
4
4
43 4 433 *4414 4412 44
3
44
4
*433 44
4
50
400 Convertible preferred
'8
2755 2818 2712 2814 271 273
4 275 273
8
4 2753 277
8 2712 277
10
8 4,500 Stewart-Warn Sp Corp
0911 93
10014 95
997
8
9412 987
963
8 9412 95
9512 973 20,100 S
No par
8
& Webster
.03618 3655 383 37
8
3612 37
3655 3613 6,700 Studeb'r Corp (The) No par
3612 373
37
4 37
*122 12238 *122 12258 *122 12238 •122 12258 *122 1223 .122 1228
8
100
Preferred
%
1
•13
8
8
5.
4
4
5
8
5
8
512
114
No par
*53
34
*5
8
400 Submarine Boat
6518 65 65
64 2 65
3
65
6412 6412 644 6412 *644 6513 1,000 Sun 011
No par
4
10412 10412 1043 10412 1045 1045 1043 104 1043 10412 10455
8
4110414
8
4
4
100
620 Preferred
75
5
714 77
7
3
714 7
7 4 772
3
No par
74 712
7 8 75, 9,600 Superior 011
3
23t2 2334 23
23
*213 2212 2112 2112 22
4
22
100
2212 2314
800 Superior Steel
13
*12
*11
13
13
*11
*11
13
*11
13
*11
50
13
Sweets Co of America
438 54
5
*4
*4
*412 5
5
*4
412 *4
No par
412
Symington
143
13
1312 13
4 14
13
1214 123
144 143
4 1314 134 2,500 Class A
No par
201
19
2014 201 *20% 21
*2012 22
*2012 22
No par
19% 1918 1,600 TelautograPh Corp
*1412 1434 1412 141 *1414 145 •1412 14 4 133 1414 14
8
8
3
4
1435 1,700 Tenn Copp & Cneni-NO Par
5714 527
8 56% 574 563 5712 585 5912 574 5814 38,500 Texas Corporation
8 57 575
4
8
25
604 6014 3918 604 58
59,
8 59
5954 58% 5918 5934 605
8 9,200 Texas Gulf Sulphur -No' a?
1035 105 *105 11
8
10% 10% 10% 11
8
10
-*10
% 11
10% 1058 2,400 Texas Pacific Coal &011
244 27
2512 2718 2514 207
2634 2714 2478 27
1
s 265t 2714 93,800 Texas Pao Land Trust
,
• kild and asked prices: no sales on this day, s Ex-dividends. y Ex-rights.
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots.
Lowest.
Highest.
$ per share I per share
2918 Feb 17 443 Apr 30
4
103 Mar 4 2018 Apr 30
4
2112 Jan 13 33 Apr 3
1 Jan 4
2 Mar 17
1s
2012 Jan 10 52 May 1
2 Jan 3
14
718 Apr 24
31 May 5 373 Apr 11
4
4418 Apr 15 607 Feb27
3
54 Apr 28 7812 Jan 7
86 Apr 29 110 Jan 7
5
17 Jan 22 227 Feb 18
*
,
201 Feb 28 227 Apr 8
8
3
25 May 3 34 Mar 18
59% Jan 14 7614 Mar 18
12 Jan 10 2714 Mar 10
45 Mar 6 54 Apr 1
5014May 8 801 Feb 7
77s Jan 2 165 Feb 18
8
52 Jan 2 7612 Feb 14
525 Jan 3 763 Apr 30
8
61. Feb17 117 Mar 17
,
8
48' Jan 2 55 Feb 27
4
8112 Jan 2 1233 Apr 11
10612 Jan 3 1123 Mar 20
8
121 Jan 10 13012May 23
143 Jan 2 155 8 Feb 6
5
10714 Feb 5 112 May 21
76 May 3 89 8 Jan 3
3
2 May 9
812 Jan 17
21% Feb 25 2714 Apr 7
11012May 6 11414 Apr 8
86 May 5 887 Feb 15
8
343 Jan 29 69% Apr 24
8
53 Feb 4 57 Apr 21
68 Jan 24 85 Apr 2
19 Jan 2 50 Apr 24
33 Jan 4 58% Apr 17
4318May 5 847 Mar 26
8
88 Jan 13 100 Mar 29
318May 20
57 Feb 3
s
28 May 21 37 Jan 28
255 Jan 2 4612 Apr 14
8
92 Jan 3 1007 Mar 28
8
95 Jan 4 102 Mar 10
1018May 5 147 Mar 24
8
5014May 5 7912 Apr 18
95 Apr 22 9512May 5
22 May 5 30 Jan 3
4 Jan 10
712 Jan 29
49 May 5 585 Mar 11
8
7112 Apr 25 80 Jan 2
41 Jan 7 4558 Jan 21
205
8May 5 2814 Mar 14
161k Feb 19 25% Apr 7
4May 22 5934 Feb 5
443
33 May 5 483 Mar 3
4
4914 Feb 20 5612 Apr 7
4012May 3 57 Feb 6
14
88 May 2 1223 Jan 23
8
94 Mar 28 99% Feb 7
10518 Jan 14 10978 Mar 26
2412 Jan 17 3134 Apr 2
414 Jan 2 1312 Jan 23
35 Jan 2 75 Jan 21
94 Jan 24 1414 Mar 11
79 May 5 100% Jan 31
91 Jan 2 23 Feb 17
5812 Jan 3 821 Mar 18
4
15
8May 6
32 Jan 29
7 3 Jan 13 1312 Apr 25
7
38 4 Jan 2 52 Apr 21
3
224 Jan 18 323 Feb 13
4
17 Jan 2 274 Mar 10
54 Jan 2 634 Mar 10
2018May 5 2512 Apr 7
983
4May 19 1064 Apr 21
85 Jan 2 35 Apr 25
8
3512May 7 9438 Jan 2
227 .fan 22 37 Mar 24
*
2158 Feb 17 32 Apr 7
109 Jan 1s 1124 Apr24
28% Feb 18 42 Apr 9
512 Jan 2
8 Jan 9
23 8 Jan 2 384 Feb 24
5
9512 Jan 6 12112 Apr 3
203
8May 17 80 4 Jan 18
1
5818 Jan 2 72 Apr 14
31 Jan 4
9 Mar 3
33 Jan 81 45 Mar 17
108 Jan 131 113 Mar 15
1978 Jan 2 3612 Mar 31
92 Jan 20 96 Jan 2
1:11s Jan 18 30 Apr 10
12
2-7 Feb
8
25 Apr 15
2112 Jan 2 3612 Feb 4
3914 Jan 15 4518 Afar 31
2934May 9 52 Feb 3
2112May 22 294 Feb 8
11712 Feb 3 120 Apr 21
5 Jan 2
714 Feb 11
102 4May 5 12912 Apr 15
3
64 Feb 6 687
2May 19
10 Jan 2 1512 Mar 27
98 Feb 8 10312May 17
5512 Feb 20 75 Apr 25
58 Feb 20 84% Apr 30
3114 Feb 19 40 8 Apr 28
3
118May 3
3 Feb 19
38 Apr 30 1012 Mar 10
25 Jan 9 7312 Apr 23
33 Jan 23 473 Apr 23
4
1018 Jan 8 20',Mar 31
12 Jan 2 143 Afar 31
4
363 Jan 6 48 Mar 18
8
253 Apr 28 47 Apr 5
8
77 Jan 22 113% Apr 8
35% Apr 30 4714 Feb 6
116 Jan 21 125 Mar 18
as Jan 4
138 Mar 31
53 Feb 20 70 Apr 7
10212 Jan 13 1051 Feb 6
4
514 Feb 17
93
8May 12
20 Jan 2 293 Mar 27
8
812 Jan 24 1578 Mar 28
2 4 Jan 3
1
7 Apr 23
3 Apr 23
8 Jan 3 17
12
15 8 Jan 25 2614 Apr 7
5
13 Jan 3 17 Apr 10
507 Feb24 8012May 1
8
54% Jan 2 8758 Mar 24
8 8 Mar 3 1412 Mar 18
7
13 8 Jan 2 323 Mar 22
5
8
PER SHARD
Range for Pregiose
Year 1929.
Lowest.
Higher,
$ Per share $ Ter share
2414 Nov 47
Jan
105 Oct 375 Jan
18 Nov 377 Jan
8
35 Mar
1
Oct
20
Oct 5112 Mar
12 Oct
578 Jan
30
Oct 637 Jan
434 Oct 68 Aug
54 Nov 83 4 Jan
1
8312June 110
Oct
17 Dec 2712 Aug
-2
0 Nov - 8 437- Aug
51 Nov
3
95 4 Mat
8 Nov
504 Jac
4012 Oct 655 Jan
8
45 Oct 85 Aug
618 Nov 25 8 Mar
3
50 Dec 81 Mar
43 Nov
98 Aug
4 Oct 25 8 Jan
7
35 Oct 824 Jan
54 Nov 13734 Sept
98 Nov 10818 Feb
105 Nov 1247 Jan
13912 Nov 151 Sept
10412 Nov 10958 Jan
73 Nov 9914 Sept
6 Dec 2112 July
20 Nov
3
058 May
108 Nov 116 Feb
Oct 1483 Aug
55
8
26
Oct 11414 Sept
50 Nov
Jan
57
12
82 Nov 82 Apr
j
Oct 467 Jae
12
28 Nov 5812 Sept
3614 Nov 84 8 Mar
3
8614 Dec 10212 Feb
16 Feb
14
3% Dec
40 Dec 10812 Feb
4
573 Oct
20% Nov
81 Nov 9612 Oct
93 Mar 101 Apr
10% Oct317 Jan
---- ---- ---- ----- --- - --3112 iloy
Dec 25 38 Nov
1214 Jan
Jan
39 Nov 66
70 Apr 8912 Oct
Jan
42% Dec 84
225 Der 498 Jan
8
15 Oct 42% Mar
40 Nov 70 June
27 Nov 96 May
,
43'e Oct
64 Sept
94 Jan
3812 Nov
904 Nov 19514 Jan
85 Oct 101 Sept
100 Oct 10912 Dec
20 Nov 517 Jan
12
8
3 Dec 4112 Jan
12
,
30 Dec 1181 Jan
10 Dec 2214 S pr
80 Nov 181
Jae
9 Dec 1512 Nov
45 Nov 8314 Nov
2 Nov
1012 Mar
14
7 Nov 21% Aug
25% Oct 194 Aug
20 Nov
53 4 July
3
167 Nov 22 Nov
.2
50 Nov 65% Aug
19
Oct 313 APT
4
Dec
8 591 Nov
15 Nov
21 Nov
Oct
103
Oct
28
3% Nov
14 Nov
85 Nov
225 Dec
8
451g Nov
212 Nov
30 Nov
107 Nov
15 Oct
89 Mar
1318 Nov
20 Nov
20% Dec
38 Nov
34 Dee
20 Oct
1144 Nov
312 Dec
7312 Nov
5812 Nov
4 Dec
5112
48
31114
11
4
312
20
30 8
,
741k "Jan
188 Sept
41)% Aug
45
Jab
111
Jan
4612 May
1614 Fey
WI July
111 Sent
45 May
934 Seta
15% Jan
6312 Mar
117 Feb
521 Jan
4
98
Oct
73 Aug
45 Aug
663 Mar
4
5.57 Mai
8
,
1177 Feb
44 4 Sept
1
1183 Sept
4
435 Jan
243 4 Sep:
3
67 Feb
48 Bent
Oct - i
817
Feb 83 579 Rept
Nov
4818 Sept
Nov
658 Jac
Dec 31
Jan
Nov 45 May
Oct 477 Oct
8
814 Nov 38 Sept
81, Nov
157 July
*
31
Oct 5512 Sent
30 Oct 77 May
64 Nov 20112 Aug
3814 Nov 98
Jan
115 Nov 126 June
3 Oct
8
42 Mar
55 Dec 88 8 Oct
3
100 Jan 10512 Jae
514 Nov 24 Aug
15 Nov 73 Apr
14
54 Nov 221 Apr
4
2 1 Dec
,
9 May
614 Nov 195 May
14 8 Dec 25 Mar
7
12
912 Nov
29 8 Apr
7
5012 Nov 517 Sept
8
4212 Nov 8514 Apr
912 Nov
7
23 Mar
814 Oct 241 Jan
3680
New York Stock Record-Concluded-Page 8
For sales during the week of stocks not recorded here, see eighth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE,NOT PER CENT.
Saturday.
May 17.
Monday.
May 19.
Tuesday.
May 20.
Wednesday. Thursday.
May 22.
May 21.
Friday.
May 23.
Sale.
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ Per share $ Per share $ Per share $ per share $ per share Shares Indu,. &Miscell.(Con.) Par
2212 2312 22
2212 2214 2214 2218 2212 2212 2212 3,300 Thatcher Mfg
No par
100 Preferred
*44
45
*43
45
*44
45
No par
45
43 4 433 *43
3
4
800 The Fair
*27
2934 *27
293
4
No par
293
4 267 27
267 267 *27
8
8
8
10 Preferred 7%
*104 107
104 104 *104 107 *104 10612 *104 10612
100
200 Thompson (J R) Co
*40
42
*40
4178 *40
41
25
41
*40
19,800 Tidewater Assoc 011_ _No par
16
163
4 153 16
4
8
153 16
4
153 157
8
8 155 16
8712 875 *8612 8812 88
100
8
/ 8812 *8712 8814 "8712 8812 1,100 Preferred
1
4
Tide Water 011
.26
30
30
100
*27
*27
30
*27
30
*27
30
500 Preferred
4
*9212 9312 9312 9312 *9312 95
4
100
933 933
4
4 933 933
2,800 Timken Detroit Axle
1712 1758 1612 1714 163 1714 *167 17
10
8
161 17
/
4
4
14.500 Timken Roller Bearing_No par
7312 7612 7012 734 714 73
73
70
69
/ 71
1
4
312 412 2,800 Tobacco Products Corp
38 4
5
*33
4 418
20
4
4
*33
4 4
20
107 11
8
8
*105 107
8
8 11
11
103 104 107 1114 4,200 Class A
4
/
1
35,800 Transcontl 011 Co_.._ No par
195 21
1914 20
8
1914 2014 1918 2018 1914 20
6,700 Transue & Williams BSI No par
17
1714 1612 1612 17
1714 20
4
1714 163 17
200 Trico Products Corp__ No par
4
364 3612 *355 3612 *353 3612 *353 3612 *353 3612
4
4
4
Truaz Truer
No par
16
1512 1512 1,800 Truacon steel
1614 153 16
1
1618 *1512 16
4
10
*393 33
4
*303 33
4
*303 33
4
*303 33
4
*303 33
4
6,900 Under Elliott Fisher Co No par
10814 111
1064 108
109 10912 110 112
108 111
Preferred
100
*125*125
____ *125
*125
*125 ___..'l25
1434 - 1434 1414 1434 14
1414 14
1418 14
14
1414 1412 2,500 Union Bag & Paper Corp-100
85 8 863
3
88
8 83
/ 86
1
4
81
8018 834 793 82
8
7918 8114 125,700 Union Carbide & Carb_No par
*4514 4512 4518 453
25
45
45
8 444 45
45
457
8 454 453
4 4,800 Union 011 California
200:Union Tank Car
*3212 337 *3212 337 z22
8
8
32
32
32
*324 34
*3312 34
No par
75 8 77
3
/ 7214 7612 68
1
4
8
7314 605 727
8 69
7312 723 747 249,500 United Aircraft & Tran_No par
4
8
1,000 Preferred
71
50
7112 7112 *6712 71
71
71
*68
71
*68
6712 70
8112 525
8 52
8
5412 5212 5312 52
5412 5212 521z 523 533 16,800 United Biscuit
8
No par
Preferred
100
*13112 142 *13112 142 *13112 14118 *13112 142 *13112 142 *13112 142
21,100 United Carbon
5918 6214 604 623
4 5918 6114 6034 6'4
No par
65
6512 604 65
6
18,100 United Cigar Stores
612 812
10
614 63
8
64 612
614 612
612 64
46 4 467
3
4812 49
5018 50
52
52
5612 57
100
8 47
597
8 2,900 Preferred
/
1
46
/ 4678 43 4 464 42
1
4
/ 445
1
4
8 434 443
4 424 44
3
44
No par
45 677,400 United Corp
/
1
4
18,8001 Preferred
5012 5034 5012 513
8 505 5112 51
8
511 51
/
4
No par
511
/
4
4 10
104 1018 1014 *104 IP 1,900,United Electric Coal
*107 11
8
10
/ 104 104 103
1
4
/
1
No Par
91
9112 91
92
9218 92
/ 0114 92
1
4
904 904 90
No par
911 6,500'United Fruit
/
4
8
4 433 443
45
/ 4618 433 453
1
4
8
4 43
/ 447
1
4
8 43
44
/ 4353 454 95,800 United Gas & Improve_No Par
1
4
8
10118 10118 1015 1015 1015 1015 1014 1015 *1013 1013 1015 1011 1,0001 Preferred
8
8
/
1
8
g
8
4
No par
8
/
4
400'United Paperboard
100
*8
9
814 84
814 814 *712 84 *758
z
714 714
273 2818 28
4
28
28
28 12 28
*2612 28
285
8 28
311 30,100,United Piece Dye Wks_No Par
/
4
9
958 * 4 9
83
84 812
818 83
4
84 83
4
83
4 94 5,800 United Storm el A
No Par
313 32
4
324 3314 3118 3118 3014 31
No par
32
32
32 12 3512 2,200 Preferred class A
35
33 33
33
700 Universal Leaf Tobacco No par
*33
353 *33
4
33
33
3412 3412
33
75
*71
75
*71
75
*71
*71
75
*71
75
*71
75
Universal Pictures lat pfd.100
63
4 63
67
8 7
6
/ 7
1
4
4
63
4 61
4
612 612
614 612 2.600 Universal Pips & Rat!._No par
3278 313 33
3112 32
5,800 US Cut Iron Pipe & Fdy 20
32
4
32
32
32
33
/ 3112 32
1
4
181 preferred
*183 1918
4
1918 1912 1912 1958 1912 1912 195 20
8
No par
20
2012 9,000
194 *19
/
1
1912 1912 1912 191 .20
*19
2c1 preferred
*1812 20
/
4
2018 2012 1.300
No par
4
113 12
*115 12
8
*113 13
3
111 1112 *1012 12
800 U S Distrib Corp
*113 12
4
/
4
No par
3
3
3
*3
318
3
3
1,200 II S Express
3
3
3
3
3
100
7818 8512 7614 81
763 81
4
19,000 U S Freight
75
*8812 88
7714 725 75
8
No par
2312 2312 2312 2312 2312 24
2314 2458 23
24
24
2414 2,800 U 0 & Foreign SeourNo par
9614 96
96
9612 9612 9612 9612 *951 961
700 Preferred
*9518 9614 96
/
4
.No par
2358 244 *2334 24
/
1
2312 24
24
1,500 US Hoff Mach Corp_ __No Par
227 23
8
2318 2312 *23
90 4 90
3
89
/ 9312 89
1
4
903
4 89
9214 93
9014 897 923
8
4 8,100 U S Industrial Alcohol___ _100
1118 1118 11
117 117
8
11
900 U S Leather
g
*11
12
*113 12
4
11
11
No par
211 *20
2112 *2012 2112 20
2014 20
"20
20
*2012 2112 1,300 Clam A
No par
92
*90
9212 *90
9212 *90
92
*90
92
Prior preferred
*90
*90
92
100
625 6412 63
8
6314 64
637
8 6312 63'4 64
6412 641
/ 6514 3,900 US Realty & Impt____No par
1
4
3
283
4 27 8 28
284 2914 28
/
1
2818 2914 28
283
4 29
10
29
/ 13,600 United States Rubber
1
4
49
/ 50
1
4
51
493 50
4
50
5218 51
*50
5112 52
100
5214 3,000 let preferred
2918 29
2914 2914 29
2912 2818 28'z 2812 2812 2,100 US Smelting Ref & M1n__-50
2912 291
/
1
4
500 Preferred
*483 501 *483 504 494 4914 *49
4
504 491 4914 50
/
4
50
50
168 1723 16618 17018 1663 1694 1663 169
4
17214 173
4
/
1
4
/ 1693 17214 324,200 United States Steel Corp 100
1
4
8
145 14514 14518 14512 14518 1451s,'145 1454 3,300 Preferred
*145 145
/ 145 145
1
4
100
62
613 64 4 *64
4
62
3
*8112 62
65
5,400 U S Tobacco new
65 65 I 65 65
No par
3912 403
4 39
40
3912 40 8 3814 394 3918 40
4012 41
3
14,900 Utilities Pow & Lt A-No Pa
454
414
414 4 8
3
414 414
43
8 412 *414 412
414 414 2,700 Vadsco Sales
No Pa
11514 1183 114 12014 108 11612 10914 11538 109 1135 11214 11514 262,400 Vanadium Corp
8
No Pa
4518 4518 46
46
4514 4512 451 45
46
46
/
4
/ 4538 4618 3,800 Vick Chemical
1
4
No pa
612 6's
63
4 63
4
64 65
8 *614 612
618 618 .618 65
8 1,600 Virginia-Caro Chem
No Pal
*29
30
*29
30
430
31
*29
30
400 6% preferred
29
29
28
28
100
*80
85
*80
85
85 "80
*80
*80
85
85
"80
85
100
7
% Preferred
120 Virginia El & Pow Pf()-100
11212 1121 11212 1121 *11212
*11212 - - - *11212
7
_
39
/ *38
1
4
39
/ *38
1
4
39
/ *38
1
4
Virg Iron Coal & Coke 111
*38
397 *38
39
/ *38
1
4
39
/
1
4
-100
96 10118 101 10114 9312 10212 9812 10312 1,390 Vulcan Detinning
103 105
107 107
100
*954 98
/
1
*9512 98
*9512 98
*9512 98
*9512 98
*954 98
/
1
100
Preferred
*98 101
100 10014 *98 101
80 Class A
*95 101
*95 101
100
103 107
2712 28
277 2818 2712 28
8
28
29
2912 11,100 Waldorf System
2784 28
/ 29
1
4
No Pa
3338 331
3114 3212 30 4 313
3
4 3118 333
8 3114 311 3112 311 6,000 Walworth Co
/
4
/
4
No pa
37
37
37
37
37
3714 *37
210 Ward Bakeries class A _No pal
38
38
*37
*37
38
4 104 11
/
1
11
1012 104 1012 103
/
1
5,500 Class B
11
103 105
8
8
8 105 11
No Pa
64
*63
65
65
65
100
65 .62
*64
65
65
*62
*63
100
Preferred
8 6012 6218 614 63 245,300 Warner Bros Pictures new--a
593 627
4
8 60 4 627
3
6314 6412 617 64
/
1
4
551 5312 55
/
4
*5318 56
55
*53
500
*5512 60
59
*54
583
4
Preferred
No Pa
8 18
183
8 18
19,500 Warner Quinlan
183 1918 1814 187
4
181 18
/
4
1812 183 19
8
No par
56
/ 563
1
4
4 55
5614 574 56
5,600 Warren Bros new
5612 57
/ 55
1
4
No pa
567
s 5614 57
*1914 21
*19
/ 21
1
4
2012 2012 *201 21
20 Preferred new
*1912 21 . *1912 21
/
4
No pa
4 394 42
403 43
4
/ 3918 404 3918 403
1
4
4312 28,600 Warren Fdy & Plpe
415 43
8
41
No par
*63
4 7 4 *63
3
4 712
63
4 63
4 "612 712
612 65
8 .64 712
500 Webster Elsonlohr
25
2718 2618 2612 2612 2712 2714 2712 27
*27
273
4 27
/ 2814 5,700 Wesson 011 & Snowdrift No par
1
4
/
4
4 574 5858 58
57
/ 6712 57
1
4
/ 5712 5714 5712 *571 573
1
4
5838 1,700
No par
Preferred
180 182
/ 181 1854 183 185
1
4
183 18514 8,400 Western Union Telegraph -100
18214 18214 182 184
/ 4314 43
1
4
8
4318 4318 43
434 4212 4318 425 43
4314 44
5,200 Westingh'se Air Brake-No Par
4
1675 173
8
16814 17112 171 1754 126,000 Westinghouse El & Mfg___50
4
/
1
17614 17812 171 1763 1663 173
/
1
4
4
8
/
4
90 let preferred
*17014 177
170 17014 *165 1743 *16512 174 *16514 1747 *1651 1747
50
414 394 40
/
1
40 8 40
3
4012 417
8 3814 4012 38
78 404 407s 6,600 Weston Elea Instrurn't_No par
36
36
*334 36
/
1
*353 36
8
*334 36
100 Class A
*33
36
*3514 36
No pa
10514 10514 *10514 108 *10514 108 *10514 108 *10514 108
60 West Penn Eleo class A _No Pa
*10512 108
110 110
10912 110
/
1
4
1095 109
8
/
1
4
10912 10912 1091 1094 1093 110
/
4
16
Preferred
100
10014 1004 *100 1004 100 1004 100 10078
26
100 100
100 100
100
Preferred (6)
1 West Penn Power pref
*116 11612 *116 11612 *116 11612 116 116 *116 11612 *116 11612
100
1083 1083 *10812 109
4
4
100 6% preferred
*1084 109 *1084 109 *10812 109 *1084 109
/
1
4
100
45
4612 *444 48
46
46
*46
400 West Dairy Prod el A__No pa
/
1
48
*4612 48
*4612 48
20
193 2012 204 2018 20
4
20
20
20
1,700 Class B
20
/ 20
1
4
*20
NO pa
•46
4712 46
46
*46
48
*4512 47
200 Westvaco Chlorine ProdNo pa
48
*46
48
*46
*1114 12
*1012 11
8
•1012 117 *1012 117
*1114 12
8
Wextark Radio Stores_No Par
13
*11
White Eagle Oil& Refg No Pa
*35
/ 36
1
4
*3512 36
35
/ 36
1
4
36
36
36
900 White Motor
38
;5F 37
No Pa
4714 4714 48
48
47
48
473
48
700 White Rock Min Spring ctf_50
4 et8
*46
4812 48
8
8 14 *818 812 1,100 White Sewing Machlne_No Pa
7
/ 8
1
4
/
1
4
8
/ 8
1
4
/ *812 812 *84 814
1
4
*28
31
*28
35
28
28
*2718 28
200
*28
35
Preferred
35
NO pa
428
4
*1012 1114 *173 19
*17
18
300 Wilcox Oil& Gas
18
*17
18
18
18
18
* No Par
*2914 33
*2912 31
*2914 293
200 Wilcox-Rich class A
4 2914 2914 *2914 31
No par
30
30
224 2212 2234 2214 2214 *224 23
1,900
Class 13
No par
/ 23 2314 22
1
4
2312 23
712 8
75
8 8
7
/ 7
1
4
/
1
4
712 75
8 7,500 Willys-Overland (The)
8 8
5
3
74 7 4 *75
7614 761 *7514 77
76
761 *7614 77
/
4
700 Preferred
4
100
753 76
/
4
78
*76
5
/ *5
1
4
5
/ 514 .5
1
4
514
600 Wilson & Co Inc
5
/ 514
1
4
812 614
No par
58 5
3
/
1
4
*1012 1112 *1012 12
*11
400
Class A
1114 1114 *1114 1112
117
8
No par
12
11
*48
/
4
5014 5014 5014
5012 5012 *501 51
800 Preferred
52
100
50
/ 511 52
1
4
/
4
4
/
4
6238 63
23,900 Woolworth (F W) Co
/ 6212 611 6318 613 62
1
4
6214 627
8 60
10
8212 63
4
/
4
133 1463 14212 1513 142 14812 1451 1507 70.800 Worthington P & M
/
1
4
4
100
; 144 1494 139 148
100 100 '100 101
101 101
700 Preferred A
*98 100
100
*98 100
*98 100
90
88
89
90
1,200 Preferred B
*88
907
90
*87
100
90
90
*90 .4 91
/ 521
1
4
Wright Aeronautical_ __No par
*4212 52
*43
/ *4312 54
1
4
*434 54
*4312 54
*434 54
53
503 5214 5014 503
8
800 Yale & Towne
/
1
8
25
,
507 50
8
/ 517 514 53
1
4
• 4 8014 52
/ 261z 2818 2712 281 74,600 Yellow Truck & Coach el B.10
1
4
8
4 265 28
s 2514 273
2718 2712 2612 283
*93
94
*93
94
70 Preferred
93
93
93
100
94
93
*93
93
93
Young Spring & Wire_ _No par
3812 384 384 385 385
3912 391
38'
2
8
8
1,300
/
1
/
1
*3818 384 *3812 39
Youngstown Sheet& T _No par
*118 120 *118 125 *118 125 *115 125 *115 125 *115 125
4
4
4
8 133 1418 133 1412 133 143 30,300 Zenith Radio Corp_-__No par
/ 143
1
4
8 13
/ 147
1
4
1312 13 8 13
7
$ Per share
.2358 24
*44
45
.27
293
4
*104 107
*40
41
1614 1658
88
88
*27
30
*9212 93 4
3
173 177
4
8
76
76
4
4
1078 107
8
2034 2114
*1714 1778
*3612 367
8
1614 163
4
*3112 33
11012 11114
-dividends, y Ex-rIghtsa
•Did and asked prices, no salmi on this days z Hz
PER SHARE
Range Since Jan.
On basis of 100
-share I.. Is
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1929.
Highest.
Lowest.
per share
$ per share I per share $ per share
1612 Mar 35 Sept
8
18 May 5 363 Apr 4
8
35 Mar 497 Sept
4014 Jan 2 48 Mar 31
/
1
254 Dec 514 Jai)
26 Mar 20 32 Jan 18
/
1
102 Jan 21 110 Feb 13 102 Nov 1104 Oot
Jan
30 Oct 62
3612 Jan 21 4712 Mar 12
/
1
4
10 Nov 23 June
10 Feb 15 173 Apr 7
/
1
4
4
8
7418 Nov 907 Aug
78 Feb 13 893 Mar 25
4
14 Nov 40 June
194 Jan 31 31 Apr 23
/ Jan
1
4
8518 Nov 97
8618 Feb 13 94 Apr 16
/
1
4
/
1
4
1112 Oct 34 Sept
1412 Jan 17 2114 Apr 11
Jan
6958May 22 8914 April
5812 Nov 150
1
Oct 2218 Mar
214 Jan 3
611 Jan 23
8
5 Nov 225 Mar
/
1
4
758 Jan 2 12 Apr 2
1814 Mar 10 24 Apr 24
153 Dec 8
08 AD;
1412May 3 284 Jan 31
/
1
3058 Jan 2 413 Mar 1
4
30 Dec 63 July
13 Dee 31711 Jan
/
1
4
15 Jan 2 22 M arCol 18
313
4May 14 37 Mar 25
/
1
4
304 Nov 61
/ Jan
1
4
82 Nov 1814 Oct
9714 Jan 2 138 Mar 21
121 Feb 4 12518 Apr 29 120 Dec' 125 Jan
7 Nov 43 Jan
10 Jan 8 1718May 8
8
59 Nov 140 Sept
76 Jan 2 1063 Mar 31
414 Feb 20 50 Apr 7
421 Nov 57 Sept
/
4
31 May 5 3812 Apr 10
4312 Jan 31 99 Apr 8
31 Nov 162 May
3141 Nov
4
30
69
4 ociect4
4
56 Jan 31 773 Apr 7 1431JD.neec 106 M a y
36 Jan 7 5412May 19
118 Feb 6 13514May 6
4012 Nov 1111 Sept
443 Jan 2 84 Apr 24
4
2
3 Dec 2711 Jan
9 Jan 22
4 Jan 4
194 Dec 104
/
1
8May 23
Jan
26 Jan 2 597
19 Nov
7512 May
304 Jan 2 52 Apr 28
4212 Nov 4912 July
463 Jan 6 6312 Apr 23
2
6 Dec 8118 Feb
918May 5 194 Feb 19
/
1
99 Oct 15812 Jan
864 Feb 24 105 Jan 13
22 Oct 595 July
8
3158 Jan 2 493
8MaY 1
9014 Oct 9814 Dec
97 Jan 13 10214 Apr 25
7 Nov
2638 Jan
714May 23 14 Mar 14
1514 Nov 48 Aug
8
/
1
4
25 Jan 20 327 Apr 7
31s Dec 14
Oct
44 Jan 2 12 Jan 23
1414 Dec 40
/ Oct
1
4
1512 Jan 2 3614 Jan 23
251s Nov 85 May
/
1
4
31 May 8 39 Mar 15
28 Dec 93 Jan
30 Jan 3 76 May 9
24 Dec 224 Jan
/
1
9 Apr 10
218 Jan 9
12 Oct 557s Mar
/
4
184 Jan 2 381 Apr 10
/
1
15 Oct 19 Jan
1558 Jan 7 2012May 23
184 Nov 20 June
/
1
/
1
184 Jan 3 2012May 23
9 Oct 23 Sept
/
1
4
1112May 22 20 Jan 17
2
10 Apr
Jan
2 Mar 24
/
1
4
45 Apr 14
8
8614 Nov 13412 Sept
8May 23 103 Apr 7
723
/
1
4
1712 Nov 72 Aug
1814 Jan 3 32 Mar 30
864 Jan 8 101 Mar 21
8
/
1
82 Nov 927 Aug
17 Dec 497 Jan
12
8
19 Jan 2 3058 Mar 12
8412May 2 1393* Jan 2
95 Nov 243 Oct
/
1
4
5 Nov 351 Jan
/
4
74 Jan 2 1512 Apr 21
144 Dec 61
/ Jan
1
4
15 Feb 28 26 Apr 21
8114 Dec 107 Feb
7712 Mar 17 9014May 7
5012 Nov 11912 Feb
60 Jan 3 7512 Mar 25
15 Oct 65 Mar
2118 Jan 17 35 Apr 10
8
4018 Nov 9212 Jan
47 May 5 637 Apr 4
297 Oct 72 Mar
8
/
1
4
27 May 7 3612 Jan 6
48 Nov
Jan
48 Apr 30 5312 Jan 7
58
4
4May 8 1983 Apr 7 150 Nov 2613 Sept
4
1653
141 Jan 4 146 Mar 21 137 Nov 14414 Mar
55 Nov 714 Noir
/
1
4
/
1
6014 Jan 6 68 Feb 10
/
1
4
2418 Nov 88 Aug
4
3118 Jan 4 453 Apr 10
3 Nov
1314 Jan
74 Mar 12
4 Jan 7
3712 Nov 11611 Feb
8
497 Jan 2 14314 Apr 26
33 Oct 109 May
3712 Jan 18 47
/
1
4May 1
3
318 Oct 24 4 Jan
812 Jan 2
8 Apr 1
/
1
4
15 Oct 65 Jan
12
264 Jan 17 344 Apr 1
69 Nov 9712 Feb
/
1
4
78 Jan 2 82 Apr 9
105 Jul 8 11212May 17 102 Nov 110 Sept
/
1
4
39 Dec 48 Jan
38 May 1 40 Apr 21
28 Nov 1497 Aug
8
85 Jan 7 156 Mar 24
81 Nov 110 Apr
85 Jan 24 100 Mar 24
40 Jan 142 Sept
/
1
68 Jan 22 1494 Mar 24
20 Nov 3612 Oct
2414 Jan 6 314 Apr 11
/
1
4
22 Nov 49 Oct
28 Jan 3 424 Apr 2
20 Dec 843 Jan
4
2112 Jan 7 54 Mar 24
112 Oct 2114 Jan
3
418 Jan 2 15 8 Apr 1
60 Nov 8712 Jan
58 Jan 2 774 Apr 3
30 Nov 6412 Anil
/
1
384 Jan 2 8014 Mar 28
3612 jan 2 7014 Mar 28
25 Oct 5914 Jan
14
15 Oct 427 Jan
a
8
165 Jan 23 27 Apr 12
4814MaY 5 6312 Apr 11
183 Apr 29 2012May 22
4
341 Jan
161s Mar
2314 Jan 2 4312May 19
912 Mar 31
4 Oct 113 Feb
/
1
4
54 Jan 2
20 Oct 48 Mar
/
1
4
2213 Jan 23 29 Mar 27
491 Nov 7212 Mar
/
4
504 Jan 15 5912 Apr 7
/
1
4
16814May 5 219 Feb 19 160 Nov 27214 Oct
3612 Oct 673 Aug
4
405
8May 5 52 Feb 27
8
140 Jan 2 20112 Apr 15 100 Oct 2925 Aug
133 Jan 2 1974 Apr 15 103 Nov 284 Aug
1918 Nov 643 Sept
8
291 Jan 18 487 Mar 31
4
8
334 Jan 27 36 Jan 28
/
1
324 Aug 3612 Apr
/
1
90 Nov 110 Feb
98 Jan 3 110 Apr 16
97 Nov 11114 Jan
1063 J1511 2 11012 Apr 12
4
8812 Nov 102
Jan
9714 Jan 2 101 Apr 15
11312 Jan 8 11712 Mar 22 110 Nov 117 Mar
8
1043 Jan 23 110 Apr 2 102 Sept 11052 Jan
44 Jan 11 50 Mar 10
3612 Nov 00 Sept
1312 Jan 3 244 Apr 11
7 Nov 40 Sept
/
4
30 Oct 9418 May
37 Jan 2 591 Feb 17
9 May 5 21 Jan 7
19
Oct 75 Sept
25 Oct 38 Feb
26 Jan 17 2912 Mar 17
2714 Nov 534 Mar
31 Jan 2 43 Apr 4
g
3618 Jan 21 547 Mar 20
277 Nov 5 / Sep)
a
54
/
1
4
1
74 Jan 14 13 Mar 4
Oct 48 Jan
/
1
4
2718May 14 39 Apr 3
27 Dec 577 Jan
s
1112 Feb 26 21 Apr 25
127s Nov 29 Fob
/
1
4
19
27 Jan 3 3414 Jan 29
Oct 6114 May
4
1918May 5 273 Mar 31
123 Oct 62 May
8
514 Oct 35 Jan
73
8May 5 114 Fell 6
/
1
6714 Jan 2 85 Apr 3
65 Dec 103 Jan
312 Jan 14
7 4 Mar 27
1
3 Dec 1312 Jan
65 Nov 27 Jan
8
71g Jan 13 13 Mar 27
3534 Nov 79 Jan
42 Jan 13 5412 Mar 31
583 Mar 22 723 Jan 2
4
2
524 Nov 112 Sop:
/
1
4
43 Mar 137 Sept
67 Jan 17 16212 Apr 25
/
1
4
75 Nov 10012 Sept
88 Jan 17 107 Apr 25
/
4
66 Apr 9012 Sept
78 Jan 3 911 Mar 20
30 Nov 299 Feb
35 Jan 23 5912 Mar 5
/
1
4
4
613 Feb 88 Aug
46 May 14 77 Mar 1
71 Nov 6114 Apr
4
121 Jan 16 323 Apr 23
4
80 Mar 9612 May
72 Jan 27 105 Apr 2
4
3312 Oct 593 Aug
3812 Jan 17 47 Mar 7
91 Nov 175 Sept
108 Jan 11 152 Apr 7
84 Dec 521 Jail
4
Jan 17 15 Apr 10
/
1
4
5
/
1
4
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
3681
Jana 1 1909 the Exchange ...mod of ron.4 boo' 9,9* changed and prices are new Paled !Weren't
-male for Moons °ad defaulted bead..
,
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 23.
•
Price
Friday.
May 23.
Week's
Range or
Laet Sale.
Runge
Since
Jan. 1,
BONDS
N. Y. STOCK EXCHANGE,
Week Ended May 23.
11
Price
Friday.
May 23.
Wears
Rowe or
La41 Sate.
a•
Amin
Bina
Jan. 1.
Bid
Ask Low
High No Low
High
High
..:undinamarea (Dept) Colombia
ea
14
39 989%110091n
785
8 21
8.eternal f
_
_ _1959 MN 785 Sale 7712
AO 110 Sale 1093
2 9899
4
11014
.0009n Czechoslovakia (Rep Of) 88_1951
9 10914 III
11014
Sinking fund 88 ser B__ _1952 AO 110 11012 110
60 10019.1101914.
5 109 11112
2 108 111
10912
9899
0991n Danish Cons Munich)8s A_1948 P A 10912 110 10912
52
10912 13 imena
1946 P A 10912 110 109
89 Series B
584 10029.110219n Denmark 20
-year extl Os_ 1942• 3 10558 Sale 10513 10512 36 10312 lee%
340 10914.11319n
External g 534s
1955 FA 101 Sale 10012 10112 59
or* wigs
4
40 10510111099n
External g 4148__Apr 15 1962 A0 923 Sale 9214
927 101
8
9011 937
4
63 103
10014 59
10617.1 Deutsche Bk Am part ctf 68_1932 MS 10014 Sale 100
97 10014
967 983 967
4
13
8
98
66 90 ., 1019%, Dominican Rep Cost Ad 534s'42 M
,
11 98
93
8
4
114 980
9212 10
1st ser 530 of 1926
897 961
..10119n
1940 A0 903 927 913
4
.
4
_
2d aeries sinking fund 514e 1940 A0 923 9514 9258 May'30
90 4 96
5
State and City Sacurities.
2
10112
Dresden (City) external 75.1945 MN 10112 Sale 100
96 10'2
X Y C 31i% Corp sc_Nov 1954 MN
4 10214 31 1015 163
8558 Oct'29
Dutch East Indies eat' 68_1947 ii 102 Sale 1013
a
334% Corporate s _ _May 1954
4
N
8
4 1023
8 10 10112 1034
8814 Aug'29
40
-year external 6a
1962 MS 1013 1023 1013
as registered
1073
214 12 1015 10258
2
1936 MN
9934 Mar'n
30
-year external 5HR.__ _1953 MS 10258 ____ 102
8
45 registered
1956 MN
94 Feb'30
1953 MN 10212 Sale 10212 10212 10 1015 1027
30
-year external 5348
8
4
4% corporate stock
2 1037 10812
10758 Sale 1075
8
1957 MN
95 Nov'29
El Salvador (Republic) 88..1948 ..i
4
1
787 8212 79
79
104 Mar'30
434% corporate stock _ __ _1957 MN
Estonia (Republic of) 76_1967 J
75
88
4 h% corporate stock ___ _1957
7
N
9612
105 May'30
Finland (Republic) extl 613_1945 M S 9612 Sale 9612
917 975
4
.
4% corporate stock
9
10012 Sale 100
10012
1958 MN
9414 Nov'29
974 1014
External sinking fund 78.1950 M
4% corporate stock
22
9812 9712
981
911$ 984
1959 MN
953 June'20
4
External sinking fund 6 Ha 1956 M $ 98
8818 12
434% corporate stock_ __ _1931 A ()
888 Sale 8714
Oct'29
96
8418 92
External sinking fund 534e 1958 A
5
99
_1960 M
Jan'30
43(% corporate stock
95
13 99
Finnish Mun Loan 634s A _ _1954 AD 9814 Sale 9814
92
18
981
S
.__1964
43.4% corporate stock.. _ 1961
99 Mar'29
924 981
4
3
External 614s series 13._ _1954 AD 977 98% 977
30
% corporate stock_ 1966 AO
4
94
94%
101 Mar'29
93
Frankfort (City of) s 16 Hs_ _1953 MN 933 Sale 93
4K % corporate stock ___ _1972 AO
1223 171 11753 128
9912 Oct'29
French Republic exit 7 He_ _1941 ▪ D 1221 Sale 122
434% corporate stoek _ _ _ _ 1971 J O
1173 219 112%31181
1003 Sept'29
4
,
External 7s of 1924
1949 j. 11712 Sale 1171a
414% corporate stock _ _ _1963
4
S
105
105
1
German Republic eat! 7s
1949 A0 10812 Sale 10814 1083 112 106% 1097
414% corporate stock _ _ _ 1965 J D
988 12
106 Mar'30
94 310013
Gras (Municipality) 8s
1954 MN 9912 998 99
88 10212 1 mis
1018 Nov'29
43.4% corpora te stock Jul y 1967 J ,
Gt Brit & Irel(UK of) 5348_1937 P A 10412 Sale 10418 105
ew York State Canal 4s_ _ _1960
104 Apr'30
P A
10114 Mar'29
104 104
Registered
5 e825s 90
e Canal
4
4
874
10114 July'29
Mar 1958 MS
•4% fund loan I opt 1960_1990 MN 8863 88 0163
1 4.9714 99
Canal impt 413
____eOS
98
1961 J J
99 May'30
e5% War Loan .1 00 1929-11) 3D
47
5 1023 10712
8
N 1055 10614 10614 10612
Jan'30
1964 J J
109
4
Greater Prague (City) 730_1952
4
97 182
Greek Government.Ieee 7. 1984 MN 102 b'ale 10158 102
Foreign Goya. &Municipals.
27
87 Sale 863
8
87
88%
81
Sinking fund sec 68
1968 A
Agile Mtge Bank 816a
3
7712 10
4
9358
1947 F A
7414 Sale 7414
9212 10014
63% 86
Haiti (Republic) f (is
1952 A0 9312 963 9312
18
96
Biakingfund6sAApr151Q48A 0 74% 75
5
75
75
6312 8012 Hamburg (State) 611
91
9713
1946 A0 9512 Sale 9512
Akershua (Dept) extl 5s
2 10012 10412
8
,
64
1963 M N
93
93 Sale 9914
87
Heidelberg(Germany)extl7Ha' j j 1015 10212 10212 102 2
95
50
Antloquis (Dept) col 73 A...,1945 J J 83 Sale 823
5
95
9618
8
eos c9814
4
4
83
71
874 Hungarian Munk.Loan 730 1948 3.3 94% 96
7714
9
External a 1 78 dor 13
8912 88
8912
8
1945 J J 78% 80
7812
7012 8712
94
Externals 178
88
Sept 1 1945 J .1 88
5
9318 94
94
External e tie ser C
94
N
11)45 J J 78% 84
81 May'30
91 100
70
8712 Hungarian Land M Iast 734s '61
937 95% 94 May'30
External S f is ace D
8
1945 J
79
904 38'2
7812 Sale 7812
70
88
Sinking fund 734a ser B__1961 MN
1 100 104 $
10114 102 101
101
External a 1 is let ear......1057 A 0 7718 8012 80
2
80
5
70
8712 Hungary (Kb:led of) a 1 734, 1944 P A
External eec s 1 78 2d ser_1957 A 0 77% Sale 77%
9812 32
8
77%
67
Irish Free State extis s f 58_1960 MN 9812 Sale 98
96
984
89
135
External sec of is 3d ser_ 1957 A 0 78
09
80
80% May'30
67
Italy (Kingdom of) extl 78_ _1951 • D 99 Sale 9858
944 101
88
Aatwerp (City) external 58_1958 J D 963 Sale 95%
7
97 3
4
06% 25
8
93
9812
9214 98
Italian Cred Consortium 7.A11
137 MS 97 Sale 97
A gentine Govt Pub Wks68_1960 A 0 98% Sale
973 9712 973
8
97% 29
25
$
92 4 985
7
9513 100
External sec a f 78 ear 13_ _1947 M
A•gentIno Nation (Govt of)
963
4 43
92 984
Italian Public Utility extl 7s 1952 j j 96 Sale 96
Sink fund 68 of June 1025-1959 in 98% Sale 98
9712 68
983
4 GO
944 0814
95 100
Japanese Govt E loan 4s_ _1931 33 971 Sale 971
Eat'51 68 of Oct 1045._ _ _1959 AO 9812 99
251 1014 105
104
80
98
99
9512 99%
30
1954 P A 10334 Sale 10314
-years t 834,
Slnk fund Os series A
1957 M S 987 Sale 9812
8
913 688
4
9914 58
8
90
91%
Extl sinking fund 534s___ _1965 181 N 913 Sale 9012
94580100
External (is series B_Dec 1958 J o 08 Sale 98
71
987
95 100
Jugoslavia (State Mtge Bank)
Eat; 5 1 6a oi May 1926_1960 MN 9818 985 98
4
8312 19
8
083
4 49
774 8512
955 10018
8
Secured s f g 78
1957 £ 0 8312 Sale 823
7
Externals f(is (State Ry).1960 MS 9814 Sale 984
3 94% 1014
100
088 87
95
993 Leipzig (Germany) if 7s,1947 P A 100 10012 99
4
Ex ti Bs Sanitary Works _ _..1961 P A 98 Sale 98
13
99
983
4 55
95
93% 100
99% Lower Austria (Prov) 730_1950 J O 99 Sale 9812
Ext168 pub wks(May'27)-1961
N 983 Sale 98
8
8
983
4 20
943 100% Lyons (City of) 15
4
-year 68_1934 MN 1037 Sale 10312 103% 23 iszirciocis
Public Works eat! 534e.__1982 FA 9314 Sale 93
9312 23
89 191
Argentine Treasury 5s e- _ _1945 M S 8712 Sale 8712
4 26 1021e105
9 8512 8912 Marseilles(City of) 15-yr Cs 1934 MN 10312 Sale 10312 1033
8812
Auatralla 30-yr 58_ _July 15 1955 J J 8914 Sale 89
7
76
75
9012 97
65
80
8714 9414 Medellin (Colombia) 6 Ms.._1954 J O 7614 78
External 5801 1927_ _Sept 1957 MS 90 Sale 89
10
1112 10% May'30
104 151
893
4 28
9
87 9414 Mexican Irrigat Asstng 4348 1043
External g 434e of 1028 1958
26 Apr'30
8214 67
N 8112 Sale 8138
Q
26
28
80
857 Mexico(U S) extl 58 01 1800 £'45
4
Austrian (Govt) 8 1 7s
3
16
16
1943 J D 105 Sale 10412 105
25 1025 108
17% 16
16
1945
204
Assenting 58 01 1800
4
Bavaria (Free State) 6 He_ _1945 FA 943 Sale 9412
175 Apr'30
8
51
4
96
1611 175
Assenting 58 large
91
4
9812
Belgium 25-yr ext a 1 7148 g_1945 J D 115 Sale 115
117
8
11
3
78 115 c118
115
1158 11
11
Assenting 4s of 1904
13%
20
-year. f 88
11012 57 10912 11112
1212 May'30
1941 P A 110 Sale 110
1112 1412
Assenting 48 01 1910 large
25
-year external 6 Ha _ _ 1949 MS 108 Sale 1075
16
1012
11%
69 1055 10951
8 108
1012 14
Assenting 48 01 11)10 small_.
4
External s1 (is
2018 Apr'30
4 10312 107 1011/ 10334
1955 J J 10314 Sale 1023
18
21
Tress Os of'13 assent(large)'32 ii
External 30
13
17
20
2112 18
208 1094 11312
-year s 1 7s_ _ _1955 J D 1123 Sale 11212 113
4
18
Small
251
4
Stabilization loan 78
92
25
91% Sale 9112
1956 MN 10812 Sale 1084 10812 134 107 11014 Milan (City, Italy) extl 634e'5 .0
95
85
2 -3
Bergen (Norway)e f 8s
2 110 11212 Mlnaa Geraea (State) Brazil
8
111
1945 MN 111 1123 111
15
-year sinking fund Os_ _ _1949 AO 1004 1025 1025
7712 Sale 77
77%
2
8
8 1025
8
1958 M
Externals f 034s
99 1025e
65
83
Berlin (Germany) s 1 6 34s_ _1950 AO 9618 Sale 06
3
77
33
97
ge12 8212
9212 g
Extl sec 6348 series A ..__ _1959 M S 77 Sale 77
External sink fund (is _
15
103
9112 24
1958 J D 91 Sale 9012
D 102 103 101
0834 103
85113 943 Montevideo (City of) 7E1_1052
4
Bogota (City) sills f8s
7
961,
2
8
987
8
MN 9612 Sale 96
1945 AO 9712 087 9878
967a
9212 9912
91
External a 1 6s series A __ _1959
Bolivia (Republic of) oxtl 85_1947 MN 9514 Sale 9514
20 103 107,
4
29
96
•S 1033 10412 10312 104
88 100
854 Netherlands 68 (f1W prices)_1972
87 Sale 863
4
8714 30
14
82
ExternalsecurItles is
724
1958 J J 8012 Sale 81
844 90
New So Wales(State) extl 5s 1957 P A
29
Externals 17a
87 1
8
1969 MS 797 Sale 78
798 16
72 84
84
Externals f 53
Apr 1958 A0 87 Sale 87
90
Bordeaux (City of) 15-yr 65_1934 MN 104 Sale 10312 104
s 33 1024 1047
27 10214c105
Norway 20
-year ext1 68_ -1943 F A 10212 Sale 10212 1027
s
Brazil(U S of) external 8s....1941 .1 I) 1004 Sale 100
43 1027 104
1007
8 79
1944 FA 10318 Sale 10212 1031
94 102
20-year external Cs
$
Externals f 614s of 1938._1957 AO 833 Sale 83
21 1014 104
1021
4
7212 8818
857 105
8
1952 £0 10212 Sale 102
30
-year external Os
Esti s 6348 of 1927
94 1001s 1017
1957 A 0 8414 Sale 8312
8414 87
1965 J D 101 Sale 10012 101
7214 c8812
1
40-year if 5345
713(Central Railway)
105
4
99
8978 21
983 Sale 983
4
1952 J D 89 Sale 8812
80
9312
Externals f
_ _Mar 151063 M
96 4 9914
7
7148(coffee secur) £(flat) 1952 A0 9914 102 100
33
102
96
9
95 10514
4
Municipal Bank extl s f 58 1987 J O 96 Sale 9518
945 98
891
Bremen (State of) esti is._1935 M
31
102 10258 1018 10258 26
98% 103
84
9212
Nuremburg (City) eat' 66_1952• A 8918 Sale 8858
Brisbane (City) a 1 59
1021
8 106 102
5
3
84% Sale 82
1957 M
847
N 1017 10212 10214
82
Oslo (City) 30-year 51
/
1
4
00
Sinking fund gold 58
84
2
20
84 Sale 8353
1958 FA
4
80% 90
984 191
SinkIng fund 5345
1946 P A 993 1004 10014 1001
Budapest(City) exti a f 6s.-1962 J D 83.. Sale 815
8
8314 19
4
a
1017 1028 1017 May'30
8
73
1004 103
8512 Panama (Rep) extl 5Hs_ _ _.1953 J D
Buenos Aires(Clta)
, 63482 B 1955 3) 978 99
15
937
973
4
08% 13
8eli 9012
9612 10012
Extl a 1 reser A _ _May 15 1963 MN 9312 Sale 93
External 8I Os ser
2
9312 May'30
1960 AO 9212 06
80
79
80
7918
7112 90
91
9812 Pernambuco (State of) ext.!, 75 47 M
9212
External sr Os ser C-3_ _.,.l960 AO 9314 0412 9212
3
1
978
f)0
9812 Peru (Rep of) external 7a 1959 M S 952 977 94
91 810112
Buenos Alma (Prov) extl 68_1961 MS 8712 Sale 8712
51
88
781
26
84
Nat Loan Intl af6s 1st ser 1960 J D 7612 Sale 7612
91
69
84
Bulgaria (Kingdom) 8 f 78_1987
8134
4
_.1 80 Sale 80
61
77
76% Sale 757
76% 85
841a
Nat Loan extl f(4 2d ser 1961 A 0
69
Stabll'n l'n s 1 734s Nov 15'68
88
791
13
87% Sale 87
81
82
74
9014 Poland (Rep of) gold (is_ _ -1940 A 0 7734 7812 78
Caldati Dept of(Colombia)7 34e'46 ii 87% Sale 87
145
85
8
873
4
81
79
9312
88 e
7
Stabilization loan. I 7s-1947 A 0 85 Sale 84
Canada (Dominion of) 5a....1931 AO 101 Sale 10012 101
21
95
45
12 98
93
External sink fund g 88-1950 1 J 95 Sale 9412
997 10114
4
1952 MN 1048 Sale 10418 1045s 36 10214 100
6
98
98 Sale 9558
91 100
Porto Alegre (City of) 8a-1961 J
434s
1936 F A 093 99% 99
2
8
99% 36
8512
973 10012
4
8312 9412
Extl guar sink fund 7348,1960 J J 8518 8712 8512
Carlsbad (City) s f 58
1054 J J 10614 1083 10812 10812
9 1044 110
4
8 10612
3 103 109% Queensland (State)extl 117.1941 A 0 106 Sale 1057
Cauca Val(Dept) Colom 7He'46 k 0 9214 933 9212
19
101
933
8
101 Sale 100
8
A
F
8312 95
25
s
-year external
993 1044
Central Agile Bank (Germany)
9812 15
9612 Sale 9612
90 103
Rio Grande do Sul(is9
mai s f 8e 1101467
Farm Loan s 78 Sept 15 1950 M S 06 Sale 96
5
967
73 14
13
9212 9812
645 80
4
/
1
4
External sinking fund 68-19138 J D 73% 734 73
Farm Loan of 13e July 15 1060 J J 86
c8014
9
8614 86
8612 31
C86'4 Sale 83
7714 9058
74
934
External a t 7a of 1926_1966 M
Farm Loan s f (313 Oct 15 1060 A 0 8614 Sale 86
1
8212
863 135
4
773 90
3912
4
73
External s 17s munic loan 1967 J D 8114 8212 8212
Farm Loan 68 aer A Apr 15 1938 A 0 0014 Sale 9014
23
99 7
003
4 26
924 10514
Rio de Janeiro 25
8412 94
-year if 81-1946 A 0 99 Sale 99
Chile (Republic of)-.
38
4
c80
7014 85
52
195 F A 7812 Sale 773
93
Externals f 6141 34,
20
-year external, 1 7e
1942 M N 10112 Sale 10114 102
32
92
35
9912 19314 Rome (City) ext1 6
A 0 913 Sale 9112
87
94 4
7
External sinking fund 60_1960 A 0 01 Sale 91
9134 70
88
103 1051s
0458 Rotterdam (City) exti 68-1964 MIN 102 10312 103 May'30
External s 1 Os
1961 F A 9114 Sale 91
02
88
89
8612 May'30
48
88 cO412 Saarbruecken (City) Os__ _ _1953 J .1
80
5e 9058
Ity ref esti s 1 (ia
1981) J 9114 Sale 91
1
92
4 1033
30
4
88
95 107
94
Sao Paulo (City).1 8s_kiar 1952 M N 10312 104 1033
Sill sinking fund Se
0112 73
1961 M S 91
915 91
8
7912 Sale 77
7912 12
79
84
88
94
External st 614s of 1927-1957 MN
Eati sinking fund tla
1962 M S 91
9112 91
9
913
4 19
4
1003
4
99 501
88
9414 San Paulo (State) esti if 89_1936 ./ 3 100 Sale 100
Extl sinking fund 6s
1963 M N 9018 Sale 901s
9158 99
11
98
1950) J 98 Sale 97
9018 913
4
99 101
External see,18.
Chile Mtge Sk 634s June 30 1957 J D 95 Sale 9418
5
9014
95
11
MS 96 Sale 90
9214 99
79
/ 934
3
4
Externals 175 Water L'n_1956
910345 of 1926_ _June 30 1961
D 983 Sale 98
4
9834 40
743 Sale 743
4
4
7512 34
SI
1968 J
II
94 10(1 4
Externals I tle
3
Ouarsf6e
kpr 30 1961 A 0 80 Sale 885
193
8
90
9618 96
96
21
1040 A 0 96
96
964
8612 94
Secured s 78
Guar s f 6s
1902 M N 887 Sale 8812
8
91
93% 21
3
68
64
67 6 7
884 91
Santa Fe (Prov Are Rep) 7s 1942 M S 0312 93 4 9312
Chilean Cons Muni° 7.
1960 M
947 Sale 9414
8
1
c96
9812
4
49
93 100
934 c98
Saxon State Mtge that 76_1945 J D 9712 973 9812
Chinese (1Iukuang Ry) 58_1951 J D 2712 28
8
8
94
2712
9412 935
1
2712
16
07
Sinking fund g 6 Hs_ _Dec 19463 D 92
2358 30
Christiania (Oslo) 30-yr a f 6a '54 M S 10112 1023 101 May'30
30 10651c11194
4
4
'42 .1 J 10714 10712 10718 1073
100 1021$ Seine. Dept of(France) eat'7.
Cologne(City)Germany6 Ho 1950 m
22
95 Salo 95
9512
96 Sale 95
962
98
3
87
904 c9834 Serbs, Croats & Slovenes 85 '62 91 N
Colorable (Republic) lis
1961 .1 .1 765 Sale 7618
85
85
7712 18
1962 MN 85 Sale 833g
754 11612
External see 7. ser B
66% an
External a f Cs of 1028_1961 A 0 7612 7718 76
14
77
78
7712 78
77
112
13
79
68
817 Silesia (Piny of) extl 76-.1958 .1 D
2
Colombia hitt Bank 634s of 1947 A 0 70
2
73
70
8014 803 80
4
71
80 2
,
84%
72
5
0514 8214 Silesian Landowner. Awn fle 1947 F A
Sinking fund 78 of 1926_1946 MN
78 Sale 77
78
4 32 10114065
5
1938 58 N 10312 Sale 10312 1033
Soissons (city on Sill Cs
71
86
78 01 1927.. _1947 F A 7612 77
Sinking fund
7
91 Sale 9012
91
7712
7712
88
934
2
Styria (Prov) external 73_1946 F A
70
86
10414 52 1034 111134
Copenhagen (City) Is
1952 J D 9712 Sale 97
98
29
964 c984 Sweden external loan 6341-.1954 MN 104 Sale 1034
1953 RA N 92
47 1071:x1094
8
023 913
8
25
9218 52
-year g 41411
8811 9312 Swiss Confed'a 20-yr•f 8s_1940 J J 108 Sale 1075 c109
32 10212 105
Cordoba (City) extl. 1 is.. _1957 F A 85
105
87
87 May'30
_
Switzerland Govt *YU $Ms_1946 A 0 105 Sale 104
7614 93
External. f 7a-Noy 15 1937 MN 91
92 92
8018 19
92
747 82
.
3
82
984 Tokyo City 58 lose of 1912_1952 M S 80 Sale 80
0612
9812 11
Cordoba(Prov) Argentina 701942 J J 9612 99
9012 143
87
14 934
External I 1 5345 gum---1961 A 0 9014 Sale 90
93 100
Costa Rica (Repub) extl 74_1951 MN 88 Sale 8712
2
7514 801 773
4
80
88
674 87
13
Tolima. (Dept of) eat! 71_ _1947 M N
91
86
9914
Cuba (Republic) te of 1904-1944 M S 9712 997 9914
9614 97
2
967
4
963
N
1
9312 98
Trondhjem (City) 15t 84..1967 PA
98 101
8
9514 May'30
External Is of 1914 sec A_1949 F A 1005 10112 1007 May'30
97
8
92 4 9794
9
Upper Austria (Pray) 78_ _ -19463 D 95
1005 102
4
9322 93
External loan 414s ser C _ _1949 F A 93
90
90
9314 19
7
Externals1 11348-June 18 1957 J D 8911 90
8114 91
93
954
10018 Sale 100
Sinking fund 6348.Jan 15 1953 J
10024 25
994 10114
•Cash sale.
On the Duals of 85 to Uto t gnarling.
U. S. Government.
Bid
4811 Low
High
First Liberty Loan
J D 10019n Sale 1001a3 10011n
384% of 1932-1947
J D
Cony4% 011932-47
1001s: 1001,2
J D
Sale 10111:210110n
Cony4K % of 1932-47
J D
2d cony 484% of 1932-47
999%. Feb'30
Loan
Fourth Liberty
AO 1029.2 Sale 102%, 1029.,
4K% of 1933-1938
1947-1952 AO 1129,, Sale 11199.1 1129.2
Treasury 434s
1944-1954 J D 107351. Sale 10799 108
Treasury 413
.2
1946-1956 MS 10511 Sale 1059.1 10594.2
..
Treasury 3(s
., 10114,
1943-1947 J D 1004321001012 1012
Treasury 3348
Treasury 3345 June 15 1940-1943 ID 1004
.1001132 101242 10194,
No. Low
3682
rs
BONDS
Y. STOCK EXCHANGE
Week Ended May 23.
New York Bond Record—Continued—Page 2
:I.4
.2
ut
r; a,
Price
Friday.
May 23.
Week's
Range or
Last Sale.
Bid
Ask Low
Foreign Govt. &Municipals.
Uruguay (Republic) esti 88_1946 F A 105 Sale 1043
4
External s f as
N 98 Sale 98
1960
Extl s f 63
May 1 1964 M N 9814 Sale 98
Venetian Prov Mtge Bunk 7e '52 A 0 97 Sale 9614
Vienna (City of) extl of 69...1952 M N 8712 88
8712
Warsaw (City) external 75_1958 F A 80
802 793
4
4
Yokohama (City) ext1 68_1961 J D 9714 Sale 963
8
Banat
ie;
tz
Since
,
ra .
, Jag. 1.
—
No. Low
Iligh
High
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 23.
Price
Friday,
May 23.
Week's
Range er
Last Sale.
ie
Range
Since
Jas. 1.
Bid
Ask 1,00
Low
High
High
Chic Ind & Louisv—Ref 65_ _1947 J J 112
112
/ Jan'30
1
4
11254 113
104 108
/
1
4
Refunding gold 5s
33 10312 105 10212 Apr'30
-12
101 4 1023
,
4
9312 9912
Refunding 48 series C__ _1947 J J 913 _ _ 89 Dec'29
4
1947
9814
98
lat az gen bs series A
N 1033 104 104
4
104
.14
-95- 10434
c98
33
let & gen (is tier B _ _ _May 1 9 J J 10712 108 108 May'30 ---- 105105 1094
1961
82 CM
()Mc Ind & Sou 50
-year 43 1956 ii 901
_ _ _ 9114
9114
92
1
89
73
83 4 OhIc L B & East let 4348,,._ 1969 3D 97% 9816 97
,
1
297
9384 99
95
9814 Ch M & St P gen 4s A _May 1989 33
864
2
86
8418 877
s
Registered
Q J
85 Mar'30 - 818 85
4
Railroad
Gen g 3he ser B_ _ _ _May 1986
J 74
747 74 May'30 - - - 8
72% 74%
Ala 08800 let emus A EA _1943 J D 1031
1 1008 10312
-- 10312 10312
4
Gen 41,48 series C_ _ _May 1989 33 9512 9614 96
99
10
92% 97
1st cons 4bber B
9312
2-11443 J D 9312 9412 9312 May'30
92
Gen 4 hs series E _ _ _May 1989 33 91 4 95
,
9512
93% 9612
95%
2
Alb A Swig let guar 330_1948 A 0 857 8812 8518 May'30 -- -8
83% 88
Chic Mew St PA Pac Os _ _ _ _1975 FA 9114 Sale 91
911 95
/
4
9012 96
/
1
4
Alleg & West let g gu 4A ... _1998 A 0 8534 Sale 853
5
4
85,4
87
85
Cony ad) be
4
Jan I 2000 A0 633 Sale 6314
6584 508
0314 7812
MIN; Val gen guar g tit
_
9434 May'30 -1942 M S
9212 95 4 Chic & N'west gen g 3hs.._.1987
,
N 7814 79
7712 8014
7712 May'30
Ann Arbor let g 40___ _July 1995 Q J 947e- - 8112
2
834
81
76
8112
894
Gonegae
llorl ltezed
Q F
75 Jan'30
75
75
Atch Top & S Fe—Gene 4B_1995 A 0 95 Sale 94
82
05
9134 9612
N 90 4 Sale 9084
,
9084 12
,
87% 92 4
Registered
A 0
923 May'30 - 4
92%
90
Stpd 4a non-p Fed In tax '87 MN 90
91
90 May'30 -19
8818 93
Adjustment gold 4s_ _July 1995 Nov 9112 Sale 91
91 12
3
874 93
Gen 41 stud Fed Inc tax.1987 MN 10312 10412 104
/
4
's
10418 15 100 11144
16
Stamped
July 1995 M N 9014 90
/ 9014
1
4
87 8 93
7
91
Gen Os stpd Fed Inc tax_ _1987 MN 108% Ill 109 May'30
_ - 107 112
MN
8518 Feb'30 ---Registered
Ws 88 4
,
MN
Registered
105 Mar'30 _
105 105
cony gold 48 of 1909
9012 9312 9212 May'30
1955 J
9212
87
Sinking fund deb EA
1033 MN iai igi 101 May'30
- 100% 1011,
Cony 4s of 1905
9178 11
D 913 Sale 9014
1955
04
88
MN
Registered
99 Feb'30 --_99
119
Cone g 4s issue of 1910_1960 3D 90 ____ 91 May'30---.yef rsecured g 7s
10- rea g r.
t
894 91
a
100
1930 3D 100- Sale 997
6
997 1014
8
/
1
Cony deb 4148
13414 Sale 13312 135
18
1948 3
15
128 14112
-year secured g 6 he_ _ _ _1936 MS 109 Sale 109
4 107 1094
109
/
1
4
Rocky Mtn Div let 4s_ _ _1965 J J 91 Sale 91
91
1
9214
88
3D 10614 108 10612 107
2 101% 107
May 2037
Trans
J 914 923 923 May'30
-Con Short L let 45_1958
8
let & ref 4348
9012 9212
,
22
98
1937
0
May 2 49 3D 9712 98 8 97%
95
99
8
Cal-Arts 1st & ref 4 ha A_1962 M S 9912 Sale 9912 100
97 10114
Cony 43(s series A
N 101 4 Sale 10114 1018 258
,
4
,
9814 105 4
All Knoxv & Nor let g 53._1946 J D 1015
10358 Apr'30 ---- 10214 104
Chic RI & P Railway gen 48_1988 33 9114 Sale 9114
9114 10
88
92
Atl & Charl A L let 4 hs A 1944 J J 9618 993 9514 Apr'30
8-_4
95 97,
2
„I
Registered
89 Apr'30
__
8512 89
1st 30
8
-year bs aeries B
1944 J 3 1025 104 104 May'30 ---- 10012 104
AO 9734 Sale 9718
Refunding gold 42
9712 178
1934
95% 984
Atlantic City let cons 4s__ _1951 J J 874 __— 87
Jan'30 ---87
87
AO
95 Jan'30 _ _
Registered
95
95
30
Atl Coast Line 1st cons 45July'52 M 8 94 Sale 9312
94
90 95
SI S 9538 Sale 9434
Secured 4 he series A
9512 48
928 98
8
9212 May'30
Ms
Registered
9212 0212 Ch St L & N 05s_June 15 1952
1) 1037
104 Apr'30
1951
10318 10412
9
J 13 9818 Sale 98
General unified 4 .,a
1964
9834
9618 100
3D
102 Mar'30
Registered
102 102
L az N coil gold &L.__ Oct 1052 MN 91 Sale 9012
9112 14
8812 9318
(lold 330-j
June 16 1951 31) 8412_ _ 81 July'29
12
• & Dan 1st g 48
ti
62
64 60
1948 J J 61
58
73 4
,
Memphis Div let g 4s. _1951 312 9012 gale 9012
9012
3 -8814 92
1
____ 527 53
8
2d 413
53
1948
8212 Ch Stte9iste l d cons g 5.s__ _1932 A0 10014
63
i 1. dz Premt
2
_
997 1004
a
---- 10014 10014
/
1
All & Yad let guar 4
8612 84 May'30 -- 8218 85
1949 A 0 84
8
A0
10134 June'29
Austin & N W let gu g 61_..1941 3 J 9914 10214 101 May'30
99 101
Chic 81 1' MAO cons 6s_ _ _ _1930 3D jog 1664 100 May'30
- 3
100 1004
i ons6t fedueed to 3148_ _ _1930
Cebe 6 re ai
3
D 9912
s
_ 934 Dec'29
Bait &Ohio 1st g 48_ _ _ _July 1948 A 0 933 Sale 9314
36
94
4
987 Feb'30 - 9112 95
M
-Ws 11569912 Mar'30 ----90
Registered
July 1948 Q J
9912
MS
10018 Dec'29
Stamped
20
-year cony 41,48
ii50 gfile 100
.
10014 71
1933 M
f c T Ii 88So East 1st 55._ _ 193 JD 07 Sale 951
983 10014 Chine, &
8
ii
37
97
989
0
)9
58 17664
M S99 Mar'30 ---Registered
9818 99
9012
9012
5
A-119963 SI S 9012 91
60
89
9414
Refund & gen ba series A _ _1995 J D
8;1-- 1033
e
4 1043
4 63 101 10484 Chic Un Sta'n let gu 4hs
9913 16
.1 J 9912 Sale 9918
Dee 1
97 106
letgold Is
8 10458 46 1011s 106
July 1948 A 0 105 10514 1043
let 58 series 11
33 10412 1041 10412 1043
4
3 103 1054
4
1963
Ref & gen Os series C
4 10912 63 10812c111
1995 J D 10912 Sale 1083
JO 10312 105 10338 104
2 101 4 104
Guaranteed g Os
,
933
PLE&W Va Sys ref 4s_ _1941 MN 935 94
4 16
9312
8
95
91
1st guar 6.54s
11512 12 114 1167
44
1 9 3, 11512 Sale 11514
s
Southw Div let be
.1 104 Sale 10312 104
39 10012 104% Chic az West Indseries C... _ _1983 QM 10118
1060
102 May'30 _
gen 6e_Dee 193
100% 102%
2
Tol &Cin Div 1st ref 4s A_1959 J j 8612 87
8612
87
7
Ell
8714
Consol 50
90
16
-year 4a
1952 3, 90 Sale 89%
8512 92
Ref & gen Is twice D _ _ _ _9000 M 8 10312 Sale 103
104
36 10114 10412
let ref 53'is series A
MS 10412 sale 0412 10518 24 103 5091s
Cony 4348
1960 F A 103 Sale 102
10314 419 10012 1043 Chew Okla & Gulf eons
4
01 Apr'30 _ _
8-_
007 101
8
be_ _ . 1962 MN 1007
_ 5
Bangor & Aroostook let 5e_ _1943 .1 .7 10334 104 10312 hlay'30
- 1011 105 (1In II & 1320
4
gold 4 he_ _ _ _1937 33 0618 106 9614 May'30
9512 9814
887 Sale 87
8
Con ref 48
1951 J
887
8 14
90 C I St L & C let g 4e_Aug 2 1036 Q
84
953 9612 96 Apr'30
8
9514 98
Battle Crk & Stur let gu 38..1089 .1 D 6214 64
62 Apr'30 82
62
94 Feb'30 - _
Registered
Q F
94 9418
j 9614 ____ 08 Mar'30 — Beech Creek let gu g 'is.... _1936
9612 96
Cln Leb & Nor let conA ug 2 1 93 MN
9414 May'30
2
gu 4s _ 1946
885s 9414
.1 y
____ 95 Aug'29
Registered
2d guar g
Jan'30
- loo- 100
1938 J J 9934 ____ 100
J 9418 -_ _ 00 July'28
Clearfield M Mah let gu bs_ _1943
Beech Crk Ext hag 394e. _ 1951 A 0
78 Feb'30 ---78
78
Cleve Cln Ch & St I- gen 48..1993 J
914 91
9118
-14 9118
8811 152
Belvidere Del cons gu 3348_1943 J J 85
20
J 100 Sale 00
-year deb 434s
3
100
0914 100 4
,
let 4s guar
1944 3 D 9212 --__ 5Y- Mar'30
Big Sandy
J
8912 99
General EA series B
199331 3D 108 Sale 08 Apr'30
9
105 108
Bolivia Ry let be
1927
Ref &!mut 60 scr C
33 10312 -_ _ 033 May'30
4
10212 108%
Boston & Maine 1st 5s A C._1967 M S jog;
552 fb4
foRef & impt 5s ear 13
33 10334 104
2 KO 1044
-14 03% 10382
Boston & N Y Air Line let 4411055 F A 8412 8512 854 May'30 ---96 187
81
9178
Rel az impt 4 he ser E___ _ 1931 33 9712 gale 9718
5
9712
94
7
93% 98
, _ _ 945 Mar'30 ---Bruns & Weat let gu g 4s 1038 y y 94
8
92% 9452
8
JJ 953 Sale 95%
Cairo Div let gold 4
2
95%
s
92
97
8Buff Koch & Pitts gong 58_ _1937 30 S 10014 102 10014 May'30
993 103
.1 84
4
8412
Cin W & M Div lot g 48_ _196393
86% 8112
6
8412 8712
9991
94
51
Consol 4 he
90
95
1957 MN 9312 Sale 93
St L Div let coil tr g 48_ l990 MN 8712
877 May'30
8
8418 891
/
4
Burl C R & Nor let & coil 58_1934 A 0 101 102 101 May'30 ---9912 101
W iv Co Di y l st 45
93 15
iipr &Val D le
93 Apr'30
lv ,g ,
93 94
194 0NI S
1,4
0
33 9214
93 Jan'30 _
90
93
Canada Sou COM gu Os A....1962 A 0 10314 Sale 10314
10314
I 10212 1051 C C C & I gen cons g (4_ _ _ _1934 33
4
0438 Apr'30
103 1043
8
Canadian Nat 4)4s-dept 15 1954 M $ 95, Sale 95
9518 25
2
934 974 Clot Lor az W con 1st g 5a _ _ - 1033 A0 10014
0078 Apr'30
9938 100%
30-year gold 43.48
c9634 54
9214 97
1957 .7 .8 96 Sale 9514
9912 Apr'30
Cleve & Mahon Val g bs__ ,.J038 j j 994 _
08
9812
Gold 43.4s
D 9318 Sale 9518
924 57
1968
9553 35
Cl & Mar let en g 4%8
MN 100
00 May'30
100 180
1035
Guaranteed g 58._ _ _July 1969 J J 10234 Sale 10214 10284 38
9914 10334 Clserlm Pt s 4345 eer B _1942 A0 987
eve az B n gu
8
003 Mar'28
4
i
_
4
Guaranteed g Es--Oct 1969 A 0 1023 Sale 10214 1023
4 33 1014 10318
87 Mar'29
1942 AO
Canadian North deb 8 f To. _1040 I D 1104 Sale 11014 1103
4 78 10984 112
98%_ 9512 Nov'28
Series A 4 he
1194482
9
1153
8 11512
25-years I deb 0 ha
1946
J 11434 11514
7 113 11634
66
MN 86 - . 86 May'30
Series C 33.48
7 1314 Jan'30
Registered
1134 1134
__ 8618 May'30
Series D 354s
1960 FA 86
10-yr gold 4 hs__ __Feb 151935 F A -0912
9912
9912
1
984 100% Cleve Shot* Line 1st gu 4 10_1981 AO 100 foils 100 May'30
,
74
.1 862 Sale 8638
8
Canadian Pan Icy 4% deb stock_ _
gal, 8814 Cleve Union Term
87
AO 10814 109 1084 109
30
1st 5 hs- -1972
Col tr 4 hs
4
1946 M S 993 Sale 9912 10014 28
9658 10012
107
Oct'28
*0
Registered
EA equip tr temp ctfs
10212 11 10084 1034
1944 J J 102, Sale 1017
8
1st a f 5s series B
1973 *0 ioiEs 105 105 May'30
Carbondale & Shaw let g 4s_ 1931. M S 98 2__ 9818 May'29
,
981 208
4
Islet guar 4 he eer C _ _ _ _1977 A0 9912 Sale 98
99
96
84
85
14
Caro Cent lst cone g 4s
2
1949 J I 83 __ 102 May'30
CaroClInch &0 lot 30-yr 5e_1938
f
7
4:12 10312 Coal River Ry 1st gy 4s..,. _1945 3D 91
e_ 91% May'30
822
91%
88
y0 102
98
1st & con g 6s ger ADec 15 '52 j 13 - 8:8 1083 10818 10812 10 107 11012 (7ol drB y
4
C0
Cobs South reft,ezt 4 Mg-1935 MN 100 g;l- 99% 100
22
i
el ett
97 10314
8___ 85 4 Feb'30 ---3
Cart & Ad let gu g 4s
1981
D 853
91 Apr'30
85114 85
/
1
4
8818 94
1948 A0 9212
8512 85 May'30
Cent Branch UP let g 4s _ _ _1948 J D 84 142
8512 Col ez To! let eat 48
8418 Dec'29
FA 8612
Conn & Passurn Riv
8812 Feb'30
A0 85
4
19 5
813
-86i2 - 1i
4s_ _1953
Central of Ga let g 64- _Nov 1045 F A 10312 _ _ 104 Apr'30 ---- 1024 105
7514
Consol Ry non-cony 43
5
75 4
,
1954 3, 7318
76
70
Consol gold 5e
102
1946I M N 10114 foi 101
5 100% 104
7418 79
744
7418
Non-cony deb 45
1
1955 J&J
70
76
100 Feb'30 ---- 100 100
Registered
MN
74
A0
69 Dec'29
Non-con v deb 43
14 104 10584 cu ben-co yy
Ref & gen .5 yie series El__ _ I95U A 0 ioir2 169 - 10412 105
No Nornit dest n ture 42...A956 33 7318 75
75 Apr'30
lbe63is
1955
7
1
70 - - Ref & gen 5s series C
1059A 0 10114 Sale 10114 102
18
64 Sale 63%
9838 1027
64
41
6012 75
89 Mar'30 ---Chatt Div per money g 44_1951 J 13 86%
7712 Sale 77
8412 89
Cuba RR lst 50
77% 18
94
1052
84
-year Es g
76
Mac & Nor Div 1st g 63_1046 J J 1003 ____ 100 Feb'30 ---- 100 101 12
let ref 7 348 series A
,
1936 JO 8414 85 2 8412 May'30
83
9914
10112 Apr'30 ---Mid Ga az Atl Div pur m 58'47 J J 08
98 103
1st lien & ref 6s ser B _ __ _1936 JO
8214 85 Apr'30
83
02
Mobile Div let g be
1048 J .1 10238_ 10212 10212
1 100 103
5
85
(Ant New Eng 1st gu 413_ _ _ _1981 J J 85 gile 85
814 85% Day & Mich 1st cons 4 ha_ _1931
J 99% Sale 99% 100
27
9912 100
_ 9934 Apr'30 ---Central Ohlo reorg 1st 4 ha...19301M S 9918
9912 100
9314 38
De314ea11urdcoti lst & ref 4s.._ _1943 MN 93 4 Sale 93
,
s
6d
1)114 911
4 Cent RR & likg of Oa coil 58 1037 MN 973 102 10114 May'30 ---95% 102
cony
101
1935 A0 101 107 101
1
97 107
112
2 107 11212
Central of NJ ger. gold 58_ _1987 Ii 11218 11212 112
/
1
4
15-year 5;45
MN 105 Sale 10-184 105
14 100% 105
1937
_
... _ I 107 4 191
1075 Sale 10713
8
Registered
1987 Q
,0
13
99% 10018 997
10
J
-year secured 75
8
2
99%
90% 101
General 4s
1987 3.9 9212 931 93 Apr'30
1) RR & Bridge let gu g 4a_ _1936 F A 9512
9614 Aug'28
9
9 3
9512 75
Cent ca.. lit ref gu g 4o...,.1049 FA 9418 Sale 934
9114 0512 Den & R
9512 Sale 94%
9512 75
lat cons g 4o_ _ _ _1938 33
928 10;
1
90 Mar'30 ---90 90
Registered
FA
33 9514 9814 9714
Consol gold 414s
9714
1
95% 99
1
92
Through Short L let gu 48_1954 A0 9212 93 92
90 8 0384 Den & R G West gen bs_Aug 1955 MN 9612 Sale 94
8
97
127
9
36
92% 9918
10358 Sale 10312 10338 42 100 4 10412
Guaranteed g 54
8
1960 FA
Ref & impt be ear B_Apr 1978 MN 92 Sale 9114
92
33
8712 95
Des M & Ft D 1st gu 48_ _ 1933
30 Apr'30
29
J 25
2314 30
108 Dec'29 ---, _
Charleston & Sav'ti let 7s_ _1936
25
'3 108
30 Apr'30
30
Certificates of deposit
31
'25
4 107- 1114
/ 10334
1
4
8- -3
Ches & Ohlo let con g EA_ _ 1939 MN 1034 103 4 103
2 - -- Des Plaines Val lat gen 63.0_1947
S 97
97
97
1
96 97
Registered
1939 MN ---- ---- 10112 Jan'30 ---- 10112 10212 Del az Mac let Hen g 4s
1955 1) 6314 748 7412 Apr'30
63
7412
General gold 4 348
974 102
995 Sale 9914
99% 10
1992 MS
Gold 4s
597 60 May'30
8
1 99 53D
55
61
60
9812 May'30 ---.tegistered
95
9812 Detroit River Tunnel 4 34s..A961 MN 99
M
991 99
90
3
958 994
4
973
4 41
Ref & Impt 448
9 s _9_9_,7, Dul Miseabe & Nor gen 55..1941 J J 100 4
9812
9
i- 9712
3
1993
0 -giEs - 104 May'30
101 l044
90 Sept'29 --- /
1
4
Registered
F).
Dui & Iron Range let bs
-1037 AO 10118 103 10012 Apr'30
100 4 103
,
935
69
Ref &'mut 4348 ser B---1995 j
975 Sale 973
98
A0
Registered
97
Oct'29
0658 102
Apr'30 ---Craig Valley 1st 58_ _Slay 1 '4033 10014 102 101
Dui Sou Shore & Atl g 5s_ _ _1937 J
83 Sale 8212
84
11
_ 9112 May'30 ----'otts Creek Branch let 48_1946.33 8813
8012 0112 East Ry Minn Nor Div let 48'48 AO 94
9212 Feb'30
9212 9212
8614 90
90 --- 90 May'30 ---0112
East T Va & Ga Dly g bs_ _1930 33 997 1661- 99%
/I & A DIY 1st con g 4s__ _1989
8 - 4
5
99%
97 100
1
R312 8914
88
Consol lot gold 55
2d consol gold 48
1989.93 8712 8914 88
1956 MN 10518 11012 105 May'30
100 10512
Elgin Joliet & East lot g 5e_ _1941 MN 10314 103 4 10314 May'30
Warm Spring V let g be....1941 MS 100 100 166
,
%
102 103'4
1/1 121%, El Paso & S W let 5s
101
/
1
Chesap Corp cony EA_May lb '47 MN 1004 Sale 10018 Ma" —52'
2 19114 10314
8 1013
1965 *0 101% Sale 1013
8
12
65 4 72
,
68
8
8
67 8 687 675
,
Chic & Alton Rit ref g as__ _1940 A
1
6934 Erie 1st consol gold 7s ext 1930 M S 100 4 101 101
8
67%
,
3 10034 10134
6734 6814 675
Ctf dep stpd Apr 1930 Int— —
101
0
let cons g Is prior
97 ;
69 May'30 ---637' 911
2
87% 88 87%
1996 J
gailway first lien 3 hs _ _1950 3.9 43914 71
84 c89
875s
„ 88,2 8014
7014 May'30 _i
71
511 8 7 i 2
69
8
Registered
'3
1
Certificates of deposit......
8218 84
1996
8314
83 4
,
1st consol gen lien g 4s___ _199f) J
84
79
87
Ii4 811
Chic Burl & Q—III Div 3348_1949 JJ 8714 88 _ 87
1/
4
8912 118
Registered
8418 9434
'3
8418 Feb'30 ____
7618 79
1996
79 May'30
Registered
JJ
Penn coil trust gold 4s_ _ _ _1951 F A 101 Sale 101
21 101 101
921s 95
25
94
4
-5i- - - -12 933
94
101
Illinois Division Is
1949
50
41
-year cony 48 series A__ _1953 AO 84 Sale 833
82% 86,
89
95
8414 42
95
2
8
9414 Sale 9312
General 4s
1958 M
82% 86%
_4
8414 32
911 Sept'29 —4/
4
1953 AO 8414 Sale 84
M
Registered
-Eiji- 166
GeTrios v 4s series I)
84
c en 11
-991; 98,
84
8312 May'30
4
1013 A0 8012 84
11,6573
lat & ref hs ser B
2
983
1977 FA 983
4
Ref & impt bs
08
96
951s 117
MN 9412 Sale 9414
/
1
let & ref Sc series A
1971 FA 10714 10712 1064 10712 14 10412 10738
427
94
8c105
Ref &111,1Pt 5s of 1930_ __ _1975 A OA 94% Sale 94
95%
1 1005
104
9
5
Chicago & East III lot(is__ _ _1934 A0 104 Sale 104
12 110 11418
84
84
113
Erie & Jersey Isti 168_ _1955 J
72
1123 11314 113
CAR III Ry (new co) con 58_1951 Ml' 78 Sale 7712
4
78 2 36
,
109 11314
Geneasee River Isle 5o._1997 J J 112 11314 11314 Apr'30
11 102 105
104
Chic & Erie 1st gold as
4
1982 MN 104 Sale 103,
7218
64
71% 352
Chicago Great West it 96 1959 MS 714 Sale 70
c Cash sale.
10512 82
984 167
9814 18
54
97
24
c95
803
4 67
97,4 37
3683
New York Bond Record—Continued—Page 3
BONDS
H. Y STOCK EXCHANGE
Week Ended May 23.
El
4
Price
Friday.
May 23.
Week's
Range or
Last Sale.
Ranee
Since
Jan. 1,
Ask Low
Bid
High A's. Low
High
8558 Apr'30
Erie & Pitts gu g 334e ser 13_1940 33
865 865
8
8
85% Oct'29
1940 .1 .1
Series C 334s
MN 1055 Sale 10514 1054 11 104°4C10238
8
1954
Est RR extis f 78
_
985 ____ 9812 May'30
8
99
Fla Cent& Pen lat cons g 58 1943 .1
97
1
96
89
89
7914 90
Florida East Coast 1st 430_1959 ID 89
40
57
1974 MS 55 Sale 54
61
let & ref Is series A
50
28
30
28 May'30
Fonda Johns & Glov 1st 43481952 MN
2512 35
98
9418 Apr'30
FortStU D Co 1st,434a....._1941 J J 96
9418 9418
4
1051 107
/
4
Ft W & Den C 1st g 53e_ _ _1961 J o 107 1073 107 May'30
10412 11 10218 104%
From Elk & Mo Val let Os...1933 AO 104 Sale 104
N 10014 1004 1008 May'30
8
GH&S A M &P let 6s_ _ _ _1931
99 100 4
5
8 10
8
s 1002
1931 J J 1003 Sale 1003
991 100 8
8
2d extens Is guar
5
9851 27
ally Hone & Head 1st 68,_ _1933 AO 9714 9918 985s
943 99
4
85
84 May'30
GA & Ala Ry 1st cons 6s Oct 1945 .1 J 84
811a 85
Ga Caro & Nor 1st gu g Ss_ _1929 .1.1
5
Extended at 6% to July 1_1934 33 101 Sale 10012 10114
99 10214
Gecrgla Midland let 3s
1941' * 0 7012 7414 75 Mar'30
6513 73
9854 Feb'24
Gouv & Oswego lot 68
1942 3D
J J 975 ____ 975 Apr'30
8
Or It & I ext let go g 418s._11441
-9512 9758
8 47 10912 11214
Grand Trunk of Can deb 741_1940 AO 11018 11012 11014 1107
15
-year I I 13e
10534 52 104 1067
1936 51 S 1053 Sale 1047
8
953
97% Apr'30
Grays Point Term lat be_ _1947 J O
97% 975
8
8 11112 121 1094 113
Great Nor gen 7e series A._.1936 J J 11114 Sale 1105
1
J 9612 98
9612
98
let de ref 4%e series A
941 98
..1961
/
4
8 11012 16, 108 11114
General 54s series B
1952 .3 J 11012 Sale 1097
11 103 4 10714
4
General fe aeries C
1973 33 1053 Sale 10554 10612
,
97 12 90' 95
General 434s series D_ _ _13)76 .1 J 0712 Sale 97
99
9714 77
General 4.8s aeries E__ _ _1977 J J 9718 Sale 97
95
9814
Oct'29
85
86
Green Bay & West deb ctfs A.... Feb 80
25
29
Feb 29 Sale 29
Debentures etre B
12.5 ii14
Greenbrier Ry let go 4s..1940 MN 9414 ____ 9314 Mar'30 - 915 9314
4
Gulf Mob & Nor 1st 534s___1950 AO 102 ....__ 10412 Apr'30
98 10512
12
/
4
let NI Is series C
96 100
1950 AO 100 Sale 991 100
Gulf & S list ref & ter 5s_b_1982 .1.1 105 10612 105 May'30
103 1051s
983 May'30 - _
4
Hocking Val let cone g 4%13_1999• J 984
964 9012
J
__
9712 Apr'30
Reglatered
1999
937 97 2
8
,
_
97% 99
9
Housatonic Ry eons g 5s_.,_1937 Si N -68is 1-12 99 May'30
H & T C let g Se int guar_ _ _1937 .23 10012 ____ 102 Apr'30 994 102
995 1007o 100 May'30 8
Houston Belt & Term let 5s_1937 .j
9584 10054
8
N 993 ____ 10012 Apr'30 -- _ _ 10012 10012
Houston E & W Tex 1st g 68_1933
let guar 518 redeemable__ _1933 MN 100 101 100 Mar'30
99 4 100
,
993 105
4
Bud & Manhat let 5s ser A_1957 FA 9914 Sale 9918
93 100
8212 57
AdjustmentIncome be Feb 1957 AO 82 Sale 8112
7814 845
8
4
__
4
Illinois Central 1st gold 4a._ _1961 .7 .1 943 ._.. 943 May'30
91
96
_
8
8
8314 845 865 Mar'30
let gold 330
1951
81
86%
925 Feb'30 _
4
_ 825 8254
-.7
Registered
4
Jan'30 _ 4
Extended let gold 334e.._ _1951 * 0 8314 I83- 85
83
85
_ 73 Mar'30
Ist gold 38 sterling
1951 M
68
73
4
/ 93
4
8
7012-- 917
Collateral trust gold es__ _1952 AG 911 918
895 9412
8
8712 Mar'30 MN
Regletered
8712 9712
4
9314 16
let refunding 4e
1955 51 N 9314 Sale 923
DO
95
8412 83 May'30 J 83
Purchased lines 334e
1952
82
85
3
897
897
8
Collateral trust gold 4s_ _ _1953 St N 897 91
87% 92
8712 Jan'30
SIN
Registered
8712 8712
106
2 1041 107
Refunding 5a
1955 MN Hui" 107 106
/
4
15
.7 109 10912 109
109
6 1 712 11014
-year secured 6348 g _ _ _1936
0
040-year 44e
4
101
44
Aug 1 1966 F A 1003 101 10014
97 c102
893
_ 91 Mar'30
Cairo Bridge Rohl 4s
_
1950
8812 91
765 -- - 761 May'30
8 7818
4
Litchfield Div let gold 3s_1961 .1
__
74% 765
4
Louley Div & Term g 3343 1953
8412
83% 8412 8412
1
81212 85 4
,
Omaha Div 1st gold 3s
8
77 May'30
1951 F A 765 78
7412 77
St Louts Div & Term g 3a_1951 .1
76
78
7514 Mar'30
7514 7514
8314 ____ 8313 May'30 --Gold 334e
1951
825 85
8
72 Sept'29
86
Springfield Div lot g 334s 1951
9312 9112 Apr'30
Western Lines lat g 45_ _ _1951
A 9212 89
92
9212 Apr'30
A
Registered
92
/ 9212
1
4
III Cent and Chin St L & N 0—
10512 Sale 10518
Joint 1st ref be aeries A_._1963
1053
4 19 10214 107
9754
let & ref 4%a series C____1963
9714 98
97 4 20
,
95
9812
91 Nov'29
Ind Bloom dr West 1st ext 481940 A 0 89
Ind Ill de Iowa 1st g 441
.1 9112 024 9113 May'30
-f5o- 9212
1950
8
8112 8612 865 May'30
Ind & Louisville 1st gu 4s_ _ _1956
84
98
8
Ind I/Mon Ry gen Esser A 1965
100 4 -- 1008 Mar'30
,
100 10113
10014 Feb'30
1003 Gen & ref as series 11
4
1965 .1
100 tel
101 103 4 103
3 101 106
- -3Int & Grt Nor 1st 8s ser A_ _ _1952
103
32
84
8314 Sale 82
_
Adjustment 13a ser A July 1952
82
9212
9312 Sale 93
9312 22
1st be serieell
1956
91
97
4
9412 9412
let g 5s aeries C
9412
91 100
1956 J J 94
76 May'30
Set Rys Cent Amee 1st. 58_1972
N 7412 76
70 4 8118
5
9412
9412 10
95
1st coll tr 6% notes.
N 94
1941
9013 9412
96
95
96
10
let lien & ref BAB__
_ _1947 FA 95
93
9812
32
1
8
Iowa Central 1st gold be
193S 3D 2914 317 32
30
35
3
25
3412
3412 3014
Certificates of deposit
3
014 3412
814
2
8
8
9
Refunding gold 4s
1951 MS
8
10
lames Frank & Clear let 40_1959 3D 9112 -- 92 May'30
873 92
8
Kan A & 11 1st gu g be_ _ _ _1938 ii 9712 ....- 10114 Apr'28
Kan & M 1st gu g 4.9
9012 88 Apr'30
"5314 W1-4
1990 AO 88 K C Ft fi & M Ry ref g 4s._1936 A 0 9612 96 4 9612
,
964 10
9413 9714
Kau City Sou 1st gold 311_ _ _1950 A 0 7612 Sale 76
7612 14
7412 SO
Ref & Mtn 5a
10118 Sale 100% 1014 12
Apr 1950
99 10212
Kansas City Term 1st 4s.1960 3 J 91 Sale 905
8
8
91,
2
8818 92
Kentucky Central gold 441_1987 J 3 9014 Sale 89
9014 26
8712 90 4
,
8512 Mar'30
Kentucky & Ind Term 438_1961
8514 8512
J 8512 88
91 May'30
Stamped
92
1961 .1 J 91
88
92
Plain
Apr'30
_ _ 89
1961 .1 J
89
89
,
Lake Erie & West 1st g Is._ _
101 10212 101 4 May'30
90- - 100 102
2d gold Is
101
2
1041 J .1 100 103 101
09 103
Lake Sh & Mich So g 3%8_1997
813 May'30
8
8014 81
79 4 8213
,
78 4 Feb'30
,
Registered
1997 D
774 785
4
25-year gold 4a
s
10018 37
,4.
1931 I:1 99% Sate 997
11
98% 1004
9912 May'30
Registered
9912 9912
Leh Val Ilarbor Term gu Is.1954 F A ioUg 16714 105
105
1 103 106 4
,
Leh Val NY Ingo g 4348_1940 J ..1 987 Sale 9854
8
993
8 14
96 4 100
,
Lthigh Val(Pa) cons 2 45.. _ _2003 MN 8914 Sale 8!)
89 4 38
,
8115 915
8
8
8212 Apr'30
Registered
MN
86
8712
General cons 458s
4
9854 11
2003 M N 983 991s 984
9612 100
Lehl Valley RR gen 54 series 2003 MN 10812 110 109
100
1 106
4
Leh V Term Ry lot gu g bs_ _1941 AO 102 __ _- 10218 10313 17 10158 1003
10312
Lob & N Y let guar gold 4s__1945 52 S 90_ 91 May'30
__
8654 91
Lea & East let 50-yr Is gu_ _1965 AO 107 168 107 May'30
- -14
_ 1044 109
Little Miami gen 4s series A_ 1962 MN 8614 91
88
Jan'30
_
88
88
104 Mar'30
Long Dock coneol g Os
_ 104 107
1935 AO 10314
Long bald Int con gold Se July1931 Q J 100 1663- 10018 10018
3
4
99 4 101
,
let eonsol gold 4a _ _ _ _July 1931 Q J 977 -- 985 Mar'30
8
8
985 985s
8
General gold 4e
93
94
1938• D 9314 93 4
,
7
8812 6513
965 Dee'29 -8
Gold 4s
1932 • D 97% 99
Unified gold 45
91
88-8
Apr'30
1949 MS
87l 91
Debenture gold bs
,
4
993
4
6
1934 3D 99 4 10012 993
0014 10012
20
-year pm deb Is
4
1937 MN 100 10012 10012 10012
Gni 100'2
gold 4s
,
Guar ref
4
91
1949 MS 893 Sale 89 4
29
87
914
10012 May'30
Nor Sh B let con gu be Oct'32 Q J 1001s
_
9914 10013.
Louis &Jeff Bdge Co gd g 48_1945 MS 907 8 9212 92 May'30 _ _ _8912 9212
Louisville dr Nashville 5s._1937 MN 1023
8
10258 Apr'30
1017 103 4
8
,
9514
Unified gold 4s
96
1940 J J 9512 90
12
9414 9612
Registered
9412 Mar'30
33
_
92 4 9412
,
_ 10038 10058 2 9914 101
Collateral trust gold be__ 1931 MN FOY.
106
let refund 530 series A_.2003 AO 106 Sale 106
2 10312 10714
2003 AO 10312 105% 106 May'30
let & ref 58 series 11
_
99 1061
/
1
4
/
4
,
let & ref 434e series C.,._2003 *0 9812 Sale 98 8
987
8 25
95 100
96 Mar'30
AO
When Issued
_
94 4 96
,
94
9312 Apr'30
Paducah & Mem Div 4.3_ _1946 FA 93
911 9313
/
4
674 6812
St Louis Div 2d gold 33_ _ _1980 MS 67
6812
5
66
6812
_ 9758 Mar'30
Mob & Montg 1st g 434s_ _1945 M S 9758
_
97% 97 4
5
-9i14 91
91
South Ry joint Monon 0_1952 .1
9214
2
89
93
13
All Knox,& Cm Div 4e _ _1955 MN 9212 Sale 9214
9212 28
91 4 9313
,
10018 10014 10018 May'30
Loulsv Ctn.& Lox Div g 430'31
98% 1004
/
1
c Cash sale
8 Due Feb
BONDS
N. Y. STOCK EXCHANGE
Week Ended.,May 23.
223
54.5
Price
Friday,
May 23.
West's
Range or
Las, sou.
-1
Rases
Sinu
Jan. 1.
--No. Low
Hioh
99 8 10018
5
1
73
12 76
'2
69
60
981 993
/
4
4
2
87
89
412 512
4 100 101
100 100
944 95
/
1
st,
2
Ilia
Ask Low
Mob
1001 Apr'30
/
4
Mahon Coal 1115 1st Is
1934 J J 102
7
8
75 4
,
75 4
,
Mantle RR (South Linea) 45_1939 MN 76 -5
MN 65 4 73 69
let ext 45
69
1959
9914 Apr'30
Manitoba S W Coloniza'n 581934 ▪ D 9914
10
87
87
Man OB&NW ist 3 As_ _ _1941 J J 87 4
6
5 Apr'30
Mex Internet let 4s asstd_ _1977 MS
,
10018
Mich Cent Det AC Bay City 58.'31 MS 100 100 2 100
100
Q SI
Jan'30
Registered
95 Feb'30
'
3
Mich Air Line 4s
1940
_ _ _ 79 Nlar'26
Jack Lane & Sag 3
-1951 51 is
84
88
85 May'30
let gold 358s
1952 MN 8096% 965 May'30
4
Mid of N J lst ext La
1940 AO 95
9712 Mar'30
Mil & Nor latest 4585(1880)1934'3D 98 104
98 May'30
Cons ext 434s (1884)..1934 3D 9818 100
8
8
917
8
Mil Spar & N W let gu 414_1947 MS 917 Sale 91%
/
1
4
90 Apr'28
Milw & State Line let 3588_1941'.2 85
40
38 May'30
Minn & St Louis let cons 53_1934 MN 3618 Temp Ws of deposit _ __1934 MN 3618 37% 3618 May'30
/
4
1212 24
1st & refunding gold es__ _1949 MS 121 Sale 12
124 14
1112 Apr'30
Ref & ext 50-yr 5e ser A _ _1962 Q
_
15
14 Feb'30
Certificates of deposit
11
8
4
90
M St P & 88 51 con g 413 let go 38 5—i 85i Sale 883
'
95 94 May'30
1st eons 58
193$ J J 94
4
4
9812
99
let cons bsgu as to int_ _ _ _1938 3' 983 99
.1
10114 27
10
-year coll trust 634s
1931 52 S 10114 Sale 101
99
99
1st & ref Os eerier' A
1946 S i
2
,
88
88
25-year 558s
1949 MS 86 4 88
1st Chicago Terms f 48_1041 MN 8818 ---- 92 Feb'30
831g
go
9514
964
90
- --1.
85 8
763
4
98
9814
92%
377
35
12
1112
14
8818
933
4
97
99
97
81
02
4l's
4114
16
15
/
1
4
16
9112
97 9
,
DA%
10112
100
91
02
Mississippi Central 1st 55_ __1949 J J
Mo Kan & Tex let gold 4E3..1990 3D
Mo-K-T RR pr lien Se ser A.1062 33
40
-year 4.9 eerlea 13
1962 J
Prior lien 4340 ser D
1978 .11
Cum adjust be ser A Jan 1967 AO
Mo Pac let & ref ba ser A__ _1065 FA
General te
1971 M
let & ref bs series F
1977 MS
lat & ref g 5s ser G
1971' MN
Cony gold 534e
1941 MN
Mo Pat 3d 7s ext at 4% July 1938 MN
Mob & Itir prior Hen g 5s.._1941
.1
Small
33
1st M gold 443
1946 33
Small
1945 J .1
S
Mobile & Ohio gen gold 4e._1938
Montgomery Div let g 58_1947 FA
Ref & (rapt 458a
1977 MS
Moh de Mal lot go gold 4a_1991 MS
Mont C 1st go lla
1937 J J
let guar gold 58
1937 J J
Morris & Essex let gu 3348_ _200e
D
Constr M 5s ter A w I_ _ _ _1955 MN
Constr M 43.4s net 83w 1_1955• N
9518 99
99 Apr'30
99
95
857 88
8714
8814 11
851 854
/
4
19
1025 Sale 1021
8
103
9913 104
2
8814 8714
8758
8758
85
/ 8912
1
4
96
961 9618 May'30
921s 9613
26
106 Sale 1033
4 106
10314 108
12
1007 Sale 100
1007
8 25
9934 1024
148
7812 Sale 78
79
744 81
%
196
10014 sale 9914
1.0014
97 1112
100 Sale 9912 10014 66
9654 102
1093s Sale 10712 10958 175 10712 1135
4
11
94
94 Sale 9314
94
91
971 ____ 100 Mar'30
/
4
100 100
9431, .... 95 Feb'30
'
95
95
89
9314 91 May'30
8718 91
SI
87
81
Apr'30
80
811
/
4
9758 98,4 9712 May'30
, 97
9
94
92% 9412
2
100 Sale 100
1001
964 99
/
1
15
97
9414 98%
88 4 Mar'30
,
8614 8854
10518
105 Feb'30
105 105
100 4
4
,
-- 1003 May'30
9913 100 4
,
787 - 8 785 May'30
8 /97
8
77
10 10314 82
10512 10614 104%
106
1064
984
9812 23
1.18% Bale
96% 9912
Nash Chatt & St L eager A __1978 FA
N Fla & S 1st gu g 5a
1937 FA
Nat Ry of Nler or lien 430_1957 J J
July 1914 coupon on
J
Assent cash war rct No 3 on
Guar 70
-year s / es
1977 AG
Assent cash war ret No 3 on
Nat RR Mex pr lien 434e Oct'26 33
Assent cash war rct No 3 on
let °ousel 4s
1951
Assent cash war rct No 3 on
Naugatuck RR let g 4a_ _ _ _1954 MN
New England RR Cons 58_1045
.1
Consol guar 413
1945 J J
N J June RR guar let 4a_ 19S6 FA
N O&NE let ref & Imp 4544e A '52'.2
New Orleans Term 1st 4s__ _1953 J .1
NO Texas & Nlex n-c Inc 581935 * 0
let .5s series 11
1954 * 0
1st Is series C
1956 F A
Jet 4 hfi series D
1956 FA
let 5340 series A
1954 A
N & C lidge gen guar 4 As_ _ 1945 ii
N Y B & MIS 1st con g 56._ _1935 A0
NY Cent RR cony deb 68..1935 MN
Consol 40 series A
1998 FA
Ref & imp 434s aeries A 2013 AO
35e1&'mut be series C__ _ _2013 AG
9012 96
91
Apr'30
11103 ____ 10018 Apr'30
8
90
100
658 — -4 716281524 May'30Jjou' y)2:
-71-
— 41%.
_
8712 Aug'29
714 May'30
3513 July'28
1414 1412 1414
1414
22 Apr'28
63
6
658 Sale
8214 ____ 86 Mar'30
991 Sale 9913
/
4
9912
9114 92
91 May'30
90
91
88
Jan'30
___ 95 May'30
9590
94
887 May'30
8
9812 99 9812
99
967 Sale 967
98
US 100 Apr'30
92 4 Sale 925
3
4
923
4
1017 Sale 101
8
1017
j
9714 985 97 4
8
5
973
4
997 ___ 100 May'30
10658 Sale 10614 10612
9214 Sale 917
9214
10912
'393 100 10014
4
10714 Sale 1065
4 10712
713
9
792 Sale
4
781 Sale
/
4
9812 984
95....
79
791
7612 7712
791,
7t3
77% ____
97
____
7913
80
7818
7818
9858
987
8
95 May'30
/
1
4
7912
79
771 May'30
/
4
7912
7912
7812 Apr'30
97
971,
513
714
7
10
3
8
53
20
9
22
8
74
15
4
25
_
20
NY Cent &Mid Illy M 334s 1997• .1i
Registered
1997 3,
Debenture gold 4s
N
1934
30
-year debenture 481
'
3
1942
Lake Shore coil gold 3Ma _ _ 1998 FA
Registered
1998 FA
Mich Cent coll gold 3M8_ _1908 F A
1998 F A
Registered
N Y Chic & St L 1st g te__ _ _1937 A0
Registered
1937 A
25
-year debenture 4s
N
1931
2d Os series All C
1931 MN
8% gold notes
1932 AO
Refuuding 534e series A _ _1974 *0
Refunding 534e series 11_1975 ▪ JO
Ref 434e series C
1978 MS
N Y Connect 1st gu 4385 A _1953 P A
.
let guar Is series B
1953 FA
N V & Erie 1st ext gold 45. _ _1947 MN
3d ext gold 434e
N
1933
4th ext gold Is
1930 A 0
"iii"
N Y & Greenw L gu g 5s_ __ _1946
N
N Y & Harlem gold 3348
0000 MN
NY Lack & W 1st dr ref gu be'73 MN
let & ref go 430ser 13 _ _ _1973 MN
NY LEA W 1st 78 ext..._1930 MS
N Y & Jersey 1st be
1932 FA
N Y & Long Branch 4s_ _ _1941 MS
NY &NE Bost Term 48.. _1939 A0
N Y N II& II n-c deb 4s_ _1947 MS
Non-cony debenture 3343_1947 MS
Non-coon' debenture 3341_1954 AG
Non-cony debenture Ls_ _ _1955 J J
Non-cony debenture 48_ _ 195 MN
956
6
Cony debenture 3%a
3'
Cony debenture 68
J
Registered
'
5
Collateral trust 13s
1948 AG
290
4
Debenture 45
1957 MN
1st & ref 434s ser of 1927_1967 J O
N
Harlem 11 & Pt Ches 1st 4s 1954
9612 98
9613 May'30
8012 May'30
8012 84
_- 971s Oct'29
9912
9912 Apr'30
100- - 1005 Dec'29
8
1003 102 100 8 May'30
8
5
87 Sept'20
7512 July'28
5511.
875 May'30
4
8218 66 82 May'30
7918 8114 7912 May'30
13
855 Sale 854
4
,
87
8514 86
85% May'30
25
79 Sale 785
8
79
125 4 Sale 12512 1263
,
4 37
2
12212
12212 Sale 122
10512 106 105% 105% 11
80 Sale 80
80
9319 Sale 93
9414 254
90% ---- 90 May'30
7
3
6
gale- 97I4 Mar9
3
9 334
.
1011 Sale 10158 10112 61
/
4
10214 10212 1021 10214 63
/
4
10714 Sale 1067
8 10714 19
10714 Sale 10714 10714 13
116
965 Sale 957
8
97
9812 ___ 9812 May'30
103 ____ 102 Apr'30
92_ 9218
9218
96 166 100
100
9012 ____ 10018 Apr'30
56
564
NYO&Wreflatg 48_Juno 1992 M S 5612 58
1955 J D 4712 4912 4712 May'30
NY providence& Boston 48 1942 A 0 8812 9012 9012 July'29
89 May'30
8
N Y & Putnam let eon gu 4a 1933 A 0 885 89
843 May'30
4
83
N y &Lea & West let ref 53_1937 J J 80
73
75 Mar'30
SO
1937 F A
2d gold 4588
7312 77
7313 May'30
1940 F A
General gold ba.
975 May'30
8
1943 M N 9712
Terminal lot gold Is
8914 Sale 89
90
N Y W-chea & B 1st ser 1 4348 '46 J
1043
4
Nord Ry ext'l sink fund 63-40 1950 A 0 10418 Sale 104
6912
71
Norfolk South let & ref A 53_1961 F A 6918 70
Norfolk A. South 144 gold fig 1941 MN 06
9712 9618
96,
8
9112
1004
/
1
16
40
21
16
1
-54 -- 11 112
_55
4 8
86
86
9614 9912
8614 91
85
88
92 8 96
7
87
14 901:
4
95
/ 997
1
4
927 99
8
5
96 100 4
9014 94
101 10513
95
9754
9854 100
105 107 4
,
881s 92 2
,
97 101
105 10712
7814 824
81
75
99
97
93
95 2
,
754 8114
7514 78
7813 5112
/
1
78
804
94
9712
9314 93 4
,
97 1COls
100 102%
1014 10254
4
1054 1075
/
1
10512 107%
93% 98 4
,
961 10018
/
4
100 10312
cp
9218
100 100
1001s 1001s
05
0512
8012 S012
837 88
s
78
83
/
1
4
735 80
8
5112 87
79
8814
7413 80
121 133
122 131
4
10458 1061
77
8154
90
9612
87% 90
5512 8514
45
54
853 -3;9-1-2
8212 8611
75
75
7312 79
,
9414 995
8612 9211
10212 10512
6812 79
89
99
New York Bond Record-Continued-Page 4
N
BONDS
Y. STOCK EXCHANGE
Week Ended May 23.
t
Price
Fradell.
May 23.
Week's
Range or
Last Sale.
;2 •
3
t
03.1
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low
High
8
8
Norfolk & West gen gold 6e_1931 MN 1013 1013 10112 May'30
1003 1011
4
/
4
8
Improvement & ext 138_ -1934 FA 10418 _-_- 1043 Mar'30
10314 1043
8
-- 10212 Mar'30
New River lst gold Os.. __.1932 *0 1013
10214 1025
8
12
94
9234
93
N & W Re 15t cons g 48_1996 AO 93 4-9012 9413
---- 91 May'30
91
Registered
90
1996 AO
943 May'30
4
Div let lien & gen g 48_1944 3, 94 100
'
.
913 95
4
9438
943
8
Pocah C & C joint 4s
1941 3D
923 9513
4
___ 10214 Apr'30
North Cent gen & ref Ss A 1974 MS
10112 10238
1031299 100
95 May'30
99
Gen & ref 41 ear A stpd _1974 MS
/
413
98
5
945
8
/
1
4
North Ohio 1st guar g 5.3__ -1945 AO 94 Sale 9458
98
93
9114 72
North Pacific prior lien 4s_.1997 Q J 9114 Sale 9012
8812 9212
89
/
1
4
893
8 18
8658 90
Registered
Q J
663
8 49
/
1
Gen ten ry & Id g 38_Jan 2047 Q F 664 Sale 654
83 3 70
7
14
1
64
64
62
64
Registered
Jan 2047 Q F
4
J 973 9812 9812 May'30
Ref & impt 41 series A__2047
/
4s
95
12 993
s
11334 Sale 11314 114
57 11112 11512
Ref & impt 136 series B____2047
2 10312 10614
8
/
1
4
J 10534 105, 10558 105
Ref & imps 55series C2047
6 10312 1053
4
4 1044
/
1
Ref & imps 50 aeries D___2047 3, 1043 10512 1043
4
____ 10512 Jan'30
Nor Pac Term Co 1st g 80_1933 J J 103
10512 10512
/
4
Nor Ry of Calif guar g 513-1903 AO 1091 ____ 101 May'30
101 101
i. •
'0I
.
Price
BONDS
N. Y. STOCK EXCHANGE
E Bridals
..e. May 23,
Week Ended May 23.
5
814
8114
8112 82
77
83
Og & L Cham let gu g 4a---1948
9218 Mar'30
9218 9218
Ohio Connecting Ry 1st 40_1943 M S
102
102
Ohio River RR 1st g 58
100 102
1936 ID
1003 102 100 Apr'30
4
99 100
General gold 5s
1937 AO
4
4
91
9312
Oregon RR & Nay gong 48.1948 ID 923 9312 923 May'30
1 10418 1057
8 1057
13
8
Ore Short Line 1st cons g 50.19411 3, 10412 10512 1057
10514 109 10514 105
5 103 8 105 4
/
1
4
7
3
Guar /Ay' cons 5s
1946 J
9112
6
9113 91
'3 91
8812 9314
Oregon-Wash 1st & ref 48.__1961
2
6012
8012
60
6212
Pacific Coast Co let g 53_1948 ID 6012 62
2
9214 9512
Pao RR of Mo 1st ext g 4s 1938 PA 954 95, 95 May'30
10018
10012 May'30
975 10012
4
24 extended gold 58
1933 J
9812 9818 May'30
me 9914
Paducah & Ills Isis f 440_1955 3, 98 -4
4 1033
4 5
6 102 10.412
Paris-Lyons-Med RR anti es 1958 FA 1033 Sale 1023
8
93 10314 107
Sinking fund external 78_1958 MS 1045 105 10412 105
4
14
3
99 4 10214
Paris-Orleans RR ext 51
/
48-1968 MS 1013 102 10134 102
95 101
Paulleta Re let & ref a f 7s 1942 MS 10018 102 10918 10018
4
__ 9434 May'30 ---MN
9284 96 4
3
Pennsylvania RR cons g 45_1993
95-94
96
95
95
3
92
58
Consol gold 4s
1948 MN
9534 9318 May'30 ____ 0214 97
48 sterl stpd dollar _May 1 1948 MN 94
96
9314 May'30 ---Registered
9212 9312
19t 98 4 1023
3
Consol mink fund 4
/
1
4s____1960 FA 101 4 Sale 10034 101
4
4 10014 48
974 101
General 43.56 series A.._ _1965 JD 997 Sale 993
10812 Sale 10818 10812 22 loa 1094
General 50 series B
1968 3D
/ 146 108 1097
1
4
15 year secured 832s
1936 I A 10914 Sale 10838 109
8
1083 May'30 -_ --10814 108
8
FA
Registered
/
1
4
.
4
150 10214 10434
40
-year secured gold 5s___1964 MN 1053 g;ie 10312 104
8
957 373
8
Deb g 41
/
4
9414 c9658
s
1970 AO 953 Sale 9434
8
,
91
Pa Co gu 3 5 coil tr A reg-1937 M S 905 92 2 91 May'30 ---/
1
4
90
8
88
Guar 31 coil trust ear B_1941 FA 8714 887 8714 May'30 ---/
45
87
5
8___ 83 8 Sept'28
Guar 3458 trust Ws 0_ _ _1942 JO 865
8412 88
8912 88
Guar 3
/ trust ctfs
1
43
_ _1999 JO
88
88
3
4
3
4
993
4
Guar 15
-25-year gold 4a_ _1931 *0 993 10018 993
987 100
8
4
/
1
/
1
Guar Is ear E trust ctfs
1952 MN 81/78 904 893 May'30 ---8914 914
1007 Sale 10012 100
8
/ 143
1
4
4
Secured gold 41
/
4
5
1963 MN
97 c1013
5
/
1
4
973
4 , 9412 99
4
Pa Ohio & Det let & ref 401 A'77 *0 9714 973 97
/
4
8
8718
IPeorie &Eastern 1st cons 4.3_1940 *0 865 8714 8612
84
88 2
,
,
32 •Apr'30 ---32
Income 43
April 1990 Apr. 31
31
37
/
1
4
10312 May'30 --zz 101 10412
Peoria & Pekin Un let 5559-1974 FA 10238 _
8
Pere Marquette let ear A 55_1956 3' 1045 Sale 10418 10514 07 1023 10514
4
1
91
91
9212
let 4s series B
1958 3, 91
90
4
977
8 85
let g 442s series C
1980 MS 973 Sale 97
957 99
s
/ Aster & Del lst cons g 18_1928
1
4
94 May'30 ---95
Steil as to Dec '28 & Joe '291nt
Phila Bait & Wash 1st g do.
.1043 MN 94
9312 94
lut con 53 ctfs of dap
General 5e series B
1974 FA 10918 110 10918 May'30 ---- 1083 1091s
4
1st refunding g 43
1952
29
2
:Talon Pee 1st RR & Id gr 45_1947
ThillIppine By 1st 30-yr a148'37 I J 2814 3014 2814
28
32
_ 10238 Mar'30
11/32..1 D
8
Pine Creek rag 1st Be
102 1023
Registered
10214-- - 93 May'30
93
933
4
1st Hen & ref 4s____June 2008
Pitts & W Va 1st 44s ser A_1958 J D
92
12 97
/
1
1
9312 9314
9314
Gold 41
let M 4428 series B
19591A 0 93
924 96
/
45
1967
lot lien & ref Ea
1940 A 0 9878 ___ 9878 May'30
P 0 dr St L gu 4 6 A
/
1
4
9714 100
June 2008
99 May'30
/1
4
96/2 99 4
40
-year gold 48
Series B 41.3es guar
1942 A 0 98 100
3
1968
_ _ 9713 Dec'29
3 N J RR & Can gen 4s___ _1944
Series C 442e guar
1942 M N
97
8
9712
Series D 4s guar
1945 MN 98- - 963 Mar'30
1933
-5-iT4 9658 Rah & Nor 1st ext 40
randalla cons g 4s series A_.1955
Series E 3
/ guar gold
1
45
1949 F A 9514 ____ 95 Mar'30
93
53 95
4
come f 4a series B
1953 J D 963 ____ 9634 May'29
Series F 4a guar gold
1957
964
/
1
__ 94 Nov'29
Pere Cruz & P assent 41/4a 1934
Series GI 4a guar
1957 M N
8
9912 943 Feb'30
'61; 945; Tirginla Mid 53series F
1931
Series H cons guar 4s1960 F A 9658 -9912 Apr'30
General 5a
97
1936
/
4
9_1983 F A 9914 101
993
4
Series I cons guar 41
8
ra & Southw'n 1st ill ill- ---2003
Series J cons guar 41
/
4s
1984 M N 995 100 100 May'30
9912 100
4
10918 20 1061 11012
let cons 50
/
4
1958
General M 63 series A
1970 J D 1083 109 109
-year 68
4
_ 1073 Mar'30
J D
4 rirginlan By let 5.3 series A_1962
Registered
1073 1073
4
- -4 109
15 104 10914 Vabasla RR 1st gold 55
Gen mtge guar 5e ear B-1975 A 0 109 10913 1083
1930
8
2d gold 68
1939
10112 10218
Pitts McK & Y 1st gu 85_1932 J J 1025 ____ 10218 Apr'30
1035 July'28
8
Ref & gen a f 51
1934J J
/
4sser A __A975
2d guar 6s
_ 10118 Apr'30
ioois ioffs Debenture B 6sregistered_1939
Pitts Sh & L E lat g 56-1940 A 0 /014
let toed 1 gold Se
lien 511-yr g term 45_1954
19433 J 10114 ____ 10014 Aug'29
9234 Mar'30
Bet & Chic ext lot 5/1
1943 M N
Pitts Vs y Char 1st 4s
9258 924
1941
/
4
Des MO
9112 93
Moines tliV lot g 413_ 1939
Pitta Y & Ash 151 4s ser A_1948 J D 931 9512 93 Apr'30
8
Omaha Div 1st 6 319
1941
A 1035 105 104 May'30
10214 103
1962
lst gen 6s serlea 13
/
4
8
______
Tol & Chic Div g48
1941 1
1974 3 D 1035
let gen Is series C
/
1
4
Vabaeh By ref dr gen 52/ B 1976
75
75
1957 M N 77 __ 75 Feb'30
Providence Secur deb 4s
86 Mar'30
Ref & gen 41 series C
1979
88
/
4
s
80
Providence Term 1st 46_ _ _ _1966 M S 8618 90
9212
9212
2000
90
93 4 Varren let ref gu g 3 s
3
/
1
4
Reading Co Jersey Can coil 4.3 '51 A 0 9212 101
1
Vash Cent let gold 45
19481
9714 101
/
4a
191/7 J J 10012 Sale 99 4 10018 74
Gen & ref 41 series A
Mar'21
10018
Vash Term lot gu 31
1945
/
4e
1941 M N 108
Rensselaer & Saratoga 6s
7818 May'28
lot 40
-year guar Is
1945
1948 M N ____ 79
Rich & !sleek 1st g 45
Apr'30
102
____ 101
V Nn. WA N w lot gu 53-1930
101 101
'Bohm Term Ry let gu 50_1952 J J
1952
94
9718 V Maryland 1st 5 43
Rio Grande June 1st gu 6s 1939 .1 D 9714 10114 97 May'30
1st & ref 51 series A
1977.
---- 6 tvlay'28
/
4s
Rio Grande Sou let gold 49_1940 J J
712 Apr'28
______
Vest N Y & Pa 1st g 58
1937
Guar Is (Jan 1922 coupon)'40 J J
9238
8
/
1
4
Oen gold Is
91
1943
9712
Rio Grande West 1st gold 90_1939 J J 92 Sale 923
85
4
5
6112 88 3 Vastern Pee let war A 6s
1940
3
1st con gs coil trust 4.3 A 1949 A 0 8412 843 8412
24
I
8
8
99
95 4 9912
3
Registered
/
4
s-1939 M 9 985 Sale 985
R I Ark k Louis let 41
75 May'30
7514 78
Vest Shore 1st 43 guar
2361
78
75
-Canada let 611 g 48
Rut
1949
_
8714 ---- 884‘ .30
23/11
1 105'
86
9112
Registered
11141 J
/
42
Rutland let con g 41
Vheel & L E ref 41 ser A...1966
/
4s
87
2
87
89
88
85
Refunding fa aeries 11
1968 1
St Jos & Grand 131 1st 48.__1947 J J 87
96 Nov'29
/
1
4
RR 1st consol 4s
_ 100
1949 1
1996 J J
St Lawr & Adir 1st g 55
30
101 10112 (ilk & East lat iru g 55
1042
- 10112 Feb1998 A 0
2d gold (10
4
VIII at S F 1st gold 50
/
4
983 100
4
993 May'30
1938
1931.1 J 991 100
St L & Cairo guar g 43
/
1
8
963 101
4
1960
Vinston-Salem 8 B let 4e
Eit L Ir Mt & gea eon g 50_1931 A 0 1007 Sale 10012 1004 40
4
1013 Dec'29
(is Cent 50-yr 151 gen 411_1949
1931 A 0
Stamped guar 6e
9818 72 -9
-54 -- -55
6
8
Sul/ & Dul dlv & term 1st 45'36 I
N 98 Sale 98
_1933
Div 1st g
Riv &
9978 10013 (or & Conn East hit 41/411-1943
/
1
4
4
-- 99 Mar'30
St L M Bridge Ter gu g 5s._1930 A 0 993
91
120
/
1
4
8712 92
/
1
4
OIL
-San Fran pr lien 4s /1_1950 N S 90 Sale 8912
gins 0534
93
/ 202
1
4
INDUSTRIALS
8
1978M S 937 Sale 9214
/
414
Con M 41 series A
8 40 log 104
4 1025
.91tibi Pow &Pap let 58---1953
J 10212 Sale 1013
1954
Prior lien 513 aeries B
1 10012 102
,oraham & Straus deb 41
/
45_1943
10012 10112 10114 10114
St Louts & San Fr Ry gen 63_1931
With warrants
/
1
100 10112
4
1931 J .1 1003 101 1004 101
General gold 52
1952
.drkitic Elea Co exti 71I
4
10214 104
8
St L Peor & N W let gu 55_11148 J .1 1027 10412 1023 May'30
odams Express coil tr g 68-1948 I
9418 99
-- 98 Apr'30
1931 MS 9818
St Louis Sou 1st gu g 43
7
8912 .lax Rubber 1st 15-yr a f 85-1936
85
864
/
1
883 873 8614
4
4
SI L SW let g 4a bond ctfs_1989 M
76
/ 82
1
4
,laska Gold M deb 65 A
1925
2d g 4s Inc bond ctfe Nov 1989J J 8012 8114 8112 May'30
1928
974 110
Cony deb On series /3
30
/
1
4
99
8
19323 D 987 9918 98
Consol gold 4a
98 1005
8 ibany Peter Wrap Pap ele 1948
8 18
1st terminal & unifying 50_1952 J J 10018 101 10014 1005
944 c98
1944
,Ileahany Corp col tr 5e
977
s 17
8
/
4
St Paul & K C Sh L 1st 410_1941 IF A 975 Sale 97
Coil dr cony 6e
1949
1004 10
10018 Feb'30
018
St Paul & Duluth let 62-1931 F A 100 _ _
1950
Coll& cony 5s
9112 9112
8
1968 J D 893 9212 9112 Mar'30
let consol gold 4s
Min-Chalmers Mfg deb 58 1937 I
933 -- 8718 Jan'30
8
St Paul E Gr 'Trig lst 454s_.1947i I
ipine-Montan
"ii- 9758 ,ta Aerie ChemSteel lit 78._1055
97 Apr'30
/
1
4
8
St Paul Minn & Man eon 0_1933 J J 975 98
1st ref if 7144'41
4
103 1053
4
/
1
_ I033 J .0 10512 1064 1053 May'30
1st consol g lie
,mar Beet Sug cony deb 6e 1935
4
9752 100
99
/
1
4
995
8
99
/ 99
1
4
/
1
4
/
42-1933 J
6s reduced to gold 41
,merican Chain deb s f (ts_ 1933
98
98
98 Feb'30
J .1
Registered
951s ,la Cot Oil debentiue be_ _ _ _ 1931 I
92
97" 9518 May'30
Mont ext 1st gold is
1937 1 D "9E18 ot Cynarold deb 58
1942
3
89 4 02
9012
9
Pacific ext guar 4.(sterling)'40 J J 9012 _- 9012
nor Ice s f deb lis
1953
/
1
1044 10818
/
1
4
4 105
4
St Paul Sin Dep 1st & ref 56_1972 3 J 1053 Sale 1055
/
1
e._1949
9058 9412 ,mar I0Chen cony 44
11
93
93
933
4
13 A &Ar Pass lstgug43.1943 J J 93
mer Internet Corp COTIV 414a'49
9912 10114
10114 Mar'30
Santa Fe Pres & Phen 1st 5;1_1942 M S
vol
00818 sale. 4 Due May. .t Due August. 0 Doe June.
Week's
Range,?
Last Sale.
'•
•7
3
g -7,
04,
3
Range
Since
Jan. 1.
Bid
Ask Low
High No TAM
HQ*
Say Fla & West let e es___1934
1 10312 ___ 10318 Mar'30 ---103 108 8
,
lot gold Ea
1934____
_ 9934 Jan'30 ---9934 99 4
3
I 9112 94
Scioto V & N E lot gu g 48-1989
92 Apr'30 _--8814 94
I 65
Seaboard Air Line let g 40_1950
80
883 Apr'30 ---4
6038 704
Gold 4.8 stamped
6518
6518 67
85
5
6513
71
1950
55 Sale 55
Adjustment fis
45
Oct 1949
3
54
60 4
3
Refunding 4s
5618 5612 56
5612 14
1959
52
8012
lot & cons ea series A
6912 Sale 6912
7012 57
65
1945
79
Atl a Birm 30-yr 1st g 424.611933
86
8714 86
86
1
8412 89
Seaboard All Fla let gu es A.1935
62 6212 62
63
61
20
72
Series B
63
64 May'30 -.-64
62
1935
72
Seaboard & Roan let Is extd 1931
99 ____ 9812 Mar'30 .--94
9812
S &N Ala consgu g 5a
10112
1015 May'30 ---- 100 4 1014
8
1936
3
Gen cona guar 50-yr 5e
1073 10812 10712 May'30 --_, 1053 107
4 1963
8
12
So Pac coil 443(Cent Par coil) 1949
911 914 90
/
4
/
1
/
1
4
9112 20
8918 93
15t 4129(Oregon Lines) 1,1977
9712 Sale 9712
9812 70
9458 101
20
10212 106 10212 10212
-year cony Si
1939
1 100 10212
Gold 41
964 Sale 9612
/
1
/
4
.
9321 gg
4
971 40
/
4
1988
Gold 41 with warr
9918 Sale 99
/
4s
9612 101
9912 201
1969
San Fran Term lei 4e
9114 924 911
/
1
11
/
4
92
89
93.5a
1950
87 87
____ ____ 87 Feb'30 ____
Registered
So Pao of Cal let cols gu g 58_1937
103
___ 103 Mar'30 --_- 100 103
So Pac Coast let gu g 4e____1937
9512 ____ 96 Jan'30 ---98
96
So Pac RR 1st ref 44
93 Sale 9212
9314 36
1955
91
/
94
____ ____ 91
Jan'30 _-__
91
Registered
91
924
9212 Sale 9212
1
Stamped (Federal tax)_1955
9212 100
1093
10914 Sale 109
Southern By 1st cons 5 5a-1994
s 21 10614 111
____
107 May'30 --„ 106 1084
Registered
91 Sale 90
Devel & gen 43 sales A__1956
9114 87
8812 93
11758 Sale 117
11752
Devel k gen Cle
9 11414 120
1966
12914 Sale 1234 12412 54 120 12812
Develop & gen 61
1956
/
4
8
4 10612 1071s
107
107
____ 107
Meta Div let 9•56
1996
St Louis Div 1st 845
92
/ 31
1
4
92 Sale 92
8712 927
8
1951
10058100 Mar'30 ---r 100 1001s
East Tenn reorg lien g re 1938
/
1
4
941
/
4
11
9412 - - 8 93
953
Mob & Ohio coil It 4s
904 9512
1938
644
12
65
6418 Sale
9pokan• Internet Int g 86_1955
6418 72
_ ___ 85 Feb'30 -- _ _
Eaten Island ay let 41/41
1943
8212 86,2
92
___ 95 Apr'28 ____ _
3unbury & Lewiston let 40_1938
_ 99 Apr'30 ---/
1
4
i07 1 2 OA
3uperior Short Lino let 5s_e1930
97
991/4- -- 8 97 May'30 - --,
977
Tenn Cent It 8s A or 13
97
094
1947
9918
5
9918 Sale 9918
Term Assn of St L late 441-1939
97
994
2 c99 4 104
104
104 Sale 103
151 cons gold 5e
1944
3
8918
1
871s 90 894
Gen refund s f g Is
874 914
1953
10514 11 1037 10812
10514 Sale 105
Texarkana & Ft S 1st 51 A 1950
8
/
4s
10012
98 May'30 --„
/
1
4
rex & NO corn gold 50
9912 99 4
1943
3
111
10 10612 ill
10914 110 8 10918
- - -7Texas A Pac 1st gold 6.3
20(X)
Mar'29 _-_ _
24 ine58(Mar'28e0 on)Dee2000
---- -- -- 95.
-8 26 -oaks 104
.233 Sale 0112 1025
Gen & ref 55 series B
- r
1977
10318 Sale 10112 10318 13
Gen & ref 50 series C
1079
98 8 10412
7
10018 10012 10018 May'30 ---:
La Div 11 L 1st g Is
1931
993 1013
8
4
10514 10512 10612 10612
Tex Plc-Mo Pac Ter 51/48-1964
0 104 106
/
1
4
1001
Vol & Ohio Cent 1st gu 5/1-1935
___ 10012 Apr'30 ---9912 103
10018 10012 100 Mar'30 -_ --98 1003
2WestelWaste,,,Div 1st g58
5
1935
9714 10014 99 Mar'30 ---(Sen gold 55
974 160
1935
Toledo Peoria & West 1st 48.1917
----- -12 Sept'29 -__
Vol 81 1, & W 50-yr g 4s...._1950
05
8
91 Sale
91
11
92$4
9912 ----9858 Jan'30 .-__
9812 984
Wv
1931
436e A
99
997 9914 Mar'30 --_8
1st guar 4548 series B
984 901
/
4
1933
let guar 4s series C
93_ - 9212 Mar'30--,
1842
9212 9212
89 91
8918
Toronto Ham &Buff let g 401946
1
894
88
gg
-ioga
dt 0 go
81
90
904 Mar'30 --__
774 8412 79 May'30 ---74 Nov'29 _cons'
7718 80
454 80
4518 May'30 ---,
/
1
9512 21
9514 Sale 944
93
/ 95 933 May'30 ---,
1
4
4
9114 21
9114 Sale 91
987
8 26
983 Sale 984
4
109 11012 10914 May'30 ---,
90
/ 34
1
4
9014 Sale 90
9318 963 9312 Apr'30 ____
4
96 Nov'29
974
/
1
9418 ____ 93 Mar'30 --__
__ 8212 May'28 -93
/
1
4
i
7
7
8
612 _10018 _ _ 100 Apr'30 --_1003 101 10118 May'30 ---8 - -12,
99 100 100 Apr'30 ---85 May'30 --,
85
87
4 10512 21
10512 Sale 1043
1013 sale 10134 10258 18
4
8
___ 10238 1023
9
10210418 105 105
1051
/
4
5
___ ____ 9818 May'29 --....
85 ____ 85 May'30 --__
_ 102 May'30 ---1015
8
88 s iikl 100 Feb'28 ____
,
8612 Apr'30 --__
8414 86
71)
79
904
874
;45 8 , Di
0388 6658
9114 93
/
1
4
887 93
8
90 100
10612 110
8714 91
owe 94
_
-_
65 '63
9818 101
100 10112
95 100
647 9212
11
10218 107
101 1033
4
9912 1024
/
1
/
4
1011 1054
_
_ •
_
gel
Ii';lst
100 103
SiT4 ---38 4
6
8814 90
14
00
10°77 gale- 10034 A1 ./ - -2-39 8
0
1 14
131
°
/
1
4
97 102
/
1
4
9334 23
933 Sale 93
4
88
/ 9512
1
4
/
1
72
7812 774 May'20 ---724 77 2
,
_ _ 87 Mar'30 -..
833e go
8618 8612
8512- - 8612 May'30 --__
gait 8612
92
____8412 Mar'30 --__
834 go
9934 ____ 9934 Apr'30 ____ 9954 9021
835 Sale 8314
8
84
35
81
843
4
9912 Sale 9912 100
61
94 104
/
1
4
/
1
4
1013 10214 10134 1013
4
4
1
98 102
911 9212 91 May'30 /
4
- 8812 9212
9814 Sale 98
9812 3
5
97
12 99
___
97 Feb'30 -_
97
97
883 ---- 883
8 883
4
4
89
20
854 91
/
1
8714 88 4 8714 May'30 ---3
854 89
/
1
92
94 92 May'30 __
go
9463
10012 ____ 10012 May'30 ____
9858 101
8912 Sale 8912
8912 25
394 893
4
6514 6914 67 May'30 --__
4214 71
10112 ____ 102 May'30 --__ 102 102
853 ____ 8614 Apr'30 --__
4
RN 86 4
,
80 Sale 80
803
4 15
79
8314
8712 883 8714 May'30 -__
4
884 9153
/
1
85
93
/ 90 Apr'30 -1
4
/
1
4
9034 904
8618 Sale
,..zelto>.0.rt7,0t7)>Omcnocia00
3684
8512
8612
76
13214 883
8
10112 Sale 10112 10112
7
97 10311
99 Sale 9812
99
10
90 100
8512 86
86
86
14
82
89
55
65
63 May'30 ____
454 80
54 74 514 May'30 _-__
514 9
514-54
5
/
1
4
3
IN 514
94
943
-4
9614 10
85
9814
1014 Sale 10114
/
1
99 lava
1013
4 28
10114 Sale 10012 10112 84
99 10412
/ 994
1
4
96
97 Sale 97
971.4 140
1014 102 1011 102
/
1
99 10212
/
1
4
/
4
24
964 Sale 9678
/
1
91 100
5
9812
10312 Sale 1034 104
16 10212 10512
/
1
87
/
1
4
75
75
15
80
80
80
97 10218
1015 Sale 10158 10158 12
8
99 100 4
3
/
1
10014 101 10014 1004 12
96 10012
7
98
97
/ 98
1
4
978
4
86
/ 90
1
4
87
8712
874 27
/
1
88
10712 127 100 10812
10634 Sale 106
85
93 10112
/
4
993 Sale 991 100
4
3685
New York Bond Record—continued—Page 5
BONDS
14 Y STOCK EXCHANGE
Week Ended May 23.
is.2
4
1939
Am Maeh & Fdy f 6s
1934
Amer Metal 5s
Am Nat Gas 6 He (with war)1942
Sm dc R let 30-yr baser A '47
Am
1937
Amer Sugar Ref 15-yr 6s
1936
Am Telco & Teleg cony
1933
-year cony 4 He
30
1946
-year coil tr 53
30
Registered
1960
35-yr s f deb 5s
1943
0
2 -years 5149
1939
Cony deb 434s
1965
515-yr deb 58
1940
Am Type Found deb Os
Am Wat Wks& El col tr 5s _1934
1975
Deb116e series A
1947
Am Writ Pap 1st g 6e
Anglo-Chilean a f deb 78_ _ _1945
A ntilla(Comp Attie) 7 He _ 1939
Ark & Mem Bridge & Ter 58.1964
1939
Armour & Co let 414e
Armour & Cool Del 514s_ _ _1943
Associated 0116% gold notes 1935
1947
Atlanta Gas L 1st 5s
Atlantic Fruit 70 ctfe dep._ _ 1934
Stamped et's of deposit
Atl Gulf & W I SS L col tr Sc 1959
1937
Atlantic Refit deb 56
Baldw Loco Works 1st 5s_ _1940
Baragua(Comp Az) 7 Hs_ 1937
Batavian Pete gen deb 4Hs _1942
1936
Belding-IlemIngway 68
Bell Telep of Pa 5e series B_ _1948
let & ref 58 series C
1960
Berlin City Elee Co deb 6Hs1951
Deb sink fund 6 Hs
1969
Berlin Elec El & Undg 6 Hs _ _1956
Beth Steel let & ref 5s guar A '42
30-yr p m & imp of 55._ _1936
Bing & Bing deb 6 he
1950
1934
Botany Cone Mills6 he
1934
Bowman-Bilt Hotels 78
Wway & 7th Av 1st cone Se _ _1943
Brooklyn City RR lst53 _ _1941
Bklyn Edison Inc gen 5e A__ _1949
1968
Bklyn-Man R T sec68
Bklyn Qu Co & Sub con gtd 58'41
1941
1st 58 stamped
Brooklyn R Ti 1st cony it 49_2002
3-yr 7%s ecured notes _ _.1921
Bklyn Lin El lst g 4-56
1950
1950
Stamped guar 4-55
Bklyn Un Gas letcons g 58..1945
1st lien & ref 6seeriee A _ _1947
1936
Cony deb it 514s
Buff& Susq Iron 1st elSe _ _ _1932
Bush Terminal lst 4s
1952
Consol 58
1955
Bush Term MRS 5e gu tax-ex '60
By-Prod Coke let 5He A _ _ _1945
Cal0&E Corp unit& ref 513_1937
Cal Petroleum cony deb at 581939
Cony deb s g 5.145
1938
Camaguey Sug lets f g 7s.._1942
Canada SS L let & gen 68_ _ _1941
Cent Dist Tel let 30-yr Es__ _1943
Cert Foundry 1st s f 66 May 1031
Cent Hud & E 53
Jan 1957
Central Steel let g s f 8s_1941
Certain-teed Prod 5345 A _ _ _1948
Cespedes Sugar Co 1st s 7;0'39
Chic City & Conn Rya 5a-Tan 1927
Ch0L dz Coke 1st gu g reit. _1937
Chicago Rye let Se stamped
Aug 1 1929int 10% paid _ _1927
Chile Copper Co deb 58
1947
Cin & E let m 48 A
1968
Clearfield Bit Coal let 48_
1940
1938
Colon 011 cony deb 68
1943
ColoF&ICogensf 5e
Col Indus let & coil 5e gu _ _1934
Columbia CI & E deb 5e May 1952
Debentures 5e _ _Apr 15 1952
Columbus Gee 1st gold 5e __ _1932
Columbus Ry P & L lst 4 He 1957
Commercial Credits f 68_ ,,1934
Col tr St 534s notes
1935
Comm'lInveet Tr deb 68___ _1948
Cony deb 5Hs
1949
Computing-Tab-Rec s f 6s _ _1941
Conn Ry & L let & ref g 4;481951
Stamped guar 4Hs
1951
Comm!A gricul Loan 634e,. _1958
Consolidated Hydro-Elec Works
of Upper Wuertemberg 76_1956
Cons Coal of MS let&ref 58_1950
(NY)deb 530_ _1945
Consol Gas
Consumers Gas of Chic gu 5s 1936
Consumers Power 1st 5s__1952
Container Corp 1st 68
1946
15-yr deb 58 with warr
1943
Copenhagen Telep 58 Feb 15 1954
Corn Prod Refg let 25-yr Of tes'84
Crown Cork & Seals f 6s.. _ _1947
Crown-Williamotte Pap 88._1951
Cuba Cane Sugar cony 79._ _1930
Cony deben stamped 8% _1930
Cuban Am Sugar 1st coil 88_1931
Cuban Cane Prod deb 8s
1950
Cuban Dom Sug let 7 Hs1994
Stpd with much war attached_
Cumb T & T lst & gen 58 _.1937
CUyamel Fruit 1st of 66 A_ _ 1940
Denver Cons Tramw let 58 _1933
.
Den Gas & EL 1st & ref f 85
8'51
,
Stamped as to Pa tax
1951
Dory Corp (13 0) 1st f 7s__1942
Second stamped
Detroit Edison 1st coil tr Es_1933
1st & ref 511 series A...1My 1940
1949
Gen & ref 58 series A
Ist & ref fis series B _July 1940
1955
Gen & ref fus series B
1962
SeriesC
Det United let cons g 4He_ _1932
1949
Dodge Bros deb 6e
Dold (Jacob)Pack ist _ _ _ 1942
Dominion Iron & Steel 52.— 1939
1942
Donner Steel 1st ref 78
Duke-Price Pow 1•1 OsSer A..1960
•
Duquesne Light 1St 454: _ _1967
Emit Calm Beg 15-yr s f g 714e'37
Ed El III Bkin lat con g 4s_ _1930
Ed Elec(NY)let cons g 5e. 1995
Edith Rockefeller McCormick
Treut rn11 Cr 11.1, notes.._1939
c Cub owls.
Price
Friday,
May 23.
Week's
Ranye or
Last Sale.
Low
moh
No.
53
10 4 May'30 --- 8 45
995
9912
9012 19
89
8 76
101
1017
30
104
10314
98 May'30
100 May'30
4 20
10412 1043
10312 May'30
1544 gale 10414 1041 "iii
4
/
72
8
1075 Sale 10712 108
c1691„ 4966
16812 Sale 155
10458 409
8
1095 Sale 10438
4
106
10512 106 106
54
8 101
1
/
1004 Sale 1005
10614 15
105 Sale 104
8212 15
81
8212 8012
9714 33
96 Sale 96
21
52
53
5018
50
4
100 10212 1003 May'30
8 41
903
90 Sale 8914
8478 51
8
8
847 Sale 835
6
103
10318 -- 103
1023
4
- 103 Apr'30
1252 May'28
8
125 May'29
48
77
764 Sale 764
29
102
8
1013 Sale 10114
Ask
/344
1041s 106
9912 Sale
90 Sale
101 Sale
104 Sale
983
8
81017 105
4
1043 Bale
Range
Since
Jan, 1.
E
2
04,
Low
High
4
10.38 1057
s
4
." 9912 993
8
923
70
9912 10218
103 1054
1
/
8
945 98
9912 105
103 10512
103 10312
10:18 105
4
1043 108
13714 19312
10018 105
103 107
9912 103
104 108
69
84
8312 9812
55
49
9814 101
8712 9112
4
s
813 863
102 10312
4
1013 103
"iiis 16"
100
103
4
107
107 10712 107
7614 May'30
78
76
9312 Sale 9278
4 31
933
20
81
81 Sale 75
17
105
105 Sale 105
19
8 107
107 Sale 1067
4 75
923
92 Sale 9112
46
92
4
/
911 Sale 91
6
8
93
0212 Sale 913
6
8
8 1037
103 Sale 1023
9
10112 Sale 10112 103
90 90 May'30
86
38
3
38 Sale 37/2
10014 102 10114 May'30
3
26
26
2512 26
89
6
84
85
84
3
8 10412
10412 Sale 1043
8
993 129
99 Sale 9812
4
7412 71
72
71
8312 Dec'29
7512 89
9212 June'29
10614 Nov'30
105
13
86
85
83 16
13
86
4
4
1
/
833 Sale 83
1
10618
10614 107 10618
3
115 4 May'30
8
1147
Oct'29
255
Jan'30
96
944 _
3
8738
8738 - -- 8714
11
97
96
99
97 2
10114
10012 1011 101
4
/
4 10314 12
4
1023 Sale 1023
105 10712
764 91
92 9512
87
81
102 10614
4
1
/
103 1081
4
/
88 c973
4
8434 96
80
98
10112c105
993 104
4
8614 91
3512 47
100 105
25
4412
8212 87
10312 1053
2
9412 101
70
78
_
6
8
8
1015 1025 10112 10134
12
4
100
9912 993 994
10214 31
10214 Sale 102
49 May'30
47
48
3
9612
8
965
4
953 06
3
8 1035
8
8
1035 Sale 1035
9412 81 May'30
81
1033
4
- 10312 Apr'30
7
125
4
125 1153- 125
4914 104
46 Sale 4412
4
70
70
72
65
5312 Mar'30
64
61
4
10212
- 10218 10214
3
100 8 1027
2
94 10012
9812 10212
89
49
2
947 97
1024 1044
7914 8112
10214 10312
121 125
4412 61
70
7814
5312 5312
100 104
8312 34
824 83 8012
4
96 Sale 953
9614 76
32
89
4
89 Sale 883
__
74 68 Apr'30
71
7814 44
78 Sale 76
11
98
96
8
975 100
7
4
96
06 Sale 953
4 1023
8 73
102 Sale 1013
10
8
102
102 Sale 1017
1
97
97 Sale 97
4
4 27
943
9412 Sale 933
4 12
993
9912
8
995 100
97
1
98 97
97
8 30
995
4
4
973 Sale 973
4
9514 176
4
943 Sale 943
_
106 -- -- 106 May'30
0814
3
9814 Sale 9815
_
9814 99 98 May'30
88
85
8
867 Sale 864
9378 22
8
937 Sale 9312
4912 19
4912 Sale 4818
4
8
10133 135
106 Sale 1053
4
10112 10212 10112 10112
8 104
10
8
1035 Sale 1035
94
2
9514
98
94
79
8
797
79
9
78
8
953
9
9412 953 95
4
102
102
3
_
_
102
4
8 15
997
4
993 Sale 993
10212 67
10214 Sale 102
8
305 5514 11 Mar'30
41 Mar'30
41
30
8 52
993
99 Sale 99
6
2518 25
163
25
3514
2
3514 Sale 3,514
36
3612 36 May'30
10214 12
102 10212 102
4 104
104 Sale 1033
23
76 Dec'29
_
4 10312
4
4
1013 10214 1013
4
1013 10212 10134 _10134
2
61
_ 42
Oct'29
18
19
18
1§
4 11
10112 Sale 10112 1013
1033
10314 1033 10314
4
4
4
4 10438 19
104 Sale 1033
10812 Sale 1074 10812 25
104 1047 10414
8
9
10414
10618 Sale 10618 10618 10
9818
98 100
4 32
983
4
9512 151
9512 Sale 943
7118 Sale 7118
72
23
_ _ _ 101
Apr'30
9010312 104 10314
10314
2
8
1047 Sale 1043
4
10512 34
10018 10014 993
4 10014 63
70 Sale 70
76
50
8
957 9612 953 May'30
4
10918 110 11012 Mar'30
4
/
1011 Sale 10114
8
1017
84 l8814
83 4 8912
3
50418 10612
114 117
-ea- 96
4
1
/ 90
87
94
99
99 10252
1004 10418
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 23.
Else Pow Corp(Germany)6348'50
1953
1st s f 6Hs
Elk Horn Coal 1st & ref 634s 1931
(Deb 7% notes(with warr)1931
Bala Gas Light 1st con 56_ _1932
Ernesto Breda Co 1st m 78_1954
With Ink peach warrants
Federal Light & Tr let 5s_ 1942
1st lien s f 58 stamped __1942
1942
1st lien 6.stamped
1054
-year deb 6s series B
30
1939
Federated Metals e f 70
1946
Flat deb 7s (with wart)
Without stock purch warrants.
1941
Fisk Rubber 1st s f Se.
Framerican Ind Dev 20-yr 7;0'42
Francisco Sugar 1st e f 7 Hs_ _ 1942
French Nat Mall SS Lines 761949
1943
GannettCo deb (is
Gas & El of Berg Co corui g 681949
Gerd Amer Investors deb 55 .1952
Gen Cable lst s I 5 Hs A__ _ 1947
1942
Gen Electric deb it 3%s
Gen Elec(Germany)7e Jan 15 '46
St deb 6 Hs with warr_ _ _ _1940
Without warets attach'&1940
1948
-year s f deb 6e
20
1937
Gen Mot Acceptdeb Os
1940
Genl Petrol 1st s I 56
1939
Gen Pub Serv deb 5148
Gen'l Steel Cast 5348 with war '49
Gent Theatres Equip 65._ _1944
1940
Cony deb 68
Good Hope Steel & I sec 781945
Goodrich(B F)Co let648_ _1947
Goodyear Tire & Rub 1st 58_1957
Gotham Silk Hosiery deb 08.1936
1940
Gould Coupler let s f(38
Gt Cons El Power (Japan)781944
1st & gen f 614e
1950
Gulf States Steel deb 5;0_1942
Hackensack Water 1st 48._ _1952
Harpin Mining Bs with stk purch
war for corn stock or Am she'49
Hansa SS Lines 68 with warr_1939
1930
Hartford St Ry 1st 48
Havana Elec consol g So.__ _1952
Deb 5148 series of 1926 ..1951
Hoe (11) & Co 1st 6 He eer A _1934
Holland-Amer Line 6e (flat)_1947
Hudson Coal 1St s f 5eser A.1962
1940
Hudson Co Gas lstgSa
Humble 011 dc Refining 5548_1932
1937
Deb gold 58
Illinois Bell Telephone Se .1956
Illinois Steel deb 414s
1940
Baader Steel Corp mtgelis_._ 1948
Indiana Limestone 1st s 1 68_1941
Ind Nat Gas& 0115.
1936
Inland Steel 1st 4348
1978
Inspiration Con Copper 634s 1931
1956
Interboro Metrop 434e
Interboro Rap Tran lot 5a._1966
Stamped
Registered
10
1932
-year (is
10
-year cony 7% notes__ _1932
lot Agrio Corp 1st 20-yr 58._1932
Stamped extended to 1942_ - Int Cementcony deb 58_ _ _1948
Internat Hydro El deb 6s_ _ _1944
Internat Match s I deb 58 1947
Inter Mercan Marine of(38_1941
Internat Paper Esser A & 13_1947
Ref 8 f 6s series A
1055
69
8312 Int Telep & Teleg deb g 434s 1952
Cony deb 434s
1939
94/2 9814
1955
Deb 51/
4
/
861 9078
63
70
71
8914 Kansas City Pow & Lt 5e _ _ _1952
1st gold 4Hsseries 13
1957
95
095
8
9212 9712 Kansas Gas di Electric 68_ 1952
1943
98 1023 Karstadt(Rudolph) Be
4
1
/
8
Keith(3 F)Corp let Be
1946
983 102
4
Kendall Co 530 with warr 1948
98
95
Keystone Telep Co 1st 5s_ _1935
90
90
Kings County El & P g 5e_ _1937
933 100
4
Purchase money 6a
1997
85 99
86 10014 Kings County Elev lst g 48 _ _ 1949
1949
83
Stamped guar 4e
9712
10312 1061 Kings County Lighting fe _1954
4
/
9512 9814
First& ref6 Hs
1954
Kinney(OR)&Co 734% notes'36
1s 98
93
Kresge Found'n coil tr 6s.__1936
7612 90
Kreuger & Toll 5s with war _.1959
t
89 ap Lackawanna Steel let 5a A _ _1950
42
Lac! Gas 01St L ref&ext 58 _1934
63
Col A: ref 5 Hs series C___ _1953
105 10612
Coll & ref 55(5 ser D
1960
9812 10112
10214 10418 Lautaro Nitrate Co cony 138_1954
Without warrants
8918 953
4
Lehigh C Ac Nay et 454s A __1954
85
77
913 972 Lehigh Valley Coal let g bet_ _1933
4
4
let 40-yr gu int red to 4%.1933
974 102
1934
94
9972
Ist & ref s f 5a
1949
9912 10212
1st & ref f 5a
1959
3512 414
1st & ref f Se
1969
1st & ref s f 52
3618 4312
1974
1st & ref f 56
99 19018
abb, Liggett& Myers Tobacco 78_1944
25
1951
47
25
58
4012 Loew's Inc deb 68 with warr_1941
35
Without stocks pure, warrants
10010105
1021 1004 Lombard Elec 1st 78 with war '52
4
/
Without warrants
1944
Lorilliard (P) Co 7e
1951
"if)" 1661; 68
1937
Deb 540
9818 103
Louisville Gas & El(Ky) 58.1952
Louisville Ry 1st cons 5e_ .1030
17
47
10014 10314 Lower Austria Hydro El Pow—
1944
total 614s
101 103
4
1
/
101% 1091 McCrory Stores Corp deb 5%8'41
4
/
10512 10812 Mansti Sugar lst s 7he_ _ _1942
102 1044 Manhat Ry(N Y) cone g 46_1990
1
/
2013
20 ge
8
1023 10618
Manila Else Ry dr Lt s f 513..1953
96
99
9212 984 Marion Stearn Shovel s f 83_1947
1
/
Mfrs Tr Co ctfs of polite in
67
75
A I Namm & Son 1st 68_1943
10012 101
Market St Ry 7e8er A _April 1940
10112 104
__.1957
10318 10612 Meridlorutie Elea lot
9614 1004 Metr Ed lst & ref fre ser C _ _1953
1
/
1968
ist g 4Hs ser D
87
66
4
1
/ 96% Metr West Side El(Chic)4s _1938
94
Mill Mach with war _ 1956
;Alas
100 111
Without warrants
3
100 s 1024
a.
Price
Fridag,
May 23.
Bid
9312
92
9312
65
10018
Week's
Range or
Last Sate,
Range
Since
Jan, 1.
44
High
MOOS N. Low
Ask Low
994 9712
9412 17
Sale 9312
1
94
94
94
94
95
1
82 98
9912 94
4
1
/
9412
6512 May'30
75
8.512 75
3
99 4 1004
____ 10018 May'30
84
8014 8212 8212
9612
96 Sale 96
96 Sale 9512
9614
8
1043
104 10412 104
97
97
97
98
101
99 10012 101
103 10514 104 May'30
94
94 Sale 93
76
75
7718 79
103 Sale 10712 10818
93
93
9312 93
10312
8
1033 Sale 10314
19
3
4
3
2
1
7534 84
97%
94
944 98
14
10033108
9218 1004
100 102
10212 107
2
947
90
89
75
10312 109
82 97
4
1
/
102 104
4
1
/
19
20
22
2
8
8812 13
8812 Sale 881e
_
994 Feb'30
10212
8
86
86
86
85
15
8
1004
10012 101 1005
9412 9712 944 May'30
10912 Sale 10312 10412 15
45
113 Sale 11212 113
4
100
4
993 100 100
9012 52
Sale 95
9512
10312 129
10312 Sale 103
6
8
8 1013
8
1013 Sale 1013
3
10012
10018 10012 10018
4 45
10412 Sale 10412 1043
4 39
1393
Sale 130
13314
4
993 1145
99 Sale 99
8 10052 27
100 Sale 997
4
1063 103
4
1053 Sale 105
9414 107
9414 Sale 9312
902 17
9512 Sale 9512
6
79
79
80
78
22
8 100
8
997 Sale 997
3
8
923
8
9214 927 9214
4 30
993
0912 Sale 99
8814 May'30
8814 90
9
9112
8
923
9112 92
6
4
893
8812 90 8812
9612 Aug'29 9612
_
8
_ _ _ 793 75 May'30
4
5514 Sale 523
4
5514
2
80
SO
7812 80
3
85
85
86
82
6912 41
8
685 Sale 68
4
4
1023
4
4
1023 103 1023
25
102
8
1017 Sale 10114
8 10
1017
10138 1013 10114
4
10512 52
4
105 Sale 1043
9
4
993
4
993
4
993 100
33
89
4
883 Sale 88
9
8412
84
8412 84
_
100 Apr'30
9438 50
94 Sale 94
10112 13
8
10114 1013 10114
912 Feb'30 - 912 20
71
69
8
8
687 Sale 683
6914 58
6812 Sale 6814
65 Mar'30
5912 17
"58 59 58
4
/
891 36
891 89
89
1
96
96 Sale 96
5
77
77 Sale 77
10014 Sale 10014 1004 52
1
/
134
104
104 Sale 103
10012 137
4
10014 Sale 993
10134 35
101 10112 imps
9118 18
9012 Sale 9012
60
91 Sale 894
91
9218 13
9112 Sale 9112
12112 Sale 12014 12212 150
4
973 286
4
973 Sale 9718
92%
86
99% 99%
52 92
99 1033
8
96
94
9914 105
109 124
9512 101
1
/
924 9714
s
10012 1043
4
1
/
99 10212
9312 103
101 10614
12711 152
99 10014
4
1
/
92 c103
7
105 107 8
98
90
87
9712
,
847
69
14
97 10112
4
/
911 98
7
97 100 s
90
85
8712 94
87 92
543*
75
52
4
1
/ 8812
90
75
8012 9218
6512 73
1011s 1044
101 10212
2
99 4 102
103 10512
97 102
92
82
68
8512
100 101
91
12
95
10018 10112
12 912
9
6112 744
6112 7412
60% 65
1
/
864
SI
94%
84
9312 96
4
1
/ 77
72
91 1035s
103 109
97 10012
96114 1011
4
/
9212
83
85 92%
59% 94
114 129%
9614 994
6 103 10512
8
10412 105 10412 1095
9813
9512 9512
9512 Feb'30
1
/
1064 91 104 10611
10614 Sale 10514
6912 83%
7813 42
8
775 Sale 7713
74
91
874 88 88 May'30
2
8
8812 9254
907
8812 Sale 8812
90
75
85 May'30
84
87
4
1
/
100 1044
1024 ---- 10112 Apr'30
2 125 128
3
4
1154 - -- 125 4 1253
81 May'30
7512 81%
8018 81
2
8014
7512 84
79
8114 8014
8
_ 1047 Apr'30
8
1047
100% 105
1 11412 117
4 1153
1153 120 1153
4
4
4
1
/
4
1023 1043 10212 May'30
4
101 107
4 102 105
10312 104 10312 104
4
1
/
4
985 289
s
9814 Bale 973
92 100%
101 May'30
10218
100 1024
10114 18
10114 Sale 10014
99 10214
8 34 1110114c10514
10314 Sale 10212 1035
8 1027
8 39 102 10314
4
1023 Sale 1023
8312 91
8314 Sale 82
2
984 Sale 9814
4
983
2
100
100 Sale 100
6
9712
_ _ 9712
9712
Dec'29
8
997 101
83 May'30
8218 87
7212 May'30
7214 94
1
70
8
713 70
7012 May'30
71
88
25
12012 Sale 12012 121
8 21
1037
8
1037 104 103
8 12712 26
127 Sale 1245
2
9912 176
99 Sale 977
4
8 10
973
9618 Sale 963
96
4 32
973
4
1
/ 99
98
12
109
108 Sale 108
33
89
8714 Sale 8714
20
94
9212
8
935 94
8
103 10314 10212 103
4
91
91 Sale 88
8512 8712 8712
8712
10012
4
/
991 10014 100
.62
62
6414 66
5312
5212 Sale 5212
54 Mar'30
54
50
9912 103
9914
9914
8
837
84
8314
80
1
5
3
17
100
100 100
9212
Sale 92
10112
___ 100
103
10312 103
8
977
Sale 977
8
73
7412
78
9414 97
Apr'30
8812
9012 8814
2
21
3
1
10
10
_
6
98
9212
100
103
8
977
74
____
8814
2
4
12
87
74
94% 904
994 101
9512 97%
S0' 83
7212 74
4
761
70
78
70
11712 122
4
983 105
10112 1277
4
9184 101
93
9912
99
93
12
8
1047 110
2
787 90
89
9514
100 10312
95
87
80
ge28
60
52
47
94
75
91
10012
86
60
54
9914
4
883
9612 100
97%
90
9714 102
101 103%
97% 9818
6612 7712
81
97
80 90
3686
BONDS
N. Y STOCK EXCHANGE
Week Ended May 23.
New York Bond Record-Concluded -Page 6
t
,t;a.,
Price
Friday.
May 23.
WeeV8
Range or
Last Sale.
"•
ca,
r4
Rid
Ask Low
High Na
Midvale St&0cony e f 513_ _1936 MS 101 Sale 190
2 101 8 88
,
Milw El Ry &Lt ref & ext 4348'31 J J 100 10018 10014 10014
5
General & rel 58 series A _1951 JO 10112
10
_ 1017
8 102
let & ref 5s series B
1961 JD 1005 Sale 1003
8
30
8 101
& ref Esser B temp__19e1 ID
100 May'30
Montana Power let 5a A __ .1943 J J 10224 103 10114 10214 20
Deb 68 aeries A
8
1962 JD 1015 Sale 10118 1011 15
/
4
Montecatini Mhz & Aerie
Deb 78 with warrante__ 1937 J J 10512 Sale 105
105
/ 13
1
4
without warrants
J2 99 Sale 99
9914 16
Montreal Tram let & ref 58_1941 J
9812 Sale 9812
9812
Gen & ref a f 58 series A__1955 AO 9412 9518 9412 May'30
_
Gen & ref a f 5a ser 13
4
1955 *0 933 9614 917 Jan'30
8
Gen & ref a f 41413 ser C
1955 AO 8614 8712 867 May'30
8
Gen & ref a f 5a ser D
3
1955 AO 93 4 9512 93 4
3
93
/ 10
1
4
Morris & Co 1st a f 414a_ __ _1939 ii 82% Sale 82
7
8214
Mortgage-Bond Co 48 ear 2.1986 AO 7314 75
7314 Jan'30
_
10 -year Ss series 3._ _ _1932 J J 97 9712 98 May'30
-25
_
Murray Body let 6 941.
D 9212 95 923
14
93
1934
4
Mutual Fuel Gas let gu g 58_1947 MN 10312 ---- 10314 May'30
Mut Un Tel gtd es ext at5% 1941 MN 100 ---- 98
/ Jan'30
1
4
Namm (A I) Az Son _See Mfrs Tr
Nassau Elec guar gold 4s
4
4
6
53
/
1
4
1951 J J 523 Sale 523
Nat Acme lets! 13a
1
_ 10212 10212
1942 JO 10212
Nat Dairy Prod deb 59(s_ _l948 FA 99 gile 983
4
993 192
4
Nat Radiator deb 6348
8
19
26
1947 PA 2412 257 25
Nat Starch 20
4
/
1
4
-year deb ea- -1930 Ii 993 - - 99 Apr'30
Newark Coneol Gas cons 58.1948 JO 10314
3
- 10312 10312
New Engl Tel & Tel 58 A__ _1952 ID 106%107 10618 c108
16
let g 434s series B
1
100
1961 MN 100 Sale 100
New Orl Pub Serv let 5s A 1952 AO 89
90 90
5
9018
First & ref 58 series B___ _19.55 JD 88
897 89
8
9014 19
NY Dock 50
5
84
-year let g 4s _ _1951 PA 8312 847 8312
8
Serial 5% notes
7912 18
1938 AO 76% Sale 76%
N Y Edition let & ref 6145 A _1941 AO 11322 Sale 11312 1133
4 17
let lien dc ref 58 series 11....1944 AO 104% 1047 105 May'30
8
N Y Gas El Lt H& Pr 858_1948 JO 10618 Sale 10618 10614 13
8
Purchase money gold 4s_ _1949 FA 943 94% 943 May'30
8
NYLE&W Coal & RR 5%5'42 MN 101 1013 101 Mar'30
4
NYLE&W Dock & Imp 5s'43I, 9711
_
4- 9712 Sept'29
N Y & Q El L & P lat 58_1930 FA 99% 1
0018 100 May'30
NT Rye let RE & ref 4a
4318 Mar'30
1942 j j 4318 54
4318
Certificates of deposit
_ 5614 Mar'29
-9
12 1 Aug'29
30
-year adjInc Sa ___ _Jan 1942 AO _
Certificates of deposit
1 July'29
Y Rye Corp Inc 6e___Jan 1985 Apr
5
6 6
5
6
Prior lien Oa series A
68% 68 May'30
1905 ii 67
N T & Richm Gan 1st ea A _ _1951 MN 1053
10514 10514
1
8
1224 1214
NY State Rye let cons 4)0_1962 MN
5
1214
MN
Registered
-- 17
Jan'30
Certificates of deposit
16
1
16
50-yr lit cone 630 series B1962 MNhi N 13 II 16 May'30
10714 Bale 10714 10714 5
PI T Steam Lst 25-yr ea ser A 1947
N Teiep 1st & gen f 4)0.1939 MN 100 Sale 993
4 100 4 41
3
35
-year deben a f lia__Feb 1949 FA 111 Sale 11034 111
23
4
30
-year ref gold 88._ _____ 1941 AO 1083 Sale 10613 10718 69
N Y Trap Rock lat es
101
4
1946 JO 100 1003 100
27
Niagara Falls Power let 5s_ _1932 J J 10112 103 102
102
Ref & ten ea
Jan 1932 AO 10212 10314 10212 10212
Mai Lock &0 Pr lat 51. A-1955*0 104 Sale 104
10412 11
Nerddeutaohe Lloyd 20-yrsf68'47 MN 913 92
4
9212 78
913
4
Noe Amer Cem deb 5148 A _1940 MS 823 63 63
4
6314 35
No Am Edison deb be sec A _1957 MS 1031 Sale 10314 103
/
4
/ 15
1
4
Deb 5 Hs ser B__ __Aug 161963 PA 1033 Sale 10314 10312 90
8
Deb Is series C
/
1
4
1969 MN 97 Sale 97
c983 109
4
Nee Ohio Trac & Light 88..1947 MS 103 Sale 102
25
103
Nor States Pow 25-yr Is A _ _1941 AO 10114 1013 10114 10218 22
4
let & ref 5-yr 65 ear B__ _ _1941 AO 105 107 10514 106
10
North W T let fd g 4%agtd_1934 J J 9812 100
9812
1
9812
Norweg Hydro-El Nit 5146_1957 MN 9114 Sale 91
58
92
Ohio Public Service 730 A_ _ 1946 AO 11158 1113 11114
4
11212 15
1st dr ref 7s aeries B
0
11212
1947 PA 111 Sale 111
Ohio River Edison let 68_ _1948 J J 106 Sale 105% 106
8
Old Ben Coal !stet,
7412
75
75
1944 PA
Ontario Power N F lot 5s_ _ _1943 FA 1013 1027 10214 May'30
4
8
Ontario Transminclon let 58..1945 MN 10214 Sale 10214
10214
/
1
4
Oriental Devel guar es
1953 MS 98 Sale 9613
96% 45
/
4
Eztl deb 510
9018 81
1958 MN 911 Sale 89%
9212 92
Oslo Gas& El Wks esti 58_1983 M
0234
/ 923
1
4
4
1
OLD Steel 1st M Os am A._,i941 MS 103 10312 103
20
103
/
1
4
Pacific Gas& El gen & ref 58.1942 J J 102 Sale 102
10212 21
PacPow & Lt 1st & ref 20
/
1
4
100
1
-Yr 5 3 FA 100 100 100
8 0
'
Pacific Tel & Tel 1st Se
10212
8
1937 J J 102 10212 102
4
2
Ref mtge 5s aeries A
4
4 1043
1952 MN 1043 Sale 1043
Pan-Amer P & T cony s f 68_1934 MN 105 Sale 105
1063
4 24
4
/ 9912 May'30 - 1
4
let lien cony 10-yr 78_ _,,1930 FA 993 102
Pan-Am Pet Co(of Cal)con 6s'40 JD 95 Sale 95
963
4
5
Paramount-Wway 1st 514e 1951 J J 102 1027 102
103
8
14
Paramount-Fam's-Lasky 68_1947 JO 10112 Sale 10114 10212 39
8Oli
8014 82
2
Park-Lex 1st leasehold 6%8_1953Ii
801
75%
1
80
Parmelee Trans deb es
75%
1944 AO 75
Pat& Passaic G dc El cons 55 1949
S 103_-- 1014 Feb'30 -12
74
Paths Etch deb 75 with warr 1937 MN 7112 /314 7212
85
17
Penn-Dixie Cement So 4 ,1941 MS 8714 887 9412
8
1
8
Peep Gas & C 1st cons 6e 1943 *0 1123 116 11288 11288
Refunding gold 58
1947 MS 10212 105 10212 10212 11
1007 Mar'30
8
Registered
MS
Phila Co sec 5a ser A
4 10014 85
1967 JO ioo gale 993
5
8
Phila Elec Co let 4%el- _ ._1967 MN 993 99% 997
4
997
8
51
87
Phila & Reading C &I ref 58.1973 J J 86% Sale 8612
110 1479
Cony debt%
4
1949 MS 1093 Sale 105
Phillips Petrol deb 51I1___ _1939 ID 96% Sale 96
96% 125
Pierce 011 deb a f 8a _ _Dec 15 1931 JO 10614 10712 10512 May'30
8
Pillsbury Fl Mills 20-yr Se,. _1943 AO 1045 Sale 10412 105
19
104
8
Pirelli Co (Italy) cony 7e _ _1952 MN 1045 105 104
4
Pooah Con Collieries let if Es '57 J J 9412 Sale 9412
9412
Port Arthur Can & Dk 66 A _1953 FA 103 10414 103 May'30
8
let M Os series B
1953 PA 10214 10314 10014 10012
3
Portland Elec Pow 1st Os B_1947 MN 10014 Sale 10014
10014
Portland Can Elea let Se_ _ _1935 J J - _
- 10112 May'30
2
Portlesid Ry lat dc ref 5e
8
1930 MN 997 Sale 99%
997
8
2
Portland Ry L & P let ref 51.1942 FA 100Ie 1013 1013
4 1013
4
4
4
let lien & ref es series B 1947 M
100 Sale 993
4 100
2
/
1
lot lien & ref 7145 oar A _ _1946 MN 105 106 1044 105
8
5
Porto Rican Am Tob cony es 1942 J J 90 8 91
9012
9012
Postal Teleg & Cable coil 55_1953 J J 95 4 Sale 9512
3
95 4 66
5
8712 81
Pressed Steel Car cony g 58_1933 J J 86 Sale 77%
100 100
Jan'30 -,
Pub Seri Corp NJ deb 49(1.1948 PA
3
4 104
Pub Sem El dr Claa 1st& ref 5s'65 ID 103% 1043 1033
4
,
99
14
let & ref 49(s
1967 JO 9812 Sale 9812
984 51
8
4
let & ref 4941
1970 PA 983 Sale 983
37
38
37
Punta Alegre Sugar deb 75._1937 j
38
9
3712 11
37 Sale 37
Certificates of deposit......
10012 33
Pure Oils f 514% notes _ 1937 PA 10018 Sale 100
93%
95
18
-Purity Bakeries s f deb 5s_ _1948II 9412
6
97
96
Remington Arms Os
96 12
1937 MN 90
Rem Rand deb 5149 with war '47 MN 9814 Sale 9712
983
4 74
5
4
Repub LAB 10-30-yr 5s a 1_ _1940 *0 10212 10314 0212 1023
8 10312 14
Ref & gen 5146 aeries A
1953 J J 10312 Sale 023
2
10418 10514 0514
Revere Cop & Br 13a__July 1948 M
10514
24
Reinelbe Union is with war_1946 J J 10712 Sale 0812 107
973
4
9814 24
Without stk purch warr_ _1948
9614 98
0212 102
Rhine-Main-Danube 78 A _ _1950 M S 10112 102
/ 13
1
4
Rhine-Westphalia El Pow 751950 MN 101 103
10114 11
01
15
Direct mite Os.
91
1952
N 90 Sale 90
9112 28
Cone M Os of'28 with war _1053PA 90
91% 90
Without warrants
91
PA 89
90 4
3
91'2 48,
Con m es of 1930 with warr1955 AO 913 Sale 91
9112 331
8
e Coin sales.
Ranee
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 23.
High
Low
4
993 102
97 10012
12
99 10214
/
1
4
9834 10114
9712 10012
100 10412
981s 102%
10112 10812
95 102
95 100%
9114 95
917 91%
8
84% 8812
9334 93%
81
8514
7314 73%
9512 98
89 100
99% 10314
985 98%
8
5012 57
101% 102%
97
18c10112
24
40
99% 100
102 10312
10312c108
9512 10012
93
82
83
93%
8014 853
4
70
SO
11112 11412
1023 10
4 5
1043 10
4 9
92% 97
99 101
Ri; 101
17s
43%
4318
7214
64
104 1053
4
1214 c25
17
17
15
20
le c2414
105% 108
98% 100 4
3
11018 112
1057 10812
8
94 101
10014 103
10012 10314
101% 104%
883 9212
4
50% 70
99% 103%
997 1033
8
4
95 8 c98%
3
98 104
993 10218
4
10258 11014
98
9912
88% 9412
110 11212
110 113
105 c109
71
80%
99% 10414
98 102 4
,
95 100
558 0314
4
90 9412
10014 104
100 8 103
5
99% 1013
4
100 10314
101% 10512
10214 107%
9912 1043
4
89
9812
99 103%
98 10314
7512 8618
74
913
4
101 10154
77%
36
7312 85
11114 1123
4
101 c10512
100% 100%
95 1007
8
97 10012
84
88
91 108
07
90
104 107
10212 10514
104 113%
94% 94%
10212 10512
10014 104%
9612 100 4
3
9814 103
97 10018
96 101%
9618 101
10412 107
98
90
93% 9612
7712 94
181 194
102% 105
9512 100
9512 9914
65
37
55
37
98 10012
,
93% 97 2
9314 97
wiz 101
101% 10314
10018 104
%
102 10514
4
993 10712
92% 99
100 103
100 104
9512
88
04
83
85
9412
3
90 4 93%
w
Price
Friday.
May 23.
h
Weer*
Range or
Last Sale.
04,
?,
Bid
Ask Low
High No
Rhine-Ruhr Wat Bev 68
1953 J J 85
/ 86
1
4
3
8512
86
Richfield Oil of Calif 68
1944 MN 96 Sale 9518
19
96
Rims Steel let a f 78
2
1955 P A 9512 96
98
96
Rochester Gas & El 7s ser B.1946
B 10812 107 107
2
107
Gen mtge 634s series C
2
1948 MS 105% 10614 1053
4 105
/
1
4
Can mite 434s series D_ _ _1977 MS 97% 99
973 May'30
4
Roe) dr Pitts CA !pm 51192
85
- 1940 MN 85
Royal Dutch 4s with warr_._1945 AO 89% Sale 8918 May'30 133
8912
St Jos By Lt HA Pr let 56_1937 MN 98 Sale 98
7
9814
St L Rock Mt & P 5a atmpd _1955 .1 .1 61 Sale 60
/
1
4
13
61
St Paul City Cable cone 56_1937 Ii 86 Sale 86
1
86
Ban Antonio Pub Sere 1st 68_1952 11 1063 Sale 10612 107
4
20
Saxon Pub Wks(Germany)78'45 P A 99 Sale 98
9913 53
Gen ref guar 094s
8
1951 MN 94 Sale 935
9412 11
Schuico Co guar 09(s
/
1
75 May'30
1946 J J 654 71
Guar f 6)48 series B_ _ _ 1946 AO 70
80
70 May'30 _
Sharon Steel Hoop a f 5348a-19 ▪ N 99% Sale 9914
9912 14
48
Shell Pipe Line 51 deb 5s_..1952 MN 95 4 Sale 94 8
3
32
96
Shell Unlon 011 f deb be
/
1
97
1947 MN 98 Sale 964
69
Deb 55 with warr
1949 AO 100 Sale 9812 100
174
ShInyeteu El Pow let 614s_ _1952 J O 8912 91
893
4
9078 33
Shubert Theatre 6a_June 15 1942 ID 60 Sale 59
61
10
Siemens & Betake 5 f 79 _ 1935 J J 10218 1037 104
8
1
104
Deb f 6 he
MS 105 Sale 104
1951
55
105
Sierra & San Fran Power 58.1949 F A 10114 101% 10112 10112 21
Melia Elec Corps f 6148
8612 87
87
1
1946 FA 84
Silealan-Am step coil tr 78_ _1941 FA 9312 94% 94
102
c97
Sinclair Cons Oil 15
8
-year 78_1937 MS 1035 Sale 103
103
/ 46
1
4
let lien coil Os series D
3
8 10058 30
1930 M S 100 8 100% 1003
lot lien 69(s series D
/
4
37
1938 J D 102 Sale 1011 102
Sinclair Crude OS 514eser A.1938 ii 993 Sale 993
4
4 10014 71
Sinclair Pipe Lines!Is. _1942 AO 97% Sale 97
97% 32
Skelly Oil deb 5145
8
41
96
1939 m 8 95% Sale 955
Smith(A 0)Corp let O3(8. _ 1933 MN 1025 103 1023
8
4 103
10
Solvay Am Invest 5a
97
9
9714
1942 M S 9718 98
South Porto Rico Sugar
4
10412
7 - 1941 J O 104 Sale 104
6South Bell Tel & Tel lets f be '41 J 1 10312 Sale 10314 104
72
S'west Bell Tel 1st & ref 5a.8
8 10422
8
1954 FA 1045 Sale 1041
Southern Colo Power Os A-1947 J J 103% Sale 1033
104
11
Spring Val Water 1st g Ii.. 1943
3
N 99% 102 100 4 May'30
.
Standard Milling lot As
10012 Sale 10014 10012 31
1930 M
lst & ref 514a
1
10318
1945 MS 10318 10314 10318
Stand 011 of N J deb 59 Dec 15'48 FA 104 Sale 103
157
104
Stand 0110! NY dab 4148_ _1951 J
977 Sale 9714
8
53
98
Stevens Hotel let 6a see A _,1945 II 82 Sale 82
15
83
Sugar Estates (Oriente) 7s-1942 MS 40
42
45
2
42
Syracuse Lightthg let g 5s _ _1951 ID 106
10513 May'30
Tenn CoalIron &RR ten 56.1951• J
Tenn Cop & Chem deb 6s B_1944 MS
Tenn Elec Power let es
1947• D
Texas Corp cony deb 55.,,,..1944 AO
Third Ave let ref 4s
1980 J J
AdlInc Se tax-ex N Plan 1960 AO
Third Ave By 1st g 58
1937 j
Toho Elec Power let 74
1955 MS
6% gold notes
1932 11
Tokyo Eleo Light Co, Ltd
let 68 dollar series
1953 J D
Toledo Tr L & P 514% notes 1930 J J
Transcont0116 949 with war.
_1938 J J
Without warrants
Trenton CI & El 1st g 58
1940 MS
Truax-Traer Coal cony 69(1.1943 MN
Trumbull Steel lets! 69_ _ _1940 MN
Twenty-third St Ry re!.58_ _1962 II
Tyrol Hydro-Elec Pow 79(8.1955 MN
Guar sec f 76
1952 FA
Ujigawa Elec Pow 5 f
•S
_ _1945
Union Dec Lt dc Pr(Mo)58_1932 MS
Ref & ext 58
1933 MN
Un E LA P(III)let g 5148 A.1954 II
Union Elev By (Chic) 55_._1945 AO
Union 011 let liens f 56- -.1931 J J
30-yr 68 series A---MaY 1942 FA
let ilen a f Is ear C _ __Feb 1936 AO
United Biscuit of Am deb 68_1942 MN
United Drug 25-yr 58
1953 MS
United Rye St L lat g 4a___ _1934 II
United SS Co 15-yr 6a
1937 MN
Un Steel Works Corp )48 A _ 1951 ID
See 2 13146 series C
1951 ID
United Steel Wks of Burbacb
Esch-Dudelange a f 76_ _1951 A0
US Rubber 1st & ref &seer A 1947 ▪ J
10-yr 734% secured notes _1930 FA
Universal Pipe dr Rad deb es 1936 J O
17nterelbe Pow dc Lt 58
1953 A0
Utah Lt & Tree 1st & ref 58_1944 AO
Utah Power & Lt let Es__ _1944 FA
Utica Elec L & P 1st a f g 58- 19 J J
50
Utica Gas & Rice ref & ext 55 1957 11
Util Power & Light 5%a_ _ _ _1947 3D
Deb 58 with or without war1959 P A
Vertientes Sugar 1st ref 76..1942 J O
Victor Fuel 1st a f tic
1953 J J
Va Iron Coal & Coke ling 58 1949 MS
93
Va By & Pow let dc ref 65. _1934• J
Walworth deb 5148 with war 1935 AO
Without warrants
1st sink fund ea series A_.1945 * 0
Warner Bros Plot deb 52_1939 MS
Warner Co 181 68 with warr.1944 AO
Without warrants
*0
Warner Sugar Ran 1st 70._1941
Warner Sugar Coro let 75-1939 J J
Stamped
Warner-Qulnian deb 88
Wash Water Powers!58--1939 i"
93 J
9
Weatchest Ltg g Is atpd gtd_1960 J D
West Penn
le
series B oar A 58_ _1946 M
r
Is
1st 5%a aeries F
let see 5a aeries _____ _ _1954 .11
90 A51
9
Western Electric deb Ss._ _ _1944 A 0
Western Union coil trust 58_ 1938 J J
Fund & real eat g 410_ _ _1950 M N
15
-year 6146
25
-year gold 58
57
3
1 11
1 58
Westphalia Un El Pow 6s_
3
Wheeling Steel Corp 1st 5Mal 4
let & ref 430 series B__ _ _1953 A 0
White Eagle Oil ec Ref deb 5148'37
With stock perch warrants_ _ M
White Sew Mach 68 with warr'36 J J
Without warrants
Panic 5 f deb Os _____ ___1940 MN
Wickwire Spen St'l let 71.,.1935 .1 J
Ctf dep Chase Nat Bank
Wickwire Sp St'l Co 7a_Jan 1935 MN
Ott dep Chase Nat Bank
wiitya-overiand f 34s_ __ _1933
w11500 & co 1st 25-yr a f 68_1941 A 0
Winchester Repeat Arma 7%6'41 A 0
Youngstown Sheet & Tube 5a /8 J J
Range
Since
Jan. 1.
Low
High
8512 89
94 981
4
8812 9714
1058810853
165 108
97
99%
85
85
2
885 c897
8
94
9812
60
64
90
80
102 10712
3
925 100 4
8
86 c99
75
45
45
7514
95 100
9212 c97
14
9313 0914
9712 102
18
85% 94
41
8912
100 104
101% 108
902 10224
80% 95
9012 c97
100 4 104
5
995 1005
8
8
995 1025
8
8
9478 10012
9412 99
91
97
10112 104
937 9714
8
103 107
1015 10414
8
102 MOS
10112 165
99% 100%
99% 100
12
100 10412
100 4 104
8
98
95
74 90
38
48
10312 105%
102_-_ 1025 Apr'30
8
100 4 101 101
3 10118 11
10612 1053 10814 107
4
40
105 Sale 104% 10514 408
48% Sale 48%
21
50
27 Sale 27
2712 44
90 Sale 96
13
96
100 Sale 100
5
10018
9914 Sale 9918
9912 63
102% 104
97 102
12
10412 108
10088106
45
5412
25
85
92 063
4
9814 100 8
7
95% 100
8718
100
102
98
103
90
Sale 86
8734 194
10018 100
5
100
Bale 10112 10212 32
Sale 9514
5
98
_ 103 May'30
94
89 9
7
10
90
10278 103 102% 102% 27
25
30
36 May'30
99
4
9912 99%
9911
9412 Sale 93
9412 14
88
92
12
997 100s
2
1
90 103%
8712 98
102 103
79% 94
12
102 103%
33
49%
94
99 4
5
85
94
12
100% Sale 100
10014
10012 10118 10012 101
101 Sale 101
101
102%
-- 10212 103
77
75% - 77
7714
102
1013 May'30
4
10818 10814 108
108
100 Sale 100
10012
10114 Sale 10114 101%
96% Sale 96
9812
70
683
69
4
69
10014 101 1001 May'20
/
4
90% Sale 89
/
1
4
9012
9012
90 Sale 9912
9712 10012
100 10114
100 102
101 10314
70
79
9912 101%
106 109
98 10012
99 103
9212 99
68% 74
9612 100 4
3
85% 0112
85% 91
30
3
2
7
11
11
85
14
60
32
105 Sale 104
10 102 105'
105
12
85% Sale 83
94
88
82% 8814
10012 Sale 10012 10052 38 100 101
62
6914 61 May'30
61
63
8412 Sale 84
8412 16
91
81
953 Sale 9512
4
95% 54
9218 97
1007 Sale 100% 1007
8
8 59
9712 10112
_
10318 Feb'30
99
18
1045 Apr'30 -- 10214 103
8
1045
8
9118 tiZe 91%
9212 18
86
95
873 Bale 87%
4
119
88
8612 9112
5412 55
544
/
1
5412
2
54
0112
45
25 Mar'30
30
25
21
72
90
73 May'30
73
70
10114 Sale 101
10114 24
99% 102
10414 Sale 10414
9
105
93% 10012
97
95
95 May'30
95
87
9112 Sale 911
/
4
9112
9
85% 9314
107 Sale 106
10714 681 104 113
993 Sale 9914
4
12
100
95 1001a
9812 Sale 9612
973
4 12
89
98
104 105 104 May'30
102% 107
48
50
50 Apr'30
48
5612
4814 Sale 48
5
4814
48
5112
90
9112 90
1
90
8314 95
105-- 105
105
5 10012 10514
1043 10714 106 May'30
4
10354 106
104 104% 104%
104%
7 1015 104%
4
1043 Sale 1045
4
8 1043
4 102 10512
4
105 Sale 104% 104%
3 um% 105%
10412 10518 10411 105
9 1017 105%
i
104 Sale 10318
104
29 10112 104
10112 Sale 101%
10112
6 10012 10314
96% 983 98%
4
983
4
6
98%
95
108% 109 108% 108%
3 108 110
1023 103 103
4
10314 11 1001s 104%
865 8712 863
8
4
8712 38
91
76
103 Sale 1018 1005 103
103
4
9012 Sale 90
9012 43
98
87
:
1
105% Sale 105
10814
7614 Sale 87 Feb'30
7614 795 80 May'30
8
74
73
73
7614
27
3312 3412
3412
28
30
34 May'30
25
28
28
29
25 Sale 25
2614
100 Sale 99
/ 100
1
4
10012 1003 1001
/ 101
4
4
103 Sale 103
103
1021 Sale 10112 10214
/
4
27
8
1
4
6
12
22
24
89
10214 1088
4
90
81
75
85
80%
73
25% 40
2518 39%
41
25
39 4
3
25
99 101112
9984c102%
100 103%
10012 10$
MAY 24 19301
FINANCIAL CHRONICLE
3687
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, May 17 to May 23, both incompiled from official sales lists:
clusive,
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sate
of Prices.
Par. Price Low. High. Shares
Railroad
100
Boston & Albany
100
Boston Elevated
100
Preferred
100
let preferred
2nd preferred
100
Boston & Maine
Prior preferred etpd-100
Series A let pfd sted-100
100
Ser B 1st pfd stpd
Ser D 1St pref stamp_100
Boston dr Providence...100
Chicago Jet Ry dr US Y100
Preferred
100
_100
Conn & Pass pref
East Mass St Ry Co__ _100
East Mass St Ry adjust100
Preferred B
100
Maine Central
100
N Y N Ei &Hartford_ _IN)
Norwich & Worcester_ 100
Old Colony
100
Pennsylvania RR
50
Vermont & Maas
100
178% 178
8111 8031
91
106
9431
95
110 110
80% 81
81
12534 12534 12534
155% 15534
177 177
155 155
155
110
109% 110
102% 102%
6
6%
6%
18
18
34
35
83% 8331
115% 118%
133 133
137% 138
7931
78% 77
11831 119%
Miscellaneous
Am Founders Corp corn stk
18
Amer Pneumatic Sets
Common
25
5%
Preferred
25 20
First preferred
50 47
Amer Tel & Tel
100 229%
Rights
Amer & Conti Corp
Amoskeag Mfg Co
•
Bigelow-Sanford Carpet_ •
Preferred
100 10034
Boston Personal Prop Trust 2534
Brown Co preferred
82
Columbia Graphaphone
Credit Alliance Corp el A.... --jiB
Crown Cork & Intl Corp
10%
East Boston Land
10
334
Vast Gas & Fuel Asia oona. 36
434% prior pref
100 81
6% cum pref
100 96
Eastern Et S Lines Inc new. 32
1st preferred
100
Economy Grocery Stores__
Edison Nice Ilium
100 -26934
Empl Group Assoc
2531
Galveston Hens El pf100
General Alloys Co
10
General Capital Corp
50
German Credit Invest Corp
let preferred
Gilchrist Co
• 11%
Gillette Safety Razor Co..•
Hathaway's Bakeries el A_
Hathaways Bakeries el B._
20%
Preferred
TlYgrade Lamp Co
32%
Intl Buttonhole alach_10
Internal Carriers Ltd corn.
International Corn
Inter Hydro El Sys el A.
Jenkins Television
_
SB
Libby McNeill dr Libby_10
Loew's Theatres
25
Maas Utilftles Ann
8
Mergenthaler Linotype 100
Mtge Bank of Colombia
American shares
National Leather
10
National Service Co
434
New Eng Equity Corp.__ New En21 Tel & Tsi_..100 -151-Nor Amer Aviation, Ins
---Pacific MUM
100 25
Plant (Thos G) 1st pf_ _100
Public Utility Hold com-----Railway Light & Set Co__ 83
Reece But Hole Mach Colt)
Reece Folding Mach Co_10
Second Inc Equity corn atk
Siummut Ase'n corn stk._
19
Stone & Webster Inc
Swift & Co new
30
Torrington Co
56
Tower Mfg
Traveler Shoe Stores Corp_
Union Land & Cop Min_25
Union Twist Drill
5 27%
United Founders Corp._ _
29%
United Shoe Mach Corp_25 6834
Preferred
25 32
13 8 Elec Power Corp
18
1.1 S & Int Sec Corp pref._
E3& Overseas Corp cora.. 1734
Utility Equities Corp pref_
83%
Venezuela Holding Corp
534
Venezuela-Me:too 011
11
Waltham Watch pref. _100
Walworth Co
Warren Bros 1st pref new.
Westfield Mfg Co corn
Whittelsey Mfg Co A
131
Mining
Arcadian Cons MM Co-25
Arizona Commercial
6
25
Calumet & Heels
Capper Range Co
25
East Butte Copper Min.111
.25
Hancock Consolidated.
28
Isle Royal Copper
25
La Salle Copper Co
e5
Lake Copper Co
25
Mohawk
Dominion Copper_ 1
New
16
North Butte
25
Old Dominion Co
•
PC Pocahontas Co
25
Quincy
Rights
St Mary's Mineral Land.2r
5
Utah Apex Mining
Utah Metal & Tunnel....1
17834
81%
91
108
9531
17% 1834
Range Since Jan. 1.
Low.
High.
107 1/5
Feb 18631
Jan 84%
945 67
Jan 94
5 85
27 105% Jan 110
Jan 9934
159 89
14
82
10
26
10
10
89
15
58
20
15
17
138
200
46
1,398
54
5,30
104
77
125
155%
170
155
101
101
6
15
30
82
10736
130
126
72
116
Jan
Jan
Jan
May
Jan
May
Jan
Jan
May
May
May
Feb
May
Mar
Jan
Jan
Jan
17% May
111%
84
130
165
177
170
111%
102%
10
2834
47
88
127%
135
140
86%
119%
Apr
Mar
Apr
Feb
Mar
Apr
Mar
Mar
Apr
May
Mar
May
May
Feb
Mar
Apr
Jan
Apr
Apr
Apr
Apr
May
32%
Jan
5% Jan
880
9
5.35 5%
610 1834 May 24%
18% 20
43
May 52
1
43
47
224% 247% 4,29 216% Jan 274%
1934 May 22%
19% 20% 17,88
May 31%
18
67
25% 2634
12% Jan
16
13% 13%
18%
4
67% May SO
67% 67%
Jan 103
18 100
10034 100%
Jan 28
22
50
25
25%
Feb 85
7 80
82
82
May 37%
310 24
2634 2834
May 20
863 10
10
12
606 10% Mar 12%
10% 11
50
334 3%
Jan 41
35
702 26
3631
Jan 83
138 70
80
81%
Jan 99
1,018 92
96
98
31
235 25% Jan 36
32
5 93% Mar 100
99
99
288 2634 May 40
29
31.
Jan 276
704 237
268 270
615 21% Feb 2714
25
25%
Mar 24
14% 14%
70 12
10
465
11%
8% Feb 14%
Jan 60
1,505 43
50
51%
Jan
Jan
Mar
Apr
Apr
Apr
Feb
Jan
Mar
Apr
Jan
Apr
Apr
Mai
Apr
Jan
May
Apr
Apr
Feb
Mar
Apr
Jan
May
Apr
18
12
87%
38
2034
101
33
1334
1634
9%
46
5%
16
10%
831
106
25 11
55 10
435 80%
22 29%
1,295 16
40 98
250 27
8%
20
240 14
80
551
19' 39%
30
2%
17 16
617
734
es%
1,869
35 1.03
Jan 19% May
May 19
Jan
Apr 105% Jan
Mar 40;4 Jan
Mar 20% May
Apr 108% Jan
Mar 34
Apr
Feb
1514 AD!
May 19% Apr
Jan
1434 Mar
Apr
May 53
9% Apr
Jan
May 26% Apr
Jan 12% Apr
Jan 12
Mar
May 10834 Feb
2934 2914
1% 1%
4%
4
30
30
151 154
1134 11%
25%
22
5
5
2334 2534
84
82
16
16
1% 1%
534 534
19
1934
93 100
30
30%
56
57
134 2
7
7
30e
30c
27
28
2
834 2934
6734 6834
31
32
1734 1834
41
41
1734 1934
83
84
3
6%
10
11
77
77
31% 32
20
20
24
24
1% 131
10 29%
11
13.4
4
1,42
23
27%
33 143
5%
3
20%
73
5
3
17%
1,64
72%
23
15
2
1%
10
4%
3
16
1,06
82
74
2934
46
56
72
1
24
7
2,739
30 200
370 27
3,552 27
1,201 59%
58 30
3,039 143(
10 41
235 15
591 71
1
2,050
7
200
10 75
50 3134
120 19%
35 22
1%
275
May
Jan
Mar
Mar
Feb
Jan
Jan
Apr
Jan
Jan
Jan
Feb
Jan
Jan
Jan
May
May
Jan
May
Jan
May
May
Jan
Jan
May
May
Jan
Jan
Feb
Ma
Jan
May
Apr
Feb
Jan
18
11
84%
3734
18
101
3234
13
15%
9%
44%
535
16
10
8
103
26e
19%
11%
134
1%
2%
6
14%
23%
10c
234
55c
BondsAmoskeag Mfg Co 68_1946
Can Nat Paper Co 6:3_1949
260
1%
19%
11%
1
1%
8
75c
134
34
11c
2%
6
13%
22%
10c
18
2%
55c
55c
1%
20%
12%
1%
134
8%
75e
1%
34
12c
2%
6
15
24%
20c
18%
2%
60c
79% 81
9131 94
825
65
125
826
1,000
25
545
200
158
59
1,200
2,205
50
651
1,857
7,924
70
540
600
25e May
134 Jan
16
May
11
May
1
May
134 Jan
8
May
36e
Jan
90c
Jan
30% May
5o
Apr
2
May
6
May
10
Jan
1514 Jan
10c Slay
17
May
24 Feb
500 • Mar
17,000
5.000
7934 May
91% May
Bonds (Concluded)
-
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
East Mass St Ry Co
1948
Series A 434s
1955
Mass Gas Co 55
1931
43.4s
New Eng'Tel& Tel 58 1932
P C Pocahontas deb 7s 1935
Van Sweringen Co 6s_ 1938
Western Tel & Tel 5s_1932
4034 4334
10236 10234
100 100
101 10134
107 107
100 100
100% 100%
Range Since Jan. 1.
Low.
6,000 40
6,000 98
2,000 98
2,000 9994
2,000 100
1,000 99
8,000 6614
May
Slay
Jan
Jan
Jan
Feb
Feb
High.
48
10234
100
10134
110
100
10134
Mar
May
Apr
May
Feb
Apr
Mar
•No par value. a Ex-dividend.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, May 17 to May 23, both inclusive,
compiled from official sales lists:
Stocks
-
Fri day
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price Low. High. Shares.
Abbott Laboratories corn..'
Acme Steel Co cap stk__25
Adams (J TO Mfg corn- •
Adaressogr Int Corp corn..'
Allied Motor Ind Inc corn.'
Allied Products Corp A__•
Amer Colortype com____•
Amer Commonw Power
•
Common A
1st prat $634 A
Amer Equities Co corn... _•
Amer Pub Eery prat _-100
Am Pub Util prior pref _100
Participation pref_ _100
Amer Radio & Tel St Corp*
•
Amer Service Co corn
Am Util & Gen Corp B vto*
Appalach Gas Corp cern_•
Art Metal Wks Inc corn...*
ASSOC Appar Ind Inc corn *
Assoc Investment Co....'
•
Aasoc Tel & Tel el A
$6 preferred (w w)
•
Assoc Tel Util Co cora
Atlas Stores Corp corn_ •
Auburn Auto Co corn.....'
Bancoky Co (The) com_10
•
Bastian-Blessing com
Baxter Laundries Inc A •
Beatrice Creamy Co com50
•
Bendix Aviation com
Sinks Mfg el A cony pref..'
Blum's Inc, common
Borg-Warner Corp com_10
100
7% preferred
Bonin Vivitone Corp pfd_•
Brach & Sons(E J) com--•
Bright Star Elec Co
Class B
Brown Fence de Wire Cl A..•
Class B
Burnham Trad Corp
Common
Preferred
20
Butler Brothers
10
Castle & Co (A M)
CeCo Mfg Co Inc corn___•
.20
Cent Cold Stor Co corn.
Cent Illinois Sec Co ctfs__
Central III PS pref
Central Ind Pow pfd_ _ _100
Cent Pub Serv class A •
•
Common new
Cent 8 W Util corn new..'
•
Prior lien pref
•
Preferred
32
May Chain Belt Co common_ •
234 May Chic City & Cons Ry8
Common
Jan
37% Jan
Part preferred
•
160% Apr Chicago Corp corn
•
15% Apr
Convertible preferred..'
30
Feb Chicago Flexible Sh com..5
7
Feb Chic Investors Corp corn.'
27% Apr
Preferred
•
904 Apr Chic No Sh & MIIw
16% Apr
Common
100
1% Jan
100
Prior lien pref
6
Feb Chicago Rys21% Mar
100
Part MN series 2.. _100
11334 Apr Chic Towel Co cony pfd. 5
.
34% Jan Cities Service Co corn...'
67
Jan
Rights
3
Mar Club Alum Uten Co
•
11% Feb Coleman L& S Co corn__ •
30e
Jan CommonwealthEdison_100
51
Jan Com'ty Water Serv com •
44% Mar Construction Material...'
68% May
Preferred
•
32
Mar Consumers Co common_5
23
Jan
V t c per warrants
5
52
Mar Cant Chicago Corn
22% Apr
Common
91% Apr
Preferred
•
634 May Continental Steel corn. •
78% Jan
•
Common v t
85
100
Feb
Preferred
4134 Apr Cord Corn
5
20 Slay Corp See of Chic allot ctf.•
2734 Jan
Common
25
2% Feb Crane Co corn
100
Preferred
Davis Industries Inc A. *
60e
Jan Dexter Co (The) cam_ _5
134 Jan Diversified Invest Inc A..
324 Jan Duquesne Gas
1614 Jan El Household urn Corp_10
Jan Elec Research Lab Inc__ •
3% Feb Emp G & Fuel Co 7% 0(100
100
12% Jan
6% preferred
1
Jan Empire Pub Serv Corp A_*
134 May Fabrics Finish Corp corn.'
52
Feb Fitz Simmons & Connell
15c
D & D common
Jan
5% Jan
Foote Bros G & M Co--5
10
Jan Gardner-Denver Co corn.'
17
Mar Gen Candy Corp el A.._5
444 Apr Gen Theatre Equip v to.'
60c Apr Gen Water Wks Corp CIA'
•
$7 preferred
28
Jan
334 Mar Gleaner Corn Ear corn_ _•
90o
Apr Goldblatt Bros, Inc, corn.*
Great Lakes Aircraft A
Great Lakes D & D_ -169
84
Feb Greif Bros Coopare A oom.*
95
Greyhound Corp(The)com*
Jan
40
65
3634
14
3834
30%
90
19%
40
65
3434
35%
14
3834
3034
41
67
37
3631
1434
38%
31%
26%
87%
19
99
93%
27%
90
20%
100
9334
2)4
234
914 12
1234 13
12% 1234
18
19
3834
36
59% 59%
64
64
96
96
96
25% 24% 26%
35%
35
150 170
164
23
23
23
3731 36% 37%
6
6
631
84% 85
4234
42
39
27% 3034
10
10
3534 34% 37%
100% 100%
10% 1034
15
15
15
2%
1114
12%
1234
400
450
2,550
750
1,700
300
250
Range Since Jan. I.
Low.
35
65
28
22%
14
3454
21
1,550 2334
60 81
5;6
3,400
90 96
80 88
67 90
14
800
8,200
5
550 11
500 11
1,000 17
250 34
50 5834
261 58
40 90
3,250 2136
300 1734
5,670 150
3,550 19
1,300 35
6
137
350 70
11,000 33
2,300 24
150 10
32,900 3234
100 97
200 10
100 15
Jan
May
Feb
Jan
May
Jan
Jan
High,
46%
99
37
38
193.4
49%
34
Mar
Jan
May
May
Feb
Mar
Apr
Feb 82
Jan 90
Jan 22
Jan 100
Jan 94%
Apr 9434
Jan
3
12
Jan
Apr is%
May 1434
May 2734
May 45%
Jan 63%
Jan 64%
Apr 97
May 29%
Jan 36%
May 264%
Jan 25
May 4634
Mar 12
Jan 9134
Jan 5734
May 30%
May
um
Jan 5031
Jan 101
Apr
1754
May 18
Apr
Slay
Mar
Apr
Apr
Apr
Apr
May
Apr
May
Felt
Mar
Mar
Map
May
Feb
May
Aar
Mar
Apr
Jan
Apr
Apr
Mat
Jan
Mar
Apr
Jan
Jan
25
1
1
25%
25
2234 23%
100
500
250
% Feb
17% Jan
934 Jan
1% Apr
28% Mar
31
Apr
13
30%
1034
13
29
10
1334
30%
1034
950
1,800
4,800
12
May
2834 May
10
Mar
173( Apr
3634 Apr
17% Jab
5914
14%
21
2834
9534
90%
40%
40
27%
102%
98
43
450
2,650
200
650
251
12
6,950
1,320
7,550
300
300
50
45
1334
21
26
92
8634
35
22
21%
98
93%
43
55
1334
21
28% 27%
94
90%
3934 39%
40
31
2634 24%
101%
102
97%
43
14
14
13%
40%
734
6
134
13%
1334
40
14
734
38
134 1,600
1434 1,200
13,400
14
2,750
41
200
14
45
735
100
38
6
88
6
90
5
6
10%
68
2434
43
51
16%
50
134
91%
20
4/
4
57%
16%
45%
29
3234
21
634
28435
40
1234
Apr
Jan
Jan
Feb
Mar
Jan
Apr
May
Mar
Apr
Mar
Apr
1
Jan
9% Feb
1234 Jan
Jan
38
14
Feb
6
Jan
3231 Jan
Mar
2
Mar
20
1734 Apr
45
Mar
16
Jan
1034 Arc
41
Are
5
88
9
98
134
22
2% 3%
84
5
86
86
34% 33% 3734 90,55
2634
7,65 15-16
14
1 1-16 15-16
1,100
4% 5%
336
50 25
26
26
1,225 23554
305 312
310
326 1234
1634
16% 16
1,400 14
19% 1834 20
1,050 43614
42
41% 41
411
450
4%. 5
134
100
131
131
19
46%
Jan 71
May 20%
May
25
.Ian 33
May 97
Apr
95
Jan 4244
Feb 40
Jan 31
Jan 105
May 100
May 4834
Jan
Slay
Feb
354
Feb 86
Jan 443.4
May
134
Jan
7
Mar 40
Jan 338
Jan 19
Jan 24
Jan 49
May
8
Jan
314
Feb
Jan
Mar
Feb
Apr
May
Apr
Jan
Apr
Apr
Apr
Apr
Feb
Feb
2034
4634
2134
21%
8734
11
70
26%
43
117
2%
15
5134
1634
52%
134
91%
86
2134
5
11,750 1834 May 25
Apr
Apr 4734 Apr
3,900 46
Feb 23
Apr
200 16
2534 Apr
100 1834 May
Feb
48 8734 May 93
May
31,300 10
173.4 Mar
Jan 7234 Apr
900 54
38,500 2436 May 2834 Apr
431 42
Apr 4431 Mar
10 1133-4 Jan 11914 Feb
10
1
50 143i Apr
163A Jan
Jan
137
16
1a
16
4,000 48g lay 51 31 M ay
A t'e
'
12,600 41 w Fel) 5 % A pr
u
71
2
4,950
100 8534 Mar 9734 Apr
Mar 8634 May
50 76
Mar 22 34 Slay
250 20
550
234 Jan
954 May
56% 5734
16% 1734
59
5934
63-6 634
44
4734
2834 29%
92
92
32
3334
21
21%
534 734
225 293
40
40
1134 12%
Star
350 47
6,750
15
4 :67
4
Me
xt
Jan : r
524
227 5
42
MA
:8
May
50
9,200 3134 Jan 5134 Apr
1,500 20
Jaa
2934 May
250 80
Jan 9234 Apr
2,750 1936 Jan 3634 Apr
750 1934 May 2
634 Jan
4
8,800 150
Feb 25 A Feb
jan
8
0
1,645
May
Jan 42
10 38
Feb
400 1134 May 13
Feb
1834
46
21
2134
8734
10
68
2414
42
117
2%
14
51
1634
48%
1
9134
86
20
436
FINANCIAL CHRONICLE
16%
25%
1
25
26
2531
31
54
43%
3611
231
3511
9
3311
10331
311
515
1734
27%
4434
4
110 '
105
34%
131
644
13
19
9
15
1731
1751
134
47
14%
7
50)4
4731
2331
5031
30
5
1114
3004
13714
12811
15
115
215
711
154
6%
38
16%
1
711
25%
21%
211
17%
3811
11%
50
14%
3
24
92
1731
26
4231
1%
10%
254
27%
49
26
5)4
60
134
2%
231
92
154
19
414
1
611
2431
18%
40
14
Mar
Jan
Mar
AD
Ma
May
May
Jan
May
Mar
Jan
Feb
Jan
Feb
Jan
9
50
14%
2%
214
92
1514
25%
42%
1
10
24%
25
4834
24
4,450
10
100
100
100
100
6,150
600
250
400
100
255
2,550
110
1,450
154
51
22
314
6
92
2711
29%
4414
511
1411
29
2911
52
314
Apr
Feb
Jan
Feb
Jan
May
Apr
Apr
Apr
Apr
Apr
APT
Apr
Apr
Apr
31
34
115
24
244
450
7211 290,000
48
444 444
25
43
4315 1,700
364 1,750
35
24 231
350
324 36
12,750
48
100
48
9
9
450
324 3431 13,350
10311 103% 2,800
34 4
1,900
531 6
1,400
174 1831 7,100
2711 294 11.350
4334 4414 3,000
311 44 5,450
93
98
505
107 110
263
92% 96
380
1024 105
103
97
97
150
9311 9311
50
3331 34% 35,750
1
14 9,150
63
6511 5,900
10
1314
1,371
19
350
194
84 931
280
25
25
100
15
15%
200
6% (131
10
511 64
200
4% 434
50
22
20
1,650
1631 174
300
25
25
25
3031 31%
700
17% 1811
600
131 1%
150
81
23
35
38
43
33
2
17%
47
9
29
98
1%
3
1711
214
43
331
Si
9481
844
91
9534
91
184
1
414
8
10
811
24
10
6
2
2
16
16
25
is
16%
1%
Mar
May 37
Jan 27% Feb
May 74 • Apr
Apr
Jan 45
May 5334 Feb
Jan 40% Mar
Jan
434 Feb
May
Jan 36
May 484 May
Jan
May 12
May 3831 Apr
Jar 108)4 Mar
5)4 Apr
Jan
Feb
Jan
8
May 184 May
Jan 2931 Feb
Apr
may 46
3
May
Apr
Jan 10134 Mar
Mar
Jan 113
Mar
Jan 100
Air
Jan 105
AP
, 98)1 May
Jan
Feb 98
Jan 34% May
1% May
May
Jan 7211 AP1'
May 1331 May
Jan 2111 Mar
Jan
May 15
Feb
May 35
Apr
Jan 22
Jan
Jan 10
84 Apr
Jan
Mar
7% Apr
Jan 244 Apr
May 283/ Jan
Jan
May 31
Jan 884 Feb
May 20
Apr
2% Mr
Mar
47
45
1734
92
22
36
134
834
50
474
2331
734
10
5014
24%
46
15
134
75
22
314
11
34
464
35
s31
67)4
16
48%
21
Mar
May 50
Jan
May 52
Jan 26% Mar
Jan 1014 Mar
May 25% Feb
44
Apr
Jai
Jan
Apr 16
Jan
10
AIR
Mar
Jan 59
Jan 554 Apr
Jan 284 Apr
Jan 844 Apr
Jan 2511 Apr
Mar 554 Jan
Mar
Jan 31
4731
46
18
93
22
38
14%
734
5331
4
831
24
77%
19%
51%
26
83
250
460
36
50
600
350
650
1,750
1,150
450
9,950
650
1,200
350
94
94
984 984
30
3111
100
10
700
45
5
5
194 19%
10
20
31
31
36
36%
200
200
37% 37%
100
35
35
1111 124 1,000
4
50
14
11
1,750
10
300 305
211
70
300 303
60
13734 13711
3,500
128% 130
650
15)4
15
115 115
173
212 216
350
7
7% 2,350
2334 234
100
144 154 2,200
13
1,850
LI
64 6%
100
38
38%
150
314 33)4 1,300
32% 32%
50
144 1511
200
36%
36
300
15% 1631
1,000
1
1
50
731 4,400
244 2434
100
140
98% 9911
20
90
90
2411 2514 3,000
211(
750
21
25
1314 134
1% 214 24,950
100
25
24
18% 5,650
10
60
144 144
50
711 714
41% 7.350
37
91
Mar 9311 Jan
9514 Feb 101
Mar
?0
May 36
Feb
5
18
27%
334
30
32
94
12
5%
213
215%
120
115
15
110
205
(1S4
20
13%
11
6
38
••
13
30
1511
34
6
2314
93
82
23
18
11
1 34
24
10
1214
715
364
Jan
Jan
Feb
Feb
Jan
May
Jan
Jan
Feb
Jan
Jan
Jan
Jan
May
Feb
May
May
Feb
May
May
Apr
May
Jan
Jan
Mar
Jan
May
Jan
Jan
Jan
Jan
Jan
May
May
Jan
Feb
May
May
Jan
May
May
6
20
38%
45%
444
45
18%
20%
15
336
332)4
140
135%
22
122
293
94
26
16%
1911
10
4514
37%
364
17
40
1631
1
10
2634
994
93
3314
$2)4
15
334
28
33%
18
18
54
Jan
Feb
Feb
Mar
Apr
Jan
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Feb
May
Feb
Jan
Mar
Apr
Apr
Jan
Mar
Feb
Jan
Jan
Feb
May
Jan
Apr
APT
May
Apr
Mar
Mar
Jan
Apr
Feb
Mar
Jan
Jan
Mar
10%
752
37% 6,300
3011 2,450
14
50
4031
250
26
300
1731 9,150
1914 1,250
1,150
18
20% 1,350
1,650
38
16
200
24
300
4831 7,000
16
50
1714 1,650
911 6,850
1811 5,350
25
1,550
41% 1,150
23% 3,250
250
834
27
1,450
30%
600
7
200
21
50
110
77
26
150
27
6,150
26
2,98
700
11%
67
14,700
1131 21,300
14
17
50
8%
28%
450
1411 25,400
Low.
9%
3011
2934
13
36
24
14
1011
14
20
19%
16
23
3931
14
41(
164
224
31%
144
7
2011
2611
20
99%
26
12%
24%
10
High.
MNIAF ps,r
Fseyb
33:4
186
Apr : eb
Jan 38,4 Apr
May
Jan
Jan 4734
Feb 3214 Apr
May
Jan 234 Apr
Mar 1914 Mar
Apr 22% Apr
Jan 4531Mar
My
May 16
May
May 24
Apr
Jan 58
Jan 20% Mar
18% Apr
Jun
10)4 Apr
Jan
May 2311 Feb
Feb
May 29
Jan 45% Apr
Mar
Jon 28
Jan
May 15
Jan 28494
Apr
Jan
Feb
Jan 14
Feb 2534 Apr
Apr
Mar 140
Jan
May 31
May
Jan 28
Feb
Jan 28
A,r
Jan
2
4
Jan 69
4534
Jall
10
12
874
264
54
May
Jan
May
Feb
Jan
Bond,
Alba Nat Gas 611s.. _1946
4,000 100
100 100
Alleg Gas 648
1943
9811 984 5,000 98%
Chic City Rys 58
834 22,000 70
80
1927
8,00
8011 83
Ctfs of deposit
6934
1927
Chicago Rys 5s
1927
80)4 83% 34,000 714
1st mtge 58 ctfs dep_1927
8211 82% 1,000 70
9,000 4
62% 64
58 series A
1927 64
034
26,000 32
58 series B
4831 50
1927
3,000 22
30
30
Adjustment income 4s....
Co'wealth Edison(4_1943
11034 11014 1,000 109
Instil U til Inv 6s
1940 105)1 10411 106 218,000 994
Metr WS E
5,000 6514
75
1st mige 48
1938
75
Sou Nat Gas Corp 6s.1944 97
07
97% 2,400 97
6,000 96
100 103
South Union Gas 648-193
9
10234 102%
1,000 10031
Swift & Co lst f g 58_1944
98
United Amer GUI 68-1940
9834 7,000 9734
1111 Jan
Mar
16
A
31,1, Feb
1734 F
Apr
May 100
May 9811
Feb 834
Feb 83
Feb 83%
Feb 824
Jan 64
Jan 50
Apr 30
Feb 111
Jan 112%
May
May
May
May
May
May
May
May
May
Apr
Mar
Mar
Feb 77
May
May 100
May
Mar 103
Fe 102% Ap
May 98)41Ma
r
-rights.
• No Dar value. # Ex-dlvidend. g Ex
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, May 17 to May 23, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Bales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price Low. High. Shares
•
Almar Stores
•
American Stores
Bankers Securities pref_ _50
Bell Tel Co of Pa pref__100
Budd (E (3) Mfg Co
•
Budd Wheel Co
50
Cambria Iron
Camden Fire Insurance......
Central Airport
Commonwealth Cas Co_10
COMO'Traction of N J.100
Electric Stor Battery.._100
Empire Corporation
Exide Security Co
10
Fire Association
4
1234
14
414
254
511
1036
16
3834
331 4
48
49
44
4511
11634 117
1214
12
1334 14
4131
40
2534 26
54 534
22
22
50
50
6734 693.4
103.1
10
1536 16
3734 3831
Range Since Jan. I.
Low.
1,215
3
Jan
Jan
700 45
Jan
700 36
580 11314 Jan
3,300
934 Jan
84 Jan
500
91 384 Jan
800 2234 Jan
1,300
331 Feb
Jan
200 20
200 4834 Feb
235 6734 May
831 Mar
1,612
3,000 15
Apr
May
1.900 36
50 145
17231 177
Horn & Hard (Phila.) corn.' 177
600 40
• 4274 4134 4274
Horn & Hard (N Y) com3,200 69
79
Insurance Co of N A.._ -10 7834 78
5 56
56
56
Keystone Watch Cede
1111
2,200 10%
11
Lake Superior Corp__ _100 1131
Lehigh Coal & NayigaVn1,800 39
4334
424 42
New when issued
3511 354
26 33
Midland Valley pref
1714 1,000 16
17
17
Mitten Bank See Corp
174 173-4 1734 2,000 17
Preferred
230 754
7811 79
Penn Cent L & P cum pf._• 79
1231 133.4 25,900 12
Pennroad Corp
774 7911 19,300 7231
50
Pennsylvania RR
95
200 94
95
Pennsylvania Salt Mfg_ _50
924
48 8614
92
Phila Dairy Prod prof
900 3114
Philo, Eleo Power prat ___25 334 3274 3311
62
60
100 54
Phila Insulated Wire
60
51
51
200 49
Phila Inquirer prof w i__3334 1,300 3211
33
Phila Rap Tran 7% pret_50
223/ 244 6,400 144
Phila & Read Coal & Iron.
500 3974
Philadelphia Traction___50 4134 4134 42
271 234
100
Phila & Western Ry__ _50
1
731
731
734 2,100
734
Railroad Shares Corp
164 1614
100 16
10
Reliance Insurance
Jan
Jan
Jan
Ma
May
Jan
Mar
Jan
Jan
Jan
May
Jan
Jan
Jan
Jan
Ma
Jan
May
Feb
Mar
Jan
May
Jan
Seaboard Utilities Corp-May
751
7
711 731 3,200
514 514
10 50
Scott Paper
Feb
107 107
30 10351 Feb
7% A
Shaffer Stores Co
2334 2434 26,700 2214 Jan
104 11% 1,100
Shreve El Dorado Pipe L 25
Jan
9
514 511
400
Sentry Safety Control
534
434 Feb
hi 6,900
31 Mar
11
Tono-Belmont Havel__ _1
34
1
1,400
1
Tonopah Mining
14 May
304 304
Union Traction
900 2531 Jan
50
3011 3014
Certifs of deposit
200 2731 Fe
4611 80,200 3131 Jan
United Gas Impt cam new• 4434 43
Preferred new
1,665 9634 Jan
• 10134 10154 10131
IT 8 Dairy Prod class A_....• 6934 69
70
800 52
Jan
Jan
Common class B
2,100 14
2434 234 2434
W Jersey & Seashore RR.50 5634 5631 5611
100 5611 Slay
114 1134
Mar
200 10
Westmoreland Coal
50
Westmoreland Corp
May
Odd Lots
100 17
Rights
Insurance Co of N A
4
4
BondsElec & Peo.tr ars 48.. _1945 42
3931
Harrisburg Gas 581970 w.1
101
Phila Elec (Pa) 1st lien &
ref 5s
1960 1044 104
1st 5s
105
Ross
1st lien & ref 5118_1947
10736
Strawbridge& Cloth 581948
9734
United Ry 46 tr etts _ _ _1949
70
York RVIi lasts,
1027
OA LZ
•No par value.
431 11,400
42
101
4
High.
nnaliMv,4V441'40.
1034
9961g
Sutherland Paper Co comb0 10
10
Swift International
15 3711 36
Swift & Co offs
25 3031 30
Tenn Prod Corp, com
14
•
Thomson Co (J R) com-25
40
Time-O-Stat Controls A--• 25
25
Twin States Nat Gas pt A.• 15% 15%
Unit Corp of Amer prel--• 1914 18
United Am Util Ins corn..' 16% 154
Class A
• 2031 20
United Gas Co corn
• 38
35%
United Ptg & Litho coin_ •
16
Cumul pref A
23
US Gypsum
20 47% 45
Lines Inc pref
16
U B Radio & Telev corn...' 16% 164
Utah Radio Prod corn-- •
911
7%
Util & Ind Corp corn ----• 17% 174
Convertible preferred --• 24% 24
Util Pow dr Lt Corp A---• 40
39
Common non-voting....' 22% 2114
Vorclone Corp par pref__*
831
• 2511 2514
Vortex Mfg
• 304 3011
Class A
•
Wahl Co common
7
7
Warchel Corp cony pref...' 21
21
Waukesha Motor Co coni-• 1074 105
Wieboldt Stores Inc
26
*
West Con UM Ina Cl A....• 2611 24
Western Pr Lt di Tel A.-0 25% 25
Wextark Radto Stores corn* 10)4 1034
Winton Engine Co corn...' 67
614
Wiaconsin Bank Sits corn 10 11% 10
Woodruff & Ed Inc part A •
14
Yates
-Am Mach part Pf •
834
834
Yellow Cab Co Inc(Chic)-•
2814
Zenith Radio Corp corn...' 13% 134
matevivvvvvEaags g7int4tntnngE4r.
48
254
44
Jan 27% Apr
May 327114
Mar
Mar
Jan 304 Apr
Jan 27% Feb
May
May 25
Apr
May 57
May 3614 Jan
Feb
Jan
ill
May 28% APr
Jan
May 27
Jan 10031 May
May 4731 Apr
Jan 344 Apr
Jan 704 Feb
Mar
Jan
Apr
May
Jan 264 Apr
Jan 5631 Apr
J: n 8431 Apr
42% Feb
AP
Jan
May
Jan
138,000 34
1,000 101 May
10414 7,000 10214 Feb
13,700 10334 Jan
106
Feb
10734 5,000 104
3,000 9531 Jan
98
Jan
18,000 46
70
Jan
1.000 91
05%6
owdl.P.0 ,
2
3511
3211
6434
12%
20%
244
27%
20
25
50
2511
21
17
194
95
35%
24
58(
81
46
22
30
58
34
.434
wO.P.C.N.4.4m.4.0.40.441>
=XXX
XX
20
20
20% 24% 170,050
20% 20%
100
254 254
50
28% 28%
100
21
2111 1,750
25
25
10
50
50
100
2711 2711
150
234 254 1,650
1911 2131 4,450
1931 20
645
100 100
40
35% 38%
600
19,050
324
64% 6514 7.125
93
600
93%
51
48
750
1,150
2411 26
4331 46% 8,500
714 7411
950
3631 37%
200
350
511 6
Range Since Jan. 1.
N.M!...3014WW
.D.O00.00
OW.ONNCO.N co.aIcoMCW4.44 WWW10.00100000.: 0100.00
,
,
XXX=X=XXX
X
XX
X
XX
2134
High.
X
McCord Radiator Mfg A_•
McGraw Else Co corn.....•
Majestic Hormel] Util corn •
Mapes Cons Mf Co cap stk*
Marshall Field & Co corn..'
Manhattan-Dearborn corn*
Meadow Mfg Co corn.._.._'
Mer MA-88ft Co A corn •
Matron Ind Co allot etts _ _*
Mid-Cont Laundries A__•
Middle West Utilities new •
•
$O turn preferred
Warrants A
Warrants B
Midland Nat Gas part A.•
Midland United Co corn...'
Preferred
•
Warrants
•
Midland Util8% pr113-100
100
7% prior lien
100
6% preferred A
V% preferred A
100
Min Val 17tilInv 7% pf A•
6% prior lien pref
•
Mo-Kan Pipe Line oom--5
Rights
Modine Mfg corn
•
Mohawk Rubber Co corn-.
Monighan Mfg Corp
Monroe Chem Co corn---•
Preferred
•
Morgan Lithograph corn..'
Loser L Corp (J K) corn..'
miracle Gear Cuss A- •
•
Common
Muskeg Mot Sneer cony A •
Nachman Sprined cam.'
Nat Battery Co Pre-4
Nat Else Power A part- •
Nat Family Stores com---•
National Leather corn...10
National Pub Serv Corp
•
$34 cony prof
Nat'l Republic Inv Trust.•
Nat Beeur Invest Co corn..'
•
Certificates
Nat Shareholders. corn.. •
•
Nat'l Standard cam
Nat Term Corp part pfd.'
Nat Un Radio Corp corn.*
Nobblitt-Sparka Ind corn..'
North American Car corn..'
North Amer 0& El cl A....'
No Am Lt & Pr Co corn- •
N& S Ant Corp A com- •
Northwest Bancorp com_50
Northwest Eng Co cern- •
Northwest UM
100
7% preferred
Prior lien preferred-100
Ontario Mfg Co corn
•
Oshkosh Overall Co
Common
•
Convertible. pref
•
Pacific Pub Serv CIA corn..'
Parker Pen(The)Co corn 10
Perfect Circle (The) Co '•
Winterfront oom- -5
Polymet mfg Corp oom__•
•
Potter Co (The) corn_
Process Corp oommon_ •
Pub Serv of Nor Ill corn....'
100
Common
100
7% preferred
6% preferred
100
.•
Vry cam
Q-R-8
Quaker Oats Co prat-100
Common
•
Railroad Shares Corp oorn•
Rath Packing Co com_ _10
Reliance Internat Corp A-•
Reliance Mfg Co nom- _10
Richards(Elmer) Co pref.'
Rollins Hos Mills cony pf-•
Ross Gear & Too. own- •
•
Ryerson & Son in'
•
Sally Frocks Inc com_
Sangamo Electric Co sem.*
Saxtet Co
Signode St'l Strap pur warr
Seaboard Util Share,Cur 25
So Colo Pr cl A oom
Bp'west Gas& El 7% pf 100
Southwest L & P pref._ •
Standard Dredge *any
•
•
Common
Standard Pub Service A •
•
Stelnite Radio Co
Sterling Mot Truck Co p130
Stone & Co(H 0)coal - --•
Furn Co. cony p5_25
Studebaker Mail Order A•
Super Maid Cory corn _ __•
22
Low.
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares
OA.
Grigsby-Grunow Co oom_•
Ground Gripper Shoe corn •
Hall Printing Co com__10
Harnischfeger Corp com__•
Hart-Carter Co cony phi.*
Hercules Mot Corp corn.'
Rib.Span, Burt Co,com_25
Hormel& Co(Geo)corn A•
Houdallie-Hersbey Corp A•
Class B
•
Illinois Brick Co
25
Illinois Nor Util pref__ _100
Ind Ter Ilium 011 n-v A_-•
Inland Utll Inc class A---•
Irnuil Util Invest Ine----•
26 preferred
•
Invest Co of Amer corn-.
Iron Fireman Mfg Co v IC'
Jefferson Elea Co corn _•
Kalamazoo Stove corn_ •
Kate Drug Co corn
1
Kellogg Switchb'd corn-10
Ken Radio Tube & Lt
Common A
•
Kentucky TRU jr cum p5.50
Keystone St & Wire corn.'
La Salle Ext Unit com__10
,
Uwe Drug corn •t a- -•
Lawb'k Corp(The)al offs.*
Libby McNeill & Libby_10
Lincoln Printing corn.....'
50
7% Preferred
Warrants
Lindsay Light Co corn.. 10
Lindsay Nunn Pub $2 pi-•
Lion Oil Ref Co corn......'
•
Loudon Packing Co
Lynch Glass Mach corn_ _•
Range Since Jan. 1.
[VOL. 130.
:XXX
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
0.4000P
-40M-4=.
3688
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange, May 17 to May 23, both inclusive, compiled from official sales lists:
Stocks—
AXI4C3
snout(
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares
•
Alleghany Steel
Aluminum Goods Mfg- —•
American Austin Car_._*
Arkansas Nat Gas Corp *
10
Preferred
•
Armstrong Cork Co
•
Blaw-Knox Co
•
Clark (D L) Candy
100
Colonial Trust Co
50
Consolidated Ice
10
Devonian Oil
Electric Products
First National Bank_ __100
Independent Brewing_ _50
50
Preferred
Koppers Gas St Coke pf.100
•
Liberty Dairy Prod
•
Lone Star Gas
5
Mesta Machine
National Erie class A-- _25
50
Nat Fireproofing
50
Preferred
Peoples Say & Trust_ _20
250
Phoenix Oil corn
50
Pittsburgh Brewing
•
Pittsburgh Forging
5
Pittsburgh Oil & Gas
Pittsburgh Plate Glass_ _25
Fittsb Screw dr Bolt Corp_•
Pruett Schaffer Chem_ _ __•
Ruud Manufacturing_ _ _•
1
San Toy Mining
•
Shamrock Oil & Gas
*
Stand Steel Springs
United Engine & Fdy_ _ _ ..*
Vanadium Alloy Steel-- •
.
West End Say & Trust _50
Westinghouse Air 13rake__*
62
21
6%
1234
8
54
38
1034
400
34
524
423.6
70c
214
2134
17
32
2234
43
43
Range Since Jan. 1.
High.
Low.
Jan
50 58
62
62
Apr
203 20
214
21
534 Jan
534 634 3,192
1234
9
12
460
Jan
734 Jan
346
8
8
May
54
60 53
53
1,668 214 Jan
3634 38
415 13 , Jan
17
16
5 305
Mar
315 315
Feb
5
54 534
115
Mar
9
300
104 1134
20 1834 Apr
25
25
4 390
Apr
400 400
Jan
1
334 4
100
134 Jan
150
336 4
85 9934 Jan
102 102
Mar
125 22
23
25
14,624 344 Jan
5134 55
Jan
230 k25
28
29
26 244 Mar
25
25
Jan
50 33
43
43
Jan
350 35
424 44
Jan
6 155
167 170
9,200 k30c Mar
2800 k700
234 Jan
50
5
5
120 12
Jan
2134 2134
Jan
3
200
3
3
443 52 May
54
52
Jan
1,550 18
214 22
89 15
May
15
17
Jan
70 31
3234
32
Jan
1,000
30
40
40
224 2434 2,50 k174 Jan
Jan
55 38
46
43
100 3834 Jan
43
43
100 65
Jan
65
65
17 325
May
325 325
40 4336 May
4334 434
72
Apr
24
Jan
734 Jan
1634 Mar
8
Feb
62
Jan
4134 Apr
1934 Apr
325
Jan
54 Mar
1436 Apr
28
Apr
Jan
400
434 Feb
5
Feb
102
Mar
3234 Apr
5636 Apr
334 Apr
2595 Apr
4534 Apr
45
Feb
175
Mar
80c Apr
Apr
5
24
Apr
3
Jan
5934 Jan
Jan
23
23
Feb
38
Mar
40 Feb
2734 Apr
58
Apr
4934 Apr
6734 Jan
325
May
5034 Feb
Unlisted—
Mar 50
350 42
4434 42
4434
Copper Welding Steel
134 Jan
3
234
.
134 236 21,000
Internat Rustless Iron_ _ _
250
23.4
236 May
495
236
......
Leonard Oil Developml
40 10434 Jan 110
108 108
Lone Star Gas pref
34 May
150
5
34 334
Mayflower Drug Stores— Mar 85
150 85
85
85
Penn Industries Units
27
2934 10,877 234 Jan 33
,
Western Pub Seri v t a—. 28
Rights—
Lone Star Gas
44
1,936
4
,
10236 10234
3,000
954
434
Bonds—
Shamrock Oil & Gas lis '39
May
Apr
Feb
Apr
Apr
Apr
Mar
Apr
44 Apr
Jan 108
Apr
•No par value. k Includes also record of period when in Unlisted Dept.
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, May 17 to May 23, both inclusive, compiled from official sales lists:
bates
may
Cr-
Stocks—
3689
FINANCIAL CHRONICLE
MAY 24 1930.]
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
•
Arundel Corporation
10
Baltimore Trust Co
Baltimore Tube pref _100
Berl-Joyce Aire Corp coin
Black & Decker corn
•
25
Preferred
Central Fire Insurance_ _10
10
Voting trust etfs
Certificates of deposit_ —
Ches & Po Tel of Balt Pf100
Commercial Credit pref 25
25
Preferred B
Consol Gas EL dr Power.•
6% preferred ser D__100
534% pref wiser E 100
5% preferred
100
Consolidation Coal_
100
Continental Trust
Drover & hitch Nat Bk_10
Eastern Rolling Mill
•
Emerson 13romo Selt A w L.
Equitable Trust Co
25
Fidel & Guar Fire Corp _ _10
Fidelity & Deposit
50
Fidelity Trust
Finance Cool America A_•
Series B
•
Finance Service corn A..10
First Nat Bank w I
44
41
55
394
12934
111
4036
314
4234
9034
Houston 011 pref v t c_ _100
Houston Nat Gas warr___
Mfrs Finance 1st pref....25 18
Maryland Casualty Co- _25 88
New when issued
404
Monon W Penn P S pref_25
Morris Plan Bank
10
Mort Bond & Title w L.__
1534
Mt V-Woodb Mills y t_100
Preferred
100
New Amsterdam Cas Ins__
4134
Park Bank
10 29
Penna. Water & Power_ _..*
Second Sou Bankers corn__
Standard Gas Equip corn_ __ .... Un Porto Rican Sug corn.* 24
Preferred
•
Union Trust Co
50
United Rye & Electric-50
U S Fidelity de Guar new_10 43
West Md Dairy Inc pr pf.50 5334
Rights—
Maryland Casualty
Bonds—
Baltimore City Bonds
1961
48 School
1961
4s Sewer loan
1958
Water loan
48
Oct 1957
4s Harbor
4s Conduit (clin)- 1943
Commercial Credit 536% -1934
6%
Consol Gas gen 4,36s_ _1954
Elk Horn Corp 634s..1931
Finance Co of Amer 6348'34
Houston Nat Gas 6s w w'43
HingsPort Press 64%.1939
. _1931
Md Elea Ry Ist 5s_ .
734
98
98
Wives.% NTI••...•1....% ALL.. 1027
4334 45
4034 42
55
55
10
10
42
87
27
2734
5734
56
56
56
56
56
116% 1164
244
24
25
25
125 132
111 111
10834 10834
1034 10334
10
10
225 225
4034 404
1834
18
3136
31
160 160
42
4334
186 187
226 226
1234 1234
1234 18
114 114
00
9034
55
11334
224
23
93
93
10534
9934
10
220
404
18
30
145
39
168
226
10
11
104
49
77
40
1734
8734
40
2334
1134
13
114
73
38
29
72
35
1334
24
30
61
834
4034
48
86
50
18
90
4034
2434
12
1534
15
7934
4134
29
8634
35
1634
244
33
63
124
4334
5334
8
20
270
556
113
31
475
60
120
62
91
10
85
25
15
235
355
95
619
1,089
183
734
734
4,449
98
98
8500
100
98
98
98
9834 17,000
984 9836 6.000
98
2,000
93
97
1,000
97
994 9934 1,000
99
09
1,000
9434 9434 1,000
98
98
3,000
98 100
14,500
95
1.000
95
9734 97% 1,000
0012
Low.
404
3634
5034
8•
37
27
294
1,784
594
7
10
2,376
16
119
102
53
15
99
35
145
10
5
19
295
12
50
51
141
20
44
181
100
320
28
10
192
86
50
1734
88
4034
244
12
154
15
7934
404
29
85
35
13Si
24
30
67
1234
42
5334
0012
Range Since Jan, 1.
1 Mil
3034
Jan
Feb
Jan
Feb
May
Jan
Jan
Jan
May
Jan
Jan
Jan
Jan
Jan
Jan
Feb
May
Feb
May
May
Jan
Jan
Jan
Feb
May
Jan
Feb
Jan
Jan
Mar
Apr
Apr
Mar
Mar
Jan
Apr
Apr
Apr
Feb
Apr
Apr
May
Apr
Apr
May
Feb
May
Feb
Jan
Feb
Mar
Feb
Apr
May
Apr
May
Feb
May
Mar 92
Jan 50
Jan 20
Jan 112
May 46
Jan 26
Apr 14
Apr 20
Jan 17
Feb 86
Jan 43
Jan 30
Jan 9534
May 35
May 1634
May 40
May 43
Feb 7434
Jan
1334
Feb 49
Jan
543.6
Apr
May
Apr
Apr
May
Feb
Feb
Jan
Mar
Mar
Apr
Jan
Apr
May
May
Feb
Jan
.Ian
Feb
Apr
may
734 May
98
9534
954
984
93
97
9934
974
9434
97
95
95
94
,
el-
High.
4734
4434
55
154
56
2734
584
5834
58
117
2534
2636
136
129
109
10334
15
225
4234
2536
334
161
49
190
226
13
13
15
5134
104 May
May 98
Feb 984
Feb 9834
May 9834
May 98
May 97
May 9934
Jan 994
May 9734
Feb 99
Mar 100
May 99
Jan •97%
....
...._._
May
Apr
May
May
May
May
May
Apr
May
Mar
May
Apr
May
.
Sales
Pridag
Last Week's Range for
of Prices.
Week.
Sale
StOcks (Concluded) Par. Price. Low. High. Shares.
Nod & Portsm Trait 5s__-_
United Ry & El 1st 43_1949
1949
Income 4s
1936
Funding 58
1949
let 65
Wash Bait & Ann 5s_1941
• No par value.
9934
5734
67
9934
5734
4234
5934
71
67
1,000
994
58
13,000
4334 9,000
6034 4,500
71
2,000
67
16,000
Range Since Jan. 1.
Low.
9834
5536
34
4934
67
65
Apr
Jan
Jan
Jan
Jan
Feb
High.
994
65
4934
65
84
68
May
Apr
Feb
Apr
Jan
Apr
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, May 17 to May 23, both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks—Par Price. Low. High. Shares.
•
Aetna Rubber corn
•
Allen Industries corn
Amer Multigraph com___•
• 1434
Apex Electric
,
Sulkies Building pref__100 61
Bond Stores B
Central United Bank_ _ _ _•
City Ice & Fuel
Cleve Bidre Sup & Br come 35
Cleve Elea Ill 6% pref_100 112
•
Cleve Railway Otis
Cleve Sand Brew
•
Preferred
Cleve Securities p 1 pref _10
100 475
Cleveland Trust
Cleve Union Stkyds corn_•
• 90
Dow Chemical corn
100
Preferred
•
Enamel Products
Faultless Rubber corn— __• 35
Ferry Cap
•
Foote-Burt corn
Gen Tire & Rubber com_25 138
100 86
Preferred
•*
Geometric Stamp
Goodrich Tire
Goodyear Tire & R com-• 8234
Orel/ Bros Cooperage corn• 40
100 395
Guardian Trust
* 2134
Harbauer corn
• 104
Higbee 1st pref
India Tire & Rubber corn.*
Interlake Steamship corn.*
•
Jaeger Machine corn
100
Jordan Motor pref
Kelley 1st Lime & T coin.* 40
•
Lamson-Sessions
• 38
Leland Electric
McKee (A 0)& Co B. •
•
Medusa Cement
Metr Paving Brick com--• 28
Miller Wholesale Drug com• 3034
Mohawk Rubber com----• 13
National Acme corn_ _10
• 17
National Tile corn
•
Nestle-LeMur corn
•
1900 Washer corn
334
North American Sam...-'
Ohio Bell Telephone pf-1•11 114
" 724
Ohio Brass B
100 106
Preferred
•
Packard Electric corn
9
•
Packer Corp corn
Paragon Refining corn_ •
• 2734
Patterson-Sargent
50
Peerless Motor corn
•
Reliance Mfg cons
Richman Brothers corn_ •
•
R & NI preferred
7%
Selberling Rubber corn- --•
Selby Shoe corn
Sheriff Street Mkt com_100 25
Sherwin-Williams com__25 81
100
Preferred
Stand Textile Prod corn 100
100
Preferred A
•
Thompson Aero
Union Metal Mfg cont. •
25
Union Trust
Van Dorn Iron Wks corn.',
• 1634
Vlehek Tool
• 19
Weinberger Drug
Wellman-Seaver-Mor p1100
•
Youngstown pref
Bonds—
Steel & Tube 6s
WB&A 58
•No par value.
634 7
1434 144
40
40
144
14
61%
61
1
1
80
80
45
45
35
35
112 11234
90
90
334 3;4
5
5
234 2%
475 475
15
154
9134
90
104% 10434
10
10
35
35
15
1534
27% 27%
135 138
86
86
15
15
404 4034
8234
82
39% 404
395 396
2134 22
101 10434
20
18
77
77
26
25
124
12
42
40
28
27
38
37
56
53
98
98
26
26
32
31
10% 13
18
18
15% 17
4
4
25
24
3
34
114 114
73
72
106 107
19
19
9
9
12% 12%
274 274
8
8
4534
45
85
83
11
11
734 9
1334
13
25
25
82
81
106 107
3
3
49
49
17
17
42
42
90
90
9
9
1634 1634
1934
19
100 100
99% 100
Range Since Jan. 1.
Low.
High.
534 Apr
60
84 Feb
Feb 144 May
5
25
Jan 41
Mar
215 34
Feb
140 12
1634 Feb
Mar 634 Mar
57 60
Jan
1
300
34 Mar
Jan
106 80 May 86
Apr
Jan 47
16 41
Mar
Feb 35
72 34
Jan 11334 Apr
395 110
Apr 93% Feb
59 88
25
Feb
8
5 May
20
jan
3
24 Mar 501% Feb
34
May
27 475
Jan
Mar 18
55 15
Apr
140 694 Feb 100
Feb 10634 Apr
37 103
Jan
Feb 11
200 10
Feb
63 3434 Jan
b
Apr 37
220 15
1934 Feb
20 21% Mar 3334 Apr
Mar
135 13534 Mar 163
May
25 86
Jan
May 25
20 14
250 40% May 4034 MAY
300 82 May 9034 Apr
Feb
65 3934 Jan 43
May 432% Feb
62 395
Mar
Jan 25
50 20
May 1054 Mar
454 101
Apr
8% Jan 25
419
Mar
May 87
231 77
Jan 29% Feb
270 25
185 10 May 12% Apr
Apr 4434 Mar
188 40
May 29% Feb
500 27
May
Jan 38
255 27
Mar
Mar 59
328 44
Mar
73 87 May 105
Feb
May 32
134 26
Mar 3234 Apr
330 22
Feb
14
May
8
888
May 254 Feb
200 18
Feb
215 154 May 29
Feb
4 May 10
100
Jan
May 25
420 24
334 May
3 May
ao
Apr
Feb 116
2 110
Jan 7634 Apr
57 70
may
Jan 107
90 101
Apr
May 25
19
8
May 134 Feb
8
100
Mar
734 Feb 15
5
Mar
Jan 29
23
18
Jan 1134 Jan
6
2
Apr
Jan 50
230 39
Feb
455 794 Jan 99
Jan 14% Feb
1
10
1,39
634 May 1854 Feb
Jab
230 1134 Mar 20
Jan
May 45
25
1
Jan
Jan 85
80
23
Apr
Jan 109
7 105
3% Jan
2% Mar
100
Feb
Jan 58
50 47
May
Jan 17
6
150
290 324 Mar 4534 Apr
Jan
656 8934 Mar 95
Apr
734 Jan 11
75
Apr 2034 Jan
50 15
Mar
May 21
220 19
Feb
Jan 100
30 80
259 99% AP 103% Feb
10055 1004 10056 $24,000
6634 6634 6634 10.000
954 Jan 101
6634 May 67
Apr
Apr
Cincinnati Stock Exchange.—Record of transactions at
Cincinnati Stock Exchange, May 17 to May 23 both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Aluminum Industries, Inc•
Amer Laund Mach com_20 6534
Amer Rolling Mill corn _ _25 74
Amer Thermos Bottle A_ •
50 5134
Preferred
•
Amrad Corp
6
20
Baldwin common
100
New preferred
Carey (Philip) common 100
100
Preferred
100
Champ Fibre pref
•
Churngold Corp
•
Cin Adv Products
•
Cin Car 13
20
Preferred
100
CNO&TP
Cin Gas & Rico pref- _ _ _100 9934
50
Cin Street Ry
50 99
Cin & Sub Tel
Cin-Union Town Pref--:
City Ice & Fuel
•
Coca Cola A
100
Col Ry pr 1st pref
• 164
Crosley Radio A
•
Crystal Tissue
•
Dow Drug common
100 106
Preferred
Eagle-Picher Lead coin_ _20 _AO
• 38
Formica Insulation
• .1734
Gerrard S A
• 41
Gibson Art common
•
Goldsmith Sons Co
38
Gruen Watch common___• 1111Z
/00
— . _—
2334 2334
68
65
74
72
16
16
504 514
30
25
6
6
60
60
250 251
116 116
10534 10834
184 19
53
52
14
24 234
337 837
994 9934
4235 43
99 112
10634 10634
45
46
3034 3034
1074 107%
1634 184
19
19
14
13
105 106
10
1094
374 39
174 1734
4434
41
20
20
38
38
134
1101, 1/0
20
540
307
6
177
521
25
26
59
23
11
75
143
300
100
10
178
439
175
50
45
10
10
44
10
50
14
500
425
33
163
125
.
,a3
Range Since Jan. 1.
Low.
224
64
7136
15
4834
12
4
60
250'
115
104
15
50
34
14
325
95
42
99
104
42
29
102
114
19
13
10434
10
3734
1734
38
19
../.....
May
Jan
May
Jan
Feb
Jan
Feb
Mar
Mar
Apr
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Feb
May
Feb
Jan
Jan
Jan
Jan
May
May
May
May
May
May
Jan
Jan
May
_
..
High.
3834
75
10034
20
5134
32
6
60
280
120
10534
23
6234
2
334
350
100
454
119
10734
49
3036
1074
22
23
18
107
15
53
24
58
25
42%
.
. .....
Feb
Jan
Feb
Apr
May
Apr
May
Mar
Feb
Jan
Apr
Apr
Feb
Mar
Mar
Mar
Mar
Apr
Jan
May
Feb
Jan
May
Apr
Jan
Jan
Feb
Apr
Jan
Jan
Jan
Jan
Jan
.
pr
3690
FINANCIAL CHRONICLE
arrutay
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks(Concluded) Par. Plies Low. High. Shares
Range Since Jan. 1.
Low.
'
,
Tway
Jalel
Last Week's Rang. for
Sale
Week.
of Prices.
Stocks (Concluded) POT. Price. Low. High. Shares.
[VOL. 130.
Ramps Since Jan. 1.
.tt.
,-;
0N000MQ0NN000001.-000MV000.000,--NM.0.0‘0000
V
0400.w.00NNN 0.M.C.WV00 000N.M..MX
0 01222ng
m
.. ...V
....Mtg.
ClN
0
§
ceTt:
--
§§§
0.0
C-00
so.W
m0M
- NM
,
. In
High.
High.
Low.
Hobart Mfg
• 44
Mar First Sec Corp Ogden A_
4334 44
Mar 50
205 42
130 130
mar
Mar 133
5 127
lilt Printing Ink
•
48
48
15 45
Jan 57
Alm Food Mach Corp com__-_
May 4431 Feb
34%
835 31
31
Preferred
100 95
Apr Foster & Kleiser corn
95
Feb 101
97
86 94
7
740
734
mar
7
734 May 10
Kodel Elea & Mfg A
•
631
Ty, 280 534 Jan 834 Mar Fireman's Fund rights
834
25c 36e
25c
6,263 25c May 550 Apr
Preferred
-20
20
20
264 1934 Jan 20
Apr Galland Mere Laundry.... 32
125 28
32
May 3834 Jan
32
Kroger common
Jan Gen Paint Corp A cam
• 33
3234 33
61 3031 Apr 47
Feb
17
17
May 22
160 17
Lazarus, pref
100
May
B common
Feb 101
98
98
45 94
Jan
731 May 14
240
734
734
Leland Electric
•
Feb Golden State Milk Prod
32
32
May 34
1 32
2434 2434 25
948 2334 Ja. 3134 Jan
Leonard
2234 2234 2234
Jan 2434 May Gt West Power 6% pref.__
5 17
101,1 101%
Apr
Jan 104
26 99
Manischewttz. corn
* 38
Mar
38
38
60 3734 May 45
7% Preferred
10534 105 105%
90 10431 Jan 10634 Feb
Nat Recording Pump_..-• 29
Jan Hale Bros Stores Inc
May 36
29
3134
285 20
ng ng
leo 1134 May 14 Jan
Ohio Bell Tel, pref
100
114 114
6 11034 Feb 115
AP/ Hawaiian C & S Ltd
47
47
Jan
35 47 May 51
Oglesby Paper, pref____100 9834 9834 9834
6 9834 May 9835 May Hawaiian Pineapple
Feb
5631 5631
163 5234 Jan 63
Paragon Refining B
* 13
1234 1334
255
734 Feb 1434 API Honolulu Oil Corp Ltd
3934 3
934 3934 1,220 87 May 4034 Apr
Voting trust We
•
1234 1234
731 Feb 1434 Apt Honolulu Plantation
108
60
400 60
60
May
63
Mar
A preferred
•
4534
45
175 3334 Mar 4534 May Hunt Bros A corn
2231 22
250 21
Jan 2334 Apr
2234
Proct & Gamble corn new-* 7134 7034 72
1,039 5336 Jan 76
API Home Fire rights
10o
100 15o
1,179 10o May 20c Apr
8% preferred
100 16734 16734 16734
Mar
180
Jan
10 160
Honolulu Cons Oil Co39
3931
560 31
Feb 4031 Apr
5% preferred
100 10634 106 108
Mar Illinois Pao Glass A
14 10434 Jan 110
27
27
365 1934 Jan 2834 May
Pure 011 6% pref
100 9734 9634 9734
304 9634 May 10031 Fet Investors Assoc(The)
4034 4034
245 3734 Jan 4231 Feb
8% preferred
100
112 112
Mar 11334 Mai Roister Radio Corp com
5 110
454 531
731 Apr
725
Jan
2
Rapid Electrotype
* 59
59
60
325 3934 Jan 60
AP1 Langendorf Unit Bak B
22
22
150 2134 May 2534 Jan
Randall A
Mal Leighton Ind B
370 1334 Jan 19
1731
17
2
2
2
240
Jan
2
Apr
5
Mai Leslie Calif Salt Co
8
8
Jan 11
5
4
2131 22
350 1734 Mar 2336 May
U SPlaying Card
10 8231 8234 8334 1,530 80
Jar
L A Gas & Elec Corp pick
May 91
10631 106g
lo 10034 Feb 108 Mar
US Print & Litho pref_100 48
48
4834
405 47
Feb 5234 Jar
Lyons Magnus Inc A
1234 1234
270 10 May 1334 Jan
US Shoe, pref
100
30
Jan 3234 Jar
30
Magnavox Company (The)
4 30
4
431 5,460
4
Apr
234 Jan
8
Waco Aircraft
6
5
May 1034 MN
*
6
15
Magnin (I) & Co corn
2131 2234
320 2031 Jan 24% Apr
Western Bank
Ma1
35
100
35
10 35
May 37
98
6% preferred
98
98
5 9731 May 9934 May
WhIf•Ir al- D.,,,. 1%•••%f
100 1 ila 1.4' 1 AA tt lila II
9 104
Ar,r 106
JAI
Marchant Cal Mach corn.. 1934 18
1934
863 18
May 25
Jan
Market St Ry common.-1
1
•No par value.
50
1
May
1
May
No Amer Invest corn
105 105
28 105
Jan 113
Jan
91
91
534% pref
65 90
Mar 9231 Apr
St. Louis Stock Exchange.
-Record of transactions at No Amer 011
1534 1534
265 14
Feb 1931 Mar
St. Louis Stock Exchange, May 17 to May 23, both inclusive Oliver UnitedCons A
2734 28
205 2536 May 31
28
Filters
Jan
B
25
25
200 25
25
eompiled from official sales lists:
Jan 2934 Jan
10c
Occidental Rites
10c
659 100 Apr 100 Apr
171day
,
Sales
Pacific Gas & Elec corn
6934 6,112 5134 Jan 7334 Max
67
68
Last Week's Range for
Range Since Jan. 1.
6% 1st preferred
2734 2734 2731 4,747 26
Feb 2734 Apr
Sale
of Prices.
Week.
Pacific Light Corp corn- 96
1,376 7431 Jan 10634 Apr
9531
94
StocksPaz. Price. Low. High Shares.
6% preferred
High.
Low.
265 100
10234 102 10231
Jan 10534 Mar
Pacific Public Service A
3231 3134 3231 5,165 2834 Feb 39
Feb
Bank Stocks
Pacific Tel & Tel corn
141 143
423 139
143
May 180
Feb
Boatmen's Nat'l Bank-100
205 210
May 23934 Jan
205
105 120
12534 126
6% preferred
Jan 144
Feb
First National Bank._l00
8331 84
Apr Paraffine Co's corn
8331 May 90
72
205 71
72
May 78
Jan
Mere-Commerce
100
275 279
Jan Phillip rites
May 801
275
578
134
131 May
13.4
131 May
Rainier Pulp & Paper Co.._ 2631 2631 2634
105 26
Mar 29% Jan
Trust Co.StocksH
Richfield Oil com
2134 2134 2334 5,691 2134 May 2734 Mar
Franklin-Amer Trust...100
260 270
259
Jan 29734 Feb Roos Bros pref
40 83
Jan 94
Mar
9134 9134
Miss Valley Trust
100
279 280
Jan S J L & Pow 7% pr pref.
May 300
279
117 117
15 11034 Mar 11831 Mar
St Louis Union Trust_ _100 550
550 565
May
Jan 565
525
103 103
5 100
Jan 10334 Apr
6% Prior preferred
5934 60
Schlesinger(B F)& Sons pf 60
25 56
Feb 70
Jan
Miscellaneous Stocks
Shell Union 011 corn
21
2134 4,292 21
21
May 2531 Apr
*
Amer invest B
931
941
Mar 1034 Jan Sierra Pao Elec 6% pref.__ 91
8
91
91
25 89
Jan 94
Mar
100
A S Aloe Co pref
9631 9634
Jan 9734 May So Pacific Golden Gate A
96
16% 1631
241 16
May 17% Feb
Bentley Chain Stores corn *
934 941
Feb Spring Valley Water Co..
Mar 13
9
13
13
10 13
May 9034 Feb
•
Boyd-Welsh Shoe
3731 3731
7
3731 May 4034 Jan Standard 011 of Calif
6931 6831 7034 22,616 55% Feb 7434 Apr
100 4034 40
Brown Shoe corn
41
Mar Tide Water Ass'd 011 corn_
May 42
40
1634 2,150 1034 Feb 1734 Apr
16
100
Bruce(E L) pref
93
93
Apr
6% preferred
May 98
93
230 78
8734 88
Feb 90
Mar
Burkart Mfg pref
•
1431 1434
1134 Mar 16
May Transamerica Corp
43% 4234 4434 52,879 3831 May 4734 Feb
Chicago Ry Equip pref_ 25
22
22
May Union Oil Associates
1934 Apr 22
4434 44
4434
1,425 4034 Feb 4834 Apr
Coca-Cola Bottling Sec- -1
55
58
3831 Jan 6034 mar Union 011 Co of Calif
8,077 4134 Feb 50
4534 4454 46
Apr
4
Consol Lead & Zinc A----•
434
4
May
4
634 Jan Union Sugar Co com
534 534
434 Apr
200
8% Jan
• 45
Dr Pepper corn
44
45
May
2734 Apr 45
Wells Fargo Bank St Un Tr
325 325
10 820
Jan 335
Mar
Elder Mfg corn
*
22
22
W Amer Finance Co 8% Pf
20
Apr 2234 Mar
500
2
234 231
Jan
234 May
Ely & Walk Dry Gds com25 2734 2731 2731
W Coast Bancorp'n A...... 10
2631 Mar 2931 Apr
16
16
381 1531 Apr 2434 Mar
First preferred
100
Apr
Jan 101
96
9934 100
2234 2431
Western Pipe & Steel Co__ 24
1,207 2231 May 29
Feb
Second preferred_ --100 79
Wilms Ph&e.bar Vah C'n A
79
79
May 80
79
Jan
1634 1634
172 16
Aor 35
Jan
Hamilton-Brown Shoe...25
4
331 534
Mar
331 May 11
Hussmann Refr corn
* 13
1431
13
Jan
Mar 23
9
Los Angeles Stock Exchange.
-Record of transactions
Hydraulic Pres Brick Pf 100
31
32
May 3834 Feb
31
Independent Pack pref _100 78
78
78
Jan at the Los Angeles Stock Exchange, May 17 to May 23,
Feb 85
75
Internata Shoe coca
• 5634 58
5634
56
May 63
Jan both inclusive, compiled from official sales lists:
100 10634 106 10634
Preferred
10431 Jan 10734 Mar
Johnson-S & S Shoe
•
42
4231
Jan
Friday
42 IlMay 55
Sales
•
Key Boiler Equipment--*
3
Range SISICO Jan. I.
Last Week's Range for
Apr
834 3
Mar 40
30
834
Knapp Monarch pref_....°
3431
34
of Prices.
34
Week.
Feb
Sale
May 37
20 43
Laclede Steel Co
42
43
Apr
StocksLow.
Mar 46
Per. Price. Low. High. Shares.
High.
38
.25
Landis Machine, corn_..
40
43
Jan
May 64
40
McQuaY-Norria43
:
44
26
100 22
26
43 May 51
Jan 3334 Mar
Apr Barnsdall Oil A
25
Moloney Electric A
59
59
400
931 10
52
Mar Boisa Chica 011 A
8% May 14% Mar
Jan 66
1
934
Mo Portland Cement.-_25 3334 80
33%
15% 15%
400 14% May 2331 Feb
30
May 3531 Mar Byron Jackson
•
* 24
Nat Candy, corn
24
2431
113 114
140 113
Feb 120
22% Feb 2734 Mar California Bank
25
Jan
1st preferred
100
109 109
850 110
Jan 112% Jan
Mar Citizens National Bank_20 11031 110% 110%
10534 Jan 109
Pedigo-Weber Shoe
*
15
15
3,900 38% May 45
Feb Claude Neon Elea Prod--• 37% 37% 39
Apr 18
Feb
13
Rice-Stix Dry Gds, corn- * 1334 13
14
13 May 18
Feb Douglass Aircraft Inc700 12,4 Jan 22% Apr
19% 21
1oo
1st preferred
98
98
17
600 17
Feb 100
Mar 23
97
Mar Emsco Derrick & Eq Co- •
1731
Jan
2d preferred
100
86
86
16
84
16
200 13
Jan
8
may 88
16
May
Mar Gilmore 011 Co
-V-B D G,corn..-25
Scruggs
12
12
12
96
96
70 93
May 1431 Jan Goodyear 'I' & Rub Pf--10
Jan 98
Mar
0
Scullin Steel, pref
* 2334 2331 2431
834 831
2331 May 3134 Jan Hal Roach 8% pref
25
12 10
8%
May 10
May
Securities Inv, corn
*
3231 3231
2431
24
Jan 3331 Apr Home Service 8% pref 25
31
499 2034 Apr 24% May
100 10634 10631 10631
Preferred
105
Apr Internat Re-insur Corp.
44% 453( 1,300 41
May 109
.10
Jan 4931 Mar
Skouras Bros, A
8
28
28
Feb30
21
May Lincoln Mtge corn
30
404 30
30
•
Jan 32
Mar
Southw Bell Tel, pfd___100 12034 119% 12034
11634 Jan 12034 Mar
200
631 634
6
Preferred
Mar
6% Mar
Stix, Baer & Fuller, coin.*
2434 2431
10631 10634
Jan 2631 Apr Los Angeles G & L Pf__100
20
107 106
Feb 108
Apr
Compreas.100
8234 8231
St Louis Cot
17
Feb 95
60
Mar Los Angeles Invest Co_ _10
17
400 1634 Jan 20% Jan
St L Pub Sera pfd A
*
50
50
2234 25%
May 60
50
Jan MacMillan Petroleum Co25
800 18
Jan
Wagner Electric com___15 2831 28
2931
.174 174
2531 Jan 3634 Apr Mortgage Guarantee Co100
100 165
Mar 174
May
•
St Louis Bank Bldg
10
10
May
10
53
Jan Pacific Amer Fire Ins Co 10 52
52
12
150 50
Jan 5731 Apr
Pacific Finance Corp coral0 37% 37% 38
1,100 36% Mar 43
Jan
Street Railway Bonds.
1134 1131
Preferred ser A
10
5 10 Mar 11% Apr
City & Subur P S 5s _ _ _1934
82
82
82
9
May 8734 Jan
9
Series C
10
ao 831 Mar 9 Apr
East St L & Sub Co 5s_1932
9531 95%
9534 Feb 95% May
1,000
Series D
934 9%
10
8% Mar
9% Feb
94% 9534
Pacific Lighting cora
200 79
Jan 10534 Mar
Miscellaneous Bonds.
6
101% 10134
ao 10031 Mar 103% Mar
Moloney Electric, 530.'43
9431 9434
92
Jan 9534 Mar Pacific Mutual Life Ins__10
88%
87
300 80% Mar 94
Apr
Nat Bearing Metals, 68247
Mar 10231 May
100
10234 10236
Rights
360 370
1.200 290
Feb 445
Mar
Serial 9831 9831 9834
-V-B 7s
Scruggs
9531 Jan 99
31% 31%
May Pacific Pub Sera A corn...
200 28
Jan 38% Mar
16% 17
Pacific Western 011 Co..--• 17
1,00
13
*No par value.
Jan 1931 Apr
280 300
Republic Petroleum Co_10
300 210
Jan 400
Feb
30
30
-Record of transac- Republic Supply Co
San Francisco Stock Exchange.
,3
30
Feb
Jan 32
4,70
21% 2134 23
2131 May 27% mar
Francisco Stock Exchange, May 17 to May 23, Richfield 011 Co corn_ ___25 20% 20% 21
tions at San
Preferred
25
60
20% Mar 22% Jan
Rio Grande 011 corn
both inclusive, compiled from official sales lists:
20% 2131 6,200 16% Feb 2531 Apr
25 21
San Joaquin L &PFriday
Sales
7% prior preferred.. _100
117% 117%
3 11131 Mar 118% Mar
Last Week's Range for
Range Since Jan. 1.
Seaboard Diary Cred Corp
Sale
Week.
of Prices.
A preferred
90
90
100
May 9631 Jan
90
Par Price. Low. High. Shares.
StocksHigh.
Low.
Seaboard National Bank 25
4634 4634
Feb 5431 Jan
45
Security First National
440 440
Mar
10 440
May 455
Anglo Calif Trust Co
Bank of L A
11231
25 111% 111
1,75 110
Jan 11834 Mar
734 734
731 May
200
7% May Shell Union 011 Co corn 25 2034 2031 20% 1,000 00
Armour St co A corn
Jan
Jan 00
4
4
4
200
May
4
May Signal 011 & Gas A
B common
34
34
25
10
2734 Feb 3834 Apr
731 Apr So Calif Edison cora _ __25 65% 64
6
400
634 634
631
May
Assoc Insurance Fund Inc_
6634 5,100 5631 Jan 71% Apr
25% 26
358 2531 May 34
Feb
26
Atlas Imp Diesel Eng A
6% Preferred
25 26% 2634 26% 2,30
2434 Jan 27.34 Jan
13% 14
725 131
14
Jan 15% Apr
Bond & Share Co Ltd
534% Preferred
Mar
25 24% 24% 24% 1,700 2241 Jan 25
400 64
87
8731
May So Calif Gas ser A pi__ _25
Jan 88
Borden Co (The)
26%
26
24% Jan 26% mar
6
15% 1,644 1434 May 2334 Feb
15
15
Byron Jackson Co
6% Preferred
26
26
25
2434 Feb 26% Apr
16
13
160 10
Apr So Counties Gas6% pf__25
13
Mar 15
Calaveras Cement Co corn.
Apr
100 10034
9634 Feb 101
100 3054 May 37% Jan Standard 011 of Calif
31% 31% 3131
CalifInk Co A corn
Jan 7434 Apr
70
8,600 56
• 69% 68
505 6734 May 77
Mar Taylor Milling
68% 6931
California Packing Corp...
3031 30%
1,100 24% Jan 30% May
Apr Trans
75,4 0,724 5331 Jan 79
73
75
-America Corp.._ _ _25 4331 42% 44% 23,000 39
Caterpillar Tractor
Map 47% Feb
301 25
May 3834 Feb
2534 25%
Script new
Jan
Clorox Chemical Co A..
Mar 46
43
43
39
34
Feb 100% May Union 011 of Calif
40 98
10034 10034
Coast Cos G & E 6% 1st pf
44% 45% 2,400 41% Feb 49% Apr
25
318 25% Jan 3331 Feb
27%
27
Cons Chem Indus A
Mar
226 7831 Feb 85
Bonds
81
81
Crown Zeller Corp pref A._
Feb 84% Apr LA Gas & Elea 534s...1949
189 78
80% 80%
Preferred B
10434 10431 35.000 102,4 Feb 104% May
15
Feb 94% May
15% 1,507 1431 May 18% Feb LA Railway Co 1st m is'38
Crown Zelierbach v t 0.... 15
9434 19,000 91
94
262 23% May 27% May Nevada Eleo Corp Sø..1956
May
96
2534
25
AP
Eldorado011 Works
95
5,000 95
95
4% Feb Richfield 6s
2% May
755
251 234
231
Pagedl Motors corn
1944 9531 9531 96
20,0011 94% Mar 97% Mar
7% Feb So Calif Edison 5s....1952 10231 10231 102% 5.000 100
6% Mar
100
Jan 102% Mar
7% preferred
731
734
Apr
Jan 116
715 98
10234 105%
Flremans Fund Insurance_ 105
* No par value.
MAY 24 1930.]
3691
FINANCIAL CHRONICLE
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last(May 17 1930) and ending the present Friday (May 23 1930). It is compiled entirely
from the daily reports of the Curb Exchange itself and is intended to include every security, whether stock or bonds, in
which any dealings occurred during the week covered.
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price Low. High. Shares.
Week Ended May 23.
Stocks-
Indus. & Miscellaneous.
•
200
934 10
Acetol Prods cony A
25
200
Acme Steel coin
6654 6656
Addressograph Inter cm.* 36
400
35% 36
Aeronautical Indust warr__
3
3
3
1,300
600
Aero SuPPIY Mfg Class B.
934 934
*
600
Aero Underwriters Corp....' 13% 13% 15
Agfa Anse° Corp corn.
200
2634 2634
100 8554 8534 85%
Preferred
200
200
Air Investors corny I e__ •
534 6%
Convertible preference.* 1554 1534 1514
100
Ala, Ga Southern corn_ _50
119 120
40
Preference
50 131
20
131 132
20
•
Alexander Industries
2% 2%
All Amer General Corp__20 21
18
23% 15,40
Allen Industries, com_ _•
1136
200
11
Allied Aviation Industries_
With stock purch warr.
•
1%
234 3,700
15-4
Allied Mills Inc
•
93-4
934 934 1,500
Allison Drug Stores el A _ _•
%
34
100
Class B
•
%
%
300
Aluminum Co oom
600
300
292 300
100 10956 109 10951 2,300
Preferred
Aluminum Goods Mfrs_ •
21
100
21
American Arch Co com___• 45
400
46
45
Amer Brit dr Cont Corp- •
100
634 654
Amer Capital Corp corn B•
400
8% 931
9%
300
$3 preferred
32% 33
100
Amer Cigar Co, corn_ _100
75
70
Amer Cyanamid corn B__. 2636 2551 2734 37,300
Amer Dept.Store* Corp..'
451 456 1,200
451
American Equities corn....' 19% 19
6,200
20
Amer Inveatora Cl B corn.* 12% 1231 1214 2,600
300
Warrants
534
534
Amer Laundry Mach corn •
50
6431 6554
Am Maize Prod corn. •
200
35
35
Amer Mach dr Fdy new _... 52% 5254 5434
700
i5o
Amer Mfg, co
corn
100
5034 5051
Amer Salaman(ira Corp_25
20
57
57
Amer Service Co corn_
200
•
814 851
American Stove Co__ .100
5
5956 5955
Amer Thread pref
334
334 354
70
5
Amer Transformer corn'
18
5
18
Am Util & Genii v t
13% 1231 1334 26,300
Amer Yvette Co corn__ -•
234 354 2,800
334
Amrad Corp common_
•
800
263-4 2936
Anchor Post Fence coin_ •
900
11% 12
Anglo-Chile Nitrate Corp.' 39% 3734 40
3,800
Arcturus Radio Tube_
•
1534
300
15
Associated Dyeing & Print*
400
1% 1%
Assoc Elec Industries
-Amer dep rcts ord ehs.E1
300
6% 634
Associated Laundries---•
300
136
154 1%
Associated Rayon oom_ •
200
351 4
8% preferred
soo 4854 4856 50%
800
Atlantic Coast Fish. coni.• 19
100
19
19
All Fruit & Sugar
•
900
% 746
Atlantic &cur Corp corn *
20%
60
20
Atlas Utilities Corp com__• 1351 12% 13% 11,10
Warrants
3,200
4% 5
4%
Automat Music Instru A•
3,20
8
755 8
Automatic Voting Mach
Cony prior partic etk- •
50
12
12
Aviation Corp of the Amer. 40
40% 1,000
40
Aviation Credit Corp..'
50
15
15
Aviation Seeur of N E_
200
•
934 9%
Aviation Securities Corp.*
400
17% 19
Axton-Fisher Tob corn A 10
200
4434 4434
Bahia Corp corn
900
431 455
•
Baumann(L) dr Co pf__100
50
7354 7334
100
13ellanca Aircraft coin v I co
1534 15%
Bickford's Inn common_ •
100
1834 1856
$2.50 cum cony prat ___* 32
1,200
29% 32
•
Bliss(E W)Co corn
500
2034 20%
Blue Ridge Corp corn__ • 1051 10% 1156 5,400
Opt 6% cony reef--60 40% 3951 41% 7,500
Bohack(H C)& Co com__. 84% 82
900
84%
Bourjois Inc
300
•
734 756
Bower Roller Bearing_
100
•
15% 15%
Bridgeport Machine come
100
354 354
Milo Mfg corn
•
600
956
9
British-American Tobacco
Am deli rcts for ord bear £1 27
900
26% 27
British Celanese Ltd
Am dep rota ord
400
_ -----3% 3%
Brown Fence & W corn 13• 23
rcg__300
23
24
Cony pref, class A
200
25
25
Bulova Watch 3334 prat_
300
3751 37% 39
Buroo Inc coin
•
1,200
8
8
8
6% cony pf with warr_50
200
40
40%
Warrants
100
354 334
Burma Corp Amer dap rote
3
3% 1,800
Butler Bros
20
1031 1054 1,300
Buzza Clark, Inc, corn_ •
200
154 1%
Cable Radio Tube v s o_..•
800
414
4
454
Campe (The) Corp corn_ *
200
12% 15
Canad Dredge &
100
3931 39
3931
Canad Indust Alcohol 13 •
200
4
434
Carnation Co common_ •
100
30
30
Celanese Corp of Am corn * 22% 2134 22%
800
7% 1st panic pref.._ 100
100
73% 73%
7% prior preferred..100
25
80
80
Centrifugal Pipe Corp....'
800
6%
6
6
Chain & Gen Equit Inc_ •
1,000
8% 9
Chain Stores Dowel com__•
5%
4% 534 4,200
Chain Stores Stocks Inc_ • 16
13% 1631 4,700
Chatham & Phenix Allied' 2234 19% 23
23,200
Chemical Nat Aseoelates.* 2034 19% 20% 5,200
Chas & Ohio RR new_ -25
500
55
54
Chic Ry Equip 7% pf. 25
200
30
50
Childs Co pref
100
10
113% 113%
Service common....' 35
Cities
33% 37 238,700
• 92% 9254 93% 1,600
Preferred
Preferred B
400
851 8%
Clark Lighter Co cony A.*
100
1
1
Cleveland Tractor Win_ _.• 23% 2334 2334
900
Club Alum Utensil corn...*
5
5
5
400
• 19% 19
Cockshutt Plow coin
20
700
1,700
Colombia Syndicate
SS
34 7-16
2634 26%
300
Colts Pat Fire Arms Mfg 25
45
4734
500
Columbia Pictures oom___• 45
• 45
4234 47% 4,200
Corn ant trust eV's
•
20% 20%
Consolidated Aircraft_
200
Oonsol Automatic
5,700
34
Merchandising cold Tic'
300
Consol Dairy Products- • 1534 15% 1534
Consolidated Gas Utilities See Pu bile Utilities
43( 434
200
Consul Instrument oom_ •
Range Since Jan. 1.
Low.
734
66%
3334
1%
8
1334
19
81
33(
1134
119
126
1%
16
651
Range Stsse• Jan. 1.
Low.
Mph.
High.
Mar
May
May
Jan
Feb
May
Feb
Jan
Jan
Feb
May
Feb
Feb
Jan
Ma
34 Jan
9% May
% Jan
34 Jan
275
Jan
105% Feb
19% Apr
3634 Jan
4% Jan
7% Mar
32
May
68
Jan
24% May
3 ' Jan
15% Jan
10
Jan
4% Mar
62% Jan
31% Mar
52% May
45
Jan
5534 Jan
8% May
58% May
3 May
17
Apr
10% Apr
2% May
17% Jan
9% May
15% Jan
934 Jan
134 May
534 Mar
•34 Feb
May
3933 Jai
16
May
34 Feb
1534 Jan
12% May
434 May
Apr
93-4
24%
1234
9%
7%
36
234
70
534
14%
28
20%
6%
3331
63
6
13
2%
9
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks(Continued) Par. Price. Low. High. Shares.
Mar
Jan
Jan
May
Jan
Jan
Feb
May
Jan
Jan
Jan
May
Jan
Jan
Feb
Mar
Mar
Jan
May
26% Ma
2% Mar
14
Feb
17% Feb
32% Jan
8
Jan
40
Jan
3
Jan
2% Mar
1033 Mar
1% May
8
Feb
12% May
39
May
4
May
26% Jan
20 May
73% May
80
May
434 Jan
8
May
234 Ma
12
May
19% May
19% May
51% May
30
May
106% Jan
2634 Jan
88
Jan
834 Jan
34 Jan
18
Jan
331 Jan
19
May
'is Feb
24
'Mar
24
Jan
42% Apr
15
Jae
it
13%
Jan
Jan
3
Jan
Consol Laundries com____• 13% 1336 1334
9% 951
9%
Cons RetailSt's Inc corn._
18% 19%
Contin Chic Corp corn_ •
13
Apr
Coop-Bessemer Corp com • 5634 54% 57
7051 Apr
4834 4951
38
$3 cum pref with war r__• 49
May
354 Mar Copeland Products al A...'
1136 12%
12
Without warrants
1334 Apr
5 10% 10 10%
23% Mar Cord Corp
Apr Corporation Sec of Chic... 2434 24% 2634
34
1434 1531
85% May Corroon & Reynolds com_* 15
•
75
78
$6 preferred class A_
934 Apr
24
Apr Coty Societe AnonymeAmer dep rcts bear she- 40% 40% 4151
13251 Mar
141
Apr Crocker Wheeler cora____• 2434 23% 25%
11%
11
23%34 Apr Crown Cork Internat Cl A. 1134
4
May Cuban Cane Products warr
34
%
Ii
40
•
40
1134 May Cuneo Press corn
4% 5%
4;4
Curtiss Airports v 1 e____•
2% 2%
3%
Apr Curtiss-Wright Corp warr_
3
14
14
14
1534 Feb Curtiss-Wright Export
16
18%
134 Apr Davenport Hon Nlills corn *
7
7
6
34 Apr Dayton Airplane Ens corn •
12934 128% 144
256
Apr Deere & Co new corn w
4% 4%
10934 May De Forest Raello com____•
5%
24% Apr De Haviland Aircraft
734 734
48% Apr
Amer dep rcts ord reg.£1
22%
8% Mar Diesel-Wemmer-Glibert..* 22% 22
634 7%
13% Apr Detroit Aircraft Corp._ - _•
11% 11%
40
Mar Distillers Corp-Seagrams_.
16
90% Mar Doehier Die-Casting corn.'
17
• 1934 19
213(
37
Mar Douglas Aircraft Inc
• 62
62
62
6
Feb Draper Corp
22
Mar Dresser(Sit) Mfg Co el A • 5034 5034 5333
41% 40% 43%
Class B
16% Apr
78
83
734 Mar Driver-Harris Co coin_ _ _10 82
100
102 102
75
7% preferred
Mar
40% Apr Dubilier Condenser Corp.'
633
634 6%
•
4
4
54% May Durant Motors Inc
4%
12% 13
(3074 Mar East UM Invest corn A...' 13
6234 Mar Educational Pictures30
30
pref with warr_ _100
1134 Apr
• 1534 15% 16
86
Mar Eisler Electric corn
2
3333
0
334 Feb Elea Power Associates coin. 3354 31
A,
2955 28% 30%
Class A
15% Apt
Else Shareholdings corn • 23% 2234 25%
Electrographic Corp corn.' 2031 2034 20%
32 36 Apr Empire Fire Ineurance__10 1354 1334 14
"6
20
20
14% Feb Enron El Corp Ltd el A _10
6% 734
Warrants
43% May
434 534
4%
23% Mar Fa brke Finishing cora- _•
10
2%
2% 234
336 Mar Fageol Motors
614 7%
Fairchild Aviation worn --.•
6%
334 334
8
Apr Fahey Aviation Amer shs__
2
Jan
1
1
1
636Mar Fanny Farm Candy Shops*
956
934 934
60
Apr Fansteel Products Inc....'
•
1133 11%
2834 Feb Fedders Mfg Class A_
636 6%
nis Apr Federal Bake Shops corn •
34
34
•
26
Apr Federal Screw Works_
19% 20
1434 May Federated Metals Corp_
20% 20%
5
May Plat. Amer dep receipts_
2% 2%
1534 Feb Financial Investing Corp10
20
Flintkote Co corn A
2031
Fokker Aircr Corp of Am.. 24% 22% 2434
5%
5% 634
15
5
”4 Apr Foltis-Fisher Inc com____*
16
17
18
9%
Foote Bros Ge&Mach corn*
May Ford Motor Co Ltd
19
19
Apr
Amer dep rota ord reg_£1 18% s18
49% Mar Ford Motor of Can el A_ .• 3534 3434 3834
6% Mar Ford of France Am deo rets 12% 1134 12%
534
5
80
6
Jan Foremost Dairy Prod corn •
13
13
Preferred
1834 May
7
21
10
7
Mar Foremost Fabrics Corp....*
-33
Feb Foundation Co
4% 5%
Foreign shares class A..'
Feb
12% 13%
30153474
1534
eb Fox Theatres class A corn.' 13
ar
44% Apr Franklin (II H) Mfg corn.* 18% 18% 1834
75% 75%
8434 May
100
Preferred
2 34 Apr Garlock Packing com____. 24% 24% 26
8
0
1034
10
10
General Alloys Co
5
3
3
3%
Mar Gen Baking Corp corn...'
36%
1634 Apr
• 3534 35
Preferred
8
10
8
Gen Cable Coro warrants__
28% Jan Gen'l Capital Corp corn..* 50
51
50
Gen Else Co of Gt Britain
5% Apr
American deposit rota_ El 12% 1134 12%
13%
13
2934 Apr Gen Indust Alcohol
• a_ •
27% Apr Gen Laund Mach. corn
5%
536 634
46
Mar Gen Motors5% pf w L.100 95% 95% 9634
17% 1734
1054 Apr Gerrard (S A) Co
41
Jan
Gestural
9234
e334 Apr
Am dep rcts with warr... ------ 92
15
15
334 Jan Gilbert (A C) Co com____•
17% 5MAan Gleaner Comb Harvester.'
3334
32
534 J
9
I
100 100
• 100
Glen Alden Coal
Mar Globe Underwrit Etch__ • 1234 1214 12%
Goldman-SachsTrading • 3431 3356 36%
351
356 4%
Gold Seal Electrical Co...'
3851 39%
Gorham Inc $3 pf with w."
391434 % Ni‘y Gotham Knitbaii Mach..."
1
134
1% 1%
liaay
Apr
35
Jan Gramaphone Co, Ltd
9014 Apt
24
24
Am dap rcts for ord regEl
90
11754 118
Apr Gt All & Pao Tea let p1100
• 24234 24056 244
Non vet COM stock
Mar
18031 May Gt Lakes Drcd & Dock_100 260
260 260
14% 1434
8% Mar Greenfield Tap & Die corn •
17
97
Mar Greif(L) dr Bros pref X.100 97
97
1
1
25
1
Apr Griffith (D W)class A...'
13%
2434 Apr Grocery Stone Prod v to.' 1334 13
3951 43%
61% Mar Guardian Fire Assur____10 42
50 4May Guardian Investors corn_ •
434 434
114
NW Guenther(Bud)Russ Law5
28
28%
20
2031
44% Apr Gypsum Lime & Alabas_ •
1234 12%
•
9333 Apr Hall (C M) Lamp
18% 1856
9
Apr Hambleton Corp, corn...*
1%
1
134
Happiness Candy St corn.'
634
654 734
3531 jan Helena Rubinstein Inc...'
1
A Pr
27%
6% Apr Hires (Chas E) class A...* 27% 27
17
17
20
May Holophane Co
• 4234 41
4234
g Jan Horn & Hardstrt corn
• 4614 45
4654
32
Mar Hydro-Eleo Sec corn
1334 15
55% Apr Hygrade Food Prod corn __• 14
5434 Apr Imp 'rob of Gt Brit & lcd
2354 23%
Am dp rats ord shs___£1
27% Apr
2534
Indus Finance(fora v t 0_10 2534 25
6831
100
66
7% cum pref
1
Mar
Insull UMW,Inveetm ___• 6434 6434 65
19
Jan
94
•
94
$6 pref 24 series
6% Apr Blair Co of North Amer_10 78% 7834 79%
Jan
800
400
1,000
15,100
1,100
10
734
18%
28
38
May
May
Jan
Jan
16
13
19%
57
53
1.700
16,000
900
2,000
300
5
10
2434
12%
71%
Jan
May
May
Jan
Mar
12% May
1733 Apr
27% Slay
20% Apr
Apr
02
700 39%
5,900 18%
900 11
300
'is
100 34
2%
400
6,800
1%
100 14
1,100 16
3
1,300
19,500 113
7,400
2%
Feb 4234
Feb 34
May 1134
Mar
1
Mar 4234
Jan
634
Jan
434
14
May
Slay 22%
Jan
8%
Feb 162%
Jan 8%
Mar
Feb
May
May
Apr
Apr
Air
May
APT
May
Apr
Apr
May
Feb
Feb
Apr
Apr
200
1,500
9,900
100
900
2.800
150
4,400
3,300
1,300
20
600
6,400
1,200
6%
19
5
934
16
12%
62
31
3834
41
99
634
4
7%
7% Apr
Feb
Feb 2234 May
8t Mar
Jan
Mar 11% Feb
May 23
Apr
Jan 2334 Apr
May 65
Mar
Jan 5634 Apr
Slay 4434 May
Jan 108% Apr
Feb 10334 May
Slay 1334 Jan
Slay
Jan
7
Jan 18% Alm
.50
3,500
800
1,800
2,30
700
80
100
500
5,000
600
800
3,90
13
1334
24%
2234
15;4
15
1333
18
6%
2
234
$
3%
Jan
May
Jan
Jan
Jan
May
May
May
May
Jan
Apr
Jan
May
30
23
3934
37
32%
21%
1534
23
9
934
514
11%
3%
may
may
700
20
20
20
100
20
1,20
100
40
3,800
1,20
20
15
7
9
6
32
1936
1733
236
18
1854
5
16
Jan
Jan
Jan
Apr
Mar
May
Jan
May
May
Jan
Mar
May
19%
13
1134
9
42%
2434
2234
6
27%
34%
9%
21%
Apr
Feb
May
Apr
Apr
Feb
Apr
Jan
Jan
Mar
Apr
Apr
10,40
18,400
8,000
700
100
1,100
1034
28
633
4
13
7
Jan
Feb
Jan
Apr
May
May
19%
U34
12%
1034
18
24%
Mar
Apr
May
Mar
Jan
Jan
1,100
24,300
100
50
1,300
500
14,200
4,300
600
400
234
2%
14%
75
20
634
2%
3434
8
50
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Slay
May
Slay
734
1714
24
80
13334
1436
414
$434
14%
59
3,300
300
400
8,000
100
1014
8
534
95%
17%
May 14
Apr
Mar 14% Jan
May
10% Jan
May 9734 May
May e2334 Jan
4,000
100
500
2,500
1,200
39,400
6,400
200
500
92
14%
21
98
1134
3336
2%
30
.134
May
9234 May
Apr 21
Jan
Jan
86
Apr
May 12133 Jan
Jan
16% Feb
May 4634 Apr
Feb
6
Apr
Jan
39% May
Jan
3% Feb
Feb 2634
200 20
70 11534 Jan 122
140 22034 Mar 260
Jan 260
10 150
100 1234 Jan 20
Feb 97
200 90
134
34 May
100
1,100 11% Apr It%
49
900 36% Ma
5%
Jan
3
100
1,400 2734 May 29
May 2434
200 20
100 1034 Mar 16
May 18%
100 18
1,100
34 Jan al 4
5
Jan
73(
1,800
400 2434 Feb 32%
100 17
May 22
700 41
May 46
1,800 3734 Jan 55
13,300 10
15
Feb
200
400
800
1,300
200
70
22%
17
60
543-4
82%
69%
Feb
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Apr
Apr
Mar
May
Feb
Mar
Mar
May
Feb
Jan
Apr
Jan
Feb
Apr
May
Jan
Jan
Jan
Apr
May
Jan
Mar
May
Mar
Mar
Jan
Feb
Apr
Apr
Jan
Apr
Jan
May
Feb
Mar
May
Mar
Mar
Apr
May
25% Feb
29% Apr
7334 Apr
71
Feb
98% Mar
85% Mar
3692
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Insurance Securitlea____10
Intermit Holding & Invest.
Internal Products rm.._•
Internat'l Salt new when iss
Interstate Equities com__•
Convertible preferred._•
Irving Air Chute corn ___-•
Warrants
Johnson Motor Co com....•
Jonas dr Naumburg Corp.*
$3 cum cony prat
Hirsch Company
Klein(H L)& Co pref___20
Holater-Brandeis, Ltd
American shares
el
Hoppers Gas& Coke of 100
Lackawanna Securities-.
L
-Air LiquideAmer dep rcts bearer shs
Lakey Fdy & Mach com__•
Land Co of Florida
•
Landers Frary & Clark__25
Landover Holding Corp
Stamped class A stock...1
Lane Bryant Inc
•
Lefcourt Realty'Corp com•
Preferred
•
Lehigh Coal & Na,
•
Lerner Stores Corp
•
Libby. McNeil dr Libby.10
Lily-Tulip Cup Corp corn.•
Loor's Inc stock purchwarr
Louisiana Land & Explor_•
19
1834
6
64
50
31136
4234
2136
7%
38
14
15
13
li%
Range Since Jan. 1.
Low.
High.
Mar
Apr
Mar
May
Mar
Apr
Apr
Apr
Mar
Jan
Jan
May
Mar
14%
5
5,300
1,200
100
4,200
3,400
600
2,700
3,800
100
500
100
100
300
17
4%
634
50
1031
424
12%
6
2854
14
14%
13
13%
134 134
101% 102
4134 4135
6%
51
11%
4234
22%
74
36
1936
634
631
51
113-4
43
2231
84
36
134
15
13
1535
1,000
125
500
Apr
2
36 Jan
May
Mar nIO2
97
3534 Jan 434 Jan
76% 7834
5
54
231 231
70
70
100
700
200
100
Feb
Feb
Mar
May
Jan
Jan
Jan
May
Jan
Mar
Mar
May
Apr
75
May
54 May
151 Jan
Apr
68
23
8%
734
51
14%
48
25%
94
44
236
22
13
20%
Jan
84
Feb
12
431 Apr
Mar
70
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Pvrene Mfg corn
10
Quaker Oats common. •
Radio Prod Corp corn- •
Railroad Shares Corp....'
Ry A Util Invest corn A_10
RainbowLuminousProdA •
•
Common class B
Raymond Concrete Pile
•
33 cum cony prof
•
Reliable Storm Corp
Reliance Internal corn A_•
Reliance Management.. •
Reynolds Bros Inc___37.50
Reynolds Investing corn...
Richman Bros Co
Richmond Radiator com-•
7% cum cony pref_
•
Richs' Inc
Rike-Kumler Co com___-•
Roosevelt Field Inc
Rossla International w 1 .
Safeway Stores 2d ser warr
1%
1%
131 May
100
134 May St Lawr Pap Mills pref.100
31
100 2131 Mar 3634 Apr St Regis Paper Co com--10
31
204 2034
100 144 Jan
2534 Mar
7% CUM preferred_ _100
33% 3336 6,300 29
Jan 3734 Mar Schiff Co. corn
•
42
4334 1,500 38% Jan 50% Mar Schulte Real Estate
•
Apr Schulte-United Sc to Ill St•
52
52
200 3834 Jan 56
Apr
16
16
300 1534 May 27
7% cony pref
100
28
27% 29% 2,500 1734 Feb 304 May Schutter-johns'n Cand A *
16% 1431 18% 2,700
334 Jan 2034 May Seaboard Util Snares.---•
5
Jan Securities Corp Gen'l new*
34
Feb
334 331 3,400
3
Segal Lock & Hardware..'
MaoMarr Stores corn...-. 1934 19% 1931
1,700 18
Feb 2444 Jan SeiberlIng Rubber
•
634% pref with warr.100
84% 64%
25 62
May 77% Feb Selected Industries corn„•
Mange' Stores Corp com •
12% 12%
15% Feb
100 12% Apr
Allot Mfg 1st & 2nd pald
Manning Brown & Co el A•
15
15
100 1434 Apr 17
Jan
Prior preferred
•
•
Class B
8%
Jan Sentry Safety Control....'
200
831 Mar
12
834 9
Manufao Finance•t 0.-35 2234 22% 23
1,000 22
Mar 274 Apr Sheaffer(WA)Pen Co_ •
Mapes Cons Mfg
44
42
44
Apr Shenandoah Corp corn...*
700 37
Feb
47
Marine Midland Corp..... 10 40
3934 4034 3,800 3234 Jan 4734 AM
6% cony pre(
50
Marine Union Invest Inc 10
20% 2036
Apr Sherwin-Williams (Can)...
100 2034 May
26
Marion Steam Shovel corn•
10%
10
200 10
Jan
1734 Apr 8111es Gel Corp corn• o_-•
I
Mayls Bottling Co of Am
236
2% 234 12,600
34 May Sisto Financial Corp
1
Jan
•
Mayflower AssociatesInc_.
6734 69
Jan 713s May Smith (A 0)corp corn....
600 18
May Hosiery Mills
South Coast Co com
•
Preferred with warr.•
34
26
26
100 20
Mar 26
AM
Southern Corp corn
•
Mead Johnson & Co com.• 70
1,700 554 Feb 71% May Southern Stores Corp pf A •
6834 71%
Mercantile Stores com_ *
4934 50
300 40
59
Jan Southwest Dairy Prod---•
May
Much & Mfrs Sec corn A.
34
33
900 1534 Jan
354 Apr apantsh & Gen Corp Ltd
3534
Mergenthaler Linotype_ *
10534 10534
20 10534 May 110
Apr
Amer dep rcts ord reg Cl
Scott
Merritt
-Chapman &
Stand Cap dr Seal new., 10
• 18%
Common
183( 1934
600 17% Jan 20
Feb Standard Investing pref. •
Mesta Machine
29
29
100 2034 Mar 3314 Apr Stand Mot Construct__100
Metal & Mln Shares nom.* 14
134 14% 5,400
831 Jan 16% May Starrett Corp corn
•
Metal Textile Corn Part Pl
38
100 36
38
•
Apr 41% Jan
6% Cum preferred__ -50
Metropol Chain Stores •
174 1834
900 la
•
Mar 30
Jan Stein Cosmetics com
Midland Royalty $2 prof.
2334 23
•
800 1334 Jan 24% May Steinite Radio Co
2331
Midland United Co com.
28
400 22
2831
Jan 2914 Feb Stinnes (Hugo) Corp_
•
43% 43% 43%
Cony preferred A
100 43% May 4314 May Stover Mfg & Eng
Warrants
334
336 374
100
3% May
34 May Strauss (Nathan) Inc-.
Miller (I) & Sons com_....*
27% 2834
500 27
Mar 3334 Mar Strauss-Roth Stores
Miss Riv Fuel Corn Warr_
19
20
800 13
Jan 2734 Mar Stroock (S) A Co
•
Mock Jud & Voehringer__•
22%
22
400 194 Jan 28
Mar Struthers Wells Titusville•
Montecatinl M & Agr war
1% 14
800
•
14 Jan
231 Feb Sluts Motor Car
Moore Corp Ltd cont.__ -*
23
234
200 23
May 2334 May Sullivan Machine
•
Murphy (G C) Co corn.....
5536 59
Feb Sun Investing $3 pref.
200 5031 Mar 75
*
Nachmann-Spgf Corp16
17
Jan Superheater Co
200 16
May 27
•
Nat American Co
9
834 9% 3,800
734 Jan 12% Jan 9wift A Co
25
Nat Aviation Corp
• 17%
1834 18% 1,800
814 Jan 21% AM Swift International
15
Nat Baking corn
5
5
4
300
Jan
5
AM Syrae Wash Mach B corn-•
Nat Bond & Share Corp_ •
1,100 42
May 51% Apr
4436 4534
Nat Dairy Prod pref A.100
104 105%
600 104
May 10614 Apr Taggart Corp
•
Nat Family Stores oom--• 174 17
•
18
2,300 16
Apr
Mar Technicolor Inc com
20
$2 pref with warrants_25
2234 :23%
300 20 May
Jan Tennessee Prod Corp corn •
26
Nat'l Grocer Co com _ _ _10
34, 5
May Thatcher Securities
800
3% May
5
1
• 20
Nat Investors coin
1934 21% 5,700 124 Jan 30
,
Feb
7% Cum cony prof_ _100
National Leather Co__...10
131
131
131
100
131 Mar
2% Apr Timken Dot Axle prof.
.100
Stores Corp.*
Nat'l Mfrs &
12
12
100 1134 Mar 1534 Feb Tishman Realty dr Constr*
Nat Rubber alach'y com •
1731 1831
May 2774 Apr Tobacco A Allied Stocks...
300 17
•
Nat Screen Service
27
400 15% Jan 314 Apr Tobacco Prod Export- •
2834
Nat Short Term Sec A___• 14% 13% 1434 4,300 12
May 1435 May Pransamerica Corn
25
63% 6634 4,600 50
Nat Steel without warr___• 66
Jan 7634 Apr Pranscont Air TransP---•
Warrants
2434 25
Apr
500 19% Feb 30
Trans-Lak Plat Screen•
• 34
Nat Sugar Beg
3234 35
5.100 29
May
Jan 35
Claes A common
National Tile Co
16
1636
,
May 2434 Mar Tri-Continental Corp wart
200 18
•
3
Nat'l Trade Journal
3
400
May
3
6% Jan 171-Utilities Corn
•
Nat Union Radio corn_ •
7
6
May 10•4 Apr Triplex Safety Glass
1.000
3
Nauhelm Pharmacies corn •
24 234
131 Jan
100
234 May
Am dep rats rug shares el
•
11
Nebe I (Omar) Inc ate-. 11
134 1,400
831 Apr 14% Apr Trans Pork Stores
Neat Inc class A
2254 2,900 13% Feb 2
21% 21
654 Apr Tublze-Chatillon Corls
•
• 23
Nehl Corp, corn
23
24
800 1636 Jan 26
Apr
Common B v to
-100
Neisner Bros. 7% Prof.
75 112% Apr 125% Apr
11534 117
•
Nelson (Herman) Cortr-__5 25
25
22
800 21
May 31% Feb
Min & Co corn
Neptune Meter class
Feb 224 Apr Ungerleider Flinn carp •
300 17
21%
2134 2134
200 36
Newberry (J J) Co corn._* 39% 3836 3934
Mar Union Amer Investing...'
Mar 49
10
Preferred
5
Jan 101
95
Feb
9934 99%
Union Tobacco corn
•
•
2,000 24
Newport Co corn
34% 35
Mar Union Twist Drill
Jan 42
5
100
5
3% Jan
New Me:& Arts Land- -1
73( Feb United Amer Utilities com.
5
300 15% Jan 35
NY Hamburg Corp _ _50 35
May United-Cart Furrier corn_•
34% 35
Jan
8
May United Chemicals prat_ •
N Y Rio Buenos Aires AL. 154 14
1554 7,400
18
12
Jan
Megan:Share of Maryland
Apr United Corp warrante
1934 1734 19% 3,60
NIles-Beml-Pond corn
80
32
2714 Jan 4534 Max
3131 33%
United Dry Docks oom- •
10
•
Noma Elea Corp com
12% Jan 21% Mar United Founders cons__ •
13% 13%
Mar
2
Apr
No Amer Aviation wart A_
it
9,20
.1334 4
United Molasses Co Ltd
374
Jan
3
No Amer Cement Corp..*
536 Mar
300
5
Am dep rts for ord sh.£1
5
5
May 22
18
Apr Un Retail Chemists A v t c•
North & Soil Am Corp A. •
30
1936 19%
Northwest Engineer corn.* 2434 24% 2434
100 2134 Jan 31% Apr United Shoe Mach
25
Apr 8434 Apr United Storm Corp coin. •
50 81
Norwich Pharmaceutical...
82
82
Novadel Agana common... 29% 2834 29%
200 22% Jan 34% Apr Un Wall Paper Fact nom..
• 10
84 Feb 11% Apr U S Dairy Prod claw A- •
500
011stocks Ltd cl A
9% 10
•
Jan 38yg Apr
Orange-Crush Co.
•
Class B
100 29
3736 37%
Mat U S Finishing prof
3% Jan 13
100
Outboard MotCoro nom B•
900
734 934
734
•
1934 Apr
B Foil class B
Overseas Securities
18
300 1534 Feb
17%
Jan 52 May (1 9 Gypsum common. _20
Pacific Coast Biscuit com_• 52
9,000 26
52
49
CI 9 A Intern See Corp....'
Jan 10331 May
Preferred
• 103% 9774 103% 9,600 49
144 Jan
Allot certificates
May
Pacific Commercial corn... 12
12
12
100 12
•
B Ltnes prof
Paramount Cab Mfg nom.*
5
May 13% Jab
6
5% 831 2,200
Apr U 8 & Overseas with wart'
•
Parke Davis & Co
3336 3434
400 3334 May 41
,
10
May 42% Feb U S Playing Card
Fender(ES Grocery cl A.
z30
30
z30
50
S Radiator common
•
May 1614 Feb
Pennmad Corp com v t 0.
124 1331 12,200 12
13
Corn voting trust ctfs_ •
631 Jan
12
Mar
Perryman Elea Co Ino_ •
400
834 831
May U 9 Radiator prof
100
Phillippe (Louis) com A--• 21% 21
22
,
600 1136 Jan 22
2131 May U S Rubber Reclaim com •
Common B
400 13% Jan
1934 1915 21%
S Shama Financial Corp2
AM
54 Jan
900
Phil Morris Con Ino corn.•
134
•
With warrants
1234 Mar
Pierce Governor Co
100
934 May
936 936
10
Pilot Radio & Tube cl A.-• 10
11
1,300 10
May 16% Ala' Universal Insurance__ __25
Utility Equities Corp- •
Pitney Bowes Postage
1534 1631 2,100 10
Jan 20% Apr Utility &Ind Corp com___•
• 1534
Meter Co
Preferred
•
Jan 2434 Apr
21% 213i
100 13
Pittsburgh Forgings Co. •
Apr
Jan 139
200 111
Pittan & L E RR oom_50
125 12531
May 5931 Apr Van Camp Packing corn..'
200 51
Pittsb Plate Glass com__25
52
51
Preferred
25
9
1854 Apr
Jan
Polymet Mfg
300
•
12
1231
May 23% Jan Veeder-Root Inc
Pressed Metals of Amer.._. 18
18
18
100 18
Print* &Whitely Trad nom. 1331
8% Jan 16% Apr rack Financial Corp.---10
13
13% 16,000
Apr Waitt & Bond class A.,.....
$3 cony oref A
• 40% 4034 40% 1,500 354 Jan 44
Apr %%Wrenn Co common....'
Jan 101
Prudence Co 7% prer__100 100
25 93
100 100
Warrants
Mar
Investors corn..'
Prudential
Jan 23
1,100 14
17% 1834
WaIker(Illram) Gooderhato
Public Utility Holding Corp
•
& Wortscommon
corn with warrants
21,500 1714 Jan 27%
234 25
• 24
Watson (John W) Co....'
Warrants
934
63-6 May
1,400
634
64 7
.,1;
[VOL. 130.
Range Sinai Jan. 1.
Low.
High.
9
205
1634
734
734
14
14
10
4%
9
210
163-4
734
14
11
4%
74
300
600 205
100 16
400
7
100
8
700
834
2,500
3%
Jan
May 210
Jan 27
94
May
Feb 1631
1434
Jan
7%
Jan
may
Mar
AM
Apr
Feb
Feb
52%
52%
18%
15%
19
534
8%
85
2
9%
21%
28%
3%
9
100
400
2,100
300
100
2,400
150
1,800
600
100
100
800
2,000
Jan
Feb
May
Jan
Jan
May
Jan
May
Feb
Mar
Mar
Jan
May
52%
20%
16
2634
834
834
9134
3
12
2436
3034
5%
114
Mar
May
Apr
Apr
Mar
May
Apr
Jan
Jan
Apr
Feb
Mar
Apr
125 126
70 110
Apr 210
71
71
100 66% Jan 714
26% 30% 23,800 1934 Jan 34
109 109
Jan 110
150 106
31
31
200 2734 Jan 34
9%
634 Jan 14%
9
200
334 331
410
4%
2% Jan
21
21
Jan 25
100 18
2
2 May
2
200
4
1,200
7 May
734 736
10%
56
300 Si
57
May
7534
54 May
1,300
734 731
9
1,400
634 May 1734
731 9
7% Jan 12%
5,600
831 9
,
7431 75% 1.200 80
Jan 8434
500 59
6734
Jan 714
66
500
931
54 534
4% Feb
58
100 5114 Jan 594
56
814 Jan 20
14% 15% 3,500
Jan 4834
4334 4431 4,000 33
Mar 85
125 80
8036 8034
Jan 3414
2134 244 3,600 18
800 1634 Jan 25%
2131 21%
220 13734 Jan 250
205 210%
Jan 17%
5
1.400
734 1031
61( Jan
500
8%
6% 7
1% Feb
100
2
234
2
6
Slay 13
734
8
600
Jan
Mar
Apr
Mar
Mar
Mar
Apr
Apr
Jan
Apr
Apr
May
Feb
Apr
Mar
Apr
Mar
Feb
Apr
Apr
Apr
Mar
Mar
Apr
Apr
Feb
Apr
Mar
23
36%
8231
3%
3734
48%
23%
334
10
73.1
15%
22%
2534
1931
454
52
51
53
3414
3834
9
,
4
Apr
Apr
Apr
Apr
Mar
Mar
Apr
Apr
Jan
MAY
Mar
May
Apr
May
Jan
Apr
Apr
Apr
Jan
May
Mar
Jan 29%
800 19
25% 27
May 86%
6334 13,200 51
51
Jan
1631
1431 15
500 14
54
331 May
1,800
3% 3%
Slay 87
8134 84
175 76
82
20 103% Feb 110
:10831:10831
300 434 Apr 454
45
45
Jan 43
300 24
4231 43
231
200
134
34 Jan
136
42% 4434 33,900 38% May 47%
44
1,800
d
Jan 10%
936 10
934
Apr
Mar
Apr
Apr
Apr
Apr
Jan
May
Apr
Feb
Apr
1434
8
28%
8%
30
93-4
736
834
7431
66
531
15
4334
804
22
210%
7%
7
73i
13i
34%
231
2631
2231
23i
731
251
45
3031
37
52%
18
14%
19
534
7%
82%
2
8
21%
2735
3%
8%
14
34
75
2
2831
40
1931
134
734
731
10
18
22
1534
254
,
51
46
45
304
36
631
131
300
600
35
50
75
231 5,400
900
2734
400
4036
22% 33,800
1,000
234
734
200
73(
100
1,100
1134
18
100
22
100
1534
100
3
2,400
51
50
300
46
1,000
47
3031 1,300
5,200
37
400
834
50
17
14
1631
531
731
8031
2
8
17%
2634
2
734
1
3334
7031
44
20
34
10
1
734
731
10
934
2134
15
14
4834
39
38
29%
31
831
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Feb
May
May
Feb
May
Apr
Jan
Apr
Jan
Feb
May
Mar
Slav
27
.58
144
49
10% 123i
834 734
48
49%
3,000
1,600
800
244
934 10
24% 24%
200
300
13
700
1036
13
234
35
34
1631
1054
2734
2931
24
2331
5
6734
15%
184
8334
95
18
731
1234
814
45
11%
3
2234
2834
35
34
33
16
:1034
3531
2834
631
2831
16
2334 1,200
29%
500
300
35
31 5,200
33
50
1631
900
114
1,000
3531
100
28% 5,300
634
200
30
32,000
11%
4
40
Jan
Jan
Jan
13% Apr
9
Apr
58% Apr
534 Apr
2334 May
10
26
Slay
Jan
1236 May
22% Apr
17%
2614
2714
If
31
18
8%
32
14%
54
27
Jan
Jan
Jan
Jan
Mar
May
May
Jan
Jan
May
May
25
3614
42
1
40
20
1631
44
30%
814
44
May
Feb
Apr
Jan
Jan
Apr
Jan
Feb
Apr
Jan
Mar
2531 254
%
6831
336
14
70
2431
93
25%
48
534
6731
1834
1934
8334
54
53
95
5
100
100
100
100
100
100
1,300
100
7,500
100
300
1,300
3,200
7,700
100
1,300
300
25
100
22
34
60
314
10
62
134
9234
174
42
234
6031
14
17%
8234
42%
42
95
5
May
Mar
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
Jan
Jan
Jan
May
May
Jan
Jan
Slay
Feb
30%
1
683
,
1
6%
18
724
2834
93
25%
68
8
80
2034
2231
84
55
55
95
634
Jan
Feb
May
Jan
Apr
Apr
Apr
AIM
Feb
Apr
Apr
Feb
Mar
Apr
May
Apr
Apr
May
Jan
9%
63
17
1731
24
10
63
1731
18%
24%
600
50
2,100
2.000
700
7
5334
105.6
173.4
22
Jan
Nfar
Jan
Jan
May
1334
70
22
2334
2914
Apr
Apr
Apr
Feb
Feb
6
7%
40
831
184
44
21
9
12%
40
814
20
4631
21
6,100
700
100
2.700
200
700
10
8
734
37%
8
15
4231
21
May
May
Feb
Jan
Jan
May
Slay
18
16
43
9%
21
61
35
May
Slay
Mar
Jan
Mar
Jan
Jan
11% 12%
33.4
3
5,200
1,400
6831
334
14
70
2331
93
234
48
5
874
1531
1834
834
51
52
95
5
834 Mar
154 Jan
13% Apr
6
Mar
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Public Utilities
Allegheny Gas Corp corn.
Am Cities Pw & Lt el A--50
•
Clam B
Am C,om'w*Ith P corn A..°
•
Common D
Warrants
Amer & Foreign Pow ware.
Amer Gas & Elm com__•
Preferred
•
Amer L & Tr com new w 125
Amer Nat Gas tom v 0 •
Am States Pub Serv Cl A_ •
Amer Superpower Corp
Corn, new
•
First preferred
•
•
$6 cum prof
•
Appalachian Gas corn
•
Assoc Gas & El com
Class A
$8 int bear allot etre_
•
Assoc Telco Utilities_
Bell Telep of Canada_100
Brasillian Tr Lt& Pow ord
•
Buff Niag & East Pr pf__25
Cables & Wireless
Am dep rats A ordshs £1.
Am dep rata B ord ens_fl
Am dep rcts pref shs___
Cent Bud G & E vtc new
Common
•
Cent Pub Serv oom
•
Class A
Cent Stater Elec corn_ _ •
6% prof without warr100
$7 preferred
•
Cities Serv P dc L 7% p1100
Cleveland Elm Ill com_ •
Com'w'Ith Edison Co_-100
Comm'wealth & Sou Cori.
Warrant.
Community Water Serv •
Cowl El& P Bait corn..
Preferred class A_ ___100
Consol Gas ULU cl A
•
Class Byte
•
7
1
2015
234
1)4
314
4%
716
154
'16
614
41%
2134
27%
4716
5754
141
10834
72%
17%
Range Since Jan. 1.
Low.
1,000
100
3,100
210
100
5,400
100
100
200
2,500
600
8%
33
1834
90
1434
631
35
4531
334
58
14%
4,700
634 714
Pie Pre 190,600
20
20% 11,300
114 51,200
1%
216 2% 1,200
134
100
1%
200
4
334 3% 3,000
434 414 10,900
100
714 7%
200
134
1
29,200
116
100
're
ire
634
1%
1934
134
1%
134
4
314
4
7%
I
34
,
a
1314 13%
Wayne Pump common__ _• 13%
33
33
Convertible pref
4116
Western Air Express__ -10 41% 39
110 119
Western Md lot pref_ __100 118
•
15% 15%
Williams (R C) & Co_
• 12% 1134 13%
Wit-low Cafeterias
35
35
Preference
49
49
•
Wilson-Jones Co
3% 3%
Winter (Ben)) Inc corn_*
63 x66%
Winton Engine corn
16% 17
Zonite Products Corp com • 16)4
Rights
Associated CI & El deb rts-_
Cities Service
Cleve Elec Illuminating
Du Pont(E I) de Nem&Co
Flat
Hackensack Water
Incur Co of No America_ _
Internat Salt w 1
Lone Star Gas w 1
_
Maryland Casualty w
Midland United
Mo Kansas Pipe Line
Newport Co w I
Jan 14%
May 35
Jan 46%
Feb 125
Apr 20
Mar 1534
May 35
May 55
Jan
634
Mar 6734
May 21
May
May
May
May
Jan
Slay
May
May
May
May
May
May
May
214
1%
Mar
May
Apr
Mar
Jan
May
May
Jan
Feb
Mar
Apr
1134 Mar
lire May
23% Apr
I% May
33,4 Feb
1% May
4
May
3% Slay
434 May
8 Slay
114 May
2% May
, May
n)
4
Jan
9%
634 6/4 2,000
200 117% Jan 49
41% 42%
8,500 14
Jan 28%
20% 23
50,400 2334 Jan 28%
26% 28
42% 47% 4,300 $431 Jan 45
234 May
3% 1,500
3
534
May 76%
5334 6014 7,600 46
8,100 118% Jan 157
137 146
500 10551 Jan 109%
108% 108%
71% 77% 5,400 6716 May 89%
V54 Jan 19%
2,000
17% 18%
Jan
500 18
20% 21
26
96,30
2354
3336 31% 35
1,000 94%
100% 101
101
500 8754
0616 9634
12,400 10%
12% 12% 13
43% 4314 46% 1,800 4114
3914 37% 39% 20,800 3514
300 125
132% 135
100 24%
25% 2534
4034
High.
Jan 39%
Jan 101
Jan 96%
May 14%
May 5134
May 4634
May 147%
May 2814
Mar
Mar
Apr
Mar
Apr
Feb
Feb
Apr
Mar
Apr
Apr
Feb
Apr
Mar
May
May
Mar
Jan
Apr
Mar
50 147
May 157% Feb
15116 151%
47
4911 11,000 3511 Feb 55% Apr
300 2434 Jan 26% May
26% 26)4
2%
1%
4%
234
1%
4%
1,200
200
100
2% Ma
114 May
4% Mar
3% Jan
2
Jan
4% Jan
200 30
30%
40% 14,300 2514
9,600 33%
40
33% 13,100 19
500 70
82%
200
loco% 101
100 93
9714 9734
100 61
61
61
50 234
303 32011
Jan 100
May
May 93
Apr
Jan 335% Apr
4,14 5% 32,500
5
834
16% 16% 1614 1,500 12%
131% 125% 132% 2,400 90%
50 100
103
103 103
300 21%
28% 29%
2,400 10%
1214
12% 12
Jan
6% Apr
Jan 19% Apr
Jan 136% Slay
Feb 103
May
Jan 44% Apr
Apr 14% Mar
30%
40
39%
33%
82%
101
312
30%
33%
39
31%
82%
Ma
Feb
May
Jan
Fe
200 1034 Jan
Dixie Gas &
• 1514 1534 15%
200 145
Jan
Duke Power UtilmnCo
194% 185% 194%
30,100 16% May
Duauense Gas Corp tom.' 16% 16% 17
300 2554 Jan
3514 36
Eastern Gas & Fuel Assn.'
2,300 IS% Jan
3514 37
Eaat States Powli rem__.• 39
200 39% May
42% 42%
East Util Assoc corn
•
•
100 14% Mar
1614 16%
Convertible stock
06% 103% 194,100 2054 Jan
Elm Bond & Sh Co oom__. 101
3,400 103% Jan
10714 109
Preferred
• 108
500 9934 Jan
104 10414
Elec Pow & Lt 2nd pf_ •
2,800 2814 Jan
Option warrants
64% 58% 6511
200 40
Empire Pow Corp part stk•
Jan
50
50
Empire Pub eery corn el A.
300 111% Jan
20
2015
Florida Pow Jr Lt $7 prof_•
Jan
100 100
103 103
Gen 0 & N $6 pref B. •
May
100 80
85
85
Gen Water Wks & El A__• 29
Feb
28% 2934 2,800 20
Hartford Elec Light__ 25
Mar
200 88
91
92
-100
Indianapolis P & Lt pf_100 104%
Intercontinents Pow el A..
Internet Superpower
• 3934
Internet Utilities class A
'
Class B
• 16%
Warrants
215
New sub warrants
Italian Super Power el A _ _• 1234
Warrants
614
K C Pub Serv pf A v t c_ •
Long Island Light corn_ •
7% preferred
100
Marconi Wirel Tot Can_ _1
6%
Mass UM ASSOC V 1
8%
Memphis Nat Oar
• 19
Met Edison 30 pre(
•
Middle West UtlIcom
• 33
$6 cony pref scrim A •
A warrants
B warrants
515
Mid-West States UM CIA • 2734
Mohawk & Bud Pr lot pt.*
Municipal Service
• 12%
Nat Pow & Lt $7 pref •
•
$6 preferred
Nat Pub Bert corn Wags A _•
Nevada Calif Elm
100
100
$7 preferred
New Eng Pow Assn pf100
N Y Telep 6%% pref 100
Niag & Bud Pr (new corp)
Common
10
Class A opt warrants____
Class B opt warrants____
Nor Amer Lt & Pow____•
Nor Amor Litt! Sec corn_ •
Nor Ind Pub Serv 7%Ipf100
Nor States P Corp com.100
100
6% preferred
10(1
7% preferred
Ohio Bell Tel 7% pref_100
Pacific Gas de El let prat_25
Pacific Pub Sart cl A corn_•
Peninsular Telep pf_..100
•
Penn G & E class A
•
Penn Water &Power
Peoples Lt & Pow corn A-•
•
Power Secur corn
3693
FINANCIAL CHRONICLE
MAY 24 1930.]
Mar
Apr
May
Apr
Apr
Apr
Mar
Apr
May
Mar
Apr
Feb
Feb
Apr
Apr
Apr
Mar
98
40
Jan 106
106
May
800 2234 May 2514 Apr
24%
4034 1,500 22% Jan 46% Mar
100 34% Jan 5031 Apr
45
Jan 19% Apr
17% 5,400
800
2%
154 Jan
434 Mae
10(
9% May
9%
9% May
3,600
12g 13
9% Jan 18
Apr
5
30
Jan
6% 614
9% Feb
100 25
2534 2534
Jan 26% Jan
40
20
48
48
Jan 56
Apr
15 107% Jan 11234 May
111 111%
20,00
6% 7
331 Jan
934 Apr
May 1034 Apr
8
8
8% 1,000
17% 19% 10,500 10% Jan 22% Apr
1
103% Feb 105% May
105% 105%
32% 34% 14,400 35% Jan 32
Apr
20
97
103% 104
Jan 109% Apr
60
3% 3%
134 Jan
534 Apr
80
3% Jan
5% 6
8
Fob
27
Apr 27% May
27% 1,600 25
5 104
Jan 108% Feb
107% 107%
10
12% 1214
651 Jan 16% Apr
2016
5%
1334
74
8
108
108
160
160
98%
110
115%
2714
32% 31%
109
1614
85
36
36
30
23%
209
17
42
44
4334
17%
117%
109%
107
78%
60
26
105
97%
2954
98%
Apr
Mya
Apr
Apr
Apr
104
22%
39%
45
1534
2%
911
111% 111
10115 101%
24% 24%
122% 115
114
9234 91%
115%
23
634
14%
36%
4034
43%
893-4
83%
111%
101%
25
127
114
92%
116%
1,50
55
2,000
700
2
10
17
23% 113,10
616 29,900
14% 1,50
78
70
100
8
1
108
16014
800
98%
9
111
15
1
11511
27% 2,50
3214
40
109
4
16%
10
85
200
400
36%
30
20
108% Jan 111%
10034 Jan 103%
22% Jan 2614
60
Jan 143
104
Apr 121
8834 Jan 95%
114
Jan 11614
may
Mar
mar
May
May
Apr
May
19%
4%
11%
67
514
102%
158
95%
9534
111
26%
27%
107
15
73
32
14%
Apr
May
Apr
Apr
Apr
Apr
Feb
Mar
May
May
Apr
Apr
May
Mar
Mar
Mar
Feb
May
May
Slay
Jan
Jan
Feb
May
Mar
Jan
Feb
Feb
Jan
Mar
May
Jan
Feb
Jan
24%
634
15%
86
1034
112
111.334
100
111
115%
27%
39%
109
18%
9551
48
32
Friday
Sales
Last Week's Range for
Public Utilities(Con.)
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
•
Power Seeur 2d pref
Puget Ed Pr &Lt6% pf 100
$5 preferred
Railway & Light Sec corn _•
Rockland Light*Power 10
25%
Shawiningan Wat & Pow..
.100
Sierra Pac Elec 6% p1.
So Calif Edison 6% p18.25
_ _25
534% preferred
C_Southern Colo P w clA _25
Southern Natural Gas....
-_100
South New Endl
Souwest Bell Tel 7% p1_100
Sou Wert Gas Utll corn _•
Standard G Jr E 7% p1_100
Stand Pow & Lt new
Series 13
•
Preferred
Stand Pub Serv A
Swiss Amer Elm pref
72
72
91% 91%
2614 26%
25% 24% 25%
24
24
2413
20%
2011 20
175% 175%
119% 12016
17% 1654 18%
110% 110%
70% 70%
70% 70%
104 104%
12% 14
96
98
69
9914
87
83%
25
73
9914
87
8311
25%
• 83
81% 89%
Tampa Electric Co
34
31% 35
Union Nat Gas of Can
United Elm Serv Am shs__
Purchase warrants
%
%
• 37% 3
United Gas corn
634 38%
38
Certificates of deposit__
37% 35
22% 2116 2314
New corn
• 9634 95% 96%
Pref non-voting
Warrants
934 10
United Lt & Pow corn A..' 53% 5114 56
Common series B
90
90
• 116
116 119%
6% Dom lst Pref
* 17
16,34 17
United Pub Serv com
S Elm Pow with ware. _• 18
1714 18%
• 22% 21% 2311
UtIlPow dr Lt own
•
54
55
ClaseB v t
West Continental CHI A._
2(3%
26% 25
700
40
10
25
3,400
Range Since Jan. 1.
May
Apr
Jan
Jan
Jan
May
Feb
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
54%
25
7934
97
2714
26%
26%
21
175%
120%
211%
113
2054
30
107
14%
98
Jan
Mar
Mar.
Mar
Mar
May
May
May
Ape
Mar
Ant
Apr
Apr
Apr
May
Jan
Jan
100 72
,20 90
100 24%
900 22%
500 28
1,500 20
20 160
200 117%
3,100
731
100 10614
100 62
100 61
100 9954
10
SOO
200 90
1.400
2,400
High.
Low.
Feb
38
Jan 75
Jan 101% Apr
99
May
87
May 91
Jan 90% Apr
69
2234 Apr
19% Jan
98
3$
Mar
May
300
54
4,300 1934
6,600 29%
75,600 17%
8,400 9414
6%
12,600
203,700 2731
300 83
4,000 97%
200 15
45,300 14%
18,400 14%
500 534
600 2634
Feb
Jan
1
Jan 45% Mar
May 42% Apr
Slay 2814 Mar
Apr 117% Apr
Mar 1151 Mar
May
Jan 56
Slay 99141 Mar
Jan 119% Apr
Jan
19
Jan
May 22% Feb
Mar
Jan 28
Jan 8854 Apr
May 2834 May
1834
1834
20%
58%
168)%
56%
400 12%
100 12
100 20
100 57
100 155
250 40%
Mar 18% May
Apr
Star
19
Feb
May 25
Jan
Apr 59
Jan 184% Apr
Apr 6554 Apr
Galena 011 Corp w
614 634
6%
103
100% 105%
Humble 011 &
Imperial Oil(Canada).- • 24% 24% 2534
i0 3834 38
3834
Indiana Pipe Line
18% 19
National Transit__ _12.50
10 20
19% 20
New York Transit
25 7115 70% 7214
Ohio 011
6% cum pref new___100 106% 106% 107
25
2214 22%
Penn Met Fuel
2%
5,500
3.605 78
2.400 2211
800 37
300 18%
400 14
1,100 66%
200 103
400 1934
Former Standard Oil
SubsidiariesAnglo-Ami 011
fl
Vol elk ctf dep
Non-yet stock cas dep £1
Borne Scrymser Co_ _100
50
Buckeye Pipe Line
25
Chesebrough Mfg
Cumberland Pipe Line--50
Solar Refining
10
Southern Pipe Line
25
South Penn 011
25
Standard 011 (Neb)
Standard 011 (Indiana)__25
10
Standard 011(Ky)
25
Standard 011(0) com
100
Preferred
25
Vacuum 011
18%
1834
2014
5814
168%
54% 5414
22%
16
39%
48
5414 5316
35
3434
92% 92%
11814
87% 8534
17
41%
Other 011 Stocks
Amer Contr 011Fields._ _ _1
34
6
3%
Amer Maracaibo Co
10
Argo Oil Corp
134
corn • 11% 1114
/Arens Nat Gas Corp
• 1214 11%
Class A
10
Preferred
8
8
Atlantic Lobos 011 corn _ •
54
1%
Carib Syndicate coin
Colum Oil & Gasol v t
13% 13
1
Consol Royalty Oil
4
• 5634 54%
Cosden Oil common
•
Creole Syndicate
6
6
Crown Cent Petroleum...'
34
Darby Petroleum Corp_ •
911
•
Derby Oil& Ref corn
7%
Gulf Oil Corp of Penna__25 14716 144%
Homaokla 011 Co
Roust 01I(Tex) new corn 25
Indian Ter Ill Oil cl A_
Clam B
Intercontinental Petrol__10
Internat Petroleum
•
Kirby Petroleum
•
Leonard Oil Thavelopm't_25
Lion Oil Refining
Lone Star Gas Corp
•
Magdalena
Middle States Petl A vt c•
Syndicate_Class Byte
•
Mo Kansas Pip* Line__„5
Cl 13, vot trust ctts
1
Mountain & Gulf Oil_ _ _ -1
Mountain Prod Corp___10
2%
8,100
34
h
4% 20,600
131
1%
200
1
13
7,600
851
12% 28,300
8%
200
8
751
100
34
%
2
600
)1
15
36,400 1114
4
100
314
56% 3,800 45
5%
6% 2,800
100
%
51
1034
1,600
734
411
816
1,100
151% 6,200 131%
8%
4%
3434
2%
54
8
4
3314
2%
15
10%
Nat Fuel Gas
•
New Bradford 011 Co. 5
New England Fuel Oil__
N Y Petroleum Royalty..'
North Cent Texas 011____•
Pacific Western Oil
•
Panden 011 Corp
•
Pantepee 011 of Venezuela•
Petroleum Corp of Amer_•
Warrants
Pure 01,1 Co 6% pref___100
Reiter Foster Oil Corp...'
Root Refining Co pr pref..
•
Ryan Consol Petrol
40%
214
234
37
2%
2%
1216
8%
1616
1%
2%
25%
5
97%
3%
15
6%
4114
234
2%
12%
8%
17
13;
3
27
534
9814
3%
15
7
Salt Creek Producers_ _ _ _10
Southland Royalty Co_ _ _•
5
Sunray Oil corn
•
Teton Oil & Land
Union Oil Associates___ _25
Venezuela Petroleum___5
1
Woodley Petroleum
•
.
'
"Y Oil & Gas Co
12%
14%
614
Mining Stocks
Swans M'Kubwa COP MID
American shares
Corn stock tun & draln_10c
Conaol Copper Mines_ _13
Como! Rev Utah Corp-3
1
Cortez Silver Mines
Cresson Consol 0 M & M1
Oust Mexicans Mining__ I
10
East Butte Copper
Engineer Gold Mln
Evans Wallower Lead com•
1%
20%
214
2%
5216
log
1615
134
25%
514
3%
3
411
1%
514
31
3
21
35%
36
1%
20%
2%
214
27%
5115
154
1g
3
4%
16
534
116
ire
34
1%
134
3%
11
Jan
Jan
43-4
Mar
1%
Jan
r6
Jan 16%
8%
Feb
Mar
1
Jan
2%
May 21
5%
Apr
Slay 7454
7%
Feb
I
Jan
Feb 1234
Afar
11
Feb 166%
Mar
May
Feb
4
27%
4731
53%
111
24
3
Apr
Apr
Apr
Apr
Mar
Apr
Mar
28%
65%
%
1134
6
34%
6
54
12%
Apr
Apr
Apr
Apr
Apr
May
May
Mar
Apr
Alr
Apr
Mar
Apr
API'
Jan
Jan
Mar
Mar
Apr
Apr
Apr
100
43,800
4,600
2,600
11,800
4,200
1,600
1,800
100
15,000
500
6,600
3,100
45,700
10,600
1,80
1,30
2%
19%
35
3514
al
17%
1%
1
1851
84%
%
7%
4
18%
2
14
May
Slay
May
May
Max
Feb
Jan
Feb
Jan
Jan
Jan
May
May
Jan
May
Jan
.Jan
24,00
17,000
10
10
100
1,500
56,600
7,900
24,900
5,70
4
1,10
10
20
2514
211
Jan
Jan
May
Mar
Feb
Jan
Jan
Jan
Jan
May
May
Mar
Jan
Jan
231
4%
29
5%
98%
554
1831
8%
Mar
Jan
Apr
Apr
Slay
Apr
Apr
May
SM
8%
40
2%
231
34
Feb
Mar
Feb
Feb
Feb
Jan
Mar
Jan
1514
17
10
14%
4734
431
451
234
Apr
Apr
Apr
Mar
Apr
Mar
Apr
Apr
600
334
1,000
14
1,500
5
1,500
'is
1,000 1-16
2,500
14
2,100
1
100
1
200
%
2,100
3
May
Jan
Jan
May
Jan
Jan
Mar
Apr
Jan
May
634
1
8%
%
14
%
2
134
234
6
Mar
Feb
Feb
May
Jan
Jan
Feb
Jan
Feb
Mar
12% 1234
70
12% 14% 25,00
6% 734 3,70
11% 11%
200
44% 45%
40
3
314 2,800
415 4% 1,000
134 2
1,50
4%
14
514
116
ire
%
May
Ayr
Air
Jan
Jan
Apr
Mar
May
Apr
Jan
22%
200 21% Apr
33
Jan
300 13
2031 May
17
4214 3,100 8731 Feb 45% Mar
200 4431 Jan 48% Apr
4816
5431 10,400 49% Feb 5934 Apr
35% 8,900 33% Jan 49% Apr
Jan 108)4 Mar
350 81
92.*/
11814
10 117% Jan 122
Mar
89% 7,300 85% May 97% Ape
2%
23%
38%
38%
1%
21
2%
2%
274
54%
lr
914
4%
34%
234
34
10%
2234
7
Jan
Jan 119
Feb 30
May 41
May 22%
20%
AP
Feb 74%
Feb 108
Jan
32
1034
631
1211
1
1%
19
4%
97%
231
15
3%
10
9
4% Apr
41% May
335 Mar
314 Jan
16% Jan
11% Apr
1934 Apr
3694
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High. Shares.
Mining Stocks
(Concluded)
Falcon Lead Mines
1
Gold Coln mines
Golden Centre Mines_ ___5
Goldfield Consol
Heals Mining.. -_ _25c
Hollinger Consols:1M- _5
End Bay Mtn & Smelt-•
Kerr Lake Mines
Mining Corp of Canada_.5
Nawmont Mining Corp_10
New Jersey Zino
25
N Y Honduras Rosario_ _10
Nipiasing Mines
Noranda Mines Ltd
34
44
124
104
75
1031
01310 Copper
1
Pacific Tin special stock_ •
Premier Gold
St Anthony Gold Mines...1
Shattuck Dann Mining_ _ _•
Standard Sliver-Lead._ _ _1
Tack Hughes
Called Verde Extension fo0c
Unity Gold Mines
1
Utah Apex Mining
5
Walker Mining
1
Wanda° Copper Mining...1
Wright-Hargreaves Mines *
Yukon Gold Co
5
Bonds
-Alabama Power 435.--1967
5s
1968
6s
1956
Aluminum Co.!deb 6e'52
Aluminum Ltd 55
1948
Amer Aggregates 68..1943
With stock purch warr.
Com'Ith Pr 65_._1940
Airier
Amer & For Power 58_2030
Amer GA El deb 58_ _ 2028
Amer Gas dr Power 68.1939
American Power & Light
Os, without warr_ _2016
Amerltadiator deb 43581047
Amer Roil Mil deb 58_1948
Am ei ican Seating 60..1936
Amer Only & Chem 634.36
With warrants
Appalachian El Pr 55_1956
Appalachian Gas 66_1945
Cony deb 6s B
1945
Arkansas Pr & Lt 5...-1958
Arnold Print Wks 68_1941
Associated Eleo 448_1953
Asiociated Gas& Electric
Cony deb 4340 w war1948
1949
4411 series C
5s
1968
1938
fiAs
1977
634s
Asmou'd Sim Hard 635s 1933
Assoc Taint) Util 5358_1944
Det City Gas 68 ser A.1947
1950
1st 533 ser B
Detroit Int Bdge 634s_1952
1952
25-yr s I deb 71
Dixie Gulf Gas 630-1937
With warrants
1945
Duquesne Gas 13s
635% notes Mar 15 1935
East Utilities Inv As
1954
With warrants
Edison El(Boston) 5a-1933
Elea Power & Light 58_2030
Elec Public Serv 5145 C '42
El Paso Natural Gas
1943
635s Series A
1938
8348
Empire 011 & Refg 535s '42
Ercole Marelli El Mfg
634e with warrants.1953
European Elec 635x _1965
Eur Mtge & Inv 7s C.1967
Fairbanks Morse Co 581942
Federal Sugar Ref es._1933
Federal Water Sart 534.'54
A
%
11
1
6%
i.6
'is
34
64 6%
1135 1235
51
3.1
2% 214
255 3
35
35
14 135
35
35
3,600
400
200
2,000
1,300
1,100
200
1,300
100
400
2,200
1,600
300
700
14, May
3
111 Jan
1011 Mar 14% Jan
15 Mar
114 Jan
11 Feb
'is May
515 May
9% Jan
May
iii Feb
4% Jan
6% May
11
16% Mar
Jan
, May 11-16 Jan
4
2
3% Mar
May
231 May
4% Jan
Jan
31 May
Jan
2
1% May
35 May
3-4 Feb
97
59,000 93
9634 97
Feb 9734
10234 102 1024 8,000 99
Jan 103%
1024 1024 5,000 100
Jan 103%
10154 10131 102
97,000 101% Feb e10211
9835 100
9835
55,000 974 Feb 100
85
9774
87%
9714
92%
10735 10734
9735
9911 99
871
88
9831
88%
98
9315
10,000
77,000
183,000
201,000
15,000
83
9735
87%
93%
9215
Feb 88
May 994
914
Apr
Jan n 9934
May 96%
107% 36,000 105
Jan 109
97% 5,000 96% May 99
9935 39,000 9635 Jan 101
744 12,000 67% Jan 81
Mar
May
Apr
Mar
Mar
May
Mar
Mar
May
Jan
Mar
Apr
Mar
Feb
593
893 893
994
9934 99
12634 125 13035
100 1004
100
9834
98% 98
9034 92
87% 87
8815
1,000 8334
67,000 9574
130,000 99%
194,000 100
119,000 9334
2,000 90
83,000 84
10035
101
145
101
984
94
90
Mar
Mar
May
May
Apr
Feb
May
1024
804
8415
834,
100
86
9935
4,000 100% May 124
114,000 80
May 87
107,000 78% Mar 88
25,000 82
Apr 87
6,000 9835 Feb 105
10,000 88
Mar 864
211,000 98
May 108
Jan
Mar
Jar
Mar
Mar
Feb
Feb
100%
580
8414
88215
100
86
9911
103
81
8515
83%
10015
8634
100
10235 102 10214 45,000
1024 102 102% 35,000
90% 9015 90% 33,000
10131 101 101% 18,000
101% 10114 1,000
99% 984 9935 261,000
Bell Tel of Canada 58_1957
._i955
let M 58 series A.
Berlin City Elec 6s_..1955
Boston Consol Gas 58.1947
Boston & Maine RR 631933
lat 5s series 2
1955
Burmeister & Wain(Copen)
15
1940
-year 6s
Canada Cement 515s A '47
Canadian Natl Ry 78_1935
Can Nat SS 58
1955
Canadian Pacific Ry 581954
Capital Adrn In deb 5sA1953
Without warrants
Carolina Pr & Lt 5s__ _1956
Caterpillar Tractor 58_1935
Cent Staten Elea 58_ _ _1948
Deb 543--Sept. 15 1954
Cent States P & Lt 535s '53
C Mil & St P 449 F. 1989
Chic Rye 58 ctfe dep._1927
Chic, It 1 & Pao Ry 4%8'60
Cigar Stores Realty
1949
534s series A
Cincinnati St Ry 5355-1952
OseeriesBwi
1955
Cities Service 54
1966
Cony deb 5s
1950
Cities Service Gas 53581942
Cities Serv GasPipe L 6843
Cities Serv P & L 5481952
Cleve Eine Ilium deb 7s '41
Commander Larabee (is '41
Commers und Private
Bank 5351
1937
Confwealtb Enron 4350'57
Consol Publishers 63031936
1941
Consol Textile 8s
Consumers Power 4348.'58
Conso1GE L &P (Bait)
1965
5s series F
1958
Conn & El 51
Continental Secure; 59_1942
Series A with warrants_
Continental 011 5558_1937
Crown Zellerbach 68- _1940
With warrants
1940
Crucible Steel 50
Cuban Telep 734s. _ _ _1941
Cudahy Pack deb 51581937
1946
Si
34
11
98
884
98
59215
100
100
90%
10011
loo Li
9834
Apr
Jan
Mar
May
Jan
Feb
Apr
Feb
Jan
Apr
Feb
Jan
May
103%
1024
91
10131
103
1004
Mar
Mar
Apr
May
Mar
Mar
9911 9911 2,000 98
Jan
Jan 101
994 9915 99% 5,000 973.4 Jan 99% Apr
1074 107% 108
37,000 107
Apr 10834 Mal
10155 1014 10135 4,000 9935 Mar 10135 Mar
1024 102 1024 35,000 9935 Jan 103
Max
78
1021
4 102
103%
104
80%
8235 82%
80
103
10515
81%
8311
5,000
47,000
348,000
22,000
53,000
74
Jan 824
98% Jan 103
99% Apr 10535
71
Jan 84
7235 Jan
8954
Apr
may
May
Mai
Mar
88%
89
10035 10011
7934
10135 10015
90
100%
8215
101%
26,000 88
Apr 91
257,000 10031 May 10031
110,000 68
Feb 58234
1335000 98% Mar 104
Feb
Mar
May
Mat
85
92
99%
84
12415
87
92%
8811
107
60
87
92
99%
8515
128
87%
93%
8914
1074
61
12,000 6235 Jan 89
8,000 92
May 97
15,000 9934 Apr 9934
34,000 8274 Jan 8835
297,000 124% May 128
27,000 83% Jan 88%
10,000 90
Jan 95
59,000 81
Jan 9435
6,000 106
Jan 108
4,000 60
May 694
Max
Jan
Apr
Mar
May
Mar
Apr
Mar
Jan
Jan
98
89%
98
100
69
9714
8931 62,000
2,000
98
101
2,000
1,000
69
77,000
98
90
104
89
104
90
96
89
96
99%
84
124%
924
884
107
8934
8115
934
96%
65
914
Jan 91
Mar
Feb 9835 Apr
Feb 101
May
May 72
Jan
Feb 994 Mar
2,000 10135 Feb 105
76,000 84% Feb 94
2,000
89
9611 19,000
85
94
May
Feb
89
98
May
Mar
May
Mai
98
98% 115,000 9734 May 99
9915 99% 69,000 9935 May 99%
107% 108
5,000 10735 Jan 109
9851 9711 9811 32,000 9535 Jan 99
101 101% 4,000 9834 Jan 10135
Max
May
Mar
Mar
May
107
20,000 104 34
10134 9.000 9735
80
5,000 73%
5914 12,000 50
May
May
Mar
Mar
9831
99%
107
106
10015
79
55
Feb 107
Feb 10135
Feb 89
Jan
76
53,000 68
Jan 97
9334 9311 95
Apr
1034 103% 10715 136,000 97% Apr 10935 May
27.000 100
May 10534 May
10034 100 102
8135 7935 8131 4743,000
10131 10135 10134 27,000
91
9031 9135 60,000
82
1,000
82
116
81074 116
112 120
52,000
41,000
87
8611 87% 45,000
85
9734
85
97%
89
9634
78
9534
964.
9531
Bonds (Continued)-
High.
15
he 10,200
Jan
A Jan
15
14
35 Jan
400
35 Jan
Jan
431 411 4,100
3
Feb
7
?Is
200
71e
'it Jan
34 Jan
12% 12%
Feb
200 1135 Mar 14
5
500
Jan
614 634
Apr
7
834 Jan
915 1016
4,400
1454 Feb
100 1-6
Jan
3.4 Apr
1% 1%
200
14 Apr
335 Feb
113% 116
600 10535 Jan 1414 Apr
74% 75%
800 66 34 Jan 91% Mar
10% 11
Jan
700 1035 May 16
154 14 1,000
35 May
14 Mar
2835 2915 4,100 254 May 4534 Mar
31
74
116
536
Ito
Range Since Jan. 1.
Low.
85
98
8931
97
78
96
5,000
59,000
13,000
10,000
5,000
13,000
7911 Apr 87
Mar
99% Jan 10154 Mar
90% May 9434 Mar
May 82
82
May
98
98
Jan 116
Jan 120
May
May
8335
Jan
Mar
89
Feb 87
78
Apr
May 101% Mar
95
Apr
83
Jan 91
93
Jan 973.4 Apr
May 9335 Jan
78
AM
9u34 Jan 97
Finland Reeidential Mtge
Sankt).
1961
Firestone Cot Mills 58.1948
Firestone TA R Cal 561942
First Bohemian 01 Works
7s without warr_ __1957
Fisk Rubber 535s
1931
Florida Power & Lt 58.1954
Garlock Packing deb Os '39
Gatineau Power 533_1956
63
1941
Gelsenkirchen Min 68_1934
Gen Baking 535s W L1940
Gen Bronz Corp cony 65'40
Gen Indus Alcohol 6348'44
Gen Laund Mach 648.1937
Gen Pub Utilities 68_1931
Gen Rayon Co Ltd
Os series A
1948
General Vending Corp
Os with warr Aug 15 1937
Gen Water Wks Gas & El
68 series B
1944
Georgia Power ref 56._1967
Gobel (Adolf) the 6358 1935
With warrants
Goodyear T & R 53'4s.1931
Grand (F&W) Properties
Cony deb 6sDec 15_1948
Gi and Trunk Ry 6148_1936
Gulf Olin!Pa 5e
1937
Sinking fund deb 58.1947
Gulf States Ut1158_ _1956
Hamburg Electric 78..1935
Hamburg El& Cod 5358'38
Hanna (M A) Co 68..1934
Hanover Credit Inst 681931
Hood Rubber 53-44-.1930
Houston Gulf Gas 634s '43
Certificates of deposit_ _ _
Os
1943
Certificates of deposit...
Houston Oil 514s
1940
Hangarian Ital Bk 7318 '63
RYgrade Food Os A___1949
III Pow & Lt 535s ear B '54
Deb 534s
1957
Indep Oil& Gas deb 13s 1939
Ind'polis P & L 58 ser A '57
Inland Utilities 65...
.1934
[mull Utility Investment
68 ser B without warr '411
IntercontInents Power Co
Deb 6s with warr..1945
Int Pow Sec 7e ser E.1957
Internat Securities 56.1947
Inter-State Nat Gas Os '36
Without warrants
Interstate Power 5s..1957
Deb 6s
1952
Invest Co of Am Is A_1947
Without warrants
Investors Equity 58....1947
without warrants
Iowa-Nab L & P 58_1957
[Immo Hydro Eine 7n..1952
Italian Superpower of DelDebs 6s without wary '63
Kansas Gas & El 68_ _ _2022
KelvInator Co 13s
1936
Without warrants
Koppers0& C deb 56.1947
5358
1950
Laclede Gas 515s
1935
Lehigh Pow Secur 14..2028
Leonard Tietz 7158_1946
Without warrants
Libby. NicN de Libby 58'42
Lone Star Gas Corp Is 1942
Long Island Ltg 6s___1945
Louisiana Pow dr Lt 5s1957
Manitoba Power 5355.1951
Mansfield Min & Sm 7s '41
With warrants
Mass Gas Cos 530-1946
5s
1955
McCord Rad Mfg 08..1943
Mead Corp 6s with warr'45
Memphis Nat Gas 68_1943
With warrants
Mid States Petrol 6%s 1945
5111w Gas Lt 435s_ _1967
Minn Pow & Lt 48 --1978
Misr River Fuel 6sAug15'44
With warrants
Without warrants
Ito Pac RR 58 ser 11 _1980
Montreal L H & Peal 5s'51
Morris & Co 7As
1930
Munson SS Lines 615s 1937
With warrants
Narragansett Else 58 A '57
Nat Pow & Lt 6s A _ _ _2026
Is series B
2030
Nat Public Service 58.1978
Nebraska Power 6s A.2022
Newberry (J J)515s w 1.'40
N K Gas dr El Awn 58.1947
56
1948
N J Power & Light Is 1956
NYPAL Corp let 430137
Niagara Falls Pow 138..1950
Niagara Shares Corp (Md)
20 yr deb 53413 May 150
N1PPon Elea Pow 63581953
North Ind Pub Sew 58 1966
&series D
1969
No OM Pow 64% notes '33
Northwest Power 68 A 1960
Ohio Power 4348 ser 13.'56
5s series B
1952
Ohio River Edison Be_1961
Oswego lily Pow 68....1931
P.O Gas & El 18t 4364_1941
Pacific Invest deb 58__1948
Pacific Western 011630'43
Park & Tilford 6s_ __ _1936
Penn-Ohio Edison (le_ -1950
Without warrants
534s
1959
Penn Dock & W as w w '49
Penna Glass Sand 6s 1952
Penn P & L 1st & ref D '53
1st ref 5s series B....1952
People. Lt & Pow 50_ _1979
Phila Electric 515s____1947
PIA& Elec Pow 64e..1972
Piedmont Hydro-Elea-631s class A
1960
(VOL. 130.
rrsaag
Last Week's Range Sales
Sale
of Prices.
for
Price. Low, High. Week.
85%
89
Range Since Jan. 1.
Low.
85
8635 25,000
884 90
19,000
9435 95
22,000
High.
75% Jan
89
Jan
925( Jan
Mar
88
Apr
96
964 mar
82
82
57
5735
90349034
105 105
9414 9435 95
99
99
99%
9516 94
9534
96
96
96%
9914 99
99%
72
73
42
4215
9815 9834
2,000
4,000
72,000
39,000
55,000
39,000
49,000
11,000
6,000
7,000
3,000
2,000
80
44
8235
9435
91
944
90
96
99
694
42
9835
73
75
26,000
57
Jan
80
20
22
3,000
20
May
34
Feb.
914 Feb e96
9534 Jan 101
May
Mar
57
9016
22
594% n96
95
94,000
10034 100 10015 20,000
99
99% 30,000
10014 10015 7,000
107
97
90
92
1083-4107
10011 10111
101% 102
96% 9714
94
92
Mar
28,000 90
Mar 92
May
10,000 105
Apr 1034 Mar
61,000 9935 Jan 103
Apr
3,000 100
Jan 1034 Map
22,000 924 Jan 98
May
233,000
93
11,000
93
99% 43,000
99% 598
12,000
834 8331 86
90
9916
99
Jan
Jan
Jan
Jan
Jan
Jan
Slay
Jan
May
May
Jan
Jan
Feb
Feb
Feb
Jan
Jan
102
90
9934
100
91
99%
95
97
937-1
974
92
7134
10135
95
11015
10035
126
7635 764 4,000
9435 10.000
04
9135 92
13,000
31,000
754 76
Jan
,
Mar
May
Apr
Apr
Apr
May
Ape
May
May
Mar
Apr
May
May
Apr
Mar
Apr
Jan 1124 Mar
May 96
92
May
934 Jan 101
APT
80
Jan 8855 Jan
501311023-4 4,000 10035 Jan 10235
91
91
10,000 83
Feb 98%
8834 9034 11,000 8034 Jan 9255
9935 101
9,000 8034 Jan 10334
7935 79)4 2,000 7634 Jai) 82
10511 10535 1064
JIM
Feb
Mar
Apr
Mar
Mar
Apr
Mar
May
Jan
Apr
May
99
May 9935 May
9934 Jan 101
Mar
1014 10034 101% 15,000 100
86
3,000 8435
86
99% 9034 4,000 97
99% 99% 9914 17,000 9635
8735 4,000 80
87% 87
9431 94,000 64
93
94
2,000 93
95
93
9415 33,000 6735
93
94
9315 9215 93% 4,000 92%
9734 97% 9734 9,000 97
86% 88
6,000 76
70% 22,000 5834
7014 70
100% 100 10011 28,000 974
9311 933.1 94% 5,000 8835
38,000 100
10431 104% 105
9915 10034 28,000 9635
11934 11615 121 271,000 9835
104% 10415 106
Feb 84
Jan 724
Jan 92
Jan 110
Feb 97.51
Jan 101
Jan
9834
May 9734
May 994
Apr 90
May 5334
May 9834
May
Mar
Mar
Apr
Mar
Jan
70
91% Mar
Jan
83
80
Mar
95
Mar
9435 Mar
69
80
8,000 1004
86% 10,000 6915
86% 86
54,000 9551
9911 9031 100
65,000 9034
10211 10234 103
10011 1004 10035 29,000 9734
50,000 10231
104% 10435 105
Jan
Mar
Jan 106% Mar
J60 91
Jan 10035
Jan 103
Jan 10334
Jan 10731
Apr
MayMar
Mar
Mar
99
94%
97
105
105
96%
97
99% 99%
98% 2,000 93
Feb 100
9414 6,000 91
Jan 95
9714 4,000 963-4 Mar 9935
10515 8,000 10335 Jan 106
33,000 92
97
Jan 974
17,000 9635 Feb 10031
100
Mar
Apr
Mar
Feb
Mar
May
87
87
1024 102%
98
75
97
1,000 87
87
May 96
70,000 10134 Jan 105
103
9811 91,000 98
May 9874
6,000 37415 May 874
75
5,000 97 May 97%
97
Jan
Apr
May
Mar
May
118% 117% 11811
70%
70% 67
9611 9816
9255 9235 9215
9631
10035
1004
10531
,
9131
795(
10831
99
91
91
101
944
10554
115
95%
9915
100%
100%
117%
9611
100%
101
10054
9235
90
10035 101
105 10535
9155 9135
79
8034
1084 109
99
99
91
9134
9135
91
101 101
n96
94
105.31 106
10341 10235 10335
90,1 9035 903,5
10134 1014
101% 10154
102% 10235
9951 9935 100
9474
95
10035
10134 1004
10035
9534
8235
9234
93
884
90
9535
101
1014
101
96%
8234
9355
90
103 10355
103
9914 9935 99'34
9715 964 974
100
100 100
101% 101%
102 1024
843( 84
85
107
107 107
106 1064
91% 92
448,000
16,000
28,000
10,000
95
Jan 11935 May
May 764 May
07
95
Jan 994 Apr
8934 Jan 94
Mar-
73,000 102
Jan 122
23,000 9235 Feb 98%
317,000 9935 May 102
21,000 984 Jan 10135
14,000 9935 Jan 101
Mar
Mar
Mar
Mar
Feb
3,000
22,000
25,000
36,000
53,000
16,000
51,000
76,000
115.000
1,000
59,000
11,000
90
97
104
9135
74
104
99
86
55
100
91
105
May
Jan
Jan
May
Jan
Jan
Apr
Jan
Feb
Apr
Feb
Jan
103
101%
10835
92
85,4
109
99)4
98
04%
101
96
10635
Jan
Mar
Mar
May
Mar
Apr
Apr
May
May
May
May
Feb
338,000 99%
21,000 884
22,000 9735
15,000 9734
3,000 10035
40,000 0834
Apr
Feb
Jan
Jan
Feb
Jan
1034
94
102/4
10234
103
100
May
Mar
Mar
Mar
Feb
Mar
55,000
3,000
13,000
23,000
31,000
5.000
57,000
18,000
91
9834
984
99
983.4
79
RI
86
Jan 9535 May
Jan 10235 Apr
Feb 10135 May
May
Jan 101
Mar
Feb 97
Feb 8535 Apr
Jan 9555 APr
Jan
May 91
8,000 99
Jan
34,000 00
Jan
30,000 0314 Jan
May
2,000 08
3,000 9935 Feb
2,000 9915 Feb
14,000 s7435 Feb
2,000 10535 Jan
30,000 10435 Feb
9,000
91% May
10535
1013(
91134
100
103
1024
9335
1074
1064
92
Apr
Mar
Mar
May
May
Jan
Mar
Apr
Mar
May
MAY
24 19301
Bonds (Continued)-
FINANCIAL CHRONICLE
Frida4
Last Week's Range Bales
Sale
Of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Pittsburgh Coal 61......1949 10034 100 1003.4 8,000 9954 J 1
10214 Mar
1948
103 104
21,000 10134 Jan 104 May
Pitts Steel 68
36,000 92
Apr 95
93
Apr
Pitts dr W Va Ry 430-1960 924 92
1939
/0534 105% 12,000 siO4
Jan 11034 Feb
Poor & Co tts
Potomac Edison 5.--1956 9934 9934 1003: 32,000 9434 Jan 100% May
Feb 00
Mar
Pow Carp of Can 434a '59 8954 8934 8934 2,000 81
5,000 9514 Jan 98)4 Apr
99
99
Power Corp(N Y) 5345 47 99
9714 974 5,000 9551 Feb 9934 Jan
Procter & Gamble 4148 '47
119% Jan 103
10134 102% 48,000
PugetSound P1 L 546'49
Apr
1950 9615 964 9634 94,000 9534 May 9634 May
1st & ref 58 C
1940 984 898
9834 175,000 9734 Apr 99 May
ure 011 51Is
Remington Arms 814e 1930
Rochester Cent Pow Oe. '53
1953
Ruhr Gas 634s
Ruhr Housing Corp 614s'58
Ryerson (Jos T)& Sons Inc
1943
15-yr deb 53
St L Gas & Coke 8s_1947
, Antonio Pub f3err5a'58
lands 1',sils lot 5._ -1955
Schulte Real Estate 6.1935
With warrants
Without warrants
Scripps(E WI 5145_ _1943
1940
Segal Lock 64s
Shawinigan W & P 41067
1968
44e series B
tat Is see C when issued_
Einaweheen Mills 74._1931
Sheffield Steel 5 1411.__1948
Silica Gel Coi p 634s..1932
With warrant.
Snider Pack.
, tas_1933
Southeast - & L 68_ _2025
Without warrants
ta,..0 ...aid Edison 5s_ -1951
Gen & ref 5a
...1944
Sou Cal Gas ba
1937
5s
1957
Sou Gas 654s with war 1939
Southern Natural Gas 68'44
With privilege
Without privilege
So New Engl Tel 5s...1970
Sou Pae Co 4814 ser 4_1977
3'west GI & 5a A__ _1957
So'weat Lt &Pow 158 A 1957
S'weet Pow & Lt 6a___2022
Staley Mfg Co let 68_ _1942
Standard Invest 514'1_1939
re without wan._ __ _1937
Stand Pow & Lt 6s___-1957
Stinnes(Hugo) Conan 1946 without warrants
78 Oct 1 '38 without warr
Strauss(Nathan) Inc 68'38
Stutz Motor Co 714s__1937
Sun 011 534ii
19311
Swift & Co 63 Oct 15 1932
974
78
874
71
9714
78
855-4
8714
974 5,000
80% 45,000
873: 50,000
8814 17,000
7.000
93)4 94
73
19,000
71
17,000
964 97
102% 10234 2.000
77
73
78
81
90
90
994 99)4
94% 944 95
95
95
9534
10114 10134
10034 s100 10034
100 1001(
80%
6,000
31.000
20,000
5,000
52,000
5,000
26.000
10,000
13,000
101
101 10134 14,000
6,000
7111 714 72
1054 105 106
1024u1031:
1024 1024 103
934
934 93
100 100
103% 106
97
7634
80
86
Apr
Apr
San
Apr
997-'
84
8934
89%
Feb
Mar
Mar
Apr
Jan 94
70
Feb 83
91
Jan 98
993-4 Mar 10234
Feb
Mar
Mar
May
51
53
85
9914
904
90
98
9814
974
Jan
Jan
Jan
Apr
Feb
Feb
Feb
Jan
Feb
May
Apr
Apr
May
Mar
May
May
Mar
May
97
59
Jan 107
Jan 75
Mar
Apr
Feb
Jan
Jan
Jan
Apr
Jan
Mar
Mar
Apr
Apr
Mar
May
84,000 103
38,000 9914
10,000 10014
43,000 :91
23,000 9854
7.000 97
83
80
91
103%
95
954
102
101
100%
108%
1034
103
9434
100
106
Jan 105
Apr
99 100% 241,000 87
99
5,000 75 May 75 May
75
75
10354 1034 10354 11,000 10394 May 103% May
9734 97% 54,000 974 Apr 977-4 May
Jan 97
25,000 91
Mar
94% 96
94% 9534 6.000 9034 Feb 97% Apr
Jan 10714 Mar
13.000 103
106 107
98)4 98% 4,000 9734 Jan 9931 Apr
6,000 8114 Jan 934 Apr
914 92
Apr n87 May
3,000 84
84 u87
87
9934 993: 993-4 24,000 974 Jan 100% Mar
101
81%
80
85% 86
70
72
33
34
101% 1024
1001: 101
18,000 16
9.000 824
72,000 70
13,000 28%
8,000 100
36,000 791.
Feb 83
Mar
Jan 90
Apr
Feb 81
Mar
Feb 50
Jan
Jab 102% Mar
Jan t0134 Mar
Apr 86% May
Tern! Hydro-Eleo 634s '53 861: 857-4 8634 38,000 85
Jan 883i Apr
13,000 80
Texas Cities Gas ra_....1948 82
82
85
Term Gas Util So....1945 9914 994 10011 113,000 98 May 107% Apr
Jan 100
Mar
Texas Power & Lt 11._ _1956 994 99
99% 71,000 96
Thermold Co 68w w__11134
934 944 7,000 82% Jan 98% Mar
Jan 100
Tri Utilities Corp deb 5819 8914 8834 90 113,000 78
Mar
Jan 94% Mar
Ulen Co Os
1944 907-4 9034 9134 34,000 83
Apr 1004 Mal
Union 011 Si
43,000 99
1945 997-4 9914 100
Un El L P 5. 13_1967
103 103
12,000 9934 Jan 193 May
United El Service 7s__1956
With warrants
1,000 984 Jan 10334 Apt
102 102
Without warrants
9535 94% 9534 15,000 8914 Jan 9734 Are
Jan 9274 Apr
United Indus Corp 630'41
91% 91% 28,000 84
90% 74,000 8334 Jan 9434 Mar
United Lt & Rys 5101_1952 9034 90
10,000 1004 Jan 104
Mar
68 aerial A
1952 10214 102% 103
United Rye (Hay) 7145 '36
103 1034 5,000 1004 Jan 10334 May
United Steel Wks 634a 1947
Jan 93
Apr
91% 12,000 87
With warrants
91
U S Rubber
2,000 9614 Jan 101
Mar
s100 100
Serial 614% notes_ _1931
Apr
1,000 9514 Jan 100
99
99
Serial 634% notes_ _1932 99
Apr
Serial 634% notes__1934
984 9814 1,000 93% Jan 100
94
Jan 100
Apr
974 2,00
Serial 614% notes_ _1935 9734 96
Feb 97 May
93
1,00
95
Serial 64% notes-1936 95
95
Jan 984 May
Serial 614% notes__1937 9434 9314 94)4 6,000 92
Serial 634% notes..1938
944 944 1,000 924 Feb 964 Apr
92% Feb 974 Apr
Serial 614% notes__1940 9334 9334 94% 2.00
Serial 6s w I
1933 9934 99
9915 8,000 99 May 100 May
Vaispar Corp cony 63_1940 984 984 984 20,000 9834 Mar 100
Apr
Valvoline Oil 78
1937 102% 1024 10234 2,000 102% Jan 10314 Mar
Van Sweringen Corp 68-'35 98
9734 100 389,000 974 May 1004 ADC
Virginia Elea Pow 56_1955
1004 1014 9,000 974 Jan 1014 Apr
974 9754 41,000 9634 AM 100
Virginian By 434a B__1962
Mar
Wabash By 56 ser D...1980 1004 100 10035 198.
00 100 May 102% Mar
Waldorf-Astoria Corp
Jan 1034 Jan
lit 7s with warr____1954 93
93
93% 8,000 86
Wash Wat Pow 5$ w t _1960
102 10231, 11,000 9834 Jan 10214 May
Webster Mills 610-1933 97% s961( 97% 19,000 8634 Jan 97,4 Apr
Apr 93% Mar
West Penn Elea deb 53.1930
28,000 93
93
93
West Texas UM 58 A_1957 9134 914 91% 26,000 891: Feb 934 Mar
Western Newspaper Union
Jan 92% Mar
1944
Cony deb 68
8711 87,4 2,000 86
WesternUnionTeleg Si 1960 1034 103 u103% 41,000 1004 Feb 104,4 Mar
Feb 1031: Jan
Westvaco Chloline 534s '37
1024 1024 6.000 101
Foreign Government
and Municipalities-446ml Mtge Bk Rep of Col
7sJ&J
1947
Baden(Germany) 78.-1951
Buenos Aires(Prov) 754s'47
1952
7a
6348 when Issued _ 1961
Cauca Valley(Dept) Rep of
Columbia,exti. a I 7s..'4.8
Cent 13k of German State &
Pray Banks 6a B
1951
Cuba (Rep.) 5345w 1-1945
Danish Cues Munk,5341'55
1953
Os
Danzig P & Waterway Bo
1952
Ertl 8 1 6146
German Cons Munk)Ta '47
1947
6e
Hanover (City) 78 18 11039
Hanover (P.ov) 648_1949
Helsingfors (City) 6340 '60
Indus Mtge of Finland
1st mtge rolls f 7a..1944
Lima (City) Peru 63.0 1958
Maranhao(State) 76--1968
Medellin (Colombia) 70 '51
Mendoza (Prov) Argentine
Esti 7345 sink fund g '51
Mortgage Bank of Bogota78 issue 01 1927. _1947
78 issue of 1927 new 1947
Mtge Bank of Chile68_1931
Mtge Bk of Denmark 55'72
874 8714 2,000
9414 96
13,000
1004 1014 9,000
98
97
25,000
98
95% 954 9594 4,000
7234
91
9754
9414
9534
Jan 8935
Jan 9674
Jan 102
Jan 10014
Apr 96
784
68
Feb
7614
99
9734
904
Jan 8534
Feb 914
Jai 101
Jan 96,4
94%
7814 78)4
3,000
84
84,4( 8,000
98
98
984 106,000
1004 100% 8,000
9614 98
9614 8,000
89
Mar
Apr
Apr
Apr
May
Apr
Mar
Apr
May
May
8934
1,000
84
84
984 96% 25,000
88% 89% 87,000
784 Jan
91
Jan
7934 Jan
854 Mar
9814 Mar
91
Mar
9454
97
94
94
8,000
97
944 20.000
94)4 78,000
9534 Jan
8614 Jan
90
Apr
98% Mar
95
Apr
90
Mar
82
994
80
74
89
994 4,000
11,000
82
74
1,000
91
8,000
97
73
06
75
9334
9114 934
7,000
85
Jan
83
8214
99%
82%
8234
9914
97%
71
6514
95%
9554
Jan 83 May
Jan 8234 Mar
Jan.100
Max
Jan 9834 Jan
83
3,000
8214 7,000
99% 60,000
98
11,000
Jan 10014 Mar
Jan 83
Feb
Jo
85
Apr
Jan 924 May
9414 Mar
Foreign Government
and Municipalities
(Concluded)
Parana(State)Brasil 781958
Prussia (Fee State) 68_1952
Ertl 614s(or26)Sep 1551
Rio de Jaisairo 648-.1959
Rumanian Mono Inst 73'59
Russian Govt.
1919
1919
646 att.
1921
6345
1935
Saar Basin To
1935
Saarbruecken 78
Sante Fb (City) Argentina
1945
external 75
Santiago (Chile) 78_ _1949
Sydney (City of) New
South Wales 5%s_.1953
3695
Friday
Sates
Last Week's Range for
Range Since Jan. 1.
Sale
of Prices.
Week.
Price. Low. High. Shares. Low.
High.
90
9434
434
9,000
89,000
21,000
22,000
11.000
65
$1 34
8614
67
8634
44 44 12,000
4
4% 83.000
4,4 414 10,000
984 981: 2,000
3.000
101 101
414
414
4)4
93
98
744
8914
944
784
834
92
98
89%
76
9034
944
7814
8474
934
98
5.000
4.000
894 89% 59,000
Jan
Jan
Jan
Jan
Jan
8234
9254
97 14
85
as
Mar
Mar
Mar
Apr
Mar
8
Apr
Mar
7
Max
9
Jan 101
Feb 10214
Jan
I Jan
Jan
Apr
May
Jan 94
86
9034 Jan s99
8935 Apr
Mar
Mar
901: Mar
•No par value. 1 Correction. ns Listed on the Stock Exchange this week, where
additional transactions will be found. a Sold under the rule. o Bold for cash.
s Option sales. I Ex-rights and bonus. w When issued. a Rz-dIv. sr Er-rights.
e -tinder the rule" sales as follows:
Aluminum Co. of Amer. 58, 1952. Jan. 30. 31.000 at 1034.
Amer. Commonwealth 68, 1949, Jan. 22. $3,000 at 1064107.
Blaw-Knox Co., Jan. 2, 58 shares at 31.
Burro Co., Jan. 28, 50 warrants at 44.
Central States Elec.. Feb. 6, 3,300 shares 6% pref. at 70.
Donner Steel Feb. 27, 50 shares common at 33.
General Water Works & Elec. 6s, 1944, Jan. 29. 81.000 at 9614
Gerrard (S. A.) Co.. Jan. 2. 105 shares corn, at 24.
Gorham Mfg corn V. t c. April 23, 1 at 4334.
Houston Gulf Gas, Mar. 3, 2 shares at 19.
Mohawk & Hudson Power, Feb. 6. 75 shares 2d pref. at 112.
Neisner Bros. Realty 6s. 1948, Feb. 6. $11.000 at 934.
Neve Drug Stores, May 16, 20 shares at 2
Russian Govt. 534s, 1921 etfa.. Feb. 7. 90.000 at 7.
Singer Mfg.. Ltd., Feb. 18, 100 shares at 8.
s "Optional" sale as follow.:
Del. Else. Pow.5345. 1959. Feb. 19. 81.000 at 9234.
Montreal Lt., Ht. & Pow. eons., Feb. 10, 100 shares at 138.
Son. Calif. Gas 58, 1937. Feb. 15. 81.000 at 9034.
CURRENT
NOTICES.
-F. E. Kingston & Co., Hartford, Conn., have issued a booklet entitled "Your Dollars," containing a brief outline of a successful investment program and the results it is producing for investors.
-Glen M. Petrie, formerly with Williamson. Gilbert & Co., has joined
the wholesale department in charge of the upstate division of Gallaher
Brothers, Inc., 43 Exchange Place, New York.
Jenks. Gwynne & Co., members of the New York Stock Exchange,
announce the opening of an office in the Hotel Saranac, Saranac Lake,
N. Y., in charge of Louis C. Reynolds.
-L.S. Carter & Co., Inc., Baltimore,investment bankers, have installed
a direct telephone wire with Walter P. McCaffrey & Co., members of the
New York Stock and Curb Exchanges.
-Atlantic Investing Corp.. 67 Wall St.. New York, have prepared a
descriptive booklet of the Catalin Corp. of America, copies of which will
be forwarded to those interested.
Arthur W. Loweth, formerly with H. W. Jennys & Co., and Edmund
Seymour & Co., has joined the New York office of Stein Bros. & Boyce,
in the capacity of office manager.
-G.L. Ohrstrom & Co., Inc., announce the opening of a Jamaica office
in the Chamber of Commerce Building,89
-31-161st Street,under the management of Charles J. Le Ave.
-Pirnie. Simons & Co., Springfield, Mass., have issued the May number
of their "Income Builder" which answers the question "Are stock prices
normal at the present time.."
Fifteen reasons for investing in public utility securities with an analysis
of public service trust shares has been issued by C. M.Cryan & Co.. Inc.„
52 Wall St., New York.
The E-Z Publishing Co., Inc., publishers of the E-Z Telephone Directory of Brokers and Banks, announce the removal of their office to 140
Cedar St., New York.
- Philip Barrett of Barrett & Wood, Ltd., investment brokers o
P.
Montreal, has been elected to the Board of Directors of First American
Bancorporation, Inc.
- Jansen Hunt, formerly with John Nickerson & Co., has become
E.
associated with G. E. Barrett & Co., Inc.. 40 Wall St., N. Y., in their
wholesale department.
-W. C. Langley & Co., N. Y. City, have prepared a list of bonds currently selling above or near their call prices and which present unusual
trading possibilities.
-John C. Fell & Co., Inc., New York. announce the election of Victor
Godvrin, formerly connected with Pynchon & Co. and Prince & Whitely,
as Vice-President.
-McCabe-Fewell & Co., Los Angeles investment banking firm, announce the opening to-day of a San Francisco office. E. F. Therieau will
be in charge.
-Broomball, Killough & Co., Inc., 115 Broadway, New York, have
issued the second edition of their "Graphic Survey of Bank and Insurance
Stocks."
-R. G. Robertson, R. W. C. Smale, and H. W. Danser have joined
Throckmorton & Co.In their wholesale department for Diversified Trustee
Shares.
-The Central Public Service Corp. of Chicago has announced the
appointment of J. Walter Thompson Co. to direct its merchandise advertising.
-Ellis-Milley. Inc., 120 Wall St.. N. Y., have prepared a resume of
the recent offer by Cities Service Co. to its stockholders.
-Joseph J. Nuny,formerly with G. E.Barrett & Co.,is now associated
with Bowen, Gould & Co.. 11 Broadway, New York.
-Bowen, Gould & CO., Inc., 11 Broadway, N. Y., have compiled an
analysis of Basic utilities 6% gold notes.
-Kelly McClure Corp., 67 Wall St., N. Y. City, have compiled an
analysis of Basic 'Utilities 6% gold notes.
-Reinhart & Bennett, 52 Broadway, New York, have issued an analysis
of North American Trust Shares.
--Scholle Brothers, 5 Nassau St., New York, have prepared a special
analysis of the P. Lorillard Co.
-James F. Klein is now associated with Chatham Phenix Corp. as
Indiana representative.
-Clark, Dodge & Co. have prepared an analysis of Melville Shoe Corp.
3696
[Vol.. 130.
FINANCIAL CHRONICLE
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked *T".
Public Utilities
Par Bid. dn.
Amer Public Utll com_100 77 ____
7% prior preferred-A0° 9213 96
Perth:: preferred
100 90
94
Appalachian El Pr pref-100 109 110
Associated Gas & Elea55 preferred
1 .94
96.
(t) 162
Cleve Elec Ill corn
65
6% preferred
100 111 113
Col El & Pow 7% pf
100 115 120
Eastern UtIl Assoc com-__t .42 43
Convertible stock
4
163
t *16
Gen Public Util $7 pref_t *8712 90
Mississippi Riv Pow pf _100 107 ___ _
First mtge 53 1951-J&J 10112 10212
Deb 5s 1947
U&N 9612 98
National Pow dc Lt 57 pref_t *11012 11112
$6 preferred
t •101 102
North States Pow 7% pref_ 109 111
Ohio Pub Sera 7% pref.100 107 10812
97 98
6% preferred
Pacific Gas & El let pref__25 *2712 28
Puget Sound Pr & Lt 56 Pf-t .99 101
91
$5 preferred
t *89
let & ref 534s 1949-J&D 10112 10212
Say El & Pow 6% pf___100 90 ---_
Sierra Pao El Co 6% pf_100 91
-11
Stand Ga & El $7 pr pf _100 110 1 Tenn Elec Pow let pref 7%. 10912 11012
100 102 103
6% Preferred
Toledo Edlson 5% pref---- 93 95
10412 10612
6% Preferred
100 109 111
7% Preferred
Utilities Pow & L 7% p1_100 9912 10012
Railroad Equip.
(Corsela.)
Chain Store Stocks Par
Schiff Co cow
t
Cum cony pref 7%___100
Shaffer Store corn
Silver (Isaac) & Bros com_t
7% cum cone pref_ _100
Southern Stores6 units
U S Stores
First preferred 7%___100
Young(Edwin H)Drug units
Bid.
*2912
n80
2314
35
90
An.
307
8
93
2414
50
94
45
514 612
55
60
100 105
Investment Trust Stocks
and Bonds (Cenci.) Par Bii. 481
General Trustee common- ---- - - ---- - - New units
6% bonds
---- --Greenway Corp corn
-- Preferred without warr
------Warrants
25 .
2"Ei
Guardian Investment
26
22
Preferred
GuardIan Investors
Standard Oil Stocks
Vii- "ici
56 units
40
Anglo-Am 011vot-stk ctf..£1 *1812 19
30
53 units
Non-voting stk ctf dep_El *1814 19
90 ___.
$7 preferred
Atlantic Ref coin
3012 35
8
8
25 *411 417 Incorporated Equities
5712 60
Borne Serymser Co
24
25 *20
Incorporated Investors(
Buckeye Pipe Line Co_50 *58
59
Induatdal Collateral Assn
---- - - -•
Chesebrough Mfg Cons_ _25 *165 175
Industrial & Pow Sec
- --- •
Co_----- 16
1412
Continental 011(Me) v t 010 *153 1712 Insuransharea Ctts Ino
4
56
*2628 27
Continental 011 (Del)
54
Inter Germanic Trust
Creole Petroleum
58 -- -.
614 Int See Corp of Are corn A
(t) *6
33
28
Cumberland Pipe Line-100 'Si) 54
Common B
Eureka Pipe Line Co-100 44
48
Allotment certificates
---- - - -•
Galena 011 new common_
64
-•
13
' ' 7% Preferred
*34 s 3612
General Petroleum wi
84% preferred
Aeronautical Securities
Humble Oil & Refin1ng_-_25 *103 1037
89 I-__.
8
8% preferred
100 303 315
Illinois Pipe Line
Interstate Share Corn
.2-- - -- •
6 ____ Imperial Oil
AeronauticalInd without war
50
4
Invest Co of Amer corn.... 412 25
t *2
234 313 Indiana Pipe Line Co__ _10 *373 3831
93
Warrants
90
4
7% Preferred
s
5
512 InternationalPetroleum- -t *2014 203 Invest Fund of N J
Air Investors common
4
74 8
3
1114 1214
AirstocksInc- - -- National Transit Co_12.50 •183 19
4
Investment Trust of N Y..3
t 212
New York Transit Co...100 20
21
3012 3411
Alexander Indus corn
Invest Trust Associates
8% participating Prof43
---- 80
44.
Northern Pipe Line Co_100 40
Joint Investors class A
American Airports Corp_
-- - 113 Ohio 011
Convertible preferred..,,. 100 1(iti
25 57112 73
n8
11
Aviation Corp of Cant
Preferred
100 10512 10612 Keystone Inv Corp class A. ---- --Aviation Sec Co of N E.-914 912 Penn Mex Fuel Co
Class B
25 *2212 2412
14
16
47
--- -1231128
Helaine& Aircraft Corp
1
Prairie Oil& Gas
Short Term Securities/
leaders of Industry
25 *46
n4
6
Central Airport
Prairie Pipe Line
8
473 5031
8
25 *517 5214 Massachusetts Investors
4
Cessna Aircraft new corn
4
1
7014 7314
Allis Chal Mfg Si May 1937 1013 102
Solar Refining
Mohawk Invest Corp
25 *2112 22
2012 2212 Southern Pipe Line Co_ _50 *15
8
10
17
1114
Alum Co of Amer 54 May '52 1013 10214 Consolidated Aircraft
Mutual Invest
- 9912 Consolidated Instrument-t
Am Metal 53.'s '34_
133 1514
4
412 South Penn 011
4
Nat Re-Inv Corp
25 *4114 42
_A&O--7
11
Amer Rad deb 445 May '47 9612 9812 Curtiss Flying Service
55
North Amer UM Sec
Southwest Pa Pipe Line_50 *50
---- - - - n2
5
Am Roll Mill deb 5s_Jan '48 9914 9912 Curtiss Reid corn
Standard 011 (California)--t *6914 69
%
Preferred
Amer Wat Wks 5s'32_ _A&O
--- 10112 Curtiss-Robertson corn
30
-Is; -igili
4
0
Standard Oil unfits/120_25 *54, 543 North Amer Tr Shares
8
8
Bell Tel of Can Si A.Mar '55 10218 10212 Dayton Airpi Engine
t
6
04 Standard 00 (Kansas)__.25 *41
4114 North & South Am B coin
5
2
5412 60
Baldwin Loco 54s '33
8
63
4 72 Standard 011(Kentucky)_10 *35
--- 013 Detroit Aircraft
3
3312 OH Shares units
1212 141/
984 Fairchild Avlation class A
49
1937 98
6
7
Cud Pkg deb 54s-OctM&SOld Colony Invest Tr corn_
Standard 011 (Nebraska)_25 *47
n4
85
88
Edison El III BostonFederal Aviation
4
11
Standard Oil of N..l
25 763 767
44% bonds
21
24
4311
8
41
8
434% notes_ __Nov 1930 100 ____ Fokker Aircraft
25 *352 357 Old Colony 'Fr Associates_
Standard 011 of NY
84
114 Standard 011 (Ohio)
Empire Gas & illiel03
Sinner Alrpl * Motor
25 *92
Overseas Es
1948 ---- June 1930 993 .
Se
4
0212 512
Lockheed Aircraft
100 .117 120
Pacific Invest Corp corn.... ---- -- Preferred
60
_ 12
Maddux Air Lines corn
Flak Rubber 54s_Jan 1931 56
033
3
103
Standard 011 Export prat_
Preferred
t --- 18
62
16
National Aviation
General Motors Acceptii *8
10
Swan &Finch
Power & Light Secs Treat- - .- -ji 4
- 10
3312 34
6% ser notee--Mar 1931 10014 1003 New Standard
Union Tank Car Co
Public Utility Holding
003 Sky Specialties Aircraft__--- 16
8
13
6% ser notes-Mar 1932 100
Vacuum 011
Common with warrants
25 •
87313 8712
---- - - -8
3
10
Mar 1932 997 002 Southern Air Transport
n5
5% ser notes
Warrants
-Mar 1934 99 2 ____ Swallow Airplane
,
2
412 Investment Trust Stocks
ii" -ii5% ser notes..
Reeearch Inv Corp corn
4
4
82 .
n4
6
5% ser notes-Mar 1935 083 093 Warner Aircraft Engine
and Bonds
Units
1
3
5% ser notes_Mar 1936 9812 9914 Whlttelsey Mfg
712 1011
Royalties Management_ _ _
10
Gulf 011 Corp of PaAdmstr & Research A
1212 Seaboard Cont Corp units- ---- - - - 3
Water Bonds,
Dec 1937 100 4 101
Debenture 5a
Amer Common Stocks Corn- ---- - - Common
---- - - - Feb 1947 10112 102
Debenture 5s
---- - - - Second Financial Invest.... ---- - - - Amer & Continental
Ark Wat 1st 5s A '56_..A&O 93 95
43
Hoppers Gas & CokeAmer & For Bh Corp units_ ---- - - - Second Internal Sec Corp... 38
4100
Birm WW let 54sA'54A&O 101 ---17
21
Debenture 64 June 1047 993
---- - - Common
Common B
let M 5s 1954 ser B-J&D 95 ---MM Pet 44s_Feb 15'30-35 95 100
54% cony debe
6% preferred
_-- - -_- _ __ City W (Chat)534aA'54J&D 100
Mar 0115% notes J'n3 15'30 100
- Amer Founders Corp corn.._
1938- 14 1914 Second Nat Investors
1
8
let M Si 1954
Serial 5% notes J'ne 15 '31 100 002
96
92 - - - - Select Trust Shares
JAG 03 -- Cony preferred
-..2.-- - - - 4
46
Serial5% notes J'ne 15'32 993 0014 City of New Castle Water
50
2
913 3112
Bhawmut Bank by Trust
6% preferred
87
Mira Gas Co.54s Jan 1948 10214 1021z
5a Dec 2 1941
50
J&D 00 _-__
7% preferred
5
4
445
1942 82
0
8
1052 85 90
Pacific Mills 5As_ _Feb 1931 - - - - - - _ _ Clinton WW lit 54'39_F&A 91.. 38c 420
1-40tha
0
8
Peoples Gas L & CokeCom'w'th Wat 1st 54eA'47 9912 101
25c 290
1-70t1,s
.
Dec 1930 9912.
Con'llsv W Is Oct2'39 Ad40 9
612 - - - - Southern Bond dr Share434s
0
Warrants
__4
Proc dc Gamb 44s July '47 9712 993 E St L etc Int Wat 5.42 Jda 92 93
Amer & General Sec 6% pref 43 -„_
Common A
„ma 100 101
let M ela 1942
Swift dr Co28
32
Common B
Class A
---- --- 1003 01
8
5% notes_ -Oct 15 1932
Huntington lit Os '54.11&S 102 ___11
17
Preferred
Clam B
--14 8 --1;3
-- --1:
1904 93
1
Union 011 58 1935____F&A ---- 0012
Si
_ Amer Insurance Stock Corn- 177 193 Standard Collateral Trust
3
s
2252 2431
4
91
United Drug 5s 1932_ _A&O ---- 003 Monm Con W lat5s'56 J&1)8912 --Amer & Overseas pref
Corporation
Standard
Debenture 5s 1933__A&O ---- 10118 Monm Val W 544 '50-1da 96 __-- Amer RY Tr Shame
--- - - - - Standard Investing Corp___ ---- - - - Muncie WW 5sOct2'39 A&O 93
- Astor Financial
75 80
5)4% Pre( with warr_ _ _ _
--- - - - _ ___ 113
Tobacco Stocks
Par
St Joe Wet 5s 1941
9212
4
A&O 0112 --- Atlantic Securities coin
Standard 011 Trust Sill
Shenango Val W 50'56_A&O
90
1
5
Standard Utilities
Warn/rite
---- - - - .
So Pine Wat lst 5s 1960 J&J 9344
American Cigar pref..,, 100 80 85
47
Trustee Stand 011 Bbs A-- - 1028 __ _
Preferred
2712
4
Britlali-Amer Tobao ord__El 26
103 1112
1st M 51 1955
0
8
FAA 9712 -- -12 Bankers Financial Truat.
Class B
El *2512 2712 Terre 11 WW tla '49 A _J&D 9912 _
Bearer
93 1018
3
Tnistee Transportation....
Bankers Investrnt Am
934 1014
22
24
let M 55 1956 ser B_F&D 92 ____ Bankers Sec Tr of Am corn
Imperial Tob of0 13 dr Irel'd
Shs ser Y
---- - - - - United Fixed
lot Cigar Machinery_ -100 107
20
Wichita Wat lit Os'49_M&S 99 ---- Bankinatocks Holding Corp_ ---- - - - - United Founders Corp corn---- - - - 65
40c 44c
Johnson Tin Foil & 11et_100 55
let M 54 1956 ser B_F&A 94 ____ Bankshares Corp of US CIA ---- - - - 1-70ths
hi
14
Union Cigar
Bankstocks Corp of Md el A ---- - - - - United Trust Shares A 2... ---- - -4
Chain Store Stocks.
Union Tobacco CO Class A. *2
-- - - - - 17 S Elec Pow Corp
Class B
---- - - - _ __ Berland Stores units new.,,. oc80
6
90
8
Young (25) Co oom____100 98
- --Warrants
Preferred
100 102
Bohack (11 C)Inc coin_ _t 78
83
1318
9
Basle Industry Shares-CD
Preferred
93 17 B Shares class A
4
7% lit preferred
100 101 105
1228 1328
1314 1412
British Type Investors
Class A 1
n1
1114 1212
Butler (James) common_
3
Indus. Sc Miscellaneous
41
36
Cent Nat Corp A
Class A 2
Hai 10
Preferred
30
15
272 - - - 3
20
Class B
Claw C 1
37
35
45
Diamond Shoe common_
39
Aeolian Co prof
283
4
26
Colonial Investor Shares
27
Class C 2
8
13
96 100
Preferred with warr
Aeolian Weber PA P...100
2432/
22
Class 0 3
Commonwealth Share Corp61
Edison Bros Stores corn.... 12
25 *59
American Hardware
15
16,2
614 10
Continent'l Nletropol Corp.
Clam D
Preferred
n90 95
100 *129 133
Babcock & Wilcox
1712 103
s
Continental Shares cornClass F
2112 Fan Farmer Candy Sh pf_t •3112 34
Bliss (E W) Co
4
1112 123
t no
83 88
Cony prat
Class H
.
50 *50 - __ Feltman & Curme Shoe
Preferred
12
16
1J S & Brit Internet class B_
Continental Securities Corp_ 5412 60
100 *109 113
100__ 50
Stores A 7% prof
Childs Corp pref
33
72
29
75
Preferred
Class A
16 " Corporate cap Corp units
Dixon (Joe) Crucible---100 165 175
4312 _ _ _ _
Fishman(HM) Stores corn
1914 2114
Preferred
95 103
100 125 130
Preferred
Safety Car Ht & Ltg
Deferred stock
U 14 Elea Light & Power... 4012 4213
(t)
Atl & Pao Tea pref-100 116 119
515 530
01
Singer Manufacturing-100
Credit Alliance A
-- - - - - US Overseas Corp corn___. ---- - - - 13
614 Howorth-Snyder Co A
El *5
914 10
Sieger Mfg Ltd
Corporate Trust Shares
rt.
Knox Hat
65
Crum & Forster InsurSugar Stocks
t 25
35
Kobacker Store* corn
Railroad Equipments
100 54
once shares oom
56
70
73
Fajardo Sugar
_100 n __ 90
Cum pref 7%
Godchaux sugars Inc
ti •23
25
101 103
7% Preferred
.5.10 4.80 Krems (S H) 6% pref
Atlantic Coast Line 85
_914 1012 penes Bikshares ser N Y_
1314 14
Preferred
100 75
85
ills 123 Haytlan Corp Amer
4.90 4.60 Lerner Storm 64% lif w w. 93
Equipment 645
8
93
Series B-1
*5
8
100 n325 400
5.00 4.80 Lord es Taylor
Balt1more & Ohio 64
30
25 -,- - Holly Sugar Corp com__t *26
Diversified Trustee She A
100 095 ---First preferred 6%
Equipment 44s & 58.... 4.65 4.50
78
202 2114
1001 72
Shame B
4
Preferred
_Second preferred 8%_1(10
Buff Roch &Pitts equip s_ 5.00 4.60
Series C
8
3412
1373 03 National Sugar Ref __lop' 31
/
90 100
Canadian Pacific 44s & fie- 4.80 4.60 MacMarr Stores 7% of w w'n100-16
2
Domestic & Overseas
4
New Niquero Sugar_ _ _ _100 12
5.00 4.60 Melville Shoe CorP
Central RR of N J tla
88
Eastern Bankers Corp cornt *84
Savannah Sugar corn
let pref6% with warr_100 90 95
5.00 4.80
Chesapeake & Ohio 6s
Units
--- 100 92 96
Preferred
4.90 4.60 Metropolitan ChainStoresEquit Investing Corp unite_
Equipment 634s
2412 -,.2
.- Sugar Estates Oriente p1.100 _9
_
100 n ___- 30
4.70 4.50
Equipment 55
New preferred
Equity Invest Corp corn
31
35
Vertientes Sugar pref_ --100 6U
28
Units
5.00 4.80 Miller (I) & Sons com----t 26
Chicago & North West 68
80
76
87
100 80
4.85 4.65
Federated Capital Corp
Equipment644
Preferred 64%
16
20
Rubber Stocks (Cleveland)
New unite
t *612 7
- -- Aetna Rubber corn
Chic R 1 & Pao 44s & 58._ 4.65 4.50 Mock Judson & Voeringer pf n90 94
65
First Holding & Trad
5.00 4.80 Murphy (0 C) Co com _ t *55
Equipment 64
Falls Rubber corn
t *---- 4
100 102 106
Fixed Trust Shares cl A _ _(t) 212
5.40 5.00
8% cum pre
Colorado & Southern 65
Preferred
8
25 • r- 37
912
4
ClassB
t ;35
5.00 4.80 Nat Family Stores Inc warr n1
8
Delaware & Hudson 68
Faultless Rubber
(t) 187
/ •13
17
Foundation Sec corn
4.90 4.65 Nat Shirt Shops corn.
Gen'l Tire & Rub oom___20 *138 143
Erie 450 A 55
91
100•_ 86
100 n 86
Preferred
5.20 4.90
Equipment Os
Preferred 8%
Preferred
107
913 Founders See Tr pref
Goody'r T & R of Can pf.100t
5.00 4.80 Nedick's Inc cornt *8
Great Northern Os
4-12 22
16
r*18
Founders Shares
India Tire & Rubber
4.65 4.50 Netseer Bros Ino Pref 7%100 115 120
Equipment 5s
General Equities A
1012 1214 Miller Rubber prof
4.65 4.50 Newberry (J) Co 7% pf 100 97 102
100 ---- - - - Hocking Valley 56
22
100 1214 14
Gen Pub Sere 6% prof
92
94
Mohawk Rubber
5.00 4.80 N Y Merchandise com_ _..t •19
Equipment 68
100
___ 50
90 ---Preferred
4.65 4.50
Illinois Central 445 & Be
-t.10
First Preferred 7%
" 712 8
nio
6c/teeing Tire & Rubber
Equipment 65
5.10 4.80 Piggly-Wiggly Corpt
100 ____ 40
100 n85 - 6.4.70 4.60
Equipment is & 634s
Preferred
Preferred 8%
Kanawha & Michigan 13s_._ 5.20 4.90 Reeves (Daniel)preferred100 94 9
100 n120 135
Kansas City Southern 534s. 5.50 5.00 Rogers Poet Co oom
Louisville & Nashville Or.. 5.00 4.80
Equipment 634s
4.70 4.55
Elchigan Central 55
4.60 4.40
Equipment Os
4.70 4.50
1
.4,.•_ ........_
Jr Lestgale. 81 Nomln. z x-cliv
y Ex-tiont• r • 1.441L an Out
•Per share
t No oar value. 0 Basis. 4 Parch. ebto pays sea.dlv.
Minn St P & SS M 445 & 56
Equipment 64s & 7s____
Missouri Pacific 645
Equipment as
Mobile & Ohio 58
New York Central 445 & be
Equipment 64
Equipment 75
Norfolk & Western 44s
Northern Pacific 7s
Pacific Fruit Express 7s___
Pennsylvania KR equip 511
Pittab & Iwke Erie 6 As
Reading Co 44s & 54
St Louis & San Francisco 58
Seaboard Air Line 5411 & 6s
Southern Pacific Co 445_
Equipment 78
Southern Re 434s & 58
Equipment ele
Toledo & Ohio Central Ils
Union Pacific 73
gia
5.20
5.60
5.15
5.05
4,75
4.65
5.10
4,75
4.60
5.70
4.80
4.60
4.85
4.60
4.70
5.25
4.60
4.80
4.65
5.00
5.00
4.80
480
4.80
5.15
4.55
4.80
4.50
4.50
4.80
4.60
4.45
4.70
4.60
4.45
4.60
4.45
4.50
6.70
4.50
4.60
4.50
4.80
4.90
4.60
!t
3697
itutestuunt anti Sailroati linteiligattec
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneabolis & St Louis
Mobile di Ohio
Southern
St Louis Southwestern
Western Maryland
2d
2d
2d
2d
2d
2d
2d
2d
Current
Year.
4,297,729
3,182,000
24,600
243,123
269,326
3,123,035
390,900
347,192
Period
Covered..
wk of May
wk of May
wk of May
wk of May
wk of MAY
wk of May
wk of May
wk Of May
Previous
Year.
5,135,279
4,055,000
25,800
275,920
320,523
3,625,324
461,392
343,620
Inc. (-I-) or
Dec.(-).
S.
--837,550
--873,000
--1,200
-32,797
-51,197
--502,289
-70,492
1-3.572
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
'Gross Earnings.
Length of Road.
Month
1929.
February
March
April
May
June
July
August
September
October
November
December
474.780.516
5_6,134,027
513.076,026
536,723.030
531,033,198
556.706,135
585.638,740
565.816,654
607.584,997
498,316.925
468,182,822
1930.
450.526,039
427,231,361
452,024,463
January
February
March
Inc.(+)
Dec.(-).
1928.
456,387,931
505,249,550
474.784,902
510,543.213
502,455,883
512.821,937
557,803.468
556.003.668
617.475.011
631,122,999
495.950.821
1929.
486,628.286
475,265,483
516.620,359
1929.
1-18.292.585
1-10.884,477
1-38.291.124
1-26,120.817
1-28.577.315
A-43,884,198
+27.835.272
A-9,812,986
--fl 890 014
---32,806,074
--27.767,999
--36,102,247
---48,034,122
---64,595,796
1928.
Miles.
242,884
241,185
240,956
241,280
241,608
241,450
241,026
241,704
241,622
241,659
241,864
1930.
242,350
242,348
242.325
Miles.
242,668
240.427
240.816
240,798
241,243
241.183
241,253
241,447
241,451
241,326
240.773
1929.
242.175
242,113
241,964
(+) or Dec.(-).
Na Earnings.
Month.
1929.
February
March
April
May
June
July
August
September
October
November
December
January
February
March
1928.
Amount.
$
126,368,848
189.689,086
136,821,660
146,798.792
150,174,332
168,428,748
190,957,504
181,413,185
204,335,941
127,163.307
106,315,167
1930.
94,759,394
97,448,899
101,494.027
$
108,987.455
132,122.686
110,884.575
129.017.791
127,514,775
137,625.367
174,198,544
178,800,939
216,519,313
157,192.289
138,501,238
1929.
117.764,570
125,577,866
139,756,091
$
1-17,381,398
+7,516,400
+25.937.085
+17,754,091
1-22.659,557
1-30,793,381
4-16,758,860
1-2.612.246
-12.183,372
-80,028,982
--32.186.071
1-15.95
1-5.68
1-23.39
A-12.09
A-17.77
+22.37
A-9.62
+1.46
--5.63
--19.11
--23.12
-23,005,176
-28,128,967
-38,202,064
-19.55
--22.40
--27.46
Per Cent.
Raton-- -Na q'ter Tares
-1930.
1929.
1929.
$
$
$
1,296,187
555,685
843,115
4,386,744 2.502,679 3,190,414
204,687
642,251
85,719
321,036
188,540
577.526
2,736,380 2,136,339 2,040,726
12,828,445 9,637,406 10,049,233
12,047
47.463
7,670
33,896
11,047
43.463
*252,499 *310,630
*1,000,881 *1,555,594
*377.420 *1,150,004
*1,924,637 *3,398,610
54,164
184,093
60,323
201,888
-Month of April- 4 Mos. End. Aivil 30.
1930.
$
58,701
51,519
Net income
52,664
178,093
*658,819 *1,004,307
*2,232,820 *3,665.075
*2,070,406 *2,586,855
*7,705,730 *8,830,991
1929.
$
68,301
53,813
1930.
$
233,649
208,121
1929.
$
259.795
213,618
7.182
Gross revenue
Deductions for interest, &c
14.488
25.528
46.177
St. Louis-San Francisco Ry.
-Month of April- -Jan. 1 to April 30-
1929. .1
1930.
1930.
1929.
5,819
5.829
5,829
5,819
$
$
$
$
5,159,911 5,528,451 20,176.898 21,1404.05
823,882 3,037,438 3,487,187
661,119
585,819 2,120.894 2.158,948
505,603
Operated mileage
Freight revenue
Passenger revenue
Other revenue
6,326,635 6,938.153 25,335,231 6.360,522
Total operating revenue_
993,498 3,138,925
Maint. of way & structures
842,681
Maintenance of equipment
1,192,454 1,389,731 4.877.553
Transportation expenses---- 2,238,927 2.327,822 9,244,991
382,368 1,457.453
Other expenses
370,582
3,546,799
5,266.832
9.505,608
1,439,929
Total oper.expenses
4,644.646 5,093,421 18,718,923 19,759.168
Net railway oper. income_- 1,296,976 1.453,732 5,176.366 5,866,086
Balance available for interest 1,410,644 1,586,528 5.658.000 6,426,065
541,680 1.547.376 2.246,883
376.900
Surplus after all charges
Soo Line System.
(Incl. Minn. St. Paul & S. S. M. and Wisconsin Central Ry.)
-Month of April- -4 Mos. to Apr. 301929.
1930.
1929.
1930.
Freight revenue
Passenger revenue
All other revenue
2,677,187 3.312,830 9,818,197 11,322,982
309,539 1,046,392 1.401,670
235,849
953,164 1,041,861
316,086
251.649
Total revenues
3,164,685 3,938,456 11,817,755 13,766.515
545,681
467.157 1,838.903 1,790.196
749,632 2,781,869 2,913,125
719,854
316,728
301,086
77,701
77,007
1,231,995 1.390,414 5,108,239 5,747,030
519,325
139,338
569,594
148,328
Maint. of way & struc. exps_
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
2,722,867 2,824,244 10,615,336 11.270,785
Total expenses
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross, net earnings and net after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
-Grossfrom Railway- -Net from
1930.
1929.
1930.
$
$
$
Central RR of N J
April
4,375,531 4,880,775
981,107
From Jan 1_17,184,311 18,377,089 3,673,541
Central Vermont
April
640,670
101,774
756,401
From Jan E 2,477,948 2,706,452
385,074
Chesapeake & Ohio Lines
April
9,295,536 9,502,538 2,837,128
From Jan 1_39,007,688 40,835,330 12,438,980
Conamaugh & Black Lick
April
139,566
159,350
8,670
From Jan 1_ 535,666
37,896
606,809
Hocking Valley
April
1,529,335 1,654,585
From Jan E 5,575,984 6,320,718
Lehigh Valley
April
4,887,573 6,059.176
From Jan E19,908,588 22,658,835
Montour
April
190,725
171,233
62,098
From Jan E 734,147
625,831
208,988
New York Chicago & St Louis
April
4.289,040 4,557,680
From Jan E16,434,923 18,259,699
NYNH.$ Hartford
April
10,298,632 11,629,988
From Jan E40,108,752 43,497,616
Philadelphia & Western Ry.
Net railway revenues
Taxes & uncollectible ry.rev-
441,818 1,114,211 1,202,418 2,495.730
923.905
893,693
228,055
239,212
Net after taxes-Cr
-Dr
Hire of equipment
-DrRental of terminals
231,762
61,014
73,316
874,998
85.615
66,419
308,725 1,571,824
226,965
255,804
252,077
280,939
Cr79,432 Cr722,964 Dr228,017Cr1.092,782
Net after rents
Dr25,397 Cr83,340 Dr47,463 Cr31,370
-Net
Other income
551,675 2,221,798 2,214,776
-Dr- -- 553,202
Int. on funded debt
Dr499,167 Cr254,628 2497,279 1090.624
Net profit
Division of net prof. or def. between:
Dr178,804 Cr282,754Dr1184,257 Dr386.543
Soo Line
Wisconsin Cent.By. Co- Dr320.363 Dr28,125Dr1313,021 Dr704,080 ,
Dr499,167 Cr254,628Dr2497,279Dr1090,624
Total system
Union Pacific System.
-Month of April- 4 Mos. Ended April 30
1930.
Operating Revenues-
Freight
Passenger
Mall
Express
All other transportation
Incidental
1929.
1930.
1929.
$
$
$
$
11.139,982 12,549,230 44.359,753 51,543,853
1,546,863 1,941,357 6,416,254 7,676,859
430.669 1.716,460 1,728,016
429,913
335.235 1,075.738 1,064,679
336,890
372.912 1,390.905 1,471,461
344.740
905.361 1,149,726
333,797
238.263
By. operating revenues_:._14,036,651 15,963,200 55,864.471 64,634.594
Operating Expenses
Maintenance of way & struc- 2,309,636 2,891,178 7,043,259 8,620.902
Maintenance of equipment 2,979.800 3.216.420 11,645.320 12,616,887
418,208 1,559,938 1,510.848
445,112
Traffic
4.352,889 4,732,808 18,431,465 19,882.641
Transportation
353,353 1,033,444 1,249,551
Miscellaneous operations _ - 264,991
689,020 2,678.060 2,732,159
679,683
General
Cr2,230
11r82
Transportation for investm't
Ry. operating expenses---11,032,111 12,301,069 42,391,486 46,610,758
Income Items
Net rev. from railway oper-- 3,004,540 3.662,131 13,472,985 18,023.836
1,317,848 1,348,059 5,409,103 5,386,115
Railway tax accruals
4,112
2,459
428
321
Uncollectible ry. revenues
2,313,644 8,061,423 12,633,609
Railway operating income_ 1,686,371
-368,903 -338,456 -1450,101 --1315.805
Equipment rents
--54,830 --80,675 --194,079 --297.241
Joint facility rents
1,262,638 1,894,513 6,417,243 11,020,563
Net income
9,858
9.878
9.858
9,878
Aver. miles of road operated_
72.11%
75.88%
77.06%
Ratio of expenses to revenue- 78.60%
•Net after rents.
Western Maryland Ry.
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
International Rys. of Central America.
-Month of April- 4 Mos. Ended April 30
1930.
Inc. appl. to fixed charges_
1929.
729.139
369,903
Gross earnings
Operating expenses
819,303 3.167,659 3,409,515
408,115 1,582,091 1,732,836
411,188 1,585,568 1,676,679
359,209
1930.
1929.
New York New Haven & Hartford RR.
-Month of April- 4 Mos. Ended Apri130
1929.
1930.
1930.
1929.
•
$
3
3
$
10.298,632 11,629,988 40,108,752 43.497,616
6,996,748 7,814,557 27,454,486 29,768,610
Net rev,from ry. oper---- 3,301,884 3.815,431 12,654,266 13,729,006
837,000 2,745,000 2,833,000
685,000
Railway tax accruals
3,282
855
Uncollectible ry.revenues
5,190
8,213
Railway oper. income- -- 2,616.029 3,175,149 9,904,076 10,887,793
209,772
-Net dr-- 168.054
Equipment rents
880.194
573,696
378,522 1,518.152 1,483,106
Joint fedi, rents-Net dr--- 377,569
Net railway oper. income- 2.070,406 2,586,855 7.705,730 8,830.991
Railway oper. revenues
Railway oper. expenses
-Month of April- 4 Mos. End. April 30.
1929.
1930.
1929.
1930.
$
$
$
$
1,460,816 1.440.134 6,054:495 5,934,984
Operating revenues
961,101 1.030.435 3,987,989 4.117.156
Total operating expenses....
409,699 2,066,506 1,817,828
499.715
Net operating revenue_
320,000
350,000
80.000
90,000
Taxes
409,715
36,597
Dr16,567
329,699 1,716,506 1.497,828
241,543
171.342
56,412
Dr17.164 Dr67.816 Dr60,021
Not railway oper. income_
Other income
429,745
14,436
368.947 1.820.032 1,670.350
63.897
59,171
17.254
Gross income
Fixed charges
444.181
290,396
386,201 1.879,203 1,734,247
996.645
248.578 1.161,512
Net income
153.785
137,623
Operating income
Equipment rents
Joint facility rents, net
717,691
737.602
Electric Railway and Other Public Utility Earnings.
-Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
have reported this week:
Brazilian Traction, Light & Power Co., Ltd.
-Month of April-- -4 Mos.End. Apr. 30--
1929.
1930.
1929.
1930.
$
$
$
$
Gross earningsfrom oper---- 4,127.492 4,042,145 15.835,315 15,619.237
1,753,159 1,708,793 6,803,036 6,701,331
Operating expenses
2,374,333 2,333,352 9,032.279 8.917,906
earnings
Net
The abovefigures are subject to provision for depreciation and amortiza'n.
3698
[VOL. 130.
FINANCIAL CHRONICLE
Birmingham Electric Co.
Community Power & Light Co.
(National Power & Light Co. Subsidiary)
-Month of March- 12 Mos. End. Mar,31.
1929.
1930.
1929.
1930.
Gross earnings from oper__ Oper. exps.and taxes
719,997
492,963
904.022 8,884,269 10,714,542
580,662 5,899,534 6,718,593
(And Controlled Companies)
-Month of April- 12 Mos. End. Apr. 30.
1929.
1930.
1929.
1930.
$
$
$
$
Consolidated gross revenue__ 397.305
390,049 5,102,153 4,789,405
Operating exps.,incl. taxes._ 228,332
223,026 2,770,267 2,676,394
Net earnings from oper
Other income
227,034
35,508
323,360 2,984,735 3,995,949
37,558
10,448
437,579
x Balance
168,972
167,023 2,331,885 2,113,011
x Available for inc, amortiz.. deprec.. Fed'l Inc. taxes, diva. & surplus.
Total income
Interest on bonds
Other int. and deductions
262,542
76,646
4,717
333,808 3,422,314 4,033,507
854,642
77,246
923,795
154,758
57,232
6,392
Balance
Dividends on preferred stock
181,179
250,170 2,441,287 3,024,107
402,437
411.778
Balance
2.029.509 2.621.670
-Month of April- 4 Mos. Ended Apr. 30.
1929.
1930.
1929.
1930.
$
$
$
$
Gross revenues
1,063.728 1,065,969 4,222,989 4.210.610
Operating exps, and taxes__ - 515,469
533,954 2,096,431 2,127.888
Balance applic, to charges..
Charges
Brooklyn & Queens Transit System.
-Month of April- 10 Mos. End. April 30
1929.
1929.
1930.
1930.
Total operating revenues__-- 1,936,880 2,000,676 19,589,976 19,952,805
Total operating expenses_.- 1,529,944 1,674,860 15,408,223 16.5550514
Net revenue from oper---Taxes on operating properties
406,936
114,126
325,816 4,181.753 3,397,291
103,388 1,147,861 1,070,649
Operating income
Net non-operating income
292,810
25,351
222,428 3,033,892 2,326.642
216,504
22,630
215,495
Gross income
Total income deductions_ _ _ -
318,161
123,034
245,058 3,249,387 2,543,146
125,791 1,254,188 1,283,090
195,127
119.267 1,995,199 1.260.056
Net income
Hudson & Manhattan RR.
Brooklyn-Manhattan Transit System.
(Including Brooklyn & Queens Transit System)
-Month of April- 10 Mos. End. April 30
1930.
1929.
1929.
1930.
1,495.764 1.195.866 13,805,861 11.453.136
Operating income
73,485
846,264
Net non-operating income74,815
727,603
1,569.249 1,270,682 14,533,464 12,299,400
767,081
739,955 7,745,124 7,070.998
Gross income
Total income deductions
a802,168
530,727 *6.788,340 5,228.402
Net income
a Of which sum there accrues to minority interests of B. & Q. T. Corp.
$83,971.
*Of which sum there accrues to minority interests of the B. & Q. T.
Corp. $856,748.
Chicago Surface
Gross earnings
Operating expenses, renewals and taxes
Residue receipts
Joint account expenses, Federal taxes, &c
City's 55%
Balance
195,655
788,091
739,383
Interborough Rapid Transit Co.
(Net Earnings of the(Interborough System Under the "Plan")
-Month of April- 10 Mos. End. April 30
1930.
1929.
1930.
1929.
Gross rev, from all sources-- 6,276,781 6,151,493 60,628,687 57.748,164
Exp.for oper.& maint. prop_ 3,893.075 3.545,832 37,706,793 35,335,159
Taxes, city. State, & U. S.__
2,383.706 2,605,661 22.921,893 22,413,004
216,482
203,597 2,093,907 2,011,315
Available for charges
2,167,223 2,402,064 20,827,986 20,401,688
Rentals payable to city for
original subways
221,492
222,450 2,211,728 2,212,713
Rentals payable as interest on
Manhattan Ry. bonds_ _ _ _ 150,686
150,686 1,506,866 1,506,866
Div.rental at 7% on Manhat.
Ry. stock not assenting to
"plan of readjustment
25,380
25,380
253,808
253.808
Rental, Contract No.3
541,250
4,689,775
22,212
21,480
211,444
Miscellaneous rentals
247,265
961.024
Total operating revenues-- 5.074.571 4,096,664 50,401,124 40,12l.188
Total operating expenses__ 3.235.271 2,611.610 33,304,266 25,866,115
Netrevenuefrom operation 1.839,300 1,485,054 17,096,858 14,254,073
Taxes on operating properties 343,536
289,188 3,290.997 2,800,937
532.015 2.126,558 2,082,722
336,360 1,338,446 1,343,339
213.379
Balance
548,259
334,879
419,998 8,873,623 4,220,654
1,206,199 1,982,065 11,954.362 16,181,034
Int, pay,for use of borrowed
money & s. f. require'ts:
I.R.T. 1st mtge. 5% bds
I.R.T.8% secured notesI.R.T.6% ten-year notes_
Equip,trust certificates..
Sinking fund on I. R. T. 1st
mtge. bonds
Other items
704,458
190,165
48,471
699,407 7,029,931 6,977,395
192,345 1,906,854 1,928.998
48,552
483,946
481,535
2,850
11,400
54,525
174,623
17.812
192.973 1,820,439 1,935,505
174,634
8,451
72,836
1,135,530 1,142,580 11,427,205 11,450,795
Bal. before deducting 5%
70,668
Manhat.div.renta
839,485
527,156 4.730,239
Div.rental at 5% on Manhat.
Lines.
Ry. modified guar. stock
231,870
(payable if earned)
231,870 2,318,708 2,318,708
-Month of April
1929.
1930.
$4,981,987 $5,284,261 Amount by which full 5%
Manhattan div. rental was
4,077,370 4,161,453
161,201 sur607.614 1,791,551 sr2,411,531
not earned
$904,616 $1,122,808
Notes.
-1. The operating expenses include a tentative reserve for deprec.
43,725 at the rate of $50,000 per annum for the Manhattan Division and $1,000,000
31,500
222,038 Per annum for the Subway Division.
108,330
2. The balances above shown are limited as to the Subway to the amounts
$764.786 $857,044 the company is entitled to retain for the periods. On the basis of the
Present accounting there are no past due Subway preferentials which the
company may collect from future Subway earnings.
Cities Service Co.
-Month of April.- -12 Mos. End. Apr. 30
1930.
1929.
1930.
1929.
$
$
$
$
5.197.022 3,454.094 52,650,042 36,902.526
175,269
104,637 1,578,210 1,193,614
Gross earningsExpenses
Net earnings
5,021,753 3,349.456 51,071,832 35.708,912
675,144 7,015,703 5,247,728
Int.& disct. on debentures,- 421.329
Net to stocks and reserves__ - 4.600,423 2,674,311 44,056.128 30,461.183
613.461
Preferred stock dividend- _ _
563.798 7.084,388 6,765,554
Net to corn.stk.& res-
3,986,962 2,110.513 36,971,739 23.695,629
Kansas City Public Service Co.
Mo. of April 4 Mos. End.
Apr.1930
30 '30.
$648.948 $2,622,838
22,997
95,338
41.745
176,921
654
3.131
1,362
5.002
Railway passenger revenue
Other railway receipts
Bus passenger revenue
Other bus revenue
Miscellaneous income
715.707
511,824
48,532
41.675
Gross revenue
Railway operating expenses
Bus operating expenses
Taxes
2,903,232
2,050,119
204,094
166,700
Edmonton Radial Ry.
602,032 2,420,914
Total operating expenses and taxes
•
113,675
482,318
-Mont/of April- 4 Mos. Ended April 30 Gross income
73.449
293,798
1930.
1929.
1930.
1929. Deductions--Interest on bonds
Other charges
1.124
5.761
Reodnue
$
$
$
$
64,731
70,270
Passenger
298,533
298.884
Total deductions
74,574
299.559
543
644
2,433
Advertising
2,045
Net income
39,101
182,759
21
121
229
Special cars
189
230
921
758
Police
325
325
1,300
Kansas City Southern Ry.
1,300
Mail carriers
742
1,853
533
2,617
Other revenue
(Texarkana and Fort Smith Ry.)
-Month of April- 4 Mos. Ended Apr. 30.
72.172
304,775
66,384
306,222
Total revenue
1930.
1929.
1930.
1929.
Expenditure$
$
$
$
4,699 ( 17,427
4,766
15,293
1Vlaint. of track & overhead
7,803
33,835
32,507 Railway operating revenues_ 1,617.507 1.763,586 6.397,388 7,008,295
7,487
Maintenance of cars
1,172,679 1,156,278 4.452,300 4,659,098
150
750
603 Railway oper. expenses
149
Traffic
28,926
6,211
6,477
30,164
Power
Net revenue from ry. oper.. 444,828
607.308 1,945,087 2,349,196
96,241
89.453
22,475
23,315
Other transportation expenses
129,166
134,250
537,003
516,666
13,685 Railwaytax accruals
3,621
13,290
3,366
General and miscellaneous -464
9,742
Uncollectible ry. revenues_
570
1,344
191,710
180,369
operation
45,226
Total
45.298
Railway oper. income_ __ - 315,197
472,486 1,427,076 1.802,450
125,852
26,945
113,064
21,086
Operation surplus
69,567
73,392
18,348
Fixed Charges
17.727
37.500
Nevada-California Electric Corp.
Depreciation
5,500
7,500
37.500
(And Subsidiary Companies)
14.960
-1,641
1.097
5,996
Total Surplus
-Month of April- 12 Mos. End. Apr. 30.
1930.
1929.
1929.
1930.
$
$
$
$
Honolulu Rapid Transit Co., Ltd.
Gross operating earnings_ ___ 391,514
372.726 5,737,551 5,521,104
-Month of April- 4 Mos, End. April 30. Oper. and gen. exp. & taxes- 168.632
197,683 2,765,670 2,538,599
1929.
1929.
1930.
1930.
Operating profits
222,882
$
175,043 2,971,881 2,982,505
$
$
$
141,815
354.598 Non-oper. earnings (net)-344,390
5,595
10,334
184,087
85,064
87,658
Gross revenue from transp'n
203,715
206,351
46,271
51.783
Operating expenses
Total income
228,477 1 85,377 3,155,968 3,124,321
150.883 Interest
121,849
123,099 1,486,667 1,473,030
138,039
39,743
36,893
Net revenue from transp'n
4,588
4,324
1,018
950
Revenue other than transp'n
Balance
106.627
62,277 1,669.301 1,651,290
621,174
630,129
155,471 Depreciation
47,065
47,402
142.363
38,793
35.875
Net rev,from operations
42,464
35,277
10,616
Taxes assignable to ry. oper.
8,819
2,200
Balance
59,562
14,875 1.039,171 1,030.116
2.200
550
550
Interest
97,182
96.651
41.920 Disct. & exp. on secure.sold..
7,958
7,963
43,813
10,480
Depreciation
10,561
771 Miscellaneous additions and
2.356
192
Profit and loss
1.517
57,167
117,983
deductions(net credit)
24.711
Dr.821
Replacements
Total deductions from rev.
Net revenue
21,448
18,295
21,839
15,054
83,674
58,688
87,356
68.114
Surp. avail,for redemption
of bonds. diva.. &c
50.777
31,628 1.060,503
990,101
MAY 24 19301
FINANCIAL CHRONICLE
3699
BALANCE SHEET DECEMBER 31.
1928.
1928.
1929.
1929.
AssetsLiabilitiesMonth of April 12 Mos. End.
5
$
$
$
1930.
Apr. 30 '30. Misc. phys. prop 4,407,299 4,376,935 Common stock_124,625,000 124,625.000
Securities owned:
$
$
4% gold loan of
235,172,444 246,446,001
1906 certifs.. _ 20,000,000 16,689,000
Stocks
Gross earnings
798.970
9,571,797
Bonds
3.004 2,954,386 49i% gold bonds 50,000,000 50,000,000
Net earnings (incl. other income, before pro3,326 Loans.4 bills Pay
Notes
p-vision for retirements)
131,849
26,750,000
1,574,572
Advances..
372,624 1,489,685 Aud. accts, and
Income charges
55,368
691,408
24
wages payable
1,132
Miscellaneous
449,202 2,022,951 Misc. accts. pay.
34,676
Balance
42,487
76,480
883.163 Cash
32,778 Int. mat'd unpd.
9,171
Special deposits_
65,085
Funded debt maTime drafts and
750,000 tured unpaid_
38,220
deposits
Pennsylvania Power & Light Co.
18,782
21,618 T_Inmatured int.
Misc. accts. rec..
595,833
928,819
Int. & divs. rec.. 2,492,638 2,300,837 sculled
(Lehigh Power Securities Corp. Subsidiary)
226,396 Accrued tams_
1,158,028
Unadj. debits.
-Month of March- 12 Mos.End. Mar.31.
Other def. liab
5,602
1929.
1930.
1930.
Tax liability- 1929.
907,560
$
$
$
Other unadjust.
$
Gross earnings from oper___- 2,577,312 2,511,764 30,440,691 28,837.054
credits
7,673
Operating exps. and taxes-- 1.269,654 1,228,979 15,109,044 14,335,052
Profit and loss.
balance
46,429,558 40,628,082
Tot.(each sIde)_242,915,991 260,624,936
1r 1.1"et earnings from oper--- 1,307,658 1.282,785 15,331,647 14,502,002
s
Other income
28,026
47.705
555,113
830.889 SECURITIES OWNED BY PENNSYLVANIA COMPANY DEC.31 1929.
Shares. Total Par.
Stocksbo,
r Total income
1.335,684 1,330,490 15.886,760 15,332.891 Belt By. of Chicago
2.400
$240,000
Interest on bonds
425,040
425,553 5,102,859 5,020,113 Calumet Western By
1,080
108,000
Other interest & deductions
34.414
22,500
18,606
2,250,000
258,549
325,092 Detroit Union RR. Depot & Station Co
2.500
250,000
Englewood Connecting By
F- Balance
870,523 10,525,352 9.987.686 Erie & Pittsburgh RR. Co., guaranteed betterment.._ 6,888
892,038
344,400
Dividends on preferred stock
28.332
2,833,200
3,471,438 3.142,333 Grand Rapids & Indiana By
49,600
4,960,000
Indianapolis & Frankfort RR
Balance
21.496
2,149,600
7,053.914 6,845,353 Lake Erie & Pittsburg Ry
365.039 18,251,950
Lehigh Valley RR.common
8,995
899,500
Lorain Ashland & Southern RR
9,356
935,600
Louisville Bridge & Terminal By
Public Service Corp. of New Jersey.
2,129
106,450
Massillon & Cleveland RR
357,000 35,700,000
-Month Of April
-12Mos. End. April 30 Norfolk & Western By.common
2,000,000
40,000
1930.
1929.
Ohio Connecting Ry
1930.
1929.
652,000
6.520
Ohio River & Western By
Gross earnings
233,998 23.399,800
11,337,755 11,225,566 138876,579 128453,938 Pennsylvania Ohio & Detroit RR
187,500
Op.exp., maint.,taxes & dep. 7,751,331 7,857,980 96,014,011 90.378,498 Pennsylvania-Ontario Transportation Co
1,875
561,923 56,192.300
Pittsburgh Cincinnati Chicago & St. Louis RR
300,000
Net income from oper
6,000
3,586,423 3,367.585 42,862.567 38.075,440 Pittsburgh Ohio Valley & Cincinnati RR
2,724,800
Other net income
27,248
7,821 3,237,936 2,404,507 Pittsburgh Youngstown & Ashtabula By., pref
98,666
2,100,000
21,000
Pittsburgh Youngstown & Ashtabula By.,com
170,100
Total income
3,402
3,685.090 3.375,407 46,100,504 40,479,947 Sharpsville RR. Co
842.500
Income deductions
8,425
1,331,237 1,289.847 15,338.892 15,915,432 South Chicago & Southern RR. Co
1,170.200
11,702
Terre Haute & Peoria RR., preferred
289,800
Balance for dive. & Burp
2,898
2,353,852 2,085,560 30,761,611 24.564,514 Terre Haute & Peoria RR., corn
362,900 36.290.000
Wabash By.,common
312,900 31,290.000
Wabash By., 5% preferred A
262,500
2.625
Walhonding Coal Co
Southern Canada Power Co., Ltd.
100,000
1.000
Western Warehousing Co
100.000
1,000
-Month of April- 7 Mos. End. April 30. Wheeling Coal RR.(West Virginia)
1,200,000
12,000
Wheeling Terminal By
1929,
1930.
1930.
1929.
319,300
3.193
Youngstown & Ravenna RR
412,410
Gross earnings
---180.334
175,437 1.327,278 1.237,505 Miscellaneous
Operating expenses
62.594
66,371
469,995
416,750
5229,031.910
Total stocks
Net earnings
Bonds
113,963
112,843
857,283
820,755
$750.000
Lorain. Ashland & Southern RR., 1st mortgage 5%
600.000
Lorain, Ashland & Southern RR., 2nd mortgage 5%
600.000
Ohio River & Western By. 1st mortgage 4%
Southwestern Power & Light Co.
13.000
Miscellaneous
(And Subsidiary Companies)
$1,963,000
bonds
Total
-Month of March- 12 Mos. End. Mar. 31.
$230.994,910
1930.
1929.
1930.
Total securities
1939.
$235,175,447
$
Carried on the books at
Gross earns, all subsidiaries
1,444,473 1,570,368 20.186,505 19,489,127
Of the foregoing securities $69,200,000 par value, of stocks are deposited
-V. 129, p. 3348.
collateral.
as
Bal. of subs.earns.After all
exps. applic. to S. P. & L. 490,274
443.931
7,274,16 6,938,060
Minneapolis & St. Louis RR.
Expenses of S. P.& L. Co
15,792
21,641
228.458
172,726
-Year Ended Dec. 31 1929.)
(Annual Report
Balance
468,633
428,139 7,045.711 6.765,334
ROLLING STOCK OWNED DECEMBER 31.
Interest on secured bonds.-57,488
57.488
689.850
689,850
Interest on 6% deb. bonds
Locomotives-- Passenger -Freight Equipment- Work
25,000
25,000
300,000
300,000 :
Capacity. Equip.
All other interest
30,930
2.538
No. Traction Power. Equipment. No.
111.786 Cr62,584
240,725 tons
310
6,581
122
6.989.690 lbs.
1929 x218
315
Balance
6,948
251.820 tons
123
355.215
343,113 5,944,075 5.838,068 1928 x218
6,992,160 los.
322
Dividends on preferred stock
253,565 tons
7,002
x218
6,991,160 lbs.
123
587,090
587,090 1927
323
7,082
256.020 tons
124
6,992,790 lbs.
1926 x218
312
258,490 tons
Balance
7,161
7,016,290 lbs.
128
5.356,985 5.250,978 1925 x219
274
266.290 tons
7,424
7.010.190 lbs.
134
1924 x219
266
273.205 tons
7,687
6,911,530 lbs.
136
1923 x222
7,126,7801bs.138,
x226
1922
x Includes 15 freight locomotives leased froin National Railway Service
FINANCIAL REPORTS.
Corp. under Equipment Trust, series A,lease basis.
-PRODUCTS OF (TONS).
CLASSIFICATION OF FREIGHT
Financial Reports.
Forests. Mfg. &Ali=
-An index to annual reports of steam
Mines.
Animals.
Agriculture.
451.202 1.699.151
363,662 2,012,762
2,183,166
railroads, public utility and miscellaneous companies which 1929
486.852 1,655,032
2,110.304
355,061
2,275,740
1928
have been published during the preceding month will be given 1927
445.630 1,506.726
359.692 1,772,660
2.177,612
1,530.795
438.951
367,494 1.678,431
on the first Saturday of each month. This index will not 1926
2.354.705
1,432,640
436,051
342.426 1,826,191
2,259,192
include reports in the issue of the "Chronicle': in which it is 1925
1.711,086
389,804
325,533 2,070,263
2,136,243
1924
416.600 1,860.901
published. The latest index will be found in the issue of 1923
350,294 2,611.478
2,071,916
357.265 1.663,232
1.941.355
330,671
2,073,477
1922
May 3. The next will appear in that of June 7.
STATISTICS FOR CALENDAR YEARS.
1926.
1928.
1927.
1929.
Pennsylvania Company.
1,628
1,628
1,628
1.628
Average miles operated.
677,309
605.275
476.940
458,246
Passengers carried
(58th Annual Report-Year Ended Dec. 31 1929.)
carried one mile 26,773,419 28,706,901 33,952,237 38.452,608
Pass.
Rate per pass, per mile.. 3.010 eta. 3.040 cts. 3.105 cts. 2.975 cts.
INCOME ACCOUNT FOR CALENDAR YEARS.
6.585.189
6,910,344 7.083.614 6,468,551
Revenue freight,tons_
1929.
1928.
1927.
1272642,682 1203997.423 1,249,681
1926.
1 m.(000)
Ref.
Dividend income
$13,023,940 $10,182,019 $7,555,748 $7,117,425 Ratefgt. car. per mile J222990,021
1.056 cts. 1.044 cts. 1.046 cts. 1.024 cts.
per ton
Miscell. rent income
11.339
10.984
$0.87
$0.82
$0.74
$0.79
Earns. per pass. tr. mile_
Income from fund.secur.
113,701
267,771
82,167
$4.52
$4.54
$4.54
57.792 Earns, per fgt. tr. mile_
$4.53
Income from unfunded
securities & account....
118,309
COMBINED INCOME ACCOUNT FOR CALENDAR YEARS.
297.347
120,468
105,477
Miscellaneous income
10
1926.
1927.
1928.
1929.
Earnings-----Income from sinking and
$872,628 $1,054,144 $1,144,075
5805,854
Passenger
other reserve funds915,515
12,912,562 12,774.023 12,589,120 12,792,276
201.998 Freight
797.374
769.953
803,880
982,090
Mall, express, &c
Gross income
$13,266,941 510.758.476 $8,673.898 $7,482,691
Deductions
$14,450,531 $14,413,217 $14,733,725
Total oper. revenue-$14,700,506
Tax accruals
$364.618
$313,463
$227,449
Expenses
$583,546
Int. on funded debt
l 3,838,4771
924,852
667.699
716,847 Maintenance of way,&c. $1,872,555 $2,108,293 $2.226,011 $2,459,003
Int, on unfunded debt f
3,284.039
2.467.358
672.027
158 Maint. of equipment__ 2,507.996 2.816,750 3,144.562 6,615.980
Maint. of invest. organ38,295
34,326
30.100
26.034 Transportation expenses 6.456,809 6,503,965 6,510.114
Miscell. income charges..
6,345
6,672
435.363
429.315
428,780
436.064
5,680
expenses
6,191 Traffic
511,005
532,313
524.194
557.581
General, &c
Total deductions
$4,243,767 33,750.639 $1,602,955 51.332.776
Net income
9,023,174 7.007.837 7,070.943 6.149,915
Net rev,from ry.oper. $2,869,499 $2,068,549 $1,570,901 $1,428,335
Inc. applic. to sinking &
750,465
709.545
789,788
791,852
Railway tax accruals......
other reserve funds_
2,979
3.187
3.833
2,222
1,098,035
281,442 Uncoil. railway revenues
Balance transferred to
$674,892
$858,168
Railway oper.income. $2.075.426 $1.274,927
credit of prof. & loss $9,023,174 $7,007,837 $5,972,908
361,269
95,371
550,233
(Dr.)
643,179
$5,868,473 Hire of equpt.-Net
Previous surplus
40,628.082 28,162,330 28.731.351 31.036.116 Jt.facil. rent
91.449
123.240
109.470
113.038
-Net(Dr.)
Sundry net credits dur11.596,664
8184,693
$222,173
ing year
$522,276
$1,867,015
Net rail. oper. income
165.741
134,625
150,932
136,663
Non-operating income....
Total surplus
549,651.256 $46,766,831 $34,704,259
Less dIv. approp.(6%)- 7,577,500 6,138,750 '4,800,000 $36,904.589
$658,939
$319.318
$2.017,948
$387,915
Gross income
4.800.000
Sundry net debits
1.741,928 2,373,239 Interest on funded debt.. 2,467,725 2,005,738 2,016.452 2,036,542
Approp. to gent fund
160,046
187,906
158,629
148,190
1,000,000 Int. on unfunded debt
339.685
179,152
213,563
220,318
Miscel. income charges..
Profit and loss surplus,
5
42,073,756 540,628,082 528.162.330 $28,731,351
Dec.31
$948.091 $1,720,408 82.064.193 82.017.136
Net deficit
Market Street
Railway.
3700
FINANCIAL CHRONICLE
BALANCE SHEET DECEMBER 31.
1929.
1928.
1929.
Assets$
$
Invest. In road
Capital stock
25,792,600
equip., &e__ -x61,530,663 80,830,433 Grants in aid of
Improv. on leased
construction
4,094
29,329
property
49,613 Funded debt
44.660.826
Miscell. phys. prop 178,401
181,036 Receivers etis
1,225,000
Invest. In MM.cos. 446,789
437,867 Bills payable
Cash
1,519,206
923,946 Traf. & car sem_ 425,542
Loans, deposits,&o
Audited vouchers_ 409.379
receivable
180
180 Unpaid wages____ 571,075
Traffic & car serv.,
Agents drafts____
8,784
debit
82,762
173,585 Miseel. accts., pay
22,570
Agts.& conductors 402,799
424,090 Mat. Int. unpald...12,287,460
U.S.Post Off.Dept, 36,831
42,780 Unmat. int. neer_ 458,335
Audited bills
499,014 2,138,797 Unmet,rents accr.
544
Fgt., claim bills &
Deferred liabilities
8,312
draft authorities
30,041
40,429 Unadjusted credits 4,989,431
Mat'l & supplies._ 1,037,334 1,344,3435 Other def. Habil__ 5,484,850
Int. & diva., rec._
891
691 Addition to prop.
Deferred assets._
25,585
38,564
through Income
Unadjust. debits_16,448,181 16.701,233 and surplus____
88,027
Profit and loss___ .14,167,023 13,145,163
Pure Oil Co. & Subsidiaries.
(16th Annual Report
-Year Ended March 31 1930.)
Henry M. Dawes, President, says in part:
1928.
25,792,600
2,322
44,867,776
1,950.000
2,808,288
1,160,810
3,945,426
575,316
14,321
114,548
10,344,275
469,834
544
3,897
4,334,281
88,517
Total
98,434,829 96.472,754
Total
96,434,829 96,472,754
x After deducting $4.905,690 reserve for accrued depreciation.
-V.129.
p. 2678.
Rutland Railroad Co.
(Annual Report
-Year Ended Dec. 31 1929.)
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1929.
1928.
1926.
1927.
Tons.rev,freight carried 2,063,684
2,257,259
2.321,590
2,188,964
Tons rev.fr't carr. 1 m _ _219,673,797 238,911,608 237.683.948 258,651.943
Tons rev, freight carried
1 mile per mile of road
531,885
578,464
626,261
575,492
Total freight revenue.. _ _ $3,531,144 $3,737,799 $3,599,201 $3,935,875
Average amount received
for each ton of freight_
$1.71
$1.65
$1.70
$1.64
Ave. rev, per ton per m_ 1,607 eta.
1,565 cts.
1,522 eta.
1.514 cts.
Rev, passengers carried..
780,701
669,166
811,678
714,299
Rev, pass. carried 1 mile 29,668,502 37,647,787 34,974,928 37,906,812
Rev,passengers carried 1
mile per mlle of road__
72,856
91,155
91.782
84,683
Total passenger revenue $1,024,542 $1,230,299 $1,139,719 $1,248.983
Average amount received
from each passenger-.
51.531
$1.576
$1.539
$1.596
Av.rev. per pass. per m_
3.45 eta.
3.27 eta.
3.26 cts.
3.29 eta.
CORPORATE INCOME ACCOUNT, CALENDAR YEARS.
1929.
1928.
1927.
1926.
Freight revenue
83,531,144 $3,737,799 $3,599,201 $3,935,875
Passenger revenue
1,024,542
1,230,298
1,248,983
1.139,719
Mall, express, &c
1,581,883
1,525,035
1,508,020
1.383,639
Incid, and joint facility_
139,111
133,150
74,547
66,646
Total ry. oper. rev__..$6,276,680 $6,626,282 $6,197,106 $6,759,524
Operating ExpensesMaint. of way & struc_ - 1,164.389
1,312.382
1,260.230
1,483.601
Maintenance of equip_ _ _ 1,185,231
1,221,136
1,330,456
1,209.275
Traffic expenses
131.465
136,834
124.183
129,635
Transportation expenses 2,330,405 2.472,798 2,542,983
2,629,660
21,436
Miscellaneous operations
24,091
21.901
21,129
General expenses
205.026
194,993
163,465
171.207
Transp. for invest.-Cr..
2,441
360
513
1,193
Total ry. oper. exps_ $5,035,512 85,361,874 $5,556,639 $5,529,382
Net railway oper. rev__,.1.241,171
1,264,408
1.230.142
640,467
Railway tax accruals..- 337,744
336,667
356,912
260,570
Uncoil.ry.revenues_ _ _ _
109
51
55
146
The operating results are not indicative of the progress that has been
made by the company. In the last 3 months of the fiscal year, namely,
January, February and March, most adverse conditions existed in the
industry generally. Prices for both finished and crude oils were abnormally
low. Early in April, however, an advance was made in crude prices, which
was followed by increases in the prices of finished products in certain
sections.
Owing to general conditions in the industry the development operations
of the producing department were less extensive than usual. The results
of these operations were, however, unusually successful. In the latter part
of the fiscal year the company discovered and brought into production the
Van field in east Texas. This has been developed to such an extent that
it is now rated as one of the major oil fields of the country. Arrangements
have been consummated between the owners of the leases in the pool under
which the Pure Oil Co. has taken over the operation of the entire field.
This will bring about a high degree of conservation and will avoid the
tremendous wastes which usually resultffrom uncoordinated drilling programs, with the attendant loss, both in the ultimate recovery of the oil.
duplication of equipment and drilling and the destructive effect of forcing
a large volume of oil on the market at a time when it could not absorb it.
Moreover, it will make possible the equitable recovery of their oil to each
.of the lessors and various lessees. Based on careful estimates It is believed
that the company owns 81.7% of the pool. At the present time approximately 20.000 barrels lier day are being taken from this pool.
The development ofthe new Mt. Pleasant field in Michigan, which was
discovered by the company, has been very gratifying, but on account of
general conditions only a limited drilling rorogram was carried out and the
company has very large holdings undeveloped.
The company's flush production in Oklahoma, Texas and Michigan has
been subject to the proration generally in effect in the various districts,
to such an extent that the total amount of oil produced by the company
during the year was less than last year. The potential production immediately available, however, is very much larger than ever before in the history
of the company. In addition to this the promising undeveloped holdings are
larger than the company has ever had.
The company has under construction at the present time a pipe line of
approximately 210 miles from the Van Zandt field to its refinery and
terminal at Smiths Bluff, Texas, and a pipe line from the Mt. Pleasant
field in Michigan to our deep water terminal at Bay City, Mich. These
lines provide for the transportation of the oil from these new fields through
our own facilities to our own refineries and to the markets of the world.
To provide funds for the developments necessitated by the opening up of
the Van and Michigan fields, construction of the pipe lines, and additional
refinery facilities, to take care of our crude supply and that of our controlled
markets, it was necessary to otter an issue of 820,000,000 10-year
%
sinking fund gold notes. The larger oversubscription to this offering was
gratifying. In addition to this the company issued 82.000,0006% preferred
stock for sale to its employees, $1,000,000 of which was delivered under the
first Employees Savings plan maturing April 11930. The second offering
under the Employees Savings plan this year was very favorably received
by the employees, and the total subscriptions to it were 47% larger than in
our first plan. Under the first plan just closed $2,800,400 of 6% preferred
stock was purchased by employees.
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDED MARCH 31.
1930-29.
1928-29.
1927-28.
1926-27.
3
$
Gross earnings
Not
76,889,316
104.072,295 141,298,985
Costs & oper. expenses
61,161,303 Available 89,863,988 119,283,066
Operating Income.... 15.728.013 22,510,254
Non-operating profits.. _ 3,126,305
596,154
14,208,307 22,015,920
1.246.893
Total income
18,854.318 23.106,408
Taxes
1,447,320
1.277,599
Interest on notes,
1,347.130
1,244.846
Depletion, &c
9,127,189
&c-- - (9.690,067
Depreciation
15,455,200 22.015.920
1,183,367
2,304.533
1,240,472
735,119
8,194,832 8,083,725
Railway oper.income_
Equipment rents
Joint facil. rents, net cr-
$903,317
Cr.36.334
57,360
3927,690
Dr.51,098
64,291
$379,842
Dr.7,233
62.491
8873,084
Cr.29,181
68,231
Net income
Subs, pref. diva
Pref. divs. (cash)
Cons, dive. (cash)
Net ry. oper income--Non-Oper. Income
Macon.rent income..
Dividend income
Inc.from funded secur_ _
Income from unfunded
securities & accounts_
Inc.from sinking & other
reserve funds
Miscellaneous income_ _ _
8997,011
$940,882
$435,100
$970,496
Surplus
Previous surplus
22,383
15,000
4.000
29,018
15,005
4,000
26,217
15,008
4,000
26,380
14,885
4,000
87,673
56,797
58.654
29,633
893
935
893
789
893
794
893
687
$1,127,894 $1,047,385
Gross income
19,000
Rent for leased roads_
19,000
Miscellaneous rents_ .....
1.899
425
Separately oper. prop.loss
5,954
5.674
Miscell. tax accruals_
414,741
421,420
Int. on funded debt
4,240
Int, on unfunded debt
1,575
Amort. of discount on
1.509
969
funded debt
11
19
Maint. ofinv. organiz'n_
3.009
1,799
Miscell. income charges_
$592,095
Net income
8681.938
Preferred dividends(2%)
179.250 (1%)89.623
Surplus for year carried a profit dc loss_ _
Shs. of7% pref.stk. outstanding (par $100)....
Earned per share
$540,667 $1,046,974
19.000
19,000
230
334
5,234
448,201
298
457.845
812
2,212
20
2,128
2,800
20
588
863.344
8565,575
(1%)89,613
8502,688
5502.472
86d,344
8475.962
89,625
$7.66
89,623
$6.66
89.623
$0.71
89,595
$6.31
GENERAL BALANCE SHEET DEC. 31.
1929.
1928.
1929.
5
AssetsLiabilities-s
$
Lavin rd & equip-26,541,142 26,056,455 Common stock-- 117,800
Preferred stock__ - 8,962,500
Impr.on leased ry.
property
19,171 Equip.obligations- 550,000
20,327
Dep.1n lieu of mtgo
Mortgage bonds__ 9,216,000
19,708
Property sold
19.708 Traffic & car-serv90,493
MISC. phys. propice balances.. ___
5,475
1,045
Inv. In affil. cos.:
Audited accts, and
581,200
581,000
wages payable.- 320,798
Stocks
8,096
100,000
100,000 Misc. accts. pay....
Bonds
235.000
264,000 Int. mat'd unpaid_ 195,865
Notes
7,411
74,575
70.975 Divs. mat'd unpdAdvances
Funded debt maOther investm'ts_
1,000
tured unpaid_ __
1,627,833 1,434,864
Cash
2,292
28,389 Unmet. Int. acer'd
29,660
Special deposits
5,917
Unmet.rents acer_
Traffic •Sc car serv4,146
88,399 Other current !lab_
91,765
ice balances_ _ _ 8,007
24,753 Other def. liabil's-..
21,260
Agts. & cond. bal159,496
203,401 Tax liabilityMiscellaneous- _ 190,217
4,517
715,462 Insur.& cas. res-__
Mug AL supplies- - 633,421
11,881 Accr. depr.(equiM 2,102,663
11,486
Int. & dim reo
167 0th. unadj. credits 142,867
167
Rents receivable
460 Approp.surplus-__ 2,044.735
706
Other cur.assets883 Profit & loss, bal.... 8,322,107
883
Working fund adv20.353
Insur.& 0th.funds
20,353
889
Other def. assets
816
4,574
Dint.on fund.dt5,544
0th.=adj.debits144,147
51,070
Total
30,264,710 29,789,854
-V.130. p.3534.
Total
1928.
$
119,800
8,962,300
605,000
9,218,000
76,075
445,594
5,848
195,098
8,581
1,000
2,520
5,917
5,119
7,991
156,817
1,963.016
140,491
2,043,986
5,830.700
30,264,710 29,789,854
[VOL. 130.
6,539,521
1,936,088
4,557,721
11,287.053
62,972
1,935.631
2,278,870
4,836,529
125.944
1,775,604
4.557,649
10,892,544
160.972
1,615,292
6,076,740
45,712 7.009,580def1.622,668 3,039,540
65,875,380 59,407.748 62.000,453 59,500,899
Total surplus
65,921,092 66,417,328 60,377,785 62,540,439
Surplus adjustments....Dr541.948 Dr970,037 Dr539,986
Profit & loss surplus.- 65,921.092 65,875,380 59,407.748
Shs. corn. out. (par $25) 3.038,370
3,038.370
3,038,368
Earn. per sh, on com_ _
$3.05
$1.51
80.96
BALANCE SHEET MARCH 31.
1929.
1930.
1930.
AssetsLlabflftlea-5
8
Prop.,equip.,&o.170,748,975 155,290,135 Preferred stock- 29.000,000
Other inveetmle 6.757,787 5,695.908 Common stock_ 75,959,250
Contract roceiv.
3,000,000 Funded debt-- 38,000,000
Cash
978,000
8,790,437 4,004,782 Notei payable-Accts. receivable 5,655,851 5,369,499 Accla payable__ 4,021,919
Notes & trust acProf. diva. pay.
485,000
ceptances rec. 2,280,771
1.408,491 Accrued Habil_ 1,036,811
Finished & crude
Capital surplus.. 39,540,621
oils
13,870,225 15.362,841 Paid-In surplus.. 8,748,009
Materials& supp 3,319,785 3,086,517 Earned surplus_ 17,632.462
Deferred charges 3,978,040 2,293,594
Total
215,401,873 195,511,767
-V. 130. a. 2407.
Total
62,000.454
3,038,368
$3.00
1929.
28.000,000
75,959,250
19,000,000
4.700,674
485,000
1,491,464
39,540,621
8,748,009
17,586,750
215,401,873 195,511,767
Western Pacific Railroad Co.
-Year Ended Dec. 31 1929.)
(14th Annual Report
H. M. Adams, President, says in part:
Reference was made in last year's report to the fact that on May 13 1927
company entered into a contract to purchase the Union Belt By. of Oakland, a short industrial line, and made application to the I.
-S. C. Commission for permission to purchase the line and to construct a connection
with it, also with the Alameda Belt Line.
On April 25 1929 the I.
-S. C. Commission denied this application without
Prejudice, however, to a renewal of that part of said application which is
for authority to construct a connection of company's line in Oakland with
the Alameda Belt Line. No further action has been taken in the matter.
Great Northern-Western Pacific Connection.
-On Feb. 14 1929 an application was filed with the I.
-S. C. Commission for a certificate of public
convenience and necessity to authorize the construction of a line 112 miles
in length from Keddle. Calif., a point on the main line of the Western Pacific
RR.in the Feather River Canyon,281 miles from San Francisco, to Bieber.
Calif.
Simultaneously the Great Northern By. filed a like application for a
permit authorizing them to construct a line from Klamath Fans. Ore. to
Bieber, Calif., 88 miles. At Bieber a connection is to be established be'
tween the two railroads.
The Great Northern and Western Pacific also filed an application for a
permit authorizing them to jointly acquire and (or) construct a line from
Lookout, Calif., a point on the proposed Great Northern extension from
Klamath Falls to Bieber, to a connection with the McCloud River RR.
at Hambone, Calif., a distance of 36 miles.
The I.
-S. C. Commission assigned these cases for joint hearing at San
Francisco Nov. 13 1929 before Charles D. Mahaffie, director of the Bureau
of Finance, and the cases were heard beginning on that date, the Great
Northern and Western'Pacific co-operating in presenting the facts.
If a permit is obtained the three sections of line will be constructed as
quickly as possible thereafter. There is a complete understanding between
the two companies for the establishment of through passenger fares and
freight rates, and the operation of through service via the route through
Bieber.
FINANCIAL CHRONICLE
MAY 241930.1
The business possibilities of the proposed new route are very great, and
the lines. if built, will afford an opportunity for greatly increasing the business of both roads.
It is expected that a decision in the matter will be announced soon.
GENERAL STATISTICS AND EQUIPMENT FOR CALENDAR YEARS
1929.
1928.
1927.
1926.
1.052
1,052
Miles of road operated__
1,043
1,043
Locomotives
164
169
164
160
Passenger train cars_
61
86
57
57
Freight train cars
9,470
9,143
9,178
9.138
Revenue pass. carried_ _
136,966
157,436
175,861
187,888
Passengers carried 1 mile 51.400,099 58,217,585 61.927,631 66,539,221
Rev,per pass, per mile
2.67 cts.
2.67 cts.
2.70 cts.
2.78 cts.
Revenue tons carried
3,982,840 3,997.058 3,890,707 3,709,599
Rev,tons carried 1 naile-1573510,774 1501222,337 1385566,238 1338279,538
Rev, per ton per mile
0.95 cts.
0.98 cts.
0.97 cts.
0.97 eta.
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenue
1928.
1927.
-1929.
1926. •
Freight
$14,927.798 $14,647.031 $13,424.394 $12,961,371
Passenger
1,672.642 1,851,027
1.494,645
1,370,104
Mail
63.290
67,673
105,088
63,990
Express
362,111
318,900
323,089
381,595
Miscellaneous
145,030
156.070
157,999
156,729
Incidental
712,074
789.593
860,211
742,144
Joint facilities
4,387
4,405
4,439
4,674
3701
CONSOLIDATED BALANCE SHEET DEC. 31.
Par Value.
1929.
1927.
1928.
$
Capital stock$
$
$
Western Pacific RR-- 75,800,000 75,796.400 74,996,400 74,996.400
cry in)_
Utah Fuel %
5.000.004 12,500,000 12,500,000 12.500.000
(no par val.)
000 shs.
I
Rio Grande Southern
4,000
RR.1st mtge. 5s._1,250
D.& R.G. West RR.•
Preferred stock__ -- 3,751,8751 5,175,000 5.175,000 5,175,000
Gen. mtge. bonds_ - 2,070,0001
Western Realty Co--300,500
1.500.000
1.500,000
1,500.000
Secur.-Sacr. Nor. RE.'
3,749,405
Capital stock
725,521
229.937
Cap. stk. (own issue in
treas, avail. for sale)'
Common
2,552,535
680,935
680.690
680,490
Preferred
1,878.573 1,126,874
1.126,718
1.126,497
-year sec. notes
4% 10
214,499
214,499
(own itsue) in treasury
390,000
367,689
Miscellaneous bonds_ _- 4,743,227 4.525,547 2.066,090 3,532.212
U. S. Liberty Loan and
2,185,500 2,225.572 2,225.572 2,831.572
Treasury bonds
5,758
5,627
5,397
Furniture and fixtures_
5.695.000 8,615.260 2,262,842
Advances to affiliated companies-- 197,455
668.883
472,177
Accounts receivable
314,191
368,200 2,860,139
Cash
110,111,673 110,372.883 108.882,748
Total
Operating income- ---$17,687.896 $17,594,075 $16,433,463 $16,057,065
Liabilities
Operating Expenses60,000.000 60.000,000 60,000,000
Common stock
Maint. way & structures $3.173,070 $3,344,713 $3,084,060 32.272,357
40,000.000 40.000.000 40.000,000
Maint. of equipment_ _ - 3,262,187 3,011,619 2,949,422 2,519,762 Preferred stock
5,175,000 5.175.000 5.175.000
-year secured notes
4% 10
Traffic
729,794
555,273
856,470
461,616
1.000.000
200.000
Transportation _____
6,068,117 6,044,422 5,393,342 5,093,697 Bills payable res. for div.payable
889
1.271
65,995
Accts. pay. &
Miscellaneous operat'ns_
587,057
679,146
650,603
560,280 Surplus Account
4,735.784 4 131.888 3,706,477
General
562.631
542,459
596,364
449,884
Transportat'n for invest_ Cr.105,222 Cr.166.117 Cr.50,089 Cr.82,457
110,111.673 110,372,883 108,882,748
Total
Operating expenses- _ _$14,438,043 $14,206,209 $13,125,069 $11,275,140 -V.129. p. 1732.
Netfrom ry. operations_ 3,249,853 3,387,866 3,308,394 4,781,926
United Cigar Stores Co. of America.
Railway tax accruals_ _ _ 1,287,403 1,171,177 1,503.477 1,305,603
Uncollectibly ry. rev_ -803
890
1,713
1,325
(Annual Report-Year Ended Dec. 31 1929.)
Total
$1,288.729 $1,172,067 $1,504,279 $1,307,316
Operating income
1.804,114 3,374,610
1,961,125 2.215,799
Non-operating Income
Equipment rentals
$1,426,700 $1.653,584
$1,450,675 $1;359,748
452,706
389,107
Joint456,457
390,776
Income frtina lease of rd_
3,362
3.519
3,524
3,634
Miscell. rent income._
81,628
82,421
75,713
79,797
27,208
Misc. non-op. phys.prop
32,334
68,068
28.315
Dividend income
225
150
150
150
Income fr.funded sec _
233,883
286,015
365,021
204.355
Int.fr. unfd.sec.& sects
56,606
111,126
69,144
111,539
Miscellaneous income_31
314
79
185
Non-oper. income_ _ $2,531,225 $2,328,334 $2,218,749 $2.429.945
Gross income
4,022.864 5,904,554
4,492,350 4,544,134
Deductions
Equipment rentals
$1,177,234 $1,266.673 31.142,081 $1.010,705
Joint facility rents
180,569
156,357
189,507
171,059
Rental of leased lines_ _ _
3,200
3,600
3,000
3.000
Miscellaneous rents....,, _
40,698
40,254
41,406
40,271
Miscell, tax accrued__
2,253
8.189
14,671
1.405
Int. on funded debt_
2,449,659 2,288,656 2,137,962 2,058,522
Int, on unfunded debt,,_
4,176
2,131
704
1,845
Amort. of disc. on fd. di,,
126.274
122,863
129,603
128,188
Misc,income charges _ _ _
15,831
17.700
17,273
19,296
Total deductions
$4,023,656 $3.930,856 $3,628.013 $3,434,291
Net income
613,278
394,850 2,470,264
468,693
Sinking fund
50,000
50,000
50,000
50,000
Preferred dividends412,500 Y1,650,000
Rate
($1.50)
6%
Balance,sur. or def_ „sur$418,694 sur$563,278 def$67,650 sur$770,264
Shs,coin. out.(par $100)
475,000
475,000
475,000
475,000
Earns. per sn.on
Nil
Nil
Nil
$1.73
y Paid out of net corporate surplus.
com__BALANCE SHEET DEC. 31.
1929.
1929.
1928.
Assets$ •
$
Road & equip -125,274,380 122,459,740 Preferred stock- 28,300,000
Inv.in atm.cos_ 11,852,538 10,559,305 Common stock- 47,500,000
Misc. phys. prop 1,398,996
921,225 1st mtge.bonds_ 38,174,300
Dep. In lieu of
Equip. tr. ctfs__ 6,235,000
mtg. prop.sold
828,139
10,624 Traffic,&c.,bals.
4.500
Sinking fund_ _ _
50,115
50,071 Due to affil. cos_ 4,838,740
Other investmla
16,280
15,340Accts. & wages_ 1,175,170
Special deposits.
714,710
25,380
25,110 Accrued interest
Cash
1,151,988 1,495,515 Matured interest
14,280
Traffic,&o.,bal.
643,885
59,578
824,045 Misc. accts. pay
Misc. accts. rec_ 1,430,825 1,419,998 Loans & bills pay
28,387
Int.receivable.164.304
138,680 Fund,debt mat.
0th. curr. assets
15
11,100
15 unpaid
Disc.on Id.debt 1,944,050 1,908,592 Unmatured rents
Matis supplies_ 2,788,473 2,834,606 accrued
4,804
Agents and con82,392
0th. curr. liabs_
ductors
222,412
223,083
210,950 Accrued taxes_ _
Unadj. debits_ 733,727
805,511 Accr. deprec- -- 5,892,042
Other def. assets
93,203
92,920 Sur.invest.eq.&
oth.prop. our. 7,171,557
216,798
Unad1. credits...
Other def. Ilab_12,733
Addns. to Prop.
thr.Inc.&sur. 6,746,528
Fund,debt ret'd
thr.Inc. sur.
549,885
Sinking fund....,,
50,115
Profit & loss..._ loss838,510
Total
147,792,832 143.772,226
-V. 130, p. 3535, 1852, 1111.
Total
1928.
27,500,000
47,500,000
33,224,300
5,795,000
583,829
8,526,646
1,064,719
631,517
14,010
55,877
43,000
11,100
4,883
71,966
275,885
5,105,057
7,171,557
194,455
22,362
5,777,603
499,929
50,071
10ss351,540
147,792,832 143,772,227
Western Pacific Railroad Corp.
(Annual Report
-Year Ended Dec. 311929.)
CONSOLIDATED INCOME ACCOUNT, CALENDAR
1929.
Divs. on stock of West.
Pacific RR. Co
Interest receipts
$1,104,686
Profit on securities sold..
82,963
Refund of 1918 Federal
income taxes
Miscellaneous income...._
640
1928.
$394,579
290,774
1927.
YEARS.
1926,
$412,500 $1.650,000
516,093
600,491
52,073
50,417
222,916
$1,188.290
Total income
92.384
General expenses
3.236
Taxes
245,562
Int. on 4% secured notes
Interest, miscellaneou_
sold_
251,937
Loss on securities
4,043
Miscellaneous charges_ _
$908,270
111.489
19,243
198,591
Net income
Preferred dividends_ _
$591,128
$574,259
$603,978 $1,929,873
571.496 2,285.822
Balance, surplus
$591,128
$574,259
$32,482 def$355.949
4,688
$980,666 $2,300,908
154,581
165,933
20.726
3,501
201,216
201,420
164
181
George K. Morrow, Chairman, says in part:
As was stated in the special report to stockholders dated Jan. 9 1930,
the directors have been considering whether a readjustment of the company's capital structure was not required in view of some of the items in
the company's balance sheet, particularly the item of $34.440.622 representing "good-will and leaseholds." Of this item over $21.500,000 is
"good will," nearly all of which dates back to the inception of the company,
and represents the par value of securities issued in excess of the net tangible
property acquired. The balance of this item represents the value of leaseholds set up at the inception of the company or an appreciation therein
subsequently taken up on the books. In view of the recent earnings record
of the company the directors feel that the item of good will is now probably
largely in excess of the present value represented and that this fact, because
of the company's very small surplus, might amount to such a substantial
Impairment of the company's capital as now constituted as to prevent or
unduly defer the resumption of dividends out of current earnings. The
directors are accordingly recommending to the stockholders for their consent and approval at the annual meeting on May 28 1930 a reduction in the
company's common capital to $1 per share of common stock now outstanding and thereafter the changing of such shares into shares of common stock
without par value.
Such a recapitalization would permit the company to adopt the more
conservative practice of carrying good will, leaseholds and all other intangibles on the books of the company at only $1. It is believed that this reduction in capital and the changing of the shares of common stock Into
shares without par value will be in the interests of all of the stockholders.
COMPARATIVE INCOME STATEMENT.
-6Months Ended- -Calendar Years
June 30 '29. Dec. 31 '29.
x1928.
1929.
Store Operations$40,416,287 $44,262,271 $84,678,558 $82,644,432
Sales
Cost of merchandise sold 28,641.931 32,408,738 61,050,669 58,757,902
311.774,356 311,853,532 323,627,888 523,886.530
Gross profit
Other store oper. income 2.032.713 2.059,534 4,092,247 4,084.742
513.807.069 $13.913,067 $27.720,136 527,971.271
Total profit
Store oper. & depot. exp. 13,067,475 12,540,407 25,607.882 24,409.052
1,647,992 3,536.378 3.182.239
Admin.& gen. expenses.. 1,888,386
Result of store 0per__loss$1.148.793 loss$275,3321oss$1424124prof$379,981
Prop.of loss of Happiness
Candy Stores, Inc., &
its sub. cos, applic. to
United's stockholdings
3185.465
$62,270
in that company
3123,195
.Real Est. & F'inancial Oper
Profit on oper. of fee and
leasehold prop. before
charging int.on mtges.
1,215,522 2.331,639 2,262.468
1,116,118
and debentures
Int. on mtges.,call loans,
602,468
532,694
235.054
bank balances, &c__297,641
Profit on sale of securs.,
868,341
2.982,129
170,829 2,811,301
on basis of cost
Profit on mortgages sold
56,239 Dr.37,375
28.820
27,419
or matured
Net profit on sales of
leaseholds & real est.
(as to last 6 mos.' period on co.'s appraised
259,173
63,947
55,948
7,999
values of real estate)_ _
1,160,021
201,706
567,243
365,537
Divs.received on securs_
284,564
61.493
61,493
Miscellaneous income_
51,985.542 $4,609,844 $6.595,387 $5,399,660
Total income
708.789
984,984
475,291
509.693
Int.on real estate mtges.
43.260
312,883
331,894
644,777
Int, on debs. & g. notesAmortiz, of disc. on 20yr. debs.,less profit on
debs. retired through
9.340
9,556
Cr.215
sinking fund
Int. on bank loans, ten122,030
115.146
101,173
216,319
ants' deposits, Sze- _ Approp. to reserve for
149.851
149,851
contingencies
5.744
18,328
15.566
33,894
Sundry charges
Result of real estate &
financial operations.... $1,019,936 53,536,284 $4.556.220 $4,519,838
Combined result before
252,051
3,198,682 2.946,630 4,899,819
prov. for Fed. inc. tax
374,210
100,000
100,000
Prov.for Fed.inc. tax
loss$252.051 53,098.682 32.846,630 34,525,609
Net profit
x As revised by Price. Waterhouse & Co.
CONSOLIDATED STATEMENT OF SURPLUS
FOR SIT MONTHS ENDING DEC. 31 1929.
Deficit, June 30 1929, per special report to stockholders, dated
3776.286
Jan.9 1930
3,098.682
Net profit for 6 months ending Dec.31 1929
Balance,surplus
Discount on 6% pref.stock retired through purchase fund
$2.322,396
13,850
Total surplus
Divs. on 6% pref.stock
Divs. on common stock
$2,336,246
288,900
1,355,517
Surplus December 31 1929
$691,828
3702
FINANCIAL CHRONICLE
COMPARATIVE CONSOLIDATED BALANCE SHEET.
Dec. 31'29. June 30'29.
Dee.31 '29. June 30'29.
AssetsLiabilities$
Cash
4.828,514 3,712,510 Notes payable_...... 1,006,135 e7,580,843
Call loans
1,700,000
Acc'ts payable and
Marketable securs.b1,526,648 10,702,550 sundry accruals_ 7,345,414 7,927,743
Notes receivable_ 152,358,588 f 865,200 Accrued interest on
Mem receivable _l
12,439,403
mtges.& debens. 447,271
457,527
Invent, at cost less
Balance of Federal
contingent res've
tax for 1928__
208,830
for unsalable
Common My. paymerchandise__12,135,400 13,000,111
able July 1
1,332,238
&our. of 0th, cos_ 8,920,617 7,119,881 Provision for loss
Adv. to other cos- 2,855,039 2,501,644
on gtd. oblIga'ns 371,868
375,000
mtges. receivable_ 3,098,338 4,510,808 Refunds payable to
Co.'s corn. stock__ d
1,591,865
empl. on stock
Deb. sink. fd. and
915,331
subscriptions_
dep. for retire't
Reserve for Federal
of mtges. payle
55,653
39,873 Income tax
100,000
Cash & secur. held
Res.for outstandl
for employ. pen1,199,744 2,189,288
Premium ctfs_
sion fund
219,051
Adv.rentals & tenLand and bides__ c29,728,263 30,625,923
931,869
ants' sec. depos- 914,659
Impts. to Ishids.,
Res.for oblIga'n to
less amortlza'n_ 7,300,153 7,089,193 repurchase co.'s
Store Impts. and
common stock_
314,800
bldg. construeRes.for employees'
Bon in progress_ 505,550
785,437
pension fund_-- 219,051
201,660
Furniture, fixtures
Def. disc.& panic.
and equipment.. 4,437,424 4,037,444
of others in rePrepaid insurance,
spect of mtges.
taxes, &c
375,737
receivable
404,749
578,865
152,188
Rents paid in adv_ 333,310
295,120 Res, for bldg. conUnamort.lease bo143,507
struc. on Ishlds_ 155,327
nuses & comm's 1,047,384 1,134,875 Res. for conting's_ 1,712,027 1,557,705
Unamort, disc. on
MM. Int. In corn.
funded debt__ 543,678
571,340 stk. of Whelan
Goodwill & leaseDrug Co., Inc
5,000
5,000
holds
34,440,622 34,440,532 514% deb. 1949._ 9,775,500 9,938,000
Deficit
776,288 10-yr. 6% cony.
gold notes Whelan DrugCo.,Ine. 1,900,000 1,900,000
Real estate mtges_16,476,905 16,937,072
6% pref. stock___19,200,000 19,300,000
Common stock___52,764,159 54,220,709
Total(each sIde)_114,436,980 126818,659 Surplus
691,828
-Agreement to repurchase 35,000 shares of comContingent Liability.
pany's common stock at $20 per share in 1934.
a After deducting $42.984 reserve for bad debts. b Market value,
$1,777,000. c Owned in fee at cost, less reserve for deprec. of bldgs. and
reserve for reduction to present values as appraised by the company's real
estate staff. d Originally purchased against employees' subscriptions now
cancelled, leas reserve for excess of cost over par value. e Includes notes
payable to banks partly secured by company's common stock purchased for
employees.
-V.130. D. 3564.
American Commonwealths Power Corp.
-Year Ended Dec. 31 1929.)
(Annual Report
President Frank T. Hulswit reports in substance:
-Satisfactory gains in both gross and net earnings have
Year's Business.
been made throughout the year as a result of corporation's policies and of
satisfactory business conditions throughout most of the areas served by
corporation's system. Though a temporary recession in business volume
occurred in isolated areas served by corporation's system during the latter
two months of the year, present conditions as a whole are satisfactory and
point to further improvement in volume which, at the close of the present
year, should show a satisfactory comparison with that of preceding year.
Notwithstanding this temporary and limited business recession corporation's system continued to show an increase in the output of both gas and
electric generating stations, justifying the policy of diversification in its
services.
Agricultural conditions as a whole were satisfactory and better than in
the preceding year, although the need still exists for encouragement and
further improvement of farming conditions.
Industrial Development.
-The manufacturing and industrial facilities in
the territory served by corporation's system continue to expand. In the
large centers this was of especial significance during the year and was
supported by the increased investments made in banking, commercial and
industrial enterprises, and in the increased number of men employed in
building, industry and commerce. Building activity for civic and industrial purposes in the Southwest and especially in the 'Panhandle of Texas'
was greater in volume than during any previous year. In the Birmingham, Ala., district, building permits for 1929. based on 60% of actual
value, exceeded $11,000,000. Minneapolis, Minn., issued permits for new
construction amounting to over $21,000,000 during the year. In other
cities of importance, comparable and satisfactory building construction
continred throughout the year.
The management, as a matter of policy, is pledged to the encouragement of all civic, commercial and industrial development in the communities served. To the end that all facilities of corporation may be co-ordinated
with local industrial boards, chambers of commerce and other civic organizations, with the idea of assisting in the further development of industrial
activity in all communities, the management has created an industrial
department. This department will complement the activities of the local
managements in bringing industries to the communities served.
Earnings.
-The gross revenues of all companies now comprising corporation's system for the 12 months ended March 31 1930, amounted to
*26.384,437, and net income for this period amounted to $11,991,826.
This is an increase of $8,341,429 and $4,793,372 over the gross revenues
and net income respectively for a like period ended March 31 1929.
Corporation's "revolving fund" of special investments, consisting mainly
of voting stocks of other public utility companies, is carried on the books
of the corporation at first cost and on Dec.31 1929 amounted to $5,298,286.
This investment on March 31 1930 had a market value in excess of $11.500.000. The difference between market value and book value of this
investment has not been reflected in any balance sheet or earnings statement here or previously submitted. The "revolving fund" was established
at the inception of corporation and has been of considerable benefit and
profit. Among the securities in the fund are the following:
Shares.
United Light & Power Co., class B common stock
105.950
American Superpower Corp., common stock
15,000
Central Public Service Corp., class A common stock
10,000
Eastern Gas & Fuel Associates, common stock
10,000
Long Island Lighting Co., common stock
5,000
Massachusetts Utilities Associates, common voting trust
2,000
Massachusetts Gas Companies, pref. stock
1,133
International Utilities Corp., class B common stock
1.000
Equitable Trust Co. of New York, stock
134
Northwest Bancorporation. Minneapolis, common stock
138
Bankers Trust Co., New York, stock
100
New Acquisitions.
-Aside from providing for the expansion of corporation's generating and distribution facilities, the greater portion of the
proceeds from the sale of additional securities during the year was used
for the financing of new acquisitions.
Including the gas generating and distribution facilities in the Birmingham. Ala., district, which corporation acquired on May 14 1929, through
Its subsidiary, American Gas & Power Co., corporation acquired all of the
outstanding obligations of American Commonwealths Power Associates
(Mass.), which owns the Lowell Gas Light Co. of Lowell, Mass.
Corporation also acquired all of the outstanding capital stock fof the
National Gas & Power Corp. serving, through subsidiary companies, 25
communities in the States of Michigan, Ohio, Wisconsin, Virginia, South
Carolina, Colorado, Missouri and Alabama.
Corporation later acquired all of the outstanding common stock of the
Interstate Fuel & Light Co. which, through its subsidiaries, serves the
Cities of Manitowoc. Wis.; Kendallville, Auburn and Garrett, Ind.; Benton
Harbor, St. Joseph, Sturgis, Otsego, Allegan, Plainville, Cadillac and
Traverse City, Mich., with manufactured gas. The territory served is
estimated to have a population of over 190,000. Of considerable economic
importance is the contiguity of these properties to those previously acquired
in -Michigan and Wisconsin (through the National Gas & Power (orp.)
rirou 130.
which enables their supervision and more economical operation through
consolidated management.
During the latter part of the year corporation acquired a beneficial
Interest in the common stock of the Ramapo Gas Corp., organized in New
York. This corporation owns and operates a coal-gas generating plant
conveniently located near the tracks of the main line(New York to Chicago)
of the Erie RR. It serves the Cities of Suffern and Spring Valley, and the
Town of Milburn N. Y. At present this corporation has under way the
extension of its distribution system to other communities adjacent to its
generating plant.
Corporation later acquired a beneficial interest in the common stock of
the West Shore Gas Co., which serves an area adjacent to that served by
the Ramapo Gas Corp. Its system will probably be physically connected
with that of the latter. It serves the towns of Haverstraw, West Haverstraw and Garnersville, N. Y.
Dividend Policy.
-Directors June 12 1929 declared an initial cash dividend of 15c. per share on both classes of common stock payable July 15
1929 to holders of record July 1 1929, and a stock dividend of 1-40th of
one share in class A common stock payable Oct. 15 1929 to holders of
record Oct. 1 1929, on each share of class A and class B common stock
outstanding.
At a regular meeting of directors Sept. 5 1929, it was decided that the
payment of a dividend of 1-40th of one share in class A common stock on
each share of class A and class B common stock outstanding, would, if
warranted, be continued at quarterly intervals, thereby placing both
classes of common stock on the basis of a 10% annual stock dividend.
payable in class A common stock.
In Pursuance of the above policy directors at a regular meeting held on
Dec. 11 1929 declared the quarterly stock dividend to be paid in class A
common stock on Jan. 25 1930 to holders of record Dec. 31 1929, on each
share of class A and class B common stock outstanding.
The conservation of cash resources as a result of the stock dividend policy
of the corporation will make available funds in sufficient amount to limit
substantially future increases in the funded debt and preferred stock
issues of the corporation, and in consequence create a saving in the cost
of new financing which is constantly required in a growing public utility
,
system. At the same time this policy provides a very substantial return
to the common stockholders.
New Business Policies.
-During the year the management continued its
policy relating to the stimulation of diversity in the utilization of both
gas and electrical energy for industrial, domestic and farm purposes. The
effect of this policy is reflected in the increase of the output of your system's properties for the year 1929 over that of the preceding year. Sales
for the year 1929 amounted to 10,448.279.900 Cu. ft. of artificial gas,
14,210,117,100 cu. ft. of natural gas and 137,065,817 k.w.h. of electrical
energy, Water sales amounted to 741,967,000 gallons. Both the domestic and industrial loads have been given very close attention and rates
have been adjusted to stimulate further increased uses of gas and electrical
energy for both purposes.
General.-Corporation's system now serves a population estimated at
2,562,205 in 376 communities in 25 states. This is an increase over a
year ago of 725,205 in population, 81 in communities and 10 in states.
These increases further add to the diversity of corporation's operations
and make for further stability of earnings and future growth.
CONSOLIDATED BALANCE SHEET DEC. 31.
1928.
1929,
1928.
1929.
Assets
Plant & invest_ _150,632,888 108,517,581 Amer.CommonCash
wealths Power
2,360,819 1,038,760
Notes receivable
64,018
1st pref. stock a8,005,200 8,038,400
108,180
Accounts reedy- 4,605,743 2,117,072
2nd pref.ser.A b1,371,100 1,371,100
Inventories (opSub. co's pfd.stk 27,264,811 20,566,811
erating co.'s). 2,307,083 1,664,155 Amer.Com.Pow.
Unmeasured serCorp.com.stk.c16,931,074 7,173,445
vices
2.480
25,345 Sub.co's corn.stk
4,420
145,125
Int., My., &e.,
Am.Com.Pow.Corpreceivable
18,901
Series A 6%
279,808
Other assets_
gold debs_ _ 4,000,000 4,000,000
e11,156,448 4,482,518
Prepaid rent, in53.4% series_ _ 5,000,000 4,700.000
surance, &e.Cony. deb. 6s 3,239,500
105,086
152,958
Work In progress
49,547 Sub. co's funded
54,898
Unamortlx, debt.
78,505,333 59,391,350
debt
disct. & exp
4,499,947 3.333,729 Notes payable
d8,652,552 2,184,608
(all co's)
Unamortiz. pur931,678
chase & sales
1,575,865
Accts. payable
16,218
18,526
contracts_ _ _ _
262,317 Ice coup. outst_
239,626
23,518
Due from AssoMiscellaneous
ciated & affil.
Accr. liabilities_ 3,199.597 1.722,413
834,312
companies _
175,479 Deter. liabilities 2,931,927
Items In suspens, 1,454,828
308,365 Stock div. Pay.
419,694
Reacquir.secur_ 6,422,679
90,280 in el. A stock_
Ret.& repl. res. 10,439.081 8,132,013
118,324
185,099
Uncoiled.sects_
37,100
68,318
Contriblorexten
54,591
83,364
Res. forconting_
53,953
148,304
Miscell. reserve_
14,379,242 2,898,797
Surplus
184,421,008 122,251,111
Total
Total
184,421,008 122,251,111
a As follows: 1st pref. series A, 23,818 shs. (no par), 1st pref. $6.50 div.
series, 54,466 shs. (no par). 1st pref. $6 div. series, 1.768 shs. (no par),
b Represented by 13.711 shares (no par). c As follows: Class A 1,238.665
shs. (no par), class B,441,591 shs. (no par), class A and class B scrip, $49.
payments on stock subscriptions by employes.$128,664. d Now comp 1 2,
ly liquidated. e As follows: Revolving fund, investments at cost, $51et e286; American Commonwealths Power Associates (notes receivable,
950.000, other receivables, $340,000). *5.290,000; special deposits, in $4,sinking funds, $163,428; miscellaneous marketable securities, $376c1ud.
other miscellaneous assets, $27,857; total, 811.156,446.-V.130, P.31,875:
United States Electric Power Corp. (Md.).
Including Subsidiary and Affiliated Companies as Constituted Jan.7 1930.1
-Year Ended Dec. 31 1929.)
(Report to Stockholders
Louis H. Seagrave, Chairman of Board, May 12 1930,
wrote in substance:
Corporation was formed in Maryland Sept. 10 1929. It was created for
the primary purpose of acquiring substantial interests In electric power
and other publlc utility companies.
Corporation has acquired more than a 70% interest in the voting stock
of Standard Power & Light Corp., which company now owns a majority
of the common stock of Standard Gas & Electric Co. United States Electric
Power Corp. and It, M. Byliesby & Co. jointly control Standard Power &
Light Corp. and Standard Gas 8c Electric Co. Standard Gas & Electric
Co. and its properties will continue under Byliesby management.
United States Electric Power Corp. has also other public utility holdings
in the United States and foreign countries.
--Capitalization April 30 1930 w:size
Capitalization.
was asfollows:
Preferred stock (no par value)
1,000.000 shs. x177,andshs..
° is5 O ing
u t0
Class A stock (no par value)
2,000,000 shs. 2,000,000 shs.
Common stock (no par value)
20,000,000 shs, y6,380,720 shs.
x $6 series cumulative preferred convertible at option of holder of record
at any time prior to Jan. 2 1940 into common stock upon the basis of 4
shares of common stock for one share of $6 preferred. y Not including
10,480,720 shares reserved for exercise of stock purchase warrants at $25
per share on or before Jan. 2 1940 and 710,000 shares reserved for the conversion of preferred stock.
The corporation has no bonds or debentures, but has outstanding $15.000,000 serial notes maturing in 1931.
The common stock and Class A stock share equally share for share in
all respects as regards dividends and in liquidation. Each holder of
common stock has one vote for each share held and the holders of the
Class A stock outstanding at any time have as a class voting power equal
to the total votes appertaining to the remaining outstanding stock of the
corporation. The directors may authorize the issuance of additional shares
of any class without offering them to the shareholders of any class.
Earnings.
-The directors are giving consideration to plans for the elimination of certain senior securities, with plans, if consummated, will favorably
affect earnings on the common stock.
Management.
-Corporation was organized by United Founders Corp.,
American Founders Corp., Hydro-Electric Securities Corp., Harris, Forbes
MAY 24 1930.]
FINANCIAL CHRONICLE
3703
& Co.. W. C. Langley & Co., A. C. Allyn & Co., Inc., Albert Emanuel General Gas & Electric Corporation & Subsidiaries.
Co., Inc., J.Henry Schroeder Banking Corp. and the Seaboard National
Corp. (later merged with the Equitable Corporation). These interests, as
-Year Ended Dec. 31 1929.)
(Annual Report
well as Societe Generale de Belgique, Brussels,and .LIIenry Schroeder & Co.,
CONSOLIDATED INCOME ACCOUNT CALENDAR YEARS(CO& SUBS)
London, are represented on the board of directors.
1928.
1929.
1927.
1926.
In Feb. 1930 the Koppers Co. of Pittsburgh, became one of the large
85.968,514 $23,498,285 $24,546,184 $24,093,376
stockholders in United States Electric Power Corp., and its president Operating revenue
9,666,754 11,072,584 11.555,194
2,579,949
Oper. expenses & taxes
and general counsel were elected to the board.
564,899
2,395,703
2,493,512
2,434,223
-Although the corporation was formed but 8 Maintenance
Number of Stockholders.
1,749,552
366,066
1,512.674
1.231,286
months ago, its common stock has wide distribution. On Feb. 25 1930 Depreciation
154,973
383,525
380,727
391,669
Rentals
when a record was taken for the annual meeting,there were 51,322 registered
holders of common stock.
Operating income_ _ _ _ $2,302,622 $9.207.737 $9,181.698 $8,481.005
Summary of Consolidated Income for the Year Ended Dec. 31 1929.
5,224,259
1,061.283
801,529
Other income
677,677
(After giving effect to transactions consummated Jan. 7 1930 as follows:
87,526,885 $10.269,020 $9,983,227 $9,158.683
Total income
Acquisition by corporation of stock of Standard Power & Light Corp.
4,106,092
3,844,425
and reorganization and recapitalization of the latter Company and of Int. on funded debt...- - 2,021,998 3.567,405
484,347
236.939
472,153
Other deductions
581,909
Standard Gas & Electric Co.)
410,258
2,150,602
Pref.divs, ofsubsidiaries
2,086,924
1,609,820
Gross earnings of Standard Power & Light Corp. and sub275,514
206,063
241,435
sidiary and affiliated cos
$172,762,748 Minority interests
Operating expenses,taxes. etc
94,675,920 Int. during construction-Cr1,228,362
$6,086,052 $3,791,150 $3,111,994 $2,881,094
Net income
Net earnings
$78.086,828
1,084.602
1,084,602
1,065.208
Other income,net
7,656,777 Preferred dividends---- 2.223,601
1,140,028
804,349
Corn (A & B)diva
2,324.051
470,754
190,160
Gross income
$85,743,605 Dividend participations.
315,557
Less: Interest (lass interest charged to construction)
24,462,952 Miscellaneous debits netAmortization of debt discount and expense
954,692
Balance
$1.222.843 $1,376.357 $1.223.043 81.345.053
Rent of leased properties
2,468,297
Miscellaneous charges
1.289.920
INCOME ACCOUNT
-YEARS ENDED DEC. 31 (CO. ONLY.)
Provision for retirement of property and depletion
18.892.271
1928.
1927.
1926.
1929.
Net income
Dividends on stocks.... 82,652.838 $2,153,733 $1,642.861 $1,245,443
$37.675.472
200,190
329.016
398,517
Less: Dividends on capital stocks of subsidiary and affiliated
Int. on loans & notes rep.
884,086
199,276
118,568
23,547
companies held by public: Preferred stocks
17,878,787 Int.on sec.& bank bal.. 1,984,652
Common
stocks, 7,582,293
Total income
$5,521,576 $2,553,200 $2,090,445 $1,667,508
Undistributed net income accrued to capital stocks of sub96,082
95,864
482,797
126.065
sidiary and affiliated companies held by public
6.923,835 Expenses & taxes-4,299
26,038
Int.on notes payable_
Balance available for interest and dividends of United States
Net income
$5,038,779 82,427,134 $1,968.324 $1,567,344
Electric Power Corp
$5,290,558
447,466
Surplus Jan. 1
1,332,875
501,914
1,340,324
Mies.credits-Net
751,588
23,146
Condensed Consolidated Balance Sheet, Dec. 31 1929.
1,378
[ After giving effect to transactions consummated Jan. 7 1930.1
Total surplus
86.380.481 $3,760,010 $3,221,827 82.037,955
Assets
Divs,
1,084,602
1,065,288
2.223,601
1,084,602
Plant, property, rights, franchises, etc
$1,073,958,870 Divs,on pref.stocks.... 2,324,051
oil com. stocks.-470,754
1,140.030
804,348
Investments in other companies, associations, etc
45,403,704 Div. participations
190.160
Sinking funds and other deposits
1,374,252 Misc. deductions
(net)...4,894
Cash, call loans, and marketable securities
24,787,437
Cash on deposit for bond and note interest, etc
1,171.465
Surplus Dec.31
$501,914
$1,832,829 31,340.324 81.332.875
Notes and accounts receivable (less reserve)
20,420.343
Materials and supplies
15,497,442
CONSOLIDATED BALANCE SHEET DEC. 31
Deferred charges
38.922.493
[General Gas & Electric Corporation and Subsidiary Coal
Total
1928.
1929.
1928.
1929.
$1,221,536,006
Assets
Liabilitiesi
$
$
Liabilities
57,322,627
stock,
Bonds, debentures, and notes of subsidiary companies
$472,259,272 Property owned138,166,245 148,569,040 CapitalG.& E.a102,334,203 31,796,336
Securities
Gen.
2,775,745
Purchase obligations
1,900.000 Sinking de other
Subsid. cos __ 5,658,910 35,402,767
Notes and loans payable
29,300,524
funds
27,660
967,711 Fund.debtsubs_ 32,073,900 89,519,200
Accounts payable
10.194.237 Excess val. of
82,477
Pref. stk. subscr
Dividends payable and accrued
5,534.408
inter to. secur
3,236,174 Notes payable- - 3,786,003 2,548,601
Accrued taxes
11,419,062 Funds for conAccts. payable_
381.097 1,395,753
Accrued interest, etc
7.257,582
struction
6,401,823 10,652,199 Consumers' dep.
672.498
164,766
Customers' deposits, etc
3,152,703 Cash
511,342 3,229,063 Adv.by consumMiscellaneous unadjusted credits
2,495,196 Notes & acct's
409,968
282,047
ers for extensReserve for retirements, etc
95,763.285
177,536
receivable- - 3,596,854 2,784,044 Misc.liab
19,377
Preferred stocks: United States Electric Power Corp
15,087.500 Mat. & supplies
1,670,112 Taxes accr
521,272 1,837,759
Subsidiary and affiliated companies
-held by public
291,718,660 Working funds &
929,882
Int. accr
305,576
Minority int, in corn, stocks & surp. of sub. & affil. cos--- 156,738,369
miscellaneous
337,297 Depr.& cont.red 1,594,391 9,131,385
Class "A." no-par and corn, no-par cap. stocks and surplus:
Unamort. disc't
Res.for injuries,
Class"A"
-Authorized and outstanding, 2.000,000 shares,
& expense-- 3,703,850 9,356,008
uncollect. acwith warrants; Common-Authorized,20,000,000 shares:
Unamort.adj.of
433,069
counts, &c.:
outstanding.6.180,720. with warrants;after eliminating
prop'ty accts.
449,637 Renewals, &c_
990,905
surpluses of subsidiaries at dates of acquistion, in which
Undistrib. debt
Misc. reserves...
907,008
540,802
the interest of the parent company amounted to $51.900.Items
93,795 Minority int. in
318.12
118,715,208 PrePaYments-91,870
sur, of sub.cos
588,109
61,168,820 8,288,478
Surplus
Total
$1,221,536,006
Total
209,822,070 184,120,826
Total
209,822,070 184,120.826
a Capital stock (no Par): (1) 88 cumulativ, pref., class A,59,672 shares:
(2) $7 cum. pref., class A, 78,425 shares: (3) $6 cony. pref. 300,000 shares:
Notes.
-Certain subsidiary and affiliated companies were contingently (4) E6 cum. pref. series B, 212,622 shares; (5) common,
793,502
liable in the amount of 8186,000 at Dec. 31 1929, on notes receivable dis- shares; (6) scrop certificates for common, class A, 183,612class A,
shares; (7) comcounted at banks, and on accommodation endorsements.
mon stock, class B, 400,000 shares.
This balance sheet does not include operated lessor companies with outGENERAL BALANCE SHEET DEC.31(COMPANY ONLY).
standing capital stock of $16,779,000 and bonds of $5,085,000 certain of
which are guaranteed as to dividends, principal, and interest.
1929.
1928.
1928,
1929,
This balance sheet does not give effect to dividend of 82,260,000 declared
Assets$
Liabilities3
$
$
Jan. 7 1930 by Standard Power & Light Corp.. payable in Standard Gas & Securities owned156,391,141 29,738,567 Capital stock _-_102,334,203 31,796,338
Electric Co. common stock.
Cosh
-V. 130. p. 1116.
308,746
323,660 Nts at accts. pay 4,069,334
Special den
36.123
235,440
Accrued taxes.295,800
Accts.receivable 1,916,802
10,841 Divs.declared __
236,409
Due from affil.
Ford Motor Co. of Canada, Ltd.
Divs. accrued__
128,143
cos. Loans &
Contingencies _ _
32,767
(Report for Year Ended Dec. 31 1929.)
accts receiv__ 6,381,722 3,395,887 Miscell. reserves
359,468
33,386
Accr.int.& diva. 1,231,398
99,213 Surplus
59,083,194 1.340,324
PRODUCTION FOR CALENDAR YEARS.
Deferred debits76,067
1927.
1929.
1928.
1926.
Cars
37,844
Total
166,539,318 33,208,170
Total
166,539,318 33,206,170
75,241
87.791
100,614
Tractors
6.819
2,001
1,689
6,140 -V.130, p. 2578.
INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
1927.
1928.
1926.
Total sales & other inc_y$60,009,013y348,265,969 $27,820,549 $54,254.619
GENERAL INVESTMENT NEWS.
Exps., deprec., maint.,
operation & taxes.- 54,776,194 51.666,620 27,649,327 x48,913,442
STEAM RAILROADq.
Net profits
$171,222 $5,341,177
$5,232,819loss$3400652
Adjust, of claims and inBig Increase Shown in Railroad Outlay.
-$223,772.000 total of capital
come tax
Cr181.535 Cr135.872 expenditures in quarter, up $96,653,000 over 1929.-N. Y. "Times'
Other adjustments
75,
400
May 22, page 43.
Previous surplus
24.454.
685 27,855,336 28.552.580 24,275,530
-The Port of New York Authority
New Freight Depot to Cost 515,000,000.
Plans to spend $15,000.000 to obtain the property bounded by 8th and 9th
Totalsurplus
$29,762,905 $24,454,685 $28,905,336 $29,752,580 Avenues and West 15th and 16th Streets, and to erect a 14th story union
Dividends paid
(15)1050,000 (10)700.000 Inland freight terminal on the site.
-N. Y. "Times," May 20, page 29.
Reserve for conting
-The Senate acted May 21 to curb acquisi500,000
Vote Holding Company Curb.
tion of control of railroad lines by holding companies by passing the Couzens
Profit & loss, surplus-$29.762,905 $24,454,685 $27,855,336 $28,552,580 Joint resolution to make it unlawful for railroad holding companies to
Shs. cap. stk. outstand.
obtain further control of carriers and prevent exercise by them of present
(no par)
a1,658,956
b70,000
b70.000
670,000 control. The resolution also provided for suspension of the power of the
Earns. per sh
$3.15
Nil
$2.45
$76.30 Commission to approve railroad consolidations until March 4 1932, except
-N. Y. "Times," page 29.
ic Includes plant write-off but excluding certain rebates which may be on fulfillment of certain conditions.
received at a later date. y Includes $168,477 in dividends from affiliated
-The right of the Federal Court to suspend
Carriers Lose Test Case.
companies. a Represented by 1.588,956 class A shares and 70.000 class intra-State orders of State regulatory commissions, was May 20 denied by
"B" shares. b Par $100.
the U. S. Supreme Court in deciding a test case between the Board of Railroad Commissioners of North Dakota against the Great Northern and other
Comparative Balance Sheet Dec. 31.
carriers serving North Dakota points. The State won its case."Wall St.
News," May 20.
1929.
1298.
1929.
1928.
-Class 1 railroads on May 8 had 412,048 surplus
$
AssetsSurplus Freight Oars.
$
account.. _ _ _24,547,937 24,132,488 Capital stock-- _113,378,980 7,000,000 freight cars in good repair and immediately available for service, the Car
Plant
1
1 Accounts payable- 2,584,754 7,174,220 Service Division of the American Railway Association announced. This
Patents
6,159,541
Cash
Accrued Payroll.
was a decrease of 15.877 cars compared with April 30, at which time there
arc
Can. Govt. bonds_ 11,952,192 2,908,097
180,924
175,848 were 427,925 cars. Surplus coal cars on May 8 totaled 152,674, a decrease
Accts. receivable 2,093,476 2,970,326 Reserve for income
of 16.256 cars within approximately a week, while surplus box cars totaled
233,829
tax203,254, an increase of62 for the same period. Reports also showed 27,892
Deferred charges-. 236,051
396,762
4,765,087 6,849,959 Deprec'n reserve_ _13,115,185 11,117,467 surplus stock cars, a decrease of 185 under the number reported on April 30.
Inventories6,205,502 6,205,502 Contingency res've 1,000,000 1,000,000 while surplus refrigerator cars totaled 16,018, an increase of 228 for the
InvestmentsAdv.to attn. cos_ _ 4,327,896 7,622,017 Surplus
29,762,905 24,454,685 same period.
Interest accrued_ _ 131,807
-Class I railroads on April 15 had 130.592
Freight Cars in Need of Repair.
freight cars in need of rep , or 5.9% of the number on line, according to
60,419,490 50,922,221
TotalTotal
60,419,490 50,922,221 the car service division of the American Railway Association. This was an
x Represented by 1,588,956 shares class A stock and 70,000 shares increase of 697 cars over the number in need of repair on April 1, at which
class B stock, both of no par value.
-V.128, p. 2471.
time there were 129,895 or 5.9%. Freight cars in need of heavy repair on
* $11,361,060 of these securities, together with certain securities of subsidiary companies, are pledged against notes and loans payable.
3704
FINANCIAL CHRONICLE
[VOL. 130.
April 15 totaled 88,403, or 4%,a decrease of 593 compared with the number in improved service
and lower rates. On the other hand, it is desirable that
on April 1, while freight cars in need of light repairs totaled 42,189 or 1.9%. voluntary agreements be
permitted wherever possible and the carriers must
an increase of 1.290. compared with April 1.
be allowed reasonable latitude in their negotiations. Indeed, no other
Matters Covered in the Chronicle" of May 17.—Gross and net earnings method of unification is now available.
of United States railroads for the month of March, page 3428.
Assuming that the line of the Buffalo & Susquehanna proposed to be
used by applicant as part of its new route is adaptable,it can presumptively
Akron Canton & Youngstown Ry.—Bonds.—
be developed for that purpose at much less cost than that of new construcThe I.
-S. C. Commission, May 12, authorized the company to issue tion. The applicant estimates that a new line between B. & S. Junction
'
$1,500,000 gen. & ref. mtge. 53 % gold bonds, series "B", to be sold at and Sinnemahoning would cost approximately $10,000,000. However, no
,
5
not less than 96.375 and int. and the proceeds applied to the payment of conclusion can now be reached as to the public necessity for applicant's
maturing bonds. See also V. 130, P. 3153.
proposed route, nor as to the prospect of its full development. Further
present record
Baltimore & Ohio RR.—Control of Buffalo & Susque- proceedings must be awaited. Upon the the unification we must view the
proposed acquisition merely as a step in
of carriers, to be
tested by the general principles of the law providing for consolidation.
quehanna Railroad Corp. Approved.—The I. S. C. Com- In
our general plan of consolidation, 159 I.C.C. 522, we have assigned the
mission May 16 conditionally approved the acquisition of Buffalo & Susquehanna to the Baltimore &
system. This record
control of the Buffalo & Susquehanna Railroad Corp. by supports the propriety of such disposition. Ohio
no public interest in the acquisition
the purchase of its capital stock. The report of the Com- ofThe Delaware & Hudson argues thatapplicant has
the Buffalo & Susquehanna by the
been established that
is not conditioned upon its acquisition of control of the Reading, and as it
mission says in part:
On Feb. 11 1930 we authorized the applicant to acquire control of the has not been shown that the applicant has reasonable prospect of obtaining
such control the public interest required by the statute has not been
Buffalo, Rochester & Pittsburgh By. by purchase of a majority of its
capital stock. One of the purposes of the application in that proceeding established. As already indicated, however the case has a broader aspect,
was to secure the use of a portion of the line of the Buffalo, Rochester & and the present controlling consideration is the most advantageous die
Pittsburgh as part of a new through route of applicant's system, connecting position of the Buffalo & Susquehanna in the building up of an efficient
its lines west of Pittsburgh with toe harbor and City of New York. How- and economical transportation system.
We find that the acquisition by the applicant of control of the Buffalo
ever, control of the Buffalo Rochester & Pittsburgh was sought on other &
Susquehanna as proposed in the application will be in the public interest
grounds also, and the application was granted without giving weight to
the possibility of the use of any part of the line as a through route to New and that the consideration, terms, and conditions are just and reasonable,
maintain all existing routes and channels of trade between the Buffalo Sr
York. In the present proceeding, use of a portion of the line of the Buffalo the
applicant declared its intention, should its application be approved, to
& Susquehanna as an additional
in applicant's proposed through line
is declared to be the principal purpose of the proposed control, although Susquehanna and its connections, unless and until otherwise ordered by Us.
Approval of the application will be conditioned upon the performance of
other benefits are also sought to be shown.
To show clearly the relationship between the former proceeding and the that promise, as well as upon the continued offer by the applicant for a
present, it is necessary to state that the proposed new route of the applicant period of 6 months to acquire the remaining outstanding stock of the
would connect with its present Pittsburgh-Chicago Line a few miles west Buffalo & Susquehanna at the same price it has agreed to pay for the shares
of Butler, Pa. It would make use of the applicant's present line to Butler, already deposited. Since complete consolidation will necessitate further
proceedings, the applicant will also be required to preserve the continuity
the line of the Buffalo Rochester & Pittsburgh from Butler to B. & S. of
records and statistics of the Buffalo & Susquehanna for purposes of
Junction, near Du Bois, Pa., about 80 miles, and the line of the Buffalo &
comparison. These conditions were recommended in the proposed report,
Susquehanna from B.&S.Junction to Sinnemahoning,Pa.,about 55 miles. to
From Sinnemahoning to Williamsport, Pa., a distance of about 75 miles, in which the applicant took no exception but on oral argument accepted
full.—V. 130, p. 2572.
the applicant proposes either to use new construction or,iffound practicable,
to use the tracks of the Pennsylvania. It is also suggested that the New
Birmingham Southern RR.—Final Valuation.—
York Central may join the applicant in the new construction. At or near
The I.
Williamsport the proposed line would connect with the Reading system and
-S. 0. Commission has placed a final valuation of $3,785,000 on
from that point to New York harbor applicant would use the lines of the the owned and used properties of the company, as of June 30 1917. Cost
Reading and the Central of New Jersey. The applicant already owns of reproduction new of the carrier was placed at $3,614,987, and less depreabout 34% of the capital stock of the Reading, and the Reading in turn ciation, $2,898,005 on the owned and used properties.—V. 124, P. 2742:
owns 52% of the stock of the Central of New Jersey. The consummation V. 121. p.69.
of applicant's plans would give it a through line between Chicago and New
York about 83 miles shorter than its present line through Pittsburgh and
Boston & Maine RR.—To Sell Power Plant.—
Baltimore, with materially better grades. The crossing of the Alleghenies
A joint petitiOn filed
Boston & Maine RR. and the Public Service
on the proposed route would be about 700 ft. lower than the crossing on Co. of New Hampshireby thethe New Hampshire P. S. Commission asks
with
applicant's present line. According to the testimony, diversion of traffic permission for the sale of the Eastman Falls power plant
to the new route would remove any immediate danger of congestion on portion of the transmission lines between Franklin and at Franklin and a
Concord, N. H.,
applicant's line through the Pittsburgh district and would obviate large
by the railroad, to the power company.
expense in improving the present line just west of that city. It would also owned
Accompanying the petition Is a copy of an agreement whereby the power
relieve the line through Baltimore, which at times is now overburdened, company pays the railroad $600,000 in cash and agrees to a long time conand would permit freer movement through that terminal of freight from tract for sufficient
supply the needs of the railroad at it shops and
the south and, southwest. Should new construction be found necessary station and for thepower to Electric RR. With the petition and contract
between Sinnemahoning and Williamsport, the cost is estimated at about is another petition,Concord the Public Service Co. asking for permission
filed by
$15.000,000, or $200,000 per mile. The present maximum grade on the to capitalize the new acquisition. It is understood that the reason for the
line between Butler and Snemahoning is 1.3%, but applicant's president sale is that the railroad, having use for only about 3,500000 k.w.h. annually
expressed the opinion that grades between those points could be reduced to finds it good business to sell to the power company which, through its con.5% at no large expense. It would also be necessary to strengthen bridges nections, can obtain 6,000,000 k.w.h. from the property as at present
and trestles at an estimated expense of about $600,000, and eventually to developed and under redevelopment can obtain approximately 15.000.000
install heavier rail at an expense of about $650,000. According to a pro- k.w.h.
file placed in evidence, the line from Sinnemahoning to the Reading conThe power plant consists of two units, one
nection at Williamsport would be of very light grade, and east of Williams- of 200, making a total development of 1,600of 1,000 k.w. capacity and one
h.p. The plant has produced
port the ruling grade of the Reading eastbound is .63%.
4,688,284 k.w.h. In 1923 as a maximum and 3.144,800 k.w.h. in 1928 as
The applicant claims other benefits through the proposed acquisition.
a minimum. (Boston "Ilerald.")—V. 130, P. 3533.
The operations of the Buffalo & Susquehanna for a considerable period
have been relatively unprofitable, operating expenses and taxes exceeding
Buffalo Rochester & Pittsburgh Ry.—New Directors.—
revenues for every year since 1917 except 1928 and 1929. However, owing
Daniel Willard and George M. Shriver, officials of the Baltimore & Ohio
to the per diem earned by the carrier s equipment, principally coal cars,
during the same period, a substantial net railway operating income was RR., have been elected directors.—V. 130, p. 2572.
shown for every year. Bituminous coal tonnage is a very influential factor
in its total income, affecting alike freight earnings and per diem receipts.
Buffalo & Susquehanna Railroad Corp.—Control by
For the years 1921 to 1924, inclusive, the coal tonnage averaged upward
Approved.—See Baltimore & Ohio RR.
of 1.000,000 tons per year, and net income for those years ranged from about Baltimore & Ohio RR.
$200,000 to about $850,000. In the years 1925 and 1926 the coal tonnage above.—V. 130, p. 2761.
dropped to 581,407 tons and 476,977 tons, respectively. For the years
1927, 1928 and 1929 it again averaged about 1,000,000 tons per year and
Central Vermont Ry.—Receivers Discharged.—
the total tonnage and revenues have correspondingly increased.
Judge Harland B. Howe May 17 discharged George A. Gaston and John
Dividends of 4% per annum have been regularly paid on the carrier's W. Redmond as receivers.
preferred stock since 1915, but no dividends on common stock since 1925.
The receivership was inaugurated in 1927, as a result of the Vermont
Prior to 1925, the common stock paid substantial dividends, amounting in flood. The property was sold at auction last July to the Central Vermont
the years 1922 and 1923 to $510,000 in each year. This was due not only By., Inc., a subsidiary of the Canadian National Ry.—V. 130. p. 2764.
to the large freight earnings and equipment rents incident to the transportation of coal, but to dividends received on the stock of the subsidiary
Chesapeake & Ohio Ry.—Hocking Valley Lines.—
coal corporations which furnished the bulk of the traffic.
The company has taken over the properties of the Hocking Valley By.
The applicant expresses the opinion through its officials that the con- as of May 1, and the lines thus assumed will be designated as the Hocking
sideration proposed to be paid for control of the Buffalo & Susquehanna is Division.—V. 130, IL 3533.
reasonable, referring to our tentative findings of value of that carrier's
property, to the coal reserves in its territory, owned by subsidiary coal
Chicago Milwaukee St. Paul & Pacific RR.—Bonds.—
companies, to its holdings of securities, and to its probable value in liquidaThe -S. C. Commission, May 12, authorized the company (1) to
tion. Our tentative report shows a valuation of $9,845,905 as of June 30 assume I.
in respect of the payment of the principal
obligation and
1919, including about $8300,000 working capital. Adding net expenditures of and interest on, andliabilityissue
(2) to
Chicago
&
for additions and betterments to Dec. 31 1928, adjusting working capital St. Paul Ry. gen. mtge. 43j% gold$15,000,000 of"F"• saidMilwaukee be
bonds, series
bonds to
to $180,000, and deducting accrued depreciation would result in a value sold at not less than 98 and int. and the proceeds used to reimburse the
of about $9,000,000 for the railroad property. If the value of marketable treasury for capital expenditures heretofore made and to provide for
securities owned by the carrier be added and the amount of bonded indebted- expenditures to be made during 1930 for additions and betterments and
ness be deducted, the net value of the corporation property is shown as for new equipment.—V. 130.
P. 3154.
$7,487,686, without taking into account the excess of current assets over
current liabilities or giving consideration to the value of coal properties.
Chicago Rock Island & Pacific Ry.—Bond Issue SubAt the date of the hearing in this proceeding the carrier's property,including
equipment, was said to be in good condition for its purposes. The sub- scribed for by Stockholders.—The company, announces that
sidiary coal corporations are said to own 55,000.000 tons of unmined coal substantially
-year 43'I% convertible
all of the $32,228,000 30
and the books of those companies show remaining value of coal properties
bonds of the company have been subscribed for by the
amounting to $4,142,285.
Determinations of value of railroad property for rate-making purposes stockholders. The subscription had been underwritten by
under Section 19a of the act often have little bearing upon the value of the
same property in exchange: and the amount realizable in liquidation of a Syndicate, headed by Speyer & Co. the National City
assets represented by property used in railroad operations is hardly germane Co. and J. &. W. Seligman & Co., which has now been dis'
in the absence of probability of abandonment. As to the value of coal
reserves owned by subsidiary companies, it must be remembered that the solved and the profit distributed to syndicate participants.
value of such property depends upon its marketability. It is probable that
Securities Authorized.—
the relatively low prices of the Buffalo & Susquehanna stocks in the past
The I.
-S. C. Commission May 15 authorized the company to issue not
reflected in some degree the unreliability of the earnings of a carrier which exceeding
-year 434
depends so largely upon a single commodity produced and marketed in than 95 $32,228,000 30 proceeds% cony, gold bonds, to be sold at not less
used for corporate purposes.
and int, and the
competition with other sources of supply. The better test of value for the
to issue $25,782.400
purpose of this proceeding is the prospective earning capacity of the or Authority was also grantednecessary to effect common stock (par $100).
so much thereof as may be
conversion into common
property. Based upon the net income of the past 4 years, the price of 90 stock of such of the bonds as may be presented the that
for
purpose.
for Buffalo & Susquehanna stock, preferred and common, might well be
The report of the Commission says in part:
held unreasonable. It greatly rxceeds the average for that period and is
The applicant represents that to finance its 1930 budget involving addi5 points higher than the highest point reached by either class. That point tions and betterments, construction of new lines, and acquisition of new
was reached shortly after the filing in February 1929, of the application in equipment, it will require over $82,000,000 of cash in addition to the estiFinance Docket No. 7450, in which the applicant gave public notice of its mated amount that will be available for that purpose from treasury funds
desire to acquire the Buffalo & Susquehanna, among other carriers.
and anticipated income. It plans to provide a portion of the required cash
There is a presumption that the substantial advance in the prices of stock from proceeds of the proposed bonds. As support for the proposed issue
of that carrier, particularly in the price of preferred stock, was chiefly due the applicant has furnished a statement of capital, expenditures made
to the announcement of applicant's plans which made it clear that the stock between Oct. 1 1924 and Jan. 311930, amounting to $59.854,542, of which
was sought as a medium of control. However, in the years 1922 to 1925, $16,038,000 has been used as a basis of capitalization in prior applications.
inclusive, the carrier's common stock reached prices well above par. leaving $43,816,542 yet uncapitalized, for which it desires to reimburse its
Although there is no present indication that similar conditions will obtain erer tures art untingasoaiso831s1. hed a statement of proposed capital
t x en
in pam. It h t s7 f11 92
o
in the immediate future, the carrier's traffic for the past 2 years, and
particularly for the year 1929, indicates a revival, and there is no ground or
The proposed bonds
be entered into
under an
reached betweedate amycant will be issued National indenture toYork as trustee
assuming that former prices of the carrier's stocks may not again be
n theor
.
Bank of New
and the Chase
The preferred stock is preferential as to assets as well as dividends, and is under
May 1 1930, and will be in coupon form in the denom. of
said to be regarded by its holders as having practically the status of bonds. $1,000. payable to bearer and registerable as to principal. They will be
The principles that acquisitions of control looking to consolidation must be dated May 11930, will bear interest at tho rate of4Si% per annum, payable
accomplished without unnecessary or unreasonable cost should be observed semi-annually on May 1 and Nov. 1, and will mature May 1 1960. The
and any tendency to inflate prices of properties to be acquired in the entire issue, but not a part, may be called for redemption by the applicant
process of consolidation should be discouraged. After dealing fairly with on May 1 1936, or on any semi-ann. Int.-payment date thereafter to and
present owners, the benefits of consolidation should accrue to the public incl. May 11965. at 105 and int., or on any int.-payment date thereafter
MAY 24 1930.1
FINANCIAL CHRONICLE
at par and int. plus a premium of 44 of 1% for each 6 months between
redemption date and the date of maturity.
The bonds will be convertible at par at the option of the holders into
shares of common stock at any time on or after May 1 1931. and before
May 1 1940, at $125 a share, with an adjustment of accrued int. and current
dividends.
Holders of the applicant's common and pref. stock have been offered the
privilege of subscribing for the bonds before 3 p. in. Eastern standard time,
on May 9 1930, at 95 and int. to the amount of 25% of their holdings at
3 p. m.on March 7 1930.
,
-To insure necessary funds for its requirements, the applicant has arranged
with Speyer & Co., of New York, N.Y., with which there are to be associated the National City Co. and J. & W. Seligman & Co., to underwrite the
offering and to purchase at 95 and int., or find purchasers at that price for,
any bonds not subscribed for by stockholders. As compensation for underwriting the bonds the applicant will pay an amount equal to 2A % on the
entire amount to be underwritten. On that basis the annual cost to the
applicant in case the bonds should remain unconverted will be approximately
4.98%.
The intervener (United States & International Securities Corp.), which
owns a substantial amount of the common stock, submits that the effect of
granting the application would be to dilute unnecessarily the equity of the
common stockholders to the extent that holders of the pref. stocks are
permitted to subscribe to the bonds, would increase the already top-heavy
character of the applicant's financial structure and complicate the refunding
of its heavy maturities in 1934, and would place the applicant and holders
of its securities at a disadvantage in case of merger negotiations; that it
would discourage investing in railroad common stocks and weaken railroad
credit and therefore would be incompatible with the public interest, would
impede future financing by the sale of common stock, and impair the ability
of the applicant to perform its service to the public as a common carrier. It
contends that the applicant can and should finance ite capital requirements
by the sale of common stock without injustice to the holders thereof. It
points out that on Dec. 31 1929.the funded debt of the applicant was 5279,320,640 and its capital stock $129,032,022, a ratio of 2.16 to 1,and that after
the proposed Issue of bonds the ratio would be 2.41 to 1. In order to avoid
any difficulty concerning preemptive rights of pref. stockholders to subscribe for the proposed bonds, the intervenor suggests that the applicant,
instead of issuing the bonds, retire the entire amount of outstanding
stock consisting of $25,127,300 of 6% pref. stock redeemable at 102pref.
and
$29,422,100 of 7% pref. stock redeemable at 105, provide funds for that
purpose by issuing at not less than par $60,000,000, of 544% pref. stock
without rights to participate in future stock issues, and finance its present
requirements through the sale of 525,000,000 of common stock to be offered
for subscription at par to present holders of common stock.
The applicants' general counsel testified that the objections of the intervener and its proposed plan were considered by the applicants'
committee and board of directors, and that it was decided it wouldexecutive
be to the
advantage of the applicant to proceed with the proposed issue of cony.
bonds. He pointed out that the board of directors was inclined to offer the
bonds to common stockholders only but, as the conversion privilege would
involve the issue of new capital stock, counsel had advised that under the
rules of law applicable to the applicant's articles of consolidation, it would
be necessary to offer the bonds to the pref. stockholders also. He testified
that ever since the pref. stocks were issued in 1917 the board of directors had
had in mind their retirement at the opportune time and that it is of the
Opinion that within a few years those stocks can be retired on a more favorable basis than that contemplated in the plan of the intervener and that any
dilution of the common stockholders' equity in the property of the
or its future earnings is outweighed by the advantage to be gainedapplicant
from the
Present issue and the deferring of the redemption of the pref. stocks until it
can be done on substantially better terms. The retirement, it is
plated, can be accomplished through the issue of a new pref. stock contemlower dividend, or of new common stock after the applicant has bearing a
begun to
realize the benefits expected from the new construction and improvements
now under way, and which are made possible by the proposed
stated that the claim of the intervener that the proposed issue will issue. He
complicate
the 1934 refunding or place the applicant in a disadvantageous
roosition
with regard to any merger negotiations, it not regarded by the board as
founded. At the annual meeting of the stockholders held May 1 1930, well
there
were cast in favor of a resolution authorizing the proposed issue
shares of stock, all classes, out of a total of 1,289,074, or about1.063.866
834, no
vote being cast against the resolution. The total number of
stockholders
of the applicant as of April 1 1930, was 15,500, of which 13,330, or
approximately 86% were represented by proxies.
The objections of the intervener with respect to the dilution of the common
stock appear to rest on the assumption that the proposed bonds will
be
converted into common stock, an assumption which in its nature involved
more or less uncertainty. The intervener and the applicant differ as to
the
expediency of retiring the pref. stocks at this time in the manner proposed
by the former. The plan of financing proposed by the applicant, however,
has received the approval of its governing bodies and the unanimous
approval of the holders of both the perf. and common stock which
was voted at the recent annual meeting of stockholders.
While it is
possible that the financing of the applicant's present needs by the issue of
common stock or some other method might be preferable, we do not feel
that the objections urged against the proposed issue warrant denial of the
application.
Commissioner Eastman, dissenting, says: "I agree with the intervener."
-V. 130. p. 3345.
Consolidated Railroads of Cuba.
-Earnings.
-
9 Months Ended March 31-1929.
1930.
1928.
Revenues from dividends
$2,016,200 $1,832,000 51,800 0
10:300
84
Miscellaneous revenues
139,194
146,784
Gross revenue
Expenses
52,155,394 81,978.784 $1,810,384
19,620
30,875
24,983
$2,135,774 $1,947,908 $1.785,401
Net income
Net income of subs, for the rooriod,
avail, for diva, on stock of Consolidated lifts. of Cuba
$2.942,831
-V. 130, p. 1452.
$3,282,314 $2,449.147
Cuba Northern Rys.-Earnings.-
9 Months Ended March 311929.
1930.
1928.
Gross revenues
$3,528,220 $5,040,009 $4,737.512
Expenses, incl. oper., hit., taxes. income taxes, doprec.& all other digs. 3,218,927
4,004,133 3,828,085
Net income transf. to prof. & loss_ _
$309.293 $1,035,876
$909,426
-V.130.P. 1452.
Cuba Railroad Co.-Earning8.-
9 Months Ended March 311929.
1930.
1928.
Gross revenues
59,971,849 $11,320,435 $11,186,536
Expenses, incl. °per., int., taxes, inc.
taxes, deprec. & all other charges
7,338,751
8,624,481
9.197.179
Net income transf. to profit & loss_ $2,633,098 $2,695,954
$1,989,356
--1r. 130. p. 1452.
DelaWare & Hudson Co.
-Merger Plan Dismissed.
-
3705
Jameson, on the express condition that the D. & R. G. W. shall Purchase
for cash at not exceeding $155 per share any stock or voting trust certificates
which may be offered to it for sale within six months after the date of the
Commission's order.
-V. 130. IL 3533.
Gulf Texas & Western Ry.-Out of Receivership.
-
The receivership for the company ended at midnight May 15.
The road has been in receivership since Jan. 24 1921. All debts of the
road have been paid, except what it owes to the Jermyn estate of Pennsylvania and that estate owns the stock and all of the bonds of the company.
-S. C. Commission recently approved a program of the Frisco and
The I.
Rock Island roads in West Texas that involves much construction and also
the purchase of the G. T. & W. by the Frisco. In its report, however. the
Commission refused to approve the sale of the G. T. & W.for $2.300,000,
as proposed, but reduced the price to $1,800,000.-V. 130, p. 2954.
Hocking Valley Ry.-Now Operated by C. ec 0.
-
See Chesapeake & Ohio Ry. above.
-V. 130, p. 2565, 2574, 2954.
International Rys. of Central America.
-New Directors.
Four new directors have been elected. viz.' Whitney H. Shepardson
Bates International Bag Co.), Wilson S. Kinnear (of Wilson S. Kinnear (of
&
Co., consulting engineers), Bradley W. Palmer (of the law firm of Storey,
Thorndike,Palmer and Dodge of Boston) and John L. Simpson (off. Henry
Schroder Banking Corp.).
-V. 130. p. 3343.
Kansas Oklahoma Sz Gulf Ry.-Initial Dividend.
-
The directors have declared an initial semi-annual dividend of 3% on the
series B 6% non-cum. pref. stock and a regular semi-annual dividend of
3% on the series A 6% cum. pref. stock, both payable June 2 to holders
of record May 20.-V. 130, p. 2385.
Louisville & Nashville RR.
-New Officers.
-
J. C. Michael has been elected Treasurer to succeed the late E. S. Locke.
John M. Scott has been elected Secretary succeeding J. C. Michael.
V. 130. p. 1651.
Mahoning Coal RR.
-Earnings.
3 Mos. Ended Mar. 31- 1930
Inc. from lease of road-- $281.434
Other income
46,276
1929.
$308,879
x45.240
1928.
$286,801
121,335
1927.
$358,458
80,481
Total income
Taxes
Int. on funded debt-_
Other deductions-
$354,119
34,715
18,750
2,070
$408,136
33.641
18,750
1,841
$438,939
41,056
18,750
1,539
$327,711
32,996
18,750
1.888
$274,077
Net income
$298,584
$353.904
$377,594
x Decrease in other income due mainly to the fact that in 1928 in addition to 3 months accrued of dividends on the company's holdings of stock
of the Lake Erie & Eastern RR. there VMS included the dividends for 6
months on that stock, payable Jan. 1 1928 whereas only 3 months accrual
IS included in 1929.-V. 130, p. 1453.
Maryland 8c Pennsylvania RR.
-Earnings.
Calendar Years1929.
Total oper. revenue.. _ _ - $931.557
Total oper. expenses.. _ _
604,303
Other oper. charges__..94,233
1928.
$881,588
615,099
88,587
1027.
5947,124
644,770
107,845
1926.
$960.027
666,662
107,271
Net ry. oper. incomeNon-oper. income
$233,021
22,005
8177,901
16,416
$194.508
12,730
$186.094
11,219
Grass income
Rentals, int. and miscel.
income charges
Approp. for additions to
property
$255,027
$194,318
$207,238
$197.313
95,236
87,267
90,831
87,433
34,868
91,070
65,157
107,521
Balance, surplus
-V. 130, p. 2955.
$124.923
515,981
$51,250
$2,359
Midland Valley RR.
-Offer Ratified.
-See Muskogee
below.
-V. 130, p. 2955.
Missouri-Kansas-Texas RR.
-Initial Common Dividend.
-The directors on May 21 declared an initial dividend of
$1 per share on the common stock, no par value, payable
June 30 to holders of record June 5.
The following statement was issued at the meeting of
directors:
In declaring the dividend at this time, the directors have given full consideration to the decrease in business and believe the earning power of
the company, based upon the experience of the past seven years and prospects for the future justifies the disbursement. Cash position of the company, as shown by its annual report for 1929, just published, is excellent
and the physical condition of the property is good.
Earnings are mucn greater in the last six months of each year than in
the first six months. Approximately $48,000,000 have been put back into
the property, completing an extensive improvement program including
yards, freight-houses, shops, terminals and engine-house facilities and
reduction of grades. The rolling stock in good condition.
An issue of $55,809,667 adjustment bonds has been reduced to 513.750,000. When the remaining 813.750,000 shall have been converted.
the company will have about 800,000 shares of 7% preferred stock, callable
at 110, and about $93.718,779 of funded debt.
-V. 130, p. 3342.
Muskogee Co. Philadelphia, Pa.
-Split-up of Stock
Offer to Midland Valley RR. Stockholders Ratified.
-The appropriate corporate action has been taken whereby two new
shares of common stock will be issued to stockholders of
record on June 16 1930 in exchange for each share of present
stock now outstanding.
The stockholders on April 29 approved the recommendation of the directors that the company offer two shares
of its cum. 6% pref. stock, par $100, in exchange for each
five shares of Midland Valley RR. 5% pref. stock, par $50
per share, and one share of the new Muskogee Co. common
stock in exchange for each share of Midland Valley RR.
common stock.
President Charles E. Ingersoll, May 15, in a letter to the
common and preferred stockholders of the Midland Valley
RR., says in substance:
The Muskogee Co. herewith offers to the stockholders of the Midland
Valley RR.:
1. Two shares of Muskogee 6% cum. pref. stock, par $100, in exchange
for each 5 shares of Midland 5% pref. stock, par $50.
2. One share Muskogee common stock in exchange for each share of
Midland common stock.
This offer is made in connection with Muskogee Co. issuing 2 shares of
new common stock in exchange for each share of its present stock outstanding, and it will be this new Muskogee common stock which will be
Issued to Midland Valley common stockholders accepting this offer.
Bonds.
This offer is made subject to acceptance by June 20 1930, and to being
-S. O. Commission May 16 authorized the corporation to sell accepted by the holders of the majority of both the common and the
The I.
$10.000,000 1st & ref. mtge. gold bonds of the Delaware & Hudson Co. preferred stock of the Midland company on or before that date. The
at not less than 90% and int. to date of delivery, the proceeds to be used to directors have reserved the right to extend the period of acceptance.
To take advantage of thls offer. Midland Valley stockholders should
-year 7% secured gold bonds of the
retire a like principal amount of 10
atter company which mature June 1 1930.-V. 130. p. 2573.
deliver or forward by registered mail their certificates of Midland Valley
stock duly endorsed for transfer to the Muskogee Co., 311 Lafayette
Denver & Rio Grande Western RR.
-Examiner Advo- Building, Philadelphia Pa., on or before June 20 1930.
As soon as practicable after June 20, the Muskogee company stock certicates Control of Moffat Line by Stock Purchase.
ficates in permanent engraved form will be issued to those making this
Recommendation that the company be authorized by the I.
-S. C. Corn
exchh.e
T an
mission to acquire control of the Denver & Salt Lake Ry. by purchase of
/iIuskogee Co. has arranged for the
ge
Its capital stock was made to the Commission May 21 by Examiner M. S. prtfikred stock at $36 per share to the degree purchase or sale of Midland
necessary to enable all Midland
-S. C. Commission May 16 issued a formal order dismissing
The I.
the
application of the company, filed last year, asking for permission to
merge
a number of Eastern lines into an Atlantic terminal belt system.
The action of the Commission was expected as the company some time
ago agreed to the withdrawal of its application without prejudice to its
laterresubmission. and is in line with similar action taken by the
Commission
with respect to merger applications filed by the Baltimore & Ohio, Chesapeake & Ohio and Wabash railroads.
3706
FINANCIAL CHRONICLE
Valley preferred stockholders to acquire or dispose of such a number of
shares as will make the total number of each stockholder's shares divisible
by 5. No Muskogee Co. certificates for fractional shares will be issued.
If the tender of exchange herewith made is accepted by the holders of
all the Midland common and preferred stock, the assets of the Muskogee,
Co., in addition to cash and certain notes and miscellaneous securities,
will consist of the following stocks:
Midland Valley RR.
Preferred stock (79.985 shares, 100% of Issue, par value)____ $3,999,250
Common stock (80,130 shares, 100% of issue, par value)___ 4,006,500
Kansas Oklahoma & Gulf Ry.Series A 6% cum. pref. stock (24,736 shares. 87% of issue
par value)
2,473,600
Series B 6% non-cum,pref.stock (2,325 shares,82% of issue,
par value)
232,500
Series C 6% non-cum. pref. stock (56,169 shares, 97% of
Issue, par value)
5.616,900
Preferred stock(25,520 shares, 94% of issue, par value)
2,552,000
Oklahoma City-Ada-Atoka Ry.15,992 shares of stock (99% of issue) par value
1,599.200
Foraker Co. (which ownsall stock of Osage Ry. Co.)100% of issue (no par) book value
460,000
Total
$20,939.950
The Muskogee Co., aside from its stock outstanding and to be outstanding, has no liabilities other than current office expenses and intercorporate
transactions.
The earnings of the railroad companies for the year 1929 applicable to
Muskogee Co. stock ownership, considering a retroactive ownership of all
Midland Valley RR. pref. and common stock by Muskogee Co., would
have been as follows.
Kansas Oklahoma & Gulf Ry
$1,070,485
Midland Valley RR
816,879
Osage Ry
189,307
Oklahoma City-Ada-Atoka-Ry
def11,955
$2,064,715
Deduct, to avoid duplication, dividend received by Midland
Valley RR.from Muskogee Co
Deduct actual expenses of Muskogee Co for year 1929
144,500
$1,920,215
31,679
Potential retroactive net income of Muskogee Co. for
$1,888,636
Potential income, per share, on 31,994 shares Muskogee Co.
$59.03
preferred stock had it been outstanding
Potential income, per share, on 163,932 shares of Muskogee Co.
common stock to be outstanding (exclusive of shares owned
by Midland Valley RR.)
$10.35
During the year 1929 semi-annual dividends, June 15 and Dec. 14, at
rate of$8 per year, were paid on the old Muskogee Co.stock. It is expected
that dividends at the rate of $4 per year will be initiated upon the new
stock. See also. V. 129. p• 3335.
The company has declared a dividend of $4 per share on the present no
par capital stock, payable June 14 1930 to holders of record June 4 1930
-V. 129. p. 3335.
[VOL. 130.
Pere Marquette Ry.-Equipment Trusts; etc.
-
The I.
-S. C. Commission, May 10 authorized the company to assume
obligation and liability in respect of $5,100,000 4 % equipment-trust gold
certificates, to be issued by the Chase National Bank. New York. under an
agreement to be dated May 1 1930, and sold at not less than 99.137 and
divs., in connection with the procurement of certain equipment.
Wilbur M. Baldwin of Cleveland, Howell B. Erminger, Jr. of Chicago.
and Kenneth D. Steere of New York. have been elected directors, succeeding 0. P. Van Sweringen, Alva Bradley and Frank H. Alfred.
-V. 130, P.
3343, 3346.
Pittsburgh & West Virginia Ry.-Loses Appeal.
-
The company lost in the U. S. Supreme Court its appeal against the
I. C.Commission to test the validity ofthe Commission's order permitting
-S.
the Wheeling & Lake Erie to abandon its Ontario St. Station in Cleveland.
Ohio, and to enter into contracts with the Cleveland Union Terminals Co.
for the use of terminal facilities at that point.
-V. 130, p. 3347.
Pittsburgh, Youngstown & Ashtabula Ry.-Tenders.The City Bank, Farmers Trust Co., trustee, 22 William St., N. Y.
City, will until May 31 receive bids for the sale to it of 1st gen. mtge. bonds.
to an amount sufficient to exhaust $118,410. at prices not exceeding par
and int.-V. 125, p. 2804.
St. Louis-San Francisco Ry.-New Director.
Everett G. Frank has been elected a director.
-V. 130, p. 3155.
Hudson & Manhattan RR.
-Resignation.
Oren Root has tendered his resignation as President, to become effective
Sept. 1.-V. 130, p. 2198.
Southern New England RR.
-Charter Extended.
The charter of the road has been extended for two years from Dec. 31
1929 by a bill passed by the legislature and signed by Governor Frank G.
Allen of Massachusetts -V. 130. P. 134.
Southern Pacific Co.
-Equipment Trusts-Listing.
The I.
-S. C. Commission May 14 authorized the company to assume
obligation and liability in respect of $6,000,000 equipment
-trust certificates.
series M,to be issued by the Pennsylvania Co.for Insurances on lives and
granting annuities under an agreement to be dated May 1 1930,the certificates to be sold at not less than 99.355 and diva. in connection with the
-V. 130, p. d534.
procurement of certain equipment.
The New York Stock Exchange has authorized the listing of $41,294,000
Oregon Lines 1st mtge. 43 % bonds. ser.es A, due March 1 1977, making
,
6
the total amount applied for $61.294.000.-V. 130, p. 3534.
Wabash Ry.-Restrictions Modified.
The I. S. C. Commission has acquiesced to request of the company for a
modification of its order of May 2 1928 so as to permit the road to pledge
or repledge until Dec. 1 1931 all or any part of its holdings of 177,900 shares
of Lehigh Valley stock.
The condition attached to the previous order followed the conclusion
reached by the Commission at that time, in approving the issuance of
$17,867,000 ref. & gen. mtge. 454s, that such financing would not have
been necessary ifthe Wabash has not invested $23,233,061 in 231.329 shares,
New York Central RR.
-Equipment Trusts Offered.
- or about 19.99% of Lehigh Valley common stock, and therefore, ordered
Lehigh Stock, approximately equal
Bros. & Hutzler are offering an issue of $3,945,000 that 177,900 shares ofthen proposed to be issued shall notto the principal
Salomon
be disposed of
of the
4% equipment trust certificates of 1930 at prices to yield amountWabashbonds the Commission's consent.
by the
without
The text of the Commission's report follows:
4% to 432%, according to maturity. Issued under
from
By our order herein entered May 2 1928 we authorized the Wabash By.
the Philadelphia, plan.
to issue not exceeding 817,887,000 of ref. & gen. mtge. 434% gold bonds,
Dated May 15 1930, to mature $263,000 annually May 15 1931 to 1945. series C. upon the express condition that it should not thereafter sell, pledge,
Inclusive, certificates and dividend warrants (M & N) payable at office or otherwise dispose of 177,900 shares of the common stock of the Lehigh
of the Guaranty Trust Co., New York. Denom. $1,000 c*.
Valley RR.,then owned or controlled by the applicant, without our consent.
The issuance and sale of these certificates are subject to the approval The reasons for imposing the condition are stated in our report filed with
-S. 0. Commission.
of the I.
and made apart of the order. On Feb. 10 1930 the applicant filed a suppleThese certificates will be legal investments for savings banks and trust mental application asking that the order of May 2 1928 be modified so as
funds in New York, Massachusetts, Connecticut and New Jersey.
to permit it to pledge the shares of stock in question as collateral security
The certificates are issued to privide for somewhat leas than 75% of the for any short-term notes which it may issue within the limitations of Seccost of the following new equipment: 6 electric switching locomotives. tion 20a(9) of the Inter-State Commerce Act. No objection to the granting
10 Berkshire freight locomotives. 5 Hudson passenger locomotives, 10 steel of the supplemental application has been presented to us.
dining cars, and 1,000 steel automobile cars.
The applicant represents that it is its policy to borrow money for corporate
Purposes from time to time, in the regular course of its business, upon its
Asks To Sell Bonds.
statement showing the estiPermission to sell $5,700,000 Boston & Albany RR.43i% improvement short-term notes. It has presented a detailed the remainder of the current
bonds of 1928 to J. P. Morgan & Co. at 90 and Inc., instead of at 96 as mated amount of cash that will be available for
cash requirements,
year
previously authorized by the Commission, is sought by the New York cash to be nearly 89,000,000 less than its for 1930. It shows including
that the
needed for its improvement budget
Central in a supplemental application filed with the Commission.
for short-term notes with
now available for
The application declared that the bonds in qua,tion are DOW held in its amount of securitiesmeet this deficiencypledge
temporarily, pending the issue of
which
treasury, having been issued and delivered to it on Feb. 8 1929, under other it proposes to be insufficient for that purpose. The applicant wishes
securities, will
authority of the Commission's order of May 26 1928. The original order
Lehigh Valley stock, which it
stipulated that the bonds were not to be sold for less than 96 and int. to be able to pledge all or any part of its
states constitutes desirable collateral security, for any short-term notes
-V.130.P.3534.
which it may issue within the limitation of Section 20a(9) of the Inter-State
New York New Haven & Hartford RR.
130. p. 3347.
-Petition for Commerce
Reopening of Valuation Case Denied.
-The "United States
Daily" May 15 says:
Winston-Salem Southbound Ry.-Earnings.-
1928.
1927.
1929.
1926.
Calendar YearsRailway oper. revenue-- $1,511,441 $1,477,753 $1,559,343 $1,498,280
879,944
903-437
917,897
921,978
Railway oper. expense_133,000
143,000
Railway tax accruals139.000
125,500
51
27
253
164
Uncollectible ry. rev- --
Petition of this company and affiliated carriers for rehearing of its valua-S C. Commission, because of the failure of the latter
tion case by the I.
to include a $55,000,000 item for the use of the Grand Central Terminal in
N. Y. City and $17,000,000 for the use of the Boston terminal, was denied
by the Commission May 14 by an order in Valuation Docket No. 311.
$454,781
Railway oper. income_ $474,953
$502,192
$450,637
The owned and used properties of the New Haven system have been valued Non
71.440
68,202
68.142
62,408
-operating income_ _
by the Commission as of June 30 1915 at $256,400,000.
In its petition for reconsideration of the valuation, the company declared
$522,983
Gross income
$546.393
$513,045
$570,334
that "the Commission has failed to assign any value for the rights of the Int. on
200,000
200,000
200,000
funded debt- - -200,000
carrier to use the tracks of the New York & Harlem RR.from Woodlawn
169,049
168,632
173,831
166.100
Junction to 43rd St., N. Y. City, or for the right to the joint use with the Other deductions
New York Central RR. of the Grand Central Terminal.
$177,344
$154,352
Balance, surplus
$196,504
$146,945
The New Haven placed a value of$55,490,531 on its rights in the Terminal
Consolidated General Balance Sheet Dec. 31.
properties and approaches thereto, based on the proportion of use which
It has estimated.
1928.
Assets1929.
Ltabilffies-1929.
1928.
The New Haven company also claimed a value of $17,802,000 for its Road and equip--$6,689,650 86,576,771 Capital stock
$1,245,000 $1,245,000
rights in the Boston Terminal Co., which, it contended, amounted to 75% Other Investments 270,160
800 Funded debt
5,000,000 5,000,000
ofthe station
40,000 Traffic & car serv.
Bald Mt. Quarries
In denying the carrier's petition for rehearing of the valuation of its MLscell. phys. prop
53,116
balances payable
76,060
67,540
properties, the Commission gave no reason for its action. The order stated Advances
25,000 Audited accts. and
briefly: "Valuation Docket No. 311, New York, New Haven & Hartford Cash
129,385
wages payable.67,087
133,778
91,293
RR. Co. et al. Upon further consideration of the record in the above- Remit.In transit
13,688 Mine.accts. pay_
14,155
3,574
4,375
entitled proceeding, and of petition for reargument, reconsideration and Special deposits_
100,460 Int. matur. unpaid 100,080
100,460
100,080
rehearing filed by the above-entitled carriers. It Is ordered: That the said Traffic & car serv.
Prepayment on frt.
petition be, and it is hereby denied.'
39,726
in transit
bal. receivable
5,845
30,251
5,870
Taxes accrued
51,350
rec. from
43,542
President John J. Pelley, commenting on the refusal of Net bal.& conduc.
7,566 Accrued deprec.agents
7,394
the Commission to reconsider the valuation case, issued the Adv.on frt.in tran
280
5
Equipment
174,446
166,053
52,893 Oth.unadj. credits
11,719
MLscel. accts. rec_
19,901
6,247
following statement:
32,074 Addition to prop.
Materials & supp_
25.466
Our claim was first made before the commission in May 1925, and it Work, fund adv.857 through Income
857
petitioned Disc.on fund. debt 213,500
was not decided until January of this year. This company then
220,500
and surplus._ 516,251
° 502,508
for a rehearing in respect to the inclusion of our proportion of the valua- Oth, mad]. debits
5,810 Profit & loss Burp_ 247,312
4,478
76.991
tion of the New York and Boston terminals as a necessary step in the
proceedings which will be taken to secure a ruling by the courts on our
Total
Total
$7,509,675 $7,298,928
$7,509,675 $7,298,928
rehearing
claims. The recent action of the commission in denying us a down last -V. 128, P. 3349.
was not unexpected and merely reaffirms the decision handed
Wheeling & Lake Erie Ry.-Opposes Acquisition of Line.
January.
-V. 130, P. 2955.
The company has asked the I.
-S. C. Commission to dismiss the pending
-Earnings.
Paris-Lyons-Mediterranean RR.
conflicting applications of Wabash, Pittsburgh & West Virginia and Nickel
Plate, seeking control of the road through majority stock ownership.
-Last three figures omitted.]
In French francs
1925.
As to the Wabash application recently filed, dismissal is asked because
1926.
1927.
Calendar Years1928.
1929.
Totalrevenues
4,381.792 4.130,028 3,637,846 3,689,985 z,803,914 of the inter-system interests in Wheeling as it exists because of ownership
2,652,532 2,220,829 by Pennsylvania Co. a Pennsylvania RR. subsidiary, of 49% of Wabash
Exp. of maintenance_ -3.431.263 3,079.631 2,876,661
a Charges
770,050 718,588 676,853 637,632 525.197 stock. The motion Charges that the Commission's consolidation applica2,206 tion rules require the elimination of such inter-system interest, which, it is
1.786
2,168
Loss in main,sub. cos..
2,095
1,243
28.000 charged, prevents the Wabash from taking independent action in the case.
28,000
28,000
Dividends paid
28,000
28,000
As to the Pittsburgh & West Virginia application, the Wheeling motion
bPreraiums for system
32,971 makes charges similar to those asserted in the Wabash instance. This inter43.857
32.995
and personal
41.355
41,226
system interest, it was said, exists because Pennroad Corp., a Pennsylvania
Balance
sr110,009 sr260,359 sr21.169 sr326,176 def5,290 RR. affiliate, controls 74% of the Pittsburgh & West Virginia stock.
The Nickel Plate proposal to acquire control of its road, the Wheeling
a Charges (Interest, amortization and minor costs) of working capital
and loans less annuities from tile Government and various reimbursements asserts, is out of order, since the applicant road has not made a motion to
have the Commission amend its official railroad consolidation plan to accord
of charges. b Contributions, bonuses, &c.
-V. 129, p. 627.
MAY 24 1930.]
FINANCIAL CHRONICLE
with the Nickel Plate proposal. Such a motion,it was alleged. is necessary
under the Commission's recently revised rules of practice.
The dismissal of all three applications is requested. Postponement of
the scheduled hearings on the applications on June 9 pending a ruling upon
the motion also is requested.
Control of Wheeling is now vested in a trusteeship set up by Commission
under its Clayton Act proceeding.
Hearing on Purchase.
The I.
-S. 0. Commission has assigned the application of the Wabash
By.for authority to acquire majority stock control of the Wheeling & Lake
Erie for hearing at Washington on June 9,along with the similar applications
of the Nickel Plate and the Pittsburgh & West Virginia roads. The hearing
will be before Assistant Finance Director Burnside.
-V. 138. p. 3149.
PUBLIC UTILITIES.
Manufactured Gas Shows Small Gain.
-Sales for the nation in first quarter
only 2.3% above same period year ago.
-N.Y."Times" May 21, page 44.
Matters Carried in the "Chronicle" of May 17.
-Public utility earnings
In March, page 3439.
Alabama Water Service Co.(& Subs.).
-Earnings.
-
Years Ended March 31Operating revenues
Operating expenses
Maintenance
General Taxes
1930.
$859.354
332,029
33,705
86,918
1929.
5780,943
283.475
33,028
77.139
Net earningsfrom operations
Other income
$406,701
2,046
5387,301
1,494
Gross corporate income
$408.748
Interest paid or accrued unfunded debt
194.615
Miscell.interest charges
2.690
Res.for retire.,replace.& Fed.inc. tax & misc. deduc. 61,397
5388.794
191,958
8,429
72,879
Net income
Dividends paid or accrued on pref.stock
$150.045
41.014
$115,527
25,091
Balance surplus
-V. 130, P. 2766.
$109,031
580.436
3707
class A shares reserved for stock purchase warrants attached to series A
notes.
Earnings.
-This schedule is predicated upon: (1) Income statement of
present subsidiaries of Basic Utilities Corp., estimated by engineers of the
corporation, based on the number of telephones in operation, and cost of
maintenance and operation. (2) Twelve months' income statement of
various companies under purchase negotiations or purchase options said
income statements terminating in various months from July to Nov. of
1929. (3) Earnings for the year 1930 giving effect to conservatively estimated increasing revenues based on normal growth as indicated by the past
two years' income, and partly from additional telephone subscribers rate
Increases, and by eliminating certain operating expenses. resulting from
management economies due to this consolidation. (4) In the preparation
of this schedule, effect has been given to completion of present financing
and the acquisition of those companies now under purchase negotiations
or purchase option. Computations made in accordance with the foregoing.
result in the following estimated earnings for the year 1930. viz.:
Operating revenues
5240.867
Operating expenses, maintenance, taxes (other than Federal incom_
tax) but before depreciation
125.467
Net earnings
Prior interest charges on subsidiary companies
5115.400
39.750
Balance
$75,650
Annual interest charges 6% gold notes
24,000
Purpose.
-Proceeds will h3 used in part for the acquisition of utility
properties for additional working capital. for the improvement of subsidiary
companies, and for general corporate purposes.
-V. 127, p. 3539.
Baton Rouge Electric Co.
-Permit Granted.
The Federal Government recently granted this company a permit covering the erection of a 66
-kilovolt transmission line over the Mississippi River
at Baton Rouge, La., on two 425
-ft. towers, as a part of a line now nearing
completion by the Stone & Webster Engineering Corp. The towers, according to Government representatives, are the tallest river crossing towers
in this country. The line will transmit power from the new Louisiana
station of Louisiana Steam Products, Inc., a constituent company of
Engineers Public Service Co., across the river to the existing system of the
Baton Rouge Electric Co. and also to the Gulf States Utilities Co.
-V.128,
P. 1724.
Boston Elevated Ry.-Tenders-To Refund Bonds.
-
Henry L. Wilson, Treasurer, until May 21 was to receive bids for the sale
to the company of 2d pref.stock to an amount sufficient to exhaust $55,365.
regular quarterly dividend of 1-40th of one share of class A common
The Massachusetts Department of Public Utilities has authorized the
stock (2% %)has been declared on each share of class A and class B com. trustees of the company to issue $1,200,000 30
bonds
-year 6%
stock, payable July 25 to holders of record June 30. A like amount was on or after July 1 1930, the proceeds to pay or refund part ofcoupon issues
the two
paid on these issues on Oct. 15 1929 and on Jan. 25 and April 25 last.
maturing on
of bonds of the West End
Where the stock dividend results in fractional shares scrip certificates July 1 1930. Any excess Ry. Co. amounting to $1,604,000, from prein proceeds(which
for such fractions will be issued which can, at the option of the stock- miums shall be held for future additions and may be realized property
improvements to
holders, be consolidated into full shares by the purchase of additional of the Boston Elevated Ry.-V. 130,
P. 1449.
fractional shares. The company will assist stockholders in the purchase
of additional fractional shares.
BrooklynUnion Gas Co.
-New Debenture Issue.
The directors also declared the regular quarterly dividend of $1.75 per
The New York P. S.
and sale
share on the 1st pref. stock, series A, the regular quarterly dividend of of $18,000,000 5% 20 Commission has approved the issuance reducing
-year debenture bonds for the purpose of
$1.62 per share on the 1st pref. stock. $6.50 dividend series. $1.50 per bank loans aud financing future expansion.
share on the 1st pref. stock, $6 div. series of 1929, and the regular quarThe company
oven plant at Greenpoint, L. I.,
terly dividend of $1.75 per share on the 2nd pref. stock, series A, all pay- to the Brooklyn plans to sell the Coke Corp.,
by the
Coke & By-Products
able Aug. 1 to holders of record July 15. Like amounts were paid on the Koppers interests of Pittsburgh. Under the which is controlled
contract, which has been
respective stocks on May 1 last.
-V. 130, p. 3156.
signed by the companies but not approved by the Commission, the Gas
company will be reimbursed for its expenditures and furnished with gas
American Fuel & Power Co.
-New Control.
under a 25
-year agreement.
-V. 130, p. 1646.
See American Utilities & General Corp. under "Industrials" below.
V. 129, p. 2224.
CaliforniO Oregon Power Co.
-Earnings.
12 Months Ended March 311929.
1930.
American Telephone & Telegraph Co.
-Overseas Rates. Gross earnings
$3,510,742 $3,500,549
In a general rate reduction, involving all transatlantic telephone con- Net earnings
2.099,517 2,290,694
versations between North America and Europe, the company on May 11 Other income
33.950
13.222
lowered the rate on each call by $15 for tho first three minutes and $5 for
each additional minute. The new rate became effective on all calls made
Net earnings including other income
$2.112,739 52.324.644
after midnight Saturday, May 10.
-V.130. p. 3348.
On the basis of last year's transatlantic telephone messages, the reduction will mean a saving to the public using the service of approximately
California Water Service Co.
-Earnings.
$450.000 a year. For the entire year of 1929, transatlantic telephone
Years Ended March 31
1929.
1930.
conversations averaged about 50 per business day.
Operating revenues
$2,143.489 52.071.691
Under the revised schedule, the basic rate for a telephone call between Operating expenses
798.527
830.697
New York and London was cut a third, from $45 to $30 for the first three Maintenance
100,046
93,188
minutes. Between New York and Paris the rate will be lowered from General taxes
147,080
149.956
$48.75 to $33.75; New York and Berlin, from $50.25 to $35.25; New York
to Rome from $51 to $36: Now York and Madrid, from $51 to $36; New
Net earningsfrom operations
$1,069,647 $1,026,038
York anti Stockholm, from $51.75 to $36.75. Rates to other points were Other income
20.559
13,875
cut proportionately.
-V. 130. p. 2959, 3535.
Gross corporate income
$1.083.523 $1,046,596
American Water Works & Electric Co., Inc.
x15.199
-Output.
- Amount not applic. to California Water Service CoThe power output of the electric subsidiaries of this company for the Interest paid or accrued on funded debt
296.852
363,896
month of April totaled 158.041,705 k.w.h., a gain of 1% over the output Miscellaneous interest charges
11,737
6,149
Res,for retire., replace.& Fed.inc. tax & miscel. dep. 151,508
of 155,972,026 k.w.h. for the corresponding month of 1929.
115.978
For the four months ended April 30 1930, power output totaled 650,773.Net income
984 k.w.h.,4% greater than the output of 627.712,497 k.w.h. for the same
$561,970 $606,829
Divs,paid or accrued on pref.stock
period last year.
145,058
148,361
-V. 130, p. 3156.
Interest on 6% notes
30,320
40,427
American Commonwealths Power Corp.
-Dividends.
-The
Appalachian Gas Corp.
-Opening Up New Fields.
-
Following out its policy of expansion, the Ohio Southern Gas Co., a
Balance surplus
$373.182 $431,451
subsidiary controls approximately 61,636 acres of gas producing lands in
x Hanford and Bay Point properties acquired Jan. 1 1929.-V. 130.
West Virginia, Ohio and Kentucky, last week commenced drilling oper- p.2959.
ations in new territory on the Big Sandy River, near Webb, Wayne County,
WAVa. The present program calls for the bringing in of two wells,
Central Public Service Co.
-Definitive Ctfs. Ready.
being worked on both sides of the river. It is planned to drill seven rigs
New
-for-I
addi- split in definitive common stock certificates giving effect to the recent5
tional wells in this district during the summer.
stock now are ready for delivery. .After June 10 the old stock and
-V.130, p.3535.
temporary certificates will cease to be good delivery on the Chicago Stock
Associated Gas & Electric Co.
Exchange and New York Curb Exchange where the stock is listed. Stock
-Acquisition.
See Southern Ice & Utilities Co. under "Industrials" below.
-V. 130, and certificates should be sent to the Central Securities Transfer Co., 105
p. 3156. 3148, 2766.
West Adams St., Chicago,for exchange. See also V. 130, p. 1653.
Basic Utilities Corp.
-Notes Offered.
-Bowen, Gould &
Co., Inc., and Kelly, McClure Corp., New York, are
offering $400,000 6% gold debenture notes, series A (with
detachable warrants), at 98 and interest.
Central Public Service Corp.
-New Directors,
At a meeting of the board held on May 6, the number of directors was
increased from nine to 11, D. F. McPherson and Omar P. Stolle, being
added to the directorate. Mr McPherson is a member of Cutting, Moore
& Sidley and also general counsel of the corporation. Mr. &elle is VicePresident of Albert E. Peirce & Co.
W. S. McCullough was appointed Vice-President in addition to his
present office of Treasurer. An executive committee composed of Albert
E. Peirce, W. H. Wildes and D. C. McClure was appointed by the board.
Other officers were reappointed.
The corporation will spend $14,706,000 in 1930 for additions, betterment
and improvements. It was announced on May 7 by President Albert E.
Peirce. Existing gas and electric plants are to be increased in size and efficiency and a substantial sum will be spent for added natural gas facilities.
Two major electric installations will be made in the Portland division of
the Pacific Northwest Public Service Co.. an operating subsidiary recently
acquired. These are a new 35,000 k.w. steam turbine electric generator
and boiler and a new 25,000 k.w. water wheel and generator. These
facilities will increase efficiency of the service to Portland, Ore. and 75
adjacent communities.
The portion of the Central Public Service Corp.'s budget devoted to gas
properties will principally go for changes and additions to the gas plant at
Seattle, Wash., major extensions in the system of the Atlanta Gas Light
Co., another subsidiary at Atlanta, Ga.,and a new gas plant at Charleston,
South Carolina. The Central Indiana properties also will be extended.
The budget of Central Public Service for 1929 involved $7,500.000, so
that the amount to be expended on additions, betterments and improvements in 1930 will be almost twice as large as last year.
The corporation had approximately 42,000 stockholders on March 31,
an increase of 14% since Jan. 1, according to Mr. Peirce. The corporation
had 36,865 stockholders at the close of 1929 and 1,689 in 1925.
1929.
1930.
Increase.
12 Months Ended March 317.87
Gross revenue,incl. other income_ _ _ _$39,639,498 $36,744,633
4.29
Oner.expense, maintenance & taxes__ 22,937,194 21,992,582
13.37 U
et earns, before int. & deprecia'n__ 16,702,304 14.752,051
-v. 130. P. 3536.
Dated April 15 1930: due April 15 1932-34-36-38. Interest
payable by mail to the registered holder or at the principal (A. & 0.),
Brooklyn National Bank of New York, registrar, where theoffice of the
payable at maturity. Denom. $1,000, $500 and $100 reg. principal is
Red, all or
part at any time prior to maturity at 103 upon 30 days'
case with accrued interest to the date fixed for redemption. notice, in each
Stock Warrants.
-The holder of each $1,000 of notes will
purchase on or before April 15 1931, 10 shares of the class Abe entitled to
capital stock
of Basic Utilities Corp. at $10.50 per share; thereafter, to and
April 15 1932 at $12.50 pee share; thereafter, the stock purchaseincluding
privilege
will be void.
Company.
-Organized in Delaware and is authorized to
own, mortgage, sell, convey or otherwise dispose of real acquire, hold,
and personal
property of every class and description in any of the
territories or colonies of the United States, and in anyStates, districts
and
countries, subject to the laws of such State, district, territory,all foreigP
colony, or
country.
The present subsidiaries of Basic Utilities Corp. controlled through
stock
ownership, taken together with telephone companies now under option
to
purchase, or under negotiations to purchase
be acquired
wholly upon completion of present financing), will supply, partially or
througn 25
exchanges, telephone service to approximately 6,500 stations; these
are in the counties of Charles City, New Kent, Prince George, stations
Sussex,
Dinwiddie, James City, Goochland, Amelia, Louisa, Cumberland,
hatan, Chesterfield, Appomatox, Campbell, Rockbridge, Augusta, PowAllegheny, Va., and in the counties of Randolph. Webster and Pocahontas in
W. Va. These counties have a population of upward of 200.000.
CapitalizationAuthorized. Outstanding.
Debenture notes
41.00(4,000
$400,000
Class A capitalstock (no par)
b50,000 abs. 50,000 shs.
Class B capital stock (no par)
1,000 shs. 1,000 shs.
x Of which $400,000 shall be designated as series A 6% debenture notes.
Central West Public Service Co.
-Correction.
Of this amount $100.000 will mature on April 15 1932: 5100.000 on April 15
We wish to call attention to an error in the comparative balance sheets
1934; $100,000 on April 15 1936. and $100.000 on April 15 1938. b 4,000 which we listed in our issue of May 10. p 3348. The balance
sheet which
3708
FINANCIAL CHRONICLE
we have indicated under "1928" is actually a pro forma balance sheet
as at Dec. 31 1929. Because of this error the effect of our comparison
would show that at Dec. 31 1929 the company's financial position was less
favorable than the year previous, which, of course, was not the case.
On the liability side, under the 1928 heading, we placed an "x" before
the amount of $368,500, representing series A preferred stock. This is
an error also.
-V.130, p. 3348.
Central & South West Utilities Co.
-Earnings.
-
Period End. Mar.31- 1930-3 Mos.-1929.
1930-12 Mos.-1929.
Gross earns, of subsids_- $8,252,092 $8,135,248 $34,858,359 $31,573,724
Net of subs, for retire. &
stocks owned by Cent.
'South West Util. Co__ 1,424,747
6,048,210
6,627,882
1.604,696
Other earns. of Cent. &
South West Util. Cos.,
534,430
542,966
207,126
6,258
Total earnings
$1.631,873 $1,610,954 $7,170,848 $6,582,640
Int. & other deducs. of
Cent.& S. W.Util.Co.
90,902
188.303
28,846
22,079
Netfor retire.& stocks
of C.& S. W. Utll. Co. $1,603.027 $1,588,875 $6,982,545 $6,491,738
-V. 130, p. 2204.
Chester Water Service Co.(& Subs.).
-Earnings.
-
Years Ended March 31Operating revenues
Operating expenses
Maintenance
General taxes
1930.
$568,869
134,807
24.523
13,438
$530.790
133,902
24.783
12,428
Net earningsfrom operations
Other income
$396,101
3.244
$359.677
6,244
Gross corporate income
$399.345
Interest paid or accrued on funded debt
135,893
Res.for retire.,replace.& Fed.inc. tax & misc. deduc
42,612
$365.921
135.000
33,987
Net income
Divs.paid or accrued on pref.stock
$220,840
66,002
$196,935
60,318
Balance,surplus
-V. 130, p. 2767.
$154,838
$136.617
Chicago Surface Lines.
-City Council Adopts Car Franchise-Public Referendum Set for July 1.
By a vote of 47 to 3, the Chicago City Council May 19 granted, subject
to later popular approval, an indeterminate franchise to the newly created
Chicago Local Transportation Co., which is obligated under the grant
to consolidated the Surface and Elevated lines, operate city owned subways
through the central business district and feeder buses in the outlying areas.
The view of the voters on the ordinance, which requires their approval
to become operative, is to be ascertained at a special el_ction to be held
July 1. An ordinance calling for a referendum on that date was passed
unanimously by the Council.
-V. 130, p. 3157.
Cincinnati Gas & Electric Co.(& Subs.).
-Earnings.
Earnings Quarter Ended March 31 1930.
Revenues
Expenses
Taxes
Depreciation
$7,553,299
3.864,768
696,878
576.289
Net operating earnings
Other income
$2.415,365
17,713
Gross corporate income available for interest & diva
-V.130. p.2388.
$2,433,077
Cities Service Co.
-Regular Dividends.
The directors have declared regular monthly dividends of 236c. per share
,
in cash and Yi of 1% in stock on the common stock, regular monthly envdends of 50c. per share on the preferred and preference BB stocks, and 5c.
per share on the preference B stock, all payable July 1 to holders of record
June 14. Like amounts are also payable on June 2 next.
-V.130, p. 3536.
Citizens Water Service Co.
-Earnings.
Years Ended March 31Operating revenues
Operationg expenses
Maintenance
General taxes
1930.
$39.264
11,739
1,109
1,069
1929.
$39,416
10,619
1.727
878
Gross corporate income
$25,345
Interest paid or accrued on funded debt
11.007
Res,for retire., replace. & Fed.inc.tax & misc. deduc.
3,301
$26.192
11.189
2.417
Net income
Divs. paid or accrued on pref.stock
$11,037
6,000
$12,586
5.500
$5,037
$7.086
Balance, surplus
-V.130, p. 2767.
-Earnings.
Cleveland Electric Illuminating Co.
12 Months Ended larch 31Operating revenues
Operating expenses
Maintenance
Taxes
1928.
1930.
1929.
$27,472,979 $25,131,446 $23,718,845
8,954.446
8.570,432
8,108.316
1,646.462
1,220,733
1,264.730
3.107.600
3,175,850
3.003,650
Net operating revenues
Non-operating revenues
$13,764,471 $12,164,431 $11,342,149
530,494
519,375
446,519
Gross income
$14,283,846 $12,610,951 $11,872,643
2,451.868
2.457,657
2.454,993
Interest charges (net)
2.892,000
Appropriations for deprec. reserves_ _ 3,363,000 3,111,000
Balance
Preferred dividends
$8,463,190 $7.044,958 $6,528,776
964,902
956,902
916.902
Balance for corn. diva.& surplus__ _ $7,546,288 $6,088,056 $5,563,874
Condensed Balance Sheet March 31,
1929.
1930.
1930.
1929.
Assets8
8
Property & plant114,615,105 103,869,357 Preferred stock_ 15,281,700 15,281,700
664.545548,000 Common stock- 34,059,600 34,059,600
Sundry invests_
4,172,215 8,042,341 Funded debt_ __ 45,000,000 45,000,000
Cash
178,556
201,320
53,140
113,705 Accts. payable__
Notes & bills rec
569,978
646,680
Accts.receivable 2,485,703 2,554,993 Sundry curr.Ilab
Material &supps 2,267,053 2,271,931 Taxes accrued- - 3,014,499 3,011,566
366,079
378,306
1,455
Interest accrued
Sundryour.assets
740,119
346,683 Divs. accrued__
681,192
355,485
Prepaid accts_ _ _
122,652 Depreciation res 10,072,447 14,660,625
130,032
Res.& special ids
678,429
824,733
2,223,938 2,258,534 Other reserves_ _
Open accounts
11,960,312 6,824,418
Surplus
Disc. & exp. on
securities_ ..._ 1,152,118 1,242,875
128,120,790 121,371,071
Total
-V. 130, p. 2960.
Total
Cleveland Ry.-Stock Option, &c.
128,120,790 121,371,071
President Joseph H. Alexander in his report to stockholders for 1929
said in part:
"The most outstanding event in 1929 of interest to the stockholders was
their deposit of 308.504 shares of capital stock (out of a total outstanding
issue of 328,864 shares) with Cleveland Trust Co., depositary under the
stock option and deposit agreement between Metropolitan Utilities. Inc.,
and the depositing stockholders. There are now 4,752 holders of certificates
of deposit issued under the agreement and 816 holders of shares not deposited thereunder. The total number of holders of certificates of deposit
and undeposited shares is 748 less than the number of stockholders a year
ago, but the difference is largely due to the natural consolidation of holdings
prior or incident to deposit of stock under such agreement."
[VOL. 130.
Stock Option.
-A digest of the stock option agreement dated March 30
1929 follows:
(1) For each share deposited Metropolitan gave depositors one certificate
of deposit and $10 cash.
(2) On or before Jan. 10 of every year commencing with Jan. 10 1933
Metropolitan agrees to call an amount equal to 5% of the largest number of
shares on deposit at any time, at 100 and dividend.
(3) Depositors have the privilege of offering their shares for sale to Metropolitan at 100 and dividend during each 90 day period following March 1
in 1934 and subsequent years. Metropolitan agrees to accept offers of up
to 5% of the largest number of shares outstanding on any date and may
accept any or all offers in excess of that numoer at its option.
(4) Metropolitan has right to call all or any number of shares at 100
and dividend up to Jan. 1 1950.
(5) If Cleveland By. defaults in any quarterly dividend payment.
Metropolitan may (but is not obliged to) pay the dividend. If an amount
In excess of $6 per share is delivered to the depositary in any calendar year
for the payment of dividends such excess will be held aside to reduce the
next required payment by Metropolitan pursuant to paragraph 2 above.
(6) The certificate holders will be notified if Metropolitan shall fail
(a) to make any payment required by paragraph 2 above. (b) to pay defaulted dividends as permitted in paragraph 5 above. (c) to pay for any
shares offered and accepted as described in paragraph
During the 90
days succeeding such notice, certificate holders will be privileged to sell
3'
all or any of their shares to Metropolitan at 100 am_ dividenc.
(7) The agreement shall terminate on any one of the following dates
(whichever occurs first).
) On Dec. 31 1949.
) When all deposited shares have been delivered to Metropolitan.
c) If Metropolitan shall fail:
I To make any payment required as in paragraph 2 above.
II To pay defaulted dividends as permitted in paragraph 5 above.
III To pay for any shares offered and accepted as permitted by
paragraph 3 above.
If agreement is terminated by reason C. the termination will not take
effect until the privilege described in paragraph 6 above shall have expired.
Also the agreement will remain to enforce the rights of those certificate
holders accepting the aforementioned privilege.
(8) Metropolitan has right to vote all deposited shares -V.130, p. 1456.
rb
Colorado Power Co.
-Tenders
-
The Irving Trust Co. recently notified holders of 1st mtge. 5% gold
bonds, due 1953, that it will receive tenders for the sale of these bonds
to the sinking fund to the extent of $53,360 no later than noon May 23
1930.-V. 120, p. 2548.
-Common Stock To Be
Columbia Gas & Electric Corp.
Accepted Upon Receipt for Exchange for United Corp. Stock.
Offers to exchange Columbia common stock for stock of the United Corp.
to the extent of 25 of the outstanding Columbia stock will he accepted
in the order received and not on a pro rata basis, it was reported on May 21.
It had been previously said that allotments would be made proportionately.
(See United Corp.in V. 130, p. 3541.)-V. 130, p. 3536.
-Proposed ConColumbus (Ga.) Electric & Power Co.
solidation, &c.
The stockholders will vote May 26 on approving the consolidation of this
company and the Georgia Power Co. into a consolidated company to be
called Georgia Power Co.
The joint agreement of consolidation provides for the exchange of $6
pref, stock of the consolidated company for the pref. stock of the Columbus
company on the following basis:
(a) For each share of pref. stock, series D,the consolidated company will
Issue 1 1-6 shares of its $6 pref. stock:
(b) For each share of pref. stock, series C, the consolidated company will
Issue 1 1-12 shares of its $6 pref. stock;
(c) For each share of pref. stock, series D, the Consolidated company
will issue one share of its $6 pref. stock;
(d) For each share of 2nd pref. stock the consolidated company will
issue 1 1-6 shares of its $6 pref. stock.
The joint agreement also provides that for each share of common stock
of the Columbus company held, the consolidated company will issue 9-10
of a share of its $6 pref. stock.
The $6 pref. stock of the consolidated company, as provided in the joint
agreement of consolidation, will be entitled to cumulative dividends at
the rate of $6 per share per annum, pani passu with the $5 pref. stock, in
preterence to the 2nd pref. stock and the common stock, and to 100 and
dive, in any distribution of assets of the consolidated company other than
by dividends from surplus or net earnings, and will be subject to redemption
in whole or in part at 110 and diva.
,
Fractional shares of the $6 pref. stock of the consolidated company will
not be issued. If, however, any holder of common or pref. stock of the
Columbus company is entitled to receive a fractional share of such $6 pref.
stock after combining all fractions to which he would be entitled on the
above mentioned basis of exchange, he will be given the privilgee for 30
days after the consolidation becomes effective of either buying from the
consolidated company, at the rate of $100 per integral share, an additional
fraction sufficient to make up an integral share, or of selling his fractional
share to the consolidated company at the same rate.
For the 12 months ended March 31 1930 the earnings from the properties to be owned by the consolidated company available for dividends on
its $6 pref. stock and $5 pref. stock to be outstanding when the consolidation becomes effective have been more than three times the dividend
requirements thereon.
The joint agreement has been approved by the directors.
In case common stockholders should prefer to exchange their holdings
of Columbus common stock for common stock and option warrants of
the Commonwealth & Southern Corp. (as now listed or traded in on the
New York Stock Exchange and the New York Curb Exchange,respectively)
rather than take $6 pref. stock of the consolidated company on the basis
Provided in the joint agreement of consolidation, arrangements have been
made whereby the common stockholders may do so at any time until the
expiration of n days from the date of the stockholders meeting to be held
on May 26 1930,on the basis of four shares of common stock and two option
warrants of the Commonwealth & Southern Corp. for each share of Columbus common stock held. The common stock of the Columbus company
so exchanged will be entitled to the regular July 1 1930 quarterly dividend
of 50c. per share. If deposited for exchange on or before June 16 1930.
the dividend will be paid at the time of the exchange. If stockholders
desire to make this exchange, certificates for common stock should be
forwarded to Stone & Webster Service Corp.,49 Federal St., Boston, Mass.,
as depositary. Certificates for the Commonwealth & Southern common
stock and option warrants will be ready for delivery in not exceeding one
week trom the date of receipt of certificates for common stock of the Columbus company.
-V. 129, p. 630.
Commonwealth & Southern Corp.
-Exchange Offer.
See Columbus Electric & Power Co. above.
-V. 130, p. 3537.
Detroit Edison Co. (lc Subs).
-Earnings.
12 Months Ended April 30Total electric revenue
Steam revenue
Gas revenue
Miscellaneous revenue
1930.
1929.
$53,066,855 851,163,815
2,700,907
2,837,566
368,870
425,928
2,221
Dr.18,647
Total operating revenue
Non-operating revenue
$56,311.703 $54,235,813
74,305
62,683
Total revenue
Operating & non-operating expenses
Interest on funded & unfunded debt
Amortization of debt discount & expense
Miscellaneous deductions
$56,374,386 $54,310,117
'7,574.649 35.375,308
5,298,340
5,649,955
313,696
319,513
33.790
35,867
Net income
-v. 130, P. 2767.
Duquesne Gas Corp.
-Listed.
-
$12,794,401 $13,288,983
The common stock was admitted to trading May 15 on the New York
Curb Exchange and the Chicago Curb Exchange. Wilk. Clarke & Co..
Chicago., Toledo and Columbus securities organization, together with de
Fremery & Co., Pacific Coast group, offered a block of this stock which had
previously been privately owned. See also V. 130. P. 3537.
MAY 24 1930.]
East St. Louis & Suburban Co.(& Subs.).
-Earnings.
12 Months Ended March 31Operating revenues
Operating expenses
Maintenance
'Taxes
1930.
1929.
$4,745;084 $4,324 413
;
2,762.947
2,386,375
627,604
593,451
232,511
299,646
Net operating revenues
Non-operating revenues
$1,122,023 $1,044,941
90.939
170,738
Gross income
Interest on funded debt
Amortization of bond discount and expense
Other interest charges
Interest during construction
Appropriations for depreciation reserves
$1.212,962 $1,215,679
459,967
460,700
5.095
4,797
264,710
270.565
Cr.13,424
Cr.17,101
291,611
287,665
Balance for common dividends and surplus-- --Nr. 130, P. 2389.
$205,002
$209,052
Engineers Public Service Co.
-New Sub. Co. Plant.
President C. W. Kellogg announces that the new steam and power
plant of the Louisiana Steam Products, Inc., a subsidiary, at Baton Rouge,
La., has gone Into preliminary operation. This plant was constructed to
furnish the steam and power requirements of the Baton Rouge refinery
of the Standard Oil Co. one of the largest refineries in the world, and also
to furnish by-product'
electricity to the transmission system of Baton
Rouge Electric Co. and Gulf States Utilities Co., and other constituent
companies of Engineers Public Service Co., located in this territory.
The construction of this plant, which has cost approximately $6,000,000,
has been rushed to completion by Stone & Webster Engineering Corp. in
a period of less than seven months. The boiler plant is capable of furnishing over six billion pounds of steam annually or sufficient steam for a
power station of 190,000 h.p. capacity. Actually, only 60,000 h.p. of
electric generating capacity is being installed, since the main purpose of
the plant is to supply steam for the refining processes of the Standard 011
plant, the electricity generated in the process being in the nature of a
by-product.
-V. 130. P. 3537.
General Gas & Electric Co.
-New Class A and B
Common Stock Placed on a 30c. Annual Dividend Basis.
-
The directors have declared quarterly dividend of 73c. per share on the
new class "A" and "B" corn, stocks, payable July 1 to holders of record
May 29. These issues were split up 5
-for-1 since the last dividend payments on April 1, which were 37iic. in cash, with option to purchase
additional class "A" common stock at $25 per share.
The stockholders in lieu of the above div. may apply it to the purchase of
additional class "A" corn. at $5 per share. Stockholders desiring cash
should notify the company before June 20.
No dividends will be paid on the old corn, shares which have not been
exchanged, it is stated.
-V. 130, p. 2578.
General Water Works & Electric Corp.
-Class A
Stock Offered.
-E. H. Rollins & Sons, Central-Illinois Co.,
Inc., Utility Securities Corp., Stroud & Co., Inc. and Mohawk Valley Investing Corp. are offering 50,000 shares
class A common stock at the market (about $29). The
bankers are offering an additional block of Class A stock,
which does not represent new financing.
Data from Letter of C. A. Brooks, Vice-Pres. of the Corporation.
Company.-Incorp.in Delaware. Through subsidiary companies,renders
electric light, power, water, gas and (or) other services in 248 communities
located in 17 States, including Alabama, New York, Missouri, California
Texas, Louisiana, Oklahoma, Kentucky, New Mexico, Pennsylvania,
Idaho and Indiana. The combined population of the territories served
by
such companies is estimated to be 732,900, and the total number of consumers served with the various classes of service is approximately 123,500.
Among the principal subsidiaries are Texas-Louisiana Power Co., Consolidated Water Co. of Utica, N. Y., San Jose Water Works and Alabama
Utilities Co. Among the important cities and districts furnished one or
more utility services are: Utica, N. Y.; Jefferson City, Mo.; San Jose,
Calif.; Boise, Idaho; Pecos and the surrounding rich oil district, Texas:
Gainesville, Tex., and Silver City and its important ore district, New
Mexico.
Earnings.
-Consolidated earnings of the corporation and its subsidiaries
(irrespective of dates of acquisition) as reported by the corporation for the
12 months ended Jan. 31 1930 after giving effect to the proposed sale of
50,000 additional shares of Class A common stock:
Gross earnings (incl, non-operating income)
$7,544,016
Oper.exp., maint.,& taxes (except Fed.inc. taxes)
3,388.176
Net earn, before deprec.. Fed.income taxes,etc.
$4,155,840
Annual int. & div. require, on oblig. & pref. stocks of sub. cos.
and the corp.outstanding with the public Jan.31 1930
2,924,201
Balance
$1.231,639
Annual preferential div. require. on 287,383 shares Class A
common stock to be presently outstanding
574,766
The balance, as shown, above, is equivalent to
per share on the Class A common stock presently to approximately $4.30
be outstanding.
Dividends.
-Dividends on the Class A common stock have been
tinuously since issuance at the full preferential rate. The board of paid condirectors
has determined that, when and as declared and paid, the cash dividends on
the Class A common stock to an amount not exceeding the
preferential
dividend of $2 per share per annum, may, from time to time, to and
including July 1 1931. and thereafter until otherwise determined by the
board
of directors, be applied to tge purchase of additional shares of
Class A
common stock at the price of $20 per share, which is on the basis of 1-10th
of one share of Class A. common stock per share per year.
Listing.
-Class A common stock is listed on Chicago Stock Exchange
and traded in on New York Curb Exchange.
CapitalizationAuthorized.
Outstanding,
15
-year 5% 1st lien & Coll,trust gold bonds.
Series A. due June 1 1943
a
$5,600,000
3H-year 6 cony. deb., Series A
a
2,650,000
15
-year 660 cony. dabs., Series B, due
Oct. 1 144
$8,000,000
8,000,000
Preferred stock (no par)
b100.000 shs.
c50,000 shs.
Common stock,cl. A (no par)
dl,000,000 shs.
287,383 shs.
Common stock, cl. B (no par)
1,000.000 slas. 500,000 shs.
a Limited by restrictive provisions of the agreements under
are issued but not to any specific amount. b Issuable in series which they
in certificate of incorporation. Includes the shares reserved foras set forth
conversion
of debentures of Series A. c $7 Series, 32,500 shares; $6.50
series,
shares. d Includes 70,000 shares reserved for exercise of purchase 17.500
attached to shares of $6.50 series preferred stock, and the shares warrants
reserved
for conversion of debentures of Series B.
There was also outstanding with the public on said date
$25,022.200
cipal amount of funded debt. $4,170,300 per value of preferred stockprinand
400 shares of $1.50 preferential dividend Class A participating stock
of
subsidiary companies.
Changes Provision of Div. Option on Class A Common Stock.
The directors on May 19 revised the dividend
option given to holders
of class A common stock of the corporation and cash dividends, when and
as declared and paid, in an amount not exceeding the preferential dividend
of $2 per share per annum may from time to time to and including July 1
1931 and thereafter unless otherwise determined by the board, be
applied
to the purchase of additional shares of class A common stock at the price
of $20 per share instead of $24 per share theretofore prevailing.
of the option at the new price per share if and when such diviExercise
dends are declared and paid will result in stockholders receiving the
lent, except in respect of taxes, of a 10% stock dividend per year. equivaThe corporation has made appropriate arrangements under which shareholders may notify the corporation should they desire to avail themselves
of such option.-V. 130, p. 3537,
Georgia Power Co.
-Consolidation.
-
See Columbus Electric & Power Co. above.
-V. 130. p. 2769.
3709
FINANCIAL CHRONICLE
Great Western Power Co. (of Calif.) & Subs.
-Earns.
12 Months Ended March 31Operating revenues
Expenses, maintenance and taxes
(Operating expenses
Maintenance
Taxes
1929.
$10,331;
.
309 $9,604.402
1,676,569
446,939
943,086
1,588,861
426,419
898,192
Net operating revenues
Non-operating revenues
$7.264,714 $6,690,929
21,059
18,203
Gross income
Interest on funded debt
Amort, of bond cllsct, and expense
Other interest charges
Interest during construction
Appropriations for depreciation reserves
$7,282,917 $6,711,989
2.822,973
2,747,206
176,118
155,135
866,381
530,695
Cr.204,429 Cr.127,200
853.287
776,378
Balance
Preferred dividends
$2,768.588 $2,629,774
1,390,721
1,418,009
Balance for common dividends and surplus_ _ _ - $1,350,578 $1.239,054
Merger.
-V.130, p. 2578.
See Pacific Gas & Electric Co. below.
-Bonds Offered.
Illinois Commercial Telephone Co.
Paine, Webber & Co.; Bonbright & Co., Inc., and Mitchum,
Tully & Co. are offering $3,500,000 1st mtge. 5% gold
bonds, series B at 9534 and interest to yield about 5.30%.
Dated March 1 1930; due March 1 1960. Interest payable M. & S. in
Boston and Chicago, without deduction of Federal income taxes not in
excess of 2%. Denom.c* $1,000,$500 and $100. and r* $1,000 and $5,000.
Red. all or part at any time upon 30 days' notice at following prices and
int.: On or before Feb. 28 1935 at 105; after Feb. 28 1935 but on or before
Feb. 29 1940 at 104; after Feb. 29 1940 but on or before Feb. 28 1945 at
103; after Feb. 28 1945 but on or before Feb. 28 1950 at 102; after Feb.
28 1950 but on or before Feb. 28 1955 at 101; after Feb. 28 1955 but on or
before Feb. 28 1959 at 1003.5; after Feb. 28 1959 but on or before Feb. 29
-mills tax and Mass. 6% income
1960 at par. Penn., Calif. and Conn. 4
tax on int. refundable if requested within 60 days after payment. Continental National Bank & Trust Co.. Chicago, trustee.
Issuance.
-Authorized by the Illinois Commerce Commission.
Data from Letter of Pres. J. F. O'Connell, Chicago, May 21.
Company.-Incorp. in 1928 in Illinois. Owns and operates 189 telephone exchanges serving 401 communities and surrounding territory in 56
counties in the southern, southeastern and northern parts of the State of
Illinois. Of the cities and towns served, 27 are county seats.
This territory covers an area of about 18,000 square miles and includes
a population in excess of 654,160. The properties operate 81,988 stations.
Through connections with the Bell System, the toll facilities of the latter
are available to all subscribers, thus affording a nation-wide telephone
service. The properties are well grouped for economical operation and
are in excellent operating condition.
Authorized. Outstanding.
•
Capitalization18.396 shs.
50,000 shs.
$6 cumulative preferred stock (no par)
200,000 shs. 120,000 shs.
Common stock (no par)
J$2,250.000
1 1948}
1st 55.5% gold bonds series A,due Mar.
1 3,500,000
Series B, due Mar. 1 1960 (this issue)
x Limited by restrictions of the mortgage.
-Proceeds will be used to retire bonds and other obligations
Purpose.
of properties recently acquired, to reimburse the company for expenditures
for additions to property and for other corporate purposes.
-Secured by a first mortgage on all the fixed properties, rights
Security.
and franchises of the company now owned and on such property hereafter
acquired against which any bonds may be issued under the mortgage.
The value of the fixed property as determined by independent engineers
is largely in excess of the first mortgage bonds to be presently outstanding,
including this issue.
-Indenture provides that during each
Maintenance and Renewal Fund.
calendar year beginning with 1929 company shall expend (except as set
indenture) an amount not less than 20% of the gross earnings
forth in the
derived from operation of the physical properties subject to the lien of
the mortgage for (a) maintenance and (or) renewal or replacement of its
properties; (b) the making of extensions or the acquisition of properties on
account of which the company would otherwise be entitled to issue additional bonds; or (c) the redemption or the purchase and cancellation of
any bonds issued under and secured by the mortgage. The percentum of
said gross earnings required by the mortgage to be expended for said purposes is subject to redetermination for each period of five consecutive
calendar years, beginning with the calendar year 1933, by a qualified engineet appointed by the company and satisfactory to the trustee, which
percentum, so determined, shall prevail during each calendar year of such
five-year period.
-Earnings (including the earnings of all properties now owned)
Earnings.
for the years ended Dec. 31 1928, Dec. 31 1929 and Feb. 28 1930, after
effect to the present financing, were asffollows:
giving
Dec. 31 '28. Dec. 31 '29. Feb. 28 '30.
Years Ended$2,129,143 $2,244,361 $2,254,367
Gross earnings
1,317.728
1,323,713
1,263,925
Operating expenses, maint. & taxes
$920,647
$865,217
Net earnings before depreciation__
Ann. int. requirements on entire fund. debt (incl. this issue)_ _
$936,639
287,500
$649,139
Balance available for reserves, Federal taxes and dividends__
The net earnings, as above set forth for the year ended Feb. 28 1930.
were more than 3.2 times the interest requirements on all the outstanding
funded indebtedness. After deducting provision for depreciation for the
year, amounting to 3186,106, net earnings were $750,534, or more than
2.6 times the annual interest requirements on the funded debt outstanding.
-Corporation is a part of the Associated Telephone UtiliManagement.
-V. 127. p. 106.
ties System.
-Earnings.
Illinois Water Service Co.
Years Ended March 31
Operating revenues
Operating expenses
Maintenance
General taxes
i30.
$643,131
251,299
37,012
45,754
1929.
$599,564
238.307
27.781
49.118
Net earnings from operations
Other income
$309,065
687
$284,358
939
Gross corporate income
Interest paid or accruen on funned debt
Miscellaneous interest charges
Reserved for retirements, replacements & Federal
income tax & miscellaneous deductions
$309.752
131.568
29.868
$285.297
125,000
12.918
22,652
39.219
Net income
Dividends paid or accrued on preferred stock
$125,664
53.400
$108.160
47.333
$72,264
$60,827
Balance,surplus
-V. 130, p. 2769.
-Drexel & Co.
-Bonds Offered.
Indianapolis Water Co.
and Brown Brothers & Co. are offering at 98 and interest
to yield over 5.10%, $852,(300 1st lien and refunding mortgage gold bonds, 5% series of 1930.
Dated March 1 1930; due March 1 1970. Interest payable M. & S.
without deduction for normal Federal income taxes not exceeding 2% Per
annum. Penn. taxes not exceeding $4 annually per $1,000 bond refundable upon timely application. Red. all or part on any int. date on not
less than 30 days' notice at 105 on or before March 1 1940; thereafter at
103 on or before March 1 1950; thereafter at 102 on or before March 1
1960; thereafter at 101 on or before March 1 1968; thereafter at par prior
to maturity, in each case with accrued interest. Denominations of $1,000
and $500 c*. Fidellty-Philadelphia Trust Co., Philadelphia, trustee.
-Approved by the P. S. Commission of Indhna.
Issuance.
3710
FINANCIAL CHRONICLE
Data from Letter of C. H. Geist, President of the Company.
Business.
-Company has been in continuous operation since its incorporation in 1881 and owns and operates the system supplying water in
Indianapolis, Ind., together with the only available sources of public
water supply in that vicinity, which are well in excess of the present maximum demand.
In accordance with the public utility laws of Indiana, the company
operates under an indeterminate permit under the jurisdiction of the
Public Service Commission.
Security.
-Bonds, of which there will be $8,711,000 outstanding, including this issue, are secured by direct mortgage upon the entire property of
the company, now owned or hereafter acquired, with the exception of its
office building. Through deposit with the trustee of $6,089,000 1st &
ref. (now first) mtge. 4;i% bonds, these bonds will share in the security
of such first mortgage, under which there are $3,731,000 434% bonds
now outstanding with the public. Upon the payment of the first mtge.
issue at maturity in 1940, these bonds will be secured by direct 1st mtge.
on the property. No additional 1st & ref. mtge. bonds may be issued.
Certain mortgage Provisions.-Addltional 1st lien & ref. mtge. bonds of
this and other series are issuable under the provisions of the mortgage
which include issuance to a principal amount not exceeding 80% of the
cost or value of property additions and improvements when net earnings
of the company, as defined in the mortgage, shall be equal to at least
134 times annual interest charges on all underlying bonds not pledged
under this mortgage and on all 1st lien & ref. mtge. bonds outstanding and
then Proposed to be issued.
Purpose.
-Proceeds will reimburse the company in part for expenditures
already made for additions to its property.
Valuation.
-The value of the property as of Jan. 1 1924, was fixed at
not less than $19,000,000 by a decision affirmed by the U. S. Supreme
Court on Nov. 22 1926. Net additions and betterments at cost from
Jan. 1 1924, to April 30 1930, have been over $5,100,000, giving an aggregate figure as of April 30 1930. of over $24,100,000 as compared to the
company's total outstanding funded debt of $12,442,000, incl. this issue.
Capitalization.
-In addition to its funded debt, the company has out:
standing $1,054,900 of pref. stock and 500,000 shares of common stock
(no par).
Earnings for Years Ended December 31.
1929.
1927.
1928.
Gross earnings (incl. non-oper.)
$2,597,791 $2,673,084 $2,796,487
1,162,007
Oper.exps.,deprec.& tax.(except Fed) 1,136,683
1,117,239
Net earnings
$1,461.108 $1,555,845 $1,634,480
629,875
Annual interest on funded debt,incl. this issue
Balance
-V.130. p. 1274.
$1,004,305
Inland Utilities, Inc.
-Subs. Acquires Properties.
This corporation, through its subsidiary, the Southeastern Gas Co., has
acquired 12additional natural gas properties in West Virginia and KentuckY•
with a total of 7,110 acres. The newly acquired properties are located in
Mingo, Wayne, Roane and Calhoun Counties, W. Va., and Floyd and
Magnoffin Counties, Ky., and have 35 producing wells with a daily open
flow capacity of 20,063,120 cubic feet and estimated gas reserve of 50,000,000.000 cubic feet. All gas now being produced on these properties is being
sold under contract to the United Fuel Gas Co., and the Warfield Natural
Gas Co.. subsidiaries of the Columbia Gas & Electric Corp.; the Kentucky
West Virginia Gas Co.,a subsidiary of the Standard Gas & Electric Co.; the
Ohio Valley Gas Corp. and Godfrey L. Cabot,Inc-V.130, p.2961.
Interborough Rapid Transit Co.
-Bond Application
Denied.
-
[VoL. 130.
the elevated structure within the condemned area, including stations.
platforms and staircases but approved $80.000 awarded as the cost of the
necessary reconstruction and alteration of 42nd St. station of the Third
Ave. elevated, made necessary by theabemoval of the spur.
Justice Finch's opinion pointed out that the spur had extended 900 ft. east
of Third Ave. and had been built in 1878, the original intention being to
provide through operation to the Grand Central Terminal. A serious
accident a few months after the opening caused the spur to be changed to a
shuttle service, on which two trains, of one or two cars each, were operated.
The Court said that the records showed that the operation cost of the spur
exceeded the revenue by "many thousands of dollars yearly," and that the
taking of the spur by the city was of actual benefit to the railroad company.
The opinion in ruling that no award should be made for the franchise,
said:
"Since the record shows that this spur can no longer be operated except at
a large annual loss, and that the taking by the city was a distinct benefit to
the claimants, and the Public Service Commission having determined in an
order that the spur was no longer necessary and convenient for the public
service, it therefore follows that the right to run an elevated railroad in this
street, under these conditions, was of no value." ,
As to the value of the elevated structure within the condemned area, for
which $120,438 has been allowed, the decision rules that no valuation will be
upheld except that which the property would have when taken down.
The actual value of the material in the stations, stairways, and platforms is
to be determined by agreement or by a referee if the parties are unable to
agree.
-V. 130, p. 1828.
Market Street Railway Co.
-Earnings.
-
12 Months Ended March 31Gross earnings
Net earnings
Other income
1930.
1929.
89,572.827 $9,661,460
1.532,862
1,370,931
22,994
23,935
Net earnings including other income
-V. 130, p. 3351.
$1.555,856 81.394,866
Massachusetts Lighting Cos.
-Rights.
The trustees have voted to offer holders of record May 21 of all classes
the right to purchase 25% additional common stock at $50 a share.
-V.
130, P. 2770.
Memphis Natural Gas Co.
-Bonds Called.
-
All of the outstanding $6,153,500 1st mtge. 6% sinking fund gold bonds,
dated Aug. 1 1928, have been called for payment June 27 next at 103 and
int. at the Pennsylvania Co. for Insurances on Lives and Granting Annuities, Philadelphia, Pa. Bonds may be surrendered any time prior to
June 27 for payment at 103 and interest to date of delivery.
At the time of redemption the company will issue to the bearers or registered holders of all of said bonds surrendered for redemption in respect of
which the stock purchase privileges evidenced thereby have not previously
been exercised, purchase certificates as provided in Section 702 of indenture of mortgage evidencing the continuation of the stock purchase privileges
expressed in such bonds, respectively.
-V. 130, p. 3538.
-Control of Cleveland Ry.Metropolitan Utilities, Inc.
See Cleveland Ry. above.
Middle West Utilities Co.(& Subs.).
-Earnings.
Period End. Mar.31- 1930-3 Mos.-1929.
1930-12 Mos.-1929.
Gross earnings of subs--$42,475,350 $35.365,551 $169447,074 $148787,501
Net ofsubs.for retirem't
and stocks owned by
Middle West Util. Co_ 6,281,513 4,881,789 24,675,429 18,836,351
Other earns. of Middle
West Utilities Co(net) 2,320.901
1.449,763
5,637.012
8,693,999
The Transit Commission has refused to entertain the company's application for permission to issue $40,000,000 5% mortgage bonds to provide
for the purchase of 289 new steel subway cars and retire $10,500,000 o
Total earnings
88,602.414 56,331.552 833.369,428 524,473,363
6% notes.
•
At its regular meeting the Board voted approval of a letter sent by Interest and other deductions of Middle West
Chairman William G. Fullen to Frank Hedley, President of the InterUtilities Co
521,568
66.869
1,413.925
1,528.413
borough, declaring that the application would not be considered unless
the company indicated that it would use the money only for new cars and
Netfor retire. & stocks
equipment and acknowledged the need for the new cars and the reasonof Middle West Utiliableness of the Commission 13 order that they be purchased.
-V.130,p.3538.
ties Co
58,535,545 $5,809,984 $31,955.503 $22,944,951
-V.130, P. 3538.
International Hydro-Electric System (& Subs.).
Earnings for Period Ended March 31 1930Year.
Quarter.
-Incorporated.
Midland Natural Gas Co.
Gross revenue from operations
$12,054,159 $45,356,889
Incorporated in Delaware May 3 with an authorized capital of 750,000
Other income
884,402
2,971,631
shares, no par value. See also V. 130, p.3538.
Total gross revenue
$12,938,561 $48,328,520
-Initial Dividend, &c.
Operating expenses and taxes
Midland United Co.
4,665,032 19,036,579
Maintenance
861,399 3,436,261
The directors have declared an initial quarterly dividend of 75 cents in
8,746,696 cash on the cony. class A preferred stock, or at the option of the holder
Int.on funded debt of subsidiaries
2,462,693
1,720,000 1-40th of a share of common stock, in addition to the regular quarterly
Int. on funded debt of Intern. Hydro-Elec. System
450,000
525,475 dividend of lid % stock on the common stock, both payable. June 24 to
Amortization of discount on funded debt
156,478
Depreciation
3,532,987 holders of record May 31.
991,028
771,890
Reserve for Federal income tax
310,155
6,109,017
Electric and Gas Sales by Subs.
Dividends on pref. and class A stocks of subs
1,546,459
Minority interest in earnings of New England Power
Bales of electrical energy and gas by subsidiaries of this company showed
388,240
1,504,995 substantial increases in the first three months of the year compared with the
Association and subsidiaries
first quarter of 1929.
Balance added to surplus
$1,107,077 $2,944,618
Sales of electricity by the Northern Indiana Public Service Co. increased
13,338,449
9.19% over the corresponding period of 1929. Electrical sales in the
Surplus beginning
12,360.000 Calumet industrial district of ammond, Whiting, and East Chicago
Paid in surplus
238 showed an increase of 12.90% in the first quarter. Sales of electricity by
Surplus adjustments (net)
the Indiana Service Corp. increased 7.07%•
Total surplus
$14,445,526 $15,304,856
Sales of gas by the Northern Indiana Public Service Co. increased 4.11%
in the first three months compared with the corresponding period of 1929.
Dividends on class A stock of International Hydro1,246,317 Gas sales of the Interstate Public Service Co.increased 6.81% and operating
386,987
Electric System
subsidiaries of the Central Indiana Power Co. increased sales 10.66%.
$14,058,539 $14,058,539
Surplus March 31 1930
Passengers carried by the Chicago South Shore & South Bend RR. inThe Bankers Trust Co. has been appointed transfer agent in New York creased 7.27% in the first quarter compared with the first three months of
-V.130, p. 3538.
for the pref. stock, convertible $3.50 series.
1929. March showed an increase of 8.58% compared with March of last
Year.
-V. 130. p. 3538.
-To Refund Bonds.
Kansas Gas & Electric Co.
The Kansas P. S. Commission has granted the company permission to
-Earnings.
Milwaukee Electric Ry. & Light Co.
issue $16.000,000 of 50
-year 1st mtge. gold bonds. The proceeds will be
12 Months Ended March 311930.
1929.
used to retire 1st mtge.6% sinking fund bonds, amounting to $14,000,000. Operat ng revenues
431.688.406 $30,212,560
-V. 125, P. 517.
pperating expenses
14,873,650 14,292.462
Maintenance
3,023,564 2,736.001
Lehigh Telephone Co.
-Acquisition.
Taxes
3.616,985 3,197,228
-S. C. Commission May 12 approved the acquisition by the comThe I.
-V.130, P. 136.
pany of the properties of the Lower Saucon Telephone Co.
Net operating revenues
810,174,207 $9,986,869
Non-operating revenues
306.771
268,142
Louisville Gas & Electric Co.
-Earnings.
1929.
1930.
12 Months Ended March 31Gross income
$10,480,978 $10,255,012
810,340,371 $9,893,366 Interest charges net
Gross earnings
2,367,066 2,337,899
5,124,919 Appropriations for depreciation reserves
5,311.285
Net earnings
2,803,422 2,903.205
336,474
552,093
Other income
Balance
85.310,489 85.013,907
Net earnings including other income
$5,863,378 $5,461,393 Preferred dividends
1,318,358
1,284,178
-V. 130. P. 3351.
surplus
Balance
83.992,132 33,729,729
common
on -V. 130, for2027. dividends and
Manhattan (Elevated) Ry.-Court Reduces Award
p.
Razing-Appellate Division Disallows $25,000, Holding Franchise for 42d Street Spur 'Valueless.
-Earnings.
Mississippi River Power Co.(& Subs.).
12 Months Ended March 31The Appellate Division handed down a decision May 9 last involving the Operating revenue
legal principles affecting payment for elevated railroad structures condemned Operating expenses
by the city The Court refused to uphold a decree of the Supreme Court Maintenance
awarding $975,438, with interest since 1923, to the company for the re- Taxes
moval of the 42nd St. elevated spur from Third Ave. to a point near the
Net operating revenues
Grand Central Terminal. The Court cut off $25,000, ordered a reappraisal
Non-operating revenues
as to $870,438, and upheld only $80000.
Describing the case as one presenting "a novel and interesting question in
Gross income
the law of condemnation," Justice Finch, who wrote the unanimous opinion
of the Court, ruled that an award of $750,000 as the value of the "so-called Interest charges. net
right to impair light, air, and access appurtenant, to the property abutting Appropriations for depreciation reserves
on East 42nd St.," was not based on the proper principal of valuation, and
Balance
that if the parties were unable to agree upon the amount to be allowed the
Preferred dividends
Court would appoint a referee.
The Appellate Division struck out an award of$25,000 given the company
Balance
the city
as the value of the franchise obtained fromuphold to build, maintain and -V.130, for common dividends and surplus
$120,438 as the value of
p.1115.
operate the spur. The Court declined to
1930.
1929.
$3.781,042 83.822.308
324,061
307,121
51,523
49.850
381,541
350,876
$3,023,918 $3.114,462
325.794
252,033
53.349,711 53.366,495
1,089,680 1.125.097
260,000
260,000
82,000,031 81,981.398
494,069
494,069
$1.505,963 $1,487,330
MAY 24 1930.]
FINANCIAL CHRONICLE'
3711
Mountain States Power Co.-Earning8.-
of 1929 expenditures were 58.742,000. These figures do not include expenditures for maintenance of existing properties.
In making the announcement, President Frank L. Dame said:
"Programs of North American subsidiaries for the addition of service
facilities have been substantially accelerated, and construction work during
the first quarter has progressed at even a more rapid pace than the North
Net earnings including other income
$1,379,128 $1,370.217 American Co. indicated at President Hoover's conference last November.
"The various groups of subsidiaries expended the following amounts:
-V. 130. P. 3352.
Missouri-Illinois-Iowa, $8,703,150: Wisconsin-Michigan, $2,581,910: California, $2,319,826; Ohio, $2,243,050; District of Columbia, $944,446.
Mountain States Tel. & Tel. Co.
-Acquisition.
-"Major
-S. C. Commission May 8 approved the acquisition by the Bell generatingitems included work on new electric generating plants, additional
Tile I.
Telephone Co. of Nevada and the Mountain States Telephone & Tele- systems, equipment, new substations, transmission and distribution
and new transportation facilities. The larger expenditures were
raph Co.of properties of the White Pine Telephone Co.
-V.130, p. 2390. for work on the Osage hydro-electric
development in Missouri, in addition
Fr National Power & Light Co.
-Preferred Stock Offered.
- to $44,300,000 spent on that project during 1929, and the new steam electric
generating station at Ashtabula, Ohio. The Osage Dam and power plant
The second step in the refinancing program of the company will be completed about the fall of 1931. while the larger part of the expendiwas undertaken May 21, through an offering of 150,000 tures for the new Ashtabula plant will have been made within the next six
shares (no par value) cum. $6 pref. stock. An offer of debs. months. quarter expenditures do not include anything for the new steam
"First
of the same company was made last week. The stock which electric generating plant to be built at Port Washington, Wis., nor the contemplated additions this year to Lakeside plant, Milwaukee, and to Benwas priced at 1013 and accrued div. to yield about 5.90% flings plant, Washington. These three
contracts are
was offered by a banking group comprising The First National now being let, will aggregate 185,000additions, for which in generating
kilowatts increase
capacity."
-V. 130. P. 3160.
Old Colony Corp., W. C. Langley & Co.
12 Months Ended March 31Gross earnings
Net earnings
Other income
1930.
1929.
$3,406,679 $3,192,351
1,316,376
1,274,869
62.752
95,348
Bonbright &
Co., Inc., Tucker, Anthony & Co., Jackson & Curtis,
Hale, Waters & Co., and Toerge & Schiffer.
North American Edison Co.(& Subs.).
-Earnings.
-
12 Months Ended March 31Gross earnings
Operating expenses and taxes
1930. ' 1929.
$100,721,615 $92,717,683
The cum. $6 pref. stock is pref. as to dims., cum. at the rate of $6 per
52,263.289 49.771,814
share per annum and payable Q.
-F. Red. all or part at any time after three
years from issuance at option of company at $110 per share and diva. on 30
Net income from operation
$48,458,326 $42,945,869
days' notice upon vote of not less than a majority of outstanding common
11.910,938 11,032.872
stock. In case of dissolution or liquidation stock has preference over corn. Interest charges
4,823.999 4,554,996
stock as to assets up to $100 per share and divs. Stock is non-voting with Preferred dividends of subsidiaries
1,802.377
1,448,578
certain limited exceptions. Transfer agent, Bankers Trust Co., New York. Minority interest
11,085,763 9,951,345
Registrar, Guaranty Trust Co. of New York. Under the present Federal Approp. for depreciation reserves
income tax law, dive, on this stock are exempt from the normal tax and are
Balance for dividends and surplus
$18,835,249 $15,958,077
entirely exempt from all Federal income taxes when the stock is held by an
individual whose net income is $10,000 or less. Dividends when received -V.130. p. 2028.
by corporations are entirely exempt from all Federal income taxes.
Northern States Power Co.
-Earnings.
The proceeds from the sale of this $6 pref. stock and $15,000,000 5%
12 Months Ended March 31gold debentures, series "B," due 2030, recently offered, will provide funds
1930.
1929.
for the retirement of all of National Power & Light Co.'s $7 pref. stock Gross earnings
$32,934.465 $31.763.864
outstanding (140,295 shares now with the public) and Ibr other corporate Net earnings
16,692.979 16.459.892
Other income
524,819
687,853
puP onte 12 months ended Dec. 31 1929, earnings of the company (inP
Net earnings including other income
cluding undistributed earnings of subsidiaries after renewal and replace$17,217,798 $17,147.745
ment appropriations), as shown in the accompanying letter, were equal to -V. 130. P. 3352.
more than 7.7 times annual div. requirements on the entire amount of $6
Ohio Water Service Co.(& Subs.).
pref. stock (including this issue) to be outstanding upon completion of this
-Earnings.
financing. For the above period, actual earnings of the company (not
Years Ended March 311930.
1929.
including undistributed earnings of subsidiaries applicable to it), after Operating revenues
$615,189
$566,974
deducting all expenses and taxes and annual interest requirements on all Operating expenses
163.000
139,796
debentures outstanding, including the series "B" debentures (recently Maintenance
28,612
34.849
offered and presently to be outstanding) of National Power & Light Co., General taxes
62,892
57,352
were equal to more than 4.4 times such annual dividend requirements.
Approximately 81% of the gross earnings of the operating subsidiaries
Net earnings from operations
$334,977
$360.686
for the above period was derived from electric and gas business.
Other income
22,796
28,133
Electric Bond & Share Co. supervises (under the direction and control of
the boards of directors of the respective companies) the operations of
Gross corporate income
$388.818
$357,773
National Power & Light Co. and its subsidiary companies. Compare also Amount not applic. to Ohio Water Service Co
x44,862
V. 130. p. 3538.
Interest paid or accrued on funded debt
164,753
141,060
Reserve for retirements, replacements & Federal
income tax & miscellaneous deductions
43,675
32,414
New England Power Association.
-Stock Offered.
The Narragansett Electric Co. are offering to its customers New England
Net income
$180,389
$139,437
Power Association $2 div. pref. shares at $32 per share and diva. Sub- Dividends paid or accrued on preferred stock
69,273
54.469
scriptions are limited to 30 shares per person and should be delivered to the
Treasurer of the company, 76 Westminster St., Providence. R. I., on or
Balance,surplus
$111,116
$84.968
before June 16 1930. The subscriber has the option of making subscription
x Majority of properties acquired April 1 1928.-V. 130. p. 2770.
payments either in 10 monthly installments commencing July 1, or in full
on or before that date. (See V. 130. p. 2390).-V. 130. p.3153.
Oklahoma Gas & Electric Co.
-Earnings.
New England Telephone & Telegraph Co.-Appropr.
12 Months Ended March 311930.
1929.
The executive committee has authorized the expenditure of $3,361,595 Gross earnings
$14,429,089 $12,669,549
for new construction and improvements in plant, necessary to meet the Net earnings
6.732.529 6.106,594
Other income
demand for service. Including this authorization the specific commitment
430.667
722.582
of the company for plant expenditures this year is 530,773,745.-V. 130,
Net earnings including other income
p.2962.
57,163.196 $6,829,176
-V. 130, p. 3352.
New York & Harlem RR.
-New Director, dec.-
Charles C. Paulding, Vice-President of the New York Central RR., has
been elected a director to succeed the late G. R. J. Cary.
The statement of the New York & Harlem shows total assets of $24,315,419: a corporate deficit of $2,192,902 on March 31; current assets were
$547,304 and current liabilities $470,306. Assets include $22.419,000 road
and equipment.
-V. 128, p. 2992.
New York Water Service Corp.(& Subs.).
-Earnings.
-
Year Ended March 31Operating revenues
Operating expenses
Maintenance
General taxes
1930.
1929.
$2,615,862 $2,488,326
759.874
713.602
143.125
96,535
218,646
212,792
Net earnings from operation
Other income
51,494.216 $1,465,396
50.394
55.387
Oregon-Washington Water Service Co.
-Earnings.
-
Years Ended March 31Operating revenues
Operating expenses
Maintenance
General taxes
1930.
$612,564
230.441
27,921
77.599
1929.
$590.618
210,414
30,434
72.239
Net earnings from operations
Other income
$27 :0601
6 18
2
$277,531
2,54G
Gross corporate income
Interest paid or accrued on funded debt
Reserve for retirements, replacements & Feneral
income tax & miscellaneous deductions
$278,619
137.713
$280.071
137.868
32,503
34.625
Net income
Dividends paid or accrued on preferred stock
$108.403
42,000
$107.578
42,000
Gross corporate income
$1.544,610 $1,520,783
Balanc
Interest paid or accrued on funded debt
$65.578
629,722
566,403
602.159 -V. 130.,surplus
Interest paid or accrued on unfunded debt
p. 2770.
12,598
13,274
Interest received from affiliated companies
Cr.9,499
Cr.46,791
Reserve for retirements, replacements & Federal
Pacific Gas & Electric Co.
-Acquisition.
income tax & miscellaneous deductions
129,680
Tee May number of the company's publication,"P. G.and E.Progress,"
165,407
Contains the following.
Net income
$782.109
The company has acquired the properties of the Great Western Power
$786.734
Dividends paid or accrued on preferred stock
248.040
244.398 Co. and the San Joaquin Light & Power Corp. and various subsidiaries.
subject to approval by the California RR. Commission. The Great
Balance.surplus
$534,069
$342,336 Western and San Joaquin companies were controlled by the North American
-V. 130. p. 2770.
Co., which will accept common stock in the Pacific Gas & Electric Co.
for its interests. In due time properties of the purchased companies will
Niagara Hudson Power Corp.
be merged with this company,and will be operated as local enterprises under
-Proposed Merger.
The corporation has filed a petition with the New York P. S. Commission the jurisdiction of the Railroad Commission and the law of California.
seeking authorization of its proposed plan for the consolidation of this Through the combined companies, Pacific Service will extend from Eureka
corporation and the Mohawk Hudson Power Corp. Into a new
company to Bakersfield and from the seacoast to the Sierra Nevada mountains.
to be known as the Niagara Hudson Power Corp. The petition also requests
Income Account for Quarter Ended March 31.
permission for the acquisition by the new corporation of various subsidiary
1930.
1929.
operating companies now owned by the Mohawk Hudson Power Corp. x Gross income
516.467.532 $16,792,225
The stocks sought to be acquired are as follows;
Operating expenses. taxes, &c
7.418,267
8,143,165
Common Stock.
Pref. Stock. Bond interest and discount
2.504,006
2.683.800
Cortland County Traction Co
32.000 shs.
Depreciation reserve
1,888,546
1,693.704
Eastern New York Utilities Corp13,744 shs.
20,289
New York Power & Light Corp
1,057.895 shs.
Net profit
$4,656.713 54,271.556
38.364
Utica Gas & Electric Co
400,000 shs.
1,254,862
5,139 Preferred dividends
1,202,975
Syracuse Lighting Co
1.000,000 shs.
1,844.416
1,425,489
26.155 Common dividends
(See also V. 130. P. 2580.)-V. 130, P. 3352.
Surplus
31,507.435 51.643.092
North American Co.
-Control of Great Western Power Co.
x Includes miscellaneous Income.
-V. 130, P. 3344.
and San Joaquin Light cfc Power Co. Passes to Pacific Gas ct
-See latter below.
Electric Co.
Regular Dividends.
The directors have declared the regular quarterly dividends of 2J
common stock (at the rate of 1-40th a share for each share held) % in
on the
common stock, and 1%% in cash (at the rate of 75c. a share) on the 6%
pref. stock, both payable July 1 to holders of record June 5. Like amounts
and April 1 last.
were paid on Jan. 2
816,792,382 for New Construction in First Quarter by Subsidiaries of the North American Co.
Construction expenditures for additions to public utility plants and systems of subsidiaries of the North American Co. amounted to $16,792,382
during the first quarter of 1930. During the corresponding three months
Pacific Northwest Public Service Co.
-Registrar.
-
The Chase National Bank has been appointed registrar for the following
classes of stock of the abovo company* 6% 1st pref., $100 par value: 7.2%
1st pref., $100 par value; $6 cumul 1st pref., no par value: cumul. 7% prior
pref., $100 par value; non-cumul. 6% 2nd roref., $100 par value; common,
3100 par value; common, no par value.
-V. 130. P. 3540.
Philadelphia Co.
-Earnings.
12 Months Ended March 31Gross earnings
Net earnings
Other income
1930.
1929.
$63.376,205 562,353.216
31,125,081 29.375,755
1,682,884
1,701,278
Net earnings including other income
-V. 130. P. 3353.
$32.807,965 $31,077,033
3712
FINANCIAL CHRONICLE
-Earnings.
Pittsburgh Suburban Water Service Co.
Year Ended March
Operating revenues
Operating expenses
Maintenance
General taxes
31 1930.
$325.946
Net earnings from operations
Other income
117,092
17,997
6,999
$183,858
1,094
Gross corporate income
$184.952
Interest paid or accrued on funded debt
85.000
Res.for retire.,replace.& Fed.inc.tax & misc. deduc
20,906
1929.
$306,224
112.025
lulg
[VoL. 130.
-Earnings.
San Diego Consolidated Gas & Electric Co.
12 Months Ended March 31Gross earnings
Net earnings
Other income
1929.
1930.
$7,248,926 $7,028,580
3,436,458 3,329,792
3.255
31.564
Net earnings including other income
$169,312 -V.130, p.3353.
1.012
$3,468.022 $3,333.047
$170,324
85,387
12,915
12 Months Ended March 31Gross earnings
Net earnings
Other income
1929.
1930.
$2,282,924 $2,291.595
1,077.841 1,100,553
8,276
30,525
Net earnings including other income
-V.130, p. 3353.
81,108,366 $1,108,829
Net income
Divs.paid or accrued on pref.stock
$79,046
27,500
$72,022
25.132
Balance,surplus
-V.130, p.2771.
$51,546
$46.890
-Earnings.
Southern Colorado Power Co.
-A new
-Bonds Offered.
Southern Natural Gas Corp.
issue of $11,500,000 6% convertible sinking fund gold
Harnpshire.-Proposed debentures is being offered by G. L. Ohrstrom & Co., Inc.
Public Service Co. of New
Acquisition.
The debentures mature April 1 1944 and are priced at 97
-V. 129. p. 3801.
See Boston & Maine RR. under "Railroads" above.
and int. to yield about 6.33%. Each $1,000 debenture is
-Subsidiary Plans convertible up to and including Jan. 1 1933 into 45 shares
Public Service Corp. of New Jersey.
of the common stock; thereafter to and including Jan. 1
Erection of Huge New Power Station.
Negotiations now in progress between the Public Service Elecrtic & Gas 1934 into 40 shares; thereafter to and including Jan. 1 1935
Co. and the City of Burlington, N. J., for the purchase by the company of
city-owned property upon which the company proposes to erect what will into 35 shares; thereafter to and including Jan. 1 1937 into
eventually be one of the largest electric generating stations in its whole 30 shares, and thereafter to and including Jan. 1 1940 into
territory, emphasize both the growing demands of New Jersey for power 20 shares.
and the rapid expansion of the Public Service system.
The proposed new Burlington generating station is designed as an important unit in the extensive Public Service electric development and will provide power not only for the southern division of the territory served by the
company but for the northern division as well. The new stations will have
an initial installation of two 60,000 kilowatt turbo-generators, each larger
units,
than any units now in the company's service. At least three moreexpenof equal or greater capacity, will be added, as required, and a total
station.
diture of $50,000,000 may be reached for the completed
The station will be the last word in efficiency, and will employ about 200
men at the start ofoperation. In addition,about 500 men will be employed
in the construction work over a period of approximately 2A years for the
first two units.
In the last ten years, yearly sales of electric current by Public Service
have nearly quadrupled,in the last five years they have more than doubled.
To meet this increasing demand the company has built the great Kearny
Station, opened in 1925, has improved and extended its Essex Station, and
and
is constructing an inter-connection with the Philadelphia Electric Co.parthe Pennsylvania Power & Light Co., which makes Public Service a
-electric
ticipant in one of the world's largest power pools, fed by hydro
and mine-mouth power stations as well as other steam plants. In addition,
inter-connections have been made with other adjacent systems. extended
The extent to which the Public Service electric system has been
and improved Is indicated by the fact that net capital additions representing betterments made during the last five years amounted to nearly $111,000,000 and in the last ten years to more than $161,000,000.
The reason for the company's intention to build a new station at Burlington Is attributed to the rapid development not only of Camden, Gloucester, Burlington and Mercer counties, but to the increasing demand for
Jersey.
electric service in the entire Public Service territory in New company and
Economic and engineering advantages will accrue to the
its customers by erecting the new station adjacent to the extherefore to
isting Burlington generating station and to do this requires land belonging
to the city. If this cannot be obtained, it may be necessary for the company to locate the new plant to the south of Burlington.
The electric department of Public Service Electric & Gas Co. recently
purchased 38 acres of land in Pensauken Township,Camden County, N.J•,
for the erection of a large switching station for the Camden district.ofThe
the
erection of this plant is part of the electrical development program
-V. 130, p. 3353.
southern division of the company.
-To Erect Huge Power
Public Service Electric & Gas Co.
Station.
-V. 130, p. 3161.
See Public Service Corp. of New Jersey above.
-Sub. To Improve Station.
Radio Corp. of America.
The National Broadcasting Co., a subsidiary, plans to rebuild WEAF
America.
to make it the most modern and efficient radio transmitter in $300,000.
The work, which will be started immediately, is estimated to cost
-V.130. p. 3540.
-Earns.
Rochester &Lake Ontario Water Service Corp.
Years Ended March 31Operating revenues
Operating expense
Maintenance
Taxes(excluding Fed,income tax)
.
$564,860
188,972
29,881
40,140
$523,687
168,299
30.344
35,329
Net earnings from operations
Other income
$305.867
1,528
$289.715
2,185
Gross corporate income
Interest on funded debt
-V.130. p. 2771.
$307,395
125,000
$291,900
-Earns.
San Joaquin Light & Power Corp.(& Subs.). 1929.
12 Months Ended March 31Operating revenues
Operating expenses
Maintenance
Taxes
1930.
$11,616,082 $10,508,025
3,548.609 3.137,207
395,702
410,128
1,043.213
1.108,078
Net operating revenues
Non-operating revenues
$6,549,267 $5,931.903
82,573
96,083
Gross income
Interest on funded debt
Amortization of bond discount and expense
Other interest charges
Interest during construction
Minority interests
Appropriations for depreciation revenues
$6,645,349 $6,014,476
1.907,562
1,886,567
182.257
162,792
56,175
177,193
Cr106,079 Cr107.186
1,617
2,824
1,485,455 1,353.037
Balance
Preferred dividends
$3.036,597 $2,621,014
1.481,700
1,441,201
- Falance for common dividends and surplus-- $1,595,396 $1,139.314
Merger.
-V. 130, p. 2771.
See Pacific Gas & Electric Co. above.
-Earnings.
Scranton-Spring Brook Water Service Co.
1929.
Years Ended March 31Operating revenues
Operating expenses
Maintenance
General taxes
Net earnings from operations
Other income
1930.
55.477,153 $5,119.703
1,293,948 1,221,280
360.142
354,482
94.436
124,842
53,703.881 $3,443,845
9.184
18,099
$3.721.981 $3,453,029
Gross corporate income
1,628.900 1,612,724
debt
Interest paid or accrued on funded
14,551
2,421
Miscellaneous interest charges
273,881
& Fed.inc.tax & misc. deduc 282.012
Res.for retire.,replace.
$1,808,648 61,551.873
Net income
420,102
407,925
Divs.paid or accrued on pref.stock
Total
-V. 130. p. 2771.
$1,400,723 61,131.771
The common stock of the corporation is listed on the New York Curb
Exchange and is currently selling around 2084. The proceeds from the sale
of these debentures will be used for extensions now and presently to be under
construction by the corporation or affiliated companies, to retire outstanding unsecured funded and unfunded indebtedness and for other
corporate purposes. Further details are given in V. 130, p. 3540.
Places Large Order.
Orders for pipe involving the expenditure of approximately $3,750,000
have been awarded the National Tube Co. and the A. 0. Smith Corp. by
the Southern Natural Gas Corp., according to an announcement made
by President J. H. White. The National Tube, a subsidiary of the United
States Steel Corp., was given approximately $2,375,000; while the A. 0.
Smith Corp. was given an award of about $1,000,000. The pipe order to the
National Tube Co. is one of the largest to be given this year by natural gas
companies. Added to pipe already bought, this award brings the cost of
pipe for natural gas extensions of the Southern Natural up to approximately
$11,750,000.
Shipments of the pipe will begin at once, to be used on the extensions of
the Southern Natural Gas Corp. transmission system, which will involve a
total expenditure of about $15,000,000 this summer. Additions to the
Pipe bought at this time will be made very soon, Mr. White said.
Simultaneously with the announcement of the award for the steel pipe,
it was also made known that work has begun on the transmission line
extensions to carry natural gas to Mobile, Selma, Montgomery, Auburn
and Opelika in Alabama: Macon, Milledgeville and Griffin, Ga., and
Jackson, Biloxi, Pascagoula, Laurel, Hattiesburg, and Moss Point in
Mississippi, and perhaps other points in the three States traversed by the
-V. 130, p. 3540.
transmission lines of the Southern Natural company.
-Debentures
Southern New England Telephone Co.
Sold.
-Chas. W.Scranton & Co.;Putnam & Co.; Edward M.
Bradley & Co. Inc.; Stevenson, Gregory & Co.; Roy T. H.
Barnes & Co.; Mucks Bros. & Co., and the R. F. Griggs Co.
announce the sale at 102M and int., to yield 4.85% of $10,-year 5% gold debentures.
000,000, 40
Dated June 2 1930, due June 1 1970. Union and New Haven Trust
Co., New Haven, Conn., trustee. Interest payable J. & D. in New
Haven, Conn. Denom. c* $1,000, and r* $5,000 and $10,000. Red.
as a whole but not in part,upon 60 days' notice,on any int. date,at following
prices and accrued int.: On or prior to June 1 1967 at 110, thereafter
-mills personal property tax.
at 100%. Exempt from Connecticut 4
Data from Letter of James T. Moran, President of the Company.
-Proceeds will be used to pay for extensions and additions
Purpose.
recently made to the property of the company.
-Company owns and operates substantially all of the teleProperty.
phone exchanges in the State of Connecticut,serving a population estimated
at 1.658,000. The book cost of the company's real estate, buildings and
telephone plant, which cost is considerably less than their present value,
was over $65,000,000 on April 30 1930. The property of the company
Is subject only to the lien of $1,000,000 1st (closed) mtge. 5% gold bonds
of 1948. After giving effect to this financing, the total assets (less current
liabilities) will be over $65,000,000, whereas the total funded debt, incl.
this issue, will be $11,000,000.
-The gross revenues, net earninigs available for interest,
Earnings.
interest charges, and net income of the company during the five years
ended Dec. 31 1929, were as follows:
Net
Interest
Net Avail.
Gross
Income.
Charges.
for Int.
Revenues.
Cal, Years82,209,613
$2,467,386
8257.773
$11,155,145
1925
2.390,726
2.651,109
260,383
12.385.706
1926
2,435,896
276,417
2,712,313
13,591,405
1927
3,258,390
3,624,069
365,679
15,256,019
1928
3,575,176
471,830
4,047,006
16,808,164
1929
net earnings available for interest have
During this period of five years,
averaged nearly 934 times total interest charges. The net earnings available
for interest during 1929 were in excess of seven times the annual interest
charges on the company's total funded debt to be outstanding after the
issue of these debentures.
-The company has outstanding capital stock in the
Dividend Record.
amount of$35,000,000 of which 33.34% is owned by the American Telephone
& Telegraph Co. Dividends on the stock as outstanding from time to time
have been paid at the rate of not less than 6% per annum since 1895. The
present dividend rate is 8% per annum
Rights to Stockholders.
The company also will sell to stockholders of record Aug. 11, $5,000,000
additional corn.stock at par,increasing the outstanding stock to $40,000,000
from 535.000,000. The proceeds will take care of $15,000.000 debt Incurred by the company as the result of plant additions in the past few
-V. 130, p. 1116.
years.
-Conversion Privilege to PreSouthern Union Gas Co.
-Peabody & Co., Chicago, in a circular
ferred Stockholders.
letter to the stockholders of the Southern Union Gas Co.,
state:
At a recent stockholders' meeting the issuance of additional cont,stock
was authorized. Incident to this, announcement was made that a portion
of this new stock will be reserved for the purpose of offering to pref. stockholders the privilege of the conversion of their pref. stock holdings into such
com, stock in the ratio of one share of pref. for each share of common.
Full details of this opportunity for conversion will be submitted by the
Southern Union Gas Co., to all stockholders of record, in due course, at
which time also a div. declaration may be made on the coin. stock.
The company's operations have extended to the States of Oklahoma,
Texas, New Mexico, Arkansas and Colorado in which are located many
major gas producing areas of the United States. The total population of the
territory, including over 40 cities and towns in which franchises are now
held, is conservatively estimated to be approximately 190.000.
The company either owns a majority of, or a substantial interest in the
capital stocks and manages the properties of the following companies:
Southern Union Gas Co. (Texas); Southern Union Gas Co.(New Mexico);
Pioneer Gas Utilities Co. (Okla.); The Gas Co. of New Mexico (New
Mexico); Albuquerque Natural Gas Co. (New Mexico) (to be formed):
Arkansas Western Gas Co. (Ark.): M.& M. Pipe Line Co. (Texas); Cities
Water Co. (Texas); Cities Water Co. (Okla.); Kingfisher County Gas Co.
(Okla.).
MAY 24 1930.1
FINANCIAL CHRONICLE
Favorable long-term gas franchises and (or) water franchises are held in
over 40 cities and towns among which are Albuquerque. Santa Fe, Tucumcart and Clovis, New Mexico; Fayetteville, Bentonville, Rogers and
Siloam Springs, Ark.; Pecos, Quanah. McCarney and Navasota, Texas.,
and Kingfisher and the Nichols Addition of Oklahoma City, Okla.
The properties of the above companies include approximately 338 miles
of main trunk pipe lines; in addition certain of these companies contemplate the immediate construction of approximately 350 miles of pipe line
In connection with the important franchises recently acquired in Albuquerque and Santa Fe, approximately 65 miles in connection withTueumcari, and approximately 50 miles in connection with other towns where
franchises are now held.
-V. 130, p. 2772.
Standard Gas & Electric Co.
-Listing-Earnings.
-
The New York Stock Exchange has authorized the listing of 430.000
shares of prior preference stock, $7 cumulative (no par value) and 100.000
shares of prior preference stock, $6 cumulative (no par value).
12 Months Ended March 311930.
1929.
Gross earnings
8154,538,700 $149,211,400
Net earnings
74.225.297
70,629,165
Other income
2,668.739
3,010,717
3713
Union Electric Light & Power Co. (& Subs.), St.
-Earnings.
Louis.
12 Months Ended March 31Operating revenues
Operating expenses
Maintenance
Taxes
1930.
1929.
531.625.471 827.152,830
8,552,984
8.646.349
2,341,575
1,42a,654
3,482,223
3.381,294
Net operating revenues
Non-operating revenues
$17,248,687 $13,695,532
270,911
697.398
Gross income
Net interest charges
Preferred dividends of subsidiaries
Minority interests
Appropriations for depreciation reserves
$17.519,598 $14,392,930
4.184,072 3,597,411
1,026,024
794,018
13,182
18,583
3.367,727
2,525.344
Balance
Preferred dividends
88.928.591 $7,457,571
870.000
870.000
Balance for common dividends and surplus
$8.058,591 86.587.571
Consolidated Balance Sheet March 31.
Net earnings including other income
876.894.036 $73,639,882
1930.
1929.
1930.
1929.
-V.130, p. 3353.
Asses$
Liabilities
$
Prop., pl't,&c._184,904,880 61,540,471 Preferred stock - 13,000,000 13,000,000
Standard Public Service Corp.
Common stock _x30,000,000 30,000,000
-Notes Offered.
-E. H. Stocks & bonds
of other cos..
Funded debt_ -y47,201,000 32,201.000
Rollins & Sons, and Central Illinois Co., Chicago, are Sundry Investls 309,797 32,099,943 Real
est. mtge.
offering $1,250,000 one-year 6% secured gold notes at Cash
2,060,022 1,232,744
notes
416,957
481,104
Notes & bills rec
238,069
17,177 Acc'ts payable_ 572,198
99M and interest.
Accts. receivable 2,936,323 1,787,167 Sund.cur. Habil. 1,845,181
591,759
Dated April 11930; due April 11931. Red., all or part, at any time on Mans & suppl's 2,364,039
992,978 Due to Mill. cos. 1,846,427 7,357,198
days' notice at 100 and int. Denom. $1,000 c*. Int. payable A. & 0. Inter-co. acc'ts_
30
11,432,957 Accr'd liabilities 4,391,175 1,983,314
Corporation will agree to pay int, without deduction for any normal
Prepaid acc'ts
202,152
140,275 Pfd.stk. of subs. 16,997,875
Income tax not exceeding 2% which the corporation or the trustee Federal Sund.cur. assets
800 Min. Int. in cap.
may be
required or permitted to pay at the source, and to reimburse the resident Res.it spec.fds.
1,822 & sur. of subs.
146,467
holders of these notes, if requested within 60 days after payment, for the Reacq'd secure..
6,000 Fund.ill. of subs 38,678,000
mill tax in the States of Conn., Pa., Md. and Mich. and the Dist. of Col., Bond & note dis. 2,433,668
616,066 Retlrem't res'ves 20,290,638 10,246,490
at rates not exceeding the rates in each case as existing on April 1 1930 for
Other reserves_ _ 2,733,665 1,793,750
the California and Oregon personal property tax not exceeding 5
Surplus
17,901,563 11,641,586
annum, and also for the income tax not exceeding 6% on themills per
interest
thereon in the State of Ma.. Central Trust Co. of Illinois, Chicago,
195,448,949 109,868,403
Total
Total
195,448,949 109,868,403
trustee.
x Represented by 1.395,000 shares without nominal or par value. y Con5
7
Data from Letter of J. E. Albert, Vice-President of the Corporation. sists of $6.200,000 1st mtge. 5 bonds, due Sept 1 1932 611.026.000 ref.
and ext. 557 bones due May 1 1033; 84.975,000 gen. mtge.5% bonds,
Corporation.-Incorp. in Delaware, through its operating subsidiary "A," due Dec. 1 1954. and $15.000,000 gen mtge. 5% bonds, series series
"B,"
companies (including those to be acquired in connection with this financing), dueAug. 11967.-V. 130. p. 2030.
furnishes telephone service to 156 communities, having an estimated popuUnited Corp.
-Listing.
lation of 258,000, in Kentucky, Ohio, Illinois, Indiana. Iowa, Missouri,
The New York Stock Exchange has authorized the listing of 1,430,000
Oklahoma and Texas. The system operates 145 exchanges and has 47.500
subscribers. Interconnection with the lines of the Bell Telephone System additional shares of common stock (no par value) on official notice of
Issuance in connection with the acquisition of 1,430.000 shares of common
affords subscribers complete nation-wide service.
CapitalizationAuthorized. Outstand'y. stock of the United Gas Improvement Co. The total listing applied for
1st lien 20
-year 6% gold bonds
-Series A,due 1948_61.271,500 61.271,500 to date, including this issue, is 12,920,222 shares of common stock.
On May 1 the corporation offered, for the
until
Series B, due 1948
1,628,500 May 12, to receive tenders for the exchange of period from that date stock
shares of
common
One-year 6% secured gold notes
1,250,000
1.250,000 of the United Gas Improvement Co. for shares of the the
common stock of
Common stock
50,000 she. 50.000 shs. the United Corp. on basis
The subsidiary companies have outstanding in the hands of the public Gas Improvement Co. forof one share of the common stock of the United
one share of the common stock of the United
$400.000 of bonds and $3,300 of pref. stock.
Corp. Pursuant to
* Limited by restrictive provisions of the trust indenture, but not to of the United Gas this offer, tenders of 1,430,000 shares of common stock
Improvement Co. were received. On the acceptance
any specific amount.
these tenders there were delivered interim receipts of J. P. Morgan & Co.
Earnings.
-Consolidated earnings of the corporation and its subsidiaries of
(irrespective of dates of acquisition) for the 12 months' period ended entitling the registered holder to receive certificates of the common stock
of the United Corp. called for by the exchange basis as above provided.
Dec. 31 1929, after giving effect to present financing:
when listed and upon authority to issue. On May 14 1930 the directors
Gross income from all sources
autaorized the issuance of 1,430,000 shares
Oper. exps., maint.,local taxes and prior charges of subsidiaries_ 61,327,874 Corp. for the purpose of this exchange. of common stock of the United
843.438
Profit and Loss Statement Jan. 1 1930 to Close of Business May 12 1930.
Net income before depreciation and Federal taxes
Credits
$484,436
Annual interest requirement on 62,900,000 let lien bonds
174.000 Profit and loss surplus Dec. 31 1929
Dividends received
V.5576
2.694,:
5
3
7
Balance
Interest received
250,657
Annual interest requirement on $1,250,000 1-year 6% secured 6310.436 Profit on securities sold
1.038,380
gold notes (this issue)
75.000
Total
The above balance of $310,436 was over 4.1 times the annual
87.539,448
Debits
requirement on these notes presently to be outstanding. The netinterest
income Interestpaid
before depreciation. Federal taxes and interest on funded debt of subsidiary
$407
companies was over 1.8 times the total annual interest requirement on all Dividends paid
1.334,525'
the funded debt (including this issue) presently to be outstanding with Current expenses
106,635
Reserve for Federal income taxes
the public.
142,000
,
.Security.
-Secured by the deposit with the trustee of the entire
Profit and loss surplus May 12 1930.as per statement above-- $5,955,880.
standing capital stock (25,000 shares) of Ashland (Ky.) Home TelephoneoutCo.
The depreciated value of the properties of the subsidiary companies
Annual Income Receivable.
(including those to be acquired in connection with this financing) of Stand- Including income receivable on 1,430.000 additional shares of common.
ard Public Service Corp. as at Dec. 31 1929, as recently appraised by Indestock of United Gas Improvement Co.]
pendent engineers, plus additions to date was in excess of $7,360.000. *Extimated annual dividends receivable
After deducting 63,303,300 of prior securities outstanding with the public dividends on stocks held on May 12 1930on the basis of current
814.141.872'
this indicates an equity of over $4,050,000, or the equivalent of $3,240 Annual dividend on $3 cum. preference stock issued and
outper 61.000 note.
standing May 12 1930
5.338.101
Manaectrient.-All of the capital stock of corporation is owned by Utilities
Public Service Co. which latter company also owns all of the capital
Balance
$8.803.770.
stock of Associated Public Utilities Corp.
-V. 127. p. 3398.
* Exclusive of any estimate for stock dividends.
Pro Forma Balance Sheet at Close of Business May 12 1930.
Twin City Rapid Transit Co.
-Div. Payable in Scrip:
of 1.430,000 shares
The directors have declared a dividend of $2 per share on the common After giving effect to the acquisition Improvement Co.] of common stock
of the United Gas
stock for the six months ending June 30. Payable on or before July
Assets
15
1937, to holders of record July 1 1930, the dividend to be evidenced by Mohawk Hudson Power Corp.
2d pref. stock_
62,370 she. 86,673.590
notes and fractional scrip, the notes bearing interest after July 15
Niagara Hudson Power
at 6% per annum, payable semi-annually January and July 15. Such 1930, Niagara Hudson Power Corp. common stock---1,673,250 shs.
Corp. Cl. A option warr.
notes
and scrip may be exchanged for 1st lien & ref. bonds or cash at the option
entitling holders to purchase 752.460 she, of
of the company at or before maturity. The regular quarterly
common stock
$1.75 per share on the preferred also was declared, payable July dividend of Niagara Hudson Power
Ito holders
Corp. Cl. B option warrof record June 12.
rants entitling holders to purchase 436,590
At the meeting of directors in December 1929. at which the
shares ofcommon stock
regular
27.208,691
quarterly dividend of $1 per share payable Jan. 2 1930, was declared,
Niagara Hudson Power Corp. cl. C option warr.
it
was announced that subsequent dividend payments on the common
entitling holders to purchase 300,000 shares of
stock
would be made semi-annually.
common stock and to purchase cl. A option
The plan to pay the dividend on the common stock in scrip
warrants entitling holders to purchase 100.000
adopted to facilitate the redemption of certain bonds falling duehas been
shares of common stock
in 1937.
The cash that would be disbursed as dividends on the common stock
will Public Service Corp. of N. J. common stock,..... 959.921 she. 76.061,755
be reserved to meet the bond redemptions.
-V. 130, P. 1459.
United Gas Improvement Co. common stock_ _ _6,081,846 shs. 215,035,234
Columbia Gas & Electric Corp. common stock
245,263 she. 10,718.193
Union Electric Light & Power Co. of Illinois.
Commonwealth
-Earns. Commonwealth & Southern Corp.corn,stock_ -1,798,270shs.
12 Months Ended March 31& Southern Corp. option warr.
35.590.010'
1930.
1929.
entitling holders to purchase 1,005,000 shares
Operating revenues
$3,815,450 63,620,577
of common stock
Operating expenses
36,332
29,638 Electric Bond & Share Co. common stock
88,776 7-200 she. 5.969,201
Consolidated
Net operating revenues
202,900 shs. 24.737,429
$3.779.118 $3,590,938 Lehigh Coal Gas Co. of New York corn. stock
Non-operating revenues
& Navigation
33.105 she.
514
1,735.186
595 Miscellaneous investmentsCo. capital stock.. _ _ _
8,159,909
Gross income
$3,779,632 $3,591,533 Cash on hand
759.401
Interest cnarges, net
1,134,093
1.082,582
Appropriations for depreciation reserves
Total
6412,648,599
989,100
938,668
Liabilities
Balance
$88.968.350
61,656,346 $1,570,282 $3 cumulative preference stock (1,779,367 shares)
Preferred dividends
Common stock (9.182,515 shares)
480,000
470.998 Option warrants entitling holders to purchase at any time with- 45,912,575
Balance for common dividends and surplus---- 61.176,346
out limit 3.732,059 shares of common stock at $27.50 per sh_ _
$1,090.283 Paid-in surplus
271.536.650
Condensed Balance Sheet March 31.
Profit and loss surplus
5,955,880
Reserve for taxes
1930.
1929.
275,144
1930.
1929.
Assets-$
$
LiabilitiesS
6
Total
Property and plant35,989,158 33,788,825 Preferred stock__ 8,000.000
6412,648.599
8,000.000
222
Accounts receivable
1,665 Common stock_ __ 5,000,000 5,000,000
Directorate Increased.
1,625
Prepaid accounts.
1,625 Funded debt
12,000,000
The corporation announces that its
of directors has been increased
Discount and eXPS.
Inter-co. accounts 5,668,210 12,500,000 from 5 to 10 members,and that the 5board places
4,317,827
new
created have been filled
on securities_ ___ 1,006,387 1,048,946 Sundry curr. Habil.
1,109
358 by the election of Floyd L. Carlisle, B. C. Cobb, Philip G. dossier, Thomas
Taxes accrued_
.
605,028 N. McCarter and John E. Zimmermann. These gentlemen are the chief
Interest accrued_
323,802 executive officers of the companies in which the United Corp. has it
Sundry accr. Habil. 1,129,794
30.206 principal interests.
Deprec. reserve 3.230,531 2,672,439
The original 5 directors of the corporation were: Thomas S.
Total(each sIde)36,997,392 34,841.061 Surplus
Gates,
1,967.747 1,391,400 George H. Howard, Alfred L. Loomis, Landon K. Thorne
-V. 130. IL 1116
and George
.
Whitney.
-V. 130. p. 3541.
•
3714
FINANCIAL CHRONICLE
Union Water Service Co.(& Subs.).
-Earnings.
-
Years Ended Match 31Gross revenues (incl. other income)
Operating expenses
Maintenance
General taxes
1930.
$480,891
111,282
16.798
57.339
1929.
$459,261
108,299
16.566
49,867
Gross corporate income
$295.472
Interest paid or accrued on funded debt
146,520
Miscellaneous interest charges
3,554
Res.for retire., replace. & Fed.inc.tax & misc. deduc
31,959
$284,528
146,868
356
37,413
Net income
Divs, paid or accrued on preferred stock
Balance,surplus
-V.130, p. 2772.
$113,438
30.000
$99,891
25,000
$83,438
$74,890
United Gas Corp.
-Time for Deposits Extended.
-
[VOL. 130.
Condensed Balance Sheet, March 31.
1930.
1929.
1930.
Assets$
$
Liabilities-$
Property & plant-23,982,806 21,261,658 Preferr stock._ 4,500,000
Cash with trustee
Common stock__ _ 6,000,000
Sundry investmls 259,790
265,610 Mtge. bonds
10,400,000
Cash
574,747
212,807 Inter-co. wets
134,304
Notes & bills rec13,978
14,929 Notes & bills PayAcc'ts receivable_ _ 968,000 1,063,944 Accounts payable.. 160,275
Material & supp- 680,215
756,578 Sundry curr. liab_ 163,441
Due Cr. affil. co.'s_
Due to attn. co.'s_
Interco. accounts_ 522,686 3,652,640 Taxes accrued --- _ 488,402
Required securities 189,800
35,000 Interest accrued..- 171,250
Res.& spec. funds 275,639
223,723 Dividends accrued
73,753
Prepaid accounts_
9,885
16,792 Misc.scar. Habil__
19,814
Open accounts__
989,852 1,579,898 Open accounts____ 353,352
Bond & note disc't 391,976
398,693 Reserves
4,105,148
Treasury stocks &
Surplus
2,289,635
bonds
281,000
1929.
$
4,500,000
6,000,000
10,500,000
1,050,000
152,158
148,979
1,037,047
302,650
167,816
76,324
20,029
302,601
3,655,648
1,850,031
The time within which deposits may be made under the plan and agreeTotal
28,859,373 29,763,286
Total
28,859,373 29,763,286
ment of reorganization under which this corporation is to acquire securities
of the present United Gas Co. and of certain of its subsidiaries. of Louisiana -V.130, p. 2394
Gas & Fuel Co. and of the Palmer Corp. of Louisiana has been extended
Wisconsin Michigan Power Co.
•to and including June 3 1930. Common stock and preferred stock of
-Earnings.
12 Months Ended March 31United Gas Co. have been deposited in amounts substantially in excess of
1929.
1930.
the requirements of the plan but substantial additional amounts of bonds. Operating revenues
$3,569,499 $3,407,594
debentures and preferred and common stocks of the subsidiaries of United Operating expenses
1,305,900
1,239,827
Gas Co. and bonds of the Palmer Corp. of Louisiana are required to make Maintenance
159,926
239,411
the plan automatically operative. If and when the Dian becomes oper- Taxes
462,514
422,444
ative, Electric Power ez Light Corp. has contracts calling for the delivery
Net operating revenues
to the United Gas Corp. of 100% of the outstanding securities of Louisiana
$1,641,159 $1,505,911
Non-operating revenues
Gas & Fue. Co.
-V. 130. p. 3162.
29,018
18.782
Western Power Corp.(& Subs.).
-Earnings.
12 Months Enaed March 31
Opera ting revenues
Operating expenses
Maintenance
Taxes
522,88();946 $20,929;303
4,967,445
5,458,731
864,158
910,366
2.154,971
2,197,500
Net operating revenues
Non-operating revenues
$14,314,349 $12,942,729
1,976,973
630,431
Gross income
Interest on funded debt
Amortization of bond discount and expense
-Other interest charges
Interest during construction
Preferred dividends of subsidiaries
Minority interests
Appropriations for depreciation reserves
$14.944.780 $14,919,702
5,199,109
4,921,711
396.949
359,884
510,517
1.035,541
Cr318,286 Cr.241,130
2,501,910
2,526,095
29,106
16,959
2,263,297
2.494.398
Balance
Preferred dividends
Balance for common dividends and surplus_
-V.130, p. 2394.
$3,908,478 $4,259,943
675,782
675,794
_ $3,232,684 $3,584,162
-Earnings.
West Virginia Water Service Co.(& Subs.).
Years Ended March 31'Operating revenues
Operating expenses
Maintenance
General taxes
1930.
$819,356
304,649
40,221
94.190
$775.372
297,472
38,750
83.806
Net earnings from operations
Other income
$380,295
2,684
$355,344
3,038
Gross corporate income
$382,979
Interest paid or accrued on funded debt
177,412
Res.for retire.,replace. & Fed.inc.tax & misc. deduc
61,239
$358.382
171.046
55.668
Net income
Divs. paid or accrued on preferred stock
$144.327
69,000
$131,668
69,000
$75,327
$62,668
Balance, surplus
-V.130, p. 2773.
Wisconsin Electric Power Co.
-Earnings.
12 Months Ended March 31Operating revenues
Operating expenses
Taxes
1929.
1930.
$2,517,858 $2,104,765
21,323
26,217
127,100
244,700
Net operating revenues
Non-operating revenues
$2,246,941 $1,956,342
479
Gross income
Net interest charges
Appropriations for depreciation reserves
$2,247,419 81,956,342
539.275
491,755
508.242
584,280
Balance
Preferred dividends
$1,123,864
274,072
$849.792
Balance for common dividends and surplus
Condensed Balance Shce', March 31.
1929.
1930.
1930.
Liabilities
5
Assets$
Property and plant21,371,217 18,490,380 664% pref.stock_ 3,492,000
53,990 6% preferred stock 1,000,000
35,204
Cash
500,000 Common stock__- 3,500,000
Notes & bills receiv
8,437,000
7,063 Funded debt
6,037
Res. & special ids.
11 Inter-co.
2,630.387
Open accounts-- 645,556
10,001
102,500 Sund.curr. llab
Reacq.securities- 213,800
242,079
Taxes
Disc. & caps, on
70,308
1,478,288 1,559,786 Interest accrued-securities
18
Dividends accrued
Open accounts_....
Deprec. reserves__ 3,366,828
1,001,483
Surplus
$956,344
280,804
$675.540
1929.
Gross income
Interest on funded debt
Amortization of bond discount and expense
Other interest charges
Interest during construction
Appropriations for depreciation reserves
$1,670,177 31,524,692
446,167
450,167
22,646
22,651
155,469
66,289
Cr.65,048
Cr.36,441
382,021
367,719
Balance
Preferred dividends
$728,923
121,608
$664,309
84,650
Balance for common dividends and surplus
-V.130, p. 2031.
$607,315
$579,659
Wisconsin Valley Electric Co.
-Earnings.
12 Months Ended March 31Gross earnings
Net earnings
Other income
Net earnings including other income
-V.130, p. 3354.
1930.
1929.
52.022.814 $1,718,494
881.476
661.585
26.186
23,572
$907,662
$685,157
INDUSTRIAL AND MISCELLANEOUS.
Price of Sugar Reduced.
-The American Sugar Refining Co. has reduced
price of sugar 20 points to 4.70e. per pound.
-"Wall St. News", May 22.
Price of Lead Reduced.
-American Smelting & Refining Co., has reduced
price of lead 10 points to 5.50c. per pound.
-"Wall St. News," May 20.
Calumet & Hecla to Reduce Wages.
-Calumet & Heels Consolidated
Copper Co., effective July 1, will reduce wages of miners 10%. This will
bring wage scale to level prevailing before March 1 1929.
-"Wall St.
News,' May 22.
Matters Covered in the "Chronicle" of May 17.-(a) F. W.Dodge Corporation's review of building and engineering activity shows decline from 1929
of 25% for April and of 17% since Jan. 1. page 3445. (b) Trend of business
in hotels
-Room and food sales below last years figures, page 3448. (c)
Reported increase in Texas failures, page 3450. (d) Refined copper stocks
higher-Production and shipments lower, page 3457. (e) Chile to own
half of nitrate combine, page 3464. (f) Public offering of 5%% participation certificates in $6.000.000 gold note of Province of Cordoba (Argentine).
page 3466. (g) Market value of shares listed on New York Stock Exchange
75,304,607,812, May 1, compared with $76,075,447,459 on April 1
Classification of listed stocks, page 3473. (h) Offering of $100,000,000 of
90 day Treasury bills.
-Tenders of $275.674.000 received-Bids of $104,600,000 accepted, page 3477. (1) 34 Industrial companies having aggregate
of 32,601,054,000 net worth report 21.6% in first quarter earnings according to Clark, Dodge & Co., page 3479. (j) The new capital flotations during
the month of April and for the four months since the first of the year,
Page 3432. (k) Test suit against Radio Corp. of AmeriL a charges combination to restrain trade-Department of Justice files petition in District
-Control of 95%
Court at Delaware-Ruling on alleged patent pool sought
of Radio apparatus manufactured and sold asserted, page 3440. (1) Real
estate financing reported as over billion dollars year by T. F. Clark of
Mortgage Bankers Association, page 3471. (m) New rules adopted by
New York Stock Exchange governing customers' men, page 3471.
-Earnings.
Advance Bag & Paper Co., Inc.
Calendar Years1929.
Gross profits of parent co. & sub, avail, for bond int-31,049,603
Bond interest
-parent co. and subsidiaries
404,450
1928.
$916,578
288,425
Balance available for other interest, depreciation,
dividends, Federal income taxes, &c
$645,153
-V. 128, p. 3514.
$628,153
-Earnings.
-Acme Wire Co.
3,492,000
Earnings for Year Ended Dec. 31 1929.
1,000,000 Gross profit on operations
5767.304
3,500.000 Selling expenses
160,285
8,495,500 Other income and charges (net)
5,168
385,190 Depreciation on fixed assets
92,160
11,469 Reserve for taxes
63.542
122,165
70,796
Net profit
$446,148
8 -V. 110, p. 466.
575
-Earnings.
Adams-Millis Co.
2,399,768
736,259
Calendar Years1929.
1928.
1927.
1926.
Net profits after all chgs.
23,750,104 20,713,730
incl., deprec.,& taxes.. $909,329
Total
$779,313
23,750,104 20,713,730
Total
$706,582
$557,275
Earns, per shr. on 156.-v.130. p. 2394.
000 shs. corn. stk. (no
$4.83
$4.00
$3.53
$2.57
0.Wisconsin Public Service Corp.-Earninf
- ar) 30, p. 3354.
kr 1
.
1929.
1930.
12 Months Ended March 31Addressograph International Corp.
$5,567,653 85,137,712
-Earn. Cal.Yr.'n.
Gross earnings
2,386,527 2,272,407
Net earnings
(Including Domestic Subsidiary Companies.]
13,467
18,013
Other income
Net profit (excluding profit of European subs.) after writing
down inventories to cost or market whichever was lower and
82.404,540 $2,285,874
Net earnings including other income
deducting all manufacturing, sell., & gen. expenses
$2,205,131
-V.130. p.3354.
Depreciation of plant & equipment
202.719
Amortization of development & patent expense
57,123
-Earnings.
Interest & discount on debentures & current loans
Wisconsin Gas & Electric Co.
183,443
1929.
Provision for Federal income taxes (estimated)
1930.
154,400
12 Months Ended March 31$5,912,680 Dividends on preferred stocks of subsidiaries
36.306,663
27,
Operating revenues
2,861.035 Proport. of net inc. of Canadian sub. applic. to minority interest
2,785,245
Operating expenses
380.277
in common stock
452,037
4,465
Maintenance
608,186
808.750
Taxes
Netincome
$1,575,980
$2,063,182 Dividends on common stock
303,750
$2,260,632
Net operating revenues
116.688
137.041
Non-operating revenues
Surplus for year
$1.272.230
$2,397,673 $2,179,870 Capital stock & earned surplus at Dec. 31 1928, adjusted to incl.
GrossIncome
amount realized from sale of additional stock during year,
283,669
341,693
Net interest charges
premium & unamort. disc, on debs. called for retirement, &
530,064
571,988
Appropriations for depreciation reserves
other surplus adjustments (net)
7,295.419
$1,483.991 $1,366.137
Balance
Declared capital ($4,694.000) St earned surplus Dec. 31 1929-$8.567,649
304,309
297.229
Preferred dividends
Earns,per share on 520,000 shares capital stock
$3.03
$1,186,761 $1,061,826 -V.130. p.3542.
Balance for common dividends and surplus
MAY
FINANCIAL CHRONICLE
24 1930.]
3715
-Notes Called.
American Linseed Co.
-Earnings.
(J. D.) Adams Mfg. Co.
Earnings for Year Ended Dec. 31 1929.
Gross manufacturing profit
Commercial expense
$2.897,314
1,475.164
Net operating gain
Miscellaneous income (net)
$1,422,150
32,805
Totalincome
Federalincome tax
$1,454,956
157,747
Net income
Dividends paid and declared
Organization expense
$1.297,208
720.000
3,053
$574,155
Surplus,Dec.31 1929
$4.32
Earnings per share on 300,000 shs. cora,stock outstand.(no par).
-V.130, p. 3162.
Ahumada Lead Co.-Earnings.1928.
$189,683
1927.
1929.
1930.
Quar. End. Mar.31$886,034
$178,593
$210,261
Gross receipts
Net loss after deprec.,
18,294 prof175,142
13.680
37,932
tax. & other charges
President 0. R. Whittaker states that in the first quarter of 1930 the
company produced 6,618 dry tons of ore,from which the smelter returned
2,815,939 pounds of refined lead, an average of 425.5 pounds a ton. Sales
for the three months came to 2,815,939 pounds.
The company had on March 31 1930 cash and cash assets amounting
to $167,408.-V. 130, p. 1461.
-Board States Exchange for
All America General Corp.
Atlas Utilities Stock Is Against Stockholders' Interest.
A resolution setting forth reasons for opposing the proposed exchange
of All-America General Corp. stock for shares of Atlas Utilities Corp. has
been adopted by the board of directors of the former company. A copy of
this resolution was mailed to all stockholders of All-America General.
May 22, over the signature of Mason B. Starring Jr., its President. The
letter to stockholders follows:
"At a special meeting of your board of directors held yesterday afternoon,
the following resolution was passed with regard to the offer of the Atlas
Utilities Corp. for common stock and option warrants of All-America
General Corp.,'
"RESOLVED that the disparity between the liquidating value of the
shares of this corporation and the liquidating value of the shares of common
stock of Atlas Utilities Corp. offered in exchange therefor is such that the
board of directors deems it against the best interests of the stockholders to
accept the offer of exchange presented to them by Atlas Utilities Corp.,
and further
"RESOLVED that the President be and hereby is instructed to notify
the holders of the common stock and of the option warrants of this corporation of the adoption of the foregoing resolutions.
"It was the opinion of the Board that the acceptance of the offer of
Atlas Utilities Corp. would result in a substantial sacrifice to the stockholders of the All-Amends General Corp. inasmuch as one share of the
common stock of this company had a liquidating value of approximately
$26 ,per share as of April 30 1930, whereas the two shares of the common
stock of Atlas Utilities Corp. offered in exchange therefor had an aggregate
liquidating value of approximately $17.70 as of the same date.
The directors further stated that, in view of the excellent condition of
your company, they could see no reason for considering a merger with any
-V. 130, p. 2394.
other trust."
-Receivership Asked.
Allerton Corp.
The company has called for payment June 15 next all of the outstanding
6% coupon notes, dated June 15 1925 at 100% and int. Payment will be
-V. 127.
made at the Equitable Trust Co., 15 Broad St., N. Y. City.
P. 1529.
-Stock Split-up.
American Machine 8c Foundry Co.
The stockholders will vote June 16 on approving plans to split up the
-for-1 basis and to retire the outstanding 7% pref.
common stock on a 5
stock at 115 and diva., with payments to stockholders of record July 18,
when the books will be permanently closed. The authorized 300,000 shares
of common stock are to be increased to 1.500,000. and the outstanding
shares (approximately 200,000) will be exchanged for 1,000.000 shares
of the proposed new stock.
Stockholders of record June 2 will have the right to vote at the meeting.
If the plan is approved new certificates will be exchanged on Aug. 1.V. 130, p. 3542.
-New Company Acquires Assets.
American Piano Co.
The offer of the reorganization committee under the plan of reorganization, dated March 28 1930, to purchase the assets of the American Piano
Co. was confirmed by Hon. Alfred C. Coxe, District Judge for the Southern
District of New York, at a hearing on an order to show cause held May 20.
The offer, which was accepted and confirmed by the Court, Was for
the purchase of all of the assets and good-will of the American Piano Co.
and its affiliated companies.
The American Plano Corp. was organized in Delaware, May 8, to take
over the assets purchased from the receiver and, under the terms of the
offer, assumes various obligations of the old company and will take over and
operate the store and office at 584 Fifth Ave., N. Y. City, and stores at 146
Boylston St., Boston, Mass., and at 1721 Euclid Ave., Cleveland. 0., and
assumes all dealers'franchises of the old company now in existence.
The directors of the new company are as follows: George G. Foster,
William B. Armstrong. William H. Alfring, C. Afred Wagner, William
Dewey Loucks, W.Lee White, Walter A. Hall, Prank W. Hassin and Roy
W. Tyler.
The voting stock of the company will be held in a voting trust for a period
of 10 years. There will be five voting trustees, three of whom are to be
George G. Voster, Richard W. Lawrence and William Dewey Loucks and
two others yet to be selected.
Among the officers of the new company are George G. Foster, President;
William Dewey Loucks, Chairman of the board of directors; William H.
Alfring, Chairman of the Executive Committee,and Gardner C. Kavanagh,
Executive Vice-President.
Walter A. Hall, Secretary of the Reorganization Committee, commenting upon the results of the hearing, said in part:
"The acceptance and confirmation of this offer results in the return of the
company to the control of the old pref. stockholders and under the management which so successfully operated the company over a long period of
years. Under the leadership and guidance of such men as George G. Foster.
William B. Armstrong and others who were responsible for the destiny of
the company during its successful period, and the rest of the personnel
associated with them in the new company, the consummation of this reorganization marks the beginning of a revival of the piano industry and is
an omen of general industrial improvement.
"The settlement of the form of the order confirming the sale of the assets
to the reorganization committee took place May 22, in Judge Coxe's
Chambers. It is expected that the closing of title and completion of all of
the details of transfer will take place on May 28 at the offices of the Irving
Trust Co., receiver, and that the new company will take possession and be
in a position to start business on June 1.
"The time for Prof. stockholders to deposit their stock expired May 20,
but those preferred stockholders who have already deposited and have
received warrants of subscrpition have until May 26 in which time to
-'V. 130.P.3543•
exercise their rights under the warrants."
Appointment of a receiver pendent lite for the corporation, head organization hi the operation of several hotels, is asked in a bill filed in Court of
-Organized to Succeed American
American Piano Corp.
Chancery at Delaware May 9 by Edgar Kenny, a stockholder. Chancellor
-See latter company.
Wolcott has issued a rule returnable May 28, requiring the defendant to Piano Co.
show cause why the application should not be granted.
The corporation, according to the bill, is unable to meet its maturing
-New Certificates Ready
American Ship Building Co.
obligations as they fall due. It is alleged the corporation owes $380.846 in
real estate taxes and further owes $189,568. It had on hand on Jan. 31 Capital Distribution of $40 per Share to Old Common Stockcurrent assets are notes holders.
only $1,202 in cash, it is alleged, and its only other
and accounts receivable, dividends receivable from subsidiaries and interest
All of the necessary proceedings for the issuance of the certificates for
receivable, which assets, it is averred, are not readily convertible.
the new pref. stock and new no par common shares have been completed.
The corporation controls and operates through subsidiary companies the The new common shares have been listed on the New York Stock Exchange
-V. 127, P. 3707. and the new stock certificates are ready for issuance. Stocknolders are
Allerton Houses in New York, Chicago and Cleveland.
requested to forward to the Commercial National Bank & Trust Co..
-Merger Ratified.
Allied American Industries, Inc.
56 Wall St., N. Y. City, transfer agent, the old certificates.
Upon receipt of the old common certificates the transfer agent will issue
The acquisition of the corporation by the Guardian Investors Corp.
was approved on May 20 by the stockholders of the latter company. To certificates for an equal number of no par common shares in lieu thereof,
provide additional shares for exchange of stock the Guardian stockholders and will pay, in cash, as a capital distribution, $40 on each common share
authorized an increase in common stock to 700,000 from 500.000 shares. to the holders of the old certificates or their order.
See also V. 130, P. 335
In accordance with the plan for reduction of capital, the pref. stock4•
holders are given the privilege up to July 1 1930 of selling all or any part
-Brings in New Well.
Amerada Corp.
of the pref. shares to the company at $110 a share, or of exchanging all or
Completion of a new Amerada-Dixie-Continent oil well, Edwards No. 2, any part of their pref. shares for new no par common shares and cash, on
announced this week. the basis of 1 1-10 new no par common shares and $44 in cash for each pref.
In the South Earlsboro Field of Oklahoma, was-V.
130, p. 3542.
An initial flow of 8,010 barrels daily was reported.
share, such exchange to be made from common shares held by the company in its treasury.
-V. 130. P. 3543, 2396.
-Earnings.
American Bosch Magneto Corp.
1928.
1927.
1929.
3 Mos.End.Mar.31- 1930.
-2d Pref. Stock
American Smelting & Refining Co.
94 61
Total sales
$1,933.536 $2,798,709 $1,967,910 $1,405:3834
125,818
317,312
-Kuhn, Loeb & Co.; Guaranty Co. of New York;
Offered.
loss90,527
Operating profits
54,542
Depreciation
62,236
52,552 Bankers Co. of New York, and Chase Securities Corp., are
64.999
31,884
Federal taxes
Balance
loss$155,526
Earns, per sh.on 207,399
abs. capital stock outNil
standing (no par)
-V. 130. p. 2395.
x Before taxes.
$223,192
471.276
442,782
offering $17,500,000, 6% cum. 2d pref. stock at $103 per
share flat.
Dividends payable Q.
-M. beginning Sept. 1 1930. Subject to the
$50,000,000 authorized and issued 7% cum. pref, stock, the 6% cum. 2d
pref. stock is preferred as to assets and as to cumulative dividends and
entitled to payment at its par and dividends upon any distribution of
assets other than profits. Entitled to equal voting power per share with
American Chain Co., Inc.
-New Directors.
P. Van Schaick, pro- each of the other classes of stock. Red., as a whole or in part, at the
Charles G. Williams, sales manager, and Arthur
on 60 days' notice at 105%
duction manager, have been elected directors. Mr. Williams succeeded option of the company on any dividend datenormal Federal income tax.
N. B. Marple, deceased, and Mr. Van Scheidk was added to the board.
- and accrued div. Diva, exempt from present
V. 130, P. 2583.
Data from Letter of Simon Guggenheim, President of the Company.
-Incorporated in New Jersey in 1899. Is the largest nonHistory.
American Chicle Co.
-Extra Dividend.
The directors have declared an extra dividend of 25c. a share and the ferrous metal smelting and refining enterprise in the world. Company,
regular quarterly dividend of 50c. a share on the common stock, both directly or through its subsidiaries, is engaged in the mining, milling,
payable July 1 to holders of record June 12. An extra dividend of the reducing, smelting and refining of copper, lead, zinc, gold, silver and
other metals, and manufactures a wide variety of metal and chemical
-V. 130, p. 2774.
same amount was paid Jan. 1 and April 1 last.
products. Its operations in the field of smelting and refining are conducted
at numerous plants strategically located in the important mining districts
American Express Co., Inc.
-Registrar.
The American Express Bank & Trust Co. has been appointed registrar of Utah. Texas. and Arizona, and at locations on the Atlantic and Pacific
seaboards. The company owns or leases and operates producing properties
-V. 130, p. 1056.
or the capital stock.
situated in Mexico. Peru,and Newfoundland.
Company in recent years, through substantial investments in the General
American I. G. Chemical Corp.
-Earnings.
Cable Corp. and Revere Copper & Brass, Inc., has materially broadened
Earnings for Period April 26 1929 to March 31 1930.
its interests in the manufacture and fabrication of copper rods, wire, cable
ncome
$3,786.563 and similar metal products.
General & administrative expenses
114,651
-The proceeds of this issue, together with the proceeds of
Purpose.
Taxes,incl. Federal income tax,& other deductions
115.139 S2,500.000 additional authorized 2d pref. stock presently to be issued
Interest on debentures
1,468,329 for cash, are to be used for the acquisition of properties or securities, the
construction of additional plants and for other corporate purposes.
Net income to earned surplus
$2,088,442
Capitalization to be outstanding upon completion of present financing:
Earnings per share on 486,139 shares class A stock (no par)
$2.65 Series A 5% 1st mtge. bonds due April 1 1947
$36,601,800
Earnings per share on 3,000.000 shares class B stock (no par)__ _
$2.26 7% cumulative preferred stock ($100 par)
50,000,000
Balance Sheet March 31 1930.
20,000,000
6% cum. 2nd pref. stock (par $100), incl. this issue
LtaWittesAssets
1.829,940 shs.
Common stock (no par)
62,610,885 Accrued int. on
Cash
$685,985
-The consolidated balance sheet of the company and its
Balance Sheet.
3,921.386 Res.for Fed.inc.& 0th.taxes
Marketable securities
debentures_109,722 subsidiaries, as of Dec. 31 1929, adjusted to give effect to this financing
9,263,007 Guaranteed 534% COM
,
Short term loans
29,933,000 and after deducting all reserves and the outstanding 7% cum. pref. stock
1,358,710 Common A stock
Accounts receivable
112,163,475 at its par value, shows net tangible assets of $123.401,312. equivalent
43,574,887 Common 13 stock
Investments
73,000,000 to more than $600 per share of the 2d pref.stock presently to be outstanding.
Due from subs. dz MM.cos.-- 5,000,932 Capital surplus
17,835,018
Net working capital as of March 31 1930, without giving effect to the
21,529 Earned surplus
Office equipment
2,088,442 proceeds from the sale of 2d pref. stock, amounted to $66,007,091 as
54,287
Prepaid dr deferred charges
corn axed with $67.465,642 on Dec. 31 1929. Cash, demand loans and
U. S. Government securities alone amounted to $25,039,662, as against
665,805,623
Total
Total
$65,805,623 total current liabilities of $22.613,064.
x Represented by 486,139 no par shares. y Represented by 3,000,000
-Net earnings and net income of the company and its subEarnings.
no par shares.
-V. 128, p. 4324.
sidiaries have been as follows*
$1.07
$0.34
$0.21
3716
FINANCIAL CHRONICLE
Netfrom
Net after Depr..
Calendar
Operations and Obsol., Dept., Int.
YearsMiscell. Sources. Ches. & Fed.Tax.
1925
$27.978.626
$15,190,760
1926
17,760.721
30.151,293
1927
27,970,606
15,477,770
1928
18,588,204
31.101,76.3
1929
34,462,872
21.831,583
Net income for the five years ended Dec. 31 1929, as shown above,
averaged $17,769,408, or more than 3.7 times the annual dividend requirements on the 7% cum. pref. stock and 6% cum. 2d pref. stock to be outstanding upon completion of this financing.
Net income for 1929 amounted to over 4.6 times such annual dividend
requirements. These earnings do not reflect any benefitfrom the additional
money to be provided by the present financing.
It is expected that the unsatisfactory conditions at present existing
In industry and the low prices prevailing for refined non-ferrous metals will
be reflected in the current earnings of the company.
Listing.
-Application will be made to list this stock on the New York
Stock Exchange.
-V. 130, p. 3544.
[var.. 130.
70 ft. on Beaver Hall Hill, and 100 ft. on Dorchester St.. with a superficial
a ea of about 7,000 sq. ft.
Purpose.-Preeeeds will be used to provide a portion o. the cost of a
modern. !reproof all-stone exterior office building, to be known as "Architects Building," to be erected on the above property and to oe completed
and ready for occupation not later than May 1 1931. The building will
be erected in accordance with plans and specifications prepared by Rosa
& Macdonald. architects. It will be 14 stories in height from the sidewalk
with a basements below grade for garage space, and will have a cubic content of approximately 1.200,000 cubic feet.
Security.
-Bonds will be secured by a first (closed) mortgage and charge
on the land and office building and equipment now to be erected thereon
Payment of principal and interest will be further assured by the creation
of a first floating charge on the revenues of the property.
Based on independent anpraisals of the land and completed building.
the mortraged property will have a value of $1.550.900. as against $700,000
of 6% 1st (closed) mortgage bonds to be issued.
Armstrong Cork Co.
-To Increase Debt
-Convertible
Bonds To Be Offered to Stockholders.
-
The holders will vote on June 17 (1) on increasing the indebtedness of
American Surety Co.
-New Trustee.
the
Announcement was made of the election to the board of trustees of J. D. (2) company from nothing to $15,000,000,and if such increase is authorized.
on ratifying and approving all acts and resolutions of the directors
O'Keefe, President of the Whitney National Bank of New Orleans. La.
- taken and adopted at the special meeting of the board held on May 15
V. 130. p. 2966.
1930, including the following: authorizing the creation and issuance of
not exceeding $15,000,000 of 10
-year cony. 5% gold debenture bonds due
American Thermos Bottle Co.
-Earnings.
June 1 1940, the form of said bonds and of the indenture of trust between
this company and the Union National Bank of Pittsburgh, as trustee.
Calendar Years1929.
1928.
1926.
1927.
Manufact'g profit from
dated June 1 1930, under which said bonds are to be issued, the price.
sale of merchandise _$738,870
$623,454
$572,779 terms, period and conditions under which said bonds shall at the option
$563,983
Oper. exp. (incl. advert.)
400,566400,566
388,596
365,525
458,176 of the holders thereof be convertible into shares of common stock, without
par value, and authorizing the issuance from time to time of shares Of
Operating profit
$338.304
$234,857
$114,804 common stock, without par value, upon conversion of said bonds and
$198.457
Other income (net)
35,155
20.051
22.012 reserving from the authorized and unissued capital stock of this company
27,394
sufficient shares of common stock without par value for the purposes of
Total income
$373,458
$254,909
$136,615 such conversion, and fixing the consideration and price at which shares of
$225,851
Esti. Fed. income taxes_
common stock without par value shall from time to time be issued on con40,969
28,516
27,000
version of said bonds, and authorizing the issuance and the offering of
Net profit
$332,489
$226,393
$198,851
$136,615 $14,931,000 said bonds to the holders of the capital stock of record June
Dividends have been paid as follows: (1) Preferred stock carries with it a 10 1930, for pro rata subscription at the price of 98% of their principal
-plus accrued interest to July 8 1930, in the proportion of $1,000
7% cura. div. clause. This amount has been paid on the pref. stock since amount
the inception of the company Jan. 1 1926. Pref. divs. are paid quarterly of bonds for each 83 shares ofstock held; and also on ratifying and approvat the rate of87j.c. per share, annual divs. aggregating $3.50;(2) The initial ing the action taken and resolutions adopted by the directors at the meetdiv. declared on common stock was Nov. 1927 at the rate or 25c. Per share. ing of the board held on April 23 1930, at which said board ratified and
$1 per annum, same rate being paid up to and incl. Aug. 1 1929. On approved an agreement by this company with the Union National Bank
Nov. 1 1929 this rate was increased to 30c. per share, $1.20 per annum, this of Pittsburgh and Guaranty Co. of New York for the underwriting of
such of said bonds as may not be subscribed for by the stockholders of
rate being maintained to date.
-V. 129. p. 2230.
this company upon the proposed offering to them.
American Utilities & General Corp.
-Acquisition.
Description of Ten-Year Convertible 5% Gold Debenture Bonds.
This corporation, the Moody-Seagraves Co. and the Hope Engineering
Dated June
Co. have acquired control of the American l'uel & Power Co., which the option of 1 1930; due June 1 1940. Principal and interest payable at
the holder, either at the office of the Union National Bank
controls proven natural gas reserves in eastern Kentucky, and have alio
secured additional properties in adjacent fields which will give the three of Pittsburgh. Pittsburgh, Pa., or at the Guaranty Trust Co. of New
York. Interest payable semi-ann. (J. & D. 1). Denominations $500 and
companies control of extensive reserves east of the Mississippi River. The $1.000 c. Red, all or part
American Utilities & General Corp. is controlled by G. E. Barrett & Co. prior to maturity at 103 and at the option of the company on any date
interest.
and the Moody-Seagraves interests.
Terms of Conversion.
-Bondholders may surrender their bonds, with all
The Am rican Fuel & Power Co. owns a number of operating subsidiaries
which supply natural gas solely for industrial use in Huntington, W. Va.; unmatured coupons, to the company at the office of the trustee, the Union
National Bank of Pittsburgh, on the terms stated below, in exchange for
Ashland, Ky., and Ironton. Ohlo.-V. 130, p. 3544.
its stock, at any time on or before June 1 1940 (or in the case of any bond
called for redemption prior to June 1 1940, and payment duly provided
Amrad Corp., Cincinnati.
-Proposed Consolidation.
for, then until and including but not after the redemption date).
The directors have recommended to the stockholders the acceptance of
The price, subject
an offer by Magnavox
td. involving the merger of these two com- be issued in exchangeto adjustment as stated below, at which stock will
for bonds Is as follows: Until and including June 1
panies. The consolidation rill be based upon an exchange of Amrad stock 1935, or earlier
Co.,;
.
redemption, $65 per share; thereafter and until and incl.
for Magnavox stock.
June 1 1937, or earlier redemption, $70 per share; thereafter and until and
The radio receiving set business of the Amrad Corp is being discon- incl. June 1940,
or earlier redemption, $80 per share. These prices are
tinued, the company having sold its interests in this field to the Crosley subject to 1
reduction upon the issue from time to time of additional stock
-V. 130, p. 2032.
Radio Corp.
by the company.
The bondholder may take as many shares as the principal amount of
Anaconda Copper Mining Co.
-New Director.
bonds surrendered is a multiple of the conversion price then in effect, and
James R. Bobbins of Butte. Mont., has been elected a director to succeed if there be a remainder
in the aggregate principal amount of any bond
the late Nicholas F. Brady.
or bonds surrendered for conversion by the same holder on the same date
The company now has over 100,000 shareholders, it is stated.
-V. 130, over the aggregate conversion price of the total number of full shares issup. 3344.
able on such conversion, the holder of the bond or bonds converted shall
have the right at
Anglo-Chilean Consolidated Nitrate Corp.
-Changes of such remainderhis election either to receive from the company payment
in cash or to purchase an additional full share of the
Fiscal Year and Annual Meeting Date-Contract.
common stock at the current Conversion price.
At the time bonds are surrendered for conversion an adjustment in cash
At the annual stockholders' meeting, the stockholders approved the
change in the fiscal year of the company from that of the regular calendar must be made of accrued interest on the bonds surrendered and accrued
year to the period beginning July 1 and ending June 30. This was done to dividends on the stock issued.
conform with the fiscal year of tne Lautaro Nitrate Co., Ltd., and to the
Listing.
-Application will be made to list the bonds on the New York
general nitrate year.
Stock Exchange.
The stockholders also approved a change in the annual meeting dace
Earnings for Calendar Years.
from the third Monday in May to the third Tuesday in November.
[Including Domestic Subsidiary Companies.]
The General Cable Corp. has booked orders with the Anglo-Chilean Gross profits from operations
$7,189,339
corporation for 350,000 ft. of bare copper wire, 250,000 ft. of stranded Depreciation
1,432,074
hard drawn copper cable, 3,000 ft. of No. 3 conductor wire, and 150 miles
Net operating profit
of bare No. 10 AWG hard drawn copper wire, it was announced. All of
$5,757,265
material will be used in the construction of the new Pedro de Valdivia Other income
this
340,962
()Mina of Lautaro Nitrate Co. controlled by Anglo-Chilton.
Total income
The corporation has contracted with W.R.Grace & Co.for approximately
$6,098,226
2,000,000 feet offir timbers .1,800.000 feet of fir lumber and 30,000 railroad Interest and other expenses
487,690
crossties, to be used in the construction of the new Pedro de Valdivia nitrate Federal income taxes, estimated
630,000
plant of Lautaro Nitrate Co., controlled by the Anglo-Chilean Company,
Net income
it was announced last week.
$4.980,537
Lautaro's new plant will operate under the Guggenheim Process for Surplus Dec. 31 1928 (before taxes)
13,652,252
nitrate extraction, controlled by Anglo-Chilean, and will be the largest
Total surplus
nitrate officina in Chile. It is expected that it will be in full operation
$18,632,789
Federal taxes paid in 1929
late in 1932.-V. 130, p. 3544.
539,743
Dividends paid
3,443,498
Anglo-Oriental Mining Corp., Ltd.
-Increases Capital,
Balance
$14,649,548
1,632
The shareholders at an extraordinary meeting held after the annual Add 1928 adjustments
general meeting in London on May 22 unanimously approved an increase
Total
$14,851,180
of £250,000 in the company's authorized ordinary capital, bringing the Less
special reserve for contingencies
1.000,000
total capital from £1,500,000 to £1,750,000. The new stock, which will
45,000
be offered to shareholders in the form of to. shares ranking part passu Contingent liability for Federal taxes in prior years, estimated_
ordinary shares, will be used to finance important deals
with existing
Surplus
$13,606,180
now under negotiation.
Earnings per share on average number of shares outstanding
$4.14
-V. 130, p. 3544.
-Plan Effective.
Apex Electrical Mfg. Co.
About 75% of the old preferred stock has been turned in in exchange for
Associated Dry Goods Corp.
-New Directors.
new prior preference stocic to take advantage of offer of 1.22 shares of the
A. S. Cronheim and Ira E. Wight have been elected directors, succeeding
new stock to preferred holders for each share held. This plan, which will
take care of the unpaid dividends on the old preferred, was declared effec- R. M. Stauffen and Elliott IIengerer.-V. 130, p. 2775.
-V. 130. p. 2211.
tive at the recent meeting of the directors.
Associated Dyeing 8c Printing Corp.
-Timefor Deposits
Architects Building Corp., ontreal.-Bonds Offered. Extended.
The
-W. C. Pitfield & Co. and McLeod, Young, Weir & Co., the time limit for deposit of notes and common stock under a plan for
formation of a new company to take over
Ltd., Montreal, are offering 8700,000 6% 1st (closed) mtge. to June 2. Subscription rights for units of theits assets, has been extended
new company offered under
-year sinking fund gold bonds at 98 and int., to yield the plan may also be exercised until the close of business June 2.
15
Henry L. Bogert, Jr. of Eastman, Dillon & Co., Mason H. Bigelow of
over 6.20%.
Gould & Wilkie and Harry Hough of Stagg, Mather & Hough,
Dated May 1 1930; due May 1 1945. Principal and Interest (M.& N.)
payable in Canadian gold COin or its equivalent at any branch of Royal
Bank of Canada in Canada (except Yu.kon Territory) or, at tile holder's
option, in sterling at Royal Bank of Canada, London, England, at fixed
rate of $4.86 2-3 to the £1. Denom. $1.000 and $500 c*. Red. all or
Dart on any int. date on 30 days' notice, at 105 and int. up to and incl.
May 1 1933; thereafter until May 1 1942 at 105 and int., less h of 1%
for each year or portion thereof elapsed between May 1 1933 and date
fixed for redemption, and after May 1 1942 at par and hit. Montreal
Trust Co., trustee.
Authorized.
Outstanding.
Capitalization$700,000
6% 1st (closed) mtge. 15-yr. bonds.due 1945-- (Closed)
500,000
gen.rntge. 15-yr.inc. bonds, due 1945-- -$750.000
6%
4,000 abs.
4.000 shs.
Common shares (no par)
George A. Ross, President ot the Company.
Data from Letter of
Corripany.-Incorp. under laws of Province of Quebec. Has acquired
property situated on the Southeast corner of Beaver Hall Hill and Dorchester St.. in Montreal. This property has a frontage of approximately
of the committee formed to carry out the plan. See also V. are members
130, p.3163.
Associated Laundries of America, Inc.
-Omits Div.
-
The company has omitted the quarterly
the common stock. This action followed dividend of 5 cents per share on
the formation of a voting trust
through which bank creditors now control this company. An initial dividend of 25 cents was paid June 15 1926, on the class A stock and was continued quarterly until the company was recapitalized on August 20 1929.
Subsequently, an initial quarterly dividend of 2 % in stock and 2;6 cents
in cash, or 12)i cents in cash, at the option of stockholders was paid Oct.
1 1929. On Dec. 4 1929, the directors declared a quarterly dividend of
5 cents a share on common and an extra of 1% in common stock which was
paid Jan. 2 1930.-V. 130. p. 3544; V. 129, p. 3639.
Atlantic & Pacific International Corp.
-Defers Divs.-
The directors recently voted to defer the quarterly dividend due May 1
on 6% cumul. pref. stock, par $50, On Feb. 1, a quarterly distribution
of 20 cents per share was made as compared with 75 cents per share previously.
-V. 130, p. 801.
MAY
FINANCIAL CHRONICLE
24 1930.1
3717
-Annual Report.
Brill Corp.
-Initial Dividend.
Austin, Nichols & Co., Inc.
The directors have declared an initial quarterly dividend of 75c. per
share on the prior A stock, no par value, payable Aug. 1 to holders of
record July 15.
The preliminary report for the year ended April 30 1930 shows net profit
of about $212,000 after charges and taxes, as compared with $197,235 in
the previous fiscal year. Bank loans on April 30 last amounted to $800,000
as against $1,050.000 a year ago. Cash receivables and inventory remained
about the same as last year.
Over 31,300 shares of preferred stock, out of a total of 42.400 shares,
have been exchanged for prior A and new common stock, it is stated.
V. 130, p. 3165.
-May Dissolve.
Aviation Corp. of California.
A special meeting of the stockholders of this corporation, recently acquired by North American Aviation, Inc., will be held on June 3 to vote
-V. 130. p. 1463.
on the advisability of dissolving the corporation.
-New Officer.
Aviation Corp. of Delaware.
Appointment of Hamer Hinshaw, Washington representative of the
corporation, as Assistant to the President, has been announced.
Earnings for 3 Months Ended March 31 1930.
$550,266
Loss from operations
403,739
Depreciation
1929.
1928.
Calendar Years$393,863
$572,316
Net income
260,288
260.288
Preferred dividends
271.610
325,932
Class "A" dividends
def.$192,357
$40,418
Surplus
Earns, per sh. on 217,288 shs. class
$0.61
$1.44
"A" stock (no par)
Balance Sheet December 31.
1929.
1928.
1929,
Liabilities$
$
$
Assets72.721 Preferred stock ___ 3,718,400
145,986
Cash
300,000 xCial A & B stock _12,649,625
Callloans
65,072
.
.
Ins- In other cos _15,817,914 15,780,314 Pref. dive. payable
1,800
99,477
99,476Accrued taxes- -.._
Organization exp.
145,278
515,592 Surplus
512,371
Liberty bonds_ 4,427
4,427
Accr. int. on bonds
1927.
$555,294
260,288
217,288
$77,712
$1.30
1928.
$
3,718,400
12,649.625
65,072
1,800
337,634
Total
16,580,175 16,772,531
16,580,175 16,772,531
Total
x Represented by 217,288 shares of no par class "A" and by 400,000
-V. 130, p. 1120.
shares of no par class "B."
-Interim Div.British-American Tobacco Co. Ltd.
The directors on May 20 declared an interim dividend of 10d. a share,
free of British income tax, on the ordinary stock, payable June 30. Divibeen paid at this time in previous years.
$954,005 dends of the same amount have
Loss from operations after depreciation
154,916 -V. 130, P. 626,
Interest earned
80,088
Dividends
-Reorganization Plan
British Empire Steel Corp., Ltd.
115,782
Profit on sale of securities
Dr.167,906 Approved.
Expenses of parent company
At meetings held May 15 at Montreal shareholders of the corporation,
$771,126 Dominion Steel Corp. and Dominion Iron & Steel Co. by large majorities
Net loss
92,525 ratified the agreements for the sale of the assets and undertakings of their
Proportion of losses of controlled companies (not consolidated)
respective companies to Dominion Steel & Coal Corp. Of the shareholders
$863.651 of the various classes voting in person or by proxy at the meetings, the
Loss for 3 months ended March 31 1930
following percentages voted in favor of sanction of the agreements: British
-v. 130, P. 3545
.
Empire 1st preferred,98%%;British Empire 2nd preferred, 99%%;British
•
-Listed.
Empire common. 100%;Dominion Steel preferred, 100%; Dominion Iron &
Backstay Welt Co., Union City, Ind.
to listing 100,000 shares (no Steel preferred, 100%.
The Detroit Stock Exchange has admitted
This action follows upon approval May 14 by Dominion Iron and Steel
Par) common stock. Of those shares, 80,673 now are outstanding.
Dominion Steel &
Officers of the company are: R. C. Schemmel, President; S. H. Clark, bondholders of the exchange of their bonds fordefinitely clears the Coal
way
Corp., first mortgage 6% bonds and therefore
Vice-President; D. W. Garner, Secretary; R. C. Schemmel, Treasurer.
for the disappearance from Canadian industrial life of the three old com-V. 130. p. 1463.
panies and the entry of Dominion Steel & Coal Corp. as one of the largest
Canadian enterprises.
Baldwin Co.
-Earnings.
Following the meetings, C. R. McNaught, President of Besco and of
The total volume of business done by the company and its subsidiary com- Dominion Steel & Coal Corp. made the following statement "It is gratifying
.
panies for the year 1929, exclusive ofsmall goods, amounted to $10,361,055. to the directors of the companies involved that their plans, which have been
The company'ti operations for the year show a loss of $351,045, after under consideration for more than a year, have now been formally ratified
deductions for taxes, interest and reserves.
by holders of all classes of securities concerned. Having received such apConsolidated General Balance Sheet, Dec. 31. 1929.
proval, these plans, which will definitely consolidate the businesses of
Liabilities
British Empire Steel Corp., Dominion Steel Corp. and Dominion Iron &
$230,000 Steel Co., will be proceeded with a srapidly as practicable.'
Cash and U. S.securities__ _ $259,756 Bills payable
and
"It is felt that by this action not only will the respective positions of the
Bills and accounts receivable_ 8,392,777 Accounts payable
560,815
Reserve for taxes
3,371,686
38,826 security holders of the various companies be clarified but the large amount
Inventories
2,510,666 of detailinvolved by maintaining three separate corporate identities may be
Mfg. plants,real est. dr bldgs. 1,094,327 Reserves
990,977 Funded debt
Machinery and equipment _ _
2,370,000 dispensed with and it Is hoped that it will be possible to further strengthen
Preferred stock
2,177,700 the businesses from an operating viewpoint." See also V. 130. p. 2968,
Common stock
2,675,732 3546.
Surplus
3,545,783
-Unification.
Brompton Pulp & Paper Co., Ltd.
-V. 128, p. 1560.
Total
$14,109,523
see St. Lawrence Paper Mills Co., Ltd. below.
Total
$14,109,523
-V. 130, p. 139.
Bank Shares Corp. of the United States.
-Receiver-
ship,
See under "Current Events" issue of May 17, P. 3462.-V. 130, P. 3356
Barnet Leather Co., Inc.
-Earnings.
1930.
$69,782
1929.
$156,736
15,123
1928.
1927.
$126,806 sur$43,016
17,500
17,500
Net loss for period_ _ _
$69,782
Surplus as of Jan. L_.. def959,939
Adjustments applicable
to prior years
$171,860
181,991
$144,306 sur$25,516
644,751
1,021,218
3Mos.End,Mar.31x Net loss from oper---Divs, on prof. stock_
5,608
$500.445 $1.052.343
$10,132
Surp. as of Mar.31_def$1,029,721
x After deducting charges for maintenance and repairs to plants, depreciation ($1,173) and estimated amount of Federal and State taxes, &c.
Note.
-The result is subject to adjustment at the end of the year when
accounts are finally audited and to change incident to income tax ruling.
-V. 130, p. 1833.
-Changes in Personnel.
Bayuk Cigars, Inc.
-Earnings.
Brunswick Terminal 8c Ry. Securities Co.
1927.
1928.
1929.
Calendar Years$29,394
$198,408
$316,328
Net income after charges
100,000
150.000
131,951
corn. stk. outstanding (no par)
Shares
$0.29
$1.32
$2.40
Earnings per share
Balance Sheet Dec. 31.
Comparative
1928.
Liabilities1929.
1928,
1929.
AssetsReal est.,Impts.,&41,471,520 $1,482,619 *Capital stock and
$3,835,139 $4,150,525
743,000 surplus
2,467,133
Investments
300,000
93,545 1,011,929 Notes payable_
Cash
912,977
Acc'ts & notes rec. 100,626
(each side)_$4,135,139 $4,150,525
OtherassetsTot.
•Represented by 131..951 no par shares.
Earnings for Quarter Ended March 31.
1928.
1929.
1930.
$15,229
$53.680
$14,543
Net income after charges
100,000
150,000
131,951
Shares cap,stock outstanding (no par)
$0.15
$0.36
$0.11
Earnings per share
p. 2540.
-V. 129,
-Final Dividend.
Burmah Oil Co., Ltd.
The company has declared a final dividend of 20% for 1929, making 30%
-V. 127, p. 2534.
for that year, against 20% in the previous two years.
Samuel Bayuk has resigned as President to become Chairman of the
-Dividend Reduced.
Calumet & Arizona Mining Co.
board of directors. He was succeeded as President by Harvey L. Hirst.
The directors have declared a quarterly dividend of 50c. a share. payable
Louis A. Kramer remains as Vice-President. The board promoted A.
23 to holders of record June 6. The company on March 24 paid a
Joseph Newman, Gen. Sales Mgr., and H. P. Wurman, Gen. Production June
Mgr.,to Vice-Presidents. A. N. Hirst was elected Treasurer and J. 0. quarterly dividend of $1.50 a share as compared with $2.50 a share prevlously.-V. 130, p. 3547, 3358.
Davis, Secretary.
-V. 130, p. 2967.
-Acquisition.
Beatrice Creamery Co.
The company has announced that it has acquired the Flint Sanitary
Milk Co. of Joliet, Ill. manufacturers of butter and ice cream and the
largest distributors of intik in Joliet.
-V. 130, P. 3357.
-Bonds Called.
Beech Creek Coal & Coke Co.
-Smaller
Calumet & Hecla Consolidated Copper Co.
Dividend.
The directors have declared a dividend of 50c. a share, payable June 30
to holders of record May 31. Three months ago $1 a share was declared
and 6 months ago $1.50 (see V. 130, p. 626).-V. 130, p.3166.
-Listing.
Caterpillar Tractor Co.
There have been called for payment as of June 1 next. $75,000 of 1st
117,647
The Now York Stock Exchange has authorized the listing ofissuance
-years. f. gold bonds, due June 11944. at par and hit. Paymtge. 5% 40
notice of
ment ;vill be made at the Irving Trust Co., 62 Broadway, N. Y. City.
- additional shares of capital stock (no par value) on official
-year 5% convertible gold notes, making
upon conversion of outstanding 5
V. 120, p. 2686.
the total amount applied for to date 1,999,887 shares -V. 130, p. 3166.
Black & Decker Mfg. Co.
-Calls Debentures.
-Earnings.
Corp.
Celluloid
The company has called for redemption as of July 1 all of its outstanding
1928.
1929.
Calendar
-year 6 % sinking fund convertible debentures, dated Jan. 1 1937, Profits fromYears10
$795,809
$982,140
operations
at 105 and int. The amount outstanding May 1 was $152.500. The Other income(net)
17.708
101.284
debentures are convertible into common stock on a basis of $28 a share
,
provided the holder gives the company written notice 10 days prior to the
$813,518
$1,083,424
Total income
redemption date.
-V. 130, p. 1833.
208,749
198,455
Provision for depreciation
96,401
Provision for contingencies
-Extra Class B Dividend.
23,106
Bon Ami Co.
charges
Other
58,966
The directors have declared an extra dividend of 50c. a share and the Federal taxes
regular quarterly dividend of 50c. a share on the class B stock, both pay$591,957
$719.308
able July 1 to holders of record June 19, and the regular quarterly diviNet income
166,489
167,174
dend of $1 a share on the class A stock, payable July 31 to holders of First preferred participating dividends
171.857
171,857
record July 15.
Preferred dividend
An extra of Si per share was paid on the A stock on July 30 1929 and
$253,612
$380.277
Surplus for year
on Nov. 13 1929. An extra of 50c. per share was also paid on the B stock
166,158
419,770
In January 1927, 192. 1929, and 1930, and in July and November 1929. Previous surplus
Dr.41,794
-v. 130, P. 3546.
Participating dividend ($1.75 per share)
$419,770
$758,254
Serp. (subject to pantie.(Hy. of 10% thereof)._
Boston Herald Traveler Corp.
--Earnings.
$1.17
$1.95
share on 194,952 shs. corn.(no par)---The corporation reports for the three months ending March 31 1930. net Earns,per 2214.
earnings available for diva. of $206,183. During the month of April net -V. 130. p.
-Earnings.
earnings were $110,193, making net for the first four months $316.377 or
Canadian Power & Paper Investments.
1928.
equivalent to 79 cents a share on the 400,000 shares of stock outstanding.1929.
Calendar Years-V,130, p. 2968.
5516.218
$468.507
Gross revenue
17,882
31.404
General and other expenses
-Earnings.
Bridgeport Brass Co.
101.754
125.000
Interest on debentures
25.000
Earnings for Year Ended Dec 311929.
Reserve for income tax
$1.014.255
Net profits after prov. for Federal and States income taxes
$359,813
$328.891
Net income
Interest charges
240,940
109,181
dividends
73.315 Preferred
$7,
Net profit- $250,632
$328.891
Balance
Dividends paid
40,416
xsur268,525
def19,448
Previous balance
Balance, surplus
$732,899
$519,157
Balance at credit Dec. 31 1928
Earns per sh.on 20.208 shs, cap. stock (par 8100)
$309,443
$38.26
x Adjusted.
-V. 130, p. 2968.
3718
FINANCIAL CHRONICLE
Comparative Balance Sheet Dec. 31.
A3sets1929.
1928.
1928.
1929.
Cash
$134,726
$25,223 Loan Payable-- $151,714
$35,639
Call loans
281,825 Int. accr. on debs_
52,083
52,083
Investment securiAccounts pay. &
ties
6,506,982 4,305,758
accrued baba's_
6,308
Accrued interest57,231
34,359 Accrued div. on
Prepaid charges
1,157
preferred stock.
20,833
5% debens., 1958_ 2,500,000 2,500,000
Preferred stock__ - 2,500,000 1,250,000
Common stock__. x950,000
475,000
Res. for inc. tax25,000
Total (each side) $6,700,096 $4,647,166 Surplus
309,443
519,157
x Represented by 100,000 no par shares.
-V. 128, P. 405.
Celotex Co.
-Seeks Early Hearing-Files Answer to Adler
Bill for Permanent Receiver.
-
The company has filed its answer in Chancery Court at Wilmington.
Del., to the receivership bill filed by David Adler of Ridgewood, N. J.
No definite date for a hearing on Adler's application for a permanent receiver for the company has been fixed. When the court dismissed Adler's
application for the appointment of a receiver pendente lite on May 16,
counsel for both sides were requested to decide on an early date for the
hearing on the permanent receiver application.
The company is anxious for an early hearing. Counsel for the company
states if counsel for Adler does not agree to an early date they will go before
the court with a petition for expediting the case.
The answer of Celotex calls for strict proof by Adler of his allegation he
Is owner of 50 shares of the company's stock.
It sets forth a denial that the corporation and its policy have been controlled by B. G. Dahlberg. President, and declares that it has always
been in the control of the board of directors.
The answer admits that the balance sheet as of Oct. 31 1929 shows
advances to affiliated companies of $416,820 and deferred advances of
$1,489,421 and that the latter sum is due by the South Coast Co.
Continuing the answer sets forth that it is true that the South Coast Co.
owns a large acreage of land in Louisiana upon which it produces cane and
that it also operates refineries for the recovery of sugar from said cane and
furnishes Celotex with bagasse from which the Celotex building board is
manufactured.
The answer denies that the South Coast Co. is financially irresponsible
or unable to pay its current expenses or that the company is insolvent.
On the contrary,said company is actively prosecuting its business of raising
cane and manufacturing sugar.
The 36,769 shares held by Celotex in South Coast Co. have a market
value of $504,766, the answer says, declaring that the stock was quoted
on the New York Curb at that price as of May 6 last.
Earnings 6 Months Ended April 30.
1930.
1928.
1929.
Net sales after deduct, of freight,
allowances and discounts
$4,514,496 $4,534,085 $3,886,987
Cost of sales, incl. maint. of plant &
equip., shipping, publicity, sell. &
adminis. exps., but excl. of deprec.
of plant and equipment
3,997,953 3,571,960 3,116,121
Operating profit
$516,542
$962,124
$770,866
Other earnings, hit., discts. & sundry
receipts
102,784
24,650
28,367
Total income
$619,327
$990,491
$795,516
Deprec. of plant and equipment
223,053
196,372
198,398
Int. charges, incl. amortiz. of disct. &
expenses on funded debt
140,144
182,681
169.275
Provision for Federal income tax
28.174
40,000
56,037
Non-recurring chgs., price adjust. of
dealer inventories of Celotex acct.
of price reduct. Dec. 10 1928
214,507
Net income available for dividends- $227,955
$370,338 .358,400
Shs. com,stock outstanding (no par)..
221,208
178.033
154,635
Earnings per share
$0.19
$1.03
$1.13
B. G. Dahlberg, President says:
The second quarter of the present fiscal year shows a net profit of $467.229, as compared with $416.001 for the second quarter of last year.
The first quarter of our fiscal year is usually slack. This year
situation during the first quarter was exaggerated by the general that
business
depression. We took advantage of the time, however, by shutting down
some of the machines to make changes and adjustments, which resulted in
increasing the capacity approximately 20% and secured economies of
operation and a reduction in manufacturing costs. These economies helped
materially in producing the excellent showing for the second quarter.
While the general building industry throughout the country is still
subnormal, we were able to develop an increasing volume of other business,
with the result that our total volume for the second quarter proved satisfactory.
The second half of our fiscal year has uniformly yielded
our
earnings. Last year we showed $370,338 for the first half the bulk of
and $1,108,252
for the second half, and the present outlook indicates a good showing for the
second half of this year.
On May 7, I wrote you about a suit instituted in Delaware against The
Celotex Co. and others by one David Adler. Since that time, Adler has
failed to give any evidence or filed any affidavits in support of his case,
and yesterday withdrew his application for temporary receiver. The
company's counsel are proceeding with all diligence to expedite a final
dismissal of the suit -V. 130, p. 3547.
Chain Belt Co.
-Earnings.
'Including wholly owned subsidiary, Stearns Conveyor Co.]
Consolidated Income Account Year Ended Dec.31 1929.
Gross profit
$2,277,586
Selling, administrative & general expenses
1,298,813
Net profit
Interest and other income
Total income
Federal and State income taxes
$978,773
27,405
$1,006,178
160,769
[vol.. 130.
Consolidated Balance Sheet Dec. 31.
Assets1929.
1928.
Ltabilities1928.
1929.
Plants, warejouses
Common
$3,000,000
and real estate_x$1,430.085 $1,511,655 Accounts stock- - -83,000,000
167,435
payable. 179,826
Incomplete constr.
9,764
1,811 Deferred credits__
7,382
8,286
Furn.and fixtures_
23,475
24,874 Red.of pref. stock
112
112
Autos, trucks and
5,126 Sundry reserves__ 2,145,113 1,807,272
stable equip.
4,909
Surplus
2,189,281 1,720,524
011 prop.,less dePl.
& depreciation_
8,560
Cash
243,895
131,961
Accts.receivable_ 323,505
347,166
Notes receivable
10,000
10.000
Investments
4,093,755 3,309,077
Inventories(mdse.) 1,297,376 1,271,941
Red, of pref. stock
deposit account_
112
112
Deferred charges
80,441
85,742
Tot.(each side)-$7,522,619 $6,702,726
x After deducting depreciation.
-V. 130. p. 3547.
Central National Corp.
-Class B Div. No. 2.
-
The directors have declared the regular annual
on the class B stock for the year ended March dividend of El a share
1930, payable June 2
to holders of record May 26. An initial dividend31 the same amount was
of
Paid on Oct. 1 1929, for the year ended March 31 1929.-V. 130, p. 804.
Cities Service Refining Co.(& Subs.).
-Earnings.
Earnings for 12 Months Ended Dec. 31 1929.
Gross operating revenue
Oper. expenses, maint. and all taxes (incl. cost of goods sold)--11, 8,19
$1119 2
518 6
5
Net operating deficit
$319,771
Non-operating income
34.036
Total net deficit
$285,735
Interest on floating debt
666,017
Balance, deficit
$951,752
Deficit Dec. 31 1928
2,602,598
Total deficit
$3,554,350
Provision for replacement reserve
295,846
Deficit, Dec. 31 1929
$3.850,196
-V. 123, P. 2259.
Claude Neon Electrical Products Corp., Ltd.
-To
Pay Stock Dividend-Earnings.
-
1 he directors have declared the regular quarterly cash dividend of 25c.
per share and a semi-annual stock dividend of 3% each on the common
stock, both payable July 1, to holders of record June 20. A semi-annual
stock distribution of 3% was also paid on Jan. 1 last, in addition to the
regular quarterly cash dividend of 25c. per share and a special dividend of
2% in stock and between 35 cents and 45 cents in cash on the common
stock.
Earns.for 3 Mos. Ended March 311930.
x1929.
Gross prof. on rentals & sales, & royalties rec. from
sub-licenses
$428,539 $285,848
Selling, administrative & general
220,582
134,979
Other deductions
-net
16,075
21,213
Provision for Federal income tax
29.577
20,045
Net profit from operations
$162,305 $109,611
Prof. from sale of cap, stock of licensee company,
less Federal income tax thereon
64,928
Not profit
$162,305 $174,539
x Data for the three months ended March 31 1929 reflect the operations
of Claude Neon Electrical Products, Inc. (Arizona) and subsidiary but do
not include operations of the Oregon Corporation.
Comparative Consol dated Balance Sheet.
AssetsMar. 31 '30. Dec.31 '29. Liabilities- Mar. 3130. Dec. 31'29,
Cash, accts, rec.
Accts pay.. accr.
de inventory-- $777,931
$690,273
taxes dr dive_ - $276,363
$280,081
Other assets-_205,343 Mtge.Ong-._ _ _
230,265
119,500
119,500
Invest, in rental
Res, for mint.
equipment_ _ _ 1,618,259 1,152,992 & losses on
Land, bldgs. &
Neon signs,
487,387 gen. conting..
equip523,008
Patent rights &
263,186
&a
167,172
112,869
good will-.....
115,749 Deposits & rents
Neon sign contr_ 4,554.667 3,474,418
prepd.on Neon
Def. charges-.._
154,461
contracts_ ._ _
210,904
190,817
169,108
Def. gross profit
3,415,133 2,615,643
lest.)Res. for maint.,
commissions &
1,139,534
losses
858.775
Minority int
9,571
28,499
Preferred stock_
365,400
351,100
Com.stk.& sur_ 2,248.401
1,690,744
Total
$8,027,904 $6,280,623 Total88,027,904 86,280,623
x Data as of Dec. 31 1929 do not include the assets and liabilities of the
Oregon Corporation.
-V. 130. P. 1465.
Coca-Cola Co.
-To Dissolve Company's Domestication as
Georgia Corporation.
-
The stockholders on May 16 voted to dissolve the company's domestication as a Georgia corporation. Action was taken due to the uncertain
status of the company under the Boykin income tax law but will have no
effect upon any detail of operation or policy. Headquarters will remain in
Atlanta and personnel will be unchanged.
The company was incorporated under the laws of Delaware and retains
that status, the Georgia domestication having been arranged subsequently
to take advantage of benefits under the Georgia laws.
-V. 130. P. 3360.
Net profit
Carca-Cpla sC enda year International Corp.-Earniings.,
$845,409
927
Earnings per share
$7.04
1928.
1926.
Otvs.rec. me
Diher ineo Coca-Cola Co $2956,324 $2,641.636 $2,39
Consolidated Balance Sheet as of Dec. 31.
.
1 99
.2
6 836 $1,740,655
1:337
Assets1929.
48,009
1928.
5.488
Liabilities1929.
1928.
5,900
Properties,less res.$1,453,572 $1,429,866 Capital
42,441,621 $2,441,621
Total
Cash & cer.of dep_ 371,923
$2,998,334 $2,647 104 $2,398,173 $1,746,555
234,751 Notes Payable-4 23
:4
20,000 Expenses
Accts. at notea rec. 1,202.962 1,088,991 Purch.mon'ymtge.
25,274
4,552
20,000
10,558
Surr. value of ofAccts. Payable-___ 216,690
207.018
Net income
ficers' life Maur.
$2,973,060 $2,642.721 $2,393,621 $1,735.997
Accr. wages,taxes,
Dividends paid
policies/
2.950.324 2,641,636
64,826
56,884 &a
376,422
324,989
2,391,837
1,740,655
Rate
Miscel. investm-ta
($9)
($11)
Res. for engin.exp.
($9.25)
($7)
(at cost)
109,470
23,110
& conting
49,786
48,727
Balance, surplus
Inventories$22,735
1,365,709 1,233,354 Surplus
$1,085
1,608,478 1,063,073
$1,784 def$4,658
Def. chgs. to over.
97,534
58,471
Earnings for 3 Months Ended March 31.
Patents, &c
27,001
1
Tot.(ea. side)-$4,692,997 $4,125,428
1930.
1929.
1928.
1927.
Dividends received
$452,706
x Represented by 120,000 shares of no par common stock.
$576,355
$608,387
-V. 129. Paynfts by stockholders $664,773
Cr.823
Cr36.047
p.2232.
Cr690
Expenses
3,266
14.055
1,202
744
Chatham Phenix Allied Corp.
-Initial Dividends.
Net income
$662.330
$474,787
$607,185
$576,301
The directors have declared an initial dividend of 50c. per share. Pay
- Dividends paid
664,773
452,796
608.387
576.355
ble July 1 to holders of record June 16.-V. 130, p. 2399.
Balance,surplus
def.$2,443
def$1.202
Chesebrough Mfg. Co. (Consolidated).
$21,901
def$54
-Earnings.
Calendar YearsComparative Balance Sheet.
1929.
1926.
1928.
1927.
AssetsEarnings for the year_ _ _ $1,586,597 $1,269,628 $1,018,516
Mar, 31'30, Dec. 31 '29.
$967.190
Liabillties- 3far.31 '30. Dec. 31 '29.
Previous surplus
1,720,524
$21,569
1,126,671
1,318,977
$24,012 Class A stock _ _c$1,732,440 $1,839,830
855,663 Cash
Common stock
Common stock-. d4,431,820 4,432,460
Coca-Cola Co- 54,431,820 4,432,460 Surplus
Total surplus
$3,307,121 $2,588,605 $2.145,187 $1,822.853
21,569
24,012
Dividends paid
540.000 Class A stock
780,000
720,000
660.000
Coca-Cola Co- 61,732,440 1,839,830
Appropriated to reserves
156.498
337,841
166,209
148,082
Preferred stock rod
Cr316
Total86,185,829 86,296,303
86,185,829 $6,296,303
TotalSurplus as at Dec. 31_ $2,189,280 $1,720.524 $1,318,978 $1,126,671
a Represented by 443.182 no-par shares. b Represented by 346,488
Earns. per sh. on 120.000
no-par shares. c Represented by 173,244 no-par shares. d Represented
com•stock (Par $25)$8.06 by 221.591 no-par shares.
$13.22
$8.49
$10.58
-V. 130, p. 2034.
3719
FINANCIAL CHRONICLE
MAY 24 1930.]
-Pompeian Unit Sold.
Colgate-Palmolive-Peet Co.
-Tenders.
Consolidation Coal Co.
The Guaranty Trust Co., trustee. 140 Broadway, N. Y. City will until
The Pompeian Co., a subsidiary, has been sold to a group of business
May 29 receive bids for the sale to it of 1st & ref. mtge. 5% s. f. gold bonds.
Interests at Elmira, Buffalo, N. Y., and Toronto, Canada.
It was announced that two plants will be established shortly, one at due Dec. 1 1950, to an amount sufficient to exhaust $106,521, at prices
-V. 130. p. 2018.
Elmira and the other in Toronto. The present main plant of the Pompeian not exceeding 1073i and interest.
Co. at Jersey City is to be dismantled, and complete equipment for manuContainer Corp. of America.
-Merger Dropped.
facturing erected at Elmira. Operations at both centers are to get under
-V.130, p.2970.
way in a few months.
See Sutherland Paper Co.,below.
The Chairman of the board of directors of the new company which has
Continental Oil Co. (Del.).
-New Director, &c.
been formed to acquire the Pompeian unit, will be Floyd M. Shoemaker.
The other officials follow: President, Harold F. Ritchie: Vice-President &
Franz Schneider Jr. has been elected as a airector in place of Fred Searls.
Treas., James H. Anderson: Executive Vice-President, Clayton S. Shoe- resigned. Vernon F. Taylor, Albert Brooker, E. L. Wilson and S. H.
maker: Sec. & Asst. Treas., Guy S. Shoemaker: Compt., Charles M.Hen- Keoughan also resigned as directors. It is the intention to reduce the
ning; and Production Manager, M. Holmes Shoemaker. These officials, directorate to 11 members from 16. At the organization meeting Of
together with Edward H. Letchworth, H. H. Klein and Hans Schmidt, all directors, George Whitney was elected Chairman of the Executive Com-V.130, P. 2034.
of Buffalo, N. Y., will compose the board of directors.
mittee and Franz Schneider Jr. was elected a member of the committee.
The office of Chairman of the board has been eliminated.
-Earnings.
Colt's Patent Fire Arms Mfg. Co.
Calendar YearsNet profits after deprec.& taxes
Dividends
1929.
$688,524
397,128
1928.
$246,272
397,400
To Form New Company.
This company has made an agreement with the Dry Ice Corp. of America
to develop lands near Walden, Jackson County. Colo., for the purpose of
obtaining carbon dioxide for refrigeration. The Dry Ice Corp. will erect a
Balance
sur$291,396 def$151,128 pilot plant to extract hydrocarbons and purify the gas produced from gas_
wells already drilled on this land. After the pilot plant is completed and
Comparative Balance Sheet Jan. 1.
satisfactory results are obtained, a new corporation will be formed and
Assets1930,
Liabilities1930.
1929.
1929.
the two companies, for the production of dry
Capital stock-- _ --$5,000,000 $5,000,000 financed, jointly owned by of natural gas. The product will be distributed
Real estate, bldgs.
ice from this particular type
mach.& equip--$3,060,089 $3,116,052 Advance payament
sold by Dry Ice Corp. of America.
Inventories3,512,671 3,046,764
under contract-_ 342,104
528,972 and
The Continental company now has one well on the property which is.
Accts.& notes rec _ 849,700
715,849 Accts. payable-- - _ 159,145
105,627 producing carbon dioxide 98% pure and about 110 degrees below zero.
Cash & invest'ts__ 1,888,367 2,266,921 Surplus
3,846,584 3,555,257 -V. 130. p. 3360.
Deterred charges-_
37,006
44,271
Total
$9,347,833 $9,189,857
-V. 128, p. 3689.
Total-
$9,347,833 $9,189,857
-28c. Dividend.
Columbia Graphophone Co., Ltd.
The directors have declared a dividend of 28c. a share on the "American"
shares, payable June 1 to holders of record May 24. A year ago a distribution of 29 1-10c. a share was made on this issue. See also V. 130. P. 3167.
1927.
$911,876
373,758
$810,005 $1,059,957
571,680
701.893
$670,835
402,131
$538.118
402.131
18,375
$488,277
$268,704
$117,612
457.344
$2.32
402,031
$1.66
402,031
$1.33
durplus
$108,112
Shares capital stock outstanding (no par)
498,505
Earnings per share
$1.62
--V. 130, p. 2399, 2195, 293.
-Merger.
Continental Roll & Steel Foundries, Inc.
See Wheeling Mold & Foundry Co. below.
Corianton Corp.
-Sale of Stock Barred.
Columbian Carbon Co.-Earnings.Quer. End. Mar. 311928.
1929.
1930.
Netrev. after Fed.taxes_ $1,254,976 $1,598,369 $1,031,338
360,503
Depreciation & depletion
466.565
390,038
71,846
Applic. to minority int-54,933
Net income
Dividends
Minority diva, of subs-
-Dividend Decreased.
Copper Range Co.
The directors have declared a quarterly dividend of 25c. a share, payable
July 15 to holders of record June 16. From Jan. 14 1929 to April 15 1930..
-V. 130. P. 3361.
incl., quarterly dividends of 50c. a share were paid.
-Consolidation.
Commercial Credit Co.
,
This company will extend to stockholders of the Credit Alliance Corp.
pursuant to terms of the merger, agreement, an offer to exchange 1-3rd
of a share of its common stock for each share of Credit Alliance Corp.
common or class A stock, and up to an additional 4-15ths of a share for each
share of Credit Alliance when the assets of the latter company, as of Dec.
31, last, are realized or are realizable in excess of a stated amount provided
in the agreement.
The Credit Alliance Corp. has outstanding 23,596 shares of common
stock with voting rights and 504,423 shares of class A non-voting stock.
The common and class A stock share alike as to earnings and equities. The
Commercial Credit Co. previously acquired control of the Credit Alliance
Co. through exchange of stock on the above basis for all the voting common
stock of the latter company.
Under terms of the agreement, the Commercial Credit Co. may decline
to make any further exchange of stock unless the holders of ED% of Credit
Alliance class A stock accept the exchange offer. A management contract
has been arranged under which the Commercial Credit Co. will receive a
management fee of 5% of the gross financing and service charges of the
Credit Alliance Corp. from date of its offer to the remaining stockholders
of Credit Alliance until 67% of the total issue of the class A stock has been
exchanged.
A definite offer to stockholders of the Credit Alliance Corp. will be made
by the Commercial Credit Co. on the above basis within the near future.
In a letter to the stockholders of the Credit Alliance Corp., President
Clarence Y. Palitz said in part, "In view of the fact that your company
has subsidiary and affiliated companies, both foreign and domestic, all
of which have a multitude of accounts, it was difficult to arrive at an
equitable appraisal of assets, and accordingly arrangements were made for
the delivery of part of the Commercial Credit Co. stock at once, and for
the issuance and delivery of the balance when and as the assets of Credit
Alliance Corp., its subsidiaries and affiliates are realized, which may be
determined from time to time, but in any event, shall be finally determined
upon within three years. The additional 4-15ths of a share or so much
thereof as may be issued, shall carry dividends from April 11930, and shall
be protected against dilution."
-V. 130, p. 2970.
-New Contract, &c.
Commercial Instrument Corp.
The following is taken from the New York "Times":
An order temporarily restraining the sale of stock in a corporation organized to promote a talking motion picture having for its scenario the
legendary first white inhabitants of America, was signed yesterday(May 15)
by Supreme Court Justice John B. Johnston of Brooklyn, according to
an announcement issued at the office of Assistant Attorney General Watson Washburn, in charge of the State Bureau of Securities, 74 Trinity
Place. The restraining order is against the Corlanton Corp. 160 West
44th St., Napoleon Hill and Lester Park, both of the Hotel Claridge. The
defendants are directed to show casue on May 26 why the order should
not be made permanent.
Mr. Davis, who says Park never produced a successful picture, also
declares that Park told stock buyers they were getting shares owned by
the corporation, when they were actually buying stock of which he was
the owner.
The picture, Mr. Davis said, is still unproduced and the corporation
should be restrained from selling stock to the public.
Coty, Inc.-Earnings.-
1927.
1928.
1929.
Quar. End. Mar.311930.
,
$2,057,212 $2,103,777 $1,775,033 $1,365,175
Gross profit
612,132
812,736
798,823
Expenses
1,058,112
$753.043;
$962,297
Operating profit
$999,100 $1,304,954
22.438.
38.870
54,926
Other income
71,392
$775,481
Total income
$1.070,492 $1,159,881 $1,001.167
19,498.
20,476
Depreciation
22,248
23,178
102,056
132,393
166,957
Federal taxes
130,000
Net income
$918.243 $1,169.745
Shares capital stock out1,330,079
standing (no par).
1,492,655
$0.88
Earnings per share
$0.61
-V. 130, p. 3360.
$848.298
$653,927
327.762
$2.58
309,300.
$2.11
-Exchange Offer To Be Extended to
Credit Alliance Corp.
Common and Class B Stockholders.
-V. 130, p. 3361.
See Commercial Credit Co. above.
Cutler-Hammer, Inc.
-Earnings.
Sub.).
Earnings for Year Ended Dec. 31 1929.
Sales
Profit from operations
Provision for depreciation
$12,368,340
3.050,905.
211.263.
Net operating profit
Interest received
Other credits
$2,839.649'
111,727
30,752'
Gross income
Provision for Federal taxes
Other debits
$2,982,121.
$285,000
9,247
Receipt of contracts from the Federal Government for the installation
$2,687,874
Net income for the year
of heat control systems in five projected buildings was announced on May
5 by President Orvill W. Thompson. The buildings for which equipment -V. 130, p. 3361.
has been ordered are veterans' hospitals at Lexington, Ky. Newington,
-Stricken from List.
Cuyamel Fruit Co.
Conn., and Somerset Hills, New Jersey; a customs house and postoffice at
'
The New York Stock Exchange has stricken from the list the company'sMemphis. Tenn.; and Military Airport at Detroit. Orders will be filled
common stock.
-V. 129, p. 4144.
by the Marsh company division at Chicago.
T. L. Maurada has been appointed Secretary & Assistant Treasurer and
-Earnings.
Darby Petroleum Corp.
also a member of the board of directors. H. L. Joyce, President of the
James P. Marsh & Co., a subsidiary, has also been elected to the board.
Earnings for Year Ended Dec. 31 1929.
1,973,422.68.
-V. 130, p. 3548.
Number of net barrels of crude oil produced
$1.506.
Average market value per barrel produced
$2.915,063
Crude oil sales
Commercial Investment Trust Corp.
-Dividends.
4,963
The regular quarterly dividend of $1.75 on the 7% 1st pref. stock and Increase in inventory of crude oil
221,299.
of $1.62M on the 6%% 1st pref. stock has been declared payable July Pt° Gas sales
holders of record June 5.
$3,141,325
Total sales
The regular quarterly dividend on the cony, preference stock, optional
495.386.
series of 1929, has been declared payable on the same date to holders of Operating expenses
161,363
record June 5 in common stock at the rate of 1-52nd of a share of common General & administrative expenses
stock per share of cony, preference stock so held, or at the option of the
$2,484.577
operations
Net profit from
holder, in cash at the rate of $1.50 for each share of cony, preference stock
owned. The corporation at least five days before such record date will
$154,001
mail to convertible preference stockholders notice of this dividend together Other income credits
with a form of written order which must be executed and filed with the
$2.638,577
Gross income
corporation on or before June 16 by any convertible preference stockholder
4,162
desiring that his dividend be paid in cash rather than in common stock. Interest paid
655,055,
The transfer books will not close. Checks, stock certificates and scrip Depletion
512.615
Depreciation
will be mailed.
40.000-.
The regular quarterly dividend of 40 cents per share in cash and 1%% Federal income tax
271.163in common stock has been declared on the common stock, also payable Leaseholds surrendered,abandoned wells,etc
holders of record June 5. Checks in lieu of fractions of shares
July 1 to
41,155,582'
distributable by reason of such stock dividend, based upon the bid price Net income
615,467
for common stock of the corporation on the New York Stock Exchange at Surplus at beginning of year
the close of business on the date on which such COMMOD stock sells "ex" the
$1,771,049'
Gross surplus
stock dividend, will be paid to stockholders entitled thereto. The transfer
8.348
Adjust. of prov.for deple.. deprec.,&c.,applic. to prior periodbooks will not close. Checks and stock certificates will be mailed.
3,828
Like amounts were paid on the respective stocks on April 1.-V. 130. Federal & State taxes applicable to prior period
861,562
Dividends
3167.
P.
3897,319'
Commercial Investment Trust, Inc.
-New Contracts.
- Surplus at end of year shs. cap.stk.(no par)
$1.13
per shr. on 1,019.392
An exclusive contract has been signed by this corporation with the Earns.
Earnings from properties acquired from Tidal Osage Oil Companyx
Cooper-Bessemer Corp.. Mt. Vernon, Ohio, one of the largest and best- included for the period from May 14 1929 to Dec. 31 1929 only.
-V. 130,
of internal combustion engines, for financing Diesel
known manufacturers
p.3361.
-V. 130, p. 3548.
and gas engine sales made on the time-payment plan.
-Offer to Be Made to Minority
Congress Cigar Co., Inc.
-See Porto Rican American Totacco Co. below. I
Stockholders.
-V.130, p. 3167.
-Sales,Earnings, &c.
Davenport Hosiery Mills, Inc.
President R. B. Davenpert stated that the corporation's current business was practically at the same level as las tyear, although some Northern
hosiery mills of other companies were reporting decreasing volume and
profits. "Our April buiness showed sales of $310,000 as compared witts
3720
FINANCIAL CHRONICLE
[VOL. 130.
3302.000 in April 1929, an increase of 2.3%. while our sales for the four
Elgin National Watch Co.
months ended April 30 were $1,070,000 as against $1,099,000, a decrease
-Annual Report.
Calendar Yearsof only 2.58%. Our profits are holding up well; we earned $100,488 in
1929.
1927.
1928.
the first four months of 1930. as against $107,533 in the corresponding Earns, from oper. after deprec. &
Fed. taxes
period of 1929, a decrease of only 6.50%.
$1,801,098 $1,749,401 $1,819,313
"The demand for our "Humming Bird" full-fashioned silk hosiery has Other income171,873
252.548
221,665
kept up very well. May sales are holding their own over last year and
Total income
will probably show an increase because of the larger proportion of full$1,972,971 $1,971,066 $2.071,861
'fashioned hosiery being produced and sold as compared with sales in May Reserve for contingencies
150,000
125,000
250.000
Appropriated for deprec
of 1929.
150,000
"We have heard some pessimistic statements with respect to the hosiery
Net income
trade, and while this may apply to mills in the North. it does not apply to
$1,672,971 $1,846,066 $1,821,861
.us. We reported earnings in 1929 applicable to common stock in the Dividends
750.013
750,013
750,013
amount of $5.01 per share, as compared with $2.80 per share in 1928, Reserve for dividends
650,004
650,004
650.004
and $1.67 per share in 1927. Our inventory is in good condition with no
Bal,for reserve & sur
dead or obsolete styles.
$421,844
$272,954
$446,049
Shs. of cap.stk. outstanding ($25 par)
"We have been paying regular dividends of $2 on
400,000
400,000
400,000
common stock,
and with sales and profits at the current rate, we have our intention of dis- Earns, per shr. before conting. res _ --$5.18
$4.93
$4.92
no
continuin# that dividend, as we are quite optimistic as to the future of our -V. 129, P. 4145.
business. -V. 129, p. 3017.
Equitable Investing Corp.
-Stock Dividend.
The directors have declared the regular quarterly dividend of 1M %
De Laval Separator Co.
-Tenders.
The New York Trust Co., trustee, 100 Broadway, New York City, will in class A common stock on the class A common stock. payable June 16
to holders of record May 29. A similar distribution was made on March
'until June 14 receive bids for the sale to it of 10
-year
due July 15 1935 to an amount sufficient to exhaust67 s. f. gold notes 15 last.
$50,000 at a price
The current dividend was declared out of net earned income for the first
not exceeding 100,I and interest.
-V. 127, P. 2827.
quarterly period of the fiscal year, which ended May 15, President Donald
.1. Smith. says.
-V. 130. D. 1658.
Di
Giorgio Fruit Corp.(& Subs.).
-Earnings.
-
Calendar YearsGross profit from operations
Administrative,selling & general expenses
Profit from operations
Other income
Equitable Office Bldg. Corp.
-Earnings.
-
1929.
1928.
$2.447,248 $2,687,811
1,479,881 1,608,758
$967,367 $1,079,053
347,809
155,584
Total incomeInterest paid or accrued (net)
Prey.for depreciation & amortization
Prov.for bad debts (net)
Bond discount & expense
$1,315,177 $1,234,637
410,101
353,515
334,836
191,134
100.112
17,025
39,663
Profit for year
-V.130, p.2971.
3696,916
$406,511
Dominion Iron & Steel Co.
-Reorganization Plan
Approved.See British Empire Steel Corp., Ltd. above.
-V. 130, p. 2971.
Dominion Steel & Coal Corp.
-Reorganization Plan
Approved.
-See British Empire Steel Corp., Ltd., above.
V. 130, p. 2972.
Dominion Steel Corp.
-Plan Approved.
See British Empire Steel Corp., Ltd. above.
-V. 130. ro. 2972.
Dry Ice Corp. of America.
-To Form New Company.
See Continental
011 Co. above.
-V. 130, p. 980.
.(E. I.) du Pont de Nemours & Co.
-Rights, &c.
-
Years Ended April 30-- 1930.
1929.
1928.
1927.
Rentals earned
$5,791,726 85,384.346 $5,208,764 34,961.724
Miscellaneous earnings
541,064
503,348
379,842
339,720
Total earnings
$6,332,790 $5,887,694 $5,588,605 $5,301,444
Operating expense
1,155,448
1,135,049
1,044,500
992,355
Depreciation
302,766
300,681
293,154
288,966
Net operating profit-- $4,874,576 $4,451,965 $4,250,951 $4.020,124
Other income
101,213
82.418
61,870
40,988
Totalincome
$4.975,788 34.534,382 $44,312,820 $4.061,112
Int.,real est. taxes,&c
2,171,419
2,175,575
2,187,129 2,192,646
Federal income tax
312,600
288.000
287,500
236,000
Res,for addl deprec
76,221
Net profit
$2,415,548 32,070,807 31.838,191 31,632,466
Preferred dividends---4,900
33,785
2,546
349,002
Common dividends
1,780,800
1.500,429
2,232,732
437,675
Balance,surplus
$285.107
$303,977
$845,789
$180,270
Shs. coin. stk. outstanding (no par)
221,696
153,992
893,584
892.160
Earnings per share
32.31
$8.14
32.71
$8.33
Consolidated Comparative Balance Sheet April 30.
Condensed
1929.
1930,
1929.
1930.
AssetsLiabilities8
i
$
$
Land & bldg. (less
Preferred stock-48,000
30,200
deprec. res.)- -x32,8139,787 33,172,553 Common stock-y 9,309,800 9,292,000
Miseell. equip__
25,308 Equit, Life Asaur.
26,282
Rights, priv., ten19,229,878 19,371,881
Soc. mtge
ancies & going
35,000
35,000
6% gold mtge. bds
value
4,390,000 4,390,000 35-yr. 5% sink.
Premium paid for
fund debenture_ 8,537,000 8,737,000
cancel.of lease._ 107,143
128,572 Accts. pay., taxes,
Sinking fund dope_ 211,470
201,282 int.,&c
1,493,557 1,462,982
Invest, held for exRents reed in adv.
count of employ. 134,388
139,684
98,496
75,898
&c
Cash
1,376,702 1,154,408 Employ., rettrem't
Accts.receivable.- 129,505
47,598
161,762 fund reserves_ ...
16,000
Equit. office bldg.
49,189
49,189
Approp. surplus__
corp. corn.stk _ _
52,612 Addit'l dep.rec.__ 236,475
52,612
160,253
Temp.invests_ _ _ 1,189,878 1,102,824 Surplus
1,619,183 1,439,933
.
63,589
42,905
Inventories
Tot.(each side)_40,663,780 40,710,736
118,362
Deferred charges__ 133,307
x After deducting $5,149,159 depreciation reserve. y Represented by
-V. 130, D. 3549.
893,584 shares of no par value.
The common stockholders of record June 5 will be given the right to
subscribe on or before July 15for 357,071 additional shares ofcommon stock
.(Par $20 per share) at $80 per share in the ratio of one new share for each
30 shares held. The proceeds are to be used for capital expenditures in
connection with the expansion of the plants and business of the company s
various industries. Subscriptions are payable as follows: $20 a share on or
before July 15, $30 a share on Sept. 20 and $29.25 a share on Dec. 20, the
final payment being adjusted on the basis of dividend payments and interest
on the first two installments. There are other options arranged, including
payment in full.
H. F. Brown and William Coyne, Vice-Presidents, have retired
members of the executive committee. A. B. Echols, Treasurer and as
member
of the executive committee, has been elected Vice-President in charge of
finances to succeed W.S. Carpenter Jr., who recently was made Chairman
of the finance committee.
Dr. C. M. A. Stine, Chemical director, has been made member of the
executive committee, J. B. Mason, General AssistantaTreasurer, was
made Treasurer to replace Mr. Echols. New directors elected include
-Earnings.
Evans Auto Loading Co., Inc.
Dr. Stine, Dr. F. Starre, William Richter and Dr. Hector R. Cardeth.
Calendar Years1928.
1927.
1929.
-V.130, P. 3168.
$956,309
Gross profit from salcs-_ $1,345,956 $1.078,825
255,189
293,182
Selling & admin. expense
400,591
1926.
$819,371
265,178
Eagle-Picher Lead Co.
-Earnings.
--
Quarter Ended March 31Net loss after all charges
-V.130, P. 2973.
1030.
1929.
3463,015prof$430,631
Electric Shovel Coal Corp.
-Earnings.
Calendar Years1929.
Profit from operations
$538,672
Royalties, depletion & depreciation
191,883
Interest on mortgage bonds
Federal taxes & other deductions
89.414
Net income
$257,375
Preferred dividends
186.110
Balance surplus
$71,265
-V.129. p. 3331.
1928.
$293,999
1928.
$438,970
68,767
9,884
43,599
$316,719
115,168
$201,551
Emporium Capwell Corp.(& Subs.).
-Earnings.
-
Years Ended Jan. 31Net sales of merchandise
'Sales of tenants'departments
1930.
1929.
1928.
$28,999,337 $27,653,712 $24,146,093
2,238,003
2,302,341
2,168,755
Net sales
-Own departments
'Cost ofsales
$26,761,334 $25,35.,371 $21,977,338
17,402,452 16,689,648 14,540,023
Gross profit on sales
$9,358,881 $8,661,723 $7,437,315
Inc. from tenants' departments and
other rentals earned
652,226
653,307
542.561
Gross profit
•Operating expense
$10,011,107 $9,315,030 $7,979,876
8,495,294
7,833.842 6,556,090
Operating profit
'Other income (net)
$1,515,814 $1,481,188 $1,423,786
415,369
384,040
183,081
Net profit
Depreciation and amortization
Interest paid
Provision for Federal income tax
$1,931,183 $1,865,228 $1,606,867
233,698
221,160
263,129
243,399
463,573
685,476
103,150
60,000
Net profit from sales-Adjust, offreight allowRoyalties receivedInterest received
Miscellaneous
Total profit
Interest paid
Development expense-_
Capital stock
Special losses
F'ederal taxes
Surplus net profit_ _
Dividends paid
35,838
14,070
18,545
$785,643
5,508
53,162
11,289
13,992
3701,120
18,663
24,564
8,455
1.416
$554,193
57.822
29,875
4,195
1.484
81,013,818
43,170
$8869,595
4,738
8754,219
1.368
3647.569
2,544
27,561
73,749
94,500
104.806
102.000
86.977
$802.399
701,359
3760,051
466,140
3640.851
371,000
3530,487
300,000
8945,30
10,000
Balance, surplus
$101,040
.293.9l0
$269,850
$230,487
Shares outstanding
244.494
200,000
100,000
100,000
Earnings per snare
$3.28
$33.80
$5.30
$6.41
Comparative Consolidated Balance Sheet December 31.
(After giving effect in the Dec. 31 1928 balance sheet of the purchase of
the assets of Western Lumber Mfg. Co. and W. J. (Jourda Lumber Co.
and the issues of 20.000 shares of stock for cash on Jan. 15 1929.)
1928.
1928.
1929.
1929.
Cask
769,239 Notes & accts.pay- 925,699
209,689
335,506
Accts.& notes reo
321,675 Accruals
645,981
14,738
70,835
Inventories
1.649,179 1,059,006 Reserve for taxes-. 105,862
119,955
Cash surren. value,
Purch. mon.oblig _
530,357
life insurance_
9,800 Common stock-._ _ 1,222,470 1,164,000
21,500
Deferred charges
62,721 Bonds & mtg. pay- 900,000
86,846
Deposit P.M. Ry3,466 Capital surplus. _ 1,887,214 1,771,828
3,462
Thnber tracts._
1,502,202 1,061,714 Earned surplus... 1,208,170 1,233,895
Plant, buildings,
Minority Interest,
981,937
equipment,
1,261,778
corn.stk.subsid14,250
Patents & licenses. 831,142
835,322
Treasury stock-._ _ 100,162
79,244
Sink.fund depos_
4,057
Deno& & adv. on
timber cont.__
4,053
Consolidated net profit
$1,024,547 $1,078,526 $1,026,619
Previous surplus
986,862
3,559,876
1.277,878
Total
6,320,051 5,184,124
Total6,320,051 5,184,124
Exc. of proceeds fr. sale of cap. stk
200,000
Earnings for Quarter Ended March 31.
Trans. to res.for conting
216,482
Incre. result, from acquire. of 181
1929.
1930.
Net earns.after all chgs.incl. Fed taxes
shares of Emporium's capital stock
3,906 Shs, cap, stk. outstanding
held by minority stockholders
Earns, per share
$1.05
Adjustment ofcarrying charges
38,142
$0.37
-V.129. P. 3018.
Adjust, of provision for in. taxes prior
years
20,582
5,290
117:41 TS:188
9
Total surplus
85.006,195 $2,415,129 $2,017,386
706,805
Common dividends
705,716
735,706
18,221
Preferred dividends
18,221
17.521
14,483
Additional Fed.inc. tax for prior yearAdjust.of carrying chgs
1,263,851
Consol. prof. & loss surpl. Jan.31_ - $2,989.115 $1,691,192 $1,277,878
360,000
She.coin.stk. outatand.(no par)-_- 420,000
360 000
$2.80
Earns. per sh
$.94
$2.40
-V.129, p. 4145.
Ex-Cell-0 Aircraft & Tool Corp.
-Further Expansion.-
Terms for the acquisition by this company of the Continental Tool Works
have been completed, it was announced recently by Baker-Simonds & Co.,
Investment bankers who represent the Ex-Cell company. The directors
-0
of both concerns have agreed to the terms.
Details of the terms have not been announced but it is understood the
acquisition will involve an exchange of stock and a cash consideration.
The Continental Tool Works is a Michigan company engaged in the
manufacture of cutting tools used in the automotive industry, a line closely
allied with present production of the Ex-Cell-0 corporation.
-V. 130, p,
1835.
-Net Sales.
Fashion Park Associates, Inc.
Net sales for April amounted to $2,257,150 after the elimination of sales
between companies reporting and does not include the sales of those companies controlled but not entirely owned. The figure compares with
-V. 130. P. 2780.
$2,253,985 the previous month.
-Recapitalization Planned.
Federal Electric Co., Inc.
The stockholders on May 17 approved the plan of recapitalization as outlined in the 'Chronicle" of May 3. See V. 130,
p. 3169.
-Earnings.
Federated Publications, Inc.
1929.
1928.
$2,296,098 $2,202,778
1,764,509
1,659.605
165.388
182,664
40.086
40,767
39.990
38,369
Calendar YearsOperating revenues
Operating expenses
Interest &C. expenses
Depreciation
Federal taxes
$286,124
Net profit
$281,372
The capitalization was simplified in 1929 through the conversion of the
52,000 shares of preferred stock, to which end an additional 50,000 shares
of common stock were issued.
Thus the common capitalization now totals 102.000 shares and upon
this issue net earnings of $286,124 after all charges are equivalent to $2.80
a share. Such earnings compare with $281,372 or $2.75 a share on the
-V. 130. p. 141.
basis of the present capitalization in the preceding year.
Fiat (Turin, Italy).
-Earnings.
Earnings Years Ended December 31.
Prior
Earned on Earned
Net
Sales.
Common. per Sh.
Earnings. Charges.
1923
$520.000 $2,140,000 $1.07
324,800,000 32,680,000
1924
2.55
530,000 5,110,000
33,900.000 5,640,000
1925
740,000 8,640,0004.32
49,400,000 9,380,000
1926
62,900,000 8.827,000,
8,016,000
4.08
58,800,000 7,114,000 1,058,000 6,058,000
1927
3.02
1928
57,536,081 9,482,386 1,161,829 8,320,557
4.16
1929
4.71
64,085,579 10,482.210 1,053,315 9,428,895
(Lire figures have been converted at the following rates: 1923, 4.50.: 1924, 4.3o.;
1925, 4c.; 1926, 3.9c.; 1927, 5.1c.; 1928, 5.2c.; 1929. 5.3e.
Balance Sheet Dec. 31.
1929.
1928,
1928,
1929.
Assets$
Ltaelitties$
$
$
Real est., bldgs.
21,052,632 20,956,000
Capital stock
macify& equip-37,032,052 33,156,059 Funded debt
8,964,388 9,325,598
Invest's (securs.)-10,800,316 8,379,016 Accts. payable_--16,306,263 15,410,990
Accr.wages,tax,dre
Cash and marketable securities_ _11,074,526 10,949,687
depos. on contr. 1,387,632 1,405,886
Notes & accts. rec_17,411,527 15,313,178 Burp. & reserves _ _56,831,789 48,046,027
Inventories
22,181,842 21,605,060
Adv.to affil. cos_ _ 3,497,684 3,432,384
0th.& def. assets_ 2,544,737 2,309,137
Tot.(each side)104,542,684 95,144,501
-V. 128. p. 3520.
(Lire figures converted at rate of 5.263c. to one lira.)
-Earnings.
First Industrial Bankers, Inc.
The company reports net income for the first 4 months of 1930, after all
expenses, charges for interest and discount and reserves for losses and
Federal taxes, of $94,161. This compares with $50,539 for the entire year
of 1929. Dividend requirements on the increased amount of $2 cumulative
participating preference stock outstanding as of April 30 were earned approximately 3;.i thnes. Net profit from operations amounted to $150,083.
-V. 130, P. 2589.
First National Stores, Inc.
-April Sales.
4 Weeks Ended April 26Sales
-V.130. p. 3170.
3721
FINANCIAL CHRONICLE
MAY 24 1930.]
1930
$8,690,927
1929.
$7,684.899
Increase.
$1,006,028
(S. B. & B. W.) Fleisher, Inc.
-Committee.
A protective committee for holders of the first mortgage 6% sinking fund
gold bonds, dated June 1 1924, has been formed as follows: Henry G.
Drueding, V.
-Chairman of board of Drueding Bros. Co.; William C. Harter,
Pres., Northern Trust Co.: Samuel R. Rosenbaum. V.-Pres. of Albert M.
Greenfield & Co.; William B. Resskam, V.-Pres. of Quaker City Chocolate & Confectionery Co.. and Fred F.8eplllsey. V.-Pres. of Market Street
National Bank.
A letter to the bondholders says: "Various defaults have been made
under the indenture securing the bonds, particularly in maintaining the
proper ratio of current assets to liabilities, and in addition, we have been
advised by the management that the business will be completely closed
down within the next two weeks. No provision has been made for the payment of coupons due June 1 1930.
"Holders of the bonds are requested to deposit their bonds and coupons
at once with the Market Street National Bank of Philadelphia. 1107 Market
St., depositary. All bonds so deposited must bear coupons maturing
-V.119. p. 1961.
June 1 1930, and all subsequent coupons."
-Earnings.
Fokker Aircraft Corp. of Amer.
The corporation earned $403,938 for the year ending Dec. 31 1929 after
providing for Federal income tax. The net earnings after providing for
preferred dividends and Federal income tax were $.49 per share, based on
717,450 no par common shares, which was the average number of shares
outstanding during the period.
Consolidated Balance Sheet, Dec. 31 1929.
AssetsLtablUttesCash & call loans
$177,912
$4,642,334 Accounts payable
Marketable securities
1,730,355 Taxes, payrolls,sundry accrd.
Notes receivable
182,250 items
117,826
Accounts receivable
444,273 Res. for deprec. of real est.,
Inventories
62,125
plant & equipment
2,188,509
Other current assets
90,490 Res.for deprec.of demonstra.
25,663
Investment in other cos15,800 Reserves for contingencies-__
5,000
Reel est., plant & equipment- 1,741,846 Preferred stock
753,600
Def.chgs.,incl. exper.& dev_
583,304 Common stock
14,976,251
Good-will, license rights,
Capital surplus
5,851,464
drawings & patents773,618 Profit & loss
403,938
Total
$12,373,779
Total
Represented by 956,000 no par shares.
-V. 129. P. 2236.
$12,373,779
-Initial Div., &c.
Ford Motor Co. of Canada, Ltd.
The directors have declared initial dividends of $1.20 a share and extra
dividends of 30c. a share on both the class A and B stocks, payable June 23
to holders of record June 2. The $1.20 dividend just declared theorectleally
. covers the last half of 1929 and the first half of 1930.
The stock was placed on a regular dividend basis of $1.20 a year, payable
semi-annually June and December, the first semi-annual distribution of
60c. a share to be made in December 1930.-V. 128. p. 2471.
Foster 8c Kleiser Co.
-Earnings.1930.
1929.
Years End. Mar. 31$7.735,458 $8307,141
Gross income
Net profits before Fed.
784,738
1,205,361
taxes
-17. 128, p.3692.
1928.
1927.
38381,227 $7,819.307
1,400,090
1,522,375
-Certificates Offered.
14 East 90th St., N. Y. City.
A new series of $1,400,000 guaranteed mortgage certificates, maturing in
5 years and secured by the land and building at 14 East 90th St., southwest corner of Madison Ave., N. Y. City, is being offered for sale by
Lawyers Mortgage Co. The certificates, guaranteed with respect to both
principal and interest by Lawyers Mortgage Co., will be issued in any
amount frotn $100 upwards to yield 5% net.
Interest will be paid by check of Lawyers Mortgage Co. on May 1 and
Nov. I. The principal amount of the mortgage will be reduced to 31.260.000 prior to maturity on May 25 1935, by 10 semi-annual payments of
$14.000 each, beginning Nov. 1 1930. Certificates issued against these
semi-annual payments will be retired as they mature.
The land securing the mortgage fronts 164.5 feet on East 90th Street
and 100.8 feet on Madison Avenue and is improved with a 12-story and
penthouse apartment house of modified Italian Renaissance design. The
structure contains 50 apartments of 6, 7, 8, 9 and 14 rooms with 3 to 5
baths each, which are being sold co-operatively by John II. Carpenter Jr..
Inc. Special features of construction include two apartments of 8 and 9
rooms with private roof gardens in the penthouse, extra maid's rooms
available to apartment owners, three doctors' offices and six stores on the
Madison Avenue frontage.
-Earnings.
(Robert) Gair Co.
1928.
1927.
1926.
1929.
Calendar YearsProfit on production_ _ _ _ $2,591,647 $3,069,506 $4,053,640 $3,708.198
61,008
189,768
49,388
158.574
Other income
$2,750,220 $3,259,271 $4.103.028 $3,769.207
Total income
1,800,642.
2,282,039
2,063,384
2,505.832
Expenses
657,293
598.307
725.370
704,376
Depredation
7,459
Loss on sales of securities
378,927
343,022
238.548
.bond & oth Int.,&c
Tax.
Operating net income_def$488.441
Prof.on sale of cap.assets
$34,310 $1,003,424 $1,027,235
1,408,357
loss$488,441 $1,442,668 31.003.424
Total income
244.755
110,717
Preferred dividends_
118,750
Common dividends
265.833
535,173
Class A panic. shares_ _ _
Balance, surplus_ _ _def$1,023,614
81,297
Profit & loss surplus-_ _
500,000
Shs. com. outst'(no par)
Nil
Earns. per sh.on com_ _ _
-V. 130, p. 1836.
$947,368
844,919
500,000
$2.13
31,027,235'
243.936
233.566
$758,669
606,670
473,468
.1.60
$549,733
534.057
467.132
$1.68
-New $6 Preferred Stock, &c.
Gamewell Co.
The stockholders will vote June 9 on approving the creation of 27,500
shares of $6 cumul. cony. pref. stock of no par value and on increasing the
common stock from 150,000 shares to 200,000 shares, no par value
The stockholders will also vote on approving the acquisition of the Rockwood Sprinkler Co. and on changing the by-laws so as to increase the'
maximum number of directors to 18 from 15. See V. 130, p.3550.
Earnings for April 1930.
The company for April 1930 reports net profit of $78.348 after charges
the
and taxes, the largest reported for any corresponding month in net history
profits
of the company. For the 11 months ended April 30 1930
$922,784, after similar deductions, equal to $7.76 a share earned
totaled
on the 118,928 shares of no par stock outstanding. New orders received
during April exceeded completed work, resulting in unfilled orders on
April 30 1930 exceeding the total on hand March 31 1930.-V. 130, p. 3550.
--Earnings.
General Alloys Co.
Calendar YearsNet earnings
Earned per sh.on com. after pref. dive
-V. 129, p. 2865.
1929.
$134,310
$1.15
1928.
$210,595
$1.90
1927.
$413 641.
$6.97
-Equipment Trustt
General American Tank Car Corp.
-Drexel & Co. and Chas. D. Barney & Co. &reOffered.
offering at prices to yield from 4.20 to 5.05%, according to'
;
maturity, $4,050,000 43.% equipment trust certificates
series 20.
installments of $270,000 from
Dated June 11930; due serially in annual
June 1 1931 to and incl. June 1 1945. Dividends payable J. & D. Denom.
.
Trust
.
$1,000 c5 Principal and dividends payable at Fidelity-Philadelphia date
Co., Philadelphia, trustee. Red. at 10134 and divs, on any div.
upon 30 days notice. Corporation agrees to reimburse certificate holders
resident in Pa. for all taxes, except succession or inheritance taxes, paid
law of said
by such holders lawfully assessed under any present or futureof par value
State up to but not exceeding 4 mills per annum on each dollar
of such certificates upon their written request in the manner described
in the trust agreement.
Data from Letter of Elias Mayer, President of the Corporation.
-A holding company. Incorp. in New York in 1916. GenCompany.
eral American Tank Car Corp. of W. Va.Is the only subsidiary of General
American Tank Car Corp. of N. Y. all of its capital stock being owned
by the latter corporation. The General American Tank Car Corp. of
W. Va. owns the entire issued stocks of its 6 subsiciaries and consequently
controls all of their physical assets and operations. These subsidiaries
are engaged not only in the manufacture and rental of railroad, tank and
refrigerator cars, but also in the manufacture and repair of all types of
railway freight equipment.
-As security for these certificates there will be vested in the
Security.
extrustee title, without encumbrance, to 450 new passenger refrigerator are
press cars and 700 new refrigerator freight cars. These 1,150 cars par'
conservatively valued at $5,475,000, or approximately 135% of the
value of this issue of certificates.
Payment of the certificates and dividend warrants in accordance with.
their terms will be guaranteed by General American Tank Car Corp. of
W. Va. by endorsement on the certificates.
-Earnings, after depreciation, available for dividend charges
Earnings.
on equipment trust certificates, are as follows:
1929.
1928.
1927.
1926.
Net profits before charges_ _32,932,326 $33,849,269 $4.988,815 $6,784,767
710,026
782,278
673.961
519.783
chges. on equip. tr.ctfs_
Div.
9.56
6.38
5.71
5.64
Div. charges times earned_ _ _
on certificates to be presently issued
Maximum annual dividend charges
will amount to $216,270. These charges have not been taken into consideration in the above figures.
For the first quarter ended March 31 1930 the corporation reported net
profits of 51.865,110 after depreciation available for dividend charges on
equipment trust certificates. These earnings compare with $1,342.471
for the similar period of 1929, an increase of approximately 40%•
-Corporation has no mortgage indebtedness. Upon comCapitalization.
pletion of current financing there will be outstanding 517,558.000 equipment trust certificates. The certificates are followed by 797,422 shares of
no par common stock having a total market value, based on current quotations, of approximately 382.000.000.
Stock Increased.
The stockholders on April 8 increased the authorized capital stock (no.
-V. 130, p. 3550.
Par value) from 800,000 shares to 1,500,000 shares.
-Venezuela Production.
General Asphalt Co.
The company reports for April production of 46,000 barrels of crude oll.
in Venezuela, an average of 1.533 barrels daily, against 28.000 barrels or
933 barrels daily, in April 1929.
Shipments from Venezuela by the company last month were 66,000
-V.130, p.3171.
barrels,against 28,000 barrels in the same month last year.
-G. E.
-Debentures Offered.
General Bronze Corp.
Barrett & Co. Inc., are offering at 99 and int., to yield over
6.10%, $3,006,000 10-year 6% cony, gold debentures.
Dated May 1 1930: due May 1 1940. Denom. $1,000 and $500 O.
Principal and int. payable at Chase National Bank, New York, trustee.
Int. payable M. & N without deduction for any normal Federal income
,
tax, not exceeding 24 per annum. Red. on 40 days' notice at any time
April 30
to and incl. April 30 931 at 110 and int.; thereafter to and incl. 104 and
1932, at 105 and int.; thereafter to and incl. April 30 1933 at year and
int.; thereafter to and incl. April 30 1940 at 3.i of 1% less each
accrued int. Corporation will refund upon proper application the followConn.• Calif. or Minn. personal property taxes not in
ing taxes:
'
mills per annum. Maryland securities tax not in excess of 4%
excp,. q of 4Penn.'
Mich. personal property tax not in excess of 5 mills per
mills per annum.
on
annum, or Mass. income tax not to exceed 6% per annumcashthe interest.
adjustment
-Debentures will be convertible (subject to
Convertible.
in lieu of fractional shares) into the common stock at any time (unless
called for prior redemption) after July 1 1930 to and including Jan. 1
1931. at $35 per share and thereafter to maturity, at $40 per share. If
called for redemption, the conversion privilege will continue up to and
incl. the 10th day prior to the date designated for redemption. Indenture
will contain provisions designed to protect the value of the conversion
privilege, but stock dividends in the aggregate of 8 shares of common
3722
FINANCIAL CHRONICLE
stock on each 100 shares of common stock may be paid in any calendar
year without affecting the conversion price.
Data from Letter of John Polachek, President of the Corporation.
Company.
-Is the largest concern in the United States engaged in the
architectural metal industry. Corporation was incorp. in New York Nov.
21 1927, acquiring all the property, business, and good-will of John Polachek
Bronze & Iron Co., Inc., and Renaissance Bronze & Iron Works, Inc.
During 1928 the corporation acquired the entire assets and business of
Roman Bronze Works, Inc., American Art Foundry, Inc., and the bronze
and iron division of Tiffany Studios, and during 1929 the corporation also
acquired the entire assets and business of Wisconsin Ornamental Iron &
' Bronze Co. Guaranty Iron & Steel Co., Guarsteel Safety Stair Co., Flour
City Ornamental Iron Co. and Dominion Bronze & Iron. Ltd. Corporation owns and operates 7 plants located in Long Island City and Corona,
N. Y.; Chicago, Ill.; Minneapolis, Minn.; Milwaukee, Wis., and Winnipeg, Canada. These plants, excepting the one at Winnipeg, are of brick
and steel construction and contain approximately 600,000 square feet of
floor space. Corporation also maintains, as an art gallery and show rooms,
the entire building at 6 East 56th Street. New York City.
The predecessor companies have been engaged for many years in the
manufacture of bronze, iron, aluminum, nickel and other metal work for
architectural, ornamental, statuary and memorial purposes for public
buildings, banks, commercial and office buildings, residences, theatres,
&c., throughout the United States and in foreign countries. Many of the
largest contracts placed within the last 30 years have been executed by
one or the other of the predecessor companies. Due to the improved
methods of manufacture, many of which were originated in the corporation's plants, production costs have been materially reduced, resulting in
the rapidly increasing use of bronze and other non-ferrous metals in building construction as evidenced in modern structures throughout the country.
CapitalizationAuthorized.
Outstanding.
10
-year 6% cony, gold debs., due 1940
$3,000,000
$5,000,000
Common stock (no par)
281,284 shs.
*500,000 shs.
•Including 6,496 shares in the treasury and the requisite number of
shares reserved for the conversion of the debentures.
Note.
-There are also outstanding $87,500 mortgage bonds on one of
the corporation's plants, due serially to July 1934.
Earnmes.-Consolidated earnings of the corporation and subsidiary
companies for the 2 years ended Dec. 31 1929, were reported as follows
:
1928.
1929.
Gross earns. on completed contracts & other income $8.897,265 $5,343,301
Cost of completed contracts,incl. deprec. of plants,
mach. & equip., admin., sell. & oper. exps
4,353,133
7,643,801
Net earnings
$990.168
$1,253,464
Annual Int. requir. on $3,000,000 10-yr. 6% cony, gold debs__
180,000
Net earnings, as above, for 1929 are equivalent to approximately 7
times annual interest requirements on these debentures and, after setting
aside a reserve for Federal income taxes, amounted to $4.01 per share on
the 281,284 shares of common stock outstanding. After deducting annual
Interest requirements on these debentures, and without reflecting any
benefits to be derived from this financing, the balance is equivalent to
$3.37 per share.
-Total net assets of the corporation as of Dec. 31 1929. after
Assets.
giving effect to this financing and deducting all liabilities except these
debentures, amount to $9,319,426, of which $4,322,804 are net current
assets, as compared with the present issue of $3,000,000 10
-year 6% cony.
gold debentures.
Purpose.
-Proceeds will be used for the purchase of additional properties, general improvements, retirement of current obligations and for other
corporate purposes.
-V. 130, p. 1287.
Fol.. 130.
Reports Progress.
-
The annual meeting of stockholders was held May 17. Following the
transaction of routine business, Samuel B. Tuell, Pres- made the following
reLn m
co ortent on the progress of the company since the publication of the alanual
"On May 17 the market value of company's assets was $13,944,100 compared with a cost of $31,329,500, and the asset value of the common stock
$11.96, compared with a cost of $21.93. The increase since Dec. 31 1929
in the market value of the assets amounts to 25% and in the asset value of
the common to 50%. From Dec. 31 to May 17 the Standard Statistics
Index of 90 stocks rose from 170.5 to 192.5. an increase of 13%. As measured by this index, the recent recession in security prices culminated on
May 3, on which date the asset value of the common stock was approximately $37.20. Earned surplus on April 30 1930 amounted to $5,487,300,
Compared with $4,120,316 on Dec.31 1929."-V. 130, p. 2781.
General Railway Signal Co.
-Awarded Large Contract.
The company has received one of the largest contracts in Lae history of
its business from the Toronto Terminal Co. covering the installation of an
extensive electric interlocking system for the new terminal station facilities
at Toronto. Tnis terminal has been in the course of construction for a
number of years and was opened for traffic in 1927 with temporary track
conditions. As it is now one of the busiest terminals on the North American
continent, the switching and signaling facilities constituting this installation
will be unusually extensive and of the very latest design, to facilitate heavy
train movements with speed and safety. The large interlocking units
In the vicinity of John St., Church St. and Cherry St. will be inter-connected, thereby forming one large system. The Cherry St. plant will control movements over the junction a the Canadian National ys., with the
joint Canadian National and Canadian Pacific tracks at the east approach
to the Union Station. Notwithstanding tills very large initial installation,
an extension thereof is planned in the future. The work is to be beguu at
once and rushed to completion, which it is planned will be by July 1931.
The recently completed Buffalo Central Terminal at Buffalo, N. Y. and
she Cl ec
tignel vend Union Terminal at Cleveland Ohio, are operated by electric
interlocking systems, which were also furnished by the General Railway
Co.
As bearing upon the expectation ofsatisfactory earnings for the year 1930,
President W. W. Salmon reported at the annuat stockholders meeting.
held April 28, as follows: "As reflected by our financial statement, net
earnings available for dividends on common stock as the results of our
operations in the first quarter of 1930, amounted to $1.33 per share. In
tee like period in 1928, these earnings amounted to 48c. per share, and in
1929, 76c. per share. While many of the railway equipment companies
had expressed apprehension that railway purchases during the year 1930
may be greatly curtailed, and that in consequence tne earnings of these
equipment companies may be seriously diminished, it is of interest to our
shareholders to know that at the present time we have on hand a large
amount of profitable unfilled orders, and that we have requests for tenders
on a
00lupe of business,9r4ers for a substantial portion of which we
v0k -ir.
, 7.
;17in 2 o d
expectteoatb
-Name Changed,
Gerlach-Barklow Corp.
Approval has been given to the change of name from this company to the
United Printers & Publishers, Inc.. and the addition of non-detachable
warrants to the pref. stock.
-V. 128. p. 1406.
-Common Stock
Gibraltar Finance Corp. of New York.
Offered.
-J. W. Barry & Co. Inc. are offering (at market)
about $12.50 per share, 1,000,000 shares common A stock
(Par $5).
snare common A stock, par value $5, non-assessable with voting rights
The
and participates with common B in the distribution of dividends, share and
-Corporation WAS organized in 1924 in New York and has
Business.
been continuously active since in the business of purchasing commercial
PaPer, bills receivable, installment contracts, secured loans and other
instruments.
General Industrial Alcohol Corp.
-Bond Conversion.
- negotiable financial operates under a charter permitting is to invest its
The corporation
The holders of cony.6 % sinking fund debentures dated May 1 1929 are
and title guarantee
notified that, in accordance with a certain contract dated May 10 1930, liquid funds in the securities of banks, insurance, trustother domestic and
companies, government, public utilities, railroad and
between General Industrial Alcohol Corp., on the one part, and American foreern
undig wrcters
to buy controlling interests in banks.
iorporation stocks. Also
Solvents & Chemical Corp.(Del.), on the other part, the General Industrial trust
and insurance companies, &c., and to act as syndicate managers and
Alcohol Corp. proposes to sell and transfer to the American Solvents &
Chemical Corp. all of its property and assets in accordance with the proPresent Authorized Capitalization.
visions of the contract. The transfer. if effected, will take place not earlier Preferred
50.000 shs.
than June 16 1930, nor later than July 30 1930, and the date as of which Common 7% cumulative stock (par $10)
000,000 shs.
l,
in
Co
$5) voting
ng
stockholders of record shall be entitled to receive their respective distributive Common A (parpar) voting
5o0o.Oito000sfhs2.
B (no
shares In the event of such sale shall be at the close of business June 16 1930.
The preferred and common B stock were originally sold
In compliance with the provisions of the trust agreement, subsequent to
the date of such transfer, if effected, the conversion privileges of the de- shares of preferred and 1 share of common B.
100.000 shares of the new common A stock has been set aside for the
bentures will be continued (but without provisionfor adjustment of the numA
cach unit
ber of shares of stock issuable) and each holder of a convertible 63. % sink- purpose rconyerting the outstanding units into 4 shares of the new com.
stock for
ing fund debenture of General Industrial Alcohol Corp. shall be entitled,
and financing has been
upon complying with the provisions of the trust agreement, to convert the ceImnifanodn when contemplated exchange of unitsthe following:
A ( conpo
e
)
debenture into 30 shares and no more of the common stock of the American completedthvour2 ration will have outstanding
1,000,000 shs.
Solvents & Chemical Corp. Upon the completion of the transfer,if effected,
0ss.
h
the right of the holders of the debentures to convert their debentures into Common B (voting)
voting trust certificates in respect of the common stock and (or) into com5
-Proceeds will be used to expand the activities of the company
Purpose.
mon stock of General Industrial Alcohol Corp.shall cease.
-V.130, p. 3550. to invest in a carefully selected list of banks, trust and insurance companies
have record of successful and profitable operation as
General Industrial Bancshares Corp.
-Injunction, &c. well asstocks that in a
underwriting syndicates sponsored by such instito participate
See under "Current Events"issue of May 17, page 3474.-V.130, p.3550, tutions. To purchase shares of common stock of other corporations, for
Purposes of control and management of such other corporations. To purGeneral Motors Corp.
-Sales for April.
chase or sell the common and preferred stocks or bonds of any industrial.
During the month of April General Motors dealers in the United States -Iroad orppublitutility or to hold such investments for income Purposes.
ral lw . 355
v
delivered to consumers 142,004 cars, according to an announcement made
by Alfred P. Sloan Jr., President. This compares with 123,781 cars in
-Earnings.
the month of March and with 173.201 in April 1929. Sales by General
Gleaner Combine Harvester Corp.
Motors manufacturing divisions to dealers in the United States amounted
-Month-1929. 1930-4 Mos.-1929.
Period Ended April30- 1930
to 132,365 cars, as compared with 118,081 in March and as compared Profit before depreciation,
further with 176,634 in April 1929.
$618,066
$907,536
$264,473
and Federal taxes
$208,445
Total sales to dealers including Canadian sales and overseas shipments -V. 130. p. 2591.
amounted to 150.661 cars, as compared with 135,930 in March and as
compared further with 227.718 in April 1929.
-Notes Offered.-Bancamerica-Blair Corp.;
Glidden Co.
The following table shows sales to consumers of General Motors cars in
and Union
Continental United States, sales by the manufacturing divisions of General Continental Illinois Co.; Hayden, Miller & Co.,
4
Motors to their dealers in Continental United States, and total sales to Cleveland Corp. are offering at 993 and int., $6,000,000,
dealers, including Canadian sales and overseas shipments:
five-year 53.% gold notes.
Total Sates to Dealers
Dated June 1 1930: due June 1 1935. Principal and int. (J. & D.)
United States
Incl. Canadian Sales
N. Y•
payable at principal office of trustee. Bank
--Sales to Consumers-- -Sales to Dealers- & Overseas Shipments. City, without deduction for Federal incomeof America, N. A., in
taxes not exceeding 2%e
1930.
1929.
1930.
1929.
1929.
1930.
annum. Penn. and Calif. personal property taxes not exceeding 4 mills
Jan
74,167
73,989 94,458 95,441
106,509
127,580 Per annum and M.tax on income up to 6% of income, refundable.
Feb
88,742
110,148 110,904 141,222
175,148 Red. all or part at any time on 30 days notice at 102 up to and including
126,196
Mar
123.781
166.942 118,081 176,510
220.391 June 1, 1932; thereafter at 101 up to and including June 11934; and there135.930
Apr
142,004
173.201 132,365 176.634
227,718 after at 100, in each case plus interest. Denom. $1,000 c*.
150,661
These figures include sales of Chevrolet, Pontiac, Olds, Marquette,
Data from Letter of President Adrian D. Joyce.
Oakland. 'Viking, Buick, LaSalle and Cadillac passenger cars and trucks.
Company.
-Organized in Ohio in 1917 as a consolidation of Glidden Var-V.130. p 3550.
nish CO. (founded in 1870) and 11 other manufacturers and distributors.
Is the second largest paint manufacturer in the United States. Its products
General Printing Ink Corp.
-Earnings.
include a complete line of paints, enamels, varnishes, lacquers, Pigmenta.
Earnings for Quarter Ended March 311930.
&c., which are distributed throughout the United States and Canada.
Net sales
$2,557,797
Besides the manufacture and distribution of paints and allied products,
Costs and expenses
2,308,375 the company, through a subsidiary, Durkee Famous Foods, Inc., is a
large producer of edible oils, nut margarine and other food products. SubOperating profit
$249,422 stantial amounts have been expended during the last two years to increase
Other income
33,999 the plaroductscity in this division to provide for the increasing demand for
ese pnt capa
General Foods Corp.
-New Directors, &c.
-
Hunter S. Marston, President of Bancamerica-Blair Corp., has been
elected a director and a member ofthe executive committee. The Bancamerica-Blair Corp. recently purchased a substantial block of General Foods
and Mr. Marston will represent this new interest. See V. 130, p. 2974.
Total income
Other deductions
Federal taxes
$283,421
37,842
28.122
Net profit
-V. 130, p. 2036.
$217,457
General Public Service Corp.
-3% Stock Dividend.
The corp. has declared the regular semi-annual My. of 3% in cora, stock
on the corn, stock, payable June 30 to holders of record June 2 and the
regular quarterly dividends of $1.50 per share on the $6 pref. and $1.37 M
per share on the $5.50 pref. stock, both payable Aug. 1 to holders of record
July 10. A 3% stock distribution was made On the com, stock on Dec. 31
1929, (see V. 129, P. 3332).
The Glidden Co. operates 14 plants in the paint division and 7 plants in
the food products division, strategically located in the principal cities of
the United States and also maintains 24 retail and wholesale stores in the
leading distributing centres in this country and Canada.
Sales of the company have shown a substantial growth, increasing from
$12.000,000 in 1917 to over $38,000,000 in 1929.
Purpose.
-Proceeds will be used to retire bank indebtedness Incurred for
expenditures made in increasing plant facilities and for additional working
capital.
Earnines. Consolidated net earnings of company and subsidiaries. availa ble sfonded oct 3nd Federal taxes after depreciation were as follows: for
year er interest a1
.
1925.
1926.
1927.
$2.661,044 $2,465,869 $2.287,785 3 1928 72 $3,4829560 $2Aer,7v50a,g3e2.6
6
19 ,
9.75 .3
0.
MAY 24 1930.1
FINANCIAL CHRONICLE
3723
The average annual consolidated earnings as shown above were equal
to 7.90 times annual interest charges of $347,100 on funded debt to be
outstanding upon the Issuance of these notes and for the year ended Oct. 31
1929 such earnings were equal to over 10 times such annual interest charges
Pro Forma Consolidated Balance Sheet March 31 1930.
Assets
51,657,653 Bankers' acceptances payable $1,539,655
Cash on hand,&c
Accts. payable for purchases,
Customers' accts., notes and
817,914
payrolls, &c
trade acceptances recely'le 5,013,959
651,295
60,576 Accrued taxes, interest, &c
Misc,curr.notes & accts. rec.
320,000
10,213,359 1st mtge.6% bonds (subs.)_ _
Inventories
-year 5 % gold notes
6,000.000
143,156 5
Common stock owned
500,000
180,040 Capital stock-sub. company
Employees subscrip. accts__
182,540 7% prior preference stock_...7,444,300
Value of life insurance policies
a3,477,216
98,378 Common (no par) stock
Misc. notes and accounts_ _ _
10,842,092
Capital surplus
Land, buildings, machinery,
1,435,618
14,514,205 Unearned surplus
equipment, &c
4,350,538
Profit and loss-surplus
Investments in Calif. mining
1,313,651
cos. and ore lands
3,012,851
Good-will, patents,&c
988,259
Deferred assets
Pro Forma Consolidated Balance Sheet Dec. 31 1929.
Assets
813,323,566 Bills payable of sub. co'.s.-_ 82,181,932
Cash
6,172,914
Accounts payable
Accounts and notes recelv1,383,186
36.588,646 Sundry accrued liabilities___
able, less reserves
714,522
50,506,123 Prov. for Federal tax
Inventories
95,713
Mtges.& land contracts pay.
Treasury coin. stock & due
25-year6%% 1st mtge. bds_ 21,572,000
from empl. on account of
30,000,000
161,385 15-year 6% cony. debs
purchase of common
188,000 Funded debt of subsid.co.'s. 12.152,640
Securities held for sink.fund
7,718,614
4,700 Reserve for contingencies_ _ _
Pref,stock in treas., at par_
2,504,721
Minor. Int. In sub. co.'s
Investments, advances to
2,399,874 7% cum. pref. stock
31,532,000
companies, &c
other
a39,871,379
74,922,266 Common stock
Tangible capital assets
23,647,524
1,921,012 Surplus
Deferred charges
Employes' net credits on
468,426
subscriptions to common_
$180,015,571
Total (each side)
a Represented by 1,167,142 shares (no par value).
Note -This balance sheet does not take into account the capital asset of
goodwill on the books, amounting to 857.798,000, nor the patents or trademarks carried on the books at $1. but shows the condition of the company
-V. 130, p. 2975.
on the basis of tangible capital assets.
537,378,630
837,378,630 Total
Total
a Represented by 695.443 shares (no par value.)
-Company was contingently liable at March 31 1930 (on letters col:
Note.
Credit amounting to $273.150.-V.130, p. 3551.
-The
-Omits Dividend.
Gotham Silk Hosiery Co., Inc.
directors have voted to omit the dividend ordinarily paid
at this time on the common stock. From April 1 1926 to
and incl. April 1 1930, the company paid quarterly diva. of
0.
9
623/ per share on this issue. A. 4% stock distribution was
also made on Feb. 15 1928.
President S. E. Summerfield in announcing the action
of the board stated:
-A $30,000,-Debentures Offered.
(B: F.) Goodrich Co.
000 financing operation for the company was completed this
week with the offering at 98 and int., to yield about 6.20%,
of an issue of 15-year 6% cony. debentures by a banking
group headed by Otis & Co.; Goldman, Sachs & Co.; Chase
Securities Corp.; Continental Illinois Co., Inc., and the
,
C. T. Securities Co. The offering was made subject to the
allotment of a portion of the issue to stockholders, who were
first given the privilege of subscribing to the debentures
at a price of 98. Subscription warrants expired May 22.
In view of the unsettlement in the hosiery industry, the directors felt
-V. 130.
it prudent to preserve the company's cash resources at this time.
p.2037.
Granby Consol. Mining, Smelting 8x Power Co., Ltd.
Earnings for Years Ended December 31.
1926.
1927.
1928.
1929.
$11,828,726 $9,942,397 $8,411,949 88,718.233
Dated June 1 1930, due June 1 1945. Denom.$1,000,$500 and $100 c*. Gross income
6.337.521
6.597,482
6,691.170
7,490,774
Prin. and int. (J. & D.) payable at Chase National Bank, New York, Operating costs
379,247
332,239
521,395
576,987
trustee. Interest payable at option of holder at Continental Illinois Bank Expenses, taxes, &c....
& Trust Co., Chicago, or at Cleveland Trust Co., Cleveland. Interest
$3,760,964 $2,729.832 $1,482,228 $2,001,465
Net oper.income
payable without deduction for normal Federal income tax not exceeding
121.796
71,796
253.259
418,132
2% per annum. Company has agreed to refund the following taxes: Other income
Penn., Conn. or Calif. personal property taxes not in excess of 4 mills per
54.179.096 82.983.091 $1,554,024 82,123.261
TotalIncome
annum, Maryland securities tax not in excess of 4% mills per annum,
251.350
125.444
12.019
Kentucky personal property taxes not in excess of 5 mills per annum, or Interest,&c
2,399,684
2.273,230
2.195.136
Mass, income tax not to exceed 6% per annum on the interest. Red. Deprec'n,deplet'n,&c_ - 2,157.683
and int. on or
all or part by lot at any time on 60 days' notice at 107%
$775,936 def$844,650 def$527,773
52,021.413
Balance,surplus
before June 1 1931, with successive decreases of % of 1% during each
432,262
1.344.515
3,149,788
Dividends
succeeding 12 months' period prior to maturity.
deficit_ - $1,229,245 $3,250,657 $4,017,702 $3,173.051
Profit & loss,
Convertsble.-Each debenture is convertible at the principal amount
thereof into common stock at $65 a share to and incl. June 1 1932, at $70
Earningsfor Quarter Ended March 31.
1927.
a share thereafter to and incl. June 1 1935, at $75 a share thereafter to
1928.
1929.
1930.
151,871.905 $1,767.264
and incl. June 1 1940, and at $80 a share thereafter until maturity. In- Value copper produced_ _{
reported
Not
1.435.916
1 1.369,909
denture will include provisions designed to safeguard this conversion Operating costs
privilege. I,n the event of redemption of debentures, the conversion
$331,348
$501,996
$868.639
Operating income_ - -- 8570.511
privilege will terminate on the date fixed for redemption.
28.850
60.641
71,725
117,875
Miscellaneous income_ _ Data from Letter of J. D. Taw, President of the Company.
$360.198
$562.637
8940.364
5688,386
Totalincome
Company.
-Is one of the largest and oldest rubber manufacturing con- Less bond interest
66.249
9.032
cerns in the United States. Business, originally established in 1870 as a
Net before deprec.
partnership, was incorp. in Ohio in 1880, and reincorporated in 1912 in
$293.949
$553,606
$940,364
$688,386
depletion
New York. In the same year the assets and business of the Diamond
$0.66
$1.25
$2.09
$1.53
Rubber Co. were acquired. The assets and business of Hood Rubber Earns.per sh.on cap.stk.
Co. of Watertown, Mass., were acquired in August 1929 and of Miller
Production and Costs for Quarter Ended March 31.
Rubber Co. of Akron, 0,, in February 1930.
14,904,806 13,561,345 13.563,591
The history of the company has been one of steady progress and the Net lbs. of copper prod'd 11,007,437
4,520,448 4,521.197
4.968.269
monthly product'n 3,669.146
business has been broadened until it now embraces the production of over Avge.costs in cts. per lb10.374
9.654
9.97
12.07
Avge.
30.000 types of rubber products, comprising a complete line of tires,includThe average cost per pound includes all operating and general charges,
ing Goodrich Silvertown Cord tires and Goodrich Solid and Semi-Pneumawith deductions for precious metal values, the usual smelter credits and
tic truck tires, as well as footwear, including the Goodrich Zipper line.
-V.130.
miscellaneous income. This operating cost is before depreciation.
belting, hose, packing, druggists sundries, &c.
The acquLsition of the assets and business of Hood Rubber Co. and of P. 3552.
Miller Rubber Co. makes Goodrich the second largest producer of rubber
-Earnings.
Granger Trading Corp.
and canvas footwear and one of the largest producers of mechanical rubber
The corporation reports net profits for the quarter ended April 30 1930
goods. Company's sushi plants are located at Akron, 0., Goodrich prodper share. In arriving at these figures, the
ucts are also manufactured at Watertown, Mass., Los Angeles, Calif., of $42,358. equivalent to $1.66
of the market as
Kitchener, Ont., Colombes, Prance, Leyland, England, and Yokohama, securities held in the portfolio were valued at the close
and the
Japan. Company also owns and operates a fabric mill at Silvertown, Ga. of April 30 1930. while all expenses were deducted except taxes
The products manufactured by the company and its subsidiaries have contingent management fee.
AS of April 30 1930, the earned surplus of the corporation was slightly
world-wide distribution.
$110,000, after writing organization expenses off, and furniture
Authorized.
Outstanding. in excess of down to $1. At this date the corporation had in its portfolio
Capitalizationand fixtures
25
-year 6%% 1st mtge. gold bonds
x$25,000,000
$21.572,000 less than one-quarter of available funds invested in New York Stock Ex15
-year 6% cony, gold debs. (this issue)
30.000,000
30,000,000 change stocks, thus largely avoiding the effects of the recent break, accord7% cum. pref. stock (par $100)
36.532,000
31,532,000 ing to Jaffrey S. Granger, President.
-V. 130, p. 1837.
Common stock (no par)
y4,000,000 shs. 1,167.142 abs.
x $3,428,000 retired by sinking fund. y Includes 604,039 shares re-Survey.
(W. T.) Grant Co.
served for sale to employes and for conversion of these debentures and
Redmond & Co. have issued an extensive survey of the company. The
subsidiary funded debt.
bankers stated: We believe that W. T. Grant Co. stock enjoys excellent
Subsidiary funded debt outstanding at Dec. 31 1929 totalled $12,152,- possibilities of appreciation in price as the merits of the company become
640. and minority stockholders' interests in subsidiary companies amounted more widely known. The market record of the stock is as follows: 1929.
to 42,504.721.
low, 32X. 1930, high. 43: low, 325I.
high •72
Earnings.
-Consolidated net earnings of the company, available for
• Based on highest price at which the stock sold before the 100% stock
Interest on funded debt after depreciation but before Federal taxes, for dividend (144 X).-V. 130. p. 3363.
-year period 1925 to 1929 inclusive, and adjusted to eliminate interest
the 5
-Merger.
(averaging $481,715 per annum for the period) paid on indebtedness to be
Graver Corp., East Chicago, Ind.
retired from the proceeds of this issue of debentures, were as set forth
-V.127, P.3712.
See Phoenix Mfg. Co.below.
below. These figures include the earnings of Hood Rubber for the last
-Construction of Plant.
4 months of 1929 only,and give no effect to the operations of Miller Rubber
Great Lakes Steel Corp.
whose assets were acquired in 1930.
This corporation, a unit of the National Steel Corp., has completed the
Net Earnings. installation of four large cranes at its new mill at Detroit. it was announced.
Calendar Years
a Net Sales.
as Above.
-ton Morgan ladle crane, one of the largest in the world, has been
A 200
1925
-ton hot metal crane just
$136,239,527
$16,737.759 installed in the open hearth building, with a 125
1926
-ton capac148.391,478
7,741.033 completed in the same building. Two smaller cranes, one of 50
1927
151,684,961
-ton capacity, have been installed in the blooming
16.173,611 ity, and the other of 20
1928
148,805,179
6,206,183 mill. Completion of the construction of the Great Lakes plant is scheduled
1929
164,494,957
10,414,520 for Aug. 1.-V. 130, p. 1837.
Five-year average
-Postpones Dividend.
Greene Cananea Copper Co.
$11.454.621
Following the directors' meeting, Secretary J. W. Allen, issued the
a Including those of subsidiaries since date of acquisition.
Net earnings as shown above averaged $11,454,621 per annum or 2.91 following statement:
"Action on the quarterly div. was postponed until the June meeting, in
times the total annual interest requirement of $3,930,099 on the 1st mtge.
bonds, subsidiary funded debt and this issue of debentures. After allow- order that the time of declaration and payment may conform to date of
div. action of Anaconda Copper Mining Co. of which this company is now
ance for interest on the 1st mtge. bonds and subsidiary funded debt, such
-V.129, P. 136.
earnings averaged 5.18 times the maximum annual interest requirement a subsidiary."
of $1,800,000 on this issue of debentures.
-Annual Report.
(& Subs.).
Great Western Sugar Co.
The operations of the company for the first quarter of 1930 not only
reflected the normally low seasonal tire demand, but also the abnormal
Consolidated Income Account Years Ended Last Day of February.
1926-27.
1927-28.
1928-29.
business conditions prevailing in the last few months, and resulted in a
1929-30.
9,333.235
9,192,863 10.080,363 10.517.370
loss of approximately $400,000 after depreciation but before interest. Bags produced
The company charged to current operations all losses due to write-downs Profits from operation- $3,031,427 $10,548,000 85,898.138 85,222,682
464.221
193,850
199,877
286.653
of raw materials as of March 311930. No part of the reserve of $1,330.000 Other income
existing on Dec. 31 1929 has been used.
$8,318,080 $10,747,877 $6,091,988 $5,686,903
for the current year, in lines other than tires,
The company's business
Total income
149,227
has been, in the aggregate, in excess of that for the same period
337,156
190,501
77,630
of 1929, Int. on money borrowed
1,672.860
1,691.683
1.706,777
and since April 1 there has been a marked improvement in tire demand Deprec. of plants & RR_ 1.714,810
499,103
532,581
1,064,900
715,373
with good indication of its continuance.
Federal taxes
-Company has agreed to make application to list these debenListing.
$3,810,267 $7,785,700 $3,530,568 $3,365,713
Balance, surplus
tures on the New York Stock Exchange.
35,773,324 34,077,624 36,517.056 39,001.343
-Proceeds will be used in liquidating current indebtedness a Previous surplus
Purpose.
substantial amount of which was incurred in connection with the acquisi441.583.591 $41,863,324 840,047,624 842,367.056
Total surplus
tion of the assets and business of Hood Rubber Co. and of The Miller
1,050,000
1,050.000
1.050.000
Deduct-Pref. divs.(7%) 1.050,000
Rubber Co., and for other corporate purposes.
Common dividends.-- x5.040,000 z5.040.000 y4.920,000(32)4800.000
und.-Indenture will provide for a purchase fund amounting
Purchase F
to $1,200,000 per annum, payable semi-annually beginning Dec. 1 1930,
$35,493,591 $35,773.324 $34,077,624 $36,517,056
Profit and loss
to be applied to the purchase of debentures, if obtainable, at not more
1,800,000
1,800,000
x600,000
than the principal amount thereof and accrued interest. Unexpended Shs, com. outst.(no par) 1,800,000
$3.74
$2.64
$1.38
$3.86
balances remaining in the fund 60 days after deposit therein shall revert Earnings per sh.on com_
par. y Being 84 per share on 600,000 shares (par $25)
to the company. Debentures purchased through the fund are to be
x Shares of $25
cancelled.
and $1.40 on the 1,800,000 no par shares. z $2.80 per share.
3724
•
FINANCIAL CHRONICLE
Consolidated Balance Sheet as of Last Day of February.
Assets1930.
1929."
1928.
1927.
Plants, RR. equip,. &c_$41,872,385 $41,102,140 $40,756,959 $39,347,797
Investments (stocks)_ _
4,000
4,000
340,105
5,750
Cash
4,158,605
5,275,758
5,796,220
3,831,621
Accts. and notes receiv_ 2,100.753
2,961,394
3,342,517
2,405.623
Ref. sugar & by-prod.. 28,692,519 23,989,125 38.958,520
34,077,287
Beet seeds and supplies_ 4,360,985 3,553,355
3,718,479
3,489,441
Prepaid expense
1,366,994
925,117
1,178,011
1.964,876
Total
$82.556,220 $77,810,889 $94,314,283 $84,898.923
Liabilities
Preferred stock
$15.000,000 $15,000,000 615,000,000 $15,000.000
Common stock
x15,000,000 15.000,000 x15,000,000 15,000,000
Notes payable
4,000,000
20,700,000 10,250,871
Accounts payable, &c.
1,053,893
1,074,173
993,068
Accrued Federal taxes__ 1,780,401
1,063,908
532,405
499,373
Depreciation reserves_ _ - 11,182,228
9,519.765
8.011,187
6,557,450
Res. for def. mfg. cost__
100,000
400,000
Surplus
35,493,591 35.773,323 34,077,623 36,517,056
Total
682,556,220 $77,810,889 $94.314,283 $84,898,923
Represented by 1,800,000 no par shares.
-V. 130, P. 1124.
[VoL. 130.
(b) 14 of 1% quarterly of the value of the assets of the Fund determined
on the last day of each quarter.
(c) 1% of the amount paid by the Fund
shares at the request of shareholders. upon the redemption of investors'
Out of such fees the management company
ordinary and '
usual expenses of management. There are nowill pay all or
other fees
charges or
bonuses of any kind whatever payable to the management company, nor
does the management company receive any options or preferential rights to
purchase or subscribe to shares of the Fund.
Directors.
-J. W. Harriman, Pres. Harriman
Bank &
E. H. H. Simmons, E. H. H. Simmons & Co.: NationalNoble, Trust Co.:
John A.
1st V.-Pres.
Harriman National Bank & Trust Co.: Boykin C. Wright, Cotton, Franklin.
Wright & Gordon: A. M.Austin, V.-Pres. Harriman National Bank&Tr.Co
Hecla Mining Co.
-Earnings.
-
Quo.End. Mar.31.
1930.
1929.
1927.
1928.
Tons mined
73.636
82.235
85,980
80,183
Pounds lead produced_ _ 14,121,706 15,068,653 16,127.183 17,064,285
Average lead price
$5.83
$7.16
$7.38
$6.15
Pounds zinc produced..
317,167
162,476
Average zinc price
$5.09
$6.50
Ounces silver produced
388,148
419,333
497,996
507,115
Average silver price---$0.42
$0.56
$0.57
$0.58
Gross income
$712,125
$981,306
Guardian Investors Corp.
$919,251 $1,146,503
-Merger Approved.
Operating expenses
342,300
376,254
See Allied American Industries, Inc., above.
400,717
408,637
-V. 130. p. 3552.
Taxes accrued
45,000
85.500 (est.)83.000
113,000
Depreciation
29,000
26,514 (est.)70,999 (est.)68,826
Hall-Baker Grain Co.,Kansas City, Mo.-Sale.The Farmers National Grain Corp., a Goverment
-sponsored co-operative
Net profit
$295.824
$493,038
$556,039
has purchased of the Hall-Baker Grain Co. of Kansas City, Mo.
6364,535
Earns, per sh. on 1,000,The Hall-Baker Co., it is stated, is the largest exporter of
000 abs.cap,stock outGulf ports, and is the largest merchandiser of milling wheat grain through
standing (par 25c.)
in the United
$0.29
$0.49
$0.36
$0.56
States, handling between 30,000,000 and 40,000,000 bushels of grain -V. 130,
p. 2782.
annually.
It was understood that the purchase price was about $3,000.000, with the
(R.) Hoe 8c Co., Inc.
-Earnings.
transaction involving leases on nearly 6,000,000 bushels of elevator space
Calendar Yearsin the Kansas City terminal.
1929.
1928.
1927.
1926. •
Total income
$1,430,331
$628,644
$557,689 $1,124,050
Hamilton Brown Shoe Co.
Interest
437,968
-Receivership Sought.
379,397
393,253
399,013
Depreciation
Suit for appointment of a receiver to take charge of the
292,778
270,741
243,130
265,388
benefit of creditors was filed in U. 8. District Court at company for the London Co income tax90,106
57.787
59,387
Cr.16,311
by the Continental Illinois Bank & Trust Co. whichSt. Louis May 19
states it holds a
cUim in excess of $360,000 for money loaned t (the firm.
Net profit
$609,479 def$79,281 def$138,062
$475,962
The petition states while the firm is believe to be solvent having assets Shares of class A stock
in excess of liabilities, it has not sufficient funds to meet obligations, which
outstanding (no par)96,000
96,000
80,000
80,000
Earnings per share on
are said in the suit to total more than $3,000,000. The company,
it is
stated, will resist the receivership suit
class A stock
$6.35
Nil
Nil
$5.95
According to the suit, certain creditors are threatening the institution -V. 129. p. 1133.
of suits to enforce collection of their claims, which
sale of the concern's properties at a sacrifice and to would result in forced
the irreparable injury
Holland Furnace Co.
-Sales and Earnings.
-An authoriand loss of creditors and stockholders.
-V. 130. P. 1124.
tative statement says:
Harriman Investors' Fund, Inc.
With the sales and earnings for the four months' period
-Investors Shares OfApril 30
fered.
-The Harriman Fund Management Corp. is offering exceeding the corresponding months of 1929, indications areended 1930 will
that
be a record year for this company, manufacturers of heating equipment.
for subscription investors, shares of this company at $101 per April sales of $1,355,901 compare with $1,227,403 in April
last year, an
share (minimum subscription, five shares).
increase of 10.4%. It is estimated by the company that earnings for the
month
Depositary and transfer agent The Harriman National Bank &Trust
Co., New York. Dividends payable Q.
-M. Exempt from present
Federal income tax. Redeemable at the option of the shareholdersnormal
at the
then liquidating value of the shares.
A circular issued in connection with the offering affords
the following:
were about 15% ahead of last year.
E. G. Landwehr, Vice-President and General Sales Manager, states that
the significant feature of company's business for the four months' period
is that Holland has accomplished an increase in its business during its
poorest months. Past sales experience has been to expect only 14.5% of
its entire year's business from the months of January to April, inclusive.
The largest months have been August, September and October, which
usually contribute 40.5%•
On the basis of current operations Mr. Landwehr believes that in the first
half year the co. will easily surpass the sales volume of $6,225.488 in the
first six months of 1929, which year set a new high record of $18,671,828.
With total sales this year of $3,204,434 to the end of April, May and Juno
would be required to produce slightly more than 63,000,000 to equal last
Year's volume for the corresponding period. Sales of these two months combined are usually three times as large as in April, in which month this year .
sales totaled $1,355,901.
For the first half of 1929 Holland reported net profit of $540,641, equal
after pref. dividends to $1.16 a share earned on 418.118 shares of no par
common. For full year 1929 profit was $2,202,858, or $4.85 a share on
432,196 common shares, after pref. dividends.
Purpose of the Fund.
-Harriman Investors Fund. Inc., has been organized
in Delaware for the purpose of affording depositors and clients
Harriman National Bank & Trust Co. an unusual investment of The
medium
designed to combine the following features: That safety of principal which
results from wide diversification and experienced investment
management:
an adequate annual return on the investment, exempt from present
normal
Federal income tax: ready and complete liquidity through
the right to
convert the investment into cash, as explained below,
by the redemption
of shares at their liquidating value upon request of the shareholder;
full
participation in all profits accruing to the fund.
Investors' Shares.
-Each investor's share represents a proportionate
ownership of all of the assets of the Fund and is entitled
to full pro rata
participation in the earnings of the Fund. It will
to pay regular quarterly dividends out of earningsbe the policy of the Fund
so that each
Speeds Up Plant Production.
will receive an adequate annual return on his investment. shareholder
In the discretion of the beard of directors of the Fund, any
Production has been stepped up to 5 days a week from 4 days in two of the
regular dividend requirements may be distributed to earnings in excess of company's plants, the new change effective May 17, according to an anshareholders as extra nouncement by John P. Kona, Vice-President in charge
dividends or may be reinvested. All shares will be issued full paid
of manufacturing.
and
non-assessable and no personal liability will attach to the holders thereof. - These plants are located in Bethlehem. Pa., and Cedar Rapids, Iowa.
Liquidity of Investment.
-day-week basis
-In order to assure the subscriber a liquid invest The main plant at Holland. Mich., will follow to the 5
ment, provision has been made in the certificate of incorporation whereby about June 1.
Combined daily production currently has been 187 furnaces, against a
the Fund is obligated upon the request of any shareholder to purchase and
total capacity of 250 a day. This does not include the production capacity
redeem the investors, shares held by such shareholder. after 5 days'
notice, on the 6th or 21st day of any month (out of assets of written of various accessory products that are manufactured and sold by the coraFund
legally available therefor), at the liquidating value of such sharesthe deter- l/any through its branch offices.
as
Production in the first quarter this year totaled 11,443 furnaces against
at the close of business the preceding day. less 1% management
charge under the management contract mentioned below. The Fund
11,177 in the corresponding period of 1929. The ratio of increase in dollar
normally redeem such shares for cash, but as a protection in unusual will volume however will be larger due to the increased production this year of
circumstances it reserves the right to make payment of the redemption price the larger and more expensive units.
through delivery of a pro rata share of the assets of the Fund, adjusted to
Earn.
1929.
-Cal. Years1928.
within one whole share or one whole bond more or less than the absolute
1927.
1926.
$18,671,828 $15,849,035 $15,335,124 516,008.394
arithmetical proportion of each security held, any further adjustment Net sales
8,421,450
7,255,629
being made in cash. If the directors of the Fund believe such action ad- Cost of sales
7,146,060 7,646.025
visable the Fund may purchase or redeem the shares held by
particular Selling, adm. & gen.exp. 7,472,310 6,657.442 6,266,828 6,111,909
person at the then liquidating value of such shares without any request of Other deductions, less
the
other income
Cr.84,403
74,860
the shareholder, but in such event there will be no deduction of the 1%
69,771
85,233
239,058
Interest paid
withdrawal charge.
281,997
307,817
242.187
135.786
Issue of Shares.
160,924
-Shares of the Fund are to be initially issued at $100 Per Depreciation
159,396
182.348
285.249
share and each subscriber will pay in addition $1 per share to the manage- Provision for Fed. taxes173,003
196,038
237,386
ment company pursuant to the management contract mentioned below.
Net profit
$2,202,378 $1,245,190 $1,229,214 $1,503,305
Under its certificate of incorporation the Fund is not permitted to issue
4,174,986 3,430,502
additional shares at less than the liquidating value of the then outstanding Balance, Jan. 1
4,324,436 3,183,348
shares of the Fund, as determined at the close of business on the 5th or Adjust. of Fed. tax_
55,230
20th day of the month,as the case may be, preceding the issue ofsuch shares.
Total surplus
$6.377,364 64,730,922 $5,553,650 64.686,651
It will be the policy of the Fund from time to time to issue additional
108.635
investors' shares on the basis of liquidating value to depositors and clients Dividends on pref. stk
112,000
112,000
112,000
do Common (cash).._
225,455
of The Harriman National Bank & Trust Co. By reason of the periodic
138,761
277,238
250,000
do Common (stock)916,844
issue of additional shares at liquidating value and the right of each sub294,660
1,733,910
Cr.630
scriber at his option to secure the redemption of his shares upon the same Adj. of pr. yr. Fed. taxes
215
4,203
basis, the shares of the Fund should always accurately reflect the actual Disc,on stk.sold to emp.
5.267
value, including all appreciations, of the investments and cash held by the Adj. of amort. of bond
discount and expenseFund. Accordingly the shares of the Fund will be entirely free from any
5,247
910,711
danger of manipulation or of market fluctuation not based on their actual Amt, trans. to cap.surp_
asset value.
Profit and loss surplus 54,212,146-64,174,986 $3,430,502 $4,324,435
Inrestment Policy.
-Under its certificate of incorporation the Fund is
Shs.ofcorn.stk. outst'g_
432,196 -402.857
not permitted to borrow money for the purchase of securities, nor is it
373,391 P. 200.000
$4.85
permitted to engage in the underwriting of securities or to take any com- Earnings per share
$2.81
$2.99
• $6.96
mitments in connection with the purchase of securities other than purchases
Balance Sheet as at Dec. 31.
for cash. In addition, the certificate of incorporation of the Fund provides
1928.
1929.
in substance that:
1928.
1929
.
Assets
Liabadies$
(a) Not more than 20% of the assets of the Fund are to be invested in Cash 1,354,284 1,405,484 Notes payable...
500,000
securities of corporations whose operations fall primarily within a single Acc'ts
receivable,
Pay., accr'd
industry.
less allowances _10,795,392 9,200,981 Accts.
expenses, &c. 1,434,511 1,590,422
(b) Not more than 10% of the assets of the Fund are to be invested in Inventories
1,688,241 1,445,744 FederalIncome tax 179,314
186,024
the securities of any one corporation.
Value of life lasur_
174,879 Sinking fund 6%
(c) The assets of the Fund may ho invested from time to time, to such Due from agents & 219,623
gold debentures_ 2,657,000 2,942,000
extent as the management may in its discretion deem advisable, in obligasalesmen
405,098 Res. for conting's_ 534.761
tions of the United States of America or any political subdivision thereof, Invest.& advances 532,297
546,743 Reeerve for Federal
or in call or time loans upon collateral security consisting of stocks or bonds Empl. stk. purch. 538,078
Income tax on
listed upon the New York Stock Exchange having a value at the time
accounts
105,048
197,767 deterred income..
428,825
of the making of any such loan of not less than 20% in excess of the amount Misc.notes & accts.
32,028 7% Preferred stock 1,443,700 1.600,000
59,650
of such loan.
Real est. not used
x Non-par val.stk. 4,321,960 4,028,570
Management.
-The Fund has entered into a management contract with
In operations.._
26,266 Profit and loss surHarriman Fund Management Corp., all of the stock of which is owned Land,bldgs.,mach. 31,914
5,746,310 4,174,986
plus
by Harriman Securities Corp.. a company affiliated with The Harriman
& equipment__ 1,244,668 1,215,576
National Bank & Trust Co. Under this contract the management com- Patents
1
1
pany will supervise and manage the investment of the assets of the Fund Deferred charges
300,259
248,357
and will be entitled to receive the following fixed management fees:
(a) $1 per shire upon subscription to the investors' shares, to be paid
Total
16,817,556 14,950,829
16,817,556 14,950,829
Total
by the subscriber in addition to the amount of his subscription.
Stated value $10 per share.
-V.130. p. 2593.
Holly Sugar Corp. (& Sub.).-Earnings.-
International Paper & Power Co.
(& Subs.).
-Earns.-
1927-28.
1928-29.
1926-27.
Yrs. End. Mar. 31- 1929-30.
$1,409,911 $1,643,997 $2,116,491 $1,509.143
'Operating profit
767,821
807.900
836.544
592,156
Depreciation
579,715
607,052
406,507
508,214
Interest, &c
231,669
Loss on agric. oper., &c..
16,668
9.000
Federal taxes
Net profit for year _ _
Previous surplus
Miscellaneous credits_
3725
FINANCIAL CHRONICLE
May 241930.]
$186,505
6.118,087
$227,738
$724,948
$177,104
6.239.675
5,846,210
5,613,580
38.938 b2,166,204 a1,316.486
$6.304.593 $6,506,344 $8,737,362 $7,107.170
Total
d228,900
c346,500
222,600
231,000
Divs.on 7% pref.stock.Goodwill contracts, &c.,
1.472,077
written off
1,029.960
78,671
159.355
679,110
Misc.charges & adjust_ $6.003,322 $6,118,088 $6,239,675 $5,846,210
Surplus
a Includes $1,031,094 contingent reserve restored to surplus, less $79,411
minority stockholders portion, balance. $951,683. plus $.364,804 revaluation of machinery moved to new plant. balance, $1.316,486. b Includes
net assets acquired for 32,702 shares of common stock less profits for year
included in consolidated income, $1,408,128 and revaluation of plant
acquired $758,076. c Includes deferred cumulative dividends. d Exelusive of $115,500 paid in Aug. 1928 for which provision was made in
March 31 1928.-V. 130, p. 3173.
-Receivership.
Hollywood Land & Water Co.
A petition for the appointment of a receiver before adjudication has been
'filed in the U. S. District Court at Miami, by American Type Founders Co.
It alleges that property, incl. type, metal and printing plant equipment, to
which it claims title, is being sold.
Assets, it is asserted, consist of $7,000,000 worth of real estate contracts
of unknown value, subject to Judgments for $1,532,644 and $608.567 obtained Aprll 25 1929, by the Highway Construction Co. of Ohio. The
petition for adjudication was filed April 24 1929. and on May 2 1930. an
order was signed allowing the American Type Founders Co. to intervene.
("Wall Street Journal.")
-Acquisition.
Hope Engineering Co.
-V.129. p. 806.
See American Utilities & General Corp. above.
Quarter Ended March 31Net revenue,incl. other income
Depreciation
Interest on funded debt
Amortization of discount on funded debt
Reserve for income taxes
Minority interest in earnings ofsubsidiaries
1930.
x1929.
$10,454,495 $4,627,211
1.818,028
2,437,355
1.878,521
4,214.853
244.346
119.553
310.155
30,000
554,409
Balance available for dividends
$2.693,377
Dividends on pref. & minority com,stocks of subs_ 2.023,323
Balance added to surplus
Surplus, Jan. 1
Total surplus
Dividend on preferred stock
Dividend on class A common stock
$670,055
15,069,332
$776.109
295.687
$480,423
18,180,332
115.739.386 $18.660,755
1,623,692
1,606,858
598,509
594.223
Surplus, March 31
$13.517,185 116.459,674
x The 1929 figures do not include the undistributed portion of the earnings for the first quarter on the common shares of New England Power
Association then held by International Paper Co., the earnings and charges
of New England Power Association not flaying been consolidated until
April 1 1929.
Output of electric energy of International Paper & Power Co.in the first
quarter of this year was 1,243,383,000 k.w. hours, an increase of 8.6%
over the output of the same properties in the first three months of last
-V. 130, p. 3174.
year.
International Printing Ink Corp.
-Listing.Certificates of deposit for 6% preferred stock, with warrants, and common stock under the plan for a proposed consolidation of tais corporation
with certain divisions of the Newport Co., have been listed for trading on
the New York Stock Exchange. The committee charged with carrying
out the plan announced that a large number of deposits had been made butthat additional deposits were essential for consummation of the consolidation.
-V. 130, p. 3365.
International Salt Co.
-To Split-up
Dividend Increased.-
Stock-Rights--
-up,
The stockholders will vote June 17 on approving a three-for-one spilt
an offer of rights and an increase in the dividend rate which were voted on
May 21 by the directors.
The split-up calls for the exchange of the $100 par stock for 3 shares of
$550,415 $1,464.001 new no par stock. The owners of the new stock will be given the right to
subscribe to one new share of stock at $36 a share for each 3 new shares
$1.11
$3.39 held after the split-up. Under the proposed plan, the company will issue
240,000 shares of new no par capital stock in place of 60,000 shares of $100
par stock outstanding.
-New Director, dec.The dividend rate on the $100 par stock was increased from 51.50 to
Hudson Motor Car Co.
C. D. Sterling has been elected a director succeeding Courtney Johnson. $2 annually, declared payable July 1 to holders of record of June 16.
Funds derived from the sale of the new stock will be used to finance the
-V. 130, p. 2976.
Mr. Sterling is Assistant Secretary.
acquisition of the Sterling Salt Co. and for other corporate purposes.
-Report.
In announcing the action of the board of directors, President Mortimer
Independent Pneumatic Tool Co.
B. Fuller, said in part:
1927.
1926.
1928.
1929.
Calendar Years"The increased payment to stockholders is a reflection of the growth in
$2,304,773 $1,958,982 $1,637,165 $1,829,905
Gross profits
736,844
701,039 the company's earnings and business during 1929. when profits were
764,773
841,327
Sell., adm. & gen. exp_ equivalent to $11.32 a share. During the first 3 months of 1930, earnings
$900,321 $1.128,866 continued to increase, being approximately 55% ahead of those shown in
Operating profit
$1,463,446 $1,194,209
18,113
12,032 the corresponding 1929 quarter and therefore largely in excess of the
12,801 Dr.11,457
Miscellaneous (net)_ _ _ _
dividends which were being paid to the stockholders.
$918,434 $1,140,898
"Earnings may be expected to show a further increase from the acquisiTotal income
$1,476,247 $1,182.752
112,676
146.989 tion of the properties and business of the Sterling Salt Co. The first bene142,063
Res've for Fed. inc. tax144,381
ficial effects of this acquisition will appear this Summer and should continue
$805.758
$993,909 to be felt increasingly until the end of the year, when the full benefits will
Net profit
$1.331,865 $1,040.689
720,000 be realized.
720,000
720,000
Dividends
900,000
"The properties of the company are thoroughly modern and in excellent
$85,758
Balance, surplus
$273,909 condition, due to the reinvestment of earnings in past years. It will there$320,689
$431,865
fore be possible to pay out in dividends a larger proportion of earnings in
Shares of capital stock
180.000 the future than has been advisable in the past. -V. 130, p. 2977.
180,000
outstanding (no par)
180,000
180,000
$5.52
$4.48
$5.78
Earns.per sh.on cap.stk_
$5.77
Isle Royale Copper Co.
-Omits Dividend.Comparative Balance Sheet Dec. 31.
The directors on May 23 took no action on the dividend, which has been
1929.
1928.
LiabilitiesAssets-1928,
1929.
-V. 130, p. 2977.
$87,804 50c. for the past five quarters.
Pats. & tr.-marks _ $709,478 8E721,703 Accounts payable- $45,969
180,000
Dividends payable 360,000
Real estate, bldg..
142,063
Italo Petroleum Co.
-Bond Issue.332,367 Reserve for taxes_
machinery,&c.. 6536,412
35,768
The directors have decided to proceed with plans for the issuance of
553,324
428,910 Accrued expenses_ 185,150
Cash
868,169 Com.stock equity 14,444,093 4,137,527 $2,500,000 of 63i% 7 year sinking fund gold bonds. The issue is now awaitU.S. Govt. secs 1,025,833
ing the approval of the California State Corporation Department.
492,272
Accts.& notes rec_ 439,144
-V. 130.
1,668,325 1,604,378
p.3553'
Inventories
68,221
67,989
Adv.to empl.,&e.
Total(each side) $5,035,211 $4,563,162
47,141
34,705
Prepaid ins. &c
Jackson Motor Shaft Co.
-Consolidation.x Represented
by 180,000 shares of no par value. a After reserves of
See Muskegon Motor Specialties Co. below.
-V.130, p.2977.
amortization of $760,177. b After reserve for depreciation of $949.902.
-V. 129, p. 4147.
Katz Drug Co.
-Earnings, &c.-Smaller Div.
- The latest step in the sales expansion program of this company was the
Inspiration Consolidated Copper Co.
The directors have declared a quarterly dividend of 50c. a share on tin opening recently of the company's fifth store in Kansas(My, Mo., at the
capital stock, payable July 7 to holders of record June 19. Previously the corner of Tenth and Main Sta. It is estimated that this new store will
company had been paying $1 quarterly, or at the annual rate of $4.-V. Increase total sales of the Katz stores in Kansas City, at least 11,000,000
annually.
130, D. 2977.
The annual report for the year ended Dec. 31 1929, indicates that sales
for the year were the largest in the company's history and amounted to
-Rights.
Insurance Co. of North America.
Aug. 15 rights to $5,523.149, an increase of $812,408 over 1928. Net income after making
The company has offered to stockholders of record
subscribe to one new share of stock at $40 for each 8 shares held. This provisions for taxes, depreciation, and all other charges. was $419.637.
action is contingent upon authorizatien of the stockholders of an increase The net income of $419,6.37 was equivalent to $4.09 a share on the 102,431
in capital stock from 1,000,000 to 1,500,000 shares, par $10. at a special shares of common stock outstanding on Dec. 31.
Calendar Years.meeting to be held on June 30.
1929.
1928.
1927.
The company is reported planning to issue 75,000 shares of the additional Net sales
$5,523,149 $4,710.740 $4,247,648
-V. 130, Earnings
stock for acquiring the Central Fire Insurance Co. of Baltimore.
419,637
353,183
265.690
p.3174.
In addition to the store just opened at Kansas City, the company's immediate program calls for the opening of Store Number Six at 7th and Locust
-Bonds Called. Sts., Des Moines, Iowa, about June 1.
International Business Machines Corp.
Certain outstanding 6% 30
-years. f. gold bonds, due July 1 1941, aggre""rhe company's financial position is very strong," President M. H
gating $89,000 of the Computing-Tabulating-Recording Co. have been Katz, declared in the report, "and there is ample working capital to meet
'
called for redemption July 1 at 105 and int. Payment will be made at all necessary requirements and to allow for normal and correct expansion.
York City.
the Guaranty Trust Co., trustee, 140 Broadway, New
The new year can be entered with expectation for ooth an increased volume
The trust company has been authorized to and will purchase any of the of business and increased profits. With the strong, active and trained
above bonds at any time prior to July I at 105 and int. thereon to the Personnel that has been built up, confidence of continued growth and devel-V. 130. p. 2977.
date of surrender.
opment, along sound and conservative lines, is thoroughly justified."
-V. 129. p. 33'14.
-Earnings.
(George A.) Hormel & Co.
Period End. Apr. 26- 1930-3 Mos.-1929.
Net profit after taxes,
$670,243
deprec. & pref. divs_ - $198,903
Earns. per sh.on 493,834
$1.56
shs. corn.stk.
$0.40
(no par)-V. 129, p. 3808.
International
Shares.
Cigar
Machinery
1930-6 Mos.-1929.
Co.
-To
Split-up
Kellogg Switchboard & Supply Co.
-Earnings.-
The stockholders will vote June 16 on splitting up the capital stock on a
1929.
1928,
Calendar Years1927.
1926.
loss $300,728
-for-1 basis by increasing the authorized common stock (no par value) Net profit
$264,707
2
$191,223
$978,404
173,405
from 300,000 shares to 600,000 shares and issuing two new shares in exchange Depreciation
141.440
140,987
146.962
share held. New certificates are expected to be issued about Aug. Interest
18,987
for each
2,551
4.843
1.-V. 130. P. 143.
31,815
Patent amortization_ _ _ _
32,115
32,821
32,555
Federal tax
1,959
616
100,257
1927.
1929.
1926.
1928.
Earns.
-Cal. Years$3,649,495 $2,882,748 $2,170,662 $1,629,167
Gross revenue
loss$524.935
Net income
189.192
$14,249
$693,787
965,390
1,047,086
1,162,574
840.387
Manufac.costs & exp_
Pref. & common divs_
614.324
781,309
$1,835,661 $1,205,272
12.486.921
$788,780
Net earnings
def.$524,935
Balance
$89,192 def$600,075 def$87,522
276,189
198,354
316.823
ation
261,359 Adjustments
Dr.19,100
190.272
123.151
income tax
243,796
73,570 Res.
Unertrell St
for contbag. llabils_ Dr.70,000 Dr.50,000
100,000
Cr.7,600
Cr.423
Prem.on treas.stk.purch.
Dr.8,679
$805,932
$1,926,302 $1,447,036
$453,851 Previous surplus
Net profits
963,047
942,531
1.651,285
1,738,807
853,764
810,724
686,812
surplus
439,113
Previous
2,965 Dr.53,995 Dr.32,021
Dr.6,152
Adjust.acct. prior years3375,712
Profit & loss surplus
$963.047
$942,531 $1,651,285
3005.
$2,783,031 12,203,764 $1,460,724
$886,812 -V. 128, p.
Total
1,350.000
1.800.000
650.000
200.000
Dividends paid
-Buys German Plant.
(I. B.) Kleinert Rubber Co.
$983,031
1853,764
$810,724
$686,812
Surplus
President Victor Guinzbtirg announced on May 19 that the company
Earns.per sh. on 300,000
had purchased the Masonia Rubber Works of Hamburg, Germany, a large
$4.82
$6.42
$2,68
$1.51 European manufacturer of fine sponge rubber.
shs.cap.stk.(no par)_
-V. 129, P. 2086.
-V. 130, p. 143.
-Stricken from List.
International Paper Co.
The New York Stock Exchange has stricken from the list the company's
-V. 130. Il• 3553.
common stock.
-Registrar.
Kolster Radio Corp.
The American Express Bank & Trust Co. has been appointed
for certificates of deposit for common stock.
-V. 130. p. 3365.
registrar
3726
FINANCIAL CHRONICLE
Kelsey-Hayes Wheel Corp. (& Subs.).
-Earnings.
Earnings for Year Ended Dec. 31 1929.
Profit from operations after deduct, administrative, selling and
general expenses
$4,116.772
Miscellaneous income
799,744
Profit on capital assets sold, scrapped, or otherwise disposed of
--net
34,584
Total income
$4,951,100
Depreciation
1,294,094
Federal income taxes
340,546
Netprofit
$3,316,460
Preferred dividends
232,253
Common dividends
1,323,442
Balance, surplus
$1,760.765
Earnings per share on 749,454 shares common stock (no par).
$4.11
Consolidated Balance Sheet Dec. 31 1929.
Assets
Liabilities
Cash
$718,534 Notes payable
$1,800,000
U. S. liberty loan bonds
6,600 Accounts payable
706,167
Notes and accounts receivable 1,410,477 Sundry creditors
256,524
Inventories
4,324,595 Bonuses payable
215,000
Prepaid expenses
229,837 Accr.payrolls,taxes,int., aro.
200,774
Investments
471,302 Divs, on pref. stock
61,084
Kelsey-Hayes Wheel Corp.
Provision for Federal tax
340,546
common stock purch. for
Contracts Payable,real estate
resale to employees
1,368,504 purchases
402,934
Land, building, mach. and
678,744
Reserves
equipment
113,094,586 7% cumulative pref. stock_ 3,501,500
Trade name, goodwill and
Common stock
y13,306,923
patent rights
9,543,238 Surplus
9,697,478
Total
$31,167,674 Total
$31,167,674
x After depreciation of $7,372,511. y Represented by 749,494 no par
shares.
-V. 129, p. 1135.
Kresge Department Stores, Inc.-Earnings.[Incl. wholly owned subs: Palais Royal, Inc. and Royal Stores Corn.]
Years Ended Jan. 31- 1930.
1929.
1927.
1928.
Net sales
$4,918,687 $4,824,350 $4,820,276 $5,0u5.544
Cost of sales & expenses_ 4,706,165 4,618.162 4,789,573 4,843,307
Operating profit
Other income
Total income
Interest
Depreciation
Federal taxes
Contingent. reserve- -- Other deductions
$212,522
461,571
$206,189
370,032
$30,703
37i,293
$162,237
358.267
.74.093
$576,221
38,700
38,015
32,000
$401,996
9.066
41,988
6,500
$520,504
143,043
43.862
4,300
$506,206
$344,442
$329,298
34,000
300.000
Balance
Loss of Kresge Dept
Store Corp
Profit on sale of Royal
Store Corp. real estate
$301,392
Net profit
Preferred dividends-
$301,392
201,905
230,884
$506,206
$344,442
70.806
$358,277
283,222
Balance, surplus
x$301.392
$506,206
$75,055
$273.636
a Provision for impairment of advances to Kresge Dept. Stores Corp.
x After taking into account one-half of the year's losses of Kresge Dept.
Stores Corp. amounting to $544,621 the deficit for the year was $243,229.
The income account of Kresge Dept. Store Corp. for the year ending
Jan. 31 1930 follows:
Net sales
$12,151,526
Cost ofsales
8,202.291
Gross profit on sales
$3,949,235
Other income
42,584
Total income
$3,991,820
Operating expenses
4.518,839
Provision for depreciation
226,619
Interest on loans, &c
319,181
Provision for unrealized profit on installment sales
16,423
Net loss for year
$1,089,242
The investment cf Kresge Dept. Stores,Inc. in Kresge Dept. Stores Corp.
has been stated at 50% of the book value of the net assets of that corporation as at July 31 1926, at which date a 50% interest in that corporation
was purchased by S. S. Kresge. The advance account of $1,764,660
represents loans to that corporation together with subsequent interest
charges, less reserves of $718,161. The investment and advance accounts
as shown on the balance sheet of Kresge Dept. Stores, Inc. aggregate $2,727.352. The value thereof as represented by the proportionate share of
the tangible assets shown by the balance sheet of Kresge Dept. Stores Corp.
as at Jan. 31 1930, was $1,782,776.
The American Express Bank & Trust Co. has been appointed transfer
agent for the common and 8% pref. stock.
-V.129,P. 975.
(The) Kresge Foundation.
-Notes Called.
-
The company has called for payment as of June 1 $70,000 of 10
-year
Collateral trust 6% gold notes, due June 1 1936, at 105 and int. Payment
will be made at the Chase National Bank, 11 Broad St., N. Y. City.
V. 123, p. 2663.
Kreuger & Toll Co., Sweden.
-Dividend Increased.
-
[VOL. 130.
Lehigh Valley Coal Co.
-Earnings.
-
Calendar Years1929.
1928.
1926.
1927.
Received from coal sold_$32.216,009 $30,230,734 $32.334,703 $38,285.947
Cost of coal sold x
29.144,468 27,726,441 29,000,551 32,880,143
Profit on fresh-mined
coal sold
$3,071,541 $2,504,293 $3,334,152 $5.405,803
Washery coal & bitum's
coal (net) x
21,390
307,698
493,381
503,598
Total inc. from oper.
properties
$3.092,931 $2,811,991 $3,827,533 $5.909,401
Inc. from other prop. x_
792,334
792,164
729.284
737.295
Appraisal surp. realized_
647,224
585,137
591,776
736.303
Other income
734,639
564,364
735,276
543,798
Gross income
$5,267,129 $4,753,656 $5.891.879 $7,918,786
Interest payable
319,474
General, &c., expenses._
100,654
60,190
29,140
77,998
Int. on funded debt---- 1,234.500 1.275,000
1,286,850
1,311,700
Federal taxes
106.000
95,000
247,025
430,164
Carrying expenses on reserve coal lands
318,233
301.159
262,051
347,771
Deprec. & depletion...... 1,995.639 1,802.786
1,812,758 2,273,197
Net income for year.., $1,192,629 $1.219,521 $2.205,197 $3,526.814
Federal taxes, &c., acct.
prior years
892,442
Insurance reserve
795,000
Sale of property
Previous surplus
3,722,801 3,223,479 4,048,682 2,962,866
Total surplus
$4,915.430 $5,238.001 $6,253,879 $7,382,122
Dividends during year..
1,515,200 3,030,400 3.333.440
4
Surplus at end of year $4.915,430 $3,722,801 $3,223,479 $4,048,682
x Excluding depreciation and depletion.
-V. 128, p. 1241.
Lehigh Valley Coal Sales Co.
-Earnings.
-
Calendar Years1929.
1928.
1927.
Received for coal sold--$41,626,235 $45,437,466 $47,667,116
Cost of coal sold
39,392,230 42.952,512 45.156,742
on coal sold_ --- $2,234,005 $2,484.954 $2,510,374
Other Income
82,032
73,666
65.384
Gross income
$2.316,037 $2,558,619 $2,575,758
General and other exp... 1,681.060 1,746,566
1,932,277
Federal taxes
30,000
10,000
Net Inc., excl. deprec_ $604.977
3812.054
$633,481
Affil. cos. not income-- Dr115,195
Dr15,289
33.540
Net inc. before deprec. $489,782
$796,764 $667.021
Depreciation
288,098
312.047
314.247
Net income for year-- $201,684
$484,717
$352,773
Surplus adjustments.- _ Dr149,594 Dr666,331
Dr24.151
Previous surplus
2,264,868 3,191,122 4,234,129
Total surplus
$2.316,958 $3,009,508 $4,562.751
Less dividends
705,503
744,640
1,371,629
Surplus end of year-- $1,611,455 $2,264,868 $3.191,122
-V. 128, p. 1241.
1926.
$55,465,414
52,039,888
$3,425,526
186,396
$3,611,922
1,721.051
207,000
$1,683,871
122,424
31,80695,2
319,567
$1,486,729
ór28,668
4,286,221
$5,801,619
1,567,49()
$4,234.129
Libbey-Owens Glass Co.
-Amalgamation Approved.
-
The stockholders on May 20 approved the purchase of the Edward
Ford Plate Glass Co. for approximately $20,000,000. The new company
which will be known as the Libbey-Owens-Ford Glass Co. will have combined assets of over $50,000,000, it is stated.
The stockholders also approved the increasing of the board of directors
by the election of J. B. Ford of Detroit, G. P. MacNichol Jr., and George
R. Ford of Toledo. See also V. 130. p. 3366.
Lincoln Mortgage & Title Guaranty Co., Newark,
N. J.
-Bondholders' Committee.
Herds, Forbes $c Co. are notifying bondholders of the formation of a
bondholders' protective committee composed of George Ramsey, Chairman; Charles D. Berta, New York; Frederic J. Faulks, Newark; F. J.
Fuller, New York; H. F. Whittemore, Bcston. D. C. Smith, 56 William
St., New York, is Secretary, and the depositaries are the Central Hanover
Bank & Trust Co., New York. and Harris, Forbes Trust Co., Boston.
"While there has been no appreciable recovery in general real estate
Conditions in northern New Jersey, where comapny operatcs. we believe
that interest on the first mortgage collateral gol dbonds of the company
will continue to be paid unless the situation should become substantially
worse," says the letter. "Howveer, in order that the holders of these
bonds may be in the best position to act effectively for the protection of
their interests, we have recommended the formation of a bondholders'
committee."
The company has had a number of defaults and has taken over a substantial amount of property, but as of April 30 1930 was in strong cash
Position with cash in hand and collateral loans
of $902, 93.61, and an application for a receiver has been twice denied.
Expenses of the committee will be borne by Harris, Forbes & Co. As
Pointed out this committee is being formed to keep in close touch with the
efforts of the company in working out of its present difficulties.
-V. 129.
P. 1601.
Long Bell Lumber Corp.(& Subs.).
-Earnings.
-
Calendar YearsOperating profit
x Other income
1929.
1928.
1927.
1926.
$4,955,284 $5.754,600 $4,566,423 $9.062,626
1,624,367
1.691,759 2,115,002
The shareholders on May 21 approved the proposal of the directors to
Total income
Increase the dividend on the ordinary shares from 25 to 30%. The interest
$6,579.651 $7.446,360 $6,681,425 $9,062,626
to be paid on the participating debentures on July 1 1930, therefore, will Depletion
1,682.604 2,129,212 1,917,500 2,757,565
1,279,895 1.410,176
be 30%, which is equivalent to $1.60 per "American" certificate represent- Depreciation
1,396,092 1,612,042
Operating int. charges... 1,957,818 1,970,493 1,869,766
ing participating debentures.
1,640,483
The shareholders elected to the board of directors Krister Littorin, Income taxes
334.500
Gunnar Mahnusson and Axel Lindberg.
-V. 130, P. 3553.
Net income
$1.659,333 $1,936,478 $1,498,065 $2,718,036
-Unification. Dividends paid
Lake St. John Power & Paper Co., Ltd.
1,794,150 2,392,667
-V.124, p. 1835.
See St. Lawrence Paper Mills Co., Ltd., below.
Balance, surplus
$1,659,333 $1,936,478 10685296,085
$325,366
Earns. per sh. on 593,921
-Sales.
Laura Secord Candy Shops, Ltd.
shs. class A stock
$2.79
$3.26
$4.57
$2.52
Seven Months Ended April 30Decrease.
1929.
1930.
x Includes profits realized from sale of capital assets, &c.
Sales
$1,350,828 $1,378,415
$27,587
Results for Quarters Ended March 31.
-V.130, p. 1472.
1930.
1929.
1928.
1927.
Operating income
$1,001,977 $1.258,424 $1.472.997 $2,087,988
Lawyers Mortgage Co.
-New Loans, dec.Depletion
498,861
837.802
486,2641
920,652
Two building and permanent loans totaling $585,000 on Brooklyn Depreciation
315,588
312,134J
Interest
properties have been accepted by the company's Brooklyn office, viz.:
492,569
444,822
487,727
474,602
Federal income taxesThe Samoset Building Corp. obtained a $350,000 building and perma88,629
-story brick elevator apartment house on the
nent loan and will erect a 6
Net income
def$305,041 def$27,702
south side of Clarkson Ave., Brooklyn. Construction will start within
$716,735
x$77,743
Earns. per sh. on 593,921
one month.
shs. class A stock
Nil
$1.21
Another $235.000 building and permanent loan was made to Bevermale
$0.13
Nil
x Before Federal taxes.
-V. 129, p. 3177.
Apts., Inc. Construction of which will start at once.
Mortgages totaling $7,884,450 on improved properties in the metropolitan
Louisiana Oil Refining Corp.
-Chairman
area of New York City were accepted by this company at a recent meeting.
-Rights, &c.
These loans contribute to a total of $22,494,400 for April and May, repre- Clifford M. Leonard, April 29, in a letter to the common
senting an 18% increase over the corresponding period of 1929. according to
accepted are on stockholders, said in substance:
President Richard M.Hurd. Nearly half of the latest loans
Manhattan and Bronx properties, the remainder being divided among
At a meeting of the board of directors held on April 28 It was decided
-V.130.9. 2978.
Brooklyn, Queens and Westchester.
to offer to the common stockholders of record May 9th, 119,006 shares of
the authorized and unissued common stock for subscription by them pro
-Recapitalization Approved.
Libby, McNeill & Libby.
rata In proportion to their respective stockholdings; the proceeds of such
The stockholders on May 22 approved a plan to revise the capital struc- stock to be used to replenish the company's treasury for expenditures made
ture of the company. See details in V. 130, p. 2979.
In the acquisition of production and. (or) distributing properties and for
general corporate purposes.
Libbey-Owens-Ford Glass Co.
The low prices which have prevailed for gasoline during the first three
-Consolidation.
months of the current year, combined with abnormal weather conditions
See Libbey-Owens Glass Co. below.
-V. 130, p. 3366.
MAY 241930.]
FINANCIAL CHRONICLE
during the same period in the territory where the company operates, have
resulted in a net loss for the first quarter of $63,798 after charges for depreciation, depletion and drilling labor and expense amounting to $315,366.
These unsatisfactory conditions have, however, presented an unusual
opportunity for the company to expand and improve its position in both the
production and distribution departments of its business on favorable terms.
On Dec. 31 1927, the company's owned and controlled filling stations
numbered 328. At the end of 1928, the number of such stations was
383, and at the end of 1929 was 522. At this date, the company's owned
and controlled filling stations number approximately 800.
The company has also recently purchased a proven property in the Darst
Creek field, Tex., with an initial production of about 18,000 barrels a day
of 37 degree gravity sweet crude which can be used at the company's
refinery at Shreveport.
Purchase notes issued by the company for the acquisition of various
properties now amount to approximately $1,350.000, with maturities extending over a period of years.
Since April 1, gasoline prices and conditions in the industry have Improved, and the company is now realizing the benefits of its increased retail
outlets, cheaper crude supply and improved position. Based on present
prices for its products and volume of business now in sight, the management
of the company confidently expects a satisfactory net profit for the balance
of the current year.
The proceeds of the additional common stock to be issued under the
terms of this letter will enable the company to clear itself of any bank
indebtedness and will provide it with ample cash working capital.
The terms of the offer are as follows: Each holder of common stock of
record May 9 will be entitled to subscribe at $11 per share for additional
shares of common stock to the extent of one share of additional stock for
each ten shares of common stock then held by him. The subscription
privilege will expire May 29. Subscriptions are payable at the Equitable
Trust Co. of New York, 11 Broad St., N. Y. City.
Certain directors of the company have underwritten, without commission, this offering of stock and have agreed to purchase, at the full
subscription pries of $11 per share, all shares of the stock which are not
subscribed for by the stockholders.
Listing.
-
The New York Stock Exchange has authorized the listing of 119.006
additional shares of common stock (no par value) on official notice of issuance, upon payment in full therefor in cash. Rights to subscrib, for the
additional shares are given to holders of common stock of record May 9
at $11 per share, on the basis of one additional share for each 10 shares
held,rights terminating. The entire offering has been underwritten without
-V. 130, p. 3366.
commission at $11 per share.
-Earnings.
Ludlum Steel Co.(& Subs.).
Quarter Ended March 31Net sales
Costs and expenses
1930.
1929.
$1.413,663 $2,405.682
1,417.324
1,919.500
Operating loss
Other income
$3,66lprof$486.182
7,613
18,909
Totalincome
Depreciation
Interest and amortization
General taxes
$3,952
41.927
Net loss_
Earnings per sh. on 168.520 shs.common stock_ _ _ _
-V. 130. p. 3367.
x Includes Federal taxes.
11,868
$505,091
51.364
7,066
x57,224
$49.843prof$389.437
Nil
$1.87
-1% Stock Dividends.
Lynch Glass Machine Co.
3727
Consolidated Balance Sheet Dec. 31.
1928.
1929.
1928.
1929.
Liabilities
A ssetsy9,967,110 9,348,380
WI est.,b1dgs.4c..13,043.685 4,037,969 Capital stock
437,833 Funded debt
420,250
Cash
2,558,500 2,850,000
20,975 Adv.pay.on contr.
30,072
Sinking fund
42,736
228,785
Notes & accts. rec_ 2,816,338 2,659,869 Notes payable143,870
78,911 Accts. payable.- 405,030
133,995
Accrued int. rec
715,513
Inventories
2,301,948 2,167,538 Accrued int., &c.. _ 128,015
131,354
62,051 Surplus
Marketable securs. 114,343
z238,913
369,199
54,922
:0.749
Deposits
150,661
585,286
Deferred charges
Min. rights, lease1,056,680
holds, &c
Total(each side) 13,556,425 13.601,037
Pats.,goodwill,&c. 3,487,775 3,495,680
x After depreciation of $1,759,951. y Represented by 185,000 no-par
z As follows: CaL:ital surplus, $642,807; earned (deficit), $403,894.
shares.
-V. 130, P. 3554.
(&
Maracaibo Oil Exploration Corp. Sub. Cos.)
-Earns.
Calendar YearsNet earnings
1929.
1928.
1927.
1926.
$32.126
571.271
$63,769
$42.845
Balance Sheet Dec. 31.
1928.
1929.
1929.
1928.
LiabilitiesAssets
$
Capital stock and
Property, plant &
x2,934,895 2,845,441
surplus
y4,329,503 4,265,734
equipment
406,115
445,784 Accts. payable-.
15,497
Cash
353
710
Accts.receivable
100,000
100,000
Calls loans
416,875
418,875
Securities owned
486,763
456,924
Total(each side) 4,345,000 4,265,734
Deferred charges
reserve for depreciation and $878,340 amounts
x After deducting $74,137
received for property sold. y Represented by 330,000 shares of no par
value; amount paid in $2,900,800, due to property revaluation $1,104,900:
due to net earnings accumulated to Dec. 31 1929, 5323,803.-V. 128,
P. 3007.
-Earnings.
-Marion Steam Shovel Co.
Calendar YearsGross profit from operations
Selling, general & administrative expenses
1929.
1928.
$1,829,058 $1:738,339
1,214.874
1,212.111
Operating profit
Other income
$614,184
205,989
$526.228
143,196
Total income
Deductions from income
Interest on funded debt
Federal income tax (est.)
$820,173
16,655
203,310
66,022
$669,423
34,724
209.850
50,982
Net profit
Pref. dividends
Common dividends
$534,185
217.000
$373,868
217,000
225,000
Balance
Earns. per sh. on 100.000shs. corn. stk.(no par)_
129,P. 2087.
$317,185 def$68.133
$3.17
$1.57
-Makes New Guarantee.
Marmon Motor Car Co.
After four years of concentration on the straight eight type of motor car
the company on May 16 announced a factory guarantee of one year or not
to exceed 12,000 miles of driving, whichever shall first occur on each of the
four models which comprise the 1930 Marmon line of straight eights.
The new guarantee, according to President G. M. Williams. replaces the
-Transfer Agent.
McIntyre Porcupine Mines, Ltd.
-day warranty and is effective immediately, being exstandard factory 90
The American Express Bank & Trust Co. has been appointed transfer tended also to all owners who have purchased 1930 Marmon cars since
agent for the capital stock.
-V.130, p. 634.
May 1 of this year.
In principle, the guarantee covers to the original purchaser all material
-Extra Dividend.
(R. H.) Macy 8c Co.
and workmanship in much the same manner as the 90-day warranty,except
The directors have declared an extra dividend of $1 a share on the coin. that the period of time is one year from date of purchase of the car or
stock, no par value, payable July 2 to holders of record June 13. The is limited to 12,000 miles of actual driving, provided this mileage figure is
stock is also on a regular dividend basis of $2 a share per annum. payable reached before the expiration of the 12 months period.
50c. each quarterly, the last payment at this rate having been made on
In announcing Marmons new guarantee, Mr. Williams stated that the
May 15. A regular annual 5% stock dividend was also paid on this issue policy was established only after a careful study of the performance and
on Feb. 15 last.
-V. 130, p. 2785.
durability of Marmon straight eights in the hands of owners and the feasibility of its operation from the standpoint of the owner as well as that of the
-Proposed Merger.
Magnavox Co., Ltd.
distributor dealer and factory. The models covered by the guarantee all of
-V. 130, p. 2595.
See Anirad Corp. above.
which are straight eights are the Marmon Roosevelt, Marmon eight 69.
Marmon eight 79, and Marmon big eight ranging in price upwards from the
-Report.
-$1.000 fields.
(H. R.) Mallinson 8c Co., Inc.(& Subs.).
1927.
1926.
"We realize that the company is making an important departure in
1928.
1929.
Calendar YearsNot
agreeing to guarantee the material and workmanship of its automobiles
Net profits on sales- $140,964 $1,897,228 $1.261,0801
597,859J available
626.803
for a 12 months period or its average equivalent in actual mileage." Mr.
610,609
Administration expenses
Williams said. "However, the company has been manufacturing straight
5663.221 loss$371,409 eights for some four years and we firmly believe our manufacturing inNet operating profit_ _loss$469.645 $1,270,425
56,449
30,403
65,668 spection and purchasing standards have reached a point where it is actually
38,956
Other income
possible to know the stability and dependability of our cars in the hands of
$719,671 loss$305,741 owners."
loss$430,689 $1.300,828
Total income
255,979
266,992
241,212
Deduc.,incl. deprec.,&c.
327.494
May Exports Increase.
114,000
Estimated Federal taxes
Export shipments of Marmon cars this month and unfilled orders on
$463,691 def$546.953 hand indicate that May will show the largest volume of foreign business of
$919,836
Net profit
def$758,183
135,128
113,078
152.026 any month since January. President G. M. Williams reports. Included in
98,483
7% preferred dividends_
this month's orders was one of the largest single orders ever received from
-V. 130, p. 3367.
$328,563 def$698.979 South America.
$806,758
Balance, surplus
def$856,666
200.000
200,000
Shs, corn, outst.(no par)
200,000
200.000
.51.64
Maryland Casualty Co., Balt.-Split-up,
Earnings per sh. on com_
Nil
Nil
$4.04
The stockholders of the company on May 19 ratified the plan for an
Consolidated Balance Sheet Dec. 31.
amendment of the charter in order to revise the capital structure, thus
1929
Assets1928.
1929.
1938.
Prof. stock 7%_ .z$1,341,900 $1,521,900 assuring execution of the plan. This provides, among other things, for a
Real estate, equipreduction of the par value of the capital stock to $10 from $25 a share,
42,408,083 $2,346,191 Common stock (no
ment,&c
a500,000
409,435
357,945
par value)
500,000 and the offering of rights to stockholders to subscribe to 100,000 additional
Cash
1,999
2,126 Notes payable-- 2,045,000 1,600,000 shares at $25 a share. The split-up becomes effective July 1. and the rights
Notes receivable.._
accrue to holders of record June 2, and will expire July 2. See V. 130. P.
3,060,133 4,049,600 Accts. payable and
Inventories
accrued accounts 231,939
454,982 3367.
Accts.receivable--Y1,174,678 1,545,087
15,766
65,400
Securities
79,900 Foreign drafts, &c.
359,818
Mergenthaler Linotype Co.
-Omits Extra Dividend.
50,402
46,244 Federal taxes, estiInsur., our. value114,000
The directors have voted to omit the usual extra dividend due at this
1,005
1,104
mated
Accrued interest_.,
3,187,520 4,029,758 time. The regular quarterly dividend of $1.50 per share has been declared,
45,562
Investments
45,561 Surplus
payable June 30 to holders of record June 4. In the two previous quarters
85,429
106,698
Deferred charges-extra dividends of 25 cents each were paid. Previous to that time the stock
57,302,125 88,580,458 was on a $5 basis with quarterly extras of 50 cents per share.
Total
Total
$7,302,125 $8,580,458
-V. 130.
a 200,000 shares no par value. x Real estate and mill bldgs.. $1,604,436; P. 1292.
machinery and equipment, $2,504.070; total, $4,108,506; less depreciation,
-Extra Dividend.
Mesta Machine Co.
$1,700,423. y Accounts receivable less allowance for bad debts and disThe directors have declared an extra ay. of 100. per share and the
counts. z Authorized issue of pref. stock, $10,000,000; issued. $.3.000.000;
acquired for skg. fd., $1,040,600; held in treasury. $617,500.-V.129.p.976. regular quarterly div. of 400. per share on the corn,stock and $1.50 a share
on the preferred stock, all payable July 1 to holders of record June 14.
Like amounts were paid on April 1 last -V.130, p. 2596, 1126.
-Earnings.
Manhattan Electrical Supply Co.
1927.
Years1928.
Calendar
1929.
1926.
Metropolitan Airport, Ltd., Los Angeles.
-New Stock
510.157,189 $9,669,770 $9,245,676 $6,141,305
Sales (net)
6,994,082
5,990,455
7,481,883
Cost of sales
4,971,832 Issue Proposed.
-Levies Assessment of $1 on Common Stock.
The stockholaers will shortly be asked to approve an issue of $300,000
$2,675,306 82.675,688 $3,255,222 $1,169,473 cony. 7% pref. stock for the purpose of retiring the present funded debt of
Gross profit
profits312,124
269.358
452,266
Miscellaneous
105,314 the company.
Net profit on sale of batPresident L. L. St. John said that while operating profits were increasing
586.704 steadily they were not sufficient to meet interest on indebtedness of land
tery business
$3.127,572 $2,987,813 $3,524,580 $1,861,491 holdings acquired for future use. Rental income for the first quarter of
Total income
2,270,126
2,383.478
2,342,419
Adm. & gen. exp., &c
905,315 this year increased to $10,161 and compares with $3,372 for the correspond227,020
180,843
a year ago.
255,505
ing
Depreciation
192,357
133,669
182,780
March showed a deficit of $11,675. Gross income was $10,383, while
Interest on bonds
x927,264
x92,942
134,932
expenses, including interest charges, were $22,058.
Extraordinary charges
90.000
The company has levied an assessment of $1 a share on the common
74,056
Federal income tax
5 and delinquent July 1.
$326,219 def$742.306
$642,716
$832,120 stock, payable June
Net income
325,000
575.000
394.875
Dividends
Middle States Oil Corp.
-New Chairman of Reorganization
($3.75)
($5)
($4.8735)
Rate per share
$326,219 df$1067,306
$67,716
$487,245 Committee.
Balance, surplus
185,000
162,500
Frank B. Cahn of Baltimore, has been appointed chairman of the re130,000
(no par)
Shs.cap.stk.out.
86,000
$1.76
Nil
$4.94
$10.26 organization committee, filling the vacancy caused by the death of James
Earnings per share- B. Sague.-V. 130, p. 1292.
x Includes upkeep of idle plants, inventory, writeoffs, devel. asps.. &a.
The directors have declared an extra dividend of 1% in stock and the
regular quarterly dividend of 50c. in cash, both payable August 15 to holders
of record August 5.-V. 130, P. 3176.
3728
FINANCIAL CHRONICLE
Mexico-Ohio Oil Co.
-Balance Sheet Dec. 31.Assets1929.
I-eases, concess'ns
and equipment-_ 8874.428
.Cash
274,002
Wkg.fund advs-_ _
1,225
Unmat.int. reo_
7,748
xnvest.securitics-_ 302,486
1928.
$656,974
15,572
2,361
3,062
300,375
Liabilities1928.
1929.
Capitalstock
$6,163,998 88,692.320
Minority int. in
imbed.company
7,680
7,680
Tax liability868
Deficit
4,712,656 4,721,655
Total(each side)$1,459,890
$978,344
-V.128.9. 3696.
Minneapolis
-Moline Power Implement Co.(& Subs.).
-Earnings.Earnings for Year Ended Dec. 31 1929.
(Including operations prior to date of acquisition of net assets of
predecessor companies, May 28 1929.)
Total sales
$17,252,429
_Cost (incl. manufacturing cost, adm., gen. & sales exp.)
15.358,125
Profit from operations
$1,894.304
Interest on receivables and miscellaneous earnings
949.304
Total income
$2,843.608
Miscellaneous charges
9,968
Depreciation
372.176
Interest paid
224,645
Provision for Federal and Canadian income taxes
274,359
Net earnings for year
$1,962,459
„Initial surplus, based on balance sheet as at Dec. 31 1928, remaining after determination of stated value. $6,363,123, or
700,000 shares of com, stock without value
3,601,338
Total surplus
$5,563,797
Reserve for adjust, of inventory values arising from co-ordination of certain lines and from reconditioning certain other
lines acquired
477,854
Add'I reserve for acc'ts & notes receivable, arising from change
from policy of predecessor cos. as to basis of determining
reserves
1,604,487
_Organization expenses in excess of reserve
43.749
Miscellaneous credits
9,089
Dividends paid and accrued on preferred stocks
Minneapolis-Moline Power Implements Co
406,256
Predecessor companies
75,382
Consol.surp. of Minn.
-Moline Pow.Impl. Co. Dec.31 1929-- $2,965.158
Earnings per share on 700.000 shares common stock (no par)___
$2.11
-V. 129, p. 810.
Missouri-Kansas Pipe Line Co.
-Subs. Operations.
The Kentucky Natural Gas Corp., a subsidiary, has begun extensive
_development of its proven oil properties in Kentucky.
-V. 130, li• 3555
.
Mohawk Carpet Mills, Inc.
-Omits Dividend.
-
The directors have voted to omit the quarterly dividend of 75c. per share
which is ordinarily declared at this time on the common stock. This rate
was paid on Dec. 31 1929 and on March 31 1930.-V. 129, p. 3645.
[VoL. 130.
Mr. Washburn asserted that the corporation was incorporated in Delaware in 1925, with an authorized capitalization of 1,000.000 shares of class
A, no par value, pref. stock; 5.000,000 shares of $1 pref.stock and 2.000,000
shares of common stock of no par value. It was said Royalty interests are
located in Texas, Oklahoma, Kansas, Arkansas, Louisiana and New Mexico.
Mr. Washburn charged the corporation appraised its Royalty interests
at a sum largely in excess of the cost price and the actual market value "thus
creating a fictitious surplus. and .permitting the payments of larger dividends than were actually earned.' The stock is listed on the New York
Produce Exchange.
Moto Meter Gauge & Equipment Corp.
-Annual Report.
Royce G. Martin, President,says in part:
Company began business July 19 1929, when it acquired the properties of
Moto Meter Co., Inc.. L. I. City, incl. its subsidiaries Moto Meter Co. of
Canada, Ltd., Hamilton, Ont.; Moto Meter Gesellschaft. in. b. H., Frankfort-on-Main, Germany; the properties of National Gauge & Equipment
Co., LaCrosse, Wis.; and the properties of Safe-T-Stat Co.. incl. its subsidiary W. G. Nagel Electric Co., Toledo.0..
The year 1929 was a difficult one in the automotive industry on account
of the perceptible decline in volume experienced and consequent increase of
competition. In addition, company, in co-operating with its particular
group of customers, found it necessary to be tooling up and putting forth
every effort to bring out new designs and models, required by the new importance in the automobile business given to attractive external appearance.
Further obstacles presented themselves in connection with company's
patent rights and the validity of its patents, and it was necessary that steps
be taken to find out the company's present position. On Dec. 12 1929.
Judge Clarence G. Galston of(1.5. District Court,Eastern District of N.Y•.
rendered a decision in the case of the Moto Meter Co., Inc., and others vs.
Taft-Buick Corp., sustaining the validity of toe Boyce Moto Meter patents
and holding that they are infringed by the A.C.device made by a subsidiary
of General Motors. An appeal has been taken which should come on for
hearing some time in May of this year. There are also actions pending
against the company in the Supreme Court of New York County and in the
U. S. District Court in Del., which have been brought by or through
Harrison H. Boyce.. Both of these actions were instituted prior to July 19
1929. In the New York action, Mr. Boyce claims,In effect, that by reason
of the manufacture of Boyce Moto Meters by National Gauge & Equipment
Co., Ad later by Moto Meter Gauge & Equipment Corp., there has been a
breach of his license agreement with the Moto Meter Co. Inc., and be
therefore asks that the agreement be cancelled by the Court. In the Del'
aware action, claim is made that the old Safe-T-Stat patent infringes the
Boyce patent and that Moto Meter Gauge & Equipment Corp. is manufacturing Boyce Moto Meters without his consent. Both of these actions are
being vigorously defended.
Operations thus far this year indicate a normal volume of business, with a
resultant increase of income due to economies effected, which should lead to
the stock of company being placed on a dividend paying basis some time
during the year 1930.
Consolidated Income Account Year Ended December 31 1929.
lIncluding predecessor and subsidiary companies and business.)
Netsales
$7.109,653
Cost ofsales
5.495.860
Selling & service expenses
783.497
General & administrative expenses
604,144
Laboratory & research expenses
16,363
Profitfrom operations
$209.789
Mohawk Share Cop.
Other income credits
-Assets To Be Distributed.
94.794
The assets of this corporation, consisting of 30,500 shares of the capital
Gross income
.atock of M & T Securities Corp. and $21,728 In cash, are ready for dis$304,584
tribution to stockholders as ordered by the Supreme Court. This was Discounts allowed
43,394
• announced on May 20 by the board of directors acting as trustees in disso- Interest paid
41.602
Provision for Federal income tax
lution.
25.050
The shareholders of record May 20 1930 will receive one share of M & T Other charges
33,387
Securities stock and 60 cents in cash for every two shares of Mohawk, of
which 61.000 shares are outstanding. In the event that the stockholder
Net income for year
4161.150
is entitled to receive an uneven number of shares of M & T Securities stock,
x Composed of net income for the period from Jan. 1 to July 19 1929, after
the M & 'I' Trust Co., Buffalo, N. Y., has arranged to purchase half
-shares provision for Federal Income tax, $292.096 and net loss of Moto Meter
for $10, or, as the option of the holder, sell to him an additional half share Gauge & Equipment Corp. and subsidiary companies for the period from
at $10. Distribution will be made upon delivery of certificates of Mohawk July 20 to Dec. 31 1929 (after absorption of extraordinary moving and other
'
Share Corp. stock to the M & T Trust Co.
expenses incident to changes in plants and production) 8130.946.
After the payment of 30 cents on each share of Mohawk stock there will
be a small balance in the hands of the trustees in dissolution which is reConsolidated Balance Sheet Dec. 311929.
served under the teems of the Court order to cover any stamp taxes due
Liabilities
Assetsor any unforeseen matters. It Is contemplated that this small balance Cash,Including call loans
$824.469 Notes payable
$272,206
will be distributed to stockholders in September or October.
2457,985 Accounts payable
Accounts receivable
146.065
An order of the Supreme Court was granted May 19 1930 directing the Accrued Interest receivable...
3,496 Res. for Federal income taxes.
36,819
payment of certain claims filed against the corporation and for the payment Inventories
1,105,219 Accrued accounts
126,565
of the expenses of liquidation. The cash on hand at the date of the grant133,123 Capital stock & surplus
c4,094.715
ing of the order was $31,673. By the order payments totaling $9,945 were Investments
20,621
Deposits on leases,‘tc
directed to be made. leaving a balance of $21.728 in cash. (Buffalo Land, buildings, machinery
"Courier.")
-V. 129, p. 977.
b1.808,182
equipment,&c
Patents. trademarks & copyMonighen Mfg. Corp.
-Earnings.
-1
rights
Calendar Years-I
Total (each side)
323,334
$4,676,431
1928.
Deferred charges
1929.
Net sales
$691.563
$1.007,739
a After reserves for doubtful accounts and allowances of $48,244. b In..Cost of sales and oporating expenses
569,331 cludes $363,643 arisingfrom appraisal of the W.G.Nagel Elec. Co. property
799,746
as of Dec.31 1927, and after reserves for depreciation of $1,160.307 c RepOperating profit
$122,232 resented by Capital stock without par value, authorized, 750,000 shares;
$207.993
Depreciation
19,001 Issued and to be Issued in connection with plan and agreement dated April
26,794
income tax
'Federal
12.652 15 1929, 512.500 shares (4,801 shares in treasury carried in investments).
20,621
Includes also net loss for the period from July 20 to Dec. 21 1929 (after abNet profit
$90,579 sorption of extraordinary moving and other expenses incident to changes In
$160,578
-Dividends, paid or accrued
66.000 Plants and production), 8130.946.-V. 129. P. 3335.
72.000
Balance.surplus.
$88,578
Earnings per Share on class A stock
$4.01
Earnings for 3 Months Ended March 31.
1929.
Net income after charges and taxes
$34,696
Earnings per share on class A stock
$0.86
'-V. 128, P. 3843.
$24,579
$2.26
-Acquisition-Stock
Muskegon Motor Specialties Co.
Increase,
The stockholders on May 12 approved the proposed increase in the
capitalization of the company to 500,000 shares from 125,000 shares to
provide for the acquisition of the Jackson Motor Shaft Co. The exchange of
stock is on a share for share basis.
The company has received an order from a large manufacturer of passenger
cars calling for immediate release of 300 cam shafts a day with an increase
-Earnings.
Monolith Portland Cement Co.
to 500 shafts a day beginning June 1. according to Chairman Fred L.
Calendar Years1928.
1929.
1927.
Flanders. Because of completion of the company's new plant at Muskegon,
$2,956,625 $2,992.662 production of this order can be inaugurated immediately.
Gross sales
326,154
Less returns, allow., discounts, &c_
347.377
Mr. Flanders states that this is the first release of cam shafts received
from this source in several months, and in this order he sees a resumption
Net sales
$2,421,168 $2,630.471 $2,645,185 of large scale buying on the part of leading automobile manufacturers.
, Cost of cement sold:
-V. 130, p. 3368.
1,730,200
Labor,supp.,royalties & plant exp_ 1 1,739,4481 1,636,743
153.346
149,833
1
Prov.for deprec., based on cost val.J
-Stock Increased.
(The F. E.) Myers & Bro. Co.
The
on May 21 increased the authorized common stock
$840,382
$765,151 (no parstockholders 300.000 shares to 600,000 shares.
$681.719
Grow; profit on sales
value) from
342,956
418,119
Selling, gen.and admin.expenses- 398.725
1930.
1929.
Earns for 6 Months Ended April 30-$1.172,739 81.233,580
$422.195 Manufacturing profit
Net profitfrom operations
$441,657
$263.601
413,456
389,912
3,083 Expenses
4,314
Interest received
} 46,160{
64.480
63.779
3,213 Depreciation
Miscellaneous income (net
def3,618
$694,803
$779,889
Operating income
Profits before.interest charges and
30.736
29,785
$428,491 Interest earned on other income
$442,353
Federal income tax
$309.761
Int. chgs. & amortiz. of bond disc. &
$725,539
$809,874
Totalincome
11,747
12.573
64.571
expenses
87,000
102,000
54,835 Provision for Federal taxes (est.)
54.000
26,000
Federal income tax paid or accrued_
Net profits
-V. 130, p. 634.
$219,190
$375,780
1928.
423,374
$0.58
$361,909
-Enjoined.
Alorlaurcla Royalty Corp. of Tulsa.
The following is from the New York "Times" May 18:
Supreme Court Justice May in Brooklyn signed an order May 17 temporarily restraining the corporation and five individuals from selling additional stock in the corporation on motion of Asst. Attorney General Watson
Washburn, in charge of the State Bureau of Securities. A hearing in the
case will be held on May 27 In the Brooklyn Supreme Court.
The local offices of the corporation are at 120 Wall St. The other dedendants include David Manesse. a broker doing business under the name
of David Manesse & Co.; James A. Savage and Richard Shipman, partners
4 the brokerage firm of James A.Savage & Co.; John M.Sheedy and Peter
,1n
J. Muck.
$638,539
68,750
200,000
$707 674
a76,600
200,000
8369.789
Balance,surplus
(no par)_$2.84
Earns, per snare on 200.000 sea. corn. stk.
P. 3368.
a Approximate, inserted by Editor.
-V. 130.
$431,174
$3.1
Net income_ _..
Preferred dividends
Common dividends
-Exchange of Stock.
National Air Transport, Inc.
Approximately 530.000 shares out of 650,000 shares outstanding, has been
tendered in exchange for United Aircraft & Transport Corp.. stock, it is
reported. The offer of United to exchange one share of common for each
three shares of N. A. T. has been extended indefinitely, with the right reserved to terminate the offer at any time. The expiration date previously
had been set for May 15.-V. 130, p.2981.
3729
FINANCIAL CHRONICLE
MAY 24 1930.]
-Not to Liquidate.
National American Co., Inc.
Because of recent improvement in the real estate outlook, with which its
remaining subsidiaries are chiefly concerned, the company's plan to liquidate
repeatedly postponed, has been finally abandoned, John A. Hilliard,
V.-Pres., reveals In the 1929 annual report.
Explaining the abandonment of the liquidation plan, Mr. DiIllard said in
part:
"In December a call was issued for a special meeting of stockholders to
consider a proposed plan for the unification of the operating subsidiaries of
your company and for the subsequent dissolution of the latter. since the
"Economic and financial conditions have substantially changed
date when the plan was submitted to the stockholders. Skilled financial observers are virtually unanimous in the opinion that the disappearance of high
strong
call money and the abundance of funds seeking investment will give a
hnpetus to real estate and real estate construction."
Pointing out that the proposed plan would have required the early liquidaCity real estate,
tion of important interests in various pieces of New York in retaining the
Mr. Hilliard said that there were marked advantages
elasticity of the corporate structure of the company and that in view of new
conditions it would be the policy of the company to employ its resources,
exclusive of investments in subsidiaries, in the purchase and sale of real
estate.
The annual report states that the company during the past year had
disposed of its stock holdings in the Manhattan Co. and the Municipal
Service Corp., which had represented an investment of about $12,000,000. Sale was made because the yield on the former stock was low and the
latter paid no dividends, according to the report.
The company is a holding and management organization formed in 1927.
It owns or controls the State Title & Mortgage Co., which during 1929
merged the First Mortgage Guarantee Co. and the Provident Mortgage Co.;
the General Surety Co., also with capital and surplus of $10,000,000; the
State Banking Co., with capital and surplus of $2,500,000, and Realty
Foundations, Inc., with capital and surplus of $3,000,000.
Regarding the year's writeoffs the report said:
"The National American Securities Co., at the time of the organization
of your company, was active in the sale and distribution of stocks and
bonds and had offices located in the downtown section. It had done a
large volume et business and had outstanding a large amount of accounts
receivable. The uncollecttbility of some of these accounts caused a considerable loss, all of which has been written off. The company is no longer
active and the expense of its operation has been discontinued."-V. 130,
p. 1126.
-Initial Dividend.
National Bond & Share Corp.
The directors have declared an initial dividend of 25 cents per share on
the outstanding 200,000 shares of capital stock, no par value, payable
June 16 to holders of record June 2.-V. 130. p. 2596.
-Earnings.
National Food Products Corp.
Calendar YearsProfit on sale ofinvestment securities
Dividends receivedSyndicate profit
Interest received-
1929.
$149,934
172,123
Total income
Interest paid
Other expense & taxes
Federal income tax (estimated)
$385.148
124.877
57,608
63.090
1928.
$189,181
198,934
21,267
19,327
$428,709
62,630
32,082
1.669
-Dividend Disbursing Agent.
National Steel Corp.
The Bankers Trust Co. has been appointed dividend disbursing agent
-V. 130, p. 2597.
for the capital stock.
-Earnings.
National Suga4Refining Co.
1926.
1927.
1928.
1929.
Calendar YearsNot
$4,496,180 $4,987,494 $1,222.2301
Gross earnings929,7441 Available
1,614,508
Deprec.,int. & taxes-___ 1,541,436
Net earn,after taxes__ 12,954 44 $3,372,986
1.199,986
1,200,000
Dividends paid
$292,485 $3.567.289
1,049.965
1,049.965
51,754,744 82.173.000def.1757,480 $2.517,324
Balance,surplus
Shares of capital stock
x150.000
x150.000
600.000
-r
600,000
outstanding (no par) .
$23.78
$1.95
85.62
$4.92
Earn. per shr.on cap.stk
x Par 1100.-V. 128, p. 1921.
-Earnings.
National Tea Co.
The company reports for the quarter ending March 31 1930, net profit of
$386,607 after deducting Federal income taxes. Profit for the quarter.
before deducting Federal income taxes but after giving effect to present
interest savings incidental to the new financing, amounted to $470,552.
In the first quarter of 1929, the company reported a profit of 1809,555 after
-V.130, p.3556.
deducting Federal taxes.
-Proposed Consolidation.
Neet, Inc.
-V.130. P. 1841.
See Louis Philippe, Inc., below.
-Earnings.
New York Trap Rock Corp.
Calendar YearsNet operating profit
Other income credits
1927.
1928.
1929.
83.041.954 82,742.017 $2,504,261
38.009
84,444
69,241
Gross income
Interest charges
Prov,for deprec. & depletion
Prov. for doubtful accounts
Prov.for Fed.& State taxes
Other deductions
$3,111.196 82.826,461 $2,542,270
444,828
470,238
423.002
352,093
428.652
421.661
30.496
168,059
274,062
239.761
69.167
38.501
6.669
81,989.605 81,615,010 $1.508,123
Net income
116,667
140,000
140,000
Divisions on preferred
175,942
15.668
Divs. paid minority stockholders...._
540,000
Divs. on common stock
245,909
Loss on plant
Cr.22,033
Dr.4,179
Miscell. profit & loss adjust
Balance
Surplus at beginning of year
11.059,516 11,481,374 81.215,514
x141.252
1.356,766
2,838,141
$3,897,657 82,838,141 $1,356.766
Profit & loss surplus
180,000
180,000
180,000
Shs. corn, stock outstanding (no par)$6.75
$8.31
$10.28
Earnings per share
-V.128, p. 3366.
x Adjusted to give effect to changes in capital structure.
-Unfilled Orders, &c.
Noblitt Sparks Industries, Inc.
The corporation reported unfilled orders on their books as of May 1 of
$1,912,372, compared with unfilled orders as of May 1 1929. of $846.451
and May 11928, of $194.796.
1144,823
115,155
Balance. surplusFor the first four months of 1930 the company has sold 96,000 of the new
x In addition paid stock dividends on class B stock-7.528.48 shares, heaters it developed during 1929 as against total sales of only 78,000 for the
capitalized at 130.113.92.-V. 130, p. 3178.
entire year 1929.
President Q. G. Noblitt said that assuming business to be no worse than
-Annual Report.
National Leather Co.
It was during the first quarter of this year, the corporation would earn at
of substantially
Fiscal Year Ended- Dec. 27'29. Dec. 29'28. Dec. 31 '27. Jan. 1 '27. least as much as it did in 1929 with the probability far ahead of anygreater
in the
$21,774,693 $24,137,887 $24,866,444 124.556,398 net profit. The business now, he said, Is running
Net sales
-V. 130, p. 813.
Cost of sales,&c.,dedue. 23,624.629 23,898,986 23.560,228 24,796,221 history of the company.
210,006
382.996
197,323
145,679
Int. on bor. money,&c
Cr.58,152
Cr.72.022
-Stock Dividend.
Cr.67.124
Cr.55,352
Norton Co., Worcester, Mass.
Interest received
The company is increasing its capital stock from $14,000,000 to 518.000,1108,701 11,154.362 loss$550,798 000, the 14.000,000 of new stock to be distributed to its stockholders as a
Net profit for year-Jess$1,940,263
4,173,749 3,622,951 stock dividend. The amount capitulizes improvements made in recent
2,445,617 3,019,387
Previous deficit
xCr.465,069
Surplus adjustment- _
Years.
In Jan. 1923 a 200% stock dividend was distributed, increasing the
Profit & loss deficit_ -- 14.385,880 $2,445,617 $3,019,387 $4.173,'749 capital from $3,000,000 to $9,000,000, the new shares being also disbursed
x Share of affiliated companies' surplus earned prior to Jan. 1 1928.
as a stock dividend. In Dec. 1925 a 85,000,000 stock dividend was paid.
Consolidated Balance Shed.
-V. 128, p. 1068.
Dec.27'29. Dec.29 28.
Dec.27'29. Dec.29'28.
Liabilities
Oliver Farm Equipment Co.-Earnings.Assets$
S
Preferred stock_ _ _13,000.000 13,000.000
Real estate, blelgs.
ancluding Predecessar Companies.]
19
& machinery- - - 4,760,480 4 08,939 Common stock-.._ 7,500,000 7,500.000
Earnings for Year Ended December 311929.
680,264 Notes & acc'ts pay 1,299,320 2,887,764
788,262
Cash
(After eliminating interest paid by predecessor companies on
Notes & accts.reo. 2,439,857 3,091,900 Reserve for contin497,209
529,398
obligations since retired.)
•
gencies, &c-_
7,392,591 9,691,809
Inventories$27,437,973
Netsales
2,589,459 3,098,633
Investments-22,296,528 23,917,162 Cost of sales (incl. prov.for deprec. of $819,733)
17,904.034
Total(ea. side)
Deficit
4,385,880 2,445,617
6,103,589
Selling expenses
-V. 128, p. 1744.
793,453
Administrative expenses
-Sales Increase.
234.310
National Service Companies.
Provision for bad debts
Substantial increase was reported in subsidiary companies sales during
week ef 1929, with
82.402.587
the week ended May 17 as compared to the corresponding
Net profitfrom operations
1,290.874
but small added expense. These increases were as follows:
Interest earned
109,382
Southern New England Ice Co., Including Springfield. increased from Profit on sale of capital assets (net)
168.601
126,055 in the 1929 week to $55,544 in the same week of 1930.
Miscellaneous income
Hygienic Ice Co.. increased from $6,448 to 513.319.
New England Cities Ice Co., Increased from 112.107 to $23,137.
$3.971,450
Total profit & income
44,623
Metropolitan Ice Co., increased from $35.810 to $57,112.
Interest paid
Rhode Island Ice Co.. increased from 815,674 to 122.530.-V. 130. p.298. Other deductions
64,44$
250,00(1
Prov. for Federal & Canadian income taxes
$202,662
x187,507
Net income
Dividends on class A stock-
$332,327
187,504
-Earnings.
National Supply Co. (Del.).
1928.
1927.
1929.
1930.
Quay. End. March 3111,693,736 12.478.770 11,503.161 $2,898,201
Gross income
1,109.872
1.205.391
1,235.565
1,206,555
Selling & general exps _
Net operating profit_ _
Other income
1487,181
134,467
11,273,378
403.951
$393,289 $1,662.636
111.407
178,956
Total income
Other deductions
Federal taxes
Divs. on underlying cap.
obligations
$621.648 11.677.329
530.784
385,637
164.283
.14.462
1504.696 31,841.592
253.272
275.592
54.616
241,513
16.717
16,717
Netincome
Sirs. corn. stk. outst'g
(par $50)
Earns. per share
1174,830
1965,546
265,900
$4.51
$15.909,707 $14,002,456 $1,907,25(1
Total surplus
Precautionary res. against receivables
1,606,825
1,606.825
& inventories
Development expense, obsolete stock,
1.392,523
1.392,523
&c. written off
Divs, paid on prior pref. & cony, par2,068.769 y1,168.769
900.000
ticipating stock
1929,
$
3,099,700
15,000,000
$10,841,591 19.834,340 $1.007.250
Balance Dec. 31 1929
x Earns, of predecessor companies from Jan. 1 1929, to dates of acquisition. y 12,000,000 of paid-in surplus appropriated under charter for
-V.129, p. 1318.
dividends on stocks junior to prior pref. stock.
5196,808 $1.324,487
265.900
300.000
300,000
$0.27
$2.80
$0.40
Balance Sheet March 31.
1930.
1930.
1929.
$
Liabilities$
$
Assetsdr equipment 9,783.519 9,570,445 Preferred stock_ _ _ 3,087,200
Plant
4,773,055 2,303,284 Common stock_ _15,000,000
Cash
2,500,000 Underlying capital
Call loans
obligations
891,600
Notes receivable_ _ 2,341,323 2,214,292
Accts. payable__
2,283,179
Accts. receivable,
.
less raservet _ _ _ 7,618,276 9,460,845 Accr. taxes, wages.
&c
185,511
Mdse.Inventorle3.14,886,101 14,670,741
1,621,298 1,274,994 Prov.for Fed.tax. 393,691
Investments
32,822 Accr. Fed. taxes
44,462
16,148
charges
Deferred
Insur. and pension
fund reserve_ _ _ _ 1,571,921
17,582,156
Tot.(each side) _41,039,721 42,027,423 Surplus
-V. 130, p. 2404.
-Operations.
National Standard Co.
1,003,000
3,804,502
266,962
526,132
-Reduces Dividend.
Ontario Mfg. Co.
The directors have declared a quarterly dividend of 50c, a share on the
common stock, payable July 1 to holders of record June 20. In the previous
-V 129, P. 2089
quarter a dividend of 75c. a share was paid.
-Enlarges Furnace Capacity.
Otis Steel Co.
1,377,181
16,949,946
on
-day week, it is
The company's plants are operating 24 hours dallythe a 7
production,
announced. In order to gain additionalnew machines. machine shops are
Officials state that
running on the same schedule building
business on the books indicates plants will maintain high output throughout
-V. 129, p. 4149.
the Summer.
$3,612,378
Net profit,carried to surplus
Surplus Account for Year Ended December 31 1929.
Paid-in.
Total.
Earned.
Surplus arising from acquisition of
-less profit of predecessor
props.
companies from Jan. 1 1929 to date
$12,421,704 112,421.704
ofacquisition
Net profit as above (less interest paid
3.488,003 x1,580,752 $1,907.250
by predecessor companies)
The company has resumed production in its No. 2 blast furnace, after
making a new record in relining and enlarging the furnace. The capacity of
the furnace was increased from 550 tons daily to 650 tons. The furnace was
-day schedule originally set for the job was
blown out April 1 and the 60
beaten by two weeks. AU the work was done by the company's workmen.
1930.
1929.
Quarter Ended March 31$634,058 4962,331
Net profit after int. deprec. & Fed. taxes
841,002
Shares common stock outstanding (no par)
807,002
Barns. per share
S0.51
$1.19
-V.130. p. 3557.
x After preferred dividends.
3730
FINANCIAL CHRONICLE
For.. 130.
Pacific Mills., Boston, Mass.
-To Retire Notes.
P The directors have called the
Nest, Inc., and Hopper-Kissproof, Inc. The new company will have an
remaining outstanding 54% notes of 1931 authorized capital of 1.000,000 shares of no-par common stock, of which
on August 1 at 1004. Of an original issue of i17,500,000 issued on Feb. 382,800 will be outstanding upon
consummation of plan of consolidation.
1 1926. approximately $12,500,000 already nave been retired.
The stocks of the three companies will be exchanged for shares of Superior
-V. 130,
p.2041.
Products. Inc., on the following basis: 1•01.1113 Philippe. Inc., class A and class
B stock on a share-for-share basis: Hopper-KLssproof,
Inc., stockholders
Paraffine Companies.
will receive 115.000 shares, which will
-2% Stock Dividend.
The directors have declared a semi-annual dividend of 2% in stock in shares outstanding: Nest, Inc., class A be exchanged pro rata for 50,000
and class B shares on a share-foraddition to the regular quarterly cash dividend of $1 per share on the com- share basis.
mon stock, both payable June 27 to holders of record June 17.
The business of each of the three companies involved will be continued
stock
dividend was paid on June 27 and on Dec. 27 1929, while anA 2% cash as operating subsidiaries of Superior Products,
extra
Inc. The management
dividend of 25c. per share was distributed on Dec. 27 1928. Prior to the of the new company will comprise certain
officers
latter date the company paid quarterly cash dividends of 75c. per share. panies and the board of directors will be selected of the component comfrom among the officers
In March, June and September 1928 extra disbursements of 75c. per share and directors of the operating units.
also were made.
It is likely that dividends on Superior
-V. 130. p. 2041.
at the rate of $1.60 a share annually. Products stock will be inaugurated
Paramount Publix Corp.
Pro forma condensed consolidated balance sheet of the combined com-To List Stock on Montreal
panies as of Dec. 31 1929 shows total assets of $2,526,045, current assets
Stock Exchange.
The corporation announces that for the convenience of its Canadian $1,187,836. current liabilities $263.452 and earned surplus $715,651. Pro
forma condensed consolidated Income account for the year ended Dec. 31
stockholders it has made application to list its common stock on the
Montreal Stock Exchange. Corporation recently offered to exchange 4 1929 shows net income of $911.758 after expenses and Federal taxes.
shares of its common stock for 5 shares of common stock or voting trust equivalent to $2.38 a share on the stock to be outstanding upon consumcertificates of Famous Players Canadian Corp., which stock is also listed mation of the plan.
Louis Philippe, Inc., will receive 117,800 shares and Neet. Inc., 150,000
on the Montreal Exchange, the last day to make the exchange being May
shares.
26.-V. 130, p. 3557.
The Hopper-Kissproof, Inc., which includes Edna Wallace Hopper,
Inc.: Boal's Rolls Corp.,
liatino Mines & Enterprises Consolidated, Inc.
-Earns. receive 115.000 shares. Ki.ssproof. Inc., and British Kissproof, Inc, will
-V. 130, p.2786.
3Mos.End. Mar.311930.
1927.
1929.
1928.
Inc.from mine operation $3.768,260 $4,822,354 $4,003,559 $2,935,441
Phoenix Mfg. Co., Joliet, H1.
--Acquires Graver Corp.
Production costs, &c_
3.223.117
1.741.072
3,503,549 2.374.146
The steel tank, water treating and steel plate construction business of
the Graver Corp., incl. the plant
Profit
$545.143 $1.318,805 $1,629,413 $1,194.369 by the Phoenix Manufacturing at East Chicago. Ind., has been acquired
Co.,
Other income
100.708
55,081 ward N. Gosselin, President of toe it was announced on May 15 by Ed191,248
132.657
latter. The newly-acquired division
will be operated by the Phoenix concern as a wholly owned subsidiary to be
Total income
$645,851 $1,510,053 $1,762,070 $1,249.450 known as the Graver
Accrued interest
48.546 a marked increase inTank & Mfg. Co. The new organization contemplates
16,155
31.562
scope of its operations and is planning additions
Volivian income tax_
54.675 and improvements tothe
76,429
107.737
the plant and properties. The East Chicago plant
Depreciation & depletion
495.282
488.852
471.546
444.13
7 has a fabricating capacity of 40,000 tons of steel annually.
(Chicago
'Journal of Commerce.")
Net profit
$150,569
$702,092
$928,617 $1.151,225
Expansion of the plant and its facilities will be a result of the change.
Earns, per sh. on 1,380,The plant at East Chicago has a capacity of over 40,000 tons of steel fabri(par $20)
316shs.com.stk.
$0.11
$0.50 cation each year and the Phoenix company
$0.67
$0.83
of 30,000 tons per
-V.130. P. 3558.
three plants at Catasaqua, Pa., Montreal, Que., and Joliet. year at its
Officers of the Graver Tank & Mfg. Co. are: President, Edward N.
Penick & Ford, Ltd.,
-To Retire Pref. Stock.
At a meeting of the directors, a resolution was adopted calling for the Gosselin, V.-Pres. & Gen. Mgr.. F. C. Everitt, Sec. & Treas., R.E. Meyer,
redemption, on July 11930. of 8,890 shares, or one-half, of the outstanding V.-Pres. In charge of sales, P. S. Graver, V.-Pres., W.F. Graver and 11.8,
preferred stock. Drawing on the basis of stockholders of record on May 28 Graver. General offices will at East Chicago.
will be made by the Chase National Bank.
-V.130, p.3179.
Pilot Radio & Tube Corp.
-Net Sales.
Net sales
Pennsylvania Dixie Cement Corp.(Sc Subs.).
-Earns. $155,486, asof this corporation (consolidated company) for April totaled
compared with $100.899 for the predecessor company, Pilot
Calendar Years1929.
1927.
1928.
Electric Manufacturing Co.. for April 1929, representing an increase of
Net sales
$9.610,646 $11,838,443 $12,118,114 approximately 54%.
Sales for the first four months of 1930 were $657.375
Mfg. cost of sales (excl. of deprec. &
for the former company, compared with $493,547 for the same period in
deple.) and all other expenses of
1929 for the latter company, an
operations, less miscell. income
7,113,989
8.216.275 7,835,252 figures do not include the Detroitincrease of approximately 83%. These
Radio Products Corp.. which company
Prov.for deprec.& depletion
1.260,622 is in the gwocess
1.395,916
1,384.785
of negotiations with the Allan Electrical & Manufacturing
Interest charges
747,682
706.175
737.866
-V. 130, p. 3180.
Prov. for Federal income taxes
307,066 Corp.
62.298
205.665
Net profit for the year
Pittsburgh Terminal Coal Corp.
$332,268 $1,293,852 $1,967.494
-Earnings.
Surplus balance at Jan. 1
2.315.464 2.256.700 2.790,979
Quarter Ended March 311930.
1929.
Adjustments
Cr.99,031 Dr.51.772 Net loss after deprec., depletion, &c
$216,653
$96,647
-V. 130, p. 3180.
Totalsurplus
$2,647,732 $3,649,584 $4,706,700
Preferred dividends
(The) Pompeian Co., Elmira, N. Y.
910,000
711,575
934,120
-Acquisition,
Common dividends
See Colgate-Palmolive-Peet Co. above.
1,040,000
Colgate-Palmolive-Peel
400,000
Special res. for property betterments
& improvements
Porto Rican-American Tobacco Co.
500,000
-Stock Split-up.
The stockholders will vote June 16 on changing the authorized class A
Surp.at Dec.31, per balance sheet- $1,936,158 $2,315,464 $2,256,700 common stock from 150,000 shares of 2100 par value to
500,000 shares of
Earns, per sh. on 400,000 shs. com.
no par value, each present share lobe exchanged for two new shares, and on
stock (no par)
Nil
$2.64 increasing the authorized class B common stock from 300,000 shares to
$0.89
500,000 shares, no par value.
Consolidated Balance Sheet Dec. 31.
1929.
1928.
1928.
1929.
President L. Toro May 19 says:
Assets
5
Liabinfies$
$
The company now owns approximately 65% of the capital stock of
Land, buildings,
Preferred stock-_13.588.800 13,588.800
macify, drc___y25,140,835 26,511,046 Common stock 4-14,000.000 4.000.000 Congress Cigar Co., Inc., and 75% of the class B common stock of Waits
,
& Bond,
It has been
2,987.264 1,573,126 Gold bonds
Cash
11,564.000 11,920,000 ments of Inc. company and the consensus of opinion among the manageits two affiliated companies just mentioned,
this
Notes & accts. rec_ 686.513 1,365.536 Accts. payable._ _ _ 206.449
332,857
Inventories
2,602.418 3,394.902 Accr. tax., int., &ci 379.638
414,181 that it would be to the advantage of he combined businesses of the three
companies if this company, instead of owning only the percentages menMiseell.invetmls_ 372,964
115.600 Fed, tax reserve283,900 tioned
98,767
above, should become the owner of substantially all of the capital
35.000 Other reserves _41,230
Insurance fund_ _ _
178,200
95.192
of
companies.
38,192 Surplus
37,782
Deferred charges
1,936,158 2,315.464 stock a its said two affiliated board
As means to that end the
looks favorably upon making an offer
31,869,005 33,033.402
Total
Total
31,869,005 33.033.402 on a proper basis to the minority stockholders of Congress Cigar Co.,
Inc., and Waits & Bond. Inc., to deliver to them an original issue of this
x Represented by 400,000 no-par shares. y After depreciation and de- company's stock 'n exchange for such minority
stocks in the two affiliated
pletion, of $9,434,387.-V. 130, p. 1476.
companies on a fair basis to be worked out and presented to such minority
stockholders as soon as may be expedient in the judgment of t e board
-Earnings.
-Perfect Circle Co.
after the authorized capital stock of this company shall have been increased.
Earnings for Year Ended Dec. 31 1929.
The board as no present intention of issuing any part of the p °posed
Manufacturing profit
41,848.778 Increase in authorized stock for any purpose other than the exchange
expenses
Selling and administrative
407.711 aforesaid.
Advertising and royalties
336.601
The conditions prevalent in efficiently run organizations at the present
Depreciation, State and Federal taxes
215,961 day demand that every advantage be taken to increasa distribution and
reduce expense. To these ends a unification in the operation of the three
Operating profit
1;888,505 businesses, which will become possible only upon a consummation of the
Other income
12,816 proposed plan, is regarded as a step of the utmost importance.
-V. 130.
P. 2227.
901,321
Total income
Punta Alegre Sugar Co.
-Transfer Agent.
Common dividends
325.000
The American Express Bank & Trust Co. has been appointed transfer
-V. 130, p. 3558.
$576,321 agent for the common stock.
Balance,surplus
277,448
Previous surplus
Total surplus
Prior years cnarges
Organization expenses written off
$853.769
7,383
30,593
Pyrene Manufacturing Co.
-Earnings.
-
Calendar YearsProfit after taxes
Dividends paid
1929.
$332,869
175,571
1928.
$218.527
175,571
1927.
4191,539
175,577
1926.
$348,411
146,316
$815.793
Surplus Dec. 31
Balance, surplus- ---- $157.298
$42,956
$15.962
$202,095
$.
Earnings per share on 16,..500 shares common stock
5 54 Profit and loss surplus-- 1,613,322
3,650,723
3.565,207
2,086,125
Earnings for Quarter Ended March 31.
Shares of capital stock
1929.
1930.
outstanding (par $10)219,470
219,470
219,470
146.316
3205.232 Earns. per sh.on cap.stk
- $162,123
Net income after int., deprec. and Federal taxes
$1.52
$0.99
$0.87
$2.38
$1.26
$0.99
Earns. per share on 162.500 shares common stock-x Including $38,218 derived from sale ofland.
-V.128, p.3529.
-V.130, p. 1665.
Radio-Keith-Orpheum Corp.
-A cmisition.Philadelphia Co. for Guaranteeing Mortgages.
President Hiram S. Brown announces that the corporation has acquired
Balance Sheet May 1, 1930.
the Interstate Circuit of theatres, extending throughout Texas, Arkansas
and Alabama. For the operation of these,
LiaMlietesAssets
$4,900.000 taken over at once, the RK0 Southern Corp.,aproperties, which are being
$449,103 Capital
Cash
subsidiary,has been formed.
3,500,000
The theatres in the Interstate Circuit include the
12,822,312 Surplus
Bonds& mortgages
1,139,367 Antonio, with 4,000 seats: the Majestic in Houston, new Majestic in San
339.469 Undivided profits
Interest advanced
with
1,028,666 Majestic in Little Rock, with 1,000 seats; the Majestic in 2,200 seats: the
218,066 Contingent reserve
Accrued income
Fort Worth, with
31.500 1,500 seats; the Ritz theatres, Birmingham, with 1,600 seats, and Trianon,
35,317 Insurance reserve
Furniture & fixtures
&c..._ 132,524 also in Birmingham, with 600 seats.
635,372 Accrued Interest, taxes,
Notes receivable
1,625,000
The corporation has also acquired the Virginia Theatre in Campaign. Ill.
43,361 Bills payable
Miscellaneous
45,500 Adv.premiums on guarantee- 179,490 -V.130. D.3558.
Bond discount
48.000
Purr, money await. settlemnt.
3,953
(Robert) Reis & Co.(& Subs.).
Suspense
-Annual Report.2,000,000
Total (each side)
Calendar Years. .
$14 588 500 First mtge.collateral bonds-1929.
1926.
1928.
1927.
Net profit from oper'ns_def$299.473 def$101.530
-V.130. p. 2226.
$217.270 def$96.175
Int. paid le.Ls int.rec_ _
90.579
16,918
44,575
37,922
-Earnings. Federal tax reserve
Philadelphia & Reading Coal & Iron Corp.
8,750
1929.
1930.
Quarter Ended March 31$630,007 loss $43,905
Net income
Consol. net income after taxes,int.,depr.,depl.,&c_
$191,602 def$140,750
Nil 1st preferred dividends def$390.052 def$139.452
$0.45
Earns, per sh. on 1,400.000 shs.com.stk.(no par)157,500
118.125
157,500
-V.129, p. 296: V. 130, P. 3558.
Balance
$34.102 def$104,750
def$508.177 def$296,952
Shares of 1st pref. out-Merger Proposed.
(Louis) Phillippe, Inc.
standing (par $100)- A plan has been formulated for the organization of Superior Products.
22.500
22,500
22,500
22,500
Inc., whkh will acquire the assets and businesses of Louis Philippe, Inc.. Earns. per sh.on 1st pref
Nil
Nil
$8.52
Nil
MAY 24 1930.]
FINANCIAL CHRONICLE
Consolidated Balance Sheet Dec. 31.
1928.
1929.
Liabilities1928.
1929.
Assets'lain, equip., kc- y$504,485 $455,005 1s1 pref. stock_ -42,108,700 $2,250,000
75,000
75,000
171,178 2nd pref. stock_ _ 46.327
L'mpl.stock acct __
625,000
257,875 Common stock_ __ 1620,725
573,240
:7ash
802,400
889,628 Notes payable___- 2,200,000
kucts.& notes rec. 1,209,153
2,777,139 2,527,623 Accts. payable &
'nventories
335,357
accrued accts.__ 563,874
115,603
67,624
3eferred charges
39,375
21,695 Dividends payable
65,320
Dep.with in.sur.cos
311,475
def316,702
Surplus
8,310
investmls.
Sundry
$5,251,597 $4,438,607
$5,251,597 $4,438,607 Total
Total
Represented by 99,145 no liar shares. y After depreciation of $249,020.
-V. 130,
-No item of good-will has been taken into consideration.
Note.
p. 3181.
-Sales Higher.
Real Silk Hosiery Mills, Inc.
The corporation earlier this month announced that sales so far this year
is employing more help
are running 15% ahead of 1929. The company at Indianapolis, 1,200 at
chan at any time in its history, with 3,500 workers
Dalton, Ga., and 11,000 house to house salesmen. Both plants are working
-V. 130. o. 3559.
24 hours a day.
-Installs New Furnace.
Republic Steel Corp.
-ton electric
The corporation has completed the installation of a new 25
furnace at the Canton plant. The new furnace, which cost approximately
$200,000. enlarges the company's battery of electric furnaces to six. Its
Installation was made necessary by the expanding demand for Enduro
Nirosta, the new stainless steel manufactured by the company. under
Krupp license. The new furnace is now in operation.
Opens New Stainless Steel Finishing Plant.
Operations have been started in the new stainless steel finighing division
bfthe Republic Steel Corp.,it is announced. The new equipment.located at
Massillon, consists of 40 units, especially designed by Republic engineers.
Consolidates Sales Headquarters of Various Divisions.
Sales headquarters of the Central Alloy division have been consolidated
with the general sales offices of the Republic Steel Corp. at Youngstown.
J. M. Schlendorf, formerly Vice-President in charge of sales for Central
Alloy Steel Corp. at Massillon, will be general manager of Republic's alloy
sales. L. D. Mercer, formerly sales manager of the Central Alloy sheet
division, will fulfill the same duties for the Republic Steel Corp.
Sales headquarters of Donner Steel Co. and other units of the Republic
Steel Corp. also are being consolidated at Youngstown. William Vosmer,
former Vice-President in charge of sales for the Donner Steel Co., has
located at Youngstown as manager of the bar division of the corporation.
General sales offices of the corporation at Youngstown are under the
-V. 130, p.
direction of II. T. Gilbert, Vice-President in charge of sales.
3559.
-Transfer Agent.
Reynolds Investing Co., Inc.
The Bankers Trust Co. has been appointed transfer agent for the com.
-V.130. p. 3559.
stock.
-New Director.
Reynolds Spring Co.
-V. 130, p. 3559.
E. W. McIntosh has been elected a director.
-Earnings.
Ritter Dental Mfg. Co., Inc.
Calendar Years
Manufacturing profit
Cost, expenses, royal. etc
1928.
1929.
Not
82.456,6125
1.165,9281 Available
Operating profit
Other income
$1,284.684 $1.347,445
151.590
369,321
Total income
Interest, etc
Federal taxes
Minority interest
$1,654.005 $1.499.035
141,441
231,636
130,000
140.000
4.780
4.155
Net profit
Preferred dividends
Common dividends
$1.367,784 $1,133.244
175,000
175.000
480,000
3731
holdings and thus give full effect to it. The plan is founded on an agreement between St. Lawrence Paper Mills Co., Ltd.,and Dominion Securities
Ltd.
Corp., new holding company, St. Lawrence Corp. Ltd., is to be formed
(1) A
for the purpose of acquiring control, through conimon stock ownership.
of St. Lawrence Paper Mills Co.. Ltd.; Brompton Pulp & Paper Co., Ltd.:
Lake St. John Power & Paper Co. Ltd.
(2) The present outstanding capitalization of the constituent companies
is as follows'
(a) St. Lawrence Paper Mills Co.. Ltd.' $14.250,000 6% preference
shares and 500,000 common shares (no par).
(b) Brompton Pulp & Paper Co., Ltd.' 300.000 shares common stock
(no par).
(c) Lake St. John Power & Paper Co., Ltd.' $5,000.000 1st mtge.6%
% mtge. debentures. $3,600,000 7% preference
bonds, $3,000,000
shares and 100.000 common shares (no par).
The issued common stock of St. Lawrence Paper Mills Co., Ltd. is, to
be incteased to 515,000 shares and of its unissued stock 222.500 common
shares are reserved against outstanding subscription warrants and optimal
to subscribe. Ten shares of Brompton Pulp & Paper Co. Ltd. preferred
stock are still outstanding and $133.50 per share is deposited to purchase
the same.
(3) The new holding company, St. Lawrence Corp., Ltd.. will have a
capitalization as follows:
To be Issued
if All Shs.
Authorized. Exchanged.
Class A $2 cum. cony. preferred (par $50)---- 300,000 shs. 300,000 shs.
2,000.000 shs. 585.000 shs.
Common stock (no par value)
common
Of the unissued shares of St. Lawrence Corp.. Ltd., 222,500 the outagainst shares ,covered by
shares will be reserved for exchange
standing subscription warrants and options to subscribe of St. Lawrence
Paper Mills Co., Ltd., and 600,000 common shares will be reserved to meet
the conversion rights of class A shares.
The class A shares are entitled to 4% ($2 per share) cumulative preconvertible at any
ferential dividend, are redeemable at $55 per share, share.
time into 2 common shares and entitled to one vote per
(4) As a result of the agreement St. Lawrence Paper Mills Co., Ltd.
for $2,000,000 and 15,000 of its fully paid common shares will have ac&
quired $3,600,000 of 7% preferred stock of Lake St. John PowerwillPaper
have
Co.. Ltd., with cumulative dividend from April 1 1930, and
assured on a basis equivalent to the basis of exchange mentioned below that
St. Lawrence Corp., Ltd., will receive 80,000 fully paid common shares
in the capital stock of Lake St. John, 150,000 common shares in the capital
stock of Brompton and 200,000 common shares of St. Lawrence Paper
Mills Co., Ltd. It is hoped that the remainder of the common shares In
each of the three companies will be acquired by St. Lawrence Corp., Ltd.
as a result of offers of exchange which will forthwith be made as follows:
Basis of Exchange.
(a) For each share of common stock of St. Lawrence Paper Mills Co.,
Ltd, one share of common stock of St. Lawrence Corp., Ltd.
(b) For each share of common stock Brompton Pulp & Paper Co., Ltd..
one share of class A $2 cumulative convertible preferred stock of St.
Lawrence Corp., Ltd.
(c) For each share of common stock of Lake St. John Power & Paper
Co., Ltd.. 7-10 of one share of the common stock of St. Lawrence Corp.,
Ltd.
As a result of the agreement St. Lawrence Corp., Ltd. is assured of at
least 50% of the stock of Brompton Pulp & Paper Co., Ltd, and 80% of
the stock of Lake St. John Power & Paper Co., Ltd., and a sufficient
number of common shares of St. Lawrence Paper Mills Co., Ltd., to place
at once a practical working control of that company under St. Lawrence
Corp., Ltd.
Statement of Combined Earnings for Year Ended Dec. 311929.
[Prepared from the Earnings Statements of the Constituent Companies and
showing substantially the earnings for the year.]
Profit from operations for the year ended Dec. 31 1929, after
$3,206,463
Income tax
802,792
-Provision for depreciation
Deduct
Interest on bonds and debentures of Lake St. John Power &
520.000
Paper Co., Ltd
Dividend on pref.stock of St. Lawrence Paper Mills Co.. Ltd..- 855,000
138
Brompton Pulp & Paper Co., Ltd
Earnings available for securities of St. Lawrence Corp., Ltd__-$1,028,533
600.000
Div. on class A $2 pref. stock of St. Lawrence Corp., Ltd
,Ltd $428,533
Balance applicable to common stock of St. Lawrence Corp.
1929.
Pro Forma Consolidated Balance Sheet as at Dec.31 1929.
$217.174
Liabi:Vtes$1.08
$4,618,938
$10,490,391 Current liabilities
Current assets
Bonds and debs. of Lake St.
Mtges. & investments in and
John Pow.& Pap.Co., Ltd. 8,000,000
472,152
advances to other cos
--Earnings.
Safety Car Heating & Lighting Co.
Pref, stock of St. Lawrence
Freehold & leasehold timber1926.
1927.
1928.
14,225,850
1929.
Calendar YearsPaper Mills Co., Ltd
lands, water power, real
Gross profits
$2.217.816 $1,947,448 $1,785,017 $2,108,191
estate, bldgs.& equip.. &c_ 56,564,148 Pref.stock of Brompton Pulp
629.180
762,072
744.617 Other assets and deferred
866,450
Depreciation.&c
1,000
& Paper Co.. Ltd
175,000
150,000
140.000
165,000
Federal taxes
601,909 Reserves for deprec.& deplet. 6.778,937
charges
a15,000.000
Preferred shares
Net profit
81.186.366 81,045.375 $1,005,838 $1,188.574
bCapital and surplus
986,200
986,200
986.200
Dividends
986,200
Capital & capital surplus_. 17,372,226
Earned surplus of constit.cos. 2,131,649
$19.638
Surplus
$59,176
$202,374
$200.166
Earns. per sh. on 98.620
$68,128,600
$68,128,600 Total
Total
$10.19
shs. cap. stk. (no par)
$12.05
$10.60
$12.02
Contingent Liabilities.-Brompton Pulp & Paper Co., Ltd., for bills
-V. 129, p. 3812.
and guarantees of 1st mtge. bonds, bank loan and
receivable discounted
mtge of McCrae-Wilson Lumber Co., Ltd.. 31.319179.
Safeway Stores, Inc.
-Conditions Improving.
a 300,000 shs. of class A $2 cumulative convertible preferred stock of
Secretary W. R. Griswold states that the sales of this company for the
first four months of the current year indicated that conditions in the West $50 each authorized and issued. b Applicable to 585,000 shares without
were improving. "Sales for this period were $73.280,372 against $64,545,139 nominal or par value to be outstanding.
-The total authorized common stock of St. Lawrence Corp., Ltd„,
Note.
-a gain of 13.53'7%.
for the same period last year, on a comparative basis
shares
be reserved
Actually business was somewhat better than this. Due to an average de- is 2,000,000 shares. Of the unissued stock 222.500optionswillsubscribe of
9% in commodity prices, it was necessary to sell more units against the outstanding subscription warrants and commonto
cline of about
shares will be
Co., Ltd. and 600,000
of merchandise this year than last year in order to obtain a similar volume St. Lawrence Paper Mills
-V. 129. p. 2872.
of dollar sales. Therefore, the volume which we show in dollar sales is reserved to meet the conversion rights of class A shares.
evidence of a considerable increase in unit sales volume.
-Earnings.
Scott Paper Co.
"Net profits for the first quarter of this year were approximately $1,1930.
1929.
000,000 compared with $1.376.000 last year. While there was a sub4 Months Ended April 3082,801.187 $2.631,081
stantial increase in advertising expenses, our operations are on a more Sales
260,939
336.820
efficient and economical basis than last year. The decrease in earnings is Net profit after charges & Federal taxes
150,000
155.998
due almost entirely to severe declines in commodity prices, all of which Shares common stock outstanding (no par)
$1.37
$1.81
have been charged off, with the result that inventories to-day are clean and Earns, per share
are carried at the lower of cost or market. There are unmistakable signs of -V.130. p. 2985.
gradually improving conditions in many sections of the country in which
-Income.
we operate, and we feel that by early Fall the situation will become almost
Seaboard Utilities Shares Corp.
-V. 130, 0. 3372.
normal."
Total net income of corporation to May 12 1930 was 31.309.181 to pay
dividends of $609,375. after Federal taxes and expenses, a gain of $408.475
St. Lawrence Corp., Ltd.
-Unification Plan.
from Feb. 3 1930. These figures include market value as of May 12 1930
See St. Lawrence Paper Mills Co., Ltd., below.
of stock dividends received, amounting to $110,993. The liquidating
value as of May 12 1930, after dividends and expenses, amounts to $7.74
-V. 130. p. 3372.
St. Lawrence Paper Mills Co., Ltd.
-Unification Plan,
- Per share.
President Ernest Rossiter in a letter to shareholders, dated May 14,
-Split-up Approved.
Securities Corporation General.
.
1930, says
The stockholders on May 15 approved the proposal to split the common
"For some time the officers and directors of this company have been
issuable $7 1st pref. stock into two
-for-1 and to divide the 50.000
working on a plan to unify the operations of St. Lawrence Paper Mills Co., stock 10
a share
Ltd., Brompton Pulp & Paper Co., Ltd., and Lake St. John Power & Paper series. $6 and $7, and exchange the new $7 for the old 1st pref. on
Co., Ltd. These three companies have a combined daily production of for share basis. common capitalization was increased to 5,000.000 shares
The authorized
approximately 1,000 tons of newsprint, 100 tons of kraft paper and 70 tons
the outstanding common stock la inof boxboard, and by reason of the location of their mills and timber limits from 1,000.000. Under the split-up, 3181.
-V.130. P.
readily lend themselves to such co-ordination of activities, that substantial creased to 272.350 shares.
improvement in operating efficiency and costs can be effected. More-Cash Distribution Fund
Security Distributors Corp.
over, by such consolidation future expansion of the unified enterprises can
be made on a much sounder and more profitable basis than by the com- Equals $1.40 a Share.
individually. A plan has now been formulated and after very carepanies
C. M. Cryan & Co.. wholesale distributors of Public Service Trust
ful consideration has been approved by the boards of directors of all these Shares, announce that there is now on hand in the cash distribution fund
companies."
$1.40 per share, to be distributed on July 15 to holders
become the operating head of the consolidation, a sum equivalent to1930. This distribution includes cash and stock diviErnest Rossiter will
of record June 30
and will be supported in each division by the present management.
and split-ups of underlying securities.
dend., rights
Digest of Plan.
On the basis of the current price, this amounts to more than 10% return
The officers and boards of directors of the respective companies, working for the first 6 months of 1930.
Dominion Securities Corp., Ltd., have formulated the
In conjunction with
Additional cash dividends to be declared for the second quarter on certain
following plan to unify the operations of these companies, and unanimously underlying securities will increase this distribution, it is said.
-11. 130.
recommend to the stockholders of each company that they exchange their P. 2788. 3372.
$712,784
Surplus
$7.45
Earns,per shr. on 160,000 shs.com.stk.(no par)
Earnings for Quarter Ended March 31.
1930.
$139,009
Net profit after taxes & other charges
$0.59
Earns, per shr.on 160,000 shs.com.stk.(no par)._
-V.130. p. 2407.
$958.244
$5.99
3732
FINANCIAL CHRONICLE
Selected Stocks, Inc.
-Initial Dividend.
The directors have declared an initial cash
of 81
snare and
4% in stock on toe common shares, par $50,dividend July 1per holders of
payable
to
record June 14.-V. 130, p. 479.
Sharon (Pa.) Steel Hoop Co.
-Earnings.
-
Calendar Years1929.
1928.
1926.
Gross profit
84,009,169 $3,181,257 $2,984,346 $4,194.124
.
Maintenance & repairs
1,222,211
1,017,542
1,004,130
1.357,979
Idle time expense
69.505
2,403
149,048
138,394
Deprec'n & renewals_ _
948,179
864,042
949,334
898,866
Int.and discount (net)
345,558
258.317
270,869
311,942
Prov.for Federal taxes_ 142,500
67,100
171,325
75,495
Profit for the year_ __ - $1,341.215
8555,518 $1,295,542
$971,854
Previous surplus
994,946
357,599
28.518 dL1,129.952
Adj. of Fed. tax pr. yrsCr.3,246
Dr.1,975
Adj,of depred. prior yrsCr.86,174
Cr.140,279
Loss or dismantlement of
assets
91,377
117,101
Adj. of res. for renewal
of liability insuranceCr150,785
Preferred div.(8%)-.19,729
79,976
79.976
79,976
Common dividends-- 537,760
286,240
286.740
143,270
Profit and loss surp-- $1,690,540
$994.946
$28,518
$357,599
Sharps of common stock
outstanding (par 850)358 140
286,240
286,540
286,740
Earned per share
$4.69
83.12
$4.54
$1.65
Consolidated Balance Sheet Dec. 31.
[Sharon Steel Hoop Co. and Youngstown Pressed Steel Co.]
1929.
1928.
1929.
1928.
Assets$
$
Liabilities$
$
Property act-_ _ _x19,764,464 18,796,076 8% Pref.stock_
.
999,700
Invest. & adv. to
Corn,stock1.875,000 14,312,000
aasoc. cos
541,803
530,651 1st mtge. bonds,,.. 6,600,000 6,750,000
Due on subs to corn
accts Pay700,246 1,069,678
stk
100,165
208,466 Pref.diva. pay-- -_} 179,0701
19,994
Inventories4,077,612 3,354,041 Com.divs. pay_ _ _
1 143,120
Ore,contract bat
185,428
123,739 Dueon ore contr.- 338,040
278,852
Notes 3c accts. rec. 1,439,313 1,683,920 Accr.interest-_ ___ 122,100
154,687
Invest, in stks &
Accr.taxes
112,244
103,828
bonds
1,275,880
7,850 Accr. Fed. taxes_ _ 142,500
67,380
U.S.Govt. bonds_ 110,000
110,000 Reserves727,314
726,595
Cash
797,069 2,135,252 Capital surplus...16,145,599 1,684,439
Def. charges340,201
355,942 P & L surplus-- - __ 1,690,540
994,945
Total
28,631,935 27,305.937 Total
28,631,935 27.305,937
x After depreciation of $6,229,634.-V. 129, p. 2873.
Sharp & Dohme, Inc.
-Earnings.
-A statement of income and profit and loss covering
operations of
the present corporation since acquisition of prior businesstheof July 1
as
1929
and of 11. K. Mulford Co. as of sept. 1 192b and of prior corporations from
Jan. 1 1929 to dates as of which present corporation acquired the respective
businesses follows:
Present
Prior
Total for
Year Ended Dec. 31 1929Corporation. Corporations.
1929.
Grose profit from salesa
82,833,477 $4,186,965 $7,020.442
Selling & admin. exp., incl. annual
deprec. of $19,326
2.020,293
3,021,804
5.042,097
Earnings from operations
$813,185 81.165,160 $1.978,345
Deductions from income (net)
22.601
86,390
63,789
Net profit
$790,583 $1,101,372 $1,891,955
Income taxes & res. for contingencies_
86,964
208,947
121,983
Net profit
8703,619
$979,388 $1,683,007
a After deducting cost of materials, labor and manufacturing expense,
including annual depreciation of $92,262.
Analysis of Paid-in Surplus.
Initial balance as of June 30 1929
$562,411
Credit arising on acquisition of H.K.Mulford Co
109,810
Adjustment of reserves for taxes-prior periods
18,096
Total
$690.317
Dividends declared by predecessor corporation July 17 1929
157,500
Organization expenses-written off
127.458
Settlement
-U.S. Government Tax claim (Mulford)
100,000
[VOL. 130.
Chairman Harry F. Sinclair, at the annual meeting stated
in substance:
Negotiations for a merger with the Prairie Oil & Gas
These negotiations have been in progress six months, Co. are still alive.
and several times it
has been reported that they had been dropped.
Such a consolidation is a
large proposition with many ramifications, and these have to be studied
before a conclusion can be reached. (Bee also V. 130, p. 3560).
European Operations.
European operations of this corporation's subsidiaries are outlined in the
first issue of the Sinclair Reflector made public on
May 19. The report
says in part:
"The operations of the export department of the corporation in 1929
(exclusive of Cuba)show a profit of 8832,290, as against a profit of$117,358
In 1928. This is an improvement of
609%
"The added profit for the year despite •
In a great measure to increased economy a decrease of shipments, was due
of operation and the adoption of
new sales policies.
"The total shipments for the year of all products (expressed in gallons)
was 114,878,016.
"Of particular interest is the large increase of sales
Sinclair manufacture. Of the total gasoline shipmentsof all products of
89.2%, kerosene
62.5% and lubricating oil 57.9% were of Sinclair manufacture.
"The outstanding figures in the report of our
tion is undoubtedly the showing of the Sinclair foreign companies' operPetroleum Co. S. A. of
Belgium. In 1928 this company had a net loss of $173,175, whereas for
1929 we show a net profit of 8134.222.
"The Sinclair Union Petroleum Co. of London has
of gasoline and kerosene, and in the future will direct discontinued the sale
to the sale of lubricating oils. A great percentage of its activities entirely
by shipments direct from the United States, therebysuch sales will be made
making it unnecessary
for the English company to maintain any large quantity of stocks
on
"The Deutsche Sinclair Co. was organized and started business hand.
1929. We have in progress a construction program in GermanyAug. 1
under
which we will build new bulk stations and water terminals. Construction
work has been completed on four of the bulk stations, but it will
take six months to complete the program. It is fully expected probably
that the
water terminals will be in operation possibly by June 1
1930."
0. M. Kerstung has been elected a director. succeeding D. L.
Hoobee.
-V.130, p. 3560.
Simmons Co.(& Subs.).
-Earnings.
---Calendar Years- 13 Mos.End. Year Ended
1929.
1928.
Dec. 31 '27. Nov. 30 '26.
Net sales
$50,363,874 836,599,088 835,158,950 $32,141,221
Cost of sales incl. selling
admin. and adv. exp
38,501,026 29,351,960 27,580.384 26,254.159 '
• Balance
811.862,848 $7,247,128 87.578,566 35,887,062
Other deductions, &c_ _ _ 1,411,474
427,362
231,386
461,543
Res, for depreciation_ _ _ 1,719,476
1,227,349
1.259.011
1,216,655
Maint. of properties_ _ _ _ 1,093,055
824,367
773,504
606,002
Res. for Fed., &c., taxes 1,233,164
932,856
1,061.504
815,925
Advertising
1.710,106
Net income
Income from subs
$4,695,572 $3,835,194
440.177
Total income
$4,695,572 $4,275,371
Preferred dive.(7%).-69,011
Com. dive. (cash)
3.300,000 2,575,000
Rate
($3.00)
($3.50)
Balance, surplus
81.326,561 81.700.371
Previous surplus (adj.)-- 8,792.050
4,573.949
Total
$10,118,611 $6,274,320
Stock div. on corn, stock
330,000
$4,253,164 62.786,937
84,253,164 $2,786,937
393,170
413,819
2,000,000
2,250,000
(32)
($2.25)
$1,859,994
4,196,189
$123,118
3,709,183
$5,056,183 $3,832,301
Profit and loss surplus
Dec.31
$9,788,611 86,274,320 85.056,183 $3,832,301
She. company stock outstanding (no par).....1,115.737
1.100,000
1,000,000
1,000 000.
Earned per share
$4.14
$3.88
$3.86
$2'.37
Consolidated Datance Sheet Dec. 31.
1929.
1928.
1929.
1928.
AssetsLiabilities$
$
Property & plant._49,962,776 27,317,883 Common stock.-y25.396,805 25,082,065
Pats.,goodwill,&c. 1,721,420 1,352,610 Pref.stk. of subs 4,300,000
Investments
1,069,916 2,693,814 5-r.ser.notes of sub 3,571,600
Cash
8,403,557
858,151 Bonds of subs_
4,384,800
Balance-Dec.31 1929
8305,358 Accts. & notes rec. 8,373,830 5,303,659 Debenture bonds _15,000,000
-V. 129, P. 3488•
Inventories
15,540,563 5,060,445 Deferred liabilities. 356,076
Marketable secur.
Minority interests.
89,420
6,953
(F. G.) Shattuck Co.
-Acquisition.
3rd
Accounts payable_ 2,440,437
901,227
The company has acquired the Wallace Candy Co.. through an exchange Adv. onplan ernpl,
stock
Federal, &c., tax
of stock. This stock was bought in the open market. No new issue will Unarnort. portion 1,775,000
(estimated) _ _ _ 1,031,889
780,461
be necessary to complete the deal, it is stated.
-V. 130, p. 3182.
disc.dscomm. on
Miseell. reserves_
561,000
234,516
bonds
815,437
Notes payable_
5,893,812
Shell Transport & Trading Co., Ltd.
-Final Div.
872,718
208,787 Res. for depr., &c_16,322,862 9,852,461
The Equitable Trust Co. of New York has been advised by its London Prepaid Insur.. &c. 930,208
340,700 Surplus
9,788,611 6,274,310
office that the "Shell" Transport & Trading Co.. Ltd.. has announced a Deferred charges
final dividend of 3s. per ordinary share, payable in London on July 8 1930.
Total
89,054,846 43,134,050
Total
89,054,846 43,134,050
This is equivalent to 6s. per "American share.' Further notice of the rate
y Represented by 1.115,737 shares of no par value.
and date of payment of this dividend in New York will be given out by
-V.130, p. 3560.
the Equitable Trust Co. of New York at a later date.
-V. 130, p. 3560.
Sinclair Crude Oil Purchasing Co.
-Teapot Dome
Shell Union Oil Corp.(& Subs.).-Earnings.-
Quer.End. Mar.311930.
1929.
1928.
1927.
x Gross income-----_$10,073,696 $13.531,021 812,043,548 $12,803,425
Deplet deprec.,ckill expenses,deb. int., &c-- 13.228,704 12,072,444 10,492,380 7.520,170
Bal,for income tax loss $3.155,008 $1,458,577 $1,551,167 $5,283,255
Surplus at Dec. 31
35,265,641 37.023,378 30,628,357 35,288,572
Total surplus
$32.110,633 838,481.955 $32,179.524 $440,571,827
Preferred dividend
550.000
254,381
Common dividend
4,574,718
4,567,238 3,500.000 3,506,000
Surp. bet, Fed. taxes426,985,915 833,914,716 828.679.525 36.817.446
826,985,915
Shares com. stock outstanding (no par)_--- 13,068,497 13,000.000 10,000,000 10,000.000
Earns. per six. on corn_
Nil
0.11
0.15
0.50
x Including a half interest in income of Comar Oil Co.
-V. 130, p. 3560.
Siemens & Halske (A. G.) Siemens & Schuckertwerke
(G.m.b.H.).-Bonds Called.
-
Settlement.
-
See under "Current Events," Issue of May 17, page 3479.-v.
p.3531.
nr
Sivyer Steel Casting Co.
-Initial Dividend.
-
The directors have declared an initial quarterly dividend of 50 cents
per share on the common stock, no par value, payable Juno 1 to holders of
record May 23. See also V. 130, p. 1668.
Skelly Oil Co.
-Listing.
The New York Stock Exchange has authorized the listing of 120,000
shares 6% cumulative preferred stock (par 8100), all of which are issued
and outstanding; also 1,099,925 shares of common stock (par $25) on
official notice of issuance in accordernce with the terms of the amended
charter, in lieu of 1,095,581 6-10 shares of capital stock now outstanding;
and 240,000 shares of common stock (par $25) on official notice of issuance
and payment in full under and in accordance with the terms of the nondetachable warrants attached to the pref. stock: and 1,657 shares of common stock on official notice of issuance and payment in full, now reserved
for general corporate purposes, making the total amount of common stock
applied for 1,341,582 shares.
-V. 130, p. 3561.
A notice nag been issued calling for the redemption of $132,500 10-year
7% sinking fund bonds, due Jan. 11935, for sinking fund purposes. The
Southern Ice & Utilities Co.
bonds nave been designated by lot for redemption on July 1 at 102 and int.
-Time Extended.
Payment will be made at toe office of Dillon, Read & Co., 28 Nassau St.,
Although deposits of Southern securities under the plan formulated by
the committee representing security holders under date of April 10 1930.
-V. 130, P. 1128.
N. Y. City.
have been satisfactory, such deposits have not reached the 80% necessary
-Net Factory Sales Higher.
Silent Automatic Co.
to declare the plan operative.
Many security holders having expressed their intention of making deNet factory sales in units for the first four months of 1930 were 12%
ahead of the same period of 1929, according to President Walter F. Tant. posits and believing that within the next 30 days additional deposits will
During this same period sales in dollars increased 20% over the 1929 period. bring the amount up sufficiently to declare the plan operative, this commitSales for the period totaled $445.112 in 1930 against $371.924 in the initial tee has agreed to an extension in the time for deposit, of Southern securities
four months of 1929. These figures only include factory sales and do not in exchange for $1.60sllottment certificates of the Associated Gas & Electric
Co. to the close of business June 14 1930. There will be no further ex-V. 130, p. 1843.
include retail sales of its subsidiaries.
tensions after that date.
-Stock InoreasedCommittee representing holders of Southern securities follows: Charles P.
Sinclair Consolidated Oil Corp.
Couch, Chester A. Fullinwider, John Nickerson,
Merger Negotiations With Prairie Oil & Gas Co. Reported in A. Dougherty (Sec.), and Joseph F. McKenna, John A. Kerwin, Charles
The Chase National hank of the City of New York is depositary and the
Prog,ess.-The stockholders, on May 21, increased the
First National
Mercantile-Commerce Bank & Trust
authorized common stock (no par value) from 10,000,000 Co., St. Louis,Bank in Dallas and the-V.
Mo., sub-depositaries.
130. p. 2788.
shares to 20,000,000 shares. The new stock will be available
for issuance for properties or in connection with consolidation
with other corporations, or for cash, or for other corporate
purposes.
Southern Pipe Line Co.
-S5 Special Dividend,
The company announces that a payment of 85 a share from the capital
stock reduction account has been authorized, payable Sept. 2 to holders of
record August 15. See V. 130. p. 3372.
MAY
3733
FINANCIAL CHRONICLE
24 1930.1
-New President.
(Frederick) Stearns & Co., Detroit.
-Organized.
Southwestern Stores Corp.
Incorporated in Delaware April 28 1930 with an authorized capital
stock of 267,000 shares (no par value). Compare also V. 130, p. 3561.
-Annual Report.
(E. R.) Squibb & Sons.
President Carleton II. Palmer, says in part:
Net profits, including dividends received from subsidiaries, after all
write-offs and income taxes, aggregated $1,546,298, for the year ended
Dec. 31 1929 an increase of 12% over the year 1928.
Following the general policy of company all possible write-offs were
and special
taken, including advertising expenditures of $2,673,508, $547,148,
all
developments In research and new subsidiaries, aggregating
of which were charged against current earnings.
of current assets to current liabilities as of Dec. 31 1929, is
The ratio
5.5 to 1 as compared with 3.71 to 1 for 1928. The statement shows an
Increase in cash and receivables of $528,888, and a reduction of 6649,624
In current liabilities.
During the year the entire quota of preferred stock for the year 1929 was
retired in accordance with the provisions of the sinking fund. The 1930
quota and part of the 1931 quota have been purchased at most advantageous
prices in the open market, and the cost of these purchases of preferred
stock has been charged to surplus.
Dividends of $810,481 have been paid on the preferred and common
stock.
The surplus as of Dec. 31 1929, amounted to $3,436,664. a net increase
over the year 1928 of $763,379.
Balance Sheet Dec. 31 1929.
Liabilities
$275,197
$750,933 Accounts payable
Cash and call loans
79,000
a2,344,430 Notes and acceptances Pay-Accounts receivable
394,841
41,317 Commissions, discounts, &c_
Trade notes and accept. rec.
178,400
142,441 Prov. for Federal income tax_
Other receivables
93,766
2,313,103 Due aftii. cos.on open account
Inventories
87,500
5% purchase money mtge-Investments In and advances
18,916
737,491 Reserve for fire insurance_ _ _
to affiliated companies
c6,282,257
9,446 Capital stock
investments
Sundry
3,436,664
357,460 Surplus
Deferred charges
Land, buildings, mach. &
b3.295,473
equipment
Goodwill, patents, tradeTotal (each side)
810,846.541
854,447
marks, &c
a After reserve for doubtful accounts of $135,092. b After reserve for
depreciation of $1,015,661. c Represented by 60.718 shares $6 1st pref.
-V. 129.
stock and 441,791 shares common stock, both of no par value.
p. 1605.
has resigned as President and General Manager and has
Willard
been elected Chairman of the board, while Frederick S. Stearns, who has
been chairman of the board, resigned and has been elected President and
-V.128, p. 4021.
General Manager.
-New Director.
Stein Cosmetics Co., Inc.
o. R. Seagraves, President of the United Gas Corp., has been elected a
-V. 129, p. 493.
director.
-Earnings.
Stewart Warner Corp (& Subs.).
1927
1928
1929
1930
$723,034 $2.301,224 81.582,984 $1,195,090
133,042
247,000
195,700
67,024
.31()liar. End. Mar
Profit after deprec
Federal taxes
Net profit
Dividends
$656,010 82.054.224 $1,387,284 81,062,048
913,187
899,992
900,000
1,136.554
$148,861
$487.292
def$480,544 $1,154,224
Surplus
Snares com, stock outx600,000
x600,000
1.200.000
standing (par $10)- - - 1,296,919
$1.77
$2.31
$1.58
$0.50
Earnings per share
x No par.
Balance Sheet March 31.
1929.
1930.
1929.
1930.
$
$
LiabilitiesAssets
12,989,190 12,000,000
Land,equip., &c.x17,350,976 15,714,707 Capital stock
1 Accounts payable. 1,818,833 1,835,529
1
goodwill, dtc
Pats.,
1,024,101 1,859,666 Accrued tax,royalCash
433,422 1,292,194
235,198 4,578,887 ties, &c
Govt.securities_
247,000
67,024
87,081 Federal taxes
948,575
Investments
17,452,704 18,342,489
Accts.& notes rec. 3,902,160 4,916,816 Surplus
7,144,888 5,981,447
Inventories
Employes Install.
accounts receiv_ 427,189
578.607 Total(each side).32.760.973 33,717,212
827,885
Deferred charges
x After depreciation of 86,696,416 -V. 130, p. 2987.
-Sales Increase.
Stinson Aircraft Corp.
Sales increased 38% during April over March. Vice-President W.A.Mara
reported. The April sales included 32 Juniors, a four-place cabin plane
selling at $5,775, two-sixPowered with a LycomIng 210 h.p. engine and engines, and several other
place Stinson-Detroiters with 300 h.p. Wright
Last year Stinson's total sales numbered 120 planes.
models.
Three factory branches of Stinson Aircraft Corp. have been established,
Burbank,
Mr. W. A. Mara also announced. The branches are located at in freight
Calif., Fort Worth, Tex., and Chicago. Considerable savings
-Reduces Price.
Standard Oil Co. of Calif. (Del.).
charges are being effected through the location of the factory branches,
Effective May 17, the company announced a reduction of from 75 to 90 according to Mr. Mara, as well as speed In making deliveries to dealers and
cents per barrel in the prices at which it offers to purchase the light crude customers. The machines are shipped in knock-down form to the branches
-V. 130. p. 2790.
oils produced in Santa Fe Springs Field.
in carload lots and assembled there.
In taking this action, the company is maintaining its established policy of
-Contract.
Stone & Webster Engineering Corp.
currently offering producers such prices for crude oil as conditions warrant.
has received a
The present conditions in the Santa Fe Springs Field do not justify the
This corporation, a subsidiary of Stone & Webster, Inc., the design and
Oil Co. of New Jersey (Del.) for
which will encourage overproduction.
offering of a price
Contract from the Standard
The operators of Santa Fe Springs on May 16 failed to agree on the construction of the first section of a research laboratory complete with
-V. 130.
conservation program which has been accepted by operators in all other laboratory equipment at the Bayway refinery, Linden, N. J.
the State-wide program P. 2230.
fields in California. This failure to agree on
places in jeopardy the entire conservation movement in the State.
-Transfer Agent.
Stumpp & Walter Co.
No change has been made in the prices offered by the company for oil in
-V. 130, p. 3562.
any other fields in the State.
The American Express Bank & Trust Co. has been appointed transfer
-V.122, p. 2962.
for the common,class A and class B stock.
agent
-New Officials, ctc.Standard Oil Co. (N. J.).
O. G. Black, E. M. Clark and E. J. Sadler, directors, have been elected
Vice-Presidents.
The Cie. Standard Franco-Americaine, of which the Standard Oil Co.
(New Jersey) owns a 49% interest, will propose to the shareholders an
Increase in capital to fr. 200.000.000 from fr. 60,000.000. and will ask
-V.130, p. 3530.
sanction to abolish plural voting shares.
1927.
1928.
1929.
$2,041.003 $1,536,441 $1,584,411
459.062
450,143
591.771
145.000
127,500
160,000
Net income
Dividends
Employees' profit sharing
$1,289,232
741,556
124,669
$958,797
747,469
42.035
$980.349
757,951
62,839
$423.007
Surplus addition
5.375.223
Total surplus
192.678
Shares capital stock outstanding....
$6.68
Earnings per share
8984.902 -V. 129, P. 93.
32,369
$169,293
4,952,216
190,033
$4.82
$159,558
4,782,923
191,172
$4.79
-Earnings.
Standard Textile Products Co.
1926.
1927.
1928.
1929.
Calendar Years813.912,726 $14,530,807 $13,149,985 $14,263,612
Net sales
Cost of sales
112,437,525 12,813,887 11,164,5081 11,862,382
1 1,416.327
Admin.& general exp.._ f
Operating income... $1,475,200 $1,716,919 $1,985,477
20.390
17,732
30.203
Other income
-Earnings.
Sullivan Machinery Co.
Calendar YearsEarnings
Depreciation reserves
Reserve for Federal taxes
$1,505,404 $1,734,651 $2,005,867 $1,017,271
458,668
399,289
582.622
397,495
521,281
504,289
320,000
507.448
135,000
95,000
65,000
-Annual Report.
Submarine Boat Corp.
1926.
1927.
1928.
1929.
Calendar YearsGross earns from open__ $2,860,625 $2,669.377 $4,199.873 $3,403,185
4,871,505 3,393.799
2,966,949
3,399.770
Cost of operations
202.436
152,961
158,606
229,407
General expenses
$890,918
$736,074
$193,050
$114,649
$824,595
Balance, surplus
$535,461
$456,178
$768,552
Net loss
89.799
26.284
409,345
Dividends paid
16.602
13.030
Other income
8114,649
$890.918
$736,074
8103,251
$126,116
8798,310
Balance, surplus
$439,576
6755,522
Gross loss
102,200
Cr.234.772
Comparative Balance Sheet Dec. 31.
Other deductions
1929.
1928.
1928.
1929.
$205,451
$563,538
$439,576
$755,522
Balance, deficit
$
$
Liabilities$
Assets$
309.430
765.252
821,988
1,588,502
Mtge.bds.of subs. 136,000
150,000 Previous deficit
Cash in banks &
115,408
357,143
80,759 Bad debts written off_
606,508 Accts. payableon hand
279,619
134,962
Fed.tax prior years
Add.
Accts & notes rec. 961,899 1,229,883 Prov. for Federal
Cr.y44.778 Cr.y140,778 Cr.y647,579
65,000
95,000 Adjust. to surplus_
3,829,138 3,304,835 income tax
Inventories
247,318 Res. for extra compen.
Accr. liabilities.-- 250,377
from officers
Due
Cr.82,288
written back
19,319 Standard 1st mtge.
and employees__
11,678
320,428
243,724
5,697,050 5,943,000 Loss on sale of ships, &c_
bonds
218,830
Prepaid expenses.- 265,069
6,509
Notes payable_ _ _. 1,036,000
Loss on sale of treas.stk_
40,333
Treasury stock_ _ _
24,889 Mtg.bd.s. 1. Instal 210,450
20,241
Misc. accts. rec...
$765,252
$681,211
54,000
Profit and loss, deficit. $2,460,681 81,447,723
136.000 Guar. bds.of subs
Investments
1,923,579
-V. 130. p. 304.
y Appreciation of investments.
Stkh'd's equity_ _c10,959,7741,10,815,594
Engr. rolls, mfg.
949,999
supplies, dtc
955,606
-Proposed Consolidation.
Superior Products, Inc.
Total(each side)18,765,795 17,331,672
Plant account_ _.a10.484,238 10,835,999
See Louis Philippe, Inc., above.
a After deducting $6,012,531 reserve for depreciation. b Represented
class B pref. (par $100)
by $5,000,000 class A pref. (par $100), $4000,000
-Balance Sheet March 31.Superior Steel Corp.
and $4,665.000 com. (par $100) less deficit of $2,849,405. c Represented
1929.
1930.
1929.
by 50,000 shares class A pref. stock; 40.000 shares class B pref. stock and
1930.
AssetsCapital stock..-y$4,754.223 $4,154,223
186,650 shares corn, stock, all of no par value and surplus of $1,959.774. Bugs.. machinery,
1,850,000 2,006,000
-V. 129, P. 3489
.
&c__x$4,117,278 $4,065,034 Gold bonds
equipin't,
267,971
509,248 Accounts payable. 127,411
944,998
Cash
743,147 Accrued interest,
-New Director.
Starrett Corp.
Bills & accts.receiv 334,800
147,132
93,138
tax, &c
Edwin A. Potter, Jr., Vice-President of the Guaranty Trust Co. has been Govt.securities_ _ _ 203,092
707,347
598,534
1,300,523 1,478,773 Surplus
-V. 130. p. 3562.
Inventories
elected a director.
486,471
charges... 522,615
Deferred
-Sale.
Sterling Salt Co.
$7,423,306 $7,282,673
Total
$7,423,306 $7,282,673
Total
-V. 130, p. 2987.
See International Salt Co. above.
x After depreciation. y Represented by 100.000 shares, par $100.-V.
130, p.3563
-Report.
Stern Brothers.
-Merger Plan Dropped.
The operations for the year ended Jan. 31 1930 after providing for depreSutherland Paper Co.
ciation reserves, and all Federal and State taxes, but before deducting
President L. W. Sutherland has announced that all negotiation for the
interest on bonds of $360,000 resulted in a net profit of $920,006, equivalent merger of this company with the Container Corp. of America has been
after allowing for dividend requirements on 21,116 shares of $4 no par discontinued.
-V. 130, p. 2988.
class A stock outstanding at end of the year to $1.37 a share on 347.358
-New
compares
-Final Dividend of 10%
Swedish Match Co.
no par shares of class B stock. This year, after with $559.700 or $1.24 a
dividend requirements on
share on the class B stock in preceding
Director.
shares of class A stock then outstanding.
32,642
directors to
The shareholders on May 21 approved the proposal of the 5% interim
Balance Sheet Feb. 1 1930.
the usual
pay a final dividend of 10% out of 1929 earnings and
Assets
dividend for 1930.
the previous
$238,543 Accounts payable & accruals,
This makes a total for 1929 of 15% the same as paid in p. 3563.
Cash
-V. 130,
incl. Federal & state taxes. $837,101 year. Stellan Carlberg has been elected a director.
2,023,878
Accounts receivable
Funded debt
6,000,000
Deposits with mutual insur-Certificates Sold.
30,134 Class A stock
Texas Bitulithic Co.
6105,580
ance companies
recently sold 2250.000
3,312,674 Class B stock
c1,736,790
Old Cnarter Financial Corp., St. Louis, Mo.,
Merchandise Inventories
Capital surplus
2,122,513 municipal trust 5% ownership certificates. series 2-B, at prices to yieid
Furniture, fixtures, Improve21,725,973 Earned surplus
4,139,685 from 53 % to 5.40%, according to msturity.
ments & equipment
Denom.
7,499.600
Dated May 1 1900, due serially, May 1 1931-1935 inclusive. Bank of
Goodwill and lease
int. (M. & N.) payable at Chase National
110,868
61,000 c*. Prin. and National Bank, DaiMs, Texas. trustees.
Deferred charges
First
New York. and
214,941,669 Total
814,941.669
These certificates are secured by tax bills deposited with the trustee in
Total
b
amount not less than 105% of par value of municipal trust ownership
a After depreciation of $1.328,916.par Represented by 21,116 no par certificates at any time outstanding. Substitutions may be made, subject
shares.
-V. 126. p. 3139.
c Represented by 347,358 no
shares.
Gross income
Interest
Depreciation
Federal taxes
3734
FINANCIAL CHRONICLE
to our approval, including U. S. Government and municipal bonds. The
first series of these certificates was issued in 1920. Total amount issued
to date, including this series, is $6,000,000, of which $3,800,000 has matured and been paid promptly.
Tax Mks, pledged with the trustee as security for these certificates, are
guaranteed by endorsement by the Texas Bitulithic Co. Tax bills handled
by the company from 1909 to 1929, including those pledged as security
to municipal trust ownership certificates, amount to over $22,000,000.
Losses have been negligible, less than yi of 1% of the total volume.
Texas Bitulithic Co., with a present net worth of
incorp.
in 1906, and, operating througn its four subsidiary$1,200,000, was
companies, is engaged
In constructing hard surface streets, pavements and roads in the principal
cities of Texas, specializing in "Warrenite-Bitulithic" paving. The company is licensee of, and controlled through stock ownership by, Warren
Brothers Co. of Boston.
-V. 114. p. 2726.
Thermoid Co.
-Net Sales-Outlook.
-
Net sales totaled $1.765,752 for the first four months this year. as compared with $2,058,522 for the corresponding period
1929, according to
a statement just issued oy President R. J. Stokes. in
"Although business in the first two months of 1930 was behind last year,
steady improvement has been shown since that time, March sales running
some 69' ahead of March 1929," Mr. Stokes explained. "Hence the bulk
of the first quarter's earnings were made in March, and this improved
position has continued ever since.
•'The company is in an excellent cash position, all plants are operating
at capacity, and the outlook to-day is better than it has been for the last 10
months."
As of May 1, unfilled orders of the Southern Asbestos Co.. a subsidiary
amounted to $1,216.353.-V. 130. P 3563.
Thew Shovel Co.
-Omits Dividend.
-
The directors have decided to omit the quarterly dividend which ordinarily
would have been paid about May 20. 410012 Feb. 20, last, a quarterly distribution of 45 cents per share was made as compared with 40 cents per
share previously.
-V.130, p. 1298.
Thompson's Spa, Inc.
-Earnings.
-
The company reports for the year ended Dec. 31 1929, net income of
$431,517 after charges and taxes equivalent to $12.32 a share on the 35,000
shares of $6 cumul. pref. stock outstanding.
Earnings for 3 Months Ended March 31.
1929.
1930.
Netincome after charges
$85,477
Earns, per share on 200,000 shares common stock.._ $111,084
$0.16
$0.29
-V.129, p.2874.
Thompson Products, Inc. (& Subs.).
-Earnings.
Earnings for Quarter Ended March 31 1930.
Manufacturing profit
Expenses
Interest
Depreciation
Federal taxes
$574.521
265,813
8,152
73.388
24.988
Net profit
Preferred dividends
Common dividends
$202,180
2,498
157.896
Surplus
$41,786
Earns per share on 263,160 shares common stock (no par)
$0.74
Comparatire Balance Sheet.
AssetsMar.31 '30.Dee.31'29 LiabilitiesMar.31 '30. Dec.31'29
Land,bidgs.,mach
7% Pref.stock__ $389,100 $389,100
equip,drc
:$3,301,688 $3,297,652 Common stock__ y2.631,600 2,631,600
Goodwill, patent
Notes & accts. pay 910.965 1,271.538
rights &e
836,053
834,363 Accrued accounts_ 200,254
211,396
Cash
349,123
35,306 Capital surplus__ 633,731
633,731
Marketable securs
705,054 P. dr L.surplus... 2,909,865 2,867,161
Notes, accept &
accts. receivable 1,159,833
697,676
Inventories
1,710,334 1,995,425
Off& personal corp
accts. receivable
157,265
Emp.& misc. notes
& accts. rec........
41,752
28,742
Other securs owned
38,001
38,001
AMilated cos
161,330
152,175
Prepaid expo., &c_
77,401
62,867
Tot.(each side)_$7,675,515 1,8,004,526
x After depreciation. y Represented by 263,160 no-par shares.
-V. 130. p. 3183.
Tide Water Oil Co.
-Acquisition.
-
The company has acquired the Pioneer Distributing Co.of Hazleton, Pa.
with six bulk plants, 22 service stations and 180 dealer accounts.
-V.130,
P. 3184.
Title Guarantee & Trust Co.
-Abolishes Offi-e.-
The trustees on May 20 abolished the office of chairman of
of
directors, created in 1923 for Clarence H. Kelsey whose deaththe board 30
on April
eliminated the necessity for the office. Clinton D. Burdick will continue
as President and the New York office will be in charge of Frederick B.
Condit as Executive Vice-President.
-V. 130, P 2044.
Transformer Corp. of America.
-New Directors.
-
Harvey Ellis, John E. Burke, E. J. Doyle and Ernest R. Reichman have
been elected directors.
-V. 129. P. 3183.
Truax-Traer Coal Co.
-Conversion Feature Changed.
-
The number of shares of common stock deliverable upon the conversion
hereafter of the 15
cony. debs. has been increased from 1 share
-year
for each $33 1-3 of debentures converted to 1.0678 shares (to be calculated in the case of each conversion to the nearest hundredth of a share)
for each $33 1-3 of debentures converted.
-V. 130, p. 3563, 3184.
05%
20th Century Mutual Automobile Casualty Insurance
-Second Dividend Declared.
Co.
Albert Conway, State Superintendent of Insurance (New York) has declared a second dividend of 10%, payable at once on all claims allowed the
company formerly having offices at 1725-27 Broadway, N. Y. City, and
which was placed in possession of the State Insurance Department for
liquidation on Nov. 6 1923, by an order of the Supreme Court, New York
County. The dividend checks are dated May 15, and were sent by Juan to
the claimants. A first dividend of 30% was paid to all claimants about a
year ago. Further dividends will be paid out of collections made from
members who have been assessed 200% of the premiums written in the
policies. Mr. Conway is now engaged in bringing hundreds of suits to
collect the assessment.
Unit Corp. of America.
-Number of Stockholders.
-
The corporation had 1,737 stockholders on April 10, an increase o
nearly 58% since Jan. 1 of this year, according to an announcement.
The company's past earnings record and its strong position in the industry
are largely responsible for the increase, it was officially stated. At the
beginning of the present year the company had something like 1.100 stockholders.
-V. 130, p. 2790.
United Aircraft & Transport Corp.(& Subs.).
-Earns.
Quarter Ended March 31Net profit after charges, minority int., Fed.tax.
,&c
Shares common stock outstanding (no par)
Earnings per share
1929.
1030.
$900,391 $1,816,160
1.550,000
1.840,460
$1.05
$0.39
Acquisition.
See National Air Transport, Inc., above.
-V. 130, p. 3564.
United Cigar Stores Co. of America.
-To Change Par.
The stockholders will vote May 29 on changing the authorized common
to ck from $60,000,000. par $10. to 6,000,000 shares of no par value, each
psresent share to be exchanged for one new share.
-V. 130. 13• 3564
.
[VOL. 130.
United Carbon Co.
-Earnings.
-
3 Months Ended March 31-Oper. profit after deduct. mfg., sell., gen. & administrative expenses
Other income
Totalincome
Depreciation & depletion
Bond interest & discount
Provision for contingencies
Provision for Federalincome tax
Net profit
Balance,Jan. 1
Sundry adjustments
--prior years
Totalsurplus
Preferred dividends (335%)
Common dividends
Prem.on pref.stock bought,.5:c
1929.
1930.
$650.810
85.348
$821.559
80,397
3736.159
387,858
$901,951
384.919
24,140
20.000
60,000
50,000
35.000
$263.300
1,791,141
$412,887
1,349,305
16.701
$2,054,441 $1,778,893
187,709
73,743
198,943
94,129
Balance per balance sheet
$1,687,627 $1,591,184
Shares common stock outstanding (no par)
212,564
397,885
Earns, per sh.on 212,564 shs. corn,stock (no par),.
$0.41
$0.65
Consolidated Balance Sheet March 31. •
1930.
1929.
1929.
1930.
Assets$
$
Liabilities$
$
Cash
983,393
624,452 Notes pay.-see'd
U. S. Govt. secs
252,510
505,429
by mortgage.
300,000
Notes receivable..,
28,776
314,825 Accts.payable_ -- 179,606
281,966
Accts.receivable 1,260,038 1,418,730 Dividend payable- 272,709
187,708
Inventories
1,909,157
478,813 Accr. taxes, royalOther assets
2,142,677
165,118
ties,&c
90,972
97,152
Mtge.notes reeelv.
Bal.of Fed.inc.tax
97,350
95,350
contra
210,614
555,334 Funded debt
732,004
Land
Def. inc.-contra _ 254,686
555,334
Wells, pipe lines, 15,753,511
218,526 Res. for deprec. &
trench's, lease.,
x9,880,034
depletion
5,228,768
bldg.,equip.,&e
Res. for Fed. inc.
Construe, in wog332,057
tax & conting
85,000
80,000
Tr. mks.,cont., arc
1
1 Minority Mt. In
Unamortized bond
subsidiary cos_
. 33,000
33,000
disc. & prepaid
Preferred stock_ _ - 2,106,950 5,363,100
expenses
82,142
137,575 Common stock„y12,586,150 5,314,100
Surplus
1,687,627 1,591,184
Total
22,622,819 14,630,895
Total
22,622,819 14,630,895
x After allowance for depreciation and depletion of $3,897,453. y Represented by 397.885 shares common stock.
-V. 129. P. 3183; V. 130, P.
1479,3564.
,
United Dyewood Corp.(& Subs.).
-Earnings.
-
Calendar YearsOperating profit
Other income
1929.
$834.015
31.323
1928.
$932,802
51,339
Total income
Depreciation
Federal taxes
Miscellaneous deductions
General reserve
Other appropriations
$865,338
150.829
83,816
49,561
22,644
97,356
$984,141
121,773
125,110
44,758
28.363
114.414
Net income
Subsidiary dividends
7/0 Preferred dividends
$461.132
21.116
276,509
$549,723
19,903
276,500
Surplus
-V. 129, p. 1931.
$163,516
$253,320
United Hebrew Congregation of St. Louis, St. Louis,
C. Steinberg & Co., St. Louis, are offering
$245,000 1st mtge. serial 5,1% gold bonds at prices to yield
53%, according to maturity.
Mo.-Mark
Dated June 1 1928; due serially June 1 1930-40. Principal and hat.
(j. & D.) payable at Mercantile-Commerce Bank & Trust Co. of St. Louis.
Callable all or part on any int, date on 60 days' notice at 101 and int.
National Bank of Commerce in St. Louis, Trustee.
Congregation.
-The United Hebrew Congregation, organized in St.
Louis in 1837, is the oldest Jewish religious body west of the Mississippi
River. Located in a district of beautiful homes and apartments, the congregation, with a membership of over 700 families, is the largest Jewish
congregation in St. Louis. Its history in six locations is a part of the history
of the growth and development of St. Louis.
Security -Bonds are direct obligations of the United Hebrew Congregation of It, Louis, a Missouri corporation, and are secured by a closed
first mortgage on the United Hebrew Temple located on Skinker Road
lust south of Wydown Boulevard. The fee and improvements are conservativeiy valued at $605,000.
-Normal receipts since occupancy of the new Temple have been
Income.
more than sufficient to meet all expenses, including interest and pay-off
on this loan, and the budget has balanced at the end of each year without
any extra call upon the members. The budget of the congreagtion for the
year 1930 amounts to $65,000. being over five times interest requirements
United Hellenic Bank Shares, Inc.
-Initial Divs. &c.
The directors on May 12 declared initial quarterly cash diva. of 10c. per
share on the pref, and common stock, payable July 1 to holders of record
May 31.
Present holding's of the corporation are as follows:
Banks.
-Bank of America, N. A.: Bank of Manhattan & Trust Co.;
Bankers Trust Co. of N. Y.: Central Hanover Bank & Trust Co. N.
Y.:
Chase National Bank of N. Y.• Chatham Phenix Nat. Bank & Trust Co.,
N. Y,; Chemical Bank & TruA Co.: Empire Trust Co. of N. Y.; Irving
Trust Co. of N. Y.; National City Bank of N. Y.; New York Trust Co., and
Public National Bank & Trust Co. of N. Y.
-Aetna Fire Ins, Co.; Aetna Life Ins. Co.; AmerInsurance Companies.
ican Equitable Assurance Co. of N. Y.: Home Insurance Co. of N. Y.•
National Liberty Ins. Co. of N. Y.; National Union Fire Ins. Co. of Pitts:
burgh; Peoples National Fire Ins. Co.; Providence Washington Ins. Co. of
Providence, and U. S. Fire Ins. Co. of N. Y.
Public Utilities.-Amerlcan & Foreign Power & Light Co.; American
Super Power Corp.; American Water Works Corp.: Commonwealth
Southern Corp.; Consolidated Gas & Electric Co. of Baltimore:Detro&
it
Edison Co.; Electric Bond & Share Co.; National Water Works
North American Co.; Public Service Corp. of New Jersey: Standard Co.:
Gas
& Electric Co.; United Corp., and United Gaa dr Impt. Co. of Phila.
-American Brake Shoe & Foundry Co.; American
Industrials.
phone & Telegraph Co.; Anaconda Copper Co.; General Electric TeleCo.:
National Biscuit Co.; Philadelphia & Reading Coal & Iron Corp.; Radio
Corp. of America, and Standard 011 Co. of New Jersey.
Railroads.
-Atchison Topeka & Santa Fe RR.; Chesapeake
New York Central RR., and St. Louis & San Francisco RR. & Ohio RE.;
Ohain ,Store.
-Montgomery Ward & Co.
Peter N. Laskas, President and Treasurer of the Laskaa Motor Lines,
Inc. Waterbury, Conn., has been elected a director. The officers and
dire tors are as follows' Michael J. Zerounis. President; John (1. Steele,
c
First Vice-Pros,; Robert S. Turton Sr.Second Vice-Pros.; C.
Cassimatis, Treas.; Lawrence S. Turton, Sec'y, and Peter N.Nicholas
Laskas.
director.
United National Corp., Seattle, Wash.
-New Directors
-Preference Stockholders Offered Optional Stock Dividend
Privilege To Yield 6%.
Three new directors have been added to the board, viz.: Joel E. Ferris,
of Ferris & Hardgrove, Spokane; Sydney J. Dicketts, Vice-President,
American & General Securities Corp.. New York, and J. C. Bowles, President of the Bowles Co., Seattle. Mr. Dicketts represents United Founders
Corp. interests. The United National Corp. has a subsidiary
minority
interest in Ferris & Hardgrove.
Participating preference stockholders will be offered an optional stock
dividend privilege. This will enable participating preference
stockholders
MAY 24 1930.]
3735
FINANCIAL CHRONICLE
to apply the regular quarterly cash dividends at the rate of $1.60 a share
annually toward the acquisition of additional shares on a basis returning
the equivalent of a 6% dividend in stock. Stockholders who choose may
continue receiving dividends in cash. The new dividend policy becomes
effective Sept. 1 and does not apply to the current quarterly declaration,
payable June 1. Extras also would not be affected by the stock dividend
privilege.
Earnings of United National Corp., President Ben B. Ehrlichman said,
are substantially in excess of maximum dividend requirements. The last
statement as of Dec. 31 showed earnings in excess of $4 per share. A new
statement will be due as of June 30 when the fiscal year ends.
-Regular Dividend, &c.
United States Freight Co.
The regular quarterly dividend of 75c. per share has been declared upon
the outstanding stock of record as of May 29 1930.
Chairman Woodruff announced that there had been, within the past 60
days, indications of a return of business in a gradual but nevertheless consistent way. In April the tonnage figures of the principal subsidiary of this
company, the Universal Carloa&ng & Distributing Co.,showed a decrease
of but 2.6%. as compared with April 1929. which month incidentally was a
record month. This ratio Is considerably better than the ratio of industry
as a whole, particularly as shown by the current reports of the principal
-V. 130. p. 3564.
railroads.
Balance Sheet March 31 1930.
-Stock Offered.
-Otis
Liabilities
United States Playing Card Co.
Assets$25,339 & Co. and John Nickerson & Co., Inc., are offering at
8308,705 Rea. for Federal tax
Cash in banks
340,455 Partic. pref. stock (500,000
Notes & accts. receivable__
2.50 per share 30,000 shares common stock (par $10).
shares no par)
17,541,129
95,910
Due from controlled cos
Common stock (32,261 shs.
YInventory of bonds & stocks
shares offered have been purchased from individuals,
no par)
798,862 The
x3,640,751
cost)
(at
3,502 Surplus & undivided profits- 530,735 and do not represent new financing by the company.
Office furniture, fixt. & equip
aInv. in securs. of controlled
This stock is not required, under the present statutes of Ohio, to be
Total(each side)
$18,896,064 listed for personal property taxation in Ohio, and dividends are exempt
& affiliated companies_ _ _ _ 14,506,741
a Includes ownership in the following: Drumheller, Ehrllchman & White; from the present normal Federal income tax. First National Bank,
Murphy Favre & Co.; Ferris & Hardgrove (minority int.); United Oregon Cincinnati, 0., transfer agent. Central Trust Co., Cincinnati, registrar.
Corp. (owned jointly by each of the above); United Pacific Bond & Share
Data From Letter of Chairman John Omwake, Dated May 20.,
Corp., combining the activities of United Bond & Share Corp., United
-Is the largest manufacturer of playing cards in the world
Company.
Pacific Corp., United Diversified Securities Corp.; United Pacific Casualty
United Pacific Fire Insurance Co.; United Pacific Life and Is the oldest company in the industry in the United States. The
Insurance Co.; Unit
Insurance Co.; United Insurance Agency; Unied Pacific Realty & Invest- present company,the outgrowth of a printing business established in 1867,
ment Corp.. and United Trust Co.
was incorp. in Ohio in 1917 as successor to a New Jersey corporation of the
same name organized in 1894. Cards manufactured by the company and
x Does not include securities of any company of the United group.
distributed under the trade names"Bicycle,""Congress,"
y Undistributed net earnings of United National Corp. have been, at all its subsidiaries are
"Aristocrat," "Bee," "Angelback," "American Beauty"
times, more than sufficient to offset fluctuations in market value of security "Blue Ribbin," and are known and used in nearly every country of the
and "Tally-Ho"
-V. 130, p. 306.
holdings.
world. Sales offices are maintained in many of the principal cities of tne
United States and in London. England, with sales representatives else-New Name.
United Printers & Publishers, Inc.
where throughout the world.
See Gerlach-Barklow Corp. above.
The main plant of the company is located at Norwood, a suburb of
Cincinnati, Ohio, and other plants are operated at Milltown, N ..T., and
-Probable Acquisi- Windsor, Ont. Company's plants are modern in construction and design
United States Dairy Products Corp.
-Al
.packs of cards.
and have a daily capacity in excess of 250,000
tion-May Retire Series A Notes.
-The business of the company (including Its predecessor) has
Growth.
Announcement Is expected shortly of the acquisition by this corporation
consistent growth since its organization.
steady and
of the Janssen Dairy Co.. of Hoboken, N. J., and will mark the fifth ac- shown a remarkably
have registered a gain in every year but 6 of the
quisition of the company this year in line with its aggresive expansion The sales of the company and substantial profits have been reported in
policy planned for 1930. The Janssen business is expected to add approxi- 36 years of its existence,
every year.
to U. S. Dairy's gross annually.
mately $3,000,000
The following is a record of the profits and dividends of the company
Previous acquisitions this year include the H. S. Chardavoyne, Inc.,
one of the old milk companies in Brooklyn; the Avondale Farms Creamery, and its subsidiaries (including its predecessor) since organization:
Dios.Paid.
Tenn.; the Skerks Ice Cream Co., in Jacksonville and
a Profits.
Yeara Profits. Dios. Paid.
Inc., in Knoxville.
Year$707,461
$271,323
1913
the Southland Ice Cream Co. in Ocala, Fla. Moreover, the milk business 1895
$167,143
318.023
690,315
$60,310 1914
of a number of independent farmers in Florida was taken over. These 1196
142,557
383,628
567,248
120,620 1915
200,786
purchases are expected to increase gross by about 52,000.000, and including 1897
400,308
772,652
120.334 1916
1.42,375
Janssen, $5,000,000. Expansion plans in Florida include the prection of a 1898
400,308
980,912
St. Petersburg.
120,048 1917
plant this year at
364,725
1899
565,414
944,414
120,048 1918
373,285
Announcement is also expected shortly of the calling of the 834% cony. 1900
567,103
1,769,584
120,048 1919
411,254
gold notes,series A.due 1933. at 103. As of Dec.31 1929,total outstanding 1901
733.898
1,977,122
callable on any interest date at 30 days' notice. 1902
120,048 1920
513,061
was $227,000. Notes are
733.898
1,111,687
180,072 1921
411,249
The next interest date is July 1. The original issue amounted to $800.000, 1903
850,654
1,792,888
210,084 1922
471,368
of which $373.000 has been retired either by conversion into preferred 1904
833,975
1,811,402
240,096 1923
or common stock, or through the sinking fund.
462,753
1905
1,000,770
2,055,131
240,096 1924
It is understood that over the next 12 months, it Is the intention of 1906
480,839
1,042,468
1,966,488
240,096 1925
411,561
the company to call the series B and C gold notes, of which there were out- 1907
1,305.000
2,309,651
240.096 1926
391,756
standing at the close of last year $819,500 series B and $731.500 series C. 1908
1,800,000
2,450,287
240.096 1927
Both have the same conversion privileges as the A issue. ("Phila. Financial 1909
406,520
2,451,412
1,800,000
240,096 1928
383,728
-V. 130. p. 2790.
Journal.")
1910
2,067.528
132,567,662
271,323 1929
514,194
1911
271,323
641,461
1912
-Earnings.
United States Finishing Co.
a For purposes of comparison with the years prior to 1917, profits as
1927.
1926.
1928.
1929.
Calendar Yearsb Includes Russell Playing Card Co.
Gross income
$11,268,005 $10,207,106 $9,362,907 $9,247,476 given are before Federal income taxes.
-The consolidated net earnings of the company and subsidEarnings.
8,410,578 8.473.415
Expenses, deprec., &c
10.178,410 9.319,871
iaries after all charges including depreciation and Federal income taxes.
$952.329
$774.061 for the 5 years ended Dec. 31 1929. were as follows:
$887.325
Net profit
$1,089,595
56.853
155,459
Net Earnings. *Net per Sh.
87,037
Other income
64,203
$4.74
$1,707,300
1925
5.57
$929,520
2,005.623
$974,362 $1,009,182
Total income
$1,153,798
1926
74,552
5.92
78,060
98.746
80,134
2,134,130
Interest
1927
231,430
205,372
6.05
2,180.479
243,788
240,572
Federal taxes, &c
1928
2.294,7615.73
1929
$703,199
$646,088
5631,828
Net income
$833.091
* On number of shares outstanding at end of each year, adjusterror
252.000
252,000
252,000
252,000
Preferred diva
par value in 1927.
280.000
240,000 reduction from $20 to $10
280,000
Common diva
Y 260.558
Earnings per share on the common stock, as shown above, averaged
35,000
Queen Dyeing Co., pref
$5.60 per annum. Such earnings do not include for the years prior to
year.
$171,199
$154,088 1929 the earnings of the Russell Playing Card Co. acquired in that
$99,828
$275.533
Balance,surplus
-year Period averaged
x40,000
x40.000 The combined earnings of the two companies for the 5
x40.000
She,com.outst.(no par)
121.200
common stock now outstanding.
$11.28
$9.85 $5.88 per share on
$9.49
Earns. per share on com.
$4.50
Outstanding.
Authorized.
Capitalizationx Par value $100. y In addition 2% in com.stock (2,412 shs.) was paid
400,000 she.
400,000 she,
on com.-V. 130. P. 1846.
Common stock (par $10)
-Dividends on the company's common stock have been paid
Dividends.
-Earns.for Cal. Year 1929.
United States Glass Co.
without interruption since 1896 and in no year has the dividend rate been
$90.001 lower than that of the preceding year. Regular annual dividends of $4
Operating profit
203.958 per share, payable Q.
Depreciation charged against operations
-J., are being currently paid and in the years 1927.
1928 and 1929 an extra dividend of $1 per share was declared.
$113.957
Netloss-U.S. Glass Co
-John Omwake, Chairman, B. C. Hawkes, President,
Management.
Net loss-Glassport Land Co
5,486
Benjamin Rosenthal, Exec. Vice-Pres. and Chairman of the Executive
-V. 129. P. 3982.
Combined net loss
$119,443 Committee.
Adjust, for deprec. during periods prior to year 1029, erroneously
charged to acct, represent. reduct. of appraised values & to
-Annual Report.
United States Radiator Corp.
capital surplus now transf. to profit & loss-surplus
87,002
1927.
1928.
1929.
1930.
Years End. Jan. 31l'rov. for possible shrinkage in inventory due to slow moving &
$1,654,600 $1,086,107 $1,363,666 $2,068.183
200,000 Gross earnings
obsolete items, &c
200.518
169,732
sales, &c..
Additional provision for doubtful accounts
25,000 Cash disct. on
39,003
47,900
190,373
202,480
Int. on bonds & notes_ 143.150
137,008
251,855
282.593
Totalloss
$431.445 Depr.3c. & amortization48.414
-surplus Dec.31 1928
Profit and loss
481,104 Loss on accounts
Res.for Fed,taxes provided for in prior years.restored to surplus
25.400 Res. for Federal taxes &
227.000
130,000
75,000
132,000
Appreciation realized through sale of prop. of GLassport Land Co-- 17.856
contingencies
Profit and loss-surplus Dec.31 1929
-V. 130. p. 2231.
$92,915
United States Printing 8c Lithograph Co.
-Earnings.
Earnings for Year Ended Dec. 31 1929.
Gross earnings
Reserve for Federal income taxes
Ras,for depreciation on buildings, machinery & equipment
Special commission & interest on 6% serial gold notes
Net profit
Surplus-Jan. 1 1929
Net Profit
Miscellaneous adjustments applic. to prior years
Balance, surplusof corn. outs'd'g
41,395,258 Sharespar)
(no
75,482 Earns. per share on com_
411,175 -V.128, p. 1752.
149.757
758,844
2,094,629
758,844
27,323
Total surplus
$2,880.797
Montclair plant, final liquidation
56,880
Income tax adjustment prior years
20,498
Reorgan. exp., losses & exp. incident to the assimilation of
recently acquired subs
197,882
Preferred dividends
Common dividends
256,668
Write off of good will, engravings, unamort. bond disc., less
surplus from appreciation
1,157,114
-Dec.31 1929
1,072,703
Surplus
$3.78
Earns, per shr. on 169,146 shs.cont.stk.(no par)
x Includes $37,949 profit on sales during 1929 of machinery and equipment.
The regularly quarterly dividends of 50c. a share on the common stock
and 75c. a share on the preferred stock, for the first quarter of 1930 were
Paid April 1 to holders of record March 21.
-17. 129.
H. H. Gugler was recently added to the board of directors.
P. 3982.
$1.037,528
Net income
294,672
Preferred dividends_ _ _ 423,344
Common dividends_ -
$548,879
294.672
423,344
$830,610 $1,458,514
287,672'
287,672
430,000
400,000
$319,511 def$169,137
$142.938
$740,842
211,672
211.672
$1.20
150
211,672
$2.56
200 OM
$8.85
-Status.
U. S. Radio & Television Corp.
Seasonal depression in the radio industry and continued liquidation of its
obsolete stock were responsible for operation of this corporation at a loss
since Dec. 1 1929, President J. Clarke Colt announced. Mr. Colt added,
however, that after June 1 operations of the company were expected to be
on a profit making basis.
-to-1 and has a
The corporation has a current position of better than 6
strong cash position.
Concerning the condition of the company Mr. Colt said in part: "In-the
screen grid
spring of 1929 the placing on the market ofcorporationradio sets depreciated
was manufacturing.
the value of neutrodyne sets which the
appearance of screen grid sets made it necessary to liquidate the large
The
company's neutrodyne sets. Due to this liquidation, the
inventory of the
corporation showed a loss from operations for the period from Dec. 1 1928.
to July 31 1929, of $746,840. goods inventory was liquidated, there was
"While most of the obsolete
still a large amount of capital tied up on July 31 last year in U. S. Radio
in process
and Television Corp. work already of operationand raw materials. The
was more than made up.
company's loss in the first 8 months
in the last 4 months of the year ended Nov. 30 1929. Owing to,
however.
decreases in the
the continued liquidation and seasonallosses since Dec. radio business, the
1 1929. This loss,
corporation has experienced operating
however, has been decreasing since Jan. 1 this year and the management
"
expects that operations will again become profitable by June 1.
3736
FINANCIAL CHRONICLE
In the election of officers, Mr. Colt was re-elected to the Presidency and
wo of the Vice-Presidents, Arthur E. Case and
C. Perkins, were relected. Walter II. Dyer and A. C. Messick W. also elected VicePresidents. John F. Rogers was electedySecrewere
tary-Treasurer. Those
elected to the board of directors were Messrs. Colt, Case, Messick and
Perkins, and J. Russell Forgan, John Prince, C. G. Cushing, James 0
McKinsey and Arthur C. Hillman.
-V. 130, P. 150.
UnitedSteamship Co., Ltd., of Copenhagen.
-Earns.
The company reports for the year 1929 net profit
$1,958.244, equal to
11.08 times the interest charges on the 6% sinking of
depreciation, and 6.42 times such charges after fund bonds of 1937 before
depreciation. This does
not include depreciation on Scandinavian-American Line passenger steamers.
In 1928 these interests charges were
depreciation
and 5.76 times after depreciation. earned 10.56 times before
Earnings for Years Ended Dec. 31.
1928.
1929.
Net profit for year
$1.958,244 $2,123.491
Interest on 6% sinking fund bonds,1937
176,720
201,093
Interest on reserve fund certificates
458,280
466,320
Balance
$1,323,244 $1,456,078
Ordinary depreciation
823,167
965,703
A 6% dividend was paid recently out of earnings from 1929. The sinking
fund on the 67 bonds of 1937 has reduced the issue from the original
amount of $5.000.000 to the present outstanding amount of $2,772,500.
- 128. p. 1576.
V.
Universal Oil & Gas Co. (Okla.).
-Halt Deal in Oil
Stock.
The following is taken from the New York "Times":
An attempt to sell here(N. Y. City) $1,000,000 worth of"memberships"
In the Universal 011 & Gas Co. of Oklahoma City was stopped yesterday
(May 19) as a result of joint action by Federal and State authorities,
according to announcement at the State Bureau of Securities.
Only two months ago Justice Harry E. Lewis signed an order in the
Brooklyn Supreme Court restraining the Securserv, Inc.. the Securities
Service Co., and Hazel Christmas, individually, from dealings in the stock
of the company. It was in the investigation of activities of the company
that Deputy State Attorney General Abraham N.
Police Commissioner Richard E. Enright as to his Davis questioned former
company
interest
and the use of his name in literature promoting the sale of in the
Universal memberships. Mr. Enright explained that he had investea in the company
after inspecting the properties in Oklahoma.
United States Attorney Roy S. Lewis of Oklahoma City informed the
local officials that S. E. J. Cox,former associate of Dr. Frederick A. Cook,
Arctic explorer, is under arrest in the West on the charge of using the malls
to defraud as the result of an inquiry into the sale of Universal Oil securities.
- 130. p. 1670.
V.
University Tower Corp.
-Bonds Offered.
-Hanson Bros.,
Inc., Montreal, are offering $1,000,0006% cony, sinking
.
fund gen. mtge. bonds at 98 and int., to yield over 6.65%,
carrying a bonus of 2M shares of common stock with each
$500 bond.
Dated Nov. 1 1929; due May 1 1950. Principal
interest(M.& N.)
payable in Canadian gold coin at the Royal Bankand Canada,
of
Toronto, Ottawa. Quebec, Halifax, Winnipeg, Regina, Calgary Montreal,
and Vancouver, or at the option of the holder at the agency of the Royal
Bank of
Canada, N. Y. City, in U. S. gold coin, or at the Royal Bank of Canada,
London. Eng. at fixed rate of $4.86 2-3 to the pound sterling.
Denom.:
$1,000 and $500c*. Red. all or part on any int, date, on 60 days' notice,
up to an incl. Nov. 1 1934 at a premium of 5%,
thereafter up to an
incl. Nov. 1 1949 at a premium of 5% less 31 of 17.andeach
for
year or fraction
thereof, and after Nov. 1 1949 without premium;in
each case with accrued
bit. Trustee: Montreal Trust Co., Montreal.
Convertible.--ConvertIble at the option of the
at the rate of 20 shares for each $500 bond at any holder Into common stock
time
Should bonds be called for redemtpion at any time on prior to Nov. 1 1940.
holders will retain the right to convert their bonds or before Nov. 1 1940,
into common
provided in the indenture, up to the day immediately preceding stock, as
the date
fixed for the redemption of the bonds.
Capitalization-Authorized. Outstanding
6 1st mtge. due May 1 1950
$1,250,000 91,250.000
634% cony,sinking fund gen. mtge. bonds
121,000,000 1,000.000
Common shares (no par)
a Of this amount 40.000 shares are reserved for a90.000 shs. 34.500 sibs.
the future conversion of
the general mortgage bonds. b Originally authorized
$1,250,000, but
closed by supplementary trust deed at $1,000,000.
Property.
-Corporation owns the property on
St. Catherine and University Streets, Montreal the southeast corner of
containing an area of
18,349 square feet and having abundant direct light
sides. On this property has been erected an 18 story and air on all four
fireproof office and
stores building, with basement and sub-basement garage,
known as the
"University Tower," now ready for occupancy.
Security.
-Bonds will be secured by specific hypothec and charge on
the
corporation's fixed property now owned or hereafter
floating charge on its other assets, subject to a 6% acquired and by a
first mortgage due
May 1 1950, of a maximum amount of $1,250,000, to be reduced
by semiannual sinking fund payments of $18,750, commencing Nov.
1 1931.
Valuation.
-Independent valuations of the land made by Walter Molson
& Co. and Ewing & Ewing average $1,160,485. Similar appraisals
of the
building by Walter Molson & Co.,and by Barott & Blackader, average
$1,848,471, or a total of $3,008,956. Reducting the first mortgage from
this figure shows the security behind these bonds to be
$1,758,956, or
$1,758 Per $1,000 bond to be outstanding.
Sinking Fund.
-Trust deed provides for a sinking fund of $10,000 payable
Nov. 1 1932 and increasing annually thereafter at the rate of
$2,500
annum. Over 56% of this issue will be so retired by maturity, while Per
the
first mortgage will be reduced to $562.500.
Income.
-As at April 24 1930, rentals closed are sufficient to provide
for estimated first year's operating expenses, first mortgage interest and
interest requirements of the general mortgage bonds. Remaining space is
being rapidly leased, revenue from which is largely net, and which Is
applicable to reserves and dividends.
[VoL. 130.
Consolidated Balance Sheet December 311929.
[Except as to French subsidiary shown under Investments]
AssetsLiabilities
Cash
$142,003 Notes payable
$525,000
Customers' accts. receivable- 3,583,524 Accounts payable
818,705
Notes receivable
129,121 Sunder accts. Paz., accruals
Sundry accts.receivable
511456
89,392 & tax reserves
Accr. int. & dile. receivable._
28,577 Preferred dividends Payable_
146,439
Merchandise inventories__ 2,195,773 Preferred stock
6,989,300
Investments
y7,974,534
491,967 Common stock
Land, bldgs., mach'y & equip x2,463,310 Minority interest in subs
10,060
Goodwill, brands, tradem'ks
Surplus
1,058,099
& formulae
7,952,309
Deterred & naseell. assets
957,316
Total
$18,033,293 Total
$18,033,293
x After depreciation of $1,193,942. y Represented by 1,021,573 no par
shares and includes stock to be issued for scrip and stock of predecessor
companies now outstanding.
-V.129. p. 3490.
Van Raalte Co., Inc., N. Y. City.
-Earnings.
Calendar Years1929.
1928.
1927.
1926.
Gross profit on sales- --- $1,818,463 $1,628,456 $1,595,743 $1,583,898
Selling, adm.,&c.,exp__ 1,246,634
1.156,669
1,231,459
1,218,799
Net profit
$571,829
$471.787
$364,284
$365,099
Other income
78,335
70,338
160,129
60,741
Gross income
$650,164
$542,125
$425,025
$525,228
Depreciation
205,223
227.119
211,502
189,749
Income charges
167,622
216,239
197,723
199,753
Federal income tax
8.671
Net profit
1st preferred dividends.
-
$268,647
Balance, surplus
$268,647
Ohs, of pref. stk. outstanding (par $100)
34,925
Earns, per share on pref.
$7.69
-V. 130, p. 3185.
$98.766
$135,726
$15,800
(531 %)191,826(7%)258,633
$98,766 def$176,026 def$122,906
36,525
92.70
36,525
$0.44
36,665
$3.70
Vulcan Detinning Co.-Earnings.Quar. End. Mar. 311930.
1929.
1928.
Sales
$1,538,370 $1,697,701 $1,247,339
by,of finished products
173.528
143,239
120,405
Total
Expenses. deprec., acc
$1,364,842 $1,554,461
1,230,935
1,369,007
1927.
$1,006,828
70,689
$1,126.934
1,078,548
$936,138
804,631
Net income
Other income
$133,907
5,191
$185,454
13,842
$48,386
3,561
$131,507
5,422
Total income
Taxes,&c
$139.098
28,653
$199.296
34,732
$51,947
9,435
$136.929
30,061
$110.445
1,232,620
$164,563
1,121,656
$42,512
882,631
$106,868
892,420
$1,343,065 $1,286,219
142,524
87.340
$925,143
42,339
$999,288
72,340
Net profits
Bal..sUrPlus. Jan 1
Total surplus
Dividends paid
Profit & loss, surplus.. $1,200,542 $1,198,879
$882,804
$926,948
Balance Sheet March 31.
Assets1930.
1929.
Liabilities1930.
1929.
Plant & equIpm't x$2,298,992 $1,179,459 Preferred stock_.$1,328,400 $1,500,000
Pats.,good-w111.&c 3,288,869 4,361,637 Pref.A stock
903,400
919,400
Cash
565,798
893,600 Common stock
2,000,000 2,000,000
Inventories
483,807 Common A stock., 1,225,800 1,226,800
531,321
50,120 Accounts payable_ 253,214
Investments
314,077
247,841
Accts.receivable- 303,542
426,127 Dividends payable 142,524
114,920
Advances
5,479 Res. for taxes &
8,062
contingent Habil 256,782
193,388
Tot.(each side)_37.310,662 87,400,229 Surplus
1,200,541 1,198,879
x After deducting $171,727 reserve for depreciation.
-V. 130, P. 2231.
Waitt 8c Bond, Inc.
-Offer to Be Made to Minority Stockholders.
-See Porto Rican American Tobacco Co. above.
V. 129, p. 985.
Waltham Watch Co.
-Earnings.
Calendar Years1929.
1928.
1927.
Gross profits
$1,444,169 $1,599,555 $1,860,500
Taxes,int., deprec., new mach..etc_ 784,285
792,589
988,196
Net income
$659,884
$806,966
$872.304
Balance Sheet Dec. 31.
1928.
1929.
1929.
1928.
Assets$
$
Plant
3,467,007 3,471,410 7% Prior pref. stk. 1,700.000 1,700,000
Mdse. & stock in
$.000.000 5,000,000
6% Pref.stock_ _
Process
1,347.704 1,029,953 lit mtge.6s
3,000,000 3,000,000
Cash
848,174
414,068 A e Counts payable_
7,760
Notes dr sects, rePos,for bad debts_ 159,505
159,504
ceivable_ _
1,416,836 1.720,230 )s. for Fed, and
Cost of bone I and
Other taxes
363,492
debens.21 ch'd- 1,373,767 1,277,354 R38.for discounts_ 308,926
101,235
106,674
Cost of shit night 2,526,102 2,526,0C2
w.for deprec'n
795,000
530,000
Trail -marl ,, pat/ & L.surplus__ -x2,197,255 1,869,438
ents. &c
2,290,090 2,290,0 0
13,269,881 12,729, 411.
-8
Total
Victor Monaghan Co.
13,269,681 12,729,108
-Dividend Decreased.
Ropr •sented by 25.000 share
ass A and 70,000 shares of class B
The directors have declared a quarterly dividend of $1.50 per share on
the common stock, payable June 1 to holders ofrecord May 20. Previously, conznon stock of no par value.28. p. 2852.
At annual meeting of stockholt
the company paid quarterly dividends of $2 per share.
I oger Amory
-V.129, p. 2406.
elected directors to fill the vacancies eaused by the and John Chase were
retirement of Charles
Francis Adams and the death of Robert Winsor. W.H. Montgomery
Victor Talking Machine Co. of Canada, Ltd.
was
-New elected clerk.
-V. 128. P. 2852.
President.
-
B. Gardner, managing director of the Victor Talking Machine Co. of
Warren Bros. Co.
-Plan Operative.
Japan, Ltd., has been elected President. of the Victor Talking Machine Co.
The directors have declared operative the plan by which a new
of Canada,succeeding Edgar M. Berliner, resigned.-V. 118. p. 2584.
of
43 cony. pref. stock will be offered in exchange for the present 1st issue2d
and
preferred stock.
Vadsco Sares- orp.-Ordered To Sell Sub. Co.
-Under the recent recapitalization program the original $3 1st pref. stock
C
V. Vivaudou, Inc. (now Vadsco Sales Corp.), has been ordered by the was exchanged for tnree shares of new no par value 1st preferred
Feaeral Trade Commission to divest itself of the capital stock in Parfumerie $1 a share and the original $3.50 2d stock was exchanged for three paying
Melba, Inc., and Alfred H. Smith Co within 90 days. The two latter par value 2d preferred snares paying $1.16 2-3 a share. Thosenew no
sharecompanies were erstwhile competitors of Vivaudou. the Commission stated, holders have been offered the right to exchange holdings for $3 cony. pref.
and the effect of the stock acquisitions tended substantsally to lessen com- stock on the basis of one cony. pref. share for each three no par preferred
shares or one original preferred share before the
petition and to create a monopoly.
3
-for-1 split-up. To
compensate the 2(1 pref. shareholders for reduction in dividends from the
Earnings for Year Ended December 31 1929.
$3.50 rate on their
to the $3 to be paid by the cony. Prof.,
Netsales
$10,469,047 they will receive $8 original stockeach
in cash
share of $3 cony. pref. stock (see V.
Cost of sales & expenses
9,704,197 130, p. 2045).-V. 130. p. with
3565.
Net profit from all operations
$764.850
Net gain from other sources
Wells Fargo & Co.
345,734
-Balance Sheet April 30.Assets1930.
1929.
1929.
1930.
Net income for year
$1,110,584 Real prop. & equipm't $31,107 $31,224
Capital stock (239,674
Surplus Jan. 1 1929
531,359 Stocks
3,000
3,000 shares)
$239,674 $239,674
Bonds
189,176 219,900 Accounts payable__ __ 10,332 10,908
Total surplus
$1,641,943 Notes
36,680 43,073 Res've for claims, &c. 40,000 75,000
Surplus adjustments (net)
66,428 Cash
3,670
Dividends on pref. stock paid or declared (in cash)
517,417 yAcc'ta receivable_ _ _ _ 33,779 31,281 Profit & loss balance- 5,025
1,391
772
Surplus, Dec. 31 1929
$1,058,099
Total
$295,031 $329,252
$295,031 $329,252
Total
Earns, per share on 1.021.573 shares common stock (no par)
y Includes prepaid expenses.
140.58
-V. 128, p. 3535.
-
-
-
MAY
24 1930.1
FINANCIAL CHRONICLE
West Coast Life Insurance Co., San Francisco.50% Stock Dividend.
The directors have declared a 50% stock dividend on the $1 par value
shares, payable to holders of record May 23.-V. 130, p. 1132.
Western Pipe & Steel Co. of Calif.
-Listing, &c.-
3737
Wheeling (W. Va.) Mold & Foundry Co.
-Merger.
-
The Continental Roll & Steel Foundries, Inc.. is the name of the new
company which has been formed by the merger of the Duquesne Steel
Foundry Co., Coraopolis, Pa.; the Wheeling (W. Va.) Mold & Foundry
Co., and the Hubbard Steel Foundries Co., East Chicago Ind. Formal
organization of the new company will be completed before June 1. Headquarters will be at Chicago for the time being. "Iron Age."
-V. 129.
D. 2407.
The San Francisco Stock Exchange has authorized the listing of 13.141
additional shares of common stock, $10 par value, making the total amount
listed 170,751 shares.
Wickwire Spencer Steel Co.
-Earnings.
The directors on Nov. 19 1929, and the California Corporation DepartCalendar
1928.
1927.
1926.
ment on Dec. 4 1929 authorized the issuance of an aggregate of 13.141 Prof. fromYears- after 1929.
oper.
shares of common stock in exchange for 1,410 shares of the capital stock
deduc. for selling, adof Western Pipe & Steel Co. of Illinois, an Illinois corporation, which
min. & general exps-- 52.202,303 $2,409,681 $1,227,506 $1,386,615
shares of stock constitute all of the outstanding stock of said corporation. Other income
195.104
154,554
94,625
51.485
This exchange of stock also involved the cancellation of obligations of the
Western Pipe & Steel Co. of Illinois to J. A. Talbot in the sum of 1253,231.
Total income
$2.397,407 52,564.236 $1,322,131 11,438,099
Earnings-Calendar Years1929.
1928.
Other deductions
421,487
457,809
203.754
147,659
Net sales
511,483,572 56.716.526 Int. paid & accrued
388,553
382.276
1.728.034
1,732,795
Cost of sales
9,408,924 5.359,323 Depreciation
436.706
426.417
416,309
412,003
Services for receivers_
105,891
Gross profit on sales
$2,074,647 $1.357.203
Selling and general expenses
593,382
535,733
Profit for year
51.044,770 $1.297,734 loss$1,025,966loss1854.357
Provision for deprec.of plant prop.& automobiles_
319.403
296,472
Condensed Consolidated Balance Sheet Dec. 31.
1929.
Profit from oper. after prov.for depreciation__ $1.161,862
1928.
1929.
1928.
1524,996
Assets
Other income credits
MN/Wes-120.992
103,348 Cash
3185,515 5772,213 Accts. payable_- 18677,4035 2417.944
Accr. sal.& wages_
Gross income
A 124.618
$1,282,855
$628,345 Notes & trade ac
135,537
47,613 Other accr. accts._ 154,853
Income charges
cept.reels
145,097
308,382
222,050 Marketable sec- -- 156,248
Ore contr. pay
356,918
201,844
1,773,372 1,947,124 Real est. mtges_Accounts recelv
Net income
13.000
13.000
/974,472
$406,294 Inventories
Profit and loss credits
Other note accts.
24,496
2.487 Subs. & MM. co. 8,485,184 8,950,733 Pupra.ya0le &mule_ 158,020
m b0ey
434,263
418,253
1,552,521 1,552,521
sects
income
Gross
158.020
$998,969
$408.782 Other assets
76,861
111,657
Profit and loss charges
9,490 Premanent assets_20,752,111 20,480,233 Deferred liability - 1,500,000 1,500,000
10-year 734% sec.
239,850
cbarges
notes, Wickwire
246,991
Net increase In surplus for the year before dive-- $998,969
1399,292 Deterred
Spencer Steel Co 1,128,500 1,195,500
Surplus at beginning of year
1.753.491
1,529.116
Am. Wire Fabrics
Corp. 1st 7s_ _
Gross surplus before dividends
1.096.800 1,169,600
$2,752,460 $1,928,408
Wick. Spen. Steel
Preferred dividends
9,786
9.786
Co.1st 78
1,823,000 1.823,000
Common stock dividends
1.136,545
165,132
Wick. Spen. Steel
Pr. In. 7s
10,856,000 10,856,000
Surplus at end of year
$1,606,129 11,753,490
Accrued interest _ _x2,541,061 1,535,943
Unsecured notes,
Earnings for Quarter Ended March 31 1930.
Wickwire Spen.
Sales
$1,993,138
Steel Co
7,140,366 6.745,955
,Manufacturing cost, general & administrative expenses
1.765,412
Res.for rent,, &c.. 301,400
239,673
Tot.(ea.side) -33,357,202 32,109,086 Net worth
5,175,615 5,564.638
Net income before depreciation
227,726
Depreciation
x Deferred by receivership.
-V. 130, D. 1300.
81.280
Netincome
Wilcox Rich Corp.
-70% of Stock Deposited.
146,446
Earns, per share on 170,751 shares common stock (Par $10)
More than 230.000 shares of class B stock, or 70% of the total outstand$0.75
-V. 129, p. 3184.
ing, have been deposited in connection with the consolidation of this company
substantially in excess
Westinghouse Electric & Mfg. Co.-govit Suit Against of thewith the Eaton Axle & Spring Co.toThis isthe plan operative.
minimum 200,000 shares required
make
Combined earnings of
Radio Corp. Charges Combination in Restraint of Trade.
for
-See dividend charges for thethe two companies to April were twice the total
month, according
J. 0. Eaton, Chairman of
the "Chronicle" of May 17, pages 3440 to 3443.-V. 130, the Eaton board.
-V. 130. p. 3566.
p. 2991.
We tmoreland Coal Co.
-Report.
-
Calendar YearsOper. rev, from oper's_ Int. on invest., bank balances, &c
Total income
Taxes and interest paid _
Depreciation
Depletion
1929.
1793,458
121,275
Wil-Low Cafeterias, Inc.
-Transfer Agent.
-
1928.
1927.
1926.
$956.880 11,875,863 $2,017,575
162,416
142.263
130.686
$914,737 $1,119,297 $2,018,126 $2,148,262
274,076
316,365
377,949
439.380
360.706
362,455
438,863
417,307
x135,488
258,445
324,158
335,429
Profits transferred to
surplus
$144,467
$182.030
Earns. per sh.on 200.000
abs. cap.stk.(par $50)
$0.72
10.91
x For 6 months only.
-V. 129. p. 3491.
5877.156
$956.145
$4.38
$4.78
Wheeler Metal Products Corp.
-Omits Dividend.
-
The directors have decided to omit the quarterly dividend which ordinarily
would be payable June 15 on the common stock.
--V. 129. p. 1144.
(S. S.) White Dental Mfg. Co.
-Balance Sheet Dec. 31.1929.
1928.
1929.
1928.
Assets$
Liabilities$
$
Cash
460,489
289,432 Capitalstook
6,000,000 5,000,000
Notes de accta.ree.x3,172,669 2,962,293 Mtge. payable__ _ _
39,929
44,729
Inventories
4,343.414 4,021,316 Accts. payable_ _ _ 355,324
399,165
Marketable secs_
. 23,439
25,157 Notes payable__ __ 1,084,310
931,625
Sundry debtors_ _ _
39,923
40,131 Reserve for Fed.
Other assets
371,522
232,650 taxes(est.)
75,034
95,634
Ld., bldgs., mach.
Reserve for con&c
y2,692,054 2,663,867 tingencies
100,000
162,584
Patents, tr.-mks. _
46,754
49,753 Capital surplus_ _ _ 2,500,000 2,500,000
Prepaid expenses_
57,986
70,634 Undivided profits. 1,053,654 1,221,407
Total
11,208,250 10,355,145 Total
11,208,250 10,355,145
x After deducting $190,614 reserve for doubtful accounts. y After deducting $2,729,764 reserve for depreciation.
-V. 130, p. 3374.
White Sewing Machine Corp.
-Earnings.
Calendar Years1929.
1928.
1927.
1926.
Net after all expenses-- 11,504,516 $1,714,012 $1,997,123
$1,842,487
Interest & amortiz
407,035
283,959
280.037
274,256
provision for deprec_
222,492
212,869
204,698
198,166
prov.for Fed. taxes,
96,250
146,100
204.200
172.500
Surplus
$778,739 $1,071,083 51,308,187 51,197,565
Bal. at begin. of period
2,476,836
1,805,753 3,865,552 2,967,987
Total.255,575 52.876,836 15.173,739 14,165.552
Divs. Paid on pref. stk_.
(E)400.000 (14)400.000 (14)400.000 ($3)300,000
Surplus at end of year $2,855,575 $2,476,836 $4.773,739
$3.865.552
Earns, per share on 200,000 shs. (no par) now
outstanding
$1.89
$3.35$4.54
$3.99
Consolidated Balance Sheet December 31.
1929.
1928.
1929.
1928.
Assets
5
$
Liabilities5
$
Property account.. 2,973,429 3,101,633 Preferred stock---Y5,000.000 5,000,000
31,855
Investments
6,443 Common stock_ .
. x750,000
750,000
1
1 Funded debt
Pats. & good-will5,478,500 5,812,500
89,444
86,147 Reserves
:lash
104,768
312,714
:lash on dep. with
Surplus
4,267,262 3,913,951
2,899
67 Curr. liabilities_
trustee for deba _
1,760,189 1,029,879
819,289
1tarket securities. 134,974
835,790
Votes & accts. rec_ 817,141
nstall. accounts__ 9,941,563 8,988,492
2,973,826 2,597,613
nventories
383,568 Total(each side)-17,360.719 16,819,043
3eferred charges
398.587
x Represented by 200,000 shares of no par value. y Represented by
.00,000 shares of no par value.
Earnings for Quarter Ended March 31.
1930.
1929.
1928.
1927.
4Tet income after charges
& taxes
518.950 loss! 80,588
$300,617
$387,431
-V. 129, p. 3026.
The American Express Bank & Trust Co. has been appointed transfer
agent for common and convertible preferred stock.
-V. 130. 1:1• 2791.
Winchester Repeating Arms Co. (Del.).
-Earnings.PeriodSales
Coat of sales
11 Mos.End.
Calendar Years----Dec. 31 '29.
1928.
1927.
1926.
$13.655,613 816,526,306 115,048.644 $12.879.808
10.610.050 11,737,300 11.841,180 9,272,490
Gross earn,from oper- $3,045.563 $4,789,006 53.207.464 53.607.318
Selling & gen. exp. incl.
2,520.537 2,330.032 1,997,191
deprec
1.920.712
$525,026 82,458,974 81,210.273 $1,686,606
Net earnings
Other income
172.055
72,017
266,242
Total income
5697.082 82,530,992 11,476,515 51,686,606
Other deductions
194.542
518,633
357.370
297.644
Net earn. before Int_ - 5502.540 $2.012,358 $1,119,145 11,388.962
Int. on long term debt_ _
903,160
974.358
980,251
929.113
Int.on cur.indebtedness
39.686
Net earnings
Pref. diva
loss$440,306 $1,037,999
176,274
1138.894
$459,848
Total surplus
def$616,580 $1,037,999
$459.848
1138,894
Note.
-The figures for the year 1928, 1927 and 1926 are for Winchester
Co.and Winchester Repeating Arms Co.(Conn.)and subs, after eliminating
results of operations of subsidiaries no longer owned or operated.
Balance Sheet Dec. 311929.
Assets
Liabilities
Cash
$1,934,214 Accts.& trade accept. pay $350,049
Accts.& notes rec.(less res.)
743,187 Adv. rec.on def.shipments_
211,013
Inventories
5,456,862 Accr. Int. taxes, pay-rolls, etc
873,291
Fixed assets less deprec., &c- 24,671,957 Res. for reorg. exp. Fed.
Deferred items & advances_ _
444,821
taxes in dispute, etc
829,149
Adv.to Whirldry Corp
266,235 5
-year 631% note
850,000
5
-year 634% deb
6,500,000
1st mtge.20-year 734%
5.887,000
5,036,400
7% pref.stock
Class "A" and corn. stock a 8,134,000
Total (each side)
333,517,278 Capital surplus (plant values) 4,846,374
a Represented by 71,014 Class A stock (no par) $6 div. (cum. after
Jan. 1 1932), entitled to $100 per share in liquidation and 1103,260 shs.
common stock (no par, value)
.-V. 129, p. 497.
(Benjamin) Winter, Inc.(& Subs.).
-Earnings.
-Period Ended Nov. 30Operating income
Operating expenses
Deprec. & amortir. on operating properties
Administrative and general expenses
12 Mos.
12) Mos.
1929.
1928.
13,556,988 $3,126,890
2,111,229
1,799.209
190,132
160,464
193,249
80.203
Net operating profit
Profit on real estate sales
Interest
Miscellaneous income
51.062,378 51,086,813
483,956
361,505
38,827
6,019
4.668
5,708
Gross income
Interest on mortgages
Sundry charges
Provision for Federal income tax
11.589,829 11,460.046
788,841
755.493
26,586
23.249
87.318
79.823
Net income
Div. on cum. cony. pref. stock ($5 per share). _ _ _
$687.084
132,641
$601,480
159.636
Balance, surplus
Shares common stock (no par)
Earnings per share
-V. 130, p. 1300.
$554,443
282,672
81.96
$441.344
251.444
11.73
-New Directors.
(F. W.) Woolworth Co.
-
C. W. Deyo and L. J. Harrington have been elected directors to fill
places left vacant by the death of J. F. Nutting and the resignation of
L. J. Surdam.
The total number of stockholders on record date for the annual
was 26,643, as compared with 10,878 last year at this time. meeting
-V. 130.
p.3374.
3738
FINANCIAL CHRONICLE
Yellow Truck & Coach Mfg. Co.—Earnings.—
[Including Yellow Mfg. Acceptance Corp.)
1927.
Quar. End. Mar.31—
1928.
1930.
1929.
Net sales
$10,729,996 $12,921,999 $9.467.915 $7,708,658
1,303,930
Net earnings
1,411,802
2,508,339
2,441,513
1,754,546
Admin.& selling expense 2,237,313
1,843,633
2,283,514
214,045
Depreciation
190,015
289.764
244.701
2,472
Federal taxes
Net loss
Yel. Ace. Corp. profit_ -
$40,501
146,345
$64.939
123,791
$621,846
84,238
$667,133
loss1,057
Net profit
$58,852 loss$537,608 loss$668,190
$105.844
Gross earns, per sh. on
N
Nil
150.000 pref. shares
$0.39
$0.70
At the annual meeting of the stockholders held on May 16 the following
were elected directors: Oscar L. Arnold, Irving B. Babcock, Marshall T.
Boden, Albert Bradley, Ernest R. Breech, Fred J. Fisher, Paul H. Geyser,
George A. Green, Harry 0. Grossman, Frank V. Hadas,Thomas S. Merrill,
John L. Pratt, John A. Ritchie, Paul W. Seller and Alfred H. Swayne
—V. 130. p. 2791.
York Mfg. Co. Saco, Me.—Merger Negotiations.—
Walter S. Wyman. President of the New England Public Service Co.,
in connection with negotiations now under way between New England
Industries, Inc., and York Manufacturing Co., states:
"Within the last few months the officers and stockholders committee
of the York Manufacturing Co. of Biddeford, Me., have approached the
New England Industries, Inc., suggesting tnat it purchase a majority
of the stock of the York Co. The officers of the New England Industries,
Inc.. which owns various cotton and paper mills and otner industries in
Maine and New Hampshire and in which the New England Public Service
Co. owns an interest, felt that it did not desire to take on another large
cotton mill unless such a step proved to be necessary in order to keep the
York mills in 'existence.''
The Boston "Transcript" states:
[VOL. 130.
—William J. Graham, Vice-President of The Equitable Life Assurano
Society of the United States, was elected President of The American Man
agement Association at its spring meeting held at the Hotel Astor, Nev
York City, May 12-14 1930. The American Management Association I
an organization of about 4,000 executives representing approximatell
1,500 industrial and commercial corporations, of which about 600 are corn
pany members. It includes also over 100 trade association executives ant
over 100 university professors. Membership in the Association affords as
Interchange of information on business management: it Provides for dis
cussion of important developments in management practice and theory
and it affords contacts with the leaders in the management movement Jr
America and abroad. The methods used by the Associationitorattain it
ends include the publication of magazines and pamphlets, conference am
discussion at conventions, and personal service to membersZby a well
rounded staff. The control of the Association is vested in a board of dire°
tors elected annually by the members. There are six divisions in th
Association—financial, consumer marketing, industrial marketing, offic
management, personnel and production. Each division is under th
direction of an association Vice-President and an advisory committee
The American Management Association endeavors through its organize
tion to solve and to facilitate problems which confront executives and other
interested in industrial progress.
—An innovation in banking and brokerage service to customers has bee
provided by West & Co., Philadelphia office, in the form of a telephon
service from suburban points along the Pennsylvania RR. main line t
the office of the bankers. This service is without charge to customers
By arrangements between the bankers and the Bell Telephone Co., anyori
living within the area covered can call West & Co. office by simply givin
the name of their exchange and the number, and will not be charged for th
call. This is the first time, it is claimed, such a plan for reversal of OR
phone charges has been made by a banking house.
The New England Industries, Inc., was formed in June, 1929, for the
purpose of financing small New England corporations. This corporation,
—James P. Maher has resigned as financial editor of the New Yor
whicn, it is said, is now controlled by the New England Public Service Co., "American" to become associated with Shields & Co., members of th
an Insull property, already controls four cotton mill properties in Lewiston
and Augusta, Me. These are the Androscoggin Mills, Bates Manufacturing New York and Chicago Stock Exchanges and associate members of di
Co. and Hill Manufacturing Co. of Lewiston, and the Edwards Manufac- New York Curb Exchange. Mr. Maher has been financial editor of th
turing • Co. of Augusta. It is said that by centralization of management New York "American" for the last five years and associated with th
these four units have virtually been merged and that it is planned to include
Hearst newspapers for 11 years. He was writer of the stock market colum
the York property in the combine.
Consummation of the present negotiations with the York interests is signed "Broaden Wall."
contingent upon liability of that company to secure certain tax concessions.
The acquisition, it is understood, would be made through an exchange of
—Decline in motor car production has now nearly run its course and b
stock, involving the offering of New England Industries' non-cumul. next year it should have recovered to a level equal to or exceeding that
partic. pref. and com, stock for shares of York stock. The basis, it is
Co. of New York says in a discussion of the ou
reported, would give York stockholders the equivalent of $30 a share for 1928, Eastman, Dillon &
their stock, or about double what it is reported they might obtain in the look for manufacturers of automotive parts and equipment. The banker
production situation is based on the experience
event of liquidation.
appraisal of the motor
At the time of organization New England industries, Inc., had a capital
industry in the past 15 years, they point out.
of 50,000 shares of no-par capital stock, 25,000 shares of which were sold the
share. It would be necessary for stockholders of the
privately at $20 a
—E. F. Gillespie & Co., New York, are conducting a nationwide surve
company to authorize the creation of additional stock to provide for the
among dealers and banks to determine the type of investment trust mot
York acquisition.—V. 129, P. 2876, V. 127. p. 563.
in demand by investors and the prevailing preference of financial house
Preliminary returns already indicate definite trends, according to the firs
Zonite Products Corp.—Earnings.—
When all are received and tabulated it is proposed to make the informatic
[Company and Subsidiary Companies 100% Owned.]
publicly available.
Consolidated Statement of Surplus for Year Ended Dec. 31 1929.
Profits—
—Jerome F. Sheridan and Frank B. A'Hearn, members of New Yea
Zonite Products Corp. for year ended Dec. 31 1929 (incl. profit
$284.362 Curb Exchange, and both formerly of Peter P. McDermott & Co., hai
of $26,468 on redemption of capital stock of Forhan Co.)_
Forhan Co., Inc., and predecessor and subsidiary companies
formed a partnership under the firm name of A'Hearn & Sheridan, membe
779,030
for the year ended Dec. 31 1929
New York Curb Exchange, for the transaction of a general brokerage at
A. C. Barnes Co. from June 1 1929 to Dec. 31 1929 (profits for
York.
266.467 investment business, with offices at 150 Broadway, New
7 months only due to change in fiscal year)
—The firm name of Miller, Vosburg & Co., well-known Pacific Con
investment banking house, has been changed to Revel Miller & Co.,accori
ing to an announcement by Revel Miller, head of the company. Ti
$3353,838 change is in name only and involves no change in personnel, officers
Balance
71,445 directors, it is stated. The firm maintains offices in Los Angeles, Sr
Surplus of Zonite Products Corp. at Dec. 31 1929 (adjusted)-Calif., and Phoenix, Ariz.
$425,283 Diego, Long Beach, Pasadena,
Total surplus
276.705
Dividends paid on capital stock of Zonite Products Corp
Prince & Whitely, members of the New York Stock Exchange, hai
$148,578 opened a branch office in the Washington Building, Washington, D. C
Surplus, Dec. 31 1929
$0.50 under the management of Bernard A. Smyth, formerly with E. A. Pier,
Earnings per share on 704,726 shares capital stock
at
Note.—No provision has been made in the above statement for the & Co. Associated with him will be Franck Hyatt, Paul D. Keller
portion, amounting to $113,623. fo the losses of subsidiary companies not George A. Sacks.
I00% owned for the year ended Dec. 31 1929. allocable to the stock thereof
held by Zonite Products Corp. during the year.
—Gurnett & Co., opened its summer branch offices at Hyannis, on Ca)
The combined net earnings, including earnings of the wholly owned
This office has, as heretofore, direct private telephon
subsidiaries, prior to acquisition, amounted to $1,533.538 for the year, Cod, on May 19.
The Bosti
or $2.17 per share on the 704,726 shares outstanding as of date of Dec. and telegraph wires with their New York and Boston offices.
31 1929.
News Bureau will extend its news ticker wires to tne Cape for the first tin
combined net earnings, after deducting the losses of The Larves this summer.
The
Corp. and The Agmel Corp., partially owned subsidiaries, amounted to
$1.310.803. or an earning of $1.86 per share.—V. 130. p. 3375.
—Walter A. Moehren, for 20 years with Freeman & Co. has becon
associated with Pirnie, Simons & Co., Inc., as Syndicate Manager in the
New York office, 72 Wall Street. Mr. Moehren was for the past six years
CURRENT NOTICES.
partner of Freeman & Co., during which time he was in charge of all sy
dicates.
—WINKLER'S MANUAL OF FOREIGN CORPORATIONS AND
—The Skelly Oil Co. has Just completed installing the largest !Anil
BANKS.—With about 17 billion American dollars invested abroad and a map ever made for the oil industry. It is 25 feet wide and 84 feet hit
tendency on the part of this country's leading industries to and covers, in detail, most of the Mid-Continent oil field. The map w
pronounced
expend their financial interests in foreign enterprises at a rapid rate, the be used by the various departments in the home office at Tulsa, Okla.
need for accurate and up-to-date information on foreign industrial cor—J. F. Fradley, formerly of McCabe & Fradley and H. J. Zehdo
porations and banking institutions is to-day greater than ever. To
Fradley
meet this demand and supply the banker, statistician and investor with formerly of Zehder, Smith & Co., announce the formation of
in bai
the much-needed data, Overseas Statistics, Inc., have just published &alder, to transact a general investment business, specializing
the 1930 edition of "Winkler's Manual of Foreign Corporations and and insurance stocks, with office at 150 Broadway, N. Y.
the supervision of
Banks." The book, which has been edited under
—Prentice Slade, formerly with August Belmont & Co., has becor
Dr. Max Winkler, well-known authority on foreign securities, conGallaher Brothers, Inc., 43 Exchange Pl., New York,'
information on over 450 outstanding industrial corpora- associated with
tains detailed
charge of the wholesale department of their Western division, with hea
tions, public utilities, railroads, commercial, mortgage and central banks,
im- quarters in San Francisco.
and their securities, representing all the commerially and financially
portant countries of the world. Its nearly 900 pages of text encompass a
—Sanford Eldredge, James A. McKnight and A. G. Schoppel, announ
mass of information which it is easy to see has been painstakingly collected the formation of Sanford Eldredge & Co., for the purpose of underwriti
from numerous foreign sources, covering such features as a detailed descrip- and distributing investment securities with offices at 120 Wall Street, N.
tion ofthe history and scope of business of each company described, Present
—Price & Co., 165 Broadway, N. Y., have prepared a letter shoed
income account
and past capitalization,funded debt, as well as comparative
the probable beneficial effects to the Kansas City Public Service Co. of
&c. The present edition has
and balance sheet, dividends, market record,
Missouri Supreme Court.
new company recent favorable decision handed down by the
been thoroughly revised and brought up to date and many
published about
—Arthur C. Badeau of Fred H. Hatch & Co., Inc., has been elected
descriptions added that were not included in the first edition
present, materially member of the Board of Governors of the Unlisted Security Dealers' Ars
a year and a half ago and now out of print. In its
banking of- dation, to fill the vacancy caused by the resignation of C. L. Horn.
enlarged form it should prove an even more valuable aid to
and other
ficials, statisticians, private investors, financial journalists
information
—Bainbridge & Ryan, members of the New York Stock Excham
students of foreign economic affairs who have need of the
Street, are the announce that Kenneth B. Smith, formerly identified with the Natter
covered by the book. Overseas Statistics, Inc., 56 Pine
City Co., has been admitted to their firm as a general partner.
publishers and the price is $15.00.
—Phelps, Fenn & Co., Members New York Curb Exchange, annour
opened a depart—Julius Lichter & Co., 225 Broadway, N. Y., have
under the the installation of a private wire system which includes the cities of ITU
ment for bank stocks, insurance stocks and unlisted securities
Syracuse, Rochester, Buffalo. Chicago and Windsor, Ontario.
direction of Michael Sommerfield and David J. Van Gelderen.
$1,329,860
Total
Less—Portion of profits of Forhan Co. and A. C. Barnes Co.
976.021
for period prior to acquisition
MAY 24 1930.]
FINANCIAL CHRONICLE
3739
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
tons, against 1,524,379 last year; centrals grinding, 50,
against 11 last year. Destination of exports: Atlantic
ports, 74,240; New Orleans, 30,182; interior United States,
696; Galveston, 8,141; Savannah, 4,063; Europe, 33,455;
South America, 678. Receipts at United States Atlantic
Friday Night, May 23 1930.
COFFEE.
-Spot trade in Brazil coffee was small. For ports for the week were 127,775 tons against 110,412 in
mild there was a steady demand with offerings small and previous week and 71,502 in same week last year; meltings,
prices firm. Premiums, it is said, are being paid. Santos 64,488 tons against 65,477 in previous week and 59,503 last
4s, 133 to 1434c.; Rio 7s, 93ic.; Victoria 7-8s, 8% to 9c. year; importers' stocks, 231,791 tons against 219,435 in
4
Fair to good Cucuta, 143/2 to 15e.; prime to choice, 153 to previous week and 367,077 same week last year; refiners'
163jc.; washed, 17 to 17340.; Ocana, 1434 to 15c.; Bucara- stocks, 318,828 tons against 267,897 in previous week and
manga, natural, 143/2 to 15340.; washed, 17% to 18c.; 299,200 last year; total stocks, 550,619, against 487,332 in
Honda, Tolima and Giradot, 173 to 180.; Medellin, 184 previous week and 666,279 last year.
4
3
On the 19th inst. futures fell 3 to 4 points with the techto 193.ic.; Manizales, 173 to 18c.; Mexican washed, 173/2
4
to 1834e.; Surinam, 123/2 to 13340.; Ankola, 24 to 30c.; nical position weaker after the recent heavy covering:
Mandheling, 26 to 35c.; genuine Java, 27 to 280.; Robusta, 23,000 bags of Cuban raws sold at 1 7-16c. 0. & f. equal to
washed, 1234 to 13c.; natural, 1034 to 11c.; Mocha, 2234 to 3.210. delivered. Hesitancy of the refiners over the tariff
233 c.; Harrar, 193( to 203c.; Guatemala, prime, 173 to checked business. The Havana Sugar Club figures on
4
4
%
1804 good, 16 to 17e.; Bourbon, 15 to 1534c.; Abyssinian, Cuban production were received here on the 19th inst. and
163 to 17e. On the 20th inst. cost and freight offers were to May 15 the estimate is 4,475,000 tons, as compared to
generally lower but the supply was limited. Those reported 5,075,986 tons last year and 4,038,218 tons in 1928. The
were of Santos Bourbon 2-3s for prompt shipment at 15.15 to production from May 1 to May 15 is estimated at 267,000
15.70c.; 3s at 133. to 14.0504 3-4s at 13.20 to 14.85c.; tons, against 152,822 tons last year and 96,585 tons in 1928.
3-5s at 12.80 to 13.60c.; 4-5s at 123/2 to 12.950.; 5s at 12.60c.; The Cuban Department of Agriculture recently estimated
5-6s at 113 c.; 6s at 10340.; 6-7s at 10.300.; 7-8s at 8.8504 the production to May 15 at 4,495,611 tons which is 20,611
%
8s at 9.45c.; part Bourbon 2-3s at 15.95c.; Santos rain- tons more than the Sugar Club estimate. Beet sugar
damaged, 7-8s at 8.65c. On the 21st inst. cost and freight planting in fifteen European countries exclusive of Russia,
offers were in many eases 25 to 35 points lower. The tenders by beet sugar factories during the current crop is estifor prompt shipment reported were of Santos Bourbon 2-3s mated at 1,348,000 hectares as compared with 1,359,000
at 143 to 15.050.; 3s at 133e.; 3-4s at 133( to 14c.; 3-55 at in 1929. A hectare is equivalent to 2.47 acres. London
4
1234 to 1334e.; 4-5s at 1234 to 130.; 5s at 12.10 to 12340.; prices firm but trade quiet. Sellers of June quoted 7s.23d.
4
5-6s at 1130.; 6s at 10.65c.; 6-7s at 103 to 1034c.; 7-8s and July 7s. 33 d. The Western Refining Co. reduced its
at 8.40 to 8.85c.; part Bourbon 2s at 14.50c.; 3s at 13.850.; price of refined to 4.90 to 4.70e. One company followed
3-5s at 1234c.; 6s at 11.100.; Rio 7s were here at 8.45e.; 7-8s suit. Declines were confined to that territory west of the
at 8.10 to 8.30c.; 8s at 8.10e.; Victoria 7s at 8.35c.; 7-8s Rocky Mountains. Eastern refiners prices were unchanged.
at 8 to 8.15c. The "Ashburton" has landed 1,200 bags of On the 20th inst. futures fell on most months 1 to 3 points
Brazilian coffee at Philadelphia and the "Commack" 12,400 but for an exception May ended 2 points higher. Prompt
bags at Boston, all of which is being delivered direct from raws were quiet and steady; 17,000 bags of Cuba were said
to have been sold at 1 7-16e. c.&f. or 3.210. delivered.
.
vessel.
On the 17th inst. Rio fell 5 to 17 points and Santos 1 to The steadiness of prompt prices were due to reports of the
9 points with trading light. Europe and local interests possibility of an early settlement of the tariff. Porto Rican,
have been inclined to sell. On the 19th inst. with Brazilian Philippines and Cuban were available at the basis of 3.21c.
markets off selling was heavy by Brazil and Santos fell 1 to All stood their ground regardless of falling futures. London
27 points and Rio 2 to 10; sales, 20,500 bags of Rio and was quiet. Terme fell 1 Md. Sellers of June quoted 7s.
A
55,500 bags of Santos, the largest trading this month. The 3 d.; July, 7s. 134d., with no great inquiry. On the 20th
trade sold as well as Brazil. Rio fell 150 to 475 reis and inst. two cargoes, totalling 34,000 bags for immediate clearSantos was unchanged. Futures on the 20th inst. declined ance sold at 1 7-16c. e&f. or 3.21c. delivered; 3,000 tons
4 to 32 on Rio and 14 to 42 points on Santos on weak cables Philippines for May-June shipment to Philadelphia at 3.32c.
.
and heavy Brazilian and other selling. The sales were or 1 9-16c. c.&f. for Cubas. London cables attributed the
39,250 bags of Santos and 32,000 of Rio. Commission houses firmness in the terminal market there to small sales of
in general sold. Stop orders were caught. Some think Polish crystals and of German beets to Russia and also to
the Defense Committee will step in to prevent a really bad reports that the Amsterdam conference is said to be conbreak. Futures were irregular on the 21st inst. Santos sidering the reduction of high tariffs and not restriction of
ended 15 points off to 18 up and Rio 5 to 25 points higher production. Cuba,s or San Domingoes in parcels sold at
2
with active covering. Brazil was supposed to be selling 7s. 13/d. c.i.f. equal to 1.40c. f.o.b. Two refineries one in
early but the market acted short later and a falling off in the Boston reduced refined to 4.700. A total of 85,000 bags of
offerings caused quick covering. Rio cables were a bit Cuban raws for immediate clearance sold at 1 7-16c.
A sale was made of 10,000 tons Cuban raw for May shipdepressed but the technical conditions dominated here in the
end. Sales of Santos futures were 49,250 bags and of Rio ment to the United Kingdom on the parity of 1.400. f.o.b.
27,000 bags. On the 22d inst. futures declined 16 to 40 Cuba. According to the Sugar Institute and statements of
points and Rio 2 to 20, except May, which was 12 points responsible beet producers the deliveries of refined sugar
higher. Brazil sold. Sales were 48,000 bags of Santos and including cane and beets from March 7 to May 10 inclusive
16,250 of Rio. Spot prices here were weaker. To-day fu- amounted to a little less than 1,100,000 tons. Futures on the
tures closed 4 points off to 14 up on Rio and 9 to 17 points 21st inst ended unchanged to 3 points higher with lessened
higher on Santos with sales of 10,000 Rio and 27,000 bags selling by Cuba. On the recent decline to unprecedentedly
of Santos. Final prices show a decline for the week of 30 low prices a good sized short account is believed to have been
to 35 points on Rio and 31 to 46 points on Santos. Brazil built up for Wall Street and other outside interests. Covering
and Europe were selling at one time, but Brazil bought hedges against sales of actual sugar helped to sustain prices.
March. It caused a rally in that month. Cost-and-freight The sales on the 21st inst. were 19,400 tons. Refined was
offers here were scarce and unchanged though in some cases 4.70c. London was firm. Refined was dull; 2,500 tons of
lower.
Polish crystals sold to Russia and 1,000 to Germany. On the
22d inst. futures advanced 1 to 3 points on reports that a
Rio coffee prices closed as follows:
unofficial
imminent in Cuba, but they turned out to
. p:t
s
91i J September 7.88® nom IMay
7.35® nom general strike was
be erroneous. Only a possible strike on a street railway was
July
:7 23 Lug11
7
threatened on account of a reduction in wages. A reaction
Santos coffee prices closed as follows:
here followed and the close was 1 point lower to 1 point
Soot unofficial
May
11.00 ® nom higher. To-day futures ended 2 to 3 points lower with
May
sales
July
12.32 nom March_ _ _ _11.16 nom
of 29,750 tons. Final prices show a decline for the week of
COCOA closed 1 to 4 points higher to-day with sales of 6 points on July while Sept. is 2 points higher.
112 lots. Final prices show a decline for the week of 5 to
Closing quotations follow:
9 points.
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."
SUGAR.
-Prompt raws were firm at one time at 1 7-16e.
with futures higher. On the 17th inst. futures advanced
3 to 5 points on covering and other buying. But following
realizing prices were unchanged to 1 point net lower. May
ended on that day at 1.42c., a nominal rise of 1 point. Receipts at Cuban ports for the week were 115,901 tons against
101,261 in same week last year; exports, 151,455 tons, against
119,556 last year; stock (consumption deducted), 1,704,714
1;i1December.. 1.6114
May
Spot unoMcial
1.450 nom January -- 1.63(5
July
September I.52@ 1.63 March..___ 1.70 ----
1.77® ----
LARD was in moderate demand; prime Western, 10.85 to
10.95c.; Refined Continent, 1034c.; South America, 11%
30.;
Brazil in kegs, 1234e. On the 17th inst. futures were unchanged to 2 points higher. Liverpool was unchanged to 3d.
higher. Hogs were steady with a top of 10.200. On the 19th
inst. futures ended unchanged to 3 points lower on light
trading. Hogs were steady, but grain was lower. Total
3740
FINANCIAL CHRONICLE
western receipts of hogs were 103,000, against 121,300 a
year ago. Chicago got 38,000. Liverpool lard was unchanged to 3d. lower. Exports of lard from New York for
the week were 8,274,000 lbs. against 6,128,000 the week
previously. Futures on the 20th inst. declined 2 to 5 points
with grain off and hogs down 10c. Western hog receipts were
97,600, against 105,000 a year ago. Exports were 904,000 lbs.
Futures on the 21st inst. fell 10 to 13 points with hogs off
10 to 15c. and corn a little lower. Western receipts were
99,000, against 107,000 last year. Liverpool was unchanged.
The North Dakota report said that the spring pig crop would
probably be somewhat smaller than last year's. Cash lard
was weaker. Prime Western was 10.75 to 10.85c.; Refined
Continent, 1030.; South America, 11c.; Brazil, 12e. Futures
/
on the 22d inst. ended unchanged to 3 points higher. Hogs
advanced 5 to 10e. The rise in grain had some effect. Liverpool lard ended 3d. to 6d. lower. To-day futures closed
unchanged to 2 points higher with hogs firm and some
covering regardless of the decline in wheat. Final prices
show a decline for the week of 10 to 12 points.
DAILY CLOSING PRICES
Sat.
May
10.25
July
10.32
Septeinber
10.52
OF LARD FUTURES
Mon.
Tues. Wed.
10.22
10.25
10.12
10.32
10.30
10.17
10.52
10.50
10.40
IN CHICAGO.
Thurs.
10.18
10.12
10.20
10.17
10.40
10.40
PORK steady but quiet; mess, 32; family, $34.50; fat
back, $22.50 to $26; ribs, 14c. Beef firm; mess, $25;
packet, $25 to $26; family $26 to $27; extra India mess, $42
to $44; No. 1 canned corned beef, $3.10; No. 2, $5.50;
six pounds South America,$16.75; pickled tongue,$70 to $75.
Cut meats steady; pickled hams, 10 to 20 lbs., 183.to 193'e.;
pickled bellies, 6 to 12 lbs., 19% to 20%c.; bellies, clear,
%
dry salted, boxed, 18 to 20 lbs., 153c.; 16 to 18 lbs., 153 c.
Butter, lower grades to high scoring, 27 to 35c. Cheese,
flats, 19 to 26e.; daisies, 20 to 25e. Eggs, medium to extra
first, 22 to 25%e.; closely selected, heavy, 26 to 27o.; fancy
whites, 1 to 23/2c. more.
-Linseed was rather quiet with leading crushers
OILS.
quoting 14c. for raw oil in carrots, cooperage basis. The
quiet conditions prevailing in other lines of trade has had
its effect on linseed. Cocoanut, Manila coast tanks, 63.
/
to 63sc.; spot N. Y. tanks,6%c. Chinawood, N. Y. drums,
carrots, spot, 10c.; Pacific coast tanks, spot Dec., 83/se.
Soya bean, tanks, coast, 9%c.; domestic tank cars, f.o.b.
Middle Western mills, 83.c. Edible, olive, 2 to 2.25.
Lard, prime, 133'c.; extra strained winter, N. Y., 113c.
Cod, Newfoundland,60c. Turpentine,48 to 5434c. Rosin,
$6.35 to $8.50. Sales to-day, including switches, old, 2,200
bbls.; new contracts, crude S. E., 73.c. bid. Prices closed
as follows:
Old.
Spot
May
July
September
October
New.
8.70
8.65
8.79
9.01
9.01
November
8.90 December
8.80 January
February
9.03 March
April
8.35
8.42
8.44
8.48
8.65
8.70
lig 8.48
0 8.48
0 8.50
0 8.60
0 8.71
0 8.80
PETROLEUM.
-The Standard Oil Co. of California reduced Santa Fe Springs oil 75 to 90c. a barrel, owing, it is
said, to the failure of operators to agree to a conservation
program. Owing to the large overproduction of crude oil
in McKean County,Pa., where the Bradford field is located,
and which has resulted in several price cuts, producers have
agreed to stop pumping operations for 36 hours each week.
The process of flooding in this area has resulted in a material
increase in the output of crude oil. Later on virtually all
the producers in the Santa Fe Springs field had agreed to
keep their output shut in accordance to the agreement.
Other large companies are expected to meet the cut in Santa
Fe Springs oil. California production of crude declined 2,500
barrels daily last week. Gasoline showed the usual improvement for this time of the season. No price shading was
reported. Prices were 9 to 10c. for tank car at refineries.
Export business was fair. Kerosene has been rather quiet
of late with water white 41-43 degrees, 7% to 7%c. Export
business was slow. Domestic heating oils were in good
demand. Prices were firm. Grade C bunker oil was $1.15
at nearby refineries. Diesel oil was fairly active at $2.
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 Producte."
RUBBER.
-On the 17th inst. old contracts closed 10 to
40 points lower and new at a decline of 8 to 32 points with
sales of 517 tons of old and 210 of new. Spot fell 10 points
to 14c. New contracts closed with May 14.05e.; Sept.,
14.60 to 14.68c.; Dec., 15.05 to 15.100.; old contract:
May, 13.900.; June, 14 to 14.10c.; July, 14.100.; Sept.,
14.40 to 14.50c.; Dec., 14.80 to 14.90c. The cables were
bearish and liquidation was on again. On the 19th inst.
May fell to a new low of 13.80c. Prices fell 10 to 20 points
on the old contract and 10 to 15 on the new. The sales
were 850 tons, including 610 old contract. Wall Street
and commodity houses sold, evidently on sluggish consumption and high record stocks in the United Kingdom
/
of 100,566 tons. Also London fell 1-16d. to 63td. for Sept.
and May and 6 6 16d. for June. Singapore declined 1-16
to 6 9-16d. for May. In London a further increase of 814
tons raised the stocks last week to the record high lever of
76,932 tons against 76,118 tons at the close of the previous
week. In Liverpool the stock last week was 24,448 tons
against 23,755 tons for the previous week, an increase of
698 tons. The increase told in foreign markets as it did
here. New contracts closed on the 19th inst. with May
[Vol,. 130.
13.900.; July, 14.10c.; Sept., 14.50e. Old contract: May,
13.70 to 13.80c.; July, 13.90 to 14e.; August, 14.100.;
Sept., 14.400.; Oct., 14.500., Dec., 14.80c.; Jan., 150.
Outside prices: Ribbed smoked spot and May 133 to 14c.;
%
-Dec.,
June, 133/i to 143/se.; July-Sept., 143/i to 143c.; Oct.
145. to 143/se.; spot first latex thin, 133/i to 143ve.; thin
/
pale latex, 14 to 148sc.; clean thin brown No.2, 13 to 133sc.;
/
rolled brown crepe,93/i to 938c.; No.2amber, 133' to 133c.;
/
declined
No.4 amber, 13 to 133c. On the 20th inst. prices
20 to 40 points on some months on outside selling, supposedly
by Wall Street and other interests. Sales 310 tons of new
contract and 450 of old. Manufacturers bought more
freely on the decline. London opened 1-16d. lower, but
rallied and closed unchanged to 1-16d. higher. New contracts ended with May 13.82c.; Sept., 14.37 to 14.40c.;
Dec., 14.80 to 14.88c.; March, 15.10e. Old contracts:
May, 13.706.; June, 13.80c.; July, 13.80 to 13.90c.; Sept.,
14.20c.; Dec., 14.60 to 14.700.; March, 14.90 to 15c. Outside prices: Ribbed smoked spot and May 133 to 14c.;
%
June, 133/i to 14c.; spot first latex thin, 133i to 14c.; thin
pale latex, 14% to 14%c.; clean thin brown No. 2, 133/i
to 133,c.; rolled brown crepe, 9 to 93jc.; No. 2 amber,
133/i to 133 c. London closed on the 20th inst. at 6 13-16d.
%
for spot May and June. Singapore June 6 9-16d.
On the 21st inst. futures advanced 10 to 20 points on
trade buying and covering. Outside prices advanced %c.
in some cases with a large demand. London advanced
1-16d. to 67 d. for spot and June and 6 13-16d. for May.
4
Singapore was unchanged; June, 6 9-16d. New contracts
here closed on the 21st inst. with May 13.95c.; Sept. 14.50c.;
Dec. 14.90 to 14.91c.; Jan. 15.09 to 15.14c.; March 15.24c.
Old contracts, May 13.80e.; June 13.90c.; July 14c.; Sept.
14.30c.; Dec. 14.70 to 14.800.; March 15 to 15.10e. Out%
side prices: Ribbed smoked spot and May, 137 to 147%c.;
June 14 to 147%c.; spot first latex thin, 137% to 147%c.;
thin pale latex, 143 to 14% .; clean thin brown No. 2,
%
%
135 to 135 c.; rolled brown crepe, 9 to 93(c.; No. 2 amber,
Singapore cabled: "Asiatic Rubber Pro133' to 133/se.
ducers of Perak resolutions asking the Government to dedare Sunday a day of rest for all laborers inMalaya. Resolution supports restriction by legislation, which, it is suggested, might take the form of prohibition of exports of
second grade rubber. Granting permission for export only
of smoked sheet and crepe. Suggest Government should
convene conference of producers and officials to evolve
scheme to save industry." Futures on the 22d inst. were
7 to 8 points higher on new contract and unchanged to 10
higher on the old. Malayan shipments were still heavy.
New contract May ended at 14.05c.; Sept., 14.55 to 14.60e.
Old contract, May, 13.80 to 14e.; July, 14 to 14.10e.;
Sept., 14.400. Outside prices: Ribbed spot and May, 137%
2
to 147%c.; June, 14 to 147%c.; July-Sept., 143 to 143/e.;
%
Oet.-Dec., 143 to 143c.; spot first latex thin, 133s to
%
/
147%c.; thin pale latex, 14% to 145 8e. In London spot
%
63/sd.; May,6 13-16d. Singapore, June, 63 d.; July-Sept.
7d., a rise of % to 3-16d. To-day old contracts ended 10,
to 30 points higher with sales of 124 lots, while the new was
up 4 to 18 points. Final prices show an advance on May
for the week of 10 points while July and Sept. are 10 to 20
points lower.
HIDES.
-On the 17th inst. prices ended unchanged to
15 points higher, closing with June 13.90e.; Sept., 14.62 to
14.69c.; Dec., 15.55 to 15.600.; January, 15.65c. On the
19th inst. prices advanced 23 to 32 points with sales of
560,000 lbs., closing with June 14e.; Sept., 14.85 to 14.9004
Dec., 15.850.; Jan., 15.95c.; Feb., 16.07 to 16.10c. River
Plate frigorifico hides were slightly higher. Last week
United States tanners bought 12,000 Argentine steers at
14 9-16c. and Europe 5,000 La Blanca steers at 14 13-16e.
City packer hides remained slow and rather more freely
offered. Country hides quiet and unchanged. Common
dry hides ruled dull and largely nominal. Common dry
Cucutas, 14c.; Orinoco, 1334c.; Maracaibo, Ecuador and
Puerto Cabello, 123/2c.; Central America and Savanilas, 12c.;
Santa Marta, 123/i to 13c.; packer spready native steers,
16%c.; native steers and butt brands,14e.; Colorados, 13%o.
On the 20th inst. prices advanced 22 to 26 points in response to a stronger market in Chicago. Shorts covered.
New buying appeared. The sales were 1,320,000 lbs.
June closed at 14c.; Sept., 15.110.; Dec., 16.07 to 16.12e.;
Feb., 16.30 to 16.45c. The leather market is reported
unsettled with reports of price cutting and the prospect of
smaller shoe production for May and June. Uncertainty
about the tariff hurts business. The strong technical position of hides is admitted. Federal inspection for April was
635,000, against 615,000 in March and 662,000 in April
1929. For the first four months of 1930 the total is almost
3% under the corresponding period of 1929. Wettings of
all cattle hides for the first quarter of 1930 were over 6%
greater than for the first three months of 1929. Total raw
stocks in all hands at the end of March stood at 3,969,000
hides as against 3,932,000 at the end of February. Government preliminary figures on shoe production give the March
output as 28,554,000 pairs against 25,898,000 in February,
and 39,900,000 in March 1929. On the 21st inst. prices
gain advanced this time 10 to 14 points with large sales.
hey reached 1,960,000. June closed at 15.10c. bept. at
15.25 to 15.30c.; Dec., 16.20 to 16.25e.; March, 16.500.
On the 22d inst. prices were unchanged to 5 points up after
being 20 points off to 5 up earlier. Sales were 88,000 lbs.
MAY 241930.1
FINANCIAL CHRONICLE
June ended at 14.100.; Sept., 15.30 to 15.36e.; Dec., 16.20c.;
Jan., 16.300.; March, 16.55e. To-day futures ended 10
to 30 points lower with June, 140.; Sept., 15.08c.; Dec.,
15.90e.
-Grain rates fell off; coal firmer.
OCEAN FREIGHTS.
In general rates were low and demand better. West India
trade good at lower rates.
CHARTERS included* Tankers; Clean Black Sea,July.to United Kingdom-Continent, 245. 3d.: clean, Black Sea, July French Mediteranean,
19s with options; clean, California, June, to north of Hatteras. $1.12:
clean, July, United Kingdom-Continent, San Francisco,43s,San Pedro 42a.
clean, June. California to north of Hatteras, $0.15: fuel oil, May-June,
Gulf to north of Hatteras, 41c. Grain, Spot, to Greece. Baltimore or
Philadelphia, 2s. 410.; Montreal, 2s. 7104 30.000 ors spot Portland to
Antwerp-Amsterdam, 7c.; 28.000 qrs. Montreal, spot, to Mediterranean,
10c. Sugar, First half June, Santo Domingo to United KingdomContinent, 14s. 3d.; Cuba, prompt, to United Kingdom-Continent, 12s.;
Cuba, early June, to United Kingdom-Continent, Ils. 9d.: Cuba, May 25
June 5. United Kingdom-Continent, 12s. Time*, North of Hatteras,
prompt, West Indies, round. Si; same, but trip across, redelivery United
Ringdom-Continent, 90c. Trip across. Early June, north Hatteras,
redelivery United Kingdom-Continent, $1.20. Trip down, Delivery
Canada. June, $1.10; redelivery Gulf, 80c. Trip* Prompt, north of Natteras, West Indies round, $1.55. Coal, Baltimore-Hampton Roads,
West Italy one port $2, two ports $2.10. Asphalt, May-June, Gulf to
French Atlantic, about $4.75. Lumber, 1,800 standards, June, range
Gulf three ports to three ports Plate, 137s. 6d. Grain bookings, 26 loads
Liverpool, May, Is. 6d.; seven loads London, May, Is, 6d.; Manchester,
May, is. 6d.; two, Hull, May, is. 9d. Bookings included heavy grain,
Eight loads. May and early June, Liverpool, Is. 6d.: two London, early
June, Is. 6d.; three Rotterdam. May, Sc.; three Bremen, May, 7c.: four
Hamburg. May. 63c.; French Atlantic, a few loads at 10c.
3741
Semi-finished steel was off $1 to $2 per ton in the Central
West. Steel bars, plates and shapes at Chicago have been
reduced to the normal spread of $2 per ton over Pittsburgh.
As usual in a falling market buyers are cautious. Heavy
melting steel has declined 50 cents a ton at Pittsburgh, $1 a
ton at Birmingham and 25 cents a ton at Cincinnati.
PIG IRON was quiet and more or less depressed. Dulness
of trade is so marked that an easing of prices is taken for
granted as a rule on worth-while orders. Buffalo sold, it is
said, more readily at $16 at furnace. Last week's sales are
estimated at not over 10,000 tons. Prices were largely
nominal. The general belief is that prices would be eased
on suitable orders.
-A Government report on the 20th inst. from
WOOL.
Boston, said: "Inquiries are being received on fleece wools
but not sales have been closed as yet this week, according to
reports. Asking prices remain firm at the levels quoted last
week. South American wools of medium and lower qualities
are subject of considerably more inquiry with quotations
inclined to strengthen." In Boston Autralian merino was
reported higher in response to higher prices abroad. Ohio
& Pennsylvania 28 to 29e. Australian clean basis, in bond,
64-70s combing super, 55 to 58c.; 64-70s clothing, 47 to 49c.;
64s combing, 53 to 55c.• 60s, 48 to 49c.; 58-60s, 46 to 470.
Boston wired May 22nd: "Moderate quantities of 58-60s
and 48-50s territory strictly combing wools are being sold.
There 58-60s strictly combing wools are selling in the range
of 68 to 72c. scoured basis and the 48-50s strictly combing
wools are bringing 54 to 57c., scoured basis. Some 48-50s
strictly combing Michigan fleece wools have been sold at
prices in the range of 50 to 53c. scoured basis."
In London on May 16 offerings 8,423 bales, including
7,500 bales Australian greasy and scoured merinos. They
sold well mostly to the Continent. Prices of all kinds
hardening. Details:
-Prices were reported rather weaker. The "Coal
COAL.
Age" puts the average index price for April at $1.755i against
$1.783i in March. With the advent of settled Warmer
weather it is believed coal prices will fall.
-A rather better business was reported in
TOBACCO.
Ohio, Pennsylvania, Connecticut and Wisconsin tobacco,
but there was no activity and prices have not improved.
In Amsterdam further sales of Sumatra are scheduled, but
it is said that the offerings have mostly been examined and
tobacco adopted to the American has already been purchased.
Only 185 bales were sold to America at the sale in Amsterdam
greasy. 10 to 18d.
Sydney, 1,374 bales; scoured merinos, 16 to
23d.•.
to 2814d.:
on Friday last. Washington wired May 21: "Stocks of leaf Queensland, 2,497 bales; scoured merinos, 193416 to 25d.: greasy, 914 to
greasy, 15 to
scoured merinos.
the hands of dealers and manufacturers on April 1 17d. Victoria. 1,374 bales;914 to 1534d. South Australia. 1,626 bales;
tobacco in
1714d..• scoured crossbreds,
1,965,246,000 lbs., against 1,9491002,000 lbs. on April 1 scoured merinos, 16 to 2434d. West Australia, 660 bales; scoured merinos,
were
greasy, 914 to 14d. New Zealand. 501 bales' greasy cross
19 to
1929 and 1,754,451,000 on Jan. 1 this year according to the breds,8 to 13Hd. Cape. 119 bales; scoured merinos. 18 to 2014d. Kenya
21d.•.
Department of Agriculture. Increased stocks compared Colony,224 bales; greasy merinos,934 to 11}4d. Victory greasy comeback
with a year ago are shown in a majority of types, the most ranged 1414 to 16d.
In London on May 19 offerings 10,300 bales. Demand
important exception being in the cigar filler class, where
good. Fair purchases were made by America. Prices
decreases are shown."
March rates. New Zealand greasy
-Sales for export up to noon on the 22nd inst. firm; slipe 10% above
COPPER.
super 58s, 144d.; 56s, 12%d.;
realized
crossbred
were 4,000,000 lbs. bringing the total for the month to date 50s, 12d.;58s
133'd.•'
46-48s, 113d.; 44-46s, 83 to 10d. Details:
to 210,000,000 lbs. This is a high record for a full month,
Queensland, 391 bales: scoured merinos, 21 to 2314d.: greasy. 914 to
or at least since the copper trade associations started keeping 1314d. Victoria, 499 bales: scoured merinos, 2114 to 24d.; greasy. 12H to
West
merinos, 12
16d. South Australia, 223
figures. The previous record was 204,500,000 lbs. in May Australia, 1,364 bales: greasybales: scoured 1414d. New to 21d. 2,720
Zealand.
merinos, 9 to
1928. Domestic demand was light. Prices were firm at 13e. bales; scoured merinos, 17 to 23d.: greasy crossbreds, 834 to 1410. Cape,
bales: greasy merinos.
183
for domestic and 13.300. for export. Copper export sales 754 bales;scoured merinos, 18 to 21d. Puntas.4,028Falklands, 774 bales:
to 101.4d.: greasy crossbreds, 734 to 1214d.
for the day were 2,750 tons against 4,130 tons on the preced- greasy crossbreds, 814 to 13,4d. New Zealand slipe ranged 834 to 1534d.'
ing day and 3,900 tons on Tuesday. There were no sales of latter halfbred lambs.
futures on the exchange. In London on the 22nd inst. spot
In London on May 20 offerings 8,856 bales, including
standard fell 12s. 6d. to £54 7s. 6d.; futures off 10s. to £54 409 bales of English wools, which sold 5 to 10% above
7s. 6d.; sales 350 tons futures. Electrolytic unchanged at March prices, best greasy realizing 103d. Colonial in
£60 10s. bid against £61 10s. asked. At the second session good demand from home and Continent at recent firm prices.
standard copper dropped 2s. 6d. on sales of 200 tons of Tasmanian greasy superior merino combing realized 30d.
futures.
Details:
Sydney, 1.472 bales; scoured merinos, 13 to 25d.: greasy, 1214 to 2114d.
TIN of late declined to near the bottom levels of a few Queensland, 732 bales; scoured merinos, 23 to 29d.; greasy. 814 to 1110.
to 24d.:
merinos,
Victoria, 841
days ago. Spot Straits were obtainable at 31 c., or about 1910. Westbales; scoured merinos, 1634 merinos,greasyto i334d. 1334 to
South
Australia, 92 bales; greasy
1234
Ho. above the recent low. Importers and dealers were Australia, 74 bales: greasy merinos,9 to 11d. Tasmania. 584 bales; greasy
4,500 bales:
quoting 31%o. but there was little or no demand. On merinos, 15 to 30d.: greasy, 153-4 to 153Id. New Zealand, greasy. 9 to
to 15d.; scoured crossbreds, ilJ4 to 21d.;
the Exchange 65 tons sold mostly June and July with prices greasy merinos, 11 bales: greasy merinos,9 to 11d. , Victoria, greasy come12 Yd. Cape, 152
off 35 points on most positions and 40 points lower on others. back ranged 1434 to 1710. Tasmanian greasy comeback ranged 14 to
June on the 22d inst. ended at 31.45 to 31.500. and July at igd. New Zealand slipe ranged 814 to i434d.. latter halfbred lambs.
In London on May 21 offerings 7,800 bales sold readily
31.65c. In London on the 22d inst. spot standard declined
£1 5s. to £142 10s.; futures off £1 2s. 6d. to £144 10s.; to home and the Continent. America bought greasy crosssales, 70 tons spot and 530 futures. Spot Straits declined breds to a fair extent. Prices firm. Australian merino
£1 5s. to £144 10s. Eastern c. i. f. London ended at £148 offerings included another attractive selection which was
5s. on sales of 300 tons. At the second session in London largely secured by the Continent. Tasmanian Trefusis
standard tin dropped 2s. 6d. on sales of 20 tons spot and greasy merino realized 25d.; Victorian E.0. Tourak greasy
0.; lambs' wools, 273d.;
280 futures. To-day prices ended with May 31.15e.; merino combing wools, 22 ,
July, 31.30 to 31.40c., and Sept. 31.55 to 31.60e.; sales, Sydney Mount Pleasant New England super greasy merinos,
21d. Details:
165 tons.
Sydney, 1,499 bales; scoured merinos, 16 to 1910.: greasy, 8 to 21d.
LEAD was steady at 5.50c. New York and 5.40e. East Queensland, 37 bales; scoured merinos, 25 to 29d. Victoria. 1,676 bales;
scoured merinos, 16 to 25d.: greasy, 1014 to 2214d.: scoured crossbred,
St. Louis. Business was more active in the East than in 1414 to 18d.; greasy, 914 to 13d. South Australia, 231 bales; scoured
the Middle West. In London on the 22d inst. prices ad- merinos. 1314 to 24d. Tasmania, 156 bales; greasy merinos, 19 to 25d.
13 to 2114d.; greasy, 9 to
New
vanced is. 3d. to £17 17s. 6d. for spot and £17 18s. 9d for 13d. Zealand, 3,780 bales; scoured crossbreds. to 2214d. Kenya
scoured merinos, 1734
Cape, 151
futures; sales 550 tons futures. At the second session in 135 bales: greasy bales; 834 to 1034d. Victoria lambs ranged Colony.
merinos,
1114 to
London prices advanced is. 3d. on sales of 100 toils of futures. 2714d. New Zealand slipe ranged 814 to 15d., latter halbred lambs.
May 22 offerings 10,000 bales, both merino
In London on
ZINC was rather steady with trade quiet. Prime Westselections. Demand still good. Prices firm.
.
ern slab zinc sold at 4.62Mc. East St. Louis, though several and crossbred
producers still quoted 4.650. In London on the 22d inst. Continental buyers bought freely, especially Puntas. Details:
Sydney. 684 bales: scoured merinos. 16 to 2114d.: greasy, 13 to 17d.
spot advanced 2s. 6d. to £16 17s. 6d.; futures up is. 3d. to Queensland, 289 bales; scoured merinos, 2014 to 2450.; greasy, 121.5 to
1214d. Victoria, 207 bales; greasy merinos, 1014 to 20d. South Australia,
us. 3d.; sales 775 tons of futures.
£17
126 bales; scoured merinos, 19 to 24d.: greasy. 1014 to 1434d. West Aumerinos,
STEEL has been quiet in general whatever the occasional stralia, 491 bales; scoured merinos, 16 to 25d.; greasy, 914 to 1110. Tas15 to 19d.; greasy crossbreds,
mania, 534 bales: greasy
exceptions. Operations in the industry as a whole have, it is 1310. New Zealand. 1,785 bales; scoured crossbreds, 914 to 200.;1114 to
greasy,
greasy
Puntas, 5,164 bales; greasy merinos, 834 to
said, fallen 1% within a week, to 75%, as against 96% a om to 13. 1314d. Falklands, 730 bales; greasy merinos.lid.:1114d. crossTas9 to
year ago and 82% in 1928. The Steel Corp. is operating at breds,7 to comeback ranged 1234 to 100. New Zealand slipe ranged
mania greasy
Independent companies dropped to a little over 70%. 9 to 1411d., latter halfbred lambs.
80%.
In Peb. operations were at 81%. Plates and shapes have been
At Melbourne on the 20th inst. 7,900 bales were offered
reduced by the steel mills in the Chicago district to 1.80e. at and 7,600 sold. A good average selection met with a quick
mill to bring them to the normal differential between demand, mostly from the Continent and Japan. Compared
Pittsburgh and Chicago, or a margin of $2 per ton. Steel with sales on May 1, prices showed a hardening tendency.
bars in Chicago were still 1.85c. The cheapness of copper Melbourne exports from July 1 to April 30 comprised
may yet indirectly help steal to some extent. Later on selling 1,982,000 bales of Australian and 506,000 of New Zealand
was pushed with the inevitable effect of weakening prices. as compared to 2,366,000 and 643,000 in the same period
3742
FINANCIAL CHRONICLE
the year before. In Melbourne on May 21 demand was
sharp and 96% of the offerings sold. Prices firm. Top
prices were: Manongil and Montrose merinos, 153cl.;
Ballangeich comebacks, 1530.
lir SILK ended 3 to 6 points higher to-day with sales of 1,420
bales. May ended at $3.92; July, $3.73; Sept., $3.70 to
83.72. Prices are 10 to 15 points lower than a week ago.
COTTON
Friday Night, May 23 1930.
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
64,642 bales, against 74,760 bales last week and 49,161 bales
the previous week, making the total receipts since Aug.1 1929
7,951,403 bales, against 8,847,513 bales for the same period
of 1928-29, showing a decrease since Aug. 1 1929 of 896,110
bales.
Receipts at-
Sat.
Galveston
Texas City
Houston
Corpus Christi
New Orleans_ _ -Mobile
Savannah
Charleston
Lake Charles_
Wilmington
Norfolk
New York
Totals this week_
Mon.
Tues.
Wed.
Thurs.
205
33
756
884
705
295
60
5.626
2
2,145
1.540
_-__
46
439
770
131
3,441
27
1,684
4,172
---55
488
2.348
1,014
1,066
381
3,598
52
6,268
4,014
____
8
496
2,073
4,761
72
611
2,248
2 000
'10
93
459
Fri.
Total.
414
154
1,334
2,997
154
4,8 0
[VOL. 130.
From
Exported to
Aug 1 1929 to
may 29 1930, Great
GerJapan&
Exportsfrom- Britain. France. many. Italy. Russia. China. Other.
Galveston__ _
Houston
Texas City_
Corpus Christi
Beaumont.._ _
Lake Charles_
New Orleans_
Mobile
Jacksonville
Pensacola
Savannah_ _ _ _
Brunswick,...
Charleston_ _ _
Wilmington
Norfolk
New York_,.
Boston
Baltimore_
Philadelphia-Los Angeles__
San Diego..,.
San Francisco
Seattle
Portland, Ore
194,392265.891
217.732339,396
26,737 15,338
102,113 71,070
3,332 3,905
363
318
254,325 80,001
91,021 8.287
141
5,691
____
146,233 1,058
7.094
56,089
115
12,987
____
51.689
____
3,696 9,080
570
100
1,135
42,058
5,250
7,963
Total.
338.675177,20
8,123286,602268.8031.539,690
446,537177.345 12,521 331,987207,906 1,733,424
35,552 2.533-__ 3,151 12,068 95,379
53,680 36,517 41,521 27,731 30,257 362,889
3.677 1.014 --------3,191
15,119
4,850 3,645 --------450
9,626
213,135172,513 15,875203,053 100,888 1,039,790
174,024 8,990
____ 21,487 6,510 310,319
141
25,824
2I I
_ _ __ 1,' I I
55 32,770
207,641 5,430
__ __ 12,501 5,793 378,655
7,094
61,655
420
____ 40,40 12,835 171,319
12,271 44,911
____
72,168
____ 2,001
30,235
____
____
611
349 82,873
23,613 5,117 --_ 2,49
8,714 52,717
332 --------50 3,493
4,545
6,04'
46,438
1,361
500
3,200
200
____ 154,582
2,900
____ 51.988
24,245
4,237
229
2,292 252,770
____
8,150
262 64,113
____
24,245
____
4,237
Total
1,229,548802,233 1,681,618637,399 78,040 189015665,6668,263,519
rotal 1928-29 ,792,893769,376 1,832,752630,179 216,056 1389435739,0077,
369,698
rotal 1927-28 1.323.807830.819 1.983.195593,846 264.188907.282 789.6976.692.834
NOTE.
-Exports to Canada.
-It has never been our practice to include In the
above table reports of cotton shipments to Canada, the reason being that virtually
1,966 1,995 21,387 all the cotton destined to the Dominion comes overland and it Is impossible to
922
17 1,092 give returns concerning the same from week to week, while reports from the customs
1,205
428 12,341 districts on the Canadian border are always very slow in coming to hand. In view.
682 12,717 however, of the numerous inquiries we are receiving regarding the matter, we will
61
--------2,000 say that for the month of March the exports to the Dominion the present season
144 have been 15,314 bales. In the corresponding month of the preceding season the
22
3
158
205 1,879 exports were 24,719 bales. For the eight months ended March 31 1930 there were
--------4,880 149,362 bales exported, as against 194,396 bales for the eight months of 1928-29.
5.401
In addition to above exports, our telegrams to-night also
5.251 114.642
give us
The following table shows the week's total receipts, the cleared, the following amounts of cotton on shipboard, not
at the ports named:
total since Aug. 1 1929 and the stocks to-night, compared
with last year
10.358 13.149 18.279 12.204
On Shipboard Not Cleared for
-
1929-30.
Receipts to
May 23.
1928-29.
Stock.
May 23 at-
Great
GerOther CoastBritain. France. many. Foreign wise.
Total.
Leaving
Stock.
This Since Aug This Since Aug
Week. 1 1929. Week. 1 1928.
Galveston
5,100 4,500 4.200 17,000 1,500 32,300 193,699
1930.
1929.
New Orleans-- 2,132 1,168 3,424 7,297
100 14,121 412,395
--------350 57.755
350
Galveston
2,997 1,728,761 9.281 2,750,235 225,999 224,604 Savannah
Charleston_
-- ---Texas City
170
170
38,978
154 137,202
191 177,192
4,504
9,335
--------600
iiio
Houston
850
50
3,347
4,860 2,595,648 5,737 2,828.612 660,135 365,136 Mobile
Norfolk
------------------------ -55,322
Corpus Christi
191 387.155 1.292 259,234
11,568
Other ports*-- 2)
1600
Beaumont
500 24,000
81,570
15,519
15,915
New Orleans
21,387 1,620,366 9,560 1,542,713 426,516 229,680
Total 1930-- 9,432 7.168 11,474 41,397 2,320 71,791 1.643,064
Gulfport
598
Total 1929- 14,603 7.018 13,086 53.910 4,143 92,760 1,047,257
Mobile
1,092 389.893
697 269,350
16,182
4,197
Total 1925
19.793 10.139 16.623 50.563 2.647 99.765 1.199.706
Pensacola
32,370
12,956
Jacksonville
186
674
887
*Estimated.
Savannah
12,341 477,466 1,414 356.740
16,698
58,105
Brunswick
7,094
Speculation in cotton for future delivery has been on a•
Charleston
12,717 213,747
336 166,142
19,128
39,146
Lake Charles---- 2,000
small scale, and prices, very irregular at times, have drifted
11.566
---5,505
Wilmington
144
91,839
194 125.269
17,827 downward on scattered liquidation. It was rather notice13,047
Norfolk
1,879 158,129 1.078 227.964
55,322
61.853 able
N'port News, Stc_
in the old crop. Within 24 hours the outlook for the
127
New York
4,880
48,723
231
50,987 205,576 171,762 weather has improved. Raw and manufactured cotton has
Boston
2,084
37
3.280
1,519
2,922
Baltimore
32,704 1,081
1,122 been dull and more or less depressed at home and abroad.
54.497
1,735
Philadelphia
753
---11
5,216
4.497 The speculation, however, has been so small that daily net
Totals
64.642 7.951.403 31.1298.847.513 1.714855 1.140.017 changes have often been trifling. On the whole, the market
1,
3
has taken the liquidation very well. On the 17th inst., after
In order that comparison may be made with other years, a small early decline on weak cables, some Atlantic belt
we give below the totals at leading ports for six seasons:
rains, and Southern and local selling, prices turned upward.
at- 1929-30. 1928-29. 1927-28. 1920-27. 1925-26. 1924-25.
Galveston-2,997
9,281
18,314
7,296
14,013
9,014
Houston5_ _ _ 4.860
5,737
10,282
11,583
9,675
21,319
New Orleans_
21,387
9,560
13,910
11,621
15,441
5.784
Mobile
1,092
697
4.983
3,562
2,279
235
Savannah__....
12,341
1.114
5.561
17,627
11,223
1.167
Brunswick..
Charleston_ _ _
336
12.717
1,650
3,569
4,467
4,007
Wilmington
144
194
351
4,130
955
72
Norfolk
1.879
1,078
1,631
3.976
3.862
2.280
N'port N., Zec
All others.-7,225
3,077
2,832
4,122
3,362
177
Total this wk..
64,642
31.129
59,759
67.486
65,277
44,085
Since Aug.1 7.951,403 8.847,513 8,022,783 122928549,132,9468,951,795
*Beginning with the season of 1926, Houston figures include movement
of cotton previously reported by Houston as an interior town. The distinction between port and town has been abandoned.
Receipts
The exports for the week ending this evening reach a total
of 34,194 bales, of which 11,538 were to Great Britain, 1,490
to France, 8,701 to Germany, 2,729 to Italy, nil to Russia,
6,396 to Japan and China, and 3,340 to other destinations.
In the corresponding week last year total exports were 55,723
bales. For the season to date, aggregate exports have been
6,263,519 bales, against 7,369,698 bales in the same period
of the previous season. Below are the exports for the week:
Exported to
Ended
Great
May 23 1930.
GerExports from- Britain. France. many.
Galveston
Houston
2,597
4,691
250
450
1,979
5,144
New Orleans.-Mobile.
Savannah
Charleston
Norfolk
New York
1,409
1,162
600
901
Los Angeles
1,225
100
Ban Francisco
Total
Total 1929_
Total 1925
Japan&
Italy. Russia. China. Other.
Total.
1,056
1,673
--------166 6,048
--------1,775 13,733
100
------------1,399 4,309
1,000
----
1,000
------------2,693
--------2,703
50
-___
_-_-
4,018
2,853
354
100
----
11,538
5,410
0 525
1,490
6,396
3,340 34,194
3,567 7,423 9,070 7,350 14,378
5 052 1R 008 10 154 10 711 9.990
8.521 55,723
3.815 76.383
8,701
2,729
--__
Co-operative Associations, it is supposed, have recently been
selling July at 12 points over May. Later on Saturday
came official reports of rains in Texas, big rains in Arkansas
and Oklahoma, with as high as 5% inches in Arkansas, rains
in Central belt, which some thought of dubious benefit, and
very little rain in the Atlantic States, where they are
wanted. Thereupon, contracts were less freely offered, as
the old fear of a wet May loomed again and covering became more general. Yet it is also true that prices ended
at only a trifling net rise. Some think that taking the belt
as a whole it is doing very well, and that the rains in the
Southwest, if followed by warm dry weather, will have
•a beneficial effect. In any case, they were partly discounted.
On the 19th inst. prices advanced early 15 points on big
rains in the Western and Central belts. They were 2 to 7%
inches over Saturday and Sunday in Arkansas, 3 to 7%
Inches in Mississippi, 2 to 51A inches in the Memphis district, 2 to 5 in Alabama, 1 to 41 in Texas, and 1 to 214 in
4
Oklahoma. Arkansas rivers overflowed; 30,000 square miles
were under water, overwhelming three towns and threatening another, driving several thousand people from their
homes, while tornadoes killed many. But great as these
rainfalls were, of semi-tropical volume, they had so little
effect that early buyers and also some who had bought on
Saturday proceeded to sell out. Moreover, the forecast was
for generally fair and warmer weather in Texas, Oklahoma
and Arkansas. That capped the climax. Offerings increased. Prices dropped 40 to 50 points from the high of
the morning. Declines in stocks and grain contributed to
the loss. Final prices were 20 to 32 points lower, the new
crop leading the decline. Cotton goods and raw cotton
were dull at home and abroad. Exports from American
ports were still small.
On the 20th inst. prices advanced on a better technical
position, and regardless of the much more favorable weather
over most of the belt. The rains ceased in Arkansas and
Oklahoma and were generally light in Texas, Mississippi,
and the Memphis district. Moreover, Georgia had bene-
'3743
FINANCIAL CHRONICLE
MAY 24 1930.]
NEW YORK QUOTATIONS FOR 32 YEARS.
fidal rains. Here there was a steady demand for May
The quotations for middling upland at New York on
against sales of July at 12 points. May trading was to go
out on Friday. The July account has been considerably May 23 for each of the past 32 years have been as follows:
21.60c. 1914
13.70c. 1906
16.40c. 1922
11.90c.
reduced. The Government report shows the area in cultiva- 1930
19.70c. 1921
12.50c. 1913
12.10c. 1905
tion on July 1 1929 as 47,067,000 bales, which compares with 1929
40.50c. 1912
21.50c. 1920
1.50c. 19
13;3 ..
8 5re
104
1928
31.55. 1911
16.60c. 1919
16.10c. 1903
12.00c.
the preliminary estimate of Dec. 9 of 47,569,000, and last 1927
26.45c. 1910
15.40c. 1902
18.90c. 1918
9.50c.
1926
year's (1928) area in cultivation July 1 of 46,946,000. The 1925
11.65c. 1901
21.55c. 1909
89:5162::
23.95c. 1917
13.000. 1908
11.20c. 1900
32.35c. 1916
1924
revised area picked of 45,793,000 for the crop of 1929 com9.80c. 1907
12.35c. 1899
28.40c. 1915
6.44c.
1923
pares with the preliminary estimate of 45,981,000 and the
area picked in 1928 of 45,341,000 acres. The production of
MARKET AND SALES AT NEW YORK.
14,828,000 bales compares with the December estimate of
The total sales of cotton on the spot each day duringithe
14,919,000. The yield per acre of 155.00 compares with the week at New York are indicated in the following statement.
preliminary estimate of 155.3 and the 1928 yield of 152.9 For the convenience of the reader, we also add columns
pounds.
which show at a glance how the market for spot and futures
On the 21st inst. prices ended 7 points higher to 7 lower, closed on same days.
light trading. Straddlers sold July and bought October.
on
Wall Street, New Orleans, local traders, and some spot firms
SALES.
Futures
Market
Spot Market
sold. The weather was generally rainless over the belt, and
Spot. Contect Total.
Closed.
Closed.
weather. The summary
the forecast was mostly for fair
unchanged_ _ Steady
.
of the weekly report said: "Conditions were generally Saturday.-- Quiet, 20 pts. dec... Barely steady_ 27,300 27,300
Quiet,
Monday
favorable for cotton east of the Mississippi Valley, but Tuesday _-- Steady, 10 pts. adv.. Steady
9,400 9,400
_ 2,000 5.900 7,900
because of excessive rains very unfavorable from Valley Wednesday_ Steady, 10 pts. adv.. Steady
10,400 10.400
Thursday -- Quiet,5 pts. dec___ _ Steady
sections westward, except in more Southern districts. In Friday
Quiet,5 pts. dec....... Steady
Texas the progress of cotton was mostly good in the south
2,000 53.000 55,000
Total week _
third of the State, but elsewhere rains and wet soil were Since Aug. 1
156,465 645,300 S01.765
unfavorable, with cultivation and chopping largely at a
-The highest, lowest and closing prices at
FUTURES.
standstill in much of the northern two-thirds. In Oklahoma,
Arkansas, northern Louisiana, Mississippi, and extreme New York for the past week have been as follows:
western Tennessee, there was too much rain, and in most
Friday,
Saturday, Monday, Tuesday, Wednesday, Thursday,
of this section the week was decidedly unfavorable, with
May 23.
May 22.
May 21.
May 19.
May 20.
May 17.
much cotton washed out and many lowlands flooded. To
the eastward of this area showers were very beneficial, and May
Range.. 16.20-16.27 16.10-16.44 16.10-16.22 16.14-16.30 16.18-16.30 16.17-16.21
progress of the crop was mostly fair to good; though it is
16.1016.2216.29-16.30 16.22-16.23
Closing- 16.28still too dry locally. In the most eastern portion of the belt June
Range._
there are complaints of irregular stands, because of previ16.2216.2916.22 -16.1716.10Closing- 16.28July
ous dryness."
Range__ 16.30-16.42 16.20-16.49 16.22-16.34 16.25-16.37 16.29-16.38 16.25-16.41
On the 22nd inst. prices advanced 16 to 18 points on
16.29 Closing_ 16.40-16.42 16.22-16.23 16.3046.34 16.35-16.37 16.34new crop, on bad crop reports from parts of central Texas, AugustRange.16.25where 10 to 25%, it is said, will have to be replanted and
15.40 -15.40 -16.02Closing- 15.55 -16.35 -16.40a prediction of showers in Texas, Oklahoma and Arkansas. Sept.
15.18
Range..
They are not at all wanted. Old crop declined 1 to 7 points
15.15 -14.9515.27 -15.25Closing. 15.35 -15.10net on some further liquidation. The certificated stock October
Range.. 15.25-15.41 15.08-15.52 15.03-15.22 15.08-15.17 15.07-15.26 15.11-15.21
was up to 575,000 bales. Some sold May and bought July.
Closing. 15.37-15.38 15.09-15.10 15.16-15.18 15.10-15.13 15.20-15.23 15.1145.11
Trade in cotton goods was as dull as ever. Exports were Oct.(new)
Range__ 14.99-15.13 14.78-15.25 14.74-14.92 14.77-14.90 14.77-14.98 14.8245.01
trifling.
14.79-14.81 14.87-14.90 14.81-14.82 14.92-14.9414.84-14.81
Closing- 15.10To-day prices were generally 10 to 12 points net lower, Nov.Range.after more unwelcome
with a promise of better weather,
15.12
15.22
15.18- 15.15 15.10Closing _ 15.37rains in the Southwest. Fair conditions are forecast, how- Nov. (new)
Range-ever, for Texas, Oklahoma and Arkansas, and some showers
14.80- - - 14.88
14.82
14.93
14.86 closing _ 15.07in the Atlantic section, where they are wanted. May went Dec.Range- 15.33-15.47 15.15-15.58 15.08-15.27 15.14-15.22 15.15-15.32 15.1745.3.
out at noon at 16.20c., only 2 points lower. The Dallas
15.1615.20-15.2
15.26Closing- 15.42-15.43 15.15-15.17 15.23"News" weekly crop report was unfavorable. It says that Dec. (new) 15.10-15.2114.87-15.35 14.82-15.02 14.85-14.96 14.8645.06 14.9045.0
Range__
hundreds of thousands of acres will have to be replanted.
15.00
14.91 Closing_ 15.19-15.21 14-89-14.90 14.95-14.96 14.88- Some reports from the Mississippi delta were also bad. Jan.Range_ 15.36-15.46 15.22-15.56 15.12-15.22 15.14-15.19 15.14-15.32 15.17-15.3
They said that the rainfall in 10 days had been 14 to 18
15.1715.2215.16-15.17 15.2515.17 Closing 15.46inches. This will necessitate a good deal of replanting, Jan. (new) 15.09-15.19 14.89-15.30 14.83-15.00 14.88-14.96 14.86-15.05 14.90-15.0
Range_
that some lands will have to be abandoned
and it is feared
15.0014.90 14.8814.95 -14.88Closing 15.17unless the weather greatly improves at once. July ended 5 Feb.Rangethe week are a decline of
points lower. Final changes for
14.99
15.1015.00 Closing 15.28- 15.0514.9910 to 24 points, new crop showing the most loss. Spot cot- March- _ 15.29-15.40 15.05-15.55 15.02-15.22 15.04-15.13 15.06-15.23 15.0845.2
Rangeton ended at 16.40c. for middling, a decline of 5 points for
15.1015.16 -15.1015.2015.10 Closing. 15.40April,the day and 10 points for the week.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
May 29 1930
15-16
Inch.
1-inch &
longer.
Range-(liming _
Differences between grades established
for delivery on contract May 29 1930.
Figured from the May 22 1930 average
quotations of the ten markets designated
by the Secretary of Agriculture.
.69
.69
.69
.67
.65
48
.53
Middling Fair
1.01 on
White
.28
Strict Good Middling__ do
.86
Good Middling
.28
.71
do
.28
Strict Middling
.49
do
Middling
Basis
.27
do
Strict Low Middling_
.72 off
.26
do
Low Middling
1.73
.23
do
*Strict Good Ordinary_ do
2.90
*Good Ordinary
3.93
do
Good Middling
.72 on
Extra White
Strict Middling
.49
do do
Middling
Even
do do
Strict Low Middling__ do do
72 off
Low Middling
1.73
do do
.63
Good Middling
.25
.2300
Spotted
.60
Strict Middling
.23
.05 off
do
.53
Middling
.22
.72 off
do
*Strict Low Middling_ do
1.70
*Low Middling
2.83
do
.50
Strict Good Middling.._Yellow Tinged
.22
.08 off
.50
Good Middling
.22
do do
.55
.50
Strict Middling
.22
do do
1.05
*Middling
1.68
do do
*Strict Low Middling_
do do
2.40
*Low Middling
do do
3.30
Good Middling
.21
.50
Light Yellow Stained_1.30 off
*Strict Middling
do do do
1.88
*Middling
do
do do
2.55
.53
Good Middling
Yellow Stained
.22
1.55 off
*Strict Middling
do do
2.40
*Middling
do do
3.23
Good Middling
Gray
.53
.22
.85 off
Strict Middling
do
1 20
.51
.22
*Middling
do
1.68
*Good Middling
Blue Stained
1.75 on
*Strict Middling
do do
2.50
do do
*Middling
3.28
*Not deliverable on future contracts.
.28
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
May 17 to May 23Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
16.50 18.50 16.40 16.50 16.45 16.40
Range of future prices at New York for week ending
May 23 1930 and since trading began on each option:
Range Since Beginning of Option.
Option for
-
Range for Week.
May 1930.. 16.10
June1930July 1930. 16.20
Aug. 1930. 16.25
Sept.1930.. 15.18
Oct. 1930.. 15.03
Oct. new '30 14.74
Nov. 1930Nov.new'30
Dec. 1930.. 15.08
Dec.new '30 14.82
Jan. 1931._ 15.12
Jan. new '31 14.83
Feb. 1931
Mar. 1931 15.02
May 19 16.44 May 10 14.03
15.27
May 19 16.49 May 19 14.22
May 23 16.25 May 23 15.63
May 22 15.18 May 22 14.61
May 20 15.52 May 19 14.29
May 20 15.25 May 19 14.00
14.47
14.69
May 20 15.58 May 19 14.40
May 20 15.35 May 19 14.11
May 20 15.58 May 19 14.50
May 20 15.30 May 19 14.19
16.09
May 20 15.55 May 19 14.30
Mar. 1
Feb.
Mar.
Feb.
May
May
May
May
May
May
May
May
May
Feb. 2
May
1930 20.18
1930 18.87
1930 20.00
1930 18.34
1930 16.20
1930 18.56
1930 15.87
1930 17.78
1930 14.90
1930 18.06
1930 16,28
1930 17.18
1930 16.03
1930 16.65
1930 16.20
Sept. 3 1929
Oct. 24 1929
Sept. 3 1929
Nov.22 1929
Apr. 2 1930
Nov.20 1929
Apr. 4 1930
Dec. 16 1929
Apr. 15 1930
Jan. 13 1930
Apr. 4 1930
Feb. 1 1930
Apr. 4 1930
Feb. 15 1930
Apr. 1 1930
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
week have been as follows:
market for the past
Saturday,
May 17.
Monday,
May 19.
Tuesday, Wednesday, Thursday,
May 20.
May 21.
May 22.
Fri y,
May 23.
15.88 ---- 15.81 ---- 15.81---- 15.89 ---- 15.89 ---- 15.71 15.79
May
June
16.02-16.03 15.91-15.93 15.96-15.98 16.03-16.04 16.06-16.07 15.91
July
August- - September
15.07-15.08 14.81-14.83 14.90-14.91 14.8314.94-14.95 14.81 14.86
October
November
14.91-14.92 14.9814.8915.0214.9;
December. 15.1815.02 Bid. 14.90 Bid. 14.98 Bid 14.89 Bid 15.03 Bid 14.94
January
February 15.07-15.11 15.15 Bid 15.04 Bid. 15.21 Bid. 15.11 Bid.
15.37March
April
May
Tone
Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
Spot
Q1ilet.
Steady.
Steady.
Steady.
Steady.
Steady.
SU y.
Options
3744
FINANCIAL CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
Total Continental stocks
1929.
932.000
135,000
113,000
1928.
1927.
775.000 1.377.000
84.000
177.000
885.000 1.045,000
859,000 1,554,000
418,000
254.000
14,000
1+1.000
55.000
441,000
249,000
10,000
110,000
34,000
832,000
430.000
203,000
14.000
66,000
34.000
747,000
659.000
277,000
19.000
122.000
36,000
844.000 1,113,000
Total European stocks
1,717,000 1,792.000 1.703.000 2,667,000
Indian cotton afloat for Europe.._ 151.000
167.000
76.000
195.000
American cotton afloat for Europe 128,000
256,000 416,000 432.000
Egypt,Brazil,&c.,afloat for Europe
96,000
120,000
110,000
95,000
Stock in Alexandria, Egypt
525,000
366,000 344,000
412,000
Stock in Bombay,India
1,290,000 1,282,000 1,203,000 674,000
Stock in U. S. ports
a1,714,855a1.140,017a1,299,471a1,667,441
Stock in U. S.interior towns
a809,649 a446,703 a587,760 a656 451
U. S. exports to-day
700
300
Total visible supply
6,431,504 5,570.420 5.843,531 6,694,892
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
320,000 603,000
550,000 1,043,000
Manchester stock
61,000
79,000
59,000
150,000
Continental stock
736,000 680,000
791,000 1,057.000
American afloat for Europe
128,000
256,000 416,000 432,000
U. S. ports stocks
a1,714,855a1.140.017a1,299,471a1,667.441
U. S. interior stocks
a809,649 a446,703 a587,760 a656,451
U. S. exports to-day
700
300
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
3.769.504 3,205,420 3,703,531 5.005.892
430,000
329,000
225,000
334,000
74,000
34.000
25.000
96,000
67,000
53,000
151,000
167.000
195,000
96,000
120.000
95,000
525.000 366,000 344,000
1,290,000 1,282,000 1.203,000
27,000
56,000
76.000
110,000
412.000
674,000
2,662,000 2.365.000 2.140,000 1,689,000
3,769,504 3,205,420 3,703,531 5,005,892
Total visible supply
6,431,504 5,570,420 5,843.531 6,694,892
Middling uplands, Liverpool_ _ -8.67d.
10.11d.
11.46d.
8.94d.
Middling uplands, New York_ _U 16.40c.
19.45c.
21.10c.
16.75c.
Egypt, good Sakel, Liverpool- - 14.86d.
18.7130.
22.8(30.
17.80d.
Peruvian, rough good, Liverpool_
14.50d.
14.00d.
10.75d.
Broach, fine, Liverpool
6.30d.
8.500.
10.05d.
8.05d.
TInnevelly, good, Liverpool
7.65d.
9.65d.
10.954.
8.50d.
a Houston stocks are now included in the port stocks: in previous years
they formed part of the interior stocks.
•Estimated.
Continental imports for past week have been 64,000 bales.
The above figures for 1930 show a decrease over last
week of 59,007 bales, a gain of 861,084 over 1929, an
increase of 947,973 bales over 1928, and a falling off of
263,368 bales from 1927.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in
detail below:
Movement to May 23 1930.
Receipts.
Towns.
Week. Season.
Ship- Stocks
merits May
Week.
23.
Movement to May 24 1929.
Receipts.
Week.
Season.
Shipmerits
Week.
Stocks
May
24.
Ala., 13Irm'ham
459 110,975
526 8,411
398
53,750
643 1,176
Eufaula
20,064
36
230 5,198
7
15,048
97 3,076
Montgomery.
241
62,5.54 1,6511 20,294
86
57,089
446 9,558
Selma
72,629
48, 17,519
72
65
57,439
546 10,346
Ark.,Blytheville
____ 127,876 1,506 18,847
29
87,981
761 7,854
Forest City
162
30,847
536 7,089
2
28,598
154 2,658
Helena
62 61,6674921 10,508
3 57,038
771 4,257
Hope
107
56,359
1351 1,123
184
57,622
177
554
Jonesboro
4 39,73460 1,702
5
33,270
143 1,107
Little Rock
301 128,153
165 118,303
9881 12,825
812 7.788
Newport_
23 51,388
156, 1, 1
47,79847,798
38 1,036
515
Pine Bluff_
280 188,596 1,194' 20,780
95 142,598 1,388 5,998
Walnut Ridge
34 3,491
3 55,898
4
39,076
219
864
Ga., Albany-------6,482
2.494
3,712
--____ 1,563
Athena
40
700 16,868
29,346
76
412 5,921
,
Atlanta
3,118 174,020 5,860 60.9371
724 130,134 3,874 20,518
Augusta
2,074 310,233 3,016 63,044 1,757 242,850 3,757 53,863
Columbus_
25,477
____
50 1,4881
51,560
189
835 9,734
Macon
428
76,857 1,110 9,792
52,554
474
438 3,002
Rome
____
23,356
600 15,1461-___
35,921 1,500 20.330
La., Shreveport
us 145,578 l,165j 45,543
23 145,076 2,487 17,096
Miss -Cl'ksdale
89 191,945
772 20,9181
90 146,544 1,221 10,184
Columbus_
18
29.071
____
315 5,618
31,195
25
670
Greenwood_ _
114 232.367 1,047 50,688
192 189,330
776 15,473
Meridian
128
53,105
619 4,490
81
49,575
376 1,294
Natchez
7
25,584
___
32,198
3,536
____ 4,789
Vicksburg_
410
33,165
57 5,935
24,915
4
111 1,193
9 41,802
Yazoo City
110 5,7511
2
39,330
149 2,400
540., St. Louts_ 7,171 302,272 7,920 10,019 4,135 455,695 4,470 15,757
NI.C.,Green8b'o
24,491
53 21,644
504
396 9,077
211 11,005
Dklahoma1
838 37,804
142 749,883
15 towns*
35 772.116 1,906 9,780
3.C., Greenville 2,601 182,092 4,340 38,331:7,243 208.873 7,399 35,359
fenn.,Memphis 11.8701,923.543 25,238242.794 9,1261,780,720 22,210133,734
54,215
5
325
5
___ 1,010
99 28.957
['ekes, Abilene_
49
6511
11,477
57
48,538
____
1
482
Austin
33
11,148
37 2,742
35,484
20 2,652
18
Brenham
442 12,542
682 141,638 1,566 5,078
531 115,218
Dallas
67 90,565
251 1,995
75,301
435
463
177
Paris
14,921
--__
709
32,702
191
10
176
____
Robstown_
43,113
47
---_ 1.170
61 1,932
23,928
-___
San Antonio_
65,436
25
458 3,164
219 1,323
60,777
81
Texarkana
177 145,917
891 3,651
283 6,776
Waco
67 106,131
ql
.AI R nA1 71;17
..
63421809.649 26.7835,861,572 61.354446,703
May 23_
ShippedVia St. Louts
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Week.
7,920
448
798
8,132
13,471
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c..
Between interior towns
Inland, &c.,from South
----1928,29----Since
Since
Aug. 1.
Aug. 1.
Week.
301,382
4,470 439,594
66.469
81,619
610
3.7075,573
31.726
41,772
-205
211.571
201,774
4,081
585,705
12,999
579,390
30.769 1.200,560
4,880
452
5,877
22,363 1,349,722
89,246
16.694
402.667
1.349
465
15,020
111.103
19,281
622,135
Total to be deducted
11.209
508.607
16,834
752.519
Leaving total net overland *
19,560
691.953
5,529
597,203
The foregoing shows the week's net overland movement
this year has been 19,560 bales, against 5,529 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 94,750 bales.
-1929-30--1928-29
In Sight and Spinners'
Since
Since
Takings.
Aug. 1.
Week.
Week.
Aug. 1.
Receipts at ports to May 23
64,642 7.951,403
31.129 8,847,513
Net overland to May 23
19,560
691,903
5,529
597.203
Southern consumption to May 23_105.000 4,420.000 125,000 4,771,000
Total marketed
189,202 13,063,356
Interior stocks in excess
"33,926
599,739
Excess of Southern mill takings
over consumption to May 1
_ _ __
584.690
161,658 14,215,716
+34,449
192,352
578,373
Came into sight during week_--155,276
Total Insight May 23
____ 14,247,785
North. spinn's' takings to May 23
5,839
127,209
14,986,441
678,232
27.779
1.280.558
Movement into sight in previous years:
Week1928
-May 26
1927
-May 27
1926
-May 28
Bales.
Since Aug. 1128.558 1927-28
126,186 1926-27
119.904 1925-26
Bales.
13,492,593
18,458,583
15,700,613
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotaton
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
May 24.
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
15.80
New Orleans- - - 15.63
Mobile
15.00
Savannah
15.38
Norfolk
15.81
Baltimore
16.05
Augusta
14.94
Memphis
14.70
Houston
15.55
Little Rock- - -- 14.80
Dallas
15.65
Fort Worth_ _
15.65
15.53
14.80
15.20
15.63
16.30
14.75
14.50
15.35
14.62
15.45
15.45
15.70
15.58
14.90
15.32
15.75
15.90
14.81
14.60
15.45
14.72
15.55
15.55
15.70
15.63
14.90
15.40
15.75
15.70
15.63
14.90
15.32
15.75
14.88
14.65
15.50
14.72
15.55
15.55
14.88
14.65
15.50
14.72
15.50
15.50
15.60
15.56
14.85
15.29
15.69
16.00
14.81
14.60
15.50
14.72
15.45
15.45
REVISED ESTIMATES OF COTTOB ACREAGE,
YIELD PER ACRE, AND PRODUCTION, 1929, BY
STATES.
-The Crop Reporting Board of the U. S. Department of Agriculture, from the reports and data furnished by
crop correspondents, field statisticians, co-operating State
Boards (or Departments) of Agriculture and agricultural colleges, and ginnings reported May 20, makes the following
revised estimates of cotton acreage in cultivation July 1,
acreage finally harvested, yield per acre, and production,
crop of 1929. Cotton ginnings for the 1929 crop, as reported
by the Bureau of the Census, May 15 1930, are also shown:
Recited Es (mates of the Cotton Crop of 1929, by States.
State.
Virginia
North Carolina
South Carolina
Georgia
Florida
Missouri
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
New Mexico
Arizona
California
All other
Area in
Cultivation
July 1 1929.
Area
Picked
1929.
Acres.
Acres.
89,000
88,000
1,916,000 1,878,000
2,273,000 2,216,000
3,818,000 3,753,000
96,000
94,000
341,000
348,000
1,147,000 1,136,000
3,727,000 3,690,000
4,229,000 4,166,000
2,135,000 2,114,000
18,229,000 17,500,000
4,430,000 4,275,000
3,933,000 3,858,000
132,000
130,000
227,000
6226,000
319,000
309,000
19,000
19.000
Yield
of Lint
Cotton
Picked Production
per Acre
1929.a
1929.
-z
r
....,.....--.....,--.......
wo.w....:00,
,,-,.-04-,..04..
,
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
1930.
bales.. 750,000
362,946 bales more than at the same time last year. The
receipts at all the towns have been 4,561 bales more than
the same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
--We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
.4N4 WWWWW004.400CACCOON,
,
4
May 23Stock at Liverpool
Stock at London
Stock at Manchester
[vol.. 130.
°innings
1929 Croy
as Reported
by Census
May 15
1930.
Bales (500 Bales (500
Lbs.(iross) Lbs. Cross)
48,000
47,527
747,000
747,208
830,000
830,055
1,343,000
1,342,643
29,000
28,578
220,000
219,932
515,000
515,774
1,342,000
1,341,550
1,915,000
1,915,430
808,825
809,000
3,941,626
3,940,000
1,143,000
1,142,666
1,435,000
1,434,660
88,450
90,000
152,839
6153,000
259,647
260,000
8,539
9,000
United States totaL
47,067.000 45,793,000
155.0 14,828,000 14,825,949
Lower Calif.(Old Mex.)c
151.000
d75,056
147.000
75.000
244
a Bales rounded to thousands, allowances made for cross State ginnings and
added for United States total. b Including Pima long staple, 67,000 acres, yield
211 pounds per acre, production 30,000 bales. c Not included in California figures.
nor In United States total. d Ginnings 73,763 running bales, as enumerated by
California Co-operative Crop Reporting Service.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
The above total shows that the interior stocks have us by telegraph this evening indicate that rainfall the early
decreased during the week 33,926 bales and are to-night part of the week was excessive in the section west of the
•Includes the combined totals 0115 UMW In Oklahoma.
MAY
24 1930.1
FINANCIAL CHRONICLE
Mississippi Valley and in some districts caused considerable
damage. Elsewhere the weather conditions have been
mostly favorable for cotton with many beneficial showers.
Cotton in the eastern portion of the belt has made fair to
good progress, though with stands irregular.
-In the southern portion of this State the progress
Texas.
of cotton has been mostly good, but elsewhere rains and wet
soil have been unfavorable, bringing cultivation and chopping
to a standstill.
-Weather has improved a great deal during
Mobile, Ala.
the week. There have been light to heavy showers over the
cotton area. Cotton long planted is germinating, reducing
the estimated replanting. There have been heavy rains
up-State and a big rise in Warrior Bigbee River.
Memphis, Tenn.
-Condition of cotton is good, although
there are some complaints of grass.
Rain. Rainfall.
1 day 0.59 in.
2 days 2.40 in.
4 days 0.54 in.
1 day
1.80 in.
2 days 1.12 in.
2 day3 3.75 in.
2 days 0.78 in.
4 days 1.56 in.
2 days 2.68 in.
4 days 3.00 in.
3 days 2.26 in.
3 days 2.44 in.
4 days 2.01 in.
3 days 0.17 in.
2 days 0.42 in.
2 days 1.84 in.
2 days 1.50 in.
dry
3 days 1.98 in.
2 days 0.62 in.
3 days 6.35 in.
4 days 6.72 in.
4 days 3.80 in.
4 days 6.05 in.
3 days 4.45 in.
1 day
1.00 in.
3 days 3.57 in.
3 days 1.52 in.
2 days 6.17 in.
3 days 6.27 in.
4 days 6.34 in.
2 days 1.82 in.
3 days 2.79 in.
3 days 1.45 in.
3 days 1.60 in.
1 day
1.98 in.
2 days 0.10 in.
1 day 0.54 in.
3 days 1.02 in.
dry
2 days 0.25 in.
1 day 0.15 in.
3 days 0.77 in.
dry
dry
1 day 0.04 in.
3 days 0.31 in.
2 days 0.92 in.
2 days 3.39 in.
Galveston,Tex
Abilene
Brenham, Tex
Brownsville, Tex
C.orpus Christi, Tex
Dallas, Tex
Henrietta, Tex
Kerrville.Tel
Lampasas, Tex
Lulin 4, 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
Alex ndria, La
Amite, La
New Orleans, La
Shreveport, La
Clolumbus. 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. 0
Columbia, S. 0
Conway, S.0
Charlotte, N.0
Newbern, N. C
Weldon N. C
Memphis, Tenn
3745
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings.
Week and Season.
1929-30.
Week.
1928-29.
Season.
Week.
Season.
Visible supply May 16
6,490,511
5.744.013
Visible supply Aug. 1
3.735.957
4.175,480
American in sight to May 23 - 155,276 14,247,785 127,209 14,986.441
Bombay receipts to May 22
49.000 3.183.000
42,000 2.916,000
Other India ship'ts to May 22.
27,000
703.000
23,000
586,000
Alexandria receipts to May 21..
13,000 1,848.200
5,400 1.589,600
Other supply to May 21 5b
8,000
654,000
7.000
553.000
Total supply
6.742.787 24,171,942 5.948.622 24,806,521
Deduct
Visible supply May 23
8.431,504 6,431.504 5,570,420 5.570.420
Total takings to May 23_0
311.283 17.740,438 378.202 19.236,101
Of which American
212,283 12,242,238 266.802 13,922,501
Of which other
99.000 5.498.200 111.400 5,313.600
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 4,420,000 bales in 1929-30 and 4,771,000 bales in 1928 -29
takings not being available
-and the aggregate amounts taken by Northern
and foreign spinners, 13,320,438 bales in 1929-30 and 14,465.101 bales in
1928-29 of which 7.822,238 bales and 9,151,501 bales American.
S Estimated.
Thermometer
high 82 low 72 mean 76
high 94 low 56 mean 75
high 88 low 64 mean 76
high 92 low 70 mean 81
high 90 low 74 mean 82
high 90 low 58 mean 74
high 86 low 52 mean 69
high 90 low 54 mean 72
INDIA COTTON MOVEMENT FROM ALL PORTS.
hikh 88 low 56 mean 73
high 90 low 64 mean 77 The receipts of India cotton at Bombay and the shipments
high 84 low 60 mean 72 from all India ports for the week and for the
season from
high 86 low 56 mean 71
high 86 low 54 mean 70 Aug. 1, as cabled, for three years, have been as follows:
high 92 low 64 mean 78
high 88 low 60 mean 74
1929.30.
1928-29.
1927-28.
high 82 low 56 mean 69
May 22.
high 85 low 54 mean 70
Receipts atSince
Since
Since
high 90 low 52 mean 71
Week. 1 Aug. I. Week. 1 Aug. 1. Week. Aug. 1.
high 84 low 52 mean 68
high 85 low 48 mean 67 Bombay
49,0003.183,000 42,000 2,916.000 76,000 3,054.000
high 88 low 54 mean 71
high 85 low 62 mean 74
For the Week.
Since August 1.
high 85 low 57 mean 71
Exports
high 85 low 60 mean 73
Great Conti- Japan&
from
Great
Conti- Japan dl
high 89 low 62 mean 76
Britain. neat. China. Total. Britain.
nent.
China.
Total.
high 87 low 61 mean 74
mean 77
high 88 low 64 mean 76 Bombay
1929-30_
---- 19,000 13,000 32,00
73,000 695,0001,351.0
high 87 low 58 mean 73
,119,000
1928-29_ 2,000 3,000 58,000 63.000 54,000 886,0001,437,
high 90 low 57 mean 74
,177,000
1927-28_ - 10,000 30.000 51,000 91,000 75,000 555011 1,052,
high 86 low (13 mean 75
1,682,000
Other India
high 88 low 65 mean 76
1929-30_ - 15,000 12,000
27,000 150,000 553,III
high 87 low 56 mean 72
703,000.
5,000 18,000
1928-29_
23,00 103,000 483,I I
high 90 low 63 mean 77
586,000
1927-28... 2,000 7.000
9,000 97.500j 461,000
high 94 low 62 mean 78
558,500
high 97 low 62 mean 80
I
high 95 low 65 mean 80 Total all
1929
-30.. 15,000 31,000 13.000 59,000 223,0001.248.0001,351,0002,822,000.
high 92 low 66 mean 79
1928-29__ 7,000 21,000 58,000 86,000 157,0001,169,0001,437,0002.763_000
high 87 low 59 mean 73
l927-28._ 12.000 37,000 51,000 100,000 172,5001,016.0001,052,0002,240,500
high 92 low 62 mean 77
high 93 low 63 mean 78
high 92 low 70 mean 81
According to the foregoing, Bombay appears to show an
high 87 low 59 mean 73
high 88 low 62 mean 76 increase compared with last year in the week's receipts of
high 95 low 61 mean 78 7,000 bales. Exports from all India ports record a decrease
high 86 low 60 mean 73
high 91 low 53 mean 72 of 27,000 bales during the week, and since Aug. 1 show an
high 91 low 48 mean 70 increase of 59,000 bales.
high 86 low 56 mean 70
ALEXANDRIA RECEIPTS AND SHIPMENTS.
The following statement we have also received by tele-We
graph, showing the height of rivers at the points named at now receive weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
8 a. m. of the dates given:
May 23 1930. May 24 1929. shipments for the past week and for the corresponding week
Feet.
Feet.
of the previous two years:
New Orleans
Above zero of gauge_
9.5
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge..
Above zero of gauge_
Above zero of gauge..
Above zero of gauge..
18.4
41.5
21.2
26.6
53.0
18.9
19.6
34.4
31.9
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Ended
Receipts at Ports.
1930. 1929.
Feb.
7__
14._
21-28-Mar.
7-14..
2128Apr.
411_
18_
25May
2_.
9.16__
23-
1928.
Stocks at Interior Towns.
1930.
1929.
1928.
82.277 135.078 111,825 1.355.621 1.007.9181,087,654
53,508 81.570107,419 1,326,078 966.4121.049.180
65.886 80,866 75,3231,306.632 936.0271,023,120
91.438 91.438 62.281 906.387 906.387 987.384
50,312 86,941
44.919106,350
46.415 97,085
46,906 78.041
70.7551,258.075 849.195
73,2341.228,666 814.522
76.837 781,667 1.202,043
88,473 1.163.170 752,959
49,351
47.498
48,893
50 2391
.
80,2321,113,592
73.0191,006.544
72,882 1,024.125
92,378 980.279
50,024
49,161
74,760
64.6421
59.884
48,659
57,351
55,917
51,241109,891
40,13 110,912
27,
84,323
31,129 59,759
940,995
893.425
843,575
809,649
711.349
679.205
846,881
695,322
564,846
512,890
481,152
446,703
Receipts"torn Plantations
1929-30.
1927-28.
65.000
8,229,571
Receipts (contars)This week
Since Aug. 1
1928-29.
27,000
8.027.371
29.000
6.028.914
This Since
Week. Aug. 1.
Exports (bales)-
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
To Liverpool
136,213 ---- 163,258 5.300 136,796
To Manchester.&c
5,000143.209 ---- 154,616 5.700 149,952
To Continent and India.._ 9,000413,911 8,000 428,484 8,750 360,522
To America
101,849 ---- 187,844 1,250 106,070
Total exports
14.000 795,242 8,000 914.202 21.200753.340
1930.
1929. 1 1928.
Note.
-A cantar is 99 lbs. Egyptian bales weight about 750 lbe.
This statement shows that the receipts for the week ending May 21 Were
65,000 cantars and the foreign shipments 14,000 bales.
34.791
23,972
46.441
61.798
70.3131
40.069
50.481
61.798
MANCHESTER MARKET.
-Our report, received, by
cable to-night from Manchester, states that the market in
both yarns and in cloths is active. Demand for both India
and China is poor. We give prices to-day below and
leave those of previous weeks of this and last year for
comparison:
65,392
88.945
49,263
26.545
941.043 18,248 29.749 24.435
910,246 17.510 71,677 48.435
887,170 20.692 64.230 47.567
863.788 7.133 49.333 65,091
835.351 Nil
18,274 51.805
803.203
450 16,515 40,861
773,381 4,274 25,027 48:060
737.026 6.393 25.358 59.000
691,224 10,740
649,289 1.591
620,32' 24,910
587,761 30,716
765
____
____
____
64.089
63,97.2
68,354
27.10t
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1929 are 8,541,810 bales;
in 1928 were 8,970,880 bales, and in 1927 were 8,229,008
bales. (2) That, although the receipts at the outports the
past week were 64,642 bales, the actual movement from
plantations was 30,716 bales, stocks at interior towns
having increased 33,926 bales during the week. Last year
receipts from the plantations for the week were nil bales
and for 1928 they were 27,199 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
-The following brief but comprehensive statement indicates
Alexandria, Egypt,
May 21.
1930.
32e Cots
Twist.
1929.
13)( Lbs. Shin- Conan
ing:. Common AfMeg 32s Cop
to Finest.
OPTds. Twist.
8)4 Lb.. Shirt-Conan
ing*, Common Ifiddrg,
to Fines:.
UpTds.
d.
d. • 4.
12,4013 114
12%6!613% 11 0
1234481314 106
19 481314 104
B. 4.
@120
On
@112
@110
d.
8.60
8.69
8.47
8.49
d.
d. e. d.
15 810 18 3
15)401634 13 3
153401634 13 8
1534016% 13 4
e. d.
013 5
013 6
013 6
Q13 7
d.
10.34
10.43
10.49
10.75
11;4013
1153012%
1134 013
12 013
10 2
10 2
10 4
10 4
010 6
010 6
011
011 0
8.18
8.05
8.54
8.44
15%01854 13 4
15 01634 13 5
15%01834 13 4
15140163.4 13 4
013 7
013 7
013 7
013 7
11.12
10.77
11.10
10.96
1214013)4 10 4
123401334 10 4
11%012% 10 1
25---- 12 9913 10 1
May12 013 10 1
117401274 10 0
11%012H 10 0
11%012% 97
011
011 0
010 5
010 5
8.85
8.76
8.61
8.74
183401534
165401654
15% 9916%
15 6516
13 8
13 2
13 2
13 0
013 6
013 4
013 4
013 2
10.73
10.99
10.69
10 23
9910 5
010 4
010 4
010 3
8.65
8.03
8.54
8.67
145401554
145401534
14M 015k
14)401)4
12 7 @la 1
12 7 @131
12 7 013 1
12 7 013 1
10.02
10.08
10.26
10.11
Feb.
-
28.
Mar.-
Apr.-
3746
FINANCIAL CHRONICLE
[Wit,. 130.
BREADSTUFFS
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
Friday Night, May 23 1930.
reached 34,194 bales. The shipments in detail, as made
Flour was firmer at one time, with feed further reduced.
up from mail and telegraphic reports, are as follows: Hales. New Ydrk exports late last week were 35,000 barrels. Re1,571 ceipts then 92,000 barrels, including 74,000 here, 2,000 at
-May 14-Albercos, 1,571
GALVESTON-To Liverpool
-May 21-America, 27
To Gothenburg
1,026 Boston, 5,000 at Philadelphia, 2,000 at Baltimore, and 9,000
-May 14-Albercos, 1.026
To Manchester
139
-May 21-America, 139
To Copenhagen
1,979 at New Orleans. Feed prices were weak on the 20th inst.
-Rio Panne°,1,979
-May 15
To Bremen
250
-Niagara.250
-May 19
To Havre
Exports from New York were 14,000 barrels. Receipts at
-Mon-Chester Valley, 239__-May 21
-May 19
To Genoa
1,056 the seaboard included 94,000 barrels at New York, 3,000 at
rose. 817
-Challenger, 350; Pacific
-May 10
-To Liverpool
LOS ANGELES
1,050 Boston, 11,000 at Philadelphia, 2,000 at Baltimore, and 9,000
Exporter,400_ _ May 12-Skegness,300
-Montevideo. 933_May 21-Golden
-May 17
To Japan
at New Orleans; totals, 119,000 barrels. Prices declined
President Lincoln. 800 ,,May 22-Chingalese
River, 300;
2,333 10
Prince, 300
to 15c. on the 19th inst., owing to lower prices for wheat.
175
-May 12-Skegness, 175
To Manchester
360 Recently prices fell 50c. The trade was only moderate.
-May 21-Shinyo Maru, 360
To China
100
-Wyoming, 100
To Dunkirk-May 12
100 Exports on the 19th inst. were 10,000 barrels from New
-Rio Panuco, 100
-May 12
-To Bremen
CORPUS CHRISTI
1.112
-Magician, 1,112
-May 15
-To Liverpool
NEW ORLEANS
297 York, 12,000 of bonded from Boston, and 1,000 of domestic
--Magician,297
-May 15
To Manchester
600
-West Tacook, 600
of 7,000
-May 16
To Havre
651 from the same port. There were also clearances
-West Tacook,651
-May 16
To Bremen
250 barrels from New Orleans, making total Atlantic and Gulf
-West Tacook, 250
-May 16
To Hamburg
229
-West Tacook, 229
To Rotterdam-May 16
400 port exports 30,000 barrels. Flour latterly higher.
-West Tacook. 400
-May 16
To Antwerp
470
-West Tacook, 470
-May 16
To Ghent
100
Wheat declined owing to crop advices which, on the whole,
-America, 100
-May I6
To Gothenburg
100
-America, 100
-May 16
To Oslo
100 were favorable from both the winter and spring wheat belts.
-May 15-Iriona, 100
To Lapaz Bolivia
55
-Niagara, 55
has not increased. France has
-May 15
-To Havre
MOBILE
862 Moreover, the export demand
-West Madaket,862
-May 16
To Liverpool
300 increased its import duty. On the 17th inst. prices ended
-West Madaket,300
-May 16
To Manchester
1.000
-Silver Palm, 1,000
-May 17
SAVANNAH-To China
139 % to %c. higher on rain, sleet and snow and hail in
-May 19-Bellhaven, 139
-To Liverpool
NORFOLK
215
-May 19-Bellhaven, 215
To Manchester
4c.
35 Nebraska and Kansas. At one time they were up 1 to 1y
-May 15-Wauicegan,35
-To Havre
NEW YORK
177
-Reliance,177
-May 15
To Hamburg
to %d. higher, despite a reported sale of
450 Liverpool was
-Niagara,450
-May 17
HOUSTON-To Havre
5.144 Russian wheat to Liverpool. Good foreign buying of Mani-Endicott, 5,144
-May 22
To Bremen
1,091
To Rotterdam-May 19-Edgemoor, 1,091
250 toba excited remark. Winnipeg estimated the sales on the
-America, 250
-May 20
To Gothenburg
200
-America, 200
-May 20
To Warburg
23 17th inst. at about 1,000,000 bushels overnight, largely by
23
-America,
To Nykoping-May 20
200
-America,200
-May 20
To Norrkoping
11 the pool at a flat price, making about 4,000,000 bushels of
-America. 11
-May 20
To Copenhagen
-Chester ValEurope in three days. The rapid de-May 19-Monrosa, 1,008_--May 20
To Genoa
1.673 all kinds taken by
ley, 665
2,764 crease in foreign stocks and the small quantity on ocean
-May 16-Albercos,2,764
To Liverpool
1,927
-May 16-Albercos. 1,927
To Manchester
350 passage evidently impressed Europe. The sale of a cargo
-May 21-Magmeric,350
CHARLESTON-To Hamburg
100
-May 22-(7), 100
SAN FRANCISCO-To Great Britain
50 of 110,000 bushels of Russian wheat to the United Kingdam
-May 22-(7), 50
To Germany
1,000
-May 22-(7). 1,000
China
understood further
To
1.703 at equal to $1.12% a bushel, and it was
-May 22 (7). 1.703
To Japan
offerings from Russia had less effect than such news would
34,194
Total bales
have had. Russian seeding is backward. France was havcotton from ing too much rain. It wants dry warm weather. The
-Current rates for
COTTON FREIGHTS.
New York, as furnished by Lambert & Burrowes, Inc., are weekly forecast Indicated further rains and temperatures
as follows, quotations being in cents per pound:
below normal during part of this week. The Manitoba "Free
StandHigh
High
StandStandHigh
Press" report, it is true, said that seeding was 10 days to
ard.
Density.
ard.
Density.
ard.
Densittl.
Shanghai open open
Stockholm .600. .75c.
Liverpool .450.
two weeks ahead of last year in the Prairie Provinces, with
.420. .57c.
Bombay
.650.
Trieste
Manchester .45c.
.450. .600.
Bremen
.500. .85c.
Flume
ample moisture for the time being.
.450. .80c.
Antwerp
Hamburg .450. .600.
.450. .60c.
Lisbon
.310. .46c.
Havre
14c., with cables
.750. .90c.
Piraeus
.60c. .75c.
On the 19th inst. prices declined 1% to 2
Oporto
Rotterdam .45c. .600.
.750. .900.
Salonica
Barcelona .30c. .45c.
:50c. .65c.
Genoa
unsatisfactory despite bullish statistics and a good decrease
.650.
.50c.
Venice
open open
Japan
:50c, .60c.
Oslo
in the United States visible supply. It was 4,064,000
LIVERPOOL.-By cable from Liverpool we have the fol- bushels against 5,128,000 last year; total, 122,246,000 bushels
lowing statement of the week's sales, stocks, &c.,at that port: against 103,326,000 a year ago. Spring wheat crop reports
May 9. May 16. May 23.
May 2.
13.000 from the United States belt and Canada were, as a rule,
15.000
22,000
27,000
Sales of the week
5,000 favorable. The Canadian pool was said to be offering wheat
2,000
12,000
12,000
American
Of which
1.000
3,000
2,000
1.000
Sales for export
below competing parities. The weather was
48.000 in England at
48.000
62,000
58,000
Forwarded
768,000 730,000 good in Canada. Southwestern crop reports were very favor797.000 788,000
Total stocks
354.000 350,000 333,000 320.000 able. Nat C. Murray estimated crops in Nebraska, Kansas,
Of which American
27,000
48,000
51.000
44.000
Total imports
6,000 Oklahoma and Texas at 265,000,000 against 255,000,000
9.000
18.000
10.000
Of which American
126.000 bushels the Government May 1 figure. Reports, on the
134,000 129,000 109,000
Amount afloat
36,000
30,000
29,000
39,000
Of which American
other hand, from the Texas Panhandle, said that the SouthLiverpool market for spots and futures west wheat area beyond Liberal, Kansas, and the West,
The tone of the
each day of the past week and the daily closing prices of which represented an immense acreage, was quite disappointing, with insufficient soil moisture.
spot cotton have been as follows:
On the 20th inst. prices declined 11, to 1%c. on better
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
Spot.
weather and favorable crop reports from Canada, and lower
Market,
Dull.
cables. Export sales were only 300,000 to 400,000 bushels.
Quiet.
Quiet.
Dull.
Quiet.
Dull.
12:15 I
P.M.
Some crop reports from the Southwest were favorable; but
8.606.
8.676,
8.57d.
8.52d
8.636
8.606.
Mid.Upi'ds
others report light yields. A fair demand prevailed from
3,000
2,000
2,000
2,000
3,000
cash interests. !Crop news was not altogether favorable
2,000
Sales
Quiet. Q't.butst'y But speculative snap on this side was absent. On the 21st
Quiet,
Quiet.
Quiet,
Futures.
{ Quiet.
pts.
unchanged
3 to 4 pts. 5 to 8 pis. 1300 15pta. 2 to 3 pts. to 1 pt.adv. 5000
Market
inst. the tone was, in the main, firm, but outside speculation
advance.
decline, advance.
advance, advance,
opened
showed no life. Some covering was due to reports of rust
Steady, Crt,but st'y Q't,but st'y Quiet,
Quiet,
Market,{ Quiet,
unchanged 8 to 11 pta. 13 to 18pts. 1 to 8 pta. 1 to 4 pts. 2 to 5 pts. In the Southwest. Liverpool reported a fair demand fro
4
advance, advance. advance.
decline,
P. M. to 1 pt.adv advance.
Manitoba. The real feature in Liverpool was a report that
Prices of futures at Liverpool for each day are given below: Argentine wheat sold in the United Kingdam at equal to
Liverpool July, or $1.14. There is said to be a movement on
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
foot in England to tax importations of foreign wheat with
May 17
4.00
2.1312.3012.15 4 1 s 12.15 4.0012.15 4.00 12.1 4.0012.15 p. rs. the exception of Canadian. The French duty has been
to
m.
p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m p. m.p.
May 23.
increased. Spain may prohibit imports of wheat and flour.
d. d. d.
d. d.
d. d.
d. d.
New Contract. I d. d. d.
8.14 8.18 8.22 8.07 8.09 8.12 8.1 8.1. 8.1' 8.22 8.23 European advices were unfavorable. European opinion
May
8.07 8.11 8.1. 8. 8.11 8.03 8.08 8.08 8.12 8.14 8.14 are that foreign consumers will have to continue in the
June
8.06 8.10 8.14 7.98 7.99 8.01 8.06 8.03 8.07 8.1 8.09
July
8.00
7.99 8.03 8. 7.91 7.92 7.94 7.9: 7.94 7.98 8.01 7.95 market for North American wheat on account of redu • •
August
7.9 7.89 7.92 7.9
..
. __ 7.96 8.11 8.0. 7.88 7.88 7
September
7.84 7.87 7.91 7.91 stocks abroad and the light on-passage supplies. The South7.92 7.9 8.03 7.8 7.8. 7.86 7.
October
7.88 7.84 7.87 7.91 7.91
November --------7.92 7.97 8.03 7.85 7.8. 7.88 7.9s 7.88 7.89 7.93 7.93 'ern
Hemisphere, it is contended, cannot supply anythin
__ __ 7.94 7.99 8.0. 7.88 7.87 7.88 7.91 7.8 7.
December
7.94 7.94
-- 7.95 8.i 1 8.08 7.89 7.88 7.89 7.93 7.89 7.92 7.9 7.96 like the amount of wheat that was shipped by those coun
Jan. 1931
8. 7.92 7.91 7.92
7.98 8.03
February
7.99
8.01 8.08 8.12 7.95 7.9 7.9 7.9. 7.91 7.94 8.01 7.99 tries last year. North America appears to be the chie
March
8.01
7.96
8.03 8.08 8.14 7.97 7.96 7.97 7.97 7.93 7.98 8.03 8.03
April
7.99 7.99 7.9.
source of supply.
-- 8.05 831 8.16 7.9 7.98
May
MAY 24 1930.]
3747
FINANCIAL CHRONICLE
On the 22nd inst. prices advanced 2% to 3c., with crop
estimates in the Southwest reduced. Liverpool was strong.
Argentine shipments were small. So were those from the
Black Sea. A private crop estimate cut-the probable Texas
crop 20,000,000 bushels from the recent optimistic figures.
Kansas was reduced to a minimum of 110,000,000 bushels
and Oklahoma to 25,000,000 bushels. Cold weather and the
early season drought were said to have damaged wheat materially. There were reports of Hessian fly in southeastern
Nebraska and northeastern Kansas. Prospective yields in
many of the southwestern States are said to be only around
5 to 10 bushels to the acre, whereas much more than this
was looked for earlier. Export sales were 700,000 bushels.
To-day prices ended 19 to 2ye. lower as the predicted
frost did not occur in Kansas and Nebraska or anywhere
else in the Southwest. Moreover, Russia was again selling
wheat and rye to the Continent. The technical position was
weaker. Export sales were 750,000 to 1,000,000 bushels,
largely Manitoba. Weather conditions in the domestic belt
were, in the main, favorable. Little attention was paid to
small shipments from the Southern Hemisphere, nor to reports of unfavorable weather in Italy and France. The
"Modern Miller" says that winter wheat conditions in this
country are somewhat better than they were on May 1.
Final prices show a net decline for the week of % to 1%c.
reports of rather large country offerings. Moreover, the
Eastern demand was light. Bran is said to have declined $3
a ton within a week. Cash corn was steady to Ihc. lower.
Final prices show a decline for the week of 1% to 2%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
97% 96% 96% 97
98
95%
No.2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
80% 79% 7876 78% 80% 7814
May
79% 81% 8034
8174 813-4 80
July
83% 82% 81
80% 8234 81%
September
77% 75% 74% 74% 7635 7534
December
Oats prices have been adversely affected by the decline
in other grain, and have dropped a couple of cents. It is
noted, however, that at these prices oats are at pre-war
levels. Crop advices are good, but the fact is stressed that
2
oats are cheap. On the 17th inst. prices advanced % to I/ c.,
and then reacted, ending % to Ye. net lower, under liquidation. Cash houses were buyers of May. On the 19th inst.
,fic. lower in response to the decline in
prices closed % to 11
other grain. The United States visible supply decreased last
week 1,239,000 bushels against 841,000 a year ago; total,
13,012,000 bushels against 9,393,000 a year ago. On the 20th
inst. prices declined 1% to 1%c. in harmony with the fall
in other grain, and more or less liquidation. On the 21st
inst. prices wound up % to 1%c. higher, with offerings small
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
in the later trading and shorts disposed to cover. On the
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 hard
111% 110% 110% 113% 111% 22nd inst. prices advanced % to 1%c., with other grain.
114
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. To-day prices ended % to %c. lower, in sympathy with the
Sat. Mon. Tues. Wed. Thurs. Fri.
break in other grain and a certain amount of liquidation.
May
104% 10334 103% 106% 104%
106
July
103% 104% isni los% Besides, the weather was favorable, and cash oats were
106% 105
September
109% 107% 106% 106% 10974 10834 quiet and Y
2c. lower. Final prices show a decline for the
December
114% 112% 110% 111% 11434 112%
i
week of y to 2%c., May showing the least depression.
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
May
109% 108% 10736 10734 11036 10934
Sat. Mon. Tues. Wed. Thurs. Fri.
July
111% 110% 108% 109% 1113-4 110% No.2 white
54
55
56
5534
55
55
October
114% 112% 111
111% 113% 112%
OATS FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF
Indian corn has declined because of lower prices for wheat
Sat. Mon. Tues. Wed. Thurs. Fri.
42%
42% 41%&40% 41% 43
and larger offerings to arrive coincident with better weather. May
41% 40% 39% 40
4036 3974
On the 17th inst. prices ended 14c. lower to ye. higher, with July
/
39%
4136 4034 3834 38% 40
September
cold, wet weather making shorts nervous. May was sold December
43% 42% 41% 41% 4214 4136
rather freely in taking profits, and it ended 14e. lower,
especially as larger offerings and receipts were expected
shortly. July and September were the best sustained.
Planting is delayed in parts of the belt. In some sections,
notably Iowa and South Dakota, the plant was damaged by
frost on the night of the 10th inst. The weekly forecast
Indicated rather unfavorable weather part of the coming
week. The country sold 46,000 bushels to arrive. Shipping
sales were 73,000 bushels. The basis on country run grain
was steady, but arrivals from other terminals were % to lc.
lower compared with May. Primary receipts were 460,000
bushels against 514,000 a week previously, and 304,000 last
year. Shipments were 806,000 against 942,000 a week before
and 551,000 last year.
On the 19th inst. prices closed % to 14c. lower, partly
under the influence of a decline in wheat. Also the prospect of better weather had some effect. Country offerings
were small, but they are expected to increase if the weather
becomes better. Shipping demand was at least large enough
to take the receipts. The United States visible supply decreased last week 3,072,000 bushels against 3,346,000 last
year; total, 13,984,000 against 19,481,000 last year. On the
20th inst. prices ended 1 to 1Ye, net lower, with better
weather, to say nothing of the decline in wheat having a
depressing effect. The forecast pointed to fair and warmer
weather. Where corn is up the stands are said to be good.
There was a noticeable increase in the country offerings.
With good weather the increase is expected to become more
pronounced.
On the 21st inst. prices closed unchanged to %c. lower.
Early, they were % to %c. lower. The later rally was due
to covering. But the weather was favorable. Country offerings increased considerably. Shipping demand was not at
all eager. The industries bought little. This was the uncertain action and even at times lower prices for wheat
made for a rather weak market for corn. On the 22nd inst.
prices advanced 1% to 2c., with wheat up later, and the
forecast wet for the corn belt. Country offerings increased
noticeably and receipts were larger, but stocks are small
in the hands of consumers. To-day prices closed 1% to 1%c.
lower, partly owing to the decline in wheat. But not a
little of the liquidation was due to favorable weather and
DAILY CLOSING PRICES OF OATS FUTURES
Sat. Mon. Tues.
5234 51% 49%
May
53
5234 5036
July
49% 48% 46%
October
IN WINNIPEG.
Wed. Thurs. Fri.
4934 503-4 4934
50
513-4 5036
46% 48
46%
Rye has declined in sympathy with wheat, but also because of reports of heavy sales by Russia to the Continent
at equal to Sc. c.i.f. Germany, moreover, will raise its
duty materially. On the 17th inst. prices ended % to Ye.
higher, after being % to lc. lower. Commission firms sold,
and the effect was plain, but the rise in wheat, for all that,
helped rye. On the 19th inst. prices fell 1%c. net, with
wheat off and rye, as usual, following on small trading.
The United States visible supply decreased last week
1,041,000 bushels against an increase last year of 48,000
bushels. The total now is 11,361,000 bushels against
6,454,000 a year ago. On the 20th inst. prices fell 1% to 2c.
as the inevitable answer to a lower market for wheat, with
which it is forced to move in unison. On the 21st inst.
prices closed unchanged to %c. lower, with no real sustaining influences except a rally in wheat. Early prices for
rye were % to 1%c. lower. Covering later gave them a lift.
On the 22nd inst. prices advanced 2%c. It is said that
15,000 tons of Russian rye sold to Rotterdam at approximately 51c. c.i.f. that place. To-day prices closed 2c. lower,
partly owing to the decline in wheat, but more particularly
because of reports that Russia had sold 35,000 tons to the
Continent at equal to 51c. c.i.f.; also because of reports that
Germany would raise the duty 35c., making it equal to 90e.
a bushel on rye. Final prices show a decline for the week
/
1
2
of 23 to 3 c.
DAILY CLOSING PRICES OF RYE FUTURES
Sat. Mon. Tues.
59% 58
May
65% 63% 61%
July
69% 67% 65%
September
73% 71% 70
December
IN CHICAGO.
Wed. Thurs. Fri.
58
---- 5831
61% 63% 61%
65% 67% 65%
69% 71% 69%
Closing quotations were as follows:
Oats. New York—
Wheat. New York—
1 2634
No. 2 white
No. 2 red, f.o.b new
No.3 white
No.2 hard winter.f.o.b- --1.11%
Rye, New York—
Clore. New York—
9534
No. 2 f.o.b
No. 2 yellow, all rail
93% Barley. New York
No.3 yellow, all rail
Chicago cash
5536
52%43153
71%
50 og62
3748
FLOUR.
$4.75@$5.10
Spring pat. high protein.$6.25606.65 Rye flour, patents
Spring patents
3
5.85(.0 6.25 Semlnola, No. 2. pound
Clears,first spring
5.50(6) 5.70 Oats goods
2.50(4) 2.60
Soft winter straights__ 5.20@ 5.5() Corn flour
Hard winter straights_ _ 5.45(0 5.60 Barley goods
3.25
Hard winter patents_ __ 5.601(5 6.15
Coarse
Hard winter clears_ _ _ _ 5.00(41 5.20
Fancy pearl. Nos. 1.
6.00© 6.50
Fancy Minn. patents__ 7.150 7.85
2. 3 and 4
City mills
7.400 8.10
All the statements below regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, &c.
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for each
of the last three years:
Flour.
Receipts atChicago
Minneapolis_
Duluth
Milwaukee....
Toledo
Detroit
Indianapolis.
St. Louis_ __ _
Peoria
Kansas CityOmaha
St. Joseph_
Wichita
Sioux City_
[Vol.. 130.
FINANCIAL CHRONICLE
Corn.
Wheat.
Oats.
Rye.
Barley.
bbls.196Ibs.bush.60 lbs. bush. 56 lbs.bush. 32 lbs.bus. 48 lbs.bus. 56 lbs.
2,000
71,000
774,000
203,011
674,000
152,000
111,000
162,000
155,000
813,000
85,000
14,00;
6,000
12,000
394,000
65,000
163,000
12,000
176,000
183,000
17,# 1 i
1,000
14,000
18,000
40,000
6,000
20,00
14,000
16,000
218,000
202,000
202,000
13.000
38,000
582,000
349,000
515,000
122,000
150,000
72,000
12,000
402,000
40,001
120,000
619,000
450,000
148,000
91,000
157,000
52,000
22,000
153,000
76,0
23,000
29,66i
18,000
23,000
512,000
198,000
2,758,000 2,363,000
382,000 3,058,00
Tot. wk.'30
426,000
612,000
446,0 i o 4,079,000 1,897,000 2,683,000
Same week '29
406,000
689,000
3,425,000 3,081,000
468,000 7.456,
Same week '28
Since Aug.117,762,000322,455,000219,888,000118,417,000 59,710,00121,715,000
1929
20,024,000431,388,000231,879,000 123,753,000 86,601,00024,118,000
1928
1027
20 015.000410.901.000267.081.000 135.169.00065.662.00033,733,000
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
Hutchinson
St.Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Wheat,
bush.
6,281,000
1,245,000
1,242,000
•
142,000
16,726,000
618,000
26.762,000
26,271,000
326,000
2,739,000
20,615,000
213,700
1,568,000
2,889,000
5,000
573,000
4,049,000
1,064,000
43,000
Corn,
bush.
2,789,000
160,000
19,000
20,000
2,558,000
532,000
5,000
190,000
381,000
842,000
1,778,000
106,000
24,000
1,261,000
3,000
1,298,000
1,680,000
Oats,
bush,
1,095,000
Rye,
bush.
812,000
Barley,
bush.
383,00
2,001
3,000
349,000
1.0!!
8,000
32,000
209,011
2,018,000 6,417,000
149,01i
238,000
1,419,000
887,00!
2,067,000 2,866,000
827,000 3,552,001
4,773,000
12,i if
67,000
14,0!!
15,000
268,000
82 i s I
23,000
24,000
91,000
111,000
133,000
174,000
29,00
35,
14,000
2,000
133
20,000
Total May 17 1930_ ..122.246,000 13,984,000 13,012,000 11,361,000 6,006,00
Total May 10 1930_ _126.310,000 17,056,000 14,251,000 12,402,000 6,307,00
Total May 18 1929_103,326,000 19,481,000 9,393,000 6,454,000 6,719,0
Note.
-Bonded grain not included above: Oats, New York, 168,000 bushels
Baltimore, 4,000; Buffalo. 124,000; Duluth, 5,000; total, 301,000 bushels, agains
688,000 bushels in 1929. Barley, New York, 454,000 bushels; Buffalo, 1,965,000
Duluth, 75,000: total, 2,494,000 bushels, against 3,080,000 bushels in 1929. Wheat
New York, 593,000 bushels; Boston, 1,394,000; Philadelphia, 2,841,000; Baltimore
3,480,000; Buffalo, 5,637,000; Buffalo afloat, 476,000; Duluth, 37,000; on Lakes
253,000; Canal, 1,917,000, total, 16,628,000 bushels, against 21.434,000 bushe
in 1929.
Canadian
914,000
419,000
6,442,000
405,0
Montreal
2,057,000 4,559,000
Ft. William & Pt. Arthur_46,763,000
1,017,11'
2,401,000 1,181,000 14,021,0H
13,101,000
Other Canadian
5,372,000 6,159,000
Total May 17 1930_ _ _66,306,000
5,520,000 6,225,000
Total May 10 1930.......69.542,000
8,848.000 3,093,000
Total May 18 1929____75,623,000
Summary
122,246,000 13,984,000 13,012,000 11,361.000
American
5,372,000 6,159,000
66,306,000
Canadian
15,443,i
14,087,00
8,183,00
7,006,0
15,443,0
Total May 17 1930_188,552,000 13,984,000 18,384,000 17,520,000 21,449,00
Total May 10 1930_195,852,000 17,056,000 19,771,000 18.627,000 21,114,
Total May 18 1929_178,949,000 19,481,000 18,241,000 9,547,000 14,902,
The world's shipments of wheat and corn, as furnished b
Total receipts of flour and grain at the seaboard ports for
Broomhall to the New York Produce Exchange, for the wee
ended Saturday, May 17, 1930 follow:
the week
ending Friday, May 16, and since July 1 1929 and 1928
Rye.
Wheat.
1 Barley.
Corn.
Oats.
Flour.
are shown in the following:
Receipts atNew York _ __
Philadelphia__
Baltimore_ _ _
.
Newport News
Norfolk
New Orleans *
Galveston__
Montreal
Boston
bbls.106lbs.bush.60 lbs. bush.56 lbs.bash. 32 lbs.1bus. 48 lbs. bus.56 lbs.
2,000
345,000
774,000
74,000
40,000
2,000
3,000
34,0!'
16,000
3,000
19,000
4,000
26,000
12,000
2,000
48,000
57,000
122,000
33,000
12,000
7,000
53,000
35.000 2,250,000
1,000
36,000
1,000
1,000
528,000 3,208,000
Total week '30
Since Jan. 130 9,526,000 28,829,000
134,000
1,896,000
98,000
499,000 6,236,000
Week 1929.... _
Rine° Jen 120 10_567 000 62.274.000 14.170.000
81,000
1,985,000
53,000
313,000
8,000
159,000
7,000
326,000
342,000
7.349.00011.230.00' 2.202.000
Corn.
Wheat.
Export
Week
May 16
1930.
Since
July 1
1929.
Since
-My 1
1928.
Week
May 16
1930.
Since
July 1
1929.
Since
July 1
1928.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
56,000 3,293,000 33,117,0
North Amer_ 7,177,000278,575,000 484,537,000
977,000 23,903,000 1,827,!6
112,000 23,627,000 2,584,000
Black Sea...
Argentina_.. 1,070,000 148,565,000 181,103,000 2,137,000 159,321,000214,853,00
960,000 57,381,000 102.057,000
Australia
320,000 1,112,000
India
459,000 27,749,000 27,138,00
880,000 39.196,006 40,524,000
0th. countr's
Total
10,199.000 537,528,000811,917,000 3.629,000213,266,000276,935,00
* Receipts do not include grain passing through New Orleans for foreign Ports
on through bills of lading.
WEATHER REPORT FOR THE WEEK ENDE
-The general summary of the weather bulleti
MAY 20.
The exports from the several seaboard ports for the week issued by the Department of Agriculture, indicating the in
ending Saturday, May 17 1930, are shown in the annexed fluence of the weather for the week ended May 20 follows:
statement:
Temperatures during the week was persistently low in the interior an
GRAIN STOCKS.
Oats,
Corn,
bush.
bush.
48,000
55,000
5,000
113,000
5,000
52,000
33,000
Rye.
bush.
55,000
2,000
26,000
21,000
Barley,
bush.
31,000
125,000
63,000
4,000
206,000
northern sections of the country, and precipitation was frequent in mos
districts east of the Rocky Mountains. Chart I shows that the perio
was from 4 deg. to as much as 15 deg. cooler than normal over a large are
from the Ohio Valley, northern Arkansas, and Oklahoma northward, wit
the coolest area centering in western Iowa and parts of the adjoining States
The week, as a whole, was warmer than normal in the Southeast, whil
slight plus departures in temperature are shown in the middle Atlanti
area, Gulf coast sections, and most central and northern districts west o
the Rocky Mountains. Freezing weather occurred in the interior of th
Northeast, much of the upper Lake region, and, farther west, southwar
to central Nebraska and northern New Mexico; the lowest reported fro
a first-order station was 20 deg. above zero at Cheyenne, Wyo.,on the 18th
In Gulf sections, however, the lowest temperatures reached during th
week ranged from about 65 deg, to more than 70 deg.
Chart II shows that substantial rains occurred rather generally fro
the Mississippi River eastward, and that the amounts were heavy to ex
cessive in lower Mississippi Valley districts where some stations reporte
8 to more than 10 inches of rainfall for the week. In the more southeaster
sections of the country the weekly amounts were light to moderato an
also quite generally from the western Lake region westward to the Roc
Mountains. In the far Southwest from western Texas westward to th
Pacific Ocean very little precipitation occurred.
The unseasonably low temperatures in the interior valleys were un
favorable for the growth of warm-weather crops, and there was more o
less local damage by frost to tender vegetation over a considerable are
in the central-northern portion of the country. Frosts was general in th
western upper Lake region, Wisconsin, Minnesota, northern Iowa, an
In the northern Plains States south to Nebraska. In the interior sons
frost was reported southward to northwestern Illinois on the 17th. I
the more eastern and southern States temperatures were generally favorable
Frequent rains, or wet soil from preceding precipitation, retarded far
work in most trans-Mississippi sections, while heavy to excessive rainfal
did much damage by washing soil and flooding lowlands in many lowe
Mississippi Valley localities and some sections to the westward. Othe
wise, farm work made generally good progress and was active in ms's
districts east of the Mississippi River. Widespread and mostly generou
rains were very beneficial throughout the Atlantic area, in the Ohio Valley
Tennessee, and Alabama. While numerous localities in these sectio
need more moisture, crops show general improvement by reason of th
helpful showers.
West of the Great Plains the weather was mostly favorable, except tha
Cool, cloudy and rainy conditions in many Rocky Mountain areas wer
unfavorable for shorn sheep and for lambs, with local losses reported in
good ninny places. In the Pacific Northwest rains were helpful to gras
and grain crops.
-Because of cool weather, winter wheat made slo
SMALL GRAINS.
growth over most of the northwestern sections of the belt. Including th
western Ohio Valley, but the crop is heading north to central districts
Winter wheat is reported growing satisfactorily In Kansas, except fo
some wet local areas, with considerable headed out in the southern half
In the Southwest, except eastern New Mexico, progress of the crop w
good. Condition of winter wheat is still excellent in the northwester
belt, but in Iowa color is poor. In the Ohio Valley growth ranged fro
slow to fair, but many fields in the lower valley area are spotted and thin
Small grains have improved in the Southeast and East by reason of recen
rains, but some are headed on short straw. Favorable conditions obtaine
n most o the Northwest.
Growth of spring wheat was generally slow due to cold weather, but th
crop is well steeled mostly and is looking good. Oats made only slo
ithecoolwcath,andsne
advance ilrrenortherndistrigndue V axwasianageysomewnt b
ecopeadiobsbortsaw
120,000
110,000
8,000
"MO
88,000
frost in the northern Great Plains, but other small grains continue to_ d
well, with seeding largely completed.
Wheat.
Exportsfrom-
Corn.
Bushels. Bushels.
1,373,000
75,000
100,000
100,000
48,000
New York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
Mobile
New Orleans
Galveston
Montreal
Houston
15,000
257,000
2,250,000
4,000
Total week 1930__ 4,218,000
RAMP week 1929____ 3.638.000
4,000
Oats.
Flour.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels,
93,979
12,000
12,000
1,000
2,000
2,000
2,000
32,000
2,000
35,000
13,000
192,979
257,388
53,000
2,000
431,000
65,000
13,000 1,077,000
The destination of these exports for the week and since
July 1 1929 is as below:
Flour.
Exports for Week
Since
Week
and Since
May 17 July 1
July 1 to-1929.
1930.
Wheat.
Week
May 17
1930.
Since
July 1
1929.
Corn.
Sireek
May 17
1930.
Since
July 1
1929.
Bushels. Bushels.
Bushels.
Bushels.
Barrels. Barrels.
34,000
United Kingdom_ 66,312 3,278,631 1,641,000 48,530,000
6,000
108,057 3,645,355 2,460,000 76,389,000
Continent
51,000
678,000
12,000
849,300
5,000
So.& Cent. Amer_
4,000
42,000
272,000
3,000
887,900
8,000
West Indies
39,100
____
Brit. No.Am.Col
934,000
102,000
574,463
. 5,610
Other countries_ _
Total 1930
Total 1929
192,979 9,274,749 4,218,000 126,573,000
257.388 9.893,512 3,638,000 251,177,418
4,000
363,000
28,603.322
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 17, 1930 were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wheat,
bush,
850,000
142,000
382,000
915,000
726,000
829,000
542,000
2,563,000
1,000
125,000
MAY 24 19301
FINANCIAL CHRONICLE
CORN.—The weather was mostly unfavorable for germination and
owth of corn in the principal producing areas: there was a general coolness
the eastern belt, and much cool, wet weather in the southwest. In the
hio Valley showers improved the condition of the soil, however, and plant
g made good advance with most of the crop now seeded over considerable
eas. In Iowa planting made fair to very good progress, despite unavorable weather conditions, but germination is slow, and some early
orn was cut down by frost in northern sections; cultivation is needed
nd color of plants mostly poor. In Missouri conditions were mostly faorable, with cultivation being accomplished, but in the Plains States,
rom Texas northward, it was too wet and mostly too cool.
COTTON.—Conditions were generally favorable for cotton east of the
ississippi Valley, but, because of excessive rains, very unfavorable from
alley sections westward, except in more southern districts.
In Texas the progress of cotton was mostly good in the south third of
he State, but elsewhere rains and wet soil were unfavorable, with cultivaion and chopping largely at a standstill in much of the northern twohirds. In Oklahoma, Arkansas, northern Louisiana. Mississippi and
xtreme western Tennessee there was too much rain, and in most of this
ection the week was decidedly unfavorable, with much cotton washed
ut and many lowlands flooded. To the eastward of this area showers
• ere very beneficial and progress of the crop was mostly fair to good,
hough it is still too dry locally. In the more eastern portion of the belt
here are complaints of irregular stands because of previous dryness.
11
The Weather Bureau furnishes the following resume of
he conditions in the different States:
Virginia.—Richmond: Moderate temperatures and no rain until last of
eek, when general, copious showers. All vegetation retarded by dry
eather, but revived by rain. Wheat heading, but straw short; condiion generally good and some progress made. Setting tobacco plants by
• atering in field; showers latter part of week greatly improved conditions.
North Carolina.—Raleigh' Corn, tobacco, potatoes, truck, small grains,
d other crops improved by beneficial rains and favorable temperatures,
hough rainfall light in some sections, especially in parts of- east, and
ore needed. Progress of cotton good in west, but poor to good in east
here stands irregular in some sections account insufficient moisture.
at crop damaged by dry weather; wheat fair.
South Carolina.—Columbia: Occasional heavy rains in most sections
eatly benefitted corn, potatoes, and truck; lesser crops materially imroved. Cotton coming to good stands and chopping more active. Wheat
Inning, but on short straw. Oats and rye ripening, with harvesting in
outh. Tobacco and sweet potato transplanting continue.
Georgia.—Atlanta: Very beneficial rain, mostly over north, but very
egularly distributed in numerous central counties where drought still
revalls. Nights in north too cool for rapid growth. Progress of cotton
air, except where extremely dry, and rather slow advance in north; stands
uch improved in numerous sections; planting about finished, except
little replanting in dry counties; chopping advanced to northern division.
ogress of corn fair; planting nearly finished. Transplanting sweet potatoes
coming general.
Florida.—Jacksonville: Warm and droughty most of week. Corn and
trus on uplands wilting. Truck unfavorably affected generally by
ought, but widespread showers of much relief to all crops. Cane and
eanuts fair. Melons and tobacco good. Setting sweet potatoes backard. Peas and other cover crops doing well.
Alabama.—Montgomery: Averaged warm. Recent drought damaged
°Ps generally, but good rains of week very beneficial and crops imroving, though moisture still needed locally in southeast. Corn planting
ntinues; some coming up. Oats poor to good condition. Potatoes
ostly doing fairly well; transplanting sweets quite general. Truck,
astures, and minor crops much benefited by rains. Cotton planting
early completed; that up mostly in fair condition, but stands irregular,
anging from poor to good;some chopping in south.
Misstssippi.—Vicksburg: Heavy to excessive rains in central and north.
uch damage to cotton and corn in numerous localities, except in extreme
outh and extreme north, from excessive rain, overflows, and soil washing,
th considerable replanting or abandonment in affected areas. Progress
f pastures and truck poor to good.
Louisiana.—New Orleans: Excessive rains in north caused damage to
ops and land by washing and flooding. Cotton deteriorated or made
nly rather poor progress in north where chopping much delayed and
ass coming in rapidly; advance very good to excellent in south. Some
amage to corn in north, but heavy rains in south very beneficial to corn,
ne, rice, and pastures.
Texas.—Houston: Cool in west and northwest, but warm elsewhere.
ght to excessive rains, except in extreme west and portions of northest. Progress of pastures, winter wheat, barley, and spring oats good:
ndition fair. Progress and condition of rice and corn very good, except
here latter damaged by washing rains and overflows. Potato, tomato,
nd truck progress favorable in drier portions of south, but rotting in
etter portions of northern two-thirds. Progress and condition of cotton
ostly very good in southern third and plants blooming in extreme south;
ewhere condition generally rather poor, with damage by washing rains
nd overflows and chopping and cultivation at standstill over much of
orthern two-thirds.
Oklahoma—Oklahoma City: Cool and mostly cloudy; frequent rains.
eclpitation heavy to excessive, with much damage by washing soil and
ooding lowlands. Progress of winter wheat and oats good; heading in
eme north; condition mostly poor to fair. Progress of corn fair; needs
ltivation badly in most sections; condition fair to very good; crop late
nd much to be planted and replanted. Progress of cotton mostly rather
oor as too cool and wet and fields grassy; much planting and replanting
west and north.
Arkansas—Little Rock: Heavy to excessive rains of last two weeks
aye kept soil saturated in nearly all portions. Some cotton not planted
nd much washed out or submerged; growing, but little cultivation and
ttle chopping and fields becoming grassy. Corn better, but considerable
owned. Very favorable for wheat, oats, meadows, pastures, potatoes,
eat potatoes, and truck, except where overflowed.
Tennessee.—Nashville: Good rains, with about normal temperatures,
used decided improvement, except locally'. Progress and condition of
pland corn very good; lowland backward account wetness. Planting
tton mostly completed; progress and condition of early very good.
ogress of winter wheat materially improved; crop heading. Spring
is advancing slowly; many fields Injured by drought.
Kentucky.—Louisville: Moderate to heavy rains first of week started
owth and heavy rains near end broke drought in central and south and
vived pastures; more needed in north. Tobacco setting well advanced
south and commenced in other districts; plants mostly small and scarce;
oderate temperatures and cloudiness favorable for stands. Condition
corn poor to fair and some early very good; planting pushed, with half
no in north to three-fourths in south; much replanting. Condition of
nter wheat poor to very good; progress very good on uplands, but spotted
d heading short.
THE DRY GOODS TRADE
New York, Friday Night, May 23 1930.
Slightly raw and unpleasant weather during the week,
Igor to to-day, had the effect of considerably lessening
etall turnover in department stores, which was reflected
a noticeable letdown in mail order volume during the
eek. With only a few shopping days remaining of the
urrent month, it is now doubtful if total business will
xceed that of May 1929, as it was expected to do while
e retail activity which developed with the short spell
f warm weather was in progress about a fortnight ago.
et only is summer reordering less active, but orders for
all are behind hand, it being estimated that the developent of fall business is some six weeks behind that of last
ear in most quarters. What is needed to estimulate demand
an upturn in commodity markets and the clearing up of
e tariff situation, which has been a source of such proacted confusion to dry goods, according to some estimates.
3749
Incidentally, the firmness of raw wool, which at last seems
in process of being infused into local markets from abroad,
is a pointed if not very illuminating commentary. Fdr the
time being, although woolens have been established on a
firmer basis to correspond with advances in the raw product,
buyers are not manifesting any measurable increase of
confidence, if orders are to be taken as an indicator. An
inference to be drawn from the general business situation,
as illustrated in recent trade reviews and in the course of
the stock market, is the extreme unlikelihood that dry goods
business for the year will approach in volume the total for
1929. Much has been done in various textile markets to
modify the effects of the current business slackening and
uncertain sentiment, particularly in cotton goods, where
curtailment is now under way in good earnest, but, while
results may be expected to be derived prom the reforms referred to, there is little indication of any great increase in
business during the near future. If, as seems to be generally
conceded, business is not to stage any definite upturn before
autumn, present measures in dry goods markets will necessarily be largely of a preventative nature. Really cons&uctive results may be expected with the return to normal
of trade in general.
DOMESTIC COTTON GOODS.—With curtailment of production in cotton goods in general effect throughout the
South, and approximately a third of the country's total
loomage usually engaged in the production of staple and
semi-staple fabrics out of operation, signs of scarcity are
coming to light in some quarters. These changes, though
slight, and relatively unimportant in themselves, are regarded by many manufacturers to be the first manifestations
of conditions which will presently be stimulating an upward
trend in prices, and a gradual return to normal trading
practices, the abandonment of which has played an important part in the prevalent unsettlement in primary quarters of late. Opinion, even of the least optimistic of producers, apparently sees in the movement an insurance
against the disaster which the confusion of the past few
months seemed to indicate for primary constituents with
least power to resist the effects of overproduction, with its
attendant evils of intensive price-cutting and extreme competition. For the present, however, there is no appreciable
expansion a demands visible. Lacking confidence in what
is going to happen in the speculative market, although raw
cotton gave a somewhat better account of itself this week,
buyers continue to limit orders for goods to immediate necessity, and pressure on their part for concessions remains as
strong as ever. With stocks in many mills still anything but
light they continue to meet with a good measure of success.
In fact, cases are not wanting in which mills apparently
favor producing as near capacity as possible in order to
keep down overhead, and such mills show a willingness to
sell on a basis which provides only the most meagre profits,
or, if stocks are exceptionally cumbersome, none at all.
The situation of such mills is mainly unfortunate, for they
are practically helpless to refuse whatever business is
.
offered them. -Sales of fine goods spurted somewhat during
the week, and regulation of production in New England finegoods mills, which is considerably more intensive than expected, is expected to provide another stimulation in the
near future. Print cloths 27-inch 64x60's construction are
quoted at 4%c., and 28
-inch 64x60's construction at 4%c.
Gray goods, 39-inch 68x72's construction are quoted at 7c.,
and 39
-inch 80x80's at 9c.
WOOLEN GOODS.—Woolens and worsteds remain quiet,
with activity practically limited to the women's division,
Where fall business in tweeds, broadcloths, and suedes,
among other fabrics which are attracting buyers, is being
transacted in fair volume. A good demand for flannels is
expected to materialize in June, with present orders placed
by coat manufacturers already approximating good proportions. Last week's price advances by the American Woolen
Co., while they served to bring into the market some buyers
who were hesitating on the bring of buying in an uncertain
attitude, have not resulted in any spectacular improvement
in the trade. It is emphasized that the upturn merely represents the revision of previous cuts which could not be maintained in the face of advancing raw markets. It is reported
on good authority that other mills are considering corresponding advances, and that announcements of such will
be made some time next week. The increases are expected
to conform very nearly to those made last week.
FOREIGN DRY GOODS.—While linens continue quiet,
as a whole, a good demand for fabrics for sport clothing was
in evidence during the week. Buyers continue to limit their
stocks to a bare sufficiency, with somewhat less than is
necessary to efficient and attractive display, in some cases,
and even sports fabrics which are being sold well at retail,
are being ordered only in very small quantities. Small sales
of household linens have also been registered by importers.
While volume is small in practically all lines, some selling
houses are reported to be doing a satisfactory average business and making some progress in reducing stocks on hand.
Burlaps are quiet and somewhat easier, reflecting declines
at Calcutta. Light weights are quoted at 5.05c., and
heavies at 6.65c.
FINANCIAL CHRONICLE
3750
[Vol,. 130.
BONDS OF OTHER COMPANIES.
Louisville & Nashville System.
Alabama Great Southern RR. Co. let
& Is, 1943.
cons. 4e
First Mortgage lat 5e, 1937
Atchison Topeka & Santa Fe System let & Refunding, Series A 54e, 2003
let & Refunding, Series B 5e, 2003
General mortgage 48. 1995
Refunding. Series C 445. 2003
Chic. Santa Fe. & Calif. By 1st 158. 1937 let & Mortgage 45, 1940
Unified
Rocky Mountain Division let 48, 1965
Cinc. let 4s, 1955
let Is, 1940 Atlanta Knoxy. &
Connecticut.—List of Legal Investments for Savings San Fr.& San Joao. Val. By.let 4s. 1958 Lexington & Eastern 1st Is. 1965
Short Line
Mobile & Montgom. Ry. let 434s. 1945
Statutes Transcontinental & Ohio System.
Banks.—Complying with Section 3976, General
Baltimore
Nash. Flor. & Shef. By. let Is. 1937
New Orleans & Mobile Div. let 68, 1930
Revision of 1918, Lester E. Shippee, Bank Commissioner, Baltimore & Ohio RR.—
Paducah & Memphis Div. 1st 45, 1946
First 45 and Is, 1948
issued on May 1 1930, the list of bonds and obligations which
Southeast & St. Louie Div. let 65. 1971
Convertible 445, 1933
Series "A," ref. & gen. mtge. 58, 1995 Trust 1st 58. 1931
he finds upon investigation are legal investments for savings
Series "B," ref. & gen. mtge. 68. 1995 Loulsv. an.& Lexington gen. 448. 1931
Series "C," ref. Jr gen. mtge. 68. 1995 So. & No. Ala. RR.cons. Is, 1936
This list is revised semi-annually on the 1st of May
banks.
Series "D," ref. dr gen. mtge. 55. 2000 So. & No. Ala. RR. eons 5e. 1963
[Collateral Notes 7s. 19350]
and the 1st of November. This list was materially broad- Southwest Division 58. 1950
445, 1930
Michigan Central System.
ened by legislative enactments as to public utility bonds and Central Ohio RR. letRy. cons. Is. 1933
Cleve. Lorain & VVb.
Detroit & Bay City let Is. 1931
General 5s, 1936
129, P. 314). The
railroad equipment trust certificates (V.
First Mortgage let 34e. 1952
[Refunding 44e, 1930]
Joliet & Nor. Indiana 1st 48. 1957
48.
Cleve. T. & V.
Commissioner again calls attention to the wording of the Ohio River RR.RR. let19361995
Jackson Lansing & Sag. 1st 34e. 1951
1st Is.
Kalamazoo & South Haven 1st Is, 1989
law, which discriminates against the "Special Assessment"
General 58, 1937
Michigan Mr Line let 48. 1940
ref. 48, 1941
W.
or "Improvement" bonds, or other bonds or obligations Pitts. L. Erie & RR.Va. 45. 1990
let
Mobile & Ohio RR. Co.
W. Va. & Pitts.
General Mortgage 4s, 1938
which are not the direct obligations of the city issuing the
atlantic Coast Line System.
Montgomery Division Is, 1947
consolidated
same and for which the faith and credit of the issuing city ?listCoast Line of 48, 1952 let 48, 1948 Nash,. Chatt. & St. Louis System.
So. Caro.
Atl.
are not pledged. The last list published was for Nov. 1 Brunswick dr Western RR. 1st 48, 1938 First Mortgage 48, 1978
Charleston & Savannah Ry. 1st 78, 1936 Louisville & Nashville Term. 1st 45, 1952
1929 and appeared in the "Chronicle" of Nov. 9 1929, on Florida Souther') RR. 1st 48. 1945
Memph. Un. Sta. Co.(guar.) 1st Is, 1959
clr 44e, 1964
Paducah & Ill. (guar.) 1st 434s, 1955
pages 3041 and 3042. We print the May 1 1930 list here- General Unified 48 cone. Se, 1933
Northeastern RR.
New York Chicago & St. Louis RR,
let 55,
with in full, indicating by means of an asterisk (*) the se- Norfolk & Carolina RR. 2d Is. 1939
First mortgage 45, 1937
1946
"
•
Debenture 4s, 1931
added since Nov. 1 1929, while those that have been Richm.& Petersb. RR.cons. 445, 1940 Second & improvement 65, 1931
curities
Say. Fla.& West. Ry.cons. 55 &Os,1934
"A," 54s, 1974
dropped are placed in full-face brackets.
Wilm. & Weldon RR. gen. 45 & 58. 1938 Ref. mtge., series
mtge.. series "B," 548, 1975
The following table shows the State and municipal bonds Wilm.& New Berne RR. 1st 48, 1947 Ref. mtge., series "C," 4348, 1978
Ref.
Georgia Railway
Central of
Lake Erie & Western 1st 50, 1937
which are considered legal investments:
Second Ss, 1941
First mortgage 55, 1945
Tol. St. L. dr Western 1st 4s, 1950
New Bedford. Mass. Mohile Division Is. 1946
F051.—Bonds of the United States, or Elgin, III.
Macon & Northern 55, 194e,
Newburgh, N. Y.
New York Central System.
those for which the faith of the United Elizabeth. N.J.
Oconee Division Is. 1945
New Castle. Pa.
States is pledged. Including the bonds of Elkhart, Ind.
First Mortgage 34s, 1997
Newport, KY.
Elmira, N. Y.
Railway of New Je
the District of Columbia.
Central
Consolidation Mortgage 45, 1998
Newport, it 1.
28, 1930 Elyria. Ohio.
United States Bonds
Refund. & Impt. Series A 4%s, 2013
General mortgage 4s & 58, 1987.
38. 1918 Erie. Pa
Newton. Maas.
2013
Amer. Dock & Imp.(guar.) let 68. '36 Refund. & Impt. Series B 65,
NorthAdams,Mase.
.2e. 1936 Evanston, III.
U. S. Panama Canal
Refund & Impt. Series C 58, 2013
Chesapeake & Ohio RR. Co.
Northampton.
38, 1961 Evansville. Ind.
U. S. Panama Canal
Debentures 4e. 1934
Maas.
All issues Everett, Mass.
Liberty bonds
as. 1942
First. consolidated 58. 1939
Oakland, Cal.
430.1947-1952 Everett, Wash.
Treasury bonds
*Ref& & impt.sec.B 445,1995
Garth. Wat. & Sack. H. RR. let Se, 193)
48, 1944-1954 Fall River. Mass. Omaha, Neb.
Treasury bonds
Carthage & Adirond. By. let 4s, 1981
Craig Valley Branch 1st 59, 1940
Oshkosh,
38(s. 1946-1956 Fargo. No. Dak.
Treasury bonds
Ches. & Ohio Northern let fa. 1945
Chicago Ind.& Southern let 45. 1956
Second.—Legally issued bonds and Fitchburg, Matte. Oswego, N. Y.
Richmond & Allegheny div. 1st 48, 1989 Cleveland Short Line let 4548. 1961
Ottumwa, Iowa.
interest-bearing obligations of the follow Flint, Mich.
Gouverneur & Oswegatehle RR. let 55;43
Warm Springs Valley Br. 1st 55, 1941
Fon,l-du-iac.Wise. Parkersburg. W.Va. Green Brier Ry. 1st 45, 1940
ing States:
Indiana Illinois & Iowa 1st ge. 1950
Nevada
Fort Wayne, Ind. Pasadena, Cal
California
Big Sandy Ry. 1st 45, 1944
Jamestown Franklin & Clear!. let 4a,1959
New Hampshire
Pawtucket.R.I.
Fresno. Cal.
Colorado
Paint Creek Branch let 48. 1945
Kalam. & White Pigeon RR. 1st 5s. 1940
Peoria, Ill.
New Jersey
Galesburg, Ill.
Connecticut
Coal River By. let 45. 1945
Lake Shore Collateral 3415 1998
New York
Gloucester. Mass Pittsfield, Mass.
Delaware
Potts Creek Branch 1st 45, 1946
[Lake Shore & Mich.So. Deb. 4e, 1928]
North Dakota
Gloversville. N. Y. Pontiac, Mich.
Florida
4s, 1981
Raleigh & So. Western let 45, 1936
Ohio
Grand Rapids.Mich Port Huron, Mit%
Idaho
35. 1932
Chicago Burlington & Quincy System Little Falls & Dolgeville let
Oregon
Portsmouth. Ohio
Green Bay, Wis.
Illinois
Michigan Central Collateral 8545. 1998
Pennsylvania
Pottsville, P8.
Ohio
mortgage 45, 1958
..leneral
Hamilton,
Indiana
lon.5,145,
Mohawk & Malone By. cst 4 3 91 2003
Rhode Island
Poughkeepsie, N Y. Illinois Division 34s & 48, 1949
Iowa
Hammond, Ind.
Providence, R
South Dakota
Kansas
Harrisburg, Pa
N. Y & Putnam RR. cons. 45, 1993
Chicago & North Western System
III.
Quincy,
Haverhill, Mass
Tennessee
Kentucky
Pine Creek lly. 1s1 6s. 1932
General mortgage 34e, 48, 49i8 & 5e,'87 Sturges Goshen & St. Louis let 341, 1989
Tome
Maine
Haselton. Pa.
Quincy, Mass.
Debenture Is. 1933
Vermont
Racine, Wis.
Maryland
Holyoke. Mass
Spuy D•vii. & Pt. Mor. RR. 1st 348.'59
Dm Plaines Valley Ry. let 445. 1947
Washington
Huntington. W Va. Reading. Pa.
Massachusetts
Norfolk & Western System.
Fired dr Refunding 44s. 58 and 6s, 2037
Ricbmond, Ind.
West Virginia
Michigan
Hutchinson. Kan
Frew. Elkh. & Mo. VaL RR.cons. de. 33 Consolidated Mortgage 45, 1996
Wisconsin
Minnesota
Indianapolis, Ind. Rockford.
& Northw By. let 348,1915 General Mortgage 68, 1931
Iowa Minn.
Wyoming
Rock Island, Ill.
Missouri
Jackson. Mich.
Mani. Green Bay & N.W Ry.ist 348;41 New River DIN'Mon let 6s, 1932
Montana
Jamestown. N. Y. Rome. N.Y
Minn.& South Dakota Ry. let 345,1936 Impt. and Extei. Mtge 65, 1934
Saginaw, Mich
TAIrd.—Legally Issued bonds and ob- Joliet, Ill.
Milwaukee &State Line By. let 34s,'43 Norfolk Terminal By.(guar.) let 45, nal
St. Joseph. Mo,
ligations of any county, town, city, Joplin, Mo.
3411w Sparta & N W Ry. 1st 4s. 1947
Scioto Val. & New Eng. RR. 1st 4s, 1989
borough, school district, fire district, or Kalamazoo, Mich St Louis, Mo
Uvfilw. Lake Sh. & West. Ity.;
St. Paul, Minn.
Northern Pacific System.
sewer district In the State of Connecticut. Kansas City, Mo
i•]
Extension and Improvement 58, 192
Salem, Mass.
Kenosha, Wis.
General Lien Is, 2047
Sioux City & Pacific RR. let 34e, 193o Prior Lien 48. 1997
Fourth.—Legally authorized bonds of Kingston, N. Y
San Diego. Cal.
W. let 55, 1948
St. Louis Peoria & N
Sandusky. Ohio
the following cities outside of Connecticut, Kokomo,Ind.
Refund. & Imp. 448 52 and 68, 2047
St. Paul East. G. T. By. 1st 4%s, 1947 St. Paul & Duluth RR.cons. 4s, 1968
San Francisco, Cal.
and which are the direct obligations of the La Crosse, Wis.
zCollateral Notes 6 tie. 1936
city issuing the same. "Special Assess- Lafayette, Ind,
San Jose, Cal.
let 55. 1931
"
ments" and "Improvement" bonds which Lancaster, Pa.
.S-thenectady N.Y.
Cleve. Chic. Chicago & St. Louis RR. Wash. & Columbia River By 1st 48. 1930
Scranton, Pa
are not the direct obligations of the city Lansing, Mich.
Cin.
!MM.St. L.& Chic. gen. 48, 1938 St. Paul & Duluth Div. 4e, 1996
Sheboygan, Wie.
and for which its faith and credit are not Lawrence, Mass
Clev. Col. Cin. & Indpls. gen. Os. 1934
Pere Marquette By. Co.
Shenandoah, Pa.
Lebanon, Pa
pledged are not allowable.
Springfield & Columbus Div. 48. 1940
First mtge.. series "A," 58, 1956
Sioux City, Iowa
Central Falls, R. I. Lewiston, Me.
Alameda. Cal.
White Water Valley Div. 45. 1940
First mtge.. series "B," 4s, 1956
Sioux Falls. So. D
Charleston, W. Va. Lexington. Ky.
Allentown, Pa.
General Mtge. 48 and 58. 1993
*First mtge., series C,44s, 1980
Somerville, Maas.
Lincoln. Neb.
Chelsea. Mass.
Alliance, Ohio.
Delaware Ec Hudson System.
South Bend, Ind.
Pennsylvania System.
Lockport. N Y.
Cheater, Pa
Alton, Ill.
Consolidated Mortgage 48, 1943
Logansport, Ind, Spokane, Wash.
Chicago, Ill.
Pa,
Adirondack Ry. let 4%a, 1942
Altoona,
•
4e, 1948
Springfield, III.
Long Beach,Cal.
Albany & Sue.RR.(guar.) cony. 3545,'48
Amsterdam, N. Y. Chicopee, Mass
Springfield. Maas
345. 1941
Lorain. Ohio.
"
Cincinnati, Ohio
Del. & Hudson Co. 1st de ref. 45. 1943
Andereon, Ind.
44s, 1960
"
W.Va. Loa Angeles. Cal. Springfield. Mo.
Clarksburg,
Ashtabula, Ohio.
Delaw. Lackawanna & western Bast
Springfield, Ohio
Louisville. Ky.
Allegheny Valley By. gen. 48, 1942
Cleveland, Ohio.
Auburn. N.Y.
[Bangor & Portland ily. 1st 65, 1930]
Steubenville, Ohio.
Lowell, Maas
Bela. Del. RR.(guar.) cons. 34s, 1943
Clinton, Iowa
Aurora, III.
Morris & Essex RR.(guar.) ref.3 45. Aide Cambria A Clearfield icy. gen. 45, 1955
Stockton, Cal.
Colorado Svgs., Col Lynn, Mass.
Baltimore, Md.
Warren RR (guar.) ref. 34s. 2000
Taunton. Maas.
Madison, Wis.
Cambria & Clearfield By. let 5s, 1941.
Columbus, Ohio.
Bangor, Me.
N.Y.Lack.& West.(guar.) lst 4 46.'73 Cleve.& Pitts.(guar.) gen. 348, 1948
Terre Haute, Ind.
Maiden, Maas.
N. H.
Battle Creek, Mich. Concord,
N.Y. Lack..fr West.(guar.) let Se. 1973
N. H. Toledo, Ohio
34s, 1950
Council Bluffe,lowa Manchester,
Bay City, Mich
34s*448'42
Topeka. Kan.
Mansfield. Ohio.
Great Northern System.
*Bayonne, N. J. Covington. Ky.
Utica, N. Y.
Marion, Ind.
Colum.& Pt. Dep.By. 1st 4s, 1940
Cranston, R.I
Belleville, III.
First and Refunding 4145, 1961
Vallejo, Calif.
Marion. Ohio.
Connecting By. (guar.) 4s, 1951
Bellingham. Wash. Cumberland, Md
General Mortgage, Series A. 75, 1936
Waco,Tex.
Mason City. la.
Connecting Sty. (guar.) Is, 1951
Danville, III
Beloit, Wise.
Gen. Mtge. Series B, 5545. 1952
Waltham. Maui
McKeesport. Pa.
Del. RN.& Bridge Co.(guar.) lit 4e,'36
Davenport, Iowa.
Berkeley, Cal.
Gen. Mtge. Series C Is, 1973
Warren.Ohlo.
Medford, Mass.
General Mortgage 44e. 1965
Dayton, Ohio.
Beverly, Mass.
D, 448, 1976
Gen. Mtge. Series
Middletown, N. Y. Waterloo Iowa.
General Mortgage 58, 1968
Binghamton, N. Y. Decatur, Ill.
Gen. Mtge. Series E. 44s, 1977
Middletown, Ohio. Wheeling, W. Va.
Denver. Colo.
Bloomington, III.
East. RR.of alinn..No.Div. let 4.e. 1948 General Mortgage 68. 1970
Wichita, Kan.
Milwaukee. Wis.
Hollidayeburgh B.& C. By,1st 43, 1961
Des Moines. Iowa.
Boise City, Ida.
Montana Central By. 1st 58 & 68. 1937
Wichita Fails. Tex,
Harr. Ports. Mt. J. & L. 1st 48, 1943
Minneapolis, Minn.
Detroit, Mich.
Boston. Mass.
Spokane Fails dr Nor. By 1st 65, 1939
Wilkes-Barre, Pa.
Moline. Ill.
Dubuque, Iowa.
St. P.M.& M.Ry. cons. 48,448&68.'33 [Junction RR. gen. 348, 1930] 1930]
Brockton, Maas
Williamsport, Pa
[Penn. & Northw. RR. gen. 58.
Muncie. Ind.
Duluth, Minn.
Burlington, Vt.
Montana Extension 4e. 1937
Pittab. Va.& Chariest. By. let 48. 1943
East Chicago, Ind. Muskegon, Mich. Worcester, Mass.
Burlington, Iowa
Pacific Extension 48, 1940
York, Pa.
Phila. Balt & Wash. RR. let 45, 1943
Nashua, N. H.
Cambridge. Mass East Liverpool,0
Willmar & Sioux Falls By. 1st Se. 1938
Youngstown, Ohio.
General Mtge. (is. 196(
Newark, Ohio.
East St. Louis, Ill.
Canton, Ohio.
General Ser. li Is, 1974
Illinois Central System.
New Albany, Ind. Zanesville. Ohio.
Cedar Rapids. Iowa Eau Claire, Wisc.
..
Collateral Trust 34s, 1950
4s. 45, 1977
Gealise irt.G 4 1932
Phila. Mira. &B n .lt
Cairo Bridge 48,
Fifth.—Railroad bonds which the Bank Commiss oner Chicago St. Louis1950 0.—
Phila. & Balt. Central let 4e, 1951
&N
Lewiston By let 48. 1936
Sunbury &
Guar. cons. 348. 1951
finds to be legal investments are shown below:
-B. By. 2d 65. 1938
Sunb. Has. & Wilkes
Memphis Div. (guar.) 1st 48, 1951
tic Berwick jut Is. 1952
First Mortgage, gold, 34e & 4e. 1961
Co. gen. 48, 1948
BONDS OF NEW ENGLAND COMPANIES
First Mortgage, Gold Extension 314s.'51 Un. N.J. RR.& Canal
48, 9 .96
8451. 443
4. 192 ,
Am. By. 1st 4e. 1933
First Mtge.. Sterling Eaten., 38 & 48.1951
Conn. & Passumpelo River RR. 48, 1943 Ritropean & No.
First Mtge.. Sterling Exton.. 8545. 1960
Port!. & Rumf. Falls Ry. 5e, 1951.
"
Litchfield Division Is. 1951
aler Coos RR. 1st 48, 1930]
"445,'73
Bangor & Aroostook System.
1930]
•"'
Louisville Division 354s, 1953
Upper Coos RR. exten. 445
Wash.Term (guar.) let 3tie&45.'45
Purchased Lines 3%s, 1952
Aroostook Northern Ss. 1947.
Consolidated Refunding 45. 1951
Refunding Mortgage 48 & 50. 1955
Southern Pact(lc System
48. 1940
'49
New London Northern RR. let
Bt. Louis Division 35 & 34s, 1951
First Mortgage 58. 1043.
Central Pacific By.(gu.) 1st ref. 45.
Medford Extension 58. 1937
Northern By. let 55. 1938
Hartf.System Springfield Division 314s, 1951
New York New Haven &
Omaha Division 3e. 1951
California By. let 55. 1924]
Piscataquis Division 58. 1913
[Northern
Holyoke & Westfield RR let 434s. 1951 Western Lines 45. 1951
41, 19150
Van Buren Fvrenaion 5s 1943
San Francisco Term. lit
let Os, 1937
Old Colony RR. 345, 1932
St. John's River Extension 58, 1939.
Southern Pacific Branch
Lehigh Valley gvstem.
a •"' deb. 4. 1938.
cone. 55. 1937
5e, 1939.
Washburn Extension
Southern Pacific RR.
Annuity Perpetual Como!.434s & as
let 645. 1944
ref. 45.
First Mortgage 4s, 1948
la4.5
let Is.
Maine Central System.
Coast By.(go.) let 45, 1937
Providence & Worcester RR.let 4s. 1947 Penn. & N. Y. Canal RR. Co. Cons. 4e. So. Pao. Short Line (go.) let 4s, um
Dexter & PLscataquis RR.—
Through
44e & 58. 1939 (guar.)
Boston &Providence RR. deb. Ss 1938
*lst 44e, 1949
Oregon Lines let 44e. 1977
Lehigh Valley Ry.(guar.) lit 445, 1940
Norwich & Worcester 18$ 4345. 1947
[1st 45, 1929]
tate and Titg gitvartment
NEWS ITEMS
p
MAY 24 IT30.1
Pittsburgh, Clacin.Chic.& St.L.RR
Chicago St. L. dr Pitts. cons. 58, 1932
Chartiers By. Co. let 3555, 1931
Consolidated gold A 4355, 1940
" B 4Me, 1942
C 4355, 1942
D 4s, 1945
•
E 3148, 1949
F 48, 1953
0 48, 1957
H 4s, 1960
•
1 4358, 1963
J 4Ms, 1964
General mortgage A 58, 1970
B 55, 1975
"
C 4s, 1977
Vendaila RR. cons. A 48, 1955
B 45. 1957
These notes are legal under Sea. 32
exceed 2% therein.
Pittsburgh & Lake Erie System.
Pitts. McK.& Y. Ry.(gu.) 1st 85, 1932
Reading System.
Philadelphia & Reading RR.5e. 1983
Union Pacific Railroad.
First Mortgage 4s, 1947
Refunding Mortgage 45. 2008
5s. 2008
Ore. Short Line cons. let 5e, 1948
Ore. Short Line cons. 4s, 1960
Ore. Shore Line income 55, 1946
Ore.
-Wash.RR.& Nay.Co. let & Ref.
(guar.) 45. 1961
Utah & Northern Extended let 4s, 1933
Virginia Railway Co.
Virginia Ry. Co. 1st mtge. 58, 1962
e 1st mtge. 434s, 1962
and savings banks may invest not to
Railroad bonds which are at present not legal under the
general provisions of the law but which are legal investments
under Section 29 (given below) are as follows:
See. 29. The provisions of tills Act shall not render illegal the investment In
-bearing obligations issued or
nor the investment hereafter In, any bonds or interest
owned by a railroad corporation, which were a legal Investment on May 28 1913
-bearing obligations continue to comply with the
as long as such bonds or interest
laws in force prior to said date: but no such bond or interest-bearing obligation that
laws subsequent to said date, to comply with such laws shall again be a legal !rivenraent unless such bonds or interest-bearing obligations comply with the provisions
of this section
Hocking Valley Railway Co.
Atchison Topeka & Santa Fe System.
California-Aria Linea 1st & ref. 4 Ms. 1982 First Consolidated 435s, 1999
Colum.& Hock. Val. RR. let ext. 48.1948
Boston & Albany RR.
Columbus & Toledo RR. let ext. 45, 1955
Rotten & Albany RR. deb. 3345, 1951
Illinois Central System.
" 8345. 1952
Chic.St.L.& N.O.cons. 58.1961
" 45, 1933
" 4s, 1934
New York Central System.
" 48, 1935
" 410, 1937 N. Y.44 Harlem RR. ref. 3355, 2000
Beech Creek RR. let 4s. 1938
" 5s, 1938
Kalara. Allegan & G. R. RR. 1st 58.1938
" 58. 1968
let 5s. 1934
Buffalo Rochester & Pittsb. System Mahoning Coal RR.
Pennsylvania System.
Allegheny & Western By. 181 45. 1998
Delaware RR. gen. 4345, 1932
Buff. Roch. dr Pitts. By.gen. 58, 1937
•
.
•
cons. 4345. 1957 Elmira & Williamapt. RR. 1st 45, 1950
Erie & Pittsburgh RR. gen. 310. 1940
Clearfield & Mahoning By. 1st 58, 1943
Lincoln Pk.& Charlotte RR. 1st 58. 1939 Little Miami RR. 1st 46, 1962
N.Y. Phila.& Norfolk RR. 1st 45, 1939
Central Ry. of New Jersey System
Ohio Connecting By. let 4e. 1943
N Y.& Long Brch. RR.gen. 45 & 5e.'41 Pitts. Youngs. & Ash. RR. gen 48, 1948
Wilkes-Barre & &ran. By. let 4155, 1938 West Jersey & Sea Shore RR.
Series A. B.C.D.E and F 3345 &48.*311
Chicago & North Western System.
[Collateral Trust 55 & 68. 19293
Reading System.
Connecticut Railway & Lighting Co. Del.& Bound BrOOK RR.cons. 3345, 1958
East Pennsylvania RR. 1st 45, 1958
First Refunding 414s, 1951
Conn. Lighting & Power Co. 1st 51. 1939 North Pennsylvania RR. let 45. 1936
Phila. dr Reading RR. Impt. 4s. 1947
Term. 55, 1941
1h10..4 Western Indiana RR.let Os, 1932
Reading Belt RR. 1st 45, 1950
Del. & Tol. Shore Line RR. 1st 4e, 1953 Terminal Railway Assn of St. Louis
Duluth & Iron Range RR. 1st 58, 107
Consolidated Mortgage 5a. 1944
First Mortgage 435s. 1939
Elgin Mullet de Eastern By. let 58. 1941
General Refunding Mortgage 45, 1953
At. Louis Mer.Bdge.Term.Ry. 1st M.110
Erie Railroad System.
Cleve. & Mahoning Val. By. 1st 58, 1938 ESL Louis Mar. Bdge. Co. let 13e. 19293
Western Maryland System.
[Genesee & Wyoming RR.let 58. 19293 Balt. & Comb. Val. Ext. 1st 65. 1931
Sixth.
-Equipment trust obligations as follows (savings
banks may invest not exceeding six per centum of their
deposits and surplus therein):
Alabama Great Southern RR.Co.
Series G, 5s, serially 1924 to 1938
Atlantic Coast Line RR. Co.
Equip,trust,sec. D,6555.ser. 1922-1936
Equip,trust,ser. E,4 Ms,ser. 1929-1941
Baltimore & Ohio RR. Co.
Set, of 1922, 55, serially 1923-1937
Ser. of 1923, 5s, serially 1924-1938
Series A, 5s, serially 1924-1938
Series II, 435s, serially 1926-1940
Series C. 4355, serially 1927-1941
Series D. 43.5s, serially 1929-1941
Series E, 455s, serially 1930-1942
Series F, 4 Hs, aerially 1930 to 1944
Central of Georgia By. Co.
Series M. 63.0, serially 1922-1936
Series N, 5355, serially 1923-1932
Series 0, 58, serially 1924-1938
Series P. stHs, serially 1926-1940
Series Q. 414s, serially 1926-1940
Central RR. Co. of New Jersey,
Series H, Gs, serially 1921-1930
Series I. 6s, serially 1923-1932
Series J, 5s, serially 1924-1933
Series K. So, serially 1925-1934
Series L, 435s, serially 1926-1935
Equipment trust, series of 1926, 434s,
serially 1927-1941
Chesapeake & Ohio By, Co.
Series 8, 635s, serially 1921-1935
Series T, 555s, serially 1923-1937
Series U. 58, serially 1924-1938
Series V. 55, serially 1925-1939
Series W, 434s, serially 1926-1940
Series of 1929, 450, serially 1930-1944
Chicago & North Western Ry.Co.
Series J. 6355. serially 1922-1936
Series K, 650, serially 1922-1936
Series M, 55, serially 1924-1938
Series N, 58, serially 1924-1938
Series 0, Es, serially 1924-1938
,
Series P 55, serially 1925-1939
Series It, 4355, serially 1928-1942
Series S. &Hs, serially 1928-1942
Series T. 435s, serially 1928-1942
Series U,4 Hs,serially 1929-1943
Series V. 435s, serially 1930-1944
Series W,435s, serially 1930-1944
Cleve. Cinc. Chicago & St. Louis RR.
Series of 1920, 6s, serially 1921-1935
Great Northern Ry. Co.
Series D, 5s, serially 1924-1938
Series C,4 kis, serially 1925-1939
Series D,435s. serially 1929-1940
Western Fruit Express, series 13, 455s,
serially 1930-1944
Illinois Central Railroad Co.
Series F, 7s, serially 1921-1935
Series G, 6355, serially 1922-1936
Series H, 535s, serially 1923-1937
Series!, 454s, serially 1923-1937
Series J, 5s, serially 1928-1938
Series IC, 435s, serially 1925-1939
Series L, 435s, serially 1926-1940
Series M. 434s, serially 1929-1941
3751
FINANCIAL CHRONICLE
Series N, 434s, serially 1027-1940
Series 0, 435s, serially 1928-1942
Series P. &Hs, serially 1930-1944
Louisville & Nashville RR. Co.
Series D, 6355, serially 1922-1936
Series E, 434s, serially 1923-1937
Series F, 5s, serially 1924-1938
Michigan Central RR. Co.
Series 0( 1915. 5s, serially 1916 to 1930
Series of 1917, 68, serially 1918-1932
Mobile & Ohio RR. Co.
Series L, 58, serially 1928-1938
Series M, 58, serially 1925-1930
Series N. 435s, serially 1925-1939
Series 0,4 Hs, serially 1927-1941
Series P, 430, serially 1928-1937
Series Q, 4s, serially 1928-1943
Nashville Chattanooga & St. L. By.
and's. tr., ser. B,454s, set. 1923-1937
National Ry. Service Corp.
Prior Lien 75, 1920 to 1935
7s. 1921 to 1936
New York Central Lines.
Equip. Trust
Joint
4145. serially. 1917 to 1932.
Equipment trust 65, serially, 1921-1935
Equipment trust 75. serially, 1921-1935
Equipment trust 55, ser. 1923 to 1937
Equipment trust 435s. ser. 1923 to 1937
Equipment tr.4348& 5s,ser. 1925 to 1939
Equipment trust 4345, set. 1926 to 1940
Equipment trust 4358. ear. 1927 to 1940
Equipment trust 4 Hs, ser. 1930 to 1944
Norfolk & Western System.
Equip. tr., ser. 1922, 434s,ser. 1924-1932
Equip,tr., ear. 1923,4%a,ser. 1924-1933
Equip. tr.,sm.1924.435s,s. 1924-1934
-a.
Equip. tr., ser. 1925, 434s, ser. 1926-1935
Northern Pacific By. Co.
Series of 1920, 7s, serially 1921-1930
Series of 1922, 434s, serially 1923-1932
Series of 1925, 435s, serially 1925-1940
Pennsylvania Railroad Co.
Equipment trust 58, 1924-1938
Equipment trust 5s, 1925-1939
Equipment trust 410, 1925-1939
Equipment trust 4348, 1929-1941
Pittsburgh & Lake Erie RR. Co.
Equipment trust 8 Ma. set. 1921-1935
Southern Pacific Co.
Series E. 7s, serially 1921-1935
Series F, 5s, serially 1928-1938
Series G. 58, serially 1927-1939
Series H, 435s, serially 1928-1940
Series I, 4345, serially 1931-1941
Series J, 434s, serially 1931-1942
Union Pacific Railroad.
Equipment trust 7s, serially 1924 to 1935
Equip. trust Series B 58, serially 1927-36
Equip. trust Series C 4145, serially 28 '3e
Equip, tr., per. D,4345 serially '2910
'38
Virginian Railway Co.
Equip. tr., ser. C, 6s, 5.-a. 1920-1930
Equip. tr., ser. D. 5s, serially 1924-1938
Equip, tr.,ser. E,4345,serially 1926-1940
Other securities in which banks may invest are;
Twelfth
Bonds of Public Utility Companies.
Authorized under Chapter 141 of the
Public Acts of 1925. Savings banks may
invest not more than 15% of their deposits and surplus in the following bonds,
but not more than 2% in the bonds of
any one such corporation.
Eighth
Bonds of Water Cos. in Connecticut. Blackstone Valley Gas & Electric Co.
let & general 58. 1939
Savings banks may invest not exceeding two per centum of their deposits and Brooklyn Boro. Gas Co.gen.& ref.5a,'67
Brooklyn Edison Company-surplus therein.
Brooklyn Edison Co. gen. 5s, 1949
Branford Water Co. 454s, 1943
65. 19303
"
Bridgeport Hydraullo Co. let 58, 1944
Edison Elec. III. of Brooklyn let cons
Bridgeport Hydraulic Co.ser. B 4358.'45
48, 1939
Greenwich Water Co. 1st mtge. 435s'57
Kings Co.El.L.&P.let 55, 1937
Gullford-Webster Water Co. let con.
'97
our. M.68,
543, 1939
Brooklyn Union Gas Co.:
New Haven water Co. deb. 4145 1962
First consolidated 58, 1945
let 414s, 1945
First refunding 6s, 1947
New Haven Water Co. let & ref 435s,'57 Buffalo General Electric Co.:
Stamford Water Co let 58. 1952
First mortgage 55, 1939
First & refunding 58, 1939
Also under Chapter 112 of the Public
General & refunding 5s, 1956
Acts of 1917 any bonds or interest-bearing obligations of the following water Central Hudson Gas & Electric Co.:
First dr refunding 5s. 1941
companies:
First & refunding Ss. 1957
Ansonia Water Co
Citizens Gas Co. (Indianapolis) 1st &
Bridgeport Hydraulic Co.
refunding 5s, 1942
Greenwich Water Co.
Cleveland Electric Illuminating Co.
Naugatuck Water Co.
First mortgage 58. 1939
New Haven water Co.
General mortgage, Series A, 55, 1954
Stamford Water Co
General mortgage, Series B, 55, 1981
Torrington Water Co.
Consol. Gas-Electric Lt. & Power Co.:
Cons. Gas of Baltimore 1st m.5s, 1939
Ninth
Cons. Gas of Baltimore gen.4 358,1954
Bonds of Telephone Co.. In Con nec't.
General mortgage 4 ,,s, 1935
Savings banks may invest not exceedLight Co.1st mtge.4345.1987
ing two per centum of their deposits and Duquesne
Empire Dist. Elect. Co. let ba, 1952
surplus therein.
Erie County Electric Co.
So. New Eng. Telep. Co. 181 55, 1948
Consolidated 65, 1959
Gen. & refunding 514s. 196
Tenth
Fall River Elec. Lt. Co. let m. 55, 1945
Bonds of Telep. Co.. outside of Conn. Ft. Worth Pr & Light Co. 1st m.58, 1931
Savings banks may Invest not exceed- Green Mountain Power Corp.:
Burlington Gas Light 1st 5s, 1955
ing two per centum of their deposits and
Green Mountain Power 1st 55, 1948
surplus therein
[Amer.Tel.& Tel.Co.colL trust 45. 19293 Indiana & Michigan Electric Co.:
First mortgage 5s, 1957
"
coll. trust 55.1945
First & refunding So, 1955
N. y. Telephone co. let 4345. 1939
Indiana Gen'l Service Co. 1st in.55,1948
New England Tel. & Tel 1st 58. 1952
Series B 4555, '61 Kansas City Power & Light Co.:
First, series "A," Is, 1952
...deb. 45, 19303
"
r"
Series "S" 434s, 1957
" " . 1932
Kings County Lighting Co.
Also under Chap. 141 ofPublic Acts of 1925
1st refunding 5s and 6348, 1954
Savings banks may invest not exceeding New York Edison Co.Edis. El. Ill, of N.Y.1stcons. 58, 1995
5% of their deposits and surplus In the
N. Y. Edison Co. 1st & ref.634s, 1941
following bonds, but not more than 2%
N.Y Edison Co. let & ref. 58,1944
in the bonds of any one such telephone
N. Y. Gas, E. L.. H.& P. 1st 5s. 1948
company.
N.Y Gas F.L. H.& P.pur.M.4s. 1949
Bell Telep. of Penna. 1st & ref. 5s. 1948
"
5s, 1960 New York & Queens Elec. Lt. & Pow.
First consolidated 55, 1930
Central District Telep. 1st 55, 1943
Niagara Falls Power Co.
Illinois Bell Telep. 1st ref 55. 1956
First mortgage 58. 1932
New York Tel. refunding 68, 1941
••
"
deb.(now mtge.) 68,'49
Refunding & general 65, 1932
Pac.Tel. dr Tel. 1st & collat. 5s, 1937
Hydraulic Pow Co. let & ref 95.191.9
refunding 55, 1952
Hydraulic Pow. Co. ref.& imp 5s.'51
Southern, Bell Telephone 1st 58. 1941
Peoples Gas Light Sr Coke Co.(Chicago):
Southwestern Bell Tel. 1st ref. 58. 1954
Chicago Gas Light & Coke let 5s, 1937
Consumers Gas Co. let 5s, 1936
EleventhMutual Fuel Gas Co. 1st 55. 1947
Bonds of Gas and Electric Lighting
Peoples G. L. & C. 1st cons. 6s, 1943
Companies In Connecticut.
Philadelphia Electric Co.
Savings banks may Invest uot exceed
Phil* Elec. of Penne let mtge 4s,'66
Ing two per centum of their deposits an"
Phila. Elee.of Penna. 1st mtge.58,'68
surplus therein:
Phila Electric let & ref. 53(e, 1947
Bridgeport GSA Lt. Co. let 45. 1952
4145,1987
Central Conn.Pr.& Lt. Co. let 58, 1937
"
53-45. 1953
Connecticut Power Co.:
"
55. 1960
1st & cons. 5s, 1963
Potomac Electric Power Co.:
1st 58, 1956
Consolidated 58, 1936
New London Gas & Electric Co.:
General & refunding 68, 1953
[2d 5s. 1929]
Providence Gas Co. 1st in. 5355. 1942
let cons. & ref. 58, 1933
Public Service Electric & Gas Co.:
Berkshire Power Co. 1st 5s, 1934
United Electric Co. of N. J. let 4s,'49
Connecticut Light & Power Co.:
P. S. Elec. & Gas let & ref. is. 1965
1st & refunding A 7s, 1951
P. S. Elec.& Gas 1st & ref. 4 t45, 1967
1st & refunding B 555s, 1954
•Ist St ref. mtge. gold bonds, 435%.
1st & refunding C 410, 1956
series, 1970
Danbury & Bethel Gas & Electric Light Rockland L.& P.Co. 1st & ref. 4358,'58
Company let 58. 1953
San Diego Consol. Gas dr Electric Co.:
Danbury dr Bethel Gas & Electric Light
1st 55, 1939
Co., Series A Mtge, Bonds 6s. 1948
1st & refunding 6s, 1939
Eastern Conn. Power Co. 1st 5s, 1948
1st & refunding 58, 1947
Hartford City Gas Lt. Co. 1st 4e,'35
1st & refunding 68, 1947
New Britain Gas Light Co. 58, 1951
[Southern Power Co. 1st in. 5s. 1930]
Northern Connecticut Light & Power [Standard G89 Light Co. (New York):
1st 5s, 1946
1st in. 5s, 1930]
Rockville-Willimantic Lighting Co. 1st Union Electric Light & Power Co. of
ref. gold M and 85. 1971
St. Louis 1st in. 5s, 1932
Rockville Gas & Elect 1st 58, 1936
Utica Gas & Electric Co.:
[Stamford Gas & Eieo. Co. 1st 5a,'29]
Equitable Gas & Electric let 5s 1942
Refunding & extension 5s, 1957
2d 4a. 1929]
Cenral. 58, 1948 West Penn Power Co.:
Union Electric Light dr Power CO.
1st mtge., series "A" 5s, 1946
1st mtge., series "E" 55, 1963
(Unionville) 6e, 1944
United illuminating Clo let 48 1940
let mtge., series F 534s, 1953
1st series, series "G" 58, 1956
Waterbury Gas co. 1st 4345, 1958
Seventh-Bonds of Street Railways in Conn.
Savings banks may invest not exceedlag two per centum of their deposits and
surplus therein,
Bristol & Piainv.Tram.Co. 1st 4345,1945
-Savings banks may invest not exceeding 10%
Thirteenth.
of their deposits and surplus in the obligations of the Government of the Kingdom of Great Britain and Ireland and the
Government of the French Republic and the Government of
the Dominion of Canada or any of its Provinces, provided
such obligations have a fixed and definite date of maturity
and shall be the direct obligations of such Government or
Province and that the full faith and credit of such Government or Province shall be pledged for its payment, principal
and interest.
Under the foregoing section the following obligations or
France and the Kingdom of Great Britain and Ireland are.
legal investments:
Reputlic of France.
Rentee, 3%. 1953
External Dollar Loan ISMIL 1937
New French Loan 58. 1920-1980
due 1941
External gold bonds 7
External gold bonds 7s, due 1949.
Victory bonds 4%, redeemable by accumulative sinking fund, by means of
annual drawings beginning Jan 1 1920.
National War (2d series) 55, 1926
National War (2d series) 45. 1926
National War (3d series) 5a, 1928
National War (3d series) 48, 1928
National War (4th series) 58. 1929]
United eingdom of Great Britain
National War (4th series) 45, 1929]
and Ireland
[War Loap 3545. 1925-1928, due 1928] Exchequer 35, 1930
United Kingdom of Great Britain an&
War Loan 434s, 1925-1945, due 1945
Ireland External Loan 534%, 1929
War Loan 48. 1929-1942, due 1942
United Kingdom of Great Britain and'
War Loan M. 1929-1947. due 1947
Ireland External Loan 53-45, 1937
Funding Loan 45. 1960-1990
!
3752
FINANCIAL CHRONICLE
[VoL. 130.
and for purposes determined by It to be incidental thereto, including the
acquisition of land and the construction of buildings and the acquisition
of equipment, and the obligations which may be issued by the Port of New
York Authority to raise moneys for the establishment or acquisition of
Southern Pacific.
Chesapeake & Ohio.
Equipment trust, Series of 1930, 434s. Equipment trust, Series K, 4M5, ser- steamship terminals (by which are meant developments consisting of one
or more piers, wharves, docks, bulkheads, slips, basins, vehicular roadways,
serially, 1931 to 1945.
ially. 1929 to 1943.
railroad connections, side tracks and (or) sidings, and (or) other buildings,
Pere Marquette.
accomEquipment trust, Series of 1930, 414s, Equipment trust, Sales M, 4s, ser- structures, facilities or improvements necessary or convenient to the
modation of steamships and (or) other vessels and their cargoes and (or)
serially, 1931 to 1945.
tally, 1931 to 1946.
passengers, and for purposes determined by it to be incidental thereto,
Dade County, Fla.—Financial Statement.—A special including the acquisition of land and the construction of improvements
which all
and the acquisition of equipment,
dispatch to the Wall Street "Journal" of May 1 reports State and municipal officers, and are hereby made securities in
bodies, all banks, bankers, trust comassociapanies,
that the Chairman of the County Commissioners has stated tions, savings banks, saving associations, and building and loan banking
investment companies and other persons carrying
the financial condition of the County is sound and its bonded business, all insurance companies, insurance associations andon a persona
other
executors,
indebtedness of $9,500,000 approximates but one-third carrying on an insurance business, and all administrators, whatsoever
of its assets. We quote from the above mentioned news- guardians, trustees and other fiduciaries and all other persons or other
who are now or may hereafter be authorized to invest in bonds
obligations of the State may properly and legally invest any funds, includpaper as follows:
What is said to be the first financial set-up on a true accounting basis ing capital, belonging to them, or within their control: and said obligations
ever attempted by any county in the State is announced by Dade County are hereby made securities which may properly and legally be deposited
with and shall be received by any State or municipal officer or agency for
commissioners.
Statement was prepared as of Jan. 1 1930, and shows total assets of any purpose for which the deposit of bonds or other obligations of this
$22,364,617. Roads and bridges constitute more than half the assets, State is now or may hereafter be authorized.
2. This act shall take effect immediately.
being listed at $13,124.904. Approximately 307, or $6,204,229, is represented in landed properties of the county and 9%cin cash on hand, of which
New York City.—Board of Estimate Approves Increase
$984,960 is in sinking fund.
Unexpended balance of the several bond funds amounts to $276,489 in City Finance Department.—On May 2 the Board of Estiand $721,169 is divided among various funds created for administration
mate,following the request of Comptroller Charles W.Berry,
expense, judiciary, operating and maintenance, &c.
During 1929 there was an accumulation of tangibles aggregating approx- voted increases of personal and of budget resources which,
imately $600,000. Approximately a similar amount was taken out of
accumulated surplus and set up as a reserve for depreciation of roads, for the first time in the history of the City, will create in
bridges, buildings and other county property.
the Finance Department a Bureau of Municipal InvestigaLiabilities are shown to be bonds payable, totaling $10,061,000, approxtion, designed to enable the city officials to keep a check
imately $400.000 less than liability of the county January 1 1929.
The following is a list of additions to the above, as issued
by the Bank Commissioner in a bulletin dated May 9:
Lake Worth, Fla.—Higher Court Reverses Decision on
Payment of Certificates.—A special dispatch from Lake Worth
to the "Wall Street Journal" of May 19 reports that the
U. S. Circuit Court of Appeals at New Orleans recently
handed down an opinion in the case of R. M. Grant & Co.
of New York City, against the City of Lake Worth, reversing
the decision of a lower court, and affecting other Florida
cities which have issued similar obligations. We quote as
follows from the dispatch:
against collusive or exorbitant bidding on city contracts.
The Board authorized 226 additional employes to be attached to the staff of the Comptroller, entailing an annual
increase in his departmental budget of $401,228. The New
York "Evening Post" of May 2 carried the following on
the subject:
The Board of Estimate to-day approved the request of Controller Berry
for authority to Increase the staff of the Finance Department by 226 additional employes, entailing an annual increase in the payroll of $401,228.
The salaries of the new employees, all of whom will be under civil service,
range from $1,200 to $5,000 a year.
Of toe 226 to be added. 148 will be assigned to the Bureau of City ColReversing the decision of the United States District Court at Miami.
in the case of R. M. Grant & Co. against the City of Lake Worth, the lections, a recently organized unit, which combines tile functions of the
United States Circuit Court of Appeals at New Orleans held that plaintiff various city agencies and permits a taxpayer to pay real estate taxes, water
was entitled to a general obligation against the city, not restricted to money rents and other assessments in a single bureau in each borough.
collected from special assessments in a particular district, for debt owed on
Budget Director Charles L. Kohler, in his report approving the request
street construction and material. Decision making special assessment and describing the staff of this bureau, says:
indebtedness certificates obligations of the city will affect many cities in
This force is required for a bureau whose work, in addition to general inFlorida which issued certificates in the same manner.
will be to establish a system of control over
Mayor Michler said: "The reversed opinion will add approximately vestigations for the department,received with a view of showing•the comcontracts after bids have been
$1,000,000 to the general obligations of Lake Worth. It is apparent that parative
unit force of all public works of similar character.
a large amount of interest will be paid before the city is able to pay the
This progressive step, with the installation of an efficient, easily available
debt in full."
City Attorney McGee explained: "The opinion making this indebted- coat data system should be the means of bringing to the attention of the
a part of the general obligation, automatically makes the city a responsible public officials excessive and collusive unit price bids and,
ness
at the same time, reduce the possibility of unbalanced bidding.'
collector of the special assessment liens, instead of the contractor."
Petition for a rehearing will be filed.
North Arlington, Bergen County, N. J.—Voters ApMassachusetts.—Acts Relative to Municipal Finance prove Return to Councilmanic Government.—At an election
Passed.—The following legislative Acts, dealing with the held on May 20 the voters of the Borough approved of a
powers of municipalities, have recently been approved: change from the present commission form of Government
Chapter 194 of the laws of 1930, authorizing the town of back to the old form of councilmanic rule, by a vote reported
Methuen to borrow money for the purpose of remodeling in the Newark "News" of May 21 to have been 1,186 `for"
its town hall; Chapter 196 relative to sewer assessments in and 481 "against" the change. The commission form of
the town of Norwood; Chapter 197 which authorizes the Government was adopted on August 28 1923.
town of Auburn to borrow additional funds for water supply;
Santa Fe (Province of), Argentine Republic.—
Chapter 198 authorizing the City of Salem to acquire certain
flats and lands in or adjacent to Collins Cove in said city; $4,000,000 6% Notes Sold.—The Chatham Phenix Corp. of
Treasury gold
Chapter 199 providing land for an airport in the town of New York, on May 21 sold $4,000,000 6%
accrued interest,
Fe at
Marshfield and for improving Green Harbor by dredging notes of the Province of Santadated 100 and1930 and mature
June 2
and filling; Chapter 200 authorizing the City of Revere to to yield 6%. The notes are
denom. Interest
borrow money for school building purposes; Chapter 201 on March 2 1931. Coupon notes in $1,000
Principal and
authorizes the town of Needham to borrow money for payable on Dec. 2 1930 and March 2 1931. of the present
which
gold
new fire and police station; Chapter 202 authorizes the interest payable in United Statesat thecoin
a
principal office in
said town of Needham to borrow money for school purposes, standard of weight and fineness National Bank & Trust
207 relates to the street railway owned by the, New York of the Chatham Phenix
and Chapter
City of Attleboro and authorizes its sale to the Interstate' Co. without deduction for any Argentine National,Provincial
or Municipal taxes. In the event of any external financing
Street Railway Co.
prior to maturity, these notes will be iMThe following have also been approved recently: Chapter by the Province
mediately due and payable at par and accrued interest on
219 of the Laws of 1930, authorizing the town of West 10
days' published notice.
Boylston to borrow money for school purposes; Chapter 222
further information regarding the above sale refer
providing for the furnishing of information to municipalities to For "Department of Current Events and Discussions" on
our
m the several metropolitan districts relative to the amount a preceding page.
of assessments recommended to be made upon said munii alities for certain new State projects and undertakings,
Wisconsin.—Governor Kohler Acquitted on Corrupt Practices
amending Section 35 of Chapter 30 of the General Laws); Charge.—On May 15 the Sheboygan County jury after a
Chapter 225 an Act establishing the South Seekonk Water brief deliberation acquitted Governor Walter J. Kohler of the
District of Seekonk and defining its powers; Chapter 228 charge of campaign corruption during his 1928 primary,
authorizing the town of Bourne to borrow money for various reports a special dispatch from Sheboygan to the New York
harbor improvements; Chapter 229 authorizing the city of "Times" of May 16, which reads as follows:
Marlborough to borrow money for school purposes; Chapter
"Governor Walter J. Kohler was acquitted to-night by a Sheboygan
230 giving the same authority to the City of Everett; Chapter County jury of the charge of having violated the State corrupt practices
act during his 1928 primary campaign.
231 and 232 applying in a similar manner to the City of
"The jury deliberated the case only an hour and a half and was unanMedford, while Chapter 234 is an Act relative to preliminary imous in answering "no" to each a the eight questions propounded to
them by Judge Gustav Gehrz. Agreement of only ten would have been
elections for the nomination of candidates for elective mum- sufficient.
ipal office in the City of Attleboro under a standard form
"The prosecution within three days will file a motion for a new trial and
other motions in the case, and will go to the State Supreme Court on apof charter.
peal, but for purposes of practical vindication the Governor and his friends
the
New Jersey.—Legislative Act Makes Port Authority Bonds are satisfied with thansituation. They say it places him in a stronger
ever before.
Legal Investments.—On April 14 an Act was approved as political situation expected to grant a motion of the defense to enter judgJudge Gehrz is
Chapter 114 of the Laws of 1930 making obligations of the ment in accordance with the jury verdict. This motion and the State's
Port of New York Authority legal investments for savings motions will be heard in Milwaukee.by the verdict and thanked the Jurors
affected
banks and others in that State. The text of the new law in The Governor was deeplycourtroom crowd applauded.
a husky voice, while the
reads as follows:
"I did not originally seek public office," the Governor said in a stateAuthority
purpose
An Act making certain obligations of the Port of New York
legally invest
securities in which public officers, banks and others may
officers or
funds and which may be deposited as security with public
agencies.
of
Be it enacted by the Senate and General Assembly of the State
New Jersey'
New York
1. The obligations which may be issued by the Port of
stations
Authority to raise moneys for the establishment of terminal freight for the
comprehensive plan
determined by it to be in effectuation of the
9 of the laws
development of the Port of New York, adopted by ChapterYork a 1922.
of New Jersey of 1922 and Chapter 43 of the laws of New
ment, "and when I consented to be a candidate it was with the
of doing such service as I could in the cause of clean politics, efficient
administration and the general wellbeing of the people of Wisconsin.
"I determined to conduct a fine, clean campaign, complying strictly
with the law, avoiding personal abuse and mud-slinging, and confining
my discussion to social and economic questions. This Purpose I thoroughly
adhered to.
"My expenditures were well within the $4,000 limit prescribed by law
and were as I reported them to the Secretary of State. No other expenditures were made or authorized by me."
MAY 24 1930.]
FINANCIAL CHRONICLE
BOND PROPOSALS AND NEGOTIATIONS.
ABBEVILLE HIGH SCHOOL DISTRICT (P. 0. Abbeville) La-BONDS VOTED.
-At a special election held
fayette County, Miss.
recently, the voters authorized the issuance of $10,000 in bonds for a new
high school building.
3753
BABYLON UNION FREE SCHOOL DISTRICT NO.4(P.O. Linden..
hurst), Suffolk County, N. Y.
-BOND SALE.
-The $465,000 coupon
or registered school bonds offered on May 19(V. 130, p. 3578) were awarded
at 4.50s to Batchelder & Co. of New York at 101.16, a basis of about 4.410/
The bonds are dated May 1 1930 and mature on May 1 as follows' $LOW
from 1931 to 1935, incl.: $10,000 from 1936 to 1955, incl., and $16,000
from 1956 to 1970, inclusive. The purchasers are reoffering the bonds for
public investment priced to yield 4.30%. The securities are stated to be
legal investments for savings banks and trust funds in New York State
and to be exempt from all Federal and New York State income taxes. An
official list of the proposals submitted for the issue fellows'
BidderInt. Rate.
Rate Bid.
Batchelder & Co. (purchasers)
4.500/
101.16
Roosevelt & Son
4.60%
100.239
George B. Gibbons & Co
100.2274
4.60%
Lehman Brothers
4.60%
100.199
Rapp & Lockwood
4.60%
100.199
B. J. Van Ingen & Co
4.70%
100.81
Financial Statement.
Actual valuation
$12,597,644
Assessed valuation
4,232,548
Total bonded debt
532,000
-BOND SALE.
BARRE (P. 0. Albion), Orleans County, N. Y.
Frederic M. Thompson, of Barre, on May 15 was awarded an issue of
$2,000 5% registered bonds at a price of par.
AKRON SCHOOL DISTRICT, Summit County, Ohio.
-BOND
OFFERING.-Irene M. Moses, Clerk-Treasurer of the Board of Education,
will receive sealed bids until 7:30 p.m. on June 9, for the purchase of $1,% school bonds. Dated July 1 1930. Denom. $1,000. Due
200,000
560.000 on Oct. 1 from 1931 to 1950, incl. Interest payable semi-annually
in April and October. Bids for the bonds to bear interest at a rate other
than 44% will also be considered, provided, however, that where a fractional rate is bid such fraction shall be stated in multiples of 54 of 1%. A
certified check for 2% of the amount of bonds bid for, payable to the order
of the Board of Education, must accompany each proposal. The bonds
were authorized to be sold at the general election held on Nov.6 1928.
ALAMEDA COUNTY WATER DISTRICT (P.O. Centerville), Alameda County, Calif.
-BOND SALE.
-The $250,000 issue of 5% semiannual water bonds offered for sale on May 15-V. 130. p. 3031-was
purchased by Weeden & Co., of San Francisco, for a premium of $7,789,
equal to 103.11, a basis of about 4.72%. Dated April 1 1930. Due
$10,000 from April 1 1935 to 1959, incl.
Newspaper reports from the Coast gave the other bids as follows
American Securities Co., $5,778; Securities Division National Bankitaly
BATTLE CREEK, Calhoun County, Mich.
-PRICE PAID-LIST
Co., $5,677; R. H. Moulton & Co., $5,519; Central Bank of Oakland, OF BIDS.
-In connection with the report of the award on April 28 of
$2,750 and National City Co., $2,025.
$400,000 coupon bonds, comprising $150,000 paving 4545, $150,000 sewer
ALAMO HEIGHTS (P. 0. San Antonio), Bexar County, 10317-• 454s, and $100,000 sewer system 454s, to Braun, Bosworth & Co , of
.
-we learn that the successful bidders paid par
-V. 130, p. 3223
BOND SALE.
-A $233,000 issue of permanent improvement, refunding Toledo
bonds is reported to have been purchased by Van H. Howard & Co., of plus a premium of $138 for the bonds, equal to 100.03, a basis of about
4.35%, and agreed to furnish bonds and legal opinion without expense
San Antonio, as 554s, at par.
to the City. An official tabulation of the bidders and the terms of their
ALBION, Calhoun County, Mich.
-BOND OFFERING.-Paiirr. bids is furnished herewith:
Nagle, City Clerk, will receive sealed bids until 5 p.m. (eastern standard City National Bank, Battle Creek, 454% per annum, par and accrued
time) on May 26, for the ruirchase of $75,000 454% paving bonds. Dated
interest, premium for all, but no part, $1,844. Bonds and legal opinion
June 1 1930. Due $7,500 on June 1 from 1931 to 1940, incl. Interest is
without expense to the City.
payable semi-annually in June and December. Successful bidder will be Harris Trust & Savings Bank, Chicago.
% per annum, par and accrued
required to furnish and print bonds also legal opinion. A certified check for
Interest, premium for all, $1,250. Bonds and legal opinion without
$3,750 must accompany each proposal.
expense to the City.
Old Merchants National Bank & Trust Co., Battle Creek, $150,000 sewer
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
-BOND SALE.
-The
bonds, $100,000 sewage disposal plant bonds, 454% per annum, $15C1,$76,000 5% Allen County Children's Home improvement bonds offered
000 paving bonds,454% par and accrued interest, premium $15. Bonds
on May 15-V. 130, P. 3031-were awarded to the First & Tri-State Naand legal opinion without expense to the City.
tional Bank & Trust Co., of Fort Wayne, the only bidder, at par Plus a Guardian Detroit Co., Detroit, 454% per annum, par and accrued interest,
premium of $10, equal to 100.01, a basis of about 4.99%. The bonds are
premium for all, but no part, $1,840. Bonds and legal opinion without
dated April 15 19301 and mature $3,800 on June and Dec. 1 from 1931 to
expense to the City.
1940, inclusive.
Fidelity Trust Co., Detroit. Of the $100,000 issue the bonds maturing
$5,000 each year Nov. 1 1944 to 1951 inclusive, are to be 454%, the
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
-BOND OFFERING.
balance of this issue and both other issues 454% bonds, par and accrued
Kent Sweet, County Treasurer, will receive sealed bids until 10 A.M. on
int., premium $1,359.50. Bonds and legal opinion without expense to
May 26 for the purchase of the following issues of 5% bonds aggregating
the City.
$84,000:
$50,060 Adams Township road construction bonds. Denom. $500. Due First Detroit Co., Detroit, 434% per annum, par and accrued interest.
premium for all, $3,241. Bonds and legal opinion without expense to
as follows: $2,500 on July 1 1931: 52,500 on Jan. and July 1
the City.
from 1932 to 1940, incl., and $2,500,000 on Jan. 1 1941.
34,000 Adams Township road construction bonds. Denom. $850. Due Central National Bank, Battle Creek. All bonds maturing 1932 to 1941
%
inclusive,
% coupon, bonds maturing 1942 to 1951 inclusive;
as follows: $1,700 on July 1 1931; $1,700 on Jan. and July 1 from
coupon, par and accrued interest, premium $407.50. Bonds and legal
1932 to 1940, incl., and $1,700 on Jan. 1 1941.
opinion without expense to the City.
Both issues are dated June 1 1930. Interest is payable semi-annually
on July and Dec. 1. Bids must be submitted on the forms to be provided Foreman State Corp., Chicago,454% per annum, par and accrued interest,
premium for all, $1,807.77. Bonds and legal opinion without expense
by the county auditor and must be unconditional. A transcript of the
to the City.
proceedings incident to the issuance of the bonds will be on file in the
C. F. Childs & Co., Detroit 454% per annum, par and accrued interest,
county auditor's office for inspection.
premium $3,450; alternate hid. $150,000; paving,434%.$150,000; sewer,
$.00,000;sewage disposal,454%,par and accrued interest,premium
ALLENDALE, Bergen County, N. J.
4H%,
-BOND SALE.
-The following
issues of coupon or registered bonds aggregating $169,000 offered on May 15
$1,210. Bonds and legal opinion without expense to the City.
-V. 130, p. 3223
-were awarded to C. A.Preim & Co.,of New York City, Continental Illinois Co., Chicago, 4H % per annum, on $150,000 sewer
and Charles P. Dunning, of Newark, jointly, as herewith:
and paving bonds, and 454% $100,000 sewage disposal bonds, premium
$200. Bonds and legal opinion without expense to the City •
$92,000 water bonds sold as 5s at par plus a premium of $601.40, equal
to 100.65, a basis of about 4.95%. Due on May 1 as follows: Halsey, Stuart & Co., Chicago, 434% per annum, par and accrued interest,
premium $1,218. Bonds and legal opinion without expense to the City.
$2.000 from 1931 to 1955, inclusive, and $3,000 from 1956 to 1969.
Industrial Co., Grand Rapids, 5% per annum, sewage disposal plant
Inclusive.
bonds par and accrued interest, premium $5,356; 5% per annum, paving
77,000 improvement bonds sold as 4145 at par plus a premium of $1540
bonds. premium $5,701. Bonds and legal opinion to be paid for by
equal to 100.02, a basis of about 4.74%. Due on May 1 as follows:
the City.
$5.000 from 1931 to 1933, incl.; $6,000 in 1934, an $7,000 from
Bancamerica-Blair, New York, 454% per annum, premium at the rate of
1935 to 1943, inclusive.
100.663% or $2,652. Bonds and legal opinion without expense to City.
Both issues are dated May 1 1930.
Phenix Corp., New York, 454% per annum, par and accrued
ALPENA SCHOOL DISTRICT (P. 0. Alpena), Jerauld County, Chatham premium $1,439. Bonds and legal opinion without expense to
interest,
S. Dak.-BOND OFFERING.-Sealed and open !Ads will be received until
the City.
2 p. m. on May 26, by E. F. Coursey, District Clerk, for the purchase of a Stephens & Co., New York, 434% per annum, rate 100.318 and accrued
$25.000 issue of coupon school bonds. Interest rate is not to exceed 8%
Interest, premium $1,912, with $640 wire.
payable semi-annually. Denom. $1,000. Dated June 1 1930. Due Braun, Bosworth & Co., Toledo, 434% for $150,000 sewer, and 5150,000
$2,000,from 1933 to 1943, and $3,000 in 1944. Sealed bids may be mailed
paving bonds, and 43.4% sewage disposal plant bonds par and accrued
to the Clerk, and oral auction bids will be received. Prin. and int. payable
interest, premium $138. Bonds and legal opinion without expense to
at a place designated by the purchaser. Junell Oakley, Driscoll & Fletcher,
the City.
of Minneapolis, will furnish the approving opinion. A certified check for
$1,500, Payable to the Clerk must accompany the bid.
-SeasonBELLEFONTAINE, Logan County, Ohio.
-BOND SALE.
good & Mayer, of Cincinnati, on May 13 were awarded an issue of $30,000
AMERICAN FORK, Utah County, Utah.
-MATURITY.
--The 45457 coupon hospital improvement bonds at par, plus a premium of $206,
$160.000 issue of 4H, coupon water worlm system bonds that was pur7
0
equal to 100.68, a basis of about 4.64%. The bonds are coupon in $1,000
chased at par by the Central Trust Co. of Salt Lake City (V. 130. p.
is due on April 15 843 follows: 53,000. 1931 to 1935: $4,000. 1936 to 3223) denominations. Dated March 1 1930. Due $2,000 on March 1 from
1940:
55,000. 1941 to 1945; $6,000, 1946 to 1950, and 57,000, 1951 to 1960, all 1931 to 1945 inclusive. Interest payable semi-annually in March and
September. Bids for the bonds were as follows:
inclusive.
Premium.
BidderANDERSON COUNTY CONSOLIDATED SCHOOL DISTRICT Seasongood & Mayer, Cincinnati (purchasers)
$206
NO. 1 (P. 0. Palestine), Tex.
-BONDS REGISTERED.
-The State
195
Co., Columbus
Comptroller registered a $50,000 issue of 5% serial school bonds on May 12. Banc-Ohio Securities Co., Toledo
145
Ryan, Sutherland &
138
ARCADIA, Crawford County, Kan.
-BOND SALE.
-A 557,000 issue Provident Savings Bank & Trust Co.. Cincinnati
128
of 5% refunding bends has recently been purchased by the Guarantee Title Assel, Goetz & Moerlein, Cincinnati
96
& Trust Co., of Wichita. Denom. $1.000. Dated May 15 1930. Due on Otis ok Co., Cleveland
26
May 15, as follows: $5,000, 1531 to 1933, and $6,000, 1934 to 1940, all incl. W. L. Slayton & Co., Toledo
ARLINGTON, Kingsbury County S. Dak.-BOND SALE.
-The
BELLVILLE INDEPENDENT SCHOOL DISTRICT (P. 0. Bell
$44,000 issue of 5% semi-annual water extension bonds offered for sale on villa), Austin County, Texas.
-BOND SALE.
-A $20,000 issue of school
April 7 (V. 130, p. 2447) was purchased by the First Securities Corp. of
bonds is reported to have recently been taken over by local banks.
Minnesota for a premium of $150. equal to 100.34.
-BOND OFFERING.-J A.
.
BELMAR, Monmouth County, N. J.
ATTALA COUNTY SEPARATE ROAD DISTRICT (P. 0. Kosciusko), Miss.
-BOND SALE.
-The $250,000 issue of road bonds offered Joeck. Borough Clerk, will receive sealed bids until 7.30 p. m. (Daylight
for sale on May 5-V. 130, p. 2825
-was purchased by Caldwell & Co.. of saving time) on June 3 for the purchase of the following issues of4H or 5%
Nashville, as 5545. We are informed that a $30,000 issue of 554% county coupon or registered bonds aggregating $360,000:
maintenance bonds was also purchased by the Whitney Trust & Savings $148,000 Ocean Front impt. bonds. Due on July 1 as follows: $3,000 in
Bank, of New Orleans.
1931 and $15,000 from 1932 to 1940 incl.
120.000 Shark River Park purchase bonds. Due on July 1 as follows:
ATTLEBORO, Bristol County, Mass.
-TEMPORARY LOAN.
$2,000 from 1931 to 1960 incl., and $3,000 from 1961 to 1980 incl.
Salomon Bros. di Hutzler of Boston recently purchased a $150.000 tem92,000 'rapt. bonds. Due on July 1 as follows: $2,000from 1931 to 1934
porary loan at 2.88% discount plus a premium of $3.25. The loan is dated
incl., and $3,000 from 1935 to 1962 incl.
May 21 1930 and is due on Nov. 21 1930. The following bids werejai
received;
BidderAll of the above bonds are dated July 1 1930. Denom. $1,000. Prin.
scecouedn1.1 and semi-ann. int. (J. & J.) payable in gold at the First National Bank,
Salomon Bros. & Hutzler (plus $3.25)
2.88
Shawmut Corporation
Belmar. No more are to be awarded than will produce a premium of$1,000
First National Old Colony Corporation
over the amount of each issue. A certified check for 2% of the amount of
2.028
2 9
5
F. S. Moseley & Co
bonds bid for, payable to the order of the Borough, must accompany each
proposal. The approving opinion of Hawkins, Delafield & Longfellow of
First National Bank of Attleboro
Bank of Commerce & Trust Co. of Boston
New York City, will I be furnished to the successful bidder.
8. N. Bond & Co
3 999276 %°
22 10
3
-The three issues of
BELOIT, Rock County Wis.-BOND SALE.
AVALON,Cape May County, N. J.
-NO BIDS
-BONDS TO BESOLD coupon bonds aggregating $4.000, offered for sale on May 19 (V 130. p.
-It is reported that no bids were received on April 9 3223) were purchased by the Beloit Savings Bank for a premium of 11.277.30
AT PRIVATE SALE.
for the purchase of the $80,000 6% tax title bonds offered for sale (V. 130, _equal to 101.48, a basis of about 4.39%. The issues are divided as folp. 2447). The issue is expected to be sold privately.
lows*
% street improvement bonds. Due from May 1 1931 to
AVON LAKE,Lorain County, Ohio.
-BOND SALE.-Thti $68,049.28 $45,000
storm
inclusive.
village's share road improvement bonds offered on May 3-V.130, p.3031
seer bonds. Due from May 1 1931 to 1940. incl.
were awarded as 5545 to Otis & Co., of Cleveland, at par plus a premium
19 9
%
15,000 44 ,
26,000 454% Turtle Creek bridge bonds. Due from March 1 1932 to 1945.
of $382, equal to 100.56, a basis of about 5.12%. The bonds are dated
April 1 1930 and mature on Oct. 1 as follows: $6,000 in 1930 and 1931;
for the bonds were as follows'
Other bids
$7,000 from 1932 to 1934, inclusive; $6,000 in 1935; $7,000 from 1936 to
Premium
Bidder1938 inclusive, and $7,049.28 in 1939. Bids for the bonds were as follows: L. C. Hyde & Britten Bank of Beloit
$984.00
BidderInt. Rate. Premium. Halsey. Stuart & Co. of Chicago
943.00
Otis & Co., Cleveland (purchaser)
Ames, Emerich & Co
812.00
$
Davies
-Bertram Co., Cincinnati
Second National Bank of Beloit
30
102
8
535.00
554%
Trust Co., Cleveland
Guardian
554
Beloit State Bank
425
465.00
Ryan, Sutherland & Co., Toledo
o
A. B. Leach & Co of Chicago
183
69.50
'3754
FINANCIAL CHRONICLE
BENSON, Swift County, Minn.
-BONDS OFFERED.
-Sealed bids
were received until 8 p. in. on May 26 by S. A. Berg, City Clerk, for the
purchase of a $28,556.35 issue of refunding bonds. Int. rate Is not to exceed
534%, Payable semi-annually. Denom. $1,000, one for 556.35. Dated
June 11930. Due in from 2 to 12 years. Bidders will be expected to satisfy
,
themselves as to the legality of the issue.
BENTON COUNTY SCHOOL DISTRICT NO. 29 (P. 0. Prosser),
Wash.
-BONDS OFFERED.
-Sealed bids were received until 1.30 13• m•
.on May 24, by Harry Forsyth, County Treasurer, for the purchase of a
$13,000 issue of school bonds. Int. rate not to exceed 6%, payable semiannually. Dated July 1 1930. Due as follows: $500, 1932 to 1941, and
$1,000, 1942 to 1949, all incl. Prin. and int. payable at the office of the
'County Treasurer.
(Vox.. 130.
BURKESVILLE GRADED SCHOOL DISTRICT (P.O. Burkesville),
Cumberland County, Ky.-BONDS VOTED.
-At a special election held
recently, the qualified electors voted to issue $10,000 in bonds for new school
buildings.
BUTTE COUNTY RECLAMATION DISTRICT NO. 833 (P. 0.
Oroville), Calif.
-BOND OFFERING.
-Sealed bids will be received until
9'30 a.m. on May 29, by Mottle R. Lund, County Treasurer, for the
purchase of a $15,000 issue of6% semi-annual improvement bonds. Dated.
Jan. 1 1923. Due on Jan. 1 1942. (These bonds were previously offered
without success on April 17-V. 130, p. 3224.)
CADDO PARISH SCHOOL DISTRICT NO. 15 (P. 0. Shreveport)
La.
-BOND SALE.
-The $100.000 issue of semi-annual school 'bonds
offered for sale on May 7-V. 130, P. 3032
-was purchased by the First
BERNALILLO COUNTY SCHOOL DISTRICTS (P.O. AlbttgitterAu!?_,) National Bank, and the City Savings Bank & Trust Co., both of ShreveN. Mex.-BOND OFFERING.
-Sealed bids will be received by Mrs. H. P. port, jointly.
Gardner, Cowity Treasurer, until 10 a. m. on June 9, for the purchase of
CAMDEN, Camden County, N. J.
-BOND OFFERING.
-Sidney P.
'the following issues of bonds aggregating $32,500:
McCord, City Comptroller, will
bids until 2 p m. (day$15.000 School District No. 13 bonds. Denom. $1,000. Due $1,000 from light saving time) on June 11, forreceive sealed of the
the purchase
followMg issues of
June 1 1933 to 1947 inclusive.
or 435% coupon registered bonds, aggregating $6,889,000:
434
14,000 School District No. 6 bonds. Denom. $1,000. Due $1,000 from
$3,955,000 municipal building bonds. Due on July 1 as follows: $85,000
June 1 1933 to 1946, inclusive.
from 1932 to 1954,incl., and $125,000 from 1955 to 1970, incl.
3,500 School District No. 28 bonds. Denom. $500. Due $500 from
2,336,000 public improvement bonds. Due on July 1 as follows: $75,000
June 1 1933 to 1939 incl.
from 1932 to 1936, incl. $100,000 from 1937 to 1949, incl.
Int. rate is not to exceed 6%, payable semi-annually. Bidders will be
$110.000 from 1950 to 1954, incl., and $111,000 in 1955.
-required to submit bids specifying the lowest rate at par and also the rate
465,000 school bon. Due on July 1 as follows: $10,000 from 1932 to
ds
desired and premium offered above par. Dated June 1 1930. Prin. and int.
1949, incl., and $15,000 from 1950 to 1968. incl.
payable at the State Treasurer's office or at Kountze Bros. in New York
133,000 water bonds. Due on July 1 as follows: $3,000 from 1931 to
'City. The printed bonds and the legal approval of Pershing, Nye, Tall1941, incl., and $4,000 from 1942 to 1966, incl.
madge & Bosworth, of Denver, will be furnish. A certified check for
furnished.
All of the above bonds are dated July 1 1930. Denom. $1,000. Prin.
-5% of the bid, payable to the County Treasurer, is required.
and semi-annual int. (Jan. and July) payable in gold at the First Camden
BERRIEN COUNTY (P. 0. St. Joseph), Mich.
-The National Bank & Trust Co., Camden, or at the Guaranty Trust Co., New
-BOND SALE.
$256,608 special assessment road district bonds offered on May 23 (V. 130, York. No more bonds are to be awarded than will produce a premium of
p. 3578) were awarded as 434s to the First Detroit Co. of Detroit at par $1,000 over the amount of each issue. A separate certified check for 2%
plus a premium of $442, equal to 100.17. The bonds are dated June 1 1930 of the amount of bonds of each issue bid for, payable to the order of the
.and mature serially. Braun, Bosworth & Co. of Toledo, bidding for 431% City, must accompany each proposal. The approving opinion of Hawkins,
bonds, offered par plus a premium of $178. W. L. Slayton & Co., also Delafield & Longfellow, of New York, as to the validity of the bonds will
of Toledo, bidding for the county portion and the township portion bonds be furnished to the successful bidder.
-as4Us and the district portion bonds as 5s, offered par plus a total premium
CAMERON PARISH (P. 0. Lake Charles), La.
-BOND ELECTION.
of$250. Stranahan, Harris & Oatis.Inc., of Toledo, bidding for the town- -On July 8 a special election will be held in order to
the voters pass
'ship and district portion bonds as 5s and the county portion bonds as 431s. upon the proposal to issue $125,000 in court house andhavebonds.
jail
'offered par plus a premium of $144.
CANANDAIGUA, Ontario County, N. Y.
-BOND SALE.
-The
BEVERLY, Essex County, Mass.
-TEMPORARY LOAN.
-John C. following issues of coupon or registered bonds, aggregating $66,000 offered
Lovett, City Treasurer, on May 15 awarded a $200,000 temporary loan on May 19-V. 130, p. 3402
-were awarded as 434s to Batchelor & Co. of
:to the Beverly National Bank at 2.97% discount. The loan is dated May New York at 100.66, a basis of about 4.41%:
15 1930. Denoms. $25,000, $10,000 and $5,000. Due on Nov. 26 1930. 150,000 special appropriation bonds. Due $2,500 on May 15 from 1931 to
Validity approved by Ropes, Gray, Boyden & Perkins, of Boston. Bids
1950, incl.
:for the loan were as follows:
16,000 special appropriation bonds. Due $2.000 on May 15 from 1931 to
Bidder
1938,incl.
Discount.
Beverly National Bank (Purchaser)
Both issues are dated May 15 1930. Bids for the bonds were as follows:
2.97
Faxon, Gade & Co
3.03
Mt. Rate.
Rate Bid.
BidderFirst National Old Colony Corp
3.04
Batchelder & Co. (purchasers)
4.50%
100.66
.Salomon Bros. & Hutzler, plus $5
3.06
Sage, Wolcott & Steele, Rochester
100.263
4.50%
Day Trust Co
3.08
George B. Gibbons & Co
100.2979
4.60%
.Shawmut Corp
3.08
Marine Trust Co., Buffalo
4.70%100,677
F. S. Moseley & Co
3.10
Farson, Son & Co
100.346
4.70%
Bank of Commerce & Trust Co
3.14
A. 0. Allyn & Co
100.131
4.70%
.S. N. Bond & Co
3.18
CANNONSBURG SCHOOL DISTRICT, Washington County,Pa.
Beverly Trust Co
33..2295%0
ADDITION AI, INFORMATION.
-In connection with the report of the
W.O. Gay & Co
sale on May 5 of $50.000 434% school building construction bonds to the
BIG SPRING INDEPENDENT SCHOOL DISTRICT (P. 0. Big Mellon National Bank, of Pittsburgh, at par, plus a premium of $1,228.15,
Spring), Howard County, Texas.
-we learn tnat
-BONDS REGISTERED.
-On May equal to 102.45, a basis of about 4.20%-V. 130, P. 3579
12 the State Comptroller registered an issue of $125,000 5% serial school the bonds are dated May 1 1930, are coupon in denoms. of $1,000 and
bonds.
mature on May 1 1940. Interest payable semi-annually in May and NovemThe above bonds are reported to have been purchased at par by the ber.
Southwest Investment Co. of Austin.
CARROLL COUNTY (P. 0. Delphi) Ind.
-BOND OFFERING.
Irvin M. Flora, County Treasurer, will receive sealed bids until 2 p.m. on
BLUE EARTH COUNTY (P. 0. Mankato), Minn.
-BOND OFFER- May 24 for the purchase of the fohowing issues of 435% bonds aggregating
ING.
-Sealed bids will be received until 2 p. m. on June 5, by C. L. Ken- $14,200:
nedy, County Auditor, for the purchase of the following issues of bonds $10,600 Ed. Beard et al., Clay Tsp. highway impt. bonds. Denom. $530.
.aggregating $25,500, as follows:
Due $530 on July 15 1931, $530 on Jan. and July 15 from 1932 to
1940 incl., and $530 on Jan. 15 1941.
$20,000 funding bonds. Denom. $1,000 Due $2,000 from June 1 1935
3,600 Frank Larimore et al., Jackson Twp. highway impt. bonds.
to 1944, incl. A certified check for $1,000, payable to the County
Denom. $180. Due 1180 on July 15 1931, 3180 on an. and July 15
Treasurer, is required.
from 1932 to 1940 incl., and $180 on Jan. 15 1941.
5,500 county ditch No. 76 bonds. Denom. $500. Due on June 1, as
Both issues are dated May 6 1930. Interest is payable semi-annually
follows: $500. 1931 to 1939, and $1,000 in 1940. A $300 certified
check, payable to the County Treasurer, must accompany the bid. on Jan. and July 15.
-BOND OFFERING.
CARTERET COUNTY (P. 0. Beaufort) N. C.
F Int. rate is not to exceed 431%. Dated June 1 1930. Prin. and semiannual int. payable at a place designated by the purchaser. Blank bonds Sealed bids will be received until noon on June 2, by R. W. Wallace, Clerk
and the legal approval of Junell, Oakley, Driscoll, & Fletcher, of Minne- of tne Board of County Commissioners, for tne purcnase of an issue of
apolis, will be furnished.
1108,0006% funding bonds. Denom.31,000. Dated March 11929. Due on
March 1,as follows: $16,000. 1937 to 1941.113,000, 1942,15,000. 1943. and
BRIARCLIFF MANOR, Westchester County, N. Y.
-BOND OF- 310.000 in 1944. Prin. and int. (M. & S.) payable in gold at the Central
FERING.
-Alfred H. Pearson, Village Clerk, will receive sealed bids until Hanover Bank & Trust Co. in New York. The approving opinion of Cald4.30 p. m. (daylight saving time) on May 29 for the purchase of $38,000 well & Raymond of New York City, will be furnished. A certified check
.not to exceed 6% interest coupon or registered sewer bonds. Dated June for 2% par of the bonds bid for, payable to the County, is required.
1 1930. Denom. $1,000. Due $2,000 on June 1 from 1935 to 1953 incl.
-The
CARTERSVILLE, Bartow County, Ga.-BOND SALE.
Rate of interest to be stated in a multiple of .31 or 1-10th of 1%. Prin.
-and semi-annual int. (June and Dec.) payable at the Fifth Ave. branch of $100,000 issue of 5% semi-annual improvement bonds offered for sale on
-was purchased by the Robinson-Humphrey Co.
the Guaranty Trust Co., New York City. A certified check for $1,000, May 19-V. 130, p. 3402
payable to the order of the Village, must accompany each proposal. The of Atlanta, at a price of 106.56, a basis of about 4.32%. Dated July 1 1930
-approving opinion of Clay, Dillon & Vandewater, of New York City, Due $4,000 from Jan. 1 1932 to 1956, incl.
will be furnished to the successful bidder.
-BOND
CEDAR CREEK SCHOOL TOWNSHIP, Allen County, Ind.
Financial Statement.
OFFERING -Charles C. Page, Township Trustee, will receive sealed bids
Valuations 1930
until 10 a. in. on June 11 for the purchase of $52,000 5% school building
Assessed valuation, real estate and special franchise
$14,579,580 construction bonds. Dated June 20 1930. One bond for $361, all others
Debt
for $1,000
$357. Due as follows' $1,861 on July 1 in 1931: $1,857
'Total bonded debt including this issue
507,150 on Januaryand July 1 from 1932 to 1944, inclusive, and $1,857 on June 20
and
*Water bond.> included above
170.000 in 1945. Principal and semi-annual interest payable at the First & Tri
Net bonded debt
337.150 State National Bank & Trust Co., Fort Wayne. A certified check for
Population, 1920 Federal Census. 1,027: 1925 State Census, 1,451; 5% of the amount of bonds bid for, payable to the order of the Township
1930 Federal Census. 1,794.
Trustees must accompany each proposal.
-OFFER $51,000 6% BONDS.
BRIGHTON, Monroe County, N. Y.
CENTER TOWNSHIP SCHOOL DISTRICT (P. 0. Mohrsville)
-Rapp & Lockwood, of New York, are offering $51,000 6% coupon or Berk!' County, Pa.
-BOND OFFERING.
-Calvin R. Bagenstose Secregistered gold bonds for public investment at prices to yield 4.75%. The retary of the Board of School Directors, will receive sealed bids until 7:30
bonds are dated Oct. 1 1929 and mature on Oct. 1 as follows' $10,000 in p.m. (eastern standard time) on May 28 for the purchase of $50,000 4,5%
1934: $15,000 in 1935; $14,000 in 1936 and $12,000 in 1937. The securities coupon school bonds. Dated June 11930. Denom. $1,000. Due on June
are stated to be legal investment for savings banks and trust funds in the 1 as follows: $2,000 in 1931, $3,000 in 1932. $2.000 in 1933, $3,000 in 1934.
-State of New York and have been approved as to legality by Reed, Hoyt $2,000 in 1935, $3.000 in 1936, $2.000 in 1937, $3,000 in 1938, $2,000 in
& Washburn, of New York City.
1939, $3,000 in 1940, $2,000 in 1941, 13,000 in 1942, $3,000 in 1943, $3,000
in 1944, $2,000 in 1945, $3,000 in 1946. $2,000 in 1947. $3,000 in 1948.
Financial Statement.
$21,309,120 $2,000 in 1949, and $3,000 in 1950, optional after June 11935. A certified
Assessed valuation 1929
7,488,236 check for 2% of the amount of bonds bid for, payable to James W.Phillips,
Total bonded debt (including this issue)
$709,033
District Treasurer, must accompany each proposal. Sale of the bonds is
Less' Water bonds
6,779,203 subject to the favorable opinion of Townsend, Elliot & Munson of PhilaNet debt
delphia, as to their vlidity.
Population 1929 (estimated), 11,000.
BROOKLYN HEIGHTS (P. 0. Independence) Cuyahoga County,
-Harvey Betsicover, Village Clerk, will
-Ohio.-BOND OFFERING.
receive sealed bids until 12 m. (to be opened at 8 p.m.) on June 2 for the
purchase of $5,800 534% street improvement bonds. Dated May 1 1930.
One bond for $300, all others for $500. Due on April 1 as follows* $800 in
1932: $500 from 1933 to 1940,incl., and $1,000 in 1941. Bids for the bonds
to bear interest at a rate other than 534% will also be considered, provided,
-however. that where a fractional rate is bid such fraction shall be 34 of
1% or a multiple thereof. Principal and semi-annual interest (April and
October) payable at the Cleveland Trust Co., Cleveland. A certified check
for 10% of the amount of bonds bid for, payable to the order of the Village
Treasurer, must accompany each proposal.
-We
-BOND SALE.
BROWN COUNTY (P. 0. Brownwood), Tex.
are now informed that the remaining $200,000 portion of the $550,000 Issue
sold on
of 5% semi-annual road, series E bonds, of which $350,000 were Howard
-has since been purchased by Van H.
Feb. 18-V. 130. p. 1695
& Co., of San Antonio, at Par•
-Four issues of
-BOND SALE.
BUHL, Twin Falls County, Idaho.
-535% various refunding bonds aggregating 3137,000, are reported to have
recently been purchased by the Northwest Brokers Inc., of Boise.
CENTER TOWNSHIP (P. 0. Rush Center), Rush County, Kan.
BOND OFFERING.
-Sealed bids will be received until 3 p. in. on June 4,
by Flavius L. Edwards, Township Clerk, for the purchase of a $10,000
issue of 5% semi-annual township hall bonds. Denom. $500. Dated
July 1 1930. Due serially in from 1 to 10 years. Bonds to be printed
by the purchaser. Township will prepare and furnish the transcript. A
certified check for 2% of the bid is required. (This Township is reported
to have no bonded debt.)
-The
-BOND SALE.
CHARLOTTE, Mecklenberg County, N. C.
four issues of coupon or registered bonds aggregating $810,000, offered for
saloon May 21 (V. 130, p. 3402), were purchased by Rutter & Co. of New
York as 4,5s, for a premium of $10,829.70, equal to 101.337, a basis of
about 4.40%. The issues are as follows'
1525,000 sewer bonds. Due from May 1 1933 to 1968.
150,000 water bonds. Due from May 1 1933 to 1970.
100,000 underpass bonds. Due $4,000 from May 1 1932 to 1956, incl.
35,000 garage and incinerator bonds. Due from May 1 1933 to 1958.
BONDS OFFERED FOR INVESTMENT.
-The above bonds are now
being offered for public subscription by the successful bidder at prices to
yield 4.30% on all maturities. They are reported to be legal investments
in New York State.
MAY 24 1930.1
FINANCIAL CHRONICLE
The following is an official list of the bids:
BidderRate.
Price.
orris, Forbes & Co.• and Wachovia Bank & Trust Co. 4%.
$825,754.50
erican Trust Co.,Charlotte
4%
815,571.00
alsey, Stuart Co.; A. B. Leach & Co., and Peoples
National Bank,Rock Hill, S.0
43
810,631.80
ational City Co.;Independence Trust Co.,Charlotte_ 4%
810,882.90
. M. Freeman & Co.; R. L. Day & Co., and First
National Bank,Charlotte
4
819.938.70
ommercial National Bank, Charlotte
4
814,746.60
orth Carolina Corporation
4
811,286.28
.hman Bros.; R. W.Pressprich & Co.; Caldwell & Co 44
816,237.00
uaranty Co. of New York; Estabrook & Co., and
Hannah,Baffin Se Lee
4%
831,059.18
utter & Co.*
4)1
820,829.70
ercantile Commerce Co.* Continental Illinois Co.;
First Detroit Co., and W.F. Shaffner Co., Winston
Salem, N.C
43
811,875.00
* Successful bid.
CHEROKEE COUNTY (P. 0. Columbus), Kan.
-BOND SALE.
-A
9.000 issue of 414% road impt. bonds has been purchased recently by the
uarantee Title & Trust Co. of Wichita. Denom. 81.000. Dated May 1
0. Due $1,000 on Jan. 1 1931. and $2,000 from 1932 to 1940 incl.
CHICOPEE, Hampden County, Mass.
-LOAN OFFERING.-Louls
. Dufault, City Treasurer, will receive sealed bids until 12 m. (daylight
ving time) on May 26 for the purchase at discount of a $200,000 temporary
an. Dated May 26 1930. Denom. $25,000, $10,000 and $5,000.
yable on Nov. 14 1930. The notes will be engraved under the supervision
the Old Colony Trust Co., Boston, which will guarantee the signatures
.d will certify that the notes are issued by virtue and in pursuance of an
der of the Board of Aldermen, the validity of which order has been apoved by Storey, Thorndike, Palmer & Dodge of Boston.
CINCINNATI, Hamilton County, Ohio.
-BONDS TOTALING $765.10 TO BE REDEEMED.
-Charles L. Harrison, President of the Board of
-tees of the City Sinking Fund,in a notice published in the May 20 issue
the Cincinnati "Enquirer" calls for redemption on July 1 1930 various
reet and sewer impt. bonds aggregating $765,000. The bonds will be
deemed at the Irving Trust Co., New York City, or at the Provident
vings Bank & Trust Co., Cincinnati, and are as follows:
13 street bonds, $500 each; 6%. Dated July 1 1920: payable 1940; optional July 1 1930. Ordinance 198, May 25 1920. (Seventh St.)
Nos. 1 to 93:$46.500.
0 street bonds, $500 each; 6%. Dated July 1 1920; payable 1940; optional July 1 1930. Ordinanace 196, May 25 1920. (Colerain Ave.).
Nos. 1 to 50;825,000.
r8 street bonds, $500 each; 6%. Dated July 1 1920: payable 1945: optional July 1 1930. Ordinance 200. May 25 1920. (Seventh St.).
Referendum 1919. Nos. 94 to 291; $99,000.
0 street bonds, $500 each; 6%. Dated July 1 1920; payable 1950; optional July 1 1930. Ordinance 202, May 25 1920. (Eastern Ave.).
Referendum 1916. Nos. 1 to 510; $255,000.
30 street bonds. $500 each; 6%. Dzted July 1 1920; payable 1950; optional July 1 1930. Ordinance 203. May 25 1920. (Eastern Ave.).
Nos. 511 to 970; $230,000.
9 sewer bonds, $500 each; 6%. Dated July 1 1920; payable 1950: optional July 1 1930. Ordinance 199, May 25 1920. (Mlllsdale St.).
Nos. 1 to 219; 8109,500.
CLAREMONT SCHOOL DISTRICT, Sullivan County, N. H.oND SALE.
-The $35,000 414% coupon Stevens High School bonds
ered on May 19-V. 130, p. 3579
-were awarded to Estabrook & Co.
Boston at 100.315, a basis of about 4.46%. Only one bid was received.
he bonds are dated April 1 1930 and mature on Oct. 1 as follows: $2,000
.m 1931 to 1946 incl. and $1.000 from 1947 to 1949 incl.
CLARK COUNTY (P. 0. Neilsville), Wis.-BOND DESCRIPTION.
The $88,000 issue of highway bonds that was reported sold-V. 130. p.
03
-is more fully described as follows: 5% coupon'bonds. Denom.$1,000.
ated May 11930. Due on Nov. 11935. Int, payable on May and Nov.!.
hased for a premium of$1,200,equal to 101.363,a basis ofabout 4.72%.
CLAY COUNTY (P. 0. Brazil), Ind.
-BOND SALE.
-The $9,150
. % David Gerber et al. Jackson Twp. road improvement bonds offered
May 8-V. 130, p. 2829
-were awarded to the Brazil Trust Co. of
azil at par plus a premium of $167.51, equal to 101.83, a basis of about
125. The bonds are dated May 1 1930 and mature as follows: $305
July 15 1931, $305 on Jan. and July 15 from 1932 to 1945 incl., and
05 on Jan. 15 1946. Bids for the bonds were as follows:
BidderPremium.
azll Trust Co. (purchaser)
$167.51
ty Securities Corp., Indianapolis
11.00
etcher Savings & Trust Co., Indianapolis
131.70
etcher American Co., Indianapolis
103.00
tizens National Bank, Brazil
107.50
CLAYTON SCHOOL DISTRICT (P.O. Clayton), St. Louis County,
o.
-BOND SALE.
-The $245,000 issue of school bonds offered for sale
May I9
-V. 130, p. 3403
-was jointly purchased by the Mercantile
.mmerce Co. and Stix & Co., both of St. Louis, as 4)4s at a price of
(1.13, a basis of about 4.37%. Dated May 1 1930. Due from May 1
,31 to 1950 inclusive.
-BOND OFFERING.
-S. G.
CLEVELAND, Cuyahoga County, Ohio.
•k, Director of Finance, will receive sealed bids until 12 m. on June 13
r the purchase of the following issues of 414% coupon or registered bonds
gregating $1,475,000:
00,000 city's portion street opening bonds. Due $20,000 on Oct. 1 from
1931 to 1955 inclusive.
75,000 city's portion paving and sewer bonds. Due 825,000 on Oct. 1
from 1931 to 1945 inclusive.
25.000 police and fire department bonds. Due $15,000 on Oct. 1 from
1931 to 1945 inclusive.
50.000 Department of Public Health and Welfare bonds. Due $15,000
on Oct. 1 from 1931 to 1940 inclusive.
15,000 park improvement bonds. Due on Oct. 1 as follows' $11,000
from 1931 to 1935 incl., and $12,000 from 1936 to 1940 incl.
10,000 aircraft landing field bonds. Due $11,000 on Oct. 1 from 1931
to 1940 inclusive.
All of the above bonds are dated July 1 1930. Denom. 31,000. Prin.
d semi-annual interest (April and Oct.) payable at the Irving Trust Co.,
ew York. Bids for the bonds to bear int, at a rate other than 414% will
.o be considered, provided, however, that where a fractional rate is bid,
ch fraction shall be % of 1% or multiples thereof. Bids may be made
.arately for each lot or for "all or none.
Split rate bids will not be con"; ered on any single issue, but different rates may be bid for different issues.
oposals must be accompanied by a certified check for 3% of the amount
bonds bid for, payable to the order of the City Treasurer. No bids will
entertained unless made on a blank furnished,on application, by the
!rector of Finance. The favorable opinion of Squire. Sanders & Dempsey
Cleveland, with a full transcript of the proceedings will be furnished to the
ccessful bidder.
CLEVELAND HEIGHTS,Cuyahoga County,Ohio.
-BOND SALE.
.e following issues of bonds aggregating $143.443 offered on May 19-were awarded as 414s to the First Detroit Co. of Detroit,
130. p.3403
:oar plus a premium of $176,equal to 100.12, a basis of about 4.48%:
4,400 Fire Station Building and equipment bonds. Dated May 15
1930. Due on Oct. 1, as follows: $7,400, 1931;$7,000. 1932:88.000,
1933; 37,000, 1934; 38,000, 1935: $7.000. 1936; $8,000. 1937;
$7.000 1938 and 1939 and $8000 in 1940.
5.443 street improvement bonds. bated June 1 1930. Due on Oct. 1,
as follows: 33,443, 1930: $4,000, 1931; 33,000, 1932; $4,000, 1933,
$3,000, 1934; 34,000, 1935; 83,000, 1936; $4,000, 1937; $3,000.
In 1938 and $4,000 in 1939.
3,600 fire apparatus and fire equipment bonds. Dated May 1 1930.
Due on Oct. 1, as follows: $3.600, 1931; 83,000, 1932 and 1933;
$4.000, 1934; $3,000, 1935 and 1936; $4,000, 1937; $3,000, 1938
and 1939 and $4,000 in 1940. These bonds were originally scheduled
to have been sold on May 5-V. 130. P. 2829.
-BOND SALE.
CLINTON COUNTY (P. 0. St. John), Mich.
-The
st Detroit Co. of Detroit, recently purchased an issue of $42,500 534%
ad bonds at par plus a premiun of$102,equal to a price of 100.26. Braun,
.sworth & Co. of Toledo, the only other bidders, offered 100.26 for the
Ild8 as 554s.
CLIFTON, Passaic County, N. J.-BO,ND OFFERING.
-William A.
.
tiler, City Clerk, will receive sealed bids until 8:15 p.m. (daylight saving
3755
time) on June 3 for the purchase of the following issues of 434, 4.31 or 5%
coupon or registered bonds, aggregating $724,000:
Ng
$415,000 improvement bonds. Due on June 1 as follows: $20,000 from
1931 to 1942, incl., and $25,000 from 1943 to 1949, incl. Prin.
and semi-annual int. (June and Dec.) payable at the Clifton Trust
Co., Clifton.
al
309,000 school bonds. Due on June 1 as follows: $7,000 from 1931 to
1940, incl., $10,000 from 1941 to 1963, incl., and 39,000 in 1964.
Principal and semi-annual interest (June and Dec.) payable at
the Clifton National Bank, Clifton.
Both issues are dated June 1 1930. Denom. $1,000. No more bonds are
to be awarded than will produce a premium of $1,000 over the amount of
each issue. A certified check for 2% of the amount of bonds bid for must
accompany each proposal. The approving opinion of Hawkins, Delafield
& Longfellow of New York, will be furnished to the successful bidder.
COLUMBIA COUNTY (P. 0. Bloomsburg) Pa.
-BOND SALE.
The $100,000 434% coupon county bonds offered on April 29-V. 130, p.
2448
-were awarded to Edward Lowber Stokes & Co. of Philadelphia, at
par plus a premium of $2,780, equal to 102.78, a basis of about 4.17%.
The bonds are dated April 1930 and mature on April 1 as follows: $15,000
in 1933 and 1934. $15,000 from 1943 to 1945 Incl., and $5,000 from 1946 to
1950 inclusive.
COLUMBIA COUNTY (P. 0. Hudson), N. Y.
-BOND OFFERING.
-Clyde H. De Witt, County Treasurer, will receive sealed bids until
2 p.m. (daylight saving time) on June 3 for the purchase of $300,000 4,
43j or 4.4% coupon or registered highway bonds. Dated June 1 1930.
Denom. $1,000. Due $12,000 on June 1 from 1935 to 1959. incl. Prin.
and semi-annual interest (June and Dec.) payable in gold at the Bankers
Trust Co., New York. A certified check for 2% of the amount of bonds
bid for, payable to the order ofthe County Treasurer, must accompany each
proposal. The approving opinion of Hawkins. Delafield & Longfellow of
New York. will be furnished to the successful bidder.
COLUMBUS, Franklin County, Ohio.
-OFFER $800.000 43.1%
BONDS.
-M. M. Freeman & Co., Inc. of New York, and Gran & Co. of
Cincinnati, jointly, are offering an issue of $800.000 4)1% coupon sewage
disposal bonds for public investment at prices to yield 3.75% to 4.10%
according to maturity. The bonds are stated to be legal investment for
savings banks and trust funds in New York, Massachusetts and Connecticut and were awarded on May 15 at 100.71, a basis of about 4.17%V. 130, p. 3579.
CONDON, Gilliam County, Ore.
-BONDS NOT SOLD.
-We are
informed that the $8,000 issue of not exceeding 8% semi-annual coupon
improvement bonds offered on April 14-V. 130, p. 2269
-was not sold.
Due $1,000 from April 15 1931 to 1938 inclusive.
COTTAGE GROVE, Lane County, Ore.
-BOND OFFERING.
Sealed bids will be received by C. E. Caldwell, City Recorder, until 7:30
p. m. on June 2 for the purchase of a $35,000 issue of coupon refunding
bonds. Int. rate is not to exceed 6%. Denom. $500. Dated June 16
1930. Due $5,000 from 1941 to 1947 incl. Prin. and int. (J. & D.)
payable in Cottage Grove. Legality approved by Teal, Winfree, McCulloch & Shuler of Portland. A certified check for 5% must accompany the bid.
COUNCIL GROVE SCHOOL DISTRICT (P. 0. Council Grove),
Morris County, Kan.
-BOND SALE.
-The $40,000 issue of 4Vd,% semiannual school building bonds offered for sale on April 28-V.130, p. 2623
was awarded to the Central Trust Co., of Topeka, at a price of 101.76, a
basis of about 4.54%. Dated May 1 1930. Due $2,000 from Aug. 1 1931
to 1950, inclusive.
COVINGTON, Tipton County, Tenn.
-The $50,000
-BOND SALE.
issue of semi-ann. high school bonds offered for sale on May 20-V. 130,
p. 3580-was purchased by Caldwell & Co. of Nashville, as 5s, at a price of
98.80. Dated May 1 1930.
CROWLEY COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Olney
Springs), Colo.
-ADDITIONAL DETAILS-The $10,000 issue of 5%
ref. school bonds that was reported sold-V. 130, P. 3580
-was purchased
by the U. S. National Co.. of Denver. Dated June 1 1930; due $1,000 from
1940 to 1940, incl.
CUMBERLAND, Allegheny County, Md.-LIST OF BIDS.
-In
connection with the report of the sale on April 28 of 2 issues of 4 M % coupon
bonds, aggregating $175,000 to Harris, Forbes & Co. of New York City,
on their all or none bid of 104.159 a basis of about 4.28%-V. 130, P•
3224
-we are in receipt of the following list of the bids received:
BidderAmt. of Bonds. Rate Bid.
Harris, Forbes & Co. (purchasers)
104.15
$175,000
Stein Bros. & Boyce. Baltimore
104.134
100,000
103.744
75,000
Baltimore Co., Baltimore
104.266
100,000
103.93
75,000
CURRY COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Clovis),
N. Mex.-BONDS CALLED.
-All outstanding bonds for an issue dated
June 1 1915 has been called for payment, interest ceasing on June 1 1930.
Payable at the Clovis National Bank or at the office of the County Treasurer.
DALHART INDEPENDENT SCHOOL DISTRICT (P. 0. Dalhart)
Dallam County, Tex.
-BOND DESCRIPTION.
-The $80,000 issue of
coupon school building bonds that was reported sold-V. 130, p. 3225
was purchased at par by D. E. Dunne & Sons, of Wichita. Denoms. $500
and $1,000. Dated May 5 1930. Due serially over 40 years. Int, payable
on May and Nov. 1.
DANE COUNTY (P.O. Madison), Wis.-BOND SALE.
-The $139,000
Issue of 434% coupon highway improvement bonds offered for sale on
May 19-V. 130, p• 3403
-was purchased by the First National Old Colony
Corp. of New York, paying a premium of $2,752.80, equal to 101.98, a
basis of about 4.25%. Dated May 1 1930. Due on May 1 1940.
The following is an official list of the other bids received:
Premium.
BidderLawrence Stern & Co., Chicago
$2,713.00
Foreman State Corp., Chicago
2,609.00
2,465.00
Boatmen's National Co., St. Louis
Ames, Emerich & Co., Chicago
2,238.00
Central Wisconsin Trust Co., Madison
2,226.11
State Bank of Wisconsin, Madison
2,185.91
H. M. Byllesby & Co., Chicago
2,167.85
Harris Trust & Savings Bank, Chicago
2,161.00
Chatham-Phenix Corp., Chicago
2,118.00
Continental Illinois Co., Chicago
2,050.00
1,895.00
!iãTdhiaioTT
A. B. Leach & Co., Inc., Chicago
1,892.74
Halsey, Stuart & Co., Chicago
1,877.00
1,852.87
National City Co., Chicago
Northern Trust Co., Chicago
1,761.00
Union Trust Co., Madison
1,390.00
DAWSON COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Glendive),
-The $32,000 issue of school bonds offered for sale
Mont.-I30ND SALE.
on May 20-V. 130, p. 3403
-was purchased by Mr. A. E. Aikin, of Glendive, as 5s. Dated June 1 1930. Due in 1950 and optional in 5 years.
-BOND SALE.
-The $300,000
DAYTON,Montgomery County, Ohio.
waterworks extension and improvement bonds offered on May 22-V. 130,
P. 3580
-were awarded as 434s to the First Detroit Co., of Detroit, at par
Plus a premium of $181, equal to 100.06, a basis of about 4.24%. The
bonds are dated June 1 1930, and mature $12,000 on Oct. 1 from 1931 to
1955. inclusive.
-BOND SALE.
-The
DE KALB COUNTY (P. 0. Auburn), Ind.
38,500
% John Hook et al.• Union Twp. highway impt. bonds offered
2
on April 28-V. 130, p. 2829 -were awarded to the Union Trust Co. of
Indianapolis, at par plus a premium of $89, equal to 101.04, a basis of
about 4.28%. Due $425, July 15 1931; $425, Jan. and July 15 from 1932
to 1940, incl., and $425. Jan. 15 1941. The following is a complete list of
the bids submitted for the issue:
Prem.
Bidder$89.00
Union Trust Co., Indianapolis (purchaser)
42.00
Salem Bank & Trust Co., Goshen
86.66
Merchants National Bank, Muncie
51.00
City Securities Corp., Indianapolis
71.00
Fletcher Savings & Trust Co., Inellanapolis
23.00
Fletcher American Co.. Indianapolis
15.00
City National Bank, Auburn
3756
FINANCIAL CHRONICLE
-W.
DELAWARE COUNTY (P. 0. Muncie), Ind.-NO BIDS.
Max Shafer, County Auditor, reports that no bids were received on May 17
for the purchase of the $2,408 6, Bert F. Bradbury drain construction
7,,
bonds offered for sale
-V. 130, p. 3580. Dated$March 4 1930; due $240.80
on May 15 from 1931 to 1940 incl. .
DELAWARE, State of (P. 0. Dover).
-$700,000 434% BONDS
TO BE REDEEMED.
-Howard M. Ward, Sinking Fund Commissioner,
In an official advertisement appearing on the last page of this section gives
notice of the proposed redemption on July 1 of $700,000 434% outstanding
highway bonds, dated Jan. 1 1922. Maturity date Jan. 1 1962. The bonds
are to be redeemed at 105 at the Farmers Bank of the State of Delaware,
Dover. Interest on the bonds will cease to accrue from and after July 1 1930.
[Vora. 130.
2% of the amount of bonds bid for, payable to R. H. Banks, Treasure
the Board of Education, Must accompany each proposal. Cost of prin
the bonds to be borne by purchaser; such cost to be stated in bid.,
approving opinion of Chapman & Cutler of Chicago as to the valldit
the bonds will be furnished the successful bidder.
ESSEX COUNTY (P. 0. Salem), Mass.
-TEMPORARY LOAN.
$200.000 temporary loan dated Jan. 28 1930 and payable on Nov. 7 1
was awarded recently to the Merchants' National Bank of Salem at 2.7
discount plus a premium of 2.83%. Bids for the loan were as follows:
Disc
Bidder
Merchants National Bank (purchaser)
(plus $2.83) 2.74
2.74
Gloucester National Bank
Gloucester Safe Deposit & Trust Co
2 79
DE WITT COUNTY (P.O. Cuero) Texas.
- Andover National Bank
-BONDS REGISTERED.
2.86
On May 14 the State Comptroller registered a $21,000 issue of 5% bridge Salomon Bros. & Hutzler
(plus $3.25) 2.88
repairbonds. Due on April 15 194 .
Salem Trust Co
2.93
(plus $1) 2.94
DUCK HILL CONSOLIDATED SCHOOL DISTRICT(P.O. Winona) Cape Ann National Bank
2.94
-Sealed bids will be Beverly National Bank
Montgomery County, Miss.
-BOND OFFERING.
2.94
received by M. F. Herring, Superintendent of the Board of Education, Naumkeag Trust Co
2.94
until June 2 for the purchase of a $50,000 issue of 534% semi-annual school Warren National Bank, Peabody
Faxon, Gade & Co
2.96
bonds. Denom. $500. Dated July 1 1930. Due $2,000 in from 1 to 25
Bay State National Bank
2.99
years. Prin. and int. payable in Winona.
S. N. Bond & Co
3.00
-Sealed
-BONDS OFFERING.
DULUTH, St. Louis County, Minn.
FAIRFIELD COUNTY (P. 0. Winnsboro), S. C.
-BOND SAL
bids will be received by C. D. Jeronimus, City Clerk, until 2 p.m. on June
2, for the purchase of an issue of $100,000 434 7e flying field and airport An issue of $175,000 5% semi-annual highway bonds is reported to
bonds. Denom. $1,000. Dated May 1 1930. Due $10,000 from May 1 recently been jointly purchased by Rogers Caldwell & Co., of New Y
1931 to 1940, incl. Prin. and int.(M.& N.) payable in gold at the Irving and the Robinson-Humphrey Co. of Atlanta. Dated May 1 1930.
Trust Co.in New York City. The approving opinion of Chapman & Cutler, on May 1 as follows: $10,000, 1931 to 1935; $14,000, 1936 to 1943,
of Chicago, will be furnished. The bonds may be registered as to both $13,000 in 1944.
principal and interest. Bond forms will be provided by the city and no
FAIRVIEW, Cuyahoga County, Ohio.
-BOND OFFERING.-.
allowances will be made for any bidder who may prefer to furnish his own Smith, Village Clerk, will receive sealed bids until 12 M.(Eastern stan
bond forms. Authority for issuance contained in Section 5 and 6, Chapter time) on June 2 for the purchase of $6,000 6% park land and improvem
379, Session Laws of Minnesota for 1929, and Ordinance No. 4,699 of bonds. Dated April 1 1930. Denom. $500. Due on Oct. 1 as foil.
City of Duluth. A certified check for 2% par of the bonds, payable to the $500 from 1931 to 1938, incl.. and $1.000 in 1939 and 1940. Principal
city, must accompany the bid.
semi-annual interest (April and Oct.) Parable at the First National B
Financial Statement May 1 1930.
of Rocky River. Bids for the bonds to bear interest at a rate other t
6% will also be considered. provided, however, that where a tract'
Property
rate is bid such fraction shall be 34 of 1% or a multiple thereof. A ce
Actual True Value of Property-Real, $155,794,292; personal, $55,246,841: money and credits, $58.404,783- _$269,445,916.00 fled check for 5% of the amount of bonds bid for, payable to the ord
the Village Treasurer, must accompany each proposal.
Assessed Value of Property-Real, $61,900.626; personal,
139,145,126.00
$18,839,717; money and credits, $58,404,783
-BOND OFFERIN
FARMINGTON, Oakland County, Mich.
-State, $6.38; County, $12.14; school,
Tax Rate 1929
N.
79.10 for H.Power, City Clerk, will receive sealed bids until 7.30 p.m.on Ma
$32.84,' city, $27.74
the purchase of $55,000 5% coupon sewer bonds. Dated May 1 1
-General, $4,349,666.67; special assessment
Bonded Debt
Denom. $1.000. Due on Aug. 1 as follows: $2,000 from 1931 to 1
bonds, $745,000; water bonds, $2,215.075; gas bonds,
and
8,195,666.67 incl.; $3,000 from 1931 to 1945. incl., and $5,000 from 1946 to 1949,
$885.925; total outstanding debt
Aug.) payable in Fermin
Principal and semi-annual int. (Feb.
Less Deductions Allowed-Special assessment, $745,000;
A certified check for 1% of the bid must accompany each proposal.
water and light department debt, $3.101.000: sinking
by the successful bidder. These bonds were ori
3,848,270.00 opinion to be furnished been sold on May 15-V. 130, p. 3581.
fund,$2,270
ally scheduled to have
Financial Statement.
$4.347,396.67
Net indebtedness
$2,692.
$8,936.853.50 Assessed valuation
Actual investment in water and gas plants
33,
Total indebtedness as of May 1 1930
Incorporated as a city, March 1887. Population, 1920, U. S. Census,
Population, 1,238.
98,917. The rate on money and credits is $3 per thousand divided as
-BOND SALE.
-The folio
FENTON, Genesee County, Mich.
follows: State. 1-6; county, 1-6; city, 1-3; school, 1-3.
issues of bonds aggregating $35,000 offered on May 12-V. 130, p. 322
-BOND OFFER- were awarded as 434s to the First Detroit Co., of Detroit, at par pl
EAST LIVERPOOL, Columbiana County, Ohio.
ING.
-William McGraw, City Auditor, will receive sealed bids until 12 m. premium of $57, equal to 100.16, a basis of-about 4.73%;
on May 28, for the purchase of $19,504 5% city's portion street improve- $25,000 water system bonds. Due $2,500 annually from 1931 to 1940,1
ment bonds. Dated. May 15 1930. One bond for $504, all others for
10,000 sewer system bonds. Due $1,000 annually from 1931 to 1940,1
$1,000. Due on Sept. 1 as follows: $1,504 in 1931 and $2,000 from 1932
Both issues are dated March 31 1930. Bids for the bonds were as folio
to 1940, incl. Interest payable semi-annually in March and September.
Amt. Bonds. Int. Rate. Rate
Bidder
Bids for the bonds to bear interest at a rate other than 5% will also be First Detroit Co.(purchaser)335,000
10
considered, provided, however, that where a fractional rate is bid such Bumpus & Co., Detroit
10
j 25,000
43
fraction shall be 34 of 1% or a multiple thereof. A certified check for 2%
10
1 10,000
5°7
of the amount of bonds bid for, payable to the order of the City Treasurer, Braun, Bosworth & Co., Toledo
10
35,000
5%
must accompany each proposal.
FINDLEY TOWNSHIP (P. 0. Imperial) Allegheny County, P
EAST PITTSBURGH SCHOOL DISTRICT, Allegheny County, BOND OFFERING.
-A, D. Stewart, Township Secretary, will rec
-OFFER $70,000 434% BONDS.
Pa.
-The $70,000 434% coupon or sealed bids until 7 p.m.(eastern standard time) on June 10,for the pure
registered school bonds awarded on May 8 to J. H. Holmes & Co. of Pitts- of $57,000 434% coupon township bonds. Dated June 1 1930. Den
burgh. at 101.68, a basis of about 4.25%-V. 130. p. 3581-are being $1,000. Due on June 1 as follows: $3,000 from 1934 to 1948, incl.
offered by the successful bidders for public investment at prices ranging from $6,000 in 1949 and 1950. Interest payable semi-annually In June
'
101.79 for the 1935 maturity to 103.51 for the 1941 maturity, all maturities December. A certified check for $1,000, payable to the order of the a
yielding 4.10% net. The bonds are dated May 1 1930 and mature $10,000 mentioned Secretary, must accompany each proposal.
on May 1 from 1935 to 1941, incl. Principal and semi-annual interest
-TEMPORARY LOA
FITCHBURG, Worcester County, Mass.
(May and Nov.) payable at the East Pittsburgh Savings & Trust Co.,
a $300,000
East Pittsburgh. Legality to be approved by Burgwin, Scully & Burgw1n, Salomon Bros. & Hutzler, of Boston, recently purchasedThe loan is da
porary loan at 3.72% discount, plus a premium of $11.
of Pittsburgh.
May 23 1930. Denom. $50.000, $25,000. 810,000 and $5,000. Pay.
EDGEWATER, Bergen County, N. J.
-BOND OFFERING.
-Peter on Nov. 21 1930 at the First National Bank of Boston. Legal opinio
F. O'Brien, Borough Clerk, will receive sealed bids until 8 p.m.(daylight Ropes, Gray, Boyden & Perkins, of Boston.
saving time) on June 3, for the purchase of $255,000 434, 434 or 431%
FOND DU LAC COUNTY (P.O. Fond du Lac), Wis.-BOND OFF
coupon or registered improvement bonds. Dated June 1 1930. Denom.
.
$1.000. Due on June 1 as follows: $10,000 from 1932 to 1934, incl., and ING.-It is reported that sealed bids will be received until 11 a. m.
$15,000 from 1935 to 1949 incl. Principal and semi-annual interest (Jan. June 4, by the County Clerk for the purchase of a $200,000 issue of r
in gold at the Edgewater Trust Co., Edgewater. No bonds.
and July) payable
more bonds are to be awarded than will produce a premium of $1,000 over
FORTUNA ELEMENTARY SCHOOL DISTRICT (P. 0. Eure
$255,000. A certified check for 2% of the amount of bonds bid for, payable Humboldt County, Calif.
-BOND SALE.
-The $35,000 issue of
to the order of the Borough, must accompany each proposal. The approv- coupon school bends offered for sale on May 7-V. 130, P. 3225
-was
ing opinion of Hawkins, Delafield & Longfellow of New York, as to the chased by Weeden & Co. of San Francisco, for a premium of $568, aqua
bonds will be furnished to the successful bidder.
validity of the
101.62, a basis of about 4.75%. Dated April 16 1930. Due from A
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND OFFERING.
- 1931 to 1945 incl. The other bids were as follows:
Premi
BidderElizabeth Miltenberger, County Treasurer, will receive sealed bids until
0 38
m. on livity 4 .for the purchase of the following issues of 434% bonds Bankitaly Co. of San Francisco
10 a.
Dean Witter & Co.,San Francisco
tin
R. D,'Conipton et al. road impt. bonds Denom. $520. Due
D.
-BOND OFFERI
FRANKLIN COUNTY (P. 0. Columbus) Ohio.
'
$2,600 on May 15 from 1931 to 1940, incl
-Fred L. Donnelly, Clerk of the Board of County Commissioners,
22,400 H. W. Dussel et al., road impt. bonds. Denom. $560. Due receive sealed bids until 10 a.m.(Eastern Standard time) on June 11 for
$560 on July 15 1930; $560 on Jan. and July 15 from 1931 to 1939, Purchase of the following issues of 434% bonds aggregating $219,738:
incl., and $560 on Jan. 15 1940.
$199,738 highway improvement bonds. One bond for $738, all others
21,600 S. N. Eversole twp. highway improvement bonds. Denom. $540.
$1,000. Due as follows: $9,738 on March 1, and $10,000
Due $540 on July 15 1931; $540 on Jan. and July 15 from 1932 to
Sept. 1 1931;$10,000 on March and Sept. 1 from 1932 to 1940
$940, incl., and $540 on Jan. 15 1941.
20,000 Franklin County Home Power Plant alteration and repair be'
All of the above bonds are dated May 15 1930. Interest is payable semiDenom. 31,000. Due $1,080 on March and Sept. 1 from 193
annually on Jan. and July 15.
loe6 a dated
Both iso940 lngusive.
July 1 1930. Principal and semi-annual int
-BOND OFFERING.
ELMIRA, Chemung County, N. Y.
-Harry L.
the office of
Bogart, City Clerk, will receive sealed bids until 8 p.m. (eastern standard (March and Sept.) payable atat a rate otherthe County Treasurer.
for the bonds to bear interest
than 431% will also be
time) on June 2, for the purchase of $98,000 434,434 or 434% coupon or
fractional rate is bid such fra
registered refunding bonds. Dated April 1 1930. Denom. $1,000. Due sidered, provided, however, that where aA certified check for 1% of the
a multiple thereof.
1931, and $5,000 from 1932 to 1950, incl. shall be 34 of 1% or bid for, payable
on April 1 as follows: $3,9110 in
to the order of the Board of Co
Principal and semi-anuual interest (April and Oct.) payable in gold at the value of the bonds accompany
Commissioners, must
A complete transcriP
office of the City Chamberlain. A certified check for 2% of the amount of all proceedings had in the matter each proposal. advertising and aw
of authorizing,
bonds bid for, payable to the order of the city, must accompany each said
furnished the successful bidder at the time of the aw
proposal. The approving opinion of Hawkins, Delafield & Longfellow of and bonds will be
bids conditioned on the acceptance of bonds bid upon only upon
New York, will be furnished to the successflu bidder.
approval of said proceedings by the attorney of the bidder will be aces'
EL PASO COUNTY SCHOOL DISTRICT NO. 9 (P. 0. Wigwam), and considered, and a reasonable time will be allowed the successful hi'
-BOND SALE.
-We are informed that a $15,500 issue of 5% semi- for the examination of said transcript before requiring compliance with
Colo.
ann.refunding bonds has been purchased by the United States National Co. terms of the offering or any bids made thereunder.
of Denver. Dated Sept. 1 1930. Due in 20 years and optional in 10 years.
-8
FORT WORTH,Tarrant County, Tex.
-BOND OFFERING.
-The $75,000 bids will be received by 0.E.Carl, City Manager, until 10 a. m.on May
-BONDS NOT SOLD.
EMPORIA, Lyon County, Kan.
-was for the purchase of four issues of 434% bonds aggregating $1,450,
Issue of coupon street impt. bonds offered on May 6-V. 130,p.3403
not sold as all the bids were rejected.
divided as follows:
-The above bonds were re-offered on May 13 and pur- $250,000 fire protection bonds. Due on June 1 as follows: $5,000, 1
BOND SALE.
chased by the Citizens National Bank of Emporia, as 4345, at a Price of
to 1949, $7,000, 1950 to 1963, and $11,000, 1964 to 1970, all
100.225, a basis of about 4.46%. Denom. $1,000. Dated Sept. 1 1930.
300.000 main arterial thoroughfare bonds. Due en June 1 as foil.
Due from Nov. 1 1931 to 1940 incl. Int. payable on May and Nov. 1.
$6,000, 1935 to 1949, $9,000, 1950 to 1963. and $12,000._196
ses
-BOND
1970, all inclusive.
ESCANABA SCHOOL DISTRICT, Delta County, Mich.
250,000 municipal airport bonds. Due on June 1,same as above $250
OFFERING.-Louls N. Schemmel, Secretary of the Board of Education,
issue.
m. (Central standard time) on June 6
will receive sealed bids until 4 p.
650,000 street improvement bonds. Due on June 1 as follows: $13,
coupon school
for the purchase of $410,000 not to exceed 5% interest Due
on April 1
1935 to 1949, $20,000, 1950 to 1963, and $25.000. 1964 to 1
bonds. -Dated April 1 1930. Denom. $1,000 and $500.
all inclusive.
$4,500 in 1935: $5,000
as follows: $3,500 in 1932 and 1933; $4.000 in 1934;
Denom, $1,000. Dated June 1 1930. Principal and semi-annual
In 1936; $5.500 in 1937: $11,000 in 1938; $11,500 in 1939: $12,000 in 1940;
in1944: $15.500 terest payable at the Central Hanover Bank & Trust Co. in New York C
$12.500 in 1941; $13,000 in 1942; $14,000 in 1943; $14,500$18,500 in
1949; The above bonds were authorized at a special election held in the Cit
In 1945: $16,000 in 1946: $17,000 in 1947; $17,500 in 1948;
$21,500 in 1952; $22,500 in 1953: $23.500 Fort Worth on June 25 1929, except Arterial thoroughfare bonds w
$19,500 in 1950; $20,500 in 1951;
In 1954; $25,000 in 1955; $26,000 in 1956; $27,500 in 1957, and $25,000 in were authorized at a special election held Nov. 25 1925. Bonds are
1958. Bonds are registerable as to principal. Principal and semi-annual sold subject to favorable legal opinion ofa firm ofrecognized bond attorn
The purchaser will offer his highest price for these bonds and will
int. (April and Oct.) payable at such bank as may be agreed upon between
the successful bidder and the Board of Education. A certified check for state his lowest price for the printing and the securing of approving op
MAY 241930.]
FINANCIAL CHRONICLE
3757
n a recognized bond attorney satisfactory to city. Bonds cannot be sold be considered, provided, however, that where a fractional rate is bid, such
less than par and accrued interest. Preliminary approving opinion has fraction shall be ji of 1% or a multiple thereof. A certified check for $100.
lady been secured from the Attorney General of Texas. A $30,000 payable to the order of the City Treasurer, must accompany each proposal.
Wed check, payable to the City Treasurer, must accompany the bid.
-BOND SALE.
GLENWOOD SPRINGS, Garfield County, Colo.
A $68,500 issue of 5)4% semi-ann.impt. bonds was purchased on May 12 by
Official Financial Statement as of May 10 1930.
5
55%
the First National Bank offGlenwood Springs, for a premium of $964.40.
100%
arable ValuesInenoesmi
equal to
essed values of real estate for the year
lu
17
0 ay l
NaUc 1Via bas1910,1;te lea5gfanCinortignaLuronyclity
929 as shown by the last approved
$249.299,664.00 $137,114.815.00 paying date.
ssessment rolls
eased values of personal property for
-BOND SALE.
-A $29.000 issue
GRAINFIELD, Cove County, Kan.
he year 1929 as shown by the last apof to an undisclosed
78,671,440.00 43,269,292.00 of water works bonds is reported to have been disposed
roved assessment rolls
purchaser.
5327,971.104.00 5189,384,107.00
GRATIOT AND CLINTON COUNTIES SPECIAL ASSESSMENT
Total
-BOND
DRAIN DISTRICT NO. 134 (P. 0. North Shade Twp.), Mich.
eneral Tax Rate Authorized
$1.69 OFFERING.
-Sealed bids addressed to the Drainage Board will be received
the year 1929
until 9 a. m.(Eastern standard time) on May 29 for the purchase of $17,000
ionded Debt
$14,345,000.00
6% Drain District No. 134 bonds. Dated July 1 1930. Denom. $1.000.
'ail statement attached-General
5,596.000.00
Due on April 1 as follows: $4.000 in 1931. $3,000 from 1932 to 1934 incl.,
water works
$19.941,000.00 and $4,000 in 1935. Principal and semi-annual interest payable at the
inking Fund
office of the Gratiot County Treasurer, Ithaca. A certified check for
$1,223,229.33
all statement attached-*General
$200, payable to the order of the Drainage Board, must accompany each
767,038.15
Vater works
proposal.
1,990.267.48
GREAT NECK SEWER DISTRICT (North Hempstead), P.0. Man%
-BOND SALE. -The $561,000
$17,950,732.52 hassett, Nassau County, N. Y.
-General & water works
debt
bonded
-were
coupon or registered sewer bonds offered on May 20-V. 130. p. 3404
4,828.961.85
-Water works
iuct net bonded debt
awarded to Rapp & Lockwood of N. Y. City, at 102.809. a basis of about
$13,121,770.67 4.40%. The bonds are dated June 1 1930 and mature on June 1 as follows:
-General
Net bonded debt
$28,000 from 1931 to 1949 incl., and $29.000 in 1950.
•
Dimon Notes Outstanding55,000.00
-BOND OFFERING.
ter works
GREENE COUNTY (P. 0. Bloomfield) Ind.
41.000.00
creation
Henry Rollison, County Treasurer, will receive sealed bids until 2 p.m. on
43.274.40
lc
May 26 for the purchase of the following issues of bonds aggregating 11,294:
389,274.40 $5,694 57 Walter R. Ashcraft, Jackson Twp. gravel road bonds.
enom.
-This includes $366,771.94 of 1929 taxes collected and to be
Note.
.
$284°70. Due $284.70 on July 15 1931: 5284.70 on Jan. and July 15
nsferred to Sinking Fund on June 1 1930.
1932 to 1940 incl., and $284.70 on Jan. 15 1941. Interest is
from
payable semi-annually on Jan. and July 15.
-The City
RANICLIN, Venango County, Pa.-BOAD OFFERING.
5,600 4)1% E. G. Williams, Jefferson and Fairplay TwPs. gravel road
rk will receive sealed bids until 4 p. m. (Eastern standard time) on
bonds. Denom. $280. Due $280 on May and Nov. 15,from 1931 to
e 16 for the purchase of $40,000 sewer bonds.
1940 incl. Interest is payable semi-annually on May and Nov. 15.
-BOND OFFERREEBORN COUNTY (P. 0. Albert Lea), Minn.
Both issues are dated May 15 1930. Principal and semi-annual interest
-Sealed bids will be received by Cleon F. Holway, County Auditor. payable at the office of the County Treasurer.
G.
11 2 p. m. on June 12, for the purchase of three issues of bonds aggreGROTON AND DRYDEN CENTRAL SCHOOL DISTRICT NO. 20
lug $156,000 as follows:
-BOND OFFERING.
McLean), Tompkins County, N.
0,000 Judicial ditch No. 4 bonds. Interest rate is not to exceed 4 J•1% • (P. 0. L. Green, District Clerk, will receiveY.
sealed bids until 8 p. m.
Due on July 1 as follows: $25,000, 1939 to 1942, and $30,000 George
(Eastern standard time) on June 5 for the purchase of $70,000 coupon or
in 1943.
2,000 judicial ditch No. 17 bonds. Interest rate is not to exceed 5%• registered school bonds, to bear interest at a rate not to exceed 5%,stated
in a multiple of X of 1%. Bonds are dated June 1 1930. Denom.$1,000.
Due $1,000 from July 1 1937 to 1942 and 1944 to 1949.
4.000 county ditch No. 25 bonds. Interest rate is not to exceed 5%. Due on June 1 as follows: $1,000 from 1931 to 1940 incl., $2,000 from 1941
to 1945 incl., $3,000 from 1946 to 1955 incl., and $4,000 from 1956 to 1960
Due $2,000 from July 1 1933 to 1939, inclusive.
interest (June and December) payable
)(mom.$1,000. Dated July 11930. Principal and semi-annual interest incl. Principal and semi-annual New
York City. A certified check for
Separate at the International Trust Co.,
able at any bank or trust company designated by purchaser.
a shall be received on each of the issue. A certified check for 5% must $1,400 must accompany each proposal. The approving opinion of Caldwell
& Raymond of New York City will be furnished the successful bidder.
ompany the bid.
Financial Statement.
-The $100.000 if/REMONT, Dodge County, Neb.-PRICE PAID.
$511,758
Assessed valuation of taxable property
of 43.i % coupon refunding bonds that was purchased by Mr. Fred
None
m ich
- No ael
-was awarded at a discount of $930, Bonded debt, exclusive of this issue
.gler, of Fremont
-V. 130, p. 3404
optional
HAMTRAMCK, Wayne County, Mich.
al to 99.07, a basis of about 4.39%. Due on May 1 1950 and
-BOND OFFERING.
r five years.
J. Grajewskl, Jr., City Clerk, will receive sealed bids until 4 p. m. on May
issued to
-BONDS OFFERED FOR IN- 27 for the purchase of $17,425.21 not to exceed 6% int, bondsduring the
AADSDEN, Etowah County, Ala.
school bonds that was pur- refund a similar amount of public pavement obligations falling due
STMENT.-The $100.000 issue of coupon
fiscal year ending June 30 1931. The bonds now offered are to mature
ged by Asset, Goetz & Moerlein, Inc., of Cincinnati as 54 at 97.405. annually in from 1 to 10 years from date of issue. Cost of printing the bonds
asis of about 5.23%-V. 130, p. 3404-is now being offered for public
cscription by the successful bidder prices at 100 and int., to yield 5%. and securing opinion as to their validity to be paid for by successful bidder.
A certified check for $1,000, payable to the order of the City Treasurer,
e from May 1 1933 to 1960 incl. Legal opinion of Storey, Thorndike, must accompany each proposal.
mer 3: Dodge of Boston. These bonds are said to be direct general
igations of the entire city.
HARDING COUNTY SCHOOL DISTRICT NO.19(P.O. Mosquero),
N. Mex.-ADDITIONAL DETAILS.
-The $1,000 issue of 6% coupon
Financial Statement (As Officially Reported).
-was purchased at
$32,000,000.00 school bonds that was reported sold-V. 130. p. 3405
ual value of taxable property (official statement)
essed valuation for taxation. 192913.541.894.00 par by Mr. G. Willers of Roy. Denom. $1,000. Dated May 1 1930.
1,686.500.00 Duo on May 1 1935. Int, payable on May and Nov. 1.
tel bonded debt, including this issue
$146,000.00
ter works bonds
HARRIMAN, Roane County, Tenn.
-The $75.000
-BOND SALE.
icing fund
85 296 78
5;.6% coupon
bonds offered for sale on May
1.455,203.22 issue of 130, p. 3405 high school building Caldwell
It bonded debt
13-V.
-was purchased by
& Co., of Nashville.
opulation-1920 Census, 14.647, 1930 Census (preliminary), 23,899. paying a premium of $1,200, equal to 101.60, a basis of about 5.31%.
Vole.
-Included in the net bonded debt above is $644.500 in bonds Dilated July 1 1930. Due on July 1, as follows' $5,000, 1935: $2.000, 1936
ed for street improvement, which are payable primarily from special to 1940. and 53.000. 1941 to 1960. all incl. (This is the correct maturity,
essments levied against property abutting on the improvements. These the maturity given in the original offering notice was incorrect.)
essments are sufficient in amount to pay the principal and interest
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 4 (P. 0.
he bonds.
North Bellmore), Nassau County, N. Y.
-The $172,000
-BOND SALE.
-BOND coupon or registered school bonds offered on May 21-V. 130, p. 3582
ARFIELD COUNTY (P. 0. Glenwood Springs), Colo.
-The entire issue of 6% School District No. 16 bonds has been were awarded as 434s to Batchelder & Co., of New York, at 100.126, a
LL.
Bosworth, Chanute, basis of of about 4.49%. The bonds are dated May 1 1930 and mature
led for payment as of April 15 1930 at the offices of
ghridge & Co., of Denver. Dated April 15 1915. Due en April 15 on May 1 as follows: $5,000 from 1932 to 1956, inclusive, $10,000 from
5 and optional after April 15 1930.
1957 to 1960, inclusive, and $7,000 in 1961. The following is an official
B of the bids submitted for the issue.
-The Union list idder-OFFER $50,000 BONDS.
Lake County, Ind.
Rate Bid.
Int. Rate,
p1st Co. of Indianapolis, is offering a block of $50,000 43.1,% tax exempt Batchelder & Co. (purchaser)
100.126
407
at 102.72 and accrued interest, to George B. Gibbons & Co
ool bonds for public
102.142
$1,000. Interest
Id 4.05%. The bonds are due on May 1 1950. Denom.
D. J. Van Ingen & Co
101.20
84
able semi-annually in Ma and Nov. Legal opinion of Chapman &
A. C. Allyn & Co
101.41
44)1
tier, of Chicago.
102.149
Roosevelt & Son
4
Financial Statement.
101.28
4
$172,020,735 Dewey, Bacon & CO
essed valuation
100.05
4)4
3,419,000 C. W. Whitis & Co
tel debt
Rapp & Lockwood
101.055
4;1 4.
-NO
GENEVA ON THE LAKE, Ashtabula County, Ohio.
HENDERSON COUNTY CONSOLIDATED ROAD DISTRICT
n Zimmerman, Village Clerk, reports that no bids were received on NO, 1 (P. 0.
-Sealed olds wilt be reAthens), Tex.-130ND OFFERING.
ril 1 for the purchase of $17,005.38 6% sanitary sewer system construe-V. 130, p. 2270. The bonds are dated April 1 ceived until 10 a. m. on May 24 by A. B. Coker, County Judge, for the
n bonds offered for sale.
0 and mature on April 1 as follows: $1,705.38 in 1031, and $1,700 from Purchase of an issue of $100,000 5% semi-annual road bonds. A $2,500
certified check must accompany the bid.
2 to 1940, inclusive.
-BOND OFFERING.
-Sealed bids
HOLTON, Jackson County, Kan.
GHENT AND CHATHAM UNION FREE SCHOOL DISTRICT
-BOND OFFERING. will be received until 7:30 p. m. on May 28, by S. T. Osterhold, Clerk of
1 (P. 0. Chatham), Columbia County, N. Y.
an issue of
Albert G. Tubbs, District Clerk, will receive sealed bids until 4 p.m. the Board of Education, for the purchase ofDated July $139,000 434%
1 1930. Due in
aylight Saving time) on May 26 for the purchase of $115,000 43i% semi-annual school bonds. Denom. $1,000.
.
pon or registered school bonds. Dated July 1 1930. Denom. $1,0010 from 1 to 40 years. A certified check for 2% of the bid is required.
1 as follows: $1,000 from 1931 to 1934 incl.: $2,000 from 1935
e on July
-BOND OFFERING.
-A. W.
HUDSON, Middlesex County, Mass.
1943 incl.; $3,000 from 1944 to 1949 incl.; $4,000 from 1950 to 1954 Morse, Town Treasurer, will receive sealed bids until 7 p. m. (daylight
.: $8.000 in 1055: $9.000 from 1956 to 1958 incl., and $10,000 in 1959 saving time) on May 27 for the purchase of the following issues of 431%
1960. Prin. and semi-annual int. (Jan. and July) payable in gold at tho coupon bonds aggregating $73,000:
to Bank, Chatham, or at the Irving Trust Co., New York City. A $25,000 water mains bonds. Due on May 1 as follows: $2,000 from 1931
titled check for $2,300, payable to Lester E. Gifford, Treasurer, must
to 1940 incl., and $1,000 from 1941 to 1945 incl.
ompany each proposal. The approving opinion of Clay, Dillon & Vande24.000 bridge and road bonds. Due on May 1 as follows: $3,000 from
er, of New York City, will be furnished to the successful bidder.
1931 to 1936 incl., $2,000 in 1937 and 1938, and $1,000 in 1939
and 1940.
-BOND OFFERING.
GIBSONBURG, Sandusky County, Ohio.
13,000 public library addition bonds. Duo $1.000 on May 1 from 1931
en L. Ludwig, Village Clerk, will receive sealed bids until 12 m. on
no 16 for the purchase of $6,800 6% street improvement bonds. Dated
u
to l943 incl. D •
11.000 sewer bo ntis siN eue $1,000 on May 1 from 1931 to 1941 incl.
HI 11930. Denom. $680. Due $680 on April 1 from 1931 to 1940,incl.
All of the above bonds are dated May 1 1930. Principal and semiis payable semi-annually in April and October. A certified check for
payable at the First National Bank of
payable to the order of the Village Treasurer, must accompany each annual interest (May and Nov.) engraving of
0,
and certify as to the genposal. All bids must be unconditional. The village will deliver with Boston, which will supervise the
opinion of Ropes, Gray, Boyden & Perkins,
delivery of bonds a certified transcript of all proceedings connected with uineness of the bonds. Legal the successful bidder.
issue, if desired by the one to whom the award may be made. Bidders of Boston, to be furnished to
h
Financial Statement May 13 1930.
st prior to filing their bid examine all proceedings and satisfy themselves
to the legality of the issue and the sufficiency of the proceedings before
57,041,016.00
tvaluation for year 1929
bid.
!tatting their
214,861.75
Debt limit
462,750.00
Total gross debt not including these issues
-BOND OFFERING....IBSON COUNTY (P. 0. Princeton) Ind.
$108,750.00
debt: Water bonds
Woods, County Treasurer, will receive sealed bids until 10 a.m. on Exempted
L.
'
110,000.00
bonds
School bon
30,500.00
Y 26 for the purchase of $30,000 4ji% Mark Ford et al, county road
Sewer bonds
istruction bonds. Dated May 15 1930. Denom. $1,500. Due $1.500 on
63,500.00
Light and power bonds
from 1931 to 1940 incl. Interest is payable semi-annually
Y and Nov. 15,
6,000.00 5318,750.00
Soldiers' memorial bonds
May and Nov. 15.
$144,000.00
Net debt
-BOND OFFERING.
Trumbull County, Ohio.
GIRARD,
-R. L.
Borrowing capacity, May 131930.570,861.75.
ans, City Auditor, will receive sealed bids until 12 In. (Central standard
-FINANCIAL STATEHUDSON COUNTY (P.O. Jersey City), N. J.
o) on June 5 for the purchase of $3,181 6% property owners' portion
connection with the report of the award on May 8 of various
pt. bonds. Dated Nov. 11929. One bond for $641, all others for $635
MENT
e on Oct. 1 as follows: $641 in 1931, and $635 from 1932 to 1935 incl. issues of 434% coupon or registered bonds aggregating 33.100,000 to
and semi-ann. int. (A. & 0.) payable at the First National Bank, Eldredge & Co.,and M.M.Freeman & Co., Inc., jointly, both of New York
n.
•
-we are in receipt of the following:
ard. Bids for the bonds to bear int, at a rate other than 6% will also City-V. 130. p. 3405, 3582
3758
FINANCIAL CHRONICLE
Financial Statement.
Assessed values 1929
$1,229,908,818.00
Assessed values, 3 yrs. average
1,084,309,771.00
Total bonded debt, incl. this issue
32,663,079.00
Less: sinking fund
Net debt
28,410.484.00
Population, 1920 U. S. census, 629,154; population, 1930 (official est.).
723,355.
HURON AND TUSCOLA COUNTIES (P. 0. Caro), Mich.
-RATE
OF INTEREST.
-The $480,000 drain bonds awarded on May 9 to Stranaban, Harris & Oatis, Inc., and Blanchet, Bowman & Wood, jointly, both
of Toledo
-V. 130, p. 3582
-bear 6% int. Dated May 15 1930. Due on
May 15 as follows: $40,000, 1931 and 1932: $45,000. 1933; $50,000, 1934
to 1939 incl. and $55,000 in 1940.
ILLINOIS, State of (P. 0. Springfield).
-The
-LIST OF BIDS.
following is an official list of the bids received on May 15 for the purchase
of the $1,000,000 4% coupon waterway bonds awarded to the First National
Bank, of New York City, and Halsey, Stuart & Co., of Chicago, jointly,
at 99.05. a basis of about 4.16%. The successful bidders paid $990.590
for the issue.
-V. 130, p. 3583.
BidderAmount Bid.
First National Bank, N.Y. C. and Halsey, Stuart & Co., Chicago $990,590
Chemical National Co. and First National Bank (Springfield)..-- 990.300
M. M.
Freeman & Co., Inc., and Stranahan, Harris & Oat's, Inc_- 990.111
Northern Trust Co., Chicago
988,599
Chatham Phenix Corp., and R. W.Pressprich & Co
988,199
First National Old Colony Corp
987,600
Bancamerica-Blair Corp
987,319
INDIANAPOLIS,Marion County,Ind.
-BONDSALE.
-The $166,000
4%% street improvement bonds offered on May 21-V. 130, p. 3583
-were
awarded to Thomas D.Sheerin & Co.,of Indianapolis,at par plus a premium
of $5,625. equal to 103.38. a basis of about 4.12%. The bonds are dated
June 1 1930 and mature on July 1 as follows. $8,000 from 1932 to 1950,
incl., and $14.000 in 1951.
IOWA, State of (P. 0. Des Moines).
-WARRANT OFFERING.
Subscriptions will be received by R.E. Johnson, State Treasurer, until the
close of business on May 26, for the purchase a a $200,000 issue of 43 %
anticipatory warrants. Denom. $10,000. Due on or before Dec. 1 1930.
The offering notice states as follows:
Subscription will be received by the Treasurer of State until the close of
business May 26 1930. As soon as possible thereafter the Treasurer of
State will allot the subscribers the number and maturities as apportioned by
him and will advise the subscriber of this allotment. The right is reserved
to reject any subscription and to allot less than the amount of warrants
applied for.
Payment at par and accrued interest for warrants allotted must be made
to the Treasurer of State in either Des Moines or Chicago exchange on or
before June 1 1930 or on the later allotment and the permanent warrants
will be delivered at that time. If so desired, and arrangements are made
by the subscriber, delivery will be made to any bank located in the City
of Des Moines upon payment therefor, or delivery will be made to subscriber in person at the office of said Treasurer or by registered mail.
ITHACA, Tompkins County, N. Y.
-ADDITIONAL INFORMATION.
-J. S. Matthews, City Clerk, states that the $200,000 4% coupon
or registered impt. bonds awarded at par on May 7-V. 130. p. 3405
-were
sold as follows:
3100,000 bonds to the Ithaca Trust Co. Due annually as follows: $2,000 in
1935 $3.000 in 1936; $2,000 in 1937; $3,000 from 1938 to 1940
incl. $7,000 in 1941; $6,000 in 1942; 35,000 in 1943; $6,000 in
1944 520,000 from 1945 to 1947 incl.
100,000 bonds to the Tompkins County National Bank of Ithaca. Due
annually as follows: $3,000 in 1935; $2,000 in 1936; $3,000 from
1937 to 1940 incl.; $7,000 in 1941; $5,000 in 1942; 16,000 in 1943;
$5,000 in 1944;$20,000 from 1945 to 1947 incl.
The bonds are dated Jan. 1 1930.
JAMESTOWN SCHOOL DISTRICT (P. 0. Sonora), Tuolumne
County, Calif.
-BOND OFFERING.
-Sealed bids will be received until
June 3, by the County Clerk, for the purchase of a $17,000 issue of 5%
semi-annual school bonds.
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND OFFERING.Homer A. Lambert, County Treasurer, will receive sealed bids until 2 p. m.
on May 29 for the purchase of $14.200S% William It. Willets et al., Hanging Grove Township road improvement bonds. Dated June 1 1930. Denomination $710. Due as follows: $710 on July 15 1931; $710 on Jan. and
July 15 from 1932 to .940 incl., and $7.0 on Jan. 15 in 1941. Interest is
payable semi-annually on Jan. and July 15.
BOND OFFERING.
-Kenneth F. Allman, County Auditor, will receive
sealed bids until 1 p. m. on June 2 for the purchase of $4,549 69 6% Albert
L. Rowan et al., ditch construction bonds. Dated June 1 1930. One
bond for $499.69, all others for $450. Due on June 1 as follows: $499.69
in 1931,and $450from 1932 to 1940 incl. Interest is payable semi-annually.
JAY COUNTY (P. 0. Portland), Ind.
-The following
-BOND SALE.
issues of 43 % bonds aggregating $23,146 offered on May 1-V. 130, p.
-were awarded to the Fletcher Savings & Trust Co., of Indianapolis,
3035
at par plus a total premium of $194.30, equal to 100.83. a basis of about
4.32%:
511,580 James S. May et al. Madison and Pike Townships road impt.
bonds. Due 5579 on July 15 1931; 3579 on Jan. and July 15
from 1932 to 1940 incl., and $579 on Jan. 15 1941.
11,566 P. L. Thrash et al., Jefferson Twp. road kept. bonds. Due $589
on July 15 1931; $580 on Jan. and July 15 from 1932 to 1940 incl.,
and $580 on Jan. 15 1941.
Both issues are dated April 15 1930. Bids for the bonds were as follows
-Premiums-$11,580 $11,566 Cert. Check
o 3%.
(
BidderIssue. Issue.
Fletcher-Amer. Co
$83.00 $83.00
No check
120.00 120.00
No check
Merchants National Bank
121.00 121.00
No check
City Sec. Corp
121.75 126.00
No check
Inland Inv. Corp
*Fletcher Savings & Trust Co
97.00 97.30 Check end.
61.00 Check end.
Tr! State National Bank
61.00
•Awarded both issues.
-BOND SALE.
JEFFERSON COUNTY (P. 0. Birmingham), Ala.
The 5250,000 issue of court house construction bonds offered for sale at
-was awarded to the American
public auction on May 19-V. 130, p. 3406
Securities Corp. of Birmingham as 43js for a premium of $5,602, equal
to 102.2408, a basis of about 4.61%. Due $50.000 in 1957 and $100,000
in 1958 and 1959.
-BONDS REGISJEFFERSON COUNTY (P. 0. Beaumont), Tex.
TERED.
-The $1.000,000 issue of 5% semi-annual court house bonds that
-was registered by the State
was sold on March 17-V. 130,
2074
Comptroller on May 14. Due in 40 years and optional after 10 Years.
JOHNSON COUNTY (P. 0. Olathe), Kans.-BOND OFFERING.
Bids will be received until 11 a. m. on May 26, by J. 0. Johnson, Chairman of the Board of County Commissioners, for the purchase of an issue
of $174.000 0.1% road improvement bonds. Dated Jan. 1 1930. Due in
from 1 to 10 years.
-A $10,000 issue of
-BOND SALE
KASSON, Dodge County, Minn.
sewage bonds is reported to have been purchased by Mr. Gerhard Skogsmark. of Kasson.
KIOWA COUNTY SCHOOL DISTRICT NO. 9 (P. 0. Eads), Colo,
-The entire issue of 6% school building bonds, dated
-BOND CALL.
June 1 1910, has been called for June 1. 1930, at the office of the County
Treasurer.
-BOND OFFERING.KNOK COUNTY 1"'. 0. Vincennes), Ind.
2 P. m. on
Claude Hill, County Treasurer, will receive sealed bids until al, Widner
Kitts et
June 4 for the purchase of 58,600 43‘.% Samuel R. Denom. $430. Due
1930.
Twp. highway impt. bonds. Dated May 7
incl.,
5430 on July 15 1931: $430 on Jan. and July 15 from 1932 to 1940 .and
and $430 on Jan. 15 1941. Interest is payable semi-annually on Jan
July 15.
-The 5100.000
-BOND SALE.
KNOXVILLE, Knox County, Tenn.
Issue of 4( coupon or registered park bonds offered for sale on May
%
-was purchased by Caldwell & Co., of Nashville, at
20-V. 130. p. 3583
a price of 102.05. a basis of about 4.56%. Dated April 1 1930. Due from
April 1 1933 to 1955.
[Vot. 130.
Other bidders and their bids were as follows;
BidderEast Tennessee Nat. Bank, Knoxville, and Joseph. Hutton &Premiu
Estes, Nashville
Fidelity Bankers Trust Co., Knoxville, and Rutter & Co. N. Y 31,381.
1,300.
American National Co. of Nashville
880.
C. W. McNear & Co. of
790.
E. H. Rollins & SODS of Chicago
Chicago
191.
Assessed valuation for taxation, 1929
$154,800,575
Assessed valuation in 1930 will be approximately
165,000,000
Estimated true value
235,000,000
Assessed valuation of real property
Total bonded and other debts, including special assessment 123.530,030
debt and including bonds now offered
22,949.944
Water debt
$4,959.361.65
Sinking fund, except for water(lent
936,896.73
Uncollected special assessments applicabl to a
portion of above debt
2,013,046.53
Total deductions
7,909,304.
Net debt, including this issue
$15,040.639
Population, Federal Census 1910
36,3
Population, Federal Census 1920
77,8
Population. Federal Census 1930. final count by local director but
not yet officially reported
105,3
.Under its present charter only serial bonds may be issued. Sinking f
Payments for the retirement of all outstanding term bonds without ref
ing are provided for by the charter and by the budget system actually
operation. The tax rate for 1930 is $2.10 per $100. This includes
school tax. There is no separate school district indebtedness and
township or other special district debt.
KREMMLING, Grand County, Colo.
-BOND SALE.
-A $10.0
issue of 6% semi-annual water bonds has been purchased by Gray, E' m
Vasconcells & Co., of Denver. Dated June 1 1930. Due in 1945.
LA CROSSE, La Crosse County, Wis.-BOND OFFERING.
-Seal
bids will be received until 2 p. m.on June 5,by L.J. Kaiser, City Comptr
ler,for the purchase ofa $60,000issue of43 % coupon sewer bonds. Deno
$1,000. Dated July 1 1930. Due $3,000 from Jan. 1 1931 to 1950, in
Prin. and int. (J. & J.) payaole at the office of the City Treasurer.
bid for less than par and accrued interest will be accepted. A certif
check for 5% of the bid is required.
LAKE COUNTY (P. 0. Painesville), Ohio.
-BOND OFFERING
L. J. Spaulding, Clerk of the Board of County Commissioners, will recei
sealed bids until 11 a. m. on June 9 for the purchase of $11,654.34 53i
special assessment improvement bonds. Dated July 1 1930. One bo
for $654.34, all others in the sum of $1,000 and $500. Due as fobo
31.000 on April land $1.654.34 on Oct. 1 in 1931; 31,000 on April and 0
1 in 1932; $1,000 on April and $1.500 on Oct. 1 in 1933; $1,000 on A
and Oct. 1 in 1934, and $1,000 on April 1 and 51,500 on Oct. 1 in 19
Principal and semi-annual interest (April and October) payable at t
office of the County Treasurer. Bids for the bonds to bear interest a
rate other than 53. % will also be considered, provided, however, t
where a fractional rate is bid such fraction shall be h of 1% or a multi
thereof. A certified check for $500, payable to the order of the Cou
Treasurer, must accompany each proposal. Conditional bids will not
considered.
BOND OFFERING.
-L. J. Spaulding, Clerk of the Board of Co
Commissioners, will receive sealed bids until 11 a. m. (Eastern stand
time)on June 9for the purchase of $107,460.01 6% road construction bon
Dated June 1 1930. One bond for $460.01, all others for $1,000 and $5
Due on Oct..as follows: $2,460.01 on Oct. 1 1930. $2,500 on April a
$3,000 on Oct. 1 from 1931 to 1933 incl., 52,500 on April and Oct. 1 in 19
o2,500 on April 1 and $3,000 on Oct. 1 from 1935 to 1s37 incl. $2,500
April and Oct. 1 in 1938, $2,500 on April 1 and $3,000 on Oct. 1:from 1
to 1941 incl., $2,500 on April and Oct. 1 in 1942, $2,500 on April 1 a
$3.000 on Oct. 1 from 1943 to 1945 incl., $2,500 on April and Oct. 1
1946. $2,500 on April 1 and $33,000 on Oct. 1 from 1947 to 1949 incl., a
$2,500 on April 1 in 1950. Prin. and semi-ann. hit. (April and Octo
Payable at the office of the County Treasurer. Bids for the bonds to
Interest at a rate other than 6% will also be considered; provided, howev
that where a fractional rate is bid such fraction shall ba 51 of 1% or
multiple thereof. A certified check for $2,000. payable to the order
th .; County Treasurer, must accompany each proposal.
Financial Statement.
5190,000.000
Estimated value of taxable property
121,261,210
Last assessed valuation for taxation
3,473,625.
Total bonded debt (including this issue)
1,955,315
Special assessment debt (inel. in total bonded)
2,101,903.
Total floating (general obllgation) debt
$4
Tax rate
County population. 1920, 28.627; now, 41,000.
-The F
-BOND SALE.
LAKE FOREST, Lake County, Ill.
Detroit Co., of Detroit, during May purchased an issuef of $70.000 43.1
library site bonds at par plus a premium of $2,593.78, equal to 103.70
basis of about 4.38%. The bonds mature $5,000 on May 1 from 1937
1950 inclusive.
LANE COUNTY SCHOOL DISTRICT NO. 150 (P. 0. Eugen
-We are informed by Neva Brig
Ore.
-BOND SALE POSTPONED.
District Clerk, that the sale of the $10,500 issue of 6% semi-annual Lich
-had to be_postponed ind
bonds scheduled for May 5-V. 130, p. 3228
initely owing to a technical error in the notice of sale. Due in from 1
10 years.
-BOND SALE.
LAPORTE COUNTY (P. 0. LaPorte ),Ind.
566,000 5% coupon bonds offered on May 16-V. 130. P. 3406-w
awardedtothe lJnion Trust Co., of Indianapolis, as follows.
at par
$38,000 S. T. Nelson et al., Michigan Twp. highway improvement bo
plus a premium of $1,379, equal to 103.62, a basis
sold
about 4.29%. Due as follows: $1,900. July 15 1931; 31,9
Jan.& July 15 from 1932 to 1940, incl., and $1.900. Jan. 15 19
28,000 John Steinke et al., Cass Twp. highway improvement bonds s
at par plus a premium of $1,042, equal to 103.72. a basis of ab
4.27%. Due $1.400. July 15 1931: 31.400 on January and July
from 1932 to 1940, incl., and 51,400, Jan. 15 1941.
Both issues are dated May 16 1930.
LARAMIE COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Cheyen
-The $50,000 issue of semi-annual school bo
Wyo.-PRICE PAID.
that was jointly purchased by the Stockgrowers' National Bank, and
-V. 130, p. 3583American National Bank, both of Cheyenne
awarded as 5s, at a price of 100.50, a basis of about 4.95%. 1Due on Jan
1940, 1945 and 1950.
-The two iss
-BOND SALE.
LAWTON,Comanche County, Okla.
of bonds that were unsuccessfully offered on April 29-V. 130, P. 358
jointly to
offered for sale on May 20 and were awarded National B
were again
American Trust Co., of Oklahoma City, and the Exchange
of Tulsa, as 5,qs. The issues are described as follows:
1936
$100,000 fire station and equipment bonds. Due $5,000 from
1955.
storm sewer bonds. Due $2,500 from 1936 to 1955. for sale
50,000
The $600,000 issue of water works bonds was not re-offered
May 20 with the above bonds.
-Sea
-BOND OFFERING.
LEE COUNTY (P. 0. Sanford) N. C.
Co
bids will be received by J. W. McIntosh, Clerk of the Board of 362,
11 a.m. on June 3, for the purchase of a
Commissioners, until
6%. Parable semi-a
issue of hospital bonds. Int. rate is not to exceed
Due on May 1, as follows: 31,500, 1932; $1,000, 1933 to 1947, and $2.0
1948 to 1970, all inclusive.
-BOND SALE.
LEWIS COUNTY (P. 0. Lowville), N. Y. construction bo
3100,000 43.% coupon or registered county hospital Sherwood & Me
awarded to
offered on May 22-V. 130. P. 3583-were
equal to 102.
field. Inc. of New York, at par plus a premium of $2,333,
1 1930 and mat
a basis of about 4.32%. The bonds are dated March
MAY 24 1930.]
FINANCIAL CHRONICLE
on March 1 as follows: $2.000 from -1931 to 1950, incl., and $3,000 from
1951 to 1970, Incl.
LEXINGTON, Middlesex County, Mass.
-TEMPORARY LOAN.
-The First National Old Colony Corp. of Boston, recently purchased a
$170.000 temporary loan at 2.84% discount, plus a premium of $1.75. The
loan is dated May 21 1930 and is payable on Dec.31 1930. Bids for the loan
were as follows'
BidderDiscount.
First National Old Colony Corp., plus $1.75 (purchaser)
F. S. Moseley &Co
2.88V
Lexington Trust Co
2.94
Faxon. Gade dz Co
2.95%
Atlantic National Bank
3.12%
LINCOLN PARK DISTRICT (P. 0. Chicago), Cook County, Ill.
GROUP DISPOSES OF $1,800.000 BONDS.
-The group composed of the
Harris Trust & Savings Bank, Continental Illinois Co.. First Union Trust &
Savings Bank, and the Northern Trust Co. all of Chicago, which submitted the accepted old of95,949, a basis of about 5.19%,for the $1,800.000
4% bridge bonds offerei on May 15-V. 130, p. 3583-succeeded in disposing of all of the W.. 3 at prices yielding from 4.10% to 4.40% on the
afternoon of the day of toe award. The bonds are Gated May 1 1928.
Denom. $1,000. Due $100,000 annually from 1931 to 1948. inclusive.
Interest payable semi-annually in May and November.
LIVINGSTON, Polk County, Tex.
-BOND OFFERING.
-Sealed bids
will be received by H. A. Thomasson, City Secretary-Treasurer, until
8 p. in. on May 27, for the purchase of a $25.000 issue of 54% semiannual paving bonds. Due in 25 tears. (These bonds were previously
offered for sale on May 13-V. 130. p. 3228.)
LONG BEACH, Los Angeles County, Calif.
-BONDS OFFERED.
Sealed bids were received until 2 p.m. on May 23, by J. Olives Brison, City
Clerk, for the purchase of a $500.000 issue of harbor improvement bonds.
Int. rate not to exceed 5%, payable semi-annually. Dated June 1 1928.
Due on June 1 as follows* $22,500 in 1955: 167,500, 1956 to 1962, and
$5,000 in 1963.
LONG BEACH, Los Angeles County, Calif.
-BONDS DEFEATED.
-At a special election held on May 13 the voters defeated the proposed
issuance of $4,460,000 in water bonds by a count reported to have been.
13.350 "yes" and 15,786 "no.'
LONG BEACH, Nassau County, N. Y.-$250,000 5%% BONDS
OFFERED FOR PUBLIC INVESTMENT.
-Rapp & Lockwood, of New
York City, are offering an issue of $250,000 54% series G coupon water
bonds for public investment at prices to yield from 4.125% to 4.65%,
according to maturity. The bonds are said to be legal investment for savings banks and trust funds in New York and were awarded on May 13 at
100.63, a basis of about 5.19%. The city is said to report an
, valuation of $34,112,350 and a net bonded debt of $2,490,200. assessed
Financial Statement.
Actual valuation
$67,411,558
Assessed valuation
34,112,350
Total bonded debt (including this issue)
3,936,395
Less: Water Bonds
$1,300,695
Sinking fund
145.500
$1.446,195
Net bonded debt
2.490,200
Under the law Long Beach cannot incur an indebtedness in excess of 10%
of its assessed valuation. Water bonds and bonds payable solely from
special assessments are excepted.
Population 1929 permanent (official est.), 10.000; summer (official est.),
40,000.
LOS ANGELES COUNTY (Los Angeles), Calif.
-BOND SALE,
The $90,000 issue of 5% San Dimas School District bonds offered for sale
on May 12-V. 130, p. 3228
-was purchased by the Anglo-London-Paris
Co. of San Francisco, for a premium of 12.988. equal to 103.32, a basis of
about 4.54%. Dated May 1 1930. Due $5,000 from May 1 1931 to 1948,
inclusive.
BONDS NOT SOLD.
-The $45,081.51 issue of not exceeding 7%
Acquisition and Improvement District No. 75 bonds offered at the same
time
-V. 130. p. 3228
-was not sold as no bids were received.
LOS ANGELES, Los Angeles County, Calif.
-BONDS VOTED.
At a special election held on May 20, the qualified electors approved the
proposal to issue $38,800.000 in bonds, divided as follows:
Purchase of properties and water rights
$7,000,000
Conduit construction
1,450.000
Construction of Silver Lake dam
550.000
Tunnelfrom Silver Lake to Owens River
5,500.000
Dam construction in Long Valley
750,000
Land purchase in Long and Owens Valley
6,660,000
Purchase of towns in Owens Valley
5,790,000
Increasing aqueduct capacity
600,000
Increasing aqueduct storage dam construction and reservoir
7,500.000
Pipe line construction
1,445.000
Additions to distributing system
1,555.000
LOUISVILLE, Jefferson County, Ky.-BOND OFFERING.
-Sealed
bids will be received until 8 p. m. on May 29. by Henry B. Manley. Secretary of the Board of Education, for the purchase of an issue of 11.000,000
school bonds. Dated Jan. 11930. Due on Jan. 11970. Bidders are asked
to specify the interest rate or rates. No bids under par and accrued interest
will be considered. The award will be made upon the highest bidder for
all bonds bearing 4% interest. or, if no such bid is received, upon the bid
offering par and accrued interest for the largest amount of 4% and the
smallest amount of 43 % bonds, or, if no such bid is received, upon the
highest bid for 4%% bonds. No premium may exceed $1,000 unless the
bid shall be for all bonds bearing 4%. Prin. and int. (J. & J.) payable in
gold at the office of the Commissioners of the Sinking Fund, with the
privilege of payment at the Chemical Bank & Trust Co. in New York
City. The legality of the bonds has been approved by Thomson, Wood &
Hoffman of New York, and their opinion will be furnished to the purchaser,
at the expense of the purchaser. Required bidding form furnished by the
Secretary or the said attorneys. A $20,000 certified check, payable to the
Board of Education, must accompany bid.
Official Financial Statement.
Assessed valuation, 1929:
Land
$116.059,437.00
Improvements
203,774,115.00
Personal property
72.452,567.00
Railroads and bridges, estimated
42.000,000.90
Value of shares of stock in banks and trust companies_ -- 27,850,117.00
Total
Indebtedness (exclusive of the Louisville Water Co. bonds)-$462.136.236.00
$30,270,300.00
Sinking fund cash and investments
4,416,674.00
Net indebtedness
$25,853,626.00
Louisville Water Co. bonds
11.079,000.00
Bonds authorized but remaining unsold:
Grade crossing bonds
$4,500.000.00
School bonds (including this issue)
3,000,000.00
Sewer bonds
8,000,000.00
Total bonds authorized but unsold_ -315,500,000.00
The sinking fund of the City of Louisville owns the entire issue of capital
stock of the Louisville Water Co., which is carried on its books at par
($1,275,100) but whose estimated value is 125,000,000. The Water Co.
is operated primarily for service to the people of Louisville. Its net earnings for the fiscal year ended Dec. 311929. were $854,980.54.
Population. Federal census: 1900, 204,731, 1910, 223,928, 1920. 234.891,
1928 (estimate). 329.400.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND OFFERING.
Adelaide E. Schmitt, Clerk of the Board of County Commissioners, will
receive sealed bids until 10 a. m.on June 5.for the purchase of the following
bonds, aggregating $217,060:
issues of 5%%
162,590 highway impt. bonds. One bond for $580, all other for 11,000.
Due on Dec. 10 as fellows: $16,580 in 1931: 116,000 in 1932, and
115.000 in 1933 and 1924.
52.670 highway impt. bonds. One bond for $670, all others for $1,000.
Due on Dec. 10 as follows: $13,670 in 1931: 113,000 in 1932. 1933
and 1934.
49,180 highway impt. bonds. Due on Dec. 10 as follows: $5,180 in 1931:
15,000 from 1932 to 1939, incl.. and $4,000 in 1940.
3759
24,190 highway impt. bonds. Due on Dec. 10 as follows: $3,190 in 193/
and $3,000 from 1932 to 1938, incl.
16,020 highway impt. bonds. Due on Dec. 10 as follows: $2,020 in
1931:32,000 from 1932 to 1937, incl., and $1.000 in 1938 and 1939.
12,420 highway impt. bonds. Due on Dec. 10 as follows: $2,420 in
1931:
$2,000 from 1932 to 1935, incl., and $1,000 in 1936 and 1937.
Interest on all of the above bonds is payable semi-annually on
Dec. .0. Principal and semi-annual interest are payable at theJune and
office or
the County Treasurer. A certified check for 1% of the amount of bonds
bid for must accompany each proposal, Conditional bids will not be
considered. A complete certified transcript of all proceedings, evidencinghe regularity and validity of the issuance of said bonds, will be furnished
the successful bidder in accordance with the provisions of Section 2293-30
of the General Code. A complete transcript of all proceedings relative to
the issuance of said bonds, up to the date of the sale thereof, is now on file
in the office of the County Commissioners for inspection by all persons
interested.
Statistics.
Assessed valuation of property for taxation on 1929 duplicate.$717.813.020
Property is assessed at its true value (tax rate per $1,000
for 1929
127
Total bonded debt of county,foregoing issues not included_
11,414,630
,
Of the bonded debt of the county the sum of 13.958.480.22 is paid by a
levy on the county, and the sum of $410,224.84 is paid by a levy on Townships, and the sum of $7,045,924.94 is paid by special assessments against
real estate. Population 1929. 370.000.
LYONS COUNTY (P. 0. Emporia) Kan.
-BOND SALE.
-The
$73,000 issue of 4 A% road improvement bonds offered for sale on Jan. 18-is reported to have been purchased by the Guarantee Title
V. 130, p. 324
& Trust Co. of Wichita. Dated Feb. 1 1930. Due from Feb. 1 1931 to
1955 bid. Interest payable on Feb. & Aug. 1.
McCOMB CITY, Pike County, Miss.
-BOND SALE.
-Two issues of'
bonds aggregating $150.000, have been purchased by the Whitney Central
Bank & Trust Co. of New Orleans. The issues are as follows•
$80,000 6% funding bonds. Due $10,000 from March 1 1941 to 1948, inch
70.000 5%% funding bonds. Due $10,000 from March 1 1949 to 1955.
•
Inclusive,
Denom. 11.000. Dated March 1 1930. Prin. and int. (M. & R. 1)
payable at the Bank of Commerce & Trust Co. in Memphis. Legality
approved by Chapman & Cutler of Chicago:
Financial Statement as Officially Reported.
Assessed valuation for taxation 1929
17.491.989.
Total bonded debt, including this issue
*11,634.285.13
Less. Water works bonds
$77,800.00
Special assessment bonds
521,485.13
Sinking fund
80.000.00
679,285.13
Net bonded debt
955,000
,
•Includes all school district bonds of the City of McComb City.
Population (present official estimate). 11,950.
McKINLEY COUNTY SCHOOL DISTRICTS NOS. 3 AND 4 (P. O.
Gatlup) N. Mex.-BOND SALE.
-The $35,000 issue of school bonds.
offered for sale on May 14-V. 130, p. 2832-were purchased by Bosworth.
Chanute, Longhridge & Co. of Denver. as 5%s. for a premium of $106.75.
equal to 100.305. a basis of about 5.21%. Dated June 11930. Due in from
5 to 20 years. The only other bid was an offer of par on 5s, made by the
State Treasurer.
MADISON, Dane County, Wis.-BOND OFFERING
.
.-J W.Fahning,.
City Clerk, will offer for sale at public auction, at 2 p. m. on June 9, a.
L
$550,000 Issue of 4Y% coupon school purpose bonds. Denom. $1,000.
Dated July 11930. Due on July 1, as follows: $27,000. 1931 to 1940. and
$28.000. 1941 to 1950,all incl. Prin. and int.(J.& J.) payable at the officeof the City Treasurer. Purchaser will be furnished with the approving
opinion of Chapman & Cutler of Chicago. Bonds will be printed and furnished by the City. No bid will be considered for less than par and accrued
interest. A 9500 certified check must accompany the bid.
MADISON COUNTY (P. 0. Anderson) Ind.
-BOND OFFERING.
Ward 0. Shetterly, County Auditor, will receive sealed bids until 10 a.m.
on June 2 for the purchase of $10,600 4% %
Beck Bridge bonds. Denom.
$1,060. Interest is payable semi-annually. Due $1,060 on July 1 from 1931
to 1940 incl. Prin. and int, payable at the office of the County Treasurer.
Each bid must be accompanied by a certified check for 3% of the amount of
bonds bid for, payable to the order of the Board of County Commissioners.
Cost of examination of the transcript of the proceedings incident to the
issuance of the bonds to be paid for by successful bidder.
MAGNOLIA, Columbia County, Ark.
-PURCHASER.
-The $7,500
Issue of paving bonds that was reported sold-V. 130. p. 3584
-wan Owchased by the Merchants & Planters Title & Investment Co. of Pine
Bluff, as 65, at 102.60.
MAHONING VALLEY SANITARY DISTRICT (P. 0. Youngstown) Mahoning County, Ohio.
-$3,000,000 4%% BONDS SOLD.
The $3,000,000 issue of series C water bonds offered on May 1 to bear
4%% interest for which all bids submitted were rejected-V.130, p. 3406
has since been sold at private sale to bear 4%% interest to a syndicate
composed of Otis & Co., Cleveland, Eldredge & Co., New York. &senahan, Harris & Oatis, Inc., Toledo, Ames, Emerich & Co., Chicago, First
Detroit Co., Inc., Detroit, Mitchell, Herrick & Co., Cleveland, and
Central -Illinois Co., Inc.. Chicago, at a price reported to be par. The
bonds are dated May 1 1930. Denom. $1,009. Due 9150,000 on Nov. 1
from 1934 to 1953, incl. Coupon, registerable as to principal and interest.
Prin. and semi-annual int. (May and November) payable at the office of
the Treasurer of the State of Ohio. Legality approved by Squire, Sanders
& Dempsey of Cleveland.
BONDS REOFFERED.
-The purchasers are reoffering the bonds for•
Public investment at prices to yield 4.30% for the 1934 and 1935 maturities:
4.40% for the 1936 to 1939 maturities; and 4.50% for the bonds due from
1940 to 1953, incl.
The following is an official list of the bids which were rejected when thebonds were offered as 4s on May 1:
Interest Cost
Tot, lid Cost
May 1 '30
Net
Amount Int.
to
Premium Interest
Offered. Rate. Nov. 1 '53. *Discount. Cost.
BidderAmes, Hmerich & Co.,
$3,001,050 5% $2,100,000
Chicago
91,050 $2,098,950
Stranahan, Harris & 3,003,000 5
2,100,000
3.000 2,097,000 •
1,890,000 *118,000 2,008,000
Oaths, Inc.. Toledo-- 2,882,000 4%
Continental Illinois Co.1 3,009,900 5
2,100,000
9,900 2,090,100 •
Chicago
1 2,955,900 4( 1.995,000 *44.100 2,039,100
Taylor, Wilson & Co.,
x3,018,300 4%
Inc , Cincinnati
x Installments of 1500.000 each at intervals of 30 days. Interest cost
not computed.
MAMARONECK, Westchester County, N. Y.
-BOND OFFERING.
-James M. Smith, Village Clerk, will receive sealed bids until 8 p.m.
(daylight saving time) on June 3,for the purchase of the following issues of
coupon or registered bonds, aggregating $519,500, to bear interest at a
rate not to exceed 5%:
$300,000 street improvement bonds. Due on June 1 as follows: $20,000
from 1932 to 1946, incl.; $10,000 in 1947 and 1948, and 15,000
in 1949 and 1950.
175,000 storm water system bonds. Due $5,000 on June 1 from 1935 to
1969, incl.
14.500 fire apparatus purchase bonds. Due on June as 1 follows:
$1,000 from 1931 to 1944. incl., and $500 in 1945.
All of the above bonds are dated June 1 1930. Rate of interest to be
stated in a multiple of % of 1%. Principal and semi-annual int.(June and
December) Payable in gold at the Guaranty Trust Co., New York. A
certified check for $10,000, payable to the order of the Village, must
accompany each proposal. The approving opinion of Clay Dillon & Vendawater, of New York, will be furnished to the successful bidder.
MARICOPA COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Phoenix)
-Sealed bids will be received until 2 p.m. on
-BOND OFFERING.
Ariz.
June 4. by C. L. Walmsley, Clerk of the Board of Supervisors, for the
Purchase of a 135.000 issue of school bonds. Int, rate is not to exceed
6%,payable semi-annually. Denoms.11.000 and $500. Dated June 1 1930.
,
Due $3,500 from 19;6 to 1945 incl. Prin. and int. (J. & J.) payable at the
3760
FINANCIAL CHRONICLE
[VoL. 130.
County Treasurer's office, or at the Bankers Trust Co. In New York City. Eldredge & Co., N.Y.; Stone & Webster and
Blodget.Inc.. N.Y.
Purchaser to furnish the blank bonds and legal opinion. A certified check
par, plus premium
26,075.00
for 5% must accompany the bid.
Harris Trust & Savings Bank; First Detroit Co.; First Wisconsin
Co.,and Ames,Emerich & Co., par,plus Premium
Official Financial Statement.
24,567.00
Actual value of real estate and personal property (approx.)--$3,701,696.00 A•
Leaeh & Co.,Inc.,and H.M.Byllesby & Co.,par,premium 22,992.50
Assessed value, real estate, personal and other taxable propGuaranty Co. of N. Y.; Bankers Co. of N. Y.; Wells, Dickey
erty equalized 1929
Co. Minneapolis and Marshall & Haley Bank,Milwaukee.Par,
2,221,018.00
Amount of sinking funds on hand
'
plus premium
15,056.24
22,891.00
The National City Co.; Chatham Phenix Corp.; Lawrence Stern
Outstanding bonds:
5 building, due Aug. 1 1930, not optional
& Ce.,and Mercantile Commerce Co.,par, plus premium
6,000.00
22,850.30
5 building, due April 15 1932, not optional
7,000.00 Chase Secur. Corp., and Kissel, Kinnicutt & Co., par, plus prem. 18,337.00
6 building, due July 1 1934,not optional
28.000.00 Halsey,Stuart &(Jo.;E.H.R0111Ds & Sons; Northern Trust Co..
par, plus premium
6% building, due Dec. 1 1939, not optional
10,000.00
17,336.00
Total bonded debt (including this issue)
86,000.00 Roosevelt & Son; Emanuel & Co.; Dewey, Bacon & Co.; C. F.
Childs & Co., par, plus premium
11,869.25
MARICOPA COUNTY SCHOOL DISTRICT NO.31(P.O.Phoenix),
* Successful b1.3.
Ariz.
-BOND OFFERING.
-Sealed bids will be received by C. L. WalmMINOA, Onondaga County, N. Y
sley, Clerk of the Board of Supervisors, until 2 p.m. on June 11, for the
OFFERING.
-Lawrence
purchase of a $15,000 issue of school bonds. Int. rate is not to exceed 6%. V. Ferstler, Village Clerk, will receive sealed bids until 8 p.m. (Standard
payable semi-annually. Denom. $1.500. Dated June 1 1930. Due $1,500 time) on June 4for the purchase of $10,000 coupon or registered fire engine
from 1941 to 1950, incl. Prin. and int. (J. & D.) payable at the office of and equipment bonds,to bear interest at a rate not to exceed 6%,stated in a
the County Treasurer, or at She Bankers Trust Co. in New York. Pur- multiple of % of 1-10th of 1%. Dated July 1 1930. Denom. $1,000. Due
chaser to furnish blank bonds and legal opinion without expense to the $2,000 on July 1 from 1931 to 1935 incl. Principal and semi-annual interest
(Jan. and July) payable in gold at the Fayetteville Commercial Bank,
County. A certified check for 5% of the bid is required.
Fayetteville. A certified check for $200, payable to the order of the Village,
Official Financial Statement.
Actual value of real estate and personal property (approx.)31,890,040.00 must accompany each proposal. The approving opinion of Edward 'I'.
Wilber will be furnished the successful bidder.
Assessed value, real estate, personal and other taxable
property equalized 1929
1,134,024.00
MISSISSIPPI, State of (P. 0. Jackson).
-CERTIFICATE OFFERAmount of sinking funds on hand
. •
ING.
-Sealed bids will be received until noon on May 30, by Theo G.
Outstanding Bonds
Gibbs, Governor,
lean e
6.7 building, due March 2 1934, not optional
5,000.00 of indebtedness. for the purchase of a $5,000,000Datedof 544% certificates
Denoms. $5,000 and
11930. Due
6% building,due May 151940,not optional
35,000.00 on March 1, as follows: $1,500,000, $10,000. 1932. June$2,000,000 in
1931 and
and
15.600.00 1933. Prin. and semi-annual int, payable at the office of the State Treasurer,
5%% building, due Feb. 11943, not optional
Total bonded debt, including this issue
70,000.00 or at the National City Bank in New York. The certificates are direct
MARIETTA, Washington County, Ohio.
-BOND SALE.
-The obligations of the State and may be registered as to principal only. The
- legality will be approved by Thomson, Wood & Hoffman, of New York, or
$24.000 street improvement bonds offered on May 19-V. 130. p. 3407
were awarded as 4%s to Ryan. Sutherland & Co., of Toledo, at par plus some other recognized bond attorneys. The certificates cannot be sold
a premium of $221, equal to 100.92, a basis of about 4.59%. The bonds below par. Purchasers may bid for all or any part of the certificates. The
mature Nov. 1 as follows: $2,000 from 1931 to 1936. incl., and $3,000 from Purchaser offering the lowest rate of interest as represented by premium
1937 to 1940, incl. The following is a complete list of the bids submitted Will be awarded the certificates. A certified check for 5% of the bid is
required.
for the issues:
(These certificates were recently authorized by the Legislature
-V.
Int. Rate. Premium.
Bidder$221.00 130, P. 3577')
Ryan, Sutherland & Co., Toledo (purchaser)
4%
203.00
Seasongood & Mayer, Cincinnati
4%%
MOBEETIE INDEPENDENT SCHOOL DISTRICT (P. 0. Mobeetee)
196.30 Wheeler County, Tex.
Banc Ohio Securities Co.,Columbus
4%
-BOND SALE.
$40,000 issue of 5%
196.00 annual school bonds offered for sale on-The 22-V. 130, p. 2627 semiDavies
-Bertram Co., Cincinnati
4
April
-was
Provident Savings Bank & Trust Co., Cincinnati
184.80 Jointly purchased by H.C. Burt & Co.of Houston,and C. Eagar Honnold,
182.00 of Oklahoma City, at par. Due $1,000 from 1931 to 1970, inclusive.
Breed. Elliott & Harrison. Indianapolis
Mitchell, Herrick & Co., Cleveland
155.00
4
153.00
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.
-BOND
Braun, Bosworth & Toledo
4%
105.00 SALE.
-The 312.0004%% coupon Emerson E. Ballard et al., Union TownWell, Roth & Irving Co., Cincinnati
4
W.L. Slayton & Co., Toledo
72.00 ship highway improvement bonds offered on May 22-V. 130, P. 3584
Spitzer, Rorick & Co., Toledo
13.00 were awarded to the Inland Investment Co. of Indianapolis, at par plus
4%%
a premium of $175.75, equal to 101.46, a basis of about 4.20%. The bonds
- are dated May
MARION COUNTY (P. 0. Indianapolis) Ind.
-BOND OFFERING.
and mature as follows: $600 on July 15 in 1931;
O.E. Robinson, County Treasurer, will receive sealed bids until 10 a.m. on $600 on January15 1930 15 from 1932 to 1940, incl.. and $600 on Jan. 15
and July
June 6 for the purchase of the following issues of 4%% bonds aggregating 1941. Bids for the issue were as follows.
$100,000:
Premium.
Bidder$61,200 Charles P. Wright et al., county road construction bonds.Denom. Inland Investment Co. (purchaser)
$175.75
$612. Due as Milows: $33,060 on May and Nov. 15 from 1931 to Merchants National Bank, Muncie
168.00
1940 inclusive.
Fletcher American Co., Indianapolis
146.00
38.800 W.0. Kimberlin et al., county road construction bonds. Denom. City Securities Corp., Indianapolis
145.00
$970. Due $1,940 on May and Nov. 15 from 1931 to 1940 incl.
Breed, Elliott & Munson, Indianapolis
144.10
Both issues are dated May 15 1930. Principal and semi-annual interest J. F. Wild Investment Co., Indianapolis
140.00
are payable at the office of the County Treasurer.
Elston Bank & Trust Co., Crawfordsville
135.00
,
133.00
MARION COUNTY SCHOOL DISTRICT NO.103(P.O. Woodburn) Brazil Trust Co., Brazil
128.60
-The $25,000 issue of 5% semi-ann. school bonds Fletcher Savings & Trust Co., Indianapolis
-BOND SALE.
Ore.
106.00
-was purchased by the State of Union Trust Co., Indianapolls
offered for sale on May 20-V. 130. p. 3584
Union Trust Co., Greensburg
50.00
Oregon,at a price of 100.21.
MONTGOMERY COUNTY (P. O. Dayton), Ohlo.-BOND OFFERMAYVILLE POINT SCHOOL DISTRICT (P. 0. Mayville) Gilliam
-ADDITIONAL INFORMATION.
-F. A. Kilmer, Clerk of the Board of County Commissioners, will
County, Ore.
-The 36,000 issue of ING.
6% school building bonds that was purchased by Mr. C. E. Nelson, of receive sealed bids until 10 a. m.(Eastern standard time)on June 6 for the
-was awarded for a premium of 325, equal to purchase of the following issues of 5% bonds aggregating $81,000:
Salem-V. 130, p. 3407
100.41, a basis of about 5.94%. Denom. $500. Dated June 1 1930. Due $68,000 Road impt. bonds. Denom. $1,000. Due on june 15 as follows:
$5,000 in 1931 and $7,000 from 1932 to 1940 incl. A certified
$500 from June 1 1931 to 1950 hid. Prin. and hit. (J. & D.) payable at
check for 34.000 must accompany each proposal.
the office of the CquntY Treasurer.
13,000 Road impt. bonds. Denom. $1,000. Due on June 15 as follows:
MELVINDALE, Wayne County, Mich.
-BOND OFFERING.
$2,000 in 1931; 31,000 from 1932 to 1934 incl.; $2,000 in 1935*
A. Mabie, Village Clerk, will receive sealed bids until 8 p.m. on
Sylvester
31.000 from 1936 to 1939 incl.. and $2,000 in 1940. A certified
June 4 for the purchase of the following issues of not to exceed 6% interest
check for $1,000 must accompany each proposal.
bonds aggregating $354,500:
Both issues are dated June 151930. Prin. and semi-ann.int.(J. & D.15)
$130,500 Special Assessment Roll No. 125 bonds. Due on April 15 as Payable at the office of the County Treasurer. Bids may be submitted for
follows: $9,000 from 1932 to 1936 incl., and $9,500 from 1937 to the bonds to bear int. at a rate other than 5% in accordance with the pro1945 inclusive.
visions of Section 2293-28 of the General Code of Ohio. Checks should be
59,000 Special Assessment Roll No. 126 bonds. Due on April 15 as made payable to the order of the County Treasurer. D. W. and A. S.
follows: $4,000 from 1932 to 1939 incl., and $4,500 from 1940 to Iddings of Dayton, 0., and Peck, Shaffer & Williams, attorneys, Cin1945 inclusive.
cinnati, 0., have been employed to assist in the preparation of legislation
52,500 Special Assessment Roll No. 123 bonds. Due on April 15 as and the issue and sale of these bonds and will certify as to the legality thereof.
follows: $3,000from 1932 to 1934 incl., $3,500 in 1935, and $4,000
MONTGOMERY COUNTY SPECIAL CONSOLIDATED SCHOOL
from 1936 to 1945 inclusive.
-BOND OFFERING.
-Bids will be
43,000 general obligation bonds. Due on April 15 as follows: $3,000 from DISTRICT (P. 0. Winona), Miss.
received until noon on June 2, by Otis E. Brannon, Clerk of the Board of
1944 incl., and $4,000 in 1945.
1932 to
45,000 Special Assessment Roll No. 127 bonds. Due on April 15 as Supervisors, for the purchase of a $50,000 issue of school bonds. Int.
follows: $3,000 from 1932 to 1939 incl., and $3,500 from 1940 to rate is not to exceed 6%, payable semi-annually. Due in 25 years. A
certified check for 5% of the amount bid Is required.
1945 inclusive.
24,500 Special Assessment Roll No. 124 bonds. Due on April 15 as
MORGAN COUNTY SCHOOL DISTRICT NO. 3 (Ft. Morgan),
follows: $3,000 from 1932 to 1944 incl., and $3,500 in 1945.
-A payment call has been issued for the entire
-BONDS CALLED.
All of the above bonds are dated April 15 1930. Interest is payable Colo.
Chanute,
semi-annually. A certified check for $2,500, payable to the order of the issue of5% bonds,dated June 1 1915,to be redeemed at Bosworth,1945 and
Loughridge & Co. of Denver. The bonds are due on June 1
accompany each proposal.
Village Treasurer, must
optional on June 1 1930. Interest ceases on June 15 1930.
-Leo Robin-BOND OFFERING.
MENDHAM, Morris County, N. J.
MORSE INDEPENDENT SCHOOL DISTRICT (P. 0. Morse),
son, Borough Clerk, will receive sealed bids until 8 p.m. (Daylight Saving Hansford County,Tex.
-BOND SALE.
-A $40,000 issue of 5% semi-anni
the purchase of $33,000 5% coupon or registered school bonds has recently been purchased at par by the State of Texas.
time) on May 27 for
improvenient bonds. Denom. $1,000. Due on June 15 as follows: $3.000. Due $1,000 from 1931 to 1970 incl.
from 1931 to 1939 incl., and $6,000 in 1940. Interest payable semi-annually
-BOND OFFERING -Sealed bids
MOSCOW, Latah County, Ida.
in June and December. A certified check for 2% of the amount bid must will be received by L. G. Peterson, City Clerk, until 5 p.m. on June 2,
accompany each proposal.
for the purchase of a $17,000 issue of coupon refunding bonds. Int. rate is
-The not to exceed 5% 7', payable on Jan. and July 1. Denom. $1,000. Dated
-BOND SALE.
0
MIAMISBURG, Montgomery County, Ohio.
following issues of bonds, aggregating $8,900 offered on May 17-V. 130, July 1 1930. Due $1,000 from July 1 1932 to 1948 incl. A certified check for
-were awarded as 5,40 to the Banc Ohio Securities Co. of 5% of the bid, payable to the City Treasurer, is required.
P. 3407, 3584
Columbus, at par plus a premium of $70.20, equal to 100.80, a basis of
MOUNTAIN LAKES SCHOOL DISTRICT, Morris County, N. ,J.
about 5.33%.
-NO BIDS.
-J. A. Tompkins, District Clerk, states that no bids were
$7,000 special assessment street improvement bonds. Due $700 on Oct. received on May 20 for the purchase of the $25,000 not to exceed 5%
1 from 1931 to 1940, incl.
interest coupon or registered school bonds offered for sale
-V. 130, P. 3229.
1,900 village's portion street improvement bonds. Due $190 on Oct. 1 The bonds are dated July 1 1930 and mature $1,000 on July 1 from 1931 to
from 1931 to 1940, incl.
1955, incl.
submitted,
Both issues are dated June 1 1930. A complete list of the bids
-RATE OF INTEREST-.
MUSKEGON, Muskegon County, Mich.
all of which were for 5%% bonds, follows'
-In connection with the report of the award on May 9 of
Premium. OTHER BID.
Bidder
$50,000 coupon improvement bonds to Braun, Bosworth & Co., of Toledo,
$70.20
Banc Ohio Securities Co. (purchaser)
for a premium of $183, equal to 100.365-V. 130, p. 3585
-we learn that
10.00
First National Bank, Miamisburg
the bonds bear 4%% interest and were also sought by the First Detroit
57.00
Seasongood & Mayer, Cincinnati
Co. of Detroit, which bid par plus a premium of 381, equal to 100.16.
4.00
Well, Roth & Irving Co., Cincinnati
The accepted bid of 100.365 figures as interested cost basis to the city of
-A.P. Lagrone, Village about 4.42%. The bonds are dated May 1 1930 and mature $5,000 on
-BOND OFFERING.
MILES HEIGHTS, Ohio.
May 1 from 1931 to 1940. inclusive.
Clerk, will receive sealed bids until 8 p. m. (Eastern standard time) on
paving,
-BOND PURCHASES.
NEBRASKA, State of (P. 0. Lincoln).
June 2 for the purchase of $252,630 6% special assessment water,
all Newspaper reports from Lincoln state that the State Board of Educational
sewer and curbing bonds. Dated June 1 1930. One bond for $630,
Oct. 1 as follows: $27,630 in 1931. Lands and Funds has completed the purchase of bonds totaling $452,800
others in the sum of $1,000. Due on
interest as an investment for the State Permanent School Fund, which is said to
and $25,000 from 1932 to 1940, incl. Principal and semi-annual
Bids
report, the bonds
in
(April and Oct.) payable at the Cleveland Trust Co., Cleveland. con- holdnetexcess of $12,000,000 of securities. According to
will
the State an average of 43.5%•
6% will also be
for the bonds to bear interest at a rate other than
fracsidered, provided, however, that where a fractional rate is bid such 3%
NEDROW WATER DISTRICT (P. 0. Nedrow), Onondaga County,
check for
tion shall be % of 1% or a multiple thereof. A certified
-BOND SALE.
-The $98,000 coupon or registered water bonds
Treasurer, N. Y.
offered on May 19-V. 130. ri• 3408
of the amount of bonds bid for, payable to the order of the Village
-were awarded as 4%s to Batchelder
& Co., of New York City, at 100.66, a basis of about 4.43%. The bonds
each proposal.
must accompany
Wis.-BIDDERS.
- are dated May 15 1930 and mature on May 15 as follows: $6,000 from
MILWAUKEE COUNTY (P. 0. Milwaukee)
furnished in 1935 to 1949, inclusive, and $8,000 in 1950.
The following complete official list of the bids received is
-TEMPORARY LOAN.
semiNEW BEDFORD, Bristol County,
connection with the sale on May 15 of the $1,100,000 issue of 4%% 130, The $400,000 temporary loan offered onMass. 19-v. 130, P. 3585
-was
May
annual metropolitan sewerage bonds, report of which was given in V.
awarded to the First National Co. of New Bedford, at 2.972 discount, plus
Oa
*First Union Trust & Savings Bank; Continental Illinois Co.,and $26,807.00 a premium of $4.50. The loan is due on Nov. 14 193 .
were as follows:
Foreman State Corp., par, plus premium
MAY 24 1930.]
3761
FINANCIAL CHRONICLE
Discount.
Bidder2.97
First National Old Colony Corp., plus $4.50 (purchaser)
2.98
National Rockland Bank of Boston
3.25
S. N.Bond & Co
NEWBERN HIGH SCHOOL DISTRICT (P. 0. Newbern) Dyer
-BONDS VOTED.
-At a special election held on May 14,
County, Tenn.
the voters approved the proposal to issue $35,000 in bonds for school
building by a count of 451 "for" and "58 "against."
-were awarded as 4s to the Provioffered on May 19-V. 130, P. 3408
dent Savings Bank & Trust Co. of Cincinnati at par plus a premium of
$317.51, equal to 100.90, a basis of about 4.58%. The bonds are dated
May 15 1930 and mature on Nov. 15 as follows: $2.891.61 in 1931.
$3,000 in 1932, 84.000 in 1933, 83,000 in 1934. $4,000 in 1935, 53,000 in
1936, $4,000 In 1937. $3,000 in 1938 and $4,000 in 1939 and 1940.
OCONTO COUNTY (P. 0. Oconto), Wis.-BOND OFFERING.
Sealed bids will be received until 2 p.m. on June 9, by Mildred Elliott,
County Clerk, for the purchase of an issue of $102.000 5% semi-annual
NEWFANE (P. 0. Lockport), Niagara {County, N.Y.-BOND highway improvement bonds. Denom. $1,000. Due on May 1 1937.
-Lee A. Beers, Town Supervisor, will receive sealed bid
OFFERING.
OGDENSBURG, St. Lawrence County, N. Y.
-BONDS AND
until 1 p. m. (standard time) on May 28 for the purchase of $17,514.32
-The Ogdensburg Trust Co. is reported to have purchased
highway bonds, to bear interest at a rate not to exceed 6%. Dated June 1 NOTES SOLD.
1930. Due on March 1 as follows: $1,314.32 in 1931 and $1,800 from on May 5 the following issues of bonds, and notes. aggregating 554,523.12
1932 to 1940 incl. According to the offering notice, a low rate of interest as 4;is at a price of par:
is desired and not any considerable additional premium; therefore, any $44,763.12 paving bonds. Dated May 1 1930. Due on Sept. 1 as follows:
$44,763.12 in 1930; 55,000 from 1931 to 1934, incl., and $4,000
bid of a premium greater than 1-10 of 1% will not be considered. Prinfrom 1935 to 1939, incl.
cipal and semi-annual interest payable at the State Bank, Newfane. A
certified check for 2% of the amount of bonds bid for, payable to the
9,760.00 curbing and sewer notes.
order of the above-mentioned Supervisor, must accompany each proposal.
OKANOGAN COUNTY SCHOOL DISTRICT NO.103(P.O. Okano-BOND OFFERING.
NEW KNOXVILLE, Auglaize County, Ohio.
-Sealed bids will be received until 10
- gan) Wash.
-BOND OFFERING.
Walter A. Kuck,Village Clerk, will receive sealed bids until 12 m.on June 2, a.m. on June 14, by Dale S. Rice, County Treasurer,for the purchase of an
for the purchase of $33,675 5% electric light improvement bonds. Dated $8,000 issue of school bonds. Int. rate is not to exceed 6%. payable semiMay 1 1930. One bond for $525, all others for $350. Due on Nov. I as annually. Due from 1932 to 1939 incl. Prin. and int, payable at the office
follows: $525 in 1931 and $350 from 1932 to 1940 incl. Interest payable of the County Treasurer. A certified check for 5% of the bid is required.
semi-annually in May and Nov. A certified check for 5% of the amount
-BOND OFFERING.
-Sealed
OKOLONA,Chickashaw County, Miss.
of bonds bid for, payable to the order of the Village Clerk, must accompany
each proposal.
bids were received until 7:30 p. m. on May 23 by H. S. Wilson. Mayor,
for the purchase of a $60,000 issue of city hall bonds.
NEWTON, Middlesex County, Mass.
-TEMPORARY LOAN.
A $100,000 temporary loan was awarded jointly to the Day Trust Co.,and
-BOND SALE.
-A 524,000 issue
OLUSTEE, Jackson County, Okla.
the Boston Safe Deposit & Trust Co., both of Boston, each having offered of water extension bonds has recently been purchased by the Brownto discount the loan at 3.04%. The issue Is payable on Oct. 15 1930. Bids Crummer Co. of Wichita, as 6s, at pars. Due on April 15 1950.
received were as follows:
OLUSTEE SCHOOL DISTRICT (P. 0. Olustee) Jackson County,
BidderDiscount.
-The $35,000 issue of school bonds offered for sale
-BOND SALE.
Day Trust Co.. and Boston Safe Deposit & Trust Co.(each)-___ 3.04%
Okla.
-was purchased by R. J. Edwards, Inc. of
Faxon,Gade & Co
3.085
on May 5-V. 130. p. 3230
Oklahoma City, as follows: $25,000 as 531s at par, and the remaining
Salomon Bros.& Hutzler, plus 51
3.09
bonds, as 5s, for a 521 premium, equal to 100.21.
First National Bank of Newton
3.09
$10,000
Shawmut Corp
3.10
-BOND AWARD POSTOLYMPIA, Thurston County, Wash.
W.O.Gay & Co
3.10
-We are informed that the bids received for the purchase of the
PONED.
F.S. Moseley & Co
3.14
$225,000 issue of not exceeding 6% semi-annual water utility bonds offered
Bank of Commerce & Trust Co
3.15
-were taken under advisement until May 27.
,
on May 20-V. 130, p. 3230
First National Old Colony Corp
3.16
The highest tenders received were offers of 93 and 92.67 on 5% bonds.
Second National Bank of Boston
3.20%
Due in from 7 to 20 years.
S. N.Bond & Co
3.20%
-Sealed
ONACOCK, Accomac County, Va.-BOND OFFERING.
NEW TON COUNTY (P. 0. Decatur), Miss.
-BOND SALE.
-A
$75,000 issue of 5;6% junior college improvement bonds has been pur- bids will be received until noon OD May 31 by E. F. Evans, Town Clerk,
for the purchase of a 510,000 issue of 5% street improvement bonds. Dechased by Caldwell & Co. of Nashville. Denom. $1,000. Dated Jan. 1
1930. Due on Jan. 1 as follows: $2,000. 1931 to 1935; $3,000 in 1936: nomination $500. Dated June 1 1930. Due on June 1 1960, and optional
54,000, 1938 to 1943; 52,000, 1946 and $4,000, 1947 to 1955. Prin. and int. after June 1 1935. Bids may be made for the entire issue or for any portion
(J. & J.) payable at the Central Hanover Bank & Trust Co. in New York. not less than 51,500 and such bid shall be made upon a premium basis
for each bond bid for. A certified check for 10% of the bonds bid for, Is
NEWTON COUNTY (P. 0. Kentland) Ind.
-BOND OFFERING.
- required.
Condo H. Stucker, County Treasurer, will receive sealed bids until 2 p.m.
-LIST OF BIDDERS.
ORANGE COUNTY (P.O. Santa Ana) Calif.
on June 6 for the purchase of57.6006% Horn A. Colbourn et al., McClellan
Twp. ditch construction bonds. Dated June 1 1930. Denom. $760. Due The following is a complete official list of the bidders and their bids for the
issues of 5% bonds aggregating $86,000, the sale of which was reported
$760 on June 1 from 1931 to 1940 incl. Interest is payable semi-annual two
In June and December.
in V. 130. P. 3585:
Garden Grove Union High School District bonds were sold to National
NEWTON FALLS, Trumbull County, Ohio.
-BOND SALE.
-The Bankitaly Co. for $616, premium. Other bidders were:
$15.000 fire department equipment bonds offered on May 10-V. 130, p.
Premium.
Bidder3229-were awarded as 45is to Mitchell, Herrick & Co. of Cleveland. at Wm.Cavalier & Co
$4456.00
par plus a premium of $6.30, equal to 100.04, a basis of about 4.74%. The The First National Bank
407.00
bonds are dated April 1 1930 and mature $1,500 on Oct. 1 from 1931 to Weeden & Co
535.00
1940 inclusive.
421.00
Dean Witter & Co
435.00
NORTHAMPTON, Hampshire County, Mass.
-LOAN OFFERING.- William R.Staats Co
285.00
Albino L. Richard, City Treasurer, will receive sealed bids until 5 P. m. G. W. Bond & Son District bonds were sold to
American Securities Co.
La Habra School
(daylight saving time) on May 26 for the purchase at discount of a $175.000
for $1,115 premium. Other bidders were:
temporary loan. Dated May 28 1930. Denoms. 525.000, $10,000 and
Premium.
Bidder$5,000. Payable on Nov. 26 1930 at the First National Bank, Boston.
$1,035.00
Weeden & Co
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
1,049.00
Dean Witter & Co
NORTHAMPTON COUNTY (P. 0. Easton), Pa.
-BOND SALE.
- National Bankitaly Co
1,089.00
The $500,000 4 % bonds offered on May 19-V. 130, p. 3229
821.00
--were First Detroit Co
awarded to the Guaranty Co. of New York, New York, and Edward B. R. H. Moulton & Co
507.00
Smith & Co. of(Philadelphia, jointly at 103.55, a basis of about 4.17%. William R. Staats Co
935.00
The bonds are dated May 15 1930 and mature on May 15 as follows:
'
OUTAGAMIE COUNTY (P. 0. Appleton), Wis.-BOND SALE.$200,000 in 1940 and $150,090 in 1945 and 1950. The successful bidders
are reoffering the bonds for public investment priced to yield 4.075%.
The 560,000 issue of 4%% semi-annual bridge bonds offered for sale on
--was purchased by the Outagamie County
The following is an official list of the unsuccessful bids submitted for the May 15-V. 130,p. 3230
bonds:
Bank,of Appleton.for a premium of 5535, equal to 100.89, a basis of about
BidderRate Bid. 4.34%. Dated April 1 1930. Due $5,000 from April 1 1931 to 1942 incl.
Easton Dollar Savings & Trust Co., Easton
103.389
-BOND OFFERING.
PARMA (P.0. Berea) Cuyahoga County, Ohio.
Brown Bros. & Co., Philadelphia
103.389
E. H. Rollins & Sons, Philadelphia
103.2067 -John H. Thompson, Village Clerk, will receive sealed bids until 12 m.
June 4.for the purchase of $200,000 6% special assessment street impt.
Graham, Parsons & Co., Philadelphia
103.1724 on
Mellon National Bank,Pittsburgh
102.9612 bonds. Dated July 1 1930. Denom. 51,000. Due $20,000 on Oct. 1 from
National City Co., New York
102.8099 1931 to 1940 incl. Int. is payable semi-annually in April and October.
A. B. Leach ,ft Co., Inc., Philadelphia
Bids for the bonds to bear interest at a rate other than 6% will also be
102.80
considered, provided, however, that where a fractional rate is bid such
Harris, Forbes & Co.. New York
102.795
fraction shall be M, of 1% or a multiple thereof. A certified check for 2%
NORTH TONAWANDA, Niagara County, N. Y.
-BOND OFFERamount of bonds bid for, payable to the order of the Village Treasurer,
ING.
-J. M.Zimmerman, City Clerk, will receive sealed bids until 8 p.m. of theaccompany each proposal. The approving opinion of Squire, Sanders
must
(daylight saving time) on May 26 for the purchase of $66.500 434% coupon & Dempsey, of Cleveland, as to the validity of the bonds will be furnished
street improvement bonds. Dated July 1 1930. One bond for $500, all
the successful bidder at his own expense. Sale of the bonds is subject
others for $1,000. Due annually from 1931 to 1940, incl. Principal and to delivery in Cleveland.
semi-annual interest (Jan. and July) payable at the Chase National Bank, to
New York City. Bidders to use own form in submitting bids. A certifi-BOND SALE.
PHILIPPINE ISLANDS (Government of).
-The
check for $1,000 must accompany each proposals. The approving opinion two issues of 06% loan of 1930 coupon bonds aggregating 51.425,000,
of Clay, Dillon & Vandewater, of New York City, will be furnished to the offered for sale on May 22-V.130, p.3408
-were awarded to the Philippine
successful bidder.
National Bank, of Manila, P. I., at a price of 104.205, a basis of about
NORWOOD,Bergen County, N. J.
-BOND SALE.
-M.M.Freeman .425%. The issues are divided as follows:
& Co. of Philadelphb„, and B. J. Van Ingen & Co. of New York jointly, $925,000 Ilallo Port Works, third series bonds. Dated April 15 1930. Due
on April 15 1960.
are reported to have recently purchased an issue of 5155,000
%improve-500,000 Ceba Port Works, third series bonds. Dated March 15 1930.
ment bonds at par plus a premium of $500, equal to 100.32, a basis of
Due on March 15 1960.
about 5.58%. The bonds are dated May 1 1930. Denom. $1,000. Due
The following is a complete official list of the bidders and their bids:
on May 1 as follows: $20,000 from 1932 to 1936, inCl.; $330,000 in 1937;
Cebo Port Works Bonds.
$10,000 in 1938 and 1939. and $5,000 in 1940. Principal and semi-annual
Amount
Price
interest (May and Nov) payable at the Closter National Bank & Trust
Co., Closter, or at the Chase National Bank, New York City. Legality
er
Name of BiddAll
* 1.
11(14,205
to be approved by Thomson, Wood & Hoffman of New York City.
Philippine National Bank, Manila, P. I
Colony Corp., Wash.,D.C- _ All or none
103,247
Nat.
OAK PARK, Cook County, III.-BOND SALE.
-The following issues The FirstBros.Old First National Bank of Omaha,
for
Kountze
of 4;5% bonds aggregating $245,000 offered on May 14-V. 130. p.3229
All or none
102.51
Omaha, Neb
were awarded to the First Detroit Co. of Detroit at par plus a premium
102.49
The Market Street Nat. Bank,Philadelphia,Pa -All or any
of 51,124.46, equal to 100.45, a basis of about 4.45%:
-Corp.'
Chase Securities Corn.; Bancamerica-Blair Corp.;
$200,000 incinerator bonds authorized by a majority vote of the electors
& Weeks, all of
Hallgarten & Co.;
at an election held on April 2 1929. Due on May 1 as follows:
All or none
102.167
New York City
$8,000, 1932 to 1935, incl., $9,000, 1936 to 1939, incl.. $10,000, M.M.Freeman & Co., New York City
All or none
102.077
1940 and 1941; 512,000, 1942 and 1943; 513.000, 1944 and 1945. C. F. Childs & Co., Inc., New York City
All
102.16
$15.000. 1946 and 1947, and $16,000 in 1948 and 1949.
Barr Bros. & Co., N.Y. City; Mitchell, Herrick &
32.000 Fire Dept. equipment bonds authorized by a majority vote of
Co., N. Y. City; The Fletcher American Co.,
the electors at an election held on April 1 1930. Due on May 1
Indianapolis. Ind.; Marine Trust Co. of Buffalo,
as follows: $1,000. 1931 to 1934, incl.. $3,000, 1935. and $5.000.
All
101.599
Buffalo, N. Y
1936 to 1940. incl.
100.25
$100.000
Canal Bank & Trust Co.,New Orleans,La
13.000 Police Dept. equipment bonds authorized by a majority vote of
Iloilo Port Works Bonds.
the electors at an election held on April 1 1930. Due on May 1
Price
Amount
as follows' 51.000. 1931 to 1939, incl., and $4,000 in 1940.
Bid.
Wanted.
Name of BidderAll of the above bonds are dated May 1 1930.
*104,205
All or any
Philippine Nat. Bank,Manila,P.1
Proposals not in conformance with the conditions of sale were submitted The -First Nat. Old Colony Corp., Washington,
All or none
103.247
by the Inc..Union Trust & Savings, Halsey, Stuart & Co. and
D. C
& Co..First all of Chicago. The Savings Bank bid par plus a A. B. Leach
All or any
102.49
premium of The Market Street Nat.Bank,Phila.,Pa
$67. The following other bids were received:
Chase Securities Corp,: Bancamerica-Blair Corp.;
Hallgarten & Co.; Hornblower & Weeks, all of
Bidder
Amount Bid.
All or none
102.167
First Detroit Co.. Detroit (purchaser)
New York City
$246,124.46
All or none
102.077
Oak Park Trust & Savings Bank, Oak Park
M.M.Freeman & Co.,Inc. New York City
245.703.00
All
*102.162
Childs & Co..Inc., New York City
Lawrence Stern & Co.. Chicago
245,488.00 C.F. Bros. & Co., Inc., N. Y. City; Mitchell,
Alms, Emerich & Co.. Chicago
.00 Barr
Herrick & Co., N. Y„• The Fletcher
Foreman State Corp., Chicago
245,177.00
American Co., Indianapolis, Lud.; Marine Trust
OAKWOOD (P. 0. Dayton), Paulding County, Ohlo.-BOND
All or none
Co.of Buffalo Buffalo. N.Y
101.599
SALE.
-The $34.891.61 village's portion street improvement bonds
* Successful bid.
golaendy.
3762
FINANCIAL CHRONICLE
PADUCAH INDEPENDENT SCHOOL DISTRICT (P. 0. Paducah)
Cottle County, Tex.
-BONDS REGISTERED.
-The $75,000 issue of
school bonds that was reported to have been sold-V. 130, P. 3585 5%
-was
registered on May 12 by the State Comptroller. Due serially.
These bonds mature serially over 40 years and were awarded at a price
of 98.35, a basis of about 5.10%.
PHOENIXVILLE SCHOOL DISTRICT, Chester County, Pa.BOND SALE.
-The $425,000 4X% school bonds offered on May 19
V. 130, P. 3230
-were awarded to M. M.Freeman & Co. of Philadelphia
at 100.68, a basis of about 4.19%. The bonds are dated June 1 1930 and
mature on June 1 as follows: $60,000 in 1935, $75,000 in 1940, 1945, 1950
and 1955, and $65,000 in 1960.
PINE BLUFF, Jefferson County, Ark.
-BOND .SALE.
-The $63,000
ssue of 5% semi-annual library construction and site bonds offered for
sale on May 12 at public auction-V. 130, p. 3230
-was jointly purchased
by Caldwell & Co. of Nashville, and the Merchants & Planters Title &
Investment Co. of Pine Bluff, at a price of 100.13, a basis of about 4.98%.
Due from 1933 to 1940, incl.
PINE CITY SCHOOL DISTRICT NO. 206 (P. 0. Colfax), Whitman
County, Wash.
-BOND OFFERING.
-Sealed bids will be received until
10 a. m. on June 7, by Mabel Greer, County Treasurer, for the purchase
of a $25,000 issue of school bonds. Interest rate is not to exceed 6%,
payable semi-annually. Due in from 2 to 15 years and optional after 2
years. Principal and interest payable at the office of the County Treasurer,
or at the State's fiscal agency in New York City. A certified check for
5% must accompany the bid.
PINE HILL, N. J.
-PRICE PAID.
-Rufus Waples & Co. of Newark
paid par for the purchase of the following issues of 6% bonds, aggregating
$44,500, sold recently (V. 130, p. 3230):
$32,000 tax revenue bonds. Due on Dec. 31 as follows: $4,000 in 1931:
$7,000 in 1932, and $21.000 in 1933.
12.500 sidewalk bonds. Due on Jan. 1 as follows: $2,000 from 1932 to
1937, inclusive, and $500 in 1938.
Both issues are dated Jan. 1 1930.
PINELLAS PARK DRAINAGE DISTRICT (P. 0. Pinellas Park)
Pinellas County, Fla.
-BONDS NOT SOLD.
-The $66.000 issue of 6%
refunding bonds offered on May 1-V. 130. p. 2629
-was not sold as no
bids were received. Dated Jan. 1 1930. Due as follows: $5,000, 1936 to
1947, and $6,000 in 1948.
PITTSFIELD, Berkshire County, Mass.
-TEMPORARY LOAN.
Salomon Bros. & Hutzler of Boston, recently purchased a $300,000 temporary loan at 2.72% discount. The loan is dated May 21 1930 and is
payable on Nov. 21 1930. Bids received were as follows:
BidderDiscount.
Salomon Bros. & Hutzler (purchaser)
2.72%
First National Old Colony Corp., plus $1.75
2.73%
Shawmut Corp
2.82%
F. S. Mosley & Co
2.87%
S. N. Bond 6: Co
2 %
.90
Faxon, Gado & Co
2.97%
PONTIAC, Oakland County, Mich.
-Braun, Bos-BOND SALE.
worth & Co., of Toledo, were awarded on May 20 an issue of $240,000
general obligation city hospital construction bonds at par plus a premium
of $25, equal to 100.01, for $176,000 bonds as 43s and $64,000 bonds as
43.4s. Dated Sept. 1 1929. Due $8,000 on Sept. 1 from 1930 to 1959
Inclusive. These bonds are part of an issue of $450,000, which amount
was inadvertently given in our notice of he proposed sale of bonds.
V. 130. p. 3586.
PORT WASHINGTON SCHOOL DISTRICT NO. 1 (P.O. Washington) Ozaukee County, Wis.-BOND SALE.
-The $150,000 issue of
coupon school bonds offered for sale on May 15-V. 130, p. 2629
-was
purchased by the First National Bank of Port Washington, as 4;s, paying
a premium of 32,600, equal to 101.73, a basis of about 4.24%. Dated
April 1 1930. Due from April 1 1931 to 1945 incl. The other bidders and
their bids were as follows:
BidderPremium.
Rate.
Milwaukee Co. of Milwaukee
$1,525
4
Citizens State Bank of Belgium, W18
1.200
4
Ames, Emerich & Co., of Chicago
1,167
43V
John Nuveen & Co., of Chicago
4
1,157
Lawrence Stern & Co. of Chicago
13
4
POTTAWATOMIE COUNTY SCHOOL DISTRICT NO. 27 (P. 0.
Tecumseh, Okla.
-BOND SALE.
-The $7,000 issue of school bonds
offered for sale on May 7-V. 130, P. 3408
-was awarded to the Taylor
White Co. of Oklahoma City, at par, as follows: $4,000 as 53-6s, and
$3,000 as 5Xs.
POUGHKEEPSIE, Dutchess County, N. Y.
-The
-BOND SALE.
$175,000 coupon or registered series of 1930 refunding bonds offered on
May 19-V. 130, p. 3586-were awarded as 41.4s to Phelps, Fenn & Co.,
of New York City, at par plus a premium of $1,977.50, equal to 101.13, a
basis of about 4.16%. The bonds are dated June 1 1930 and mature on
June 1 as follows:$5,000 from 1935 to 1952 incl.:$15,000 in 1953 and $10,000
from 1954 to 1960 incl. The successful bidders are reoffering the bonds
for public investment at prices to yield 4.10%.
Financial Statement.
Indebtedness
Gross debt: Bonds (outstanding)
$3,893,548.97
Floating debt, (Including temporary bonds outstanding
1,185,473.13
Deductions
Water debt
Sinking funds, other than for water bonds
Net debt
Budget appropriation for 1930
$5,079,022.10
826,500.00
59,708.94
$886,208.94
4,192,813.16
170,000.00
$4,022,813.16
Bonds to be issued: Refund. bds.,series of 1930-$175,000.00
Floating debt to be funded by such bonds---- 175,000.00
None
$4,022,813.16
Net debt, including bonds to be issued
Assessed Valuations
$48,894.556.00
Real property including improvements, 1930
1,931,510.00
Special Franchises. 1930
Population, census of 1930. 40,123: tax rate, fiscal year, 1930, $29.3267
per thousand.
The following is a list of the bids submitted for 4 X% bonds:
Premium.
Bidder$1,977.50
Phelps, Fenn & Co.(purchasers)
1,456.00
Marine Trust Co., Buffalo
1,853.25
Emanuel & Co., New York
1.470.00
Batchelder & Co., New York
490.00
Dewey, Bacon & Co., New York
1,363.25
Roosevelt & Son, New York
908.25
Bros., New York City
Lehman
-Sealed bids
POWELL, Park County, Wyo.-BONDS OFFERED.
were received until 8 p. m on May 23, by J. W. Conaway, Town Clerk,
purchase of a $61,500 issue of refunding water bonds. Int. rate is
for the
to be specified by the bidder. Dated July 1 1930. Legal opinion to be
furnished by Pershing, Nye, Tallmadge & Bosworth, of Denver.
-NO I3IDS.-L. E.
PULASKI COUNTY (P. 0. Winamac), Ind.
Campbell, County Treasurer, reports that there were no bids received on
May 20 for the purchase of the $1,337.38 6% White Post Township ditch-V. 130, p. 3039.
construction bonds offered for sale.
-BOND OFFERING.
PUTNAM COUNTY (P. 0. Brewster), N. Y.
until
Edward D. Stannard, County Treasurer. will receive sealed bids series
the purchase of $90,000
12 m. (daylight saving time) on June 5 for
a rate
No. 23 coupon or registered highway bonds, to bear interest at $5,000 not
on
to exceed 5%. Dated July 1 1930. Denom. $1,000. Due
multiple
July 1 from 1931 to 1948 incl. Rate of interest to be stated in a
July)
of ;.1, of 1%. Principal and semi-annual interest (January and check
payable In gold at the First National Bank, Brewster. A certified
accompany
for $2,000, payable to the order of the County Treasurer, must
each proposal. The approving opinion of Clay, Dillon & Vandewater of
New York will be furnished to the successful bidder.
-BOND OFFERING.
PUTNAM COUNTY (P.O. Greencastle), Ind.
Gilbert E. Ogles, County Treasurer, will receive sealed bids untll 12 m. on
[VOL. 130.
May 31 for the purchase of $5,840 4;4% William Logan et
al.. Washington
Township gravel road impt. bonds. Denom. $292. Due as follows: $292
on July 15 1931: $292 on Jan. and July 15 from 1932 to 1940 incl., and
$292 on Jan. 15 1941. Prin. and semi-annual int. (Jan. and July 15)
Payable at the office of the County Treasurer. A certified check for 5%
of the amount of bonds bid for must accompany each proposal.
QUAY COUNTY SCHOOL DISTRICT NO. 1 (P.
Tuctuncari),
N.PAex.-BOND OFFERING.-Bldg will be received until0. a. m. on June
10
16, by H. Gerhardt, County Treasurer, for the purchase of a $90,500 issue
of school bonds. Int. rate Is not to exceed 6%, payable semi-annually.
Denom. $500. Dated June 1 1930. Due in
not less than 3 years from date of Issue. Prin. not more than 20 years and
and int. payable at the State
Treasurer's office, or at the Chase National Bank in New York City.
Bidders to submit a bid specifying (a) the lowest rate of interest or premium
above par at which said bidder will purchase the bonds or (b) the lowest
rate of interest at which the bidder will purchase said bonds at par. A
certified check for 5% of the bid, payable to the County Treasurer, is
required.
RAPID CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Rapid
City) Pennington County, S. Dak.-BOND SALE.
-The $100,000
of coupon school bonds offered for sale on May 17-V. 130. p. 3409 issue
-was
Purchased by the First National Bank of Rapid City, as 5s, for a premium
of $1,255, equal to 101.255. a basis of about 4.84%. Due In 20 years and
optional in 10 years. Other bids were as follows:
BidderPremium.
Paine, Webber & Co., Minneapolis
$1,250.00
Otis & Co. of Denver
801.33
RAVALLI COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Corvallis),
Mont.
-BOND SALE.
-The $55,000 issue of registered school building
bonds offered for sale on May 12-V. 130, P. 3039
-was
by the
State Board of Lands and Investments, as 5s, at par. purchased1 bond
Denom.
dated July 1 1930. Due In 20 years and optional after 5 years. Interest
payable on Jan. and July 1. No other bids were received.
RED BANK, Monmouth County, N. J.
-BOND SALE.
-0. A. Preim
& Co., of New York, and Charles P. Dunning, of Newark, jointly, bidding
for $516,000 bonds of the $521,000 coupon or registered improvement
Issue offered on May 19-V. 130, p. 3409
-were awarded the obligation
as 4;is at par plus a premium of $5,363.62, equal to 101.03, a basis of
about 4.37%. The bonds are dated June 1 1930 and mature on June 1
as follows: $25,000 from 1931 to 1950 inclusive, and $16,000 in 1951.
RENTON, King County, Wash.
-ADDITIONAL DETAILS.
-The
$100,000 issue of water extension series A bonds that was purchased by the
First National Bank of Renton-V. 130, p. 3586
-was awarded as 53
-is
at a price of 97.60, a basis of about 5.70%. Denom. $500. Due on or
before 1950. Interest payable on Jan. and July 1.
RICHLAND PARISH SCHOOL DISTRICTS NOS. 13 and 20 (P. 0.
Rayville), La.
-BONDS NOT SOLD.
-The $245,000 issue of 4, 434 5.
5% or 6% coupon school bonds offered on May 20-V. 130, P. 2836was not sold as all the bids were rejected.
BONDS RE
-OFFERED.
-Sealed bids will again be received for the purchase of the above bonds hy E. E. Keebler, Superintendent of the Parish
School Board, until June 24. Denoms. $500 and $1.000. Due from
June 1 1931 to 1950 inclusive. Bidders should submit bids as follows:
(1) Naming the depository in bid. (2) Bid without naming the depository.
Principal and interest (J. & D.) will be payable at the Chase .National
Bank, in New York City. A certified check for 2% of the bonds bid
for, payable to the Parish School Board, is required.
RICHMOND, Henrico County, Va.-BOND OFFERING.
-Sealed
bids will be received until 5 p.m. on June 9 (eastern standard time), by
Landon B. Edwards, City Comptroller, for the purchase of the following
issues of 4M% coupon or registered bonds, aggregating $2,035,000:
$500.000 street paving bonds. Due on July 1 1940.
400.000 sewer bonds. Due on July 1 1964.
635,000 school bonds. Due on July 1 1964.
250.000 general improvement bonds. Due on July 1 1964.
150,000 gas works bonds. Due on July 1 1964.
100.000 water works bonds. Due on July 11964.
Denom. $1,000. Dated July 1 1930. Prin. and bat. (J. & J.) payable
at the office of the City Comptroller or (unless bonds are registered) at
the office of the fiscal agent of the city in New York. The purchaser will
De furnished with the legal opinion of Reed. Hoyt & Washburn, of New
York. Preparation of the bonds under the supervision of the Liberty
National Bank & Trust Co. of New York. A certified check for 13-i% of
the face value of the bonds bid for, Is required.
Official Financial Statement.
Bonded debt
$37,895.630.00
Deduct
-General purpose bonds maturing July 1 1930
2,000,000.00
$35,895,630.00
Add-Bonds to be dated July 1 1930,as per this notice ofsale 2,035,000.00
,
-$789,610.00$37930,630.00
Floatingdebt-Funds borrowed for pub.imptsDeduct
-Funds borrowed for public impts.
(notes to be retired from proceeds of sale of
789.610.00
bonds)
Total debt as of July 1 1930
Less sinking funds
$37,930.630.00
7.963,898.32
_$3,406,000.00$29,976,731.68
Deduct
-Water bonds(included in total debt)
Less sinkingfund
899,550.34
2,506,449.66
Net debt as of July 1 1930
$27,470,282.02
Estimated true value of taxable real property
371,000,000.00
Assessed value of taxable property:
Real estate
$247,479,041.00
Personal tangible property
18,223.968.00
Machinery (for mfg. purposes, &c.)
2,753,646.00
Total
$268,456,655.00
Percentage of assessed value of real estate to true value is .667059.
Population: U. S. Census, 1920, 171,677: U. S. estimate. Jan. 1 1930.
198,300. The present city tax rate is: $2.35 per $100 of valuation on real
estate, $2.20 per $100 of valuation on personal tangible property.
RINGGOLD, Catoosa County, Ga.-PRICE PAID.
-The $5,000.
Issue of 6% semi-annual street Improvement bonds that was purchased by
J. 11. !Inman & Co., Inc., of Atlanta
-V. 130, p. 3409
-was awarded at
a price of 96.00 a bards of about 6.89%. Due $500 from July 1 1930 to
1939,incl.
ROCKVILLE CENTRE, Nassau County, N. Y.
-BOND OFFERING.
-George S. Utter. Village Clerk, will receive sealed bids until 8 P.m.
(daylight saving time) on June 4, for the purchase of the following issues ofcoupon or registered bonds, aggregating $240,000, to bear interest at a
rate not to exceed 5%,stated In a multiple of 3 or 1-10th of 1%
'
$200,000 paving bonds. Due $10,000 on June 1 from 1931 to 1950, incl.
20,000 water bonds. Due $1,000 on June 1 from 1931 to 1950, incl.
20,000 storm water drain bonds. Due $2,000 on June 1 from 1931 to1940. incl.
All of the above bonds are dated June 1 1930. Denom. $1,000. Prin.
and semi-annual interest (June and December) payable in gold at the
First National Bank of Rockville Centre. A certified check for $5,000,
payable to the order of the Village, must accompany each proposal. The
approving opinion of Clay, Dillon & Vandewater of New York City, will be
furnished to the successful bidder.
ROCKWELL CITY, Calhoun County, Iowa.
-A
-BOND SALE.
$5,000 issue of 5% refunding bonds is reported to have been purchased at
par by Glaspell, Vieth & Duncan of Davenport.
RUNNEMEDE SCHOOL DISTRICT, Camden County, N. J.
BONDS OFFERED.
-Thomas L. Coley. District Clerk, received sealed
bids until 8 p.m. (daylight saving time) on May 22 for the purchase of
$78,000 not to exceed 6% interest coupon or registered school bonds. Dated
June 11930. Denom.$1.000. Due on June 1 as follows: $2,000 from 1932 •
to 1937 incl., and $3.000 from 1938 to 1959. bacl. Principal and semiannual interest payable in gold at the Suburban Commercial Bank, Barrington, or at the First National Bank,Philadelphia.
MAY 24 1930.]
FINANCIAL CHRONICLE
ST. IGNACE SCHOOL DISTRICT, Mackinac County, Mich.-P. W. Murray, Secretary of the Board of Education,
BOND OFFERING.
will receive sealed bids until 2 p.m. on June 16, for the purchase of $35,000
5% school bonds. Dated. July 1 1930. Denom. $1,000. Due $5,000 on
A certified check for $500, Payable to the
July 1 from 1932 to 1938, incl.
order of the above-mentioned Secretary, must accompany each proposal.
-BOND OFFERING.
ST. JOSEPH, Berrien County, Mich.
-J. R.
Stone, City Clerk, will receive sealed bids until 8 p.m. on May 26, for the
purchase of $18,000 general obligation paving and sidewalk bonds. Rate
of interest to be named in bid. Bonds mature on Oct. 15 as follows: $1,900
from 1931 to 1936, incl., $2,000 in 1937: $2,300 in 1938 and 1939. Prin.
and semi-annual interest (April and Oct. 15) payable at the office of the
City Treasurer. City will furnish transscript of proceedings; successful
bidder to furnish legal opinion and pay costs of printing the bonds. A
certified check for 5% of the amount of bonds bid for must accompany
each proposal.
SALTILLO INDEPENDENT SCHOOL DISTRICT (P. 0. Saltillo)
Hopkins County, Tex.
-BONDS REGISTERED.
-A $25,000 issue of
5% serial school bonds was registered on May 12 by the State Comptroller.
SAN ANTONIO, Bexar County, Tex.
-BONDS VOTED.
-At the
special election held on May 7-V. 130. p. 2836
-the voters approved the
issuance of $4,975,000 in bonds to be used as follows: Storm and sanitary
sewers. $600,000; street widening and extensions, $750.000; river, San
Pedro and Alazan Creek work. $1,000,000; street paving, $1,000,000;
bridges. $175.000: police and fire departments, $600,000; parks and Winburn Field. $700,000,and hospital annex,$150,000.
SAN DIEGUITO SCHOOL DISTRICT (P. 0. San Diego), San
Diego County, Calif.
-BOND OFFERING.
-Sealed bids will be received
until 11 a. m. on May 26 by J. B. McLee,s. County Clerk, for the purchase
of a $6,000 issue of school bonds. Int. rate Is not to exceed 54%,payable
semi-annually. Denom. $1,000. Dated April 28 1930. Due from 1933
to 1938 incl. The legal opinion of Orrick Palmer & Dahlquist of San
Francisco will be furnished. A certified check for 3% must accompany
the bid.
SANFORD, Lee County, N. C.
-BOND OFFERING.
-Sealed bids
will be received by W. R. Williams, Mayor, until 2 p.m. on June 3,for the
purchase of a $50,000 issue of street. water and sewer bonds.
SAN MATEO, San Mateo County, Calif.-BOND SALE.-A $79,880
.
Issue of7% street improvement bonds has been purchased by the Municipal
Bond Co. of Los Angeles. Denoms.$1,000 and $988. Dated Jan. 18 1930.
Due from 1931 to 1940, incl.
SANTA ROSA, Cameron County, Tex.
-BONDS REGISTERED.
The $15,000 issue of 54% street improvement bonds that was recently
sold-V.130, p. 2630
-was registered by the State Comptroller on May 12.
Due from 1935 to 1949 incl.
SCOTT COUNTY (P. 0. Shakopee) Minn.
-BOND ELECTION.
In connection with the primary election to be held on June 16, the voters
will be asked to pass judgment on the proposed issuance of $100.000 in
bonds to retire outstanding warrants.
SCOTT TOWNSHIP DISTRICT (P. 0. Bloomsburg), Columbia
County, Pa.
-BOND SALE.
-B. H. Rollins & Sons. of Philadelphia,
on May 15 purchased an issue of $45,000 44% school bonds at par plus
a premium of $1,334.70, equal to 102.96, a basis of about 4.28%.
SHAKER HEIGHTS VILLAGE SCHOOL DISTRICT, Cuyahoga
County, Ohio.
-BOND OFFERING
.-J W. Main. Clerk of the Board of
.
Education, will receive sealed bids until 12 m. (eastern standard time) on
June 2 for the purchase of $75.182.87 44% school building construction
and equipment bonds. Dated July 15 1930. One bond for $182.87, all
others for $1,000. Due on Oct. 1 as follows: $3,182.87 in 1930; $4,000
from 1931 to 1937, incl., $3,000 in 1938; $4,000 from 1939 to 1941, incl.,
$3,000 in 1942; $4,000 from 1943 to 1945, incl.. $3,000 in 1946. and $4,000
from 1947 to 1949, incl. Principal and semi-annual int. (April ant. Oct.)
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% will also be considered,
provided, however, that where a fractional rate is bid such fraction shall be
;.1, of 1% or a multiple thereof. A certified check for 5% of the amount of
bonds bid for, payable to the order of the Clerk of the School District,
must accompany each proposal. District will furnish bonds and successful
bidder to furnish legal opinion. Legislation prepared by Boyd. Brooks
and Wickham, Cleveland.
Financial Statement.
$103,132.150.00
1929 valuation
115,000,000.00
1930 valuation estimated
Actual value estimated
175.000,000.00
Total bonded debt, including this issue
$3,659.557.87
Sinking fund balance (approximately $50.000 more not yet
turned over by County Auditor, December tax)
75,474.67
Net debt
$3,584.083.20
Population of §chool District. 1920. 1.600; 1930, 19.500. 1929 tax
rate, $2.09. Debt limit 6% statutory.
-BOND SALE
SHELBY COUNTY (P. 0. Harlan) Iowa.
-The
$200.000 issue of annual primary road bonds offered for sale on April 1V. 130. p. 2275
-was purchased by the Toy National Bank of Sioux City.
as 4 As, for a premium of $310, equal to 100.15, a basis of about 4.47%.
Due from 1935 to 1944 incl. Optional after 5 years.
SIKESTON, Scott County, Mo.-BOND SALE.
-The $150,000 Issue
of semi-annual municipal light plant bonds offered for sale at public auction
on May 15-V. 130, P. 3410
-was awarded to the Prescott, Wright, Snider
Co., of Kansas City, as 54s at par. Dated June 1 1930. Due from 1935
to 1950. The second highest bid was an offer of par on 54s. by Stifel,
Nicolaus & Co.. of St. Louis.
SOMERSET COUNTY (P. 0. Somerset), Pa.
-BOND SALE.
-The
$200.000
% coupon or registered county bonds offered on May 21
(V. 130, p. 3040) were awarded to the Mellon National Bank of Pittsburgh
at par plus a premium of $3,778.60, equal to 101.88,8 basis of about 4.13%.
The bonds are dated June 15 1930 and mature annually on June 15. A
complete list of the bids received follows:
BidderPremium.
Mellon National Bank (purchaser)
$3,778.60
Harris, Forbes & Co
3,638.00
W. H. Newbold's Son & Co
3,261.00
E. H. Rollins & Sons
3,020.00
National City Co
2,618.00
Union Trust Co. of Pittsburgh
2,377.40
J. II. Holmes & Co
2,288.00
M. M.Freeman & Co
1,620.00
SPRINGFIELD, Hampden County, Mass.
-NOTE SALE.
-The
$500,000 issue of notes offered on May 20-V.130, p. 3587
-was awarded at
2.72% discount, at par plus a premium of $18 to the Shawmut Corporation,
of Boston. The notes are dated May 21 1930 and are payable on Nov. 13
1930. Bids for the notes were as follows:
Premium.
Discount.
Shawmut Corp. (purchaser)
2.72
Third National Bank & Trust Co., Springfield
10.00
2.79
Salomon Bros. & Hutzler, Boston
6.00
2.79
springfield-Chapin, Springfield
1.25
2.81
Union Trust Co., Springfield
1.00
2.85
Bay Trust Co., Boston
2.91
S. N. Bond & co., New York
2.98
STAMFORD, Fairfield County, Conn.
-TEMPORARY LOAN.
The $100000 temporary loan offered on May 19-V. 130. p. 3587
-wa
s
awarded at 3.00% discount to the First National Old Colony Corp. of
The loan is dated May 19 1930 and is payable on Oct. 6 1930.
Boston.
A list of the bids submitted for the loan follows:
Bidder
Discount.
First National Old Colony Corp.(Purchaser)
3.00
Shawraut Corporation
3.03
F. S. Moseley & Co., plus $1
3.04
Peoples National Bank, Stamford
3.12
National Bank, plus $2
First Stamford
3.14
FL N.Bond & Co.. Plus $8
3.20
STAMFORD, Fairfield County, Conn.
-BOND SALE.
-Leroy I.
Holly, City Treasurer. on May 15 awarded an issue of $206,000
%
coupon public improvement bonds to Estabrook & Co. of Hartford, at
100.736, a basis of about 4.16%. The bonds are dated May 1 1930.
3763
Denom. $1.000. Due on May 1 as follows: $11,000 from 1931 to 1936,
incl., and $10,000 from 1937 to 1950, incl. Principal and semi-annual
interest payable in gold at the Old Colony Trust Co., Boston. Legality
to be approved by Ropes, Gray, Boyden & Perkins, of Boston. A complete
list of the bids submitted for the issue follows:
BidderRate Bid.
BidderRate Bid.
Estabrook & Co.
H. L. Allen & Co
100.62
(purchasers)
100.736 A. B. Leach & Co
100.619
R. L. Day & Co
100.66 Dewey, Bacon & Co
100.30
Financial Statement.
Total bonded city debt (this issue not included)
$2.443,000.00
Less: Sinking funds
345,435.26
Net bonded indebtedness
$2,097,564.74
Grand list of Oct. 1 1929
$112.221,861.00
Population (estimated), 50,000.
STARKE COUNTY (P.O. Knox), Ind.
-BOND OFFERING.
-Orin S.
Schuyler, County Treasurer, will receive sealed bids until 2 p.m. on June
4 for the purchase of the following issues of bonds, aggregating $13,747.38:
John P. Origer et al. 6% drain construction bonds. Dated Feb.
$8,752.38
1 1930. One bond for $877.38, ad otners for $875. Due on June
1 as follows: $877.38 in 1931 and $875 from 1932 to 1940, incl.
Interest is payable semi-annually in June and December.
4,995.00 Henry Luken et al. 5% gravel road construction bonds. Dated
May 15 1930. Denom. $249.75. Due as follows: $249.75 on
July 15 1931. $249.75 on Jan. and July 15 from 1932 to 1940,
incl., and $249.75 on Jan. 15 1941. Interest is payable sem.annually on Jan. and July 15.
STEAMBOAT SPRINGS, Routt County, Colo.
-BOND SALE.
-A
$15.000 issue of 5% refunding water bonds has recently been purchased by
Gray,Emery, Vasconcells & Co.of Denver. Dated June 1 1930. Due from
1931 to 1947,incl.
STOCKDALE INDEPENDENT SCHOOL DISTRICT (P. 0. Stockdale) Wilson County, Tex...
-BONDS REGISTERED.
-A $42,000 issue
of 5% school bonds was registered by the State Comptroller on May 15.
Due serially.
SUBLETTE, Haskell County, Kan.
-BOND SALE.
-A $29,305.50
issue of 5% improvement bonds has recently been purchased by the Guarantee Title & Trust Co. of Wichita. Denoms. $1,000, one for $305.50.
Dated March 1 1930. Due on March 1, as follows: $2,305.50 in 1931, and
$3.000. 1932 to 1940. inclusive.
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
-BOND OFFERING.
Hudson A. Bland, County Treasurer, will receive sealed bids until 11 a.m.
on May 26. for the purchase of $4.400 44% Tilghman B. Wolfe et al.,
Haddon Township gravel road bonds. Dated June 1 1930. Denom. $220.
Due as follows: $220 on July 15 1931. $220 on Jan. and July 15 from 1932
to 1940. incl., and $220 on Jan. 15 1941. Interest Is payable on Jan. and
July 15.
SUMMIT COUNTY (P. 0. Akron), Ohio.
-BOND SALE.
-The
following issues of bonds aggregating $66,100 offered on May 16-V. 130.
-were awarded as 445 to the Banc Ohio Securities Co. of
p. 3232, 3410
Columbus. thus wise:
$57,500 road construction bonds sold at par plus a premium of $97.75,
equal to 100.17.8 basis of about 4.47%. Due on Oct. 1 as follows:
96,000from 1931 to 1939,incl., and $3,500in 1940.
8,600 road construction bonds sold at par plus a premium of $14.45.
about
UotIP.,1°°I1giatrisr3
4aPin 1 9367a0 t.in a f ans
1 e
3
.
c
0
4
l9
Olow ci
8800 from 1938 to 1940, incl.
Both issues are dated May 1 1930. An official list of the bids submitted
for the bonds follows:
Interest
Rate.
BidderBancohio Securities Co., Columbus
(awarded both issues)
434%
First Detroit Co.. Detroit
%
Provident Savings Bank & Trust Co.,
$57.500 $8,600
Issue.
Issue.
-Premium$97.75
92.00
$14.45
63.25
4.80
Bohmer-Reinhart & Co.. Cincinnati
Cincinnatix
44%
156.00
%
Title Guarantee Sec. Corp., Cincinnati.-44.27
Mitchell, Herrick & Co., Cleveland
3.00
434%
R. E. Herezel & Co., Chicago
44 o
506.35
Seasongood & Mayer, Cincinnati
451%
434.00
1.00
The Guardian Trust Co., Cleveland
44%
23.00
00
Breed, Elliott & Harrison, Cincinnati
44%
35.00
5.00
Farson, Son & Co., New York
44
213.90
Otis & Co., Cleveland
4:4%
409.00
1.00
x Bid for $57,500 at 44% and $8.600 issue at 44%.
SUNNYVALE SCHOOL DISTRICT (P. 0. San Jose) Santa Clara
County, Calif.
-BOND OFFERING.
-Sealed bids will be received until
11 a.m. on June 2, by the County Clerk, for the purchase of a $25,000 issue
of 5% school bonds. Dated June 11930. Due $1,000 from June 1 1931 to
1955, incl.
TACOMA, Pierce County, Wash.
-LIST OF BIDDERS.
-The following is an official list of the bidders and their bids for the two issues of semi
annual bonds that were awarded on May 3 to a syndicate headed by the
Bancamerica-Blair Corp. of New York, as 44%, at 96.11, a basis of
about 5.15%:
BidderPrice Bid.
Rate.
* Bancamerica-Blair Corp., Eldredge & Co., B. J.
Van Ingen & Co., Dean Witter & Co., Ferris &
Hardgrove, Marine National Co., The Seattle Co.,
Geo. H. Burr, and Conrad & Broom,$Inc
$3,219.685.00 434%
Drumheller, Ehrlichman & White, Halsey, Stuart &
Co., A. B. Leach & Co., and 1st Seattle Dexter
Horton Securities Co
3,261,225.00 5%
Richards & Blum,Inc.; C.W.McNear & Co.; Cald- 3,252,850.00 5%
{
well & Co.; Stifel Nicolaus & Co.; John Nuveen
and
& Co.; M. M. Freeman & Co
3,175.130.00 44%
* Successful bid.
TANG1PAHOA PARISH DRAINAGE DISTRICT NO. 1 (P. 0.
-The $110,000 issue of 54% semiAmite) La.
-BONDS NOT SOLD.
annual drainage bonds offered on April 30-V. 130. p. 3040
-was not sold
as all the bids received were rejected.
TAYLOR COUNTY (P. 0. Medford), Wis.-BOND OFFERING.
Sealed bids will be received by Fred Herrmann, County Clerk, until 2 p. m.
% coupon road bonds.
on June 5 for the purchase of an issue of $100,000
Denom. $1,000. Dated May 1 1930. Due on May 1 as follows: $75,000.
1932, and $25,000 in 1933. Prin. and int.(M.& N.) payable at the office
of the County Treasurer. Authority, Section 6713 of the Wisconsin
Statutes. A certified check for 5% must accompany the bid.
TIVOLI, Dutchess County, N. Y.
-BOND OFFERING.
-The $16,000
not to exceed 5% interest coupon or registered highway bonds, for which
no bids were received on May 12 and again on May 19-V. 130. p. 3588
are now being reoffered to bear interest at a rate not exceeding 6%. Sealed
bids addressed to Walter It. Woolsey, Village Clerk, will be received until
8 p. m. (Eastern standard time) on June 2. The bonds are dated May 1
1930. Denom. $1,000. Due $1,000 on May 1 from 1931 to 1946 incl.
Interest rate to be stated in a multiple of 31 of 1%. Principal and semiannual interest (May and November) payable at the First National Bank,
Red Hook. A certified check for $500. payable to the order of the village,
must accompany each proposal. The approving opinion of Clay, Dillon &
Vandewater of New York City will be furnished to the successful bidder.
TOMAH, Monroe County, Wis.-BOND SALE.
-A $20,000 issue of
sewage disposal plant bonds is reported to have been purchased by local
investors.
TWIN FALLS, Twin Falls County, Ida.
-CORRECTION.
-We are
informed by G. M. Hall, Town Clerk, that the report appearing in V. 130.
p. 3040, of the sale of a $20,000 issue of 5% school bonds at par to the
State, is erroneous, no such issue having been sold.
TOPEKA SCHOOL DISTRICT (P. 0. Topeka), Shawnee County,
-LIST OF BIDDERS.
-The following is a complete official list of
Kan.
the bids received on May 13 for the $475,000 44% school bonds that were
awarded to C. F. Childs & Co. of New York at a price of 102.18, a basis
of about 4.25%-V. 130. p. 3588:
3764
FINANCIAL CHRONICLE
Name of BidderAmount Bid.
Guaranty Co. of New York and the Columbian Securities Corp-$482,519.25
C.F. Childs & Co., Inc. (successful bid)
Harris Trust & Savings Bank and the Central Trust Co
482:957.50
Fidelity National Co. and Eldredge & Co
481,654.75
The National City Co., Chicago
481,095.68
Halsey, Stuart & Co. Chicago
480,120.50
Prescott
-Wright
-Snider Co., Kansas City, Mo.; Ames, Emerich & Co., Chicago, and Foreman State Corp. of Chicago-- 481,217.75
Commerce Trust Co., Kansas City, Mo., and H. M. Byllesby
& Co
481,901.75
City Bank & Trust Co., Kansas City, Mo.; Northern Trust
Co., Chicago, and Chatham Phenix Corp., New York
479,322.50
Chase Securities Corp
481,779.00
Boatman's National Co., First Detroit Co. and Lawrence
Stern & Co
482,457.50
M. M. Freeman & Co., Inc., New York, and The Shawnee
485,198.25
Investment Co
Sterns Brothers & Co., Kansas City, Mo.; A. B. Leach & Co.,
483,580.00
Chicago, and Mercantile Commerce Co., St. Louis
Continental Illinois Co., Chicago. and National Bank of Topeka 480,320.00
First Union Trust & Savings Bank of Chicago
482,486.00
UNION BEACH, Monmouth County, N. J.
-BONDS OFFERED.Albert E. Cowling, Borough Clerk, received sealed bids until 8 P.ra•
(daylight saving time) on May 23,for the purchase of $90,000 not to exceed
53 % interest coupon or registered street improvement bonds. Dated
June 11930. Denom. $1,000. Due on May 1 as follows* $70,000 in 1936
and $20,000 in 1939. Principal and semi-annual interest (May and Nov.)
payable in gold at the Keyport Banking Co., Keyport. Legality approved
by Caldwell & Raymond of New York City.
-BOND SALE.
-Rapp &
UNION CITY, Hudson County, N. J.
Lockwood, of New York, bidding for $272,000 bonds of the $275,000
coupon or registered Hoboken St. improvement issue offered on May 20V. 130. p. 3410
-were awarded the obligations as 4Xs, at par plus a
premium of $3,199, equal to 101.17, a b.sis of about 4.57%. The bonds
are dated June 1 1930 and mature on June 1 as follows: $15,000 from 1931
to 1935 inclusive; $20,000 from 1936 to 1944 inclusive, and $17,000 in 1945.
Bids received were as follows:
No. Bonds Int.
Amount Bid.
Bid For. Rate.
Bidder$275,199.00
272
Rapp & Lockwood (purchasers)
4 %
HM.Byllesby & Co.,Inc., and E.J. Coulon
275,334.00
272
& Co.. jointly
5%
275,101.00
275
Trust Company of New Jersey
5%
275,275.00
Weehawken Trust & Title Co
275
4%%
-BOND SALE.
-The following issues
UTICA, Oneida County, N. Y.
ofcoupon bonds aggregating $632,000 offered on May 20-V. 130, p.3588
were awarded to M. M.Freeman & Co., Inc., of New York, as 4.155, at
par plus a premium of $872.16, equal to 100.13, a basis of about 4.13%:
$250.000 bonds issued for the purpose of providing funds for paving, repaving, resurfacing streets and public places in the City and for
payment of paving assets against city-owned property. Due
$12,500, May 1 from 1931 to 1950 inclusive. Dated May 1 1930.
Denominations $1,000 and $500.
110,000 bonds issued for the purpose of providing funds for improvements
to creeks and culverts and natural waterways in the City. Due
$5,500, May 1 from 1931 to 1950 inclusive. Dated May 1 1930.
Denominations $1.000 and $500.
100.000 bonds issued for the purpose of providing funds for the preparation of plans and the construction of trunk line and intercepting
sewers and outlets and connections. Due $5,000, May 1 from
1931 to 1950 inclusive. Denom. $1,000. Dated May 1 1930.
100,000 bonds issued for the purpose of providing funds for the construction of storm water sewers. Due $5,000, May 1 from 1931 to
1950 inclusive. Dated May 1 1930. Denomination $1,000.
45,000 bonds issued for the purpose of providing funds for land acquisition and bridge construction purposes. Due $2,250, May 1 from
1931 to 1950 inclusive. Denominations $1,000 and $250. Dated
May 1 1930.
15,000 bonds issued for playaound construction and equipment purposes. Due $1,000. May 1 from 1931 to 1945, inclusive. Dated
May 1 1930. Denominations $1,000.
12,000 bonds issued for the purpose of providing funds for the payment
for services preparing plans and specifications for the erection
of a new city hall building. Dated May 1 1930. Denom.$1.000
The successful bidders are reoffering all of the above bonds for public
investment at prices to yield from 3.50% to 4.05% according to maturity.
The bonds are stated to be legal investment for savings banks and trust
banks and trust funds in New York, Massachusetts and Connecticutt. A
complete list of the bids submitted for the issues:
Rate Bid.
Int. Rate.
Bidder100.138
M.M.Freeman & Co., Inc.. N.Y.(purchasers)_---4.15
L.Allen & Co.,Jointly
4.20%100.3515
Rutter & Co.,and
100.309
Estabrook & Co
4.20%
100.119
Manufacturers & Traders Trust Co., Buffalo
4.20%
100.099
4.20%
National City Co
100.051
Sherwood & Merrifield, Inc
4.20%
100.269
Roosevelt Sr Son,& George B. Gibbons & Co.jointly 4.25%
100.239
Marine Trust Co., Buffalo
4.25%
100.229
Bankers Trust Co.,& Harris, Forbes & Co., jointly.4,25%
H. M. Byllesby & Co.. Morris Mather & Co., and
100.2139
Hoffman & Co., jointly
4.25%
100.07
4.25%
Dewey, Bacon & Co
Financial Statement of the City of Utica, N. Y.. as of April 30 1930.
Debt
Bonded
$11,331,338.20
Bonded debt, exclusive of this issue of bonds
1,221,054.23
Sinking funds
Net bonded debt
Assessed Valuation
Assessed valuation of real estate, less exemption
Assessed valuation of special franchises
Assessed valuation of personal property
$10,110,283.97
$133,042,618.00
4,255,030.00
121,500.00
3137,419,148.00
Assessed valuation of property assessable for schools and
306,800.00
highways
$137,725,948.00
18,500,955.00
Valuation of property exempt from taxation
$156,226,903.00
Total valuation of all property
None
Water debt
74,419
Population, Federal census. 1910
94,156
Population, Federal census, 1920
102.633
Population, Federal census, 1930
City of Utica incorporated in 1832. Bonds are a general obligation of City.
UTICA, Oneida County, N. Y.-2500,000 CERTIFICATES OF
-William S. Pugh, City Comptroller, on May
INDEBTEDNESS SOLD.
Guaranty
13 sold an issue of $500,000 certificates of indebtedness to the
Co. of New York, at 3.13% interest, wnich is said to be the lowest rate the
on
The
city has had to pay to obtain funds. the certificates are payable
lowest rate at which the city
Sept. 15 1930. Prior to the current sale
has borrowed money was 3.70%.
-BOND OFFERING.
VALLEY STREAM, Nassau County, N. y.
Ernest W. Pupke. Village Clerk, will receive sealed bids until 8 P. al.
to
(daylight saving time) on May 26. for the purchase of $261,000 not
Dated
exceed 5% interest coupon or registered public improvement bonds. from
as follows: $20,000
June 1 1930. Denom. $1,000. Due on June 1incl., $12,000 in 1942 and
to 1941,
1931 to 1935. incl., $10,000 from 1936 incl. Rate of interest to be stated
1943. and $11,000 from 1944 to 1950.
interest
in a multiple of g or 1-10th of 1%. Principal and semi-annual Stream.
(June and December) payable at tne Bank of Valley Stream, Valley
Village, must
A certified check for $5.000. Para-di( to the order of the
Vandeaccompany each proposal. Appgovinis opinion of Clay, Dillon &
water of New York City, will be furnished to toe successful bidder.
DISTRICT (P. 0. Tupelo)
VERONA CONSOLIDATED SCHOOL
-The $20,000 issue of school bonds
-BOND SALE.
Lee County, Miss.
-was purchased by the Meridian
offered for sale on May 5-V. 130, P.3040
Finance Corp., of Meridian. as 6s. paying a premium of $300, equal to
101.50.
[VOL. 130.
VILLE PLATTE, Evangeline Parish, La.
-BOND SALE.
-The $26.000 issue of 6% annual ad valorem bonds that was offered on April 26V. 130, p. 2277
-was not sold on that date as all the bids received were
rejected, but were later purchased by Mr. Charles F. Boagni, of Opelousas,
Ming a premium of $278.20, equal to 101.07. a basis of about 5.85%.
Dated Dec. 1 1929. Due from Dec. 1 1930 to 1949 inclusive.
WAKEFIELD SCHOOL DISTRICT (P.O. Wakefield) Dixon County
Neb.-BOND OFFERING.
-Sealed bids will be received by M.F. Ekeroth,
Secretary of the Board of Education, until 4 p. m. on May 29, for the Purchase of a $70,000 issue of 4X or 4X% semi-annual school bonds. Dated
Jan. 2 1930. A certified check for 5% is required.
WARRENSVILLE HEIGHTS (P. 0. Warrensville, R. F. D.), Cuyahoga County, Ohio.
-BOND OFFERING.
-W. E. Knowles. Village
Clerk, will receive sealed bids until 12 m. on June 9 for the purchase of
$135,800 5)4% special assessment street improvement bonds. Dated
June 15 1930. One bond for $1,800, all others for $1.000. Due on Oct. 1
as follows: $13,800 in 1931. $14,000 in 1932. $13,000 in 1933, $14,000 in
1934, 813,000 in 1935, 314,000 in 1936 and 1937, $13,000 in 1938, $14,000
in 1939 and $13,000 in 1940. Principal and semi-annual interest (April
and October) payable at the Cleveland Trust
leveland. Bids for
the bonds to bear interest at a rate other than 5X %
Co.,'will also be considered:
provided, however, that where a fractional rate is bid such fraction shall be
X of 1% or a multiple thereof. A certified check for 5% of the amount
of bonds bid for, payable to the order of the Village Treasurer, must accompany each proposal.
WASHINGTON INDEPENDENT SCHOOL DISTRICT (P. 0.
Washington) Washington County, Iowa.
-BOND SALE.
-An issue
of $116,000 school refunding bonds is reported to have been recently purchased by Geo. M. Bechtel & Co., of Davenport.
WASHINGTON SUBURBAN SANITARY DISTRICT, Md.-BOND
OFFERING.
-T. Howard Duckett, Chairman of Suburban Sanitary Commission, will receive sealed bids at his office, 804 Tower Bldg., 14th and K
Streets N. W., Washington, D.C., until 3 p. m. on June 4 for the purchase
of $300,000 434% series V water bonds. Dated June 1 1930. Due in
50 years; optional in 30 years. A certified check for $3,000 must accompany each proposal. The offering notice says: "These bonds 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 Counties by endorsement on each bond." The approving
opinion of Massllch & Mitchell of New York will be furnished.
-BOND SALE.
-The
WATERTOWN, Middlesex County, Mass.
$70,000 4% coupon James Russell Lowell. School addition bonds offered on
May 20-V. 130, P. 3588
-were awarded to Harris, Forbes & Co., of
Boston, at 100.88, a basis of about 3.83%. The bonds are dated May 1
1930 and mature on May 1 as follows: $5,000 from 1931 to 1940 incl.,
and $4,000 from 1941 to 1945 incl. Bids for the bonds were as follows:
Rate Bid.
Bidder100.88
Harris, Forbes & Co. (purchasers)
F. S. Moseley & Co.
100.718
100.38
Stone & Webster and Blodget, Inc
E. H. Rollins & Sons
100.411
100.553
Estabrook & Co
100.54
Union Market National Bank
100.29
R. L. Day & Co
100.47
Eldredge & Co
-Sealed
-BONDS OFFERED.
WATONGA, Blaine County, Okla.
bids were received by Gayle Thomas, City Clerk, until 2 p. m. on May 21
for the purchase of a $40,000 issue of city hall and auditorium bonds. Due
$2,000 from 1933 to 1952 incl. The lowest rate of interest bid determines
the award of these bonds.
-We
WAUPACA COUNTY (P. 0. Waupaca), Wis.-BOND SALE.
are informed that a $250,000 issue of 4X % highway bonds has recently
been purchased by the First Union Trust & Savings Bank of Chicago.
at a price of 102.13, a basis of about 43.2%. Dated May 1 1930. Due on
May 1, as follows: $96,000. 1939 and 1940 and $58,000 in 1941.
-ADDITIONAL INWAYNE COUNTY (P. 0. Detroit), Mich.
FORMATION.
-In connection with the report of the award on May 6
of $740,000 Road Assessment District No. 14 bonds to the Guardian Detroit Co., of Detroit, and Stranahan, Harris & Oatis, Inc., of Toledo,
Jointly, at par plus a premium of $962, equal to 100.131-V. 130, p.3411
we learn that the successful bidders took $333,000 district portion bonds as
434s, $274,000 county portion bonds as 434s, and $133,000 township
portion bonds as 4348. A group composed of the First Detroit Co., of
Detroit,Braun,Bosworth & Co., of Toledo, and Watling, Lerchen & Hayes
of Detroit, the only other bidders, offered 100.048 for $333,000 dsitrict
Portion bonds as 4345, $274.000 county portion bonds as 4345, and $133,000
township portion bonds as 414s•
WELD COUNTY SCHOOL DISTRICT NO. 46 (P. 0. Carr), Colo.
BOND SALE.
-We are informed that a $15,000 issue of 43.j% semi-annual
school building bonds has been purchased at par by Henry 1Vilcox & Sons,
of Denver. Due $1,500 from 1931 to 1940 inclusive. (These bonds were
voted at an election held on May 5.)
-TEMPORARY LOAN.
WELLESLEY, Norfolk County, Mass.
Faxon Gade & Co., of Boston, recently purchased a $100,000 temporary
loan at 2.92% discount. The loan is dated May 19 1930 and is payable
on Dec. 17 1930. Bids received were as follows:
Discount.
Bidder
2.92
Faxon, Gade & Co (purchasers)
2.93
Wellesley National Bank
2.95
First National Old Colony Corp
2.97
Wellesley Trust Co
2.98
F. S. Moseley & Co
3.00%
Corp., Plus $11
Shawmut
-TEMPORARY LOAN.
WEYMOUTH, Norfolk County, Mass.
The First National Old Colony Corp., of Boston, recently purchased a
$100,000 temporary loan at 3.01% discount, plus a premium of $1.75. The
loan is due on Dec. 18 1930. Bids for the loan were as follows:
Discount.
Bidder3.01%
First National Old Colony Corp, Phis 31.75(purchaser)
3.02
Faxon, Gade & Co
3.03
F. S. Moseley & Co
304
Hingham Trust Co
3.06
Salomon Bros. & Hutzler, plus $1
Day Trust Co
Second National Bank, of Boston
WHITMAN COUNTY SCHOOL DISTRICT NO. 211 (P. 0. Colfax),
-The $60,000 issue of school bonds offered for
Wash.
-BOND SALE.
-was purchased by the State Finance
sale on May 17-V. 130, p. 3411
Committee, as 55, at par.
WICHITA SCHOOL DISTRICT (P.0.W ichita), Sedgwick County
Kan.
-The $450.000 issue of 434% school bonds offered
-BOND SALE.
-was jointly purchased by Halsey,
for sale on May 21-V. 130. P. 3588
Stuart & Co.. of Chicago, and the Guarantee Title & Trust Co.,of Wichita.
at a price of 99.36, a basis of about 4.35%. Dated May 1 1930. Due $30.
000 from August 1 1931 to 1945, incl.
WILDWOOD CREST (P. 0. Wildwood), Cape May County, N. J.
BONDS RE
-The $72,000 coupon or registered improvement
-OFFERED.
bonds offered on May 5 to bear 534% interest for which no bids were received-V. 130. p. 3411-are being re-offered for sale to carry a 6% coupon
rate. Sealed bids addressed to Harry L. Nickerson, Borough Clerk, will
be received until 8 p. m.(daylight saving time) on June 2. The bonds are
dated May 1 1930. Denom. $1,000. Due on May 1 as follows: $4,000
from 1931 to 1943 Incl. and $5.000 from 1944 to 1947 incl. Principal and
semi-annual interest(May and November) payable in gold at the Wildwood
Title & Trust Co., Wildwood. No more bonds are to be awarded than will
produce a premium of $1,000 over $72,000. A certified check for 2%
of the amount of bonds bid for, payable to Edwin G. Middleton, Borough
Collector, must accompany each proposal. The approving opinion of
Caldwell & Raymond of New York will be furnished to the successful bidder.
WILLISTON SCHOOL DISTRICT (P. 0. Williston), Williams
-The $20%000 issue of
County, No. Dak.-ADDITIONAL DETAILS.
5% coupon school bonds that was purchased by the State of North Dakota
-V. 130. p. 3041-was awarded at par. Denom. $1,000. Dated May 1
1930. Interest payable on Jan. and July 1.
-TABULATION OF
WILMINGTON, New Castle County, Del.
BIDS.
-The following is an official list of the bids submitted on May 12
3:11.
MAY
24 1930.]
3765
FINANCIAL CHRONICLE
for the purchase of the $1,500,000 434% coupon or registered sinking fund awarded to the Guardian Trust Co. of York, at par plus a premium of
bonds awarded to the group composed of Salomon Bros. & Hutzler, First $1,606.25, equal to 100.80, a basis of about 4.15%. The bonds are dated
National Bank. of New York, and Darby & Co., at 106.93, a basis of about April 1 1930 and mature $20,000 on April 1 from 1931 to 1940, incl.
4.11%-V. 130, P. 3589.
YOUNGSTOWN, Mahoning County, Ohio.
-The
-BOND SALE.
BidderAmount Bid. $467,581.80 special assessment street improvement bonds offered on
*Salomon Bros. & Hutzler, First National Bank of New York,
-were awarded as 43s to E. H. Rollins & Sons,of
May 21-V. 130, p.3589
Darby & Co
$1,603,950 Chicago, at par plus a premium of $206.20, equal to 100.04, a basis of
Chase Securities Corp., Barr Bros. Co., Inc., W. H. Newbold's
Son & Co
1,592,055 about 4.24%. The bonds are dated May 11 30 and mature on Oct. 1 as
Emanuel & Co., Int'l Manhattan Co., R. W.Pressprich & Co-- 1,590,000 follows: $93,516.36 from 1931 to 1935 inclusive.
Financial Statement.
First Detroit Co., Inc., First National Old Colony Corp., Stone
$386,635,850.00
& Webster and Blodget, Inc., Curtis & Sanger
1,589,685 Assessed valuation for taxation
Total bonded debt, including this issue
10,953,770.31
M. F. Schlater & Co., Inc., H. M. Byllesby & Co., Stephens &
4,295.959.31
Co., H.L. Allen & Co.,Seasongood & Mayer
1.589,085 Special assessment debt,include in the above
Wallace, Sanderson & Co., Otis & Co., L. F. Rothschild & Co-- 1,587,825 Water works debt included in the above
930,000.00
Sinking fund-applicable to the general debt
Bankers Co. of New York, Guaranty Co. of New York, E. H.
1,269,555.86
Rollins & Sons
1,587,165 Tax rate per $1,000.00
Water works bonds are payable from revenue from the water works dept.
Lehman Bros., Kean, Taylor & Co., Kountze Bros., C. F.
Childs & Co., Inc
1,576.185
ZANESVILLE, Muskingum County, Ohio.
-BOND SALE.
-The
Laird, Bissell & Meeds, the National City Co., Harris, Forbes
$36,622.84 special assessment improvement bonds offered on May 20„,
& Co
,
..., V. 130, p. 3411-were awarded as 435s to the BancOhio Securities Co.. of
Geo. B. Gibbons & Co., Inc., Dewey, Bacon & Co., R. L. Day 1,572,
Columbus, at par plus a premium of $28.80, equal to 100.07, a basis of
& Co., Roosevelt & Son
dated May 1 1930 and mature
.
about 4.49%. The bonds
Estabrook & Co., Bancamerica-Blair Corp., Hannahs, Bailin 1 570,731 follows: $7.000 from 1932are 1934 incl.; $8,000 in 1935, and on May 1 as
to
$7,622.84 in
& Lee
1,566,465 1936. Bids for the issue were as follows:
* Successful group.
Int. Rate. Premium.
,
BidderWOBURN, Middlesex County, Mass.
-LOAN OFFERED.
-William BancOhio Ohio Securities Co.(purchaser)
4
4 °
H. Weafer, City Treasurer, received sealed bids until 12 m. (daylight Braun, Bosworth & Co., Toledo
25.1..00
$2 80
4
4Lt
saving time) on May 20, for the purchase at discount of a $200.000 tern- Seasongood & Mayer, Cincinnati
185.00
porary loan. Dated May 26 1030. Denoms. $25,000. $10.000 and $5,000. Mitchell, Herrick & Co., Cleveland
170.00
Due $100,000 each on Nov. 21 and Dec. 10, both 1930. The notes will be Ryan, Sutherland & Co., Toledo
152.00
engraved under the supervision of the Old Colony Trust Co., Boston, Well, Roth & Irving Co., Cincinnati
79.00
0
Legal opinion by Storey, Thorndike, Palmer & Dodge, Boston.
WOONSOCKET, Providence County, R. I.
-NO BIDS FOR $450,000
BONDS.
-A. J. Follett, City Treasurer, states that no bids were received
on May 21 for the purchase of the $450,000
% coupon sewer bonds
offered for sale
-V. 130, p. 3411. The bonds are dated June 1 1930 and ' EDMONTON ROMAN CATHOLIC SEPARATE SCHOOL DISmature $10,000 on June 1 from 1934 to 1978 inclusive.
-The following is a list of the bids
-LIST OF BIDS.
The City Treasurer has been instructed to sell the bonds at private sale. , TRICT NO. 7, Alta.
received on May 9 fortheurchase of the $125,000 school bonds awarded
as 58 to the Royal Financial Corp. of Toronto, at 97.11, a basis of about
WORCESTER, Worcester County, Mass.
-TEMPORARY LOAN.
- 5.25%-V. 130, p. 3589.
Harold J. Tunlson, City Treasurer, on May 16 awarded an $800,000
Int.Rate.Ittae Bid.
temporary loan to Faxon,(lade & Co. of Boston, at 2.89% discount, plus
-534%
a premium of $20. The loan is dated May 19 1930 and is payable on Nov.' Bidder
971
Royal Financial Corp. (purchaser)
5
.
26 1930 at the Old Colony Trust Co., Boston, or at the Bankers Trust Co.,
99:0:3
94.05
New York City. Legality approved by Storey, Thorndike, Palmer & C. H. Burgess & Co
98.88
McLeod, Young, Weir & Co
92.00
Dodge of Boston. Bids for the loan were as follows:
93.40
---i Wood, Gundy & Co
Ls2aaer
Discount.
Faxon,(lade & Co., plus $20 (purchasers)
. .89
FORT WILLIAM, Ont.-BOND SALE.
-The Dominion Securities
2
1
Worcester County National Bank
L.91
Corp. of Toronto recently purchased $228,491 5% improvement bonds at
Salomon Bros. & Hutzler, plus $11
2.94
a price of 97.81, an interest cost basis of about 5.17%. The bonds mature
F. S. Moseley & Co., Plus $15
2.95
as follows: $31,500 on Oct. 1 in 1944; $38,863 on June 1 in 1945; $51.110
R. L. DaY & Co
2.99
on June 1 in 1949; $6,017 on June 1 in 1954, and $101.000 on April 1 in
Shawmut Corp
2.99
1959. The following bids were submitted for the bonds:
S. N. Bond & Co., plus $12
3.16
Rate Bid.
Rate Bid.
BidderBidderI
YANCEY COUNTY (P. 0. Burnsville), N. C.
-BOND OFFERING.
- *Dominion Securities Corp__ 97.81 McLeod, Young, Weir & Co_ 97.28
Sealed bids will be received by Pearle L. Buskins, Clerk of the Board of ' A. E. Ames & Co
96.86
97.71 Wood. Gundy & Co
County Commissioners, until 10 a.m. on May 31, for the purchase of a J. L. Graham & Co
96.68
Bell, Gouinlock & Co
$30,000 issue of 5% hospital bonds. Denom. $1,000. Dated May 1 1930. Dyment, Anderson & Co_ _ _ _ 97.535 Gairdner & Co
96.081
Due on May 1 as follows: $1,000, 1933 to 1946, and $2,000, 1947 to 1954. C. H. Burgess & Co
97.321
all incl. Prin. and semi-annual int. payable at the Chase National Bank
*Awarded bonds.
in New York City. The offering notice states as follows: "Said bonds are
HARWICH TOWNSHIP, Kent County, Ont.-BOND SALE.
Issued under and pursuant to an election and ether proceedings, and pursuant
to Section 7.264 of the Consolidated Statutes of North Carolina, as amended Gardner & Co. of Toronto, recently purchased an issue of $44,975 6%
Improvement bonds at 102.632, a basis of about 5.44%. The bonds are
by Chaper 244 of the 1923 Public Laws of North Carolina, and are payable
from an ad valorem tax of 3Mc. on the $100 valuation on all taxable payable in 10 equal annual installments. Bids received were as follows:
Rate Bid.
property of Yancey County, which for the year 1929 was $7.889,793."
102.632
liner & Co. (purchasers)
A certified check for 2% par of the bonds bid for, payable to the CountY Gal:
101.77
O. H. Burgess & Co
Treasurer, is required.
101.66
Harris, McKeon & Co
YORK, York County, Pa.
-BOND SALE.
101.62
-The $200,000 4% Bell, Gouinlock & Co
coupon improvement bonds offered on May 16-V. 130, p. 3233
100.92
-were Wood, Gundy & Co
CANADA,its Provinces and Municipalities.
NEW LOANS
NOTICE OF WATER BOND ISSUE
AND SALE
BY THE
FINANCIAL
NOTICE OF REDEMPTION.
Chartered 1836
NOTICE OF REDEMPTION.
HIGHWAY BONDS.
STATE OF DELAWARE.
Town of Mountainair
TORRANCE COUNTY,
NEW MEXICO.
PUBLIC NOTICE IS HEREBY GIVEN
that the Beard of Trustees of the Town of Mountainair, in the County of Torrance and State of
New Mexico, intends to issue, negotiate and sell
the negotiable coupon water bonds of said town
in the amount of $38,000.00. for the purpose of
securing funds for the construction of a system
for supplying water for the said Town of Mountatnair, and for necessary appurtenances in con,
nection therewith, said bonds to bear date
June 11930.
Said bonds will be payable serially, 62.000.00
on June lst in the years 1932 to 1950, inclusive.
Said bonds will bear interest at a rate not exceeding six per centum per annum, payable semiannually, on the first days of December and
June in each year, and consist of thirty-eight
bonds in the denomination of $1,000.00 each,
numbered consecutively from 1 to 38, inclusive;
said bonds, principal and interest, being payable
at the banking house of Kountze Brothers, in the
City of New York, U. S. A.
Sealed bids shall be sent to the Clerk of the said
town, at Mountainair, New Mexico, on or before
the 2nd day of June, A. D. 1930, at the hour of
8:00 o'clock P.M., at which time any bids for
said bonds will be publicly opened. Bidders
are requested to submit bids specifying (a) the
lowest rate of Interest and premium, if any,
above par, at which such bidder will purchase
said bonds; or (b) the lowest rate of interest at
which the bidder will purchase said bonds at par.
Each bid is to be accompanied by an unconditional certified check for five per cent, of the
amount bid for said bond issue, the amount
thereof to be retained by the town as liquidated
damages in case the successful bidder shall fail or
neglect to complete the purchase of said bonds
within thirty days following the acceptance of
his bld.
The bonds will be sold for cash to the highest Broad & Chestnut Sta., Philadelphia
and best bidder, in no case for less than par and
accrued interest to date of delivery. The said
MINING ENGINEERS
board reserves the right to reject any and all
bids offered.
The approving opinion ef Pershing, Nye,
Tallmadge & Bosworth, attorneys of Denver,
Mining Engineers and Geologists
Colorado, will be furnished with the bonds.
THE TOWN OF MOUNTAINAIR,
NEW MEXICO.
COAL AND MINERAL PROPERTIES
By P. E. LAWSON.
Attest:
Examined, Managed, Appraised
Mayor.
ELMER E. SHAW.
PHILADELPHIA
Drexel Building
Town Clerk.
Institutions Desiring
Philadelphia Connections
NOTICE IS HEREBY GIVEN THAT pursuant to the provisions of Chapter 63, Volume 29.
Laws of Delaware, under authority of which the
above bonds were issued, the State of Delaware
nas elected to pay off and redeem on JULY 1.
1930. $700,000.00 of the outstanding Issues of
43i per cent Highway Bonds in the hands of tne
public at one hundred and five per centum of the
principal debt,together with July 1, 1930 coupon.
Payment of said redemption price will be made
at the Farmers Bank of The State of Delaware,
Dover, Delaware. upon presentation and surrender thereof of all bonds elected to be redeemed
with all unmatured coupons attached.
The following are the bonds that have been
called for redemption on July 1, 1930.
are invited to avail themselves
of the Banking, Trust, Real
Estate and other facilities of
this Company, which is now
serving many clients in other
cities.
The continued steady growth
of this Company, without consolidation, since its establishment under perpetual charter
in 1836, is evidence of the
-atisfactory service rendered.
STATE HIGHWAY LOAN OF 1922,
-due January 1. 1962dated January 1, 1922
4 %
.
All of $1,000.00 denomination.
Numbers 1 to 700, inclusive.
INTEREST WILL CEASE TO ACCRUEfrom
and after July 1, 1930 on all of the above described bonds, which nave been called for redemption.
HOWARD M. WARD,
Sinking Fund Commissioner
of the State of Delaware.
GIRARD
TRUST COMPANY
Adrian H. Muller & Son
AUCTIONEERS
Established 1938
19 Liberty Street
NEW YORK
H. M. CHANCE & CO.
Stock & Bond Auctioneers
Sales Every Wednesday
3766
FINANCIAL CHRONICLE
LETHBRIDGE, Atla.—BOND SALE.—The Bank of Montreal
recently purchased an issue of $75,000
% bonds at a price of 102.37,
a basis of about 5.32%. The bonds mature $5.000 on July 1 in 1940 and
370.000 on July 1 in 1955. Bids submitted were as follows*
Bidder—
Rate Bid.
Bank of Montreal (purchaser)
102.37
G.F. Tull & Ardern
99.54
Wood, Gundy & Co
98.675
O.H. Burgess St Co
98.00
MONT JOLI, Que.—BOND SALE.—The $450,000 improvement bonds
offered on May 5—V. 130. p. 3233—were awarded to Corporation de
Prets de Quebec, and Duke Leblond, Jointly, as 53.45, at 95.10, a basis of
about 6.56%_. The bonds mature serially in from 1 to 10 years and are
payable at Mont Joli, Montreal and Quebec. Bids were as follows:
Bidder—
Rate Bid.
Corporation de Preis de Quebec and Duke Leblond,jointly
95.10
J. E. LaFiamme
95.05
General Bond Corp. and Credit Anglo Francais, Jointly
94.02
NORTH BAY, Ont.—BOND OFFERING.—W. N. Snyder, City Clerk,
Clerk, will receive sealed bids until 12 m. on May 30 for the purchase of
$292,950 5% waterworks bonds and $36.000 5% paving and bridge bonds.
both issues aggregating $328,950. Delivery and all payments to be made
In North Bay funds at the Royal Bank of Canada, North Bay.
ONTARIO, Province of (P. 0. Toronto).
-330,000.000 434% BONDS
AWARDED.—The $30,000,000 434 4 coupon, registerable as to principal
provincial bonds offered on May 21—'V. 130, p. 3589—of which $22,000,000
Is for new capital expenditures and $8.000,000 for refunding Purposes.
were awarded to a syndicate composed of the First National Bank, Bank
of Montreal, Kountze Bros., the First National Old Colony Corp., Stone &
Webster and Blodget, Inc., all of New York; the Union Trust Co., of Pittsburgh; First Detroit Co., Inc. Salomon Bros. & Hutzler, R. W. Pressprich & Co., all of New York: the Northern Trust Co.,of Chicago; McLeod,
'
Young, Weir & Co., W. H. Kerwin & Co.. Bell, Gouinlock & Co., Fry.
Mills, Spence & Co., Bank of Nova Scotia, the Dominion Bank, and
Matthews & Co., all of Toronto, also Hanson Bros., of Montreal. The
price paid was 94.41, a basis of about 4.919'. The bonds are dated May 15
1930 and mature on May 15 as follows' $299,000. 1931; $312,000. 1932;
$326,000, 1933; $341,000, 1934; 8356,000, 1935: 8372.000, 1936; $389,000,
1937; 8406.000, 1938; $424,000. 1939: 8443.000. 1940; $463.000. 1941:
3484,000. 1942; 8506,000, 1943; $529,000, 1944: 8552.000, 1945; $578,000,
1946; 8604.000, 1947: 8630,000. 1948; $659,000. 1949: $688,000. 1950;
8720.000. 1951; 8752.000, 1952: $786,000. 1953: $822,000, 1954; $858,000.
1955; $897,000, 1956: $937,000, 1957: 3980.000, 1958: 81,023,000, 1959:
81,069,000, 1960; 81,118,000, 1961; 81.167,000. 1962: $1.221,000, 1963;
$1,276,000, 1964: $1.332,000, 1965: 81,392.000, 1966; $1,002.000, 1967;
11,048.000, 1968; 81,095,000, 1969, and $1,144,000 in 1970.
QUEBEC, Que.—LIST OF' BIDS.—The following is a complete list of
the bids received on May 13 for the purchase of the $3,333.000 59' coupon,
registerable as to principal improvement bonds awarded to the group
headed by the Dominion Securities Corp., of Toronto, at 100.5189, a
basis of about 4.97%—V. 130, P. 3589.
—Rates Bid—
Bidder—
a
Dominion Securities Corp.; Bank of Montreal; A. E.
Ames & Co., and Banque Canadienne Nationale,
Jointly
100.5189 99.657
Bancamerica-Blair Corp.: Kountze Bros.; Hanson Bros.;
It. A. Daly St Co., and Bank of Nova Scotia. jointly 100.50
National City Co.; liarris, Forbes & Co., and Guaranty
Co. of New York, jointly
100.1837
McLead, Young, Weir & Co.; Fry, Mills, Spence Sc Co.;
Bell, Gouinlock & Co., and Canadian Bank of
Commerce
99.9228
Greenshields & Co.; Hannoford, Birks & Co.; Societe
de Placement du Canada; E. H. Rawlings & Co.,
and Mead & Co
99.57
99.84
Wood, Gundy & Co.; Nesbitt, Thomson St Co., and
Royal Bank of Canada
99.48
99.78
a Payable in Canadian or American funds. b Payable in Canadian funds.
ST. GEORGE DE BEAUCE, Que.—BOND OFFERING.—Sealed bids
addressed to G. Paquet, Sec.-Treas., will be received until May 26, for the
purchase of 810,000 59' improvement bonds. Due serially in 20 Years and
payable at St. George De Beauce.
SYNDICATE REOFFERS BONDS.—The successful bidders are reoffering the bonds for public investment at prices to yield from 4.15% for
the 1931 maturity to 4.80% for the 1970 maturity. The securities are
stated to be legal investment for savings banks and trust funds in Connecticut, New Hampshire and Vermont. Principal and semi-annual interest payable at the option of the holder either in New York City,Canada
or London, England. Legality of bonds to be approved by Long & Daly,
of Toronto.
SASKATCHEWAN SCHOOL DISTRICTS, Sask.—BONDS REPORTED SOLD AND AUTHORIZED.—According to the May 19 issue
FINANCIAL
[Vol,. 130.
of the "Monetary Times" of Toronto the Local Government Board from
April 26 to May 3 reported the sale and authorization of the following bond
issues:
BONDS SOLD.—School Districts: Baber, $5.500 6347 10
-years to
0.
G. Moorhouse & Co.; Bognor, $3,600
-years to Houston, Wil%, 15
loughby St Co.; Cresco, $1,200 6%, 10
-years, locally; Wild Bear, $2,500
7%, 15
-years to Houston, Willoughby & Co.
BONDS AUTHORIZED.—School Districts: Aysgarth. $7,500. not
exceeding
%,15
-years; Insigner, $7,000 not exceeding 73.4 %. 15
-years;
Battrum. $3,700, not exceeding 7%, 15
-years; Forest Grove. $5,000 not
exceeding 7%, 15
-years; Gratan, R.C.S., $45,000 534% 25
. -years; Little
Touchwood, $1,200 not exceeding 7%, 10
-installments; /%Iinto. $6,000 not
exceeding 7%, 20
-years; Moffat, $4,500 not exceeding 7%, 15
-years;
Pennock, $3,000 not exceeding 63.4%. 15
-Years.
Rural Telephones: Scott, 33,000 not exceeding 7%, 10
-years; Pontiex,
$700 not exceeding 7%,7
-years.
Village of Dubuc, $1,000 not exceeding 7%, 10
-years.
THREE RIVERS, Que.—BOND SALE.—The following issues of
various improvement bonds, aggregating $2,377,600 offered on May 19—
V. 130, p. 3590—ware awarded as 534s to McLeod, Young, Weir & Co.,
and Fry. Mills, Spence & Co., both of Toronto, jointly at 98.60, a basis of
about 5.63%:
31,839.500 bonds issued by virtue of by-laws Nos. 57, 58. 59, 60, 61, 62
and 63. Dated May 1 1928. Due in 49 annual instalments.
225,000 bonds issued by virtue of by-law No. 69. Dated Nov. 11929.
Due in 20 annual instalments.
132,400 bonds issued by virtue of by-laws Nos. 64a, 66 and 68. Dated
Nov. 1 1929. Due in 30 annual instalments.
100,000 bonds issued by virtue of by-law No. 70. Dated Nov. 1 1929.
Due in 40 annual instalments.
45,000 bonds issued by virtue of by-law No. 64. Dated Nov. 1 1928.
Due in 30 annual instalments.
35.700 bonds issued by virtue of by-law No. 65. Dated May 1 1929.
Due in 30 annual instalments.
TORONTO, Ont.—FINANCIAL STATEMENT.—In connection with
the report of the award on May 14 of various issues of 5% improvement
bonds, aggregating $13.396.000 to a syndicate headed by the National City
Co. of New York. at 100.2149. a basis of about 4.96%—V. 130, p. 3590—
we are in receipt of the following statement:
Funded Debt ApriI30 1930(Including Present Debenture Issue).
Gross Funded Debt—
Sinking fund bonds
$53,816,090
(Sinking fund accumulation, 821,185,712)
129,394.046
Installment bonds
$183,210,136
Deduct—
(1) Specially rated and revenue-producing debts as follows:
$36,807,900
Toronto transportation system
27,580,139
Toronto hydro-electric system
20.599,932
Waterworks
15,343,886
Local improvements (ratepayers share)
City-owned Radial Rys. (under T.T.C.
2,422,631
operation)
3,335,014
Canadian National Exhibition
1,848,190
Royal Agricultural Winter Fair buildings
594,000
Housing
304,000
Abattoir
151,000
Island Ferries (under T.T.C. operation)
$108,987,292
11,018.178
Less; Sinking funds on these debts
$97,969,114
21,18.,,712
(2) Sinking fund
119.154,826
Net general debt
$64,055,310
The City has fixed assets in general lands and buildings in excess of this
debt,in addition to the taxing power on an assessment of $1,012,000,000.
Assessment, &c.
Assessed value of Rateable property (1930)—
$1,012,000,000
For school purposes
941,283,372
For general purposes
Assessed value of rateable property (1929)—
967,371,437
For school purposes
896,977,126
For general purposes
134,579,337
Exemptions not included in 1930 figures
206,246,000
Capital assets, as at Dec. 31 1929
28,933,595
ReV011 e* um taxation for 1929
4,530,010
Revenue other than taxation, 1929
606.370
Population, 1929
25,961 acres
Area of city
31.8 mills
Tax rate for 1930
FINANCIAL
FINANCIAL
MICHIGAN
PHILADELPHIA
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Members of Detroit Stock Exchange
Charles A. Parcells & Co.
INVESTMENT SECURITIES
PENOBSCOT BUILDING, DETROIT, MICH.
WHITTLESEY.
MCLEAN &Ca
INVESTMENT BONDS
LISTED STOCKS
PENOBSCOT BUILDING. DETROIT
HARRIS, SMALL & CO.
150 CONGRESS ST., W.
DETROIT
Joel Stockard & Co., Inc.
Investment Securities
Penobscot Bldg.
Main Office
DETROIT
Branch Offices:
Dearborn
Jackson
Kalamazoo
Members Detroit Stock Exchange
Directory Of Stock
and Bond Houses
"Security Dealers of North America"
Published semi-annually
E.W.Clark40,
BANKERS
Locust and Sixteenth Streets
Philadelphia
A 1040 Page Book containing over
Established 1837
11,000 listings arranged alphabetically
and geographically with full details
Members New York and Philadelphia
as:
Street Address.
Stock Exchanges
Officers or Partners.
Department Heads.
Branches maintained with
street address and name of
resident managers.
Character of business and
1420 Walnut St.,
120 Broadway
class of securities handled.
PHILADELPHIA
NEW YORK
Stock Exchange memberships
held.
Investment Securities
Correspondents.
Private wire connections.
Local & Long Distance Telephone Numbers.
PAUL & CO., Inc.
Price $6
HERBERT D. SEIBERT & CO.
Incorporated
Publishers
St., near Wall New York City
126 Pront
Telephone—John 4857
WARREN A. TYSON & CO.
Investment Securities
1518 Walnut Street
PHILADELPHIA
@FedFRASER