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Dflflnrrrtal lirtintrit)
VOL. 130.
SATURDAY, MAY 3 1930.
finantial Chronicle
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The Financial Situation.
The world-wide monetary congestion, which is the
feature *of the times, found expression anew the
present week in a further reduction of the discount
rates of the Bank of England and the Bank of
France, and also in another cut in the rediscount
rate of the Federal Reserve Bank of New York. The
Bank of England on Thursday reduced its rate from
31 2% to 3%, and the Bank of France on the same
/
day marked its rate down from 3% to 21 2%. Earlier
/
in the week the National Bank of Belgium reduced
its rate from 31 2% to 3%,and on Friday some other
/
central banks in Europe lowered their rates.
The above are unusually low rates, and reflect the
great ease which has developed at all the leading
financial centers of the world since the stock market
crash of last October-November, with the release of
the enormous volume of loanable funds which had
been drawn hither from all parts of the world, and
tied up therein. It also reflects, however, the trade
depression which is likewise common to virtually the
whole group of nations and a corresponding diminut ion in the need of banking accommodation for the
NO. 3384.
conduct of the ordinary mercantile and industrial
activities.
Outside the United States trade depression was
already a widely prevalent condition before the stock
market collapse in this country, and the cheapening
of money rates which followed so quickly thereafter
has not served to relieve this state of trade depression in the least, demonstrating that cheap money is
no panacea for such a state of things. In the United
States the trade depression had its origin in the
disillusioning of the fantastic hopes of never-ending
trade development which the unbridled speculation
in the stock market had occasioned; and here, likewise, growing ease in money has failed to furnish
relief, trade prostration having steadily grown in
intensity. In this last sense these further reductions in central bank rates can hardly be considered
a favorable development, being indicative rather of
the widening sweep and growing intensity of trade
depression in all parts of the globe. Doubtless there
was a distinct object in view in the general lowering of discount rates at this time, namely, to pave
the way for the floating of the first installment of
the German reparations loan by the Bank for International settlements.
In France the new rate of 2 % is the lowest since
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1
2
1898, a period of 32 years, the rate in that year having got down to 2%. In London the 3% rate is the
lowest since 1923, this rate having prevailed from
July 13 1922 to July 5 1923. Apparently the monetary world is drifting back to the state of extreme
ease which existed at the close of the last century,
when the Bank of England rate and that of the Bank
of France both ruled at 2% for a period of several
years.
The Federal Reserve Bank of New York, which has
a penchant for trailing behind the Bank of England,
has also seen fit to lower its rate to 3% from the
previous figure of 3I/ %. This action is to be re2
gretted, since in the end the step, if it has any influence at all, can have the effect only of stimulating
a revival of Stock Exchange speculation, though,
plainly enough, as the experience of the last two
weeks has shown, trade developments at the moment
are of such a nature as to militate strongly against
any general rise in stock prices.
Even as it is, with the stock market suffering a
bad slump the present week, following the severe
break of last week, brokers' loans this week show
further expansion on top of the continuous expansion of previous weeks. According to the Federal
Reserve statement, issued after the close of business
on Thursday, loans on securities to brokers and
dealers by the reporting member banks in New York
City register a further growth of $57,000,000 for the
week ending Wednesday night, following $92,000,000
increase the previous week,$131,000,000 increase the
3044
FINANCIAL CHRONICLE
week before, and no less than $505,000,000 increase
in the six weeks preceding, making a total expansion of $785,000,000 during the last nine weeks. In
the case of the Stock Exchange's own figures, which
are more comprehensive, and which were made public last night, the expansion is found to have been
even more striking. It will be recalled that the New
York Federal Reserve Bank on March 14 lowered its
/
rate from 4% to 31 2%, and that immediately a new
upward spurt in price on the Stock Exchange was
inaugurated. The Stock Exchange compilation now
shows an increase in borrowing by Stock Exchange
members during April of $406,829,020, following
$488,713,987 increase in March and $182,820,287 increase in February, making the addition since Jan.
31 $1,078,363,294, and raising the total of such borrowing from $3,984,768,065 to $5,063,131,359. In the
vernacular of the street, this is certainly "going it
some." And if this is the result with the Federal
/% what may we not expect with
Reserve rate at 31 2
the rate down to 3% when conditions are once more
right for member bank borrowing?
It is a most unfortunate feature that our Federal
Reserve Banks, contrary to the custom abroad, make
it a practice to keep their rediscount rates below
the market rates for money, thereby inviting and
encouraging borrowing at the Federal Reserve institutions, whereas the reverse ought to be the case,
and borrowing at the Reserve Banks, which dispense
super credit, that is, credit superimposed on the
ordinary banking credit of the member banks, should
always be discouraged except in aid of legitimate
trade. At present there is a superabundance of loanable funds, and trade is in no need of extra funds.
This is plainly shown by the fact that member bank
borrowing at the 12 Federal Reserve Banks, even
after some increase the past week, stands at only
$233,452,000 as against $985,829,000 in the corresponding week last year, being a contraction within
the last 12 months of over $752,000,000.
With the discount rate of the New York Federal
Reserve Banks down to 3%, borrowing from them
is profitable on the basis of all , classes of loans.
Accordingly, it may be depended on that borrowing
will be resorted to whenever the banks once more
find it possible to dispose of additional funds.
At present the member banks find no means of
placing additional funds, and hence have no occasion
to avail of the facilities of the Reserve institutions,
even after putting out greatly increased amounts in
brokers' loans. This being so, they refrain from
going into debt, even with the Federal Reserve
rate so attractive as at present. On that point
it is worth noting that the Federal Reserve Bank
of New York shows the present week discount
holdings (which reflect member bank borrowing) of
only $41,270,000, as against $247,582,000 at the corresponding date last year. Yet the fact remains that
with the rediscount rate down to 3%, borrowing is
made profitable in the case of all classes of loans and
that fact is sure to tell in the end. Even the call
loan rate on the Stock Exchange, though low, until
yesterday kept unchanged all the week at 4%, which
is 1% above the Reserve rate, though yesterday there
was a temporary drop to 3%. In like manner,90-day
time loans on Stock Exchange collateral have ruled
for some time at 3%@4%; and prime commercial
/
paper also sells on the basis of 334@4%.
perhaps the best criterion of all is the rate the
But
banks charge their customers on commercial loans.
[Var.. 180.
The "Monthly Review" of the Federal Reserve Bank
of New York, just to hand for May 1, shows that the
average rate charged customers by the leading banks
during April was 4.61%. Thus, in any of these
ways inducement exists for availing of the extra
facilities of the Reserve Banks if an outlet could
be found for the new funds.
However, as we have BO frequently pointed out in
these columns, the Reserve Banks do wait for the
member banks to put Reserve credit afloat, with all
the inflationary tendencies thereby set in motion.
If the member banks will not borrow at the Reserve
institutions, because they have no need of so doing
and can find no way of employing additional funds,
the Reserve authorities put Reserve credit afloat
through their open market operations in the purchase
of United States Government securities and in the
purchase, also, of bankers' acceptances in the outside
market. Without again enlarging on that point,
after having set out the facts on so many occasions
in the past, we will only say here that in their return
the present week the Reserve Banks show holdings
of United States Government securities to an aggregate of $529,509,000 as against only $150,730,000 on
May 1 of last year.
The state of trade at the present moment commands attention above everything else, even changes
in rediscount rates being subordinate in that respect.
As u. matter of fact, the reductions in central bank
rates here and abroad have a decidedly unfavorable
aspect in that they show that the demand for mercantile accommodation is so small as to make such
extremely low rates possible. At all events, the
developments regarding the trade situation continue
discouraging. This week we have had the income
statement of the United States Steel Corp. for the
March quarter and it shows at once the exceptional
strength of this well managed property, which
enables it to make a satisfactory exhibit in bad
times and good times alike, while, at the same time,
making it plain that even a concern of such superlative strength is not exempt in its results from the
influence of declining trade. In the first quarter
of 1930 the Steel'Corp. had net income, after interest,
depreciation and other charges, including Federal
taxes, of $35,777,807, equivalent, after allowing for
dividend required on the preferred stock, to $3.44
a share on 8,560,876 common shares, ZS against $42,.
185,447 net income in the first quarter of 1929,equal
then to $5.04 a share on the 7,116,235 shares of common stock at that time outstanding. A special item
of $2,396,636 of income the present year served to
swell the 1930 net income to that extent, but even
with that item excluded the net income was equal
to $116 a share, which was at the rate of $12.64 per
share per year.
This result is the more noteworthy, as we are told
that prices averaged $1.45 per ton less than a year
ago as to domestic business, though on export business average prices showed an increase. At the
present time, it is stated, plants are operating at
about 80% of capacity, and present indications are
that this ratio will be fairly well maintained through
the second quarter. It was also stated that while
naturally it was impossible to estimate the results
for the third and fourth quarter, the general
indications were that there would be a satisfactory volume of business during the last half
of 1930.
MAY 3 1930.]
FINANCIAL CHRONICLE
3045
The Steel Corp., we may be sure, will make a good steel less, so much of the year's requirements having
showing for the 12 months in any event. Neverthe- been already taken, will not the steel trade the rest
less, current reports regarding the steel trade are of the year suffer a corresponding reduction? This
far less optimistic than they were earlier in the year. is on the assumption that other large systems have
The "Iron Age" tells us this week that price weak- pursued the same policy, and it would not be strange
ness in iron and steel has become more pronounced. if they had, being governed by a desire to meet PresiTotal steel ingot output shows no significant change, dent Hoover's wishes and prevent large scale idleit is stated, being at a 78% rate compared with 80% ness among the working classes.
a week ago, but buying is at extremely short range,
In any event, it is becoming plainer every day
mill schedules in most finished products are irreg- that the steel trade, which has been giving an unular and interrupted, and pressure for tonnage to usually good account of itself thus far, has been
sustain operations is increasing. Mixed tendencies out of line with the reduced activities in most other
continue, it is averred, as the outstanding charac- departments of trade. These returns of railroad
teristic of the situation, although demand is shifting, earnings, with the large losses in revenues disclosed,
and railroad demand is subsiding, while automotive tell plainly the story of shrinking in business which
requirements are creeping up and additional pipe has been going on through the whole range of indusline tonnage is being placed.
tries. And this shrinkage is still in process, as is
The statement as to railroad demand subsiding evidenced by the statistics which are coming to hand
may have a significance not generally appreciated. from day to day. For instance, loading of revenue
It is the railroad orders that have been the sus- freight on the railroads of the United States for the
taining feature during 1930 thus far, but railroad week ending April 19 totaled only 892,881 cars, which
income, especially net income, is now suffering con- was a reduction of 112,999 cars below the same week
traction in such a way as to make it imperative that in 1929,and was also a reduction of 52,408 cars
under
the railroads should cut down their outlays if they the same week in 1928. Nothing could be more conwould escape financial entanglements. We gave clusive as to the real course of business than comparisome illustrations of the falling off in railroad rev- sons like these. In addition, there have been the
enues in our remarks last week, to show the unfavor- present week other depressing influences. As one
able character of the returns for the month of March, instance, May wheat in Chicago on Thursday got
and this week we have had many more of the same down close to the dollar mark again, dropping to
kind. We can do no more than to enumerate just a 1003 though closing somewhat better yesterday, at
4,
few of the more prominent ones. The New York 101%, and the Chamber of Commerce of the
United
Central reports gross operating revenues for March States must be commended for having
registered
the present year of $40,858,594 against $48,614,428 vehement protest against the operations of the
Fedin March 1929, and operating net income of $4,- eral Farm Board in grain and in cotton.
At the
724,463 against $8,316,795; Baltimore & Ohio gross same time, sugar, where recent attempt has
been
of $17,805,405 against $20,253,323, and net of $2,- made to maintain an artificial price level, in
face of
764,755 against $4,182,984; Burlington & Quincy large unsold supplies, dropped on Friday to
the lowgross of $11,341,101 against $12,954,737, and net of est figures in history, July delivery selling
at L51.
12,555,104 against $3,752,165; Chicago & North Mention must also be made of the low market values
Western gross of $10,224,550 against $11,622,611, for silk, for rubber, and a number of other
comand net of $770,172 against $1,220,696; Atchison To- modities. In the case of copper, even marking
peka & Santa Fe gross of $18,029,300 against $20, down the price of the metal from 18c. to 14c.
has
238,402, and net of $634,817 against $4,028,447; At- failed to create any demand of consequence for the
lantic Coast Line gross of $7,504,235 against $8,- metal, and it is feared that a further reduction
in
364,996, and net of $1,881,318 against $2,566,209; price will have to be made to arouse the demand.
Louisville & Nashville gross of $9,486,524 against Evidently the process of recovery, after
the specu$11,002,940, and net of $522,808 against $1,108,975, lative excesses which culminated in the breakdow
n
and the Southern Ry. gross of $10,704,797 against on the Stock Exchange last autumn,
is going to be
$12,082,582, and net of $1,394,347 against $2,185,126. slow, if it may be said to have really
begun.
The biggest decline here in net is in the case of
the Atchison, and here some special circumstances
As to the character of the returns of the Federal
were operative which deserve mention, especially as Reserve Banks,it has already
been indicated further
they may have been operative in the case of other above that brokers' loans
have shown further expanroads,and, besides, appear to have wide implications. sion the present week.
The general expectation had
In a statement given out by W.B. Storey, President been that some contracti
on would appear, owing to
of the Atchison, it was pointed out that the increase the break in prices on the
Stock Exchange during
in expenditures in March and the first quarter of last week and again the
present week. Instead, we
the year, in face of lower gross revenues, is to be have a further increase in the
sum of $57,000,000,
ascribed to heavy maintenance outlays. Mr. Storey and this comes, as already
stated, after $92,000,000
said: "Our maintenance of way program is being increase the previous week,and $131,000,
000 increase
carried out above the usual rate this year. We have the week before, and $505,000,000
increase in the six
more than 50% of our steel for the year already laid, weeks preceding, making a total increase
for the last
which is much ahead of our progress in this respect a nine weeks of $785,000,000, and raising
the total
year ago."
of the loans by the reporting member banks in New
The statement that this large system has 50% of York City from $3,489,000,000 Feb. 26, to $4,274,its steel for the year 1930 already laid, it will readily 000,000 April 30. Loans for own account made by
be seen, may have wide implications, for it obviously the reporting member banks further increased durmeans that the takings of steel in the remaining ing the week from $1,568,000,000 to $1,695,000,000,
eight months of the year will for that reason be on but loaning under the two other categories declined,
a greatly reduced scale. And with the takings of the loans for account of out-of-town banks dropping
3046
FINANCIAL CHRONICLE
from $1,213,000,000 April 23 to $1,183,000,000,April
30, and the loans "for account of others" from $1,436,000,000 to $1,397,000,000.
The reports of the Federal Reserve Banks themselves this time show a slight increase in member
bank borrowings, the discount holdings of the 12
Reserve institutions having risen during the week
from $211,491,000 to $233,452,000. This last, however, compares with $985,829,000 a year ago on
May 1. Holdings of United States Government
securities are also slightly higher, at $529,509,000
April 30 against $527,388,000 April 23. On the other
hand, holdings of acceptances purchased in the open
market register sharp contraction, 'having fallen
from $256,869,000 April 23 to $209,564,000 April 30.
The shrinkage in this last item is probably to be
ascribed to the reduction which has occurred in the
rates for bankers' acceptances in the open market,
leaving the 3% buying rate of the Federal Reserve
Banks ineffective for acquiring any large volume of
bills, and yesterday there were unconfirmed rumors
that the buying rate of the New York Reserve Bank
/
had been reduced to 234%. As a result of the diminution in the holdings of acceptances, total bill and
security holdings show a reduction during the week
of $22,000,000, the amount having fallen from
$1,004,963,000 April 23 to $982,225,000 April 30. A
year ago, on May 1 1929, the amount was $1,329,245,000. Federal Reserve notes in circulation declined during the week from $1,518,344,000 to $1,507,268,000. Gold reserves increased from $3,046,400,000
to $3,072,660,000.
The stock market this week has had another bad
turn, and prices have tumbled all around, following
the extensive and general declines of the previous
week. As a rule, prices may be said to have been
almost continually on the down grade since the
action of the copper producers on April 15 in suddenly marking down the price of the metal from
18c. a pound to 14c. At first the significance of
this cut was not fully understood, and the immediate response of the market to the action was small.
Later, however, it served as an eye-opener as to the
artificial character of price levels in certain lines
of goods. When this was recognized the market
began descending at a gradually increasing pace,
and this week the downward plunge gained full
momentum.
All through the present -week the market has
evinced pronounced depression, with the selling
pressure strongest in the copper group. The railroad
list has been equally weak,though on a much smaller
volume of business. The railroad stocks have been
weak by reason of the poor returns of earnings that
have come to hand for March and the first quarter
of the year. In the copper group a special adverse
feature has been the circumstance that the cut
in the price of the metal had failed to induce buying
orders for the metal of any great consequence, and
in both the copper and the railroad lists there have
been virtually no exception to the downward course
of prices. The motor stocks have been adversely
affected by the reduced output of motor cars, and
the rubber stocks, as well as those devoted to motor
accessories, have been weak and depressed for the
same reason. The reduction in the dividend rate
on Studebaker shares from $5 to $4 per annum
served further to depress the motor list. The steel
shares have been weak, notwithstanding the highly
[VoL. 180.
favorable income exhibit for the first quarter of
1930 submitted by the U. S. Steel Corp., but the
structure of prices in the iron and steel trades is
being subjected to a severe test, according to the
trade papers, and to be weakening all around. Yesterday evidence of this appeared in the action of the
American Steel & Wire Co., a subsidiary of the
U. S. Steel Corp., in reducing prices for certain wire•
products $2 to $3 a ton.
The market declined sharply on Monday and Tuesday, but manifested a rallying tendency in the closing hour of the latter day. This rally was pretty
well maintained through the better part of Wednesday, but on Thursday the market experienced a
renewed sinking spell, worse than any of those that
had preceded, and on Friday no improvement occurred, rather a still further decline. The cuts in
the discount rates of the Bank of England and the
Bank of France, with the concurrent marking down
of the rediscount rate of the Federal Reserve Bank
of New York, might have been construed as favorable market developments. As against this, however,
.
the statement of brokers' loans, showing a further
week of $57,000,000, came in on
increase for the
Friday as a new disturbing influence. The result
was the severest collapse that the market has experienced since last November.
In the general decline, the volume of trading at
first fell off, but Friday saw the heaviest day's business of 1930. At the half-day session on Saturday
last the dealings on the New York Stock Exchange
aggregated 2,315,690 shares; on Mohday the sales
were 4,852,190 shares; on Tuesday, 5,410,010 shares;
on Wednesday, 4,553,360 shares; on Thursday,
4,640,350 shares, and on Friday, 5,986,330 shares.
On the New York Curb Exchange the sales last
Saturday were 828,600 shares; on Monday, 1,292,600
shares; on Tuesday,1,444,500 shares; on Wednesday,
1,075,500 shares; on Thursday, 1,122,000 shares, and
on Friday, 1,686,000 shares.
Prices have suffered severe declines except in a
very few cases. Fox Film A closed yesterday at 51%
against 56 on Friday of last week; Warner Bros.
/
2
1
/
Pictures at 67 against 7178; General Electric at
/
8014 against 88%; Electric Power & Light at 79
2
1
/ against 48%;
against 97; United Corp. at 44
at 158 against 16912; North
/
Brooklyn Union Gas
/
117 against 12514; American Water
American at
Works at 111 against 120%; Pacific Gas & Electric
/
at 67 against 7014; Standard Gas & Elec. at 115
2
1
/
2
1
/
against 125 ; Consolidated Gas of N. Y. at 123
4;
against 1353 Columbia Gas & Elec. at 75% against
84; International Harvester at 104 against 106;
Sears, Roebuck & Co. at 85 against 91½; Montgomery Ward & Co. at 43 ex-div. against 47%; Wool2
1
/
worth at 63 against 65%; Safeway Stores at 88
against 98%; Western Union Telegraph at 175
;
1
/
against 1812 American Tel. & Tel. at 246 against
253 ; Int. Tel. & Tel. at 65 against 7
2
1
/
4½; American
Can at 136 against 151%; United States Indus2
1
/
trial Alcohol at 85 against 90; Commercial Solvents
at 292 against 34½; Corn Products at 98 against
1
/
4
1
/
,
/
1073 Shattuck & Co. at 45 against 491 8 and Co4;
.
/
lumbia Graphophone at 29 against 3312
2
1
/
Allied Chemical & Dye closed yesterday at 304
against 329 on Friday of last week; Davison Chemical at 33% against 37; E. I. du Pont de Nemours
2
1
/
at 130 against 134%; Radio Corp. at 55 against
2
1
/
/
6678; National Cash Register at 55 against 57%;
International Combustion Engineering at 10 against
MAY 3 1930.]
FINANCIAL CHRONICLE
1014; International Nickel at 31% against 37%;
/
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A. M. Byers at 961 8 against 11114; Simmons & Co.
/
at 44 against 47%; Timken Roller Bearing at 7934
/
against 81; Mack Trucks at 73% against 7918; Yel%
low Truck & Coach at 27% against 291 ; Johns.
%;
Manville at 103 against 1221 Gillette Safety Razor
/
at 85% against 83; National Dairy Products at 5438
against 56%; National Bellas Hess at 16 against
/
%;
181 Associated Dry Goods at 4278 against 47%;
Lambert Co. at 100% against 1031
%; Texas Gulf
Sulphur at 59 against 6218 and Kolster Radio at
/,
578 against 6%.
/
The steel shares have broken badly. United States
Steel closed yesterday at 176 against 18914 on Friday
/
of last week; Bethlehem Steel at 94% against 10114
/,
and Republic Iron & Steel at 61 against 72. The
motor stocks are also lower. General Motors closed
yesterday at 45% against 48% on Friday of last
week; Nash Motors at 45 against 46%; Chrysler at
%
34% against 371 ; Packard Motors at 17% against
18%; Hudson Motor Car at 45% against 4518 and
/
,
Hupp Motors at 20 against 2078 The rubber stocks
/.
have also tumbled further. Goodyear Rubber & Tire
closed yesterday at 77 against 851 8 on Friday of last
/
week; B. F. Goodrich at 39% against 45%; United
States Rubber at 28 against 29, and the preferred
at 52 against 53%.
The railroad list has suffered worst of all on the
poor returns of earnings. Pennsylvania RR. closed
yesterday at 77% against 81 on Friday of last week;
New York Central at 168% against 179; Erie RR.
at 47% against 54; Del. & Hudson at 171% against
177; Baltimore & Ohio at 112 against 116%; New
Haven at 1071 against 117; Union Pacific at 220
%
against 229%; Southern Pacific at 118% against
12378; Missouri Pacific at 77% against 88% bid;
/
Southern Ry. at 103% against 115%; St. Louis-San
Francisco at 110 against 117%; Missouri-KansasTexas at 54 against 5978; Rock Island at 110%
/
against 117% bid; Great Northern at 89% against
9378, and Northern Pacific at 78% against 89.
Even the oil shares have not proved an exception
to the general rule of decline, except in one or two
instances. Standard Oil of N. J. closed yesterday at
7638 against 81 on Friday of last week; Simms
/
Petroleum at 29% against 33%; Skelly Oil at 36
against 39; Atlantic Refining at 41% against 4578;
/
Texas Corp. at 57% against 58; Pan American B at
60 against 58; Phillips Petroleum at 391 8 against
/
4078; Richfield Oil at 24% against 26; Standard Oil
/
of N. Y. at 36% against 38%, and Pure Oil at 24%
against 25%.
The copper stocks have been under special pressure; Anaconda Copper closed yesterday at 59
against 64 on Friday of last week; Kennecott Copper
at 44 against 48%; Calumet & Hecla at 19 against
20%; Andes Copper at 271 8 against 29%; Inspira/
tion Copper at 1938 against 201 Calumet & Ari/s;
/
zona at 65 against 70; Granby Consolidated Copper
at 31% against 38%; American Smelting & Refining
at 68% against 72%, and U. S. Smelting & Refining
at 29 against 30%.
Price trends on the important foreign stock markets were uniformly downward in the first part of
the week, with little sign of recovery in the later
periods, notwithstanding the reductions in central
bank discount rates at London, Paris, Brussels and
New York. The stock markets turned uneven on the
discount rate announcements, but the sharp gains
3047
that have heretofore followed such developments
were entirely lacking. All financial centers evinced
increasing concern with the current world-wide industrial depression and the consequences of the
same. Unemployment in England has reached the
highest level since early in 1922, with 14% of the
11,100,000 registered work people out of employment
as compared with 13.1% a month ago and 10% a year
ago. The increase at this time, when seasonal improvement is taking place in important directions, is
not regarded as a very hopeful indication. Berlin
reports show that trade is dull in Germany, with unemployment uncommonly widespread. France also
is beginning to feel the effects of the world-wide
trade reaction, bringing a sharp reversal of the
widely held opinion that the country will be more or
less immune to the depression. One of the chief difficulties in all countries is that presented by the falling commodity values. Forecasts of European crops,
on the other hand, are at present excellent in all the
important countries and in regard to practically all
products. Financial difficulties appear only in rare
instances and are apparently cutting small figure in
the current situation. Money rates are extraordinarily low in all markets and these dwindling rates
have, of course, prepared the way for the discount
rate reductions now placed in effect in the larger
centres.
Business on the London Stock Exchange was small
in the initial session of this week, public interest
remaining at a low ebb. The gilt-edged list was dull
and inclined toward weakness because of the persistent decline in sterling exchange. Buying appeared in a few international issues, chiefly the
gramophone stocks, but other sections drooped, while
British industrials and home rails also declined.
Tuesday's session at London was much like that of
the previous day, but a small rally toward the close
of the trading session gave the list a slightly better
appearance. International issues dropped on overnight reports from New York, but here also a small
rebound took place before the close. The London
market finally displayed a better tone Wednesday,
with international issues improved on buying that
was attributed to American interests. Gilt-edged
securities scored gains and a few gains also appeared
in other directions. The Stock Exchange was closed
Thursday for the customary May 1 holiday. Considerable comment was caused by the decision of
Bank of England directors to lower the rate on a
holiday and there was much conjecture regarding
the probable effect of this action on the securities
markets. When trading was resumed yesterday, giltedged securities improved materially, but the gains
were not fully maintained. British industrial issues
remained uncertain, while the international list
declined.
Trading on the Paris Bourse was quiet at the
opening, Monday, and prices moved steadily downward under the influence of professional selling.
This movement proved perplexing, as important tax
reductions on Bourse transactions had been voted by
the French Parliament the preceding Saturday. General expectations that the market would be stimulated by the development were disappointed. Business was again slack Tuesday, with price trends
irregular. Some liquidation appeared on the eve of
the month-end settlements and the decline was accelerated by further professional selling. Reductions
were announced on brokerage charges in the course
3048
FINANCIAL CHRONICLE
of this session, but traders paid little attention to
this development. Movements on the London and
New York exchanges were carefully followed,reports
said, and apparently influenced the trading at Paris
in pronounced fashion. Marked improvement appeared Thursday on the basis of the Bank rate reductions in London and Paris. The first part of the
session was irregular, bear attacks again causing
depression in some sections. A quick recovery followed the Bank rate declarations and the improvement lasted almost to the close, when a little irregularity again appeared. Share prices at Paris moved
in irregular fashion yesterday.
The Berlin Boerse was firm at the opening of trading Monday, but unsettlement appeared later in the
day and the entire list sold off. As in other markets,
money at Berlin was cheap and abundant, but prices
showed little tendency to improvement on this basis.
The turnover was small. Dullness again prevailed
Tuesday at Berlin and the general trend was weak
with the exception of a few specialties. Potash stocks
were purchased on favorable dividend announcements and gains in this section were as much as 8
to 10 points, but virtually all other departments of
the market sagged. Weakness again prevailed on
the Boerse Wednesday, partly because of the depression on other exchanges and partly because of apprehensions regarding May Day demonstrations by Communist elements. Some sharp drops were recorded
in the electrical and mining groups, unsettling the
market in general. Evidences of still cheaper money
rates brought a slightly better tone toward the close.
Prices were steady in Thursday's session, with the
general tendency more confident because of the reductions in discount rates at London and Paris.
Purchasing orders were not abundant, however, and
price changes were moderate. The impression prevailed that the Reichsbank will soon follow other
central banks in effecting a discount rate reduction
and such expectations were supported by further
reductions in private discount rates. The trend was
firm in yesterday's .session at Berlin.
After several quiet weeks on the Tokio Stock Exchange, added difficulties made their appearance
Wednesday of this week. Trading on the exchange
was suspended on April 11, as a ,selling stampede
threatened at the time. Other exchanges in Japan
remained on a normal basis and the troubles at Tokio
were finally overcome. A further suspension of trading was ordered at Tokio by the Exchange Governors
on Wednesday, as a repetition of the previous difficulties threatened to develop. The Exchange authorities were informed of the impending flood of selling
orders,according to a Tokio dispatch to the New York
"Times," and ordered a postponement of the opening
until 1 o'clock in the afternoon. A compromise between buyers and sellers was finally effected by
informal discussions and trading was resumed.
Steps for ratification of the naval limitation
treaty, signed at London April 22, have been taken
with unusual speed, President Hoover submitting
the document with a terse covering note to the United
States Senate Thursday, hardly 24 hours after it
had been placed in his hands by the returned American delegation. Mr. Hoover's note consisted of a
single sentence transmitting the treaty to the Senate
and asking ratification of that body. It is understood the Foreign Relations Committee will begin
hearings on the new instrument next week and every
[Volk 180.
effort will be made for action in the current session.
The American delegation to the London Conference
arrived in New York last Tuesday on the steamer
Leviathan, and they were given an official welcome.
In addresses at the New York City Hall, Secretary
of State Stimson and Senator Robinson, who were
spokesmen for the delegation, characterized the
treaty as a great step forward on the road to international disarmament and peace.
"By this treaty which we bring home," Mr. Stimson declared, "competition will be completely ended
between the navies of the three greatest naval Powers
on earth, America, Great Britain and Japan. With
two other Powers, France and Italy, we have also
reached agreements which, though not complete, are
leading in the same direction. Eventually, we confidently hope, competition will be abolished among
all the five Powers." Senator Robinson, speaking in
similar vein, said he felt justified in asking the Senate to ratify the treaty and the public to accept it in
a non-partisan spirit. Most of the delegates went
on to Washington after the ceremonies in New York.
Secretary Stimson handed the American signature
copy of the treaty to President Hoover Wednesday,
receiving the thanks of the President for a "task well
done."
Some perturbation was caused in Europe late this
week by a decision of the Cabinet Council in Rome
to lay down this year 29 warships totalling 42,900
tons and costing about $40,000,000. Most of the
new vessels are to be submarines, in which France
now has a decided superiority over Italy. The hasty
ordering of this construction was viewed in more
than one quarter as a bid by Italy for the parity with
any other Continental Power—which the Italian
delegation proclaimed repeatedly at London as the
aim of the Rome Government. The Fascist press
hailed the action of the Council of Ministers as
bringing "parity in fact." On the one hand assertions were made that Italy will thus assert her rights
as a great sea Power, but on the other hand, emphasis was placed on the deefnsive nature of most of
the new units.
Settlement of the Eastern .Europe reparations
question was achieved at Paris last Saturday by the
special committee that has been working on the matter in recent months, thus clearing the way for Italian and British ratification of the Young Plan protocol. Italy has heretofore refused to ratify the
Young Plan on the ground that Czechoslovakia had
not yet approved the arrangement by which she is
to pay to Italy most of the amount which Rome
guaranteed at The Hague last August for the purpose of meeting the demands of the British Chancellor, Philip Snowden. Britain, in turn, appeared
to wait upon Italian action. With the settlement of
the Eastern European problem at last arranged, all
publicly known difficulties have been surmounted
and ratification by Italy and Great Britain is looked
for shortly. A London report of last Sunday to the
New York "Times" indicated that the French Government has been making representations to the
British Government over the delay in the legal steps
for application of the Young Plan. No fears are entertained anywhere, the dispatch indicated, over
eventual approval of the Young Plan by all interested
Governments. France was represented as opposing
further delay as it complicates the operation of the
machinery established by the Experts' Committee.
MAY 3 1930.]
FINANCIAL CHRONICLE
3049
A bankers' meeting of considerable importance and Chamber of Deputies will not reassemble until
in the reparations scheme was begun at Brussels, June 3. In the short summer session which is to
Thursday, for the purpose of deciding terms and last from that date to July 14, the Parliament will
conditions of issuance of the first $300,000,000 an- be called upon to enact a far-reaching program for
nuity reparation loan. The meeting was convoked the development of the industrial resources of the
by the directorate of the Bank for International country and for improvements to the roads, ports
Settlements, which will be organized formally on and electrical works. The accumulation of budgetary
completion of the Young Plan ratifications by the in- surpluses amassed by M. Poincare and M. Cheron
terested Governments. Leon Fraser of New York, are to be utilized for these purposes, a Paris dispatch
deputy to President Gates W. McGarrah, presided to the New York "Times" states. Tax reductions of
at the opening session of the Brussels meeting. about $72,000,000, mainly on Bourse dealings and
Notable figures in international finance were repre- foreign loan flotations, were voted by the Parliasented in the group, which included Thomas W. ment just before the adjournment now noted. In
Lamont and Arthur M. Anderson of J. P. Morgan the course of the Chamber debate on the measure the
& Co., Montagu Norman of the Bank of England, previous day, Finance Minister Paul Reynaud indiBaron Brincard and M. Masson of the Credit Lyon- cated how the Government plans to check the inflanaise, and Dr. Fuchs of the Reichsbank. Repre- tion caused by the growth of circulation and at the
sentatives of Italy, Holland, Belgium, Switzerland same time reduce the reserves in foreign currencies
and Sweden were also present, as portions of the loan now held by the Bank of France. The present high
will be offered in all those markets, as well as in the monetary circulation resulted from the fall of the
United States, Britain, France and Germany. The franc, when the Poincare Government was obliged
bonds will be issued in the national currency of each to purchase foreign moneys in order to accomplish
of the nine countries and terms are to be the same in stabilization, M. Reynaud said. Continuation of this
policy, he added, has now established a substantial
all countries.
Some observations on the new international bank flow of foreign gold into France. Acquisition of
were made in Washington Monday by Melvin A. foreign currencies and foreign gold was accomTraylor, President of the First National Bank of plished, he explained, by the printing of banknotes,
Chicago and a member of the organization committee and therefore was reflected by a corresponding rise
of the bank. Most of his address was devoted by Mr. in circulation, to which in turn the present high cost
Traylor to a refutation of the charge that the bank of living in France was attributed. Reduction of
will be a "financial octopus." Emphasis was placed the Bourse taxes and of the income levy on holders
particularly upon the provisions for assent of the of foreign securities, M. Reynaud said, will lead
central bank of any country, before financial opera- French investors to buy foreign securities, to do
tions of the Bank for International Settlements can which they must have recourse to the Bank of France
be carried out in such countries. Mr. Traylor de- to obtain foreign moneys to make their purchases.
sired to show, he stated, "that the bank is not an Reserves of foreign exchange would thus dwindle and
international financial octopus threatening the gold exports would be stimulated. "With each execonomy of any country or of all the world; that by port of gold," M. Reynaud added, "there would be a
the nature of its organization and management it is corresponding reduction of banknotes—a policy
not a part of or an adjunct to any other international which already has been put in operation by the Bank
group or association; that in fact it is at best a rela- of France."
tively small bank created by bankers to perform priOnly a few weeks have passed since trade accords
marily a specific banking function, with powers
lodged in its directorate for its development from between Germany and Poland were signed by repretime to time along well-defined and sound financial sentatives of those Governments, but new difficulties
lines, and always subject to reservations and restric- have already appeared. These have resulted from
tions not imposed upon any other financial institu- the increases in German import duties on agricultion in the world."
tural products which became law with the passage
The belief was expressed by the speaker that the of the Agrarian program by the Reichstag recently.
Bank will in its growth and development become an The Polish Government addressed a note of protest
important factor in our international life. "I be- to Sir Eric Drummond, Secretary-General of the
Hove," Mr. Traylor added, "that if nothing more League of Nations, asserting that such measures
comes from its organization than the provision for a violate Geneva agreements. The Polish press bemeeting place for the Governors of the Banks of gan at the same time a campaign against ratificaIssue of the principal countries of the world on tion of the Polish-German trade accords, signed after
whose shoulders rests the responsibility for the several years of deliberations between the countries.
maintenance of sound financial structures within An answer to the Polish note was made by the Gertheir own borders, and for the stability and free man Foreign Office Tuesday, according to a Berlin
movement of the credit of the world, there will have report to the New York "Times." Although the text
been given to the world a guarantee which it has not was not published, it was learned reliably, the dishad before—an assurance that the best intelligence patch said, that Germany had pointed out that the
in the world of finance and credit is being directed increased tariffs are emergency measures which in
co-operatively toward the best interests of all con- no wise invalidate the commercial convention signed
at Geneva March 24. The increases, it was stated,
cerned."
will affect Polish trade with Germany only to a
bill providing for important tax reductions on very small degree and only in a few categories. BerA
Bourse transactions and on other financial opera- lin authorities maintained that from a legal standtions in France was passed by the French Parlia- point Germany's right to increase the tariff cannot
ment late last Saturday, only a little while before be questioned by Poland, since the trade accord has
adjournment of the legislative body. The Senate not yet been ratified. The "Times" report indicated
•
3050
FINANCIAL CHRONICLE
[Vox,. 130.
that further protests are expected in Berlin, not only patch from Ainabulak, Russia. The railway confrom Poland but also from other neighboring nects the present Central Asia Railway at Aris, Usbecountries.
kistan, with the Transsiberian Railway at Novosibirsk, making possible the development of a huge
Events in India give an ever graver aspect to the area of considerable economic importance. With the
campaign for civil disobedience to British rule which rich granaries of Siberia opened to Turkestan, that
was actively inaugurated early last month by Ma- area will be freed from the necessity of raising wheat
hatma Gandhi, Nationalist leader and Hindu mystic. itself, the Associated Press dispatch notes, and will
The numerous outbreaks at widely separated points, be able, in consequence, to enlarge its present cotton
which resulted in many fatalities, alarmed the au- growing territories. "The Soviet Government exthorities sufficiently to bring forth an order late last pects this expansion of the cotton-growing fields to
week for evacuation of European women and chil- make the Soviet Union independent of the United
dren from the more seriously affected areas. A state- States and Egypt for its cotton supply, on which in
ment given to the Associated Press by Mr. Gandhi the past it has spent more than $70,000,000 annusaid that "the national demand is not for the imme- ally," the report adds. The new line, moreover,
diate establishment of independence, but as a pre- parallels the Chinese frontier for a distance of about
liminary step'to a conference that must take place if. 750 miles, and it has, therefore, great military and
independence is to be established peacefully, and to strategic importance as well. It is to be called the
remove certain prime grievances, chiefly economic •Turkestan-Siberia-"Turksib" Railway, while the poand moral." That the campaign of civil disobedience litical area through which it runs is the autonomous
would not rest solely upon violation of the salt mon- Republic of Bazakstan. Construction, occupying
opoly was indicated by the Nationalist leader last about four years, and costing $100,000,000, was
Saturday, when he called upon his followers to wear achieved entirely by Russian labor and without
homespun and boycott all foreign cloth, desist from foreign technical or financial assistance. All equipliquor drinking and violate other laws than the salt ment is said to be of Soviet manufacture.
monopoly. Among the numerous Indians who were
tried and sentenced this week for sedition was the
That an addition will shortly be made to the long
son of Mahatma Gandhi, Davi Das Gandhi.
list of abandoned official attempts to control the
Official statements and explanations began to ap- prices of important world commodities was indipear this week, although they have been sparse here- cated Tuesday by public offering of a $97,330,000
tofore. A communication,isused in London Monday, State of Sao Paulo, Brazil, coffee realization loan.
stated that disaffection occurred in at least one regi- The loan, offered chiefly in London and New York
ment of Britain's Indian troops during the riots at (the American portion being $35,000,000, offered by
Peshawur last week. "The conduct of a small ele- a syndicate headed by Speyer & Co.), was arranged
ment—two platoons of the 'Second Battalion, Eigh- between the State of Sao Paulo and the internateenth Royal Garshwhal Rifles—was found to be tional banking group concerned under an agreement
unsatisfactory," the statement said. The entire bat- providing for the relinquishment beginning July 1
talion was removed from Peshawur and an inquiry next of the protracted effort to control coffee prices.
instituted. One of the most important steps so far Coffee valorization schemes found their origin in
taken by the Government was the issuance of a proc- Brazil as long ago as 1906 in attempts to market
lamation at Simla, Sunday, providing for better con- the commodity slowly and on a regulated basis, thus
trol of the native press. In the course of the procla- preventing the pressure of offerings when the crop
mation, Viceroy Lord Irwin stated that "civil diso- is made from depressing the price unduly. In recent
bedience, whatever may have been the professed aim years this original aim was superseded to an unof those who launched it, is rapidly developing, as all comfortable extent by an attempt to uphold prices
reasonable men foresaw, into violent resistance to artificially. Like other attempts, such as that of
constituted authority." Wedgwood Benn, Secretary British authorities with rubber, this scheme was
of State for India in the Labor Government, was doomed to failure, and for similar reasons. The
questioned regarding the press measure in the House artificially high price level stimulated coffee producof Commons Tuesday by former Premier Stanley tion in other countries and stocks soon began to pile
Baldwin. The London Government was agreeable up in Sao Paulo warehouses. Brazil produced sevto the action of the Government of India in putting eral exceptionally large crops in succession. Under
into force again the old censorship laws, he stated. this weight, coffee prices have sagged steadily to a
Mr. Benn said he could add but little to the full, present level of half the figures of a year ago, cur"and on the whole accurate reports," on Indian de- rent levels being probably much under the natural
velopments in the press of Britain. Indications that level. Similar depressions of agricultural comMahatma Gandhi will be arrested were given in modity prices have always followed artificial elevaLondon Wednesday. The Labor Government has tion of the price structure, with its corallary of
informed Lord Irwin, a report to the New York stimulated production.
"Times" said, that it was prepared to support him
Liquidation of Brazilian coffee accumulations,
and his Government in any decisive action he may under the plan adopted by Sao Paulo in agreement
consider necessary to take against Mr. Gandhi and with the international banking group, is to take
place over a maximum period of 10 years. Unusuhis civil disobedience campaigners.
ally small crops in any years during the life of the
An event of high economic importance, and of agreement are to be compensated by additional
some political significance as well, took place in the withdrawals from the accumulations, so that final
Soviet Union, Monday, when a new and modern liquidation may take place in a smaller number of
1,700-mile railway through Turkestan, in Western years. Forthcoming crops are to be placed on the
Asia, was thrown open to traffic. Opening of the market as they are harvested, with the addition in
new line was recorded by an Associated Press dis- each of the 10 years of 1,650,000 bags of coffee
MAY 31930.]
FINANCIAL CHRONICLE
pledged against the loan. "The State," so the terms
of the bond offering provide, "undertakes to place
future crops on the market currently and agrees
not to accumulate any coffee, directly or indirectly,
during the life of the loan except, in agreement with
the bankers, as further security for the loan." The
loan is, of course, well secured, and even a further
sharp drop in coffee prices would not endanger it.
European central bank rates declined all around
the present week, as already noted elsewhere. On
Wednesday, April 30, the National Bank of Belgium,
which since Jan. 1 had been maintaining a rate of
3 %,reduced to 3%. On Monday the Finland Na/
1
2
/
1
2
tional Bank reduced from 7% to 6 %. On Thursday, May 1, the Bank of England reduced its minimum rate from 3/
12%, the figure in effect since
Mar. 20, to 3%, and the Bank of France, which had
/
1
2
been charging 3% since Jan. 30, dropped to 2 %.
On Friday the National Bank of Denmark lowered
its rate from 4 %,the figure in force from Mar. 6,
/
1
2
to 4%, and the Bank of Ireland also reduced from
4 % to 4%. Rates remain at 6% in Italy and Aus/
1
2
tria; at 5 % in Spain; at 5% in Germany; at 4 %
/
1
2
/
1
2
in Norway; at 3 % in Sweden, and at 3% in Hol/
1
2
land and Switzerland. In the London open market
/
discounts for short bills yesterday were 214%
against 2%% on Friday of last week, and 21 8@214%
/
/
for long bills against 2 % the previous Friday.
/
1
2
Money on call in London yesterday was 178%. At
/
Paris the open market rate has dropped from 3% to
2 %, and at Switzerland remains at 2%%.
/
1
2
The Bank of England discount rate was this week
lowered from 332% to 3%, marking the fourth reduction in the rate this year. The Bank's statement for
the week ended April 30, shows a gain of £440,576
in gold holdings, and this together with a contraction
of £3,363,000 in circulation brought about an increase
of £3,803,000 in reserves. Gold holdings now aggregate £164,283,793 in comparison with £158,766,163
a year ago. Public deposits increased £3,689,000
during the week and other deposits £933,302. The
latter includes bankers accounts and other accounts,
both of which increased, the former £151,481 and
the latter £781,821. The ratio of reserves to liabilities is now 52.90% as compared with 51.76% last
week and 52.12% a year ago. Loans on Government
securities increased £1,185,000, while those on other
securities declined £324,410. Other securities consist of "discount and advances" and "securities,"
both of which showed decreases of £49,264 and
£275,146 respectively. Below we furnish a comparison of the various items for the past five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928.
1927.
1926.
1929.
1930.
May 2.
May 4.
May 5.
May 3.
April 30.
£
£
Circulation
a358,821.000 361,371,000 135,756,000 137,584,540 141,196,415
Public deposits
10,939,000 13,679,000 12,397,629 16,700,929
21.002,000
Other deposits
102,723,246 99,161.000 101,409.000 93,829.838 107.350.812
Bankers' accounts 66,162,239 60,688,000
Other accounts— _ 36,661.007 38,473,000
Government secur's 59,237,909 45.351,855 31,385,000 46,289,229 42,230,328
Other securities__ 16,754,058 25,067,000 56,697,000 41,902,240 73.544.394
Disct. & advances 6.755,228 9,285,000
Securities
9,998,830 15,783,000
Reserve notes & coin 65,461,000 57,394,000 44,724,000 35,767,400 26,029,084
Coin and bullion__ _164,283,793 158,766,163 160,730,414 153,601,940 147,475.499
Proportion of reserve
to liabilities
33.67%
88.87%
52.90%
52.12%
20.98%
Bank rate
415%
51, %
5
3%
5%
3051
gold holdings. Gold now aggregates 42,350,815,357
francs in comparison with 35,788,083,078 francs at
the corresponding week last year. A decrease appears in credit balances abroad of 36,000,000 francs
and in bills bought abroad of 19,000,000 francs.
Notes in circulation fell off 130,000,000 francs, reducing the total of the item to 70,770,075,970 francs,
as compared with 62,847,357,820 francs a year ago.
French commercial bills discounted and creditor current accounts record increases of 940,000,000 and
1,201,000,000 francs, while the item of advances
against securities dropped 31,000,000 francs. Below,
we furnish a comparison of the various items with
last week as well as with the corresponding week a
year ago:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
April 26 1930. April 19 1930. April 27 1929.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings_ _ _ _Inc. 17,161.999 42,350,815,357 42,333,653.358 35,788.083,078
6,937,549.513 8,543,546,265
Credit bats. abed_Dec. 36,000,000 6.901,549,513
French commercial
bills discounted _Inc. 940,000,000 5.653.893,959 4.713,899,959 6,278,330,778
Bills bought abr'd _Dec. 19,000.000 18.705.656,654 18.724,656.654 18.442,649.294
Adv. agst. secura_Dec. 31,000,000 2,591,990,287 2,622,990,287 2.283.328.874
Note circulation_ _Dec. 130,000,000 70,770,075,970 70,900.675,970 62,847,357.820
Cred. cure. accts__Inc.1201.000,000 14,550,721.374 13,349,721.374 19.158,673,825
The Bank of Germany for the fourth week of April
reports an increase in gold and bullion of 8,449,000
marks, thus raising the total of the item to 2,565,502,000 marks. The amount in the corresponding
week a year ago stood at 1,891,575,000 marks and the
year before at 2,030,931,000 marks. An increase
appears in bills of exchange and checks of 283,582,000
marks and in advances of 80,122,000 marks, while
deposits abroad remain unchanged. Reserve in foreign currency declined 27,511,000 marks and silver
and other coin 19,627,000 marks. Notes in circulation expanded 554,300,000 marks, raising the total
of notes outstanding to 4,664,176,000 marks, which
compares with 4,631,496,000 marks last year. Other
assets fell off 47,024,000 marks during the week,
while other liabilities show a gain of 3,257,000 marks.
A decrease is recorded in notes on other German banks
of 18,325,000 marks, in other daily maturing obligations of 195,948,000 marks and in investments of
39,000 marks. Below we furnish a comparison of
the various items of the Bank's return for the past
three years:
REICHSBANK'S COMPARATI YE STATEMENT.
Changes
for Week. Aprt130 1930. April 301929. Aprt130 1928.
Reichsmarks. Reichsmarks. Reichsmarks. Reichsmark*.
Assets—
Inc. 8,449,000 2,565.502,000 1,891,575.000 2.030.931,000
Gold and bullion
85,626.000
Unchanged 149,788,000 154,344,000
Of which depos. abed.
99,372,000 169,737.000
Res've In torn curr_ Dee. 27,511.000 227,375,000
Bills of exch.& checks.Dec. 283,582,000 1,914,121.000 2.926.597.000 2.493.874.000
70.775.000
Silver and other coin_ _Dec. 19,627,000 133,427,000 134,503,000
8,657,000
7.243.000
Notes on oth. Ger.bks.Dee. 18,325,000
4,900 000
102,775,000
Advances
Inc. 80,122,000 125,480,000 262.077,000
93,999,000
92,899,000
Investments
Dec.
93,094,000
39,000
Other assets
Dec. 47.024,000 580,742,000 429,731,000 588.894,000
Ltabtittes—
Notes in circulation--Inc. 554,300.000 4,664.176,000 4,631,496,000 4,409,460,000
Oth.dally matur.oblig.Dec. 195,948,000 709,616.000 585.119,000 557.588.000
Other liabilities
Inc. 3.257,000 159,112,000 290,654,000 193.301.000
Foremost among the developments in the money
market the present week have been, of course, the
declines in discount rates of banks of issue. Such
reductions were begun, in the order of time, by the
/
1
2
Belgian bank, which lowered its rate from 3 % to
3%, Wednesday. The three most important banks
in the world acted Thursday, the Bank of England
/
reducing its rate from 31 2% to 3%, the Bank of
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
/
1
2
France from 3% to 2 %, and the Federal Reserve
issues, adding at that time £234,199,000 to the amount of Bank of England
note
notes outstanding.
Bank of New York, acting after the close of the
/
1
2
In its statement for the week ended April 26, the market, from 3 % to 3%. The Irish and Danish
/
1
2
Bank of France shows a gain of 17,161,999 francs in banks each cut their rates yesterday from 4 % to
3052
FINANCIAL CHRONICLE
47. Yield rates on bankers' bills also were reduced
0
this week, not only by dealers, but also by the Federal Reserve Bank, which lowered its buying rate
yesterday for bills up to 90 days to 23 0 from 37
47
0
.
Call money on the Stock Exchange was 4% in all
sessions from Monday to Thursday, inclusive, while
the Curb Market level remained at/ of 1% above
1
2
this figure. Funds were available every day at a
concession of 1 2 of 1% from the official figures in
/
the outside market. No withdrawals of any consequence were made by the banks. Call money in yesterday's closing session of the week renewed at
31 2%,while new loans were made at 37, with some
/
0
outside funds reported at 247 Time loans re3 0
.
fleeted the prevailing tendency toward ease by a
downward adjustment of rates on short maturity
loans. 1- . okers' loans against stock and bond col3
lateral increased $57,000,000 in the statement of the
Federal Reserve Bank of New York for the week
ended Wednesday night. Gold movements through
New York for the same period consisted of imports
of $38,052,000, with no exports noted. The stock
of gold held ear-marked for foreign account declined
$500,000.
[VOL. 130.
are now at 23 0 bid and 2%7 asked for bills run47
0
ning 30 days, and also for 60 and 90 days, and likewise for 120 days, and 37 bid and 2787 asked for
0
/ 0
150 days and 180 days. The Acceptance Council no
longer gives the rates for call loans secured by acceptances, the rates varying widely. Open market
rate for acceptances have also been marked down for
the longer maturities, and are as follows:
Prime eligible bills
Prime eligible bins
SPOT DELIVERY.
—180 Days—
—150 Days—
Bid.
Asked.
Bid.
Asked.
3
2
3
2X
-90 Days—
Bid.
Asked.
2%
—80 Days—
Bid.
Asked.
2%
231
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible nob member banks
,
—120 Days—
Bid.
Asked.
221
—30 Days—
Bid.
Asked.
2%
24
3 bid
3 bid
The Federal Reserve Bank of New York this week
/%
reduced its discount rate from 312 to 3%. Announcement of this was made by the Bank on May 1,
the 3% rate becoming effective yesterday (May 2).
The 31 2% rate had been in force since Mar. 14, at
/
0
which time it was reduced from 47. There have
been no other changes this week in the rediscount
rates of the Federal Reserve Banks. The following
is the schedule of rates now in effect for the various
Dealing in detail with the call loan rates on the classes
of paper at the different Reserve Banks:
Stock Exchange from day to day, all loans on MonDISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
day, Tuesday, Wednesday and Thursday were at 47,
0
AND MATURITIES OF ELIGIBLE PAPER.
including renewals. On Friday, after the reduction
Rate in
Previous
Dale
Federal Reserve Bank.
in the Federal Reserve rediscount rate from 3 7
/0
1
2
Erna on
Established.
Rate.
May 2.
to 37, the renewal charge was lowered to 3 %, Boston
0
/
1
2
4%
Feb. 13 1930
4
New York
3
May 2 1930
3%
and later in the day some new loans were negotiated Philadelphia
434
Mar.20 1930
4
Mar. 15 1930
43
4
at 37. Time money has been in good supply, with Cleveland
0
Richmond
4
Apr. 11 1930
434
Atlanta
4
Apr. 12 1930
434
especially generous offerings in the longer maturi- Chicago
434
4
Feb. 8 1930
St. Louis
Apr. 12 1930
4
434
ties at 41
4%. Trading continued fairly active, but Minneapolis
Apr. 15 1930
4
414
Kansas
4
Feb. 15 1930
434
without especially noteworthy transactions except Dallas City
Apr. 8 1930
4
434
441
Mar.21 1930
4
in five months' paper at 47. Rates dipped on Tues- San Francisco
0
day to 33 0 for 30-day paper, 33
47
4@47 for 60-day
0
money,47 for 90-day accommodations, and 4@4147
0
/ 0
Sterling exchange continues dull and very little
for four to six months. On Thursday quotations ad- changed from last week. The outstanding feature of
vanced to 334@47 for 60-day accommodations. The the exchange market was, of course, the sudden
/
0
demand for prime commercial paper slowed down easing in money rates at London and New York,
very materially during the early part of the week followed by a reduction on Thursday of the discount
as a result of reduced offerings of the highest grade rate of the Bank of England from 33/i to 3%, of the
names. On Thursday both supply and demand im- New York Federal Reserve Bank from 33/b to 3%,
proved, the market becoming particularly active on and of the Bank of France from 3 to 23/2%. Earlier
Friday. Rates have continued unchanged, names in the week the Belgian rate was cut from 33/ to 3%.
of choice character maturing in four to six months On Monday the Bank of Finland reduced its re/
0
,
being quoted at 331@47 while names less well discount rate from 7 to 63/2%. Yesterday the Na.
known have been supplied at 4147
/ 0
tional Board of Denmark!educed its rediscount rate
from 432% to 4%. The 432% rate had been in
The market for prime bank acceptances displayed effect since March 4. The Bank of Ireland also
a moderate amount of activity the present week, reduced its rate from 43/2% to 4%. The German
with the principal inquiry for foreign account, rate, and that of the Bank of the Netherlands, are
though there was also a very considerable demand also expected to be reduced. The range for sterling
from country banks. Most of the takings were in this week has been from 4.857 to 4.863 for bankers'
4
the 90-day section, while the bulk of the offerings sight bills, compared with 4.85 13-16 to 4.863,, last
were of the longer maturities. Rates for 90-day week. The range for cable transfers has been from
1
2
money were lowered on Tuesday / of 1%, and a 4.86 1-16 to 4.86 5-16, compared with 4.86 1-16 to
reduction of % of 1% was made on Thursday for 4.86 7-16 a week ago. The reduction in official
30- and 60-day maturities. A further reduction of rediscount rates at the three leading centers took the
1 4 of 1% for 90-day money, % of 1% for 120-day market by surprise, although open market discount
/
,
paper, and 1 4 of 1% for five and six months' accom- rates were easing off at all centres. Bankers' acceptmodation became effective at the same time. The ance rates were marked down twice at New York.
Reserve Banks further reduced their holdings of The Bank of England rate had been at 33/2% since
acceptances during the week from $256,869,000 to March 20, when it was reduced from 4%. A 3%
$209,564,000. Their holdings of acceptances for rate has not been in force at London since 1923,
their foreign correspondents were slightly further when that rate ruled from July 13 1922 to July 5
Increased from $459,983,000 to $465,458,000. The 1923. This is the seventh successive cut in the
posted rates of the American Acceptance Council London rate since a 63'% rate was posted last
MAY 3 19301
FINANCIAL CHRONICLE
September. The New York Federal Reserve Bank
rate had been at 332% since March 14, when it was
reduced from 4%. This is the second time in the
history of the New York bank that a 3% rate has
been in effect. This level ruled between Aug. 8
1924 and Feb. 7 1925.
A strong body of opinion in London has been
advocating a 3% rate for some time in order to improve the condition of British trade. The behavior
of sterling exchange during the past few weeks,
however, was thought to preclude a reduction in
the Bank of England's rate. The sterling rate with
respect to exchange on Paris, Berlin and Zurich,
with gold constantly leaving London for these
points, indicated that a change was inadvisable.
The high rediscount rate of the Reichsbank and the
rate of the Federal Reserve Bank of New
3
York, together with increased activity in the New
York security market, seemed also to shut off the
possibility of a lower discount rate at London.
The present reductions would seem to point to a
close working agreement on the part of the three
central banks, and it is thought in banking circles
that the reduction reflects a period of extremely
easy money throughout the world. According to
the "Wall Street Journal," the reductions are regarded as "reflecting a period of easy money such
as has not been seen since the close of the last century, when central bank rates stood at record low
levels. At that time the Bank of England rate
stood at 2% for two years, while Paris was at the
same level for three years. Amsterdam was at
23/2% on three different occasions between 1890
and 1900, while at various times Berlin stood as
low as 3% and Brussels went to 23/2%. Present
rates are in striking contrast with the high levels
witnessed only last year prior to the collapse of world
stock markets." Reductions in other central bank
rates are expected .to follow immediately.
Now that money rates have reached such extremely
low levels, bankers are inclined to believe that foreign
exchange rates will become steady, fluctuating within
narrow limits and governed by more or less seasonal
factors. This week the Bank of England shows an
increase in gold holdings of £440,576, the total standing at £164,283,793, which compares with £158,766,163 a year ago and with the Cunliffe ideal
minimum of £150,000,000. On Saturday the Bank
of England received £8,600,000 sovereigns from
abroad. On Monday the Bank released £250,000
in sovereigns and sold £1,720 in gold bars. On Tuesday approximately £710,000 South African gold was
available in the London market; £350,000 were taken
for shipment to Germany, £270,000 were purchased
by an unknown buyer at 84s. 113ld., and £90,000
were taken for the trade and India. It was generally thought that the unknown buyer was either
France or Switzerland. On Wednesday the Bank
bought £1,695 in gold bars and £196 in foreign gold
coin. On Thursday the Bank sold £1,693 in gold
bars. On Friday the Bank imported £1,000,000
sovereigns from Australia, sold £5,172 in gold bars
and exported £6,000 in sovereigns.
At the Port of New York the gold movement for
the week April 24-April 30, inclusive, as reported by
the Federal Reserve Bank of New York, consisted
of imports of $38,052,000, of which $36,733,000
came from Brazil, $1,000,000 from Uruguay, and
$319,000 chiefly from other Latin American countries. There were no gold exports. There was a
3053
reduction of $500,000 in gold earmarked for foreign
account. The Federal Reserve Bank reported that
$3,600,000 were received at San Francisco during
the week from Japan and $2,445,000 from China.
In tabular form the gold movement at the Port of
New York for the week ended April 30, as reported
by the Federal Reserve Bank of New York, was as
follows:
GOLD MOVEMENT AT NEW YORK,APR. 24
-APR.30,INCLUSIVE.
Imports.
$36,733,000 from Brazil
1,000,000 from Uruguay
319,000 chieflyfrom other LatinAmerican countries
Exports.
None
$38,052,000 Total
Net Change in Gold Earmarked for Foreign Account.
Decrease, $500,000
Canadian exchange is fractionally weaker. On
Saturday last Montreal funds ruled at 3-32 of 1%
discount; on Monday at 3-32; on Tuesday at 9-64;
on Wednesday at N; on Thursday at 9-64; and on
Friday at 3-16 of 1% discount.
Referring to day-to-day rates sterling exchange on
Saturday last was inclined to ease in a dull half-day
session. Bankers' sight was 4.85 15-16@4.86 1-16;
cable transfers 4.86 3-16@4.86 5-16. On Monday
the market was slightly easier. The range was
4.85 15-16@4.86 1-16 for bankers' sight and 4.86 3-16
@4.86 7-32 for cable transfers. On Tuesday sterling
was firmer. The range was 4.85 15-16@4.863/ for
bankers' sight and 4.86 3-16(4)4.86 9-32 for cable
transfers. On Wednesday the market continued
steady but dull. The range was 4.86(4)4.86 1-16 for
bankers' sight and 4.86 7-32@4.86 9-32 for cable
transfers. On Thursday sterling was again slightly
easier. The range was 4.85%@4.86 1-16 for bankers'
sight and 4.86 5-32(0)4.863 for cable transfers. On
Friday tone was easier; the range was 4.85%@4.86
for bankers' sight and 4.86 1-16@4.86 5-32 for cable
transfers. Closing quotations on Friday were 4.85%
for demand and 4.86 1-16 for cable transfers. Commercial sight bills finished at 4.85%, sixty-day bills
at 4.833 , ninety-day bills at 4.82%, documents for
%
payment (60 days) at 4.833 , and -seven-day grain
%
bills at 4.853/ Cotton and grain for payment closed
8
.
at 4.85%.
Exchange on the Continental countries has been
dull, irregular and inclined to ease, and of course
has now fallen under the influence of the radical
reduction in official rediscount rates. As noted above,
the Bank of France reduced its rediscount rate from
3% to 23/2%. The 3% rate had been in effect since
Jan. 31. The present rate of the Bank of France is
the lowest since 1898, when a 2% rate was in force.
In banking circles the move is regarded as a concession to the Bank of England, making it possible
for the British Bank to reduce its rate. It is pointed
out that during the past several days the London
rate on Paris checks has been dangerously close to
the gold export point, so that without a lower
Paris bank rate, a reduction in the London rate
would not have been feasible. However, money
rates in Paris have been extremely low for a long
time and capital has been in abundance, and accordingly a lower Bank of France rate was indicated from this circumstance alone. This week the
Bank of France shows an increase in gold holdings of
17,161,000,000 francs, the total standing at 42,350,715,000 francs, which compares with 35,788,083,000
francs a year ago. The Bank's ratio of reserve stands
at 49.64%, compared with 43.64% a year ago and
3054
FINANCIAL CHRONICLE
with the legal minimum of 35%. Paris dispatches
state that the Bank of France rate of 23/2% was
dictated by the reduction at London and was intended to check any further strain on the sterling
rate against Paris. The prvate bank rate is expected
to fall to 2%, which is displeasing to the banks.
It is thought improbable that the sterling rate will
be strengthened, especially as French banks plan
to withdraw considerable volumes of funds from
London on the eve of the issuance of the stock of
the Bank for International Settlements.
As noted above, the National Bank of Belgium
reduced its rediscount rate to 3% from 33/2% on
Wednesday. The latter rate had been in force since
Jan. 1. The Belgian bank's lending rate has been
reduced to 4% from 6%. London dispatches point
out that these changes are in accordance with the
consistent policy of the National Bank of Belgium
since 1926 of resisting an influx of foreign capital.
While exchange on Finland is a minor one it is nevertheless of interest to note as indicative of the general
course of money trends that the Bank of Finland
reduced its discount rate on Monday from 7%
to 6W70.
German marks have been comparatively steady
although dull and ruling on average fractionally
lower than last week. As noted above, marks continue firm with respect to sterling and the Reichsbank has been again taking gold from the London
open market. In banking circles it is confidently
believed that the Reichsbank will promptly reduce
its rediscount rate to nearer market levels as indicated by the new rates at London, Paris, and New
York. The present Reichsbank rate of 5%,it would
seem, it clearly out of line with world conditions,
especially since money is in greater abundance in
Germany and private discount rates are lower than
at any time in several years.
Italian lire have been extremely dull but relatively
steady. The approach of the tourist season is expected to improve the Italian position very considerably. It will be recalled that on Thursday of
last week the Bank of Italy reduced its rediscount
rate from 63/2% to 6%. It is now believed that in
view of the altered conditions in international money
markets there will be a further reduction in the
Italian rate. A further reduction would still leave
the Italian market attractive to foreign funds.
There are evidences that Italian enterprises are
coming into the New York market for long-term
loans. The removal of certain foreign exchange
restrictions by the Italian Government on March 12
paved the way for foreign financing. Lira exchange
has been remarkably steady since that date, showing
less fluctuation than any other major currency.
The London check rate on Paris closed at 123.83 on
Friday of this week, against 123.93 on Friday of
last week. In New York sight bills on the French
centre finished at 3.92, against 3.92 5-16 on Friday
of last week; cable transfers at 3.92%, against
3.92 7-16; and commercial sight bills at 3.923j,
against 3.92 1-16. Amsterdam belgas finished at
13.943/i for checks and at 13.953' for cable transfers,
against 13.953/ and 13.963/2. Final quotations for
Berlin marks were 23.863 for checks and 23.873 for
cable transfers, in comparison with 23.87 and 23.88
a week earlier. Italian lire closed at 5.23 15-16 for
4
bankers' sight bills and at 5.241 for cable transfers,
%
against 5.237 and 5.241 on Friday of last week.
A
Austrian schillings closed at 143I, against 1434; ex-
[VOL. 130.
change on Czechoslovakia at 2.96%, 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 bills and at 1.3034 for cable transfers, against
1.30 and 1.3034.
Exchange on the countries neutral during the war
has been extremely dull and on average fractionally
easier than a week ago, owing largely to influences
surrounding sterling exchange. Swiss francs are an
exception, showing firmness arising from transactions in European markets and by factors originating in the preparations for the opening of the Bank
for International Settlements. For the past few
weeks Switzerland has drawn gold from the London
open market and from Paris and is believed to have
been a buyer of gold again this week at London.
These transactions are attributed to requirements in
connection with the Bank for International Settlements. Holland guilders, while fractionally easier
than last week, are nevertheless firm in the main,
due largely to the repatriation of Dutch funds from
London to Amsterdam. Money conditions are easier
in the Scandanavian countries. Yesterday the Bank
of Denmark reduced its rediscount rate from 43/2%
to 4%. Spanish pesetas declined sharply during
the week ani were subject to speculative influence.
Fresh weakness in peseta exchange is believed to
have been caused primarily by a realization that
Spain is apparently as far as ever from a return to
the gold standard. A recent dispatch to the "Wall
Street Journal" from Madrid says:
"Despite repeated advice from abroad, especially
London, in favor of immediate stabilization of the
peseta, there is no ground for expecting such action
from Minister of Finance Arguelles. Two causes prevent it. First is the failure of the peseta to recover
from the low level to which it fell in 1929 and early
1930; and second the anxiety with which bankers
and business men contemplate the possibility of any
mobilization of the Bank of Spain's gold. Rumors
of an external gold loan can be discounted, as also
those of acquisition by an American group of a block
of bonds of the recent internal gold loan. In general
economic and financial conditions in the country are
characterized by uncertainty which is mainly due
to the political instability, the actual Government
being regarded as a temporary makeshift to bridge
over the period between the distatorship and reestablishment of constitutionalism."
Bankers' sight on Amsterdam finished on Friday
at 40.223 , against 40.243/b on Friday of last week;
4
cable transfers at 40.2434, against 40.26, and commercial sight bills at 40.20, against 40.21. Swiss
francs closed at 19.38 for bankers' sight bills and
at 19.39 for cable transfers, in comparison with
19.38 and 19.39. Copenhagen checks finished at
26.76 and cable transfers at 26.773/, against 26.703/i
2
and 26.78. Checks on Sweden closed at 26.86 and
cable transfers at 26.873/2, against 26.87 and 26.8834;
while checks on Norway finished at 26.76 and cable
transfers at 26.7734, against 26.7634 and 26.78.
Spanish pesetas closed at 12.3934 for checks and at
12.4034 for cable transfers, which compares with
12.4734 and 12.4834 a week earlier.
Exchange on the South American countries has
been steady with the exception of exchange on Argentina, which has been inclined to sag. The Buenos
MAY 3 1930.]
FINANCIAL CHRONICLE
Aires rate has been declining steadily since the announcement of the $50,000,000 loan on April 9. At
that date pesos reached the high for the month at
40.02. In Wednesday's market they registered a
downward dip to 38.43. The present rates are
lowest since March 29, when exchange on Buenos
Aires stood at 38.19. Brazilian milreis have been
steady and on average closed firmer than a week ago.
The firmness in milreis is due largely to the heavy
exports of gold from Rio to New York and London.
As noted above, the Federal Reserve Bank of New
York reports the receipt of approximately $37,000,000
from Brazil during the week. That these gold shipments were en route was reported here a few weeks
ago. On Friday of last week the long waited announcement of the Sao Paulo £20,000,000 coffee
loan was made. Arrangements made call for the
issuance in New York of $35,000,000 and in London
of £8,000,000. The remainder will be distributed
among several European markets. It is planned
to sell every month an amount equal to 1-24th part
of the estimated coffee crop of the next two years,
so as to counteract the difference between large and
small crops. All the advances made by Brazilian
and European banks against the coffee stocks will be
redeemed. Present levels of the milreis are the
highest for the currency since Nov. 11929. It is believed that the loan should offer steady support to
exchange since the proceeds will be transmitted
monthly to Brazil in more or less equal parts over
a long period of time. The lower money rates in
New York and London are expected to favor the
South American countries and to improve their exchange quotations.
Argentine paper pesos closed at 38 11-16 for checks,
as compared with 38 13-16 on Friday of last week;
and at 383 for cable transfers, against 38%. Bra4
zilian milreis finished at 11.85 for bankers' sight and
at 11.90 for cable transfers, against 11.80 and
11.85. 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 are little changed from
the past several weeks. The Chinese units while
tow are steadier, following strictly the quotations
for silver. Japanese yen have been steady despite
the fact that the Tokio stock exchange was again
obliged to close for a few hours on Wednesday, due
to severe price declines which demoralized trade.
In commenting on the Japanese exchange situation,
the "Wall Street Journal" recently said:
"Those in touch with the Japanese situation state
that the trouble is for the most part of a political
nature. Japanese business conditions are in none too
healthy state and successful maintenance of the gold
standard which was put into effect Jan. 11 demands
close co-operation of all Japanese interests. However,
loss of some 194,000,000 yen gold since the embargo
was lifted has alarmed certain quarters in Japan
despite Finance Minister Inouye's assertion that
Japan still has an 80% gold note cover. It is stated
that Japan has not yet found it necessary to touch
the $25,000,000 stabilization credit obtained here
incident to return to gold.
"In addition, it is believed that the period of
normal excess of imports is about over and in coming
months yen should receive trade support. Nevertheless, opposition to the Government is bent on
3055
embarrassing the Government in its program and
bear raids on the Tokio Stock Exchange are believed
to be part of such efforts. Yen were unchanged despite closing of the Stock Exchange." Closing quotations for yen checks yesterday were 49.37®4932
,
.
against 49.35®493/ Hong Kong closed at 37%(4)
2
37%, against 37%®37 9-16; Shanghai at 46%(4)
463 , against 47(4)47%; Manila at 49 2 against
4
,
49%; Singapore at 56 3-16®563, against 56 3-16®
563; Bombay at 363, against 363,.and Calcutta
at 363 against 363.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
APRIL 26 1930 TO MAY 2 1930, INCLUSIVE.
Country and Monetary
tins.
Noon Buying Rate for Cable Transfers In New Toth.
Value in United States Money.
I
Ayr. 26. Ayr.28. Ayr.29. Apr. an. may 1.
EUROPE$
Austria,schIllIng
.140879
Belgium. belga
.139607
Bulgaria. lev
007218
Czechoslovakia, krone .029622
Denmark. krone
.267721
England, pound
sterling
4.862119
Finland, markka
.025170
France, franc
039222
Germany, relchstnark .238740
Greece, drachma
.012966
Holland, guilder
.402534
Hungary. pengo
.174775
Italy, Ilra
.052410
Norway, krone
.267727
Poland. zloty
.112015
Portugal. escudo
.044933
Rumania.leu
.005954
.124582
Spain. peseta
Sweden. krona
.268777
Switzerland, frano
.193885
Yugoslavia. dinar
.017683
ASIAChina-Chefoo tad- .484583
Hankow tael
.479531
Shanghai tadl
.468303
Tientsin tadl
.491875
Hongkong dollar
.371964
Mexican dollar-----335937
Tientsin or Pelyang
dollar
335833
Yuan dollar
.332500
India, rupee
.361089
Japan, yen
.493409
Singapore(E4.13). dollar .558691
NORTH AMER.Canada, dollar
.999073
Cuba. peso
999528
Mexico. peso
.475375
Newfoundland, dollar .996587
SOUTH AMER.Argentina. Peso (gold) .881228
Brazil, n ilreis
117980
Chile, peso
120622
924717
Uruguay. Peso
Colombia, peso
983900
$
.140829
.139616
.007221
.029622
.267718
$
$
.140847 .140841
.139813 .139817
.007221 .007218
.029624 .029624
.267673 .267678
may 5.
a
$
.140861 .140857
.139.,90 .139626
.007221 .007221
.029623 .029623
.267665 .267663
4.861917
.025174
.039227
.238715
.012964
.042487
.174739
.052405
.267715
.112015
.044983
.005959
.124184
.268775
.193840
.017685
4.862301
.025184
.039230
.238744
.012963
.042513
.174786
.052410
.267671
.112015
.044933
.005956
.123779
.268752
.193861
.017684
4.861988
.025171
.039232
.238751
.012965
.402516
.174780
.052405
.267678
.112040
.044983
.005956
.124281
.288777
.193883
.017685
4.881460
.025171
.039225
.238733
.012962
.402540
.174792
.052402
.267673
.112015
.0448'33
.005953
.123902
.269745
.193882
.017684
4.860679
.023178
.039252
.235692
.012'163
.402448
.174776
.052399
.267665
.112015
.044983
.005954
.123950
.268693
.193876
.017684
.485208
.480312
.466964
.492500
.371517
.336562
.485000
.479687
.466428
.492083
.371500
.336250
.485000
.479687
.467857
.492083
.371250
.335937
.484166
.478437
.465928
.491250
.370892
.334687
.482083
.476250
.465357
.489583
.369732
.331875
.337083
.333750
.381017
.493498
.558625
.337083
.333750
.380975
.493428
.558658
.337083
.333750
.361032
.493384
.558725
.335416 .331686
.332083 .328333
.361060 .361032
.493585 .493593
.558725 .558691
.998911 .998893 .998611 .998564 .998397
.999625 .999625 .999685 .999935 .999875
.475450 .475625 .475450 .475500 .475425
.996268 .996187 .996031 .996001 .995825
.881146 .879283 .874032
.118050 .118402 .118340
.120412 .120632 .120629
.925967 .926521 .925583
.963900 .963900 .963900
.868791 .868901
118422
.118280
.120625 .120627
.922606 .922606
.963900 .963900
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling
the figures for us, we find ourselves obliged to discontinue the publication of the table we have been
giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Apr.26. Apr. 28.
Tuesday, Wednesd'y, Thursday,
Apr. 29. Apr. 30. May 1.
4
$
$
154,000,000 121,000,000 183,000,000
I
Friday,
May 2.
$
$
$
I
155,000,0001 173,000,000 150,000,000
Aggregate
for 1Week.
$
Cr 946.001,0011
-The foregoing heavy credits reflect the huge mass of checks which come
Note.
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented
in the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do,
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
3056
FINANCIAL CHRONICLE
(You 130.
The following table indicates the amount of bul- interesting information that Viscount Cecil laid before the Commission on that date certain proposed
lion in the principal European banks:
amendments to the Covenant, understood to have
May 11929.
April 30 1930.
Basks of
been "drawn up by Downing Street during the LonTotal.
Sliver.
Total,
Gold.
Gold. I Sliver.
don naval conference, without the knowledge of the
E
I
E
158.766,163 American delegation there," calling for such changes
164,283,793 58,766,16
England- - 164.283.793
86,304,664
d
France a__ 338,806.523
338,806.523 86,304,66
994.600 95,523,620 as will
Germany 120,785,750 c994,600 121,780.350 94,529,020
"assume an outlawing of war, as an instruSpain ---- 98.756.000 28,333,000 127,089.000 02,392.000 28,695,000 131,087,000
56,520,000
Italy
56,261.000
56,281.000 56.520,000
ment of national policy, by all the signatories," and
Netheri'ds 35,979,000
3.5.979,000 35,184,000 1,744.000 36,928,000
Nat. BeIg_ 33,799,000 1,288.000 35.087.000 26.607.000 1,268.000 27,875,000
in the event of hostilities threat'
Switzeri d 22,646,000
22,646.000 19.289.000 1,698.000 20,987.000 an agreement "that,
13,049,000
Sweden__ 13,531,000
13.531,000 13.049,0
470.000 10,063.000 ening between any of them, they will submit to all
Denmark
9.572,000
414,000 9.986,000 9.593,000
8,157.000
8,145.000 8,157,000
Norway -- 8,145,000
decisions regarding their differences if the decisions
Total week 902,565,066 31,029,600 933.594,666810,390,847134,869.600845,260.447
Prey. week 901,553,694 31.103,600932,657,294814,789,3401 34,737,600849,526.940 are reached unanimously by the League's Council."
a These are the gold holdings of the Bank of France as reported in the new form
As the League at present has no airplanes, the
of statement. b Gold _holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year Is E7,489,400. c As of Oct. 7 1924. realization of the third of the proposals mentioned
d_SUver Is_now reported at only a trifling sum.
above might seem to belong to the future, were it
The 'Political Aftermath in Europe of the not for the fact that the debate, which, according
to the "Herald Tribune" correspondent, "waxed
London Naval Conference.
fairly torrid," served to bring out once more the
It will be recalled that the Tardieu Government,
in accepting the invitation of Foreign Minister Hen- fundamental difference between the French and the
derson to the London naval conference, intimated British regarding the functions of the League.
plainly that the results of the conference should be Where Great Britain, in the main, has been indislaid before the League of Nations, to be incorpo- posed to equipping the League with physical means
rated in the plan of general disarmament which of enforcing its decisions, France has favored the
the Preparatory Commission of the League has for creation of an international force whose duties
several years been considering. A few days after might be compared to those of an international
the conference adjourned, Prime Minister MacDon- police. As France emerged from the London conald formally transmitted to the League the text of ference with its claims and contentions unimpaired,
the treaty, together with a letter in which he ex- and is admittedly the strongest military power in
pressed the "earnest hope that the Preparatory Dis- the world, its apparent intention to support at
armament Commission will find in the results of Geneva any proposition that will put force behind
our work a contribution which will have the effect the anti-war pact and weave the pact into the fabric
of facilitating its future labors." The letter dwelt of the League Covenant is not to be lightly dismissed
particularly upon the success with which the oppos- as unimportant. It is, in fact, very important ining views of Great Britain and France regarding deed, and not least for the United States. The rethe limitation of navies by categories and global grettable course of the American delegation at Lontonnage had been harmonized, and the failure to don in toying with the suggestion of a consultative
resolve the difficulty occasioned by the demand of pact promises to return to plague us, if M. Briand
Italy for parity with France. As the Franco-British pursues his intention of putting "teeth" into the
dispute has been one of the principal obstacles which Kellogg pact. The Administration may well be on
the Preparatory Commission has encountered, the the watch against this newest attempt to entangle
London settlement raises some hope that the work the United States in the politics of the League,
of the Commission may now proceed with more especially as League policy bids fair to be from now
on more than ever the policy of France. It is of
speed.
Direct consideration of the London treaty at interest to observe that Japan, which in internaGeneva seems unlikely to begin before September or tional affairs has so often shown its ability to keep
October, as the governments which are specially its head, has gone on record at Geneva as opposed
interested have been pretty busy with conferences to any universal agreement designed to provide
of one kind or another during the past year and are means for preventing war. "Bilateral and regional
understood to be averse to an early meeting. An- treaties for strengthening security," the Japanese
other phase of the London controversies, however, delegate told the Arbitration Commission on Monhas been promptly taken up by another League day, were much better than world-wide covenants.
Meantime, the adjournment of the London conagency—the Commission on Arbitration and Security, a body in which 28 nations, including Russia ference has been followed by more news of war than
and Turkey, neither of which is a member of the of peace. Five new units of the Italian navy—two
League, are represented. The question here is none 10,000-ton cruisers, two 5,000-ton cruisers, and one
other than that of putting "teeth" into the Paris (or 800-ton submarine—were launched on April 27, and
Kellogg) anti-war pact. According to a Geneva dis- the construction of 29 other war vessels, one of them
patch to the United Press, the Commission, which a 10,000-ton cruiser, was authorized by the Cabinet
met on April 28, has before it four propositions: on April 30, altogether a tonnage of some 97,000
(1) "a project for the completion of an international tons. It was explained that the vessels launched on
convention for financial assistance to States which April 27 had been begun one or two years ago, and
may be victims of aggression"; (2) "a project for that all the new or prospective tonnage was for
perfecting automatic measures for strengthening "defensive purposes," but the explanation has not
means of preventing war"; (3) "a project to grant prevented a manifestation of considerable concern
the League's airplanes legal status to fly over every in France. The British Admiralty, it was reported
nation in the world during crises," and (4) "a on April 20, has ready for Cabinet approval a fiveproject, presented by the Peruvian delegate, Cornejo, year building program to be laid before the House
providing that the secretariat refuse to register any of Commons as soon as the American Senate ratifies
treaty imposed by force." A London dispatch to the the London treaty, the construction to include light
New York "Herald Tribune' on April 29 adds the cruisers, submarines and destroyers.
MAY 3 1930.]
FINANCIAL CHRONICLE
Senator Robinson, the Democratic member of the
American delegation at London, was reported as
saying, on Thursday, that while "the armament race
in all cla.Rses of ships has been definitely terminated . . . we will not gain the full advantage
and be in position to advance the cause of disarmament at the next conference unless we build up to
our requirements," notwithstanding that the cost
will be $100,000,000 a year. A Washington dispatch
to the United Press, of the same date, reports that
consideration is being given to a new type of cruiser
designed "to meet peculiar American requirements
without violating the London naval treaty." The
new type, it is explained, would be a 10,000-ton vessel with six-inch instead of eight-inch guns. The
treaty allows the United States 18 cruisers of 10,000
tons with eight-inch guns, and 143,000 tons of cruisers whose tonnage is not limited, but whose gun
calibre must not exceed six inches.
Side by side with this interlacing of war and peace
is to be found a significant growth of M. Briand's
idea of a United States of Europe. M. Briand, it is
understood,found time during the distractions of the
London conference to prepare an elaborate questionnaire which he will shortly send to some 26
European governments, asking information about
the possibility of forming some kind of a federation. Several months ago M. Briand took pains to
disclaim any intention of furthering a political
union that should rival the League, or, for that
matter, a political union at au. What he has in
mind, apparently, is an economic union which shall
facilitate industrial development and commercial
interchange, particularly through the lowering of
customs barriers. Rather curiously, the Austrian
publicist, Count Coudenhove-Kalergi, to whom,
rather than to M. Briand, belongs the honor of
originating the Pan-European movement, has just
submitted to the European governments a draft of a
constitution for a European federation, in which,
in addition to provisions designed to secure co-operation with the League in enforcing peace, it is provided that minority and majority races shall enjoy
equal rights, that exclusive treaties between member and non-member States shall be denounced, and
that a revenue shall be provided from the proceeds
of poll taxes on non-Europeans levied at the ports
of the member States.
These proposals come at a moment when co-operation between European industries and opposition to
American economic penetration are unmistakably
making some headway. The cartel movement is
growing, especially in large or basic industries. Organized protests, chiefly of workers, against the
pending American tariff have been staged in France,
Switzerland and England, and publicity campaigns
against the purchase of American goods are being
carried on. The volume of American capital invested in Europe is too great for these manifestations
to constitute as yet a very serious menace to this
•country, but the formation of some kind of an economic union is a reasonable possibility. A distinguished German journalist has recently expressed
the opinion that such a union, if it comes, will be
far from embracing all the European States, but
will more probably be limited at first to a few States
having immediate common interests, and will be
enlarged as its usefulness is demonstrated.
Certainly, if a United States of Europe, such as
is now contemplated, ever comes, the map of Europe
3957
will present a curious appearance. Map-makers may
well be puzzled how best to represent a continent
which holds at one and the same time a political
League of Nations, an economic Union, the broad
network of French alliances, the Little Entente, the
members of the Locarno pacts, and the States or
regions which are still under the supervision of the
League through the operation of the peace treaties.
M. Briand, however, seems to see in the political
complexities no obstacle to a union on economic
lines; on the contrary, he has advocated such a
union as a help toward the maintenance of peace.
Here, again, as in the political sphere, the attitude
of the United States may well be one of watchfulness, and in tariff matters especially one of consideration for nations whose markets are important to
American trade.
The Colossus of the Markets—The Federal Farm
Board in Cotton as Well as Grain.
All of our readers are aware of the gigantic operations that have been carried on by the Federal Farm
Board in the grain market for some months past,
as we have had frequent occasion to refer to its
activities in that respect. It is not so well known,
however, that the Federal Farm Board, through its
subsidiary, co-operative marketing associations in
the South, is now also engaged in putting through
some colossal deals in the cotton market. Friday,
April 25, was first notice day for May deliveries in
the New Orleans and the :New York cotton markets,
and the developments that day are of interest not
only to those who study market conditions but also
to the whole American people, whose tax money is
being used in speculative ventures of the first
magnitude.
For weeks ahead the talk in the cotton market had
been that the Farm Board interests would demand
actual delivery on May contracts of a quarter of a
million bales of cotton. The establishment some
weeks ago of substantial premiums on the near
months was the first evidence of threatened manipulation of the cotton market by these interests. Speculative shorts at once switched to the new crop
months, but hedge shorts, who foresaw heavy losses
by transferring to the new crop months at big discounts, elected to stay short of the May position and,
if necessary, deliver their actual stocks to the Farm
Board representatives.
-backed coThe outcome was that the Government
operatives had to receive on May contracts in the
New York market alone about 225,000 bales, while
in New Orleans the May tenders to the New York
firm representing the co-operatives totaled about
12,000 bales. Further certifications of cotton are
being made daily at Southern delivery points, and it
is believed that total tenders on May contracts in
both markets will amount to 350,000 bales, all told.
This means an outlay of Farm Board funds to the
extent of over $26,000,000, if deliveries, as now seem
likely, reach the figures mentioned. It is also reported in cotton market circles that the co-operative
interests, backed by the Farm Board millions, with
which 'Congress has so lavishly endowed them, contemplate taking delivery of an equal amount of cotton on July contracts in both New York and New
Orleans. In other words, before the present deals
now pending in the cotton market are consummated,
the Farm Board will have tied up in cotton about
$50,000,000 in the aggregate.
3058
FINANCIAL CHRONICLE
According to a statement credited to Alexander
Legge, Chairman of the Federal Farm Board, the
present operations of the Grain Stabilization Corp.
will result in their having 100,000,000 bushels of
wheat on hand at the close of the present season. In
terms of cash, this represents an outlay of Government funds of considerably over $100,000,000. Putting the two items together, we reach a total of over
$150,000,000, which will probably be used by the
Farm Board in carrying out its stabilization
program.
If the results achieved, or likely to be achieved,
were commensurate with the huge amount of money
involved in the Farm Board operations through its
marketing subsidiaries, then the policy and practices of the Federal Farm Board might possibly be
condoned. Thus far, however, the attempt to maintain prices at artificial levels has not met with any
real measure of success. On the contrary, the markets for both grain and cotton are demoralized by
the Farm Board operations, and the legitimate
trade have practically been put out of business. We
have already, in a previous article, referred to the
adverse effects on the grain trade, provoking bitter
criticisms of the Farm Board policy with regard to
wheat. Cotton trade interests of the South are now
voicing their condemnation of Farm Board activities
in the cotton market. As typical of these protests,
the resolutions recently adopted by the Memphis
Cotton Exchange are noteworthy. The Memphis
Exchange charges that "the Federal Farm Board
appears at present to be devoting its attention to
artificially elevating prices in defiance of the law
of supply and demand," and that "in its administration of the Agricultural Marketing Act it is offering Government aid to a relatively small number of
farmers who happen to be members of co-operative
associations."
The resolutions adopted by the Memphis Cotton
Exchange also assert that the co-operative associations, supported by unlimited Government capital
and credit, have dominated the futures market of our
country, deranging values of the various options and
utterly destroying the usefulness of these markets
for hedging purposes, thus striking at the financial
structure of the South by eliminating the only protection the banks have in financing cotton; and,
furthermore, that this manipulation has not only
resulted in almost complete cessation of demand,
but has also resulted in materially reducing the
basis value of all spot cotton, whether held by farmers, co-operatives, merchants, or consumers.
These resolutions, which were also adopted by the
Southern Cotton Shippers' Association, in its annual session at Memphis, recently, constitute a
strong indictment of Federal Farm Board policies.
The Man on the Soil.
In the discussions in Congress and in the press
over relief for the farmer; in the practices of the
Federal Farm Board; we find little reference to the
man on the soil as an individualist, a citizen, a spiritual entity, influencing the destiny of the Republic.
What he has done in the past to mould the civilization in which we live, what his potentialities are
for future shaping of life and liberty, has scarce
found mention. We have been looking upon him as
a business man, now in the shadow of a depression,
as a money-maker suffering from over-production,
one who, as a toiler and trader, must somehow be
[Vor.. 180.
"equalized" with those of other vocations, by law if
possible, and by Government, or the State, through
some form of "protection."
To the man himself, primitive, courageous, independent and upright, we have given little heed.
Occasionally, by way of compliment, we refer to him
as "salt of the earth." But to his spread over the
wilderness of our vast interior valley, his felling of
forests and cultivation of endless acres of soil, his
planting of orchards and vineyards, his support of
countless villages, towns, and cities, for more than a
hundred and fifty years, we give little thought. The
coming Exposition at Chicago will, we are told, do
this; and if so, there must spring into view a figure
in our national life, gigantic, heroic, individualistic,
the center and cement of a unified country, and the
sustaining power of a civic life unequaled elsewhere
on earth.
Our studies in economics confuse us. We behold
a strident progress, in constant flux and change; a
rapid industrial growth unparalleled on any continent; a mass-production and machinery beneficent
and yet binding; great cities leaping into the air,
complex and costly; and an urban population devoted to the accumulation of fortunes and the feasting on luxuries and pleasures—albeit the rank and
file work harder even than those on the farms.
We are enmeshed in politics. We seek by artificial aids to make life less unequal and exacting.
"Labor" organizes; and grasps at power through
laws and coerced wages; capital organizes, and seeks
for safety and defense through combinations and
centralizations; and our legislative halls, great and
small, ring with voices that seek to ameliorate and
control business and finance. In the midst of this
melee of theory, politics endeavors to supervise,
regulate, control, careless of the invincible conditions of nature and environment. And amid it all
stands this man of the soil, working ceaselessly and
toilsomely at the oldest vocation known to history,
without which there could be no life, progress, or
civilization.
Looked at from this standpoint, this man is not
only "salt of the earth," he is the strength of the
State and the hope of the future in society and government. For though in education and wealth and
culture he is surpassed by his brothers in the city,
he is the only true independent who can sustain himself by his own labor on his own demesne. When
he forsakes the farm for the fortunes of manufacture, transportation and trade, the cities will shrivel
up, the laws will fall into desuetude, and the Government itself will perish.
He builds neither palaces of rest nor towers of
trade, nor ships, nor cars, nor factories, yet he fundamentally builds them all, though he owns none of
them. Out of the furrows he turns comes the bread
of human life; and out of his ownership of the land
it becomes fruitful and favoring. There must come
a limit to the growth of cities, to the increase in
machines, to the worship of luxuries and amusements, in the decades and centuries to come. There
must be a turning "back to the soil." Cities are now
absorbing the population at the cost of inflation,
inequality, disordered life, and the inordinate wagescale.
What spirit settled this teeming interior but an
innate and primal love of the land? The real
pioneers were the homesteaders. There is no other
feeling like that of standing on one's own terrain,
MAY 3 1930.]
FINANCIAL CHRONICLE
the indisputable owner and possessor of the lifegiving soil. Rolfvagg in his novel, "Giants in the
Earth," tells the story of the Norwegian settlers in
our Northwest, their trials, struggles, heartaches,
and heroic labors, to cultivate the prairies—from
sod-hut to home and school and church.
In another recent novel, "In the Valley," the
scene laid in England, this overpowering love for
the virgin soil turns a merchant into a farmer, a
reversion to ancestral character and custom. To
live, thus, close to nature, to the gardens and fields
that by bloom and harvest reveal beauty; to the
orchards and forests that sentinel the strength that
sustains manhood; to the sun and clouds and skies
which breathe freedom and reverence into the soul;
to the initiative, independence, enterprise, that locking hands with the invisible forces at the heart of
things; develops in man truth, honor, pride, power,
work, and wisdom, without which citizenship is but
a hollow pretense, and loyalty but a name. And
even as we see the great cities grow around us we
realize that the country contributes men and women
who help to sustain and uplift them.
The two traditional streams of emigrants that
crossed the Alleghanies, Cavalier and Puritan, settling the Southwest and Northwest, converging in
the center on the banks of the Mississippi, and thence
by ox-team and covered wagon pushing across the
streaming prairies to the foothills of the Rockies,
gave largely to the United States its love of isolation, its character of industry and perseverance, its
satisfaction of contentment, its good-will and desire
for peace. Wrestling with current problems of
farm and factory, enthused over the false theory of
Governmental aid and control, caught in the coils of
the octopus of partisan politics, theorists tell us the
salvation of the industry of agriculture is in larger
farms. They would destroy the farmer for the sake
of a business-like profitable farm.
But this lone farmer, sowing and cultivating the
soil, is one of the greatest economic assets of the
nation. He loves the earth because it responds to
his touch, gives him fresh air to breathe and introspective mind to appreciate the value of the gift of
life, and nourishes his soul in beauty and truth. He
is not swept away by the lure of millions. His very
simplicity makes him sometimes the prey of the
demagogue, subjects him to the lure of the urban
follies. Though he forsakes his heritage, he will
fro back to the primal call, even though he must toil
incessantly and be comparatively poor.
These farmer-citizens of the interior valley will
keep us out of war if they can. They will preserve
us from the vanities and pride of great consolidations and combination if they are not misled by
specious pleas of reformers and fanatics. For they
are of the earth, earthy. To their minds the Constitution is a spiritual anchor that will hold the
State to its original moorings. Modern inventions
have lifted their horizons, educated their children
and children's children, taught them that the world
by growing smaller is growing larger, and turned
their stoical individualism into contentment and
hope, quietude and peace.
They are coming to realize their place in the business world and ask no alms from the Government.
Millions of them now know the futility of patterning
their occupation on that of manufacture. They embrace agricultural machinery, but know that they
can grow so much and no more on the acres they
3059
till, while the spindle and forge are capable of endless production. Being what they are, lovers of the
soil; feeling the divine inspiration of nature; attuned
in thought to the purpose that runs through the procession of the seasons; they draw close to that
"Power not ourselves that makes for righteousness."
They want the comforts, not the capital of the world.
They know the energizing spirit in the soil, and by
intensive application, coupled with education, realize
that 40 acres is an empire.
If through the mutations of time and change the
Republic is to be preserved, they will preserve it.
Soon there is to come a revulsion. Instead of starving in the monotonous toil of the cities, men will go
back to the soil to create estates for their children
where a living is sure, and the panics and depressions and "stock crashes" are impotent to harm.
It is the farmer, not the farm, the State must consider and appreciate. It is the farmer and not the
market that is to level up and equalize citizenship.
We shall have crowded cities and smaller farms.
Labor need not unionize where every man is his own
master.
Our magnificent domain will support 10 times
our population in the free work it affords to him
who is willing to work on the soil. Intermediaries
between the plow and the ship there will always be.
And if natural developments and connections are
not smothered in co-operatives controlled by Farm
Boards, the surpluses will find their way to foreign
marts at fair prices. We are following will-'o-thewisps in turning this plendid and supreme individualist over to the hired officials of law-made organizations inherently impotent to help!
The Ohio Prison Catastrophe.
The death by smoke and fire of 320 prisoners in
the Ohio State Penitentiary at Columbus, Ohio,
sends its thrill of horror throughout the country,
and the calamity has led to such a state of insubordination on the part of the convicts who escaped that
the present week military control has had to be
established. Whatever crimes these men may have
committed, placed in confinement behind stone walls
and steel bars, they became the wards of the State,
and thus entitled to full protection in life and limb.
Our readers are familiar with the details of this
disaster. A few of the salient points are sufficient
for our purpose herein. They were, at the time of
the fire, locked in their cells, made of steel. Over
their heads was a "tar-paper" roof or a roof of
inflammable material which burned quickly. A key
to Range A door was lost. A guard, under orders,
refused to permit the cells to be unlocked, until other
guards overpowered him, took the cell keys away
from him, and proceeded to release the prisoners as
far as possible. This delay was fatal. No fire drills
had been executed at any time prior to the tragedy.
The warden delegated to his chief deputy the management of the inside of the prison and himself went
outside to direct efforts at control and relief.
Physicians worked heroically to resuscitate and save
life. No other holocaust has equaled this in our
prison history.
Investigations in process will reveal somewhat of
the immediate culpability. But causes lie back of
the management. In the face of the awful calamity
criticism must be charitable. Let us look at the
remoter aspects. It is shown that prison relief had
warned the Governor that the prison was antiquated
3060
FINANCIAL CHRONICLE
and the management faulty. It is proved that the
institution was overcrowded. There have already,
in recent months, been four or five fires and outbreaks in other penal institutions, so that the management must have been keyed to the utmost vigilance. Yet 320 lives were lost that might have been
saved, and ought to have been, at least for the most
part. Society, which forms the State, cannot
escape censure. We are continually boasting of our
material progress. For our own protection we
place our criminals in confinement. They are entitled at least to ordinary fire protection, to a chance
for spiritual betterment while so confined. Ancient
buildings, manufacturing shops, in so far as they
make possible these fearful fires and mutinies, rest
upon the people and their legislatures.
We pass innumerable laws. We tax ourselves for
all sorts of purposes. We hear the calls of those
upon whom we place political responsibility. And,
save for the organization and efforts of relief societies, as citizens we do next to nothing. Commissions
to oversee and report to officials and law-making
bodies we provide. They work as best they may.
But pressure to compel progress on the humanitarian
side we too much neglect. Compulsion of society
at large to remedy conditions that, in the midst of
our boasted prosperity and our tax laws, we little
think of exerting. How many of these prisoners
were convicted for major offenses? Is it not probable that a few of them were convicted of relatively
minor offenses? To shut them away from their kind
for short and long terms, for life, and forget them,
is this the attitude a rich and kindly people should
take? Can immediate management be held responsible for lack of proper facilities?
The very fact that these questions may be reasonably asked brings its own answer. Recent "revolts"
by convicts, supplemented by this latest heart-breaking tragedy at Columbus,Ohio, will stir the "authorities" to some sort of action. In New York State
$38,000,000 are in process of expenditure to modernize prisons and other institutions. But as a recent
writer says: "The convict is the step-child of the
State. He is not a voter and forms no part of any
statesman's clamoring constituents. On the appropriation bill he comes last. The convict can always
be made to wait. It has always been so." This may
be too harsh and rigid, but it is largely true.
George W. Alger, writing in the May "Atlantic"
with regard to the lagging ways of caring for criminals,and speaking-of Dannemora, Auburn, and Sing
Sing as prison types, no worse than others, says:
"The cell blocks in these prisons are made of the
solidest masonry. They can last for centuries.
Most well-built buildings disappear with us not because they become insecure or dangerous with age,
but because the ideas which they represent become
obsolete; because they stand in the path of progress
and have to give place to forces representing new
and better ideas, changed conditions, and plans for
better futures. These prison cell blocks represent
the triumph of the obsolete over time and change."
He states that Auburn was built in 1816, Sing Sing
in 1825, Dannemora in 1840, "built, however, on the
model of the old prisons at Auburn and Sing Sing,
and its cell block is substantially the same." "The
convict," he says, "of 1930 is put in the same slit in
the masonry wall which was designed to punish the
convict of 1816." He then describes these cell blocks
as follows: "Imagine a very large room, in the
[vol.,. 130.
middle of which is a huge oblong box of masonry not
connected with the sides of the room. As you walk
along the floor, you pass a succession of little doorways in this box with grilled iron doors. These are
the ground-floor cells. What little light may stray
into them from the high windows of the great room
itself, in which the box is placed, is largely cut off
by the shadow of the iron platform which is fastened
in the wall just above the doortops; such platforms
provide entrance ways, each for the next higher tier
of cells, reached, in turn, by a stairway at the end of
the block." . . . "The largest of the old cells at
any of these prisons is at Dannemora. It is only
four feet wide, with a cot which occupies most of
the space: a fairly neat fit, like a coffin in a grave.
This brick-lined room is a little over seven feet deep
and less than seven feet high. It is unventilated; it
is without toilet facilities of any kind. Each convict
carries a tin bucket with him when he marches to his
cell at night." . . . "This cell, moreover, is the
only place of privacy which the prison affords to the
individual convict. Outside of it his associations are
indiscriminate herd associations—with felons. Here
alone he can reflect and revise, if he will, his distorted outlook on life, in an atmosphere surcharged
with the fetid stench of his own excrement."
Yet, we may add, in Ohio, the fifth State, they
placed a combustible roof on this "cell block," which,
when fired, caused the death of 320 convicts! Now,
tens of thousands of every State have visited "the
penitentiary," and must have seen these and similar
conditions. But when more favorable quarters are
suggested the argument immediately runs into the
purpose of punishment. Objection is raised to what
is called "pampering." How can men rise above
themselves in such circumstances? At this time
State and Federal prisons are all overcrowded. The
aroused law-makers, in the face of a "crime wave,"
are lengthening the "term"—a fourth offense by
what is often little more than a misdemeanor obtains
a sentence for life. Men are in some instances
turned into demons after incarceration. The whole
matter is vital to society, and undoubtedly reflects
upon it. But billions are ready for new roads, for
new cars. Political salaries are increased. But the
procession of prosperity sweeps by the prison problem, scarcely heeding until some awful calamity
shocks the heart of humanity. It is high time something were done about the matter, and President
Hoover is to be commended for having urged the
problem anew on the attention of Congress, in his
special message to that body the present week, at
least as far as prison derelictions on the part of the
Federal Government are concerned.
It is easy to write censures, but they apply to ourselves as well as others. We are all willing to pass
laws—and we all break some of them. If ignorance
of the law is no excuse, it still renders us liable. One
su.mptuary law is being broken constantly. And this
contributes greatly to the overcrowding of prisons.
But for all the faults of society there is still no
justification for mistreating prisoners. We lock the
door after the horse is stolen. We "investigate"
after the horrible fact. Culpability there is, though
there are gangsters, racketeers, and felons—desperate men who must be confined. But punishment
is not the only end of depriving wrong-doers and lawbreakers of their liberty.
It is the duty of the State to elevate character
while it guards society. Prison reform must not only
MAY 3 1930.]
FINANCIAI CHRONICLE
furnish habitable quarters and good food, it must
afford the means of moral and spiritual betterment.
The criminal must not be coddled in his confinement,
but the spark of manhood in him must not be extinguished. A lot of the "sob stuff" may be dispensed with. But society and the State cannot afford to debase the man simply because he has committed a crime. And some time a system of appraisal and classification must be invoked.
/ Saving and Unemployment—Developin
bor
the "Technique of Balance."
St. Louis, Mo., April 25 1930.
3061
we directed it into channels that are constructive? Suppose we have now conscripted sufficient credit resources
so that we can pull off the biggest lamb-shearing, suckercatching episode in history without disturbing our financial
stability in the least, wherein have we been benefited? The
more of this form of credit we use, the narrower our margin
of safety. In other words, the thinner the ice on which we
must skate. But industrial stability is dependent upon an
adequate factor of safety in matters that have to do with
credit. Stability here is dependent upon sticking to firm
ice, not on skating on thin ice.
As I see it, this great credit facility is more or less of a
menace. There are temptations to use it in various ways
not helpful to industry. Doubtless speculation would be
amed by many as the most ill-advised use or misuse that
credit can be put to, but I am afraid there are still more
harmful uses, such as, for example, excessive farm loans.
Competition in the farming industry is already keen. When
the Government offers tax-free long-time loans at low rates
of interest, you have a stimulation that builds up a sort of
Government subsidized competition that would break the
heart of nearly any of us industrialists if we had to go up
against it.
Another misuse of this credit facility is that of encouraging installment buying of perishable merchandise. One of
the—shall we say mistakes or crimes—of our generation
is the care free manner in which we encourage those of
small means to spend their pittance before they get it, principally, no doubt, in order that someone may get immediate
results.
As I see it, the chance to teach the less experienced how
to use their earnings wisely is an opportunity for charactar
building that ought not to be neglected by those of experience and financial wisdom; however, instead, I fear we are
permitting the philosophy of Poor Richard to be replaced
by installment sales talks. One finds such paragraphs as
the following (from a current month's magazine), from the
pen of Kenneth M. Goode:
Editor, "Commercial and Financial Chronicle,"
New York City, N. Y.
Dear Sir: I have been considering the editorial on "Laborsaving and Unemployment," in your April 16 issue. This
article seems to be a very comprehensive treatment of several phases of the subject. However, in a report of the Conference on Unemployment called by President Hoover, some
phases not discussed !by you have been set forth in a manner
that seems to me worthy of the consideration of your readers, if you find space for it. I, therefore, quote below several paragraphs that seem to me pertinent and later comment
on these and other phases of the subject:
"The survey has proved conclusively what has long been
held theoretically to be true, that wants are almost insatiable; that one want satisfied makes way for another.
The conclusion is that economically we have a boundless
field before us; that there are new wants which will make
way endlessly for newer wants, as fast as they are satisfied."
*
4.
*
"To maintain the dynamic equilibrium of recent years is,
Indeed, a problem of leadership which more and more demands deliberate public attention and control. Research
and study, the orderly classification of knowledge, joined
to increasing skill, well may make complete control of the
economic system a possibility. The problems are many and
"It would take a bold banker indeed to advise against savdifficult, but the degree of progress in recent years inspires
ing. But it takes no very keen banker to see that our prosus with high hopes."
perity is based on spending. If the man on the street, for
*
*
*
instance, followed the example of his financial
"As long as the appetite for goods and services is prac- ness would come to a standstill in a very few leaders, busiweeks. One
tically insatiable, as it appears to be, and as long as pro- motor company, to take a single instance,
prides itself—
ductivity can be consistently increased, it would seem that justly from every financial viewpoint—on paying out only
we can go on with increasing activity. But we can do this 60% of its profits. If each family saved 40% of its income,
.only if we develop a technique of balance."
how many families would respond to this company's adver*
*
*
tising to buy two cars? Almost all the other "good" comWith an insatiable appetite for services and products as panies are equally conservative. On behalf of their stockholders they "save" from 20% to 40% of their annual earnhere pointed out, if we are to maintain a uniformity of ings; yet if their stockholders observed the
same rule, there
cannot overemphasize the im- would be no profits at all."
employment, doubtless we
portance of a "technique of balance"; however, in all the
It should be explained that Mr. Goode is an advertising
years that are past some sort of a balance between producexpert who, so far as the writer knows, does not claim to be
tion and consumption has been struck and we shall do well
an economist. Of course, no economist in our day advises
to stick to the old methods until we devise better ones.
that savings be hidden away in a stocking or buried in the
In the meantime, we want the best results practical while
ground. It is evident that whether money is put in a bank,
these better methods are being perfected. I will, therefore,
spent on a home, or permanent investment, or turned over
try to point out two factors that have been helpful in the
to the installment seller, it goes into circulation with a
past but which, in the rush of present day life, have not
minimum of delay. There is this difference, however. An
been given, it seems to me, as prominent a place in our
expenditure buys only about 80% as much merchandise on
economic thinking and planning as theY deserve.
The first of these is "caution." We need to be more the installment plan as would be acquired in a cash transaction. The most serious objection to installment buying is
carefroAhat in all our getting we get wisdom. We need to
•
our step, especially in matters that have to do with that in many cases it seems to keep the nose of the victim
everlastingly on the grindstone of debt instead of developing
" dnce and credit.
On April 21 the St. Louis "Globe-Democrat" quotes C. M. the independence of spirit that one with an adequate cash
reserve ordinarily acquires. Consider this problem from
Stewart, Assistant Federal Reserve Agent, as follows:
this viewpoint, also: Two men start out in life, one has
"He (C. M. Stewart) stated that the total banking re- determined to conserve his earnings
with care; the other
sources of the United States are $72,666,000,000, of which
the member banks possess $48,843,000,000, or more than two- spends freely as fast as opportunity is presented. The
former will be the best and largest customer during practhirds of the total.
"The Federal Reserve Act," he said, "pooled the legal tically every year of his life. As he accumulates a reserve,
reserves of member banks in the Federal Reserve Banks, he will increase his expenditures. He will take better care of
and authorized the Reserve Banks to use the funds in dis- every interest he touches in life than the installment buyer
counting for member banks or in open market operation.
Moreover, provision was made for Federal Reserve Banks will be able to do.
The only basis on which a different conclusion can be
to augment their credit extending ability by issuing circulating notes. The Act also provided that one bank might deduced is on the supposition that the man who makes two
discount for another, which permits transfer of credit to blades of grass grow where one grew before had deprived
any district. Thus, each Federal Reserve Bank constitutes someone of a job of growing a blade of grass—a theory that
a great reservoir of credit."
has been so thoroughly discredited that there is little excuse
If we accept this statement of the Federal Reserve official for anyone to be misled by it at this date, as you also set
at its face value, we have commandeered the credit facili- forth forcibly in the editorial being considered.
ties of the nation in a masterful manner. But suppose we
We have gone over the question of a "technique of balhave. The question, then, is to what extent, if any, have ance," and.have seen that by placing emphasis on the nece.s-
3062
sity of not permitting ourselves to be led into trying to
operate on too narrow a margin, our industrial organization
will continue to function about as it has always done, since
this policy of easy credits and free borrowing facilities is
the principal element of change in the industrial system,
when we make comparison with conditions a generation back.
It is true that mass production in certain lines is a large
factor, but this has been a factor of some importance for a
long time in some lines, and in some measure, so that It is
not believed to have brought about any radical change in
conditions recently. Therefore, the logical plan would appear to be to continue to be governed by the considerations
that have controlled in the past while this new "technique
of balance" is being perfected.
There is one other point that I think we need to place
more emphasis on than has been our practice in recent
years. We will find no better statement of this consideration that that of the Hebrew Psalmist, "There is that which
scattereth and yet increaseth, and there is that that withholdeth more than is meet, but it tendeth to poverty."
If our country is to dispose of its production at home
instead of scouring the world for a market In which to dump
our surplus, we have got to develop a technique of conserving the interest of our customer about as carefully as we do
our own, or we may grow rich while our customer grows
poor, which, in turn, will tend to cause both of us to grow
poor together.
With insatiable wants and a population anxious to participate in satisfying them, as well as in consuming the
things wanted, there is no fundamental reason why we
cannot all keep busy all of the time working for each other.
We have gone over several of the principal practices
that have caused the present industrial flurry. We have
mentioned first the providing of facilities for a supply out
of proportion to any legitimate demand; second, operating
on too narrow margins, or with inadequate reserves, and,
lastly, too much greed for our own good. As the brokers
put it, "Sometimes the bulls win; often the bears do; but
the hogs never win." We might call attention to numerous
other maladjustments, but if we correct the three mentioned
or develop a psychology to correct them on the part of the
public, we shall have accomplished a great deal.
Yours very truly,
E. S. PILLSBURY.
Brokers Loans Not a Proper Loan Medium for
the Funds of Commercial Banks.
April 28 1930.
Editor "Financial Chronicle," New York City.
Sir: In your issue of the 26th inst. attention is called
to the marked increased in brokers' loans, your figures being
$728,000,000 since Feb. 26. This increase you attribute to
the cheap money policy of the Federal Reserve Banks; and
you further state that the subject becomes tiresome by
repetition, in which statement all will agree. But that the
endless discussion may be less futile—and, I think, in that
degree, less tiresome—cannot the question be resolved to a
basic principle of banking, and, therefore, not a matter of
opinion but a question of right and wrong?
There is one standing and insuperable criticism of brokers'
loans. They are not, according to orthodox banking principle, a proper loan medium for the funds of commercial
banks, for the reason they are not self-liquidating. Commodity loans are liquidated as the goods move into consumption. Commercial bank deposits are payable largely on
demand; therefore, loans should be a living stream of
liquidation, to insure the banks healthy functioning. Such
liquidation Is not possible with brokers loans, as they are
reduced only by shifting to another bank, or by a drastic
decline in market values, as witnessed last October-November.
It Is interesting to observe that loans on real estate also
are not self-liquidating, and by the National Bank Act of
1863 were wisely declared ineligible for National Bank loans.
As a consequence, the real estate loan is financed through
the investment market—not through commercial banks.
Perhaps a solution of the Federal Reserve's problem may
be found in that very clear precedent.
There was no criticism of the quality of the real estate
loans that were declared ineligible; but there was the assertion of a fundamental banking principle because of their
non-liquid character. There is, similarly, no criticism
of
the quality of brokers' loans, but an assertion of the
banking principle that they are not self-liquidating
through distribution to the consumer, as are commodity loans.
Could the framers of the National Bank Act have foreseen
the vast growth of stock companies and Stock Exchanges—
and their encroachment for capital uses on the lending
powers of commercial banks—can we doubt that they
would
have added the brokers' loan to the real estate loan as
not
self-liquidating and hence ineligible as a loan for commercial banks?
The broker's loan, like the real estate loan, should
also
be financed in the investment market.
Respectfully,
Abington, Pa. (Philadelphia).
0. E. HENWOOD.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, May 2 1930.
One favorable circumstance this week is warmer weather
here and at the West. It as helped retail trade. And crops
have been helped by the fall of much needed rains in the
Southwest, benefiting grain and cotton. Wholesale and
jobbing trade, however, has not improved much, if at all.
Iron and steel have declined. In fact declines in commodities have been the rule rather than the exception. If
warmer weather continues, however, with temperatures like
80 to 84 here and in the West and Northwest it can hardly
fail to stimulate business to a very noticeable degree, and
reaching the wholesale and jobbing trade which has been
quiet for so long a period. As it is textile trade have shown
some slightimprovement,including cotton,silks and woolens.
There is no evidence that the decline in the stock market
has had any appreciable effect on general trade, its influence
being in some degree at least neutralized by the lower rates
for money here and in London. The copper trade has still
been more or less dull and depressed, and some other nonferrous metals are irregular. Building is still on a very
moderate scale, but obviously if seasonal temperatures continue construction will be stimulated. As it is there is not
much doing in that line. Lumber markets are dull and there
is overproduction in the Pacific Northwest and elsewhere.
http://fraser.stlouisfed.org/
IlMow
Federal Reserve Bank of St. Louis
[you 130.
FINANCIAL CHRONICLE
I
In machine tools there is a little better business.
Seattel
salmon canners, finding trade slow, are, it is said, contemplating spending $1,000,000 in an advertising campaign in
order:to reduce stocks.
In some centers of the West there is a slight reduction in
unemployment, as seasonal weather advances. Union labor
organizations report a small falling off in the number of idle
in March and April, though the reduction is not quite up
to the normal. In Los Angeles the gasoline trade quarrel
has ended:and the price is up to 19 cents, a rise of 43/i
cents.
Car loadings in April show a sharp decrease from those of
the
same month last year. The decrease in railroad
earnings
has attracted considerable attention. But that relates
to a
period that is past. It is hoped that with the arrival
of
seasonal temperatures business everywhere will show greater
activity to be reflected in a larger income for the common
carriers. The automobile concerns are a little more
active,
especially those making the cheaper cars. With the approach
of warmer weather and the existence of lower rates for money,
together with the fact that buyers' stocks cannot be very
large, if indeed they are not considerably reduced, not a feware inclined to take a cheerful view of the outlook for business.
Wheat declined slightly in the end but showed on the
whole no little steadiness partly owing to its having evidently
been oversold. Car lots were made regular delivery but this
MAY 3 1930.]
.FINANCIAL CHRONICLE
had no.lasting effect. Export business at times increased
noticeably. And the estimates of the condition of the Winter
wheat crop, if not the size, have been lower than expected.
At one time it is true May wheat declined to the lowest price
of the season, after which there was considerable covering on
a stronger technical position. Chairman Legge of the
Federal Farm Board announced that it held 31,000,000
bushels of cash wheat and 19,000,000 bushels of May wheat.
Part of the May wheat is said to have been given in exchange
for cash wheat at Omaha, and other western points. The
deliveries on May 1 were large and went to the Farm Board.
Corn has had a moderate decline with farm consumption
-smaller and also showing some natural response to days of
lower prices for wheat, as rains came to the Southwest.
Cats have touched the lowest prices on the crop and rye has
declined, with supplies good and foreign demand still lacking.
Cotton for May and July delivery has had a moderate net
advance despite May notices of unexampled size, 267,000
bales and not a little scattered liquidation by outsiders.
New crop months have declined because of the breaking of
the drought in Texas and Oklahoma and the fact that the
average estimate of the decrease in acreage is only 4 to 5%.
Moreover the old crop premiums are still cited to explain the
persistent dullness of actual cotton and cotton goods. Manchester has been dull coincident with continued political
disturbances in India and fears that India will cancel buying
orders perhaps on a large scale. Sugar futures have fallen
.5 to 10 points and have dropped to the lowest prices in 28
years, largely because of heavy selling attributed to Cuban
interests. Prompt Cuban is down to the lowest price on
record of 1 9-16c. c. & f. Coffee declined in a dull market
with Brazilian cables of late anything but bracing and Europe
selling. Rubber, despite the beginning of measures to reduce production, has declined 20 points on May and July
deliveries, with little demand and supplies plentiful. Provisions have advanced in some cases and monthly
statistics
are accounted bullish. Cocoa has declined 20 points.
Hides
have been quiet and irregular, May being slightly lower for
the week and July up a trifle. Silk was irregular.
Cotton goods have been in the main quiet though now and
then a fair trade has been reported in small lots. A
general
movement among Carolina and some of the Georgia mills
to curtail output of cotton goods from May 5 to
July 19
by operating only every other week, amounting to a cut of
.50% is expected to have beneficial effects in reducing stocks
and perhaps in the end increasing profit margins. A rather
better trade has been done in fine and fancy cotton goods,
but it has not been well distributed. Seasonal lines of finished cotton goods have been in steady demand, favored by
warmer weather but there has been no activity.
The New York stock market on April 28 suddenly fell
2 to 18 points on sales of about 4,800,000 shares against
.3,272,000 on the same day last year and close to 4,000,000
two years ago. A number of stocks tumbled 10 to 12 points
and many 4 to 5 points. Call money was 4%. But
the
thing that seemed to jar was the slowness of trade. This
-was reflected rather pointedly in the statements of 65
roads.
They showed a decline in the first quarter of the year of
about 40% in net operating income. In March the decline
was 263/i% as compared with March last year. This was
really a little better exhibit than in February when the total
showed a drop of 29%. In detail the total for the first
quarter was $143,979,000 against $241,930,000 for the corresponding period of 1929. March revealed a total of $68,.371,000 against $93,430,000. In February the first 72
reports showed $55,012,000 against $77,779,000 for February 1929. The earnings were a bit chilling. Various
commodities had been declining, including grain, cotton,
coffee, sugar and rubber. The truth of the matter is that a
revival of trade in the United States hangs fire, but the decline in stocks was no doubt largely due to the technical
position of the market which had become for the time being
overbought on a hurried advance. Stocks on the 1st inst.
were firm for a time and then declined, in some cases 53%
to 18 points, despite the fact that discount rates in London
and New York were reduced to 3%. The chief declines
were 18 in J. L. Case, 1.14 in Pere Marquette, 14 in Peoples
Gas, 113/i in Ingersoll Rand, 103 in Worthington Pump,
%
8% in Auburn Auto, 7 in Atlantic Coast Line and American
Rolling Mill.
To-day is a day in which the sales were close to 6,000,000
shares and the largest of the year prices fell 2 to 10 points.
The heaviest of the selling came in the last hour. Some 25
stocks fell to new low levels for the year. Call money dropped
3063
to 3% and time loans were % lower. Open market bill rate
lower and has been reduced 3 times this week on 90
is
day bills. Discount rates in Chicago Boston and Philadelphia
are expected to drop to 334%. The increase of $57,000,000
in brokers loans had seemingly no particular influence. The
market acted tired after recent activity and advances and
leading stocks dropped 5 to 10 points after a deceptive rally
at the beginning of the last hour. Some have taken to heart
the big decline in railroad earnings compared with those of
last year. General trade shows no snap. Iron and steel
have been quiet and a little depressed; also grain, cotton,
provisions, coffee, sugar and rubber. The President's reassuring speech had a disappointing repercussion in the stock
market. But money is cheap. It is bound to be used in
stock purchases. The weather is more seasonable with 82
degrees here to-day and in the 80s to 84 in parts of New
England and the West and it would seem probable that the
demand for seasonable goods must be correspondingly stimulated. To-day bonds were active and higher, especially for
high class American issues.
Sears, Roebuck & Co.'s sales for the four weeks ending
April 23 amounted to $30,495,295 a decrease of 4.5% under
April 1929. Sales for the period Jan.2 to April 23 amounted
to $110,110,879 a decrease of 1.2% from the corresponding
period last year.
Chicago wired the New York "Times" that 10,000 buyers
from cities extending from the Gulf to the Canadian line and
from the Atlantic to the Pacific Coast were in Chicago last
week to get bargains in domestic and all kinds of cotton
goods, hosiery, underwear and ready-to-wear garments at
the removal sale held by Marshall Field & Co.'s wholesale
department. The sale it says produced a far greater volume,
than had been expected. But was due to exceptional circumstances.
-month decline in the general level of farm prices was
A7
checked by a slight recovery from March 15 to April 15
according to the compilations of the Bureau of Agricultural
"Economics." At 127% of the pre-war level on April 15
the index of prices paid producers was 1 point higher than
on March 15 but still 11 points under a year ago, and at
the lowest level since 1927. Prices of all farm products
included in the index advanced from March 15 to April 15
excepting meat, animals and wool. This is the 14th month
in succession that wool prices have declined.
Shipments of farm equipment from the United States
during the first quarter of 1930 reached the unsurpassed
total of $50,000,000 according to the Agricultural Implements Division. Never before in the history of the industry
have exports shown such a favorable trend so early in the
year. The chief reason for this record total is the large
amount of equipment, particularly of tractors, sent to Russia
during the quarter. Of the $50,000,000 almost $20,000,000
consisted of tractor shipments to Russia, as compared with
tractor exports valued at $4,000,000 to the same country
during the same three months of 1929.
Formal announcements it is stated are coming forward
daily from Southern mills of their purpose to curtail production six weeks between May 5 and July 19 and if plans are
carried through, they would wipe out most of the troublesome
stocks from the books as between 60,000 and 65,000 looms
should be affected. Greenville, S. C. wired that mills of
the Piedmont section, which have entered into the curtailment schedule, will not be shut down at the same time it was
pointed out by officials. While a number of mills shut down
entirely next Monday, remaining closed all the week,others
will operate throughout the week and shut down the following
week. In addition to other advantages this plan will provide a better arrangement for the power companies, it is said.
The Woodside Cotton Mills Co. and the Easley Cotton
Mills of South Carolina reported to have announced their
purpose to shut down completely for two weeks in months of
May,June and July, making six weeks curtailment of operations. Later three more mills, it was announced, would
suspend operations every second week during the three
months of May, June and July, commencing next Monday,
May 5. These mills are the Clinchfield Manufacturing Co.
of Marion, N. C., Fountain Cotton Mills and Hart Cotton
Mills of Tarboro, N. C. Noris Cotton Mills of Cateeche,
S. C., Marion Manufacturing Co. of Marion, N. C., and
Wallace Manufacturing Co. of Jonesville, S. C. follow a
schedule of operating only every second week during May,
June and July.
Rock Hill, S. C., wired that some of the textile manufacturing plants there are operating full time and the others
3064
FINANCIAL CHRONICLE
are operating on an abbreviated schedule. A curtailment
&
program has been in effect for some time in a number of mills
of other sections, and the past week a number of factorTa
in the western part of the State announced further reductions
in working hours. The Aragon plant of the Aragon-Baldwin
Cotton Mills, Inc., will curtail beginning May 5, and will be
closed for that week; then every other week. Industrial
Cotton Mills Co. is operating four days and four nights each
week. Arcade Cotton Mills are now operating five and onehalf days and nights each week. Cutter Manufacturing Co.
is now operating on a full-time schedule during the day.
Victoria Cotton Mills Plant No. 1 is now operating on a
part-time schedule. Victoria Cotton Mills' plant No. 2
has been idle since last fall. Highland Park Manufacturing
Co. Plant No. 2 is operating on full time. Wymojo Yarn
Mills are now operating on a 100
-hour per week schedule on
day and night shifts.
Manchester, England reported that with the market depressed and buyers generally holding aloof, there was considerable anxiety with regard to conditions in foreign markets;
Indian news worse, with cloth buying practically at a standstill and repudiation of contracts threatened. Joshua Hoyle
Sons, English cotton spinners, owing to uncertainty of
cotton trade outlook defer consideration of preference interim dividend until full year although profits are sufficient
to make payments says the Central News London cable to
the New York News Bureau. London cabled:"A strike in
British woolen industry is expected to continue another
fortnight. About one-half of operatives have returned to
work, the majority of which are in the worsted spinning
section but resistance in weaving section is still strong."
London cabled that hundreds of thousands of women in
England will wear cotton dresses this summer modelled on the
style worn by Queen Mary and partly designed by the Queen
herself. This may help Lancashire considerably. Frankfort-on-the-Main wired the "Journal of Commerce": "The
Concordia Spinning & Weaving Co. with plants at Marlissa
and Bunzlau, has passed its dividend for the first time in 20
years. This action was taken merely because of unfavorable
conditions in the cotton manufacturing industry. The
losses of the spinning plant during the past year ate up the
profits of the weaving mills. The small amount of improvement in business noted in the spinning industry at present
is due to the recovery in wool prices and has not as yet
reached the cotton section.
Early in the week the weather here was seasonable. On
April 28 the temperatures were 49 to 62 degrees after being
46 to 67 last Sunday. Boston had 44 to 54 degrees; Chicago
44 to 52; Cincinnati 56 to 78; Cleveland 48 to 56; Kansas
City 52 to 66; Los Angeles 56 to 68; Milwaukee 40 to 48;
Minneapolis 44 to 66; Montreal 32 to 52; New Orleans 64
to 80; Omaha 48 to 58;Philadelphia 54 to 66; Portland, Me.,
36 to 60; Portland, Ore., 46 to 58; San Francisco 52 to 66;
Seattle 44 to 52; St. Louis 54 to 74; Winnipeg 50 to 56. On
the 1st inst. temperatures here were 51 to 79 degrees. There
were two thinderstorms killing one man and putting out the
torch in the Statue of Liberty. Some persons collapsed
from the heat; nobody was prepared for it. Four places in
Brooklyn and two in Jersey City, were struck—one a hospital
without much damage. Boston had 84 degrees; Chicago,78
Cincinnati and Cleveland 84; Detroit 80; Kansas City 80;
Los Angeles 68; Milwaukee 72; St. Paul 82; Montreal 78;
New Orleans 80; Omaha and Philadelphia 82;Portland, Me.,
64; Portland, Ore., 76; San Francisco 66; St. Louis 86;
Washington 88 and Winnipeg 72. To-day it was 82 degrees
here)ut the forecast was fair and cooler on Saturday.
resident Hoover Sees Country Emerging from Effects
of Stock Market Crash—Before United States
Chamber of Commerce Proposes Study of "Boom
and Slump" to Prevent Recurrence.
Making cognizance of the fact that "we have been passing
through a great economic storm," President Hoover in an
address at Was ington on May 1, at the annual dinner of the
Chamber of C mmerce of the United States, expressed the
conviction that "we have now passed the worst and with continued unity of effort we shall rapidly recover." The President referring to "these vast contagions of speculative emotion," said that they have "hitherto throughout all history
proved themselves uncontrollable by any device that the
economist, the business man or the Government has been
able to suggest." "The effect of them," he went on to say,
to divert capital and energy from healthy enterprise—
(VOL. 180.
the only real sources to prosperity—to stimulate waster
extravagance and unsound enterprise with the inevitable
collapse in panic," making the statement that "the intensity
of the speculative boom on this occasion was, in my view, as
great as or greater than any of our major manias before,"
the President asserted that "the intensity of the slump has
been greatly diminished by the efforts that have been made."
He stated that "the ecceleration of construction programs
has been successful beyond our hopes. The great utilities,
the railways, and the large manufacturers have responded.
courageously. The Federal Government has not only expedited its current works, but Congress has authorized
further expenditures. The Governors, Mayors and other
authorities have everywhere been doing their full part. For
the first time in the history of great slumps," said the President, "we have had no substantial reductions in wages, and
we have had no strikes or lockouts which were in any way
connected with this situation. The accelerated construction
has naturally not been able to absorb all the unemployment
brought by the injuries of the boom and crash." In his
further comments the President stated that "if we examine
the strains during the last six months we shall find one
area of credit which is most inadequately organized and
which almost ceased to function under the present stress_
This is the provision of a steady flow of capital to the home
builder. From a social point of view this is one of the most
vital segments of credit and should be placed in such a.
definitely mobilized and organized form as would assure its
continuous and stable flow." Declaring that "the whole
range of our experiences from this boom and slump should
be placed under accurate examination with a view to broad
determination of what can be done to achieve greater stability for the future both in prevention and in remedy." The
President added:
If such an exhaustive examination meets with general approval, I shall,
when the situation clears a little, move to organize a body—representative
of business, economics, labor and agriculture—to undertake it.
The President's address follows:
Gentlemen of the United States Chamber of Commerce
We have been passing through one of those great economic storms which
periodically bring hardship and suffering upon our people. While the
crash only took place six months ago, I am convinced we have now passed
the worst and ith continued unity of effort we shall rapidly recover.
There is one certainty in the future of a people of the resources, intelligence
and character of the people of the United States—that is prosperity.
On the occasion of this great storm we have for the first time attempted
a great economic experiment, possibly one of the greatest of our history.
By co-operation between government officials and the entire community,
business, railways, public utilities, agriculture, labor, the press, our own
financial institutions and public authorities, we have undertaken to stabilize
economic forces; to mitigate the effects of the crash and to shorten its
destructive period.
I believe I can say with assurance that our joint undertaking has succeeded to a remarkable degree and that it furnishes a basis of great tribute
to our people for unity of action in time of national emergency. To those
many business leaders present here I know that I express the gratitude
of our countrymen.
It is unfortunate, in a sense, that any useful discussion of the problems
behind and before us has to be expressed wholly in the cold language of
economics, for I realize as keenly as any one can that individually they
are not problems in science, but are the most human questions in the world.
They involve the immediate fears of men and women for their daily bread,
the well-being of their children, the security of their homes. They are
intensely personal questions, fraught with living significance to everything
they hold dear.
The officers of a ship in heavy seas have as deep a consciousness of the
human values involved in the passengers and crew whose lives are in their
keeping, but they can best serve them by taking counsel of their charts,
compass and barometer, and by devotion to navigation and the boilers.
In like manner, the individual welfare can best be served by us if we devote ourselves to the amelioration of destructive forces, for thereby we
serve millions of our people.
Slumps Consequences of "Destructive Forces of Booms."
All slumps are the inexorable consequences of the destructive forces of
booms. If we inquire into the primary cause of the great boom on the
Stock Exchanges last year, we find it rests mainly on certain forces inherent
In human minds. When our nation has traveled on the high road to proserity for a considerable term of years, the natural optimism of our people
rings into being a spirit of undue speculation against the future. These
t contagions of speculative emotion have hitherto throughout all history
p oved themselves uncontrollable by any device that the economist, the
b bless man or the government has been able to suggest.
• e effect of them is to divert capital and energy from healthy enterprise
—the only real sources to prosperity—to stimulate waste, extravagance and
unsound enterprise, with the inevitable collapse in panic.
Out of the great crashes hitherto there has always come a long train of
destructive forces. A vast number of innocent people are directly involved
in losses. Optimism swings to deepest pessimism; fear of the future chokes
initiative and enterprise; monetary stringencies, security and commodity
panics in our Exchanges, bankruptcies and other losses all contribute to
stifle consumption, decrease production, and finally express themselves in
unemployment, decreased wages, strikes, lockouts and a long period of
stagnation.
Many have looked upon all this rise and fall as a disease which must run
its course, and for which nothing could be done either in prevention, or to
speed recovery, or to relieve the hardship which wreaks itself especially
upon workers, farmers and smaller business people. I do not accept the
fatalistic view that the discovery of the means to restrain destructive
speculation is beyond the genius of the American people.
MAY 3 1930.]
FINANCIAL CHRONICLE
Efforts to Mitigate Effect of Crash.
Our immediate problem, however, has been the necessity to mitigate
the effect of the recent crash, and to get back onto the road of prosperity
as quickly as possible. This is the first time an effort has been made by the
united community to this end.
The success of this effort is of paramount importance, not only for our
Immediate needs but the possibilities it opens for the future. The intensity
of the speculative boom on this occasion was, in my view, as great as or
greater than any of our major manias before. The intensity of the slump
has been greatly diminished by the efforts that have been made.
We—and as we I speak of many men and many institutions—have
followed several major lines of action. Our program was one of deliberate
purpose to do everything possible to uphold general confidence, which lies
at the root of maintained initiative and enterprise, to check monetary,
security, and commodity panics in our Exchanges; to assure an abundance
of capital at decreasing rates of interest so as to enable the resumption of
business; to accelerate construction work so as to absorb as many employees
as possible from industries hit by decreased demand; to hold up the level of
wages by voluntary agreement, and thus maintain the living standards of
the vast majority who remain in employment; to avoid accelerating the
depression by the hardship and disarrangement of strikes and lockouts, and
by upholding consuming power of the wage earners to in turn support
agriculture.
We may well inquire into our progress thus far. We have succeeded in
maintaining confidence and courage. We have avoided monetary panic
and credit stringency. These dangers are behind us. From the moment
of the crash, interest rates have steadily decreased and capital has become
steadily more abundant. Our investment markets have absorbed two
billions of new securities since the crash. There has been no significant
bank or industrial failure. That danger, too, is safely behind us.
The acceleration of construction programs has been successful beyond
our hopes. The great utilities, the railways and the large manufacturers
have responded courageously. The Federal Government has not only'
expedited ita current works, but Congress has authorized further expenditures. The Governors, Mayors, and other authorities have everywhere
been doing their full part. The result has been the placing of contracts
of this character to the value of about $500,000,000 during the first four
months of 1930, or nearly three times the amount brought into being in
the corresponding four months of the last great depression of eight years
ago. All of which contributes not only to direct employment but also a
long train of jobs in the material and transportation industries.
We are suffering from a decrease in residential construction, but despite
this we have reason to believe that the total construction will still further
expand, and we should during 1930 witness a larger gross volume of improvement work than normal.
Labor Situation.
For the first time in the history of great slumps we have had no substantial reductions in wages and we have had no strikes or lockouts which
were in any way connected with this situation.
The accelerated construction has naturally not been able to absorb
all the unemployment brought by the injuries of the boom and crash.
Unfortunately we have no adequate statistics upon the volume of unemployment. The maximum point of depression Was about the first of the
year. when, severe as the shock was, the unemployment was much less
proportionately than in our two last major depressions.
A telegraphic canvass of the Governors and Mayors, who are co-operating
so ably with us in organizing public works, brings with one exception the
unanimous report of continuously decreasing unemployment each month
and the assurance of further decreases again in May.
All these widespread activities of our business men and our institutions
offer sharp contrast with the activities of previous major crashes and our
experiences from them. As a consequence we have attained a stage of
recovery within this short period greater than that attained during a whole
Year or more following previous equally great storms.
Whllo we are to-day chiefly concerned with continuing the measures we
have in process for relief from this storm, and in which we must have no
relaxation, we must not neglect the lesson we have had from it, and we must
consider the measures which we can undertake both for prevention of such
storms and for relief from them. Economic health, like human health,
requires prevention of infection as well as cure of it.
I take it that the outstanding problem and the ideal of our economic
system is to secure freedom of initiative and to preserve stability In the
economic structure, in order that the door of opportunity and equality of
opportunity may be held open to all our citizens; that every business man
shall go about his affairs with confidence in the future; that it shall give
assurance to our people of a job for every one who wishes to work; that
It shall, by steady improvement through research and invention, advance
standards of living to the whole of our people.
That will constitute the conquest of poverty, which is the great human
aspiration of our economic life.
And these economic storms are the most serious interruptions to this
progress which we have to face. Some of you will recollect that following
the great boom and slump of eight years ago, as Secretary of Commerce I
Initiated a series of conferences and investigations by representative men
Into the experience of that occasion, and to make therefrom recommendations for the future. It is worth a moment to examine our conclusions
at that time as tested in this present crisis.
The first of the conclusions at that time was that our credit machinery
should be strengthened to stand the shock of crash; that the adjustment of
interest rates through the Federal Reserve System should retard destructive speculation and support enterprise during the depression.
Our credit machinery has proved itself able to stand shock in the commercial field through the Federal Reserve System, in the industrial field
through the bond market and the investment houses, in the farm-mortgage
field to some extent through the organization of powerful finance
corporations.
Adequate Credit for Homes Needed.
But if we examine the strains during the past 6 months we shall find one
area of credit which is most inadequately organized and which almost
ceased to function under the present stress. This is the provision of a
steady flow of capital to the home builder.
From a social point of view this is one of the most vital segments of credit,
and should be placed in such a definitely mobilized and organized form as
would assure its continuous and stable flow. The'ownership of homes, the
Improvement of residential conditions to our people. Is the first anchor
In social stability and social progress. Here is the greatest field for expanded
organization of capital and at the same time stimulations to increased
standards of living and social service that lies open to our great loan institutions.
The result of the inability to freely secure capital has been a great diminution in home construction, and a large segment of unemployment which
could have been avoided had there been a more systematic capital supply
organized with the adequacy and efficiency of the other segments offinance.
We need right now an especial effort of our loan institutions in all parts
3065
of the country to increase the capital available for this purpose, as a part
of the remedy of the present situation.
There Can be no doubt of the service of the Federal Reserve System in
not only withstanding the shock, but also in promoting the supply of capital
after the collapse. We have, however, a new experience in the effect of
discount rates and other actions of the system in attempts to retard
speculation.
The system and the banks managed throughout the whole of the speculative period to maintain interest rates on money for commercial use at
reasonable rates, and by their efforts they segregated the use of capital for
speculation in such fashion that the rates on such capital ran up as high
as 18% per annum.
But even these high rates on speculative capital offered little real retardation to the speculative mania of the country. They served, in fact, to
attract capital from productive enterprise, and this was one of the secondary
factors in producing the crash itself.
The alternative, however, of lifting commercial rates still higher in order
to check speculation by checking business is also debatable. The whole
bearing of interest rates upon speculation and stable production requires
exhaustive consideration, in view of these new experiences.
One of the subsidiary proposals in our examination 7 years ago, directed
to increase stability, was that improved statistical services should be
created which would indicate the approach of undue speculation, and thereby
give advance storm warnings to the business world and the country. Great
improvements were made In the statistical services and by reading the
signals thousands of business men avoided the maelstrom of speculation,
and our major industries came through strong and unimpaired—though the
people generally did not grasp these warnings, or this crisis would not have
happened.
We should have even more accurate services in the future, and a wider
understanding of their use. We need particularly a knowledge of employment at all times, if we are intelligently to plan a proper functioning of our
economic system.
I have interested myself in seeing that the census we are taking to-day
makes for the first time a real determination of unemployment. I have
hopes that upon this foundation we can regularly secure information of first
importance to daily conduct in our economic world.
In remedial measures we have followed the recommendations of seven
years ago as to the acceleration of construction work, the most practicable
remedy for unemployment. It has been organized effectively in most
Important directions, and the success of organization in certain local
communities points the way to even more aCti n in the future by definite
plans of decentralization.
Another of the by-products of this experience which has been vitally
brought to the front is the whole question of agencies for placing the unemployed in contact with possible jobs.
In this field is also the problem of what is termed technological unemployment. The great expansion in scientific and industrial research, the
multiplicity of inventions and increasing efficiency of business, is shifting
men in industry with a speed we have never hitherto known. The whole subject is one of profound importance.
We have advanced in all these methods of stability in recent years. The
development of our credit system, our statistics, our methods of security
and relief in depression all show progress. We have developed further steps
during the past six months.
Would Examine Into "Boom and Slump."
But the whole range of our experiences with this boom and slump should
be placed under accurate examination, with a view to broad determination
of what can be done to achieve greater stability for the future both in prevention and in remedy. If such an exhaustive examination meets with
general approval, I shall, when the situation clears a little, move to organize
a body—representative of business, economics, labor and agriculture—to
undertake it.
I do believe that our experience shows that we can produce helpful and
wholesome effects in our economic system by voluntary co-operation through
the great associations representative of business, industry, labor and
agriculture, both nationally and locally.
And it is my view that in this field of co-operative action outside of
government lies the hope of intelligent information and wise planning.
The government can be helpful in emergency; it can be helpful to secure and
spread information.
Such action, however, as may be developed must adhere steadfastly
to the very bones of our economic system, which are the framework of
progress; and that progress must come from individual initiative, and in
time of stress it must be mobilized through co-operative action.
We are not yet entirely through the difficulties of our situation; we have
need to maintain every agency and every force that we have placed in
motion until we are far along on the road to stable prosperity.
He would be a rash man who would state that we can produce the economic
millennium, but there is great assurance that America is finding herself
upon the road to secure social satisfaction with the preservation of private
industry, initiative and a full opportunity for the development of the
individual.
It is true that these economic things are not the objective of life itself.
If by their steady improvement we shall yet further reduce poverty, shall
create and secure more happy homes, we shall have served to make better
men and
men and a greater nation.
C
irman Barnes of President Hoover's National Business
Survey Conference Reports Better Trade Conditions
In All Lines.
A more favorable view of the general business and industrial situation of the United States was portrayed by Julius
H. Barnes, Chairman of President Hoover's National Business Survey Conference, in a summary of business conditions, issued April 27, based on reports from virtually every
important line of business and industry. In indicating this
Washington advices of the New York "Times" said:
Issued on the eve of the eighteenth annual meeting of the Chamber
of Commerce of the United States, of which Mr. Barnes is chairman of
the board, opening here tomorrow to discuss "What's ahead for bustasury on which
reports
res
summary was the , t many
based,
sce in bas rsin
the progress
quarterinosftaalls.,
nSScoen;t7tutthee
Outstanding Phases Cited.
Mr. Barnes stated that they suggested these certain significant phases:
(1) That large American industry is fully carrying out the construction program forecast by them last December when the conference met.
(2) A manifest adjustment of production of goods to current consumption.
3066
FINANCIAL CHRONICLE
(3) Continued cautious, prudent merchandising policies in retail distribution.
(4) The evidence on our foreign trade of problems of trade disturbance in other countries.
The various lines of general business and industry are
covered in Mr. Barnes's summary as follows:
Short-Term Credit-The easing of conditions in the money market,
which began last October, has been progressive, with some rates on
acceptances and call and time money in March reaching the lowest level
since 1924. At the same time there has been a marked decline in average rates charged by banks in leading cities in all parts of the country
on loans they make to their customers, these rates now being generally
lower than at any' time since the middle of 1928. This decline, which
applies particularly to loans of the best commercial type, has not yet
reached all classes of bank loans or all centres. With the decrease in
rates charged customers there has been an increase, of course, in the
ability of commercial banks to meet the needs of business as they
develop. The condition of the commercial banks and of the Reserve
banks assures a large volume of available bank credit.
Long-Term Credit-For the first quarter of 1930 the volume of new
capital obtained by producing and distributing corporations totals $1,584,000,000, which is the record for new capital obtained for such purposes
in any first quarter except the first quarter of 1929, which exceeds this
by less than 2%. Beyond these totals for business purposes, the totals
of borrowing by public authorities for the quarter were $416,000,000,
against $286,000,000 for the first quarter of 1929. Bond offerings,
including public and private purposes, of the first quarter of 1930 were
more than 40% greater than for the first quarter of 1929. Mortgage
banks and loan companies, reporting through their natianal associations,
state that an adequate supply of funds is available for refinancing existing obligations and for financing conservative new projects. The current seasonal demands for mortgage loans appear to be about normal,
with some easing in cost of mortgages compared with recent months.
Reports from thirty-two life insurance companies carrying 79% of the
total outstanding mortgage loans of life insurance companies indicate
for the first quarter of 1930 their total mortgage loans increased by
approximately $71,000,000.
-Building and loan associations in
Building and Loan Associations
practically every section of the country report improvement as far as
withdrawal is concerned and an increase in the amount of money available for loan purposes.
-For the first quarter of 1930 the net gain in deposits in
Savings
savings banks in New York State reached $79,670,000, against $14,549,000 for the first quarter of 1929. During the first half of April, 1930,
the eleven largest savings banks in New York State had a net gain of
$4,901,000, the first time in six years that there has been a net gain
in April for these banks.
-During the first quarter of 1930 new life insurance
Life Insurance
in various forms exceeded any first quarter of any year. The first quarter of 1930 was about 2% over the first quarter of 1929.
-Excluding New York City with its large security transBank Debits
actions, this indicator of business turnover indicates a weekly average
turning slightly less than a year ago and slightly larger than corresponding period of 1929.
Instalment Finance-Reports indicate approximately the same number of transactions but a decrease in the dollar volume of business as
compared with last year.
-For the first quarter of 1930 building con.
Construction Industries
tracts awarded show for commercial buildings $207,000,000 against
$244,000,000 for 1929 and $200,000,000 for 1928; for industrial building $146,000,000 for 1930 against $175,000,000 for 1929 and $122,000000 for 1928; for public works and utilities $303,000,000 for 1930
against $196,000,000 for 1929 and $242,000,000 for 1928; Total building
contracts for all classes shows $1,100,000,000 for the first quarter of
1930 against $1,256,000,000 for 1929 and $1,485,000,000 for 1928. For
March alone there is an increase in commercial building contracts
above 1929 and 1928; a marked increase in industrial building contracts
over 1929 and 1928; an increase in public works and utilities over 1929,
but 5% below 1928; but in residential contracts a total of $101,000,000
against $197,000,000 for 1929 and $275,000,000 in 1928. March permits
for additions, alterations and repairs in 276 cities show 48% increase
in value for March over February. A computation of assured highway
expenditure for 1930 indicates a total of $1,601,000,000 for State and
local roads as against $1,350,000,000 in 1929 and continues the progressive annual expenditure on highways from the $900,000 annually of
ten years ago.
-For the first quarter of 1930 returns indicate that the
Railroads
capital improvements planned are proceeding on schedule and that the
total expenditures for the first quarter indicate an increase of 40%
over the expenditures for the same period in 1929. Carloadings for the
first quarter totaled 11,270,011, as compared with a five.year average
of 12,087,797 for the first quarters of 1925-1929. As compared with
1929 the falling off is about 7% on the total, but for less than carload
shipments, indicating the movement of merchandise directly into con4
sumption, the loading for 1930 are 3, % under 1929. Total employes
Feb. 15 in Class 1 railroads were 1,504,500, against 1,606,000 last year
and 1,608,000 two years ago.
-For the first quarter of 1930, total number of
Electric Railways
passengers carried showed a decrease of 4% under 1929. Payroll
tetal for electric car building and repairing for March shows slight
increase over February, but about 2% under March, 1929.
Shipping-Shipping trades report the same falling off in tonnage
carried as last month, but report no substantial improvement in the
amount of tonnage carried. The same falling off in normal passenger
business. Employment in shipyards continues at the same rate as last
month and substantially above 1929. The letting of further mail contracts recently assures increased business later for the shipyards, probably during the second quarter.
Telegraph and Cable-For the first quarter of 1930 the telegraph business has been slightly under the first quarter of 1929, but since April
The cable
1 has shown distinct upturn and an increase over last year.
business, which also has run below 1929, shows an improvement since
the first of April.
Telephone-Capital expenditures for the first quarter of the year
of 1929. The
have been 30% in excess of those for the first quarter
quarter of 1930
growth in the number of new installations for the first
of growth in the corresponding period
was substantially below the rate
of 1929.
year,
Radio-Retail sales reported substantially below those of last
attributed largely to Winter clearing sales of accumulated equipment
[vol.. 130.
at reduced prices. Export business in radio sets and equipment substantially increased over last year. Production apparently is now
framed to more nearly match current demand. Employment in radio
manufacturing fell off in March as compared with February about 20%.
-Reports from the electrical industry indiElectric Power and Gas
cate that the new construction program for the first quarter of 1930 is
being carried out fully.
-The conservation movement has strengthened through volGasoline
untary co-operation. Refiners stocks are being drawn upon, as consumption is now in excess of production, although the production of
crude oil exceeds the quota suggested by the Petroleum Economics Committee of the Federal Oil Conservation Board.
-March production of anthracite was 14% below March, 1929.
Coal
Bituminous production for March was 10% below March, 1929, but for
the four weeks to April 19 was slightly above the similar period of
1929 or 1928.
Metals-Increasing stocks of copper, even with curtailed production,
occasioned a cut this month of 4 cents a pound in the market price.
This was followed by an expansion in foreign buying, but it is too
early to gauge the effect on domestic markets.
-For the first quarter of 1930 production of
Iron and Steel Industries
furnaces and mills has kept closely in line with current demand. Automotive specifications in April have increased over March. Orders for
construction steel for the first three weeks of April approximate 75,000
tons, a higher rate than any previous similar period this year. In the
first quarter of 1930 the production of steel averaged 74% of capacity.
This quantity in 1927 would have been rated at 80% of capacity. The
rate of production increased the third week in April.
-In the first quarter of 1930 total production of pasAutomobiles
senger cars and trucks in the United States and Canada totaled 1,045,000, compared with the record figure of 1,546,000 in 1929; 1930 production was larger than 1928 or 1927. The rate of activity thus far
in April has been slightly larger than in March. Demand appears
good for some of the lower-priced cars; fair for some of the higherpriced cars; and slow for many of the medium-priced cars. Export
business continued subnormal. First quarter sales of used cars are
reported the largest on record. Payroll indices for antomobile manufactures for March are up 5% over February, but 34% under last
year's record figure.
Machinery-Shipments of machine tools during the first quarter were
approximately 30% under 1929. Payroll indices in machine tool plants
declined 1% for March under February and are 20% below last year's
March. In the heavy machinery industries, 80% report production
ranging from 75% to 100% of capacity.
'Farm Implements-For the first quarter, domestic business was
better than last year. Exports were less than a year ago. Exports of
farm implements, including tractors for the first quarter of this year
show a substantial increase over 1929. The March payroll index was
about 2% over February, but about 8% under March last year.
Hardware
-For the first quarter business in the fittings branch was
behind the quarter of 1929. Payroll totals for March were below
February and about 20% under March, 1929.
Chemicals-'While the total consumption in the first quarter fell
below consumption in the first quarter of 1929, in April there has appeared a broadening demand for chemicals, both against contracts
and in the spot market. Employment figures for chemicals and allied
products show an increase of about 3 points in March over February
and are now 1 point below March, 1929.
-For the first quarter, sales of electrical
Electrical Manufacturers
products were 10% greater than last year. Electrical refrigeration
especially active. Radio sales are lower. Payroll indices indicate
March this year substantially the same as March, 1929.
-Shoe manufacturing reports producLeather and Leather Products
tion of less than a year ago with prices lower. Shoe production decreased approximately 6% for the first quarter, compared with 1929.
The payroll index for March was 1 point under February and 6 points
under March, 1929.
Printing and Publishing-Payroll indices in book and job printing
plants show March substantially the same as February and 1 point lower
than March last year. Employment in newspaper printing for March
shows increase of about 3 points over March, 1929, and no change
from February. Payrolls of newspaper printing showed 3 points higher
in March, 1930, than in March, 1929.
Paper and Pulp-For the first quarter the total demand for paper
was estimated at less than 1% below last year. Newsprint shipments
were 1% less. Payroll indices fully maintained in March as against
February and as against March, 1929.
Advertising-Magazine advertising for April indicates 8% larger
than April, 1929. Advertising in leading newspapers for March
showed approximately the same as March, 1929.
Foreign Trade-Exports and imports for March show the same noticeable falling off in total values as compared with March, 1929, being
24% less on exports and 22% less on imports. Some allowance should
be made for the lower commodity prices and also for the fact that 1929
was an exceptionally active year. In exports sharp declines are shown
in unmanufactured cotton, automobiles, parts and accessories, refined
copper. There are sharp increases in certain petroleum products, leaf
tobacco and agriculture machinery.
TestilesFor the first quarter cotton consumption was 17% below
last year and 9% below 1928. For cotton goods the payroll indices in
March were 1% less than in February and 17% less than March,
1929. The woolen business shows no improvement. In March the
payroll index for wool and worsted goods was 9% under February and
25% under March, 1929. Silk production has exceeded current consumption. In the manufacture of silk, payrolls in March advanced
over February by 2%, but were still 8% under March, 1929. The first
quarter showed a decline of about 21% in the production of men's
clothing from 1929. In carpet and rug production, payroll indices show
5% in March under February and 23% under March of last year.
Food Products-Fruit and vegetables report a good demand, increased movement and advancing prices. Meat trades for the first
quarter report consumer outlay for beef and pork about the same as
last year. Payroll indices for slaughtering and meat packing show
March 5% under February, but 2% over March of last year.
Eggs and poultry prices lower, with unusually heavy movement into
storage.
In the baking industry conditions reported generally good; improvement program is proceeding. Payroll indices show 1% decline from
MAY 3 1930.]
FINANCIAL CHRONICLE
February to March, and March this year was under March last year
by 3%.
In confectionery the candy business reports business normal, with
some improvement in March over January and February.
In flour milling payroll indices shows light increase in March over
February and somewhat larger increase over March last year.
Retail and Wholesale Trade—Retail trade conditions are complicated
and confused. An index for the first quarter of the year based on
larger store returns compares favorably in volume of turnover with
a year ago, although dollar values show about 6% less. Reports generally agree that merchant stocks are relatively low, and that current
orders for retailers for replenishment are large in number, but average
smaller in value. In the wholesale field grocers report first-quarter
volume of business in excess of last year. Generally, wholesale reports confirm retail purchases of smaller average amount and increasing
numbers: Employment indices for March, in both wholesale and retail
indicate :stability of employment.
3067
At the end of 1929 we took the position that net profits in 1930 could
be reduced 15% from our estimate for 1929 and be approximately the same
as in 1928. Profits in 1930 could be 20% lower than our estimate for 1929
and still be well above the 1927 figure. A 20% reduction seemed so
unlikely that it was dismissed from the reckoning.
•
*
•
Profits in 1930 May Equal Figures for 1928.
As to 1930, we are inclined to expect corporate profits at least as large
as in 1927, and possiblly equal to those of 1928.
One of the well-known statistical services, which haa given particular study
to profits, has estimated for the first half of 1930 a 15% reduction in
profits, compared with the corresponding period of 1929, and a much smaller
decrease for the entire year. This more than confirms our awn opinion.
Profits Trend of Past Seven Years May Not Be Maintained.
The trend of profits during the next five years will undoubtedly be an
average annual increase greater than the yearly increase in production. The
profits trend may equal that of the past seven years. Service corporations
will doubtless continue to contribute their full quota. The only question
arises in connection with industrial profits.
As the next study in this series will show, the general level of commodity prices may work lower during 1930-34, and this may affect the
industrial profits trend adversely. A declining price level will put pressure
on management to reduce costs. Any reduction in the earnings of marginal
concerns would tend to reduce the total of profits, if not the rate of
increase. Profits will not rain down on the efficient and inefficient alike.
Spring Work and Crops Normal, According to May 1
Report of Department of Agriculture.
Spring work and crops over most of the country are
making fairly normal progress despite damage by frost and
storms in the South and Central States, and by drought in
the Southwest, according to the Bureau of Agricultural Economics, U. S. Depwrtment of Agriculture, in its MnY 1 report
Stronger and More Active Real Estate Market Looked
on the agricultural situation. The Bureau states:
for by J. F. Wood, of State-Planters Bank & Trust
"Spring wheat sowing is near completion. The earlier sown fields in
Co. of Richmond, Va.
South Dakota and elsewhere are making a promising start. Soil conditions
through the spring wheat territory have been favorable for sowing. In
A much stronger and more active real estate market is
Canada, soil conditions are reported as more favorable than last spring,
predicted in the future by Jesse F. Wood, a Vice-President
although more moisture would be beneficial in some areas.
"Winter wheat is growing rapidly, but all reports indicate serious dam- of the State-Planters Bank and Trust Co., of Richmond,
age from drought in the Southwest. Wheat is heading short in western Va., in a review of local real estate conditions written for
Texas and the drought effects are widely apparent up through Oklahoma
that
and western Kansas. The reports of crop damage have helped slightly to "The News Leader." Mr. Wood advances the theory
strengthen wheat prices recently, but, in the main, the domestic wheat the increase in the purchasing power of the dollar and not a
market has continued weak and unsettled during the past month.
shrinkage in real estate values is responsible for the change in
"The world has been slow to buy our wheat. Exports of wheat from
real estate values. His observations follow:
North America for the season, to date, are only about half as large as durReal estate in Richmond, from all that I can gather, is affected by the
same temporary depression apparent throughout the United States except
In a few isolated spots. However, practically every local real estate follower to whom I have talked feels that we are actually better off than the
average, since our city has always been considered and oft-times severely
criticized for being unusually conservative and, therefore, not subject either
to booms or any tremendous reaction.
We have builded unusually well and with considerable forethought, seldom if ever building ahead of the actual demand and immediate needs.
It has always been considered good business judgment to place one's funds
in good, well located real estate and a very large number of our cider,
substantial citizens owe their present financial independence to accumulations of sound value in real estate.
It is true that with the years. man's opinion regarding stable investments
of unquestioned standing has greatly changed. Yet through the centuries
real estate, wisely purchased, has always been considered an A-1 investTrend of Business as Viewed by Continental Illinois ment, both as to safety of principal and fair yield.
Court records show that real estate here in Richmond has shown a steady
Bank & Trust Co. of Chicago—Normal Production
increase in value, and has never really been subjected to such quick and
Looked for by End of Year.
disastrous depressiors as other investments and securities. A great deal
Observing that "current figures indicate that normal pro- has been written on the present real estate depression, but I am inclined
to the cpinion that the difference
dollars Is
duction should be attained by the end of 1930," the Conti- largely responsible for this change in in the purchasing power in
values.
Trust Co. of Chicago, in portraying
value has
nental Illinois Bank and
Real estate has not really depreciated so much,but the dollar
increased in buying capacity. Naturally, therefore, real estate(slower in
"The Trend of Business," under date of April 28, says:
sales value and one can purchase a good deal more for his dollar than formerly.
Present Subnormal Period Should Be Over By End of 1930.
The value of the dollar is steadily increasing as the commodity price index
Although the 1929 decline, from peak to bottom of production, lasted six
continues to decline, and this automatically makes real estate a better buy
months and amounted to 21.4%—the same percentage as in the recession of
than heretofore. For example, if a house and lot were formerly considered
1924—only two of these months represented subnormal production.
purchased
Industrial output is still subnormal, but January 1930 registered a 4% to be worth 10,000 in dollars, when the dollar was cheap and only
Increase and February added another 4% to the gain. The March index 75 cents in actual value due to its inflation, then with the present dollar
worth almost 100 cents the value of the same house naturally has declined
was two points down from the February figure, but the April index, in
to about 8.000 in dollars.
our opinion, will probably be back to, or above, the figure for February.
Certainly for many years we have not had the opportunity really to
When the stock market crash was just about at its worst, we hazarded
purchase well-located real estate on as low and profitable a basis as It
the guess that business in 1930 would average out as well as in 1927, and
can be bought to-day. People who universally seem to get ahead and appear
subsequently reaffirmed that opinion. Our est!mate did not make allow- to be lucky in
their real estate purchases are those who through shrewd
ance for normal growth, as we expected 1930 to be a "let down" year
buying, stepped in and purchased on a low market like to-day.
rather than one contributing to the upward trend of business.
All wealth comesfrom land,labor and capital,and since we have the same
Without allowing for trend, it is now clear that production in 1930 should amount of land as always, this
land is getting more thickly populated each
be larger than in 1927 and will be much larger than in 1924. Production,
year. With the rapid growth and development of our country, naturally
corrected for trend, may not be quite as large as in 1927. That is, indus- our real estate cannot ultimately be
lower, but on the other hand must of
trial activity may not reach the proportions necessary to equal the 1927 necessity reasonably enhance in
value. Any one selling short, so to speak.
average plus an increase of 71
/ for three years' normal growth.
2
%
in this country, certainly is making a big mistake. We are the richest
Assuming the normal trend of 1923-29 for the year 1930, it is unlikely country in all the world,therefore in all
history,and with a record of achievethat a return to normal production will occur as quickly as in 1924—that is, ment unsurpassed and with our remarkable
industrial development, the
six months after the low—and perhaps not in nine months—the period of gossip of the wide world, real estate, the basis of
all comparative values, will
recovery in 1927. But current figures indicate that normal production move upward.
should be attained by the end of 1930.
It has always been a mistake to buy above one's means and with practically no cash to protect one's interest in times of unexpected adversity.
Trend of Production During Next Five Years, 1930-34, Not Likely to But where a person has laid aside a
reasonable amount of liquid funds with
Exceed 2.4% Average Annual Increase.
which to make his first payment, there need be no fear in purchasing on
We see no reason to expect the trend of production during the next five the present market, because it is an assured fact that real estate can be
years to exceed the 1923-29 trend. In the event that production should bought to-day to a greater advantage than in the last decade at least.
I believe the present depression in a way is short-lived and that we have
Increase, say in 1931 or 1932, as it did in 1928 and 1929, at the annual
rate of 12%, or even more, the probabilities are that such a boom would Passed our worst period and can now confidently look forward to a much
larger and more active market.
be followed by a reaction of the depreasien type and that the average of
production would thereby be held down at least to some such trend as that
of the past seven years.
ing the corresponding period last year. Consequently, stocks of wheat on
hand here exceed even the large stocks of a year ago, notwithstanding the
sharp reduction in the Canadian crop last season.
"The dairy situation has shown some signs of improvement. Butter
production, for example, was decreased 1.6% during the first quarter of
this year, while consumption increased 1.5%. The price of butter moved
up about 4 cents a pound above the winter low point, until recently it has
drawn a little foreign butter over the 12-cent tariff wall.
"The wind-up of last season's apples, potatoes, sweet potatoes, and various minor crops finds the markets fairly profitable. From now on, the
fruit and vegetable markets will be given over rapidly to the new Southern
crops. Supplies of early cabbage and strawberries are considerable less
than last spring, but cantaloupes, Western lettuce, green peas and tomatoes
promise to be abundant."
Net Profits of Corporations Increased 8.9% Annually During 1923-29.
Gross receipts of all corporations in the United States, as reported to the
Treasury Department, increased an average of 6.7% annually during the
seven-year period 1923-29. In no year since 1921 have gross receipts failed
to exceed those of the preceding year.
Net profits of all corporations, after taxes, increased at the average rate
of 8.9% annually. Profits, however, did not increase each year without
interruption. 1924 profits declined almost 12% from the figure for 1923,
and profits in 1927 declined 9% from the 1926 returns.
National City Bank of New York on Corporation
Profits in First Quarter of 1930—Decline of 19%
as Compared with Last Year in Case of 200 Concerns.
A compilation dealing with the profits of corporations in
the first quarter of 1930 is presented in the May number of
the monthly bulletin of the National City Bank of New York.
According to this, "the reports of 200 corporations engaged
3068
FINANCIAL CHRONICLE
(Yea- 130
a wide variety of lines of business shows combined net Definite Improvement in Business Situation Seen
by Union Trust Company of Cleveland.
profits this year of $293,333,000 as against $362,851,000 in
the corresponding period of 1929, representing a decline of
Definite improvement in the business situation is seen by
approximately $69,000,000, or 19%." The bank's comthe Union Trust Co., Cleveland. In its current survey of
pilation is presented as follows:
trade the bank reports increases in automobile production,
First Quarter Profits.
Corporation reports to stockholders covering the first quarter of 1930 In building, together with some indicated improvement in
that have been published during the past month have been studied with employment and in retail trade. Further gains are foresomewhat more than the usual interest because they represent the first
advances. On the other hand the bank
really definite measure as to the effect of the business recession upon earn- casted as the season
ings. It was admitted months ago that the results for the initial quarter points out that actual records for the first quarter of the
of 1930 would show up poorly, particularly when compared with the ex- year indicate not only the substantial nature of the deprescellent reports of the same period one year ago, when business was active
and expanding, and publication of the actual figures, therefore, has caused sion through which the country has been passing, but show
no great surprise. In some industries, such as automobiles and accessories. that its effects have as yet by no means been overcome. In
the sharp decline in earnings this year vividly reflects the curtailed rate its magazine Trade Winds, the bank says:
producers. Other diverse lines,
in
of operations put into effect by leading
"In considering the outcome of the year as a whole, it must be borne in
such as building materials, chemicals, iron and steel, office equipment,
textiles, &c., also show substantial decreases and the decline Is fairly general mind that while there are prospects of good times ahead, the reoent recesgroups that ran counter sion still remains to be reckoned with, and it may take a considerable
down the list of major industries with only a few
period of good business to offset first quarter earnings records.
to the trend.
"The most encouraging feature of the present outlook is the upturn
On the whole, the results of the first quarter are perhaps less un•avorable
than might have been expected. The following tabulation of reports in the prices of a number of basic commodities following the decline which
engaged in a wide variety has been practically uninterrupted since last November.
that have been issued to date of 200 corporations
"The agreement among Far Eastern rubber planters to discontinue tree
of different lines of business shows combined net profits this year of $293.333,000. as against $362.851,000 in the corresponding period of 1929, tapping during May seems to indicate higher crude rubber prices. A
representing a decline of approximately $09,000,000 or 19%. A count number of increases in crude oil have also been recently reported. Prices
of the individual companies discloses that six out of ten had lower earnings of many other commodities, although not showing increases in any appreIn 1930 than in 1929, while four out of ten were lower than in 1928.
ciable extent,'at least give indication of remaining firm at present levels.
It must be remembered, however, that the early part of 1929 witne3sed The recent decline in copper from its artificially maintained price is an
the highest earnings ever recorded, surpassing even those of the war years, exception to the generally firmer price structure.
and that the earnings of 1928 would be more normal for purposes of com"As the season advances the automobile companies continue to show some
parison. In the first quarter of that year, which also was above the aver- increase in manufacturing schedules. The most encouraging feature of the
age,the same identical companies had combined net profits of $280,139,000, automobile situation is the fact that leading companies, as previously anfrom which this year shows an actual gain of approximately $13,000,000 nounced, are making no attempt to increase production heavily, but are
or 4%. In the case of mergers occurring in the past two years the earnings. confining output to current retail demand. Statistics covering building
If available, of the absorbed companies have been taken into account so construction are definitely encouraging.
as to make the figures comparable.
"Sentiment in the iron and steel industry has shown some improvement
While the change in actual earnings of representative corporations from although operations continue well below last year. Two branches of the
year to year provides an interesting and useful index as to the trend of steel consuming trades are especially active, these being farm implement
conditions. a moderate increase is normally to be expected as a result of
manufacturers and tin plate producers.
the growth in invested capital. Most concerns pay out only a portion of
"In petroleum the beneficial results of the program of curtailment are
their current earnings in dividends, carrying the balance to surplus account. apparently being
reflected in price increases and the situation generally
and their fixed capital is frequently enlarged by the offering of additional has an
encouraging outlook for that industry.
stock to shareholders. Last year many corporations, notably the two
"Credit conditions are excellent and with improving spring weather, low
leading steel producers, altered their capital structure by calling bond
Inventories and renewal of construction work, it seems evident that the
Issues for retirement from the proceeds of common stock subscriptions,
int of recession has definitely been passed and that business has
thus saving interest charges and leaving a greater part of their gross profits low
exce
t prospects."
available for dividends.
In measuring the profitableness of industry it is therefore highly important to consider not only the comparative earnings but also the large amounts
ome Improvement in Industrial Situation Seen By
of additional capital that are invested every year. On Jan. 1 1930 the
National City Bank of New York, But Not as Much
200 companies included in our tabulation showed outbalance sheets of the
as Was Hoped For.
standing capital stock and surplus, commonly spoken of as net wort
aggregating $10,417,734,000, which was approximately $1,070,000,000 or
Discussing general business conditions in its May bulletin
11% larger than on Jan. 1 1929, and $2.180,000,000 or 19% larger than on
Jan. 1 1928. In relation to these figures, aggregate net profits in the first the National City Bank of New York says:
The arrival of spring and seasonal expansion of outdoor activities has
Quarter of 1930 represented a return of 2.8% on net worth, whereas the
rate of return in the corresponding quarter of 1929 was 3.9% and in 1928 effected some improvement in the industrial and business situation, but
has not accomplished the complete restoration of normal conditions which
was 3.2%.
Railroads and public utility companies have not been included in our at the beginning of the year was hoped for by this time. The slowness of
tabulation for the reason that the only available earnings data are on the recovery confirms the view that the stock market crash was not the main
basis of net operating income, after operating expenses, but before deduct- cause of the industrial disturbance, but only one feature of it, although on
ing interest charges. Their showing naturally suffers by comparison with which has contributed substantially to the general confusion and demoralizalast year, but is not so far below 1928 and prior years. Following are the tion which followed. No doubt the stock market boom with the resulting
high interest rates and displacement of funds had more to do fundamentally
railroad figures for the first three months (Marcia 1930 partly estimated):
with the upset of the world's equilibrium than the collapse of the boom,
NET RAILWAY OPERATING INCOME OF 173 CLASS 1 RAILWAYS,
1930.
but while the latter gave relief from a tightening credit situation which was
1929.
1928.
$55,474.000 threatening grave consequences, the violence of the shock was an un$77,176,000
858.562.000
January
59,452,000
84,724,000
69,832,000
February
59.000,000 settling influence. It disturbed a good many inflated and more or less
97,466,000
90,876.000
March
angles' situations, with the result that instead of giving an immediate
$173,926,000 stimulus to general business the chief effect to this time has been a worldwide
$259,542,000
$217.370.000
Three months
Net earnings of the 95 electric light and other leading public utility sys- accumulation of idle funds.
It was said at first that the industrial depression was not likely to last
tems in the first quarter, with March partly estimated, were 2% above
commodity prices had not been inflated and
1929 and 19% above 1928. Profits of the American Telephone & Telegraph long, for the reason that
Co. were practically the same as last year, while those of the telegraph commodity stocks were not large, thus rendering unnecessary a protracted
proems of deflation and exhaustion to clear the markets. This assumption
companies were lower.
If the recovery in general business activity continues as the current year is proven not to have been altogether well founded. Although on the
average the decline of prices has been nothing like as severe as in 1920-21,
progresses, it is reasonable to look for the spread between 1929 and 1930
earnings of the railroads, public utilities and industrials generally to dimin- and it is true that as a rule merchandise stocks and manufacturers' invenish in the second and third quarters, and In the fourth quarter to change tories were not excessive, it has been suddenly realized that the production
crude products Is over-developed,
Into a substantial gain as compared with the same period in 1929. which of most of the important raw materials and
was a very unsatisfactory one. These first quarter statements probably that prices for such commodities have undergone a general decline and that
world trade has been seriously affected thereby.
present the business situation at its worst.
In this country we are so much more concerned with domestic trade
prgeT QUARTER INDUSTRIAL AND CORPORATION PROFITS AND
that we are not quick to take account of developments affecting the buying
PERCENTAGE RETURN ON CAPITAL AND SURPLUS.
power of other peoples, but our foreign trade is large enough to soon feel
them and reflect them in domestic conditions. We have referred to the
Per Cent
Net Profits Per CI. Capital Sr Surplus.
Return.
(0008 omitted)
general reaction in world trade heretofore, and in another article in this issue
(0008 omitted) Change
1929Industry.
we bring that situation more fully down to date. The 1929 crops of this
Na.
1929. 1930. 1930. Jan. 1 '29. Jan. 1 '30. 1929. 1930.
country had passed for the greater part out of producers' bandit before the
declines affecting them occurred, and where this was the case the losses
$
$
$
$
215,400 4.1 5.1
172,395
7,115 10,910 +53.3
have fallen mainly upon dealers. Nevertheless, they have been losses
4 Amusements
90,987 53,004 -41.7 1,398,882 1,514,660 6.5 3.5
14 Automobiles
affecting the general prosperity, and in turn the decline of industrial activity
299.040 8.7 3.9
295.895
20 Auto accessories... 21,413 11,643 -45.6
in this country has reduced our imports and thus caused unfavorable
262.463 3.6 3.0
249,258
8,998 7,939 -11.8
8 Baking
106,690 3.5 2.1
95,959
reaction upon foreign countries.
3,331 2,202 -33.9
4 Building materials920.009 5.3 3.6
789,126
41,708 33,210 -20.4
12 Chemicals
00.435 1.5 0.7
91,836
595-58.1
1,420
Coal mining
5
a Electrical eouipm't 22,166 21,097 -4.8 613,151 699,876 3.6 3.0 Guaranty Trust Company of New York Sees Little
-15 Food products
596,596 4.2 4.1
22,931 24,323 +6.1
550.779
Miscellaneous
Progress in Business Recovery-Review of Build113,738 1.2 1.4
111,249
1,306 1,623 +24.3
5 Household supplies
69.979 58,615-16.2 2,752,607 3,132,980 2.5 1.9
ing Situation.
Iron and steel
18
181,076 4.7 4.0
158,413
7.380 7.259 -1.6
12 MachinerY
92,525 3.9 3.1
86,331
3,331 2,861 -14.1
Aside from the usual seasonal expansion in some branches
2 Merchandising_
105,325 3.6 2.2
90,758
3.320 2,278 -31.4
8 Mining, non-ferrous 5,467 4,142 -24.2
of industry, little tangible progress in business recovery has
116,147 4.9 3.6
110.662
4 Office equipment.. 1,184 1,583 +38.0
60,358 2.1 2.6
56,567
5 Paper products
thus far been reported, states the Guaranty Trust Company
22,729 21,712 -4.5 1,130,356 1,212,956 2.0 1.8
18 Petroleum
73,649 9.6 10.2
69,216
6,641 7.512 +13.1
of New York in the current issue of "The Guaranty Survey,"
3 Print'g & publish'g140,599 2.8 3.4
124,373
equipment 3,522 4,791 +36.0
5 Railway
79,127 3.4 3.0
79,423
2,709 2,367 -12.6
published April 28. The "Survey" continues:
3 Realty
49,307 4.8 3.1
31,947
1,540 1,553 +0.8
5 Restaurant chains56,633 2.6 1.7
52,946
"The general level of industrial and trade activity is still fir below
980 -29.1
1,383
8 Textiles & apparel_
22,156 2.9 1.9
20.746
410 -31.2
596
that of a year ago. The unemployment situation is reported as lem acute
2 Tobacco
276,039 4.4 3.9
268,485
11,710 10,729 -8.4
21 Miscellaneous
In some cities, though it is not yet clear that a genuine nation-wide im2.8
provement has been effected. The moat encouraging developments are the
RA9 RRI sea Rae -19.2 9.347.360 10.417.734 3.9
onn .w.....1
MAY 3 1930.]
increase in construction contracts, the greater strength of commodity
prices, and the continued ease of money rates.
Conditions Favor Gradual Recovery.
"These conditions, favorable as they are, are not alone sufficient to
warrant the expectation of a return to high levels of business activity in
the immediate future. In the first place, the increased firmness of commodity prices has not yet lasted long enough to demonstrate whether it
can be regarded as more than a momentary reaction. The same may be
said of the trend of construction, with the added qualification that residential building, which must, in the long run, determine the general
course of activity, has not yet shown conclusive signs of revival. Easy
money will, in all probability, last for some time; but the influence of
this factor is mainly negative. An abundance of funds for business purposes will stimulate trade recovery when the time is ripe for such a development; but it cannot, by itself, go very far toward converting depression into expansion.
"In the absence of more positive signs than have yet appeared, therefore,
am swift revival in general business can be safely predicted. The most
optimistic forecast consistent with conservatism is that the worst is probably over and that coming months are likely to show a gradual and probably irregular improvement. The depression has already continued long
enough to indicate that the high levels of production attained last year
generated a more unsound commodity situation than appeared on the
surface. The collapse of stock prices undoubtedly aggravated conditions
to some extent, although the income tax returns for March indicate that
the effect of the deflation on aggregate purchasing power was not great.
Building.
'At the beginning of the year, the outlook for the construction industry
was not very bright; but the reports of construction activity issued so
far this year are much more encouraging than many expected. Construction contracts awarded in 37 Eastern States during March, according to
the F. W. Dodge Corporation, represented a value of $459,119,000, which
marks an increase of 45% above those in February, but a decline of 5%
below those of a year ago. The increase above the February level appears
quite impressive; but a sharp increase in contracts awarded at that time
of year is in line with the usual seasonal movement, and a better concept
of the position of the industry is brought out by reviewing the construction
figures for the first quarter of the year. In that period, contracts awarded
were 12% below those in the corresponding quarter last year, although
building activity in the first quarter of last year was not considered very
satisfactory.
"It cannot be denied that there has been grave concern regarding this
Industry for several months; and, as monthly reports issued during 1929
showed unfavorable comparisons with those in 1928, pessimism accumulated at a rapid rate. Whether of not building activity was in line with
the normal growth of the industry did not seem to be the prime concern
of many discussions, and it was continually emphasized that construction
activity was falling below the 1928 level.
"But that year was a record one and marked the culmination of a period
of readjustment of supply to demand. It does not seem reasonable that
an industry of such vast importance and such intimate inter-relationships
with general industry could have been very dangerously below what might
be considered normal during a year when the country was enjoying the
greatest degree of prosperity in its history. There are no records available
indicating that during last year there was a scarcity of residences, that
factory operations were curtailed by a shortage of floor space, or that
public utilities lacked the facilities necessary to serve the public satisfactorily. By the beginning of last year, general construction (not including
public works and improvements, which are subject to a very arbitrary
concept of normal) appeared to be fairly well adjusted to the needs of
Industry and in such a decline in building is a wholly normal and
necessary development.
"Some disappointment has also been expressed because building so far
this year has not made a better showing. The reasons offered for the
decline last year are that the unprecedented level of general industrial activity cautioned speculative builders; that the stock market absorbed large
amounts of credit, and money, therefore, was generally dear; and that
the public disfavor toward the bond market made it very difficult to
finance certain types of construction. While there is a great deal of merit
in these contentions, it appears, nevertheless, that other industries, for
whose products there was an active demand, operated under similar difficulties and profited.
'Besides, it is pointed out, most of these conditions were well on their
-way toward correction by the beginning of the year; and yet, so far this
year, building has not shown what many believe to be a satisfactory level.
An explanation frequently offered is that, while money in general has
been plentiful and cheap, mortgage money has been difficult to obtain.
This difficulty of late has abated somewhat, but there is reported to be
still some reticence on the part of mortgage money lenders. This, however, is not the cause of the present building situation, but the effect.
Lenders of mortgage money, being in many instances experts in the construction line are said to be disinclined to invest in some types of structures
at a time when it is apparent that the supply of these structures has satisfied the demand.
Supply of and Demand for Structures Adjusted.
'However, as has been remarked before, mortgage money is becoming
more plentiful since a more equable adjustment has been reached between
the supply of and demand for residential structures, which is particularly
important in the outlook for the industry; for the decline in general construction last year was largely the result of a falling off in this type of
building. Although the Government's efforts to push the construction of
public works and utilities in order to relieve the unemployment situation
will be reflected in construction reports for the year, the chief value of
this movement lies in the stabilizing influence that it should exert on
general industry. It can hardly be considered an expedient necessitated by
conditions inherent in the construction industry itself, for the construction
Industry is not in an abnormal position. Supply and demand last year
appear to have been reasonably well adjusted, and the industry is now in
a position to pursue a normal growth as dictated by the needs of our
expanding economic system.
"Opinions regarding the outlook for the current year naturally vary.
The Federal Government has committed itself to the construction of many
public works and improvements, while local governments and private concerns have also committed themselves to active building schedules. The
Department of Commerce has increased its original estimate of total construction for the year and now places the figure at 911,000,000,000. Some
observers regard this estimate as too large. However, the general expectation is that the level of construction in 1930 will at least equal that of
3069
FINANCIAL CHRONICLE
last year; and there is considerable evidence to substantiate the view that
it may show some increase above that level."
Bank of America, N. A. Finds Business in Basic
Industries Holding Its Own.
An increase In industrial and commercial activity during
April, with business in basic industries holding its own and
consuming demand tending to expand is reported by the
Bank of America, N. A., in its current review of business
conditions, issued April 28. The bank states that, influenced
by the coming of spring weather and the late Easter, retail
trade also gained during the month, with wholesale business
sharing to some extent in this improvement. Favorable
signs for further improvement in industrial activity are seen/
In low commodity prices and easy credit conditions; the cut
of 4c. in the price of copper, which is expected to result in
an increase in construction by public utilities, and the gain
in the flotations of new capital issues in this market, foreshadowing more active business resulting from the spending
of funds so borrowed. The bank further observes that the
steel industry, which reported moderate seasonal gains in
some lines during the first three weeks of April, seems to
be holding its own, with demand equal to production, and
In some cases slightly above it, the review asserts. During
the third week of the month operations were estimated to
have moved up to about 78% of capacity, compared with
an estimated rate of about 76% for the previous week.
Requirements for steel by the automobile industry during
the first half of the month, it is noted, were well in excess
of the demand from that source during the first two weeks
of March. There has been some increase in the operations
by the automobile industry, but it has been very largely
confined to the production of lower priced cars. A stronger
influence in the wheat market during April was noted as
resulting from weather conditions and the outlook for the
new crop. Reports of insufficient moisture and abnormally
high temperature in the southwestern part of the country
where a large part of the winter wheat crop is produced,
kept prices up during the early part of the month. The
breaking of the drought in a large part of the winter wheat
area, however, brought prices to a lower level. In the
third week of the month there was some recovery. The
value of building and construction contracts awarded during
March in 37 Eastern States amounted to $459,118,800, according to the F. W. Dodge Corp. This is the largest
monthly total of contracts awarded reported since last
August, and compares with awards of $317,053,000 made last
February, and $484,848,000 in March 1929.
Wholesale Trade in March as Reported to Federal
Reserve Board.
Reports to the Federal Reserve System by wholesale firms
indicate that sales in the month of March, as well as in the
first quarter as a whole, were smaller than a year ago for
dry goods, hardware, and drugs, and about the same for
groceries. The statistics issued by the Board April 28,
follows:
PERCENTAGE INCREASE (+) OR DECREASE (—) BY
FEDERAL RESERVE DISTRICTS.
Line.
Total
District Number.
Sales—March 1930, Compared with March 1929.
2
Groceries
Dry goods_
Hardware
Drugs
3
4
5
6
8
9
10
11 I 12
—1
—21
—12
—0
+1 —1
—1 —8 +1
+1-14 —2 +1
—30 —17 —18 —19 —21 —25 .-9
—10 —27}-----22
—12 —3 —19 —20 —14 —15 —10 —6 —5-20-13
—8 +7 —8 +5 +3 —9 —10
—8 —16 —3
Sates—Jan. 1-Mar. 31 1930,Compared with Jan. 1-Mar.31 1929.
Groceries_____
4
DryGoods__ _ Hardware_ _ —9 --- —12 —5 —13 —11 —7-12 —8 -1 —3 —16 11
Drugs
—8 ____ —7 —4 —10 —8 —I —7-14 ____
—15 —2
1 Boston. 2 New York. 3 Philadelphia. 4 Cleveland. 5 Richmond.
6 Atlanta. 7 Chicago. 8 Bt. Louis. 9 Minneapolis. 10 Kansas City. it Dallas. 12 San Francisco.
Federal Reserve Board's Survey of Retail Trade in the
United States During March—Sales 13% Below
March Last Year.
Department store sales for March were 13% smaller than
in the corresponding month a year ago, according to reports
to the Federal Reserve system from 652 stores in 273 cities.
Total sales from Jan. 1 to March 31 were 8% smaller this
year than last year, declares the Board, whose survey issued
April 25, follows:
3070
SALES BY FEDERAL RESERVE DISTRICTS AND FOR SELECTED CITIES.
Percentage Increase(+) Over or Decrease(-)from a Year Ago.
District or City.
Mar.
Jan. 1 No.
to
Of
Mar 31 Stores
F. R. DistrictBoston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco- - - -
-13
-6
-17
-16
-15
-17
-21
-15
-10
-12
-15
-4
-3
99
-2
66
-8
64
-11
58
-5
35
-12
42
-14 111
-11
21
-9
24
-7
38
-10. 26
-2
68
Selected CityAkron
Atlanta
Baltimore
Birmingham
Boston
Bridgeport
Buffalo
Chicago
Cincinnati
Cleveland
Columbus
Dallas
Dayton
Denver
Detroit
Duluth-Superior - Fort Worth
-28 -20
-14
-8
-13
-2
-18 -15
-10
1
-13
-6
-9 -10
-22 -13
-14
-7
-13 -10
-11
-6
-10
-6
-15 -11
-12
-8
-25 -21
-9 -9
-21 -14
Mar,
District or City.
Selected City
(Concluded)
Houston
Indianapolis
Kansas CitY
Los Angeles
Louis% Ille
Memphis
Milwaukee
Minneapolis
Nashville
Newark
New Haven
New Orleans
New York
5 Oakland
5 Omaha
8 Philadelphia
4 Pittsburgh
12 Providence
3 Rochester
6 San Francisco..
32 Salt Lake City---9 Seattle
6 Spokane
6 St. Louis
5 St Paul
3 Syracuse
5 Toledo
6 Washington
4
6
Total(273 cities)
Jan. 1 No.
to
of
Mar 31 Stores
-21
-17
-15
-2
-20
-19
-11
-5
-14
-9
-13
-18
-4
-19
-6
-15
-15
-20
-9
-6
-9
-9
-25
-14
-14
-15
-24
-14
-14
-8
-10
-2
-15
-3
-3
-12
-6
-5
-4
-15
0
-16
-2
-6
-11
-9
-2
-4
-10
-5
-18
-10
-4
-10
-20
--5
5
6
4
8
6
4
7
4
4
5
4
4
12
5
3
54
7
9
4
6
5
5
5
4
5
4
4
7
-13
-8
652
DEPARTMENT STORES
-SALES AND STOCKS, BY FEDERAL RESERVE
DISTRICTS.
Index Numbers. Monthly Average 1923-1925=100.
Federal Reserve
Districts.
No. of
Stores.
Adjusted for Seasonal
Variations.
Mar.
1930.
(a)
Feb.
1930.
Mar.
1929.
36
60
57
55
28
41
97
19
18
27
22
36
104
115
98
107
115
117
124
111
96
106
120
107
117
104
413
Mar.
1930.
Feb.
1930.
101
111
99
105
114
113
120
110
92
102
115
115
106
113
95
83
110
93
108
83
90
96
92
109r
88
72r
97
105
85
93
97
99
109
90
75
80
106
80
109
80
104
95
107
85
92
100
94
113
88
73
116
82
108
87
101
79
86
91
90
105
82
69r
113
77
104
99
107
90
97
100
101
113
91
78
122
83
106
97
98
99
100
93
102
DEPARTMENT STORE SALES, BY DEPARTMENTS.
Percentage Increase(+) or Decrease (-)
March 1930 Compared with March 1929.
r cure 40 11..5GIOG ..-01.3
AJPIll.r,l1ILI“•
Piece Goods
Silks & velvets-- -12 -16
Woolen dress goods -16 -17
Cotton wash goods -6 -3
+3 -1
Linens
Domestics, muslIns
+9 +16
&c
Ready-to-wear Ac cessori es
Neckwear,scarfs -22 -26
-29 -28
Milliner)
,
Gloves (women's ft
27
36
children's)
-2
Corsets, bressieres +6
Hosiery (women's
-13 -10
dr children's)
--10 -10
Knit underwear..
Silk, muslin under-7 -11
wear
-25 -19
Infants' wear
30
26
Small leather g'ds_
.
Women's shoes__ -18 -18
__
Children's shoes__ -35
1Vomen's Wear19
W'm'n's cols,sults 25
-8
Women's dresses_ -11
-9
Missee' coats, suits -14
Misses'dresses-- -8 -14
wear -31 -32
juntors',girls'
Men's, Boys' We or
Men's clothing--- -28 -26
Men's furnishings,
-17 -18
hats. caps
-43 -43
BOYS' wear
Men's, boys' shoes -22 -28
House Furnish'g3
+0
+4
Furniture
___9
__
oriental rugs
-5
-1
Dom.floor cover'gs
Draperies, uphol__
_2
stery
+2 -9
China, glassware
New Cleve- Rich- CMSt.
Dal- San
York. land. mond cago. Louis. Las. Fran.
-7 -23
-14 -17
-5 -11
+4
+5
-2 -20 -20 -14
-1
-6 -25 -22 -24 -12
-9
-1
-2 -11 -15
+10
+1 -11
-1
+3
+25
+14
+5
-9
+10 -20
+13
-1 -29 -33 -28 -25 -18 -23
-17 -37 -27 -41 -24 -23 -20
17
+10
33
+6
-2 -16
-16 -11
37
+9
31
+4
17
+7
+13
+8
-19
+11
-16 -20 -19 -21 -11
-7 -15 -20 -4
+8
-5
-22
15
-8
-35
-13 -6 -5 -20
-28 -24 -28 -34
31
37
33
19
-22 -25 -23 -23
-38 -36 -38 -43
-12
+4
-29 -22
15
24
-25 -3
-27 -21
11
-9
-18
+4
-24
31
29
-12 -6
-17 -5
-12 -11
-35 -31
-18 -28
-24
27
-21
-21
-17
-35
34
-27
-21
-16
-38
21
15
-17
+4
-10 -11
-17 -4
-16 -25
-38
-34
-1 -22 -35
-5 +26
+8
__
-5 -15 -15 -24 -21
+0 -39 -13 -11 -20
+4
-4
+13
+22
+14
-14
-10
-9
+0
-6
+8
+9
+27
-3
+1
+2
with total annual sales in listed departments of
a Data are for about 200 stores
51,250,000,000. More than 50% of them
5850,000.000 and in all departments of
six cities: Boston, New York, Pittsburgh,
sales are for about 40 storm located in
and Los Angeles. In individual Federal Reserve districts
Detroit, Cleveland,
stores in following Cities: Boston,
more than half of the reported sales are made by Detroit, Milwaukee, St. Louis,
Washington,
New York. Pittsburgh. Cleveland,
San Francisco. The total number of reporting
Dallas, Houston, Los Angeles, and
126.3
78.4
127.6
99.7
117.1
100.0 98.7
.84.7 84.6
122.9 121.5
95.0 94.7
108.3 107.4
132.9 128.9 126.3
93.6 88.8 84.6
127.3 128.3 125.5
109.7 104.7 101.4
__ __ 119.8 121.0
118.1 105.7
32.7 38.7
43.8 39.2
73.1 74.4
76.4 75.7
82.9 79.1
61.0 61.0
83.4 83.5
129.0 129.0
91.3 90.8
121.2 140.9
134.7 135.3
97.0 97.0
121.4 123.6
248.8 245.1
106.4 106.6
102.9 97.1
105.2 103.0
141.2 122.2 195.1 165.0
46.1 44.7 51.8 61.2
50.0 52.3 54.2 61.2
86.4 83.9 72.2 66.8
82.4 82.1 73.5 76.3
82.9 87.6 88.4 85.3
72.8 74.6 76.1 76.1
89.5 88.9 88.9 88.3
129.0 129.0 133.3 150.5
96.7 96.7 97.3 97.9
125.6 140.7 128.2 154.5
131.1 131.5 131.7 132.7
200.0 190.9 197.0 233.3
110.3 119.9 116.7 114.5
253.2 249.1 246.9 247.4
106.2 105.8 105.3 105.2
194.3 200.0 205.7 202.9
95.9 94.6 95.2 92.3
• Revised. a Relative to weekly average 1927-1929 for week shown. b Data
available semi-monthly only.
Decline in Wholesale Trade in New York Federal Re
serve District During March-All Lines Affected
Except Groceries.
According to the May 1 Monthly Review of Credit and
Business Conditions by the Federal Reserve Agent at New
York, "March sales of wholesale dealers in this district
averaged about 15% below a year ago, a considerably larger
decline than in January or February." Continuing, the
Bank says:
As in February, grocery sales were the only type that showed an increase
compared with a year previous. The sales of men's clothing, cotton goods,
shoes andhardware showed substantial decreases, and smaller declines were
reported in tho sales of silk goods, drugs, stationery and paper. No doubt
a part of the March reductions in sales of clothing and shoes was due to
the later date of Easter this year, and a part may have been due to unseasonably cold weather. Very large decreases were again reported in the
sales of the Jewelry and diamond dealers. Machine tool orders reported by
the Machine Tool Builders' Association also remained far below the volume
of a year ago.
Stocks of groceries, cotton goods and hardware were smaller than a year
previous, but stocks held by silk, shoe and drug dealers remained larger
than last year. Collections were reported to be slower than a year ago
for the sixth consecutive month.
-29 -12
-11 -17 -15 -26 -25 -21 -10
-42 -44 -45 -49 -43 -38 -28
-18 -23 -21 -27 -23 -27 -4
+5
+3
Steel operations
Bituminous coal production
_- -Petroleum produc'n(dally average) _- -Freight car loadings
a Lumber production
Building contracts. 37 States
(daily average)
Wheat receipts
Cotton receipts
36.2
Cattle receipts
Hog receipts
Price No. 2 wheat
Price cotton middling
59.9
Price iron and steel. composite_ _ _ 83.1
Copper, electrolytic, price
-- -90.2
Fisher's index (1926=100)
Check payments
116.1
Bank loans and discounts
135.7
97.0
Interest rates, call money
134.4
Business failuree
Stock prices
244.5
Bond prices
105.9
Interest rates, time money
100.0
Federal Reserve ratio
105.5
S nefroit AmnInvmant
0.s.comMMONOn0m0=0,
. ...=c5
4
c;c.itdoirigcic;-rit-On trScivi '
Ocamor-r-.0o000c4M0N.t000
•-,
•-• •-•-• -.N•-•-•-,
77
89
73
77
81
83
87r
83
66r
75
85
90
1929.
1930.
Apr. Apr. Apr. Apr. Apr. Apr. Apr. Apr.
6.
27. 20. 13.
5.
26. 19. 12.
...I
,
'w;
,
0
..-.
116
116
88
103
83
88
98
93
96
93
87
89
99
112
93
105
81
90
97
91
109
86
70
Boston.
WEEKLY BUSINESS INDICATORS.
(Weeks Ended Saturday. Average 1923-25=100.)
Mar.
1929.
a Stores for whleh figures are available since base period 1923-25. b Monthly
average 1925=100. r Revised.
Total
(a)
The Department of Commerce's Weekly Statement of
Business Conditions in the United States.
According to the weekly statement of the Department of
Commerce for the week ended April 26 the volume of business as indicated by check payments, was lower than for
the previous week and also lower than for the same week
in 1929. Operations in steel plants during the latest reported week were higher than for the previous week but less
than a year ago. Production of bituminous coal was nearly
2% less than last week and 6% below what it was a year ago.
Petroleum production remained the same as the previous
week but was 4% lower than in 1929.
The value of building contracts declined from the previous
week and was much below a year ago.
The general index of wholesale prices was slightly'below
that for a week ago and nearly 7% lower than for 1929.
Composite iron and steel price remained practically the
same as in the preceding week and was 7% lower than a year
ago.
Bank loans and discounts at the end of the week were
slightly higher than in either period. Prices for stocks were
about 2% lower than in the week ended April 19 and 3%
below what they were in 1929.
CNC:
,
ci ci csi
OMN
•-, ,-.
.
103
114
90
98
107
103
112r
102
89r
34
42
45
49
28
29
79
19
14
21
21
32
Stocks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City b
Dallas
San Francisco
97
115
88
95
103
101
106
100
98
496
Total
Without Seasonal
Adjustment.
stores varies from about 65 for certain items to about 175 for other items; in the
individual Federal Reserve districts corresponding ranges are usually about ae
follows: No. 1, 8-30; No. 2, 8-12; No. 4, 18-64; No. 5, 7-11; No. 7. 8-30: No. 8.
6-10: No. 11. 6-14; No. 12. 8-20.
I
Sales
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City b
Dallas
San Francisco
Total
[VOL. 130.
FINANCIAL CHRONICLE
Commodity.
Percentage
Change.
March 1930
Compared with
February 1930
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Machine tools.:
Stationery
Paper
Diamonds
Jewelry
Percent of Accounts
Outstanding
February 28
Collected in
in March.
Net
Sales.
Stock
End of
Month.
1929.
1930.
-1.5
+8.1
----8.4
+2.1
+3.1
+9.9* -3.7*
+34.8 -10.6
+1.0
+10.3
+29.6
+1•5
+1.2
-2 .
44
-19.7
-6.15
-21.3
-8.5
-12.3
-3.5
____
-9.7
+15.3*
+14.8
+19.4
-11.5
73.4
45.3
31.3
49.3
37.1
42.5
44.4
+5.1
+13.2
-11.7
+8.3
46
-4.9
-50.8
-36.7
-___
--28.91
-9.11
72:5
65.7
28.1
75.6
38.0
29.3
47.8
36.9
34.4
46.4
74.8
-64.6
26.4
Net
Sales.
Stock
End of
Month
Percentage
Change.
March 1930
Compared with
March 1929
---- --+10.4
+1.5
Weighted average
52.0
____ -14.6
____
+8.4
• Quantity not value. Reported by Silk Association of America.
x Reported by the National Machine Tool Builders' Affectation.
50,4
MAY 3 1930.]
FINANCIAL CHRONICLE
3071
Lateness of Easter Factor in Decline in Department
Store Trade in New York Federal Reserve District
During March.
Stating that "March sales of the reporting department
stores in this district showed a 6% decrease from a year ago,"
the Federal Reserve Bank of New York, in surveying department store trade in its May 1 Monthly Review,says:
level, though remaining under the high level of the corresponding weeks
of
March loadings of heavy bulk freight were considerably smaller
than in February, and a further seasonal decline occurred in the first two
weeks of April. 'Foreign trade in March remained well below that of the
corresponding month in the past two years.
(Adjusted for seasonal variations and usual year-to-year growth)
A large factor in the decline was the lateness of Easter, which delayed
most of the Easter trade until April this year, whereas it was done in March
last year. All localities reported decreases in sales. New York City
showed a decline in sales for the first time since February
and decreases varying from about
were reported in other secto about
tions of the district. The sales of the leading apparel stores showed an
especially large decrease, the largest, in fact, for any month in several
Years.
Stocks of merchandise on hand in department stores were
smaller
than in March last year. Collections on charge accounts outstanding
continued to be slower than last year, but compared more favorably with
a year ago than in February.
Primary Distribution
Car loadings, merchandise and miscellaneous____
Car loadings, other
Exports
Imports
Panama Canal traffic
Distribution to Consumer
Department store sales, 2nd District
Chain store sales. other than grocery
Life insurance paid for
Advertising
General Business Activity
Dank debits, outside of New York City
Bank debits, New York City
Velocity of bank deposits, outside of N. Y. City
Velocity of bank deposits, N. Y. City
Shares sold on N. Y. Stock Exchange
Postal receipts
Electric power
Employment in the United States
Business failures
Building contracts, 37 States
New corporations formed in N. Y. State
Real estate transfers
General price level*
Composite index of wages*
Cost of living*
7%
1929,
22%
2%
Locality.
Percentage Change
March 1930
Compared with
March 1929.
Stock on
Net Sales. Hand End
of Month.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Central New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester District
All department stores
Apparel stores
--4.1
--8.9
--9.3
--15.3
--9.4
--12.6
--12.1
--22.2
--6.6
--15.8
--8.7
--11.3
--8.5
--6.2
--16.3
+0.8
-7.7
-5.1
+2.6
-14.9
+0.3
--3.8
-1.5
P. C. of Accounts
Outstanding
Feb. 28 Collected
in March.
1929.
1930.
48.0
47.0
38.4
39.2
46.5
36.1
37.3
43.7
39.9
37.4
46.7
48.2
45.5
44.2
March sales and stocks in principal departments are compared with those
of last year in the following table. Reflecting the late Easter, it will be
noted that the apparel departments are prominent among those showing
the largest decreases in saels.
1929.
March
1929,
Jan.
1930.
Feb.
1930.
March
1930.
99
87
110
110
90
92
90
85
104
82
94
89
84
97
80
107
102
107
99
98
89
111
86
99
96
106
89
104
93
109
87
113
194
128
216
338
84
98
102
101
98r
109
86
180
227
171
98
117
115
129
241
80
97
96
111
88r
96
69
174
227
170
98
126
115
143
267
79
94p
94
116
90r
101
69
173
226
170
101
142
116
159
299
73
91
77
8T;
92p
79
5a
118
88r
93
70
173
228
168
p Preliminary. *1913 averag100. r Revised.
Annalist Weekly of Wholesale Commodity Prices Shows
Further Decline.
The "Annalist" weekly index of wholesale commodity
prices stands at 132.3, a decline of 0.7 point from the preceding week (133 revised), and compares with 144.5, the
index on the corresponding date last year. Noting this the
"Annalist" says:
5.5%
The further drop this week brings the index again to a record low,
below the index at the beginning of the year and
below the corresponding date last year.
Price declines for the week have been general, with many important
Stock on Hand
Net Sales
Percentage Change Percentage Change
commodities at record lows. May wheat, at
with corresponding
March 31 1930
March 1930
declines of wheat at New York, is lower than at any time since
Compared with
Compared with
coffee is selling at the lowest point in its price history; sugar, with the
March 31 1929.
March 1929.
exception of the short period in April,
is at the lowest point on record;
+2.3
+8.4
Cotton goods
eggs are at the lowest since
cotton goods and worsted yarn are lower
-1.5
+8.3
Furniture
than at any time since
steel, tin, zinc and cement are at the lowest
+6.1
Toilet articles and drugs
post-war point on record, and rubber and silk are at the lowest point in
+2.8
Home furnishings
+4.5
their price history.
+2.7
Musical instruments and radio
+5.7
+2.2
Linens and handkerchiefs
All these commodities, except cotton goods, show further declines this
+1.9
-1.7
Toys and sporting goods
week. Farmers have fared especially badly, with the farm products index,
+11.1
+0.3
Books and stationery
now
at the lowest point on record,
below the index at the begin-2.0
-6.6
Hosiery
-3.8
-5.1
ning of the year,
Silverware and jewelry
below the corresponding date last year and
-12.1
-9.1
Silks and velvets
below the
high.
-9.2
+3.8
Women's and misses' ready-to-wear
The "Annalist" index average for the month of April stands at
-10.0
+9.9
Women's ready-to-wear accessories
-11.2
compared with
for April
+0.1
in March and
The movement
Men's furnishings
-13.3
+3.0
Luggage and other leather goods
for the month is mixed; food products, fuels and miscellaneous are higher;
-13.8
-12.0
Woolen goods
farm products, textiles, metals, building materials and chemicals are lower.
-14.7
--8.8
Shoes
The trend for all groups except fuels is lower, as indicated by the sharp
-29.9
+1.3
Men's and boys' wear
-3.3
-12.8
kl isceilaneous
declines in the last two weeks. The average for the month for the food
products group is
whereas the month-end index is
and the
monthly index for the miscellaneous group stands at
whereas the
The fuels are the only group that show a conNew York Federal Reserve month-end index is
Drop in Chain Store Sales in
sistent price advance tendency, the monthly index being
and the
District.
month-end index standing at
The April index is the lowest on record, and while the declines from
Regarding chain store trade in this district, the May 1
March are
in
comes
Monthly Review of Credit and Business Conditions of the the severe moderateof most groups, the further decline in April lower after
than
decline
March prices which averaged
York says:
Federal Reserve Bank of New
February.
Total sales in March of the reporting chain store organizations were
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
less than a year ago, the first decrease in recent years, reflecting in part
(1913=100).
the late date of Easter. Grocery chains continued to report an increase
In sales, but the increase was the smallest since September. Substantial
Apr. 29 1930 April 22 1930, April 30 1929.
declines following increases in February, were reported in the sales of ten
125.2
141.4
125.9
sales of chain drug systems de- Farm products
cent stores and variety chains, and the
Food products
134.4
145.1
135.3
creased from a year ago for the first time since April
Unusually large Textile products
128.9
128.8
151.3
decreases were reported in the sales of shoo and candy chain systems.
Fuels
157.0
161.5
157.0
115.2
128.1
116.5
After allowing for the change in the number of stores operated, grocery Metals
154.0
149.9
149.9
organizations were the only type of chain stores that showed an increase Building materials
135.2
Chemicals
130.8
131.0
in sales per unit.
121.3
Miscellaneous
115.8
116.1
All commodities
132.3
133.0
144.3
Percentage Change March 1930
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
Compared with March 1929.
(1913=100).
Type of Store.
Total
Number of
Sales per
Sales.
Stores.
Store.
April 1930. March 1930. April 1929.
8.44%
$1.0251,
1927;
1923;
125.2,
12.3%
1929
134.0
1924;
1929,
9%
145.3
136.5,
115.8.
1929.
14.9%
133.6.
134.4
116.1,
153.7
157.0.
2.47%
5.5%
1928.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
+3.2
+8.2
+7.4
4 9.1
+20 8
-7.1
+11.7
-8.5
-2.3
-35.0
--9.5
--28.4
+8.2
--15.4
--9.0
--40.4
--25.0
--22.9
Total
+7.1
-5.5
-11.8
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
127.1
136.5
129.7
153.7
118.3
149.9
131.1
116.1
133.6
127.6
136.1
131.4
150.7
122.9
150.8
131.9
115.8
134.0
142.7
144.1
152.0
161.7
130.3
154.3
135.2
121.4
145.3
New York Federal Reserve Bank's Indexes of Business Analysis of Imports an Exports of The United States
Activity.
for March.
In presenting,in its May 1 "Monthly Review," its indexes
Department of Commerce at Washington, April 25,
The
of business activity, the Federal Reserve Bank of New
issued its analysis of the foreign trade of the United States
York says:
for the month of March and the 3 months ending with
There was no marked change in business activity between February
and March. Car loadings of merchandise and miscellaneous freight March. This statement indicates how much of the mershowed somewhat less than the usual seasonal increase in March, and chandise exports for the past two years consisted of crude
remained considerably under the levels of the past two years; in the first
or of partly or wholly manufactured products. The followtwo weeks of April, however, this type of railroad traffic, possibly in
response to the influence of Easter business, advanced to about the 1928 ing is the report in full:
NALYSIS OF DOMESTIC EXPORTS FROM AND IMPORTS INTO THE
UNITED STATES FOR THE MONTH OF MARCH 1930.
(Value in 1.000 Doliars).
Three Months Ended March.
Month of March.
1929
1930
Per
Per
Value. Cent. Value. Cent.
1930
1929
Value.
Per
Cent.
Value.
Per
Cent.
Domestic Exports____ 481,682 100.0 363,170 100.0 1,396,589 100.0 1,110,603 100.0
Crude materials ___ 86,430 17.9 70,435 19.4
Crude foodstuffs__ 21,632 4.5 9,325 2.6
Manurd foodstuffs- 43,015
34.389 9.5
66,890 13.9 49.094 13.5
fiemi-manufrs
Finished manufrs„ 263,715 54.7 199,928 55.0
Imports
[Vera. 181.
FINANCIAL CHRONICLE
3072
299,366 21.4
75,380 5.3
130,179 9.4
195.555 14.0
696.109 49.9
242,258 21.8
40,289 3.6
107,748 9.7
145.181 13.1
575.127 51.8
383,818 100.0 300,464 100.0 1.122,157 100.0 893,140 100.0
Crude materials_.. 138,645
Crude foodstuffs-. 48.942
Manuf'd foodstuffs. 44,330
Semi-manufrs
70.525
Finished manufrs- 81,375
36.1 101.686
12.7 40,136
11.6 26,934
18.4 62.690
21.2 69,018
33.8
13.4
9.0
20.8
23.0
418,688
146.808
109.867
210,985
235,808
37.3
13.1
9.8
18.8
21.0
309.293
118,905
71.282
189.742
203,918
34.7
13.3
8.0
21.2
22.8
Continued Decline in Commodity Prices Reported by
National Fertilizer Association.
Commodity prices declined four-tenth of 1% during the
week ended April 26, according to the wholesale price index
of the National Fertilizer Association, which, under date
of April 28, adds:
Although a few advances occurred, the general trend during the week
was downward. The larger declines occurred in metals, fats, other foods,
grains, feeds and livestock, and denatured alcohol. Of the total items 15
advanced and 38 declined. The total decline for the past two weeks
amounted to seven-tenths of 1%, and the index is now only four-tenths
of 1% above the low of Mar. 15.
Based on 1926-28 as 100, and on 474 quotations, the index stood at
91.6 for the week ended April 26; at 92.0 for April 19, and at 92.3
for April 12.
Steady Decline in Wholesale Commodity Prices Since
1922 Indicated in Survey of New York Trust Co.
Wholesale commodity prices have been steadily declining
since 1922, according to the "Index" published by the New
York Trust Co. on April 28. Accentuated during the last
six months, this movement has become one of the prime
factors in the present and future business outlook, says the
trust company which makes the following further observations:
Live stock loading totaled 23.290 cars. 4,705 cars below the same week
in 1929 and 4.281 cars below the corresponding week in 1928. In the
western districts alone, live stock loading amounted to 18,731 cars, a
decrease of 3,740 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared with the same week in 1929 and all except the Southwestern,
which showed a small increase, reported reductions under the same week In
1928.
Loading of revenue freight in 1930 compared with the two previous.
years follows:
1930.
1928.
1929.
Four weeks in January__ ._
_ _ __ 3,349,424
3.571,455
3.448.89S
Four weeks in February.--- 3,505,962
3,590,742
3,766,136
Five weeks in March _____ _
_._ 4,414.625
4.815,937
4,752,559
Week of April 5_. _________
_
907.928
919,352
958,225
Week of April 12-- _____. -.-.
911,310
973,152
912.65"
_ _
892,881
Week of April 19-- - 1,005.880
945,289'
Total
13,982,130
15.090,785
14.569,499
March Consumption of Electrical Energy by Industries
in Philadelphia Federal Reserve District 6% Below
February.
Daily production of electric power showed little change
between February and March, according to reports from
11 central stations to the Department of Statistics and
Research of the Philadelphia Federal Reserve Bank. In
comparison with March 1929, however, the output was
nearly 11% greater, says the Bank, which adds:
Daily sales of electricity for lighting and power purposes declined le
March but were noticeably larger than in the same month last year. Consumption of electrical energy by industries, the largest users of power.
was nearly 6% less than in February but 9% more than in March 1929.
computed on the basis of the number of working days.
Electric Power
Philadelphia Federal Reserve Dist.
11 Systems.
March
(Daily Average)
Change from
(Total for Month)
Pet. 1930 Mar. 1929,.
1.793.000 kilowatts
Ratedgenerator capacity
18.712,000 kilowatt hours
Generated output
6,811,000 kilowatt hours
Hydro-electric
7,458.000 kilowatt hours
Steam
4.443.000 kilowatt hours
Purchased
18.605.000 kilowatt hours
Sales of electricity
3,375.000 kilowatt hours
Lighting
380,000 kilowatt hours
Municipal
Residential and commercial- 2.995,000 kilowatt hours
12,496,000 kilowatt hours
Power
264.000 kilowatt hours
Municipal
2.094.000 kilowatt hours
Street cars and railroads
• 10.138,000 kilowatt hours
Industries
2.734.000 kilowatt hours
All other sales
+0.7%
-0.2%
+58.0%
-29.7%
+15.3%
-4.7%
5.8%
-18.1%
-5.9%
-16.4%
.0%
-13
-16.8%
-.5.5%
s
+23.5,
+4.57.
+10.7%
+9.7%
+10.6%
+15.0%
+12.9%
+9.4%
+39.4%
+7.7%
+15.4%
+10.1%,
+16.0%
+.9.1%,
+28.1%
The decline In the past 15 months has been reflected by a fall in the value
* Working days average.
of all major commodity groups, and has been particularly emphasized in
products divisions and In textiles. Nor has It been
the farm and food
confined solely to this country. Countries all over the world have been "Problem of Unemployment Met As Never Before'''
similarly affected.
Says Secretary of Labor Davis.
The study of price trends since 1896 illustrates two factors that are important in anticipating the future trend and effect of commodity prices:
Unemployment has been accepted heretofore as_ an unfirst, that a gradually declining level of prices (as between 1922-27), does
present situation has shown "what
not necessarily presuppose business depression: second, that only a alight avoidable evil, but the
movement in the farm products division is sufficient to sway the aggregate we can accomplish to meet the problem, once we have made
movement of all commodity prices.
up our minds to act," said the Secretary of Labor, James J.
The index for farm products, considered separately. started last year
Pittsburgh April 23 before the Asat 147, declined to 1.39.8 in June, rose to a high of 147.4 in early August, Davis, in an address in
and fell to 138 in December. In other words, last year's movement of sessors' Association of Allegheny County. This is learned
Prices as a whole was dictated almost entirely by the movement of farm from the "United States Daily" of April 24, which reports
Products. All ether price groups remained fairly stable.
The decline in prices of farm products, which has been particularly Secretary Davis as saying:
"It is the duty of the entire country to see that the evil of unemployment
sharp since last August, has been in general due to overproduction, both
realized and anticipated, and to unusually large supplies on hand. This Is is done away with forever." said Secretary Davis, adding that he sees
true of the two staple crops, wheat and cotton. These examples "some encouraging progress in that direction." An authorized summary
noticeably
can be intended to essential commodities in other countries-sugar in Cuba, of the address follows in full text:
Of all the homes on which this country is solidly founded, the worker's
coffee in Brazil, rubber in British East Indies.
In addition te the two factors generally admitted to be fundamental to home Is the keystone. No one in this broad land so loves his home as the
-gold supply and commodity Production-other considerations mall and woman love the cottage they have tolled to raise over the family.
price levels
have to be taken into account. Competition between countries for reasons The country cannot be happy tulles its millions of workers are safe and
or National policy, credit conditions and exigencies of the weather all happy in their homes.
This is apt to be a very trying matter. I know, in times such as these,
operate in some degree upon the commodity price trends.
when business Is somewhat backward, when we have a measure of unemployment and when these workers of ours are worried as to whether they
can keep firm hold on the little properties they have struggled so hard to
Loading of Railroad Revenue Freight at Low Levels.
acquire.
Loading of revenue freight for the week ended on April 19
It Is the duty of the entire country to see that the evil of unemployment
892,881 ears, the Car Service Division of the American Is done away with forever. I 860 some encouraging progress in that directotaled
tion. As you know unemployment has showed Its ugly head In recent
Railway Association announced on April 29. This was a
months, as a result of the crash in the stock market last Fall. But for the
decrease of 18,429 cars under the preceding week and a prompt action or President Hoover in calling conferences of business and
below the same week in 1929. It labor leaders for the purpose of enccuiraging public confidence, the consereduction of 112,999 cars
quences of this shock to business might have been very much more severe,
also was a reduction of 52,408 ears under the same week As it was, the country has suffered a temporary set
-back, in Spite of every
Details follow:
effort to prevent it. But the situation has at least this redeeming feature
in 1928.
of April 19, totaled 377,917 that never before has the problem of unemployment received such prompt
Miscellaneous freight loading for the week
cars, 38,378 cars below the same week In 1929 and 6,944 cars below the attention.
In past times we were inclined to accept unemployment as a distressing
corresponding week in 1928.
to do something about it. The
Loading of merchandise less than carload lot freight amounted to 249,470 but unavoldible evil. Now we are moved
under the same week last year and 9,978 whole country is aroused to action. The Government, the various States
cars, a reduction of 14,423 cars
and municipalities and individual employers all over the country, imcars under the same week two years ago.
cars, a decrease of 25,097 cars under mediately opened up public works and construction, in order to provide
Coal loading amounted to 125,130
employment. With the advancement of the season, we may soon expect
cars below the same week in 1928.
the same week in 1929 and 23,890
56.757 cars. 11.779 cars below the to see those now temporarily jobless reabsorbed in their old pursuits, or
Forest products loading amounted to
curs under the corresponding week in 1928. in better jobs than ever.
same week last year and 8.604
I am hoping, however,that the country will not stop with these emergency
cars, a decrease of 16,857 cars under the
Ore loading amounted to 13,450
cars above the corresponding week two measures. This unemployment crisis, for all the distress It has caused, has
same week In 1929, but 4,264
served one purpose. It has focused the eyes of the entire Nation on the
years ago.
cars, a decrease of 2,401 cars under the problem, and it has shown us what we can accomplish to meet the problem
Coke loading amounted to 9,464
once we have made up our minds to act. What we have achieved in time or
the same week in 1928.
corresponding week last year and 783 cars below
for the week totaled 37,403 cars, an crisis we ought to go on achieving at all times. This problem of unemploYGrain and grain products loading
cars ment is a lasting one. It is always before us to some extent. In my opinion.
corresponding week in 1829, but 2.192
Increase of 641 cars above the
the western districts alone, grain and it is the most important economic problem before the country. It Is absobelow the same week in 1928. In
a decrease of 378 cars lutely necessary to our National prosperity that we set before us as a goal'
rain products loading amounted to 24,572 cars,
regular employment at liberal wages for all of our working population.
bove the same week in 1929.
FINANCIAL CHRONICLE
MAY 3 1930.]
I am Confident that with the experience we have recently gained, our
highminded industrial leaders will bring to this problem the same genius
that has gone into the building of our vast industrial mechanism, so that
unemployment will become but an unhappy memory of the past.
3073
active than at the same season in other recent years."
In its Business Review May 1 the Bank goes on to say:
Industrial output and employment in March on the whole changed little
and continued atlower levels than is usual. Commodity prices have declined
further.
Reflecting in a measure business conditions, the commercial loans of
Advance Report for March on Wholesale and Retail member banks have declined during the past month. The banks' investment holdings, on the other hand, have Increased, while borrowings from
Trade in Philadelphia Federal Reserve District.
declined. Demand for currency continues less active
Conditions in wholesale and retail lines in the Philadel- the Reserve Bank have in this district were active purchasers of commercial
than last year. Ranks
phia Federal Reserve District are indicated in the following paper during March.
Manufacturing.
survey issued by the Federal Reserve Bank of Philadelphia:
Analysis of the available data shows that there has been some seasonal
WHOLESALE TRADE IN THE PHILADELPHIA FEDERAL RDSWRVIl Improvement in the manufacturing Industry as a whole,although the present
DISTRICT FOR THE MONTH OF MARCH 1930.
rate of activity has been below that of recent years. The market for manufactured goods continues restricted and sales are smaller than a year ago.
This is also true of unfilled orders which have declined in the month and in
Net Sales.
comparison with last year. Stocks of finished goods at manufacturing
Jan. its
Index Numbers
plants, while showing some accumulation, are not regarded as burdensome:
ar. 31
.
During Month
(P. Cl. of 1923-1925
Compared they are said to have been reduced somewhat in the last month and are
Compared with
Monthly Average).
with Stow smaller than a year ago. Commodity prices in this district have declined
Previous Same Mo. Period
March
Feb.
further and are noticeably below the level prevailing at the same time
Morah.x Last Year. Last Year.
1930.
1930.
last year.
Factory employment in this section In March showed a slight decline InBoots and shoes
+59.8% -16.9% -11.4%
81.3
47.0
Drugs
+6.8
-3.8
122.5** +2.3
stead of increasing seasonally. The volume of wage payments continued
105.4*
Dry goods
-16.8
-11.3
61.8** +7.0
43.8
virtually unchanged, although ordinarily a marked increase occurs between
Electrical supplies
-14.6
81.4
-16.9
-3.9
90.4*
February and March. In comparison with last year's peak there were more
Groceries
--1.4
95.1
-3.0
-1.9
90.5
than 4% fewer workers employed in Pennsylvania, and there was a decline
+22.0
-3.4
Hardware
83.4
-5.0
63.1
Jewelry
+4.6
-26.0
-22.1
62.6
54.2
of nearly 7% in the amount of wage disbursements. . .
Paper
98.8
-0.0
-3.1
+7.3
85.0
Activity of plants making transportation equipment Is well maintained.
The production of commercial trucks, and automobile bodies and parts conAccounts Outstanding
Collections
Skeet at End
tinued upward in March, while that of locomotives and cars declined someDuring Month.
End of Month.
of Month.
what. Ship and boat building shows the highest rate of operation since
Compared Compared Compared Compared Compared Compared the early part of 1927.
with
withSame
with
withSame
with
with Same
The textile situation on the whole continues unsatisfactory. The demand
Previous
Month
Previous
Month
Month
Previous
further. The broad silk
Month. Last Year. Month. Last Year.Month. Last Year. generally is fair to poor and prices have declined
industry alone Is operating at a high level, one which has been rising since
Boots and shoes_ ___
+8.2% -11.8% -8.0% -30.8% the beginning of 1929, barring some variations. Manufacturers of wool
---...
+2.5
+0.4
+12.7
+3.3
Drugs
and cotton products, on the other hand, are producing at a much lower
-15.4
Dry goods
+6.4
-4.5
-2.0% +0.9% -2.9
rate than in any month during the past five years, when allowance is made
-9.5
-1.8
+8.2
+6.5
-7.7
Electrical supplies
-1.0
-2.5
-0.9
-0.5
-7.2
-6.0
Groceries
for the usual seasonal changes. Following a pronounced increase from
-4.8
+10.4
+7.6
+9.2
-0.8
+1.9
Hardware
+0.3
the middle of 1928 to the close of 1929, the production of hosiery has since
-1.3
-2.4
-16.2
-22.0
Jewelry
-14.3
-0.1
declined and was materially lower than in the same month of the past two
+2.7
-2.7
Paper
-3.8
-4.9
+3.4
+0.9
years.
•Revised. **Preliminary. x Daily a wage.
says:
Regarding wholesale and retail trade the Bank
RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRiet
FOR THE MONTH OF MARCH 1930.
Index Numbers
of Sates
Per Cent of
1923-1925
meemie Average).
Feb.
1930.
All reporting stores
Department stores
In Philadelphia-----OutsidePhiladelphia
Apparel stores
Men's apparel stores
In Philadelphia
Outside Philadelphia
Women's apparel storee
.
In Philadelphia
Outside Philadelphia
Shoe stores
Credit stores
Stores In:
Phlindelphla
-Allentown, Bethlehem and Easton.
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trebton
Wilkes-Barre
Wilmington
All other cities
Stocks at End
of Month.
Compared with
Month
Age.
All reporting stores_
Department stores_
In Philadelphia_ _
Outside
_
Apparel stores
's apparel sea
In Philadelphia
Outside Phila. _
Women's apparel
In Philadelphia
Outside Phila.
Shoe stores
Credit stores
Stores in:
Philadelphia
Allentown, Bethlehem & Easton
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-13arre_
Wilmington
All other elem.__
+8.3
+7.6
+7.0
+8.9
Year
Ago. j
-4.5
-4.8
73.8
73.0
72.2
815.8
76.1
March
1930.
86.8*
84.4*
82.7*
1113:7
80.8
89.2
130.8
88.5
78.1
105.8
71.2
74.0
85.9
71.5
63.7
81.1
71.3
77.4
61.1
94.0
80.9
97.6
87.4*
84.1
104.9
79.5
65.1
120.0
78.8
72.8
80.1
78.0
94.9
Stocks Turnorer
Jan. 1 to
March 31
1030-
1929.
0.87
0.86
0.97
0.66
0.89
0.37
0.96
0.70
Net Sales.
March
1930
Compared
tate
Match.
1929.
-17.5
-re.8
-15.4
-20.0
-90.1
-28.8
Jan. 1Mar. 31
Compared
with Same
Period a
Year Ago.
-8.4
-8.0
-6.4
-11.7
--7
1T6
-30.4
-17.6
-15.4
-31.8
-28.2
-21.2
-8.4
-18.2
-9.7
-8.8
-16.2
-15.0
-8.1
-15.8
-27,2
-15.1
-22.8
-10.3
-10.9
-26.9
-26.7
-221
-20,6
-25.5
-17.6
-4.0
-14.5
-10.1
-12:3
-5.8
-9.1
-12.8
-19.1
-12.9
-10.2
-11.4
-9.3
Accounts Colleens
Receivable During
at End
Month
of Month Compared
Compared
with
Year Ago. Year AO
---..--
- 765
0
+23:6
+22.5
+27.0
+8.9
+6.9
+7.7
+9.1
+3.8
+8.4
+6.1
-0.3
+17.0
+10.1
+10.3
#8.0'
+6.3
+15.5
44.9
+6.2
-0.4
-0.7
1.32
1.42
0.87
0.57
0.51
1.52
1.64
1.01
0.64
0.54
-4.8 11.00
0.64
0.73
0.69
0.73
0.71
0.75
0.77
0.81
0.58
0.67
0.58
-0.9
-7.3
-64
+14.4
-4.7
-1.5
+5.9
+0.2
-5.4
-13.7
-5.7
-10.8
+7.4
+0.7
-8.7
+2.6
-5.9
+6.7
1.01
0.57
0.71
0.72
0.73
0.65
0.65
0.68
0.74
0.64
0.62
0.54
-2.7
+0.1
-3.4
-17.2
-7.1
-3.6
+4.3
-2.0
-7.5
-7.2
-1.2
+0.2
**Preliminary.
Some Signs of Improved Business in Philadelphia
Federal Reserve District.
The Federal Reserve Bank of Philadelphia reports that
"business in the aggregate has shown some signs of improvement since the middle of March, although it continues less
The wholesale and jobbing trade showed an increase in daily sales of
about 4% between February and March. Compared with a year ago, the
dollar volume of wholesale trade was smaller by about 3%. The largest
declines occurred in jewelry, shoes, and dry goods: drugs alone reported
Increased sales. This unfavorable comparison was due in a large measure
to lower prices and to the lateness of Easter.
Preliminary reports covering the greater part of April showed that
there existed a fair demand for commodities at wholesale and the number
of returns showing smaller sales equalled those showing larger sales. Wholesale prices continued to decline, although many reports showed no change
since March.
There is no statistical evidence showing an accumulation of inventories
at wholesale and Jobbing establishments: on the contrary,stocks of goods
at the end of March generally seemed lighter than on the same date last
year.
Retail sales during March were about 8% larger than in February,
when computed on the daily average basis. Department, apparel and
shoe stores shared in this gain, whereas credit stores had a considerable
decline in their sales. Early reports covering about 18 days of April showed
A further Increase in miles, principally on account of Easter trade.
Comparisons with sales in March 1929 lose their significance inasmuch
as the spring holiday trade was about three weeks later this year than last.
Largely for that reason sales in all lines showed substantial declines. This
was naturally reflected in the fact that retail sales in the first quarter of this
year were about 8% less than in the same period last year.
Fundamental and Credit Conditions in Boston Federal
Reserve District Reported as Apparently Sounder
Than Year Ago.
While stating that business activity in New England during
the first quarter of this year was dispapointing as compared
with the same period a year ago the Federal Reserve Bank of
Boston says that "fundamental credit and industrial conditions appear to have been sounder April 1 this year than
last." We give herewith the Bank's survey of conditions
as set out in its "Monthly Review" April 1:
During the first quarter of this year there was little change, other than
seasonal, in the aggregate rate ef business activity In New England,and the
level at the end of March was only slightly higher than the low point to
Which industry declined in December. In comparison with the corresponding period a year ago, business activity in this district during the first
quarter was disappointing, the average level during the period being
approximately 17% below the record average level a year ago. Fundamental credit end industrial conditions, however, appear to have been
sounder at the first of April this year than a year ago. On April2 1930. the
reserve ratio of the Federal Reserve Bank of Roston was 81.2%, compared
with 72% on April 8 1929. Loans to member banks by the Boston Reserve
Bank were $72,498,000 a year ago (April 3), end were $19,492,000 this year
(April 2). After a sharp decline during the latter part of 1929, the rate of
general business activity in New England remained steady, even though at
a level much lower than a year ago. Business sentiment has changed considerably more than actual business activity. At the first of the year
apparently too much was expected, and in February optimism changed to
an attitude of extreme caution. At the end of March a spirit of caution
still prevailed, but the customary spring expansion in many lines ofindustry
and trade added a more cheerful aspect to the immediate future. Preliminary reports for April indicate that more than the seasonal increase took
place in the building industry, and carloadings in this district were running
somewhat higher titan in March. New England textile activity in March
was less than that during February, and when allowances for usual seasonal
changes were made, cotton consumption declined slightly, wool consumption was less, and silk machinery activity was reduced. Production of
boots and shoes in New England in March was considerably larger than In
February, but was nearly 10% less than in March 1929. Both in the country
3074
as a whole and in New England, shoe production during the first quarter
of 1930 was considerably less than in the corresponding period a year ago.
The total value of new construction contracts awarded in this district in
March. although about 11% under that of March 1929, was approximately
52% larger than that in February. The volume (in square feet) of both
residential and commercial and industrial building in New England showed
larger than seasonal gains in March compared with February. The number
of wage-earners in identical manufacturing establishments in Massachusetts
during March declined slightly from February. Boston department store
sales in March were 9.1% smaller than during the corresponding month a
year ago, but for the first quarter were nine-tenths of 1% ahead of that
period in 1929.
Federal
Reserve Bank of Philadelphia on Building and
Real Estate.
From the May Business Review of the Federal Reserve
Bank of Philadelphia we take the following:
diana and Wisconsin both exceedIthe average for the North Central States:
while Illinois and Iowa show slightly better conditions. The United States
index of farm wages on April 1 rose 3 points above January 1, which is considerably lass than the usual seasonal increase for this period, reflecting the
presence of a labor surplus from the small volume of industrial employment.
In the North Central States farm wages were slightly higher than on January 1, but less than April wages in the three preceding years.
Savings Deposits.
Seventh District savings deposits at 194 banks on April 1 were 3% below
the corresponding month of 1929, though totaling slightly in excess of the
March 1 figure. In the comparison with last year all States registered a
decline, while in that with a month previous Illinois, Indiana, and Michigan
showed small gains. The number of depositors increased over a year ago in
Indiana, Iowa, and Wisconsin, the declines in the other two States, however, resulting in a small logs for the district; the number of accounts showed
little change as compared with March 1. The average account for all banks
was more than 2% under that of April 1 1929. Individually, the heaviest
decrease of 7% was recorded by Wisconsin. All States with the exception
of Wisconsin registered a slight increase in this item over the preceding
month. Regular savings deposits at 25 reporting banks in Chicago on
April I increased more than 3% million dollars over the figure of a month
previous, although accounts were approximately two thousand lees in
number.
-SEVENTH FEDERAL RESERVE
EMPLOYMENT AND EARNINGS
DISTRICT.
Building and Real Estate.
Building activity has improved since the early part of last month. Both
employment and wage payments in construction and contracting increased
between February and March and the demand for workers by various
building trades was more active in the first fortnight of April than for many
weeks past. While the rate of operation also has risen considerably above
the very low level reached in December, nevertheless it remains below
that prevailing at the same time in recent years.
Number of Wage
The total value of building contracts awarded rose somewhat more
No. Earners-Week
sharply between February and March this year than last, but it still was
of
EndedIndustrial Groups, Report
lower than in the same month for many years past. In the first three
Mg Mar. 15 Feb. 15
contracts was slightly in excess
months of this year, however, the value of
1930.
Firms. 1930.
of that in the game period last year.
The accompanying chart shows that contracts for dwellings continued gen- Metals.1: metal products
(other than vehicles)527 190,069 191.752
erally the downward trend since the spring of 1928. Such upturn as ocVehicles
66 41,873 41,113
curred in the first quarter of this year failed to measure up to the usual Textiles 4: textile prods_
138 31,482 30,642
seasonal level, and the value of contracts was about 55% less than in the Food dr related products
298 46,272 48,496
first quarter last year. While a steady gain was noted in the construction of Stone, clay and glass
products
116 11,916 11,445
Industrial and commercial buildings during the first quarter of this year,
Lumber and its products
230 29,176 29,376
the total was only a little more than one-half of that in the same quarter Chemical products_ ..-02 10,338 10,117
last year, but was close to that of 1928. Public works and utilities showed Leather products
65 16,304 16,409
3,212
3,257
*
6
the largest expansion in the first three months of this year, owing chiefly Rubber products
246 33,598 34,177
to the construction of highways. The value of contracts for this class of Paper and printing
times as large as in the first quarter of last Manuf'g (tot.10 groups) 1,754 413,285 416,739
construction was about three
year and about twice as large as that in 1928. Comparative figures for Merchandising**
134 27,839 28,871
80 94,236 95,811
this district as a whole and for some of the leading cities are given in the Public utilities
Coal Mining
37 10,410 10,578
following table:
Building dz construction
207 10,585 10,572
Employment (total of 14
OVUM
First Quarter
2,212 556,355 562,571
Average
First Quarter
First Quarter
Wisconsin only. "Illinois and Wisconsin.
1925-1928.
1929.
1930.
Building Contracts AwardedPhiladelphia
Reading
Scranton
Camden
Trenton
Wilmington
Total for Philadelphia Federal
Reserve District, incl. all cities
Source: F. W.Dodge Corp.
[York lit
FINANCIAL CHRONICLE
$55,923,000
591,000
1,276,000
1,536,000
497,000
2,755,000
836,089,000
4,017,000
226,000
2,560,000
1,290,000
4,632,000
$50,750,000
1,164,000
1,133,000
2,229,000
1,415,000
931,000
$94,168,000
594,073,000
$103,331,000
The value of contracts let in this section in the first 18 days of April
showed a further gain over the daily average in March. Comparison with
a year ago, however, remained unfavorable in spite of the continuous
enlargement in the activity in some types of construction.
The real estate market continues unsatisfactory. The number of real
estate deeds and the value of mortgages recorded in Philadelphia during
March showed a gain over the preceding month, but they were much lower
than in the same month during the past four years. This is also true of the
total volume of transactions in the first quarter of this year. The number
,
of writs issued for the sale of property in April by the sheriff of Philadelphia
was larger than in any month in the past 11 years.
Industrial Employment Conditions in Chicago Federal
Reserve District-Decreases Throughout District
Except in Wisconsin.
Small decreases in number employed and in payrolls
during the period Feb. 15 to March 15 were registered in the
Chicago Federal Reserve District, Wisconsin excepted, and
in 9 of the 14 groups surveyed, according to the "Monthly
Business Conditions Report," April 30, of the Federal Reserve Bank of Chicago, which thus surveys industrial employment conditions:
Total Earnings.
Week Ended
March 15
1930.
Feb. 15
1930,
Per
Cent
Change.
$5,673,859 $5,867,941
1,228,105 1,183,653
698,322
658,258
1,212,076 1,276,827
-3.3
+3.8
-5.7
-5.1
308,939
328,021
636,459
635,129
273,701
267,001
353,574
344.688
89,265
70,523
1,053,163 1,065,808
11,477,523 11,727,790
+6.2
-0.2
+2.5
-2.5
+1.8
-1.2
-2.1
739,113
3,069.227
240,164
347,559
762,197 -3.0
3,246,482 -5.5
325,620 -26.2
343,830 +1.1
15,873,586 16,405.919
-3.2
Merchandising Conditions in Chicago Federal Reserve
District
-Seasonal Expansion in Wholesale Lines
Late Easter Affects Department Store Trade.
While reporting expansion in wholesale lines, the Federal Reserve Bank of Chicago indicates that department
store trade in March suffered by reason of the late Easter.
In its "Monthly Business Conditions Report," issued April
30, the bank has the following to say regarding merchandising conditions:
Seasonal expansion was general during March in reporting lines of wholesale trade; grocery sales increased 12% over the preceding month, those
of hardware were 35% larger, dry goods gained 17%, drugs 14%, shoes
43%, and electrical supplies 5%. The increase in drugs, shoes, and electrical supplies was less than in the same period of the two preceding years,
while that in groceries was greater. To unemployment and inclement
weather conditions was attributed the failure of certain lines to show the
usual expansion. Except in groceries, trade continued in March to aggregate less than for the corresponding period a year ago. For the first quarter
of 1930 as compared with the game three months of 1929, grocery sales
were about the game in volume, while wholesale hardware trade totaled
12% smaller, dry goods 23%, drugs 7%, shoes 36%, and electrical
supplies 13% less.
The later date of Easter this year was partly responsible for the failure
of department stores in this district to show a larger gain over February
in the volume of their March sales. The aggregate for 111 stores increased
only 11%, while last year March business exceeded that in the preceding
month by over 25%. Partly because of this factor, also, sales recorded
a considerable decline (21%) in March this year from last, although the
volume has been lower in the year-to-year comparison in each month of
1930 to date. Sales in the first quarter totaled 13% under the same
period of 1929, Detroit with a decline of 21% recording the heaviest
recession of the larger cities. A smaller rate of stock turnover has also
Manufacturing employment suffered a loss of ?,bout 1%, while nonmanufacturing totals were about 2% off in number of men and 6% less in
payrolls than in February. The 5% recession in the food products group
WHOLESALE TRADE IN MARCH 1930.
was produced by a general decline in meat packing, in flour production and
canning in Wisconsin, and in miscellaneous groceries and tobacco manufacPer Cent Change from Same Mon.th Last Year. Ratio of
turing. In the metal products group, iron and steel continued their recent
Accts. Outupward trend, but the average for the group was brought down by curtailAccounts
standing to
Net
Commodity.
plants producing machinery and electrical apparatus.
Outstanding Collections. Net Sales.
ment in Illinois
Stocks.
Sales.
Smaller than seasonal improvement was shown in the stone, clay and glass
(24) 88.2
(28)+ 1.0 (19)-12.2 (24)-i0.6 (20)- 2.4
products, chemicals, and rubber products groups; vehicles continued the Groceries
-(15) 214.8
(14)-15.2 (10)- 34 (14) 7.9 (10)- 1.4
employment in automobile and accessory plants Hardware
recent expansion, with
--11 4 (9)-19.4
(10) 337.5
Dry goods
(10)-24.7 (8)- 2.8 (10)
in February but much below a year ago.
somewhat larger than
-(61+ 2.9
(10) 144.8
Drugs
(11)- 0.1
(9)-F 3.1 (10) 0.1
-(7) 352.9
(8)-42.4 (6)+ 1.3 (7) 9.8 (6)-29.8
General improvement in the demand for labor was shown during March Shoes
--13.4 (23)- 8.9
(35) 155.6
employment offices, as evidenced by a declining ratio of Elec. supplies
(35)-19.9 (25)-10.6 (33)
In cities with free
and Iowa. The ratios
Indiana,
Figures in parentheses indicate number of firms included.
applicants to positions available in Illinois,
comparisons were:
for March with
been evident in the first three months of this year, an average of .81 times
March 1930. Feb. 1930. March 1929.
comparing with .92 last year.
,
246
156
209
.
. Illinois-. -.
In the retail shoe trade, the aggregate volume of merchandise sold in
101
181
136
Indiana
March, though increasing 29% over the preceding month, totaled 29%
325
346
329
Iowa--------under March last year, practically all firms sharing in the decline. For
Agriculture figures on farm labor supply and dethe year through March, sales aggregated is% below the same period of
The Department of
show the greatest excess of supply over demand since
1929; all reporting retail dealers had smaller gales and only six of 25
mand on April 11930,
in 1923. With labor supply normal and demand
department stores increased their sales. The volume of furniture and house
figures were first collected
the supply is quoted as 117% of demand for the
only about 85% of average,
1929. In the North furnishings sold at retail in March exceeded that of the preceding month
a whole, as compared with 104% in April
country as
by 11%, with installment sales by dealers, however, gaining only 5%%.
supply is slightly greater than usual and represents 118% As compared with
March last year aggregate sales were 8% less, and
Central States
Michigan shows the highest percentage of all the States,
those made on the installment plan 17% smaller. First quarter sales of
the demand.
of
of demand, while on April 1 1929, it was 101%. Insupply being 138%
MAY 3 1930.1
FINANCIAL CHRONICLE
105 retail hardware dealers in the five States of the district totaled 6%
less than in the same period of 1929, all States sharing in the decline.
Chain store trade increased in March over February, but was below the
corresponding month of 1929. Total sales by 21 chains operating about
2,900 stores during the month gained 10% in the monthly comparison and
declined 3% in that with last March; average sales per store were larger
by 8% than ii) February, but 14% under the average a year ago; the
number of units increased one and 14% in the respective comparisons.
All lines except men's clothing and shoes recorded heavier sales than in
February, while as compared with March last year, drug and cigar chains
had larger sales, grocery, five-and-ten-cent, shoe, furnittire, musical instruments, and men's and women's clothing chains showing a smaller volume
sold.
DEPARTMENTJSTORE1TRADE IN MARCH 1930.
II
ifo,
sews A e. el
P.C.Change
Ratio of March
Cent Change
3 Months
Collections
March 1930
.1-... ,.:.s k
1930from
to Accounts
. s.i.
from il
Locality. . _4).
3 Months
Outstanding
March 1929.
1929.
Feb. 28.
-al- itcrer
,
a lcm
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
kiti.ce .1.6.1 4.11 l
ii. Seventh District
Net
Sales.
-22.3
--25.2
-16.8
-11.1
-16.7
-20.7
Stocks End
of Month.
+3.4
--11.8
+14.3
+7.1
Net
Sales.
-13.3
--21.3
--8.0
--3.0
-9.4
1930.
1929.
33.0
39.2
39.2
46.3
036.2
36.7'
45.6
41.9
47.9
36.9
-0.1
-13.4
37.9
41.5
Furniture Manufacturing Conditions in Chicago Fed-Midwest Distribution of
eral Reserve District
Automobiles.
Continued gains in wholesale distribution of automobiles
in the Middle West are indicated in the following regarding
manufacturing lines, taken from the April 30 "Monthly
Business Conditions Report" of the Federal Reserve Bank
of Chicago:
Furniture.
March returns indicate that furniture manufacturers in the Seventh
[Chicago] District have little more than maintained February's volume of
business. Aggregate shipments for March increased only 2%, whereas
the usual rate of gain over February is approximately 14%. Orders
booked showed no change. A large amount of cancellations, which counteracted the influence of the low volume of shipments, effected a more-thanseasonal reduction in unfilled orders, the decline amounting to 25%. As
compared with March 1929, recessions of 24, 29, and 46% were registered
in shipments, orders booked, and unfilled orders, respectively. The average rate of operations fell from 66% in February to 61%, and compares
with 76% maintained a year ago.
Autombile Production and Distribution.
Output of automobiles from plants in the United States continued to
expand in March, but operations remained considerably below the 1929
level. The number of passenger cars produced during the month totaled
335,789, an increase of 22% over February and 35% under the volume
of last March. Output in the first quarter of the year totaled 846,127, or
one-third less than in the same period of 1929 and slightly under the first
quarter of 1928. Trucks produced in March aggregated 64,200, gaining
36% over the preceding month and declining 8% from a year ago; firstquarter output of 149,456 was 17% smaller than for the corresponding
three months last year.
For the third successive month, wholesale distribution of automobiles
in the Middle West showed considerable expansion over a month previous.
Sales by retail dealers likewise were much larger than in February, seasonal
factors producing a better demand, and the number of used cars sold
continued to gain. However, no improvement can be noted in comparisons
with a year ago. Stocks of new cars on hand the end of March averaged
somewhat smaller than a month previous or on the corresponding date last
year, March being the second month to show a decline in the latter comparison; used cars on hand March 31 also declined in volume from the end
of February and averaged slightly less in value than a year ago, though
larger in number. The value of cars sold on the deferred payment plan
during March totaled about 48% of retail sales by dealers reporting the
item, which was a slightly lower ratio than for the same firms in February,
but the proportion was a little greater than in the same month of 1929.
MIDWEST'DISTRIBUTION OF AUTOMOBILES.
Changes inlMarch 1930 from previous months.
Per Cent Change from 'Companies Included
Feb. 1930. Mar. 1929. Feb. 1930 Mar. 1929.
New Cars
Wholesale:
Number sold
Value
Retail:
Number sold
Value
On hand March 31:
Number
Value
Used Cars
Number sold
Saleable on hand:
Number
Value
+20.7
+24.7
-53.2
-48.2
+48.6
+44.0
-32.1
-40.7
-6.4
-8.9
-9.9
+35.1
-14.9
-1.0
+13.2
-5.7
31
31
week of April indicate a marked improvement in the condition of winter wheat and growing crops, and a quickening
of activity in practically all lines of business." The bank
also has the following to say in its May 1 "Monthly Review":
Business in the Tenth [Kansas City] District continued through March
at approximately the daily rate recorded for February, but somewhat below
the daily rate recorded for March a year ago. Returns for the month
indicated a slight seasonal increase over February in the distribution of
merchandise by wholesalers and retailers, although the volume was below
that for March last year. Industrial operations, while somewhat irregular,
with some lines forging ahead and others lagging behind, averaged about
the same as in the preceding month, but were not up to the record of a
year ago. Commercial loans at banks were smaller in March than in
either the preceding month or the corresponding month last year.
An outstanding development of the month was a decided upturn in
building activity. The value of contracts awarded in this district was 99%
higher than in February and 57% higher than in March a year ago, with
the accumulated total of awards for the first three months of 1930, 34%
higher than for the corresponding period in 1929. The value of new
building projects started in leading cities of the district during March,
Indicated by permits issued, also showed a large increase over February, but
was smaller for the month and first quarter than in March and the first
quarter of last year. The contracts awarded in the district as a whole and
the new work already under way in leading cities assure a good volume
of construction in the early half of the year. By the middle of April the
unemployment situation had been somewhat relieved.
Heavy highway and general construction in this district is indicated by a
large increase in production of cement in March, both over the preceding
month and the corresponding month last year, total production for this
year's first quarter showing a gain of 43.6% over .the like period in 1929.
While manufacturing plants in this district, as a rule, were operated
with caution and their output as a whole was smaller than a year ago,
substantial gains were made during March over the preceding month by a
number of industries. March output of flour was 7% higher than in
February, the slaughter of cattle was the largest for March in three years,
the slaughter of sheep the largest for March of record, but fewer hogs were
slaughtered in March than in February or in March a year ago.
In the mineral industries, production of crude oil, in the daily average,
was smaller than in the preceding month or the same month last year, the
decrease reflecting compliance on the part of producers in the carrying out
of conservation agreements. At the lead and zinc mines, and also at the
coal mines throughout the district, March production was at a low point of
the year and materially lower than in March a year ago.
As to wholesale and retail trade, the bank says:
Trade.
Wholesale distribution of merchandise in this district in March, as
Indicated by the combined dollar sales of firms in five lines reported to
this Federal Reserve Bank, was in larger volume than in February but in
smaller volume than in March last year. Increases in March sales over
those for February were reported for groceries, hardware, furniture and
drugs, with dry goods the only one of the five lines to report a decrease
from the preceding month. Decreases from a year ago were general, with
furniture as the only wholesale line to report an increase. The returns for
the first three months of 1930 show sales in each of the five leading lines
fell below those for the corresponding period in 1929.
Department stores sales for March showed a seasonal increase over
February, but were considerably below those for the corresponding month a
year ago, according to complete reports made to this Federal Reserve Bank
by 38 stores located in cities of this district. The decrease from a year
ago reflected in part the fact that Easter this year (April 20) was 20 days
later than last year (Mar. 31). Reports of individual stores indicated
that the decrease was general over the district, as only three stores reported
a larger business for March than for the same month last year.
Reports of other retail firms dieclosed March sales of men's and women's
apparel, shoes and furniture averaged lower than for the corresponding
month last year.
Stocks of merchandise on hand at department stores at the end of March
averaged slightly higher than at the close of February, although they were
somewhat lower than on Mar. 31 1929. Stocks of men's and women's
apparel at the end of March were about 10% higher than a year ago, while
stocks of shoes were about 17% lower than a year ago, and stocks of
furniture for all stores reporting averaged about 6% larger than a year ago.
Collections.
Department stores, in their reports covering the month of March, indicated collections for the month totaled 40.6% of amounts outstanding at
the close of February. This collections figure compares with 40% for the
preceding month and 41.5% for the corresponding month last year.
Wholesale firms reported some seasonal improvement in collections during
March, and but slight change in the ratio of collections to outstandings as
compared with the same period last year. Retail lumber yards reported
their collections during the month were materially above those for the
preceding month but a fractional part of 1% below the figure for the
corresponding month last year.
31
31
Business Conditions in San Francisco Federal Reserve
District-Trade Expanded, But Less Than
63
61
Seasonally.
63
61
Business activity expanded in the San Francisco Federal
63
61
Reserve 'District during March, but by a smaller amount
63
61
than in the corresponding month of most recent years, ac63
61
cording to Isaac B. Newton, Chairman of the Board and
Federal Reserve Agent of the Federal Reserve Bank of
Federal Reserve San Francisco, who, under date of April 22, adds:
With February
Both industrial output and trade increased somewhat less than seasonally
63
63
61
61
Volume of Business in Kansas City
District During March on Par
But Below March Last Year.
The slow expansion of business in March in its district is
attributed mainly by the Federal Reserve Bank of Kansas
City "to the long period of unusually dry weather and resultant uncertainty regarding this year's farm production."
This situation, however, says the Bank,"was greatly relieved
at the middle of April by general rains over almost the entire
_agricultural area of this district, and reports in the third
3075
and demand for credit showed practically no change from the preceding
month. Declines in commodity prices became less numerous during the
latter part of the month and slight advances in the wholesale price level
were reported in early April.
During March, favorable weather conditions continued to be the most
important influence in the agricultural outlook. Crops now growing in
the District developed satisfactorily and range conditions improved during
the past six weeks. Some livestock, particularly spring lambs in California,
have been slow in attaining satisfactory market weights.
Greater than seasonal increases in the lumber and building industries
of the District were reported for March, but declines in the output of
3076
[Vou
FINANCIAL CHRONICLE
crude oil, refined petroleum products, non-ferrous metals, cement, flour,
and of practically all manufactured commodities resulted in a small decrease in total industrial production. The large gains in lumber production
and building during March as compared with February were chiefly due
to the fact that activity in both of those industries was exceptionally low
in February. The number of workers employed in the District increased
somewhat less than is customary during March.
Trade activity increased somewhat less than seasonally from February
to March. Largely as a result of the lateness of Easter Sunday this year,
retail sales were smaller in value during Mar& 1e30, than in March 1929,
but their increase from February was nearly e1jal to seasonal expectations.
Reported figures of wholesale trade showed r
nerease during March, but
considerably less than is ordinarily expecte . Inter-coastal trade of the
District was smaller in volume than in el;•.( r the preceding month or
March 1929. Railroad freight carlpadings loci -ased by about the seasonal
amount but were well below loadings in March a year ago.
Credit ease continued throughout March and the first half of April and
interest rates declined slightly. Loans of reporting member banks declined
during this period. The funds thus released were employed to increase
investment holdings and relatively large transfers of funds to the New York
money market were also recorded. There was little additional borrowing
by member banks from the Reserve Bank, and discounts of that bank
continued at the low levels of January and February.
874 hardwood and softwood mills to the National Lumber
Manufacturers Association. Orders were reported 16%
less and shipments 13% less than production for these mills,
which amounted to 383,111,000 feet. A week earlier 886
mills reported orders 15% less and shipments 13% less than
a total production of 387,168,000 feet. Unfilled softwood
orders on hand at 499 mills on April 26 were the equivalent
of 19 days' production, which may be compared with the
same equivalent reported a week earlier by 515 mills. As
compared with last year,480 identical softwood mills reported
production 11% below, shipments 22% below and orders
15% below figures for the corresponding week a year ago;for
hardwoods, 210 identical mills gave production 13% less,
shipments 27% less and orders 41% under the volume
for the same week last year.
Lumber orders reported for the week ended April 26, 1930,
by 619 softwood mills totaled 288,919,000 feet, or 15%
below the production of the same mills. Shipments as reported for the same week were 294,429,000 feet, or 13%
below production. Production was 339,357,000 feet.
Business Conditions as Viewed by Los Angeles
Reports from 278 hardwood mills give new business as
Chamber of Commerce.
32,668,000 feet, or 25% below production. Shipments as
In presenting its summary of local business conditions reported for the same week were 38,189,000 feet, or 13%
in its "Southwest Business Review," the Los Angeles Cham- below production. Production was 43,754,000 feet. The
ber of Commerce states that "many of the outstanding in- Association statement further reports:
dustrial groups of Southern California have shown a defiUnfilled Orders.
nite upward trend during the latter part of March." "Busiunfilled orders of 969,439,000 feet,
ness, generally, is now demonstrating its basic soundness onReports from 499softwood miles give19 days' production. This is based
April 26 1930, or the equivalent of
and optimism as expressed earlier in the year," says the upon production of latest calendar year-300-day year—and may be compared with unfilled orders of 515 softwood mills on April 19, 1930. of
Chamber, which adds:
Building permits went 81% above the figure for February, and while
still about 30% lower than March 1929, are beginning to bring the year's
total up to last year's for the first quarter.
Bank clearings, with an increase of 15% over February, were only 22%
below March 1929, which was the second largest month of the year.
Stock Exchange transactions, also, show an increase of 20% in volume
over February. These three, taken together, are evidence of an easing of
money conditions.
Postal receipts for February placed Los Angeles in sixth place among
the major cities of the nation, and show an increase of almost 3% over the
same period a year ago. The Chamber of Commerce Employment Index
shows a March figure of 89.5 as against February's 84.1. Retail sales picked
up considerably during the latter part of March, and the wholesale prices
averaged 90.7 for the month against 92.7 for February.
Among the important industries construction and motion pictures showed
definite upward trends; wearing apparel, millinery and furniture are
marking time and preparing for a large spring volume. Mining and
petroleum are affected by curtailment in production programs.
As to building operations, the Chamber says:
Building permits for March show an increase of 81% over February, but
are still approximately 30% behind March 1929. For the first quarter
period the value of building is approximately 25% behind the value for
the same period a year ago, as against 27% for the first two months.
The decided improvement over last month and the apartment and office
buildings now being projected, indicate a continued upward trend in
construction. Announcement of several height limit building projects
point to the fact that operators consider the time opportune for building.
Comparative figures are as follows:
No. of Permits.
3,108
March 1929
March 1930-.-.
-. 2,764
Three months 1929...-- 7,95.5
Three months 1930— __ 7,064
Value.
110,695,375
7,045,931
27.690,403
20,058,841
We likewise indicate herewith what the Chamber has to
say regarding employment:
Employment.
The Chamber of Commerce index of industrial employment made a very
decided gain during March from the low point of February. Six of the 10
groups covered showed satisfactory increases, while only one of the remaining four showed any great decrease.
The six groups showing improvement were motion pictures, iron and
steel, food products, furniture and fixtures, printing and lithographing, and
rubber. The increase in the motion picture industry, particularly, was
very gratifying, since this group has now reached a. level higher than that
of a year ago. The four groups showing decline were wearing apparel,
mill work, clay products, and petroleum. The decline In petroleum employment was the only sizable one of the four.
Compared with a year ago, employment is still below normal, since
eight out of the 10 groups are below the same figure for March 1929.
Motion pictures and printing and lithographing are slightly above the
level of activity of last year. The largest declines have taken place in
petroleum, iron and steel, and mill work, with the other five groups
showing only moderate recessions.
Comparative figures for the index are:
1929
March
February 1930
1930
March
97.8
84.1
89.5
Lumber Overproduction causing Unfavorable Order
Cut Ratio.
Overproduction in view of the market of both hardwoods
and softwoods resulted again during the week ended April
26 1930, in continuing the unfavorable relation of lumber
orders as compared with cut, it is indicated in reports from
984.765,000 feet, the equivalent of 19 days' production.
The 364 identical softwood mills report unfilled orders as 853,479,000
feet. on April 26 1930, as compared with 1,213,661,000 feet for the same
week a year ago. Last week's production of 480 identical softwood mills
was 307,412,000 feet, and a year ago it was 346,463.000; shipments were
respectively 272,092,000 feet and 350,020,000, and orders received 269.058,000 feet and 317,121,000 feet. In the case of hardwoods, 210 identical
mills reported production last week and a year ago 35.674,000 feet and 41,147,000, shipments 31,441.000 feet and 43,035,000; and orders 25,715,000
feet and 43,532,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that new
business for the 214 mills reporting for the week ended April 26 totaled
161,697,000 feet, of which 51,045,000 feet was for domestic cargo delivery,
and 37,964,000 feet export. New business by rail amounted to 59,848,000
feet. Shipments totaled 159.719,000 feet. of which 48,194.000 feet moved
coastwise and intercoastal and 32.013,000 feet export. flail shipments
totaled 66,672,000 feet, and local deliveries 12.840.000 feet. Unshipped
orders totaled 589.577,000 feet. of which domestic cargo orders totaled
220,170,000 feet, foreign 208,329.000 feet and rail trade 161,078,000 feet.
Weekly capacity of these mills is 246.252.000 feet. For the 16 weeks ended
April 19, 139 identical mills reported orders 5.9% below production, and
shipments were 4.8% below production. The same mills showed an increase
In inventories of8% on April 19. as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 148
mills reporting, shipments were 11% below production, and orders 14%
below production and 3% below shipments. New business taken during
the week amounted to 56.427,000 feet, (previous week 59,316,000 at 147
mills; shipments 58.464,000 feet, (previous week 59,4,30,000): and production 65.994.000 feet, (previous week 64,146,000). The three-year average
production of these 148 mills is 72.665.000 feet. Orders on hand at the
cod of the week at 112 mills were 154,791.000 feet. The 125 identical mills
reported a decrease in production of 7%, and in new business a decrease
of 11%,as compared with the same week a year ago.
The Western Pine Manufacturers Assn., of Portland, Ore., reported
production from 85 n2mo as 55.756,000 feet, shipments 38,033,000 and new
business 34.523,000 feet. Sixty-three identical mills reported production
3% more and new business io% less than that for 1929.
The California White St Sugar Pine Manufacturers Association, of
San Francisco, reported production from 20 mills as 14,711,000 feet, shipments 17,975,000 and orders 19,186,000 feet. The same number of mills
reported a 34% decrease in production and a 14% decrease in orders,
compared with last year.
The Northern Pine Manufacturers Assn., of Minneapolis, Minn., rePorted production from 8 mills as 6,466,000 feet, shipments 2,853,000 and
new business 4,037,000. The same number of mills reported a 14% decrease in production and a 32% decrease in orders,compared with last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 23 mills as 2,593,000 feet, shipments 2,192,000 and orders 1,610,000. The same number of mills reported
production 29% less and orders 27% less than for the same period last year.
The North Carolina Pine Association, of Norfolk, Va., reported production from 107,mills as 9,360,000 feet, shipments 9.612,000 and new business
5.210,000. Forty-two identical mills showed production 14% less and orders
31% less than for the same period last year.
The California Redwood Association, of San Francisco, reported production from 14 mills as 6,492,000 feet, shipments 5,581,000 and orders 6,229,000. The same number of mills reported production 16% less and new
business 36% less, as compared with 1929.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 255 mills as 37.866,000 feet, shipments 34,747,000 and
new business 29,803,000. One hundred and eighty-seven identical mills
reported a decrease of 11% in production and a decrease of 41% in new
business, compared with the same period in 1929.
The Northern Hemlock and Hardwood Manufacturers Assn., of Oshkosh,
Wis., reported production from 23 mills ELS 5,888,900 feet, shipments 3.442,000 and orders 2,865,000. The same number of mills showed a decrease
of 23% in production and a decrease of 41% in orders, compared with last
year.
MAY 3 1930.]
FINANCIAL CHRONICLE
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED APRIL 26 1930 AND FOR 17
WEEKS TO DATE.
ProduoHon
M Ft.
Association.
Shiprunts.
St Ft.
P. C.
of
Prod.
Orders
M Ft.
Southern Pine:
Week-148 mill reports
615.994
68,464 89
56,427
17 Weeks
-2,423 mill reports
1,036,961
981,275 93
970,548
West Coast Lumbermen's:
Week-214 mill reports
177.985
159,719 90
161,697
-3,633 mill reports
17 weeks
2,724,581 2,506,477 92 2,557,178
Western Pine Mfrs.:
Week-85 mill reports
55,756
38,033 68
34,523
17 weeks-1,428 mill reports
683,986
574,170 98
574.751
Clalfornia White & Sugar Pine:
Week-20 mill reports
14,711
17,975 122
19,186
-434 mill reports
17 weeks
172,861
346,019 200
360,861
Northern Pine Manufacturers:
Week-8 mill reports
6,466
2,853 44
4,037
-141 mill reports
17 weeks
44,044
70,449 180
66,768
No.Hemlock&Hardwood(softwoods):
Week-23 mill reports
2,593
2,192 85
1,610
-548 mill reports
17 weeks
61,804
85,034 57
88,382
North Carolina Pine:
•
.
Week-107 mill reports
9,360
9.612 108
8,210
17 weeks-1,882 mill reports
171,725
156,696 91
134,442
California Redwood:
Week-14 mill reports
6.492
5.581 86
6,229
17 weeks
-250 mill reports
129,971
114,162 88
119,156
Softwood total:
Week-619 mill reports
339,357
294.429 87
288.919
17 weeks
-10,739 mill reports
4,926.933 4,763,282 97 4,822,085
Hardwood Manufacturers Inst.:
Week-256 mill reports
37.866
34,747 92
29,803
17 weeks
-4,186 mill reports
609.460
558,195 92
559.691
Northern Hemlock & Hardwood:
Week-23 mill reports
5,888
3,442 58
2.865
17 weeks
-Mil mlli reports
156,878
88,839 57
83,339
Hardwoods total:
Week-278 mill reports
43,754
38,189 87
32,668
-4,734 mlll reports
17 weeks
766,138
647,034 84
643,030
total:
Grand
Week-874 mill rePorts
383.111
332,618 87
321,587
17 .reeks-14.925 mill reports
5.692.071 5.410.316 05 a laa 1 is
P. C.
of
Prod.
86
74
91
94
62
98
130
209
62
152
62
62
58
78
96
92
85
98
79
92
3077
was a further favorable increase in April, according to the
Motor and Equipment Association, which under date of
May 1 said:
Shipments in March were heavier in all four divisions
-original equipment, service parts, accessories and service equipment
-official figures
show. The greatest improvement was reported by suppliers
of original
equipment to the car and truck manufacturers and of garage repair
equipment and tools to the trade. Business of member wholesalers
in the As-
sociation was also heavier in March, the increase over February
being approximately 13%. In face of this increase, accounts
receivable for the
wholesalers reporting declined 1%. A moderate but consistent
Improvement in operations can be expected for the near future.
The grand index of shipments for all groups of manufacturer
members
reporting theirsfigures to the Association for March stands at
155% of the
January 1925 base index of 100 as compared with 138 in February,
132 in
January and 241 in March a year ago.
Reports by divisions, of member manufacturers business in March follows:
Parts
-accessory makers selling their products to the car and truck
makers
for original equipment made shipments aggregating 167%
of the January
1925 base index as compared with 141 in February, 135 in
January and 275
in March 1929.
Shipments to the trade by makers of service parts were 139% of the
1925
base index as compared with 131 in February, 137 in January
and 1.48 in
March last year.
Accessory shipments to the trade in March were 67% of January 1925
as
compared with 66 in February, 79 in January and 85 in March last year.
Service equipment shipments, that is, repair shop machinery and
tools,
in March were 175% of the 1925 base as compared with 151 in February,
135 in January and 224 in March a year ago.
49
53
Efforts To Place Rubber Restriction on Permanent
75
84
Efforts are being made to place rubber restriction on a
84
oil
Basis.
permanent basis, it was indicated in a cable received April
28 by the Rubber Exchange of New York from Batavia.
The present restriction plans of the British, Dutch and
native producers provide only for restriction of rubber tree
West Coast Lumbermen's Association Weekly Report. tapping during the month of May. The cable reads:
According to the West Coast Lumbermen's Association, "A full report on the rubber situation is being mailed to Europe at the
end of the
by M. Marini's, virtual dictator of the Dutch industry,
reports from 216 mills show that for the week ended April addressed tomonth the Dutch Rubber
both
Committee and the Anglo-Dutch joint
19 1930, orders and shipments were 13.84% and 13.51%, committee, so it will reach practically the entire European owned industry.
"The review was drawn up after consultation with managers of the Dutch
respectively, below output which amounted to 179,680,356
East Indies rubber estates on means of improving the present situation. It
feet. The Association's statement follows:
carries a stabilization plan drawn up by M.
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS,
216 Mills report for week ended April 19 1930.
(All Mills reporting production, orders and shipments for last week)
Production
179.680.356 feet (100%)
Orders
154,812,933 feet (13.84% under production)
Shipments
155,412,637 feet (13.51% under production)
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (304 IDENTICAL MILLS),
(All Mills reporting production for 1929 and 1930 to date)
Actual production week ended April 19 1930
205,008,275 feet
Average weekly production 16 weeks ended Aprll 19 1930
181,487.225 feet
Average weekly production during 1929
207,080.441 feet
Average weekly production last three years
214,411,988 feet
*Weekly operating capacity
295,833,105 feet
• Weekly operating capacity is based on average hourly Production for the 12 last
months preceding mill check and the normal number of operating hours per week.
WEEKLY COMPARISON (IN FEET) FOR 214 IDENTICAL M ILLS
-1930.
(All mills whose reports of production, orders and shipments are complete for
the last four weeks).
Week EndedApril 12.
April 19.
APril 5.
March 29.
Production (feet)
178,984.831 186,318,421 184,903,759 189.029,822
154,688,452 176,707,400 159.974,998 165,888,896
Orders (feet)
Rail
62.932,790 64.827.749 66,094,382 60,959,863
Domestic cargo
49,602,239 60,071,998 40.088.087 65,215,119
.
Export
30,672,986 40,508.913 36.445.736 28.139,679
Local
11,298,740 17,346,793
11,480.457
11,574,23.5
Shipments (feet)_
155,198,195 181,685,217 151,186.097 179.342,223
Rail
65,805,977 69,858,699 66,071,790 71.264,147
Domestic cargo
47,684.537 51,494,494 43.737.906 66,147,856
Export
30,227.224 29.033,284 24,029,608 30,355,985
Local
11,480,457 11,298.740
17,346,793
11,574,235
Unfilled orders (feet)
589,954,293 593,633,278 590,198.101 585.821,983
Rail
168,745,507 172,716,100 178,706,619 179,912,038
Domestic cargo
218,202,950 217,224,238 217,101,377 223,428,383
Export
203,005,836 203,692,940 194,390,105 182,481.564
185 IDENTICAL MILLS.
(All Mills whose reports of production, orders and shipments are complete for
1929
and 193000 date).
Average 16
Average 16
1Veats Ended
Week Ended
Weeks Ended
Apr. 19'30.
Apr. 19 30.
Apr.20'29.
Production (feet)
164,545,033
149,553,603
163,160,181
Orders (feet)
145,087,453
138,511,488
174,508.617
Shipments (feet)
147,493,409
140,604.962
164.319,394
DOMESTIC CARGO DISTRIBUTION WEEK ENDED APR.12 1930
(106 Mills)
Orders on
Hand BeOrders
gin's Week Received.
Apr. 12'30.
Cancellations.
BAiprunts.
Unfilled
Orders
Week Ended
Apr. 12'30.
Washington & Oregon
(89 Aftils)Feet.
Feet.
Feet.
Feet,
Feet.
California
64.996,705 18.741,408 1,063,939 16,181,500 66,492,584
Atlantic Coast
104,585,305.31,747.046 7,583,394 28,081,688 100,667.266
Miscellaneous
1,510
4,587,526
180.258
194,962 4,571,312
Total Wash.& Oregon 174,169.533 50,668,712 8,648.843 44,458.240
171,731.162
grit. Col.(18 3/11/.1)
California
Atlantic Coast
Miscellaneous
455.000
1,600,614
13,217,998 1,367,957
4,156,688 2.828,000
Total British Col---- 18,975,300 4,650,957
None
425,000 1.630.614
65.000 1,891,600 12,629.35.5
100.000
60,000 6.824,688
165,000 2,378,600 21.084,657
Total domestic cargo_ 193.144.833 55.319.689 8.813,843 46.834.840 192 51a 51,
1
.
Manufacture of Automotive Parts Gains in March.
Manufacturing operations in the automotive parts-accessory industry continue to gain. March business ran well
ahead of February and preliminary reports show that there
Marinus providing for a permanent organization of producers for the stabilization of prices as a mesas of
bringing world production of rubber back to a healthy basis."
March Shipments of Crude Rubber from Dutch East
Indies 23,885 Tons, Compared with 25,914 Tons
in February.
March shipments of crude rubber from the Dutch Bast
Indies totaled 23,855 tons, against 25,914 tons in the previous
month, according to cables to the Rubber Exchange of New
York on April 25. East Coast Sumatra shipments for the
month were 6,718 tons, against 7,306 tons in February, while
shipments from the rest of Sumatra were 6,=1 tons, against
6,027 tons in the previous month. Java and Modoera March
shipments were 5,889 tons, against 7,011 tons in February,
while Borneo shipped 5,003 tons in March, as compared
with 5,541 tons in the preceding month.
Leveling Peaks of Industry and Valleys of Unemployment One of Outstanding Needs of Cotton Textile
Industry, According to George A. Sloan.
Leveling peaks of production and valleys of unemployment
is now recognized as one of the outstanding needs of the cotton textile industry, according to George A. Sloan, President
of the Cotton-Textile Institute, Inc. Discussing the recent
recommendation for a maximum working week of 55 hours
for day operation and 50 hours for night operation in an
address at the convention of the National Association of
Cotton Manufacturers here to-day Mr. Sloan said in part:
"It is not an exaggeration to say that the biggest single accomplishment of the cotton textile industry in many years has been the favorable
response on the part of mills, North and South, representing 22 million
spindles, to the 55-50 recommendation.
"Analysis of these endorsements discloses the fact that 90% of the
narrow sheetings mills have already made this voluntary adjustment in
their respective mills. Similar announcements have been made by more
than 87% of mills manufacturing wide industrial fabrics and by more
than 80% of the fine goods, wide sheetings, print cloth and carded yarn
manufacturers.
"The manner in which mills are now responding to the 55-50 recommendation represents a definite industry-wide step in co-operation-----a
foundation, if you please, which will constitute a much improved basis
for any further leveling of the peaks of production and the valleys of
unemployment which every principle of sound management suggests all an
imperative need for this industry.
"To an extraordinary degree the problems of the cotton textile industry
have probably been more deep-rooted and difficult for solution than in
almost any other industry. For a number of years we have been looked
upon as one of the nation's sickest industries. But the convalescence
from a serious illness of long duration can not come about with the promptness which all of us would like to see accomplished. It can only be realized
in an industry as complex and extensive as this through constant educational
efforts and persistent preaching of sound business practices.
FINANCIAL CHRONICLE
3078
"It was refreshing to read in an advance announcement concerning your
convention that 'plain talk' as to present conditions would be the order of
the day. However, I am confident that this was not intended as any reflection upon the nature of the National Association's conventions in the
past for from my own experience I know that they have been arranged
with the sole intention of making the discussions as helpful and as informative as possible. Indeed, it is only in this way can we ever expect to
bring to light the most constructive thought in the industry. And so I
have come to your convention prepared to hear plain talk and with this
privilege to join in your program to contribute my share of such a refreshing experience. Sometimes plain talk, like confession, is good for the soul.
In all events I want you to know that I greatly appreciate the privilege
and honor of being your guest.
"While I could gladly give you a detailed account of the Institute's
activities, of the growing recognition of sound cost principles, indeed for
uniform systems in the various classes of manufacture and of the expanding work of our Cost Section to meet this need, of the increasing benefits
from our advertising, radio talks, motion pictures, literature and other
promotional activities or the general educational efforts to promote sound
merchandising, there is one thought which I would prefer to emphasize
on this occasion. I refer to the recommendations which have been widely
discussed and generally accepted throughout the industry, looking toward
the observance of lower maximum hours for labor and machinery.
"During the past three months I have traveled 7,477 miles, visiting
practically every important mill center from New Bedford to.Atlanta conferring with mill executives, analyzing and explaining to them these recommendations looking to the shortening of hours in many mill centers,
greater regularity of employment and greater contentment on the part of
mill employees. These discussions have included conferences not only
with mill executives and their employees, but with the distributors of our
products, with bankers and with public officials, all with a view to acquainting everyone, directly or indirectly connected with the manufacture of
cotton, as to the true significance of this movement which has grown from
simply an idea to one of the most constructive steps undertaken in any
industry along the lines of voluntary co-operation. I say this advisedly in
view of the inquiries which we have received from other industries as to
how such widespread recognition of uneconomic conditions in an industry
as large as this was obtained in such a relatively short time. The answer
is to be found in the untiring educational efforts of many men in this
industry who have unselfishly devoted their time and thought in the sacrifice of their own personal interest to help the common cause."
To Avoid Congestion New York Cotton Exchange
Arranges for Diversion of Water Shipment of
Cotton for May Deliveries to Warehouses Other
Than Bayway Terminal Company.
To avoid congestion in the inspection of May deliveries
on
of cotton, the New York Cotton Exchange announced
April 25 that provision has been made to divert water shipments of cotton consigned to New York for May certification
to licensed warehouses other than the Bayway Terminal
Company. J. Hunter Wood, Acting Chairman of the Exchange's Warehouse and Delivery Committee, in a letter to
members and the trade, said:
or to be
"Please be advised that all water-borne cotton now consigned
will be diverted to licensed
consigned to New York for May certification
Owners will make
warehouses other than Bayway Terminal Company.
themselves with the
arrangements to effect such diversion and provide
necessary insurance protection."
[Vox.. 130.
Speculation on the stock market with assets of the co-operative was
the principal allegation in the suit.
Sam L. Morley, manager of the association and one of the defendants
charged with the receivership action, declared it was instituted to lend
emphasis to a movement against activities of the Federal Farm Board in
working through co-operatives.
He said he believed the suit was timed to coincide with a meeting of the
American Cotton Shippers' Association at MemphLs. Tenn., to-day at
which it was planned to adopt a resolution asking Congress to investigate
the Farm Board and co-operatives.
World Consumption of American Cotton in March
Increased 11,000 Bales over February According to
New York Cotton Exchange Service.
World consumption of American cotton during March
increased 11,000 bales over February, due to the fact that
there were more working days in'March, but it showed a
sharp decline compared with March 1929 and March 1928,
the New York Cotton Exchange Service announced on April
29. The bulletin issued by the Exchange Service, follows:
World consumption of American cotton during March totaled 1.074.000
bales, against 1,063,000 during February, 1,291,000 in March last season,
and 1,300,000 in March the season before last. During the first 8 months
of this season, from Aug. 1 to March 31, world consumption of American
cotton totaled 9,238,000 bales, against 10,147,000 in the corresponding
portion of last season, and 10.805,000 two seasons ago. The slight increase
of 11.000 bales in world consumption this season from February to March
was due to the fact that, although the daily rate of consumption declined
both in this country and in most foreign countries, there were more working
days in March than in February.
Both in the United States and abroad, consumption of American cotton
continues to run well below last season. Consumption of American cotton
in this country totaled only 4,112,000 bales during this season to the end
of March against 4.472,000 in the same portion of last season, a decline
of 360,000. Abroad, consumption during the first 8 months of this season
was only 5,126,000 bales against 5,675,000 in the corresponding period
last season, a decrease of 549,000.
Consumption of American cotton is running below last season in all the
major divisions of the world spinning industry. Great Britain used only
1,044,000 bales of American cotton during this season to end March against
1,267,000. In the same portion of last season, the Continent only 2.989,000
against 3.215,000, the Orient only 959,000 against 1,000,000, and the minor
consuming countries only 134,000 against 193,000. But, it should be
remembered that foreign mill activity, as a whole. Is not running below
last season, as the decline in American consumption would suggest, since
foreign spinners are using outside growths in much larger volume than last
season, and sufficiently to offset the decreased use of American cotton.
The total stock of American cotton in all hands in the world was about
9,861,000 bales on March 31 this year against 9,378,000 at end March a
year ago, 9,717.000 2 years ago, and 13,161,000 in the big crop season 3
Years ago. As will be seen, the world stock of American cotton at end March
this year was 483,000 bales larger than on the same date a year ago and
144,000 larger than 2 years ago, but it was 3,300,000 smaller than 3
years ago.
Borden Company Reduces Milk Price.
A reduction of a cent a quart in the price of Grade A and
This diversion, it was emphasized, is but a temporary Grade B bottled milk was announced on April 29 to go into
effect May 1, by Harry A. Cronk, President of Borden's
measure, covering only May deliveries.
Farm Products Co., Inc., according to the "Times," which
Report on Hosiery Industry in Philadelphia Federal said:
Grade A milk will sell for 18 cents and Grade B for 15, the lowest prices
Reserve District.
simultaneously with a drop of 37 cents
industry in two years. The reduction occursto the company.
•
The following preliminary report on the hosiery
a 100 pounds in the producers' price
Reserve
"The drop in the producers' price to us reflects a seasonal surplus,"
by 135 hosiery mills in the Philadelphia Federal
Census, Mr. Cronk said in his announcement. "In keeping with the company's
District, from data collected by the Bureau of the
policy of giving the public the benefit of any recession, the price of Grade A
available by the Federal Reserve Bank of Phila- and Grade D quart bottles of milk has been reduced a full cent, although
s made
the decreased cost to us is approximately three-quarters of a cent."
delphia:
PERCENTAGE CHANGES FROM FEBRUARY TO MARCH 1930.
Boys'
Women's
Men's
Misses'
InFull- Seam- Full- Seam- and
Total. fashion. less. fashion less. Chirns. fangs.
HOIllerY knit during
+1.6 -7.4
month
Net shipments during
+5.4 +25.7
month
Stock on hand at end of
month, finished and in
+0.4 -14.8
the gray
Orders booked during +16.5 +23.0
month .
Ratio of cancellations
during March to unfilled orders on hand
3.8
1.6
at end of February-_._
Unfilled orders at end of -22.9 '-45.8
month
-3.3 -11.5
+3.7
+3.8 +20.3 +19.4 -31.0
+3.2
+6.7
+3.2
+3.3
+6.0
-2.6 -11.1 -17.4
-1.8 +22.4 +28.9
1.5
L9
-7.5 -18.8
1.2
+9.6 +20.7
0.9
1.2
Board of Governors of Investment Bankers' Association
of America to Meet at White Sulphur Springs, W.
Va., May 11 to 15.
The 69th meeting of the Board of Governors of the Investment Bankers' Association of America will be held at the
Greenbrier Hotel, White Sulphur Springs, W. Va., May 11
5 to 15, inclusive. About 150 officers, Governors and National
Committee Chairmen, representing the larger investment
centers of the United States and Canada, are expected to
attend.
+7.1 -44.6 -52.0
of Banking
Association Reported in Annual Convention of American Institute
Oklahoma Cotton Growers
To Be Held at Denver June 16 to 20.
Receiver's Hands.
One of the enthusiastic exponents of the American Insti25,
advices from Oklahoma City, April
Associated Press
tute of Banking, George D. Bushnell, Assistant Vice-Presistated:
officers of dent of the Central Trust Company of Illinois, Chicago, will
of more than $2,000,000 by
Suit charging misappropriation
appointment of a
the annual convention of the organiGrowers Association and asking
in- represent his bank at
the Oklahoma Cotton
association, which was alleged to be
zation at Denver June 16-20. Mr. Bushnell has been promireceiver to handle affairs of the
Court here.
solvent, was filed to-day in District appointed R. H. Wilson temporary nently identified with the activities of the Chicago Chapter
District Judge Tom G. Chambers association to proceed as usual In
the
of the Institute for years, particularly with the educational
receiver, and ordered business of
petitioners.
compliance with a request of the
Pattilo and 28 other work. He has been a member of the Educational Committee
H. Whilener, L. A.
The action was brought by S.
behalf of
themselves and purportedly in
of the chapter for several years as well as an instructor.
members of the association for
30.000 other members in Oklahoma.
MAY 3 1930.]
FINANCIAL CHRONICLE
Banking in all its practical operating details will be subjected to examination and discussion at the American Institute of Banking convention to be held at Denver, it is shown
in the Departmental Conference program issued in New
York on April 20 by Nelson M. McKernan, Assistant Secretary Irving Trust Company, New York City, Chairman of
the Committee in charge of this part of the convention proceedings. He also announced that the special co-operation
of the Commission on Banking Practices and Clearing House
Functions of the American Bankers' Association has been
arranged for a bank administration conference. The Institute is the educational section of the Association.
Union Trust Co. of Cleveland Believes Chaos in
Petroleum Industry is Developing into More
Orderly Situation.
The petroleum industry has reached a turning point, and
the chaos which has long characterized it is well on the
way to being resolved into an orderly condition, especially
in the crude oil production phase, the Union Trust Co.,
Cleveland, says in its magazine, Trade Winds. The bank
reports that the efforts toward stabilization of the industry
have already been rewarded by tangible results and that an
Indication of the Improvement is the substantial increase in
profits of virtually all of the more important oil companies.
The bank summarizes the results of its study of the industry
in these words:
"A summary of the position of the industry at the present time seems
to be that increasing consumer demand for refined products is accompanied
by the growing success of a voluntary program of curtailment in production of crude oil; that improved processes are increasing the amounts of
refined products recovered from the crude and retarding depletion of our
crude oil resources; that virtually all companies are snaking money, while
control is going into fewer hands, and, finally, that the fundamental improvement in the industry promises to be the basis of increasing prosperity
In the immediate future.
"During the past year stocks of crude oil increased from 490,788,000 to
634,520,000 barrels on the last day of 1929.
"However, a drastic decline in crude oil production began in October
and continued through January, bringing total stocks as of January 31 to
628,398,000 barrels. It is certain that stocks have continued their decline
since that date.
"With the normal increase in demand for petroleum products as the
weather grows warmer, aided by the steady improvement apparent in
general business, the present drastic restriction in crude oil production will
bring about a further reduction in crude oil stocks.
"According to Government figures, gasoline consumption for January
and February of this year has shown an increase of 13% and 16% respectively over the same months in 1929. The export of gasoline in the first
two months of this year showed an increase of 21% over the same period
of 1929."
The bank reports that by means of the revolutionary
hydrogenation process it is now possible to convert fuel oil
into gasoline. The cracking process, according to the bank
has raised the percentage of gasoline recovered from total
crude production in the United States from 26.1% in 1918 to
44% in 1929 and that in a few years the percentage is expected to be between 55 and 60%. It estimates that if the
1916-20 average of gasoline recovery had prevailed in 1929,
the daily average of crude oil runs would have had to be
7,942,000 barrels, instead of 2,706,050.
Petroleum and Its Products
-Pennsylvania Crude Oil
Price Cut
-Upward Tendency Seen in Other Fields
Overproduction in Bradford District Responsible
for Decrease-Nation's Output Climbs.
The past week's activities in the United States petroleum
market was featured by a cut of 25e. a barrel made in Pennsylvania crude oil by the Joseph Seep Purchasing Agency, of
Pittsburgh. The lower price was brought about by continued over-production in the Bradford District. Pennsylvania crude prices have been steadily declining since January 1929. At that time the maximum price was $4.10 a
barrel, while the latest cut brings the maximum to $2.55 a
barrel, a net decline of $1.55 per barrel.
It is the consensus of opinion that this change in the
Pennsylvania crude situation will exert no depressive influence on the other fields in the country. On the contrary
the price tendency elsewhere is upward, and revised prices
are expected momentarily in some districts, especially in
Mid-Continent, where prices have not yet returned to the
level which obtained early this year, prior to drastic cuts
announced by the larger purchasing companies in an effort
to bring about a reduction in production. This aim has
been fairly successful, and one increase has already been
3079
made in prices in that territory, while Midland District crude
in Michigan was advanced 10c. this week. Production for
the week ended April 26 averaged 2,590,100 barrels daily,
an increase of 29,200 barrels daily over the previous week's
figures. For the first time in a considerable period it was
Texas that brought about the chief increase, production
there increasing about 18,000 barrels daily. Oklahoma and
California both had increased production of approximately
3,000 barrels each. Kansas accounted for more than 8,000
barrels of the daily increase.
In California a committee of eleven experts has been named
by Paul Boggs to determine the fundamental condition of
the oil industry and the amount of voluntary curtailment
necessary to bring about the desired daily average output
of 575,000 barrels. Mr. Boggs is the chairman of the StateWide General Committee on Oil Curtailment. The possibility of bringing about a cut to 550,000 barrels daily was
discussed, but such a program has been temporarily abandoned as too drastic a move. Constructive moves in California's gas law enforcement are continually blocked through
court delays, and it may be some weeks before any definite
enforcement program is found which will prove both legal
and agreeable to the parties concerned.
Price changes follow:
May 1.
-Joseph Seep Purchasing Agency, Pittsburgh, announces reduction of 25 cents per barrel in price of Pennsylvania crude oil, effective on
this date.
April 29.-Pure Oil Company advanced price of Midland District, Mich..
crude 10 cents per barrel, making new price $1.35 per barrel at well.
Prices of Typical Crudes per Barrel at Well*.
(All gravities where A.P I. degrees are not shown.)
5.90
Bradford. Pa
52 55 Smackover, Ark., 24 and over
.75
Corning, Ohio
1.75 Smackover. Ark. below 2
1.14
Cabell, W. Va
1.35 Eldorado, Ark., 34
.90
tdlnoIs
1.45 Urania, La
1.23
Western Kentucky
1.53 Salt Creek, Wyo., 37
1.65
Mideontinent, Okla., 37
1.23 Sunburst, Mont
105
Corsicana, Texas. heavy
.80 Artesia, N. M
1.45
Hutchinson. Texas,35
.87 Santa F'e Springs. Calif.. 33
1.05
Luling. Texas
1.00 Midway-Sunset, Calif., 22
1.34
Spindiesop. Texas, grade A
1.20 Huntington. Calif.. 28
1.13
SpIndletop, Texas. below 25
1.05 Ventura. Cant. 30
1.90
Winkler. Texas
.65 Petroiia. Canada
REFINED PRODUCTS
-GASOLINE PRICES HIGHER-KEROSENE
CONTINUES DULL
-MARINE FUEL OILS FIRM-STANDARD
OF NEW JERSEY HOLD TO LOW PRICE LEVEL.
The arrival of the heavy consumption season for gasoline
brought with it further price advances this week. Practically
everyimportant factor in this market has advanced prices
except the largest distributor, Standard Oil Co. of New
Jersey. The Standard's tank car price remains at 81/243.
per gal., despite posted prices of from 9 to 10c. by other
companies. The New Jersey company appears dete mined
to wait until there is no question whatever of the fundamental
firmness of the market, both in crude and refined products.
The general mark-up in prices was made Tuesday, April 9.
The Tidewater Oil Co. was the first to move,increasing tank
wagon gasoline one cent to 16.3e. a gal., including the State
tax of two cents. Other companies following with the same
posting included Standard Oil of New York, Shell Eastern
Petroleum, Gulf Oil, Sinclair, Warner-Quinlan, and Richfield Oil Co. Service station prices were accordingly marked
up one cent also, to 18.3e. per gal.
Tank car prices were marked up Monday, April 28, with
four companies posting a 10
-cent per gal. price. These are
Standard of New York, Richfield Oil Co., Warner-Quinlan
Co., and Shell Eastern Petroleum. Carson Petroleum was
advanced to 9Wic., Tidewater Oil Co. to 9e., while Standard
of New JerieTandBegeon OiChold at 8Mc. These prices
are all tank car at refineries.
An interesting development in the refinery-curtailment
program occurred this week when it was announced77
.
:7M.
President W. S. Parish of the Humble Oil & Refinit
that his company was abandoning the recently adopTe7
policy of operating ona 1.7 "
- . K.77 quivalenti6-day week. He
slated:
"On March 4 of this year, the Federal Oil Conservation
__Board suggested to the petroleum refining industry that it
adopt a Sunday shut
-down plan as a means of preventing the
- mg
further accumulation of stoeks of gasoline, and of rmr r
supplies more nearly in line with consumption demand. A
number of refining units adopted the suggestion of the Federal Oil Conservation Board, and the gasoline situation has
to this extent been improved.
"While the operations of the Humble Oil & Refining Co.
have been in balance for many months past, this company in
adopting the suggestion of the Federal Oil Conservation
Board, went further and extended the Sunday shut-down to
drilling, producing and transportation operations.
"This extension of the suggestion to operations other than
refining has not been generally adopted by others in the in-
3080
FINANCIAL CHRONICLE:
[Vol,. 130.
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
dustry and the Humble Oil & Refining Co. now finds it
Weeks EndedApr.26'30. Apr.19'30. Apr. 12'30. Apr.27'30.
necessary to modify its present curtailment in order to bring
662,050
658,100
663,300
665,250
its supplies more nearly in line with consumption demand. Oklahoma
Kansas
125,900
117,050
109,850
125,150
It is the purpose of the Humble Oil & Refining Co. not to Panhandle Texas
95,300
93,600
60,000
93,450
let its stooks of gasoline exceed stocks on hand the same date North Texas
79,800
79,350
84.400
79,750
West Central Texas
61,550
54,150
52,500
53,350
a year ago."
West Texas
318,800
313,950
358,200
312,400
The American Petroleum Institute announces that its East Central Texas
36,400
34,250
18,700
33,650
00.550
58.800
71,750
59,700
reports gathered from plants comprising 95.6% of the total Southwest Texas
North Louisiana
42,000
41,750
35,650
42,200
capacity of the country showed that in the week ending Arkansas
57.800
57,900
72.300
57,550
April 26 refiners increased their crude charges to stills 147,300 Coastal Texas
183.050
185,700
137,600
186,000
20,850
21,650
21,650
22,150
barrels daily, due to the rapidly increasing demand for Coastal Louisiana
Eastern (not incl. Michigan)._
129,000
128,000
106,050
125,000
gasoline. The daily average crude runs for that week were Michigan
11,900
11,700
5,200
12,900
50,550
50,700
46,150
49,050
2,699,600 barrels. It is significant that the largest increase Wyoming
8,700
10,450
11,000
9,250
In runs, 64,600 barrels daily average, was made by East Montana
4,400
4.550
6,250
Colorado
4,550
Coast refiners.
10,600
11,450
2,400
12.100
New Mexico
630,800
627,900
787,700
617,700
Gasoline in this territory is reported on a very firm basis, California
with dealers ordering heavily, disregarding rumors of price- Total
2,590,100 2,560,900 2.561,150 2,650,650
shading current in certain quarters. It is generally felt that
The estimated daily average gross production for the
prices are bound to gradually work higher as the consuming Field, including Oklahoma, Kansas, Panhandle, North, Mid-Continent
West Central,
period nears its height, and jobbers are covering fully now. West, East Central and Southwest Texas, North Louisiana and Arkansas.
for the week ended April 26, was 1,540,250 barrels, as compared with
The strength in the gasoline market has not been reflected 1,508,800 barrels for the preceding week, an increase of 31.450 barrels.
"n kerosene movements. Sales are light and demand con- The Mid-Continent production, excluding Smackover (Arkansas) heavy
tinues dull. Posted prices still range from 73c. to 73 c. per oil, was 1,499,950 barrels, as compared with 1,468,300 barrels, an increase
4
gal. for 41-43 water white, with even the inside price re- of 31,650 barrels.
The production figures of certain pools in the various districts for the curported shaded on firm bids.
rent week, compared with the previous week, in barrels of 42 gallons,
Marine fuel oils are firm, with business on a satisfactory follow:
-Week Ended-Week Endedbasis. Sales of grade C bunker are mounting, despite the
Apr.28. Apr.19.
Southwest Texas-Apr.26. Apr.19.
Oklahoma17,000 15,000
19.1.10 19,400 Darat Creek
Allen Dome
$1.15 price established recently, representing a 10-cent per Bowlegs
9,700 9.800
20,250 21,200 Luling
20,850 21,200
16,200 16,200 Salt Flat
barrel increase over the former_ price which had held for a Bristow-Slick
North Louisiana
Burbank
16,500 16,400
considerable period.
4,500 4,550
8.750 9,650 Barnesville
Carr City
5,200 5,300
Earlsboro
40.000 38.950 Urania
Arkansas
While the warmer weather has naturally cut into the de- East Earlsboro
41.450 39,450
4,600 4,750
Little River
38,850 41,950 Champagnolle
mand for domestic heating oils it is declared that the decline East Little River
5,300 5,400
17.400 19,500 Smackover, light
40,300 40,500
5,600 5,550 Smackover,heavy
has been seasonally normal and that the price structure Maud
Mission
12,600 12,600 Coastal Texas
22,200 26,300
Oklahoma City
109.200 104,150 Barbers Hill
remains firm.
10.500 10,350
St. Louis
36,850 38,200 Pierce Junction
10,200 9,000
Sasakwa
13,650 10,550 Racoon Bend
Price changes follow:
15,600
April 29: Tank wagon and service station gasoline prices in New York
and New England advanced one cent each, to 16.3 and 18.3. respectively
State tax included, by following companies: Tidewater Oil Co., Standard
Oil Co. of New York Shell. Eastern Petroleum Co., Gulf Oil, Sinclair,
Warner-Quinlan, Richfield 011 Co.
April 28: Tank car gasoline, at refinery, advanced to 100. per gal. by
Standard Oil Co. of New York, Richfield Oil Co., Warner-Quinlan Co.,
Shell Eastern Petroleum.
April 28: Atlantic Refining advances service station gasoline price 2c.
per gal. to 21c. per gal. In Erie.
April 29: Atlantic Refining Co. announces advance in tank wagon and
service station prices in Massachusetts. Connecticut and Rhode Island,
effective April 30, meeting Standard of New York new prices.
014pri1 28: Tank car gasoline_advanced Mc. per gal. to 9c. per gal. by
Tidewater Oil Co.
April 28: Tank car gasoline advanced Mc. per gal. to 951c. per gal. by
Carson Petroleum Co.
IS
Gasoline, U. S.Motor, Tank Car Lots, F.O.B. Refinery.
.0855 Los Angeles, export.091f Gulf Coast,export-0814 North Louisiana.0614 North Texas
.0914 Oklahoma
.07m Pennsylvania
.06A
.085i
NY(Bay012)$.085445.10 1 Beacon Oil
Stand 011, N J.-- .0814 I Carson Pet
Crew Levick
Stand 011, N Y_ - .10
West Texas
Tide Water Oil Co .09
Chicago
Richfield Oil Co__ .10
New Orleans
Warner-QuinVnCo .10
Pan-Am Pet Co-- .0994 Arkansas
California
Shell Eastern TeL .10
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Gasoline, Service Station. Tax Included.
5.19 Minneapolis
$183 Cincinnati
.16 New Orleans
.21 Denver
.188 Philadelphia
.22 Detroit
18 San Francisco
.20 Houston
.24 Spokane
Jacksonville
.15
.179 St. Louis
.15 Kansas City
.0755
.0855
.0714
0634
.08
.0994
3.132
.195
.21
.251
.195
16
Kerosene, 41-43 Water White. Tankcar Lots. F.O.B. Refinery.
3.0714
5.05%!New Orleans
3Y.(Bayonne).07540.07If I Chicago
.0635
.0514 I Loa Angeles. export- .0555 ITulsa
North TWA
Fusl Oil, 15-22 Degree. F.O.B. Refinery or Terminal.
$ 8510ulf Coast
New York (Bayonne) 51.1511-os Angeles
.951Chkago.
2.001 New Orleans
DUNI
5.76
54
Gas 011, 32-34 Degree, F. O. B. Refinery or Terminal.
8.031Tuisa
N.Y.(Bayonne)---$.05511Chicago
SearIght
11.000
19,900
Seminole
East Seminole
3,750
KansasSedgwiek CoLintY
21,000
Panhandle Texas
Gray County
63,000
Hutchinson County
22,300
North Texas
Archer County
18,000
24,000
Wilbarger County
West Central Texas
Brown County
7.600
Schackelford County_ -- 6,550
iVest Texas
Crane & Upton Counties. 44,000
Howard County
40,000
Reagan County
17.350
Winkler County
79,100
Yates
114,800
Bal. Pecos County._ 4,750
East Central Texas
Corsicana-Powell
6,100
16,550
10,200 11,050
10,400 Spindletop
20,150 Sugarland
Ct lla Lmisiana3 310 EasoastaCk berry
'
20,900 Old Hackberry
Sulphur Dome
60.800
21,900 1VuontingSalt Creek
18,000 Montana
24,100 Sunburst
2,500
1.300
4,300
2,600
1,300
4,300
30.050 31,200
5,600
6,000
9,800 9,700
w
D Ca
":
6;
7 500 Eom
47,700 47,500
joildigum-GeorletTa
28,200 29,000
Huntington Beach
43,500
17.600 17,600
40.100 Inglewood
15,600 14,000
16,500 Kettleman Hills
99,000 98.800
79,650 Long Beach
70.000 70.000
112,200 SantahlidwaFre-Ssuprinsetngs
4,700130,700 130,500
24,000 24,800
Seal Beach
46,200 44,000
5,900 Ventura Avenue
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,518,400 barrels, or 95.6% of the
3,678,900-barrel estimated daily potential refining capacity
of the plants operating in the United States during the week
ended April 26 1930 report that the crude runs to stills for
the week show that these companies operated to 76.7% of
their total capacity. Figures published last week show that
companies aggregating 3,515,4(X) 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 ?)per cent of their total capacity,
contributed to that report. The report for the week ended
April 26 1930 follows:
5.03
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDED APRIL 26 1930.
(Figures in Barrels 01 42 Gallons.)
District.
Crude Oil Output in United States Increases.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States, for
the week ended April 26 1930, was 2,590,100 barrels, as
compared with 2,560,900 barrels for the preceding week, an
increase of 29,200 barrels. Compared with the output for
the week ended April 27 1929, of 2,650,650 barrels per day,
the currentfigure represents a decrease of 60,550 barrels daily.
The daily average production east of California for the week
ended April 26 1930 was 1,959,300 barrels, as compared with
1,933,000 barrels for the preceding week, an increase of
26,300 barrels. The following are estimates of daily average
gross production, by districts:
Per Cent
Potential
Capae's
Reportlag.
East Coast
100.0
Appalachian
91.0
Indiana, Illinois, Kent'ky. 99.5
Okla.,Kansas, Missouri" 89.1
Texas
90.8
Loukdana-Arkansas
98.8
93.6
Rooky Mountain
Cakfornia
99.3
Total week April 26....
Daily average
Total week April 19..__
Daily average
95.6
95.6
Tufo Gulf Coast
100.0
Louisiana Gulf Coast-- 100.0
Crude
Runt
to
MIS.
Percent
Goer.
of Total
CaPar'S
Report.
Gasoline
Stocks.
Gas
and
Putt
OR
Stocks.
3,622,800
642.000
2,330,900
2,239,000
4,229,700
1,232,400
425,100
4,175,400
85.4
78.6
88.6
77.7
84.4
67.2
43.6
66.9
9,243,000
1,893,000
8,719,000
4,366.000
7,694,000
2,620,001)
2,814,000
15,863,000
6,486,000
773,000
3,492,000
4,123,000
10,010,000
2,120,000
1,077,000
108,624,000
18,897,300
2.699,600
17,865,800
2,552,300
76.7
53,212,000
136,685,000
72.6
53,477,000
136,037,000
3,196,200
7150.000
86.7
73.6
6.640,000
2.253.000
7,282,000
1.220.000
-All crude runs to stills and stocks f gures follow exactly the present
Note.
Bureall of Mines definitions. In California, stocks of heavy crude and
MAY 3 1930.]
FINANCIAL CHRONICLE
3081
all grades of fuel oil are included under the heading "Gas and Fuel 011
Stocks." Crude oil runs to stills include both foreign and domestic crude.
For the sake of comparison, total figures for the United States for the
previous week are also shown.
to sustain their operations. Outside of 2,265 freight cars, on which the
Illinois Central has taken figures, little new equipment business is in sight.
Price irregularities in finished steel range from occasional concessions to
open breaks in the market. Reinforcing bars have declined $2 a ton to
1.75e. a lb.. Pittsburgh basis, anti that price is also more common on merchant bars. Plates and shapes have also been shaded to 1.75c., although'
Copper Sales Off on Rumors of Price Cut
-Uncertainty that price apparently has not displaced 1.80c. except on preferential busiin Market Restricts Total Business
-Tin and Zinc ness. Manufacturers' wire has receded to $2.35 per 100 lbs. at Chicago
and to $2.30 at Pittsburgh, or $2 a ton below recent published quotations.
Lower.
strip is being sold at as low as 2.45e. to tubing manufacturers.
With widespread uncertainty in regard to the price struc- Cold-rolledis still being adhered to on most classes of business.
but 2.55c.
Exports of iron and steel for the first quarter amounted to 660,849 tons,
ture, trading in non-ferrous metals throughout the past week
corresponding
was quiet, Metal and Mineral Markets reports. Another or 143,000 tons less than in theand finished period of 1929. There was a
steel but an increase of 46,000
drop of 185,000 tons in rolled
flood of Wall Street rumors, to the effect that copper prices tons in scrap exports. Imports also showed a slump, being 141,269 tons,
or 24,415 tons under the imports a year ago.
are due for a drop to 12 cents, restricted operations to a
Machinery exports
a new high record for the quarter, valued at
minimum. Contributing to the quiet dew prevailing is the close to $170,000.000. made first three months of 1929 marked the previous
The
fact that industrial activity has not shown the expected peak, at $155,800,000. In agricultural machinery Soviet Russia took
Improvement. So says the publication referred to, and 44 times as much as it did in the same period last year.
Too much tin has forced spot Straits down to 34.37aec., New York, the
then adds:
lowest price since Oct. 13 1922. Prime Western zinc, at 4.72X c., East
Due to the disquieting rumors, copper business during the week fell to St. Louis, is at the lowest level since April 15 1922.
the lowest level of the current year. Producers held out for 14 cents,
Both of the "Iron Age" composite prices have reached new lows for the
Connecticut. Other rumors had it that some of the smaller producers year. Pig iron has declined from $17.75 to $17.67 a gross ton, and finished
were cutting prices from X to sc., but a careful check on business placed steel from 2.264c. to 2.242e. a lb., as the following table shows:
revealed that no first hands sold copper below the 14
-cent level. Export
pig Iron.
Finished Steel.
sales for the week were disappointing. Total bookings for export in April
Apr. 29 1930. 817 67 a Gross Ton.
Apr. 29 1930. 2.242c. a Lb.
$17.76
2.264e. One week ago
One week ago
are placed at 43,500 long tons.
17.78
2.264c. One month ago
Total sales of lead in the last week have been even less than the modest One month ago
18 59
2.412c. One year ago
One year ago
tonnage of the week before, and aggregate business booked in April has
Based on average of basic Iron at Valley
Based on steel bars, beams,tank plates.
been only about two-thirds of the tonnage actually consumed. Sales for wire, rails, black pipe and black sheets. furnace and foundry Irons at Chicago.
April shipment, however, have been almost normal, as considerable April These products make 87% of the Untied Philadelphia, Buffalo, Valley and Birmingham.
States output of finished steel.
lead was sold in March.
HOS.
Lou.
High.
Further weakness developed in zinc. A moderate tonnage sold late in 1930_2.362e. Jan. 7 2.242a. Apr. 29 1930._218.21 Jan. 7 $1767 Apr. 29
the week at 4.70 cents, a decline of 5 points. Until output is materially 1929..2.412c. Apr. 2 2.362c. Oct. 29 1929- 18.71 May 14 16 21 Dec. 17
1928_2.391c. Dec. 11 2.314c. Jan. 3 1928- 18.59 Nov. 27 17 04 July NI
curtailed, consumers are inclined to operate in hand-to-mouth fashion.
1927_2.453c. Jan. 4 2.2930. Oct.
1927- 19.71 Jan. 4 17.54 Nov. 1
Tin bookings improved in the past week, particularly since the price 1926__2 453c, Jan. 5 2.403e. May 25 1926_.... 21.54 Jan. 5 19.46 July 19
18
dropped below 34 cents. The weakness in the tin market is resulting 1925_2.560c. Jan. 6 2.396c. Aug. IS 1925- 22.60 Jan. 13 18.06 July 7
from the increasingly unfavorable statistical position, in spite of the curMarket developments in finished steel are moderately
tailment policy of the producers.
Arizona Copper Mines to Reduce Wage Scale
-Two
Reductions to Take Place-Follows Montana
Action.
The following is from the New York "Evening Post" of
April 29:
encouraging this week, observes the "Iron Trade Review" of
Cleveland May 1. Improvement in the automotive industry, while slow and practically limited to low-price ear
makers, is manifest in slightly heavier specifications for
strip, sheets and bars. Line pipe activity is heightened by
a mild increase in general business and the booking of
150,000 to 200,000 tons of seamless by the National Tube
Co. for the Missouri-Kansas Pipe Line Co., adds the "Review," which also states:
Managers of Arizona copper mines will post a notice to-morrow announc
ing a wage cut of 5% effective May 1, it was announced to
-day. It was
further stated that another wage reduction of 10% will go into effect on
June 1, the second notice to be posted around May 26.
Formal inquiry by the Illinois Central RR.for 2,200 cars, requiring about
This follows announcement made a short time ago of a reduction in wages
25,000 tons of heavy steel, coincides with the best equipment order week
of miners in Montana as a result of the lowering of the price of copper 4
In a month, bookings including 450 ore cars and gondolas, 800 underframes,
cents a pound about 2 weeks ago.
66 miscellaneous cars and 13 locomotives. Pending ship work in the East
Associated Press advices from Bisbee, Ariz., May 1, said: entails 75,000 tons of plates and shapes. A spurt in structural awards.
Copper companies throughout Arizona have announced a 5% cut in Including 11,500 tons for New York subways, more than triples last week's
wages, effective to-day, due to the recent cut of 4 cents a pound in the lettings.
Nevertheless, there is an undercurrent of opinion, more pronounced in
price of copper. The reduction in wages will take $4.000 a day from
the East than in the Middle West, that the iron and steel industry has
payrolls and affect 15,000 men.
spent its effort for
midfirst half year and is
The cut in wages by the Anaconda Copper Co. was referred summer situation. the is felt that whatever heading into a mediocreautoIt
gains are made by the
to in our issue of April 26, page 2881.
motive industry will fail to neutralize the defections in other lines, notably
the railroads. Sentiment, irregular all year, is unmistakably in a trough
this week.
Steel Output Slightly Lower-Prices Decline.
Steel-making operations, which usually at this season are at the year's
Peak, are generally unchanged. For the third consecutive week Steel
Price weakness in iron and steel has become more proCorporation subsidiaries are at 80%. Independent producers average
nounced, reports the "Iron Age" of May 1. Total steel 72 to 74%, also unchanged. Pittsburgh mill operations appear somewhat
ingot output shows no significant change, being at a 78% stronger at 75%, with other districts unchanged at 95% for Chicago and
rate compared with 80% a week ago, but buying is at Birmingham, 85 for Cleveland and 70 for Youngstown and Buffalo.
Price weakness, as disclosed by the ninth consecutive decline in the
extremely short range, mill schedules in most finished "Iron Trade Review' composite to the lowest point since early April 1922,
was accentuated this week by further concessions in sheets and a reduction
products are irregular and interrupted, and pressure for
of 50
steel
ton in
tonnage to sustain operations is increasing, continues the scrap cents ain mostpig iron at Chicago, to $19, furnace. Iron andmany
prices
districts have given further ground, and in
"Age," which goes on to say:
finished steel lines there is listlessness and a marked lack of support.
Those wage levels dependent on open-market prices are now feeling the
Price instability extends to the primary materials. Scrap markets
have grown still weaker, with heavy melting grade down 25c. a ton at effects of this deterioration in the market. Wages in unionized sheet
Philadelphia and St. Louis. Chicago pig iron has receded 50c. a ton. mills for May and June will be reduced 43. %,the first cut since 1927 and
Alabama foundry iron, which had been expected to react to the larger the lowest rates paid since 1922. Bar iron mill puddlers were cut 25 cents
melt of cast pipe shops, has been sold in certain Northern sections at a a ton for March and April, and now another 25 cents Is taken off the
May-June rate.
new low price of $12. Birmingham.
In view of the general weakness of the market, the Steel Corporation's
Pig iron buying, which early in April was for immediate needs only
announcement that it looks for a continuance of an 80% rate of steel ingot but good in volume, has flattened out, and the April lead over March
production throughout the quarter is encouraging. In terms of tonnage, shipments is less than anticipated. However, no stocks have accumulated
the rate of raw steel output for all producers has been higher in the first either at furnaces or foundries. Another stack at Buffalo has been blown
four menthe than the average for any previous year except 1928 and 1929. out. Southern prices are easier. Territory competitive to Chicago likely
However, the percentage rate has been lower because of expansion in will experience an adjustment to the second 50
-cent reduction there since
capacity, and business has been unevenly distributed both geographically March 1. Activity in beehive coke is light but prices are unchanged.
Chicago plate mills still look to early placement of the Texas-Chicago
and in terms of products.
Mixed tendencies continue as the outstanding characteristic of the situ- gas line, which will require nearer 300.000 tons than 200,000 tons if a conation, although demand is shifting. Railroad demand is subsiding, while templated heavier section is specified. Chicago district car builders are
automotive requirements are creeping up and additional pipe line tonnage booked to July 15. indicating heavy plate specifications through this quaris being placed. Steel consumption by farm equipment manufacturers ter. Bar specifications at Chicago require 7
-day operations in some mills.
is undiminished, although the character of output has been altered, with In the Mahoning Valley hot strip mills have spurted in the past week.
haling and harvesting machinery now being turned out in place of tillage Pittsburgh finished steel producers generally report slightly better bookings.
Structural steel awards this week totaling 41,000 tons far outstripped
tools. Seasonal requirements for road making are promising, but spring
buying of merchant wire products has been disappointing and demand for the 12,825 tons of last week, but fell short of the 71,432 tons bought in
roofing sheets appears to have passed its peak. Structural steel awards, the corresponding week of 1929. For the year to date 571,495 tons have
been placed, against 777,698 tons a year ago.
at 42,000 tons, are the largest since early in February.
As consumers of Lake Superior iron ore indicate their requirements
A Central Western gas company has placed 725 miles of 22 and 24 inch
seamless pipe, for a gas line from Texas to Minneapolis and St. Paul, with more definitely, some producers are forecasting a 55,000,000-ton year,
the National Tube Co. With lateral units, to be contracted for later, it compared with 66,000,000 tons last season. The first cargoes of ore from
the head of the lakes are now coming down.
will require 200,000 tons of steel.
A reduction in pig iron at Chicago and in blue annealed sheets lowered
Improvement in demand from the automobile industry, which is expected
to continue through the coining month, is limited to the makers of low- the "Iron Trade Review" composite 12 cents to $34.28. The average for
priced cars, no material change in the production schedules of other manu- April was e34.44, compared with $34.95 for March and $36.81 last April.
facturers being in prospect.
There has been a slight reduction in steel ingot production
Rail mills are still operating at a good rate against backlogs accumulated
during the winter, but railroad car builders are specifying more conserva- in the past week, reports the "Wall Street Journal" of April
tively as they approach the time when additional orders will be required 29. The average for the industry is around 77
corn-
3082
[Vori. 130.
FINANCIAL CHRONICLE
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
Aprilj1923
StateApr. 12'30. Ayr. 5'30. Apr. 1329. Apr. 1428, Avge.a
Alabama
412.000
315,000
302.000
329,000
349,000
Arkansas
10,000
14,000
12,000
184,000
126,000
141,000
179,000
101,000
For the United States Steel Corp. the rate is a fraction over 80%,against Colorado
Illinois
961,000
777.000
871,000
225,000 1,471,000
around 81% a week ago and between 78% and 79% two weeks ago. Inde- Indiana
262.000
257.000
514.000
271,000
201,000
pendent steel companies are down only a fraction to 75%,contrasted with Iowa
100,000
68,000
57,000
48,000
56,000
79,000
32,000
Kansas
28,000
31,000
34,000
a shade over 75% in the week before and 74% two weeks ago.
730.000
Kentucky-Eastern
692,000
620.000
720,000
766,000
At this time last year the steel industry was establishing records in ingot
188,000
178,000
Western
192,000
345,000
164,000
production. The United States Steel Corp. was working at 103% of the Maryland
44,000
52,000
43.000
45,000
46,000
theoretical capacity, with independents at 99% and the average was nearly Michigan
22,000
9,000
8,000
6,000
14,000
59,000
62,000
56.000
81,000
47.000
101%. At the beginning of May in 1928 the Steel Corporation was running Missouri
39,000
52,000
42,000
36,000
55,000
at a fraction over 90%, with independents at 80% and the average about Montana
59,000
32,000
New Mexico
46.000
53,000
34.000
85%.
21,000
16,000
27,000
22,000
North Dakota
18,000
786,000
365.000
Ohio
367.000
194,000
381,000
The "American Metal Market" this week says:
49,000
29,000
31,000
38.008
20,000
Oklahoma
After more than a month of slight increases the rate of steel ingot pro- Pennsylvania (bitum.)
2,402,000 2,276,000 2,488,000 2,263,000 3,531,000
102,000
121,000
109,000
105,000
109,000
duction has turned downward this week. The decrease itself Is trifling, Tennessee
20.000
20,000
10,000
16,000
9,000
but with the running out of a little old business and with new buying Texas
70,000
51,000
92,000
78,000
Utah
45,000
slightly less active in general, the chances are strong that a turn has now Virginia
222,000
249,000
220,000
204,000
212,000
35.000
34.000
46,000
44,000
33,000
been rounded. The decrease in production comes just a month later than Washington
usual in normal years. Each of the last two years had a later peak in W. Virginia-Southern_b 1,570,000 1,569,000 1,552,000 1,480,000 1.256,000
616,000
778,000
598,000
647,000
610,000
Northern_c
production, but they were exceptionally active years. Less summer Wyoming
107.000
116,000
93,000
111,000
82,000
•
dullness than usual is expected and hopes are entertained ofsuch improve- Other States
2,000
6,000
1.000
4,000
1,000
ment in general business as will make the second half of the year in steel
Total bituminous coal 8,257,000 8,248,000 8,357.000 7,535,000 10,836,000
895,000 1,142,000 1,587,000 1,974,000
1,060,000
better than the first half, reversing the usual experience.
Pennsylvantaanthraelte_.
9,317,000 9,143,000 9,499.000 9,102,000 12,810,000
Total all coal
a Average weekly rate for entire month. b Includes operations on the N. & W
Steel Mill Wages Cut-Puddlers and Finishing Crews C.& 0., Virginian, and K.& NI. c Rest of State, including Panhandle.
PENNSYLVANIA ANTHRACITE.
Accept Reduction at Youngstown.
in the State of Pennsylvania during the
The total
Associated Press dispatches from Youngstown, Ohio, April week ended production of anthracite
April 19 amounted to 833,000 net tons. Compared with the
27 published in the New York "Times" said:
output in the preceding a eek, this shows a decrease of 227,000 tons, or
Paddlers and finishing mill crews working under agreements of the 21.4%. The occurrence of religious holidays during the latter part of the
Amalgamated Association of Iron, Steel and Tin Workers will receive week is reflected in the trend of daily loadings:
Estimated Production of Pennsylvania Anthracite (Net Tons).
25 cents a ton less as wages during May and June as a result of a decline
1929----=•
1930in the average price of steel bars.
Daily
Daily
Avge.
Week.
About 3,500 union men are affected by the reduction.
Avge.
Week.
1Veek Ended265,800
1,329,000
179,000
895,000
April 5
190,300
1,142,000
176.700
April 12
1,060.000
237,300
1.424,000
138,800
Aprll 19
833,000
Steel Wire Cuts Price $2-3 a Ton.
BEEHIVE COKE.
The following is from the New York "Evening Post" of
The total production of beehive coke for the country as a whole during
May 2:
the week ended April 19 is estimated at 67,700 net tons, as compare with
The American Steel and Wire Co., subsidiary of the United States Steel 70,600 net tons in the preceding week and 11,900 net tons in the week ended
Corp., announced to-day reductions of $2 to $3 a ton in the prices of wire April 20 1929. The following table apportions the tonnage by regions:
rods, wire nails and plain wire.
Es imated Production of Beehive Coke (Net Tons).
1929
1930
-IVeek Ended
The new prices are $36 a ton for wire rods, $2.15 a 100 pounds for wire
to
lo
Apr.19. Apr. 12 Apr. 20
nails and $2.30 a 100 pounds for plain wire, f. o. b., Pittsburgh and CleveDate.a
Dale.
1929.
Region1930.
1930.b
land. At Chicago, the base is $1 a ton above these figures. while prices at Pennsylvania, Ohio & West Virginia_ 80,000 82.400 101,600 960,500 1,555,900
6.400 91,300 103,900
Georgia, Tenn., and Virginia
6,100
Worcester. Mass., are $2 a ton higher.
5.800
3.900 42,100 91,600
2.100
1,900
Announcement of the reduction was made by J. S. Keefe, President of the Colorado, Utah and Washington
United States total
87,700 70.600 111,900 1,093,900 1,751.400
American Steel and Wire Co.. in the following statement:
18,632
11,283 11,787 18,650 11,837
"To conform with trade paper quotations, which represent prices being Daily average
a Minus one day's production first week in January to equalize number of days
generally made by other manufacturers the American Steel and Wire Co.
has revised selling prices as follows: Wire rods, $36 a ton; wire nails. $2.15 In the 2 years. b Subject to revision.
base; plain wire, $2.30 base,all f. o. b., Pittsburgh and Cleveland, with $1 a
ton higher f. o. b., Chicago, and $2 a ton higher, f. o. b. Worcester.
Production of Coal by States in March Lower.
"These prices represent a reduction of about $2 to $3 a ton from the AmeriThe total production of bituminous coal for the country
Steel and Wire Co.'s schedule, which it has been maintaining. The
can
general market having settled down to a lower base, the above revision as a whole during the 26 working days of March is estimated
at 35,773,000 net tons, as against 39,555,000 tons for the
more nearly approximates the prices now current."
pared with a shade over 78% in the preceding week and
76% two weeks ago, continues the "Journal," which is
further quoted:
Bituminous Coal and Anthracite Production Again
Falls Off.
According to the United States Bureau of Mines, Department of Commerce, output of bituminous coal and Pennsylvania anthracite again fell off during the week ended
April 19 1930. In this period there were produced a total
of 8,112,000 net tons of bituminous coal, 833,000 tons of
Pennsylvania anthracite and 67,700 tons of beehive coke, as
against 8,766,000 tons of bituminous coal, 1,424,000 tons
of Pennsylvania anthracite and 111,900 tons of beehive coke
in the week ended April 20 1929, and 8,257,000 tons of
bituminous coal, 1,060,000 tons of Pennsylvania anthracite
and 70,600 tons of beehive coke produced in the week ended
April 12 1930.
For the calendar year to April 19 1930, the production of
bituminous coal totaled 148,086,000 net tons as compared
with 162,885,000 tons in the calendar year to April 20 1929.
The Bureau's statement follows:
23.9 days in February, reports the U. S. Bureau of Mines.
The average daily rate of output in March was 1,376,000
tons. Compared with the average daily rate of 1,655,000
tons for February, this shows a decrease of 16.9%.
The production of Pennsylvania anthracite in March is
estimated at 4,551,000 net tons. The average daily rate
of output in March was 175,000 tons, a decrease of 87,000
tons, or 33.2% from the daily rate for February. The
Bureau also shows:
Estimated Production of Coal in March and Accumulative Production for the First
Three Months of 1930, 1929, 1928 and 1923, in Net Tons.a
.
State.
March
1930.
Calendar Year to April 1.
February
1930.b
1930.
1929.
1928.
1923.
4,640,000 5,433,000
Alabama-- 1,260,000 1,370,000 4,270,000 4,687,000
451,000
544,000
Arkansas 338,000
364,000
153,000
58,000
Colomdo-743,000 2,612,000 3,064,000 2,589,000 2,792,000
588,000
Illinois --- 4,210,000 4,900,000 15.910.000 18,197,000 19,635,000 24,770,000
Indiana.-- 1,310.000 1,500,000 4.595,000 5,250,000 5,526,000 7,915.000
Iowa
327,000 1,107,000 1,230,000 1.175,000 1,706,000
290,000
711,000 1.007,000 1,024.000
Kansas- - 1,205,000
255,000
160,000
KentuckyEastern, 2,858,000 3,515,000 10,703,000 11,533,000 10,866,000 7,401,000
Western
848.000 1,015.000 3,260,000 4,359,000 4,886,000 2,919.000
673,000
Maryland_
765,000
719,000
220,000
876,000
185,000
201,000
Michigan ..
204,000
60,000
391,000
65,000
218,000
Missouri
988,000
327,000 1,007.000 1,166,000 1,039,000
270,000
BITUMINOUS COAL.
758,000
Montana _
896,000
228,000
987,000
902,000
188,000
519,000
710,000
789,000
130,000
The total production of soft coal during the week ended April 19 1930, New Mex_
148,000
795,000
618,000
653,000
520,000
177,000
135,000
490,000
Including lignite and coal coked at the mines, is estimated at 8,112,000 net N. Dakota
1,626,000 1,825,000 5,557,000 5,408,000 2,570,000 0,680,000
week, this shows a Ohio
tons. Compared with the output in the preceding
830.000 1,115,000
Oklahoma_
763,000
110,000
842,000
288,000
decrease of 145.000 tons, or 1.8%. Production during the week in 1929 Pa. (bit.). 10,205,000 10,130,000 31,978,000 35,852,000 33,171,000 41.831,000
Tennessee_
440,000
440,000 1,435,000 1,508,000 1,457,000 1,622,000
corresponding with that of April 19 amounted to 8,766.000 tons.
203,000
Texas - --288.000
78,000
292.000
85,000
313,000
Estimated United Slates Production of Bituminous Coal (Net Tons).
Utah
360,000 1,292.000 1,681,000 1,274,000 1,166,000
273,000
1930-1929
Virginia - 972,000 1,088,000 3,260,000 3,415,000 2,896,000 2,807,000
Cal. Year
Cal. Year
Wash
587.000
758,000
968,000
166.000
165,000
647,000
to Dates
Week.
to Date.
TVeek.
Week Ended145,762,000 W. Va.7,743,000
131,717,000
8,248,000
AprIl 5
South.c. 6,336,000 7,147,000 22,816,000 24,721,000 22,364,000 14,733,000
1,800,000
1,383,000
1.624,000
1 422,000
Daily average
North.d 2,607,000 2,675,000 8,342.000 9,017,000 9,332,000 9,248,000
154,119,000
8,357,000
139,974,000
8,257,000
April 12_ b
415,000
439,000 1,591,000 1,853,000 1,800,000 2,049.000
1,771,000 Wyoming_
1,193,000
1,607.000
1 376,000
Daily average
16,000
41.000
90,000
8,000
5,000
81,000
162,885,000 Others.....
8,766.000
148,086,000
8,112,000
April 19_c
1.751,000
1,461,000
1,591,000
1 352,000
Total !situDaily average
first week in January to equalize number of days in
min.coal 35,773,000 39,555,000 125,108,000 139,910,000 131,815,000 144,035,000
a Minus one day's production
revision.
Pa.anthrathe 2 years. b Revised since last report. c Subject to
- 4,551,000 6,157,000 17,746,000 19.051,000 16,466,000 25,298,000
citepresent calendar year to
The total production of soft coal during the
amounts to 148,086.000 net tons.
Total coal_ 40,324.000 45,712,000 142,852,000 158,981,000 148,081,000 189.333.000
April 19 (approximately 93 working days)
other recent calendar years are given
Figures for corresponding periods in
a Figures for 1923 and 1928 only are flna
b Revised. c Includes operations
on the N. at W.; C. & O.; virginlan, and K. & M. d Rest of State, including
below:
188,645,000 net tons Panhandle.
162,885,000 net tons 1927
1929
173,593,000 net tons
Note -Below are given the first estimates of production of bituminous coal, by
150,736.000 net tons 1926
1928
total production States for the month of March. The distribution of the tonnage is based In part
As already indicated by the revised figures on above the
(except for certain States which themselves furnish authentic data), on figures of
April 12 loadings by tallroad
divisions, furnished by the American Railway Association and
of soft coal for the country as a whole during the week ended
the by officials of certain companies, and In part on reports made by the U. S. Engineer
1930, amounted to 8,257,000 net tons. The following table apportions
Offices.
years.
tonnage by States and gives comparable figures for other recent
FINANCIAL CHRONICLE
MAY 3 1930.]
3083
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on April 30, made public by the Federal
Reserve Board, and which deals with the result for the 12
Reserve banks combined, shows increases for the week of
$22,000,000 in holdings of discounted bills and $2,100,000
in U. S. Government securities, and a decrease of $47,300,000 in holdings of bills bought in open market. Member
bank reserve deposits increased $21,400,000 and cash
reserves $26,800,000, while Government deposits declined
$12,500,000 and Federal Reserve note circulation $11,100,000. Total bills and securities were $22,700,000 below the
amount reported a week ago. After noting these facts, the
Federal Reserve Board proceeds as follows:
The principal changes in holdings of discounted bills for the week were
Increases of $7,100,000 at the Federal Reserve Bank of New York, 24,300.000 at San Francisco, $3,600,000 at Atlanta, $2,500,000 at Richmond and
$2,300,000 at Philadelphia, and a decrease of $2,200,000 at Cleveland.
The System's holdings of bills bought in open market declined $47,300,000
and of Treasury notes $1,000,000, while holdings of Treasury bills and
certificates increased $3,200,000.
Federal Reserve note circulation declined $8,100,000 at the Federal
Reserve Rank of Chicago, $1,400,000 at Kansas City and $1,000,000 each at
Boston, Richmond and Dallas, and increased $1,200,000 at New York.
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 3115 and 3116. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the
year ended April 30 1930, follows:
Total reserves
Gold reserves
Total bills and securities
Increase (+) or Decrease (—)
During
Year.
Week.
April30 193C.
S
$
$
3,251,597,000 +20,821,000 +265,830,000
+26,260,000 +260.630,000
3,072,660,000
982,225,000 —22.738,000
Bills discounted, total
Secured by U.S. Govt. obligations- ?g ' 38
',£4000
Other bills discounted
127,473,000
—347,020,000
Apo. 30 1930. Apr. 231030.
Investments—total
mot 1929.
1,977,000,000 1,973.000,000 1,856,000,000
U.S. Government securities
Other securities
1,112,000,000 1,120,000,000 1,074,000,000
866,000,000 853,000,000 782,000,000
Reserve with Federal Reserve Bank_
Cash in vault
782,000,000
47.000,000
745,000,000
47,000,000
745,000.000
52,000,000
Net demand deposits
Time deposits
Government deposits
5,625,000,000 5,485,000,000 5.334,000,000
1 344,000.000 1,334,000.000 1.149,000,000
33,000.000
38,000,000
60,000.000
Due from banks
Due to banks
147,000,000
1,030,000,000
125,000,000
891,000,000
108,000,000
916,000,000
12,000,000
10,000,000
157,000.000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers;
1,695,000,000 1.568.000,000 979,000.000
For own account
1,183,000,000 1,213,000,000 1,676,000.000
For account of out-of-town banks
1,397,000,000 1,436,000,000 2.876,000.000
For account of others
4,274.000,000 4,217,000,000 5.532,000,000
Total
On demand
On time
3,697,000,000 3,663,000,000 5,141,000,000
577,000,000 554,000,000 391,000,000
Chicago.*
1,863,000.000 1,872,000,000 1,892,000,000
Loans and investments—total
Loans—total
1,492,000.000 1,500.000.000 1,514,000,000
On securities
All other
890,000,000
601,000.000
372,000,000
378.000,000
163,000,000
209,000,000
U.S. Government securities
Other securities
836,000.000
678,000,000
372,000,000
Investments—total
903,000.000
507,000.000
162,000,000
209,000.000
170,000,000
208,000,000
Reserve with Federal Reserve Bank ---- 192,000,000
Cash in vault
13.000.000
Net demand deposits
Time deposits
Government deposits
181,000.000 170.000,000
14,000,000
13,000.000
1,258,000,000 1,252,000,000 1,186,000,000
538,000.000 532,000,000 543,000,000
15.000,000
4,000,000
3 000 000
Due from banks
Due to banks
116,000,000
328,000,000
116,000,000
321,000.000
Borrowings from Federal Reserve Bank_
164,000,000
325.000,000
26.000.000
• Revised to exclude figures for a bank with loans and investments of approximately $130,000,000, which Is not now a member of the System.
tii,i320:043 0
0 00
'.07 . 0
1;*0
1
+9,111,000 —310.360,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
U. S. Government securities, total
+2,121,000 +378,779,000
529,509,000
As explained above, the statements for the New York and
Bonds
—48.000
+15,702,000
66,136,000
Treasur y notes
+91,013,000 Chicago member banks are now given out on Thursdays,
175,491,000 —1,034,000
Certificates and bills
+3,203,000 +272,014,000
287,882,000
simultaneously with the figures for the Reserve banks themFederal Reserve notes In circulation...1,507,268,000 —11,076,000 —156,371,000
selves, and covering the same week, instead of being held
Total deposits
+23,575,000
2,433,933,000 +11.747,000
Members' reserve deposits
+48,904.000 until the following Monday, before which time the statistics
2,384,721,000 +21,407,000
Government deposits
22.674,000 —12,526,000
--11,218,000 covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
Returns of Member Banks for New York and Chicago
In the following will be found the comments of the Federal
Federal Reserve Districts—Brokers' Loans.
Reserve Board respecting the returns of the entire body of
Beginning with the returns for June 29 1927, the Federal reporting member banks of the Federal Reserve System for
Reserve Board also commenced to give out the figures of the the week ended with the close of business April 23:
member banks in the New York Federal Reserve District,
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on April
for the week of
as well as those in the Chicago Reserve District, on Thurs- $154,000,000 in loans and investments23 shows increasesin net demand
and $72,000,000
decreases of $34.000,000
days, simultaneously with the figures for the Reserve banks deposits, anddeposits and $7,000,000 in in time deposits, $33.000,000 in
Government
borrowings from Federal Reserve
themselves, and for the same week, instead of waiting until banks.
Loans on securities increased 8115,000,000 in the New York district,
the following Monday, before which time the statistics cover- 312.000.000 in the Cleveland district and $88,000,000 at all reporting banks.
and declined $30,000,000
Chicago district. "All other"
ing the entire body of reporting member banks in the dif- creased 232,000,000 in thein theYork district, $19,000,000 in theloans inNew
Chicago
district and $22.000,000 at all reporting banks, and declined $11,000.000
ferent cities included cannot be got ready.
In the Boston district and $10,000,000 in the San Francisco district.
Below is the statement for the New York member banks
Holdings of U. S. Government securities increased $16,000,000 in the
Chicago district. $7,000.000 in the New York district and $24,000,000 at
and that for the Chicago member banks thus issued in all reporting banks, while holdings of other securities increased $19,000,000
district and
banks,
advance of the full statement of the member banks, which at all reportingdistrict $15,000.000 in the New Yorkthe Chicago 26,000,000
district.
and declined $13.000,000 in
In the Boston
latter will not be available until the coming Monday. The
The principal changes in borrowings from Federal Reserve banks for the
week were a decline of $10,000,000 in the New York district and an increase
New York statement, of course, also ,includes the brokers' of $5,000.000 in the Atlanta district.
A summary
and liabilities
loans of reporting member banks. The grand aggregate of member banks,of the principal assetsduring the weekof weekly reporting
and the year ending
together with changed
these brokers' loans the present week shows an increase of April 23 1930,follows:
Increase (+) or Decrease (—)
$57,000,000, the total of these loans on April 30 standing
Since
at $4,274,000,000, as compared with $5,532,000,000 on
April 23 1930.7April 16 1930, April 24 1929.
May 1 1929. The present week's increase of $57,000,000
follows $727,000,000 increase in the preceding eight weeks, Loans and investments—total_22,746,000,000 +154,000,000 +487,000.000
making the increase since Feb. 26 1930 no less than $785,- Loans—total
16,955,000,000 +110,000,000 +567,000.000
000,000. The loans "for own account" increased during
+88,000,000 +1,007,000,000
On securities
8,326,000,000
the week from $1,568,000,000 to $1,695,000,000, but loans
+22,000,000 —439,000.000
All other
8,629,000,000
"for account of out-of-town banks" have fallen from $1,- Investments--total
5,791,000,000
+44,000,000
—80.000,000
213,000,000 to $1,183,000,000, and loans "for account of
2,873,000,000
+24,000,000 —129,000,000
U.S. Government securities
others" from $1,436,000,000 to $1,397,000,000.
2,917,000,000
+49.000.000
+19,000,000
Other securities
Bills bought in open market
209,564,000 —47,305.000
+39,143,000
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
'
New York.
Apr. 30 1930. Apr. 23 1930. May 1 1929,
Loans and investments—total
7,947,000.000 7,885.000,000 7,332.000,000
Loans—total
5 969,000.000 5,912.000,000 5,476,000,000
securities
other
3,511.000,000 3,409,000,000 2,777,000.000
2,458,000,000 2,503.000,000 2,699,000,000
Reserve with Federal Ites've banks 1,727,000,000
221.000.000
Cash in vault
—19.000,000
+14.000.000
+69,000,000
—14.000.000
13,455,000,000
7,034.000.000
108,000,000
„ +72,000,000
1
—34,000,000
—33,000,000
+478,000,000
+250,000,000
—40,000,000
1,155,000,000
2,797,000,000
—39,000,000
—164,000,000
+79,000,000
+255,000,000
58,000.000
—7,000,000
--640,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks-
3084
FINANCIAL CHRONICLE
Summary ofronditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication May 3 the following summary of market
conditions abroad, based on advices by cable and radio:
ARGENTINA.
Business in April was somewhat better than in March, and the general
tone is somewhat brighter owing to cheaper money rates in London and New
York where bankers are again showing interest in investment possibilities
In Argentina. The Government short term loan and the new American
investments in private enterprises are also encouraging factors. The prospect that there will be an adverse balance of payments as a result of smaller
quantities of exportable crops is still having a depressing effect upon the
exchange value of the peso and is causing some hesitancy and dullness in
immediate business.
AUSTRALIA.
Dry conditions still prevail in wheat
-growing areas. The Australian
Federal Treasurer stated in a recent speech that the counters annual buying
power has been reduced £50,000,000 and that loans in the near future will
be restricted to the financing of current overseas obligations. Exports,
he estimated, are now at the rate of only 3100,000.000 per annum,and the
Goverhment's yearly overseas interest bill has reached £30,000,000.
AUSTRIA.
Recent favorable developments in the Austrian situation include a steady
reduction in the adverse trade balance, decreased unemployment, an increase in savings bank deposits, and greater transit trade which totaled
860,000 metric tons during the last quarter of 1929 as against an average
of 740,000 metric tons for the previous three-quarters. Generally, however,
business still poor and the Budget shows deficit. Depression continues in
Industry, especially textile, lumber and coal and the business situation is
generally poor. Easter trade was reported to be unsatisfactory. Steyr automobile works are still closed with no announcement regarding resumption
of production. The annual report of the Wiener Bankverien is viewed as
disappointing; it shows net earnings for 1929 of 2,900,000 schillings as
against 5,100,000 schillings for the previous year and a reduction of the
dividend from 1.50 schillings to 1 schilling. The report of the Austrian
Government on the Federal budget for 1929 shows a surplus of 22,829,000
schillings in current accounts, and expenditures of 211.300,000 schlllings for
capital investments, resulting in a final deficit of 188,471,000 schillings.
BOLIVIA.
The commercial situation in Bolivia continued unfavorable during April,
the economic situation being adversely affected by the low prices for important metals. Business is sluggish with little activity in any line and importations have fallen off sharply since the first of the year. Importers
have been placing orders carefully and are keeping stocks at conservative
levels. Money continues tight and collections difficult. Sight prices for
tin during April showed a further recession but averaged about the S3M3 as
In March, when they were, already considerably below those of previous
Years. Practically the entire mining industry of Bolivia,upon which the prosperity of the country depends, is now severely handicapped by the unfavorable prices prevailing for tin, silver, copper, zinc and lead. The official
committee appointed to study and propose relief measures for the present
crisis has met frequently during April. but as yet no definite action has
been announced. It has been locally reported that over one hundred
of the smaller tin mines have abandoned operations altogether. The larger
mines are continuing operations but several less important companies have
either shut down or are considering such action. Wages have been reduced
some 10% in the copper industry and the mines may close unless copper
prices react more.
BRITISH MALAYA.
Plans have been definitely approved by the Straits Settlements and Federated Malay States Governments for installation of a carrier system of
telephony between Penang and Singapore.
CANADA.
A fairly good level of Easter buying has been followed in the past week
by lower temperatures which have retarded, at least temporarily, the development of the seasonal trend. The Welland Canal opened for navigation
on April 21 and the general inauguration of water transport has helped
the movement of some wholesale lines, and to an extent, the employment
situation. Prairie trade records some improvement as the result of spring
farm operations but Vancouver continues to register an unsatisfactory
volume of purchasing. A spotty improvement in the industrial demand
for skilled labor is reported by Toronto employment offices. March returns
of trade and production now available confirm earlier indications of a level
of operations below that prevailing a year ago. The valuation of imports
from all countries during the month, $112,991,000, is 16% under that
recorded for March, 1929, and the valuation of exports, 389,595,000, is
22% lower in the same comparison. These figures, however, reflect the
Influence of a fairly pronounced price decline in view of which a volume
comparison would appear to be somewhat*more favorable.
March automobile output totaling 20,730 units is about half that of
March a year ago. Now passenger car sales in Eastern Canada during
the month were about 30% under business in that month of last year and
commercial car sales were about 18% lower. March newsprint exports of
225.000 tons were 8% under shipments in March, 1929. In the same
comparison pulpwood declined 10% but woodpulp and screenings increased
21%. The export movement of wheat during the month is indicated at
11.592,000 bushels, valued at $13,110,000. This is about 45% under the
movement at this time last year. Wheat flour shipments at 680,000 barrels
(value $3,815,000) were 52% in quantity below last year. Canadian bond
Issues of $138,000,000, in the first quarter of the year were about 12%
heavier than a year ago and almost double 1928 offerings, in consequence
of the easier money conditions which favored provincial and municipal
financing.
It is reported that the Shell 011 Co. of British Columbia has purchased
-acre site in the Burnaby supurb of Vancouver. On the basis of present
a 60
Prospects, western sales of combines are estimated at between 2.400 and
2,800 with a possible decrease of 25% from last year's business.
CHILE.
Although retail sales in Santiago during April continued at about the
same levels as in March, the low prices prevailing for agricultural products
the north have
In the south and the restricted copper and nitrate activities of
conditions
resulted In slacker business conditions in those sections. Credit
increase in requests
are fair with collections a little slow and a noticeable
truck sales
for extensions by farmers and produce dealers. Automobile and
higher
have been slightly off as compared with March, but the demand for
The movement of farm
Priced cars and large trucks Is holding up better.
machinery has Improved and sales are at about the same level as in the past
[VOL. 130
month. Industrial machinery, building materials and hardware sales have
been satisfactory. As merchants are carrying heavy stocks of summer cotton
goods, purchasers of these materials for future delivery are small and yarn
buyers are more cautious in placing orders. Sales of office equipment and
talking machines have been good in the central zones but the movement in
the northern and southern areas has been off. Wholesale buying and placing of Indent orders are at a low level and business is generally practicing
a more cautious policy as regards extensions of credit. The shoe industry
is working at about 60% of capacity but the textile mills are still curtailing
pro uction, and are beginning to cut prices in order to secure orders.
CHINA.
Unsettled political conditions continue to disturb trade V-roughout North
China. Seasonable spring rains in North China during the past few days
offer excellent prospects for wheat and other food crops. Condit ons in
Sulyuan areas, which were included in the famine district last year, are
much more encouraging this spring. Cotton growing areas in Western
Honan Province are also much more encouraged by recent heavy rains, and
planting is active. Dulness marked Shanghai business in the past week.
In general, there is very little evidence of any substantial improvement in
Import trade, particularly as regards new business, although some increase
is noted in deliveries from local stocks. Bus and tramway strikes have
paralized retail business in the International Settlement. Conditions in
Manchuria remain unchanged, with slightly more optimism displayed as
to outlook.
CUBA.
Notwithstanding the hopeful feeling evident in Havana business circles,
the trend of business continued downward in Cuba during April. Sales in
all lines are slow and the distribution of foodstuffs, which may be taken as
an indication of the situation, is reported to be below normal. Distributors
are adopting a very stringent credit policy and are declining a considerable
volume of orders which normally would receive consideration on a credit
basis. Wholesale and retail merchants in the interior of the Island who have
been advancing supplies to the sugar workers on behalf of the large sugar
centrals, are suffering a contraction of this type of business because the large
distributors in Havana,from which the interior merchants get their stocks,
are adopting an even more rigorous policy of caution in the matter of credit
extensions. There is considerable unemployment in Havana and a great
many of the smaller merchants have discontinued business for the present.
Collections are reported to be extremely difficult. The most important
development bearing upon business was the abandonment of the Cooperative Sales Agency—known as the Single Seller—on April 16. This
Agency, created last September by Presidential Decree, had the sole discretionary power of selling Cuban sugar for export. The abolition of the
Agency was the result of prolonged dissatisfaction on the part of the sugar
producers, who felt that the Single Seller had not succeeded in its program
to finance the industry during the harvest and to regulate beneficially
the export sale of Cuban sugar. The effect of this movement is to release
Cuban sugar for unrestricted sale on the world market. Within a few days
after the dissolution of the Agency, sugar stocks began to move from the
Interior to the seaboard.
DENMARK.
The current business situation in Denmark remains favorable, but a
pessimistic undertone is noted due to the recent decline in prices on agricultural products, reduced earnings and unsatisfactory outlook for shipping,
and depression in certain foreign markets. These factors, however, appear
to be somewhat exaggerated locally as the present position of the money
market and the industrial situation unquestionably are as satisfactory as a
year ago. Practically all branches of Danish industry are satisfactorily
employed. Building remains especially active. The fisheries also report
good yields. Agricultural exports continue at a high level, but prices on
eggs and butter show a downward tendency. Shipping is somewhat depressed with the amount of idle tonnage estimated at 153,000 dead-weight
tons at the close of April against 103,000 tons at the end of March. The
labor market is promising, as many wage agreements already have been
renewed and others are expected to be renewed soon. The number of unemployed is gradually being reduced and towards the end of April was
estimated at 40,000 compared with 53,000 a month ago. Prices continue
to decline with the official wholesale index recorded at 136 for March, a
drop of 8 points during the month.
The business depression which has characterized the economic life of the
Republic for the past three months was not relieved during April. Merchants are experiencing practically no sale for their stocks, except in absolutely essential commodities. The credit situation is even more difficult
than it was in March, and exporters should undertake thorough investigation and exercise extraordinary caution before snaking credit extensions.
The crop outlook is reported as being fair, with some sections of the country
affected by drought. Average prices for staple commodities are very low.
Little new construction work is being undertaken at this time and factories
are operating at half the normal capacity. Considerable unemployment is
reported to exist throughout the country. The disturbed economic condition is reflected in the steady decrease in Imports. Customs receipts during
March are reported as being 3137,000 less than those collected during
March of last year. Current remittances to the General Receiver are reported as being far below those of April, 1929, and considerably below
those of last month. Notwithstanding the low prevailing prices, exports
of leading commodities, continue to keep up well. This steady movement
of crops is a hopeful sign and allays much pessimism. Exports for the
quarter ending March 30 were as follows: Sugar, 104,949 metric tons:
sugar cans, 148,704 tons; molasses, 30,603 gallons; tobacco, 169 tons;
cacao, 3,743 tons; corn, 3,444 tons. Sugar production to April 1 was reported as 271,219 short tons, with local sales amounting to 12,543 tons and
exports totaling 104,455 short tons. Sugar stocks on hand are reported to
amount to 154,221 short tons
ECUADOR.
The depressed condition of business In the coastal and interior sections
of Ecuador continued during April. No improvement is looked for locally in
the near future, owing to less favorable reports for the better cacao crop.
Prospects for the grain and potato crops in the interior and for the rico crop
are good. Strong local agitation has developed for a high import duty on
flour. The exchange situation is somewhat easier than in Maech, when the
continued drain on the Central Banks gold reserves caused some concern
locally. Cacao deliveries at Guayaquil up to April 23 were some 22,000
quintals (1 quintal equals 101.4 pounds) less than in the same period of
1929 and It is now believed that the 1930 cacao crop will be little, if any,
larger than that of 1929. Deliveries of cacao since March 27 totaled 59,000
quint vis and exports amounted to 46,000 quintals. Stocks on hand of important export commodities in quintals are as follows: cacao, 50,000: coffee,
500;and hides,1,000. Average prices during the month in sucres per quintal
were' Cacao,57; coffee, 46; and hides. 20.
The coffee market is dull, but some business Is being done. Considerable
stocks of coffee are on hand for sale. Present f. o. b. coffee prices per quintal
are: Superior unwashed, $13.25; current unwashed, $11.50; good washed of
fair average quality, $14.50. Dollar exchange has fluctuated slightly.
MAY 31930.]
FINANCIAL CHRONICLE
GUATEMALA.
Business in Guatemala during April decreased as compared with March,
which month was below that of February. Sales of foodstuffs and dry
goods which were stimulated by the Easter purchasing were fairly satisfaotory. On the other hand sales of hardware, machinery, office equipment,
and automobiles were very unsatisfactory during April. Imports into
Guatemala dropped off 25% during February and March compared with
1929. However, drafts held for collection by the local banks on April 1
were 22.6% above the amount outstanding on the same date a year ago.
Indicating a large proportion of overdue accounts. The present outlook
is not encouraging.
With the "dead season" between crops now at band, business conditions
In Haiti are unimproved. A very slight degree of relief was felt due to the
advance in world coffee prices, but this improvement, coming after many
months of depression, has not had the effect of relieving the strain under
which business has been laboring. The general situation is one that calls for
extreme caution in the granting of credits. Merchandise stocks are reported
as being very low and, with no anticipation of business picking up in the
immediate future, importers and distributors are not importing the usual
volume of stocks. At this time of the year Haitian business is usually moving briskly owing to the returns from the coffee crop. Returns from this
crop, when prices are good, enable business to carry over the "dead season'
which lasts from May to October, and during which time agricuitural
activity is at a minimum. Conditions in the world coffee market this year,
however, were such as to offer little encouragement to the coffee industry
and prices were considerably lower than usual. As a consequence,
imports for the six months ending March 31 dropped to $7,065,000
as compared with $10,372,000 imported during the corresponding period
of the
previous year. The value of exports during the six months ending
March
31 totaled 38,893,000 as compared with $11,786,000 for last year.
HONDURAS.
General business conditions have improved on the north coast where collections remain peer. In southern Honduras business continues slack with
collections fair. Sales of automobiles are slow, while those of tires are
fair. Sales of foodstuffs continue steady, but those of textiles and hardware
are slow. Stocks have been reduced through the curtailment of imports and
the revenue of the Government has decreased. The present coffee crop is
reported fair, but sales are slow and prices are uneatisfactory. The steps
being taken by the Honduran Government to stabilize the currency have had
the favorable effect of easing the exchange crisis and reducing the dollar
Premium to around 3%. The Honduran Congress adjourned on April 20,
leaving important matters pending, and according to reports, will soon
be
called in extra session.
INDIA.
Political disturbances and boycotts have caused stagnation to both
foreign and domestic trade throughout India.
3085
fleet has left the Antartic and is returning with full cargo. The demand
for lumber is brisk, with exports slightly above the level oflast year.although
somewhat retarded by the turnover in broken stocks. Prices are stable.
Sala; of mechanical pulp are being well maintained, but paper exports
are below norml and production shows some curtailment. The mining
and the electro-chemical industries continue to exceed previous production
records. Unemployment is gradually being reduced. The official wholesale
index was 145 on April 15, a drop of one point since March 15. Prices of
foodstuffs showed the greatest decline.
PERU.
General business conditions in Peru during April were fundamentally the
same as in March. Sales are restricted and collections slow and difficult.
The depression continues unabated with banks and large business houses
practicing a general restriction of credit. Lima banks are increasing
their reserves and local firms are paying more attention to credit risks,
the business community being uncertain of the Reserve Banks policy as
the bank has not yet drawn against the $2,400.000 gold bullion shipment
of early April. The exchange rate is again around 2.70 soles per dollar
or at about the same level as before the news was published regarding the
Impending gold exports. The Reserve Bank states that it will soon draw
bills on the first gold shipment, ship an additional sum in a fortnight,
and release local banks from their obligations incurred through recent
legislation concerning monthly loans to the Government of Lp. 80,000 for
one year by having the Government take from the currency revaluation
profit the Lp. 640.000 necessary to make up the Lp. 960,000 total of the
proposed loan. Local banks have already made four advances of Lp.
80,000 each.
SWEDEN.
Swedish industries and trade, on the whole, are as yet affected to only
a limited extent by the current depression of certain foreign markets and by
declining commodity prices. A small number of workers have been laid off
In certain iron works and machinery plants. Future developments depend
largely upon changes in the business situation of the principal Swedish
foreign markets; however, a further slowing up is generally expected. The
Riksdag recently abolished the gold import restriction which has been effective since 1924, while the Riksbank has requested authority to increase
the amount by which bill circulation may exceed metallic stock from the
present amount of 125,000,000 crowns to 250,000,000 crowns, thereby obtaining a better control of the fiscal situation. The lumber market is weaker
than last year because of Russian competition and decreased British buying.
It is estimated that the year's production of lumber will fall 15% below
the level of 1029. Advance sales were estimated at 500,000 standards
(990.000,000 board feet) at the end of March, as compared with 575,000
standards (1,138.500 board feet) on April 15 1929. The chemical pulp
market is characterized by declining prices and lower purchases by the
United States, particularly of sulphate pulp. The iron and steel market
underwent no marked changes during the quarter and prices remain about
the same,although orders were reduced and slight unemployment occurred.
The machinery industry reports a decline of foreign orders. The general
price level is following the decline abroad and creating a feeling of uncertainty in some lines. Automobile dealers are more optimistic regarding
sales during the next quarter.
JAMAICA.
General economic conditions in Jamaica are slightly below normal. The
condition of the agricultural crops is good, but exports of principal commodities are slow owing to the low prices. Retail business is reported as
being
less active than is usual for this time of the year. H.ghway construction
is progressing normally in the rural districts and labor conditions continue
SWITZERLAND.
to be satisfactory throughout the Island. The number of tourists
Swiss business in March appeared to be recovering from the February
visiting
the Island from April 1 to April 24 decreased 20% as compared with
recession and exports are increasing.
the
corresponding period of last year.
TRINIDAD.
JAPAN.
Business conditions in Trinidad continue to be affected by the low prices
Stock and commodity prices in Japan continue to decline. In view of the prevailing in the world market for the principal agricultural crops produced
drop in the price of raw silk futures, now quoted at below 1,000 yen per bale. on the Island. The production of cacao
during April was at the rate of
filatures are contemplating a further curtailment in production as well as 140,000 pounds per day. Estimates for production during May
Place the
delaying the reeling of this year a cocoons. Industrial inactivAy is aggra- daily output at about 70.000. It is reported that the stocks of cacao on
vating the unemployment situation and with the possibility of further re- hand total some 2.000.000. The witchbroom disease, which ha been a
,
:
duction in wages labor is becoming restive. The unfavorable trade balance source of trouble and expense to the cacao producers this year. continues
for the period from Jan. 1 to April 21 totaled 134,900,000 yen. (1 yen to spread. The Government has
instituted a vigorous campaign to combat
equals 30.4935 at current rate of exchange.)
this destructive plant disease and the producers are feeling more encouraged.
Although the control measures taken by the Government have failed to
MEXICO.
prevent the spread of the disease, the action taken has been so effective as
Wholesale and retail trade were generally dull during April with collections
slow and money tight. The unfavorable conditions are attributable chiefly to prevent the disease from affecting the output of cacao.
to the low yields of several important crops in 1929 and prices being received
UNITED KINGDOM.
for metals and petroleum. No general improvement is expected in the
The Government is now seeking Parliamentary sanction to extend until
near future. Conditions are relatively better In the Monterrey district due
March 31 1925 the period during which the Board of Trade, under the
to manufacturing industries of the regime. Trade in this city is also stimulated to some extent by tourists from the United States. The Government Overseas Trade Acts, is "authorized to make arrangements for giving
continues work on various highway and irrigation projects which is relieving guarantees to an amount not exceeding £26,000,000 in connection with the
the unemployment situation to some extent. In spite of the business de- export of goods wholly or partly manufactured in the United Kingdom."
pression, bank clearances in Mexico City during March amounted to 100,- It is also proposed that the date to which guarantees may remain in force
000,000 pesos, the largest monthly total during recent years. The increase be extended to March 31 1940, British Government assistance in conis due partly to the Government's recently adopted policy of paying salaries nection with export credits has been available in some form since 1919,
but the present scheme of insurance was not inaugurated until July 1 1926.
of Government employees by check. Extensive preparations are
being
made by the Government for census covering population, agriculture and Between that date and March 31 1930 contracts aggregating a face value of
industry on May 15 1930. The Mexican Highway and Tourist Congresses, £12,764,000 have been concluded. As originally contemplated , the Governtogether with a road machinery exhibit, have around such local interest ment export credit scheme was to terminate,so far as the acceptance of new
and are expected to encourage further highway construction. Delegates business was concerned in September 1929. It was subsequently extended
to Sept. 8 1931 and further extension of its period of operation was recomfrom all Mexican States and about 30 delegates from the United
States mended in a
report issued last December by the committee appointed to
are in attendance. About 130 American manufacturers have products
on investigate the
administration of the scheme. British industrial activity
display at the road machinery exhibit.
is estimated to have increased 5.8% in 1929, as against an estimate decrease
NETHERLAND EAST INDIES.
of 1.2% in 1928—according to the Government Board of Trade's index
Conditions in the bazaar market continue very quiet. The local
price of industrial production. Based on production in 1924 at 100, the general
war which has prevailed for some time between two large oil
companies Index number (for manufacturing and mining industries combined) was
has ended and prices have returned to their old levels.
106.8 for 1927. 105.5 for 1928 and 111.6 for 1929. The estimated production
of manufacturing industries alone was 9.9% greater in 1927 than in 1924.
NICARAGUA.
The index dropped slightly to 109.4 for 1928 and rose to 115.3 for 1929.
Conditions in Western Nicaragua continue unchanged with
business in
general dull. Circulation of the Cordoba declined from 3,490,000
URUGUAY.
in March
to 3,430,000 in April. Imports through Corinto from March 27 to
The observation to Holy Week reduced the monthly volume of sales in all
April 24
amounted to 2.600 tons. Exports during the same period
totaled 9.800 lines to low levels,the retail turnover in particularbeing affected. Basically,
tons, which includes 4,300 tons of coffee and 5,000 tons of sugar.
Total the business sistuation remained unsatisfactory, although some improvecoffee shipments to date during this year have amounted to
12.500 tons. ment is soon expected to result from the initiation of new public works
Customs duties payable at Corinto during April amounted to
$195,000 as projects and from the acceleration of construction already in progress.
compared with $188,000 in March and $196,000 in February.
Throughout the month future commitments were light with almost complete
cessation of buying of so-called luxury items. The volume of imports and
NORWAY.
exports both showed declines from March levels. The wool market was
Annual statements published recently by leading industrial
concerns quiet with sales confined to coarse fibers at prices established last month.
reveal a general improvement in Norwegian Industry, although
present There was practically no demand for dried hides and prices for this commodactivity is perhaps slightly below normal. The outlook for the immediate
ity showed a further downward tendency. Local industries and American
future is encouraging, but the prospects for permanent improvement,
depend firms are practically the only purchasers of wet salted hides. Prices for
somewhat on political developments as the coming fall election is causing
these were irregular but averaged up to those obtained during March.
some hesitancy for new commitments. There was practically no change
Spirited buying of chilled and freezer stock by frigorificos and of lower
in the amount of idle tonnage during April, but freight rates are slightly
grade animals by meat salting plants buoyed by the live cattle market
firmer and further improvement is anticipated. The latest reports from all
and maintained prices of all grades of animals at high levels. Frigorificos
fishing districts indicate satisfactory returns for the season. The whaling continued
to operate at nearly full capacity.
March bank clearings
3086
FINANCIAL CHRON CLE
amounted to 80,800,000 pesos. Money continued plentiful at easy rates,
but banks exercised considerable caution in the extension of loans and
overdrafts. There were fewer requests for postponements, but collections
on the whole continued slow. No failures of importance were reported.
Congress approved a loan of 17,000,000 pesos for public works, 10,000,000
of which were to be placed immediately with American bankers at 95.02.
A bill was presented to Congress authorizing the Government to purchase
the exportable surplus of corn at 3.80 pesos per 100 kilos. Bids were opened
for the construction of the Treinta Y Tres-Rio Branco Railroad and the
Colonia-Montevideo Ferry-boat services.
VENEZUELA.
The general unsatisfactory business trend in Venezuela continues downward. Dealers are liquidating their present stocks of merchandise and
placing few orders abroad. Collections are becoming increasingly difficult
and there is little activity in the coffee and cacao market. Small stocks
remain on hand for future shipments. Automobile sales are less than in
March, which month was 25% less than in February. The National Congress is now in session and is expected to enact important legislation
The Pan American airmail service between Venezuela and the United States
via Panama will start May 5. Exchange is 5.26 bolivars to the dollar.
(Bolivar at par is worth $0-193.)
The Department's summary also includes the following
with regard to the Island Possessions of the United States:
PHILIPPINE ISLANDS.
The year's first typhoon has demolished 13 towns In Leyte province.
Coconut groves were also damaged but estimates of the extent of the
destruction are not yet available. It is believed, however, that exports of
coconut products from Tacloban may be seriously affected. General
business conditions remains unsatisfactory. Credits are still tight, although
collections seem to have a slightly better tone in abaca districts but are
considered unsatisfactory on the whole. Stocks of imported merchandise
are not burdensome. Textile business remains unchanged from the poor
condition last reported. Reports received from Cebu,Cotabato,Zamboanga
and Jobe, indicate that conditions throughout the southern islands are generally unfavorable.
M. A. Traylor of First National Bank of Chicago on
Functions of Bank for International Settlements—
Operation of Gold Settlement Fund.
In an address describing the functions of the Bank for
International Settlements, M. A. Traylor, President of the
First National Bank of Chicago, points out that the Bank
"may operate a gold settlement fund under rules and regulations to be approved by its Board of Directors," adding:
Bank
"In my opinion, this last function offers the only field in which the
the
is likely at any time soon to undertake an important operation outside
the operation of the
sphere of reparations. Those who are familiar with
so-called Federal Reserve gold settlement fund will readily understand the
effect of the operation of such a fund by the Bank for International Settlements. Whether its activity in that direction will benefit international
commerce and finance may be a debatable question. Some have expressed
doubt, even actual fear, of such an undertaking. It is generally admitted,
I believe, that the successful functioning of a gold settlement fund would
reduce the gold points; that is, would tend to stabilize the fluctuation in
International exchanges."
•
Mr. Traylor's address, from which we quote as above, was
delivered in Washington on April 28, before the American
Committee of the International Chamber of Commerce. A
previous discussion of the International Bank by Mr. Traylor, in the April issue of the "Journal" of the American
Bankers' Association, was referred to in these columns,
April 19, page 2678. Mr. Traylor was one of the two representatives on the organization committee of the Bank for
International Settlements which met at Baden-Baden in
the fall of 1929, and concluded its work at The Hague in
January of this year. In his address in Washington, April
28, Mr. Traylor, answering the query,"What is the Bank and
what will it do?" said:
It may be asked, "Why was it necessary to set up the elaborate machinery
collection and
of an International Bank for the purpose of effecting the
distribution of German annuities?" I have frequently been asked this
many European
question, and have had pointed out the availability of the
functions
financial institutions which might properly have undertaken the
performed by the Bank for
in connection with reparations which are to be
International Settlements. To suggest such a solution is to ignore the
infundamental natural human reactions of all parties and governments
the creditors of
volved. The privilege of acting as Agent or Trustee, for
was not one that any of the
Germany under the existing circumstances
of prestige and position
parties could yield to another without a sacrifice
which none would be willing to make.
instrumentality as far removed
It was, therefore, necessary to set up an
national influence, and
as possible from the atmosphere of all political and
was extremely wise in its
I personally believe that the Young Committee
issue of the respective
decision to lay upon the central banks, or banks of
management of the
countries, the responsibility for the organization and
obvious, whether we
Bank for International Settlements. It is perfectly reparations and the
of
will it so or not, that in effecting the payment
definite problem of the
liquidation of Inter-allied debts, there is involved a
be effected without
International movement of large sums which cannot
of the various countries
consideration of the currency and exchange position
familiar with the subject as are
involved. No group in the world is so
banks of issue in the respective
the responsible officers of the various
Settlements is to receive
countries; and since the Bank for International
that it should be
disburse German annuities it is especially fitting Banks of Issue in
and
the
managed under the direction of the Governors of
the countries affected.
of the Central Banks
The Plan, therefore, provided that the Governors
from the United
of the six participating countries and representatives
invitation both on the
States which was represented unofficially and by
for the organiDawes and Young Committees, should appoint a Committee
[Vox,. 130.
zation of the Bank. This Committee met at Baden-Baden, Germany, on
Oct. 3 1929, and finally concluded their work at The Hague, Jan. 20 1930.
What of their work? After all, theirs was the responsibility for providing the charter and laws under which the Bank may operate.
It is well to keep in mind that the Young Plan outlined in rather complete detail the more important features of the Bank's organization, such
as the capitalization; the Board of Directors, their composition and manner of election; certain functions of the Bank with respect to the handling
of annuities, and other provisions. But it was the Organization Committee's responsibility to bring the Bank into existence, and to chart Its
course in such manner as to safeguard not only the future of the Bank,
but also the integrity of existing financial institutions; and, further,
protect the interests and vested rights of all those interested in international
finance, commerce and industry.
Briefly, therefore, the Bank is to have a capitalization of an equivalent
of $100,000,000. It is to be located at Basle, Switzerland, and the capitalization will, therefore, be expressed in Swiss francs; in shares of a value
of 2,500 francs, or, in round figures, $500. The stock of the Bank has
been underwritten in equal proportions by the Central Banks of Lime of
Germany, Belgium, France, England and Italy; and by a consortium of
banks in Japan whose laws forbid the Bank of Japan to engage in such
underwriting; and by a syndicate of banks representing the United States,
our Government having declined to permit the Federal Reserve Bank of
New York, which under the terms of the Young Plan is identified as the
Bank of Issue in the United States, to participate in the underwriting.
According to the terms of the Young Plan, 56% of the total capitalization
must be subscribed by the seven participating countries. The remaining
44% of the stock may be subscribed by other nations desiring to participate in the Bank, and who are able to meet the provisions of the laws of
the Bank with respect to qualifications; they must have either a gold or
gold exchange currency. According also to the terms of the Young Plan,
only 25% of the subscribed stock will be paid in at the time of the organization of the bank. Therefore, the Bank will begin operations as soon as the
seven countries have paid in $14,000,000, which is 25% of their subscribed
capital of $56,000,000. If at the end of the term of two years the remaining 44% of the stock which has been underwritten by the seven countries
is not sold to other countries, the underwriting group will subscribe and
pay in 25% of any remainder not so distributed. Hence, at the end of
two years the paid-in capital of the Bank, if no further calls are made,
will be in round figures $25,000,000.
The stock is entitled to 6% cumulative dividends, and after certain
reserves are set up, to a further participation in earnings not to exceed an
additional 6%. The stock of the Bank has no voting rights. The right of
voting irrespective of what distribution may be made of the stock remains at
all times in the underwriting groups, which means the central banks of
Issue of all coutries save the United States. It is interesting to note that
although the American underwriting group has the right to vote, the right
of veto is lodged with the Federal Reserve Bank of New York, on any
question involving the interests of the United States. Thus it will be seen
that the countries responsible for bringing the Bank into existence will
continue indefinitely to exercise control of the Bank through the Board of
Directors, which is to consist in the first instance of two directors from
each of the seven countries, with an extra director each allotted to Germany
and France during the period at reparation payments, or a total Board of
16. Of these directors, one from each country shall be the Governor of the
Central Bank of Issue, or his substitute, and the other his nominee, except
in the case of the United States, where the directors shall be men selected
by the underwriting group and not objected to by the Federal Reserve Bank
of New York. When, as, and if the remaining 44% of the capital stock
is taken by other countries desiring to participate in the Bank, nine additional directors shall be elected by the Board of Directors from lists of
nominees proposed by the respective countries. It is natural to assume
that these additional directors will be of the same type and calibre as the
Governors of the Central Banks and their nominees. Thus will be brought
together perhaps the most outstanding group of financial and
business men on the Board of any banking institution in the world—s
Board of Directors you may well say, in experience and ability far out
of proportion to the relative size in assets of the institution which they
are to manage.
What of the Bank's functions, and what is it likely to do?
A great deal has been written and spoken on these points, and if one
may judge by some of the comments, they have been made without an
accurate knowledge of the facts. In the first place, it is only natural that
the principal and primary function of the Bank is that of acting as Agent
and Trustee for the creditor Governments in the collection of German
annuities. Reduced to its simplest form, the German Government executes
a certificate of indebtedness covering its entire undertaking to pay annuities, attached to which are coupons covering each annual payment, and
divided as to the conditional and unconditional amounts. This certificate
of indebtedness, which is nothing more nor less than the note or bond of
the German Government, is lodged with the Bank for International Settlements, which undertakes according to the terms of a trust agreement
entered into by the creditor Governments and the Bank, to collect and
distribute the payments to be made by Germany in exactly the same manner that any financial institution in America would undertake a similar
duty. There is absolutely nothing mysterious or unusual, therefore, in
the primary function of the Bank. For its service as Trustee for the creditors, an agreement as to compensation was reached which those familiar
with the subject feel certain will enable the Bank to earn its fixed charges
and dividend requirements.
In addition to acting as Trustee for the interested parties, the Bank
also will act as Agent for the creditors in connection with the issuance
of the so-called reparation bonds, the function of the Bank in this particular
being limited to advice to the creditor Governments on the question of
appropriateness as to the time of issue of such bonds, and the markets in
which such bonds may be sold. The Bank also will supervise the preparation of the bonds and as agent of the creditors, the negotiation of their
sale to underwriting groups. The Bank will not be an underwriting participant, and will have no financial interest in or make any profit from such
transactions, save a flat fee for the work it performs, which is to be
agreed upon at the time of each transaction. The Bank, therefore, is not,
as has been charged, an institution for the issue of any kind of securities
which may be offered in the markets of the world to the detriment of any
country.
Aside from its reparation functions, what will the Bank do?
It is perhaps well to note first what it may not do. Most important of
all, it may not issue its own notes payable at sight or to bearer, that is,
it will not attempt to introduce an international currency into the world.
Consequently, It has no power to inflate or contract the world's available
credit. It may not accept bills of exchange, nor other credit instruments
which might lead to inflation. It may not make advances to Governments,
MAY 3 1930.1
FINANCIAL CHRONICLE
thereby removing any possibility of its facilities being abused for the
purpose of assisting Governments to balance budgets, or for any other purpose. It may not open current accounts in the names of Governments,
thus preventing the extension of credit to Governments by way of overdrafts. It may not acquire a predominant interest in any business concern, again eliminating the possibility of the use of the funds of the
Bank in any manner which might operate to the advantage of one country,
and the disadvantage of another. And, finally, it cannot own real estate
except for its immediate and private use.
A careful study of these prohibitions will definitely reveal that the
Bank may not carry on operations in any field to the detriment of the
stability of international commerce and finance; however, such a study
does not seem appropriate or necessary here.
What, therefore, may the Bank do other than to perform the functions
of a Trustee?
First of all, it must be operated in conformity with the policies of the
central banks of issue concerned. It is limited in its investments to such
securities as are ordinarily available for purchase or discount by central
banks of issue. These are described in more detail, and are even more restricted than the securities available for purchase by our Federal Reserve
Banks. It is further restricted as to the amount of obligations which it
may purchase in the currencies of any one country. It may borrow from
one Central Bank, and it may lend to another Central Bank, always within
such restrictions as may be imposed by the Board of Directors. Considering
the size of the Bank in relation to the principal Central Banks of the world,
it is not to be supposed that this function will be availed of frequently,
or in any considerable degree. Although it may buy and sell gold, it does
not seem likely that the Bank will ever find any excuse for dealing in or
holding any large amounts of the precious metal, for it does not have the
right of issuing its own currency, its earning assets will be limited, its
liabilities will be represented largely by demand deposits and, moreover,
gold itself is a non-earning and dead asset.
Under certain restrictions which I shall mention later, It may open
accounts with Central Banks and bankers in other countries, who may in
turn open accounts with the International Bank; and it may operate a
gold settlement fund under rules and regulations to be approved by its
Board of Directors. In my opinion, this last function offers the only field
in which the Bank is likely at any time soon, to undertake an important
operation outside the sphere of reparations. Those who are familiar with
the operation of the so-called Federal Reserve gold settlement fund will
readily understand the effect of the operation of such a fund by the Bank
for International Settlements. Whether its activity in that direction will
benefit international commerce and finance may be a debatable question.
Some have expressed doubt, even actual fear, of such an undertaking. It is
generally admitted, I believe, that the successful functioning of a gold
settlement fund would reduce the gold points, that is, would tend to stabilize the fluctuation in international exchanges. This would seem to be a
desirable attainment, beneficial to all who are interested in world trade and
world finance.
These in brief are some of the more important functions of the Bank,
aside from its reparations activities. But these, and all other activities
of the Bank are subject not only to the discretion of the Board of Directors,
but also to the veto clause upon the operations of the Bank, which is
lodged with the Central Banks of the countries concerned. This section
of the Statutes of the Bank is of such significant and broad application
that I believe it well to quote it here:
(Article 20)
"The operations of the Bank shall be In conformity with the monetary policy
of the central banks of the countries concerned.
"Before any financial operation is carried out by or on behalf of the Bank on a
given market or in a given currency, the board shall afford to the central bank or
central banks directly concerned an opportunity to dissent. In the event of disapproval being expressed within such reasonable time as the board shall specify,
the proposed operation shall not take place. A central bank may make its concurrence subject to conditions and may limit its assent to a specific operation, or enter
Into a general arrangement permitting the Bank to carry on Its operations within
such limits as to time, character and amount as may be specified. This Article,
shall not, however, be read as requiring the assent of any central bank to the withdrawal from Its market of funds to the introduction of which no objection had been
raised by it.
"Any Governor of a central bank, or his alternate, or any other director specially
authorized by the central bank of the country of which he is a national to act on
Its behalf in this matter, shall, if he is present at the meeting of the board and does
not vote against any such proposed operation, be deemed to have given the valid
assent of the central bank in question.
"If the representative of the central bank In question is absent or if a central
bank Is not directly represented on the board, steps shall be taken to afford the
central bank or banks concerned an opportunity to express dissent."
Thus it will be seen that no matter what may be the conclusion of the
Board with respect to any transaction to be effected in any country, such
an operation cannot be carried out if the Central Bank of the country
affected signifies its objection. This is of especial importance at this time
when it is being alleged that America is to be flooded with succeeding
Issues of Gelman obligations in amounts so large as to threaten our credit
structure, deplete our gold reserves, and otherwise destroy our economic
prosperity. Assuming that it would be the disposition of the majority of
the Board of Directors of the Bank to carry on such operations, which
assumption would not be warranted by the facts, we would have to assume
further that the Governor of the Federal Reserve Bank of New York would
not object to such a program, before we can believe that such a procedure
Is even within the realm of possibility. If the expressed language of the
Statutes means anything, and if the covenant of the world's leading Governments who have ratified these provisions of the Statutes is more than a
scrap of paper, if the Governor of the Federal Reserve Bank of New York
should object to such a transaction or any other transaction, "then the
proposed operation shall not take place." Probably never before in the
history of international agreements has there been written such an allinclusive veto power as is reserved to each and every participant in the
International Bank.
Therefore it seems to me that whatever may be the disposition or conclusion of the Board in the years that lie ahead with respect to the functions
or fields of operation of the Bank, so long as Article 20 of the Statutes is
preserved—and this section can only be amended by unanimous covenant
between the contracting Powers and Switzerland, which has chartered the
Bank—there can be no danger or threat of danger to the economic integrity
or financial stability of any of the countries concerned because of any
activity of the International Bank, which activity so far as it is applicable
to such country may be by that country vetoed at any time.
I am making no attempt here to invade the realm of speculative possibility which has afforded the proponents and opponent alike of the Bank
fertile field for prophecy as to what the Bany may or may not do. I
have endeavored to limit my statements to the development of the Bank
within the terms of the charter and statutes. I hope I have shown that
the Bank is not an international financial octopus, threatening the economy
of any country, or of all the world; that by the nature of its organization
3087
and management it is not a part of or an adjunct to any other international
group or association; that in fact it is at best a relatively small bank
created by bankers to perform primarily a specific banking function, with
powers lodged in its directorate for its development from time to time
along well-defined and sound financial lines, and always subject to reservations and restrictions not imposed upon any other financial institution in
the world. That the Bank will, in its growth and development become an
important factor in our international life and secure for itself an abiding
place in the hearts and affections of the peoples of the world, I have a
genuine faith. I believe that if nothing more comes from its organization
than the provision for a meeting place for the Governors of the banks of
issue of the principal countries in the world on whose shoulders rest the
responsibility for the maintenance of sound financial structures within
their own borders, and for the stability and free movement of the credit of
the world, there will have been given to the world a guarantee which it has
not had before—an assurance that the best intelligence in the world of
finance and credit is being directed co-operatively towards the best interests
of all concerned.
If I learned anything—and I learned much—from my association with
the members of the Committee for the organization of the Bank, it was
this: That whatever may be the differences in customs and practices;
whatever may be the particular national viewpoint or the momentary
national interest on subjects of banking, finance and business, on underlying principles of economics, there is no difference in the viewpoint, or the
conviction of an intelligent business man, no matter from what part of the
globe Ile comes. And I shall always carry with me a conviction that each
member,of our Committee was as sincere in his desire to accomplish for
the whole the utmost good as was any other member; and that an intimate
knowledge upon the part of the people of each nation of the problems and
viewpoints of the people of other nations is a condition precedent to understandings and agreements between all peoples which shall have for their
purpose the ultimate benefit and advancement of every one, everywhere.
Without such understanding and appreciation of the elemental human reactions, international peace and good-will is a dream impossible of realization.
The International Bank, through its Board and its Committees, is a Forum
for the development of such understanding.
Bankers Discuss German Reparation Loan—Financiers
of Nine Nations at Brussels Aim to Float Bonds to
Be Issued Under Young Plan 3rd or 4th Week in
May—Eastern Accord Signed.
Bankers of 9 Nations, including the United States, met
at Brussels on May 1 to discuss the terms and conditions of
the forthcoming German annuity loan of 8300,000,000 and
decided to facilitate the remaining details of the operation
so that the bonds could be floated on world markets the
third or fourth week in May. We quote from a cablegram
to the New York "Times" which further stated:
It is generally believed that the American market will absorb between
$75,000,000 and $100,000,000 of the total loan, of which $100,000,000 is
earmarked for the German railway and postal services.
While the ktvestment bankers are in accord on broad outlines, to-day's
two lengthy sessions were insufficient to work out the details of the first
Young plan loan. The bankers preserved the greatest reticence regarding
the trend of their discussions, but it was understood that certain differences
of opinion had arisen in the matter of interest rates, several Continental
nations favoring a lower yield than that desired by the Americans.
Further meetings will be held to-morrow, but it was announced to-night
that a conclusion would not be reached by the time of adjournment and that
therefore representatives of the treasuries of the creditor governments
would meet in Paris on Monday to approve the tentative decisions taken at
Brussels. Then the board of directors of the Bank for International
Settlements will convene at Basle on May 12 and the final steps will be
taken at another meeting of the investment bankers after the Bank's board
concludes its deliberations.
In the absence of Gates W. McGarrah, President of the world bank, who
was attending a meeting of the Reichsbank in Berlin, Leon Fraser, his
Deputy, presided at to-day's session and explained the general conditions
and plans for the bond issue. Two subcommittees are considering questions
relating to the redemption of the bond, the payment of coupons and the
method of remitting debt service.
The sessions, held at the Bank of Belgium, are being attended by bankers
from the United States, Britain, Germany, France, Italy, Switzerland,
Holland, Belgium and Sweden. Thomas W. Lamont and Arthur H.
Anderson, Partners of J. P. Morgan & Co., are respresenting the group of
bankers which will float the American share of the bonds.
In a Paris cablegram April 28 referred to the meeting
scheduled for May 1, called by Mr. McGarrah the "Times,"
said:r1
In calling this meeting, Mr. McGarrah is anticipating the ratification
of the Young plan by Italy and Great Britain and is using the interval until
these ratifications are forthcoming for doing all the preparatory work,
so that no time will be wasted after the bank comes into legal operation.
The main obstacle to Italian ratification was removed to-day when
representatives of France, Great Britain, Italy, Rumania, Czechoslovakia, Jugoslavia and Hungary signed the four agreements making the
complete operation of the Young plan possible and settling the intricate
claims and counterclaims between Hungary and her creditors. The ceremony of signature took place in the Clock Room at the Quai d'Orsay and
marks the end of extremely long and laborious negotiations, for the success
of which the principal credit must be given to Louis Loucheur, who has.
since The Hague conference, presided over the committee's work.
This agreement has been reached only as a result of concessions on
the part of England, France and Italy, who have all increased their contributions to the agrarian fund which was fixed at 219,500,000 gold crowns.
To-day's settlement will, it Is expected, lead to the Italian ratification of
the Young plan within the next few days and that of Great Britain is
expected to follow.
Interest Rate to Be Uniform.
rMeanwhile, the bankers at the Brussels meeting will push forward the
work of preparing the first bond issue,
kThe bonds will be issued in the national currency of each of the nine
countries and rate of interest will be the same in all, but the bonds will
not, properly speaking, be international. Germany will, according to
the terms of The Hague settlement, participate in the proceeds of the
loan to the amount of $100,000.000.
3088
FINANCIAL CHRONICLE
[vol.- 130.
Representative McFadden Questions Whether Bank problems of international finance, is generally concurred in here. Not
all bankers
the new Bank will
for International Settlements Can Function With- enterprise. are satisfied thatthis doubt, which isnot interfere with private
But apart from
not generally thought to
out Co-Operation of Federal Reserve System— be groundless, the new institution is accepted with satisfaction, particularly
Presents to House Correspondence of State and as offering the only possible solution for the awkward war debt problem.
Other benefits
to flow from the new under.
Treasury Departments and Federal Reserve Board taking, including are expected ultimately International situation of goldgreater economy in the
Bearing on Bank.
The general banking view is that if the institution achieves only this, it
Wonderment as to how the Bank for International Settle- will have justified its existence.
It is believed that the Bank of England will issue publicly its block
ments can fully function without the entire co-operation of shares in the International Bank.
the Federal Reserve System, because of the fact that over
40% of the world's gold is now under the direction and control Swiss Enforce Gold Standard—Metal in National
of the Reserve Banks in the United States, was expressed on
Bank's Vaults Alone Provides Cover of Over 60%.BI
the floor of the House on April 28 by Chairman McFadden
Under the above head the following from Its Paris office
of the Committee on Banking and Currency says the Wash- appeared in the "Wall Street Journal" of April
28:
ington correspondent of the New York "Journal of ComOn April 1, the Swiss established the gold standard, for which preparamerce," who under date of April 29 went on to say:
tion has been made for many years. Although Switzerland is the last of
In laying before the House an exchange of correspondence with the
State Department, Treasury and the Federal Reserve Board, definitely
stating that official American participation in the International Bank has
been prohibited by the Administration, McFadden declared: "It is perfectly plain that the State Department by this prohibition on the Federal
Reserve System has turned over America's participation in the Bank for
International Settlements to a group of bankers headed and dominated by
J. P. Morgan & Co.
Points to Young's Associates.
"We should not lose sight of the fact that closely associated with the
dominating influence, Owen D. Young, in the organization of the Bank for
International Settlement were J. P. Morgan, Thomas W. Lamont and
Thomas N. Perkins, who with Mr. Young composed United States representation of the committee which brought forth the Young plan, which
had embodied therein the plan for the Bank," he added.
After reading the explanations made by Governor Roy A. Young of the
Reserve Board, Secretary of the Treasury Mellon and Acting Secretary of
State Cotton the House Banking and i Currency Committee Chairman
contended that the plans of the organizers of this Bank have been thwarted
through the prohibition against official participation as first administered
by the State Department in the statement issued by Secretary Samson on
May 16 1929.
"That this edict of the State Department is interfering with the contemplated co-operation of the Federal Reserve System through the Bank for
International Settlements in the stabilization of international price levels
and the conservation of gold." McFadden said, "must be apparent to any
one who hail been familiar with their co-operation with the Central Banks of
Issue in the past and which is continuing at the present time and which
has been in contemplation for the future to an extent even greater than
In the past.
Questions Represnitation.
"From the fact that the Chairman of the Board and Federal Reserve
Agent of the Federal Reserve Bank of New York has resigned to become the
President of the Bank for International Settlements and that he has associated with him as a director one who will co-operate fully with the Morgan
group, which is the United States stockholder in this bank, are we to infer
that these men are the unofficial representatives of our Federal Reserve
System." he asked.
In resuming his attack upon the Government's policy with respect to
the International Bank, Mr. McFadden disclosed that further action on his
resolutions calling upon the Secretaries of State and Treasury for information relative to the bank set up was deferred at the suggestion of Speaker
Longworth and Majority Leader Tilson pending explanations in response to
written requests. Mr. McFadden to-day inserted into the "Record" copies
of his resolutions and stated that the information finally obtained had been
sufficient, although the mass of correspondence which he had read to the
House showed that he had gone back to both the State Department and the
Treasury for further information after their original explanations had been
received.
Original Plans Thwarted.
"From a careful perusal of these explanations of the Department of State,
the Treasury Department and the Federal Reserve Board," he said, "it is
perfectly clear that the original plans of the promoters of the Bank for International Settlements, the officers of the Federal Reserve Bank of New
York and such others who have been connected with that Bank or the Federal Reserve System, who were in sympathy with their plans, have been
thwarted."
Despite the statements of the State Department and the Reserve Board
Governor, McFadden said, there is "no question in my mind, nor do I
believe there is a question in the minds of the management of the Federal
Reserve System or the Morgan group, or of the other banks of issue in the
different countries of the world who are stockholders in the Bank for International Settlements, but that the Federal Reserve System is to function
fully and in unison with this Bank and that in these operations the house of
Morgan, through its chosen officers, are to act virtually as fiscal agents
for the Federal Reserve System, and in this course apparently the Federal
Reserve System is in entire accord."
Says Congress Should Act.
After asking "why should this country through its departments of Government and its Federal Reserve system carry on clandestinely its diplomatic
and financial contacts in other countries " McFadden asserted it is time
that Congress takes cognizance of these "important relationships in finance
and diplomacy and see to it that they are handled directly by the properly
constituted authorities."
McFadden reiterated his contention that the Young plan reparation bonds
are "tainted with illegality under numerous counts." He said that the
Bank for International Settlements will undoubtedly be open for business
entire
the early part of next month and he expressed the belief that the
worth
Issue of $300,000,000 worth of reparation bonds and not 3100.000,000
offered for sale in this
of these bonds, as it has been announced, would be
country.
Expect Good Results from the Bank for International
Settlements—Some Bankers See Interference with
Private Enterprise, but General View is Favorable.
the
Under date of April 25 a cablegram from Paris to
New York "Times," said:
The expression of confidence by the board of the new Bank for Inter
ational Settlements that the institution cannot fail to Influence favorably
I
the Latin•Union States to take this step, the gold-standard virtually has
been in effect there since 1924. The new law, however, compels the bank
to redeem its notes in Swiss gold coins, besides insisting on a 40% reserve
in gold to be held exclusively in Switzerland. Any body has the right to
demand mintage of gold coins of 10 and 20 francs in nfinimum quantities
of 100,000 francs. The export of gold has been free for two years.
Since Switzerland is not desirous of putting quantities of gold into circulation, however, the law provides that so long as the principal central
banks of the world do not redeem their notes in gold coin, the Swiss National
Bank shall have the right to give gold bars or gold foreign currencies in
exchange for its own notes. In the latter case, current market rates shall
be taken as basis, though this rate must be below the gold-export point.
Over 100% Cover for Circulation.
Bank's first statement under the new regime showed a gold reserve at
home of almost 661,000,000 francs besides gold exchange amounting to
344,000,000. Together, these sums exceed the circulation while the gold in
vaults alone provides a cover of over 60%. As compared with the situation
at the end of 1913, the gold reserve at home is thrice as much, but the
circulation is also almost thrice greater.
The bank's holding of gold-exchange grew from 254,000,000 francs at
the end or 1928 to 353,000,0(10 at the end of 1929 despite repayment in
August, last, of 51 % $30,000,000 loan of Swiss Confederation, and enables
4
the Government to plan redemption of 8% $25,000,000 loan in January,
next. The same reserve also has been frequently used to check the franc's
constant tendency to appreciate in terms of other currencies and thus to
handicap Swiss exports.
Strength of the Swiss franc was witnessed most strikingly last year
when, with a bank rate unchanged at 81%, it resisted the high rates
/
2
prevailing elsewhere, while after the Wall Street crash it rose quickly to
a premium on all exchanges. Against a parity of 5.18 to the dollar, it has
never sunk below 5.21 in the last five years, while in 1929 its high was
5.20 and low 5.14, though the 31
/
2
% rate was maintained from October
1925. Reduction of the bank rate to 3% on April 3 was dictated by the
general fall in rates elsewhere, plus the increasing appreciation of the
franc, but 10 days later the franc stood at 5.16 on New York and was
strong enough in Paris to warrant a shipment of gold to Berne by Lazard
Freres, the first operation of its kind.
Why the Franc Is Strong.
Inquiry as to the reasons for the strength of the franc invariably elicit
the prompt reply that the balance of payments is strongly in favor of the
Swiss. There is an adverse balance of trade and it has increased in the last
three years from 540,000,000 to 610,000,000 and 679,000,000
franca,
respectively, but there is an immense volume of invisible exports.
First comes the tourist traffic, which before the war was confined to
the summer, but now is almost as heavy in winter. Secondly, during
Europe's currency troubles capital poured into Switzerland in all directions
in search of eafety. Since the termination of these troubles, such
foreign
capital has not been withdrawn because taxation is far heavier in England,
France, Germany, and elsewhere. The coupon tax on shares is 3% and
on
bonds 2% in Switzerland, while there is no legacy duty on the
funds of
foreigners abroad. Accordingly, Swiss banks continue to carry
numerous
accounts for German, French and other non-Swiss nationals,
from which
accounts are drawn funds for investment in Swiss, foreign or
international
undertakings.
Swiss Rink Corp.'s TPVIPW of the eight commercial banks
for 1929 shows
that while In 1913 capital and reserves amounted to
496,000,000 francs,
at the end of last year the total was 1,148,000,000 francs.
Five of the
eight pay a dividend of 8%, which at current market prices
gives a yield
of 5% and over. The average dividend for the eight has
remained steady
for years at between 7% and 72
/
1%. Naturally, the constructive manner
in
which these banks are conducted attracts confidence, and they are
sufficiently
enterprising to seize the opportunity given them by the fiscal
and other
advantages which Switzerland offers over other countries.
France to Reduce Paper Circulation—Minister of Finance
Explains Plan to Cut Taxes and to Export Gold.
The French Government's decision to adopt a policy of
drastic reduction in paper circulation was made known in
the Chamber on April 25 by Finance Minister Paul
Reynaud
in supporting his program of tax decreases. A
cablegram
from Paris to the New York "Times" went on to
say:
In
a heated argument with the Socialists, whose
counter measure
proposed to alter the whole system of taxation to one
based on a capital
levy, M. Reynaul gave important indications on how
the government
plans at the same time to check inflation and reduce the
growing reserves
in foreign specie now held by the Bank of
France. The Socialist
counter-proposal was defeated 307 to 250.
M. Reynaud outlined the sequence of events
which resulted in the
circulation of 70,899,000,000 francs, according to the
most recent statement of the Bank of France. This was a result of the
fall of the franc
when the Poincare Government was obliged to purchase
foreign moneys
in order to accomplish stabilization. Continuation of
this policy, according to M. Reynaud, had now established a flow of
France to the extent of 18,724,000,000 francs' worth offoreign gold into
pounds, sterling,
guilders and other moneys now held in the Bank of
France's vaults.
This was acquired by the printing of bank-notes and
therefore was
reflected in a corresponding rise in circulation, to which he attributed
MAY 3 1930.]
FINANCIAL CHRONICLE
the high cost of living in France and proclaimed the government's
intention of reducing circulation.
This he proposes to accomplish by a 50% reduction in the stamp
tax on Bourse operations and by reducing from 25% to 18% the
income tax on holders of foreign securities. The Finance Minister's
theory is that this reduction will lead French investors to buy foreign
securities, to do which they must have recourse to the Bank of France
to obtain foreign moneys to make their purchases. By this means
the reserve of foreign specie would be made to dwindle.
"With each export of gold," declared M. Reynaud, "there would be
a corresponding destruction of banknotes—a policy which already has
been put into operation by the Bank of France."
To the charge that he was favoring foreign securities to the detriment
of the French he replied that a reduction on overtaxed French securities
also was contained in the measure.
An amendment abolishing privileged shares in French corporations
carrying plural voting powers passed the Chamber at a night sitting.
The action was taken by a vote of 285 to 280 despite government opposition, though Premier Tardieu did not make the question one of confidence. In previous debates it had been charged that the existence
of plural voting shares had enabled American interests to obtain control
of French companies, though the government contented they provided
protection from foreign financial control. The measure gives companies
in France six months upon which to reorganize shares on the new
basis without plural shares and forbids their use by future enterprises.
Paris Fears to Issue Gold—Finance Ministry Apprehensive
of Hoarding of New Coinage.
Finance Minister Paul Reynaud of France during the
discussion of tax reduction in the Chamber of Deputies,
on April 25, admitted in reply to a question that the reason
the Government has not yet issued the new gold money of
France was that it was feared the consequences of hoarding which might result. This is learned from a cablegram
to the New York "Times," which also said:
3089
pier, several old brick buildings and about ten acres of temporary frame
warehouses. The East River part is opposite Thirty-fourth Street,
Manhattan. It runs to Commercial, Franklin, Eagle and West Streets
Plan for Full Gold Payments Causes Buying of German
'Mark Bonds'
The following Berlin advices, April 26, are from the New
York "Times":
French capital continues to be invested in German mark bonds, for
which an active market has developed at Paris. Hitherto foreign
capitalists, with occasional exceptions (Holland, for instance), have
avoided securities payable in reichmarks, even when they were willing
to take German loans payable in currencies of the lending country.
This new French interest in mark bonds is connected with the forthcoming reparation loans, but it is inainly due to the impending application of Article 31 in the Gerwn bank law of August, 1924.
When that article comes into force the Reichsbank will be
legally compelled to pay out gold or foreign currency bills in exchange
for mark paper. In view of this requirement, reichsmark securities
will in law be as good as the securities of countries whose legislation
requires that the Central Bank redeem its notes.
Gold Standard for Germany.
In Berlin advices the "Wall Street Journal" of April 23
said :
Board of Directors of Reichsbank has resolved to adopt gold redemption of its notes from date of official proclamation of Young Plan as
German law, probably in May.
Commenting on this the paper quoted said:
Resolution of the Reichsbank directors makes official a practice which
has been observed de facto for the past three years. The Reichsbank
law, which was adopted on October 11, 1924, made it mandatory for
the Reichsbank to redeem the notes presented to it, but the Bank was
given the option to pay the bearer, in exchange for notes, either German
France has the second largest gold supply in the world, $1,600,000,000, gold coin, bullion or checks representing payment in foreign exchange
as compared with $3,000,000,000 for the United States. The hoarding on a gold standard country. In recent practice, however, Bank officials
have proved fully willing to issue gold bullion in large amounts when
of gold which might result from the reintroduction of gold
currency,
M. Reynaud declared, might very possibly become a serious danger to this was required for export purposes. Change effected by the above
resolution, therefore, is simply to make recent practice legally binding
business and finance.
on the bank.
Dr. Hjalmar Schacht agreed to this change, in behalf of the ReichsFrench Bank Note Issues—Paris Assigns Various Causes bank, at the time of the Young Plan negotiations, and a letter to this
effect is included in the Young Plan documents.
For 2004, Increase in Two Years.
It is believed that, as at present, the Bank will only supply
From Paris, April 25, the New York "Times" reported on demand when large quantities are required for export purposes, gold
and
will not redeem notes for metal in small amounts. The bank will conthe following:
The recent great increase in French bank note circulation is still tinue to provide foreign exchange in return for notes if these are desired
discussed. It decreased slightly in this week's bank return, which by the bearer.
Present coverage of Reichsbank note issue, as revealed in the latest
reported 70,900 million francs as against 71,245 Millions in the preIf
ceding week. At the stabilization of 1928, however, the outstanding statement, is about 67%, including gold and foreign exchange.
account is taken of some 400,000,000 marks of exchange holdings known
note issue was only 58,772 millions.
to be owned by the bank, but not publicly revealed in the statement,
It is argued that the intervening increase of 12,128 millions corresponds in large measure to the rise of French prices in their readjust- the note cover is 76%. Coverage by gold alone is just under 60%.
ment to the war level. Nevertheless, the prevalent explanation still is The Reichsbank law requires only that notes be covered by gold and
that the peasants have been hoarding bank notes since the stabilization gold exchange totaling 40% of the circulation. Of this security threedecree. Their idea seems to be that, by reason of the very strong gold quarters must consist of gold. Balance of the note issue is covered by
reserve position of the bank, the notes represent for them the gold they hills discounted and other varieties of paper.
boarded before the war.
New Export Bank Has Distinct Role—Gold Discount Bank
of Germany Takes Over Long Term Credit Granting—
French Chamber Approves Tax Reduction Bill.
See Less Dependence on U. S.
The French Chamber of Deputies at 5 A. M., April 26,
after a day and night of continuous debate, approved the
In its issue of April 25 the New York "Journal of Comtax reductions bill, according to Associated Press accounts merce" published the following special correspondence
from Paris which said:
from Berlin April 16:
It was asserted that the bill, in addition to lowering the cost of
Great interest is now being displayed here in the future of the Gold
living, would make possible reforms in the Bourse, enabling
Paris to
take her place in the international money market.
The total reductions provided by the bill amount to
1,878,000,000
francs (about $93,900,000). They affect principally taxes on stocks
and
bonds and other financial transactions, a tax on real estate,
a luxury
tax, business turnover tax on foodstuffs and taxes on
hotel bills.
The Senate is expected to vote on the measure this
evening, with
changes which will not modify it to any extent.
Discount Bank, which is playing an important role in compensating
the shareholders of the Reichsbank for the larger share in the division
of its profits to be accorded the State in the future.
A portion of the shares of the Gold Discount Bank will be turned
over to shareholders of the Reichsbank without cost. In order to
accomplish this, its capital will be fully paid in by the Reichsbank.
The authorized capital is £10,000,000, of which 13,350,000 had not
been paid in to date. In addition to this increased capital, the bank has
a reserve fund of about £2,500,000.
France Sells Site in New York at $2,000,000—New
Yorkers
Buy 24.4 Acres on East River at Mouth of Newtown
Creek.
After nearly a year of negotiations the French Government has sold 24.4 acres of waterfront property on
the
East River at the mouth of Newtown Creek, in
Brooklyn,
to a New York syndicate headed by Charles W. Groll, attorney, and Jacques It. Haas, real estate denier. Noting
this
the New York "Times" of April 22 stated:
Former Roles.,
It will he recalled that the Gold Discount Bank was utilized, after
the stabilization of the mark-, to finance the German export trade and
to advance short-term loans on goods exported to German export industries. It was for this reason that its capital was stated in pounds
sterling. Shortly afterwards, the bank abruptly withdrew from this
business, in order to permit the private banks to resume their activity
in this field. Thereafter, the Gold Discount Bank had a very varied
career.
For a time the institution took part in long-term agricultural credit
operations. Later, it was utilized as a fiscal agency for the financial
affairs of the Reich Government, the Reichsbahn and the post office.
Finally, it was utilized to regulate the private discount market on the
Berliner Bourse.
According to present plans, it will withdraw from all of these activities.
It is also proposed to abolish the close personal connections between
the Gold Discount Bank and the Reichsbank. It will then be converted into an export trade financing institution, which will be able
to borrow up to a maximum of five times its capital. The bank will
not, as at first, be limited to short-term credit operations, but will
devote itself rather to intermediate and long-term operations.
German Export Problem.
In this connection it is important to remember that the German
export industry faces a severe handicap in the prevailing shortage of
capital within the country. Not all enterprises can turn to foreign
sources for capital which is available at reasonable rates, as the big
units in the electrical industries have done. For years, it has been
attempted in Germany to lighten the burdens of export financing through
resort to credit insurance, which the Reich has assumed up to a
The price is reported to have been $2,000,000, and it is
understood
that the new owners plan to build a large shipping
terminal and
warehouses.
The sale marks one of the largest transactions in
waterfront realty
in the metropolitan area in recent years. It was announced
through R.
Lacour-Gayet, French financial attache, and Leonce Arnaud,
formerly
secretary of the French High Commission, now president of
the Newtown Creek Realty Corporation, American holding company
for the
French Government. S. Stanley Sogg & Co. acted as
brokers. White
& Case were attorneys for the seller and Mortimer Lanzit
for the
purchasers.
The property consists of 19.4 acres of land and five acres of land
under water, the latter covered by State land grants. It is in the
shape of an irregular V, with 401 feet frontage on the East River
and 1,147 feet on Newtown Creek, surrounding the State Barge Canal
Terminal. The land was bought by France during the World War for
a shipping and storage depot. The improvements include an uncovered
3090
FINANCIAL CHRONICLE
[Vox,. 130.
certain fraction of the amount of the invoice. Among such attempts,
the 300,000,000 mark credit to Russia occupies a leading place. From
now on, it is likely that the Gold Discount Bank will be utilized for
such purposes, because the private banks, despite the partial guaranties
they have received in the interests of continued liquidity, do not like
to take over these intermediate and long-term credit transactions.
The operation of the Gold Discount Bank is thus expected to stimulate German trade with the Balkans, including Jugoslavia, Rumania,
Bulgaria and Greece. In addition, it is expected that it will play an
important role in the financing of the South American trade, which has
hitherto been financed largely in the United States. German exporters
have claimed that the financing of their trade through American banks
has involved a number of unsatisfactory features, since the American
financial institutions are primarily interested in the development of
their own industries.
,Moderate Dividends.
•
Despite all these potentialities, it is doubtful, nevertheless, whether
the activities of the Gold Discount Bank will assume a great scope
in the near future. It is necessary to see that the risks assumed by
the institution shall not be excessive. Accordingly, it is thought that
only a moderate rate of dividend will be paid on its shares in the near
future.
It is interesting to compare the new German foreign trade bank with
similar attempts in other countries. Spain, at the beginning of 1929,
set aside a fund for the purpose of founding an export bank. In
France a Banque Exterieure has existed since 1920, which has received
large subventions from the Government to finance large export orders.
"Further improvement of foreign trade balance is evidenced. This has
been brought about both by the retrenchment of public finance and by
further curtailment in consumption of the people. The excess of imports
over exports from the beginning of January to the end of March, the
heaviest import season, amounted to 124,000,000 yen, showing a decrease
of 67,000,000 yen compared with similar figures for the same period of
last year."
Bonds of National Hungarian Industrial Mortgage Institute
Available in Definitive Form May 1.
Definitive National Hungarian Industrial Mortgage Insti0
tute, Limited, First Mortgage Sinking Fund 70/ Gold Bonds
Series A Dollar Bonds, dated November 1, 1928, due November 1, 1948, will not be ready for delivery in exchange for
Interim Receipts on May 1, 1930. The six months interest
due on that date will be paid provided funds are received
for that purpose, upon surrender on and after May 1, 1930,
to the Corporate Trust Department of Guaranty Trust
Company of New York, 140 Broadway, of its outstanding
Interim Receipts for proper endorsement.
Opening Delayed on Tokio Stock Exchange—Unsettled
Business Conditions and a Flood of Selling Orders
Force Action.
From Tokio April 30 advices to the New York "Times"
said:
$100,000,000 for Austria—Country Will Float Loan Here
in September if England Consents.
United Press advices from Paris published in the "Wall
Street Journal" of May 2 state:
Austria will float an international loan of $100,000,000 in September,
largely in the United States, if Great Britain consents, it is understood.
British consent would be necessary because of Austria's reparations obligations.
American part of the loan probably would be floated through J. P. Morgan & Co., with France taking nearly half of the remainder for sale in
France and elsewhere on Continent.
The Qua! D'Orsay admitted that Chancellor Johann Schober had outlined the loan in general terms in recent conversations with Foreign Minister Aristide Briand, who assured Schober France would not object so
long as there is no attempt to sell the bonds before Bank for International
Settlements disposes of Germany's reparations bonds.
Austrian loan would yield 6% or 7%, depending on amount of money
available for investment in the autumn.
Unsettled business conditions and the knowledge that a flood of selling
orders had been delivered impelled the Tokio Stock Exchange authorities
to postpone the opening of trading until 1 o'clock in the afternoon.
The cause or the trouble was a situation in the new shares of the Exchange
itself. On Monday the Osaka market closed with the yen about 90, while
the Tokio quotation was 91.70, the Osaka break coming too late for arbitrating. After business Monday there was a rush of selling orders to be
executed at the opening to-dayTrading has been light and the authorities feared that selling orders
amounting to 38,500 shares hitting the market at one time would drive
the price down precipitately and bring a panic. Accordingly, the authoriGold Movement From Japan.
ties approached the brokers for the bears involved and suggested they reach
The following is from the New York "Times" of April 29: a compromise with those who bad buying orders to execute.
Informal discussions Tuesday failed to bring about an agreement and at
According to reports of a statement by Junnosuke Inouye, Finance opening time to-day the authorities decided to suspend the short term
Minister of Japan, the outflow of gold from that country is about ended. market until 1 o'clock. The long term market was closed to-day, but of
Since the removal of the embargo on the export of the metal last January necessity for month-end deliveries.
about 195,000,000 yen, roughly $97,500,000, of gold has been sent out of
During the morning buying and selling orders of 14 brokers were comJapan, virtually all of it coming to the United States. The exports were promised with the yen at 90.50 as a private transaction outside the Exin large part occasioned by the withdrawal by foreign banks of balances change. When the market resumed operations, further selling brought
held in Japan, but they represented also the payment for seasonal imports the price down to 87.50, the lowest since 1925.
of merchandise. The Japanese exporting season is now at hand and the
Rumors were afloat that the decline was due to a selling drive conducted
movement of foreign bank balances from Japan is believed to have been under tho auspices of the Seiyukai (political opposition) party. This rumor
circumstances, combined with the present low money had been circulated several weeks, but there is no evidence to support it.
completed. These
rates at London and New York, lead to the expectation the outward move- Takashi Suzuki, one of the leading brokers and a member of the Seiyukai
ment of gold will soon dry up. Mr. Inouye predicted that the export in the Diet, was represented for only 1,500 shares.
movement would be followed by either an importation of gold or an increase
Finance Minister Inouye stated that the postponement of trading to-day
was a private affair of the Exchange and Magoichi Tawara, Minister of
in Japanese holdings of funds abroad.
Commerce and Industry, declared that if counter-measures really were
necessary the Government would act quickly.
Japanese Minister of Finance Inouye Reviews Japan's
Status—Budget Speech Expresses Satisfaction with Mexico
Authorizes $25,000,000 Bonds—Presidential
Working of Gold Standard.
Decree Provides for Issuance in Blocks If and
Japanese Minister of Finance Junnosuke Inouye, in his
When Needed.
budget speech before the Diet, said in regard to the recent
Under a Presidential decree, published April 27, Mexico's
country (we quote from
sizeable exports of gold from that
Chief Executive is empowered to issue bonds on the public
the "Wall Street Journal" of April 29):
agrarian debt to the extent of 50,000,000 pesos (nearly
"While the shipment of gold specie from Japan amounted to more than
195 million yen since Jan. 11 of this year, it is evident that the shipments $25,000,000). A Mexico City cablegram, April 27, to the
were due partly to the withdrawal of foreign speculative funds which had New York "Times," 'reporting this, added:
flowed into the country before the removal of the gold embargo, and partly
to the payment of the normal external financial obligations and cost of seasonal imports. Japan has still about 900,000,000 yen gold reserve, with a
ratio of 80%. Since money rates in the London and New York market has
declined, the gold shipments have decreased gradually, and lately only
occasional and small shipments have been made. This outflow of gold is
purely seasonal phenomenon and is only to be followed either by the inflow
of gold or by the increase of Japanese funds held abroad when the export
season comes in the latter half of the year. Judging by the tendency
of the excess amount of imports to decrease it may safely be said that,
since the removal of the gold embargo, the economic situation has continued and no doubt will continue to improve further. The present situation is naturally much more favorable than the unnatural condition such
as prevailed in Japan during the more than 10 years of gold embargo."
Discussing the deflation of commodity prices and improvement in the
trade balance, which the Minister regards as the prime problems now facing
the country, he said:
"Since the formation of the new Cabinet, the Government has taken all
possible measures to curtail the expenditures of both central and local
Governments, and it has successfully brought about modification of national
consumption, with its concomitant of a decline in commodity prices. The
imports,
reasonable decline of commodity prices will naturally discourage
which will stimuand furthermore, cause a decline in the cost of production
in which Japan
late the increase of exports. This is the only sound way
measures for
can cope with its economic situation. Further desirable
rationalizing
meeting the present situation will be found in a program of
industry and adjusting the financial and banking systems.
best with utmost sin"At present the nation as a whole is doing its
other
cerity for the improvement of industry. The Government, on the
hand, is also engaged in various steps for the rationalization of industry
and for greater exports, coupled with increased consumption of domestic
goods. I am confident that we will tide over our present temporary business recession and attain even greater financial stability and economic
well being for all our people.
The bonds will be issued in series as necessity arises; will be bearer
scrip, redeemable within 20 years, dating from the respective emissions;
will bear interest at 5%, payable in December of each year, and sheets
with 20 coupons for interest payments will be issued.
The bonds may be bought in at par or better and amortization will be
by means of drawings subject to special regulations to be issued.
Article VIII of the decree states that the Executive shall be empowered
at any time and in accordance with treasury conditions to redeem part
or all of the bonds of the agrarian debt.
Exercising extraordinary powers vested in him by (3ongress, President
Ortiz Rubio has signed a decree prohibiting, under penalty of confiscation,
the importation of foreign or Mexican silver coinage, regardless of whence
it may come. This decree, it is thought in high quarters, may be the forerunner of others intended to alleviate the silver crisis now affecting Mexico
so adversely, due to the extraordinary drop in the price of bar silver.
Bankers' Committee Criticized in Mexico—Juan Sanchez Azcona, ex-Minister, Says Lamont Group
Lacks Authority—Asks Direct Debt Deal—Measure
for Negotiating with Holders of Bonds Through
Banco de Mexico Before Congress.
Under date of Mexico City, April 29, a cablegram to the
New York "Times" said:
Juan Sanchez Azcona, Under Secretary for Foreign Affairs in 1920 and
recently prominent locally as a writer on economics and finance, uses the
editorial page of "El Universal" to launch an attack on the international
committee of bankers on Mexico, in support of a proposal by the Mexican
Preferred Debts International Protective Association, Inc., that the Mexican
Government in future shall deal directly with its creditors "without the
intervention of onerous intermediaries."
MAY 3 1930.]
FINANCIAL CHRONICLE
Thomas W. Lamont's association of bankers, according to Senor Azcona,
has its headquarters in New York; its authority as agent for Mexican
bondholders is questioned, and in that connection Senor Azcona says it was
not until after the Lamont-de la Huerta financial plan for payment of
Mexican indebtedness had been approved that the Lamont group obtained
the deposit of a sufficient number of bonds to warrant the committee in
handling payments to bondholders.
Senor Azcona chose an appropriate time to discuss Mexican foreign
finance, for on Jan. 1 1928, the time limit of the agreements with the
bankers expired, and Mexico technically is again in default. Since that
date the bankers have been marking time, discussing the reports of a
number of experts who have been in this country studying on the spot the
republic's economic and financial conditions to facilitate another international agreement on such basis as would assure stability.
The Mexican Preferred Debts Association is reported to have placed before
Congress a proposal for Mexican international finance to be treated
directly with the bondholders through the Banco de Mexico, but as Congress
will not meet until July, much may happen meanwhile.
Financial circles here are commenting on the recent decree authorizing
President Ortiz Rubio to issue another 50,000,000 pesos (nearly $25,0000)00)
of agrarian bonds, and "El Universal" sees in it a step in the right direction
In what it views as a consolidation of the national indebtedness on a
sound and even favorable basis.
The first agrarian bonds, for the same amount, were authorized in 1926
when General Calles was President, but so far the actual issue has not
exceeded a third of that sum. The reason for the latest decree, therefore,
Is the subject of some conjecture. The interest on all agrarian bonds so far
Issued has been paid promptly and service, including amortization, has been
complete. Some observers find criticism that the Government has met the
agrarian interest and amortization payments when so many other bond
Issues have remained in default, but the entire service on agrarian securities
has been so small—probably not more than 1,500,000 pesos—that the
matter has not come into much prominence.
Sun Life Insurance Co. and Confederation Life Insurance Co. of Canada Discontinue Operations in
Mexico.
Canadian Press advices from Montreal, April 24, stated:
The Sun Life Insurance Co. of Canada and the Confederation Life Insurance Co. of Canada have agreed to discontinue issuing new business in
Mexico, it was announced to-day.
Venezuela Reduces Debt—Increase in Petroleum
Production.
Associated Press advices from Caracas, Venezuela, April 26
stated:
President Juan Bautista Perez to-day presented his annual message to
the Venezuelan Congress in the presence of the Cabinet, the diplomatic
corps and the high clergy.
The President stated that Venezuela had maintained her traditional
cordial relations with all countries during the year and that a normal
condition of peace and order existed throughout the country.
On Jan. 1, he said, the national debt amounted to $10,152,172, a reduction during the year of $2,841,021. The Treasury surplus on April 15
was $19,599.756.
The President pointed to an increase of 25% in the petroleum production
for 1929, which amounted to 138,000,000 barrels over that of 1928.
Australian Pledges Support to Workers—"Neither
Loafing Nor Sweating" Is Policy on Which Premier
Is Ready to Stand or Fall.
"There must be neither loafing nor sweating among the
labor of Australia," was the emphatic assertion by Premier
Scullin when he addressed a conference of the Commonwealth Labor Party and explained the attitude and actions
of the Government, says Canadian Press advices from Melbourne, Australia, April 18, published in the New York
"Times." The cablegram added:
3091
2887. The bonds were offered at 96% and accrued interest,
to yield to maturity 7.56%. The announcement respecting
the offering states:
These $35,000,000 bonds are part of an International loan of an authorized
principal amount equivalent to £20,000,000 (397,330,000). Of the balance,
£10,000,000 sterling bonds are being offered simultaneously as follows:
£8,000,000 bonds in London by Messrs. Baring Brothers & Co., Ltd.,
N.M.Rothschild & Sons and J. Henry Schroeder & Co., and £500,000 bonds
each in Amsterdam, Stockholm and Milan. £500,000 bonds are being
placed privately in Zurich. Banco de Estado de Sao Paulo has contracted
to purchase the remainder of the loan, equivalent to £2,807,973 ($13,665,000) principal amount.
At the office of Speyer & Co. it was learned that over
90% of the $35,000,000 had been sold. The bankers considered this a very satisfactory result when it is remembered
that $15,000,000 was the largest amount of any one issue of
State of San Paulo bonds heretofore placed in this country,
The bankers stated that subscriptions are continuing to
come in from various parts of the country and it is expected
that the balance of the issue will be sold shortly.
The bonds are the direct obligation of .the State of San
Paulo and the loan is known as the "Coffee Realization
Loan of 1930." The plan adopted by the State of San
Paulo in agreement with the international banking group
contemplates liquidation of San Paulo's unsold coffee over
a maximum period of ten years, during which the bonds will
be gradually retired. The minimum sinking fund requirements (beginning July 1 1930) will be sufficient to repay
at least one-tenth of these bonds annually by redemption
by lot at par, the first redemption to be April 1 1931. These
sinking fund payments may be anticipated if more than the
minimum amounts of pledged coffee are liquidated. Thus,
it is pointed out, although the yield to maturity on the
bond issue is 7.56%, the average yield based on minimum
retirements through sinking fund is 7.92% per annum.
The bonds will be dated April 1 1930 and will mature Oct. 1
1940. Principal and interest (April 1 and Oct. 1) will be
payable, without deduction for any present or future Brazilian taxes, in New York in United States gold coin at the
office of Speyer & Co., or of J. Henry Schroeder Trust Co.
or, at the option of the holder, in London at the office of
J. Henry Schroeder & Co., in sterling at the fixed rate of
exchange of $4.8665 to the pound sterling, or at the offices
of Lippmann, Rosenthal & Co. in Amsterdam, Credit Suisse
in Zurich, Stockholms Enskilda Bank in Stockholm, and
Banes Commerciale Italiana in Milan, in local currencies
at the current buying rates for sight exchange on New York.
The bonds will be in coup n form in denominations of $1,000
and $500,registerable as to principal. Dr. A.C.de Sales Jr.
Secretary of Finance and of the Treasury, in advices to the
banking group, in behalf of the Government of San Paulo,
says:
The Government of the State of San Paulo, in order to dispose of the
accumulation within the State of large amounts of unsold coffee, and to
prevent such accumulation In the future, has adopted a new plan, to
become operative July 1 1930, by which it undertakes to liquidate gradually
the present unsold coffee and to place future crops on the market currently.
The Government has agreed that it will not, directly or Indirectly, accumulate any coffee during the life of this loan except, in agreement with the
Bankers, as further security for the loan.
Premier Scullin admitted the Federal Government was unable to do
spectacular things in stemming a world economic tide. The Government
possessed no magic wand to banish unemployment and depression at a single
wave. But the Government had made a dramatic and, perhaps, a revolutionary attempt to obtain a better balance of trade, and, though its
emergency list of super-tariff taxes and prohibitions would cost the country from E5,000,000 to £6,000,000, or from about $24,000,000 to
$29,000,000 annually, yet he hoped the measure would result, before long,
In more stable and satisfactory conditions, he declared.
But for the Government's Court of Arbitration the condition of the
workers would have been brought down to the lowest level in years, said
Premier Scullin. The Government had steadfastly refused to reduce the
purchasing power of the workers and was willing to stand or fall on its
policy, he asserted.
Purpose.
Under this plan the liquidation of the accumulated unsold coffee In the
State on July 1 1930, which is expected to amount to approximately 16.500,000 bags, is to be financed through the issuance of an International
loan of an authorized principal amount equivalent to £20,000.000 (197.330.000). The proceeds of the $35,000,000 bonds and £10,000,000 bonds,
now being issued, are to be used to finance approximately 14,000,000 bags
as follows: .£4,500,000 ($21,899,250) will be applied toward the purchase
by the Government, prior to June 11931. of 3,000,000 bags of coffee, and
approximately £11,000,000 ($53,531,500) will be used in refunding existing
advances of £1 per bag on about 11,000,000 bags of coffee. The remainder
of the unsold coffee on July 11930,estimated to be approximately 2,500.000
bags, will be financed by advances thereon of El per bag with the proceeds
of the 12,807,973 ($13,665,000) principal amount of bonds which Banco de
Estado de Sao Paulo has contracted to purchase. Should the above
remainder not amount to 2,500,000 bags, the reserved bonds will be sold
only to the extent necessary and any surplus bonds will be cancelled.
Offering of 7% Bonds of State of San Paulo (Brazil)
To Finance Liquidation of Accumulated Coffee—
Group Headed by Speyer & Co. Offers $35,000,000
as Part of $97,330,000 International Loan.
The new plan for gradual liquidation of the large amount
of accumulated coffee in the State of San Paulo, Brazil,
and for currently marketing of future crops, was financed this
week through the offering on April 29 of $35,000,000 7%
secured sinking fund gold bonds by Speyer & Co.; J. Henry
Schroeder Banking Corp.;the National City Co.;BancamericaBlair Corp.; Dillon, Read & Co.; Ladenburg, Thalmann &
Co.; Continental Illinois Co., Inc.; E. H. Rollins & Sons;
Blyth & Co., Inc.; G. L. Ohrstrom & Co., Inc.; Otis & Co.,
and Dominion Securities Corp. A reference to the proposed offering was made in these columns April 26, page
Coffee Security.
The Loan will be the direct obligation of the Government of the State
of San Paulo and will be specifically secured by pledge, to the extent of
50 shillings ($12.166) per bag, of the above 3,000,000 bags of coffee to be
purchased by the Government, and by pledge, to the extent of El (54.8665)
per bag, of the approximately 13,500,000 other bags of coffee referred to
above. The value of the total 16.500,000 bags at current Santos prices
equals about 3198.000,000. Should the unsold coffee not amount to
approximately 16,500.000 bags on July 1 1930, the principal amount of
the Loan will be correspondingly reduced. The pledged coffee will be deposited in warehouses in the port of Santos or in other parts of the State of
San Paulo. Documents of title for the pledged coffee will be deposited with
Banco do Estado de Sao Paulo in trust for the Bankers' representatives in
the State of San Paulo. Documents of title for newer coffee of at least
equal quality may be substituted at any time for documents than on deposit,
The Government has agreed that, beginning July 1 1930, the pledged
coffee is to be liquidated at the rate of 1,650,000 bags in each year, and from
the proceeds thereof £2.000,000 ($9,733,000) will be applied to the redemption of Bonds. and E100,000 ($486,650) will be placed In a reserve
account. Any deficiency in the proceeds will be made up by the Govern_
3092
FINANCIAL CHRONICLE
meat, and the Government may.in agreement with the Bankers, anticipate
in whole or in part these annual liquidations and redemptions.
Pledged Revenue.
The interest on the Loan will be secured by a first charge on the receipts
from a new tax on all coffee transported from any point within the State
for export, to be levied initially at the rate of 3 shillings ($0.73) per bag
and thereafter at rates decreasing as the outstanding amount of the Loan
is reduced. The receipts from this tax, based on the minimum quantities
of coffee which the Government has agreed to have transported to the port
of Santos. together with available amounts in the above-mentioned reserve
account, are estimated to exceed in each year the interest requirements
on the amount of the Loan then outstanding.
Marketing of Coffee.
The Government has agreed that, during the life of this loan, the minimum quantity of coffee to be placed on the market in each month thereof
shall be equal to the following:(1) In the year July 1 1930 to June 30 1931,
to one-twentyfourth of the aggregate of the coffee crop of said year plus the
estimate of the aggregate of the coffee crop for the succeeding year, which
shall include 137,500 bags of pledged coffee (1,650,000 bags of Pledged
coffee per annum) as above stated; (2) In each year thereafter, to onetwentyfourth of the aggregate of the coffee crop for that year plus the estimate of the aggregate of the coffee crop for the succeeding year, plus 137,500
bags of pledged coffee (1,650,000 bags of pledged coffee per annum)referred
to above. In every year beginning July 1 1930, the Government undertakes that such minimum quantities shall aggregate at least 10.000,000 bags
per annum, any deficiencies being made up with additional pledged coffee,
the liquidation of which will accelerate the redemption of bonds. The
Government may make new advances on coffee from the proceeds of liquidation of pledged coffee in excess of 4,950,000 bags in any year. The Government has further agreed that the stock of coffee in Santos for sale shall
be at all times a minimum of 1,000,000 bags and that no coffee inferior to
No.8 Santos quality is to be exported from the State.
Debt.
The external funded debt of the State, including this loan, amounts to
about $203,000,000. The State in effect guarantees loans amounting to
about $47,000,000. The internal funded debt, as of Dec. 31 1929 amounted
to about $41,000,000.
State Revenues.
The total revenues of the State for 1929 are estimated at about $55,000,000, or about 4% times the requirements during the year for interest and
sinking funds of the State's funded debt, both external and internal.
[VoL. 130.
of J. P. Morgan & Co., 23 Wall Street, or the head office of
the National City Bank, 55 Wall Street, before 12 m. May
31 1930. If tenders so accepted are not sufficient to exhaust
the available funds, additionl purchases upon tender, below
par, may be made up to July 30 1930.
J. P. Morgan & Co. and the National City Bank, as fiscal
agents, have also issued a notice to holders of Argentine
Government Loan 1927,external sinking fund 6% gold bonds,
public works issue of May 1 1927, dua May 1 1961, to the
effect that $122,751 in cash is available for purchase for the
sinking fund of so many of the bonds as shall be t ndered
and accepted for purchase at prices below par. Tenders of
such bonds with coupons due on and after Nov. 1 1930,
should be made at a flat price, below par, at either the office
of J. P. Morgan & Co., 23 Wall Street, or the head office
of the National City Bank, 55 Wall Street, before 12 m.
May 31 1930. If tenders so accepted are not sufficient to
exhaust available funds, additional purchases upon tender,
below par, may be made up to July 30 1930.
Say Argentina Seeks Another Large Loan—Banking
Circles Hear Several European Concerns Are
Eager to Undertake Financing.
The following cablegram from Buenos Aires, May 1,
appeared in the New York "Times."
Rumors again are current in banking circles that the Government is
planning a large long-term foreign loan which will probably absorb the recent
6 months $50.000,000 loan. The last two important Argentinian loans—
one of $50,000,000 for the National Government and one of $8,000.000 for
the Province of Buenos Aires, were placed in New York, but important
groups of European bankers are making a keen bid for any furhter business.
Baring Brothers of London are keeping in active touch with the Minister
of Finance, Enrique Perez Colman,through their local representative. The
Bank of England has invited the Argentinian Government to send a financial
commissioner to London. The Reichsbank of Berlin has had a representaIncidentally it is noted that:
Conversions from milreis into dollars have been made at the rate of 11.7 tive here for several weeks, studying the financial situation and becoming
exchange. Other cur- acquainted with the Government officials interested in financing operations.
cents per mitre's, approximately the current rate of
rencies have been converted at par of exchange. One bag of coffee contains Among the other proposed loans being discussed is one of 30.000.000 Pesos
for the city of Buenos Aires: one of 72,000,000 pesos for the Province of
132 pounds.
Cordoba, and one of 5,000.000 pesos for Tucuman Province.
00,000,000 Bond Issue Offered for Piedmont Hydro
Electric Co., Italy.
Marking the re-entry of Italian enterprise into the American capital market after a two-year lapse, a $10,000,000
issue of Piedmont Hydro-Electric Co. first mortgage and re%
funding 62 sinking fund gold bonds, Series A, was of/
1
fered April 28 by Bancamerica-Blair Corp., Chase Securities
Corp., Stone & Webster and Blodget, Inc., International
Manhattan Co., Inc., and the Banca Commerciale Itsliana
Trust Co. The bonds, which mature April 1, 1960, were
/
2
priced at 911 and accrued interest to yield about 7.20%.
In addition to the American offering an issue of 25,000,000
Swiss francs Series B bonds (equivalent to $4,825,000) is
being offered simultaneously by Credit Suisse, Zurich in
Switzerland and by Mendelssohn & Co., Amsterdam and Nederlandsche Handel-Maatschappij in Holland. Proceeds of
the issue will provide for the payment of $4,000,000 of
maturing notes, the financing of improvements, extensions
and additions to properties OT reimbursement of expenditures
made for such purposes or other productive purposes.
Piedmont Hydro-Electric Co. and its affiliated concerns
are said to constitute one of the most important public utility
groups in Italy. Its principal plants are located in the developed industrial districts near Milan and Turin, serving
many important manufacturing enterprises. Combined
earnings of the company and six of its subsidiary or affiliated companies which guarantee the present bond issue,
totaled $8,173,787 far 1929, after expenses, maintenance and
taxes but before interest and depreciation. These earnings
4
are equivalent to approximately 41 times the maximum
annual interest charges on the company's mortgage debt to
be outstanding on completion of the present financing.
Further data in connection with the offering are given in our
"Investment News Department" on a subsequent page.
Tenders Asked for Argentine Government Bonds for
Purchase Through Sinking Fund.
J. P. Morgan & Co., and the National City Bank, as
fiscal agents, have issued a notice to holders of Government
of the Argentine Nation external sinking fund 6% gold
bonds, issue of May 1 1926, due May 1 1960, to the effect
that $123,268 in cash is available for purchase for the
sinking fund of so many of the bonds as shall be tendered
and accepted for purchase at prices below par. Tenders of
such bonds with coupons due on and after Nov. 1 1930,
should be made at a flat price, below par, at either the office
Letts Bill on Joint Stock Land Banks Ordered Favorably
Reported By House Committee—Proposes Amendments Respecting Double Liability of Shareholders.
The House Banking and Currency Committee voted Apr.
23 to report to the House for passage the Letts bill (H. R.
9433) with amendments, relating to the double liability of
shareholders in Joint Stock Land Banks. The United States
Daily in announcing this said:
Representative Letts (Rep.), of Davenport, Iowa, who introduced the
Bill stated orally that the measure is wholly in the interest of the bondholders, and that it Ls necessary because of the recent Supreme Court
decision which held that the statute under which the banks are organized
did not specifically provide that receivers of Joint Stock Land banks have
authority to collect the double liability, and that such authority cannot be
implied. Thus it was left to the bondholders, he said, to go into court to
enforce the double liability for the protection of the bonds.
The Bill has been amended by the committee, Mr. Letts stated, so that
all of the rights recognized by the Supreme Court will be preserved. The
right of court review of the actions of the receiver is provided for. A provision has been added that no interest will be required on assessments
made and, moreover, that where stockholders have voluntarily paid interest
It will be refunded to them. From now on,if the Bill becomes law,according
to Mr. Letts, receiverships of Joint Stock Land banks will be on the same
basis as receiverships of National banks.
The measure will correct an obvious oversight in the law as originally
framed, Mr. Letts declared. The stockholders found a technicality in the
la'., and have availed of it in litigation contesting the right of the receivers
of some of the banks to collect the assessments. The Bill is misunderstood
in some quarters, Mr. Letts said, and not generally recognized as in the
Interest of the bondholders. The action of the committee, in his opinion,
should aid stockholders of the Kansas City Joint Stock Land Bank, hich
Is in the hands of a receiver, in efforts in the direction of a reorganization
of that bank.
Use of Government Funds for Agricultural Co-Operatives Through Federal Farm Board Opposed by U.S.
Chamber of Commerce—Proposes Conference to
Consider Measures for Effective Aid to Agriculture.
Expressing "continued opposition to the use of Government funds in providing capital for the operation of agricultural co-operatives," the Chamber of Commerce of the
United States, in a resolution adopted May 1 at its annual
meeting in Washington, condemned "as a permanent policy
of Government the employment of public funds for the
participation in business, in competition with established
agencies and support the proposal for an amendment of the
Agricultural Marketing Act to repeal the authority of the
Federal funds for such a purpose." The resolution recommended that the chamber "call a conference of wide representation, including farm co-operative leaders, to study, and
define measures of sound and effective aid to agriculture."
According to the Washington account May 1 to the New
York "Times" grain trade interests which months ago started
MAY 3 1930.]
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3093
Representative Fort challenged the critics of the agricultural act
a fight on the Board's co-operative marketing policy, hailed
among the Chamber's members to offer a better solution of the problem.
the resolution as a decisive victory. The dispatch also said:
"Do what you failed to do in the five years of this legislation in the
Alexander Legge, the Farm Board Chairman, said he was not interested in any resolution the Chamber might Pass.
The vote on the resolution followed an appeal by John Brandt of Litchfield, Minn., that the Chamber give the Board a chance to carry out its
experiment in co-operative marketing.
"Adoption of this resolution," he warned the business men, "will be
construed by farmers and the whole nation as a declaration that this
Chamber is against agriculture. Your resolution will not change the law.
But it will create the greatest rupture in a long time between organized
business and organized agriculture. Speaking as a friend of the Chamber of Commerce, I warn you not to pass this resolution."
But when the vote was taken there were only scattering noes.
* *
John T. McHugh, Secretary of the Minnesota Chamber of Commerce,
leader of the grain trade's fight against the agricultural marketing act
declared after the vote that the resolution was more satisfactory than one
his forces had drafted. Ile said the resolution's adoption presaged the
beginning of a campaign by organized businessmen to "bring about Congressional repeal of the objectionable provisions of the act."
The resolution adopted by the chamber follows:
"We reaffirm the earlier declarations of the Chamber of Commerce of
the United States, made through referendum vote of its membership upon
a carefully matured report of a representative committee in supporting the
principle that the producers of agricultural commodities should have the
benefits which co-operative marketing of their products along sound
economic lines can confer; in pointing out that all agricultural credit requirements could be met by full development and adaptation of existing
credit facilities to local and commodity needs, rather than by the creation
of new credit facilities, and in advocating a Federal Farm Board to assist
agricultural producers and their organizations in solving the problems peculiar to agriculture.
"The legislation which was enacted in Juno 1929, was in contravention
of the Chamber's proposals in its provision of new credit facilities in the
form of large sums of money from the public treasury to be used under
the act as the Farm Board might decide. During the business crisis of
some magnitude which has occurred in the last six months these funds
have been brought into use in various ways.
"We recognize the emergency considerations which may have impelled
this resort to the Federal Treasury, but the experience which has been
gained now permits an appraisal both as to immediate effect and longrange results.
"The anticipated benefits to the farming interest as a who c have not been
realized. On the contrary, there has been impairment of the marketing
structure and prevention of support which otherwise would have been
given to the marketing of agricultural products which were affected by
the use of public monies. Without benefit to agriculture there has been
imposed unbearable hardship upon business enterprises unable to maintain
their position against discriminatory competition from the Government.
"We accordingly express our continued opposition to the use of Government funds in prosiding capital for the operation of agricultural co-operatives, and for the buying and selling of commodities for the purpose of
attempted stabilization. We condemn as a permanent policy of Government the employment of public funds for the purpose of participation in
business, In competition with established agencies and support. the proposal
for an amendment of the agricultural marketin4 act to repeal the authority of the Federal Farm Board to use Federal funds for such a purpose.
"We advocate the continuance of the Federal Farm Board as a proper
agency, conducted at Federal expense, for the gathering and circulation
of authoritative information, for ascertaining conditions of over-production,
for advice as to its prevention, and for assistance toward the solution of
the numerous and important business problems affecting agriculture both
in production and in marketing.
"We believe it is desirable to apply sober and devoted study to methods
by which co-operative organizations on their own resources may find their
warranted place, without the present danger of undermining marketing
facilities and thus unfavorably affecting farm product prices. We therefore recommend that the chamber with adequate preparation call a conference of wide representation, including farm co-operative leaders, to
study and define measures of sound and effective aid to agriculture."
Business Leaders at Meeting of United States Chamber of
Commerce Oppose Agricultural Marketing Act and
Operations of Federal Farm Board—Secretary Hyde
and Chairman Legge Defend Course.
Criticisms of the Agricultural Marketing Act and the
Federal Farm Board, which drew unscheduled replies from
two spokesmen for the administration, threw the third
general session of the eighteenth annual meeting of the
Chamber of Commerce of the United States at Washington,
April 30, into as plain-spoken a discussion of the agricultural problem as has taken place in either house of Congress, said a Washington dispatch of that date to the New
York "Times" from which we also quote the following:
Arthur M. Hyde, Secretary of Agriculture, and Representative Fort
of New Jersey both replied to a series of attacks on the Board as a
price-fixing body or an undesirable manifestation of governmental participation in business during the general discussion following the
delivery of two addresses on the work of the board which took opposite
views.
One of these was given by Alexander Legge, Chairman of the Board,
who described and defended its work, and the other by Daniel A.
Millett, an investment banker and stock man of Denver, Col., who asked
repeal of the agricultural marketing act.
Hyde Denies "Price Pegging."
"Price pegging" has no part in the work of the Farm Board, Secretary Hyde told the delegates who packed the auditorium of the building
housing the Chamber of Commerce.
"More misapprehension with reference to the meaning and purpose
of the agricultural marketing act have been produced here in this
highly respectable and influential audience than I have read in all the
farm journals in America," the Secretary said. "The Farm Board does
not expect to peg prices; the Farm Board has made no attempt to peg
prices; price pegging is not in the act and price pegging is not found
in our program."
halls of Congress," he said. "Give us a sound alternative that will give
to agriculture real economic equality before the law with the rest of
industry."
Julius H. Barnes, chairman of the Board of the Chamber, who closed
the discussion, aligned himself with the administration opponents on
the premise that public funds should not be used to advance private
business.
Legge Criticizes Chamber.
Reviewing the studies made of the farm problem over a period of
years, Mr. Legge said that the Industrial Conference Board had summarized the conclusions in stating "that the situation confronting agriculture cannot be met by a political palliative." He pointed out also
that spokesmen from the chamber had endorsed the agricultural act
while it was being considered by a committee of the House of Representatives.
"Certainly none of you," he told them, "have seen any evidence of
constructive action on the part of the Chamber of Commerce or the
part of any of its affiliated organizations, with the doubtful exception
of taking a referendum two years ago, looking to a remedy for and
permanent improvement in the situation, which your own investigators
had warned required substantial assistance, if not from you, then from
the government."
"The action of Congress in passing the Marketing Act committed the
country to the principle of co-operative marketing," Mr. Legge continued, adding that "there has been considerable evidence the past several months that entirely too many of your members were for the
principle of co-operation so long as it did not work."
Aid to Manufacturers Cited.
"I do not recall in yours gone by," Mr. Legge continued, "of hearing
you men making any such complaint against government aid that was
extended to the manufacturing industry, to transportation and to
finance. And these all played their part in adding to the disadvantages
of the farmer, as did also the preferential treatment to labor through
immigration restriction and other measures."
Answering critics of the Farm Board's policy in making loans on
wheat and cotton and its subsequent stabilization work, he said the
loans were made on the basis of fixed values "in an effort to check
further and unnecessary depression."
When further stabilization was necessary he continued, this was accomplished "well within the provisions of the act itself."
Charging that criticism had been leveled at his organization for giving aid to farmers that could be obtained from no other source, Mr.
Legge offered to match dollar for dollar private contributions to aid in
setting up a private enterprise which would do the work of the board.
Mr. Millett, replying to Mr. Legge, asked not only the repeal of the
agricultural marketing act, but also downward revision of the tariff.
Stating that "the decreased production policy put into effect under
this act virtually nullifies the agricultural financing acts and the work
of the Department of Agriculture for the last half century," he defined
the principal causes for its enactment as:
"I. Response to the emotional urge of sympathy,
2. Because of resentment at economic inequality.
3. Response to what is apparently a world-wide movement in practically every direction toward consolidation and stabilization."
Deploring the work of the board in working for decreased production
in an effort to relieve a flooded agricultural market, Mr. Millett continued:
"This act does not yet give the Farm Board dictatorship over production, though that body is advising the unsound policy of reduction,
but when it comes to the second factor in control, marketing, the aspect
is more serious, for it gives to the board, through its controlled subsidiaries, what may become monopolistic control over American markets
for agricultural products."
Mr. Millett also drew a picture of the possible expense to the public
which may be entailed under the act.
Hyde Defends Crop Loans,
Secretary Hyde injected irony into his talk when he gave instances of
controlled production industry and added:
"We of the Farm Board are grateful to those who have been working
with its in the past, the help of some of the greatest men in international industry.
"I refer to Mr. Ford, whose name is second to none in America, and
he tells the farmer to plant every acre he can and raise all he can.
"We farmers are not gifted with the information possessed by some
of the capitalists of industry, neither are we so dumb as not to know
that at the very moment Mr. Ford made that statement his own plant
was operating at 75 per cent capacity."
Criticizing one suggestion that "the law of supply and demand and
the elimination of the producer is an answer to the problem," Mr. Hyde
contended that there is nothing economically sound or socially desirable "in any program which resolves to reduce the American standard
of living among any substantial class of American citizens." Be
continued:
"You have heard from Mr. Legge the reasons which impelled the
board to project itself into the wheat situation through loans rather
than through a stabilization corporation.
"Maybe it was a mistake; if so, I glory in it. We have made others.
"We shall make more.
"We do not intend to do and we are not willing to do anything that
is unsound economically, but I thank God, and the sentiments I utter
are my own, I am serving a chief who sees through the mistakes to the
ultimate welfare of twenty-seven and one-half millions of American
citizens.
"In this loan upon farm products, upon wheat for example, the Farm
Board made the same mistake that a banker makes when he loans too
much. If it is unsound in the Farm Board, it is also unsound in
finance."
Regarding the loan provisions of the Farm Board bill, Mr. Hyde said,
however, that he "refused to accept any complicity in the rate of interest," adding, "I feel we should perhaps be able to make greater progress
in the organization of agriculture in setting up these great lighthouse
leadership institutions for agriculture if the Farm Board did not have a
dollar beyond its expenses."
Mr. Hyde was frequently applauded by the delegates during his
speech, as was Representative Fort, who, in his introductory
statement, said be had come to listen to "abuse" of the Farm Board, but
had
3094
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[Vou 130.
listened "to abuse of my colleagues on the Agricultural Committee of
"
'And He thought within himself, saying, Wbat shall I do, because
the House who had drafted this legislation," adding "I am here to I have no room where to bestow my fruits?
"
'And He said, This will I do: I will pull down My barns and build
stand by what we did."
His speech was devoted as much to reminding his auditors of their greater; and there will I bestow all My fruits and My goods. (That is
alleged lack of interest in the Marketing Act before its passage as to an the withholding program.)
exposition of its merits. Referring to a proposed resolution of censure
"'And I will say to my soul, Soul, thou hast much goods laid up for
for the act and the Farm Board, which is scheduled to come before the many years; take thine ease, eat, drink and be merry. (That is the
general session tomorrow, he told them:
high price that will be realized.)
"Unless you can improve upon this act in its effort to afford to agri"'But God (the economic law) said unto him, Thou fool, this night
culture those benefits and advantages which, under the law of cor- thy soul shall be required of thee.'
"
porate industry, industry enjoys today, then do not pass your resolution.
Opposition to the Agricultural Marketing Act and the operations of
If you can improve upon it, we will be delighted to consider your alterna- the Federal Farm Board was expressed by the following:
tive proposal."
H. W. Jones, representing the National Poultry and Egg Dealers
Mr. Barnes, who called government money enlisted in support of co- Association; L. W. Smith, Michigan canning industry; C. E. Webb,
operatives a "menace," answered Mr. Legge's proposition to set up an Philadelphia Wool and Textile Association; F. C. Adams, Boston Wool
independent organization to take over the work of the Farm Board by Trade Association; W. F. Jensen, American Association of Creamery
saying he would undertake to get the support of the Chamber of Com- Butter Manufacturers; S. Stephens, National Retail Coal Merchants
merce for such a private work.
Association; H. C. Netterau, New York Mercantile Exchange; W. J.
No private enterprise will attempt to compete with projects backed by McCabe, of Duluth, Minn., grain exchanges and grain trade.
government funds, he continued, concluding that "the whole thing preRepresentative Fort Defends Congress' Course.
sents a very serious situation and the damage to private industry is
"I came here this morning in the expectation of listening to an abuse,
irreparable."
chiefly of the Farm Board and have found when I got here that I have
Act Termed "Sentence of Outlawry."
The first plea from the delegates for favorable action on the proposed listened to abuse of my colleagues on the agricultural committee of the
condemnatory resolution was made by H. W. Jones, representing the House who drafted this legislation," said Representative Fort.
"I am here to stand by what we did. And may I say, for fear that
National Poultry and Egg Dealers' Association, who referred to the act
some of you business men might think that I do so for political reasons
as "an executive and executory sentence of outlawry."
L. W. Smith of the Michigan canning industry, who charged that or reactions, that I have not now and never have had a farmer as a conunfair competition is being created through the fostering of co-operatives stituent since I have been a Member of Congress," he continued.
"The Congress of the United States and the business .world of America
by the Farm Board, also opposed the act, as did C. W. Webb, spokesman
for the Philadelphia Wool and Textile Association, and F. C. Adams of were faced with a situation where through the new economic processes
the Boston Wool Trade Association. Both of the latter deplored the use and the creations in industry and the mechanism in the business world
something had to be done for the farmer in order to compensate for the
of government funds to aid private industry.
W. F. Jensen, who represented the American Association of Butter very life of his business. The introduction of that new business eleManufacturers, termed the agricultural act "a law that serves notice to ment into our economic structure was something which had not been
all independent manufacturers and merchants that they are no longer known at the time our original economic laws were framed.
"Mr. Millett has said that the act was adopted in sympathy. It was
needed and wanted.".
S. Stephens, a representative of the National Coal Dealers' Associa- not adopted primarily out of sympathy. It was adopted primarily out
tion, also charged that public funds are being used to compete with of the fact that the Congress and the people of the United States recognized that any legislation touching economics must also recognize the
private capital.
H. C. Netterau of the New York Mercantile Exchange told of a reso- social factor.
"We have 6,000,000 farmers in the United States. We are mechanizlution adopted yesterday by his organization, composed of butter and
ing that industry; we are dismissing through processes of mechanizaegg merchants, condemning the Federal Farm Act.
Another opponent was W. J. McCabe of the Grain Exchange and tion between 100,000 and 300,000 of these men a year. Added to that
Grain Dealers of Duluth, who said he spoke for the whole grain trade, we were likely to dismiss back into the economic structure of this Nation
1,500,000 within two years, and we could not absorb them. We had to
telling the meeting:
"If you can find anything that will upset business as this has been find means to protect not only agriculture, but all of the industries of
the United States against the dismissal of 1,500,000 men from agriupsetting business all over the country, I would like for you to tell us
culture.
what it is."
Delegate Supports Board.
Minimizing Speculation First Objective of Act.
"Mr. Millett has said that the cure was to let the law of supply and
A spokesman in favor of the act finally emerged from the delegates
-Lakes Dairy in Min- demand eliminate the marginal producer. My friends, you can elimiwhen John Brandt, representing the large Land-o'
nesota said he hoped the delegates would "have the good business sense nate through the law of supply and demand without social hazard an
not to fall into the error of having this organization pass a resolution occasional plant which is inefficient, which is out of date, but you cannot in a year or two throw back 1,500,000 men and 7,500,000 depenof the character that is to be presented to you."
His organization, he stated, has received $2,000,000 from the Farm dents on the lap of the Nation without complete social and economic
dislocation of your entire structure.
Board, and repaid all but a few hundreds.
"-What else have we done. As a brilliant spokesman for agriculture
"Gentlemen, if this act had been passed for the benefit of many of
the industries whose representatives are here present today, and if the told our Committee, we have not merely built up a protective tariff,
loans had been extended to them in the same proportions and for the but a protective system in America. We have the tariff for industry;
same purpose as made to those who have benefited by the extension of we have the transportation act for the railroads; we have the Federal
loans through the farm loan act and all of the amount had been lost, Reserve System for the banks; we have the immigration and eight-hour
law for labor, and all have tended to increase the farmer's cost and
we would have heard no criticism of that act from you."
none to increase his profits.
From the United States Daily of May 1 we take the fol"If you gentlemen think we are wrong, do what you failed to do in
lowing relative to the developments at the chamber's meet- the five years of this legislation in the halls of Congress. Give us a
sound alternative that will give to agriculture real economic equality
ing, April 30:
before the law with the rest of industry.
Repeal of Agricultural Marketing Act Advocated.
"Unless you can improve upon this act in its effort to afford to agriA proposal that the Agricultural Marketing Act be repealed was made culture those benefits and advantages which under the law corporate
by Daniel A. Millett, investment banker and stockman, of Denver, Colo. industry today enjoys, then do not pass your resolution. If you can
"The Agricultural Marketing Act," said Mr. Millett, "in its intent improve upon it we will be delighted to consider your alternative
and language violates the sound and proven rule of business, that penalty proposal.
"I am in thorough accord with those gentlemen who have talked about
of loss must rest on the loser, as an everpresent controlling factor, in
allowing the law of supply and demand to operate unhampered so long
order to insure efficiency.
"The men in the great marketing and distributing businesses of this as the law of supply and demand deals with commodities; but there is
country, with their enormous investments of capital in plant and or- no sanctity that attaches to speculative transactions by virtue of any
ganization, properly fear the working of this act. It is evident that in law of supply and demand.
"The minimizing of speculation is the first purpose of this act, and
the long run they cannot compete with the Government, which they
support and supply with funds through taxes—which taxes are used as one who had a hand in its drafting I say that the Farm Board would
have been derelict in its duties if it had not operated in an effort to
to their undoing."
minimize that speculation. There is legitimate speculation in comMr. Millett concluded his prepared address as follows:
"The Farm Marketing Act is part and parcel of what is to me the modities. There has been a legitimate use for hedging markets; but I
fantastic dream, world-wide, of stabilization, with or without govern- have no more conception of the value of a bushel of wheat than any
mental agency, so that every producer in every line will be assured a other American citizen. I am not in the grain trade. And there is,
profit through control of production, and without the discipline of the nor would be, no legitimate ground for my buying a speculative coneconomic law of supply and demand working through price, which tract for 10,000,000 bushels.
"That, gentlemen, was the view of the Congress of the United States;
eliminates the marginal producer.
"I have tried to show that interference with the economic law, by that, gentlemen, is the view of the Congress of the United States today.
direct governmental control, and indirect action
"Your job, if you want the law repealed or amended, is to improve
private comibnations,
by Government through tariff, tends to failure, but that such interfer- upon the work of our hands," Mr. Fort concluded.
ence, in its attempt, brings not stability but unsettlement and distress
In part the account in the United States Daily also said:
Mr. Legge said that many members of the chamber "were for the
in business, with disaster indicated, if continued.
principle of cooperation only so long as it didn't work."
Tariff Revision Downward With Elimination as Ideal.
Following Mr. Legge's address, a discussion of the Farm Board ac"For myself, the conclusion has been reached, that as practical public tivities and the principles of the Agricultural Marketing Act was
entered into by Government officials and members of the chamber.
interest of the farmer and business alike, we should:
policies, in the
Answering an allegation of Mr. Legge that public money was injected
"1. Repeal the Agricultural Marketing Act and cease any such govinto speculative channels to stem the stock market deflation, Mr. Barnes
ernmental attempts, and,
"2. Revise our tariff downward, not upward, with its elimination save declared that the people who pooled $300,000,000 for the market "did it
in the few respects theretofore mentioned as speedily as possible, as with their own money at their own risk."
Referring to Mr. Legge's statement that the chamber seemed apour ideal.
"I believe the time has come, if it is not already overdue, for the parently interested in the co-operative marketing act only if it did not
people of America to take down that priceless heritage of the English- work, Mr. Barnes declared this was not true and that the chamber
speaking peoples of the world, the King James version of the Book of endeavored to aid in behalf of the act. He asked that the group give
Books, and turning to the 12th chapter of the Gospel according to recognition to Mr. Legge's assertion that the chamber is committed
to a marketing act and declared that "we are committed to put agriSt. Luke, commence to read at the 16th verse:
"'And He spake a parable unto them, saying, The ground of a cer- culture on sound lines."
Mr. Legge called attention to the recommendation of the so-called
forth plentifully: (that is
tain rich man (the United States) brought
Nagel commission appointed by the industrial conference board and the
the surplus.)
MAY 3 1930.]
FINANCIAL CHRONICLE
Chamber of Commerce, in 1927, that the business interests of the country could "render a great and permanent service to agriculture and to
the Nation" by setting up and endowing with adequate funds an
agency to be known as the "national agricultural foundation." There
is still such a need, he declared, in making his challenge to the convention to match him "dollar for dollar" in such an enterprise.
Mr. Legge's address was one of several delivered before the convention by Federal and State officials. The Undersecretary of the Treasury,
Ogden L. Mills, participated in a "round-table" discussion of "What's
Ahead for Business in Banking."
Elements Overlooked, Mr. Hyde Declares.
Secretary Hyde was called upon by Vice-President Broussard, of the
Chamber, who was presiding. Mr. Hyde's remarks follow in full text:
In the beginning I want you to know that in all I shall say I have the
most profound respect for the judgment, the patriotism and the ability
of the members of this very great institution, but I think many important elements of this problem have been overlooked and, even at the
expense of butting into a program upon which I was not invited to
appear, I wish you would forbear with me for a few minutes:
It is dangerous for a grass-growing farmer to horn in between two
cowboys. I realize my difficulties on that score.
Let me, first of all, take exception the religious portion of this program. I noted with great interest the parable, the location of which
I can not now cite, with reference to the storage of the surplus.
From my youth up I have listened to dissertations upon that parable
but never before have I heard it applied in any such manner as it was
applied here.
Most of the clergy, and I think a large proportion of the populace
believe that parable was properly applicable to the sin of covetousness
and to that kind of fat-headed satisfaction with things as they are; and
to that I shall also refer to the egotism of the well-to-do and to the
story of the glass-eyed sympathy with the underdog.
I am persuaded, however, to think that the trouble is not the abuses
in this hearing. All I ask you to do is to take a look at the wild men
over in the Senate and view the rising tide of discontent and then look
at your whole market and see whether you want to store up your surplus and whether it is safe for you to store it.
"Thou fool, this day shall thy sould be required of thee." So much
for religion.
Ile said the Chamber's action "simply confirms what we told the membership of that organization Wednesday."
"They are for something to help the farmer only until they find out it
works," he added.
"Naturally, we had hoped they would support our efforts to aid agriculture, but if they are going to oppose us we are glad they have come
out in the open.
"It's much easier to deal with an enemy who is squarely against you
than one who pretends to be friendly, but fights you behind your back.
"Our client is the farmer, and we are going to continue to serve him
just as the agricultural marketing act intended we should—for his benefit,
not the benefit of some one else."
Mr. Legge and Secretary Hyde criticized the Chamber of Commerce
attitude toward the board in speeches before the Chamber Wednesday.
Six Bills For Farm Relief Signed By Gov. Roosevelt of
New York—Approves Measures Carrying $330,670
Asked By Morgenthau Agricultural Advisory Commission Board.
In the presence of Henry Morgenthau Jr., head of his
Agricultural Advisory Commission, and several members of
that body composed of Republicans and Democrats, Governor Roosevelt of New York approved on April 24 a number
of farm relief measures, included in the batch of 30'day bills.
Regarding the measures approved an Albany dispatch April
24 to the New York "Times" said:
This loan upon farm products—upon wheat for example—the Farm
Board made the same mistake that a • banker makes when he loans too
much. If it is unsound in the Farm Board it is also unsound in finance.
As to that there can be no debate, but look at the surrounding circumstances: Everybody believed last Fall that wheat should go anywhere
from $1.40 up to $1.60; the grain trade believed it, the economist believed it, we believed it—not on any fictitious price but on the unrestrained utteration of the proposition of the law of supply and demand.
I know the grain trade believed it because they bought two-thirds of
the crop at that price. Then came the deflation upon the stock market
in New York. The price sagged unduly under the weight of that
octopus and they paid a considerable penalty for it.
The slide continued just as it may have continued if a banker had
loaned too much per bushel on the wheat. Was there anything unsound
in it? Was there any attempt to make undue prices? We operated on
the basis of the prices fixed.
I am afraid I have already exceeded my five minutes. You can not
discuss this thing in five hours. Before me are, no doubt, many, many,
men whose origin is not more than one generation removed from the
farm'; but the farm has afforded the leadership in times gone by for
industrial parties, and, consider, my friends, for a minute the fact that
it was the farms of America which, for the first 100 years of our history, furnished the exports and the balance of trade behind which the
lands of our magnificent industrial organization has been formed.
Disclaims Responsibility For Interest Provision.
I claim that agriculture has a bit which it is entitled to have liquidated
at the hands of industry, based solely upon the contribution of men and
money which agriculture has made to American industry.
Complaint is made here of the loan provision in the Farm Board bill.
That provision is largely—certainly the rate of interest is entirely—due
to the gentle administration of Senator Blake, of Wisconsin. I, personally, refuse to accept any complicity in the rate of interest.
-I feel, and there are many others who feel, that we should perhaps
be able to make greater progress in the organization of agriculture in
setting up these great lighthouse leadership institutions for agriculture,
if the Farm Board did not have a dollar beyond its expenses.
I think that the loan proposition clutters up the scenery and delays
us in operation. I remember not so very long ago in one of our great
galleries of art in this country I saw a picture. It was the picture of
some French revolutionists holding upon their shoulders a platform.
Standing upon the platform was one of their fellows speaking to the
lord of the manor through the window, telling him the needs of those
below.
Ah, my friends, not many of you are far removed from agriculture.
In the name of all that is holy; in the name of all that is sacred, do not
be satisfied with the Uhited States of America—that country founded
upon the proposition that all men are going to have a fair chance—do
not be satisfied with your country until all men do have a fair chance.
Nobody is going to be displaced. If somebody has to move over at
the dinner table to let others sit down, it is merely an evidence of a
growing and enlarging country.
The Governor highly praised the work of the Commission, pointing out
that twelve of thirteen recommendations it made had become law.
The one recommendation on which the Legislature turned a deaf ear
recommended studying the cost of local government by units. The Governor has contended that the bulk of the burden the taxpayer is called
upon to shoulder is due to the inefficiency and waste of county and local
administrations.
The six bills the Governor signed carried appropriations aggregating
$330,670.
One bill appropriates $90,000 for sanitary control and inspection of
milk and cream, and is directed against "bootleg" traffic in cream.
The Legislature granted $37,000 to investigate and fight the Oriental
peach moth and apple maggot, and the Governor approved the measure.
Another bill he signed appropriates $43,710 for research and extension
work at the State College of Agriculture, in particular for the control of
insects and diseases affecting the Long Island potato crop.
An appropriation of $100,000 was approved for a new building at Cornell
University, dedicated to the study of agricultural economics and marketing
and farm management.
Another bill approved by the Governor provided $40,000 toward the
support of county farm and home bureaus and Junior extension work.
An appropriation of $20,000 became effective through the Governor's
approval for a survey of the agricultural resources of the State by the
Agricultural College,
The 1930 Legislature also passed a bill which the Governor had already
approved doubling the amount contributed by the State to the counties
for the maintenance of dirt roads.
The 1929 Legislature had to its credit a large number of farm relief
bills, including the measure providing for the gasoline tax, of which impost
20% is returned to the counties another relieving the counties from their
previous 35% share of the cost of construction of new highways; assumption by the State of part of the cost of snow removal from the highways,
and one affording a very large measure of relief to rural counties through
the assumption by the State of a large share of the cost of rural schools.
and equalization of rural school taxes.
Chairman Legge Defends Federal Farm Board Says
Chamber of Commerce Would Emasculate It.
Chairman Legge of the Federal Farm Board said on May 2
that the purpose of the Chamber of Commerce of the United
States in urging revision of the law under which the Board
operates was to make "the Farm Board impotent." Assoeiated Press advices from Washington published in the "Sun"
of last night, reported this and added:
The Chamber yesterday adopted a resolution which condemned policies
of the board and in effect urged that its loans to cooperatives to aid in
marketing commodities cease.
In a statement Mr. Legge said the Chamber proposed to "sponsor another
National conference to adopt some more resolutions of sympathy for
agriculture." He asserted that the board intended to continue to serve
the farmer.
3095
of Monthly Statistical Bulletin by
New York Stock Exchange.
A new monthly statistical bulletin, issued by the New
York Stock Exchange, made its initial appearance on April
25. It is comprised of 12 pages, and besides numerous
charts, some 47 in number, various tables are incorporated,
this including extended data as to all listed stocks and bonds
as of April 1 1930. In indicating the purpose of the bulletin,
President E. H. H. Simmons, of the Exchange, says:
Inauguration
For some years the New York Stock Exchange has given increased attention to the compilation and publication of economic statistics relating to
security marketing. Such current statistics have regularly been released
to the press, and cumulative figures have once a year been included in the
annual reports of the President, in at least summarized form.
So much public interest in these statistics has been shown that it has
seemed to the Stock Exchange desirable to make them more readily available
to everyone. For this purpose the present monthly statistical bulletin
has been inaugurated.
This bulletin is not intended as a vehicle for editorial comment or
opinion. Its object is to collect together in convenient form economic data
relative to security markets—and particularly, of course, to the New York
Stock Exchange—so that all interested parties may as far as possible be
put in possession of the best information of the sort obtainable by the
Exchange.
Whatever significance this information may or may not have, in relation
to future trends in security prices or other such conjectural questions must,
however, necessarily be left for the reader to determine.
Owing to the considerable task of compiling and publishing this data,
prior releases to the press of many figures included in it will continue to
be made in the usual way. In issuing the bulletin each month, proper
emphasis ("an thus be placed upon accuracy rather than merely upon
promptness. In some cases, however, it may still be necessary to employ
preliminary rather than final figures; if so, they will in each case be
indicated as such.
Much of the statistical information contained herein is gathered and
compiled by the Stock Exchange itself. But the bulletin will also include
certain statistical series obtained from outside sources, which are credited
therewith. Care will naturally be exercised to gather all this information
from sources believed to be reliable, and to avoids clerical or typographical
errors or omissions in its publication here, but the New York Stock Exchange
cannot and does not guarantee its accuracy.
3096
FINANCIAL CHRONICLE
[voL. 130.
For greater convenience of study, charts have frequently been employed
The compilations of the Stock Exchange since the issuance
in presenting the included information. But in order to compress the size
of the publication, and alto to avoid needless repetition, certain statistics of the monthly figures by it, beginning in January 1926,
will be charted and presented in series only every three months; in such follow:
cases, current interim figures will be found on page 11 of the bulletin.
1926Demand Loans.
Time Loans.
Total Loans.
Mindful of the increasingly close relationship between the leading stock Jan. 30
$2,516,960,509
3966,213555
33,513,174,154
markets of the world, and their tendency on frequent occasions to act and Feb. 27
2,494,846,264
1.040.744.057
3,536.590.321
2,033,483,760
966.612.407
3,000,096,167
react upon each other, certain foreign statistics will be included. In Mar.31
Apr. 30
1,969,869,852
865.848.657
2,835,718,509
general, it may be said that statistical information concerning stock mar- May 28
1.987.316.403
780,084,111
2,767.400.514
kets cannot be obtained abroad as readily as in this country. It is, of June 30
2,225,453,833
700.844,512
2,926.298.345
2,282,076,720
714,782,807
course, desirable to make as available as possible such information in this July 31
2,996,759,527
Aug. 31
2.363,861,382
778,286,686
3,142,148,068
regard as can be obtained.
Sept.30
2,419,206,724
799.730,286
3,218.937,010
Throughout the bulletin the attempt will be made to explain the methods Oct. 31
2,289.430,450
821.746,475
3,111.176,925
2,329,536,550
followed in deriving all statistics prepared by the Stock Exchange itself Nov.30
799,625,125
3,129.161,675
Dec. 31
2,541,682.885
751.178.370
3,292.860,253
which are in any way "weighted" or "adjusted."
1927
Inquiries to the exact status of the included data, or requests for back
31
2,328,340,338
810,446,000
3,138.788.338
figures not included in the series of bulletins, should be addressed to the Jan. 28
Feb.
2 475,498,129
780,961,250
3,256,459.379
Economist of the New York Stock Exchange.
Mar. 31
2,504.687,674
785.093.500
3.289,781,174
Apr. 30
2,541.305,897
799,903,950
3,341,209,847
May 31
2,673,993,079
783,875.950
3.457.860,029
June 30
2.756,968,593
811,998.250
3.568,966.843
July 30
2,764,511.040
877,184.250
3,641.695,290
2,745.570,788
Aug. 31
928.320,545
3,673,891.333
Sept.30
3.107,674,325
806,953.245
3,914,627,570
Oct. 31
3,023.238.874
922.848,500
3,946,137,374
Nov. 30
3,134.027,003
957.809.300
4,091,836.303
Dee. 31
3,480,779,821
952.127,500
4,432,907,321
1928
Jan. 31
3,392.873.281
1,027.479.260
4,420,352,541
Feb. 29
1,028.200.260
3,294,378.654
4,322,578,914
Mar. 31
1,059.749,000
3,580,425,172
4,640,174,172
Arc. 30
3,738.937,599
1,168.845.000
4,907.782,599
May 31
1,203,687.250
4,070.359,031
5.274,046,281
June 30
1,156.718,982
3,741,632,505
4,898.351,487
July 31
3,767.694,495
1,069.653.084
4,837.347.579
Aug. 31
957.548,112
4,093,889,293
5,051.437.405
Sept.30
824.087.711
4,689,551.974
5,513,639.885
Oct. 31
763.993,528
5,115,727.534
5,879.721,062
Nov. 30
777.255,904
5,614,388.360
6.391,644,264
Dec 31
717,481.787
5.722,258,724
6.439.740,511
1929
Jan. 31
752.491.831
5.982,672.411
6,735,164,241
LOANS IN AMOUNTS AND Feb. 28
730,396,507
5,948.149.410
6,678.545,917
Mar. 30
594.458.888
6,209,998.520
6,804,457,108
571,218.280
6,203,712,115
6.774.930.395
P. C. to Total Apr. 30
565.217.450
6,099.920.475
6.665,137,925
rota!
Borrowings of May 31
June 29
626,782.195
6,444,459,079
7.071.221,275
Loans.
Call Loans.
July 31
603,651.630
6.870.142.664
7,173.794,294
$
%
Aug. 31
719.641.454
7,161,977.972
7.481.619.426
3,513,174,154
71.63
8ept. 30
7,831.991.369
717.392,710
8.549.383.970
3,292,866,255
77.19
Oct. 31
870,795,889
5,238.028,979
6.108,824,888
4,432,907,321
78.52
Nov.30
3.297,293,032
710.305,737
4,016,598,781)
6,439.740,511
88.85
Dee. 31
3,376.420.785
613,089,488
3.989.510,273
6,804,457,408
91.26
1930
6,774,930.395
91.57
Jan 31
3.528.246.115
456.521.950
6,665,137,925
3.984.768,065
91.52
3.710,563,352
Feb. 28
457.025.000
7,071,221,275
4.167.588.352
91.14
Mar. 31
4,052,161,339
604,141,000
7,473,794.294
4,656,302.339
91.92
4,362,919,341
Apr. 30
700.212.018
7,881,619.426
5.063,131,359
90.87
8,549,383,979
91.61
6,108,824,868
75.95
4,016,598,769
82.09
New Rulings of New York Stock Exchange on Stock Divi3,989,510,273
84.63
3,984,768,065
88.54
dends-Issuance of Latter With Insufficient Charge
4,167,588,352
89.03
4,656,302,339
87.02
Regarded as Misleading.
The bulletin shows that as of April 1 1930 the stocks of
856 companies were listed, totaling 1,178,736,324 shares with
a total market value of $76,075,447,459. There were 851
common and 465 preferred stock issues, the common stocks
aggregating 1,070,423,108 shares with a market value of
$67,521,816,611, while the preferred shares totaled 108,313,216, with a market value of $8,533,630,848. In the case
of bonds, the total number of issues listed is 1,550, with par
value of $49,502,940,277, and market value of $48,291,463,272.
Charts and statistics bearing on New York Stock Exchange
member borrowings are likewise among the data made available in the bulletin, and we reproduce therefrom the following:
DIVIDED ACCORDING TO CALL AND TIME
PERCENTAGES.
Date--
Feb. 1 1925
Jan. 1 1927
Jan. 1 1928
Jan. 1 1929
Apr. 1 1929
May 1 1929
June 1 1929
July 1 1929
Aug. 1 1929
Sept.1 1929
Oct. I 1929
Nov. 1 1929
Dec. 1 1929
Jan. 1 1930
Feb. 1 1930
Mar.1 1930
Apr. 1 1930
Call
Loans.
$
2,516,960,599
2,541,881,885
3,480,779,821
5,722.258,724
6,209,998,520
8,203,712,115
6,099,920.475
6,444.459,079
6,870,142,664
7.161.977.972
7,831,991,269
5,238.028,979
3,297,293,032
3,376,420,785
3,528,246,115
3.710,563,352
4,052,161,339
Time
Loans.
$
996,213,555
751,178,370
952,127.500
717,481,787
594,458,888
571,218,280
565,217,450
626,762,195
603,651,630
719,641,454
717,392.710
870,795,889
719,305,737
613,089,488
456,521,950
457.025,000
604,141,000
DIVIDED ACCORDING TO SOURCES OF FUNDS IN AMOUNTS AND
•
PERCENTAGES.
DateFeb. 1 1926
Jan. 1 1927
Jan. 1 1928
Jan. 1 1929
Apr. 1 1929
May 1 1929
June 1 1929
July 1 1929
Aug. 1 1929
Sept. 1 1929
Oct. 1 1929
Nov.1 1929
Dec. 1 1929
Jan. 1 1930
Feb. 1 1930
Mar.1 1930
Apr. 1 1930
From Private Bankers,
P. C. to Tote
From
Brokers, Foreign
Borrowings
New York
Bank Agencies
of Borrowings
Banks At Trust
and Others in
Total
from N. Y.
Companies.
New York City.
Loans.
Banks, &c.
3
$
$
%
3,043,044.309
470,129,845
3,513,174,154
86.61
2,803,585,266
489,274,989
3,292,860,255
85.14
3,811,809,708
621,097,613
4,432,907,321
85.99
5,400,797,909
1,038,942,602
6,439,740,511
83.87
5,713,059,056
1,091,398,352
6,804,457,408
83.96
5,580,432,325
1,194,498,060
6,774,930,395
82.37
5,482,187,904
1,182,950,021
6,665,137,925
82.25
5,796.671.844
1,274,549.430
7,071,221,275
81.98
6,153,714,734
1,320,079,566
7,473,794,294
82.34
6,492,023,755
1,389,595,671
7,881,619.426
82.37
7,077,385,056
1,471,998,923
8,549,383,979
82.78
5,313,054,959
795.769,908
6,108,824,868
85.75
3431,649,025
584,949,744
4,016,598,769
85.44
3,369,684,226
619,816,047
3,989,510,273
84.46
3,368,307,685
616,460,380
3,984,768,065
84.53
3,528,937,637
638,650,715
4,167,588,352
84.68
4,025,586,700
630,715,639
4,656,302,339
86.45
On April 30 the Governing Committee of the New York
Stock Exchange adopted recommendations of its Committee
on Stock List bearing on stock dividends. In these recommendations the importance of charging stock dividends
against earnings or earned surplus as an incident to listing
Is stressed. In presenting its conclusions the Committee
said:
The issuance of periodical stock dividends with either no charge or
with insufficient charge against earnings or earned surplus, while not
illegal under the laws of some States, is apt to mislead stockholders
end is not regarded as good practice. If such dividends are declared,
they should be accompanied by a statement clearly indicating either
that they are not true earned stock dividends or, if actually earned but
insufficiently charged against earnings or earned surplus, that the
method of accounting leaves in earned surplus an amount which may
be again used for dividends without further earnings.
It is further stated that "the Exchange will not decline
to list, for the present at least, ordinary periodical stock
dividends insufficiently charged against earnings or earned
Continued Rise in Volume of Outstanding Brokers' surplus, providing proper disclosure is made of the nature
Loans on New York Stock Exchange-Total April 30 of such dividends." The Committee's recommendations
at $5,063,131,359 Exceeds March 31 Figures by were announced as follows by the Stock Exchange:
The following recommendations of the Committee on Stock List of
$406,829,020.
the New York Stock Exchange were adopted by the Governing ComContinued increase in the volume of outstanding brokers' mittee of the Exchange at its meeting held on April 30, 1930.
loans on the New York Stock Exchange is revealed, the total
NENV YORK STOCK EXCHANGE
on Ap•il 30at $5,063,131,359,comparing with $4,656,302,339
Further Announcement on
-an increase of $406,829,020 this having
on March 31
STOCK DIVIDENDS.
The following statement supplements and extends but does not alter
occurred during the month. The April 30 figures were made
the Report of the Special Committee on Stock Dividends adopted by
publics by the Stock Exchange yesterday (May 2). The the Governing
Committee on September 11, 1929.
April 30 total of $5,063,131,359 comprises demand loans of
In the study of the questions leading up to that report and
in con$4,362,919,341 and time loans of $700,212,018. On March sidering the problems arising out of giving effect to it, the Committee
on Stock List has reached the following definite conclusions, which it
31 the demand loans totaled $4,052,161,339 and the time seems well
to make public for the information of corporations
desiring
loans $604,141,000. The following is the statement issued listing:
As recognition of the importance of earnings in the evaluation
by the Stock Exchange showing the April 30 figures:
of
Total net loans by New York Stock Exchange members on collateral,
contracted for and carried in New York as of the close of business April 30
1930 aggregated $5,063,131,359. The detailed tabulation follows:
Demand Loans.
(1) Net borrowings on collateral from New York
banks or trust companies
$3,819,476,750
(2) Net borrowings on collateral from private
bankers, brokers, foreign bank agencies or
others in the City of New York
543,442,591
54,362,919,341
Time Loans.
$589,587,018
110,625,000
$700,212,018
$6.063,131,359
Combined total of time and demand loans
The scope of the above compilation Is exactly the same as in the loan
report issued by the Exchange a month ago.
securities tends to be emphasized, the importance of an accurate
segregated statement of Earned Surplus in the Balance Sheet
does so likewise. Accounting should be adapted to the end that this account should
show at any given time the exact amount of realized undistributed
earnings, either from date of organization, or, in the event
of recapitalization, from some fixed stated date. The fact that state
laws may
permit stock dividends to be paid without any charge against earnings
or earned surplus or with only a nominal charge has no bearing upon
the correct accounting procedure to be followed.
An occasional large split-up, made for convenience in the form of a
stock dividend and capitalized at a nominal amount, whether
to charged
against Earned Surplus or Capital Surplus is not objectionable, if accompanied by a statement that it is in effect a splti-up.
MAY 3 1930.]
FINANCIAL CHRONICLE
3097
The issuance of periodical Stock Dividends with either no charge members of the present nominating committee are Ford R.
or with an insufficient charge against Earnings or Earned Surplus, while Carter, Chairman, Sydney Gardiner, and L. M. Stein.
not illegal under the laws of some States, is apt to mislead stockholders
and is not regarded as good practice. If such dividends are declared In line with the Chicago Exchange's policy to have on its
they should be accompanied by a statement clearly indicating either Governing Committee members from outside of Chicago,
that they are not true earned stock dividends, or, if actually earned but Francis, of Francis Bro., & Co., St. Louis, and Reed, of
insufficiently charged against Earnings or Earned Surplus, that the
method of accounting leaves in Earned Surplus an amount which may E. A. Pierce & Co., New York, were named.
be again used for dividends without further earnings.
In the accounting for Stock Dividends upon the books of the issuing Murray H. Olf, New York Stock Broker, Permanently
Company, whether for stock with par value or without par value,
Enjoined by Supreme Court.
Capital and Capital Surplus should be regarded together as the consideration, other than earnings, represented by the stock. The sum
Murray H. Olf, stock broker of 521 Fifth Avenue, has
per share of these two accounts is the minimum amount, per share to
permanently enjoined from further dealings in securibe issued as a Stock Dividend, which should be charged against Earn- been
ings or Earned Surplus in order that such dividend may be termed a ties by Supreme Court Justice John Macerate on a motion
true earned Stock Dividend properly accounted for and in order that by Deputy Attorney-General Harry M. Garvey of the State
Earned Surplus may not include a fictitious amount available for further
Bureau of Securities, according to the "Wall Street Journal"
dividends without further earnings.
In cases where there exist substantial uncapitalized assets, tangible of April 28.
or intangible, the amount of the charge against Earnings and Earned
Surplus should be larger than this minimum amount.
Wins Ruling in Default on Cities Service
In cases where stock is issued either as interest upon funded debt Investor
Stock—Court Calls Contract "Gamble" and Upor as a dividend upon stock of another class with a cash alternative,
the amount of such cash alternative measures the minimum amount
holds Stopping Payment Just Before Stock Market
properly to be charged against Earnings or Earned Surplus.
The
Crash.
effect of issuing stock as interest or dividends upon other securities
should be merely to conserve cash and not to add to the apparent
The Supreme Court in Brooklyn upheld on April 24 the
Earnings or the apparent Earned Surplus, as contrasted with the effect
contention of an investor who contracted to buy Cities Servof the cash alternative.
The Exchange will not decline to list, for the present at least, ordinary ice stock on the installment plan and then defaulted just
periodical Stock Dividends insufficiently charged against Earnings or before the October stock market crash by stopping payment
Earned Surplus, providing proper disclosure is made of the nature of
check which had already been mailed. We quote from
such dividends. Stock issued as interest or as dividends upon other on a
went on to say:
securities with a cash alternative will not be regarded as available for the New York "Times" of April 25, which
listing if it is to be charged against Earnings or Earned Surplus at
Justice Strong, who characterized the contract as "a gambling contract
less than the amount of cash surrendered, excepting as to further issu- and not in line with the legitimate business of a stock broker," awarded
ance of stock under such conditions in cases where such application a summary judgment of $5,785 to Herman Levin and dismissed a counteror applications for listing the senior securities bearing such alternative claim by Henry L. Doherty & Co., brokers, for $3,818.
Stock Dividends, may have been approved before the objections to the
Levin signed a contract, it was alleged, that provided for the purchase
practice were clearly apparent, or unless accounting procedure should of the Cities Service stock by making payments on the first of each month
develop in a direction which cannot now be foreseen, in such manner and providing in case of failure to pay, that the contract should be teras to warrant considering full disclosure as adequate protection to minated and a settlement made on the basis of the market price as of the
security holders of all classes.
following 15th of the month.. The contract also provided for a 10%
The Exchange will not knowingly list any of the securities of a penalty in the event of a default. Levin purchased the stock at 523k, it
corporation which takes up as income upon its books Stock Dividends was said.
received at a larger figure than the proportionate amount charged
On Oct. 17, acting on behalf of himself and Shirley Levenstein, Levin
against Earnings or Earned Surplus by the issuing Company. Where mailed to the brokerage house a check as payment for both his and her
the issuing company declines to give this information, objection will installment. Later he stopped payment on the check. His attorney conbe made if the receiving company regards such stock dividends as tended this was, in effect, no payment at all, that he had defaulted, and
income to any extent whatever.
the accounting should be made as of Oct. 15 when Cities Service was 68%.
Attention is called to the fact that irn the rapidly changing conditions Counsel for the brokerage house argued that the mailing of the checks was
of modern business, the Exchange is frequently called upon to consider a tender of the money and had the effect of keeping the oontract in force
from a listing standpoint an accomplished fact in corporate finance, until the following month, and that the accounting should be made as of
upon which immediate action is imperative, without adequate time for Nov. 15, when Cities Service was only 28.
the consideration of the new problems involved. Such action will not
be regarded as creating a precedent upon which reliance may be
placed, if further consideration indicates that the action taken is not U. S. Fidelity & Guaranty Co. Held in Contempt by
in the best interest of the public and of the Exchange.
Justice Strong for Practices Involving Estates of
Recommended to the Governing Committee by the Committee on
Incompetent War Veterans.
Stock List, at its meeting held April 28, 1930.
Supreme Court Justice Strong In Brooklyn on April 21
Adopted by the Governing Committee
1930.
criticized the United States Fidelity and Guaranty Company
W.B. Potts and Louis C. De Coppet Resign as Members for its practices involving the estates of incompetent war
of Governing Committee of New York Stock Ex- veterans, fined the company $250 and directed that its genchange.
eral counsel, William J. McArthur, be sent to jail for eight
At am eting of the Governing Committee of the New York days, says the New York "World" of April 22, which further
Stook Exchange held April 30 the resignations of William reports as follows:
B.Potts and of Louis C. DeCoppet, as members of the Governing Committee, were presented and accepted with regret.
Mr. Potts had been a member of the Governing Committee
of the Exchange since May, 1913, and Mr. DeCoppet
had been a member since July 1 1924.
Nominations of Officers for Chicago Stock Exchange—
R. Arthur Wood Again Named for Presidency.
The nominating committee of the Chicago Stock Exchange
on April 25 named the officers to be voted on at the annual
election June 2. R. Arthur Wood, President of the Exchange, was renamed for that office. When elected, it will
be his fourth consecutive term. Harold E. Foreman was
renamed for Treasurer.
Those nominated for the Governing Committee are:
To serve three years: James E. Bennett, Thaddeus R. Benson, John J.
Bryant, Jr., Edward P. Malloy, Harry M. Payne, Charles C. Renshaw,
Paul B. Skinner, Wallace C. Winter.
To serve two years: Ford R. Carter, Ja.17103 L. Martin, and Benjamin F.
Stein.
To serve one year: Talton T. Francis, Latham R. Reed, and Virgil C.
Webster.
Of the 14 nominees to the Governing Committee, 8 are
Governors at the present time. The 6 new ones are Messrs
Bryant, Molloy, Carter, Martin, Stein and Webster. The
six retiring Governors are Joseph F.Lamy,James P. Molloy,
Sr., E. E. MacCrone, Charles Sincere, William B. McMillan, and Clarence G. Troup.
Members of the nominating committee, nominated to
serve one year, are Gilbert Gross, Chairman, J. Clarke
Dean, Walter M. Giblin, Louis C. Seaverns, F. N. Webster.
Messrs. Gross and Webster are members of the nominating
committee making this year's nominations. The other
Both the concern and its counsel were adjudged in contempt of court
Justice Strong found that the company, acting upon the advice of its
attorney, had violated an order which he made last December requiring
that an $11,000 bend to be given in proceedings affecting the estate of
William Landau, an incompetent war veteran, be supplied by some other
company.
Despite his direction, Justice Strong declared, the company issued the
bond to Frank Landau of No. 250 Wilson Avenue, Brooklyn, brother of
William, and committee of his estate. At a hearing before Justice Strong
McArthur contended that he had acted in entire good faith in the
transaction.
"The United States Fidelity and Guaranty Company, a bonding company," Justice Strong added in his memorandum, "has had considerable
controversy over its practice of making so-called legal charges against the
estates of incompetents who are war veterans, while this company has
bonded the committees of such estates. Aside from the impropriety of
making such charges the Veterans' Bureau does this work without charge
to the veteran or his estate.
"Although repeatedly warned by the Presiding Justice of this Department and by the Presiding Justice of the First Department and by referees
who act as examiners of the accounts of committees it continues to make
these improper charges and persuades committees to employ it without
informing the committee that the Veterans' Bureau does the same work
free of charge.
"By thus usurping the work of attorneys, it is able as a bonding company to minimize its liability at the expense of the estate. It has all the
securities of the estate in its possession, it controls the investmetts and
payments of the committee, and the committee has to go to them to approve each check or payment.
"Many committees are relations of the incompetent, Borne not being able
to read or write, often weak-minded themselves and easily influenced in
their actions and thus are made an easy prey to a systematic fattening of
the assets of the bonding company and its employees at the expense of the
World War veterans.
"The bond given for the protection of the veteran fails to work as such.
Consent orders and settlement of accounts are made, fees are allowed and
families are supported at the incompetent's expense, and encouragement
is given to the spending of emus by committees to the detriment of the
estate and without loss to the bonding company."
In Landau's case, Justice Strong said, the Veterans' Bureau consented
to the company's application to give an additional bond, which was to In-
3098
FINANCIAL CHRONICLE
elude three smaller bonds the concern had previously issued to the committee, but when the bureau observed that his order had not been complied
with further payments to the estate were withheld, pending compliance
with it.
Evidence before him, Justice Strong said, showed that the bonding
company was writing about 60% of the bonds of incompetent war veterans,
and that formerly they were written through an employee of the Attorney
General's office, since resigned, who received Christmas presents from the
company and premiums on the bonds.
"Whenever committees made purchases of mortgage certificates from
mortgage companies as investments of the estate," Justice Strong added,
"officers and employees of the surety company received percentages."
Two Former Presidents of New York Cotton Exchange
Made Members of Nominating Committee for 1930.
Two former Presidents of the New York Cotton Exchange
have been made members of the Nominating Committee for
1930 which will name candidates for officers and Governors
for the 1930-31 term. They are Edward K. Cone, who is
Chairman of the Committee, and Henry H. Royce. Mr.
Cone, who is a member of the firm of E. A. Pierce & Co.,
was President in 1913-15, and Mr. Royce, who is a member
of the firm of Royce & Co., followed Mr. Cone as President
in 1915-17. The other members of the Nominating Committee are Leigh M. Pearsall, William N. Schill, Spencer
Waters, Frederick L. Munds and William C. Bailey.
[Vol,. 130.
"Air transportation Is the backbone of the aviation industry, and anything
that helps the air lines will be reflected in the entire industry. A comprehensive, healthy air transportation system is of vital importance to our
national security.
"Under the new law, the Postmaster General will be authorized to place
air mail aboard many of the passenger lines, thus expanding existing
service and extending it to sections which now have air passenger service
but no air mail. This provision will mitigate the serious situation facing
air passenger lines, which, on the whole, have been unprofitable. In
addition, the changing of the method of payment to air mail contractors
from a poundage basis to a mileage basis should eliminate existing inequalities in payments and permit relief for a number of air mail lines losing
money under the present system of payment.
.
"The new measure probably is the most progressive piece of aviation
legislation adopted since the air commerce law, and should aid materially
In putting the industry in a more healthy and sound condition.
"The industry is mindful of its indebtedness to the Federal Government
for the aid which various departments extend the cause of aviation, and
is appreciative of the time and effort which Postmaster General Brown
has given toward the passage of this measure."
Under the McNary-Watres law, air mail payments to contractors will be made on a mileage basis, the rate being
graduated according to amount of space contracted for, with
a maximum rate of $1.25 a mile for 2,000 pounds of space.
Under the old Kelly law, contractors were paid on a poundage basis, the rates ranging between $3 a pound and The, a
pound, regardless of distance.
Bond Houses Take Up Cancellation of Orders Evil
For Solution.—I. B. A. Committee Report Will Be
Ready for May Meeting—Remedies Proposed for
Long Standing Problem—Prepayment Plan, Used
in England, Favored by Some.
A determined effort to halt the evil of cancellation of
orders by customers of security houses is expected to result
from the efforts of a special committee of investment bankers now studying the matters, asserts the New York "Journal
of Commerce" of April 22, which goes on to say:
Aviation Issues Experience First Marked Recession
This Year According to H. B. Doran of August
Belmont & Co.
"During the week ended April 25 aviation issues experienced their first marked recession in market value during
1930," according to figures compiled by Dr. H. B. Doran,
economist of August Belmont & Co. "The 17 issues quoted
April 17 and April 25 showed a decline of $31,544,038. On
April 17 the value of these issues was 139.4% greater than
their 1929-30 low value, while on April 25 they were 121.5%
above their values at 1929-30 low prices. The compilation
also reveals that:
This Committee is scheduled to report its findings and recommendations
to the White Sulphur Springs meeting of the Board of Governors of the
Investment Bankers' Association of America.
Bond houses have found that this problem becomes especially vital at
times of declining security prices, but that it exists to some extent at
all times. Two aspects of the problem make it especially difficult of solution. In the first place payment is not generally required from customers in connection with new issues of securities, and this encourages
them to order securities, often In the hopes of an immediate rise in price,
even though they do not have available the means of payment.
"The 17 issues quoted Jan. 2 and April 25 showed an appreciation of
$148,717,357, or 69.5%. At April 25 closings these issues were valued
at 121.1% above their 1929-30 low values.
"The market value of all air stocks quoted April 25 (22) was $418,280,156, or 46% of their value at 1929 high prices—at their low prices
they had a value of only 21.2% of their 1929 high value.
"For the thirteenth consecutive week no new low prices were recorded.
During the week ended April 25 only one new 1930 high price was
recorded. Price movement from April 17 to 25 showed two issues up and
13 down."
Legal Angle.
A second aspect of the problem is the application of the so-called statute
of frauds to contracts involving more than $50. In order to enforce such
contracts they must be in writing. It is customary for orders for securities to be placed orally, however, especially when sales are made over
the telephone. The result is that it is difficult to enforce the execution
of orders received for the purchase of securities through legal means.
In view of the fact that the cancellation evil constitutes a serious impediment to the work of the bond house, and often entails substantial
losses to it, a determined effort is being made this year to adopt effective
remedies. In several cases a feeling has existed that the cancellation evil
In substantial measure results from overzealous efforts on the part of bond
salesmen to make sales. Certain houses have sought to meet this situation
by penalties provided for salesmen whose clients do not take up the securities ordered. One leading house has installed a series of penalties, whereby
the salesman loses one-half of the credit and profit on a transaction remaining unpaid one full week after due date. The penalty rises to threefourths after the second week and amounts to the entire sales after the
third week.
Other houses have often advocated meeting the problem by requiring a
cash payment from customers in connection with the order, to prevent those
seeking an immediate cash profit before the date of payment from making
purchases they do not intend to take up. One house decided In favor of a
10% prepayment, while another favored 5%. However, owing to the
stress of competition, these prepayments have not been generally enforced.
They were copied after the English system, where subscribers to a new
issue of securities must regularly make a cash payment in connection with
their application for bonds or shares.
Morris Plan Banks Celebrate Twentieth Anniversary.
The Morris Plan banks had a nation-wide celebration of
their twentieth anniversary this week. The plan had its
inception in 1910 in Norfolk, Va., where Arthur J. Morris
established a bank, with a capital of only $20,000, for the
purpose of carrying out an idea. From 1910 to date more
than $1,500,000,000 has been borrowed under the Morris
Plan by 6,500,000 individuals. More than $200,000,000
Morris Plan certificates have been sold, of which about $93,000,000 are now outstanding in the hands of the public.
The New York bank founded in 1914 is reported as having
total resources of more than $48,000,000 and it has sold
in all more than $100,000,000 of Morris Plan Certificates.
More than a million loans have been made from the main
office, 33 West 42nd Street, and the 11 branch offices in
greater New York.
Fixed Trusts Gain Rapidly Since Break In Market Last
Fall—Estimate $200,000,000 In Certificates Are Now
Outstanding—Compares With $50,000,000 Year
Ago.
During the first quarter of the current year, a marked
IVritten Agreement.
increase in the number and size of fixed investment trusts
A third proposal has been to have the customers sign a form of contract
or agreement, which can then be enforced by law. It is argued that even has occurred, said the New York "Journal of Commerce" of
if few of these agreements will be made the basis of litigation, their mere April 25,from which we quote further as follows:
existence will tend tp make customers honor their orders to a greater extent
than is now the case.
Opinion among bond houses is, however, that there will have to be
general resort to these forms of protection if they are to be made effective.
Otherwise competition will tend to make houses relapse to the present
methods of permitting customers to pull out of transactions without much
difficulty on the basis that other houses are doing the same, and a stricter
attitude would merely drive clients to competitors.
Well informed estimates made in January of last year placed the total
volume of fixed trust certificates outstanding at less than 850,000,000. A
current compilation of the total volume of certificates outstanding in the
larger fixed trusts indicates that the aggregate has now risen to approximately 8200,000,000.
The revival of interest in the fixed interest trust, according to banking
observers, reflects the fact that many small sscurity buyers have been attracted in to the stock market by lower prices prevailing following the stock
market panic of last fall. These buyers have turned to the fixed trust
because through it they believe they secure a diversified investment In
Corporation Looks for leading common stocks without a large cash investment.
F.. G. Coburn of Aviation
Factors in Popularity.
Benefits to Aviation Industry Through McNaryIt is pointed out that leading coporations like Cities Service and General
Motors, not to mention American Telephone 8c Telegraph, have during the
Watres Air Mail Law.
past six months increased the number of shareholders on their rosters to a
The aviation industry all along the line will be benefited very large extent. The decline in stock prices has attracted purchases of
Congress, these shares by small buyers who have long been waiting for just such a
by the McNary-Watres air mail law just passed by
break in the market as had occured. The fixed investment trust certificate
according to Frederic G. Coburn, President of The Avia- is designed to appeal to this same class of long pull holders of common
tion Corp. Mr. Coburn says:
stocks, and it has benefitted accordingly.
MAY 3 1930.]
FINANCIAL CHRONICLE
The great revival in the popularity of the fixed investment trust is also
traced by many observers to the increased sales effort being put forth to
sell these securities. Last year, selling of fixed investment trust shares
lagged because of the rapid appreciation and consequent large profits
which were being made in general management investment trust and financial holding company securities. Now that the latter types of securities
are in less favor with investors, decreased resistance is being shown to the
sale of fixed investment trust issues, and this decline in sales resistance has
been vigorously followed up by many organizations.
Another factor has been the development of new features in connection
with fixed investment trusts, which give them at least superficially a greater
appeal to investors. Among such devices are the payment of current dividends on the shares out of stock dividends and split-ups received on securities included within the trust. Several of these devices are being criticized in circles interested in the fixed trust movement, and the renewed
popularlity of the fixed trust has led to keen discussion on these points.
Order of Size.
A survey of the field indicates that the largest fixed trust is now North
American Trust Shares, which indicates total sales of over 860,000,000 of
certificates. Second in size among the fixed trusts is said to be Diversified
Trustee Shares, while about a score of other organizations are reported to
have attained substantial size.
Another recent trend has been toward formation of fixed trusts in special
types of securities. Bank & Insurance Shares, Inc., has offered latterly
shares against units comprising stocks in 22 banks. An oil group lies behind the recently offered units of American Basic Business Shares Corp.,
series C. A total of 180 shares in 33 public utility companies underlie the
recently offered units of Public Service Trust Shares, series C.
Federal National Bank of Boston Withdraws from
Boston Clearing House—Will Not Abide by Rate
of Interest Allowed Depositors.
The Federal National Bank of Boston on April 28 withdrew
from membership in the Boston Clearing House Assn. because it does not agree with the new rule regulating deposit
rates, according to the Boston "Herald" of the next day,
which stated that the bank was sending the following notice
to its depositors:
The Boston Clearing House Assn. has adopted a rule under which deposit rates paid by members will be regulated by the Clearing House Assn.
on and after May 1 1930. The new regulations affect all classes of deposits
except savings accounts and deposits of individuals, firms and corporations
from outside New England. The Boston Clearing House Association
justifies this departure from long-established practice on the ground that interest rates paid depositors are too high.
Tho Federal National Bank of Boston believes that the reduction of rates
whenever justified is a matter for adjustment between the individual customer and the bank. The Federal National Bank is opposed to the regulation of rates by any association and,in view of this objection to the principle
of rate regulation, has withdrawn from the Clearing House Association.
The rates paid on deposits by this bank will be determined in the future,
as in the past, by the facts and the circumstances surrounding each deposit
consistent with sound banking principles.
The new rule of the Boston Clearing House governing
interest rates paid by member banks was given in our issue
of April 19, page 2696.
Federal Control of Group Banking Proposed in McFadden
Bill—Would Limit Amount of Stock Acquired by Holding Company—Measure Provides Entry of Reserve
Members Must Be Approved by Board or Comptroller
Move Favored by J. K. Ottley of Atlanta.
Representative McFadden (Rep.), of Pennsylvania.
Chairman of the House Banking and Currency Committee,
introduced in the House, April 30, a bill (H. R. 12034)
authorizing the Comptroller of the Currency and the Federal Reserve Board, respectively, to approve or disapprove
the entry of any national bank or State bank member of
the Federal Reserve System into group or chain banking.
We quote from the United States Daily of May 1 which
added:
3099
In referring to the call loan market in New York City, and
that banks throughout the United States send money there for
of the security market, Representative McFadden (Rep.), of
Pa., chairman of the Committee, questioned the legal right of
banks in New York City to act as agents for interior banks in
funds to brokers on call.
the fact
the use
Canton,
national
loaning
Agreement Explained.
He stated it had been declared to him by an ex-national bank
examiner to be contrary to the national bank act. Comptroller of the
Currency Pole, who was present at the hearings, stated, when the
question was referred to him, he had never heard of any legal objection
to it. Mr. McFadden asked the Comptroller to investigate the matter
and submit a memorandum to the Committee later.
Mr. Ottley explained to the Committee during the course of his
examination by Representative Seiberling (Rep.), of Akron, Ohio, that
his agreement April 28 to a Federal usury law of 8% maximum, contemplated loans made by banks in the ordinary conduct of their
commercial banking business and did not apply to brokers' loans on
call in the New York market.
The question of a maximum rate on street loans, he stated, should
be the subject of very serious consideration. He professed to have
no great familiarity with the loaning of money on call, but explained
one theory, he understood, was that a high rate on call loans tended
to keep down their volume. Mr. Seiberling replied that theory had
been tried with disastrous results and it is now time to try the other
theory, that high rates attract large volumes of funds to the New
York market.
Restrictions Opposed.
In response to questions from Mr. Seiberling, the witness stated he
felt there would be no necessity, in case Congress permitted national
banks to have trade area branches, to accompany it by a restriction on
the size of the city in which such out-of-town branches might be
established.
Atlanta should be free to go into Nashville, New Orleans, Birmingham, and other big cities in the sixth district and they in turn to
come into Atlanta, he said. Mr. Ottley doubted there would be much
of that done, because Atlanta banks have valuable banking correspondent relationships in those other cities that they would not want
to antagonize. In any case, he stated, the establishment of branches
anywhere should be subject to the approval of the Comptroller of the
Currency.
The Atlanta group of which he is the head already has gone into
the principal cities of Georgia, Mr. Ottley stated, and they feel under
present law no obligation to extend into the smaller cities where the
banks of under $1,000,000 resources are having difficulty in operating
at a profit.
Good Roads Termed Factor.
With a branch set up, he explained, these small towns and rural
communities could be served by branches, operating perhaps two or
three days a week in some of the smaller places.
The small towns, he asserted, will not have much in the way of
strictly local banking competition under any system,—unit, 1 group,
or 12 groups. But if there are a number of groups, as he thinks there
always will be, the bank customers in one town can find a competing
bank in some sizable city not too far away to be reached over the
good roads that now extend everywhere.
Many of those towns under the present system have no banks and
will have none, he continued, and other towns will lose the banks they
now have, if unit banking is to be the only permitted system. Branch
Linking will give to those communities more than they now have, he
stated.
Call Rate Discussed.
Mr. Seiberling referred to the committee of the New York Stock
Exchange which determines the renewal rate on call loans, and asked
Mr. Ottley if he did not think that such rate, if fixed by anyone, should
be set by the Federal Reserve Board or some such responsible agency.
Mr. Ottley thought that might be desirable. He emphasized, however,
that he is not familiar with New York financial mechanisms, and does
not pretend to speak with authority on such matters.
Mr. Seiberling quoted Comptroller Pole and Governor Young as
having testified the stock market crash of last Fall had been a substantial factor in the present business depression. Secretary Lamont
and Mr. Barnes, be added, at the meeting of the Chamber of Cammerce of the United States on April 28, had laid many of our business
troubles to the same cause.
"If manipulations of that kind cause such disaster to our country,"
Mr. Seiberling said, "shouldn't we attempt to find some cure?"
Statement Explained.
The bill provides, he stated, that after its approval, it shall be unlawDuring the course of his questioning by Mr. Brand, the witness
ful for any corporation or other agency to purchase or otherwise acquire
over 10%of the capital stock of more than one member bank of the agreed there are many small unit banks in Georgia that are strong and
Federal reserve system without first obtaining the approval of the dependable and sound. Public confidence is still retained by many of
Comptroller in the case of national banks and of the Federal Reserve them, he, added, and he had not meant in his formal statement to give
any other impression.
Board in the case of State bank members.
It is the unit system of banking he feels which is being questioned
Mr. McFadden's announcement followed a statement made during the
course of the hearings by John K. Ottley, president of the First National by the public, and the system which has lost much in the way of public
Bank and the First National Associates, of Atlanta, Ga., that Congress confidence.
Mr. Brand questioned his use of the word "failed" in connection with
should enact some emergency legislation of the character described, so
the growth of group banks might be regulated and abuse prevented. the unit system of banking, to which Mr. Ottley replied that, in his
Instances were cited where under the present absence of regulation, opinion, since the banks in many towns had failed and not been regroups are being organized without adequate financial backing for stock placed by others, and since unit banks were the only kind that could
he established there, and they could not operate profitably, the system
jobbing and promotional purposes.
His statement was in reply to a question from Representative Brand had failed to provide banking facilities and services for those communities.
(Dens.), of Athens, Ga.
Reference was made to one Georgia county with no banks at all.
Until Congress has arrived at a definite policy with respect to the
some regulation Mr. Brand disagreed with the statement that the unit banking system
present banking trend, Mr. Ottley said, there should be
of the group relationships of national banks and State bank members had failed, and declared he knew of communities in Georgia where if
it were not for the independent unit banks, the farmers could not get
of the Federal reserve system.
any credit on real estate or crop mortgages.
Supervision Welcome.
Mr. Ottley admitted that the city banks are not doing much in
He pointed out the Committee had been made familiar with the evils the way of loaning money to farmers on crop mortgages. They do,
and dangers of the unit system of banking. Group banking he pictured however, he stated, loans to coutnry banks, against collateral, who in
as a long step ahead from the unit system, which had been accom- turn loan to the farmers. The predicament of the farmer, he asserted, has not resulted from any inability to borrow.
plished without encouraging or regulatory legislation.
Representative Pratt (Rep.), of New York City, asked Mr. Ottley
To prevent the abuse of the new structure and the development of
evils as great or greater than have come to light in the unit system, he if he had any prejudice against loaning money to farmers, to which
recommended strict regulation by the Comptroller of the Currency or he replied in the negative and added in response to another question
some other Federal agency. Complete supervision of all units in the that they would receive the same treatment as commercial borrowers
if their credit standing and the security offered were comparable. He
First National Associates would be welcomed, he declared.
3100
FINANCIAL CHRONICLE
agreed with her that call loans provided a very important secondary
reserve for banks.
Mr. Ottley stated at the afternoon session of the hearing that while
he had been an ardent supporter of the Federal reserve system from
its inception, he did think that the law as regards country banks might
be liberalized somewhat.
He favors permitting them to make something in the way of an
exchange charge on out of town checks, and sharing with them the
surplus earnings of Federal reserve banks. He feels he stated, the
large city banks in the reserve centers have benefited more from the
'
Federal reserve system than the country banks.
Test of McFadden Bill
The measure which Mr. McFadden introduced into the House fol.
lows in full text:
Be it enacted by the Senate and the House of Representatives of the
United States of America in Congress assembled:
That after the approval of this act it shall be unlawful for any
corporation, copartnership, individual or trustee to purchase or otherwise to acquire more than 10% of the shares of the capital stock of
more than one member bank of the Federal reserve system, whether
State or national member, except, after first obtaining the approval
of the Comptroller of the Currency with respect to national banks
and of the Federal Reserve Board with respect to State member banks.
Any person or corporation violating this act shall be deemed guilty
of a misdemeanor and shall, upon conviction thereof, in any district
court of the United States, be fined not more than $10,000.
[VOL. 130.
W. R. Burgess Becomes Deputy Governor of Federal
Reserve Bank of New York.
It was announced on April 30 that W. Randolph Burgess,
Assistant Federal Reserve Agent at the Federal Reserve
Bank of New York, has been elected Deputy Governor.
The vacancy in the latter post occurred through the recent
appointment as Federal Reserve Agent of J. Herbert Case,
noted in our issue of March 1, page 1373. Dr. Burgess
assumed his new office May 1.
New York Federal Reserve Bank on Gold Movement
in April.
The following is from the May 1 "Monthly Review" of the
Federal Reserve Bank of New York:
Continued receipts of gold from Brazil, amounting to $25,000,000 and
the receipt of $2,400,000 from Peru made up the bulk of the imports at
the Port of New York during the first 29 days of April. In addition, $10,000,000 of gold from Brazil and $1,000,000 from Uruguay are expected to
arrive on April 30. Imports of gold at San Francisco from the Far East
continued, $15,600,000 arriving from Japan and $3,900,000 from China.
Total receipts from Japan in this movement now amount to about $94,600,000 and receipts from Brazil total $57,700,000, including the import
of the 30th. As exports were negligible and no change occurred in gold
earmarked for foreign account, it appears that there will be a net gain
to the country's gold stock in April of more than $57,600,000. Since the
first of January net imports and changes in earmarked gold have resulted
in a total gain of approximately $194,000,000 of gold.
In April, there was a gain in gold holdings at the Bank of England of
about £8,000,000, accounted for mainly by the arrival of £6,000,000
from Australia, making a total of £17,000,000 received from that source
in the current movement. As a result of arbitrage operations, Berlin drew
gold from London and Paris in April and some gold reached Switzerland
from both those centres.
Federal Reserve Bank of New York Reduces Its Discount Rate From 334 to 3%.
The Federal Reserve Bank of New York this week lowered
its discount rate from 334 to 3%. With the 33'2% rate,
which was established by the local Reserve Bank on March 14
last, when the rate was reduced from 4%, the New York
Bank had maintained the lowest rate of any of the Reserve
banks, all of the others at the present time observing a 4%
rate, having in the last few months cut it down to that
figure from 432%. This week's reduction by the New York Partial Report By Conferees on Tariff Bill Submitted
Reserve Bank was announced as follows, May 1:
to House and Senate, and Adopted By House—
FEDERAL RESERVE BANK
Separate Vote on Certain Items, Including Sugar,
OF NEW YORK
Cement, Silver, Farm Debenture Provisions, &c.
Circular No. 976, May 1, 1930
The tariff conference report, embodying the compromises
Superseding Circular No. 968
on rate differences between the Senate and House in the
Dated March 13 1930
Smoot
-Hawley bill, was submitted to the House and Senate
RATE OF DISCOUNT
on April 29; the "Herald Tribune" in noting this said:
To all Member Banks in the Second Federal Reserve District
In the House a number of statements were made immediately and the
jockeying by the groups began on the items reserved for separate vote by a
previous agreement. The items are sugar, lumber, silver, cement, the
debenture plan of farm relief and the flexible tariff provisions. The voting,
under the present plan, will begin Thursday and leaders hope to complete the
work by Saturday evening.
The reduction was announced co-incident with the action
Outstanding in the developments to-day was the capitulation of the powerful sugar bloc to the compromise 2.20 cents duty on sugar. It was not
on May 1 of the Bank of England in lowering its rate from
generally expected, and after it became known, in a statement issued by
334 to 3%, and the decrease the same date in the rate of Representative Louis C. Cramton, Republican,of Michigan,the bloc leader,
the Bank of France from 3% to 2
speculation as to what effect it might have on the vote on the debenture plan
The New York
became rife. It has been believed possible that the bloc would insist on a
"Journal of Commerce" yesterday (May 2)said:
rate of 2.40 cents as contained in the House bill, as against either the Senate
This is the fifth rate cut ordered by the local Reserve bank since the stock rate of two cents or the compromise to be offered, 2.20 cents, because of the
market panic of last fall.
possibility of drawing a bloc of farm state votes in return for a favorable
Only twice before has the rediscount rate been as low as 3%, and it has debenture vote. The action to-day practically precludes that situation and
never been lower. The last time the 3% rate was effective was on Feb. 7 was regarded as indirectly a blow to supporters of the debenture plan.
1925.
With respect to sugar, John E. Snyder, Vice-President of the Hershey
The financial community until yesterday had not been expecting a reduo- Corp., virtually the only refining corporation operating in Cuba which
tion in the bank rate, In view of Washington advices, which suggested a ships the refined product to the United States, today issued a statement
policy of stabilization as the desire of the Reserve authorities. However, a In pamphlet form in which he charged that the proposed increase of the
surprise reduction in the London and Paris bank rates, known here yester- differential between raw and refined sugar, "if carried by the pending
day morning, foreshadowed the action of the directors of the local Reserve tariff bill, will create a new sugar monopoly and greatly increase the cost
Bank, so that the financial district was not taken completely by surprise. of sugar to the consumer."
According to Mr. Snyder, the Sugar Institute is now asking that an
Reparations Bonds Factor.
A survey of banking opinion indicated a general belief that the simul- Increase of one-half cent a pound be placed on sugar above 96 degrees
taneous reduction in discount rates in London, Paris and New York was a polarization. The Senate rate already places one-quarter of a cent a
concerted move to make possible the flotation of the $300,000,000 reparation pound on sugar at the polarization.
bond issue on a more attractive yield basis. The bond markets especially
On Wednesday, April 30, the House, in an effort to get
In London and New York, have been sagging latterly, and recent foreign
through with the conference report by to-day (May 3)
loans in both centers are reported to have met a relatively poor reception in
many cases. The reparations bonds are expected to appear on the world agreed to meet at 11 a. m., an hour earlier than usual, on
markets before the end of the month.
Thursday, Friday and Saturday. We quote from the
Another factor in the rate cut, which by some informed obs,prves was
stated that while one of the conplaced first, was the continued depression in business, which made lower New York "Times" which
money rates as a stimulant desirable. This is expected to be the official ferees, Representative Bacharach of New Jersey, said he did
explanation of the move to be made by the Federal Reserve authorities.
not expect final disposition before Tuesday, Representative
You are advised that, effective from the opening of business Friday,
May 2 1930. until further notice and superseding the existing rate, this
Bank has established a rate of3% for all rediscounts and advances.
GEORGE L. HARRISON,
Governor.
From its Washington correspondent, May 1, the "Journal Tilson of Connecticut, majority leader, said every disposition
of Commerce" reported the following:
was to finish with the report this week. The dispatch likeDepressed business conditions in most important commercial countries wise said:
have reduced the demand for credit and brought about the easy money
market which to-day resulted in the reduction of the rate at the New York
Federal Reserve Bank to 3%, the lowest since 1925.
The New York rate change was expected by the Reserve Board officials,
who held that it was the logical result of the domestic and international
situation following the reduction In the British rate to 3% and that of the
,
Bank of France to 235%.
The rest of the Reserve Banks are on a 4% basis. The New York cut
bring about a general reduction in the other banks to at
probably will
least 335 %. Officials would not speculate as to whether any of the other
banks would go as low as 3%.
"A 3% rate at New York is appropriate and logical in the general rate
structure," one expert explained. "Conditions are no different in the
slackness In
United States than they generally are in Europe. There is a
trade and industry which is not using the usual amount of credit.
reductions.
"Under the conditions it Is natural to have rate
"The easing of the money market further is a desirable trend. Cheap
money proves a stimulant to create new activity in industry, since money
may be obtained for all undertakings at lower cost.
"However, it requires time for such conditions to have an effect."
According to plans announced after a meeting of the Republican Steering
Committee, the report as a whole, except for the disputed items, will be
taken up first for vote, with four hours of debate divided equally between
the Republican and Democratic sides. The controversial items will then
be taken up as they appear in the bill. Cement will come first and a vote
on this is expected to-morrow.
The disputed duties on silver, lumber, shingles and sugar will be taken
up in that order. Then will come the administrative amendments on the
flexible tariff, reorganization of the Tariff Commission and finally the
debenture plan.
The Democratic fight on the bill will be led by Representative Collier
of Mississippi, second ranking minority member of the Ways and Means
Committee and one of the conferees. Representative Garner of Texas,
Democratic floor leader, Is ill and his physician has advised against his
attempting to go to the Capitol.
The conference report, except for the controversial items,
was adopted by the House on May 1 by a vote of 240 to 151.
On the same date, without a record vote, the House agreed
MAY 3 1330.1
FINANCIAL CHRONICLE
to a duty of 6 cents per 100 pounds on cement, as adopted by
the Senate, but (we quote from the "Journal of Commerce")
voted 221 to 167 against the retention of the Blease amendment designed to permit free entry of cement when intended
for use on public works. The paper quoted also said:
The effect of the vote on the Blease amendment was to assert that the
House maintained its objection thereto and that it thus would be the subject
of further conference consideration.
Disregarding the charges hurled against the cement industry of monopoly
and price agreements, the majority of the House members, insistent upon
protection for the industry, expressed a willingness to make the single
concession of withdrawing from their insistence upon the House rate of
fic. per 100 pounds in the interest of action eliminating the free list feature
.
Yesterday, May 2 by a vote of 202 to 72 the House defeated the Pittman amendment to the bill proposing a duty
of 30 cents an ounce on silver imports. According to the
"Wall Street Journal" the vote came after one hour's debate,
consumed largely by members from States of Montana,
Nevada and Utah who favored the duty.
A reference to the announcement that the House would be
the first of the two branches of Congress to act on the conference report appeared in our issue of April 26, page 2900.
Under date of April 28 the Washington correspondent of the
New York "Journal of Commerce" said:
Making last-minute changes in the Hawley
-Smoot tariff bill to correct
irregularities that seemed to have crept into certain paragraphs, the Senate
and House conferees brought to an apparent close their initial work on the
report of their activities. The lengthy document setting forth terms of the
settlement of differences that have arisen between the two houses as the
result of changes effected by the Senate in the House bill will be made
available to members of the House to-morrow morning.
Chairman Willis C. Hawley of the House Ways and Means Committee today secured the consent of the House to have until midnight to deposit his
report with the Public Printer * * *
Restore Walsh Amendment.
There was a hurried meeting of the conferees on the part of both houses
to-day when it became apparent that there were at least two provisions in
the conference action that would be subject to a point of order. Further,
It was indicated that prominent members of the House were waiting to test
out the provisions in the event that the changes desired were not effected.
Complaint had been made against changes made in paragraph 1122 and
to-day the House conferees receded from their objections to the Senate
language and the so-called Walsh amendment was restored in its original
form, reading as follows:
"Paragraph 1122. Fabrics (except printing machine cylinder lapping in
chief value of flax), in the piece or otherwise, containing 17 per centum
or more in weight of wool, but not in chief value thereof, and whether or
not more specifically provided for, shall be dutiable as follows:
"That proportion of the amount of the duty on the article, computed
under this schedule. Which the amount of wool bears to the entire weight,
plus that proportion of the amount of the duty on the article, computed
as if this paragraph had not been enacted, which the weight of the component materials other than wool, ears to the entire weight."
Sees Rates Lowered.
The manufacturers of mixed wool
-and-rayon fabrics
-and-silk and wool
saw under the language as adopted by the conferees rates of duty lower than
otherwise contemplated under either the House or Senate bill upon such
fabrics. It was argued that this contention, if substantiated, would open
the matter to the raising of a point of order that would be sustained by
the Chair.
The broad language of the hat braid paragraphs (paragraph 1504) was
the source of worry to the manufacturers of laces who feared that ramie
laces would be dutiable thereunder at rates of 15 or 25%.
By striking out the word "ramie" where inserted by the Senate and adding
language making it clear that the lower rates were applicable only to ramie
hat braids and plaits, the conferees restored ramie laces to their otherwise
proper classification. The amended paragraph, so far as it deals with
these braids, now reads as follows:
"Paragraph 1504 (a). Braids, plaits, laces and willow sheets or squares,
composed wholly or in chief value of straw, chip, paper, grass, palm leaf,
willow,osier, rattan,real horsehair. rouba bark or manila hemp,and braids
or plaits wholly or in chief value of ramie, all the foregoing suitable for
making or ornamenting hats, bonnets or hoods; not bleached, dyed, colored
or stained. 15 per centum ad valorem: bleached, dyed, colored or stained.
25 per centum ad valorem: any of the foregoing containing a substantial
part of rayon or other synthetic textile (but not wholly or in chief value
thereof), 45 per centum ad valorem."
It had been proposed in the House to make hat braids, wholly of ramie,
dutiable at 20% ad valorem with a rate of 40% ad valorem upon manufacturers of hat braids when wholly of ramie. These rates were rejected
by the Senate.
In the advices from Washington April 29 the New York
"World" stated that:
In its present form the bill erects the highest duty-wall ever raised around
the United States. The duties which it levies on four major items—shoes,
wool, beef and sugar—will raise the cost of living to the 120,000,000 people
of America more than 31.000,000,000—about $8.50 for every man, woman
and child in the United States.
As fixed by the Republican conferees for the Senate and House in secret
conferences the past month, the Hawley
-Smoot bill increases duties on
more than 800 articles. A great majority of these increases will affect the
retail prices of food, clothing and other necessaries of life.
In the form in which it is submitted by the conference committee for
final action in Congress the bill may be summarized as follows:
1. The bill taxes more articles, at higher rates of duty, than have ever
before been covered by a tariff revision. The conference report boosts
the general level of rates to about 41% of the value of all dutiable imports.
This is an increase of 20% above the Fordney-McCumber Act of 922, which
is now in force, and nearly 100% above the general level of the rates in the
Underwood Act of 1913. The Hawley-Smoot bill increase the rates of
existing law in fourteen out of the fifteen schedules, and the sole exception
—the wood schedule— will be increased 40% above the present rate if the
House votes the proposed duties on lumber and shingles.
* 2. The pending bill riddles the free list, transferring to the dutiable list
hundreds of raw materials which have heretofore been admitted duty-free.
This represents a revolutionary departure from American tariff policy.
Analysis of the bill shows more than 750 increases in materials used in the
manufacture of automobiles and 150 increases on materials used in the
cotton and woolen textile industries.
3101
3. In general, the bill bears most heavily on food, clothing and the
commonest necessities. It singles out cheap clothing, furniture and household goods for same of the heaviest increases in duties.
The log-rolling and vote-trading methods by which the bill was forced
through the Senate last month are written plainly on the face of the final
text of the bill as it comes from the hands of the conference committee.
Senator Joseph R. Grundy of Pennsylvania, who headed the lobby at
Washington on behalf of the bill before his appointment to the Senate.
and Senator Reed Smoot of Utah, Chairman of the Finance Committee,
have had the schedules in which they are particularly interested approved
by the House and Senate conferees.
Even the schedules which were assigned to Senator Hiram Bingham of
Connecticut as a member of the Finance Committee, at a time when it
was revealed he had Eyanson, a lobbyist, on the Senate payroll as his tariff
expert, emerge from the conference virtually without change.
While senator Grundy was active in securing increases all along the line
in the Senate bill the wool schedule has been his hobby for many years.
As it passed the Senate this schedule increased the duties on wool and its
manufactures to a general level of 57.38% of the value of all imports.
As amended in conference this rate is increased to 59.69%. This is an
increase over the existing wool schedule of more than 20%. It is more than
three times the general level of the wool schedule in the Underwood Act of
1913 and levies higher duties on almost every item than "Schedule K"of the
Payne-Aldrich Act of 1909, which the late President Taft described as
"indefensible."
An analysis of the Bill as redrafted by the conferees shows that only
three changes were made in conference from the text of Senator Grundy's
wool schedule as it passed the Senate. Each of these changes was a substantial increase.
Former United States Tariff Commissioner Lewis, the Brookings Institute and other leading authorities are agreed that the Grundy wool schedule
will cost consumers of the country not less than $150,000,000 a year, at the
rate of $6 per family, or $8,220,000 for consumers of New York City alone
in prices for clothing and other wool products.
The adoption of the 20% duty on shoes is typical of the action of the
House and Senate conferees in engrafting on the final text of the Bill.
wherever possible, the highest rates previously voted by either branch of
Congress.
More than 50 increases have since been placed in the final text of the Bill
on materials used in the making of shoes, bringing the annual cost to the
consumer up to $188,000,000. This is a cost of $7.50 per family,or 810.275.000 for the consumers of New York City alone.
The rate of three cents per pound on beef, now in effect, has been increased by 100% to six cents per pound, plus increased duties on live cattle,
in the final text of the Bill as reported by the Conference Committee.
University of Wisconsin economists, who studied this feature of the B111,
found that the increased duty under the pending bill should be effective
to the extent of an additional cent a pound.
This means a total cost to consumers of the country of $360,000,000 a
year, or $14.50 per family, amounting to $19,728,000 for the consumers of
New York City alone.
The increased duties on the "Big Four"— sugar, wool, beef and shoes—
represent only a fraction of the additional taxes levied by the HawleySmoot Bill. They account, however, for more than one billion dollars, a
year in costs to the consumer for the most common articles of food and
clothing.
Tariff on Farm Products Will Effect Material Increases
in Costs to Consumer—New York City Alone Will
Pay $38,225,000 More for Beef and Sugar, with
Nation Raised $697,000,000.
More than 150 increases in duties on farm products are
carried in the completed text of the Hawley-Smoot Tariff
Bill, according to the Washington correspondent of the
New York "World," who under date of April 30 said:
The bill lays taxes on more food articles of the most common use on the
family dinner table and taxes those articles at higher rates than any other
bill presented to Congress since the dawn of tariff history.
Analysis of the rates in the pending bill bearing directly on food consumption clearly reveals:
1. Without adding a dollar to the net income of agriculture in sections
where it has suffered its worst depression, the bill will compel city consumers
to pay greatly increased prices for food, particularly for meats, fruits, sugar
and syrup products.
2. California and Florida get the largest number of direct benefits to
agriculture. These two States, with a few hundred thousand growers of
fruits and nuts, and the sugar cane planters of Louisiana, receive increases
on their products, most of which will be fully effective in raising prices to
consumers throughout the country.
3. The great majority of the 6,000,000 farmers in the United States will,
share with the city consumer in paying increased living costs. These
farmers will receive "paper" increases in the tariff on their great staple
crops which are entirely ineffective.
As shown by analysis of the pending bill by some of the country's leading
economists, including the study headed by Prof. John R. Commons of the
University of Wisconsin, and David J. Lewis,former Tariff Commissioner,
the duties on sugar and beef alone will be effective in taking an enormous
toll from consumers.
It is estimated that on these two food products, which enter into the
budget of every household, the duties carried in the Hawley-Smoot bill
will cost the country as a whole about $697,000,000 a year, or $27.90 for the
average family. New York City alone will pay $38,225.000 a year as a
result of the duties placed on sugar and beef.
The duty of 2.2 cents a pound on sugar, or an increase of more than 30%
over the rate now in force, is representative of what the pending bill does in
scores of instances in boosting the prices of food for the mass of consumers
to benefit a relatively small group of producers.
Official figures of the U. S. Census Bureau show there are only 147,000
farms in the entire country producing sugar and syrup crops. They represent less than 3% of the 6,371,000 farms in the United States.
• According to Profs. Commons, Hibbard and Perlman, American beet and
cane producers are able to supply only 18% of the domestic demand for
sugar, Cuba supplying 50% and our island possessions 32%.
In order to give 147.000 beet and sugar cane raisers in this country an
annual benefit estimated at $51,000,000, the pending bill places a duty on
Cuban sugar casting consumers in this country $337,000,000 a year.
New York City's share of this burden is $18.495,000 a year, or about 5%
of the benefit which will go to cane growers in Louisiana and the beet growers
in half a dozen Western States.
3102
FINANCIAL CHRONICLE
In other words, as estimated by competent economists, the burden to
consumers under the sugar duty will be more than five times the benefit
conferred on 147,000 farmers.
California and Florida share in the heavy increases which the pending
bill levies on citrus fruits. Here again the entire country is taxed on food
products of common use out of all proportion to the benefit conferred on the
producers.
These two States have a monopoly on the domestic production of oranges,
lemons and grapefruit. About 8100,000,000 a year is received each year
in cash income by growers in these two States producing these fruits, consumed in every household and served in restaurants and at lunch counters
throughout the country.
Yet there are only 57,000 orange growers, 22,000 growers of grapefruit
and 16,000 lemon growers in California and Florida who will benefit by
the duties on these fruits levied by the Hawley
-Smoot bill. The bill increases the duties on lemons and grapefruit 25% and retains the rate of 1
cent per pound on oranges. The duty on figs is increased from 2 to 5 cents
a pound, or 150%.
California also gets direct benefits from higher duties on nuts of all
varieties, and, in securing an increase in the duty on olive oil, furnishes a
typical example of the glaring inequalities of the Tariff 13111.
Olive oil has become an essential ingredient of the American diet and is
v idely used in the care ofinfants and of the sick. About 83,000,000 pounds
of olive oil are imported into the United States annually and domestic producers supply less thsn 1% of the demand.
Experts agree that the duty on olive oil is fully effective, and that under
the tariff now in force the consumer pays more than $6,000,000 as a direct
result of the duty, while the producer gains -nly $70,000. The rate on olive
ell is increased from 73 to 9;4 cents a pound under the Hawley
-Smoot
bill, or an increase of more than t'5% •
In striking contrast with the benefits it confers on small groups of producers in a few States, the pending bill carries "paper" tariff duties which
all authorities agree will be wholly ineffective in protecting the 4,200,000
farmers raising corn, 2,170,000 raising oats, the 1,930,000 cotton and jute
farmers and producers of the other great staple crops which are on an export
basis.
.
According to the study headed by Prof. Commons, not one of the products of the dairy industry,in which Wisconsin and New York are the leaders
will receive increased duties which are wholly effective. In Swiss cheese the
great dairy States will receive a few million dollars in benefits, which will be
pyramided in costs to the city consumer. The Commons study estimates
that increased duties will tend to exclude Canadian imports of milk and
cream from the New York City and Boston markets, raising the pric ts
city consumers, and perhaps encouraging the shipment of these products on
a largo scale from the Middle West to the Eastern markets
180.
with the Franklin Trust Co. At that time The Bank of
America had a capital of $5,500,000 and no branches. Today the bank has 35 offices in Greater New York, with capital funds in excess of $75,000,000 and resources totaling
$437,000,000.
Regarding the disposal by the Rockefeller interests of
the
170,000 shares of stock of the Bankers' Trust Co. of New
York we quote the following from the New York "Journal of
Commerce" of yesterday (May 2):
A group of officers in the investment banking firm of Bonbright & Co.
and officers of the Bankers Trust Co. purchased outright 170.000 shares of
the stock of Bankers Trust Co., it was reported yesterday. The stock was
purchased from Rockefeller interests, it was stated. At market the cost
would approximate 830,000,000.
Since the merger of the Chase National Bank with the Equitable Trust
Co., it has been supposed that the Rockefellers were liquidating their holdings both in the Bankers Trust Co. and in the National City Bank. It was
believed that the Rockefellers are concentrating their holdings in the merged
bank.
There were reports yesterday that the large purchase of the shares of
Bankers Trust, which amounts to 7% of the capitalization of the bank, was
made with the purpose of later merging the institution. According to
repeated reports in Wall St. circles the merger of the Bankers Trust Co.
with the New York Trust or the Guaranty Trust Co. is now contemplated.
Seward Prosser, Chairman of the Board of Bankers Trust Co., issued a
denial that merger negotiations with any other banking institution were
being conducted. He said that the purchase of the stock was made simply
because "the outlook is bright."
The acquisition of this large block of stock was explained by Mr. Prosser
by the fact that Langdon Thorne. head of Bonbright & Co. and director of
the Bankers Trust Co., and other officers of the bank felt that they could
place some of it in the hands of people helpful to the Bankers Trust Co.
The stock is said to have been bought "at the market."
Mr. Thorne and other officers of the Bankers, Mr. Prosser said, have recently increased their personal holdings.
Large blocks of shares in other banks are said to have changed hands
recently, particularly *the Central Hanover Bank & Trust Co. and the
United States Trust Co. Both companies are mentioned in merger rumors.
The physical consolidation of the Equitable Trust Co. of
following table is presented by the "World" along New York and the Interstate Trust Co. with the Chase
The
National Bank will become effective after the close of
with the above comments:
-Smoot bill places increased tariff business May 31, it was announced following a meeting of
In the more than 150 cases, the Hawley
duties on farm products which enter into the family budget for food. As Chase directors on April 30. The three banks will conclude
agreed upon in conference between the two Houses an I recommended for
business as separate institutions on Saturday, May 31 and
adoption, the bill levies the following major increases:
reopen on Monday, June 2 as a consolidated organization,
Haw! Smoot
Fordney-McCumber
Underwood
sin.
Act of 1922.
Act of 1913.
which will function under the name and charter of the Chase
Beef, 6c. per lb.
3c. per lb.
Free
National Bank of the City of New York. As indicated in
Mutton, Sc. per lb.
2.5c. per lb.
Free
Lamb, 5c. per lb.
4c. per lb.
Free
our issue of April 26, page 2903, stockholders of the three
Pork, 2.5c. per lb.
j,jc. per lb.
Free
Lard, 3c. per lb.
lc. per lb. .
Free
banks and their affiliated securities corporations approved
2.5c. per gal.
Milk, 6.5e. per gal.
Free
Cream, 56.6c. per gal.
20e. per gal.
the merger at special meetings on April 24 and ratified the
Free
Butter, 14c, per lb.
12c. per lb.
231c. per lb.
plans agreed upon by the respective boards of directors for
Cheese, Sc. per lb.
Pres. proclamation
20%
(Not less than 42%)
(1927), 7.5c. ner lb.
carrying it into effect. The present home of the Chase
not less than 37.5%.
Poultry, 100. per lb.
6c. per lb.
2c. per lb.
National Bank, at Pine St., corner of Nassau, will be the
Sugar, 2.2c. per lb.
1.76c. per lb.
lc. per lb.
head office of the consolidated bank. The present main
Beef, canned, 49.15%
20%
Free
Lemons, 2.50. per 113.
2c. per lb.
;ic. per lb.
office of the Equitable Trust Co. at 11 Broad St. will be
Grapefruit, 2.5c. per lb.
2c. per lb.
c. per lb.
Limes, 2c. per lb.
lc. per lb.
Free
operated as an important unit of the consolidated bank, with
Olives, 30c. per gal.
20c. per gal.
15c. per gal.
20. per lb.
2c. per lb.
Figs, 5c. per lb.
complete facilities for handling clients' business. As soon as
30c. per gal.
Olive oil, 9.5c. per lb.
7.5c. per lb.
stockholders gave official approval to the merger, alterations
Pecans, 10c. per lb.
6e. per lb.
lc. per lb.
Ue. each
Pineapples, 1 1-16c. each
$5 per 1,000
were started at the head offices of both the banks in conMc. per lb.
lc. per lb.
Prunes, 2c. per lb.
50e. per 100 lbs.
Potatoes, 75c. per 100 lbs.
10%
nection with carrying out the physical merger. Offices are
34e. per lb.
Tomatoes, 3c. per lb.
15%
being prepared in the Chase National Bank Building for
Tomatoes, canned,50%
15%
15%
lc. per lb.
20c. per bu.
Onions, 2.5c. per lb.
Winthrop W. Aldrich, who will become President of the
25%
15%
Cabbage, 2c. per lb.
1'10. per lb.
25c. per bu.' consolidated bank, and for several senior officers of the
Dried beans, 3c. per lb.
per bu.
3.4c. per lb.
25c.
Green beans, 3.5c. per lb.
Green peas, 3c. per lb.
lc. per lb.
1-6c. per lb.
Equitable. Alterations are under way in the Equitable to
20. per lb.
lc. per lb.
Rice, 2.5c. per lb.
provide for the transfer of a number of Chase officers to 11
Broad St. Upon completion of the merger, the enlarged
ITEMS ABOUT BANKS, TRUST COMPANIES, &c. Chase National Bank will have 52 offices in New York City
Arrangements for the sale of a New York Stock Exchange and Brooklyn and 7 foreign offices located in Europe, Latin
7
membership were reported made this week for $47 9,000. American countries and the Orient.
The last preceding sale was for $480,000.
The merger of the Hanover, Greenwich and Central Union
The New York Coffee & Sugar Exchange membership Safe Deposit companies of this city was consummated as of
of E. H. White Jr., was sold this week to F. G. Henderson April 16, the title of the new company being Central Hanover
for $17,000, unchanged from the last previous sale.
Safe Deposit Co. The officers of the new company are as
follows: Henry C. Holt, President; Robert E. Allen and
A New York Cocoa Exchange membership has been sold Walter L. Schooling, Vice-Presidents; Lindsay M. Goodeve,
by G. H. Dorr to H. T. McKee for another at $2,425, an Treas.; Egbert B. Grandin, Secy. and W. C. Fay, Asst.
increase of $75 over the previous sale.
Secy. The directors are: Henry C. Holt, Robert E. Allen,
Henry P. Turnbull, Walter L. Schooling, William A. Read,
Arrangements were made fo-r the sale of this week of three
$40,000 and Lindsay M. Goodeve and H. T. Magruder. The capital of
Chicago Stock Exchange memberships, one for
the new company as stated in our issue of April 5, page 2334,
two for $41,000 each. This compares with a high price for is $275,000.
zt.o.
the year of $45,000 made several weeks
Clarence H. Kelsey, Chairman of the Board of Directors
A Chicago Board of Trade membership was reported sold
of the Title Guarantee & Trust Co. of New York, died of
$17,500. The last preceding sale was $16,500.
this week for
pneumonia on April 30. He was 73 years of age. In 1882
On May 1 the officers of The Bank of America N. A., New Mr. Kelsey assisted in the organization of the Title Guarantee
York, presented a floral gift to Edward C. Delafield to mark & Trust Co. He was President of the company from 1891
the 10th anniversary of his presidency of that institution. until 1923 when he became Chairman of the Board. Mr.
Mr. Delafield became President of The Bank of America on Kelsey was also Chairman of the Board of the Bond &
May 1 1920, which was the effective date of the consolidation Mortgage Guarantee Co., Vice-President of the City Real
MAY 3 1930.]
FINANCIAL CHRONICLE
Estate Co., a director of the Corn Exchange Bank, Corn
Products Refining Co., Home Insurance Co., United States
Life Insurance Co., Thompson-Starrett Co., Westchester
Title ez Trust Co. He was recently elected to the board of
the Consolidated Gas Co. Before Mr. Kelsey joined the
Title Guarantee At Trust Co. he practiced at the New York
Bar for two years. He was a Yale graduate and had attended the Hamilton Law School.
The last regular monthly lu-ncheon meeting for the season
1929-30 of the British Empire Chamber of Commerce in the
United States of America was held on Wednesday, April 23,
at the Bankers' Club, 120 Broadway, New York City. The
guest of honor was Sir Ronald Lindsay, British Ambassador
to the United States, who delivered a short address. Justin
H. Moore, Counsellor on Economic Conditions, Irving Trust
Co., also addressed the members and their guests, taking
as his subject "The Business Outlook."
At a regular meeting of the directors of the National City
Bank of New York, on April 29, James L. Harrison was
elected a Vice-President. Mr. Harrison, who is in charge
of the bank's Park Avenue branch, formerly had the title
of Assistant Vice-President. Mr. Harrison began his career
with the City Bank in 1916, following his graduation from
the University of North Carolina. At a regular meeting of
the Executive Committee of the bank, William N. Fulkerson
was appointed an Assistant Vice-President. Mr. Fulkersou
is in charge of the bank's 57th Street branch.
Samuel Sloan, for the past 43 years connected with the
Farmers' Loan & Trust Co., now the City Bank Farmers'
Trust Co., trust affiliate of the National City Bank of New
York, announced on April 29 his retirement as Senior VicePresident of that institution, to take effect May 1. At the
same time, Mr. Sloan's election as a director of the National
City Bank of New York was announced following the regular weekly meeting of that Board. With the exception of
the past few years, when Mr. Sloan resigned because of an
Interlocking directorate—a difficulty overcome through the
affiliation of City Bank Farmers' Trust Co. with the National City Bank of New York—the Sloan name has been
actively identified with the directorate of the National City
Bank since 1867, when Mr. Sloan's father, the late Samuel
Sloan, former President of the Delaware, Lackawanna &
Western and the Hudson River RR., was elected to the
Board. Mr. Sloan will retain his membership on the City
Bank Farmers' Board, of which his father was also a
member for many years.
At the direction of James H. Perkins, President, Mr.
Sloan's desk at the offices of the City Bank Farmers' Trust
Co., at 43 Exchange Place, will be kept intact for him. Mr.
Sloan's rise through the Farmers' Loan & Trust Co. was
steady. He entered the bank's employ May 15 1887, became
registrar later that year; Assistant Secretary in 1889; Secretary on Dec. 17 1897, and Vice-President on July 9 1907.
At the age of 65, Mr. Sloan is Vice-President and director
of the City Bank Farmers' Trust Co. and of City Bank Farmers' Trust Co., Ltd.; the Detroit, Hillsdale & Southwestern
RR.; Manhattan Co.; Bank of Manhattan Trust Co.; Consolidated Gas Co.; Delaware, Lackawanna & Western RR.,
and the Atlanta & Charlotte Air Line Ry.; President and
director of the Cayuga 8z Susquehanna RR.; Fort Wayne &
Jackson RR., and the Naols Corp.; director of the New
York, Lackawanna & Western RR.; the Oswego & Syracuse
Ry.; Syracuse, Binghamton & New York Ry.; National
Surety Co.; Federal Insurance Co.; Metropolitan Safe Deposit Co.; the Queen Insurance Co.; American Colony Insurance Co.; New York Indemnity Co., and the Estate of
Eugene A. Hoffman, Inc.; Trustee and Vice-President of
the Seaman's Bank for Savings; Trustee of the Atlanta
Mutual Insurance Co., &c.
Winthrop W. Aldrich, President of the Equitable Trust
Co. of New York, announced on April 24 that Shepard Morgan, who until recently was Finance Director, Office for
Reparation Payments, Berlin, has been elected a Vice-President of the Equitable Trust Co. Mr. Morgan was associated
with the Dawes plan organization in Berlin since it was
first established in 1924. Shepard Morgan was a financial
and political reporter on the staff of "The Sun" up to 1914;
was Deputy Comptroller, Finance Department, City of New
York, under William A. Prendergast, in the Mitchel Admin.
1Qtrn Hon. nmi after the entrance of the United States into
3103
the war became Comptroller of the Government Loan Organization for the New York Federal Reserve District.
From 1919 to 1924 he was Assistant Federal Reserve Agent
of the Federal Reserve Bank of New York; he went abroad
at the invitation of S. Parker Gilbert to join the Dawes plan
organization. His work in Berlin, first as Economic Adviser to the Transfer Committee, and later as Finance
Director, involved the intimate study of German economic
and business conditions, as published in the periodic reports
of the Agent General, and the financial direction of reparation transfers.
Mr. Morgan went to Paris in February 1929 at the invitation of Owen D. Young, to prepare with Dr. Schacht of the
Reichabank, Pierre Quesnay of the Bank of France, Walter
W. Stewart of the Bank of England, and others, an outline
for a projected institution to handle reparation payments.
He remained in Paris throughout the Conference of Experts,
and is said to have written the sections dealing with the
Bank for International Settlements which were incorporated
in the Young plan. Later he assisted at Baden-Baden and
at the second Hague conference, at which were developed the
statutes of the Bank and the trust agreement.
On May 1 the National City Bank of New York opened a
new branch in the News Building, 220 East 42nd Street
This 42nd branch of the bank to be established in Greater
New York is known as the East Midtown branch and will
Offer the full banking, investment, trust and safe deposit
facilities of the world-wide National City organization.
M. G. B. Whelpley, Presid-ent of the American Express
Bank and Trust Company, announced that at a meeting of
the bank's Board held April 28, Philip D. Wagoner, President of Underwood Elliott Fisher Company, and Earle Bailie
of J. & W. Seligman & Co., were elected directors. These
additions make a total of 26 directors on the bank's Board.
The American Express Bank and Trust Company, which is
affiliated with the American Express Company, opened for
business April 15.
The Guaranty Trust Co. of New York and Guaranty Co.
of New York announce the consolidation of their Murray
Hill office, now located at Madison Avenue and 39th Street,
with their Fifth Avenue office, at Fifth Avenue and 44th
Street, effective May 1, 1930. The Murray Hill office staff
In its entirety will be combined with that of the Fifth Ave-nue office.
The Guaranty Trust Co. of New York announces the appointment of Arthur W. J. Donaldson as Assistant Manager
and William G. Hacker as Assistant Secretary, both in the
London office. Maurice G. St. Germain has been appointed
Assistant Manager of the company's Paris office, it was also
announced.
The Guaranty Co. of New York announces the appointment of Norbert W. Markus as Branch Office Manager of
its Minneapolis office.
At a meeting of the Executive Committee of the Fidelity
Trust Co. of New York April 29th, the following were appointed Assistant Treasurers: Arthur M. R. Hughes, Lawrence Wilkinson and Andrew M. Ramsey. Alfred N. Wheeler
Jr., was appointed an Assistant Treasurer in charge of the
Whitehall office at 17 Battery Place. George C. Textor,
Assistant Treasurer formerly in charge of the Whitehall
office, was transferred to the Main office.
New offices for the executive staff at the main office of
the Corn Exchange Bank Trust Co. of New York, were
formally opened on April 30 on the second floor of the bank's
building at William and Beaver Streets, on the site occupied
by the Corn Exchange since its establishment in 1853. This
floor has been completely remodelled and separate offices
provided for the principal officers of the bank, including
Walter E. Frew, Chairman, Dunham B. Sherer, Vive-Chairman, and Henry A. Patten, President, who occupy adjacent
and interconnected rooms. The removal of the executive
officers from the main banking floor is expected to facilitate
considerably the conduct of the bank's business. All the
Individual offices, opening from a hall leading out of a
central lobby, are panelled in walnut as are the conference
rooms and the directors' room, on the wall of which are
hung pictures of Walter E. Frew and of the late Warren
B. Nash who preceded him in the Chairmanship.
3104
FINANCIAL CHRONICLE
Chester D. Pugsley, Vice-Chairman of the Board of Directors of the Westchester County National Bank at Peekskill,
N. Y., left on April 25 for Washington to attend the annual
meeting of the American Society of International Law. He
has given $10,000 to the Harvard Law School this academic
year for research by the Committee of Experts in the
preparation of Draft Conventions on Diplomatic Immunities
and Status of Foreign States before National Courts for a
second Hague Conference on the progressive codification of
international law.
William B. Sewall, President of the Bath National Bank
and the Bath Savings Institution, Bath, Me., was fatally
injured on April 25 when his automobile was overturned
near Portsmouth, N. H. Mr. Sewall was en route to New
York at the time. The deceased banker, who was 69 years
of age, was the son of the late Arthur Sewall, Democratic
candidate for the Vice-Presidency in 1896. Mr. Sewall was
graduated from the Worcester Polytechnic Institute and
later studied at Johns Hopkins University. Upon the organization by his father of the noted ship building concern
of A. Sewall & Co., he was admitted to the firm. Besides
his bank affiliations, Mr. Sewall was a director in many
financial institutions and industries in Maine.
[you 130.
former, became effective with the opening of business on
Thursday, May 1, according to the Philadelphia "Ledger"
of that date. The enlarged institution operates four offices
at the following locations: 315 Chestnut St., 1,500 Walnut
St., 2nd St. and Girard Ave., and 32nd and Market Sts.
The personnel of the new bank is as follows: Livingston E.
Jones, President; William J. Montgomery (former President
of the Eighth National Bank), Kenton Warne, Harry J.
Ham, Edward M. Malpass, Carl H. Chaffee (and Cashier)
and P. Blair Lee, Vice-Presidents; Howard D. Sordon, T.
Scott Root, Thomas W. Smith and William A. Nickert,
Asst. Vice-Presidents, and Irwin Fisher, Alfred W. Wright,
Austin W. Davis, J. P. Hollingsworth, and William A.
Hoover, Asst. Cashiers. Reference was made to the approaching consolidation of these banks in our issues of Mar.
22 and April 26, pages 1963 and 2905, respectively.
The First State Savings Bank of West Frankfort, Ill.,
with capital of $100,000 and surplus of $10,000, failed to
open for business on April 25, and subsequently was placed
in the hands of 0. A. James, State Bank Examiner, according to advices by the Associated Press on that day from
West Frankfort, printed in the St. Louis "Globe-Democrat"
of April 26. The dispatch, continuing, said, in part:
Walter S. Crawford, former President of the Illinois Bankers' Association, who is President of the bank, issued a statement this afternoon saying
the closing was decided upon when the treasury reserve became depleted
due to recent heavy withdrawals. He said the directors had deemed it
advisable to place the bank in the hands of the State Auditor for an
examination and adjustment.
It was announced that no statement of the iinancial condition of the
bank would be made until completion of the examination.
A special meeting of the sto- ckholders of the Federal National Bank of Boston will be held on May 12 to vote on a
proposed increase in the bank's capital from $1,650,000 to
$1,732,500, to provide for the distribution of a stock dividend
of 5%, declared by the directors of the institution on April
24, according to the Boston "Transcript" of that date. The
That the Dime Savings Bank of Carthage, Ill., had closed
stock dividend is payable May 15 to stockholders of record on April 25
was reported in Associated Press advices from
April 30.
,Springfield on that date, appearing in the St. Louis "GlobeGeorge M. Woodruff, Presid- ent of the Litchfield National Democrat" of the next day. The bank had a combined
Bank and the Litchfield Savings Society, Litchfield, Conn., capital and surplus of $60,000, and deposits of $154,875.
and a member of the Connecticut Bar for 70 years, died at State Bank Examiners, it was said, had taken over the
his home in Litchfield on April 29 at the age of 94. Mr. bonds of the institution and will make an accounting at once.
Woodruff, who was one of the oldest alumni of Yale UniAssociated Press advices from Taylorville, Ill., April 22,
Press
versity, prepared for Yale at Phillips Academy, Andover,
appearing in the St. Louis "Globe-Democrat" of the followMass., and was graduated from Yale in 1857. He served
ing day, stated that Harvey E. Gollogher, former Cashier
for three terms as a member of the lower branch of the
of the defunct J. B. Colegrove & Co. State Bank of TaylorConnecticut General Assembly, for 23 years was a member
ville, on April 22 was sentenced to serve from one to three
of the Railroad Commission, for three years was on the
years in the Southern Illinois Penitentiary, following his
State Board of Education, and from 1863 to 1865 was Complea of "guilty" to accepting deposits when he knew the
missioner to the Universal Exposition at Hamburg. For
bank was insolvent. At the same time Gollogher was senabout 40 years Mr. Woodruff served as Judge of Probate
tenced to from one to 10 years on a plea of "guilty" to
for the Litchfield District, and as Town Treasurer. At
embezzling the funds of the North Fork Drainage District,
the time of his death he was, in addition to his banking
of which he was the former Treasurer, the sentences to run
activities, President of the Litchfield Fire Insurance Co.
concurrently. The closing last fall of the John B. ColeThe death occurred in Sou- th Norwalk, Conn., on April grove & Co. State Bank was noted in the "Chronicle" of
29 of Alden Solmans, President of the South Norwalk Sav- Oct. 16 1929, page 2632.
ings Bank at the advanced age of 95. Mr. Solmans, who
On Thursday of this week, May 1, the consolidation of
was born in Milltown, N. Y., is said to have been the oldest
the People's Wayne County Bank, Bank of Michigan, and
active banker in the United States. After learning the
the Peninsular State Bank (all of Detroit), units of the
hatting trade, Mr. Solmans left his uncle's employ at the
Detroit Bankers' Co., became an accomplished fact. The
age of.17 and built up a business of his own. Subsequently
new organization, which continues the title of the People's
he went to Norwalk as President of the Norwalk Hat FormWayne County Bank, is capitalized at $15,000,000, with suring Co. Later he engaged in the oyster industry and the
plus of $30,000,000 and undivided profits of $8,000,000.
livery business. In 1867 he became connected with the South
Effective next Monday, May 5, the business of the PeninNorwalk Savings Bank as a director and in 1886 was made
sular State Bank will be transferred to the main office of
President, holding the position continuously until his death.
the People's Wayne County Bank (across the street). BusiAt the age of 80 Mr. Solmans while convalescing from an
ness transacted through all other Peninsular State Bank
Illness took up the study of art and finally concentrated on
offices and all Bank of Michigan offices will continue as
designs. His paintings were placed on exhibition
abstract
heretofore. The principal officers of the enlarged People's
in New York City at the Art Centre during the past winter,
Wayne County Bank are as follows: Julius H. Haass,
received wide praise. Mr. Solmans fell ill the day the
and
Chairman of the Board; T. W. P. Livingstone, Vice-Chairexhibition opened and never saw the display that brought
man of the Board; John R. Bodde, President; Charles H.
him fame.
Ayers, L. George Bott, George T. Breen, George F. Buhrer,
Henry Byron Noyes, President of the Mystic River Na- George A. Burns, D. W. Daker, Edwin J. Eckert, R. P. Frational Bank, Mystic, Conn., and also of the Groton Savings ser, Clifford H. Hyett, B. H. Johnson, George C. Johnston,
Bank of the same place, died at his home in Mystic on George H. Johnstone, E. R. Lewright, Arthur E. Loch, RobApril 28, after a prolonged illness. Mr. Noyes was born ert B. Locke, Fred D. Lorimer, A. H. Moody, Robert H.
in Mystic, and after finishing his schooling entered the Moore, Harry Moxon, W. J. Nesbitt, Frank E. O'Brien, C. E.
Mystic River National Bank, of which his father was the Partridge, Rupert Pletsch, Ralph J. Romer, Donald N.
Cashier. In 1909 he succeeded his father in the cashiership, Sweeny, M. S. Webb, and George Wiley, Vice-Presidents, and
and in 1923 was appointed President of the institution, the Alfred T. Wilson, Cashier.
Changes in the official personnel of several units of the
office he held at his death. In 1893 Mr. Noyes served in the
General Assembly of the Connecticut Legislature. He was Detroit Bankers' Co. and the establishment of headquarters
in the First National Bank Building in Detroit were an59 years of age.
nounced this week by Emory W. Clark, who has resigned
The union of the First National Bank of Philadelphia and as Chairman of the Board of the First National Bank of
union
the Eighth National Bank of that city, under the name of the Detroit, to become Chairman of the Board of the Detroit
MAY 3 1930.]
FINANCIAL CHRONICLE
Bankers' Co. John Ballantyne, formerly Chairman of the
Board of the Bank of Michigan, has been appointed Chairman of the Board of the First National Bank, and Herbert
L. Chittenden, formerly President of the Peninsular State
Bank, has been made Chairman of the Executive Committee.
William J. Gray remains as Vice-Chairman of the Board of
the First National Bank, and D. Dwight Douglas as
President. Other changes include the appointment of R. P.
Fraser, Vice-President of the People's Wayne County Bank,
Benjamin G. Vernor, and Chas. K. Bartow,formerly officers
of the Bank of Michigan, and E. J. Obendorfer and H. W.
Bulkley, formerly officers of the Peninsular State Bank, as
Vice-Presidents of the First National Bank. It also was
announced that the foreign department of the People's
Wayne County Bank will be consolidated with that of the
First National Bank under the direction of R. P. Fraser,
Vice-President, who will be in charge of the foreign departments of all units of the Detroit Bankers' Co.
3105
Orangeburg, S. C., with the'sorporation. The same officers,
directors andy employees continue in charge of the newly
acquired institution. The South Carolina National Bank
read office Charleston, and its affiliated banks (including
le Edisto National Bank), all of which are controlled by
the Socarnat Bank Corporation, at the close of business
March 27 1930 had combined capital, surplus and undivided
profits of $5,387,713; deposits of $38,128,756 and total resources of $45,049,519, not including figures of the South
Carolina Security Co. The banks composing the group
controlled by the Socarnat Bank Corp. are as follows:
South Carolina National Bank and the South Carolina
Savings Bank with their various branches throughout South
Carolina; the Pickens Bank, Pickens, S. C.; the First National Bank, Sumter, S. C.; Commercial Bank, Newberry,
S. C.; National Bank of Leesville, S. C., and the Edisto
National Bank, Orangeburg, S. C. The South Carolina
National Bank was founded more than 95 years ago.
The Comptroller of the Currency on April 22 issued a
charter to the First National Bank of Leola, S. D. The
new bank, which succeeds the Bank of Leola, is capitalized
at $25,000. Fred Kusler is President and W. C. Turner,
Cashier, of the institution.
According to Associated Press advices from St. Petersburg, Fla., on April 30, appearing In the New York "Herald
Tribune" of May 1, the American Bank & Trust Co. of St.
Petersburg, a State bank, failed to open for business on that
day, following a meeting of the directors, who announced
that they had decided to liquidate the institution for the
A charter was issued on April 19 by the Comptroller of
protection of the depositors. The closed bank has a capital
the Currency for the National Bank & Trust Co. of Charlof $200,000, deposits of $2,300,000 and total resources of
ton, Iowa. The new bank is capitalized at $100,000. L. H.
$3,675,885. The dispatch furthermore stated that the State
BusseIle is President and E. L. Gookin, Cashier.
Banking Department had taken charge of the institution.
Effective April 4, 1930, the First National Bank of BingThe First National Bank of Odessa, Wash., with capital
ham Canyon, Utah, capitalized at $100,000, was placed in
voluntary liquidation. The institution has been absorbed of $40,000, was placed in voluntary liquidation on April 23.
The institution was taken over by the Security State Bank
by the First Security Bank of Bingham Canyon.
of the same place.
With reference to the People's Bank of Sanford, N. C.,
Announcement was made on Tuesday, April 29, by the
which was closed recently when its Cashier, H. C. Newbold,
confessed to a defalcation of approximately $44,000, a dis- directors of the Bank of Montreal of the appointment of
patch from Sanford on April 26, printed in the Raleigh William A. Bog and Jackson Dodds, heretofore Assistant
"News and Observer" of the next day, stated that a meet- General Managers of the institution, as joint General
ing of the depositors would be held to-day, May 3, at which Managers, to succeed H. B. Mackenzie, who died suddenly
plans would be presented and definite action taken for the on April 25. In an official statement the directors pointed out
reopening of the institution. We quote from the dispatch that it had been decided, in view of the extensive duties
devolving upon the position heretofore held by the General
as follows:
Manager, it was desirable to appoint joint general managers.
frithis step, which was believed to be a new departure in
banking circles in Canada, the directors had adopted a policy
which had successfully been put into practice by a number
of the larger banks in the United Kingdom; information to
this effect was containedjin the Montreal "Gazette" of
Closing of the institution was reported in the "Chronicle" April
30.
The audit recently completed shows that with the exception of the
defalcation, the affairs of the institution are in good shape, and arrangements will probably be made for the reopening of the bank.
Newbold was under a fidelity bond of $25,000, and in addition to this
the bank had a surplus of about *10,000. The announcement that it is
probable that the institution will soon resume business is good news to the
depositors and to the people of the community generally.
of April 19, page 2714.
Acquisition of the Industrial Bank of Rocky Mount, N. C.
by the North Carolina Bank & Trust Co. (head office
Greensboro, N. C.) was announced on April 28 by R. B.
Davis, President of the former, according to a dispatch from
Rocky Mount on that day, printed in the Raleigh "News &
Observer" of April 29. The acquired bank, according to its
last published statement is capitalized at $50,000, with surplus and undivided profits of approximately $27,000; deposits of $223,263, and total resources of $504,385. The
dispatch furthermore said in part:
The announcement stated that sale of the stock of the Industrial Bank had
been made to "Interests connected with the North Carolina Bank & Trust
Co., who have in mind the organization of a North Carolina Industrial
bank with units owned and operated by local officers and directors."
• • *
The announcement from President Davis stated that the price paid for
the stock "represented a figure in excess of $150 for each $100 of stock
owned by the present stockholders, which price, added to the dividends
received by the stockholders in the past four and a half years that the bank
has been in operation, shows a handsome return upon the original investment."
A condensed balance sheet of the Mitsui Bank, Ltd., (head
office Tokyo, Japan) as of Dec. 31 1929, shows profits for
the six months ending that date of Yen 6,391,561 (including
balance brought forward from the last account of Yen 3,183,252 and transfer from pension fund of Yen 296,505), which
was appropriated as follows: Yen 500,000 added to reserve
fund; Yen 523,200 contributed to pension fund; Yen 290,000
to pay bonus, and Yen 3,000,000 to take care of dividend to
shareholders, leaving a balance of Yen 2,078,361 to be carried
forward to the current half year's profit and loss account.
Total assets are shown in the statement as Yen 906,940,465,
of which loans and discounts amount to Yen 454,389,154,
municipal and other bonds to Yen 119,589,464, Japanese and
foreign Government bonds to Yen 117,093,738; foreign bills
purchased to Yen 76,010,145, and cash in hand and at the
Bank of Japan, &c., to Yen 45,591,682. On the debit side of
the statement deposits are shown at Yen 660,373,924, the
highest ever recorded by the institution. The bank's paidup capital is Yen 60,000,000 and its reserve funds aggregate
Yen 64,700,000. Genyemon Mitsui is President.
In its issue of the same day the paper mentioned also
printed the following statement made April 28 by President
W. S. Ryland of the North Carolina Bank & Trust Co. in
THE WEEK ON THE NEW YORKSTOCK EXCHANGE
connection with the purchase of the Rocky Mount bank:
"In keeping with our policy to afford every possible facility to the public
in connection with financial requirements it is our purpose to organize an
industrial bank to operate in the places where we now have units of the
North Carolina Bank & Trust Co. and probably in other towns and cities,"
said Mr. Ryland in a statement.
"Our purpose in organizing an industrial bank is to take care of the needs
of people who desire to borrow small amounts with liberal and easy provisions for repayment. We believe that such an organization in conjunction with the North Carolina Bank & Trust Co. can render a real service to
those who do not handle large sums. Further announcement will nrobabLv
be made in the next few days."
The New York stock market has had another hectic week
and heavy declines in prices have occured all around. On
Monday and Tuesday, and again on Thursday and Friday
the market broke sharply under continued selling pressure
and many popular speculative issues established new low
records for the year. Railroads shares took the brunt of the
declines while the steel stocks, the specialties, and the copper
and oil stooks all evinced a strong tendency toward lower
levels. The weekly statement of the Federal Reserve Bank
The South Carolina National Bank Corporation announced made public after the close of business on Thursday showed
on April 27 the affiliali•Nn ef 11.e E'listO Nation:a Bank of a further increase of $57,000,000 in brokers' loans. Cali
3106
money renewed at 4% on Monday continued unchanged at
that rate until Friday when it dropped to 3%%. Among
the interesting features of the week were the reduction in
the minimum rate of discount of the Bank of England from
33% to 3% and that of the Bank of France to 2%. The
local Federal Reserve Bank rediscount rate was also lowered
on Thursday to 3%.
On Saturday the two-hour session brought a continuation
of the irregularity that had characterized the trading during
the early part of the week. However, while many prominent
issues gave way under pressure of realizing there were a few
individual stocks that moved sharply upward. The public
utility group continued the brisk advance, started earlier
in the week. United Corp. advanced into new high ground
about 51 with a gain of about 3 points. Public Service of
New Jersey surged forward more than 2 points to 121. The
aviation stocks were featured by United Aircraft and Transport which closed with a net gain of5 points at 86. Columbia
Graphophone reached a new top for the year as it touched
37, and Allied Chemical & Dye registered a gain of 2 points
to 331. The market suffered a severe break on Monday
and recessions ranging from 2 to 5 or more points were
numerous. About noon the market moved downward with
increasing rapidity, the sharpest recession coming in the
closing hour when prices were close to the bottom. American
Can dropped 43/i points, General Electric was off 3 points,
United States Steel, slipped back 3 points, Westinghouse
1
%
Other
932 points and Case Threshing Machine 18 points.
stocks that suffered similar recessions were American Telephone and Telegraph, Consolidated Gas, National Cash
Register, Johns-Manville and most of the railroad stocks.
Oil issues, however, developed several strong spots during
the forenoon, but failed to hold their gains and closed at
the lowest levels of the day.
Selling pressure was again in evidence as the market
opened on Tuesday and recessions ranging from 2 to 5 or
more points were recorded in the morning trading. In the
final hour prices showed some improvement and most of the
early losses were regained. Oil shares displayed the best
resistance, but most of the gains were fractional. Recessions up to 7 or more points were recorded by a large number
of the more active of the market leaders, including among
others, American Can, Allied Chemical & Dye, Bethlehem
Steel, General Electric, Columbian Carbon, Westinghouse,
Anaconda and Radio Corp. The rally that developed in the
closing hour carried over to the early trading on Wednesday,
most of the leading issues showing moderate net gains at the
closing hour. Oil stocks attracted a good share of the speculative interest and substantial gains were recorded by many
of the stronger stocks. Allied Chemical & Dye improved 4
3
points, American Machine & Foundry 6% points to 281%,
3453/i and Childs Co.
J. I. Case 123/ points as it reached
4% points to 65%. The amusement stocks were among the
best performers, Radio-Keith-Orpheum running briskly upward and crossing 47 with a gain of 5 points, while Warner
Bros. gained 2 points and closed above 71, and Loew's
crossed 91 with a gain of over 3 points. In the public
utility group Electric Power & Light recorded a gain of 2
points and Public Service of New Jersey made a similar
advance to 117.
The market displayed considerable firmness in the early
trading on Thursday, but again resumed the decline after
the first hour and many of the popular speculative favorites
dropped to the lowest levels of the current movement. The
greatest weakness appeared in the railroad stocks which
registered losses ranging from 1 to 5 or more points in such
representative issues as Southern Pacific, Baltimore & Ohio,
New York Central, Southern Railway, Rock Island, Southern Pacific, New Haven and Chesapeake & Ohio. United
States Steel, was driven below 180 and closed at 1783, or
more than 20 points under its peak for the year. J. I. Case
%
Threshing Machine fell off 18 points. Auburn Auto 83
%
points, Peoples Gas 14 points, Worthington Pump 103
points, Pere Marquette 143' points and Atlantic Coast Line
about 4 points. General Electric was under pressure most
points.
of the day and closed at 84% with a loss of 2 or more
4
Can was off around 5 points at 1413 ,Consolidated
American
Amer. Tel. & Tel.
Gas was down 5 points to 126% and 35%
points.
its final at 248% with a loss of
reached
reactionary on Friday, many
The stock market was again
group slipping down
of the pivotable stocks in the industrial
hour the market apto new low levels. During the first
selling pressure
peared to be stronger, but under increased
downward. As the day advanced
the whole list turned
[vol.. 130.
FINANCIAL CHRONICLE
selling shifted from the steel stocks and railroad issues to the
public utilities and issues in the specialties class which
promptly moved with the trend, and declines of 2 to 7 or
more points were recorded in many of these shares as the
market closed. New low levels were touched by many of
the so-called specialties, including A.M. Byers, Columbian
Carbon, Eastman Kodak, Radio Corporation, Radio-KeithOrpheum, American Locomotive, Missouri Pacific and
Kenecott Copper. The final tone was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Railroad,
&c..
Bonds.
State,
Municipal dt
Foreign Bonds,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
2,315,890
4.852,190
5,410,010
4,553,300
4,640,350
5,988,330
$4,317,000
7,129,000
9,472,000
8,168,000
11,439,1300
10,701,000
51,321,000
2.015,000
2,402,000
2,458,000
2,393.000
1,620,000
$181,000
359,000
253,000
185,000
488,000
654,000
Total
27.757.930
851.228.600
512.209 000
82.100000
Week Ended May 2.
1929.
1930.
1929.
1930.
27,757,930
22,723,910
348,382,110
390,432.870
$2,100,000
12,209,000
51,226,600
$2,213,750
11,158,000
34,609,000
841,833,000
243,025,500
758,858,400
$45,818,350
218.025,150
602,003,500
$65,535,800 $47,978,750 $1,043,714,900
$865,847,000
-No,of shares_
Stocks
Bonds.
Government bonds...
State and foreign bonds
Railroad & misc. bonds
Total bonds
Jan. 1 to May 2.
Week Ended Map 2.
Saks at
New York Stock
Exchange.
United
States
Bonds.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. week revised
Baltimore.
Philadelphia.
Boston.
Week Ended
May 2 1930.
Shares. Bond Saks. Shares. Bond Sales. Shares. Bond Sales.
.20,822
*44,651
.51.015
.50,829
*42,452
43,250
$2,000
19,000
22,000
40,000
11,450
7,000
253,019
$119,450
248478
8117.000
$7,100
24,000
5,000
8,800
5,000
8,000
4,639
4,338
4,232
4,028
3,859
5,279
973,006
$55,900
28,173
$110,000
923.588
885.500
19.483
8147.900
a153.633
a222,807
a195,679
a129.085
a231.716
40,386
$17,000
23,700
43,000
12,000
5,300
9.000
•In addition, ea es of rights were: Saturday, 6,387; Monday, 19,129; Tuesday,
10,924; Wednesday, 11,740; Thursday, 8,532.
a In addition, sacs of rights were: Saturday. 5,800; Monday, 13,800; Tuesday,
9,000; Wednesday, 10,400; Thursday, 8.100. Sales of warrants were: Monday,
2,700; Tuesday, 2.300; Wednesday, 1,000; Thursday, 1,400.
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
(Saturday, May 3) bank exchanges for all the cities of the
United States from which it is possible to obtain weekly returns will fall 8.1% below those for the corresponding week
last year. Our preliminary total stands at $12,658,242,719,
against $13,777,950,063 for the same week in 1929. At this
centre there is a loss for the five days ended Friday of 8.6%.
Our comparative summary for the week follows:
1930.
1929.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$7,087,000,000
520.462,028
441,000,000
443,000,000
102,111,206
104.000.000
175.495,000
155,884,000
174,172,483
158,320.401
111,021,094
80,478,419
42,584,625
57,729,000,000
590,438,325
489,000 000
480,000,000
118,313.885
122,900,000
183,000,000
174,779,000
188,189.184
202.698,805
124,322,739
98,595,481
51,092,730
-8.8
-11.8
-9.8
-4.9
-12.2
-15.4
-4.2
-10.9
+5.4
-21.9
-10.7
-18.7
-16.7
Thirteen cities, 5 days
Other cities, 5 days
$9.575,307,234 $10,522.300,109
973,228,385
1,078,338,195
-9.0
-9.8
Total all cities, 5 days
t
t
All citie1 day
. .
$10,548,535.599 $11 800 838,304
2,109,707,120
2,177,313,759
ILI
-3.2
812.658.242.719 513,777.950,063
-8.1
Clearings-Returns by Telegraph.
Week Ending May 3.
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
presentfurther below, we are able to give final and complete
results for the week previous-the week ended April 26.
For that week there is a decrease of 2.3%, the aggregate of
clearings for the whole country being $11,137,990,253 against
$11,399,197,967 in the same week of 1929. Outside of this
city the decrease is 8.8%, while the bank clearings at this
centre record a gain of 1.4%. We group the cities now
MAY 3 1930.]
FINANCIAL CHRONICLE
3107
according to the Federal Reserve districts in which they are
Week Ended April 26.
Clearings at
located, and from this it appears that in the New York
Inc. or
1930.
Dee.
1929.
1928.
Reserve District, including this city, the totals show an
$
$
increase of 1.2%, in the Boston Reserve District of 3.1%
:
Seventh Feder al Reserve D Istrict.-Chi cago.and in the Richmond Reserve District of 8.9%. The Mich.-Adrian _ _
184,283
236.226 --22.0
220,023
1
1,130,028
r;k tbor- - -.
!
„ir
691,350 +63.5
633,959
Philadelphia Reserve District shows a loss of 24.5%, the
206,966,180 254,490,101 Detroit
-I8.7 191,725,427
5,620,298
Grand Rapids_
6,760.375 -16.9
7.683,910
Cleveland Reserve District of 5.6% and the Atlanta Reserve
3,054,412
Lansing
3,649,980 --I6.3
3.075,349
2.925,023
District of 7.9%. The Chicago Reserve District suffers 1d -Ft. Wayne
3,635,607 -19.5
3,210,085
19,159,000
Indianapolis._ _
21,397,000 --10.5
19,923,000
decrease of 8.8% and the St. Louis Reserve District of 5.6%
2,542,751
2,953,075 --24.8
South Bend
2,730,375
5,407,031
5,107,730 +5.9
Terre Haute_ _ _
4,530,216
but the Minneapolis Reserve District shows an increase of Wis.-M ilwaukee 26,821,374 29,543,476 --9.2 35,510,372
2,967,501
2,984,404 -0.6
2,812,943
3.0%. In the Kansas City Reserve District there is a shrink- lowa-Ced. Rap
10,665,160
8,994,028 +18.6
Des Moines
9.515,528
age of 7.2%, in the Dallas Reserve District of 18.5% and
6,562,904 --20.6
5,212,899
Sioux City- - - 6,085,922
-1.0
1,725,617
1,743.030 Waterloo
1,350.825
in the San Francisco Reserve District of 6.5%.
Ill.-Blooming'n.
-I.9
2.173,870
2,215,447 1,845,327
575,318,380 604,518,499
738,633,216
Chicago
In the following we furnish a summary by Federal Reserve
1,154,261
1,128,295 +2.3
Decatur
1,168,755
5,627,352 --21.0
4,446,905
Peoria
4,821,157
districts:
Rockford
Springfield .... _
.
SUMMARY OF BANK CLEARINGS.
Total (20 cities)
Week End. Apr. 26 1930.
1929.
1930.
Federal Reserve Mats.
$
1st Be6ton_ _ _ _12 cities
550,576,829
2nd New York..11 "
7,469,722,826
Brd Philadel 'Ill_10 "
522,329,146
9th Cleveland__ 8 "
430,158,212
5th Richmond.
173,484,708
"
elth Atlanta_ ___12 "
101,335,225
7th Chicago ---20 "
833,216,098
815 Bt. Louis_ __ 8 "
186.745,709
ilth Minneapolis 7 "
112,700,422
10th KansasCity 10 "
178,602,480
Ilth Dallas
5 "
57,552,538
12th San Fran.
521,566,060
.17 "
6
Dec.
$
534,2E8.450
7,378,352.310
610,946.995
455,517,272
159,346,916
164,331,569
968,436,341
197,859,007
109.481,537
192,436,915
70,598,182
557,602.473
Total
126 cltlee 11,137,990,253 11,399,197.967
Outside N. Y. City
3.785,114,253 4,148,467,620
nane.a
01 ...1•4....
nesn p.a.& nne•
IIC CDC OCTI
1928.
1927.
$
%
+3.1
589,143,410
+1.2 7.391,009.246
-24.5
589,698,935
-5.6
396,450,561
174,766,769
+e.9
-7.9
164,436,492
-0.8 1,041,196,100
-5.6
202,781,220
+3.0
112,252.529
-7.2
188,622,728
76,375,096
-18.5
-6.5
585,742,900
2
580,174,204
6,281,004.518
564,392,754
400,263,680
191,924.612
174,881,976
978.697.604
209,766,710
104,580,220
192 201.012
75,858,984
509,028,388
-2.3 11,513,062,650 10,262,804,622
-8,8 4,3E5,029,452 4,102,954,551
-11S. K.
AP1, 1A0 'MC.
7
,M, ne, rv,
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended April 26.
Clearings at
1930.
Inc. or
Dec.
1929.
First Federal Reserve Dist net-Boston
Maine- Bangor_
703,722
574,092 +22.6
Portland
4,664,499
3,713,141 +25.6
Mass.-Boston _ _ 495,975,258 478,000,000
+3.7
Fall River
1,152,855
1,095,299 +5.1
Lowell
993.409
1,278,362 -22.3
New Bedford
1,071,529
1,112,818 -3.7
Springfield_ _ _ _
4,963,434
5,461,897 -9.1
Worcester
3,551,123
3,588,856 -1.0
Conn.- Hartford
16 A57.609
16,791,999 -2.1
New Haven_ _
8,646,343
7.801.464 +10.8
R.I.-Providence
11,651,800
14,168,100 -17.7
N. II.-Manches'r
745,298
702,422 +6.1
Total(12 cities)
550,576,829
534,288,450
+3.1
1928.
1927,
585.265
3,660,785
528,000,000
1,868,536
987,074
867,147
5,736,796
3,482,387
19,892,766
8,599,653
14,798,100
664,901
732,606
3,344,286
527,000,000
1,665,948
1,104,217
1,098,048
5,322,503
3,069,722
15,030,388
7,523,008
13,661,200
622,278
589,143,410
580,174,204
Second Feder al Reserve D strict
-New
N. Y.
-Albany _ _
6,227,338
5,340,772
Binghamton_ _
1,130,303
1,256,083
Buffalo
54,480,415
48,173,597
Elmira
1,132,975
757.041
Jamestown
1.133,782
1,199,944
New York._
7,352,876,000 7.250,830,347
Rochester
13,987,888
10,371,427
Syracuse
5.744,734
6,167,771
Conn.
4,048,566
-Stamford
3,959,827
N. J.
-Montclair
978.465
765,781
Northern N. J_
39,121,026
38,391,054
York
7.253,802
+16.6
6,384,165
+11.2
987,571
996,366
-11.6
51,399.104
51,048,666
-33.1
1,100,994
996,136
1,284,499
+5.8
1,176,885
+1.4 7,265,327,407 6,159,850,071
-25.9
13,394,580
13,189,658
-6.9
6,380,577
5,395,671
-2.2
3,922.061
3,677,934
-21.7
757,380
1,103,552
-1.9
39,195,271
37,185,412
Total(11 cities) 7,469,722,826 7.378,352,310
+1.2 7,391,009,246 6,281,004,518
Third Federal Reserve Dia trict-Phila delphl
Pa.
-Altoona
1,755,919
1,606,910 +9.3
Bethlehem
.
5,318,171
6,971,423 -23.7
Chester
1,034,528
1,079.386 -4.2
Lancaster
2,0(32,913
1,985.766 +13.6
Philadelphia
494,000.000 579,000,000 -14.7
Reading
3,713,647
4,045.110 -8.2
Scranton
5,009,664
6,199,771 -19.2
Wilkes-Barre- _
3,381,258
3,406,709 -0.7
York
2,040,046
2,301,984 -11.3
N.J.
-Trenton
4,350,136 -7.7
4.013,000
Total (10 cities)
522.329.146
Fourth Feder al Reserve D 'strict.- Cle
Ohio-Akron__ _ _
4,644,000
7,318,000
Canton
4,093,430
4,078,252
Cincinnati
61,492,443
70,955,395
Cleveland
119,867,662 147,533.066
Columbus
16,596,900
13,715,200
Mansfield
1,800.214
1,881,618
Youngstown _
3,243,798
4,982,356
Pa.
-Pittsburgh _ 218,419.765 205,053,385
Total (8 cities)
430,158,212
veland
-36.5
-0.4
-14.6
-19.9
+21.0
-4.3
-34.9
+6.5
455,517,272
IP Fifth Federal Reserve Dist rict.-RIchm ond.W.Va.-I tint'g'n
033,070
997,257 -6.4
Va.-Norfolk
+2.5
4,328,404
4,223,927
Oa Richmond _ _
44,725.000
39,427,000 +13.4
S.C.
-Charleston
+4.0
2,111,449
2,029,367
Md.-Baltimore
98,861.254
85,355,699 +15.8
D.C.-Washing'n
22,525,631
27,241,033 -17.3
Total (6 cities)
1,583,163
4,447.692
1.361,852
1,915,090
532,000,000
4,294,373
5,650,511
3,813,760
1,767,317
7.558,996
589.698,935
564,392,754
8,846,000
3,636,736
71,124,311
120.502,618
15,056,200
1,829.864
4,922,441
170,532,393
6,400,000
4,829,258
70,034,000
114,597,809
15,619,200
1,778.535
5,707.402
181,297,476
396,450,561
610,946,995 -24.5
1,709,155
4,431,262
1,171.422
1,895,352
557,000,000
4,188,753
6,679,073
4,251,667
1,890,508
6,481.743
400,263,680
1.170,064
4,869,403
43,713,000
.2,303,003
97,873,169
24,841,133
987,894
5,301,338
47,385,000
2.000,000
109,833,526
26 416.868
159,276,283
+8.9
174,766,769
191,924,612
Sixth Federal Reserve Dist rict.-Atlan
-Knoxville
Tenn.
.2,400,000
2,675,279
Nashville
22,338,675
21,385,370
-Atlanta_
Oa.
38,210,640
49,584,089
Augusta
1,366,480
2,371,313
Macon
1,069,587
1,109.855
Fla.-Jack'nville
15,363,940
14,070,138
Miami
2,935,000
2,374,000
Ala.-Birming'm.
18,331,180
21,365,582
Mobile
1,224,430
1,312,771
Miss -Jackson- _
1,013,000
1,513,905
viasburs
122,654
266,495
-New Orleans
La
46,959,633
46.302,772
ta.-10.3
+4.4
-22.9
-42.4
-3.6
+9.2
+23.6
-14.2
-6.6
-33.1
-54.0
+1.4
*2,800,000
20,597,735
43,580,680
1,746,804
1,584,072
14,779,160
2,890,000
22,642,893
1,393.966
1,400,000
329,040
50,692,142
2,715.938
22,566.677
44,495,762
1,956,189
1,671,741
19,572,351
4,910,000
22,166,308
1,841,184
1,250,373
248,523
51,488,890
-7.9
164,436,492
151,335,225
164,331,569
883,216,098
3,746,392 --I9.0
2,451.070 +10.4
968,436,341
Eighth Federa I Reserve Dis rict.-St.
4,209,180
-Evansville
4,899,495
Ind.
.Mo.-St. Louis_ _ 114,600,000 126,400,000
35,963,742
33.324,847
Ky.-Louisville
249,660
270,052
Owensboro _ _
18,696,223
17,898,426
Tem.- Memphis
11,658,802
13.183,751
-Little Rock
Ark.
191,194
462,693
Ill.- Jacksonville
1,176,908
1,420,343
Quincy
3,113.345
2,606,361
-8.8 1,041,196,100
14.1
-9.4
+7.9
247,753
1,014,737
169,911.269
7,882,202
2,768,000
2,452,232
20,401.000
2,911,200
5,036.054
38,168,499
2.514.087
8,437,396
5,686,360
1,162,102
1,781,538
696,747,539
1,214,253
4,482,482
3,694,926
2,183,975
978.697,604
+4.5
-11.5
68.7
-17.2
4.710.630
132,200,000
34,122,384
295,114
17,432,766
12,225,256
352,328
1.442,742
7,119,325
139,100,000
32.087,217
250,112
16,800,000
12,533,290
416,347
1,460,419
-5.6
202.781,220
209,766.710
Ninth Federal Reserve Dis trict-Minn eapolis
Minn.-Duluth _
3,767,715
6,604,469 -43.0
78,214,983
+7.3
72,909,921
Minneapolis. _ _
24,277,839
23,158.606 +4.8
St. Paul
1,800,246
1,832,080 -1.8
No, Dak.-Fargo
1,007,506
1,036,812 -2.8
S. D.
-Aberdeen
600,456
560,649 +7.1
'AIont.- Billings_
3,031,677
3,379.000 -10.3
Helena
6,529.533
71,533,537
27,422,573
1.741.001
1,127,052
587.833
3,311,000
7,350,518
65,199.593
25,947,343
1,775,392
994,109
512,265
2,799,000
112,252,529
104,580,220
Total (8 cities)
Total(7 cities)-
186,745,709
112,700,422
197.859.007
109,481,537
+3.0
Tenth Federal Reserve Dis tact Kens as City
273.786
298,145 -8.2
Neb.- Fremont_
384,215
439,640 -12.6
Hastings
2,777,211
3,412,667 -18.6
Lincoln
Omaha
38,886,339
41,461,011 -6.2
Kan.-Topeka
2,998,583
3,022,278 -0.8
Wichita
6,220,778
7,080,635 -12.1
Mo.-Kan. City_ 119,621,660 127,462,113 -6.1
St. Joseph_ __
4,969,083
6,644,000 -25.2
Colo.-Col. Spgs.
1,066,691
1,153,162 -7.6
1,404,134
1.463,264 -4.0
Pueblo
Total(10 cities)
365,789
353,423
468,242
385,210
4,127,624
4.63(1,113
40,111,591
37,190,495
2,719,660,
2,549,239
7,986,882.
6.903.843
123,919,359' 132,828.961
6,386,586
5,075,944
1,181,674
1,068,926
1,355,3211
1,208,858
-7.2
188,622,728
192,201,012
Eleventh Fede ral Reserve District-Da IlasTexas- Austin_ _
1,278,796
1,568,420i -18.5
39,750,729
47,720,060, -16.7
Dallas
9,503,582
Fort Worth_
12,357 949' -23.1
•
I
Galveston
1,969,000
4,668.000, -57.8
La.
5,050,431
-Shreveport_
4,283,753 -17.9
'
1
Total(5 cities).
57,552,538
70,598,182 18.5
1,556,492
.52,142,321
13.214,300
4,503,000
4,958,983
1,475,521
49,040,885
12,693,256
8,212,000
4.437,322
76,375,096
75,858,984
Twelfth Feder al Reserve D strict.-Sa n Fran Cisco.
1A'ash.-Seattle_ _
42.216.100
45,688,986 7.6
45,714.923
Spokane
10,887,000
0.1
10,889,000 13,267,000
Yakima
1,100,362 -23.5
841,970
1,115,062
Ore -Portland _ _
32,809,511
34,429,758 6.3
33.029.396
Utah.
-S.L. City
17,364,614
18,317,244 -5.2
17,472,589
Cal.
-Fresno _ _ _ 2,084,224
13.9
3,467,231 3,700,571
Long Beach__ 7,208,983
9,234,849 -21.9
8,558,241
Los Angeles- - - 179,467,000 201,531,000 -11.0 209,702,000
Oakland
15.737.132
19,430,719 -19.0
19,269.119
Pasadena
5,577,659
6,709,688 -16.9
6,295,464
Sacramento__ 5,413,343
6,117,832 6,592,930
11.5
San Diego_ _ _
5.743,599
5,593,670 +2.7
5,332,315
San Francisco _ 187,183,438 185,895,387 +0.7 206,650,320
San Jose
2,539,982
3,039,238 -16.5
2,964,106
Santa Barbara_
1,642,910
1,916,114 1,504,346
14.3
Santa Monica_
1,901,395
1,985,518
1,898,095 +0.2
Stockton
2,047,200
12.7
2,344,300 2,589,000
41,457,083
11,048,000
1,120,282
33,421,139
14,855,763
4,262,719
6,934,983
168.520,000
18,341,765
6,434,419
6,263,839
5,044.424
183,028,800
2,596,483
1,302,525
2,079,164
2.317,000
178,602,480
192,436,915
Total(17 cities) 521,566,060 557,602.473
Grand total (126
cities)
11137 990,253 11399 128,334
-2.3 11513062,650 10262804,622
Outside New York 3,785.114,2534,148,386.987
-8.8 4.385,029,452 4,102,954,551
-6.5
585,742,900
509,028,388
1Veek Ended April 24.
Clearings 021930.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat_ _
Peterborough_ --Sherbrooke
Kitchener
Windsor
Prince Albert__
Moncton
Kingston
Chatham
Sarnia
94,642,646
88,484,856
27,155,137
16,140,020
6,002,420
4,715,432
2,251,663
4,861,262
6,203,312
2,024,369
2,068.471
2,829,865
4,415,063
4.418,316
433,700
453,385
1,867,361
946,745
1,066,016
620,379
741,501
276,036
813,823
782,654
983,866
2.785.489
353,468
871,063
652,408
473,157
652,446
Total(31 cities)
280,986,329
174,881.936
Total(12 cities)
173,484,706
3,034,331
2,70(3,794
1927.
*Estimated.
1929.
Inc. or
Dec.
1928.
1927.
-27.9
-35.7
-54.3
-36.2
-21.0
-21.7
-39.5
-19.2
-52.1
-31.2
-25.3
-13.7
-31.5
-41.5
-31.5
-27.7
-29.0
-26.8
-20.3
-45.6
-25.1
-38.2
-7.6
-18.8
-20.6
-57.6
-28.2
+2.5
-17.1
-49.6
-24.6
3
135,647,602
139.030,936
46,204,842
22,151.731
8,037.056
5,333,628
3,363.529
6,018,949
12,330,331
2,959.534
2,543,920
3,351,118
5,770,789
4,960,411
576,946
764,157
2,332,409
1,116,655
1,145,262
831,200
826,927
466,223
863,293
896,105
1,255,322
5,395,027
473,038
801,365
796,211
801,714
624.551
$
121,105,874
119,004,819
46,987,992
19,088.089
6,880,497
6,493.531
3,203.859
6,055,971
6,526,751
2,510,503
2,112,718
3,228,763
4,493,425
3,734,614
513,885
535.508
1,793,438
1,001,909
1.204,314
1,228,982
934.506
275,818
980,112
857,498
1,106,767
5,158,754
355,030
860,337
658,905
797,406
572,360
435.589,960 -35.5
417,769.775
370,261,933
131.212,563
137,586,192
59,913,753
25,318.228
7.714.280
6,020,880
3,718,666
6,014,387
12,936.398
2,941,929
2,767,170
3,276,827
6,443,229
7,557,501
632,733
626,806
2,631,463
1,292,224
1,335,836
1,140,327
990,189
446,900
880,537
963,946
1,238,639
6,572,450
492,587
850,028
786.968
921.204
865,120
THE CURB EXCHANGE.
Selling pressure directed against nearly every section of
the Curb Exchange this week resulted in generally lower
prices with to-day's market registering the sharpest breaks.
Utilities were among the chief sufferers. Amer. & Foreign
Power warrants dropped from 71 to 593/s; Amer. Gas & Elec.
corn. lost about 14 points to 143. Amer. Light & Traction
old com, weakened from 337 to 3073' and closed to-day at
310 while the new corn. sold down from 863' to 753. Amer.
Superpower corn. A was off from 393' to 34. Elec. Bond &
Share, corn, dropped from 114% to 1043' and closed to-day
at 1053. North Amer. Light & Power receded from 83%
to 743g. United Light & Power corn. A declined from 543/i
to 453 and finished to-day at 463/2. Oil stocks while not so
active also suffered with the rest of the market. Humble
Oil & Ref. after an advance from 114% to 116 broke to 1063i.
Gulf Oil of Pa. dropped from 1663/i to 1523/i and closed to%
day at 153. Lone Star Gas was off from 549/i to 505 and
ends the week at 51%. Among miscellaneous issues DriverHarris corn. was conspicuous for a drop from 108% to 91
the close to-day being at 913. Columbia Pictures corn. fell
from 54 to 49 with the final transaction to-day at 51. Elec.
3
Power Associates corn. was off from 39% to 35, the class A
stock dropping from 363/i to 31% with the final figure to-day
313/s. Goldman Sachs Trading Corp. declined from 433/i
to 373/i and rested finally at 38. Securities Corp. General
new corn. broke from 703/i to 59% but recovered finally to
643'. A. 0. Smith Corp. corn. lost over 21 points to 2243/2.
5
Technicolor corn. sold down from 74% to 69 and ends the
week at 70.
A complete record of Curb Exchange transactions for the
week will be found on page 3136.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Bonds (Par Value).
Week Ended
May 2.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks
(No. Shares)
Rights
Domestic
Foreign
Government
828,600
1,292,600
1.444,500
1,075,000
1.122,000
1,686,000
26,600
9,000
7,500
7.900
10,100
9.600
$2,597,000
3,460,000
3,564,000
2,703,000
3,780,000
3,993.000
$228,000
285,000
326,000
377,000
457,000
305,000
7.448,700
70,700
$20,097,000
$1,978,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 16 1930:
GOLD.
The Bank of England gold reserve against notes amounted to £159,829.239
the previous Wedneson the Otis instant (as compared with £156,188,963 on
last.
day). an increase of £13,869,155 since Jan. 1
the value of
In the open market yesterday gold from South Africa to
fine ounce.
£411,000 was available and was disposed of at 84s. 1034d. per
and the Home and Continental
Germany secured E336,000, India £40,000
trade £35,000.
Receipts of gold by the Bank of England totalled £55,833 and withdrawals
£20,873. a net efflux of £34,960 during the week.
of gold
The following were the United Kingdom imports and exports
14th instant:
registered from mid-day on the 7th instant to mid-day on the
ImportsBritish South Africa
Australia
Argentina
Other countries
Exports
£383,595 Germany
2,000,000 France
21,000 Switzerland
15,627 Austria
British India
Other countries
£403,430
25,171
22,200
10,225
50,592
9,813
£521,431
.C2,420,222
United Kingdom Imports and exports of gold for the month of March
Sat are detailed below:
Exports.
Imports.
E470,615
22
Germany
11.270
Netherlands
478
1.490,036
Belgium
75,402
73,610
France
42.760
Switzerland
77,505
West Africa
250,086
Italy
56,020
Austria
26,000
Argentina. Uruguay and Paraguay
56.530
Other South American countriesSouthwest Africa
Union of South Africa (including
3,484,507
territory)
75,186
Rhodesia
208,597
British India
4.055,000
Australia
30,873
12,760
Other countries
£7.861,598 £2.635,659
March last amounted to
The Transvaal gold output for the month of
fine ounces for Feb. 1930,
889.370 fine ounces, as compared with 818,188
and 866.529 fine ounces for March 1929.
SILVER.
the market has remained
Offerings have continued to be restricted and
compared with those
having shown a slight improvement as
steady, prices
and 1934d. on the 10th
the previous week. A rise of ;id. to 19 11-I6d.
of
following day, otherwise
instant was followed by a reaction of 3-16d. the
the Indian bazaars have
daily fluctuations have been small. China and
moderately. America
been the chief support and the Continent has sold
still been more disposed
has offered to sell occasionally but on the whole has
to buy.
[VOL. 130
FINANCIAL CHRONICLE
3108
Prices were quoted level at 19 9-16d. on the 12th and 14th instant, but
yesterday the 1-16d. premium for cash delivery was regained.
A well informed correspondent in Mexico has expressed the opinion
that the effect of the falling silver prices on Mexican production has been
to cause a general retrenchment of working expenses, leading to the dismissal of great numbers of miners, while smaller mines with low grade ores
were forced completely to close down. Nevertheless the production has
been maintained at almost its former level, which is partly due to the fact
that the larger and more productive mines are operating with greater
economy and efficiency, and are trying to counter-balance low prices by
increased production.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 7th instant to mid-day on the 14th instant:
ImportsBritish India
Exports
48.981
China (incl. Hong Kong)__.C236,847
164,584
British India
4.556
Other countries
£212.229
France
£405.987
£113,284
49,964
Other countries
INDIAN CURRENCY RETURNS.
Apr. 7. Mar.31. Mar.22.
(In tars of ruppees)
18057
17415
17723
Notes in circulation
10957
11096
11084
Silver coin and bullion in India
Silver coin and bullion out of India
3227
3227
---3227
Gold coin and bullion in India
Gold coin and bullion out of India
3873
3385
3089
Securities (Indian Government)
15
Securities (British Government)
The stocks in Shanghai on the 12th instant consisted of about 96,300,000
ounces in sycee. 143,000,000 dollars, 20,200.000 Saigon dollars and 14,880
silver bars, as compared with about 95,500.000 ounces in sycee, 142,000,000
dollars. 21.200,000 Saigon dollars and 15,820 silver bars on the 5th instant.
Quotations during the week:
-Bar Silver, Per Oz. Std.- Bar Gold Per
Oz. Fine.
2 Mos,
Cash.
l9d.
19 11-16d.
April 10
84s. 11)/d.
19 7-16d.
1934d.
11
845. 114d.
199-16d.
199-165.
12
84s. 113;id.
19 9-16d.
19 9-16d.
14
84s. 10'Ad.
19d.
19 9-16d.
15
84s. 113d.
190-16d.
19%d.
16
845. 11.12d
19.542d.
19.583d.
Average
The silver quotations to-day for cash and two months' delivery are each
3-16d. above those fixed a week ago.
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Apr. 28 Apr. 28 Apr. 29 Apr. 30 May 1 May 2
Francs.
BondsFrench Rentes 3% Perpetual__ 88.50
101.35
French Ftentes 4% 1917
103.25
French Rentes 5% 1915-16
Banks
25,030
Banque de France
Banque de Paris et des Pays Bits_ 3,190
3,225
Credit Lyonnais
Canal
19,075
Canal Maritime de Suez
Railroad2,540
Chernin defer du Nord
Mines
1,601
Mines de Courrieres
1,335
Mines de Lens
Soc. hliniere and Metallurgique_ 1,110
Public Utilities
3,725
Cie. Generale d'Electricite
3,655
Soc. LyonnaLse des Eaux
Cie. Francaise des Precedes
1,140
Thomson-Houston
1,438
Union d'Electricite
IndustrialsTreflicrles & Lamlnolre du Havre 2,335
1,057
Societe Andre Citron
305
Ste. FrancaLse Ford
1,075
Coty S. A
3,575
Pechiney
2,145
l'Air Liquid°
1,110
EtablIssements Kuhlmann
185
Galerles Lafayette
Off
4,280
Royal Dutch
Francs. Francs. Francs. Francs. Francs.
87.55
87.05 87.30
88.40 87.85
101.35 101.40 101.45 101.50 101.55
103.35 103.40 103.35 102.45 102.55
24,850 24,875 24,200 24,270 24,240
3.120
3,100
3.140
3,150
3,105
3,125
3.125
3,165 3.110
3,185
18,250
18,950
18,475
18,100
18,225
2,520
2,530
2,450
2,460
2,450
1,594
1,332
1,118
1.583
1,324
1,091
1,557
1,282
1,070
1,555
1.275
1.083
1,567
1,280
1,070
3,655
3,590
3,635
3,570
3,530
3,505
3,555
3,505
3,550
3,545
1,126
1,428
1,115
1,425
1,080
1,410
1,104
1.406
1,098
1,415
2,280
1,031
302
1,060
3.525
2,130
1,110
186
2,255
1,025
299
1,048
3,515
2,115
1,100
186
2,210
1,000
293
1,030
3,510
2,055
1,072
178
2,220
1,000
291
1,025
3,425
2,055
1,080
177
2,235
990
298
1,040
3,430
2070,
1,084
180
4,255
4,235
4,200
4,275
4,210
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Tues.,
Wed.,
Thurs..
Frt.,
Mon.,
May 1. May 2.
Apr. 26. Apr. 28. Apr. 29. Apr. 30.
Silver, p. oz_d_ 19 11-16 19 11-16 19 11-16 194
845.11 Lid. 845.11
Gold,p. fine oz. 848.11d. 84s.11
5434
5434
Consols,2%%.
5434
10134
10134
British,
10134
97
97
British. 434%_
97
French Renter,
87.80
87.05
(in Paris)Jr 88.10
88.35
French War L'n
103.35
103.40
103.40
(in Paris)_ fr _103.20
19%
84s.11d.
1934
84.1.1134d.
5534
Holiday 10114
9834
87.30
87.50
102.45
102.45
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(cis.):
Foreign
4234
4234
4234
4234
4234
4234
Toininexdaland MiscellaneousItztus
-All
Breadstuffs figures brought from page 3217.
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Wheat.
Oats.
Corn.
Barley. I
Rye.
'bbls.1961bs. ush.6011's. bush. 5611's. bush.32 lbs.bus. 48 lbs.'bus. 56 lbs.
241,000
283,000 1,192,000
410,000
86,000,
71,000
549,000
204,000
139,000
28,000
6,000
298,000
7.000
25,000
52,000
112,000
30,000
193,00))
179.000
128,000
15,000
135.000
72,000
18.000
36,000
14,000
2,000
345,000
50,000
300,000
St. Louis129,00
654,000
516,000
611,000
6.000
Peoria
59,000
25,000
111,000
510,000
82,000
Kansas City
1,487,000
580,000
262,000
Omaha
500,000
260,000
172,000
St. Joseph_
144,000
81,000
92,000
Wichita
70,000
93,000
Sioux City71,000
14,000
52,000
Chicago
Minneapolis_
Duluth
M 11 waukee _ _
Toledo
Detroit
Total wk. '30
459,000 4.077,000 4,231,000 2,486,000
466,000
82,000
Same wk. '29
440.000 3,661,000 3,064,000, 2,275,000
609,000
168,000
Same wk. '28
458,000 4,132,000 4,486,000 3,422,000
568,000
244,000
Since Aug. 1
1929
16,610,000312,616,000208,743,006111,499,00057,959,00021,250,000
1928
18,665,000,419,441,000224,274,006116,944,00084,796,00023,237,000
1927
18,567,000 391,878,000 250,231,000425,059,00063.668.00032.830,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, April 26, follow:
Receipts ea-
Flour.
Wheat.
Cora
.
Oats.
Barley.
Bye.
bbls.1951bs.bush.60 lbs.bush. 56 lbs.bush.32 lbs.bus.48 lbs.bvs..56 lbs.
New York__
36i.000l
470,000
38,000
29,000
Philadelphia__
37.0001
4,000
2,000
Baltimore_ _ _ _
13,0001
63,000
13,000
20,000
1,000
Newport News
2,000
Norfolk
1,0001
16,000
New Orleans.
25,141
39,0001
27,
31,000
Galveston_ __ _
13,000
St. John, N.B.
58,000j
426.000
Boston
34,000
1,000
17,000
Total wk. '30
558,000 1,000,000
Since Jan.030 8,176,000 22,322,000
79,000
1,569,000
101,000
1,738.00(244,000
3,000
133,000
Week 1929_
520,000 2,475,000
112,000
266,0001 480,000
62,000
Since Jan.1'29 9,031,000 48,339,000 13,789,000 5,407,0001 9,090,000 2,082,000
,
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, April 26 1930, aro here shown:
Exports from-
Wheal.
Corn.
Flour.
Oats.
Rye,
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,098,000
86,409
16,000
3,000
36,000
120,000
3,000
16,000
1,000
2,000
69,000
1,000
42,000
2,000
56,000
11,000
426,000
58,000
117,000
13,000
New York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
St. John, N. B
lIouston
Halifax
Total week 1930_
Same week 1929._
1,882,000
228.000
1,000
397 000
219,409
220.789
2,000
170.000
61 600
72,000
3811 inn
The destination of these exports fc r the week and since
July 1 1929 is as below:
Flour.
Exports for Week
and Since
Week
Since
July 110Apr. 26 July 1
1930.
1929.
United Kingdom..
Continent
So.& Cent. Amer_
West Indies
Brit.No.Am.Cols_
Other countrins
ll'heat.
Week
Apr. 28
1930.
Since
July 1
1929.
Corn.
Week
Apr. 26
1930.
Since
July 1
1929.
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
77,696 3,087,550
697.000 44,417,000
34,000
101,373 3,365,533 1,177,000 70,073.000
6,000
17,000
8,000
738,200
631,000
51,000
11,000
778,800
38,000
1,000
256,000
36,100
12,340
551,103
789,000
3109
117wat,
bush.
Summary
American
Canadian
Corn,
bush.
Oats,
bush,
Rye,
bush.
Barley,
e.. bush.
‘
136,190,000 21,690,000 16,461,000 13,705,000 6,865,000
74,631,000
6,072,000 6.163,000 15,462,000
Total Apr. 26 1930___210,821,000 21,690,000 22,533,000 19.868,000 22,327,000
Total Apr. 19 1930_214,336,000 23,640,000 23,199,000 20,053,000 22,489,000
Total Apr. 27 1929_191,899,000 28,194,000 18,670,000 9,868,000 13,506.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the Now York Produce Exchange, for the week
ending Friday, April 25, and since July 1 1929 and 1928,
are shown in the following:
Wheal.
Exports
-
Week
Apr. 25.
1930.
Since
July 1.
1929.
Corn.
Since
July I.
1928.
Week
Apr. 25.
1930.
Since
July 1.
1929.
Since
July I.
1928.
I
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 3,803,000257,603,000462,535,000
56,000 3,121,000 32,626,000
Black Sea___
128,000 22.875,0001 2,216,000 1,011,000 21,004,000 1,827,000
Argentina___ 1,581,000,143,465,000,164,021,
2,752,000151,101,000197,083,000
Australia ___
376,000! 52,981,000; 95,888,000,
3'20,000' 1,112,000
India
552,000 36,548,006 38,620,000
0th. countr'
427,000 25,862,000 26,016.000
6,940.000513,656,000764.392,000 4,246,000200,088,000257,552,000
Total
New York City Banks and Trust Companies.
(Al) prices do( ars per share.)
Trust Companies.
New York (Concl.)- Par Bid Ask
Bank of NY & Trust_100 775 790
Bankers
10 16912 170 2
,
Bronx Co Trust
20 72
78
Cent Hanover 13k & Tr20 3S8 392
Chehea Bank & Trust _25 54 58
Chemical Bank dc Trust..
.10 SO
81
Continental 131c & Tr _ .....10 3712 39
Corn Exch Bk & Trust- _ _20 217 220
County
100 230 245
Empire
20 92
94
Equitable
20 13012 131 4
,
Fulton
100 630 660
Guaranty
100
0 803
Hibernia
100 175 185
International
20 54
58
Internet Mad Bk & Tr___25 43
48
Interstate
'41 54
58
Irving
10 63 65
Lawyers
100
Manhattan
20 13712 139
Manufacturers
25 137 139
Mutual (Westchester)_ _100 375 425
N Y Trust
25 302 307
Pacific
100 190 205
Plaza
100 115 125
Brooklyn
Times Square
1
66
71
Brooklyn
50 123 127 Title Guar A-. Trust
20 164 167
Peoples
100 475 600 United States
100 4475 4575
Westchester
101(1000 1100
Brooklyn
Trust Companies.
Brooklyn
100 860 875
New YorkPar
Globe Bank & Trust ___ _100
205
American
100 349 355 Kings Co
100 3300 3500
Banes Commerciale Ital_100 352 358 M ildwood
100 235 255
•State banks. t New stock. z Ex-dividend. g Ex-stock div. v Ka-rights.
Banks.
New YorkPar Bid Ask
America
25 138 140
American Union.
100 120 125
Broadway Nat Bk &'Tr_100 110 120
Bryant Park.
zo 47 52
Chase
20 163 2 16414
,
Chat Phenix Nat Bk .1t Tr 20 134 136
Commercial Nat Bk &'Tr 100 525 535
Fifth Avenue*
100 3450 3600
First
100 6223 6325
Grace
100 600
Harriman Nat Bk & Tr_100 1450 1550
Industrial
100 190 210
Lefeourt NatBk& Tr
100 152 162
Liberty Nat Bk & Tr100 130 140
National City
20 210 212
Penn Exchange•
100 92 102
Port Morris.
58
10 50
Public Nat 13k & Tr
25 151 155
Seward Nat Bank & Tr_100 122 130
Sterling Nat Bk & Tr_
25 50
57
Straus Nat Bk & Tr_ _100 265 285
United States*
25 693 70't
4
Yorkville
100
200
Yorktown.
100
200
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange, April 26 to May 2, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
xxx
x x
xx
NsTglinnP, c-71.44;,%5q-4.4a.4:iq:4RF;:ia..73.44,g:voita%73tv.
>
w
w
§
W.
Oc
-4.
low4...W1mcm.
c...mwwow
wwowoowow
.c4V-4
WW.WQ5WWWW-40-4
000000WWW0.0
W.4.M0 0.WWW4 M.WW-4.CWW.C.OW.WW¢
,
,
4.WWW00.400OCCWOCWO-40WOOWWWCWOW
Low.
High.
Allegheny Steel
"
65
65
.58
Jan
Allurninum Goods Mfg_.
2334 24
20
Apr
American Austin Car
6
64
634
54 Jan
American Vitrified Prod_50
1534 154
Total 1930
219,409 8,557,286 1,882,000 115,948,000
15
Feb
1,000
347,000
• 134
1334 15
Total 1929
220.789 9.276.565 2.228.000 240,728,418 397.000 28.322.322 Arkansas Gas Corp
9
Jan
Preferred
10
8
8
8
74 Jan
The visible supply of grain, comprising the stocks in Armstrong Cork Co
• 55
53
55
53
May
Blaw-Knox Co
• 38
38
40
2134 Jan
granary at principal points of accumulation at lake and Carnegie Metals
10
734 734
5
Jan
Clark (DL) Candy
seaboard ports Saturday, April 26 1930 were as follows:
• 1834 18
1934
13
Jan
Crandall McK & Bend_ •
22
22
22
May
GRAIN STOCKS.
Devonian Oil
10 12
1134 14
9
Slay
Oats.
Corn,
Wheat,
Donohoes Inc class A_
•
16
Rye.
Barley,
16
16
Feb
United Statesbush.
bush.
bush.
Electric Products
bush.
25
bush.
25
2634
188( Apr
New York
60,000
965,000
34.000
53,000
•
1834 19
24,000 Hachmeister Lind
1714 Apr
Boston
5,000
Harbison-Walker Ref___ _• 65
186,000
1,000
85
71
59
Jan
Philadelphia
407,003
10,000
123,000
Preferred
24,000
•
110 110
1.000
110
Apr
Baltimore
30,000
45,000
1,642,000
23,000
101
101
129,000 Horne (Joseph) pref. _100
100
Mar
Newport News
726,000
Independent Brew pf _ __ 50
334
334 334
134 Jan
New Orleans
150,000
469,000
99,000
8,000
244.000 Jones & I.au'gn Steel p1.100
123 123
11834 Jan
Galveston
856,000
103,000 Kopper Gas & Coke pf_100
1014 102
9934 Jan
Fort Worth
122,000
196,000
2.894,000
8,000
• 2734 2734 28
140,000 Liberty Dairy Prod
22
Mar
Buffalo
5,288,000 1,825,000
587.000
681,000
" 514 5034 54
314,000 Lone Star Gas
3434 Jan
"
afloat
218,000
502.000
413,000
McKinney Mfg
171.000
"
5
5
5
Apr
Toledo
1,355,000
201,000
17,000
2,000
29
29
1,000 Mesta Machine
304
k25
Jan
Detroit
153,000
36.000
14,000
11.000
254 2534
3,000 National F..rie class A_ _25
244 Mar
Chicago
20,354,000 3,411.000 1,949,000 7,088.000
National Fireproofing_ _50
305,000
45
45
33
"
Jan
afloat
544.000
601,000
1,812,000
Preferred
50 4434 44
45
35
Jan
Milwaukee
208.000 2,312.000
659,000
18.000
170.000 Peoples & Say & Trust_ _20
167 168
155
Jan
Duluth
561,000 2.489.000 2,866.000 1.097,000 Phoenix 011 pref
30,429,000
1 50c
50c 50e
40e Apr
"
afloat
270.000
695,000
Pittsburgh Brewing
50
434 5
234 Jan
Minneapolis
28,335,000
494,000 6,229.000
Preferred
901.000 3,966.000
50
934
934
Sioux City
534 Jan
77,000
562,000
367,000
2234 214 23
7,000 Pittsburgh Forging
12
St. Louts
Jan
3,197,000 1,707,000
255,000
12.000
28.000 Pittsburgh Plate Glass...25 54
.54
56
53
Jan
Kansas City
12,000
PIttab Screw dr Bolt Corp' 2134 21
21,895.000 2,898,000
25,000
147,000
2234
18
Jan
Wichita
Plymouth Oil Co
264,000
2,878,000
5
24
2434
23
Apr
Hutchinson
Ruud Manufacturing_ _ _ ..• 34
54,000
2,293,000
34
34
31
Jan
St. Joseph, Mo
95,000
3,711,000 1,585,000
1
32,000 San Toy Mining
30
30
3c
Jan
Peoria
Shamrock Oil & Gas
264,000
43,000
27,000
2334 23
2434
k1734 Jan
Indianapolis
United Engine & Fdy• 42
440,000 1,637,000
188.000
16,000
42
4334
3834 Jan
Omaha
299,000
5,014,000 3,373,000
1,000
25
138,000 United States Glass
34 334
34 Apr
On Lakes
178,000
Vanadium Alloy Steel
634,000
134,000
65
65
65
Jan
Total Apr. 26 1030 _136,190,000 21,690,000 16.461,000 13,705.000
6.865.000
Unlisted
Total Apr. 19 1930_ _139,5900 23,640,000 16,724,000 13,978.000
Total Apr. 27 1929___114.787,000 28,194,000 10,774,000 7,010,000 7,104.000 Amer Fruit Growers
16
16
1034 Feb
6,816,000
Preferred
75
75
Note.
-Bonded grain not included above: Oats, New York, 216,000
60
Jan
bushels; Copper Welding Steel
4634 4
Baltimore, 5.000; Buffalo, 121,000; Duluth, 5.000; total, 347,000
634 4734
42
Mar
bushels, against Internat Rustless Iron_ _ _ _
134
14
134
675,000 bushels in 1929. Barley, New York. 469.000 bushels: Buffalo,
134 Jan
2,183,000; Leonard Oil Development_
334
314 4
Duluth, 76,000; total, 2,728,000 bushels, against 3,378,000 bushels in
34 Mar
1929. Wheat, Lone Star Gas pref
10834 109
New York. 1,475,000 bushels; Boston, 1,532.000; Philadelphia. 3,309,000;
10434 Jan
Balti- Mayflower Drug Stores__.
4
5
more, 3,471.000; Buffalo, 7,201,000; Buffalo afloat, 909,000; Duluth,
354 Feb
225,000; Phoenix Oil
50c 50c
Canal, 779,000: total, 18,901,000 bushels, against 27,484.000
300 Mar
bushels in 1929.
Western Pub Serv v t e
2834 28
3034
2334 Jan
Canadian
Montreal
Rights
873.000
6,832,000
351.000
512,000
Ft. William & Pt. Arthur 54,130,000
3,254.000 4,598,000 14,369,000 Lone Star Gas
43( 434
44 Apr
afloat
"
227.000
Other Canadian
Bonds13.669,000
1,945,000 1,214,000
354.000
Total Apr. 26 1930_ 74.631,000
Independ Brewing 6s..1955
6134 6134
6,072,000 6.163.090 15,462.000
6134 Apr
Total Apr. 19 1930._ 74,742,000
107 108
6,475.000 6,075,000 15.385,000 Shamrock Oil& Gas 6s1939
9534 Jan
Total Apr 27 1929_ 77,112,000
7,896,000 2,858,000 7,180,000
• No par value. k Includes also record for period when
in Unlisted Dept.
W
Flour.
Wr
Receipts al-
FINANCIAL CHRONICLE
-t..4,A=10a
E8
2g=raVttnMM2
$.v,
.81
o
mm-=
5=ti5;ag
g
xxxx' x x x 00 xxxrxx
MAY 3 1930.]
[VOL. 130.
FINANCIAL CHRONICLE
3110
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED,
WITH TITLE REQUESTED.
-The First National Bank of Henrietta, Tex
April 22
Correspondent: Earl P. Hall, Henrietta, Tex.
APPLICATION TO ORGANIZE APPROVED.
April 22- The First National Bank in La Habra, Calif
Correspondent: N. M. Launer, La Habra, Calif.
CHARTERS ISSUED.
-National Bank & Trust Co. of Chariton, Iowa
April 19
President, L. H. Busselle. Cashier, E. L. Gookin.
-The First National Bank of Leola, So. Dak
April 22
Succeeds: The Bank of Leola, Leola, So. Dak.
President Fred Kusler. Cashier, W. O. Turner.
-•
April 25- First National Bank in Britton, So. Dak_ _ _
President, S. A. Bell. Cashier, C. C.Anderson.
Capital.
$25,000
50,000
100,000
25,000
25,000
VOLUNTARY LIQUIDATIONS.
-The North Ward National Bank of Newark, N. J__ _ . 400,000
April 21
Effective close of business April 19 1930.
Liquidating Agent: John W. Lushear, care of the liquidating bank. Succeeded by a Trust company.
- --- 25.000
-The First National Bank of Merit, Tex- - April 21
Effective April 15 1930.
Liquidating Agent: J. D. Leatherwood, Merit, Tex.
Absorbed by the Citizens State Bank of Greenville, Tex.
40.000
-The First National Bank in Odessa, Wash
April 23
Effective April 8 1930.
Liquidating Agent: H. G. Cordes, Odessa, Wash.
Absorbed by Security State Bank, Odessa, Wash,
25,000
-The First National Bank of Egeland, No. Dak
April 24
Effective April 15 1930.
Liquidating Agent: A. C. Thompson, Egeland, N. Dak.
Absorbed by The First National Bank of Camdo, No.
Dak., No. 5798.
25,000
-The First National Bank of Neche, No. Dak _____
April 24
• Effective Jan. 29 1930.
Liquidating Agents: K. 0. Paulson and Fred L. Lewis,
care of the liquidating bank. Succeeded by First
National Bank in Neche, No. Dak., No. 13436.
25,000
-The Bathgate National Bank, Bathgate, No. Dak- April 24
Effective Jan. 29 1930.
Liquidating Agents: K. 0. Paulson and Fred L. Lewis,
care of the liquidating bank. Absorbed by First
National Bank in Neche, No. Dak., No. 13436.
-The First National Bank of Bingham Canyon, Utah__ - 100,000
April 24
Effective April 4 1930.
Liquidating Agent: First Security Bank of Bingham
Canyon, Utah. Absorbed by First Security Bank
of Bingham Canyon, Utah.
-The Manufacturers Nat. Bank of Leavenworth. Kans_. 100,000
April 25
Effective April 23 1930.
Liquidating Agent: C. E. Snyder, Leavenworth, Kans.
Succeeded by The Manufacturers State Bank of Leavenworth, Kans.
CONSOLIDATION.
200,000
-The Mechanics National Bank of Milwaukee, Wis- April 26
100,000
Bank, Milwaukee, Wig.
Bay View
Consolidated today under Act of Nov. 7 1918, as amended
Feb. 25 1927, under the charter of The Mechanics National
Dank of Milwaukee, No. 12816, and under the corporate
title of "Bay View National Bank of Milwaukee," with
capital stock of $200,000.
-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:
$ per Sh.
Shares. Stocks.
100 21 East 71st St., Corp., no par;
100 547 Broadway Co., Inc., no
par; 100 372-374 Broome St
Corp , no par; 100 Mahony
Estates, Inc , no par; 100 14 East
23rd St Corp no par; 100 628630 Broadway Corp., no par;
100 F. C. M. Holding Corp
$100 lot
no par
1,014 Syndicate Mines, Inc. no par_54 lot
600 Guanajuato Consol. Min. &
Milling Co.(W. Va.), Par $5-$16 lot
3.000 Bailey Cobalt M.nes, Ltd.,
(theory. under Ontario Mining
$4 lot
Cos., Incorp. Act), Par $1
150 Hudson Ave. Bevel. Corp., Ine.38 lot
$3 lot
Goose Operating Corp
1 Blue
3 Cafe des Ambassadeurs. Inc.; 10
$4 lot
preferred
10 Elm Bell Products Corp., par
$2 lot
$10; 10 preferred, par $10
100 Le Carnet d'Epicure, Ltd., £1.37 lot
per St.
Shares. Hocks.
53 lot
200 J. C. La %'1n. Inc
$1 lot
40 Nassau Hotel Co
$2 lot
5 Pittsburgh Taxicab Co
7734 Ritz-Carlton Restaurant &
Hotel Co. of Atlantic City; 310
374 lot
preferred
180 Broadway-Vendome Co., pref.,
-.31 lot
Par 35
13354 Winton Hotel Co., pref _ _5451ot
406 Crown Hotel, Inc., pref. stpd.
"Payment of first retirement pay$22 lot
mentor 10%," par $10
Per Cent.
Bonds.
$63,680.91 (face value) of leases and
(or) conditional sales agreements
of Merchants & Mfrs. Securities
$27,775 lot
Corp
$101.33 Sulzer's Harlem River Park
$7 lot
Co., 2nd mtge. Ss
$260 Stanford Hotels Co.,7% cony.
$71 lot
gold bond
By Barnes & Lofland, Philadelphia:
Per Cent.
Bonds$ per St.
Shares. Stocks.
of Rocks King's High3 Philadelphia Bourse. pref., par 25 2531 $1,000 Chain Co. lot M.s 1 1334s,
way Bridge
Bourse, pref.. par $25 25
4 Philadelphia
81
Oct. 15 1947
4 Philadelphia Bourse,com.,par $50 20
$1,000 Federal Pub. Serv. Corp.
125 Corn Each. Nat. Bk. & Tr. Co.
91
1st Ben 6s, Dec. 1 1947
127
par $20
$LOW Gen. Wat. Wks. & Elec.
15 Nat. Security Bank & Trust Co.,
Corp. 15-yr. 1st I. & col.5s. June
120
par 310
84
1 1943
1593.1
10 City Nat. Bk. & Trust Co
$1,000 Gen. Water Works & Elec.
17 Ninth Bk. & Trust Co., par 810_ 50
Corp. 6% 334 yr. cony. deb. 6s,
4
100 Plaza Trust Co.. par 310
95
Dec. 1 1931,ser. A
3
62 Plaza Trust Co., par $10
$1,000 Municipal Service Co. 30-yr.
5 Pa. Co. for Ins. on Lives, &c.,
coll. tr. s. f. 68, Feb. 11956, set' A 9734
11334
par $10
$1,000 No. Amer. Lt. & Pr. 30-yr.
25 Northwestern Tr Co.. par $10_ _195
.
s. f deb. 530,ser. A. July 1 1956 MIX
180
20 Girard Trust Co., par $10
S. E. Corner 156h & Walnut
100 Franklin Trust Co.. par $10... 5734 $1,0001st M.6s(C.Benton Cooper)
Sts.
Merchants Tr. Co.,
10 Broadway
10234
Dec. 1 1947
60
Camden, N. J., Dar $20
$2,000 Southern Cities Utilities Co.
10 Merlon Title & Tr. Co.. Ard30-yr. 1st I. & coll. Is. ser. A,
210
more, Pa., par 350
69
Apr. 11954
100 Mortgage Co. of Pa.. par $25_ _ 19
-La. Pow. Co. 1st M
$2,000 Texas
120 F. G. Vogt & Sons, Inc., pref..
97
ser. A, Jan. 1946
6s,
par $50 (60 shares 8% pref., 70
Corp.
4934 $LOW Oswego Ely. Pow. (trusshares 7% pref)
5-yr. deb. 6s. Dec. 1 1931
134
75 Union Bank & Trust
10031
tee's certificate)
52
6 Tacony, Palmyra Bridge Co
s. f.
Per Cent. $500 Virginia Pub. Serv. 20-yr.
Bonds-9134
6s, Feb. 1 1946
deb.
$1,000 Colwood Co. lot fee & leash.
$1,000 Western United Corp. 30-yr.
75
2
tr. s. f. 69, series A,
coll
$1,000 Florida Power Corp. 1st 53413
99%
Dec. 1, 195
86
series A, Jan. 1 1979
By A. J. Wright & Co., Buffalo:
$ Per St.
$ Per Sh. Share.s. Stocks. Radio Corp.. no
Mares. Stocks.
100 Thermiodyne
6 Labor Temple Assn. of Buffalo &
$4 lot
par
500. lot
Vicinity, Inc., par 35
98c
100 Premier Gold Mines, par gl_.
1.000 Bidgood Consolidated Mines,
2c
Par al
By R. L. Day & Co., Boston:
$ per St.
Shares. Stocks.
338 Fed. Nat. Bk., par $20_100 ex-div.
50 Atlantic Nat. Bank, par $25_._ _1005,6
50 First National Bank, par 320_ _12434
15 Bk.of Comm.& Tr. Co., par $20 3635
25 U. S. Trust Co., par $25
10134
1-100 Berkshire Fine Spinning As150. lot
sociates
11 Worumbo Mfg. Co., common__ 40
30 Berkshire Fine Spinning Associates, prof
6534
12 New England Pub. Ser. 6% pf 86
13 New Bedford Gas & Edison Light
110
Co., par $25
100 New England Fire Ins. Co., par
36
$10
5 Cent. Me. Pr. Co., 7% pref--105M
400 Venezuelan Mexican Oil Corp..
14
common, par 310
$ per 348.
Shares. Stocks.
15 Special units First Peoples Trust_ 3
4 N. Bost. Ltg. Prop., corn. uncle!). 7734
2 Wm. Whitman &Co., Inc., pref._ 7634
5 E. E. Gray Co., common A
534
10 E. E. Gray & Co.. common B.. 534
25 Florence Stove Co.,corn__ _A734-3834
100 Nat. Service Co., pref
2934
50 Gt. Nor. Paper Co.. par 325-- - 4834
10 units Commonwealth Finance
17
Corp
150 Eastern ULU. Assoc., cony. stk. 1535
31
90 Collyer Insulated Wire Co
Per Cent.
Bonds.
$1,000 San Francisco Bay Toll
Bridge Co. 7s, Nov. 1942_...70 & int.
$1.000 James River Bridge Corp.
7s, June 1943
70 & int.
By Wise, Hobbs & Arnold Boston:
$ per St.
Shares. Stocks.
5 Inman Trust Co.. Cambridge_ _140
501d Colony Nat.Bk..Plymouth_ _176
5 Atlantic Nat. Bank. par $25_ __ _101
150 ex-cliv.
20 Boston Nat. Bank
10 Fed. Nat, Bank, Par $12- _100 ex-div.
160 ex-div.
20 Boston Nat. Bank
40
26 Hamilton Woolen Co
25%
106 Newmarket Mfg. Co
57 Berkshire Fine Spinning Asso1634
ciates, common
3134
165 Grinnell Mfg. Corp
2234
50 Arlington Mills
35
3 Associated Text le Cos
110 B. B.& R. Knight Corp., pf _ _ 534
134
5 McLane Silk Co., pref
36
10 Associated Textile Cos
67-69
15 Farr Alpaca Co
30 Associated Textile Cos
3534-3634
25 American Glue Co.,common._ _ - 70
_
24 Heywood-Wakefield Co., 1st pf. 45
29 Heywood-Wakefield Co., corn__ 14
40 United Sec. Tr. Associates_ _ _ _37-37%
5 Cent. Mass. Lt. & Pr. Co., pref-10034
50 Great Nor. Paper Co., par $25.. 49
1,000 Simbroco Stone Co., com_ _311 lot
8
30 Graton & Knight Co., corn
6634
800 Western Mass. Cos
50 Mass.Bdg.& Ins. Co.. par $25_ _130
6234
10 Draper Corp
7 units Comrnl. Finance Corp
2234
100 Wetmore-Savage Automatic
10
Equipment Co., common
$ per St.
Shares. Stocks.
2 Comml. Fin. Corp.. pref., Par $50 1134
2 New Hampshire Mutual Liability
Co., non-voting pref
80
4 Saco-Lowell Sho s, Inc., 1st pf
34
30 Southern Fields Petroleum, par
$10
$1 lot
10 New England Pub. Serv. Co.,
57 prior pref
10234
1013. S. Envelope Co., pref
113
30 Quincy Mkt. Cold Storage dr
3134
Warehouse Co.. common
7 Old Colony Lt. & Pr. Assoc.. pl. _10034
10 New England Pub. Serv. Co.,
$6 cony. pref
10534
Note of GrIffith-Stillings Press for
$25,000 dated Aug. 201927, prin.
now $20,300 and 6% accr. Int.
from Aug.20 1928 to date: note of
Griffith-StillIngs Press for $4,000
dated Aug. 20 1927, prin. now
$3,975 and 6% accr. Int. from
Aug. 20 1928 to date; six notes of
Griffith-Stillnigs Press in the sum
or 51,000, each dated Mar. 31
1928, prin. now $1,000 each with
accr. int. from Mar. 31 1928 to
date; secured by 205 shares of
Grithth-Stillings Press corn.. par
$25 lot
$100
Per Cent.
Bonds.
$2,000 Winslow Brothers & Smith
Co. deb. 5345, due March 1943._ 75
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
*234 June 20 *Holders
Delaware & Hudson Co. (quar.)
.1% June 2 *Holders
Illinois Central, corn. (quar.)
Internat. Rys. of Cent. Am., pr. (qui 1% May 15 Holders
N. Y. Chic. ,is St. Lo., COM. & Pf• (OIL) *1% July 1 *Holders
of roe. May
of rec. May
or rec. Apr.
or rec. May
28
9
30
15
Public Utilities.
134 June 1 Holders of rec. May 1
Canadian Hydro-Electric, 1st p1,(qui- Divide nd omit ted
Cape Breton Electric Co.. preferred
.
Community Water Service, let PI-(q) 31.75 June 2 *Holders of rec. May 20
134 June 16 Holders of rec. May 31
East Kootenay Power, pref. (guar.). -Empire Public Service, corn. A (qu.).... p•45c May 15 *Holders of rec. Apr. 25
134 June 2 Holders of rec. May 12
Havana Electric Ry., pref. (guar.)
50c. June 1 Holders of rec. May 1
Intercontinents Power, corn. A (quay.).
•134 May 10 *Holders of rec. Apr. 30
Lincoln Tel. & Tel., prof. (quar.)
*31.75 May 1 *Holders of rec. Apr. 21
Mohawk-Hudson Pow., 1st Piet. W/O
25e May 15 Holders of rec. May 6
Nat. Water Wks. Corp., corn. A (qui 8734c May 15 Holders of rec. May 6
Preferred, series A (quar.)
8734e May 15 Holders of rec. May 6
Preferred, series B (guar.)
q234 July 1 Holders of rec. June .5
North American Co., corn. Mari
750. July 1 Holders of rec. June .5
Preferred (quar.)
Scranton-Spring Brook Water Serv.$1.50 May 15 Holders of rec. May 5a
$6 preferred (guar.)
$1.25 May 15 Holders of rec. May 5a
$5 preferred (guar.)
43340. June 15 Holders of rec. May 20
California Edison Co., prof. A (qui
3734C. June 15 Holders of rec. May 20
Preferred series B (quar.)
Stand. Pow.& Lt. corn.& corn. B.
(qui - •50c. June 1 Holders of rec. May 10
-dividend omItte d.
Union St. Ry.
(New Bedford)
Waterbury Gas Light-dividend omitted
Western Continental UM corn. A (qui- *3234c June 1 *Holders of rec. May 10
6234c. Apr, 30 Holders of rec. Apr. 21a
York Rys., Prof.(guar.)
Miscellaneous.
•lc. Slay 20 *Holders of rec. Apr. 30
A.B. C. Cigar (monthly)
2 May 10 Holders of sec. Apr. 30
Alaska Packers Ass'n (quar.)
Allied Internat. Invest'g 53 pf.(qua.).. *750. May 1 *Holders of rec. Apr. 25
•134 Apr. 19 *Holders of rec. Apr. 14
American Book (guar.)
ere
Amer. Dept. Stores, 2d pref.-no action taken.
•150.
American Factors(monthly)
*Holders of rec. Apr. 30
May 1 +Holders of rec. Apr. 25
Amer. Forg. dr Socket (quar.)
Amer. Radiator dr Stand. Sanitary Miff•
3734C. June 30 Holders of rec. June 11
Common (quar.)
134 May 31 Holders of rec. May 16
Preferred (guar.)
American Tobacco, corn. & corn. B (qui 52 June 2 Holders of rec. May 10
*30c. June 2 *Holders of rec. May 22
Atlantic Coast Fisheries (guar.)
Atlantic Gulf & W. S.S. Lines, corn... 41 May 31 *Holders of rec. May 6
•50e. June 2 *Holders of rec. May 20
AtlasImp. Diesel Eng., A & B (qui
•75c. June I *Holders of rec. May 15
Bastian Blessing Co., corn. (quar.)
May 1 *Holders of rec. Apr. 19
Batchelder & Snyder Co., pref. (quar.)- - •2
•250. May 1 *Holders of rec. Apr. 30
Beaton & Caldwell Mfg.(monthly)
+25e. June 2 *Holders of rec. May 31
Monthly
*25c. July 1 *Holders of rec. June 30
Monthly
•50c. July 1 *Holders of rec. June 10
Bendix Aviation Corp.(quar.)
Beneficial Indust. Loan Corp.com.(qui 3734c. Apr. 30 Holders of rec. Apr. 10
8734c. Apr. 30 Holders of rec. Apr. 10
Preferred series A (guar.)
Blauner's, Inc., corn. (guar.)
5 Ho e of ec l y
Ma
M ay 15 +.41olders °f rce. S ny
•
l
Corn.(payable in common stock)
. la
875e. May 15 Holders of rec. May 1
Preferred (quar.)
373.4c June 2 Holders of rec. May 17a
Blaw-Knox Co.(guar.)
s75c. June I Holders of rec. May 5
Blue Ridge Corp.,cony. pre( (qu.)
+50c June I *Holders of rec. May 17
Brach (E. J.) & Sons, corn.(guar.)
Brooklyn Lafayette Corp., Cl. A (quar.). 3734c. May 1 Holders of rec. Apr. 19a
•6234c May 1 *Holders of rec. Apr. 23
Buckeye Steel Casting, corn.(guar.).*75e. June 1 *Holders of rec. MaY115
Bulova Watch,corn.(guar.)
•8734c June 1 *Holders of roe. May 15
Preferred (guar.)
June 15 Holders or rec. May 31
Canada Wire & Cable, class A (quar.) - $1
44c May 30 Holders of reo. May 15
Canadian Car & Fdy., ordinary (gui
Carrier Engineering Corp., Cl. A (qui__ - •25c May 1 *Holders of rec. Apr. 18
Caterpillar Tractor (guar.)
5
*7 0. May 31 *Holders of rec. may 15
•250. May 31 *Holders of rec. May 15
Extra
May 10 Holders of rec. Apr. 30
Chase(A. W.) Co.(Toronto) prof.(qui - 2
MAY 31930.]
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclustre.
Miscellaneous (Concluded).
Childs Co., corn.(guar.)
*60c. June 10 *Holders of rec. May 23
4.1% June 10 *Holders of rec. May 23
Preferred (guar.)
City Ice & Fuel, corn,(guar.)
90c. May 31 Holders of rec. May 156
Preferred (guar.)
154 June 1 Holders of roe. May 156
Coca-Cola Co.,tom.(guard
*81.50 July 1 *Holders of rec. June 12
Class A (semi-annual)
*81.50 July I 'Holders of rec. June 12
Colgate-Palmolive-Peet Co., corn.(qu.). 6254e July 15 Holders of rec. June 20
Preferred (guar.)
154 July 1 Holders of rec. June 10
Continental Chicago Corp., pref. (cm.).
*7c. June 1 'Holders of rec. May 15
Continental Dept. Stores-dividend pass ed.
Continental Securities Corp., pf.
"$1.25 June 2 *Holders of rec. May 15
Cushman's sons, corn. (guar.)
4
11
June 1 *Holders of rec. May 15
•15i June 1 *Holders of rec. May 15
7% preferred (guard
8% preferred (guar.)
June 1 *Holders of rec. May 15
*2
Deere & Co., new corn. (qu.)(No.
•30c. July 1 *Holders of rec. June 15
Common (Payable in common stoek)- tf1S5 July 15 *Holders of rec. July 14
(payable
•15( June 2 *Holders of rec. May 15
Preferred lquar.)
Dennis Brothers, Ltd.
Amer. dep. rots, for ord. reg. she._ -.* Spence May 31 Holders of rec. May 2
Dexter Co.(guard
*35c. June 2 *Holders of rec. May 15
Diamond Electrical Mfg.
Common (payable in common stook). 41254
*Holders of rec. Apr. 30
Distillers Corp.
-Seagram, (guar.)
"25c. May 15 *Holders of rec. Apr. 30
Dominguez 011 Fields (monthly)
*15c. May 1 *Holders of rec. Apr. 24
Extra
*10c. May 1 *Holders of rec. Apr. 24
Duff-Norton Mfg.(guar.)
"6234c May 15 'Holders of roe. May 5
Evans Wallower Lead Co.
-Dividend Pa ssed
Fageol Securities, pref.(guard
*1734c May 15'Holder, of rec. May 1
Preferred (extra)
*10c. May 15 *Holders of rec. May 1
Finance Service, Bait., corn. (guar.)-40e. June 1 Holders of rec. May 15
Preferred (guard
1734c June 1 Holders of rec. May 15
•1
Flint Mills (quar.)
May 1 *Holders of rec. Aor. 28
Firestone Tire & Rubber,6% pref(m.) ri
June 1 'Holders of rec. May 15
Fitzsimmons-Conned Dredge & Dock
Common (guar.)
*50c. June 1 'Holders of rec. May 21
Fox Film, corn. A & B (guard
421
May 20 *Holders of rec. May 12
Fuller Brush, class A (quar.)
*20c May 1 *Holders of rec. Apr. 26
General Motors, corn, (guar.)
*75c. June 12 *Holders of rec. May 10
*I% Aug. 1 *Holders of rec. July 7
7% Preferred (guar.)
6% preferred (guar.)
"154 Aug. 1 *Holders of rec. July 7
4.1% Aug. I *Holders of rec. July 7
6% debenture stock (guar.)
General Refractories (guard
May 26 Holders of rec. May 10
81
Extra
250 May 26 Holders of rec. May 10
Gerrard (S. A.) Co.(guar.)
*Holders of rec. May 15
*3754c June
Globe Automatic Sprinkler of Pa.-Divi dend o mitted
Globe Automatic Sprinkler of N.J., class A-D1 dend pa ssed
Globe-Democrat Pub. Co., pref. (guar.) *1% June 1 *Holders of rec. May 20
Golden State Milk Prod.(in stock)
"02.6 June 30 *Holders of rec. May 15
Goodyear Tire & Rubber. Pref.(guard_ - 4.1 x July 1 'Holders of roe. May 31
Gorham,Inc.. $3 Prof.(guar.)
"75c. May 15 *Holders of rec. May 1
Grand Union Co., cony. pref.(quard-- *75e June 1 *Holders of roe. May 15
Hathaway Bakeries,class A (guar.)
4
.750 June 2 "Holders of rec. May 15
Preferred (quar.)
June 2 *Holders of rec. May 15
•1
Hamilton Bank Note Eng.& Ptg
7540 May 15 Holders of rro. May 1
Hanes(P. H.)Knitt.,com.& conv.B(qu.) "150. June 2 *Holders of rec. May 20
Preferred (quar.)
•154 July 1 *Holders of rec. June 20
Hires (Charles E.) Co., com.A (guard-500. June 2 Holders of rec. May 15
Hollinger Consul. Gold Mines(mthly.).50. May 20 Holders of rec. May 6
Holt(Henry) St Co., partic. A (qu.)
*45c. June 1 *Holders of rec. May 10
Horn & Haidart(N.Y.) pref.(quar.)
*154 June 2'Holders of rec. May 12
Ingersoll-Rand Co.,corn.(quar.)
+11 June 2 *Holders of rec. May 9
Common (extra)
4
.$1 June 2 *Holders of rec. May 9
Inland Steel (guar.)
. $1 June 2 *Holders of rec. May 15
1
.
International Sliver, corn.(guar.)
154 June 1 Holders of rec. May 15a
Kendall Co. partic. pref.(guard
$1.50 June 1 Holders of rec. Stay 10
Partlo. pref.(participating dlr.)
37e. June 1 Holden of rec. May 10
Kleinert (I. B.) Rubber Co.(quar.)_ -- •625ic June 1 *Holders of rec. May 15
Romp Film Laboratories, pf.(mthly.) 1
May 1 Holders of rec. Apr. 25
Libby-Owens Glass,corn.(quar.)
"250 June 1 *Holders of rec. May 16
Liggett & Myers Tob.com.&com.B.(qu.) $1 June 2 Holders of rec. May 15
Lindsay(C. W.)&Co.,corn.(guard_
25o June 1 Holders of rec. May 15
Preferred (guar.)
154 June 1 Holders of rec. May 15
Martel Mills-dividend passed.
May Department Stores (guar.)
*50e. June 2 *Holders of rec. May 15
Meletio Sea Food, pref.(guar.)
134 May I Holders of rec. Apr. 26
Metal & Thermit Corp.(guard
"$1.50 May 1 *Holders of rec. Apr. 19
National Food. class A, dividend Passe d.
New Bedford Storage Warehouse-divid end pa ssed
New Jersey Zinc(extra)
June 10 Holders of rec. May 21
2
N. Y. Home Foundation-dividend Pass ed.
Ohio Seamless Tube, corn. (quar.)
50c. May 15 May 1 to May 14
Ohmer Fare Register, corn. (qu.) (No.1) •1255e May 15 *Holders of rec. May 10
Oilroyalty Invest. (monthly)
•10o. May 15 *Holders of rec. Apr. 30
Phillips-Jones Corp., com.-Dividend o milted
Pillsbury Flour Mills, corn.(guar.)
50c June 2 Holders of rec. May 15a
Public Investing Co. (guar.)
250. June 16 Holders of rec. May 15
Extra
100 June 16 Holders of rec. May 15
Pure 011 Co., corn. (quar.)
37340 June 1 Holders of rec. May 9
fly. St Utilities Investing, 7% pf. (qu.). 8754e June 2 Holders of rec. May 15
6% convertible preferred (quar.)
750. June 2 Holders of rec. May 15
Reymer Bros.(guar.)
"25c. May 15 *Holders of rec. May 1
Richardson Co.,corn.(guar.)
"40o. May 15 *Holden of tee. May 1
Rubber Plantations Invest. Trust
Amer. dep. rota. ord. reg. shares
'w734 May 19 *Holders of rec. Apr. 25
Savage Arms, corn.(guar.)
•50c. June 2 *Holders of rec. May 15
Second preferred (guar.)
*134 Aug. 15 "Holders of rec. Aug. 1
Smith (A.0.) Corp.. corn.(guar.)
Holders of rec. May 1
50c. May 1
Preferred (quar.)
154 May 15 Holders of rec. May 1
Simms Petroleum (guar.)
*400. June 14 *Holders of rec. May 29]
Square D Co., corn. B (guar.)(No. 1).
.50c. June 30 'Holders of rel. June 2
0
Common B (payable in stock)
*2 June 30 *Holden of rec. June 20
Standard Financial (mar.) (No. 1)...- •25c. May 1 "Holders of rec. Apr. 21
Standard 011 (California)(guar.)
June 16 Holders of roe. May 15
625403
Standard 011 Co.(N. J.) $25 par (quar.)
200. June 16 Holders of roe. May 17
$100 par stock (extra)
25e. June 16 Holders of rec. May 17
$125 par stock (guar.)
June 16 Holders of rec. May 17
$1
$100 101r stock (extra)
June 16 Holders of rec. May 17
1
Standard 011 (N. Y.)(quar.)
"40c. June 16 *Holden of roe. May 9
Standard Paving & Materials (guar.)--50e. May 15 Holders of rec. Apr. 30
Stand.Royalties, Wetumka, pt.(mthly.)
IC. May 15 Holders of roe. Apr. 30
Stand. Royalties, Wewoka, pt. (mthly.)
le. May 15 Holden of rect. Apr. 30
Stand. Royalties, Wichita, Pt. (mthly.)
lo. May 15 Holden of roe. Apr. 30
Stearns (Fred.) Corp.(monthly)
*1 6 2-3c. May 31 *Holders of rec. May 21
Strauss (Robert S.) dr Co., pref.-divid end de (erred
Studebaker Corp.,corn.(guard
*SI June 1 *Holders of T60. May 10
Preferred Ward
•154 June 1 *Holders of tee. May 10
Swan-Finch Oil Corp., pref.(qu.)
•43;•to June 3'Holders of tee. May 15
Thomas Engineering & Mfg.
-dividend used.
Truseon Steel, corn. (guar.)
*30c. July 15 *Holders of rec. June 26
Preferred (guar.)
"154 June 2 "Holders of rec. May 21
United Bond & Mtge.of R.I. pr.(grid__
154 May I Holders of rec. Apr. 21
U.S. El. Lt.& Pow. She. B (qu.)
(No. 1) "16e. May 15
U.S.Steel Corp., corn.(guar.)
134 June 28 Holders of roe. May 29a
Preferred (quar.)
154 May 29 Holders of roe. May 8a
Union Sugar, Prof. (quar.)
•440. May 10 *Holders of rec. May 5
Venezuelan Mexican Oil
-dividend passe d.
Warren Bros., new corn.(qu.)(No. 1).... •750. July 1 "Holden of rec. June 16
New first pref.(quar.)(No. 1)
*25e. July 1 *Holders of .sc. June 16
New second pref.(quer.)(No. 1). -• 291-16 July 1 *Holden of rec. June 16
Warren(S. D.) Co..corn.(guar.)
154 May 15 Holders of rec. Apr. 30
Wesson Oil& Snowdrift Co., pt.((pad
$1 June 1 Holders of rec. May 15
Western Dairy Products, el. A (mid.
-- *31 June 2 *Holden of rec. May 12
Western Royalty Corp.(monthly)
10e. May 6
Western Tablet & Stationery, corn.(qu.) *50o. Aug. 1 *Holders of rec. July 21
Preferred (guar.)
*154 July 1 *Holders of rec. June 20
Wheeling Steel, corn.(quar.)
*51 June 2'Holders of roe. May 12
White (J.(1.) & Co., Inc. pref.(guard.. 13-4 June 1 Holders of rec. May 15
White(J. G.) Engineering, pref.(qu.)_ _
154 June 2 Holders of rec. May 15
Whitman & Barnes, Inc
"250. May 1 *Holders of rec. Apr. 15
Wiener Bank-Vercin Vienna
Holder, of coup. No. 4.
One schilling Per sh. ctf. of 20 schillings• On de mond.
Yellow & Checker Cab Consul.. cl. A-di Mend deferre d.
3111
FINANCIAL CHRONICLE
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent, Payable
Books Closed,
Days leclustos.
Railroads (Steam).
Atchison,Topeka & Santa Fe,tom.(qU.) 254 June 2 Holders of rec. May 2e
4
Atlanta & West Point
June SO June 21 to June 30
334 July 10 Holders of roe. June 12a
Atlantic Coast Line RR.. corn
Common (extra)
134 July 10 Holders of roe. June 120
Baltimore & Ohio. common (guar.)..
154 June 2 Holders of roe. Apr. 196
1
June 2 Holders of rec. Apr. 194
Preferred (guard
87o. July 1 Holders of rec. May 350
Bangor & Arooatook. eom.(QUM.)
Preferred (quar.)
134 July 1 Holders of roe. May 3Ia
2
May 15 Holden of rec. May 5a
Central RR. of N. J. (guar.)
334 July 1 Holders of rec. June 7a
Chesapeake & Ohio, preferred
234 May 29 Holders of roe. May 15
Georgia Southern & Fla., lst & 2nd pref..
Hocking Valley (special)
63-4 May 10 Holders of rec. Apr. 28
154 June 2 Holders of rec. May 154
Hudson & Manhattan. common
134 July I Holders of rec. June 16
Maine Central, corn.(guard
154 June 2 Holders of rec. May 15
Preferred (guar.)
134 June 30 Holden of rec. June 140
Missouri
-Kan.
-Texas pref. (guar.)
New Orleans Texas & Mexico (quar.)_.. 154 June 2 Holders of rec. May 160
234 June 19 Holders of rec. May 310
Norfolk& Western, corn.(guard
1
May 19 Holders of rec. Apr. 304
Adjustment pref. (guar.)
$1
May 31 Holders of rec. May la
Pennsylvania RR.(guard
*21.75 Apr. 1 "Holders of rec. Mar.25
Peterborough RR
*11.50 June 1 "Holders of reo. May 15
Pitts. Bessemer & Lake Erie, pref
*25 May 15 *Holders of rec. Apr. 25
Pittsburgh & Lake Erie(extra)
$1 May 8 Holders of rec. Apr. 100
Reading Company,corn.(guar.)
500. June 12 Holders of rec. May 226
First preferred (quar.)
St. Louis-San Francisco, Pref. (quiz.).. 134 Aug. 1 Holders of reo. July la
154 Nov. 1 Holders of tee. Oct. la
Preferred(guar.)
United N. J. RR. & Canal Cea. Mud-- *234 July 1 *Holders of rec. June 20
"234 Oct. 1 *Holders of reo. Sept. 20
Quarterly
•254 Jan 1'31 *Holders of tee. Deo.20'30
Quarterly
Wabash fly., pref. A ((mar.)
134 May 24 Holders of roe. Apr. 196
4
June 30 June 21 to June 30
Western Railway of Ala
•
Public Utilities.
25e. May 1 Holders of rec. Apr. 256
Amer. Water Wks. & Elec., corn. (qu.)_
Holders of rec. Apr. 30
500. June
Brazilian Tr.. Lt.& Pow.. corn.(qu.)-.Holders of rec. May 9a
2 June
Brooklyn Edison Co.(guar.)
Central & South West Utilities
Common (payable in corn. stock) - -. /
134 July 1 Holders of rec. June 30
$7 pref.and prior lien preferred(guar.) $1.75 May 1 Holders of roe. Apr. 30
$1.50 May 1 Holders of roe. Apr. 30
56 prior lien pref. (guar.)
*Holders of no. May 20
Chic. Rapid Transit, pr. pref. A (flu.).... •650. June
*Holders of rec. May 20
•600. June
Prior preferred B (guar.)
Cities Service Pow.& Lt.,$6 pf.(mthly)_ *50e. May 1 *Holders of reo. May 1
•58 1-3c May 1 *Holders of rec. May 1
$7 Preferred (monthly)
Holders of rec. May 15
Cleve. Elec. Illuminating, pref. (guar.)_
114 June
600. May 1 Holders of rec. Apr. 190
Columbia Gas & Elec., corn.(guard--(1) June 30 Holders of roe. May 240
Common
6% preferred series A (guar.)
134 May I Holders of rec. Apr. 190
134 May I Holders of rec. Apr. 190
5% preferred (guard
Holders of rec. May 64
150. June
Commonwealth &Sou.Corp., corn.(qu.)
Holders of rec. June 9a
$1.50 July
$6 preferred (guar.)(No. 1)
Connecticut fly.& Ltg., com.ar pf.((M.) 134 May 1 Holders of rec. Apr. 30a
June 1 Holders of roe. May 96
Consolidated Gas of N.Y.corn.(guar.)- $1
Holders of rec. June 14
Consumers Power, $5 prof.(guard
51.25 July
Holders of rec. June 14
134 July
6% Preferred (guar.)
Holders of rec. June 14
1.65 July
66% Preferred (guar.)
Holders of rec. June 14
134 July
7% preferred (guard
Holders of recs. May 15
50o. June
6% Preferred (monthly)
Holders of roe. June 14
50o. July
6% Preferred (monthly)
550. June
Holders of rec. May 15
6.6% preferred (monthly)
550. July
Holders of reo. June 14
6.6% preferred (monthly)
Eastern Mass. St. fly.
134 May I Holders of rec. May 1
First pref. & sinking fund stocks (gild
50c. May 1 Holders of rec. Apr. 28a
Eastern Utilities Associates, corn. (qu.)
Empire Public Service, Cl. A (guard _ -- k450. May 1 Holders of rec. Apr. 25
Holders of rec. May 26
Federal Water Service, corn. A (guar.)-- o600. June
100. June
Holders of rec. May 31
Common B (guard
Havana Elec. & Utilities, let Pt. (go.). $1.50 May 1 Holders of rec. Apr. 21
$1.25 May 1 Holders of rec. Apr. 21
Preference (guar.)
Holders of rec. Apr. 30
Illuminating & Power Scour., corn
$1.75 May
154 May 1 Holderso free. Apr. 30
Preferred (guar.)
Holders of rec. Apr. 30
Interstate Public Service, pref.(guar.)-- 154 May 1
•8734c May 2 "Holders of rec. May I
Kentucky Utilities. pref. (guar.)
11
June
*Holders of roe. May 21
Keystone Telephone of Phila., pt.(qu.). 4
Louisville Gas & Elec., corn. A & B (cm.) 43540. June 2 Holders of rec. May 310
Middle Western Telep., corn. A (gild ___ •4354 June 1 *Holders of tee. June 5
*43540 Sept.1 *Holders of roe. Sept. 5
Common A (guar.)
4,43540 Dee. 1 'Holders of rec. Dee. 5
Common A (guar.)
"2
May 1 Holders of rec. Apr. 15
Middle West Utilities,com.(guard
Preferred A ($1.50 or 3-80thsMay 1 Holders of rec. Apr. 15
share common stock)(guar.)
Holders of rec. May 10a
National Power dr Light. corn. (gust.)
25c. June
*21 June 1 *Holders of roe. May 31
Newark Telephone (guard
•41 Sept. 1 *Holders of rec. Aug. 29
Quarterly
.
021 Dee. 1 'Holders of roe. Nov.30
Quarterly
Holders of rec. May 15a
North American Edison, prof.(guar.).- $1.50 June
North American L.& P., com.(guard- f2 May 1 Holders of rec. Apr. 19
Preferred (guar.)
$1.50 July
Holders of rec. June 20
North Amer. Utility &cur.. lot pfd.(ciu.) 81.50 June 1
Holders of roe. May 31
North West Utilities. prof. (guar.)
154 May 1 Holders of no. Apr. 30
Ohio Edison Co. 6% pref. (quit.)
Holders of reo. May 15
134 Juno
1.85 June
6.8% preferred (guar.)
Holders of roe. May 15
7% preferred (guar.)
Holders of roe. May 15
154 June
Holders of rec. May 15
5% preferred (guar.)
134 June
6% preferred (monthly)
Holders of rec. May 15
500 June
550 June
Holders of rev. May 15
6.6% preferred (monthly)
Ohio Telephone Service, pref.(guar.)
*154 June 3 "Holders of rec. June 23
"154 Sept.3 *Holders of rec. Sept.23
Preferred (mar.)
Preferred (guar.)
*134 Dee. 3 'Holders of roe. Dec. 24
Pacific Gas & Elec..6% pref.(guar.)--- •3754c May 1 *Holders of rec. Apr. 30
.
0343.4c May 1 "Holden of rec. Apr. 30
5.5% preferred (guard
Pacific lighting. corn.(quar.)
75e. May 1 Holders of roe. Apr. 30a
$5 preferred (guar.)
21.25 May 1 Holders of reo. AM. 30
Peninsular Telephone. corn.(qum.)
*Holders of too. June 14
•350. July
Common (guar.)
•1180. Oct.
*Holders of rect. Sept. 15
Common (guar.)
*350. Jan 1'31 *Hold, of roe. Dee. 15'81
Pennsylvania Power, $6.60 pref.(mthlY.)
55e. June 2 Holden of rec. May 20
$6.60 preferred (guar.)
51.50 June 2 Holders of rec. May 20
Philadelphia Suburban Water. pf.(qU.)- 134 May 31 Holders of roe. May 120
Public Service of N. J. $6 pf. (rethlr.)-50c. May 31 Holders of rec. May la
Rochester Gas & Elec. 7% pref. B (qu.)
134 June 2 Holders of rec. Apr. 30
154 June 2 Holden of rec. Apr. 30
6% Preferred series C (mar.)
154 June 2 Holders of rec. Apr. 30•
8% preferred series D (guar.)
So. California Edison. corn. (guard-- 50e. May 15 Holders of res. Apr. 19a
.250. May 31 *Holders of reo. Apr. 30
Southern Calif. Gas corn.(gust.)
$6.50 preferred (guar.)
'134 May 31 *Holders of rec. Apr. 30
Southern Canada Power common (qu.)._
25e. May 15 Holders of reo. Apr. 30
Southern Cities Utilities, 7% Prat
334 May 10 Holders of rec. Apr. 21
Southern Colorado Power corn. A (qu.)_
50c. May 24 Holders of rec. Apr. 30
Southern Pacific Golden Gate Ferries
"3754c May 15 "Holders of rec. Apr. 30
Class A and B (guard
•
$1.50 May 18 *Holders of rec. Apr. 30
Preferred (guar.)
Tampa Electric Co., corn.(gum.)
50e. May 15 Holders of rec. Apr. 25
Tennessee Electric Power Co.
154 July 1 Holders of rec. June 14
5% first preferred (mar.)
134 July 1 Holders of roe. June 14
8% first preferred (mar.)
134 July 1 Holders of rec. June 14
7% first preferred (mar.)
51.80 July 1 Holders of rec. June 14
7.2% first preferred (guard
500 June 2 Holders of rec. May 15
6% first preferred (monthly)
50e July 1 Holders of rec. June'14
6% first preferred (monthly)
60e June 2 Holders of rec. May'15
7.2% first preferred (monthly)
600 July 1 Holders of rec. June'14
7.2% first preferred (monthly)
Union Natural Gas of Canada (guar.) *o40o June 10 *Holders of rec. Apr. 15
300 June 30 Holders of rec. May 310
United Gas Improvement corn.(guard__
$1.25 June 30 Holders of rec. May 310
Preferred (quar.)
3112
Name of Company.
[VOL. 130.
FINANCIAL CHRONICLE
Per
Whew
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Continued).
Commercial Shares Corp. (stock div.)-- el0 May 16 Holders of rec. May I
Community State Corp., class A (quan) •1244e June 3 'Holders of rem June 28
•12440 Sept. 30'Holders of rem Sept 26
Class A (quar.)
'1244e Dec. 31 'Holders of rec. Dee. 26
Class A (quar.)
"1244e 3131131 "Hold, of reo. Mar. 26'31
Class B (guar.)
234 June I Holders of rec. May 15
0
*12 Tic June 30'Holders of rem June 26
Class B (qual.)
•1240 Sept. 30 "Holders of reo. Sept. 26
Class B (guar.)
Fire Insurance.
"12%0 Dee. 31 *Holders of rec. Dee. 26
Class B (ouar.)
Bankers & Shippers (quar.)
$1.50 May 7 Holders of rec. May 5
Consolidated Cigar Corp.. pref. (guar.). 144 June 2 Holders of tee. May 154
North River Insurance (guar.)
50c. June 14 Holders of rec. June 4
Consol. Sand & Gravel (Toronto)
Quarterly
50e. Sept. 15 Holders of rec. Sept. 5
$1.75 May 15 Holders of rec. Apr. 30
Preferred (quar.)
Pacific Fire Insurance
$1.50 May 5 Holders of rem May 3
62340 May 15 Holders of rec. May ha
Continental Can, Inc., corn. (quer.)
"15c. May 15 'Holders of rec. Apr. 30
uContinental Credit, corn. (quar.)
Miscellaneous.
Corporation Securities Co. of Chicago
Abbott Laboratories (quar.)
"6240 July 1 *Holders of rec. June 16
(1) June 20 Holders of roe. June 2
Cora.(3-200ths share corn. stk.)
Ainsworth Mfg.(stock dtv.)(guar.)..._ •el
June 2'Holders of rec. May 20
June 30 Holders of roe. June Ifla
e3
Allegheny Steel. common (monthly)._
15o. May 17 Holders of roe. Apr. 3e6 Coty, Inc.. stock dividend
Common (monthly)
15e. June 18 Holders of reo. May 316 Crowley. Milner & Co..common (guar.) *50e. June 30 *Holders of rec. June 20
Crown Zellerbach Corp.
May 15
Preferred (quar.)
•144 June 2'Holders of tee.
Cone. prof and prof. A az B (quar.).. $1.50 June 1 Holders of rec. May 13
Preferred (guar.)
•141 Sept. 1 "Holders of rec. Aug. 15
2
June 30 Holders of rec. June 20
Crum & Forster. pref. (quar.)
Preferred (roar.)
•lli Dee. 1 'Holders of rec. Nov. 15
31 June 16 Holders of rec. May 31
Cumberland Pipe Line (guar.)
Alliance Realty, pref. (guar.)
134 June 1 Holders of reo. May 20
314 June 16 Holders of rec. May Si
Extra
Preferred (guar.)
134 Sept. 1 Holders of reo. Aug. 20
"I% June 15 Holders of rec. June 1
Cuneo Press, pref. (quar.)
Preferred (quar.)
11.4 Dec. 1 Holders of rec. Nov. 20
*50c. June 2 *Holders of rec. May 20
Allis-Chalmers Mfg. (quar.)
75c. May 15 Holders ot rec. Apr. 240 Curtis Publishing, corn. (monthly)
$1.75 July 1 Holders of rec. June 200
Preferred (quar.)
Aluminum Mfrs., Inc., com.(quar.).
•50c. June 30'Holders of rec. June 14
Decker (Alfred) & Cohn, corn.(guar.).- *50c. June 14 *Holders of rec. June 5
*50c. Sept. 30 *Holders of rec. Sept. 15
Common (quar.)
•144 June 2'Holders of rec. May 20
Preferred (quan)
Common (guar.)
•50c Dec. 31 "Holders of rec. Dec. 15
'134 Sept. 2'Holders of rec. Aug. 20
Preferred (quar.)
•144 June 30 *Holders of rec. June 15
Preferred (quar.)
Denver Union Stock Yards,corn.(qu.).- v$1 July 1 'Holders of tea June 20
•144 Sept. 30'Holders of rec. Sept. 15
Preferred (quar.)
'31 Oct. 1 *Holders of tee. Sept. 20
Common (quar.)
•144 Dec. 3 'Holders of rec. Dec. 15
Preferred (quar.)
•$1 Jan 1'31 "Hold, of rem Dee. 2030.
Common (guar.)
May 15 Holders of rec. Apr. 300
$1
American Can, corn. (quar.)
.11
1
Ap.1 31 *Hold, of rem Mar. 20 '31.
Common (quar.)
144 June 1 Holders of rec. Mar. 14
American Colortype, pref.(quar.)
Deutsche Bank, Amer.dep.rets. bear. shs •rc10 May 8 'Holders of rec. May 1
Amer.European Securities pref.(guar.)- $1.50 May 15 Holders of rec. Apr. 30
2
June 18 Holders of rec. May 310
May 140 Diamond Match (quar.)
35c. June 2 Holders of rec.
Amer. Home Products (monthly)
*75e. June 1 *Holders of rec. May 16
Dictaphone Corp.. corn. (quar.)
American International Corp.
June 1 'Holders of rec. May 16
.2
Preferred (guar.)
Oct. 1
12
Common (payable in common stock)
DI Giorgio Fruit Corp.. pref. (qual.)... *1q July 15 *Holders of tee. June 14
American Laundry Machinery (quar.)
'$1 June 1 'Holders of rec. May 20
25c. July 21 Holders of toe. June 300
Dome Mines, Ltd. (qual.)
July 1 June 16 to June 30
American Manufacturing, corn. (quar.)- 1
*90e. May 15 *Holders of rec. Apr. 30
Dominion Bridge,(guar.)
Oct. 1 Sept. 16 to Sept. 30
I
Common (quar.)
30c. June 30 Holders of rec. June 170
Dominion Stores, com.(qual.)
Dec. 31 Dec. 16 to Dec. 30
1
Common (guar.)
June 30 Holders of rec. June 176
Common (payable in corn. stock).... f2
144 July 1 June 16 to June 30
Preferred (guar.)
50e. May 15 Holders of rec. May 1
Sept. 30
Dow Chemical, corn. (quar.)
114 Oct. 1 Sept. 16 to
Preferred (guar.)
144 May 15 Holders of rec. May! 1
Preferred (guar.)
134 Deo. 31 Dec. 16 to Deo. 30
Preferred (guar.)
75c. June 2 Holders of rec. May 21a Eastern Utilities Investment
American Metal, com.(quar.)
$1.60 June 2 Holders of reo. Apr. 30
$6 preferred (quar.)
134 June 2 Holders of rec. May 2Ia
Preferred (guar.)
$1.75 June 2 Holders of tee. Apr. 30
$7 preferred (Ouar.)
"6244c June 1 *Holders of rec. May 17
Amer. Multigraph, com.(quar.)
$1.25 July 1 Holders, of tee. May 31
50e. May 15 Holders of rec. May 50
$5 Prior preferred (guar.)
American News Co., Inc.. corn. (41u.)
Edison Brothers Stores, pref. (guar.)... 134 June 14 Holders of rem May 31
•30c. June 1 'Holders of rec. May 15
American Sz Scottish Invest. (quar.)
250. June 1 Holders of rec. May 5
134 June 2 Holders of rec. May 2a Elec. Shareholdings. corn. (guar.)
Amer. Smelt. dz Ref., pref. (quar.)
June 1 Holders of rec. May 5
Common (payable In common stock)_ fl
Holders of rec. May la
75c. May 15
Amer. Solvents & Chemical, pref.(au.)
June 1 Holders of rec. May 5
Prof.($1.50 cash or 1-20th sh. com.stk)
"250 July 2 *Holders of rec. June 14
Amoskeag Mfg., common (quar.)
"50c. June 24 'Holders of rec. June 1
Emporium Capwell Corp. (quar.)
.250 Oct. 2 "Holders of rec. Sept. 13
Common (guar.)
$1.75 May 19 Holders of rec. Apr. 120 European Electric Corp., Ltd.
Anaconda Copper Mining Co.(qu.)
15e. May 15 Holders of rec. Apr. 30
Common A and B (quar.)(No. 1).- 75e. May 12 Holders of rec. Apr. 120
Anaconda Wire & Cable(quar.)
"60e. May 16 'Holders of rem May 5
75c. May 12 Holders of rec. Apr. 120 Ewa Plantation (gust.)
Andes Copper Mining (quar.)
60e. Aug. 1 Holders of rec. July 210
Fair (The) common (guar.)
"20e. July 15 *Holders of rec. July 5
Angle Steel Stool (quar.)
13-4 Aug. 1 Holders of rec. July 210
Preferred (quar.)
$1.75 June 1 Holders of rec. May 15a
Artloom Corp., pref. (quar.)
Associated Dry Goods, 1st pref.(quar.)- 1% June 2 Holders of rec. May 10a Fairbanks, Morse & Co.. com.(qual.).- •75c. June 30'Holders of rec. June 12
"134 June 2'holders of rec. May 12
Preferred (guar.)
144 June 2 Holders of rec. May 10a
Second preferred (ouar.)
575e. July 1 *Holder- of reo. June 15
Federal Screw Works ((Mar.)
Associated Electrical Industries
750. June 2 Holders of rec. May 170
Florsheim Shoe, class A (qu.)(No. 1)...
May 7'Holders of rec. Apr. 15
Amer. dep. rcts. for ord. reg. shs- - - •u6
•37440 June 2 *Holders of rem May 17
ClassB (quay.)(No. 1)
Atlantic Gulf Se W.1.85. Lines, Pf.(qu.) 144 June 30 Holders of rec. June ha
134 July 1 Holders of rec. June 16a
Preferred (guar.)
Sept. 30 Holders of ree. Sept. 10a
13.4
Preferred (quar.)
75e. Juned14 Holders of rec. May 316
Follansbee Bros. Co.common (quar.)
144 Dec. 31 Holders of rec. Dec. 11
Preferred (qual.)
134 Juned14 Holders of rec. May 31
Preferred (qturr.)
Babcock dz Wilcox, Ltd.
Foreign Power Securities panic. pf.(qu.) 134 May 15 Holders of rec. Apr. 30
*u8
May 12 "Holders of rec. Apr. 22
Amer. dep. refs. ord. reg. dm
*500. July 1 *Holders of rec. June 15
Formica Insulation (guar.)
*75c June 28 *Holden; of rec. June 16
Balaban & Katz. corn.(quar.)
•50e. Oct. 1 *Holders of rec. Sept. lb
Quarterly
"141 June 2s 'Holders of rec. June 16
Preferred (quar.)
*50c. Jan1'31 'Holders of roe. Dee. 15
Quarterly
50c May 7 Holders of rec. Apr. 76
Hamada!!Corp.,corn. A & B (guar.) _ -- *25c. May 15 'Holders of rec. May 1
Foster & Kleiser Co., corn,(quar.)
Baumann(Ludwig)& Co., 1st pref.(qu.) 134 May 15 Holders of rec. May 1
2.5e. May 15 Holders of rec. Apr. 30
•10c May 15'Holders of tee. May 1
Foundation Co. of Canada (quar.)
Co., common (quar.)
Baum Candy
*144 July 1 'Holders of rec. June 15
+10e May 15 Holders of rec. May 1
Frank (A. B.) Co., pref. (guar.)
Common (extra)
"144 Oct. 1 *Holders of rec. Sept. 15
+134 May 15'Holders of rec. May 1
Preferred (guar.)
Beacon Mfg. common & pref.((Mar.)
40c. May 15 Holders of rec. Apr. 300
$1.50 May 15 Holders of rec. Apr. I8a General Alliance Corp.(quar.)
Bethlehem Steel, common (quar.)
144 June 1 Holders of roe. MEW 15
$1.50 Aug. 15 Holders of rec. July 19a General Box Corp.. pref. (qual.)
Common ((mar.)
$1
Juno 1 Holders of rec. May 134
1% July 1 Holders of tee. June 6a General Cable. class A (quar.)
Preferred (quar.)
131 June 2 Holders of rec. May 210
General Cigar Co., pref. (qual.)
•25c May 15 *Holders of rec. Apr. 15
Hinman Electric Co., com.(quar.)
May 15 Holders of rec. May 56
General Outdoor Advertising, Cl. A (q11.) $1
'$1.75 May 15 'Holders of rec. Apr. 15
Preferred (quar.)
•144 May 15 *Holders of too. May 5
Preferred (quar.)
'3745c May 15 'Holders of rec. May 10
Bloch Bros.. Common (quar.)
•65c. July 1 'Holders of tee. June 20
Gibson Art, common (quar.)
"3744e Aug. 15 "Holders of rec. Aug 9
Common (guar.)
.20c. July 1 'Holders of rec. June 20
Common (extra)
Common (guar.)
'37340 Nov. 15 'Holders of rem Nov. 10
*65c. Sept. 1 *Holders of rec. Aug. 20
Common (qual.)
'134 June 30 "Holders of rec. June 25
Preferred (guar.)
•650 Dec. 1 "Holders of rec. Nov. 20
Common (quar.)
•144 Sept. 30 'Holders of rec. Sept.25
Preferred (quar.)
•650. Aprl'31 *Hold. of rec. Mar. 20'31
Common (guar.)
•144 Dee. 31 'Holders of rec. Dec. 26
Preferred (quar.)
•250. June 30 "Holders of rec. June 18
Gilbert (A. C.) Co.. corn. (qilan)
"5644 June 1 'Holders of rec. May 20
-Merrill Co.(qual.)
Hobbs
$1.25 June 2 Holders of rec. May la
Gillette Safety Razor (qual.)
Bond dz Mortgage Guarantee (qual.)... $1.25 May 15 Holders of rec. May 5
750. May 10 Holders of roe. Apr. 25
June 2 Holders of rec. May 15a Godman (H. C.) Co., aim.(quar.)
750
Borden Company (quar.)
250. June 16 Holders of tee. June 2
Goldberg (S. M.) Stores, corn. (quay.)..
234 May 15 Holders of rec. Apr. 30
Boss Manufacturing,corn.(qual.)
$1.75 June 16 Holders of rem June 2
Preferred (ouar.)
134 May 15 Holders of rec. Apr. 30
Preferred_(quar.)
Goodrich (B. F.) Co., preferred (quar.)- 134 July 1 Holders of rem June 14.a
9c. June 2 Holders of rec. May I
British Type Investors el. A (bi-mthly)50e. Juno 2 Holders of rec. May 1
Gorham Manufacturing, corn. (quar.).Brockway Motor Truck Corp., Pf.(qu.) "144 July 1 *Holders of rec. June 10
June 2 Holders of rem May 1
Corn.(stock div. 1-20th all. corn.stk.).
25c. May 15 Holders of rec. Apr. 30
Bruck Silk Mills (quar.)
Gramophone Co.. Ltd.
$1
June 14 Holders of tee. Apr. 28
Buckeye Pipe Line (guar.)
*za
May 21 *Holders of rec. Apr. 21
Amer. dep. Ms, ord. she. rag
250 July 1 Holders of rec. May 270
Bucyrus Erie Co., common (quar.)
•250. May 20 *Holders of rec. May 0
13-4 July 1 Holders of rec. May 270 Grand Rapids Metalcrs ft (quar.)
Preferred (guar.)
62450. July 1 Holders of rec. May 270 Grant(W. T.) & Co., com.(qua!).... "25c. July 1 *Holders of roe. June 12
Convertible preferred (quar.)
+144 May 15 *Holders of rec. Apr. 15
Groton & Knight. pref.(quar.)
Bunker Hill & Sullivan Min.(monthly). +25e. May 5 'Holders of rec. Apr. 24
Great Atlantic Az Pao. Tea corn.(quar.).'31.25 June 1 *Holders of reo. May 6
"25c. May 5 'Holders of rec. Apr. 24
Extra
"144 June 1 *Holders of rec. May 5
Preferred (quer.)
•2
July 1 'Holders of tee. June 16
Burger Bros., pref. (guar.)
May 15 Holders of rec. May 7
Great Lakes Dredge dc Dock (guar.).
*2
Oct. 1 'Holders of rem Sept. 15
- 2
Preferred (Qual.)
$2 May 15 Holders of rec. May is Greenfield Tap & Die.6% pref. (ails!.). 1% July 1 Holders of rec. June 14
Burns Bros., class A (oust.)
2
July 1 Holders of roe. June 14
25e. June 5 Holders of rec. May 90
8% preferred (guar.)
Burroughs Adding Machine (guar.)._
15e. May 15 Holders of rec. May 1
June 16 Holders of rec. May 310 Greenway Corp. common (quay.)
$1
California Packing, corn. (quar.)
Sc. May 15 Holders of rec. May 1
Common (extra)
500. June 1 Holders of tee. May 15a
Campbell, Wyant dr Cannon Fdry.(qu.)
150. May 15 Holders of ree. May 1
Common B (guar.)
May 10 Holders of reo. Apr. 30
r3
Iron Foundries, common
Canada
60. May 15 Holders of tee. May 1
Common B (extra)
May 10 Holders of roe. Apr. 30
76
Preference
750. May 15 Holders of tee. May 1
Preferred (guar.)
144 May 15 Holders of rec. Apr. 30
Canadian Converters, Ltd. (qual.)
25c. May 15 Holders of reo. May 1
May 15 Holders of rec. Apr. 30
Preferred (extra)
pante. pf.(ou.) 1
Canadian Pow. dz Paper,
"50e. June
Gruen Watch, common (quar.)
"Holders of rec. May 20
Celluloid Corp. 1st Df. partici. stk.(am). $1.75 June 2 Holders of rem May 10
*50e. Sept. 'Holders of rec. Aug. 20
Common (quar.)
$1.60 June 2 Holders of rec. May 10
1st pref. (Dottie. div.)
"500. Dec.
Common (guar.)
*Holders of rec. Nov. 20
81.75 June 2 Holders of rec. May 10
$7 preferred (Guar.)
*50c. Mar13 "Hold,of rec. Feb. 20'31
•40c June 30'Holders of rem June 25
Common (quar.)
Central Cold Storage, common (rMar.)
'Holders of rec. July 20
Preferred (guar.)
'13.4 Aug.
15c. May 15 Holders of rec. May 5
Centrifugal Pipe Corp.(guar.)
•134 Nov. 'Holders of rec. Oct. 20
Preferred (guar.)
150 Aug. 15 Holders of rec. Aug. 5
Quarterly
"144 Fob 1 3 *Hold. of rec. .Tan. 20'3i
Preferred (guar.)
15o Nov. 15 Holders of roe. Nov. 5
Quarterly
July
'37
*Holders of roe. June 20
13-4 June 2 Holders of rec. May 200 Gulf 011 Corp.(quar.)
Century Ribbon Mills, prof.
•3741,3 Oat.
Quarterly
'Holders of roe. Sept.2
*623.fc May 15 "Holders of rec May 1
0
Chain Belt Co.. com.(quar.)
•3744e Janl 3 *Hold, of rec. Deo. 20'30
Quarterly
(guar.). "$1.25 June 2 *Holders of rec. May 1
Chartered Investors, Inc.. pref.
144 July
Holders of rec. June 16S
35e. June 2 Holders of rec. May 156 Gulf States Steel, 1st pref. (quar.)
Checker Cab Mfg. Corp.(monthly)._
134 Oct.
Holders of roe. Sept. Ise
First preferred (guar.)
350. July 1 Holders of rec. June 16a
Monthly
13.4 Jan2'3 Holders of reo. Dee. 156
First preferred (quar.)
250. May 15 Holders of rec. May 1
Chelsea Exchange Corp., el. A dz B (qu.)
"25e. June
Hale Bros. Stores (quar.)
'Holders of rec. May 15
*750. June 1 *Holders of rec. May 15
Chicago Corporation, pref. (quar.)
Hamilton Watch, pref. (qual.)
134 June 2 Holders of rec. May 10a
Chicago Flexible Shaft, corn. (qual.)... '30e. July 1 *Holders of rec. June 20
Hammermill Paper Co., corn.(qual.)... +25e. May 15 'Holders of tee. Apr. 30
•300. Oct. 1 "Holders of rec. Sept. 20
Common (qual.)
134 June 20 Holders of rec. June 5a
2,5c. June 2 Holders of rec. May 20a Hanna(M. A.) Co.. 1st pref.(guar.)
Yellow Cab (monthly)
Chicago
$1.75 June 20 Holders of rem June Ba
$7 preferred (guar.)
'75e. June 27 'Holders of rec. June 13
Chill Copper Co.(quar.)
500. June 2 Holders of rec. May 23a
Harbison-Walker Refract., corn. (qual.)
'75c. May 15 'Holders of rec. May 1
Churngold Co.(quar.)
25c. June 2 Holders of rec. May 230
Common (extra)
June 2 *Holders of rec. May 15
'23-Sc
Cities Service. common (monthly)
134 July 10 Holders of rec. July fla
15
Preferred
35 Jana 2'Holders of rec May 15 Hart-Carter(guar.)
Common (payable in com. stock)_ _
•250. June 10 *Holders of rem June 1
Co., com.(oust.)
+50e. June 2 'Holders of rec. May
pref. BB (monthlY)
Preference and
"50c. June 1 *Holders of rec. May 15
Preferred (qual.)
"5e. June 2 'Holders of rec. May 15
Preference B (monthly)
•75c. May 15 *Holders of rec. may 1
el% 5Aug31 Holders of tee. Aug. 15a Hartford Timee Co., pref. (quar.)
City Ice dz Fuel, stock dividend
May 31 *Holders of rec. May 15
Hart Schaffner az Marx. corn.(gust.) - .$2
..
July 1 "Holders of tee. Jan. 20
Claude Neon Elec. Prod., stock dIv--... '3
6
500. May 31 Holders of rec. may 15
Hawaiian Pineapple (guar.)
'250. July 15
Coca Cola Bottling Sec.(War.)
Hayes Wheels & Forgings, corn.(quar.). •50c. July 1 'Holders of rec. June 20
"250. Oct. 15
Quarterly
"250. June 15 *Holders of tee. May 15
Heels Mining (quar.)
26 'Holders of rec. May 10
*50c. May
Colorado Fuel dc Iron, com.(quar.)
134 May 15 Holders of tee May
Hercules Powder, pref. (qu.)
May 26 'Holders of rec. May 10
'2
Preferred (quar.)
$1.25 May 15 Holders of tee. Apr. 25a
Hershey Chocolate, com.(qual.)
31.75 Slay 15 Holders of rec. Apr. 30
Preferred (qua..)
I% May 15 Holders of too. Apr. 256
Prior preferred (quar.)
of roe. May 17
500. June I Holders
Columbus Auto Parta. Pref.(quar.)....
1
May 15 Holders of tee. All!. 25a
Convertible preferred (guar.)
Commercial Credit, common-see Note (0).
35e. May 29 Holders of rem May 23
(mthly)
Hibbard. Spencer, Bartlett & Co.
Commers-und-Privat Bank
3.50 June 27 Holders of roe. June 20
Monthly
roe Apr. 28
*roll May 5 'Holders of
Amer. depositary receipts
Public Utilities (Concluded).
West. Penn Elec. Co.7% pref. (quar.)._
6% preferred (quar.)
Western Power Corp.. pref. (quar.)
Banks.
Prism State (quar.)
144 May 15 Holders of rec. Apr. 190
144 May 15 Holders of tee. Apr. 190
144 July 15 Holders of rec. June 30
Aar 3 1930.]
Name of CornyanY.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (COnttnued).
Higbee& Co., first preferred (guar.).-- •1% Aug. I *Holders of rec. July 20
Nov. I *Holders of rec. Oct. 19
First preferred (guar.)
June I *Holders of roe. May 20
*2
Second preferred (guar.)
Sept. 1 *Holders of ree. Aug. 20
Second preferred (guar.)
Dec. 1 *Holders of rec. Nov. 21
'2
Second preferred (guar.)
25c. May 5 Holders of rec. Apr. 12
Home Oil, Ltd
Hormel(G. A.) & Co., com.(guar.).
- *50e. May 15 *Holders of rec. May I
May 15 "Holders of rec. May 1
Preferred A (guar.)
•60e. July 15 'Holders of rec. July 3
Illinois Brick (guar.)
4100. Oct. 15 'Holders of roe. Oct. 3
Quarterly
Illinois Pipe Line(adjustment dividend).•$4.50 June 14 *Holders of rec. May 22
Imperial Chemical IndustrieeJune 7 *Holders of rec. Apr. 15
49e5
American deposit receipts
Indiana Limestone. pref.(guar.)
134 June d2 Holders of roe. May 20
50e May 15 Holders of roe. Apr. 25
Indiana Pipe Line (guar.)
25e May 15 Holders of rec. Apr. 25
Extra
3214e. May 15 Holders of rec. Apr. 30
Industrial Credit Corp., corn.(quar.)
Industrial Finance Corp
Common (payable in common stock).- 1234 Aug. 1 Holders of rec. Aid. 18
Common (payable in common stock).- 1214 Nov. 1 Holders of rec. Apr. 18
Common (payable in common stook).- 1234 Feb111 Hold,of rm. Apr. 18'30
25c. June 1 Holders of rec. May 1
Industrial & Power Securities, corn.(qu.)
Insult Utility Invest., corn. (in stock).- 4
11% July 15'Holders of rec. July 1
Common (payable in common stock). 1134 Oct. 15'Holders of rec. Oct. 1
Internat'l Agrie. Corp.. Pr. pref. (oil.).. 134 June 2 Holders of rec. May 15a
134 June 2 Holders of rec. May 5a
Internat. Harvester pref.(guar.)
600. May 15 Holders of rec. May 16
International Paper, corn.(guar.)
International Paper & Pow.,com.A (qu.) 600. May 15 Holders of rec. May la
International Shoe, pref. (monthly).- *500 June 1 *Holders of rec. May 15
Interstate Bakeries, corn.(qu.)(No.1)- 4150 July 1 *Holders of ree. June 14
50c May 15 Holders of rec. May la
Intertype Corp., corn. (guar.)
750. July 15 Holders of rec. July 1
Jewel Tea, Inc., corn.(guar.)
June 16 Holders of rec. June 2
$1
Common (extra)
M June 2"Holders of rec. May 13
Jones & Laughlin Steel Corp.,corn.(qu.)
1M July I Holders of rec. June 136
Preferred (quar.)
Kidder Participations, Inc., common
41634e Aug. 1 *Holders of rm. July 17
Kidder Participations No. 2, pref.(extra) *25e. Oct. 1
25e. July 1 Holders of rec. June 16a
Kinney(OR.)Co.,com.(guar.)
June 62 Holders of rec. May 166
2
Preferred (guar.)
•1% June 10 "Holders of rec. May 31a
Kirby Lumber (guar.)
•1m Sept. 10 *Holders of rec. Aug. 30
Quarterly
•1Ng Dec. 10 *Holders of rec. Nov.29
Quarterly
4
15o. July 1 Molders of rec. June 15
Klein (D.EmU) Co.(guar.)(No. 1)
Baking, corn.(guar.)- *25e. June 2"Holders of rec. May 10
Kroger Grocery dr
July 1 'Holders of rec. June 20
First preferred (quar.)
4,1M Aug. 1 *Holders of rec. July 21
Second preferred (guar.)
el
June 2 Holders of roe. May 10
Stock dividend
Sept. 1 Holders of roe. Aug. 116
el
Stock dividend
Lake of the Woods Milling, corn.(guar.) 80c. June 2 Holders of rec. May 17
134 June 2 Holders of rec. May 17
Preferred (guar.)
4
15c. May 15 *Holders of rec. May 50
Landis Machine, common (guar.)
4150. Aug. 15 *Holders of rec. Aug. 5
Common (guar.)
*MO. Nov. 15 *Holders of rec. Nov. 5
Common (guar.)
*14 May 31 'Holders of rec. May 21
Lanston Monotype Machine (quar.)
4150. May 31 "Holders of rec. May 21
Extra
4150 June 30 *Holders of rec. June 20
Leath dr Co., common (guar.)
4
.250. Sept.30 *Holders of Tee. Sept. 20
Common (quar.)
Lefeourt Realty Corp.,corn.(guar.) - 400. May 15 Holders of roe. May 5
Lehigh Coal & Navigation
35e. May 31 Holders of rec. Apr. 30a
New no par common (quar.)(No. 1) _
Lehn & Fink Products corn ((luar.).750. June 1 Holders of rec. May 156
Dec. 31
Liberty Share Corp., stock dividend
4ie1
Lindsay Light, coin. (guar.)
•150. May 17 *Holders of rec. May 3
*50. May 17 'Holders of rec. May 3
Common (extra)
Link Belt Co., corn.(guar.)
65e. June 1 Holders of Teo. May 15
$1 May 8 Holders of rm. Apr. 196
Liquid Carbonic Co., common (quar.)
Loew's Inc., pref. (quar.)
$ 1.6234 May 15 Holders of rec. Apr. 30
London Canada Investment, pref.(W.) 134 June 2 Holders of roe. May 15
Lord & Taylor, let pref. (quar.)
114 June 2 Holders of rec. May 176
Los Angeles Inwatment (quar.)
410e. May 15 *Holders of rec. Apr. 15
114 May 15 Holders of rec. May la
Louisiana 011 Refining, pref.(quar.)
Lunkenheimer Co.,pref.(guar.)
•134 July 1 "Holders of rec. June 21
•134 Oct. 1 *Holders of rec. Sent.20
Preferred (quar.)
•154 Jan 1'31
Preferred (quar.)
•50c. May 15 *Holders of rec. May 5
Lynch Glass Machine (quar.)
Macy (R. H.) & Co., common (guar.).50e. May 15 Holders of rec. Apr. 256
May 15 "Holders of rec. May 5
Magnin (I.) Co., pref. (quar.)
*114 Aug. 15 *Holders of rec. Aug. 5
Preferred (guar.)
*114 Nov. 15 *Holders of rm. Nov. 5
Preferred (quar.)
Mandel Associates, founders she.(No. 1) "500. May 15 "Holders of rec. May 1
50c. May 15 Holders of rec. May la
Mandel(Henry) Associates(No.1)
Maniscbewita (B.) Co.
June 1 *Holders of rm. May 20
11
Common (pay. In corn,stook)(guar.). 4
•114 July 1 *Holders of roe. Mar. 20
Preferred (guar.)
May Department Stores
Common (payable in common stock). !Ili June 2 Holders of rec. May 15a
Common (Payable In common stock). 1114 Sept. 2 Holders of roe. Aug. 156
Common - payable In common stock). 1134 Deo. 1 Holders of reo. Nov. 15a
(
*50c. June 15 *Holders of rec. June 3
Mayflower Associates (guar.)
June 15'Holders of rec. June 3
*el
Stock dividend
McCrory Stores Cori).
50c. June 2 Holders of rec. May 20a
Common and common B (guar.)
25e. June 2 Holders of rec. May la
McIntyre Porcupine Mines ((uar.)
50e, May 10 Holders of rec. May la
McKesson & Robbins. com.((oar.)....
Preferred A (guar./
8734c June 16 Holders of rec. Jute 2a
50e. June 1 Holders of rec. May 20
Medart (Fred.) Mfg., corn
50c. July 1 Holders of roe. May 3I45
Mengel Co., corn. (quar.)
114 June 1 Holders of rec. May 15a
Preferred ((luar.)
July 1 Holders of rec. June 17
Merck Corporation, pref. (quar.)
2
Merritt
-Chapman &Scott Corp.mom(gu) 400. June 1 Holders of rec. May 15
Preferred (quar.)
134 June 1 Holders of rec. May 15
mans Copper Co. (quar.)
May 15 Holders of rec. May la
$1
Michigan Steel (extra in stock)
el July 21 Holders of rec. June 30a
500. Maw 15 Holders or roe. Apr. I5a
Mid-Continent Petroleum,corn.(quiz.).
Minneapolis Moline Power Implement
Co., pref. (Oiler.)
$1.625 May 15 Holders of rec. May 36
Mo.-Kan. Pipe Line Co., corn. (qu.)
ea% May 15 Holders of rm. Apr. 30
Mock,Judson & Voehringer, corn.(rm.).
500. May 15 Holders of roe. May 1
Mohawk Mining
$1.50 May 31 Holders of roe. Apr. 30
Monarch Royalty Corp., Pl, A
12340 May 10 Holders of rm. Apr. 30
Preferred ((uar.)
1340 May 10 Holders of rec. Apr. 30
Montgomery Ward & Co., corn.(guar.).
75c. May 14 Holders of rec. May 36
Moody's Inveetors Serv., part. pref.(qu) 750. May 15 Holders of rec. May 1
Motor Products Corp. corn. (quar.)
*50e. July 1 *Holders of rec. June 20
Nat. Belles Hess Co., pref. (quar.)
134 June 1 Holders of ree. May 21a
National Biscuit, new core.(No. 1)_....
70o. July 15 Holders of rec. June 20a
Preferred (quar.)
14 MaY 31 Holders of rec. May 156
National Casket, common
May 15 "Holders of roe. May 1
National Dairy Products Corp.
July 1 Holders of roe. June 86
Corn.(payable in corn. stock) (guar.). 11
Oct. 1 Holders of rm. Sept. 30
Com.(payable In corn. stock) (guar.). 11
National Dept. Stores, 2nd pref.(qu.)_ - *134 June 1 *Holders of rec. May 15
National Investors Corp.. pref
254 July 1 Holders of rec. June 10
National Lead pref. A ((uar.)
13.4 June 14 Holders of roe. May 29a
National Refining, corn. (guar.)
37340 May 15 Holders of rec. May 1
National Screen Service (guar.)
*50c. July 1 "Holders of rec. June 20
National Securities Investuil„ pf. (qu.) .11.50 May 15 *Holders of rec. Apr. 15
National Supply Co.. corn. ((uar.)
$1.25 May 15 Holders of rec. May 5a
Nelaner Bros., Inc., common (quar.)___
400. July I Holders of rec. June 14a
Common (guar.)
400. Get. 1 Holders of roe. Sept. 15a
Common (guar.)
40e. Jan 111 Holders of ree. Dec. 15a
Newberry (J. J.) Co., pref. (guar.).- •134 June I *Holders of rec. May 16
New Jersey Zinc (guar.)
*50e. May 10 *Holders of rec. Apr. 19
-Bement
-Pond, common (quar.)
"500. June 30 *Holders of rec. June 20
Mies
Common Mar.)
410e. Sept.30 *Holders of rec. Sept.20
Common (guar.)
4
100 Dec. 31 "Holders of roe. Dec. 20
Nineteen Hundred Corp., el. A (qu.).....
50c. May 15 Holders of rec. May 1
Noblitt-Sparks Industries (in stock).- *8114 July 1 *Holders of rec. June 20
Stook dividend
*e114 Oct. I *Holders of ree. Sept. 20
North American Investment, com.(qU.). .$1.25 May 20 *Holders of rec. Apr. 30
150. June 2 Holders of rec. May 10
North Central Texas Oil (guar.)
410. May 26 *Holders of reo. May 16
Oceanic Oil (bl-monthly)
3113
FINANCIAL CHRONICLE
Nonfat Company.
Per
When
Cent. Payable.
Books Closed,
Days Imitates.
Miscellaneous (Coarinued)•
Northern Disc,, pref. A (monthly).--• 662-30 June 1 *Holders of rec. May 15
•66 2-3c July 1 *Holders of rec. June 15
Preferred A (monthly)
•66 2-3c Aug. 1 "Holders of rec. July 15
Preferred A (monthly)
•66 2-3e Sept. 1 'Holders of roe. Aug. 15
Preferred A (monthly)
66 2-3 Oct. 1 'Holders of roe. Sept. 15
Preferred A (monthly)
662-3c Nov. I *Holders of rec. Oct. 15
Preferred A (monthly)
662-3c Dec. 1 'Holders of rec. Nov. 15
Preferred A (monthly)
41.50 Aug. 1 'Holders of rec. July 20
Oggleaby Paper. Preferred (guar.)
"81.50 Nov. 1 *Holders of rec. Oct. 20
Prrderred (quar.)
June 14 *Holders of rec. May 15
4
11
Ohio 011 common (quar.)
*$1.50 June 14 *Holders of rec. May 22
New preferred (guar.) (No. 1)
inkrtocks, Ltd., class A & B (quar,),.... •I234c May 15 *Holders of rec. Apr. 30
40c. May 15 Holders of ree. Apr. 30
Ontario Steel Products corn.(quiz.)....
134 May 15 Holders of rec. Apr. 30
Preferred (guar.)
Oppenhelm, Collins & Co., coin. (guar.) $1.25 May 15 Holders of rec Apr. 254
May 15 Holders of rec. May 1
$1
Otis Company,core.(guar.)
114 July 15 Holders of roe. June 306
Otis Elevator, pref.(guar.)
114 Oct. 15 Holders of roe. Sept.306
Preferred (guar.)
114,1 an15'31 Hold. of roe. Dee.311100
Preferred (guar.)
May 15 Holders of rec. Apr. 29a
$1
Owens Illinois Glass common (guar.)
114 July 1 Holders of rec. June 15
Preferred (quar.)
250. June 12 Holders of rec. May 156
Packard Motor Car (quar.)
*114 May 15 "Holders of rec. May 8
Paepcke Corp..corn.(guar.)
*62340 May 15 *Holders of roe. May 1
Parker Pen, corn. (guar.)
Parmelee Transportation,common(qu.) 1214c May 10 Holders of rec. Apr. 306
8714e. June 1 Holders of rec. May 20
Pander(D.) Grocery Co.,el, A(WU
$1 May 15 Holders of rec. May 5
Penmaus, Ltd.. common (guar.)
Pennsylvania Investing Co., el. A (oil.). 6214e. June 2 Holders of rec. Apr. 306
50c. June 2 Holders of rec. Apr. 306
Class B
- 14 June 1 Holders of rec. May 10a
Pierce-Arrow Motor Car, pref.(guar.).
111 June 1 Holders of rec. May 100
Pittsburgh Steel pref.(guar.)
50c. June 1 Holders of rec. May 15a
Poor & Co.. class A and B (guar.)
Powdrell & Alexander, corn.(quar.).... *8714c May 15 "Holders of rec. May 1
"37140 May 15 'Holders of ere. May 1
Common (extra)
'134 July 1 *Holders of rm. June 15
Preferred (quar.)
Pressed Metals of Amer. corn. (quar.).. *25c. July 1 *Holders of ree. June 14
250. June 2 Holders of rec. May 15
Prince & Whitely Trading,corn.(N0.1)50e. May 15 Holders of rec. Apr. 250
Procter dr Gamble Co. corn,(quiz.)....
May 15 *Holders of rec. May 1
"ill
Pruett Schaffer Chem
May 15 Holders of roe. Apr. 26a
$1
Pullman, Inc. (guar.)
$1
June 1 Holders of rec. May 154
Purity Bakeries Corp.. corn.(guar.)
'13.4 May 31 *Holders of rec. May 1
Quaker Oats, pref. (guar.)
July 15 "Holders of roe, July 1
"85
Rapid ElectrotyPe, stock dividend
-See note (es)
Republic Iron & Steel
*75e. July 15 *Holders of roe. July 1
Republic Supply (guar.)
*75e. Oct. 15 *Holders of roe. Oct. 1
Quarterly
50c. May 15 Holders of rec. Apr. 206
Richfield 011 of Calif., corn.(guar.)
Rio Tinto CO.. Ltd.
5s. May 7 Holders of rec. May I
Amer. dep,rots, for ord. reg. Ms. LI__
5s. May 7 Holders of rec. May I
Amer. dep. rots, for ord, reg. shs.(ex.)
May 6 *Holders of rec. Apr. 8
*8
Rolls Royce,Ltd., Am.dep.rots
"2
May 6'Holders of rec. Apr. 8
Amer.dep.reta.(extra)
*65e. Aug. 1 'Holders of rec. July 20
Ruud Manufacturing (guar.)
50e. June 20 June 10 to June 20
St. Joseph Lead Co.(guar.)
25e. June 20 June 10 to June 20
Extra
50c. Sept.20 Sept. 10 to Sept. 21
Quarterly
25c. Sept.20 Sept. 10 to Sera.21
Extra
50c. Dec. 20 Dec. 10 to Dee. 21
Quarterly
25e. Dec. 20 Doe. 10 to Doe. 21
Extra
m May 15 *Holders of tee. May 1
Savage Arms, 26 Pref. (guar.)
'873.40 May 15'Holders of rec. Apr. 30
Sehletter & Zander, pref.(guar.)
*300. May 15 *Holders of ree. May 7
Scotten Dillon Co., COM.(guar.)
134 May 15 Holders of rec. Apr. 30
Seaboard Surety (quar.)
el
Aug. 1 Holders of rec. July 15a
Sears, Roebuck & Co.,stock div.(qu.)
Nov. 1 Holders of roe, Oct. /5a
el
Stock dividend (quar.)
31.25 July 1 Holders of rec. June 10a
Second National Investors, pref. (guar.)
11 Sept. 15'Holders of fee. Aug. 25
Sbeaffer (W. S.) Pens, common (guar.). 4
May 15 Holders of rec. Apr. 30
Sherwin-Williams Co. common (quiz.).. $I
1210 May 15 Holders of rec. Apr. 30
Common (extra)
114 Juno 1 Holders of rm. May 15
Preferred (quar.)
"25e. May 15'Holders of rec. May I
Sliver-Rod Stores, Inc. (quar.)
May 15 Holders of rec. May la
2
Sinclair Consol. 011, pref.(guar.)
50o. June 16 Holders of rec. May 150
Skelly Oil (guar.)
pref. (qu.) 114 June 2 Holders of rec. May 21
Smith (Howard) Paper Mills,
$1.75 May 15 Holders of rec. Apr. 15a
Solvay Amer.Invest., pref.(guar.)
4150, June 15"Holders of rec. June 10
Southern Acid & Sulphur(guar.)
*25c. June 30'Holders of rec. June 19
Spencer Trask Fund (No. 1)(guar.)
Standard Cap & Seal, new core.(quar.). *60c. May 15 *Holders of rec. May 1
Standard Investing Corp., prof.(Van). 81.375 May 15 Holders of rec. Apr. 25
134 June 2 Holders of rec. May 9
Standard 011(Ohio), pref.(guar.)
410e. May 15'Holders of rec. Apr. 30
Stein (A.) & Co., corn.(guar.)
750. June 2 Holders of rec May 15
Sterling Securities, cony. 1st pref.(guar.)
30c. June 2 Holders of rec. May 15
Preferred (guar.)
"25e. May 15'Holders of rec. May 5
Stewart
-Warner Speedometer (guar.).1710 June 1 *Holders of rec. May 15
Stlx, Baer & Fuller. common (guar.).-- 4
'3734c Sept. 1 *Holders of rec. Aug. 15
Common (guar.)
417110 Dee. 1 'Holders of rec. Nov. 15
Common (guar.)
Stone(H.0.)& Co.
July 1 *Holders of rm. June 16
Common (In corn.stk.)
*fh
25c. June 16 Holders of rec. May 266
Sun 011 Co.. corn. (guar.)
114 June 2 Holders of rec. May 10a
Preferred (guar.)
*200. June 1 *Holders of rec. May 20
Telephone Corporation (monthly)
"20e. July 1 *Holders of roe. June 20
Monthly
*20o. Aug. 1 *Holders of rec. July 20
Monthly
*20e. Sept. I *Holders of tee. Aug. 20
Monthly
*20e. Oct. I "Holders of rec. Sept. 20
Monthly
410e. Nov. 1 'Holders of rec. Oct. 20
Monthly
*20e. Dee. 1 "Holders of rec. Nov.20
Monthly
900. May 15 Holders of rec. May 5
Thatcher Mfg., cony. pref.(guar.)
July I Holders of rec. June 10a
Third National Investors Corp., corn... $1
300. Aug. 15 Holders of rec. July 31a
TideWater Associated 011, semi-annual_
134 May 15 Holders of rec. Apr. 180
Tide Water 011, pref. (guar.)
"e3 July 25 *Holders of ree. July 5
Transamerica Corp. stock dividend
Traung Label & Lithograph, cl. A (qu.). *3714c June 15 *Holders of rec. June I
*37140 Sept. 15 *Holders of rec. Sept. 1
Clam A (guar.)
"37540 Dec. 15'Holders of rec. Dee. 1
Clain A (guar.)
*40c. May 12 *Holders of rec. Apr. 30
Trues Pork Stores, Inc.(quiz.)
.500. May 10 "Holders of rec. Apr. 17
Union Oil Associates (guar.)
*el
May 10 *Holders of rec. Apr. 17
Stock dividend
50e. May 10 Holders of rec. Apr. 170
Union Oil of Calif. (guar.)
el
May 10 Holders of rec. Apr. 170
Stock dividend
412140 May 15 *Holders of rec. May 1
Union Storage Co. (guar.)
412140 Aug. 15 "Holders of rec. Aug. 1
Quarterly
*6214c Nov. 15 *Holders of rec. Nov. 1
Quarterly
United Amer. Utilities, Inc.
June 10 Holders of rec. May 15
Corn.(1-40th share corn. stk.)(No. 1)
212-30 June 1 Holders of me. May 9
Claim A, first series(No. 1)
400. June 1 Holders of rec. May 176
corn.(guar.)
United Biscuit,
Preferred (guar.)
134 Aug. 1 Holders of rec. July 170
*314 July 1 "Holders of rm. June 13
United Carbon, preferred
15e June 1 *Holders of rec. May 15
- 4
United Chemicals, Inc.. prof. (guar/
United Engineering & Fdi.. COM.(War.) '40e. May 9 *Holders of rec. Apr. 29
*35c. May 9 *Holders of roe Apr. 29
Common (extra)
*13g May 9 *Holders of rec. Apr. 29
Preferred (quar.)
United Molasses Co., Ltd.
• 6)124 May 6 *Holders of rec. Apr 10
Amer. dep. rets. ord. tog
Amer. dep. rcts. ord roe (bollus) • w 234 May 6'Holders of roe Apr 10
500. Aug. 1 Holders of roe. July 156
United Piece Dye Works. corn.(quar,)..
50e. Nov. 1 Holders of rec. Oct. 1545
Common (guar.)
114 July 1 Holders of recs. June 206
Preferred (guar.)
134 Oct. 1 Holders of tee. Sept.206
Preferred (guar.)
134 Jan2'31 Holders of ree Dec. 200
Preferred (guar.)
United Secur. Trust Associates(No. I)._ *30e. May 15 *Holders of rec. May I
U. 8. Pipe & Foundry, corn.(quiz.).... 214 July 20 Holders of roe. June 306
214 Oct. 20 Holders of rec. Sept. 20a
Common (quiz.)
214 Ja20 31 Holders of tee. Dec. 310
.
Common (guar.)
80e. July 20 Holders of rec. Julie 300
First preferred (guar.).Holders of roe. Sept. 304
30e. Oct.
First preferred (quiz.)
300. Ja20•31 Holders of rec. Dee. 31.
First preferred (guar/
1300. July 20 Holders of roe. June 30a
Second preferred (guar.)
130e, Oct. 20 Holders of rec. Sept. 306
Second preferred (guar.)
130e. Ja20'31 Holders of rm. Dee. 316
Second preferred (guar.)
3114
Per
When
Cent. Payable.
Name of Company.
Books Closed,
Days Inclusive.
Miscellaneous (Concluded).
U. S. Chain & Forging, corn.(guar.)... .75e. May 15 *Holders of rec. Mar. 27
Preferred (quar.)
*31.75 May 15 *Holders of rec. Mar.27
0 S. Fidelity & Guaranty (Bait.)(au.).
3.
50c. May 15 Holders of rec. Apr. 30
1. S. Hoffman Machinery (guar.)
50o. June 1 Holders of roe. May 21a
.3. S. Playing Card (quar.)
*51
July 1 *Holders of rec. June 20
U. S. Print. Jr Lithograph., corn.(en.) _ *50c. July 1 *Holders of rec. June 20
Preferred (guar.)
5750. July I *Holders of rec. June 20
U. S. Realty & Impt.(quar.)
$1.25 June 16 Holders of rec. May 160
Utility & Industrial Corp., pref. (quar.)_ 3710. May 20 Holders of rec. Apr. 30
,
Vanadium Corp. (quar.)
75c. May 15 Holders of rec. May la
•134
Vapor Car Heating, pre( (guar.)
Juno 10 *Holders of rec. June 1
Preferred (guar.)
•1( Sept. 10 *Holders of roe. Sept. 1
Preferred (Qual.)
•1% Dec. 10 *Holders of rec. Dee. 1
Veeder-Root, Inc. (quar.)
630. Ma" 15 Holders of rec. Apr. 30
Vulcan Detinning, corn. & corn. A (qu.).
1
July 21 Holders of rec. July 5a
Preferred and preferred A (quar.)
1 it July 21 Holders of rec. July sa
•1
Waltham Watch, pref. (guar.)
July 1 *Holders of rec June 21
Preferred (quar.)
Oct. 1 *Holders of rec. Sept 20
Warner Bros. Pictures, cons.(quar.)
al June 2 Holders of rec. May 123
Preferred (quar.)
55c. June 2 Holders of rec. May 120
Wayne Primp Co., pref. (quar.)
*87 tie June 1 *Holders of rec. May 20
Western Reserve Investing 6% pt.(qu.)_
1M July 1 Holders of rec. June 13
6% panic. pref.(quar.)
UI July 1 Holders of rec. June 13a
Westvaco Chlorine Products, corn. (qu.)
50c. June 1 Holders of rec. May 153
Will & Baurner Candle, corn. (guar.)._ _
100. May 15 Holders of rec. May 1
Common (extra)
100. May 1 Holders of rec. May I
Willys-Overiand Co., pref.(quar.)
1% July
Holders of rec. June 18a
Winsted Hosiery (guar.)
•214 Aug.
*Holders of roe. July 15
Extra
•50c. Aug.
*Holders of rec. July 15
Quarterly
•2,i4 Nov.
*Holders of rec. Oct. 15
Extra
*500. Nov.
*Holders of rec. Oct. 15
Winton Engine, corn. (guar.)
June
Holders of rec May 30
$1
Preferred (guar.)
75c. June
Holders of rec. May 30
Wolverine Portland Cement (quer.)
150. May 1
Holders of rec. May 5
Woolworth (F. W.) Co. (quar.)
60c. June
Holders of rec. Apr. 210
Wrigley (Wm.) Jr. Co.(monthly)
50c. June
Holders of rec. May 20a
Monthly
25c. July
Holders of rec. June 200
•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.
O Correction. e Payable In stock.
f Payable in common stock. 0 Payable in scrip. h On account of accumulated
dividends. J Payable in preferred stock.
S Holders of Empire Public Service Corp. have option of applying dividend to
purchase of class A stock on basis of one-fortieth share for cash share held.
I One share Columbia Oil& Gasoline, Corn., vte., for each five shares Columbia
Gas & Electric, corn.
In United American Utilities class A dividend unless notified on or before May 9
to the contrary, will be paid in class A stock.
n Industrial & Power Securities dividend Is payable In cash or stock at option of
holder.
'0 Holders of Federal Water Service class A stock may apply 50o. per share of thls
dividend to the purchase of additional class A stock at 527 per share.
p Stockholders of Empire Public Service Co. corn. A. stock have option of applying this dividend to the purchase of additional corn. A stock at $18 per share.
g North American Co. corn, stock dividend is payable in common stock at rate of
one-fourth share for each'share held.
Canada Iron Foundries preferred and common dividend subject to confirmation
by general meeting on April 17.
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.
u Union Natural Gas of Canada dividend payable either 400. cash or 2% stock.
O Commercial Credit dividend of 15c. reported in previous issues should have
read Continental Credit.
te Less deduction for expenses of depositary.
ee A dividend at rate of $4 per share per annum from March 1 1930 to date upon
which plan shall be consummated is payable 14 days after date of consummation
of plan to holders of record April 2.
Weekly Return of New York City Clearing House.
Beginning with Mar. 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, APRIL 26 1930.
Clearing House
Members
• Capital
$
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
50,000,000
6,000,000
105,000,000
500,000
50,000,000
25,000,000
10,000,000
6,000,000
3,000,000
12,500,000
7,000,000
2,000,000
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..loTr.Co
B.OrTr.Co
Cent.Hanover.
Corn Exch. Bank Tr. Co..
First National Bank
Irving Trust Co
Continental Bk. Jr Tr. Co.
Chase National Bank-.
Fifth Avenue Bank
Equitable Trust Co
Bankers Trust Co
Title Guar.& Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Domml Nat. Bk. dr Tr.CD
Ifirriman N.B. &11.. Co_
Clearing Non-Members
.lity Bank Farmers Tr.Co.
.
Amis. Tr. Co., Bayonne_
.......,_
[Vox,. 1St
FINANCIAL CHRONICLE
10,000,000
500,000
age
*Surplus and Net Demand
Undivided
Deposits
Profits.
Average.
$
$
14,512,400
62.324,000
43,707,300 185,473,000
41,293,100 167,025,000
130,559,400 a 1032005,000
22,348,600 202,242,000
205,035,100 1)811,144,000
19,492,800 185,400,000
84,128,000 372,744,000
23,115,300 180,160,000
105,614,300 218,850,000
84,197,900 370,880,000
11,345,700
10.084,000
138,568,700 c766,459,000
24,841,000
3,793,600
63,916,300 d476,593,000
84,295,800 e409,341,000
24,671,900
39,855,000
44,821,000
5,695,100
20,480,000
4,694,300
34,851,100 151,187,000
47,488,000
9,105,300
31,499,000
2,395,700
13.014,600
893,900
000 /AA 1 171 0.1/1 OAR
Time
Deposits
Average.
$
11,320,000
43,274,000
63,163,000
210,619,000
20,463,000
121,324,000
43,015,000
42,580,000
33,333,000
21,088,000
60,081,000
830,000
90,218,000
1,360,000
78,534,000
58,636,000
1.781,000
5,198,000
2,116.000
29,291,000
8,614,000
7,433,000
5,581,000
3,003,000
1,374,000
5.443,000
min
061.088.000
c QUI 470
s As per official reports: National, March 27 1930; State, March 27 1930; Trust
Companies, March 27 1930.
Includes deposits In foreign branches: (a) 5314,409.000;(b) 3144,572,000;(c) 314,
452,000;(d) $127,076,000; (e) $68,235,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending April 25:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, APRIL 25 1930.
NATIONAL AND STATE BANKS-Average Figures
OtherCash Res.. Dep., Dep. Other
Including N. Y. and Banks and
Gold. Bk.Notes. Elsewhere Trust Cos
Loans,
Gross
Deposits.
Manhattan
$
Bank of U.S
220,057,000 19,000 4,127,000 32,477,000 2,487,000 215,814,000
Bryant Park Bk_
2,754,100 58,500 107,100
335,900
2.237,600
Grace National_ _ 21,937,522 3.000
65,719 1,846,129 1,243,130 18,627,279
Port Morris
218,000
3,562,100 15,000 101,700
3,025,000
Public National _ 145,243,000 30,0001,811,000 8,824,000 24,788,000 152,565,000
Brooklyn
8,752,600 7,500
52,200
572,500
Brooklyn Nat'l.
456,200 5,985,100
541,000
Peoples Nat'l_
7,400,000 5,000 121,000
163,000 7,400,000
TRUST COMPANIES -Average Figures
Loans
Cash.
Reeve Dep., Demo;.015er
N. Y. and Banks and
Elsewhere. Trust CO3.
Manhattan$
s
$
836,300
American
48,716,800 9,463,600
120,908
879,977
Bank of Europe Jr Tr. 15,770,596
641,649 1,582,311
Bronx County
25,029,109
22,098,000 1,236,000 1,952,000
Chelsea
Empire
82,266,900 *5,050,000 5,625,100
1,378,297
106,996
Federation
18,336,795
239.600
Fulton
20,138,300 *2,206,400
Manufacturers
369,094,000 2,831,000 50,163,000
United States
72,776,761 3,500,000 7,369,780
Brooklyn
Brooklyn
121,109,900 2,081,000 22,182,500
Kings County
28,093,278 2,119,722 1,888,885
Bayonne, N..1.Mpehanies
St 021 406
253.541
830.699
Gros
DM'S
$
$
20,900 48,25( ,400
15.14;,586
24,761 ,763
20,451 ,000
4,979,700 82,311 .100
105,945 18,339 ,911
17,171 ,700
2,344,000 347,251 ,000
55,101 ,521
122,701 ,200
25,301 ,851
332.137
8.849 ,325
*Includes amount with Federal Reserve Bank as follows: Empire, $3,389,400:
Fulton, $2,097,600.
Boston Clearing House Weekly Returns.
-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
April 30
1930.
Changes from
Previous Week.
Aped 26
1930.
April 18
1930.
$
$
$
$
Capital
97.475,000
97,475.000
97,475,000 Unchanged
Surplus and profits
103,326,000 103,326,000
103,326,000 Unchanged
Loans, disels & invesets_ 1,105,372,000 -14,256,000 1.119.628,000 1,113,955,000
Individual deposits
691,126,000
+8,556,000 682,570,000 678.296.000
Due to banks
148,173,000 -3,397,000 151,570.000 154,773,000
Time deposits
269,478,000 -11,119,000 280,597,000 280.871.000
United States deposits
10.046.000
13,044,000
8,084,000 -1,962.000
Exchanges for Clg. House
+6,171,000
27,664.000
33,835,000
32.659,000
Due from other banks
+1,576,000
87,200,000
85.624.000
86.081.000
ReYeve in legal depositles
+8.000
84,859,000
84,851,000
84.036.000
Cash in bank_
+159,000
7,356,000
7,197.000
7,287,000
Res've in excess InF.R.Bk
1,347,000
-103,000
1,450,000
952.000
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending April 26,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 April 26 1930.
Two Ciphers (00)
omitted.
Trust
Members of
F.R.System Companies.
Capital
60,134,0
Surplus and Profits.220,580,0
Loans, disc'ts Jr Invest. 1,089,111,0
Each, for Clear. House
31,379,0
Due from banks
95,915,0
Bank deposits
145,780,0
Individual deposits__ _ 615,092,0
Time deposits
248,352.0
Total deposits
1,009,224,0
rtes, with legal depos_ _
72,166,0
Res. with F. R. Bank_
Cash in vault*
10,102,0
Total res. Or cash held_
82,168,0
Reserve required
7
Excess reserve and cash
In vault
Total.
April 19
1930.
April 12
1930.
$
7,500,0
67,634,0
67,834,0
67,634.0
16,714,0 237.294,0 237,294.0 237,294,0
64,022,0 1,153,133.0 1.149,431,0 1,152,119,0
291.0
31,670,0
34,393,0
39,019,0
13,0
95.928,0 107.675.0
97,173.0
1,822,0 147,602,0 153,093,0 150,084,0
28,145,0 643,237,0 658,293.0 661.768,0
16.037,0 264,389,0 261,135,0 249.921.0
46,004,0 1,055,228,0 1.072.521,0 .061.773,0
72,166,0
71,538,0
72,435,0
4.078,0
4.078,0
4,345,0
4.399.0
1,578,0
11,680,0
11,521,0
11.806,0
5,656,0
87,924,0
87,404,0
88,440.0
•Cub In vault not counted as reeezVe for Federal Reserve member.
MAY 3 1930.]
3115
FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday atternoon, May 1,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding w<kek 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 3033 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 30 1934
Apr. 30 1930. Apr. 231930. Apr.
.16 1930. AprU 9 1930. April 2 1930 Ifar.26 1930. Mar.19 1930. Mar.12 1930. May 1 1929
$
5
$
$
$
RESOURCES.
$
$
$
$
Sold with Federal Reserve agents
1,642,214,000 1.654,164,000 1.688,084.000 1,703,584,000 1,693.284.000 1,717,859.000 1,683,859.000 1.858,159,000 1,317,449.000
53,266,000
61,172,000
51,865,000
53,766,000
41,142,000
51,851,000
41,097,000
42,245,000
)oldseclemption fund with U. S. Treas.
41,245,000
Gold held exclusively agst. F. R. notes 1,683,311,000 1,695,306,000 1,729,329,000 1,745,829,000 1,745,135,000 1,769,724,000 1.736,925,000 1.709,925,000 1,378,621,000
/old settlement fund with F.R.Board- 634,847,000 615,295,000 592,097.000 587,240,000 588,884,000 587,321.000 615,496,000 838.670,000 671,114,000
3old and gold certificates held by banks_ 754,502,000 *735,799,000 710,065,000 704,212,000 687,710,000 693,957,000 683,616,000 690.564.000 762,295,000
Total gold reserves
leaerves other than gold
3,072,660,000 *3,046400 000 3.031,491,000 3,037,281,000 3,021,709,000 3,051.002.000 3,036,037,000 3,039,159,000 2,812,030,000
185,058.000 183,703,000 173,732,000
178,937,000 *178,376,000 177.413.000 184,069,000 187,167.000 191.079,00
Total reserve.
!on-reserve cash
lilts discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3.251,597,000 3,224,776.0003,208,904,000 3,221,350,000 3,208,876,000 3,242,081,000 3.221,095,000 3.222,862.000 2,985,762,000
71,600,000
71,724,000
74.287,000
72,386,000
67,460,000
67,422,000
66,357,000
65,027,000
62,607,000
105,979,000
127,473,000
93,129,000
118,362,000
96,649.000
117,155,000
105.035,000
121,129,000
113.652,000
127,471,000
85,476,006
120.353,000
82,970.000
122.664,000
120,838.000
145.500,000
547.996,000
437,833,000
Total bills discounted
MI, bought in open market
3. EL Government securities:
Bonds
Treasury notes
Certificates and bills
233,452,000
209,564,000
211,491,000
256,869,000
213,804,000
302,414,000
226,164,000
207,002,000
241,123,000
301,297,000
206.829,000
256,482,000
205.634,000
185.017,000
266,338,000
258,538,000
985,829,000
170,421,000
66,136.000
175,491,000
287,882,000
613,184,000
176,525,000
284,679,000
68.478,000
177,583.000
289,332.000
58,226.000
184,404,000
284,666,000
54,105,000
194,519,000
281,765,000
41,603.000
192,520,000
294,876,000
56,252,000
211,763.000
293,424,000
68,330,000
214.504,000
233,270,000
50,384,000
84,478,000
15,868,000
Total U. B. Government securities
Nher securities (8ee note)
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
528,999,000
8,780.000
561,439,000
8,780,000
514,113,000
12,080,000
150,730,000
7,366,000
14,899,000
rotelgn loans on gold
982,225,000 1,004,963,000 1,061,476,000 1,029,242,000 1,081,589,000 1,001,090,000
Total bills and securities (see note).Iola held abroad
Xis from foreign banks (see note)
%collected items
lank premises
All other resources
711,000
600,619,000
53,580,000
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
722.000
588.014,000 645,994,000
58,507.000
58,507,000
12,195,000
12,304,000
724.000
582.194,000
58,501.000
11.479,000
960,870,000 1,049,069,000 1,329,245,000
722,000
723,000
705,903,000 639,502,000
58,453,000
58,480,000
15.458,000
11,916.000
725,000
707,771,000
58,739,000
8,358,000
4,973,881,000 5,016,056,000 5,142,213,000 4,977.588,000 5.075.3050004.968,435,000 5,030.587,000 5.057,790.000 5,164,887,000
Total resources
LIABIUTIES.
P. R.notes in actual circulation
)eposita:
Member banks
-reserve account
Government
Foreign banks(see note)
Other deposits
1,507,268,000 1,518,344,000 1,547,869,000 1,558,305,000 1,576.097.000 1,572,900.000 1,583,701,000 1,809.006.000 1,663,639,000
2,384,721,000 2,363,314,000 2,380,128,000 2,344,643,000 2,375,348.000 2,339,844,000 2,290,540,000 2,353,902.000 2,335,817,000
33,892.000
1.171,000
20,418,000
3.008,000
22.674,000
35,200,000
38,922,000
36,736,090
25,683,000
8,340,000
8.696,000
6.503,000
5,365,000
8,128,000
5,775.000
6,610,000
6,371,000
5,730,000
19.672,000
32,309,000
21,173,000
19.447,000
20,077.000
17,897,000
22,167,000
18,779.000
20,538,000
0151 deposit.
Esuerrea svelter:0.10y Items
Capital paid in
Surplus
All other liabilities
2,422,186 2,443,132,000 2,395,476,000 2,443,047,000 2,388.467,000 2,319,498,000 2,381.441.000„ ,
M5.006,000 681,164,000 553,971.000 586.667,000 537.074.000 660,145,000 o88.w1a,uuu em1,462,000
174,243,000 174,153,000 174,217.000 174.246,000 174,266.000 172,245,000 172,212,000 155,958,000
276,936,000 278,936,000 276,936.000 276.938,000 278,936,000 276,936,000 276,938.000 254,398,000
18,277,000
21.072,000
18,062.000
18,792,000
19,341,000
18,959,000
18,312,000
18,683,000
4,973,881,000 5,018,058,000 5,142,213,000 4,977,583,000 5,075,305,000 4,968,435.000 5,030,587,000 5,057.790,000 5.164,887,000
2,433,933,000
562,769,000
174,209,000
270,936,000
18,766.000
Total liabilities
Ratio of gold reserves to deposits and
F.R. note liabilities combined
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
69.0%
77.9%
75.9%
78.8%
75.1%
77.0%
77.7%
76.2%
81.8%
80.4%
81.6%
79.8%
81.8%
82.5%
80.8%
73.3%
485,458,000
459,983,000
459,446,000
469,571,000
475,524,000
496,681,000
503,362.000
505.599,000
349.257,000
S
110,370,060
149,986,000
1,580.000
$
147.584.000
133,350,000
$
171,421.000
151.547.000
S
205,190,000
164,494.000
100,000
$
172,731,000
132,180,000
2,180,000
S
79,605,000
128,042,000
29.000.000
$
135,843,000
179.416,000
77,728,000
S
94,551,000
806,106,000
4,177,000
15.000
54,041,000
18,305,000
$
190,529.000
141,044.000
1,640,000
15,000
47,760.000
17,888.000
39,178,000
18,725,000
41,454.000
19,682.000
28.467,000
17,968.000
36,401,000
19,040,000
49.042,000
23,522,000
30,092,000
44,024,000
39,864,000
29,723,000
50.802,000
35,084,000
27,417.000
45,198,000
48,709.000
24,958,000
1.000
30.000
47,492,000
27,125,000
32,400,000
30,000
40.996.000
27.502.000
27,000,000
16,158.000
17,351.000
62,500,000
12,370.000
16.693,000
92,385.000
8.690,000
16,534,000
57,037,000
13,277.000
17,646,000
58,072.000
40,634,000
27.694.000
38,000,000
30,000
13,977.000
16,482.000
56,115,000
45,272,000
30,205,000
38,000,000
30,000
22,689,000
17,080,000
72.530,000
45,257,000
33.082,000
11,913,000
18,878,000
39,500,000
32,037,000
75,567,000
1,245,000
101,000
11,069,000
40,778,000
3,157,000
17,573,000
170,000,000
Distribution by Maturities1-15 day bills bought in open market
1-15 days bills discounted
1-15 days U. B. certif. of indebtedness_
1-15 days municipal warrants
10-3o days bills bought ln open market
16-30 days bills discounted
18-30 days U. S. certif. of Indebtedness_
10.30 days municipal warrants
81-60 clays bills bought in open market_
31-80 days bills discounted
31-80 days U. S. certif. of indebtedness.
81430 days municipal warrants
81-90 days bills bought in open market
81-90 days bills discounted
81-90 days U. S. certif. of indebtedness_
81-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days oertif. of Indebtedness
Over 90 days municipal warrants
77.8%
82.5%
4,002,000
15,968,000
176,981.000
3,048.000
13,221,000
195,306,000
221,000
12 233 000
195;22910M
:
380,000
11.799,000
9(3,193000
673.000
12,527,000
198,601,000
1,070,000
11,267,000
153,894,000
778,000
9.782.000
155.542,000
44,260,000
17,292,000
26,000,000
30.000
25,818,000
20,536,000
2,672.000
19,354,000
10,446,000
300,000
F.R.notes received from Comptroller___ 3,100.743,000 3,112,259,000 3,140,246,000 3,146,693,000 3.131.407.000 3.142,406,000 3,230,561,000 3,295.118,000 2,813,454,000
F. R.notes held by F.R.Agent
1,273,756,000 1,265,917,000 1,275.751.000 1,252,741.000 1,231,271,000 1,228,726,000 1,283,902,000 1.291,275,000 755,327,000
leaned to Federal Reserve Banks
How SecuredBy gold and gold certificates
Geld redemption fund
Gold fund-Federal Reserve Board
By eligible Paper
1,826,987,000 1,848,342.000 1,884,495,000 1.893,952.000 1,900,136.000 1.915.680,000 1,946,659,000 2,003,843,000 2,058,127,000
402,108,000
402,108,000
402,028.000 402.028,000 402,028,000 402,239,000 401,539,000 399,239.000 381,294,000
94,219,000
1,240,106,000 1,252,056,000 1,286,050,000 1,301,558,000 1.291,256.000 1,315,020,000 1,282.120,000 1,258,920,000 841,936,000
430,807,000 460,096,000 494,433,000 489,807,000 514.028,000 451,956.000 381,856,000 507.391.000 1,106,891,000
Total
2.073.021.000 2.114.260.000 2.182 517 000 21172 qat nnn 9 907 419 Ann 4 cAo at 5 nnA 9 AAA Kin nein 2 inn AAA nnn 7 474 2411 ass
• Revised fig,tres.
NOTE1.--1tegInnIng with the statement of Oct. 7 1925, two new items were added in order to show separate y 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 to
-Other securities." and the caption, "Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Secs. 13 and 14 of the Federal Reserve Act, which, it was stated, are the only Items includee ,r4nreln.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUM NLSS APRIL 30 1911
Two ciphers (00) omitted.
Federal Reserve Bank of
-
Boston
.Veic York.
RESOURCES
$
$
Gold with Federal Reserve Agents 1,842.214,0 184,917,0
Gold redo fund with U.S. Treas.
41,097,0 1,347.0
Plala. Cleveland. Richmond AUanca. Chicago Si. Louis. Mtnneap. Ran.City. Dallas San Fran.
-S
3
$
$
$
$
3
It
$
3
$
258,594,0 140,000,0 175,550,0 73,000,0 107,400.0 279,000,0 72,345,0 55,845,0 75.000,0 20,800,0 189,763,0
15,257,0 2,922,0 2,385,0 2,000,0 2,641,0 1,814,0 1,886,0
1,922,0 1.635,0
912,0 6,376,0
Gold held excl.agst.F.R. notes 1,883,311.0 188,284,0
Gold settle't fund with F.R.Board 634,847,0 21,806,0
Gold and gold etts.held by banks _ 754,502,0 35,535,0
273,851,0 142,922,0 177,035,0 75,000,0 110,041,0 280,814,0 74,231,0 57,767,0 76,635,0 31,712,0 196,139,0
217.079,0 29,639,0 89,896,0 13.583,0 14,088,0 148,100,0 24,042,0 17,147,0 38,076,0 14,049,0 27,362,0
449,616,0 39,317,0 52,337,0 8,630,0 5,851,0 99,963,0 8,051,0 6,459,0 10,892,0 9,009,0 28,842,0
3,072,660,0 243,605,0
178,937,0 13,224,0
940,548,0 211,878,0 300,168,0 97,193,0 129,980.0 528,877,0 106,324,0 81,373,0 125,603,0 54,770,0 252,343,0
55,663,0 14,272,0 13,003,0 7,014,0 14,790,0 16,320,0 12,926,0 4,357,0 8,589,0 7,552,0 11,227,0
Total reserves
3,251,597,0 256,829,0
62,607,0 6,957,0
Non-reserve cash
(tills discounted:
See. by U. B. Govt. obligations 105,979,0 6,038,0
other bills discounted
127,473,0 7,699,0
996,209.0 226,150,0 313,171,0 104,207,0 144,770,0 545,197,0 119,250,0 85,730,0 134,192,0 62,322,0 263,570,0
11,319,0 3,633,0 4,753,0 4,491,0 5,091,0 8,480,0 4,427,0 1,503,0 2,124,0 4,656.0 5,173,0
Total gold reserves
Reserve other than gold
Total
29,153,0 15,042,0 11,721,0 5,108,0 1,680,0 14,645,0 5,474,0
12,117,0 14,539,0 8,996,0 13,823,0 23,972,0 8,653,0 10,644,0
975,0 3,499,0
2,706,0 11,600,0
1,338,0 11,508,0
8,852,0 5,872,0
41,270,0 29,581,0 20,717,0 18,931,0 25,652,0 23,298.0 18,118,0
49,794,0 7,987,0 19,611,0 8.978,0 22,262,0 19,429,0 9,863,0
3,681,0 15,099,0
8,615,0 11,703,0
8,190,0 17.178,0
8.420,0 29,827,0
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
233,452,0 13,737,0
209,564,0 15,075,0
66,136,0 1,190,0
175,491,0 12,646,0
287,882,0 26,487,0
870,0
27,200,0
978,0
53,397,0 17,318,0 22,695,0
114,571,0 27,829,0 26.831,0
Total U. S. Gov't securities
529.509.0 40.323.0
195.168.0 48.125.0 49.996.0 12.640.0
1,299,0
3,600,0
7,681,0
112,0 20,564,0
645,0
4,508,0 16,140,0 11,511.0
4,172,0 33,780,0 7,112,0
4,752,0
6,503,0
7,222,0
81,0 8,279,0
366,0
1,886,0 6,978,0 18,249,C
3,957,0 10,380,0 18,080.0
n
A 0940 9c 897 0 ga ene r
8.792.0 70.464.0 19.268.0 18 477
3116
Vnt,. 1Rfl
FINANCIAL CHROMICLE
RESOURCES (Concluded)2'wo Ciphers (00) omitted.
Total
Boston.
$
9,700,0
)thee securities
foreign loans on gold
Total bills and securities
hie from foreign banks
Incollected items
lank premises
'Mother resources
New York.
8
1,000,0
$
7,700,0
Phila.
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Mitineop. Kan.City, Dallas
3
1,000,0
$
I
$
$
$
3
$
Fan Fran.
3
$
293,932,0 84,693,0 90,324,0 40,549,0 56,706,0 113,191,0 45,249,0 30,773,0 32,726,0 40,247,0 83,700,0
226,0
70,0
72,0
28,0
17,0
30,0
26,0
97.0
22,0
22,0
50,0
166,698,0 48,650,0 60,126,0 42,520,0 20,840,0 79,598.0 25,755,0 12.576,0 34,445,0 20,456,0 33,026,0
15.664,0 1,762.0 7,059,0 3.204,0 2,658,0 8,295,0 3,811,0 2,018,0 3,972,0 1,876,0 4,681,0
174,0 1,120,0
3,550,0
632,0 3,639,0
308,0
462,0
382,0
334,0
412,0
476,0
982,225,0 70,135,0
711,0
53,0
606,619,0 61,929,0
58,580,0 3,580,0
11,542,0
53,0
Total resources
4,973,881,0 399,536,0 1,487,598.0 365.132.0 476.625,0 195.633.0 233,730,0 755.240,0 198,826,0 133,079,0 207,815,0 129,991,0 390,676,0
LIABILITIES.
F. R. notes in actual circulation_ 1,507,268,0 159,991,0 175,803,0 142,200,0 182,277,0 68,726,0 127,896,0 254,510,0 76,000,0 59,616,0 74,203,0 32.409,0 153,637,0
hiposits:
Member bank-reserve acc't.... 2,384,721,0 142,622,0 991,131,0 134,329,0 187,220,0 63,736,0 64,599,0 361,241,0 75,836,0 51,113,0 87,285,0 61,709,0 163,900,0
Government
22,674,0 1,451,0
2,787,0 1,306,0 2,037,0 2,949,0 2,433.0
2,064,0 1,809,0 1,194,0
1,573,0
1,067,0 2,004,0
Foreign bank
204,0
130,0
419,0
1,568,0
549,0
758,0
170,0
390.0
5,365,0
566,0
237,0
204,0
170,0
290,0
141,0
Other deposits
21,173,0
102,0
10,528,0
65,0 1,317,0
117,0
504.0
69,0
41,0 7.896,0
103,0
Total deposits
teferred availability items
WWI paid in
lurplus
ill other liabilities
Total liabilities
Memoranda.
2,433,933,0 144,594,0 1,006,014,0 136,249,0
562,769,0 61,252,0 149,907,0 42,218,0
174,209,0 11,659,0
69,756,0 16,727,0
276,936,0 21,751,0
80,001,0 26,965,0
289,0
6,117,0
773,0
18.766,0
191,140,0 67,039,0 67,339,0 364,567,0 78,139,0 52,578.0 89,097,0 62,987,0 174,190,0
56,636,0 40,473,0 20,012,0 73,043,0 26,954.0 9,740,0 30.644,0 20,548,0 31,342,0
15,898,0 5,896,0 5,461,0 20,325,0 5,348,0 3,096,0 4,332,0 4,360,0 11,851,0
29,141,0 12,495,0 10,857,0 40,094,0 10,877,0 7,143,0 9,162,0 8,935,0 19,514,0
906,0
377,0
752,0
642,0
1,533,0
1,003,0 2,165,0 2,701,0 1,508,0
4,973,881,0 399,536,0 1,487,598,0 365,132,0 476,625,0 195,833,0 233,730,0 755,240,0 198.826,0 133,079,0 207,815,0 129,991,0 390,676,0
verve ratio (Per cent)
'
,
84.3
82.5
iontingent liability on bills purchased for foreign correspondla
'. R. notes on hand (notes reo'd
from F. R. Agent Ices note] In
airculation)
84.3
81.2
83.9
76.8
74.2
76.4
77.4
88.1
82.2
65.3
80.4
156,999,0 44,591,0 45,970,0 19,308,0 16,549,0 61,600,0 16,549,0 10,573,0 13,791,0 13,791,0 31,719,0
465,458,0 34,013,0
319_719_0 28.908.0
54.484.0 24.165.0 30.661.0 22.6100 25 932 1) 37_410.0 16.324.0
4.784.0
9.991.0 10.194.0 54.227.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS APRIL 30 1930.
Federal Reserve Agent at-
Boston.
Total.
Now York.
Phila.
Cleveland. Richmond
:wawa
Chicago. St. Louis. Minneap. Kan.City
Dallas
San Fins
Two Ciphers (00) omitted$
3
P.R. notes reed from Comptroller 3,100,743,0 305,799,0
P.R. notes held by F. R. Agent__ 1.273,756,0 116,900,0
$
8
3
3
3
3
3
$
$
$
$
687,976,0 207,865,0 298,718,0 120,455,0 229,778,0,525,250,0 110,124,0 98,850,0 124,524,0 86,540,0 306,864,0
457,689,0 41,500,0 83,780,0 29.110,0 75,950,0233,310,0 17,800,0 34,450,0 40,330,0 43,937,0 99,000,0
V. R. notes Issued to F.R. Rank _ 1,826,987.0 188,899.0
Collateral held as security for
F. R.notes Issued by F. R. Bk.
Gold and gold certificates__ 402,108,0 35,300,0
Gold redemption fund
1,240,106,0 149,617,0
Gold fund-F.R.Board
430,807,0 28,735.0
Eligible Planer
230,287,0 166,365,0 212,938,0 91,345,0 153,828,0 291,940,0 92,324,0 64,400,0 84,194,0 42,603,0 207,864,0
2,073.021,0 213.652,0
346,271,0 174,758,0 214,290.0 100,015,0 154,483,0 321,546.0 97,028,0 67.910,0 101,500,0 45,004,0 236,564,0
Total collateral
229,968,0 39,900,0 15,550,0
5,000,0
14,300,0 35,000.0
9,245,0 11,845,0
6,000.0
28,626,0 100,100,0 160,000,0 68,000,0 101,400,0 279,000,0 63,100,0 44,000,0 75.000,0 16,500,0 154,763,0
87,677,0 34,758,0 38,740,0 27,015,0 47,083,01 42,546,0 24,683,0 12,065,0 26,500,0 14,204,0 46,801,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 3083. 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
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 report
ing banks is now omitted; in its place the number of cities Included (then 101) wasfor a time given, but beginning Oct. 9 1929 even this has been omitted.
Thefigures have also been revised to exclude a bank to the San Francisco district with loans and investments of $135.000,000 on Jan. I, w 113 I recently
merged with a non-member bank. The figures are now given in round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS APRIL 23 1930 (In millions of dollars).
Federal Reserve District-
Total.
Boston. New York
Phila.
Cleveland. Richnund Atlanta. .Chicago. St. Louis. Mtnneap. Kan. City Dallas. Han //cc,
v
3
$
$
$
2
$
$
660
462
1,968
2,177
367
652
664
618
3,248
-totalLens and investments
$
22,745
2
1,527
$
9,188
$
1,214
gians-total
18,955
1,181
6,868
917
1,529
492
489
8,326
8,629
551
630
3,894
2,974
484
433
740
789
197
295
158
331
On securities
All other
2,579
1,274
1,305
511
249
440
351
1,350
230
281
85
163
143
297
119
232
450
900
5.791
tue from banks
tue to banks
648
159
129
670
153
118
221
110
618
78
219
317
331
71
88
63
67
316
353
40
113
65
53
96
124
69
42
351
267
98
15
811
59
80
13
120
29
38
11
40
10
269
35
46
6
27
5
56
11
34
8
106
18
908
491
8
6,120
1,891
42
711
299
7
1,042
965
9
346
247
6
328
244
9
1,899
1,188
5
375
230
1
218
131
490
178
1
289
146
7
729
1,025
11
1,155
2,797
!et demand deposits
:Ime deposits
lovernment deposits
297
1,248
1,073
13.455
7,034
108
teserve with F. R. Bank
Nish in vault
2,321
160
186
1,727
221
U. B. Government securities Other securities
347
2,873
2,917
nvestmente-total
59
126
169
960
58
165
99
226
51
94
65
102
192
451
55
116
46
74
118
187
68
90
174
206
10
2
12
4
4
1
58
3
2
1
3
lorrowIngs from F. R. Bank
8
6
*Beginning this week MUM for a large bank in Chicago have been omitted from the statement and figures for a number of banks outside Chicago substituted therefor.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business April 30 1930
n comparison with the previous week and the corresoonditur date last year:
IRIOUrCell-Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury..
April 301930. April 23 1930. May 11929.
$
$
$
258,594,000 258,594,000 281,203,000
15,257,000
15,257,000
11.336,040
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
273,851,000
217,079,000
449,616,000
273,851,000
180,668,000
433,425,000
292,759,000
186,431,000
474,950,000
Total gold reserves
Reserves other than gold
940.546,000
55,663,000
887.944.000
55,063.000
954,160,000
52,194,000
Total reserves
Non-reserve rash
Bills discounted
Secured by U. S. Govt. obligations
Other bills discounted
996,209,000
11,319,000
943,007,000 1,006,354,000
30.663,000
13,172,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
Al) other resources
Tina 1 bills discounted
Bills bought in open market
U. B. Government securities
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities
Other securities (see note)
Foreign loans on gold
Tots resources
29,153,000
12,117,000
22,337,000
11,789,000
169,677,094
77.903,009
41,270,000
49,794,000
34.126,000
74,034,000
247.582,000
56.834,000
27,199,000
53,397,000
114.572,000
27,199,000
54,422,000
111,242.000
155,000
11,841,000
8,170,000
195,168,000
7.700,000
192,883.000
7,200,000
17,166,000
1,465,000
5,233,000
LtabUtftesFed'I Reserve notes In actua circulation_
Deposits
--Member bank, reserve acct...
Government
Foreign bank (See Note)
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total Ilabilitlee
April 30 1930. April 23 1930. May 11923
s
$
$
226,000
166,698.000
15,664,000
3,550,000
226,000
179,014,000
15,664.000
3,379,000
220,000
202,715,000
16,087,000
1,705,000
1,487,598,000 1,462,735,000 1,586,024,000
175,803,000
991,131,000
2,787.000
1,568,000
10,528,000
174,615,000
957,671,000
7,668,000
1,978.000
7,823,000
295,815,000
947,320,000
7,367,000
2,081,000
17,462,000
1,006,014,000
149,907.000
69.756,000
80,001.000
6,117,000
975,140,000
157,043,000
69.755,000
80,001,000
6,181,000
974,230,000
182,468,000
55,829,000
71,282,000
6,400.000
1,487.598.000 1,462,735,000 1,586,024,000
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined_
84.3%
79.2%
82.0%
Contingent liability on bills purchased
for foreign rorrespondence
156.999 000 151,524,000 108,742,000
308.273 000 328.289.000
Total bills and securities (See Note) - 293.932.000
added in order In show separately the amount of balances held IIIITad WWI amounts due to
le
- APRIrbil g •lub tie o,u,,mr era of (let 7 1925, two new lien a were
in Seidie/P1 the tut lien "All otter earning assets," previously mode op of Federal Intermediate Credit bunk debentures was changed to
,
t. ti 1st torrryi ordrolc
bills and securities.- Toe latter term was adopted ass more accurate description of the total of the
'either securities. Ann the Caption • Total tb11.11,12 Wets' to -Total
'
OPly lIpms included rheceir
,
ire tioriefors of Sections 13 and 14 of the Y'Reral Ile crvr Art, which. t wa.Vtatee.
, 111111.0 brOffirt
die °tilt evreptereei apt
MAY 3 1930.]
FINANCIAL CHRONICLE
4. aulters' Gazette•
- ------------
STOCKS.
Sales
Week Ended May 2.
for
Par. Week.
3117
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Indus. & Misc. (Cone.) Shares. $ per share. 5 per share $ per share.$ per share.
Spear & Co
20 731 Apr 29 734 May 2 6
Jan 10% Feb
Stand Oil of Kansas_25 20,000 42
May 2 4834 Apr 28 3734 MasI 49
Apr
So Porto Rico Sug pf100
160118
May 2119
Apr 28 117
Jan 121
Jan
2,000 40
Third Nat Invest
Apr 29 41
Apr 28 40
Apr 4634 API*
Thompson Products.• 14,300 35
Apr 26 384 Apr 30 3334 Na 31984% Apr
Feb
l
Thompson-Starrett_ * 5,000 134 Apr 29 1534 Apr 30 11
Mar
3
Preferred
43
Apr 29 43
Apr 29 40
Jan 4934 Mar
1
Tobacco Pr Div Ctrs A.
2% Apr 28 234 AD
234 Apr
634 Jan
100 331 Apr 28 33.4 Apr 28 234 Jan 5
Div ctfs C
Jan
Apr 29 1734 Apr 28 16
Tri-Continental
• 14,900 16
Apr 2034 Apr
STOCKS.
Range Since Jan. 1.
Sales
Range for Week.
100 7,200 9131 Apr 29 9334 May 2 8934 Apr 0334 May
Preferred
Week Ended May 2.
for
25
May 1 25
May 1 25
Jan
Apr 30
Lowest. 1 Highest. 1 United Business Pub..•
Lowest.Highest.
Week.
20 114
Apr 26 114
Univ Leaf Tob prof.100
Apr 26 1034 F b 1154 Mar
jan
Jen 54
a
I
30 5034 May 2 5034 May 2 384
RailroadsPar. Shares. 5 per share. $ per share. 5 per share.$ per share. Van Itaalte Co prof.100
13 10234 May 110334 Apr 3 1004 Jan 104
Apr
Ala & Vickshurg_100
May!120
Apr Va El & Pow pt(6)_100
20 116
May 2 11934 Apr 26 116
16 98
May 2 98
100
May 2 90
Feb 98
Albany & Susquehan
May
Jan 220
May Vulcan Dot A
May 1 215
30 220
May l 220
10010234 Apr 2910234 Apr 29 97
Jan 103
Mar
Canada Southern___1
Feb Walgreen Co prof.. .100
Mar 59
20 58% Apr 26 5831 Apr 26' 56
34 Apr 29 1
Apr 26
Warner-Quinlan rights _ 37.4
34 A
134 Apr
Cam Clinch & Ohlo• 2,000, 6934 Apr 28 7034 Apr 3 67% Apr!, 73
Apr
Ctts stamped_ _100
May 2 96
May 1 101
Jan 101
Mar Wrigley Co
80 100
11 Apr 30 14 Apr 26
4 Apr! 14 Apr
Chic R 1 & Pac rights__ 22,3001 134 Apr 28 134 Apr 26
34 Mar 234 Mar Zenith Radio rights_ _ 18,3001
Cuba RR pref
100
Mar
May 1 5734 Mar 70
1801 66
May 11 66
• No par value.
Duluth S S& AtI
101
Jan
Apr 28 1 34 Apr 3
2
134 Apr 281 2
Preferred
101
3
Feb
2% May I 234 May 11 23.4 Feb 3
United States Liberty Loan Bonds and Treasury
Ill Cent leased line_ 100
Apr 28, 71 34 Jan 79
Apr
901 77
Apr 28 78
Hud & Manhat pt..100
sool 80
Apr 26 8234 Apr 30 75
Feb 8234 Apr Certificates on the New York Stock Exchange.
Interboro R T ctfs____•
May 3531 Apr Below we furnish a daily record of the transactions in Lib400 31
May 2 3534 Apr 301 31
Int Rys of Cent Am at*
Slay 2 2531 Apr 28, 25
Apr 29
Feb
190 25
Treasury certificates on the New York
Iowa Central
101
____ 134 Apr 26 134 Apr 26! I
Mar 134 Apr erty Loan bonds and
Northern Central_50
1001 8734 Apr 30 8734 Apr 30 8534 Jan 87 34 Apr Stock Exchange. The transactions in registered bonds are
Pacific Coast 1st pf_10o
Apr 281 24
Apr 28 17 34 Jan 2934 Mar given in a footnote at the end of the tabulation.
101 24
30 preferred
Feb 193.4 Mar
101
Apr 29 15
80 16
Apr 30! 17
Sou fly 51k 0 ctfs_10
Ja 13534 Mar
Apr 28 90
May 21111
2eJO11O
Vicks Shrev & Pao_ _101
May 2 95
May 2 99
Jan 99
Apr Daily Record of U.
30 99
S. Bond Prices. Apr.26, Apr.28..4pr.29. Apr.30. May 1. Map 2.
Wabash RR class 11_101
Jan 86
Jan
1
82% Apr 28 823.1 Apr 28 75
100181 1001n 100'n
First Liberty Loan
High 100144 100.), 100
I
100
10042 100'n
.
334% bonds of 1923-47_ Low- 1001,, 100144 100
Indus. & Miscall.
10042 1004.2 100"..
Close 1)10',, 100'21 100
(First 3%)
Apr 28 60
Slay 2 65
May 72
Apr
1,300 60
AlleghanY Steel
5
48
26
24
3
5
Total sales In $1,000 nags__
Apr 28 95
Alliance Realty
iol 04
Apr 27 04
Apr 104
Apr
Converted 4% bonds offHigh__30013
May 21 334 Apr 28 24 JanI 334i Mar
Amalg Leather
American Chain
Slay 2 66 Apr 28 59
• 5,900 59
Mayl 6934 Apr
American Ice pier_ _100
200 85 Apr 2 8534 May 1 83
AprI 8734 Jan
Total sales In $1,000 mfrs.__
____
__---------434 May 2 33.4 Jan 934 Mar
Amer piano pref. _100
20 43.4 May
___- 10111,4 111111.ra 1011.42 10111e 10Uht
Converted 434% bondsilligh
Apr 281140% Apr 26126% Jan 141
Am Rad&St San iif _101
130 140
Apr
(LOWof 1932-47 (First 4%*)
-- 101114, 1011144 1011124 101",,10111.4
87.900
% slay 1
34 Apr
Amer Roll Mils rts
44 May 2
Feb
.
Close
____ 1011144 10131)1 1011144 10111u 10111
Apr 29, 23
Am Tel & Cable___100
Apr 30 25
Mar 273.4 Feb
2 24
1
2
20
23
15
Total sales in $1,000
__-Apr 29' 2434 Jan! 28% Feb
Apr 29 27
Art Metal Construct _10
800127
Second converted 43.4%(High
{
units__------May 2 85
---Asso Dry Gds 1st pf.100
---May 2 93
100k 93
-----"
'
FebI 9534 Apr
bonds of 1932-47
Atlas Stores
• 4,9001 34
Apr 28 3.534 Slay 1 313.4 Mail 36
Mar
Close
434e) 1,0Second
Apr 30 6
Austin Nichols new__ _•
2001 6
Apr 30 6
Apr 6
Apr
Total
i units__ _
------------_,--Beech-Nut Packing-20
700 61
May 2 6431 Apr 28 604 Jan 704 Jan Fourth, sales in 13
-.
Liberty Loan
High 101144 10114), 10111,4 1011144 101010 10914t
Blaw-Knox
Apr 26 38
Apr 29 40
• 3.600j 38
Apr 41% Apr
434% bonds of 1933-38_ Low- 101141 10111.,, 10111u 1011su 1015114 10110)1
Brit Emp Steel lot pf100
May 2 22% Jan 41
130 3234 Apr 28 35
Apr
.33 101 2.31 10121n 101.'n 102.p
Close 101'n 1011
(Fourth 4340
100
B'klyn Edison
Apr 30 370
100370
Apr 30 370
AM 370
Apr
321
128
144
101
Total sales In $1.000 units__
161
139
Celotex Co pref
100 2,1001 7534 Apr 30 804 Apr 26 71
Jan 84% Apr
11223,
:
Treasury
High 1011.:4 1111
., 111'1 2 111.31 112
certain Teed Products
4 he, 1047-62
Low_ 1012.3, 111231 111.32 111.32 111%, 111"so
1 35
Apr 28 25
100
1st preferred
Apr 45% Mar
900 30
May
1112.31
Close 1012.33 111032 11103 1112w 112
May 1 3734 Feb 42
City Storm A
iol 42
May I 42
May
2
57
12
60
52
Total sales 04 51.000 units__
12
Colgate-Palm-Peet ___• 7,6001 6234 Apr 26 64% May 2 5
934 Apr 6434 May
Mall
___ 1070), 10703 107..as 1072.32 108231
100
Slay 2 97
Preferred
sool 99
Mar,j00
Slay 1 100
Mar
4s, 1944-1954
Low_
____ 1072a. 107.33 107"31 10711., 10711e
Colonial Beacon Oil-.
Apr 2034 Apr
80 19
Apr 30 20% Apr 28 19
Close
__ 1072a 107.32 1070n 107031 107114,
Columbia Gas & Elec.
26
84
Total sales in $1.000 units__
1
13
____
57
100
pref. B
iool 9714 Apr 29 97% Apr 29 91
Jan 98
Mar
(Mgt;
____ 105144 10514t
____
____ 101b,
Comm Cred pref (7).25
°I 2434 Apr 28 2434 Apr 28 2234 Jan 2534 Apr
334a, 1946-19513
____
____ 104
1 Low_
03
____ 1042en 105232
1st pref x-watr
100
May 1 7734 Jan 94
8 8934 May I 90
Apr
____ 104.
_-__
211 105.w
____ 10103
[Close
Comm Inv Tr cony pf_*
4
Mar
8334 Apr 28 833.4 Apr 28 8334 Apr 87
Total sales in $1,000 antis_
51
____
125
1
____
____
may
Jeri 115
May 7 99
100
Pref 7
9 107
Apr 26 115
.101
{High
____ 100223s 1002.3 100"w 10022
Slay 2 99
Commonw & South PL. 7,900102% Apr 28103%
Feb 03% May
,,
Low_
____ 10003 10001 100.232 1002.3, 100''
334s. 1943-1947
Cense' Cigar prof(7)100
8334 May 1 9034 May li 7634 Jan 904 May
2e
Close
____ 100114 1000 .4 1001.3, 1002.31 100.
Cuban Dom Sugar. __•
511 1
Apr 28 134 Apr 28 1
Apr 24 Jan
39
41
Total sales in $1.000 units__ _
48
1
____
5
Slay 1,111
Cushm's Sons pf 7% 100
Jan 120
May 1 120
10 120
Mar
i High
___ 100032 100"" 1002232 1002,3, 10123,
Apr 30,12034 Feb 12734 Apr
Eastman Kodak 14_100
1
0
20 126
Apr: 126
Low_
344s. 1940-1943
____ 100032 10003, 100..31 100221, 101.3,
Apr 28 8
Elk Horn Coal pref_ _50
Apr 28 9
Apr 14
40 8
Jan
Close
____ 160031 100..w 100..as 1002.1% 1012At
Apr 29 174 Jan 2034 Mar
Emporium CaPwell---•
II 19
Apr 29 19
....
"
•
Fashion Pk Assoc pre_
20 5334 Slay 1 533, May 1 51134 may 80
Mar
Fourth Nat Investors_• 6,900 424 Apr 29 4634 Apr 2 4234 Apr 50
Apr
Note.-Tho above table includes only sales of coupon
Apr 29 80
.laa 86
Fuller Co 26 pref
Apr 29 85
•
130 84
Feb
Apr 2 104% Jan 10934 Apr bonds. Transactions in registered bonds were:
General Cable pref_ _100
400104% Apr 28 105
May
25
May 2 25
Gen Gas & Else B
May 25
100 25
May
991•44 to 99114,
Gen Italian Edison- _ 6,300 404 Apr 29 4134 Apr 26 3934 Apr 444 Feb 1 lst34s
101144 to 10211,
Gen alotors pref (6).111
Apr 9 lot 434s
10011074 APr 2 1104 Apr 26 104% Feb111
10111). to 101111,
Deb (6)
101
Feb 1153.( May 2 4th 434s
May 111434 May 2 104
300 110
Gen Realty &Utilities.• 13,300 1534 Apr 28 1734 Apr 26 1534 Apr 1934 Apr
Apr 26 93
Preferred
Apr 30 98
Apr100
•
500 93
Apr
Gen Steel Castings pf_•
Apr 28 100
New York City Realty and Surety Companies.
Feb 101
Apr 28 100
100 100
Mar
Greene Can Copper_100 1,100 89
Apr 30 89
Apr 89
Apr 30 89
Apr
(All prices do tars per shore.)
Guantanamo Sug 14.100
Apr 28 20
Apr 27 Mar
31 20
Apr 2. 24
Hackensack Water pt 25
Par Bid
Par did Ask
II 28
Apr 26 28's May 1 28
Ask
Jan 29
Mar
Hanna let prof
May 10034 Jan 12
100
no par 95 108
100 193 203
Stortgage-Bond
Apr 29 129
340 128
Slay Alliance Realty
Reline(0 W) pref....1 1
Apr 29 12334 Jan 135
20 105 108 II 8 Casualty
111 135
25 95 100
Apr 29 135
Apr Bond & Mtge GII9X
Hercules Powder
•
Apr29 80 Apr 29 7834 Feb 85 Jan Home Title Insurance _ _25 60 65 N Y Inveetors200 80
Preferred
100
100 98
Jai 119% May Lawyers Mortgage
1st preferred
20 5314 5414
4111834 Slay 111934 May 2 117
Internat Carriers Ltd.* 10,900 1434 may 1 17
Apr 28 1434 May 1934 Mar Lawyers Title & Guar_ _ _100 280 290
100 97
2,1 preferred
Int Tel & Tel rights _ _ __ 150,100 234 Apr 29 311 Apr 28 2% Ap
3% Apr Lawyers Westchest NI&TIO0 215 285 Westchester Title & Tr__ 135 155
Inter Dept St pret.i001
Slay 1 76
Apr 8234 Mar
10 76
May 1 76
island Creek Coal met_
May I 105
Jan 105
10 103
May 1 105
Jan
K C Pr & Lt lot p111._•
Apr 28 108
JaaJ1l5
Mar Quotations for U. S. Treas. Ctfs.
3011234 May 1 113
of Indebtedness, &c.
Kresge (S 8) Co p34100!170)0834 may 1112% Apr 26 1084 May 114
Apr
Laclede Gas prof__ _100
Int.
Janhi003j Apr
5010034 Apr 28 10031 Apr 28 98
Lehman Corp
• 16,700 87
Apr 26 87
M
Mature.
071.4 Apr
Rate.
May 2 92
Bid. dated.
Maturity.
Rate.
Asked.
Loose-Willis 1st pt.1001
40 122
Apr 29 12234 Apr 28 118% Jai 126
Mar
Apr 20 99
Lorillard Co prof..- iooI
May 2 9234 Janj 99
500 9734
May June 16 1930_ _ 4%% 100"n 100.• Sept 15 1930-32 34% 10
010 1001
'11
Ludlun1 Steelrights..t 14,000
34 Apr 1
34 Apr 26'
4 Apr 28
Apr Sept. 15 13)30... 344% 10'nst 100.ss Mar. 15 1930-32 34% 1011e 100'n
MacAnd & Forbes pf100
Apr 28 03
Feb100
10 95
Apr 28 95
nee. 15 1930... 33(% 100 11 100'n Deo. 15 1930-32 34% 100'n 100'n
Mar
,
Maracaibo 011
Apr 281 534 J
• 2,000 634 May 2 9
1034 Mar
Marshall Field
• 10,900 4431 Stay 2 47 34 Apr 26 4434 May! 4834 Apr
Mengel Co pref__1001
40 90 Slay 2 914 Apr 28 83
JanI 924 Feb
New York City Banks and Trust Companies.
-p. 3109.
Metro Goldw Pie p34271
Apr 29 2334 Jan 26% Apr
600 26
Apr 29 26
Mexican Petroleurn..100
Apr 29 176
Apr 29 176
20 176
Apr176
Apr
Nat Hellas Hess pf _100
Ma 82
100 70
May 2 7014 May 2 55
Jan
Foreign Exchange.
Nat Biscuit prof...... i00
Apr 26 14214 J59148
Slay '2147
200 144
Mar
Mid SU l'rod let p34100 1.701 9634 Apr 30 994 May 1 90
To-day's (Friday's) actual rates for sterling exchange were 4.857-4©
Feb 110
Feb
Nelsner Bros
•
Apr 26 43
1 53
Jar 54
54
Apr
Apr 4.8634 for checks and 4.86 1-16©4.86 5-32 for cables. Commercial on banks
N Y Investors
slay 2 3031 Apr 26 27
May 32
* 7,300 27
Apr sight 4.85 21-3204.85%, sixty days 4.8334©4.8334; ninety days 4.8234®
Nor Amer Aviation_ .• 139,500 124 Slay 2 144 Apr 2S 12% Apr 144 Apr 4.8234, and documents for payment 4.83(414.8374. Cotton for payment
Oppenbelm,C,ollina&eo• 1,700 50
M
56
Apr 4.8534 and grain for payment 4.8534.
May 1 5534 Apr 28 43
To-day's (Friday's) actual rates for Paris bankers'francs were 3.92 5-16(
Outlet Co corn
Jarj 70
May 1 53
100 70
Apr
Slay 1 70
Preferred
100
Mar 110
Apr 3.92% for short. Amsterdam bankers' guilders were 40.2234®40.24 for
12010834 Apr 26 10834 Apr 26,102
Pacific Lighting rts___ 13,000 4% Apr 29 5% Apr 26 331 Marl 534 Mar short.
Exchange for Paris on London 123.83; week's range 123.93 francs high
Park & Tilford
• 6
Jan 3534 Apr
,100 2614 may 2 3034 Apr 24 25
Penna Coal dr Coke_ _50
May jI 834 Jan 123.4 Mar and 123.83 francs low.
41 10
May 1 10
The week's range for exchange rates follows:
Peerless Motor rights_ 7.700
31 Apr
34 Apr
34 Apr 26
31 Apr 29
Sterling ActualPeoples Drug Store...,* 1,000 57
Checks.
Cables.
Apr 26 57 Apr! 6034 Apr High
Apr 30 58
for the week
Phoenix Hosiery p1_100
4.86 5-16
4.86%
AprJ 86
Apr 28 80
Apr
51 86
Apr 28 86
4.86 1-16
Pierce-Arrow Co Pt100
4.85%
Apr Low for the week
201 71)
Apr 29 7934 Apr 28 6934 Feb 82
Paris Bankers' Francs
Pitts Steel prof
Jan 103
Jan
100
100 100 31 Apr 23)100% Apr 29 100
Pitts Terminal Coal 101)
3.92%
3.9244
Ma 1534 Jan High for the week
3 i 934 May 2 1034 Apr 29 8
Preferred
3.92 5-16
3.92 3-16
100
Apr 30 36
45
Jan Low for the week
40
260 38
Apr 28
MaIl
Amsterdam Bankers' Guilders
PostalTeldr Cable pf 100
Jan 103
Jan
.11101
Apr 29 10134 Apr 26 97
40.2636
Pub Ser of N J pt(5)_..•
40.2534
l 984 Apr 26 984 May 1 9214 Jan 981.4 May High for the week
40.22
Radlo-Kelth-Orph rts.,524.000 14 Apr 2!) 23-1 May 1
40.2434
134 Apr 234 May Low for the week
Germany Bankers' Marks
Rep Steel cony pref.1001
Ap 1 9534 Apr
May 21 954 May 2 95
100 9.5
High for the week
23.8734
Revere Copper & Brass
/3.88
23.84
23.87
class A
Jan Low for the week
Mayi 72
May 1 6234 Apr 30 62
200 62
•
Preferred
100
May 1 100
Apr 104
Mar
May 1 100
100 100
The Curb Exchange.
Reynolds Metal
-The review of the Curb Exchange is
• 6,500 3034 May 2 34
Apr 26 3034 Apr, 3411 Apr
Shell Transp & Traci_ £2
May I 4234 Feb 4834 Apr given this week on page 3108.
60 46
May 1 46
Slots-Shelf St & Ir__100
Apr 29 35
11 39
Apr 30 40
Jan! 564 Mar
A complete record of Curb Exchange transactions for the
Preferred
100
Apr 30, 6031 Feb 82
Mar
40 65
API 30 65
Sou Dairies class A....*
Slay 2 2334 Apr 281 1834 Jan! 27
Mar
600 20
week will be found on page 3136.
Wall Street, Friday Night, May 2 1930.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this.week on page 3105.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
•I
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.
April 26.
Monday.
April 28.
Tuesday. 'Wednesday
April 29.
April 30.
Thursday.
May 1.
Friday.
May 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share tots
On basis of 100
Lowest.
$ per share $ per share I per share $ per share $ per share $ per share Shares
Par $ per share
Railroads
16,200 Ateh Topeka es Santa Fe--100 218 May 2
230 4 2307 22412 230
3
8
g
8
2187 22112 22014 2223 2177 22514 x216 219
8
10612 10612 *1053 107
100 10258 Jan 3
4
1053 106
4
105 10514 10512 10512 10518 10512 1,900 Preferred
171 171
163 165
4,100 Atlantic Coast Line RR_ _.i00 16112May 1
170 171 *168 1697 169 169
16112 163
8
11514 11512 11312 115
100 11114May 2
4
1123 11414 113 11418 11112 1143 11114 11312 19,900 Baltimore & Ohio
8
900 Preferred
100 781 Feb 10
58112 827 *8112 823
8
.
8 8112 8112 8114 8114 8112 8112 *8118 83
50 63 Jan 3
7618 7618 763 79
76
7514 3,600 Bangor & Aroostook
4
7618 7612 7638 78
713
74
*112 11412 111 112 *111 11412 *111 11412 *111 11112 111 11114
100 109 Feb 28
70 Preferred
100 95 Apr 29
400 Boston & Maine
596 105
590 105
95 95
*94 100
97
97
595 102
1218 1218 1214 1214 12
12
12
12
*12
1218 12
12
600 Brooklyn & Queens Tr_No par 10 Jan 11
62 62
*58
62
558
62
*6312 647
8 GO
6312 *60
61
800 Preferred
No par 54 Jan 11
7014 713
4 683 7014 6918 7118 6812 7014 673 7018 6,200 Bklyn-Maata Tran v t c_No par 63 Jan 2
5 8 71
693
4
4
9118 3,200 Preferred v t c
No par 847 Jan 8
*9118 9112 9112 9112 91
9114 91
91
91
91
*91
8
4 2512 273
4 267 2812 2612 2814 26
27
28
29
2812 293
3
9.000 Brunswick Term es By Sec_100 1418 Feb 17
205 205
203 20512 19938 20314 201 20214 197 202
198 1993 12,200 Canadian Pacific
4
100 187 Jan 3
/
1
4
21814 220
215 2183 214 215 ,21018 21614 20912 21112 30 Chesapeake dr Ohio
4
22014 222
8:2 0
800
100 203 Jan 7
77
2 78
7
Chicago & Alton
100
414 Jan 8
78 74
,
3
63
4 63
4
718 7 8
,
714 714
7
714
534 Jan 20
8
8
*73
4 8
7 2 73
3
8
77
8 8
714 712
714 714 2,100 Preferred
100
*2212 2412 520
25
515
23
515
25
519
22
516
24
Chic & East Illinois RR__ -100 144 Jan 7
4334 44
48 48
443 45
4
43
44
43
4312 4212 4212 2,890 Preferred
100 36 Jan 2
1412 1312 1414 16,000 Chicago Great Western
153 15 8 1414 1514 1334 1414 137 1514 14
2
3
8
100 12 Mar 6
/
1
4
4538 467
8 4214 4512 423 4414 43
4
45111 431s 453
2 43
443 14.900 Preferred
4
100 34 Feb 25
2138 22
2112 213
8 21
2114 2112 217
8 21
213
8 203 2112 13.500 Chicago Milw St Paul & Pao__
8
/
1
4May 2
20
363 38
4
363 373
2
8 3514 3618 355 3618 341g 3614 313 3412 35,400 Preferred new
4
*
4May 2
313
4 8118 8112 7912 8112 80
*833 84
8
81
83 4 8012 813
3
81
17,700 Chicago & North Western-100 7915May 1
*137 14012 5136 14012 138 138 *13614 14012 *13614 14012 13614 13614
200 Preferred
100 13614May 2
112 11218 11212 11312 109 113
4
109 11012 6,600 Chicago Rock Isl & PacIfic_100 109 May 1
•11712 11814 1123 117
108 10812
108 108 *10712 10812 108 108 5107 108
108 108
600 7% preferred
ioo 107 Jan 2
s
10314 10314 *10314 1038 10314 10314 10314 10314 *10314 1037 10314 10314 2,600 6% preferred
100 993 Jan 6
4
92
586
92
586
92
85
86
586
92
586
200 Colorado & Southern
90
5
86
100 83 Jan 15
76
76
76
7712 *76
771 576
7712 76
50 First preferred
7712 576
576
100 684 Jan 3
75
*73
75
75
75
73
573
73
573
75
20 Second preferred
75
*73
100 65 Jan 23
59
60 .60
558 , 61
58
6012 58
58
1,300 Consol RR of Cuba pref....100 49 Jan 2
6012 *60
60
17014 1731s 1684 1713
4 6,900 Delaware & Hudson
8
17514 17712 1753 17814 17314 175 *17314 175
100 1614 Jan 3
/
1
4
4
4 9,900 Delaware Lack dr Western_100 123 May 2
13112 13312 12612 13112 128 1293 1233 12914 12312 1253
133 136
6814 60
6812 71
*69
70
68
73
63
1,200 Deny.& Rio Or West pref_100 60 Jan 2
*71
*71
73
8 473 517s 471g 4812 38,500 Erie
4
5412 5214 5414 5112 5212 5118 517
54
100 4718May 2
63 4 64
3
*633 64
4
62
64
638 6112 62
2,600 First preferred
64
*64 4 64
3
100 813 Jan 10
8
60
558
60
*5712 60
5712 5712
61
559
100 Second preferred
560
559
61
100 57 Jan 2
/
1
4
90 4 903
3
4 8912 904 8918 893
4 6,200 Great Northern preferred_ 100 8918May 2
3
93 4 93 4 9012 92
3
*9312 94
8918 89(8 8814 8978 85
87
1:90000 Pref certificates
85
85
85
85
85
8514 30
100 85 Apr 29
35
34
32
3218 333
35
532
8 3,300 Gulf Mobile & Northern. _100 32 Apr 29
4 35
3712 32
*3712 373
99
98 98
9712 9718 597
97 97
97
977
8 97
97
Preferred
100 94 Jan 14
*414 7
*414 7
*414 7
*414 7
*414 7
Havana Electric Ity.__No par
*411 7
8 Jan 2
560
65
560
65
____ *55
65
5
60
65
555 ____ 561
Preferred
100 60 Apr 8
2
2
8
2
60 Hocking Valley
493 493 x490 490 *478 4997 *470 4997 5470 4997 5470 4997
100 450 Jan 25
8 49
50
g
8 4812 493
3 4812 493
4912 503
4 487 491g 6,500 Hudson & Manhattan_ _ _ _100 468 Jan 16
4914 493
8
128 129
8
8
13312 1337 130 1337 1307 1317 13212 13212 130 132
8
2,000 Illinois Central
4
100 1273 Apr 17
170 RII.See Stock certificates--- 70 Jan 2
*7418 75 747 747 57418 75 7414 7478 7414 7414 7412 7412
321s 3514 3214 3634 31
4
35
33 4 3614 313 341
3
34
3438 43,000 Interboro Rapid Tran VI 0-100 20 8 Jan 3
3
Int Rys of Cent America_100 2314 Mar 18
*2714 28
*2714 28
*2714 281 *2714 2814
*2714 28 *____ 28
80 Preferred
7214 7214 7018 7018 7018 7018 *6918 7212 *6918 721 56918 7212
4
100 613 Jan 2
7612 74
76
75
74
1,000 Kansas City Southern__ _100 74 May 2
79
76
76
76
579
8014 79
69
6712 6712 1,000 Preferred
68
69
687 687 567
8
2
683 69
8
5
*6812 70
100 6718 Jan 6
75
*74
75
74
74
74
74
1,100 Lehigh Valley
8 7514 75 4 75
3
767 767
,
50 704 Jan 27
1,500 Louisville & Nashville
132 133
13512 136
128 134 *130 133
133 133
132 132
100 128 Jan 3
3438 3412 33
347
8 3212 3418 5,300 Manhat Elev modified guar 100 3014 Jan 3
*3318 35
34
3514 3312 34
*2112 23
22
227 2278 *2112 23
8
300 Market St By prior pref.-100 17 Jan 16
7
8 22
*2112 22 8 *2112 227
118
138 5138 184
13
4 13
4 5112 13
13
4 13
4
8
500 Minneapolis & St. Louis100
its Feb 27
513
8 13
4
31
529
31
5
28
31
293 293 529
4
4
30
300 Minn St Paul & S S Marie_100 2818 Mar 17
31
529
529
*56
583 556
8
100 }eased lines
583 556
2
58
583 556
8
583
8 56
56
556
100 54 Jan 3
5514 567
5314 57
53
57
67,600 Mo-Kan-Texas ER..
60
56
573
597
8 57
59
..No pa
48s Jan 2
3
10514 10538 10518 10518 2,300 Preferred
2,
10618 10614 10614 10612 106 1063 105 4 106
100 103 Jan 3
8112 8612 7712 807
8 6.800 Missouri Pacific
88 8812 8612 87's 86 86
*8812 89
100 7712May 2
13412 13438 133 134
13218 13238 13012 132
127 1297
8 2,700 Preferred
*13438 135
100 127 May 2
583
84
577
__
*77
_ 100 Morris & Essex
*823 83
4
83 83
4
*823 89
50 813 Jan 29
4
121 124 5120 123
420 Nash Chart St St Louis_ _ _ _100 121 May 1
125 125
128 12914 12814 12814 125 128
*1
118
11
*1
114
118
118
114 *1
500 Nat Rys of Mexico 2d pref-100
*1
1
1
3 Feb 5
4
176
16812 1713 45, 0 New York Central
8
173 174
169
:40
.
3
17834 1793 17412 17814 1714 175
8
100 167 Jan 8
4
120 120
1,800 NY Chic & St Louis Co_ 100 120 May 2
13012 13012 12512 127
1243 1243 122 125
4
5130 133
4
4
4
8
4 1.100 Preferred
4
4
3
11014 11014 *1093 11014 1093 1093 *10912 1093 *10912 1093 1093 1093
100 1088 Jan 7
N Y & Harlem
227 230
221 230
217 225
230 235 225 232
5237 245
50 180 Jan 6
/
1
4
11218 11412 1114 11312 1093 11312 1074 11014 13 700 N YIN H as Hartford
*116 1163 115 116
4
8
100 1053 Jan 20
122 1223 1205 121
4
8
120 12014 4,100 Preferred
8
/
1
12314 12314 123 1235 12278 123
1194 Apr 22
1334 13
133
13
8 1312 1312 13
1318 3,100 NY Ontario & Western_ -100 13 Apr 29
1414 1414 1312 14
212 2
/
1
4
2314 27
8
23
4
212 212
23
4 5,700 N Y Railways pref____No par
212 212 *212 3
2 Jan 7
/
4
/
4
/
4
112
100 NY State Rys
/
1
8
114 14 '138 11 '11 112 *11 112 '14
*112 17
8
11 Jan 15
/
4
100
28
3119
25
*21
23 '21
24
Norfolk Southern
*20
28
"20
/ 28 .20
1
4
100 1635 Jan 8
241 244
236 24212 235 23514 2,700 Norfolk & Western
*24712 248
24612 24712 24212 245
100 226 Jan 4
8512 5853 8812 *8512 8812
8
10 Preferred
/ 8812 *8612 8812 x8512
1
4
100 83 Feb 3
*857 8812 *85
8
83
/ 78
1
4
7814 793 20,300 Northern Pacific)
83
8514 83 84
4
88
1588 4 8912 85
3
100 78 May 1
8112 8314 815a 8212 7712 8212 7814 80
11,000 Certificates
87
4 83
863 863
4
100 7712May 1
*15
163 .15
4
300 Pacific Coast
*15
163 *1518 17
4
20
1518 16
17
7 Jan 3
•16
100
/
1
/
1
/ 57,600 Pennsylvania
1
4
8 77 8 78
5
/ 784 7912 z7514 7914 754 77
1
4
8 7914 805
8012 807
50 7218 Jan 8
Peoria & Eastern
21
*16
20 '16
21
"16
20 '16
20
•16
20
1316
100 1714 Feb 28
145 145 '146 159
400 Pere Marquette
100 145 May 1
16014 16014 15912 15912 *140 160 *144 158
981 9818 9818 9818
/
4
280 Prior preferred
99
98 9818 '9818 99
4
100 943 Jan 31
*99 10014 99
/ 9714 9714
1
4
100 Preferred
98 4 '9714 98
3
8
9812 '9718 985 3197
100 95 Jan 7
*9714 9812 '97
400 Pittsburgh & West Va
10612 10612'100 106 '100 106 *100 10612 100 100
100 200 May 2
1310612 109
1123 114
4
11018 11312 11014 112
17.100 Reading
4
/
1
115 1163 11112 115
50 1104May 1
1173 118
4
First preferred
49
*47
49
497 *47
8
49
/ *47
1
4
497 *47
8
49
/ *47
1
4
50 4418 Mar 11
*47
51
4812 4812 '48
-ioo Second preferred
*48
51
*474 51
50 4734 Jan 4
4912 4912 '4814 51
my Feb 1
*50
Rutland 1111 pref
GO
60 '50
60 '5014 60
*501 60 '40
/
4
13504 60
/
1
110 112
17.700 St Louis-Sen Francisco..
11318 1151 111 115
4
3
.JIM" 1073 Jan 3
8
/
1
11712 1174 115 4 11712 1143 116
/
1
973
8 964 9712 3,900 1st pref paid
98
977 9812 97
8
9812 98
100 92 Jan 2
8 98
9812 987
8 4.000 St. 14refuelArreSguthwestern- ---100 5914 Jan 20
603 62321 6012 603
4
6212 6214 6212
*60
66
6114 6114 61
*85
89
89
*86
88 '86
89
100 87 Jan 4
8912 '86
8912 *86
*86
1014 10.600 Seaboard Air Line
8
105 103
8
8 1014 105s 10
9 8 Jan 15
5
105 11
100
10 4 11
3
3
10 4 11
"22
2212 1,000 Preferred
23
23
100 22 Apr 10
23 2312 *2212 23
23
23
2278 23
11,500 Southern Pacific Co
4
116 12114 1173 120
120 4 122
3
100 116 May 1
12014 122
4
1213 123
124 124
74,000 Southern Railway
8
10112 1067 10218 106
100 10118May 1
4
11414 1153 110 11414 108 11012 105 110
1,610 Preferred
9712 9812 9712 98
100 9712May 1
4 9918 9918 9918 9918 9812 99
*9914 993
1.200 Texas & Pacific
137 137
138 139
100 117 Jan 6
14412 145
14014 143 *140 147
*145 147
2,100 Third Avenue
12
1218
8
100
9 Jan 14
8 127 14
*1212 127
1214 13
"1214 13
*12
/ 13
1
4
1,700 Twin City Rapid Transit_ _100 19 Apr 17
21
21
21
21
21
2114 21
21
22
21
21
21
130 Preferred
74
4
100 643 Apr 17
73
74 '70
70
70
72
*70
73 '70
72
72
pf., rp
rf r
4 6,600 Union Pacific
100 215 Jan 8
3
4
21918 223
21918 225 4 2193 22718 21918 2223
22112 227
228 229
700
s
2
100 8214 Jan 17
85
5843 8518 843 843
8
85
85
85
85
8 85
/ 853
1
4
85
1:100
4 8 900 Wabash
100 601451ay 2
523 5314 5114 5212 5014 513
4
8
5514 523 53
5612 53
55
Preferred A
88
100 83 Jan 7
8612 8612 8614 8614 86
87 87
87
87
.87
89
4
2414 273 32.600 Western Maryland
100 2114 Jan 18
2814 2712 2878 2614 2814
8 27
277 307
g
305 31
8
1.500 Second preferred
400
100 2412 Jan 18
253 26
3
26
30
26
527
29
*26
32
33
/ "27
1
4
'30
2,200 Western Pacific
4May 2
100 203
201 22
4
24
22
*2314 24
24
4 2412 2414 24
'2412 243
Preferred
100 4013 Jan 2
4578
45
4514 4512 4514 46
46
4 46
46
/ 467
1
4
8 4612 463
Industrial & Miscellaneous
1,300 Abitibi Pow & Pao
No par
33
33
347 *3312 3414 53312 343* 53212 35
8
100 Preferred
100
*81 12 83
*8112 84
*81
83
83
*81
83
Ex dividend.
Er -rigets
dividend paid.
c 60% stock
• Bld and asked prices: no sales es this Is,.t
3312 353
4 347
"81
83 83
22 Jan 18
647 Jan 17
8
Highest.
PER SHARD
Range for Previous
Year 1929.
Lowest.
Highest.
$ per share $ per share $ per share
24212 Max 29 19518 Mar 2985 Aug
8
1061 Apr 21
/
4
99 May 1047 Dec
8
17512 Max 18 161 Nov 20912 July
12238 Mar 31 10514 Nov 14518 Sept
83 Apr 4
75 June 81 Dec
8412 Mar 29
55 Oct 9038 Sept
113 Apr 7 210314 Oct 115 Sept
112 Feb 8
85 Apr 145 July
1314 Jan 25
7 Nov
15 Dec
44 Nov 65 Sept
6512Mar 18
/
1
40
Oct 811 Feb
784 Mar 18
/
4
7612 Nov
934 Mar 31
/
1
923* Feb
412 Oct 4418 Jan
334 Apr 23
/
1
/
1
4
2261 Feb 10 185 Dec 269 Feb
/
4
4
4
2413 Mar 28 180 Nov 2793 Sept
4 Nov
193 Feb
4
10 Apr 2
312 Nov 254 Feb
103 Apr 11
2
15 Dec 43 Feb
28 Mar 26
363 Dec 667 Feb
4
8
8
527 Mar 26
7 Nov
23 8 Feb
7
4
173 Mar 31
/
1
4
17 Nov 63 Jan
/
1
4
503 Mar 29
4
8
16 Nov 447 Aug
/
1
4
26 Feb 7
2812 Nov 68 Aug
/
1
4
4614 Feb 10
75 Nov 10812 Sept
897/ Feb 8
4
14014 Mar 24 134 Apr 145 Feb
12518 Feb 14 101 Nov 14312 Sept
Oct
1103 Mar 20 100 Nov 109
s
947 Nov 10314 Nov
e
108 Feb 7
8614 Dec 135 Jule
95 Feb 13
/
4
6512 Oct80 Jan
771 Mar 29
/
1
64 Apr 724 Mar
75 Apr 23
53
45 Nov 70 Jan
62 Apr 10
181 Feb 8 14115 Oct 226 July
3
153 Feb 8 12014 June 169 4 Sept
49
Oct 77114 Feb
80 Mar 28
12
4112 Nov 93 Sept
634 Feb 14
6614 July
5512 Nov
673 Feb 19
8
52 Nov 6378 July
6212 Feb 19
8514 Nov 12814 July
102 Mar 29
85 Nov 12214 July
12
9914 Feb 21
59 Feb
1£1 Nov
4612 Feb 17
Jan
/
1
70 Nov 103
984 Mar 10
1112 Apr
6 Dec
/
1
4
818 Jan 17
4
55 Feb 733 Dec
72 Jan 2
Oct
525 Mar 29 370 Nov 600
8
3412May 583 Jan
3
533 Mar 25
1363 Apr 22 116 Nov 15312 July
4
70 Nov 8018 Feb
753 Apr 5
4
8
15 Oct 583 Feb
39 Mar 18
/
1
4
Jan
25 Nov 59
3212 Jan 16
723 Apr 8
4
611 Dec 8014 Jan
/
4
8
853 Mar 29
8
60 Oct 1087 July
63 Nov 7012 Jan
70 Apr 16
65 Nov 10214 Feb
847 Mar 31
s
Oct 1543 Sept
4
13812 Apr 4 110
24 Oct 5712 Jan
40 Mar 18
/
1
4
1412 Nov
3912 Jag
2512 Feb 13
334 Jan
114 Nov
24 Apr 5
/
1
/
4
35 May 611 Sept
35 Feb 7
61 Dec 66 Jan
5213 Feb 21
2718 Nov 65 4 July
3
6638 Apr 14
1083
8Mar 27
93 Nov 10712 Apr
/
1
4
8
46 Nov 1013 July
9812Mar 6
14512 Mar 8 105 Nov 149
Oct
84 Apr 11
8
75 8 Oct 865 Jan
3
132 Mar 25 173 Nov 240 Aug
114 Jan 11
1
Oct
3 8 Jan
5
19234 Feb 14 160 Nov 25612 Aug
144 Feb 10 110 Nov 19238 Aug
11012 Apr 25 100 May 110 Dec
824 Feb 3 155 Oct 379
Jan
12818Mar 29
80 8 Jan 13212 Os
7
13512 Mar 21 11438 Jan 1343 Aug
4
1714 Mar 31
8 Nov
32 Feb
41 Jan 16
/
4
11 Dec
/
4
9 Feb
/
1
4
212 Feb 6
1
Oct 1414 Mar
3312 Feb 14
1411 Dec 4812 Feb
265 Feb 18 191
Jan 290 Sept
87 Mar 22
/
1
4
82 Nov 8714 May
97 Feb 21
754 Nov 1187 July
/
1
g
963 Feb 21
8
75 Nov 114 July
/
1
4
191 Apr 9
/
4
4 Dec 43 Feb
/
1
4
861 Mar 31
/
4
7212 Mar 110 Aug
2412 Mar 31
17 Dee 35 July
16412 Apr 10 140 Nov 280 peg
1004 Apr 16
94 Nov 101 Mar
99 Apr 15
90 Nov
97
Jan
1213 Feb 11
4
90 Nov 14834 Jan
14112 Feb 6 10111 May 14734 Sept
53 Feb 21
4112 Apr 50 Sept
57 Feb 8
43 8May 60 Bent
3
/
1
4
673 Mar 5
4
497 Oct 7414 Sept
8
1187 Mar 27 101 Nov 1333 Aug
8
4
101 Apr 2
87 Nov 9612 Feb
70 Mar 29
SO Nov
15 4 Feb
3
90 Mar 5
84
Oct 94
Apr
1212 Feb 15
918 Dec 213 Mar
4
28 Feb 7
1614 June 413 Oct
8
127 Feb 10 105 Nov 15712 Sept
1363 Jan 13 109 Nov 16218 Sept
4
101 Mar 20
93 June 100 Dec
145 Apr 24 115 Nov 181 Ma,
1512 Mar 20
612 Nov
39 Feu
3112 Jan 29
2014 Dec 5514 555
79 Feb 3
75 Dec 100
Jan
2423
4Mar 29 200 Nov 2973 Aug
8
8612 Mar 29
80 Nov
85 Sept
/
1
4
673 Apr 1
8
40 Nov 813 Jan
8
8914 Apr 8
82 Nov 1047 Jan
8
36 Mar 29
10 Oct 54
yea
38 Mar 28
145 Nov
8
/
1
4
53 Feb
3012 Mar 29
15 Oct 117 Mar
g
5312 Mar 19
3712 Nov 673 July
4
4218 Apr 9
8612 Apr 8
344 Dec
69 Nov
2.71 Aug
/
4
Sats Jan
New York Stock Record-Continued-Page 2
3119
For sales during the week of stocks not recorded here. see second page preceding
f
r 111011 AND LOW SALE PRICES
-PER 811.4RE. NOT PER CENT.
Saturday.
April 26.
Monday.
April 28.
Tuesday.
April 29.
Wednesday. Thursday.
May 1.
Aprl/ 30.
Friday.
May 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Par
5 per share $ per share S per share $ per share 5 per share
per share Shares
Railroads (Con.)
.60
64
*55
613 *54
54
4
300 Abraham & Strauss___ _No par
57
*54
5412
593
4 57
59
•10714 108 *10714 108 *1073 108 *1073 109 *1073 109 *1073 109
100
Preferred
4
4
4
4
3312 33 4 32
3313 3113 32% 313 323
No par
3
4 3112 3212 3014 3113 31.500 Adams Express
4
92
.
90
*90
92
100
.8912 92
8912 90
8912 8912 1,000 Preferred
*8912 92
304 30% 30
30% 3012 30% 293 30
No pa
4
2912 294 2914 294 2,600 Adams Millis
1818 1818 18
100
18
15,500 Advance RumelY
8 1834 204 1813 20
1634 17% 167 195
32
32
*3112 32
100
36
4,000 Preferred
343 3434 34
4
30
373
30
4 36
78
1
1
118
1
1
7
8
1
1
1
4,100 Ahurnada Lead
1
1
1
13914 141
13818 142% 13818 139% 1407 144% 1387 1447 13853 14218 42,900 Air Reduction, Inc
No pa
8
3
;
3012 30 2 293 3012 293 297
4
,
8
31% 327 13,100 Air-Way Elea ApplianceNo pa
4
4
8 293 30% 3212 34
2
2 18
1% 2
No pa
I% 2
2
17
8 2
2
17
8 2
7,900 Ajax Rubber, Inc
7
7 18
7
7
7,000 Alaska Juneau Gold Min.. 10
6%
7
7
7
7
7
7
7
*1013 13
*1012 13
1012 1012 *103 11
4
1018 1,400 Albany Pert Wrap Pap_No pa
1012 10 2 10
,
313 32
8
2912 3112 2814 3011 2918 30
No pa
27
29(2 2518 273 145,500 Alleghany Corp
3
10318 10318 10212 102% 10014 10218 10118 10112 10018 10118 100 100
3,900 Prof A with $30 warr____100
9812 9812 9312 9312 9812 9353 9812 9313 9813 9312 9312 9812 2,900 Pref A with $40 warr____100
*91
9312 *91
9312 *
91
Prof A without warr____I00
*91
93
93 .91
93
93
*91
331 332
321 330
315 321
30412 317
13,600 Allied Chemical & Dye_No pa
321 32913 32012 328
*12312 12414 123 123
123 123
100
123 123
12314 12314 12312 12312
500 Preferred
6118 847
8 62
6414 60 4 6213 623 61
3
6218 643
8
4 6033 6312 35,700'Allis-Chalmers Mfg new No par
3312 3312 323 323
4
4 31
3113 3113 31
Alpha Portland CementNo par
32
31
32
1,400
31
8
267 2712 2718 2812 27
No par
273
8 2712 2838 2718 2813 26
277 31,300 Amerada Corp
8
78
78 8
3
714
714 '738 713 1,700 Amer Agricultural Chem-100
7
712
714 713
7'8
31
31
31
3118 3013 3012 30
100
30
1,800 Preferred
30
31
29
29
9112 9012 91
91
*
10
8918 90
90
873 8734 1,700 Amer Bank Note
8918 90
89
6212 621_ *6212 63% *6212 63% *8213 6338 *6212 633s 623 623
50
4
4
70 Preferred
813 813
*812 87
8
814 81
8% 83
812 812
4 *812 914 1,600 American Beet Sugar__No par
42
42
3834 39% 36
393 393
4
337
4 37
8 37% 40
3912 3,200 Amer Bosch Magneto_No par
4714 471
463 4712 465 46% 4838 47
4
4613 47
4618 4612 2,200 Am Brake Shoe & F____No par
8
12234 12234 *12234 124
4
123 123
4() Preferred
1223 1223 *12234 124 •1223 123
100
4
4
21
2112 18% 207
8
1914 1973 183 1912 17
8 1818 1918
185 34,900 Amer Brown Boveri EL.No par
8
75% 7514 74
7518 7313 7414 75
7414 7414 73
7414
75
430 Preferred
100
148% 15158 143 15114 14218 14614 14314 1463 14118 1463 13612 1423 190,700 American Can
25
8
8
4
*14338 145
14413 14113 14478 145 *143% 146
14514 14514 14514 14514
100
700 Preferred
50
56
54
55
5214 54
55% 5514 54
56
6,100 American Car & Fdy__No par
53
55
10514 10514 10514 10512 10512 10513 105 10513 105 105
100
105 1054 1,600 Preferred
*9913 100
*
99 100
99
99
99
*99 100
100 100
100
9918
500 American Chain prof
4614 47
45
4353 4412 6,900 American Chicle
4614 44% 4512 4512 46% 4518 45
No par
193 2014 1912 2018 19
4
No par
2012 1913 20
12,100 Am Comml Aleohol
19% 19% 2112 20
2712 26
*27
28
265 277
8
26
2513 258 2,000 Amer Encaustic Tiling_No Par
8 2613 2612 26
56
51
54
53
545 56
8
53
54
52
51
523
4 4,300 Amer European Sec's_aro par
53
9414 953
94% 89% 91% 91
4 90
93'8 3334 925
3 80% 89 199,700 Amer & For'n Power .__No par,
111 111 *11012 11118 11012 11112 11012 11012 *11012
_ .11013 ____
600 Preferred
No pa
*97
993
4 98 98
99 191- 93
2
9312 1,700 2c1 preferred
37o pa
9818 9812 *9812 100
263 263 *2613 28
4
4
4 2514 2514
25
1
1,600 Am Hawaiian S S Co
2612 2514 2514 25% 263
614 614 *412 58
*5
5
63
5
4- •5
.412 6
534
200 American Hide & Leather_100
323 3238 *3112 341 *3134 33
.31
*3112 33 '3133 32
32
100 Preferred
100
63
63
62
62
62
60% 6134 62% 83
63
1,500 Amer Horne Products_ _No pa
6012 61
362 3638 3613 365
8
36% 37
363 3714
3614 37
4
'Jo pa
3614 37
2,800 American Ice
4813 498 4614 485
8 4518 46% 46% 43
46% 48
411z 464 40,400 Amer Internat Corp
No pa
258 25
4.2,
8 27
8 •23
258 25
8 27
258 25
2% 23
600 Amer La France & Foamite_l
33
33
33
33
33
*33
33
*33
33
33
35
90 Preferred
100
35
704 7112 7018 713
8 7018 70% 69
70% 13,400 American Locomotive_No pa
4 7014 70% 7012 707
10412 10412 10414 10114 10113 105
105 105
105 105 .105 106
1,300 Preferred
10
270 270
270 271
275 275
276 281% 275 278% 275 2803
4 6.800 Amer Machine & Fdy_ _No par
4113 42
4218 433
4 41% 4314 42
427
8 41% 4112 4118 43
11,000 Amer Metal Co Ltd___No par
*112 117 *112 117
112 112
112 112
112 112 *112 117
500 Preferred (6%)
100
9112 9112 9112 923 9012 9112 9012 9013 9012 90 4 90
3
90
780 Amer Nat Gas pref----No Par
14 I%
1
114
138
1
3
118 41,600 American Plano
4 112
1
1
13
3
No par
1123 1143 11014 11318 107% Ill
4
4
10018 10514 35,300 Am Power & Light
11112 11312 10718 113
No par
104 101
10314 10314 10314 10314 10318 101
104% 104% 10313 10412 1,800 Preferred
No par
83% 838 3 834 84
'
8313 •8314 84
83
*8314 34 •
8314 84
400 Preferred A
No par
8714 8714 *8714 8712 8714 8713 8713 8712 3714 8714 863 87
4
1,000 Prat A stamped
NO Par
3513 3618 34
3514 3312 3434 34
8 33
337 71,700 Am Rad &Stand San'ry No par
34% 3313 347
323 33
4
293 323
4
4 283 30
4,
3012 2514 293
31% *29
8 5,100 American Republica
No par
30
88
8318 8512 81% 8414 8278 8512 7512 81
85
7312 7613 57,000 Amer Rolling Mill
25
667 678 8618 6714 65% 663
8
3
8512 6714 13,500 American Safety Razor_No par
6612 6738 653 67
4
*1913 20
1913 1913 *1813 1913 *18% 19 .1812 19
1812 1813
No par
200 Amer Seating v Ic
*1% 2
2
2
2
2
218 6,100 Amer Ship & Conlin__ _No par
2
173 2
2
2
*8212 90
*8212 90
*8212 90
.8212 90
American Shipbuilding ____100
*
8213 90
*8212 9()
7214 7314 7113 7234 6812 703
69
6818 7013 25.300 Am Smelting & Refining_100
68
4 68% 70
*14014 14012 14012 14
012 14014 1401n 14014 14014 1394 1404 2139 139
2.900 Preferred
100
14 4113 4112 1,400 American Snuff
*4138 413
4 412 4178 4114 4112 *41
8
42
4114 41
25
•106 10812 *106 10812 *106 10312 *106 10812 •103 112 •103 110
Preferred
100
1612 1714 165 163
1573 1513 1633 15
8
14
157
3 7,700 Amer Solvents & ChemNo par
4
1612 15
28
28
*2814 27
27
2914 2913 2912 2712 271 *2614 28
900 Preferred
No par
46
46
4512 43
4512 46
45
45
4413 4,100 Amer Steel Foundries_ _No par
45
4512 45
*11312 114
11312 11328 113 11312 113 113 *11314 114
1134 1137
8
170 Preferred
100
8 503 51
3 51
'
51
5314 517 517
8
50
50% 5018 51
No par
8
5014
800 American Stores
6533 657
623
4 6112 61 2 0.300 Amer Sugar Refining
8 6114 8514 6214 64
62
6218 63
100
,
*10953 110 •1095 110 *1.0918 1093 10918 10918 10912 10912 10918 10918
8
100
300 Preferred
4
15
8 1212 1213 2,700 Am Sumatra Tob
15
1214 137
145 15
8
14% 1413 1338 14
No par
25014 253
24718 25112 246 24914 2483 252
24714 2513 246 24912 154,800 Amer Talon & Telog
8
4
100
2114 213
4 2078 2153 20 4 2114 21
8
2112 207 2113 203 2114 435,500 tRights (expire Aug 1)
4
3
238 23913 *232 237
244 24812 245 25113 8.300 American Tobacco com____50
235 240
244 243
23914 242
23514 238
244 249% 244 25414 55,700 Common class B
21512 252
23514 244
50
*12218 12313 *12214 123 *12218 123 •1223 123
12233 12258 *123 12314
8
100 Preferred
100
136 138 *135 13914 131 134
4
4
1343 1343 1313 1343 130 13112 1.800 American Type Founders 100
4
4
3 1124 113 *11214 113
'
113 113
100 Preferred
113 113 1 113 11318 113 113
1001
1193 12213 115 120
4
111 11412 43,200 Am Wet 1Vks & El____No par
113% 117% 11511 1173 11218 117
105 105
105 105
8
101% 104% 106 106 .10473 _-__ 1047 .__ _
500 lot preferred
•1418 1412 14
1418 1312 1313 1312 1312 1312 13% 1314 1314
2,500 American Woolen
100
363 37
4
3012 3738 3534 3738 3514 36
353 36
3
3512 353
8 5,000 Preferred
100
8
8
713 8
712 712
7
718 2,700 Am Writing Paper Mrs _No par
7% 7%
•
42
43
42
42
*40
39
4053
4178 *4013 418 *4012 417
600 Preferred certificate_
100
1214 121
12
123
8 113 11% 11
1112 10
1114 10
105
8 4,500 Amer Zino, Lead & Srnelt___25
4
*6712 70
"66
6958 *66
6412 68
6728 70
69
2,300 Preferred
6912 69
25
64 s 643
,
4 62
6412 59
6014 59
6831 585 6012 220,400 Anaconda Copper Min new.50
8
% (1214 53
40
40
3914 3914 33
397 4014 *3914 40
8
38
38
3814 1,700 Anaconda Wire & Cable No par
4912 497
483 4973 467 481a 473 4958 4712 497
8
8 463 4814 8,300 Anchor Cap
4
8
8
No par
_ •11112
*11112 -- 4.11112 115 *11112 115 *11112 115
Preferred
No par
285 284
*11112-- . 29
3
2713 27', 2.400 Andes Copper Mining_No par
2818 28% 2658 '26% 27% 27'
24
21
2312 2118 2313 24% 2314 2112 233 24
232 233
8
3
4 6,900 Archer, Daub, Mid'Id_No par
"7614 77
7612 7613 76
*7513 76
*7512 76
76
400 Armour & Co (Del) pref._100
76
76
6% 612
6% 618
812 633
614 611
614 6%
613 611 8.800 Armour of Illtnoll class A_25
3 8 312
3
314 3 8
5
314 31
8
314 33
3
313 314 9.500 Class B
314 3%
25
59
59
*5314 5812 587 53% 5814 5814 5333 5814 577 58
600 Preferred
8
100
* 11
113 115
3
1114 1018 103 •1012 103 *1012 1014 1014 104 3,100 Arnold Constable Corp_No par
4
4
•
1814 1912 1928 2018 "17
1713 1712 *17
19
*17
20
600 Artioom Corp
No par
20
3912 39% 3712 3978 3818 37% 3814 363
353 301
4
4,700 Associated Apparel Ind No par
4 361 37
4612 475
451 1 46% 43% 44% 4412 4518 44
4518 427 443
4 8.300 Assoc Dry Goods
No par
4812 4812 4813 4812 48
1201A3sociated 011
25
48
*3212 481 2 43% 48121 *4812 49
8 63
65 z 6512 6412 6.17
,
5 6114 6318 65
63
3,3001 Atl G dr W I S SLine_ _No par
63% 8318 6
-.623 627
4
8 6234 6234 *62
6334
4
800 Preferred
100
623
4 623 637 .61
023 3552
4
4558 46
4312 4634 4312 4133 4433 457
4312 4512 4113 4334 52.500 Atlantic Refining
25
84 9014 873 873
4
86
5.000 Atlas Powder
9118 85
No par
86
83 I 86
9013 39
3
'10514 106 *10514 106
100 Preferred
106 108
100
,
10514 105 4 105 105 *105 106
*6
7
•0
7
Atlas Tack
*15
7
*6
7
No pa
7
7 1 *6
*6
24112 24112 23114 24212 225 23212 227 232
21818 226
17,500 Auburn Autornob le_ No par
22114 232
4
4
378 4:8
37
o .1
33
4 373 4,600 Austin, Nichols & Co._.Vo par
312 37
312 37
*3114 35
*3114 31
"3112 315
100 Preferred non-voting----100
*3114 33
3114 31, *3114 35
4
*5633 58
*5633 58
500 Austrian Credit Anstalt
8
.563 53
*561 8 58 I 5614 56% *503 58
63 633
612 63
.'Jo par
614 63
4
"512 63
678 63
4 2,700 Autosales Corp
4
618 63
4
•16
20
*1512 1713 10
*15
300 Preferred
50
19
*15
20
20
16 I *15
513 5(1
4
558 5833 5512 53 I 5613 58
552 5734 5514 577 23,200 Autostr Sat Razor A_ __No par
8
87
9
88 912
Vs par
812 9
8
8% 58.400 Aviation Corp
fl% 9
834 87
313
8 27
3014
234 284 287o 2713 2813 24,700 Baldwin Loco Wks new No par
3014 2718 28141 28
1123 113
113 113
4
1123 1123 11212 11213
100
230 Preferred
112 113 *1123 113
4
4
4
•10914 10912 *10914 10913 10912 10912 10912 10912 108% 10333 •10812 109
140 Bamberger (L) & Co pref 100
*18
183 .18
8
1818 18
No par
18'! •---- 1312 .18
18
60 Barker Brothers
IS
131
•83
83
*83
83
100
Preferred
88
*83
88 '83
*83
8712 •83
88
*412 67
•
4
No par
Barnett Leather
633 *4
*4
6
6
*414 6
"4
6
25
3018 3012 30
307
28
307
2913 3012 30
3013 27
231 56,103 Barnsdall Corp class A
'Bid and asked prices: no sales on this day. zEx-elly•
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
Lowest.
Highest.
per share
45 Jan 2
104 Jan 11
2318 Jan 20
8514 Feb 4
23 Jan 23
1113 Jan 6
22 Jan 4
12 Jan 4
118 Jan 22
21 Jan 13
1% Jan 2
87
85l4Y 1
814 Jan 21
23 Jan 8
9513 Jan 3
9812 Apr 16
8914 Jan 27
255% Jan 3
121 Jan 2
4914 Jan 3
2818 Mar 7
18 Jan 16
63 Feb 25
8
26 Feb 20
77 Jan 2
,
61 F b 3
7 Jan 4
36 Apr 19
8
463 Apr 30
1134 Jan 14
81 Jan 16
8
6012 Jan 3
11714 Jan 2
14014 Jan 27
5214May 2
105 Apr 23
757 Jan 3
36% Jan 2
19 Apr 29
23 8 Jan 17
5
33 Jan 8
8018May 2
107 Jan 3
95 Mar 12
197 Jan 2
413 Jan 30
2718 Feb 7
553 Jan 11
8
3518 Feb 7
35% Jan 20
2 Jan 20
30 Jan 9
69 May 2
104 Mar 31
210 Jan 10
41 Apr 24
110 Feb 6
65 Jan 23
12 Feb 7
77 Jan 2
100 Jan 28
75 Jan 8
80 Jan 6
30% Jan 3
2012 Jan 21
7312May 2
59 Jan 16
8:
173 an 3
1% Feb 25
83 Jan 24
68 May 1
13312 Feb 6
4114 Apr 29
10018 Jan 3
14 Apr 29
253 Mar 1
4
43 May 2
11012 Jan 7
4611 Jan 2
6018 Jan 3
104 Jan 6
1214Nfay 1
210 Jan 2
204 Apr 29
197 Jan 8
197 Jan 8
120 Feb 3
125 Jan 22
$ per share
66 Apr 21
110 Feb 11
373 Mar 31
3
92 Mar 27
32 Mar 31
2314 Jan 24
4114 Jan 29
118 Mar 28
1503 Apr 9
8
33 Mar 24
2 12 Jan 9
94 Jan 7
1512 Feb 17
3514 Mar 31
10712 Feb 11
4
993 Apr 11
9614 Feb 24
343 Apr 17
12814 Apr 1
68 Mar 11
4214 Mar 27
293 Mar 28
4
8
103 Mar 31
30 Apr I
9733 Mar 27
4
863 Jan 31
12 Jan 16
8
517 Feb 14
5458 Mar 20
128 Feb 13
2'14 Apr 25
81 Apr 0
15612 Apr 16
14512 Mar 13
8213 Feb 13
118 Jan 4
101 Mar 28
5114 Apr 3
33 Jan 16
307 Mar 31
8
5912 Mar 31
1014 Apr 16
11112 Apr 29
9912 Feb 19
335s Mar 19
7 Apr 10
347 Apr 11
8
893 Mar 20
4
8
417 Mar 27
5533 Apr 2
4 Apr 2
35 Feb 14
105 Jan 6
11812 Mar 1
2843 Apr 30
4
5112 Feb 7
116 Feb 18
95 Mar 27
27 Mar 31
8
11938 Apr 1
107 Mar 24
85 Mar 20
883 Mar 21
4
304 Apr 7
37 Mar 25
1007 Feb 17
8
873 Apr 26
s
20 2 Febt
,
213 Apr 4
98 Feb 14
7912 Apr 2
141 Apr 8
437 Jan 27
1
1071 Apr 22
2212Mar 7
3314 Mar 5
524 Mar 20
11(1 Feb 25
5512 Apr 16
897 Mar 26
110 Apr 24
2633 Feb 10
2744 Apr 17
225 Apr 17
8
25112May 2
25414May 2
12418 Mar 14
141% Apr I
106 Feb 5
8812 Jan 2
agii Jan 4
712 Jan 2
193 Jan 2
4
5 Jan 20
2912 Jan 17
812 Jan 2
56 Jan 6
53 Apr 30
33 May 2
35 Jan 2
105 Jan 2
2618 Apr 29
2212 Mar 6
7414 Mar 14
54 Jan 18
2% Jan 20
5712 Mar 21
658 Feb 8
1713 Feb 8
3534May 2
28 Jan 4
3212 Feb 27
62 May 2
59 Jan 7
3814 Jan 17
8113 Jan 17
101 Jan 20
614 Jan 2
17512 Jan 18
312 Apr 30
24 Jan 2
56 Jan 10
4% Jan 20
15 Jan 11
37 Jan 2
43 Jan 20
4
27 Apr 28
111 Jan 13
107 Jan 3
1618 Jan 15
73% Fr.b 11
25 Feb 18
8
2012 Feb 15
1143 Apr 4
3
124% Apr 23
10612 Apr 15
204 Feb 17
44.8 Feb 18
812 April
443 Feb 27
4
177 Feb 3
3
797 Jan 20
8112 Apr 2
5314 Feb 8
4
513 Apr 21
11518 Apr 14
3714 Apr 2
294 Apr 5
8138 Jan 3
818 Mar 26
453 Met' 26
64 Jan 9
133 Apr 21
4
2018 Apr 28
46% Mar 10
5012 Apr 15
5014 Apr 9
803 Jan 30
8
654 Feb 26
5133 Am' 7
4
1043 Mar 21
106 Mar 22
812 Mar 5
2633 Apr 1
4
613 Jan 28
3512 Apr 23
60 Jan 13
10-58 Mar 3
25 Mar 4
58% Apr 28
91 Apr 15
38 Feb 18
116 Jan 21
11012 Feb 4
20 4 Mar 6
3
91 Mar 31
718 Apr 11
34 Mar 28
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
per share
43 Dec
10012 Nov
20 Nov
S4 Nov
19 Nov
7 Oct
15
Oct
3 Dec
8
77 Nov
1818 Dec
1
Dec
414 Nov
5
Oct
17 Nov
90 Nov
Per share
15912 Jan
11211 Oct
34 Nov
Jan
96
35% Jan
1047 May
8
119 May
4% Feb
'22338 Oct
48% May
1114 Jan
1014 Jan
25 Jan
5613 Sept
1183 July
4
Nov
I IS% Nov
354e Aug
125 AD
7512 Sep
23 Nov
425 Jan
8
235 Jan
8
73% Jan
157
Oct
653 June
4
2012 Jan
7612 Sept
62 Feb
12613 Mar
343 June
4
104 June
18412 Aug
145 Dec
10612 Jan
120 Jan
9518 Oct
3518 Nov
23 Nov
1713 Oct
4
Oct
18 Nov
65 Nov
57 July
514 Dec
27 Nov
4012 Nov
113 Nov
413 Oct
49% Jan
86 Nov
13318 Nov
75 Nov
11012 Oct
7014 Slay
27 Nov
20 Oct
1314 Nov
23 Nov
50
Oct
10112 Nov
8614 Oct
1712 Dec
312 Dec
2314 Nov
40 Nov
29
Oct
2912 Nov
212 Oct
2712 Nov
90 Nov
11114 Nov
142 Nov
3112 Nov
106 Nov
58 Nov
3 Dec
4
6414 Nov
9214 Oct
70 May
727 Nov
8
28
Oct
1212 Nov
60 Nov
44 Nov
17 Dec
% Oct
70 Oct
82 Nov
12318 Nov
33
Oct
98 Nov
815 Sept
8
55 May
47% Feb
9812 Sept
19914 Sept
10812 Feb
103 Feb
42 Apr
10 Jan
5214 Aug
853 Jan
8
5312 Aug
963 Sept
4
8% Jan
75 Feb
136 July
120 Dec
279% Oct
8118 Feb
135 Feb
9814 Jan
1778 Jan
17534 Sept
105 Feb
80 Feb
34% Feb
553 Sept
8
84% Jan
144% Sept
7434 Jan
41% Mar
7 Feb
11218 Aug
13014 Sept
138
Jan
49 July
112
Jan
353 Oct 797 Feb
4
110 June 114 Mar
40
Oct 85 Apr
56 Nov 94% Jan
99 Nov 111 Feb
Jan
18 Nov 60
19314 Jan 31014 Sept
fe6- Mar
160 Oct
114% Nov
115 Nov
103 Nov
50 Nov
97 Jan
5% Oct
1512 Nov
4 Nov
28 Nov
7 Nov
493 Nov
4
6714 Dec
46 Dec
25 Oct
96 Nov
30 Oct
1812 Nov
75 Oct
518 Oct
23 Nov
4
57 Nov
614 Dec
165 Nov
8
34 Nov
25 Nov
3412 Dec
3218 Feb
45 4 Feb
3
.30
Oct
67 Nov
00 Nov
5 Nov
120 Oct
3 Oct
14
18 Nov
4912 Nov
4 Dec
13 Dec
34 Nov
412 De
v
15 Oct
10913 Nov
9313 Nov
18 Dec
70 Nov
212 Dec
20
Oct
23211 Oct
235
Oct
12114 Jan
181 Sept
112
Apr
199 Sept
104
Jan
277 Jan
8
58% Jan
1618 July
46 Mar
4914 Mar
11114 Mar
140 Mar
893 Sept
4
80 Oct
15412 Oct
68% Mar
4912 Mar
95 Jan
1318 Jan
1014 Jan
Jan
85
8
407 Jan
30 Feb
58341 une
70 4 Jan
3
4714 Apr
8612 Oct
627 Sept
8
777 July
140 Sept
10612 Jan
177 July
514 Sept
113 Aug
4
4218 Jan
65
Jan
3512 Aug
457 Aug
20
50 J n
Aug
665 Aug
8
125 Apr
11011 Feb
333 Jan
4
97 Jan
294 Jan
491a May
rights, t Trading in Am. Tel. & Tel. "rights" began last Thurs.(Apr. 17); sales, 443,30011 21%822%.
IlEx-
3120
New York Stock Record -Continued-Page 3
For gates during [h. .4-eir or track., nor recorded here, see third page preceding
,
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
,Saturday.
April 26.
_Iforiday.
April 28.
TuesdaY.
April 29.
Wednesday. Thursday.
April 30.
May 1.
Friday.
May 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Ranee Since Jan. 1.
-shaming,.
On hosts of 100
Lowest.
Highest.
3 per share 8 per share $ per share
per share $ Per share $ per share Shares Indus. & Mlacel. (Con.) Par $ per share
3 Per share
.5914 64
.5914 61 .594 64
.5914 64
Bayuk Cigars, Inc
*5914 64
*5914 64
No par 61 Apr 9 68 Feb 4
.9812 993
4 9812 99% 98
.97
9812 .97
98
90 Ftnit preferred
977 98
98
8
100 97 Mar 3 99 4 Feb 21
3
1018 19 8 183 203
,
4
8 1812 19% 1914 2014 19
18 4 5,200 beacon 011
,
1912 18
No par 13 Feb 18 2113* Apr 9
8718 8718 87
87
85
85
83 3 89
7
*8518 8712 1,400 I3eatrice Creamery
8712 89
50 67 Jan 13 92 Apr 14
/
1
4
*10514 ____ .10514 1063 .1054 106% •105 1063 *10412 105 .10412 105
4
Preferred
4
100 10114 Mar 20 10514 Apr 16
*514 5
/
1
4
538 53
63 Jan 17
900 Belding IIem'way Co__No par
51 514
/
4
*5,
4 512
51g 513
5% 53
3
433 Jan 3
84
84
*833 85 .8412 8514 8414 8412 *8412 853
4
84
500 Belgian Nat Rye part pref____ 80 Jan 3 851 2 Mar 19
4 84
4518 4718 4078 4512 41% 44
43% 4434 4318 44% 40% 43% 94,200 Bendix Aviation
No par 323 Jan 18 573 Apr 7
8
5314 548
5112 543
8 48
5112 4938 5112 4912 523* 464 50
25,400 Best & Co
No par 3114 Jan 8 564 Apr 25
101 10158 9034 10214 98 3 10012 9818 100
,
9412 973 133,700 Bethlehem Steel Corp
97 100
4
100 92 Jan 2 11014 Apr 1
130 130
130 13114 13018 13014 130 131
1293 1303 12934 130,
4
4
3 2,500 Beth Steel Corp tit(7%)__.100 1221 Jan 13 134 Mar 22
/
4
.25
3012 .27
30
27
27 .24
*24
27 .24
27
100 Bloomingdale Bros_ ___No par 23 Jan 4 297 Apr 21
27
8
49612 100 .9612 100
,
*9612 100
*9613 100 .9612 100
*9613 100
Preferred
100 100 Mar 14 103 Mar 8
*89
90
.89
90
89
89
87
87
*86
88
301 Blumenthal & Co pref
.86
83
100 74 Feb 7 90 Apr 7
.56
58
51
57
503 523
4
Bolin Aluminum ctBr__No par 477 Jan 22 69 Apr 7
52
53
52
531 5412
/
4
4 513*
6,600
8
.7412 75
*7312 80
72
300'Bon Aml class A
7312 .72
80 .72
75
75
*72
No par 70 Mar 7 78 Apr 5
*413 414
4
418 .33
4 414 *3 4 41 *33
900 Booth Fisheries
3
*33
/
4 4
4
4 4
33 Jan 3
8
No par
5 Mar 26
.25
28
*25
29
*25
29
*25
100, 151 preferred
29
2514 2514 .21
27
100, 22 Mar 24 3314 Jan 3
807 8114 798 8118 781 81
8
5
/
4
81
82
44,800 Borden Co
78
251 6018 Jan 8 84% Apr 21
8234 79's 82
4014 41% 33 4018 3312 40% 40% 413
3312 40
38.70011org-Warner Corp
4 3914 42
10 327 Jan 2 5012 Mar 27
8
*314 3 8 *3
7
/ 3
1
4
73 *314 312
200 Botany Cons Mills class A 50
5 Mar 27
3 Jan 14
312 312 •314 37
*33
4 4
2134 2154 2914 2112 1934 207
131 Mar IS 227 Apr 21
2038 21,
/
4
2 20
85,300 Briggs ManufacturIng_No par
8
2134 , 1314 21
7 33
.32
33
32
32
32
*31
33
600 Briggs & Strrtton
311 3112 *3014 324
/
1
/
4
• 2114 Jan 2 3512 Apr 4
*212 27
8 .212 334
212
212 *23
8 23
200 British Empire Steel
4 .2% 212
4 Apr 8
13 Jan 30
8
22 22
100
*612 6
.512 6
*512 6
5
5
574
*514 57
200 2d preferred
8 *514
814 Apr 10
418 Mar 10
100
20 '20.3 19
1
193
4 18
1812 19
183
4 1814 23
173 184 4.400 Brockway Mot Tr
No par
4
8
13 Jan 3 217 Apr 23
*82
8712 •82
8712 •82
8711 .82
90
*82
Preferred 7%
8712 .82
90
100 68 Jan 11 85 Apr 24
169 170 4 164 1687 15912 16114 162 161
3
3
158 1637 153 1594 8,700 Bklyn Union Gas
3
/
4
No par 131 Jan 6 1781 Mar 3
41
417
8 41
.4012 4112 .1012 4112, *401 4112 41
41
/
4
par 40 Jan 30 42 Feb 18
41
2.200 Brown Shoe Co
2114 2112 2018 2118 19
20
1918 1913' 193* 19% 19
191 4,900 Bruns-Balke-Collender_No par 1318 Jan 15 301 Star 31
/
4
No
27
/ 2713 26
1
4
/
4
27
273
4 261 27
2612 257 264 3.200 Bucyrus-Erie Co
2712 26
8
10 22,3 Jan 24 31% Mar 24
411 4112 4113 4112 4114 4/3
/
4
4 4112 4134 *4114 413
8 4114 4114 1.500 Preferred
10 3318 Jan 7 43 Mar 25
11313 11312 *1133 114 *1133 114 *11334 114
4
4
114 1143 .11312 114
4
30 Preferred (7)
10)) 1073 Jan 3 115 Apr 15
4
8
1234 1312 123 1314 1218 123
8
1 1214 1212 1212 13
1218 1234 10.400 Budd (E (3) Mfg
818 Jan 3 163 Apr 15
No Par
1318 1312 1234 1334 1238 123
13
1212 127
3 123* 134 21,100 Budd Wheel
,
4 12
81 Jan 2 14 8 Feb 6
/
4
N par
Noo
3518 381 3712 3812 35
/
4
37
3i' 373
8 35
34
3618 13,100 Buiova Watch
37
par 2618 Jan 17 43 Mar 31
6012 63
60
64
5614 611z 58
61
5513 60
38,300 Bullard Co
5134 55
No par 297 Jan 16 74 Apr 2
8
•105 106 *105 106
10512 /0512.105 106 shIrt 103
101 103
5,400 Burns Bros now Cl AcomNo par 9918 Jan 13 11018 Apr 2
,
4 22
2334 2334 22 2 2314 22!g 223
2214 2134 2214 20
2,500 New class B com
No par 20 May 2 35 Apr 2
21
9812 9812 .98
.98
99
99
.93
20 Preferred
99
98
93 .98
99
100 93 Fob / 100 Feb 19
423 4418 4018 4212 40 4 423* 4118 43
3
12 4112 4434 403 431 33.900 Burroughs Add Mach_No par 40'8 Apr 28 51% Mar I
,
4
/
4
44
4514 43
437
8 4012 4234 4134 42 .42
2,700 Bush Terminal
423
4 4114 42
No par
36 Jan 4 4812 afar 5
10514 105 4 107 107 .107 108
.10514 107
,
108 103
107 107
1801 Debenture
100 10014 Jan 2 110 Mar 15
.1143 115
4
115 115 .115 118 *115 118
115 115 *115 117
30,Bush Term Bhigs prof
100 10018 Fob 10 118 Apr 7
.3
3
318
3
3
38
,
2% 23
4 1,5001 13utte & Superior MinIng___10
.3
2
34
,
5 Jan 6
/
1
4
23
4May 1
3
23
3
3
/
1
4
3
/ 3
1
4
3
/
1
4
3,
8
3
31 *318 314
/
4
31 34 1,900 Butte Copper & Zinc
/
4
414 Feb 2)
6
3 Jan 24
2-1
*24
24
21,8 24
26
*25
2512 25
25
24
25
2,400 ButterIck Co
8
100 1612 Jan 17 293 Feb 24
109% 112% 105 111
100 1661 10418 10734 1013* 106% 9618 103
/
4
97,400 Byers & Co(A M)
No Par 8018 Feb 4 11234 Apr 26
*11014 111 *111
•111
*111
_ •111
_
____ 111
______
Preferred
100 109 Jan 27 114 Jan 25
7312 737
7313 74
8 72% 7312 7115 -- 3
7 4 7112 72
i
7113 - 1 3.600 California Packing___ No par 663 Jan 3 7712/tiar 5
71 2
8
29% .28
.28
295 .28
8
293 *2814 2912 *28 4 2912
29% *28
California Petroleum
,
25 28 Jan 22 28 Jan 22
114
114
114 *1
114
114
133
114
1%
114
114 4.800 Callahan Zinc-Lead
*14
24 Feb 3
/
1
10
1 Jan 2
6114 6712 6412 65
68
6912 66
897 69% 68
6412 85
8
7.500 Calumet & Arizona MinIng_20 6414 Apr 30 897 Jan 9
2
1814 193
20
203
2012 21
4 1912 20
4 181 183
8 18
1918 17,900,Calumet & Hada
/
4
25 18 May 2 33% Jan 7
2512 25% 2412 2514 2412 25
26
26
2414 2412 24
2412 2.900Campbell W & C Fdry_No par
19 Jau 2 30 Mar 25
813 62% 6218 6438 62% 66,
678
4
32,600 Canada Dry Ginger Ale No par 613 Apr 26
2 64
6314 847
8 633 65
3
753 Mar 10
8
4
*28
2913 28
*29
29 .2814 29
28
2912 29
1,200 Cannon Mills
.2814 29
No par 27 Jan 7 3414 Mar 18
.2313 26
.25
263
24
4 243 263 .2312 26
24
200 Capital Adminls cl A
.23
4
2412
4
par 18% Jan 18 283 Apr 4
3
/
4
/
4
.37
7
397 .371 39 8 *3718 397 *371 337
397 40
.37
8
40
2.000 Preferred A
50 31 Jan 2 42 Mar 19
325 346
34314 348
31812 3321 331 34512 325 3524 311 33612 60,500 Case Thresh Machthe 2118_100 19214 Jan 2 36214 Apr 23
*126 12612 127 128
1263 1263 128 128
4
4
123 12818 .128 128 2
140 Preferred certincares___100 115 Jan 16 132 :gar 25
,
4 753 78
76 4 7912 77% 793
,
4
76, 773
4
4 7614 7812 7512 763 40,300 Caterpillar Tractor___No Par
54 Jan 2 79% Apr 28
107
8
912 91 *9
.9
9 8 .9
,
93
4 *9
9
/
4
9
91
4
500 Cavannagh-Dobbs Inc_No par
8 Jan 2 13% Jan 11
/
1
4
.70
73
•70
73 .70
73 .70
7312 *70
73
*70
73
Preferred
100 62 Jan 2 75 Jan la
47
12 4818 4214 46% 41
474 4234 4413 43
,
4314 4112 4512 13,9001Celotex Corp
No par 3512 Jan 2 60 Mar 10
2712 27
2714 2618 261
*27
23
283 .27
4
29
*27
29
7001Central Aguirre Asso_No par 2312 Feb 19 3012 Mar 31
Central Alloy Steel
No par 30 4 Jan 2 35 Apr 16
3
Preferred
100 19514 Feb 7 110% Apr 10
45zo 6
6
5
";Lii
5
6
*51 614
/
4
512 512
600 Century Ribbon Mills_No Par
814 Mar 27
4
33 Feb 4
6712 .60
.60
6712 *60
6712 .60
6712 .60
6712
671 .60
/
4
Preferred
100 51 Feb 27 6212 Apr 7
5433 543
8 54
5512 5313 513
4 5213 5412 53
54
51
55
12.000 ,:1erro de Paseo Copper_No par 521 Apr 30 65.38 Jan 6
/
4
1034 103
1012 103
1114
1114 11 14 3.200,t'ertain-Teed Producta_No par
4 11
4 1014 1012 1014 1014
8
013 Apr 24 157 Feb 8
44
4312 44
45
44
4112 433
*44
4112 44
4318 4312 1,5001CIty Ice & Fuel
No par 4018 Jan 3 99 Feb 4
9712 974 9712 9712 97
97
/
1
97
97
*9612 9712 '9612 9712
150, Preferred
100 96 Jan 15 9834 Feb 11
433
434 4412 42
8 43 4 453
/
1
3
3 4434 48
4615 48% 4312 4714 48.600 Checker Cab
No par 36 Jan 2 67% afar 27
70
7312 70
76% 76% 7414 75
71
66
69
7,500 Chesapeake Corp
71 2 66
,
No par 6312 Jan 3 8212 Mar 29
8 2334 2114 2414 213
25% 2414 253
25
24
2534
2334 24% 7.700.Ch1cago Pneumat Tool _No par 2212 Jan 20 37 Mar 31
513
51% 53 8 51
4 503 513
4
4 5113 528 5014 504 .51
5134 2,6001 Preferred
,
No par 5014MaY 1 55% Mar 14
2818 .28
8
2912 293 2938 .28
10 Chicago Yellow Cab., _No par
•28
2912 .28
2914 .28
29,4
1634 Feb 1 32 Mar 20
27
27
*2512 267 .2512 277
g
27
400 Chickasha Cotton 011
8 25
.27
/ 251
1
4
283
/
4 27
4
10 244 Mar 28 3212 Apr 10
/
1
,
62
2 6418 663
623
4 6012 6212 60
614 62 2 66,
4 6018 6412 23.100 Childs Co
No par 5712 Jan 8 G712 Mar 3
*49
/ 5518 .493 551
1
4
300 Chile Copper
601 5414 5114 51
/
4
54
4
/
4
*55
6018 .55
25 51 Apr 30 OS Feb 8
353 37
8
36
3412 353 143.900 Chrysler Corp
35% 36% 353 3612 35
3513 37
No par 3314 Jan 18 43 Apr II
1112 1114 12,
1112 123
4 1034 111 11
/
4
121 53.500 City Storm New
4 108 113
/
4
4 11
1314 Apr 25
8Mar 21
No par
73
/
4
1.200 Clark Equipment
4112 394 40
4112 41% 4112 4112 401 4114 *3912 411 •40
/
1
33 Jan 20 4412 Apr 21
•4512 50
*17
50 .47
200.Cluett Peabody & Co_No par 30 Feb I 61) Apr 5
*48
46
50 .46
52
46
50
N
r
102 102 .10012 102 .10014 102
20. Preferred
.101 103 *101 103
10014 1004
100 914 Jan 2 105 Apr 8
7
1771 1817 17512 177 o 17634 17812 176 17712 1703 1807 13.100 Coca Cola Co
/
4
180 181
8
2
8
No par 13314 Jan 8 1877 Apr 2
511 *51
/
4
52
.51
51
200 Class A
52 .51
523 .51
5112
4
523 .51
No par
4812 Jan 8 53 afar 21
28
29
2838 29
pmer , I oa- rt
2712 28
t
2712 28
28
26
28
2714 5.900 Collins,141ltrn avatiog_n10r
p
4
pao
143 Jan 2 353 Feb 13
8
*863 88 •86% 88
4
*8614 88 •86% 83
.86% 88
*863 83
4
73 Jan 3 86 Apr 17
697
8 64
613 637
67
7
6914 71
56
593 10.000 Colorado Fuel & Iron
4
9614 63 8 65
100 3612 Jan 2 77 Apr 8
16014 166
162 l66'z 156 165
17014 17412 16414 173
14714 15812 31.200 Columbian Carbon v t cAro par 14712May 2 199 Mar 11
8 8114 8138 8013 8212 8114 83
8312 847
80
823
4 75
8014 197,700 Colum Gag & Elea
No par 75 May 2 87 Apr 10
108 10818 10812 10812 10914 10914 109 4 10914
1,000 Preferred
*10818 10914 *108 109
,
100 104, Jan 31 110 Apr 11
4
3312 373
3 3114 3114 323 31% 32% 34
3312 37
29
3238 743.300 Columbia Graphophone
8
243 Jan 17 37% Apr 28
33
323 3114 321 333
3113 3112 33
8
33% 35
4 32% 3414 17.500 Commercial Credlt____No par 23% Jan 2 40 Apr 1
34
4012 41
41
40% 40
42
40
4134 42
41
411 42
6,500 Class A
8
50 317 Jan 2 44% Apr 1
Preferred
2612 .26
28
*26
2612 26
.26
2612 .251z 26
.2512 26
25 22 Jan 6 28 Apr 29
tg
92
92
93
*90
'
.92
inn7gd( /%)----100 7614 Jan 18 95 Mar 29
93
92
92
*92
93
81
4
46
45
4518 45
451 423 4412 6,500 Corn Invest Trust
/
4
46% 45
4718 4712 46
No par 3613 Jan 211 55 Mar 6
4
4 9712 99 .9712 9812 .97
,
Preferred (0, 7,)
/
1
4
9812 .96
98 .96
9812 .96
98
100 89 Jan 3 100 Mar 24
*17
183
4 17
21
17
.17
183
4 17
2312 .18
17
2.000 Warrants
•17
100 11 Jan 3 2314 Mar 5
33% 343
4 313 3114 3134 331g 312 3318 3013 323
4
29
3134 156.800 Comm Solvents
ye par 2714 Jan 22 38 Apr II
4 1814 183
4 17% 18% 1818 1812 1818 183
4 174 1814 273,900 Commonwealth&flou'rnNo par
184 183
4
123 Jan 2 2014 Apr 7
52 .49
52 .49
Conde Nast Piddles__ _No par 44 Mar 8 57 Mar 27
52 .49
53 .49
52 .49
52
*49
167 1734 161 17
2
1712 1634 17
4 17
/
4
151 163 35.700 Congoleum-Nalrn Ine__No par
/
4
4
1312 Jan 2 19% Mar 24
173 173
3
1,300-Congress Cigar
4014 4014 4113 41.1 42
42
41
4412 4312 44
4412
43
/
4
8
No par 4014 Apr 30 567 Star 11
300,Comley Tin Foil stlad-No par
%
*12
I Mar 24
3
4
N
5
8
*12
"2
3
4
*12
3
4
5
8
53
3
3 Jan 16
99
50
50
483
4 46
49
50
4512 4512 1,100'Consolidated Cigar_
50
4934 48
No par 44 Jan 2 59% Mar 17
300 Prior preferred
3 75
783
4 76
76 I
763
76% 76
78 .76
76 l 76
.76
100 67 Jan 22 80 Mar 25
9.700,Con4ol Film Inclus____No par
8
2 2413 25 8 233 2412 2418 243
253
8
2338 211* 2318 21
1512 Jan 3 273 Mar 11
3
25
3
2412 23 4 2412 2312 23 4 2378 2434 23 2 243
21% 5.500:Consol Film Ind Dref_No par 18 Jan 3 281 Jan 10
4, 23
/
4
3
24
12912 133
124% 132181 12212 12818 425,100:Consolidated Gas(N Y)No par 96% Jan 2 1367 Apr 26
s
135 1368 130 13534 128 132
8
8
No par 9912 Jan 28 103 Mar 14
.10214 10212 10218 102, 10214 1023 10214 10214 10214 10214. 10212 102% 2,700, Preferred_
13
114 114
138 4,300,Consolidated Textile...No par
114 114
11 112
/
4
138
138
2 Jan 27
1-34
134
1 Jan 2
2 1634 163
17 1 163 1612 3,600'Container Corp A vot No par
8
4 17
/
4
17
1712 1612 17,
1758 177
12 Jan 2 221 Feb 24
618 614 2,1001 Class B voilng
612 8121
612 (13
4.634 7
,
612 634
65
8 6%
No par
812 Feb 20
414 Jan 2
334 3912 3218 14,400 Continental Baking Cl ANo par 277 Apr 24 52,2 Feb 17
/
1
313
8
32
3
4 303 3114 31
307 3112 3012 313
47
16,500 Class B
5
4
/ 5
1
4
7 Feb 17
48 5
48 5
No par
.134 Apr 24
47
8 5
4% 5
2,200 Preferred
1
8213 823
/
4
4 827 83
82
100 78,2 Apr 24 94% Feb 17
824 8218 821 8312 84
/
1
8112 82
6618 6813 x653 677
647 6612 32,600 Continental Can Ine___No par 5018 Jan 2 71% Mar 31
8
658 641s 67
65% 6618 65
297 87.100 Conti. Diamond Flbre_No par 28 Jan 21 37% Apr 21
8
3412 3118 3334 313 3314 3018 3218 28
3134 33
34
4 6612 634 66
683 10,900 '_`-ontlnental Ins
4
6318 693
10 59 Jan 4 7734 Mar 31
7012 6712 69
7018 7018 69
57
12,200 ..ontlnental Motors._ _No
6
634
5% 6
814 Feb 19
6
o
618 618
IS% Jan 3
8
8
61 63
/
4
618 63
Continental 011
,9
4
29
26
8 28
273
2812 2918 2812 293
par 1912 Feb 4 3012 Apr 24
/
4
2914 293* 2812 301
4 3234 337
4
8 317 323 31.000 Continental Shares
s
No par 27% Jan 21 40% Apr 1
3414 3.134 3314 3414 3314 333
3414 35
s
8 98 10234 42.900 Corn Products Reflning____25 8712 Jan 3 11138 Apr 23
8
3
1063 10818 10218 10612 10218 1043 104 1057 1017 1053
4
146 146 .145 146220 Preferred
141 144
100 140 Feb 10 147 Mar 21
144 141
14414 145
•143 145
No par 2414 Jan 2 33 Feb 3
8
2834 298 233 2912 2912 2913 281 2934 28.000 Coty Inc
2914 31)
2918 30
2.300 Cream of Wheat
32
32
4
No par 254 Jan 6 3538/gar 20
4 323 33
32% 323
/
1
3212 33
33
3318 331233
18
18
1773 17% 1.900 Crag Carpet
18
100
18
18
9 Jan 22 2918 Mar 5
18
18
18
18
18
2,300 Crosley Radio Corp__No par
1718 157 17
•17
18
/
1
104 Jan 17 22 Jan 2
1814 1812 18
20
1812 19
*19
•pa sad asked prices no sales on thls day. s Ex-dividend, e Ex-dividend sad ex-rIghtas
PER SHARE
Ranee for Prestos,
Year 1929.
Lowest.
$ per share
55 Nov
95 Oct
1213 Dec
69 Dec
100 Dec
412 Dee
75 Nov
25 Nov
25 Nov
78/4 Nov
1103, May
2234 Dec
100 Oct
7018 Dec
37 Nov
70 Oct
3 Dec
18 Dec
53 Oct
26 Nov
211 Dec
812 Nov
17 8 Dec
3
Do Dee
3% Nov
14 Nov
711 Dec
/
4
99 Nov
38 Oct
1614 Nov
14
Oct
26 Oct
/
1
4
107% Dec
818 Dec
7% Dec
2114 Nov
25 Nov
88 Nov
223 June
8
83 Nov
29
Oct
314 Nov
/
1
911 Nov
/
4
105 4 Nov
3
438 Dee
2
Oct
1712 Dec
50 Nov
105 Apr
6312 Oct
25 June
1
Oct
7312 Nov
25 Oct
19 Dec
45
Oct
27 Dee
17 Nov
29 Nov
130 Nov
113 Nov
60 4 Dec
,
614 Dec
58 Dec
31
Oct
21
Oct
2613 Nov
10.53 Apr
4
3 Oct
5014 Dec
524 Nov
107 Dec
8
3912 Dec
96 Sent
18 Oct
4218 Nov
21% Oct
47 Nov
21% Oct
25 Dec.
4415 Nov
53 Nov
26 Nov
7 Oct
4
25 Nov
3412 Dec
9012 Dec
101 Nov
1434 Oct
10 Nov
65 Dec
2734 Nov
105 Nov
per share
11334 Jan
10634 Jan
32% July
Oct
131
10612 Aug
173 Apr
4
84% Jan
10433 July
12313 Sept
14934 Aug
128 Sent
6173 Apr
111
Jan
118
Jan
1)63 May
*
8813 Jan
113 Jan
4
6334 Jan
10012 July
14334 May
151 Feb
/
4
6318 Jan
4312 July
6% Jan
1312 Jan
73% Jan
145
Jan
24312 Aug
51,2 SOPS
5514 Jan
423 Jan
4
50 Feb
117 Apr
22 g Oct
7
121: Dee
34 Dee
5432 July
127 Jan
39 Jan
10514 Jan
329 4 May
3
8918 Feb
11012 Ma
11812 Feb
1238 Jan
,
9 2 Jan
41
Jan
1927 Jan
3
12114 Jan
847 Aug
8
3412 Aug
4
Jan
1363 Aug
4
617 Mar
8
4912 Aug
98% July
133 Sept
4
6518 Oet
39% Oct
467 Sept
12312 Dec
81 Dec
42, Feb
8
10512 Mar
79% Feb
4834 Jan
59% Oct
11212 Jan
2015 Jan
82 Jan
120 Mar
32 July
62:4 Jan
10514 Jan
8034 Sept
112 July
471. Sept
61 Sept
36
Jan
50
Jan
75% Sept
1274 Mar
/
1
135 Jan
27
Feb
617 Oct
8
72-4 Jan
119
Jan
15412 Aug
50 Feb
724 Mar
/
1
10312 Fet
781 Mal
/
4
344
Oct
- 2 Nov
661161 Nov
/
4
18 Nov
28 Nov
203 Nov
3
71) Oct
2818 Nov
87 Nov
9 Dec
2018 Oct
10 %ct
35 Nov
11
Oct
43 Nov
l4 Nov
40 Oct
63 Nov
10 Oct
1518 Oct
8013 Nov
11212 Nov
32 Dec
12 May
3 Nov
/
1
4
2514 Oct
43 Oct
3
7912 Nov
4012 Oct
203 Nov
4
4518 Nov
61 Dec
/
4
18 Nov
2812 Dec
70 Nov
137 Nov
IS Dec
24 NoV
15 Dec
15 Dec
11)9
833 Jan
4
62% Jan
513n Sept
23 June
1054 Jan
79
Oct
99
Jan
8912 Sant
63 OA
243 Oct
4
93 Jan
3534 Jan
9238 Feb
112 Feb •
9614 Jan
96 Jan
25% Sent
3034 Ayr
18314 Sept
10012 Dec
63 Jan
8
2312 Jan
111 Jan
/
4
90 July
1514 July
100 June
92 Sept
3312 Deo
11014 Sept
233 Jan
8
373 Aug
4
4575 Dec
126% Or%
144%
824 Jan
/
1
31 NOT
57% Apr
125 Fab
July
3121
New York Stock Record—Continued--Page 4
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.
April 26.
Monday.
April 28.
Tuesday. 'Wednesday. Thursday.
May 1.
April 30.
Aprii 29.
Friday.
May 2.
Sales
for
the
Week.'
Lowest.
Highest.
per share
per share Shares Indus. & Miacel.(Con.) Par $ per share $ per share
per share
$ per share
1,700 Crown Cork & Seal---No par 43 Jan 2 595 Apr 7
47
4934 *463* 47
48
48
46
49
No par
153
3May 2 1812 Feb 19
900 Crown Zellerbach
157 16
157 164
2
*15
16
*157 16
8
*81
8114 81
83% 2,300 Crucible Steel of America-100 8014 Apr 30 9333 Mar 25
8014 84
*8012 84
100 109 4 Feb 7 117 Mar 13
7
330 Preferred
3
8
4
11512 11512 11512 1153 1153 1153 115 1153
4
No par9 Jan 2 17 Apr 1
/
1
4
1518 15
1514 10,100 Cuba Co
153 1512 15
1513 15
8
12Mar 26
3
7 Mar 3
200 Cuba Cane Products_ No
414
414 *4
414 *4
5
4
*4
14 Jan 2
14 Feb 2
No par
Cuba Cane Sugar
2 Jan 7
4 Mar 3
100
Preferred
6 2 Mar 20
7
9 Feb 4
*61
500 Cuban-American Sugar__-10
7
*67
3 7
7
6g
-.67 -V" —Ws 68
7
100 49 May 2 653 Feb 11
8
630 Preferred
50
50
49
50
50
50
50
5018 .50
50
50 50
50 423*May 24 48 Jan 2
*427 43
2
•
42
4212 44
44
1,600 Cudahy Packing
127 43
8
4313 1312 43 43
300 Curtis Publishing C.o..—No par 113 Jan 27 12514 Apr 26
12312 12312
12334 1233 *12312 125 *12312 125
12514 12514 *124 128
4
7
-No pa 114 s Jan 29 12118 Mar 19
11812 1188 1.700 Preferred
118 118
118 1183 118 118 *11812 118% 1184 119
2
No par
8 Jan 31 147 Apr 7
12
2
1213 123
12 1314 12
4 123 137
4
13% 12
1212 13% 13
123 120,700 Curtiss-Wright
4
4
100 13 8 Feb 1 193 Apr 2
3
4
/
4
8 163 175* 1612 161 13.200 Class A
16
/ 17
1
4
1672 1714 1713 177
16
/ 18
1
4
2,900 Cutler-Hammer Mfg___No par 64 Jan 25 9012 Mar 31
81
8114 78
79
7314 76
81
7813 784 75
76
76
3
No par 283* Jan 2 43 8 Mar 31
37
38 I 36
14,400 Davison Chemical
8
/ 3914 35 4 3718 363 37
1
4
8
3
358 368 333 35
5s 22 Mar 25 30 Apr 1
Debenham Securities
no so *26 30 *26 30 *24 30 *24 30 .24 30
100 117 Jan 4 1274 F e 13
12412 12412 124 124 *124 125
310 Deere ,k Co pref
124 124
124 124
125 12512
1001 1953* Jan 3 2553 Apr 23
4
25014 254 212 252
7,500 Detroit Edison
2404 247
240 241
240 2424 235 236
4
8
4112 417
8 393 413
4
4014 394 4014 40
413
4 39
4 38
40
/ 6,200 Devoe & Raynolds A__No par 307 Jae 24 423 Mar 4
1
4
100 1083 Jan 14 11214 Apr 22
4
*109 112 *107 112 *108 112 *108 112 *112 115
112 112
30 let preferred
100 139 Jan 131 237 Apr 24
222 229
220 223
206 217
212 2193 215 225
4
211 2164 5,300 Diamond Match
/
1
94 Jan 18
61 Jan 3
4
No par
*83
4 88
7
84 8
83
s 812
84 8
/
1
4
/
1
4
814 84
814 84 7,600 Dome Mines, Ltd
No part 20 Mar 28 304 Apr 5
2614 261
25
254 2134 2538 2112 253
8 25
251
8 24
244 3.200 Dominion Stores
/
1
4
No part 76 Jan 21 87 Mar 16
83
/ 833* 8218 833
1
4
8512 83
2 8112 8212 83
853* 7913 8312 56,800 Drug Inc
374 31
/
1
36% 38
3614 378 36
3618 3718 35
33
37
8,500 Dunhill International—No Parj 31 May 2 4313 Apr 7
No par1 15 Jan 4 1812 Apr 4
1/1612 17
163* 1638 *1612 1814 *1612 1814 *1612 1814 *1612 1814
100 Dupan Silk
*10112 102
102 102 *102
__ — 102 102 *102
____ *10212 __ _ 200 Duquesne Light 1st pref___100I 100 Jan 7 10212 Mar 21
*2112 23
18
19
1912 1914 193 *17
19
4
/ 21
1
4
.18
1912 1,800 Eastern RoLing Mill—No part 18 Apr 28 2512 Jan 31
1
251 255 24514 25.5
7
2114 2497 24712 2523 241 252
2
4
/
1
4
2301 243
3
77,900 Eastman Kodak Co....No part 175 4 Jan 9 255 4 Apr 25
293 304 29
4
12May 1 3714 Feb 20
2838 293
27
30
4 284 2912 2712 2912 2712 28% 16,900 Eaton Axle & SprIng_No
/
1
1343 136
4
13212 1351 129 13212 1321 135
20 11212 Jan 11 1454 Apr 10
4
129 1354 128% 131% 37,700 E I du Pont de Nem
/
1
4
/
1
/
1
4
*11914 1193 11914 1194 11914 11914 11914 11914 1191 11914 1193 120
4
100 11412 Feb 4 120 Apr 1
/
1
/
4
4
1,400 6% non-sot deb
*64 vs 2514 718 '612 7Ig •6/2 7
/
1
*63* 74 *614 71
*
No part7 Mar 25 107 Feb 6
Eitingon Schild
*41
44
*41
100140 Apr 30 62 Feb 5
44
1341
44
40
41
*40
44
*40
44
500 Preferred 611%
8
97
993
3 9733 1001
93 4 97
3
/ 9214 96
1
4
No par 81 Jan 7 1147 Mar 29
/ 92
1
4
/ 95
1
4
Electric) AutoUte
92% 98
56,300
3
0108 1093* *108 1093 *108 1093 108 103 *10818 109% *10813 109
100 10614 Jan 6 110 4 Jan 7
3
10 Preferred
/
1
4
93 Mar 31
4
6
/ 64
1
4
3
No par
412 Jan 4
612 67
612 (Os
63
3 612
612 612
612 612 4.500 Electric Boat
96
98
913 963
4
8 914 941
9414 954 9112 97
/
4
No par1 491 Jan 2 103 Apr 23
79
9318 479,000 Electric Power & Lt
1103 1103* 1103 1103* 1103 11114 1103 1115 *11012 11114 *11012 1114
3
4
8
4
No par 10612 Jan 3 112 Apr 25
8
/
1
900 Preferred
I 12614 Jan 9 153 Apr 41
Certificates 60% paid
per share $ per share
50:4 51
50
50
*15 8 1614 31157 17
7
8
8418 84% 83
84
1152 11538 1153 1153
8
4
4
1512 1512 1518 1518
*4
5
*4
5
PR'S SHARE
Range for Preview
Year 1929.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
STOCKS
NEW YORK STOCK
EXCHANGE.
par
Lowest.
513 Jan
-- -3- Aug
4
11 Dec
/
4
187 Jan
8
17
Jan
678 Dec
56 Dec 95 Jan
7
36 Nov 67 8 Jan
Oct
100 Nov 132
4
11213 Nov 1213 May
6% Dec 3018 Ang
1314 Dec 377 Aug
8
."2114 Oct 6912 Jan
20 Dec 46% Jan
Jan
109 Nov 128
151 Nov 385
Aug
24 Nov 64 2 Feb
7
113 Dec 11512 Jan
117 3
.ov 16412 Jan
6 Nov
1114 Ault
12
Oct5414 July
89 Nov 12613 Feb
25
Oct 92
Jan
10 Nov 28% Jae
8
4912 Jan 1007 Mar
19 Oct3912 Sept
4
150 Nov 2643 Oct
4
18 Nov 763 Feb
Oct231 Sept
RO
tort Nov 1193 Aug
4
4 Dec 39% Jan
39 Dec 113 Jan
50 Oct 174 July
1023 Nov 115 Apr
4
8
314 Oct 181 Mar
2918 Nov 864 Sept
/
1
98 Nov 10914 Feb
106 Nov 11012June
64 Nov 10412 Oct
7914 Feb 10
10 Oct
12
Mar 24
512
34 June
7 3 Jan 24
3
314 Oct 2212 Feb
/
1
4
4914 Nov 83 Jan
597 Jan 22
4
/
1
4
113 Apr 23 108 Sept 12414 Feb
3
31
Oct 793 Aug
6712 Apr 7
80 Nov 12314 Aug
107 Apr 21
Oat
84 4 Oct 109
3
1047 Apr 21
8
3114 Jan 41 May
47 Apr 22
3812 Dec 54 Feb
433 Mar 5
3
3
15 Nov 73 4 Mar
30% Feb 18
/ Jan 2712 July
1
4
22
283 Mar 3
2
7
334 Nov 13 4 Dee
9% Jan 6
Apr 35 Jan
11
39% Jan 20
8
2934 Oct 547 Sept
4812 Apr 23
10912 Apr t 1 1011z Dec 11078 Jan
22 Dec 7233 Mar
27 Feb 27
/
1
4
604 Nov 109 June
9014 Mar 18
90 Nov 104 Feb
98 4 Apr 22
8
3
Feb 26
5 Oct22 Feb
1214
28 Nov 561 Sept
4
43 Mar 19
2512 Dec 33 Dec
38 Apr 16
824 Mar 31
1
4713 Nov 123 Scot
6 Oct13134a?
10 Apr 4
/
1
4
30 Dec 9812 Feb
4012 Jan 22
Jan
84 Dec 107
9712 Apr 7
2412 Dec 37 Dec
334 Jan 7
83 Dec 89 Dee
/
1
4
/
1
4
87 3 Mar 24
7
4412 Nov 90 Sept
5
613 Jan 30
213 Dec 2013 Jan
512 Apr 2
/
1
4
Apr 2
8 Dec 72 Jan
21
8 Dec 82 Jan
12
217 Apr 11
4
38 Nov 54 Jan
527 Mar 21
r
9018 Oct 10213 Jan
100 Feb 3
4
321 Nov 823 Aug
50% Mar 25
33 Nov 95 Sept
99 Apr 30
3
123* Nov 693 Apr
23:4 Apr 14
1913 Dec 1054 grof
573 Apr 25
3
7
23 4 Nov 54 Jan
3
5512 April
,
82 2 Nov 10712 May
951/Mar 6
7
5 Oct 33 2 Feb
113 Apr 9
4
ma Nov 83 July
/
1
4
80 Mar 28
3 Dec 25 Jan
b 18
16 8 Fee 14
74
7314 731
73
7312 74
*7312 714 734 731
73
72
7314 2,203 Elea Storage Battery—No Par 69% Jan 2
.3314 412 *312 41
*312 41
*312 41
4
33 Mar 17
*314 412 .312 412
Elk Horn Coal Corp___No par
4
4
*418 5
4/
*418 412 *4
412 418 *4
312 Apr 21
4
/
1
4
200 Emerson-Brant class A_No par
*5312 511 *5312 53
*534 55
7 *5312 55
*53
54
*53
Endicott-Johnson Corp----50 5212 Jan 9
54
*112 116 *11112 112
112 112 *112 116 *112 116
100 107% Jan 7
112 112
200 Preferred
*61
6212 *6112 621
61
611
61
62
6114 62
6114 62
2.500 Engineers Public Serv—No par 3914 Jan 2
10312 10312 *10312 104 4 10214 1031 102 10212 10213 1024 10212 103
3
No pa
94 3 Jan 8
3
1.100 Preferred $5
10012 101
100 100
102 1027 10014 10014 101 10214 10033 10011 1,900 Preferred (511)
/
1
4
No par 9412 Jan 2
46
46
47 47
47
47
/
1
4
47
47
4512 47
4612 47
2.300 Equitable Office Bldg No par 39 Jan
28
22
28
27
28
25
2212 23
2213 251
8 2433 2518 10,900 Eureka Vacuum Clean_No par 22 Apr 2
18
20
1814 1913 1814 1832 174 1812 1714 18
5 17 May
17
174 4,000 Evans Auto Loading
*2512 26
*254 26
254 2512 •25
2512 25
25
*25
2512
80 Exchange Buffet CorD_No par 22 Jan
47 Jan 2
514 54 *53* 53
8 512
4 *54 514 .8214 514 *518 512 851
25
200 Fairbanks Co
1712 171 17
/
4
17
16% 164 *1614 17
3
*1614 17
100 15 8 Feb 1
17
17
110 F1 etarred
47
4714 4518 47
44
45
No pa
3412 Jan
4 46
443 473
4
477
8 45
4,600 Fairbanks Morse
45
•108- 1073 1073 *108 109 13108 109
4
4
100 102 Jan
109 109 *108 109
40 Preferred
4117 1 3
7 - 17
4
17
1612 163 *1612 17
4
15 Mar 15
1612 1612 1512 1614
800 Fashion Park Assoc—No P
*793 80
4
7812 7912 78
783
4 771z 7712 *77
15 593* Feb
80
•77
80
2,400 Federal Light & Trao
97
97
97
97
961 97
4
*904 97
/
1
*95
/ 97
1
4
No Pa
91 Jan 1
*963 97
4
100
Preferred
*11
1112 11
11
10
/ 10
1
4
/ 10E2 104 10
1
4
7 4 Jan 1
7
/
1
/ 1014 107 103
1
4
4
4 1,200 Federal Motor Truck—No per
3912 4012 3918 394 384 394 388 39% 3914 393
32 Jan
/
1
4
4 38
387
8 3,800 Fedi Water Service A_Aro pa
363 364 343 35
2
4
33
3114 3313 33
/ 3314 3314 32
1
4
/ 3212 2.400 Federated Dept Storee_No par 29 Jan
1
4
•8114 83
81
811 7814 89
/
4
7814 80 I 7712 81
78
80
4.300, Fidel Then Fire Ins N Y-10 6512 Jan
4 914
*83
9
9
834 8
/
1
4
No part7 Feb II
84 8
1
/ *834 9
1
4
'/ 9
38
1
4
180 Fifth Ave Bus
*35
40
30
36
3128
*28
40
40
No par 33 Apr 3
*28
40
*28
40
100 Filene's Sons
*96
9612 96
911
*96
9612 *96
1001 92 Mar 15
9812 9813 951 *96
201 Preferred
9812
25 25
25
254 25
/
1
2112 243
25
4 2314 2114 223 24
4Ma1 2
4
2.800 Firestone Tire & &ubber___iOl 223
83 834 83
/
1
4
8318 *01
82
81E8 818 814 811
3
100 79 4 Feb 20
8034 81.
1.400
Preferred
5414 55% 55
55
523* 55
55
554 55
551
531 5412 4.830 First National Starea--NO P'I 503* Jan 2
/
4
37
4
414
414 4%
33* 3%
3
/ 4
1
4
418
No pan3 Jan 2
33
4 37 12,200,Flak Rubber
3
15
1512 15
15
1411 15
/ 1313 1412 1414 1414
1
4
/ 114 14
1
4
100 13 Jan 2
680' 1er preferred
1
17% 1772 174 1714 15
15
1534 141 144 1312 134
151
/
1
/
1
4
iool 12 Jan 2
700, 1st oref convertible
47
47
*4612 4812 *4612 481 *16
/ 4812 *1612 1813 •4612 481
1
4
2001Florshei mei hotclass A_No par 4212 Jan 4
preterr S o
1
9813 100
•9812 100
*9812 100
*9812 100
*9812 100
No 100 954 Apr 12
*9812 100
42
4112 42
43
4018 41
40
/ 411
1
4
40
41
39
purl 37 Jan 2
393* 3,000 Follansbee Bros
92% 94% 893 943* 90
8
931s 99
921
94
99
No pa
6012 Jan 8
8918 95
70.700 Foster-Wheeter
2112 24
*24
24
22
23
2114 2312 183 2112 3.300 Foundation Co
234 21
4
No Par 151g Jan 6
5518 56% 5314 563
8 5218 5134 514 5613 513 55 4 5112 553 422.400 Fox Film class A
8
3
Me /3
8
1612 Jan 3
5012 51
50
51
4814 493
4912 501 4712 5012 36.800 Freeport Texas Co
4 4912 51
/
4
No p*nI 384 Feb 25
7 93 3 *92
*93
91 '92
94
7
94
914 9112 93
3192
94 1
20 Fuller Co prior pref
No par 85 Feb 14
9
9
9
9
9% 9%
*34 812
9
9
818 8
900 Gabriel Snubber A
No par
12
53* Jan 2
72
72
714 721 *7012 72
/
4
71% 717 *7012 717 *704 72
s
3
700 Gaeweli Co
m
No par 6914 Jan 7
45
5
5
4%
413 43*
5
54
413 47
8
413 47
8 3,000 Gardner Motor
o 13
6
Jan 2
1512 1512 1513 15% 143 1514 15
15
4
1412 147
3 1418 1414 5.200 Gen Amer Investais—No par
5 123'31
•
1034 105 *10313 105 ' 0312 105
/
1
4
105 105 '10353 106
102 104
3001 Preferred
100 90 Jan 23 105 Apr 25
10514 107
10512 10612 1054 108
10613 1083* 1063 1083 100 107
2
4
/ 47.100 Gen Amer Tank Car—No part 99 2 Jan 2 111% Apr 4
1
4
3
6314 64
6212 8414 8018 63
6014 8218 5812 61781 58I4 59 I 18.3301/General Asphalt
4918 Jan 7 7113 Apr 7
*1204 125 *120 125 :120 125 *120 125 *1.20 125 1*120 125
1
Gen Baking oref
No par 105 Mar 4 125 Jan 15
3612 3738 345* 387
/ 3312 353
1
4
4 321/ 3412 3113 33
3312 34
28,201) General Bronze
No per 251z Jan 7 3812 Feb 15
*2578 26
2512 2512 2512 254 2412 211z 24
2412 23% 23%. 1.500 General Cable
3May 2 3412 Mar 7
-No par 233
623* 621
6212 63
62
624 6014 6211 57
Class A
60
58
58 1 5,700
No par 57 May 1 7441 Feb 5
5518 5618 5514 56
8 5412 5514 533 5412 2.500 General Cigar Inc
5514 5514 5514 551
4
No par 51 Jan 2 61 Mar 7
884 908 863 91
8
83
7 87
7
864 88
/ 8412 88
1
4
7913 854 757.800 General Electric
-No par b 64 Jan 29 95711 Apr 10
/
1
4
11% 113
114 113
/
1
1134 1134 113* 113
4 113* 1134 1135 115
8 3,300 Special
IOi 113 Jan 2 11% Apr 5
2
5814 603
8 58
80i 58
60
584 603
4 587 6114 5712 60 261,400 Gen Foods
8
No pant 4618 Jan 17 6114May 1
163* 1634 16
162 1613 1654 16
8
153* 164 1514 153* 104.100 Gen'l Gas & Elea Anew No pant 133 Mar 24 18% Apr 10
163*
/
1
4
9812 981
9713 99
913 97'2 954 96
4
95
98
94 May 2 1064 Apr 16
94
96
No pa
3.800 Cony pref ser A
1312014 122 *120 122 *120 122 *120 122 11118 122 *118 122
Preferred A (8)
No par 115 Mar 19 122 Apr 2
*106 107
107 107 *106 107
107 107
1067 107 *106 107
3
Goneralm ins (7%).__No part 104 Feb 19 111 Apr 9
Preferred A
51
52
51
52
49% 51
49% 50
48% 50
48 Mar 29 59% Apr 12
2
48
48
/ 3.0005
1
4
-No pa
*90
9111 *9012 9112 *91
911 *91
911
9112 9112 3190% 9412
100 90 Mar 29 95 Mar 22
100 Preferred
4712 483
4714 481
8 45% 473
3 463 171
4
4612 473
154 471 375,8.00 General Mottles Corp
10 3712 Jan 16 5414 Apr 10
/
4
12434 12514 125E2 126
12512 1201 126 1285 121314 12652 12752 12252 9.400 7% preferred
12 8 Aa 23 2 1
; l i 24
1
001 1372 : 149
36
36
35
35
32% 32% 35
35
*36
3612 35'g 3513 1,200 Gan Outdoor Ads A---No 1par
11s1sAaY 14
r ' pr 2
I
16
16
1513 16
154 10/
/
1
1512 16
1512 157
4
No par
15 Mar 17 211 Apr 3
154 1532 2.600 Common
/
1
4912 50 4 4818 50
3
45
4714 48
481
4513 48
/
1
4
4113 46
No pan 32 Jan 2 52% Apr 7
11,600 Gen Public Service
9513 9614 93 95
92
94
9011 9314 89
3
923
883 9114 15,700 Gen Ry Signal
No par 864 Jan 7 1067 Mar 28
3
83
/ 8613 84
1
4
87
/ 823 85
1
4
8
85
86
82
5 8614 81
84
30.100 General Refractories_No par 67 Jan 2 90 Mar 28
484 493* 48
5014 483* 49
483* 48% 483* 48
/ 48
1
4
8
No par 39 4 Jan 81 5114 Apr 10
4812 408.500 Gen Theatres Equip
823* 833
4 823 817
4
8 8214 8534 858 881 2844 8732 81
o
;I 8018 Apr 24 10618 Jan 16
87
85,300 %nate Safety Razor—No r
1918 193
4 1814 19% 1714 18
1712 181
1714 174 16% 173 14,200 tmbel Bros
7
1112 Jan 20 20 2 Apr 14
No
4
84
1381
81
81
*80
*80
81
82
79
100 68% Jan 30 8212 Apr 25
79
7912 80
600 Preferred
31
33
297 31
8
274 2978 29
293
3 28
8 mar 27
No 1 a
p
2 , Aao 2 13318 M.ar 20
2 1 j pr 19 0
8
7
30
27
39,200 GUdden Co
*10112 103
102 102
101 1017 101 1011 10112 102
102 IT
%
500 Prior preferred
163 171
4
163 18
3
163 17
8
15 4 17
3
No per 13 Jan 16 19 Feb 7
164 1714 155* 163 46300 Gebel(Adolf)
3
46
47
4512 47% 4318 46
45
403
4 4411 404 4318 454 134,800 Geld Dust Corp vs e...No Pa
7
37 4 Jan 2 472 Apr 28
3
443 45
4
44
4578
2
28 4913 391a 42
4 2
.38
3818 Apr 30 5812 Mar 25
3914 411 24,100 Goodrich Co(B F)____No pa
*98 100
99
99
*928 4993'154
4 :4
7
10
97
955* Jan 7 10412 Mar 23
97
139612 98
300 Preferred
83
/ 851
1
4
8118 85
8118 82
803 82
4
77
82
76
79 4 31.400 Goodyear T & Rub__-No par 62 Jan 2 96% Mar 31
3
*1013 1021 1013 102
4
4
1017 102
8
102 1021 10112 102
No par 90 Jan 3 10214 Apr 30
101 10114 2,500 lat preferred
4912 211, 2018 207
2018 201
8 1912 201 .9:2 25 .62 3 7512 6,500 Gotham SU Ho* new No pa
18 Apr 24 Ws Max 8
8
1
0
4 187 19
*69
75
*69
75
*69
75
*69
75
100 70 Jan 10 8212 Apr 4
Preferred new
*133 14
4
134 13 3 13
1
7
13 4 13
3
712 Jan 2 1538 Apr 23
No par
14
13
137
13
137
8 3,900 Gould Coupler A
10
101
/
4
9 8 10
7
9
/ 10
1
4
91 10
4
94 Jan 16 1358 Apr 1
8 4 10
1
3
94 97 10,100 Graham-Palge Motors_No pa
93
4 9 4 *9
3
938
9
/ 934
1
4
g
9
3
84May 2 10 4 Apr 1
/
1
No par
3812 38 8 377 3812 35
7
7
3
37% 33
31 May 2 59 Apr 2
354 32 1 34
2
/ 5'
4
Certttirars M Sm & Pr.1
31'1 33
5
5% 1110505 Grmiby Co
4214 42% 4318 43% 421z 4234 43
/
1
4314 42
No part 324 Jan 22 52 Apr 2
Grand Silver Storee
431
42 42
2.200
6 4512 Mar 1
0 3312 Feb
Grand
-iii8 17 2 -lir* - 3- —
-31/4
8
jai& "if "ii "ii --"' - 3- 'lir Til _
ii 1614 1/4 : e
13 Jan 18 207 Feb 13
/
1
4
No pa
Grand Unio90Stores Co
*4218 43
415* 418 415* 42
12
No par 37 Jan 3 43 Apr 10
40% 4218 41
P
4112 40% 49
4,200 Grareferred_ °5
464 4612 4612 461/4 453* 45% 4512 4513 45
an
50 s Apr 3
3
No part 37
/ 4512 *42
1
4
800 Granite City SteeL
45
•Bid and sated Mem 0015901 On 11/14 day. SEZdlylden,1. S
Ex-dividend ex-tights
Highest.
per share $ per Vlore
3713 Nov 79 Aug
17
Oct 25:4 Jan
4
71 Nov 1213 Aug
103 Nov 116/4 Feb
5 Nov 2412 Jan
y 3 adaltionat sasses for each Oars held.
Oct
75 Nov
1214 Nov
121 Nov
24 Nov
23 Nov
634 Dec
42
Oct
16813 Nov
11
Jan
35
Oct
1231*
11118 57113;
99
Oct
50 Oct
87% Dec
33 Oct
/
1
4
112 Nov
30
Oct
135 Feb
11612 Jan
89 Jan
/
1
4
100 Jan
917 Mar
4
12612 Jan
62 Jan
20
70
54
9434
Aug
140 Feb
69% June
61 Feb
12012 Feb
71 Feb
403 Aug
11% Feb
77% July
Nov II' Aug
Oct 12612 Aug
Oct 8813 Aug
80 Nov 143 Oct
1012 Nov 484 Jan
58 Dec94 Oct
26
Oct6118 July
95 Nov10618 Apr
912 Nov66 Feb
311 Oct 82
/
4
Jan
3814 Dec 105 4 Jan
3
95 Dec 11511 Feb
/
1
4
60 Oct 15412 Mar
87 Nov 104 * Feb
7
14 Nov 60 Apr
68 Dec 10114 Jan
4 Oct 14 May
7 s Oct 54 Jan
41
7 Nov 494 Jan
4614 Nov 10212 Mar
3212 Dec 447 Dec
5
33 Dee 9613 Mar
94 Nov 327 Jan
s
5 Jan
30
Oct54
32 Nov 631 Sept
3122
New York Stock Record-Continued-Page 5
For elites ct rthin the tenet or stocks not recorded here, see fifth peas preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
April 26,
Monday.
April 28.
Tuesday.
Apr11 29.
Wednesday. Thursday.
May 1.
April 30.
Friday.
May 2.
Sales
Jot
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share iota.
Lowest.
Highest.
PER SHARE
Range for Preview
Year 1929.
Lowest.
Highest.
Per share $ per share h Per share $ per share Shares Indus. & Mlacel.(Con.) Par $ Per share $ Per share $ per share $ per shore
per share
$ Per share
35
383 10.800 Grant(W T)
8
3458 3518 3314 361 3314 35
No par 3258 Jan 2 43 Jan 9
354 36
/
1
33 38
/
1
4
/
4
/
1
4
3213 Dec 144 Feb
/ 6,800 Gt Nor Iron Ore Prop No par 197 Jan 3 253 Mar 25
1
4
2014 2012 2014 2014 2018 2014 204 20 4 2034 211 2012 20
8
/
4
/
1
3
19 Oct 394 Feb
8
2914 2914 2918 2912 2918 2912 2913 3712 3012 3113 2934 303
8 8.300 Great Western Sugar No par 284 Mar 1 3412 Jan 16
28 Nov 44 Jan
350 Preferred
/
1
11713 11712 *11713 11814 11712 1174 11712 11712 *11712 11814 11712 11712
100 114 Jan 4 120 Mar 14 105 Nov 11913 Feb
/
1
4
/
4
2618 2718 2418 273
/
1
4
/
1
4
/
1
4
No par 1212 Jan 18 27 Apr 28
144 Nov 70 Sept
2512 211 23 212.700 GrIgsby-Grunow
2
4 23 2514 243 25
/ 24
1
4
•14
2 13
4 *114 14 *118 114 *115 114 *11 114 •pa
114
/
1
Guantanamo Sugar
/
4
4 Feb 4
No Pa
1 Nov
512 Jan
12 Mar 7
60 6114 5612 80
63
/ 4,500 Gulf States Steel
1
4
62 *58
54
100 514 Jan 2 80 Feb 19
5812 5654 6212 *56
42 Nov 79 Mar
/
1
40 Preferred
*101 105 *101 105
107 107
100 9813 Jan 17 109 Apr 30
109 109 *10514 10812 1054 10514
9934 Dec 109 Feb
200 Hackensack Water
2734 28
*2713 28 *2712 2812 *2712 2812 2812 2812 28
25 26 Jan 4 30 Mar 24
28
/
1
4
2312 Nov 35 Aug
20 Preferred A
*26
*2612 28
2814 2614 2614 *2613 28
25 26 Jan 8 29 Apr 17
*2812 28
*2612 28
26 Jan 30 Aug
35,100 Hahn Dept Stores
21
214 2238 2158 2278 207 217s 2118 2212 2012 213
/
1
8
12 Jan 2 2314 Apr 17
/
1
4
12 Oct 56 Jan
No Pa
/
1
4
4 19
847k
700 Preferred
/
1
*8512 87 *854 87
100 714 Jan 3 8612 Apr 17
*85
87
86
8514 8512 *85
714 Dec 115 Jan
/
1
/
1
1,800 Hall Printing
27
2712 28 26
4
10 24 Mar 17 313 Mar 25
8
2618 2618 26
27 Dec 2978 Dee
271/4 2614 275
2
6
_ *10412 ---- *10412 _28-65 - ______ Hamilton Watch prof
*1044
/
1
100 99 Jan 7 10412 Apr 24
*10412 _-_- 10412 ____ *10412
99 Nov 1053 Jan
8
390 Hanna prof new
96
*96
No par 85 Jan 16 98 Apr 14
96 .95
96
96
97
_
95
95 --95
96 96
7112 721 69 713 6412 69
6512 1.570 Harbison-Walk Refrao_No pa
/
4
55 Mar 12 7214 Apr 21 54- -Jan 87 Oct
/
1
66
814 •6434 884 63
4
/
1
4
/
4
1612 1878 1814 161 153 1612 1614 1612 16
1334 Jan 16 20 Feb 5
/
4
1612 151 1612 4.000 Hartman Corp class B_No pa
4
13 Oct 414 Aug
/
1
*2278 2314 2278 2278 *224 2314 *227 23 *227 23
*2278 23
/
4
300 Class A
/
1
No pot 2013 Jan 17 231 Apr 25
8
8
/
1
4
16 Oct 31 Sept
/
1
4
Hawaiian Pineapple
*58
5934
20 54 Jan 14 61 Feb 13
5934
584 *58
/
1
593 *58
*58
59
14 *58
55 Dec 72 Aug
/
1
4
No par
144 124 13
/
1
/ 17,700 Hayes Body Corp
1
4
13
/ 1314 1212 1314 1218 13
1
4
614 Feb 24 1734 Apr 4
5 Nov 6838May
13
1214 14
/
1
4
25 82 Mar 20 92 Feb 19
700 Helms(0 W)
86
8312 *81
84 8413 *83 86 *8312 86
*83 89
/
1
4
84 Nov 11813 Jan
83
12
No par 22 Jan 3 31 Apr 11
400 Hercules Motors
*28 30 *28 29
214 Dec 3313 Oct
/
1
2713 2713
2712 2712 *23
*2712 29
30
/
1
10112 1027 1014 1041 10014 10114 102 105 10114 10114 9812 1013 21,400 Hershey Chocolate___No par 70 Jan 2 1074 Mar 25
45 Nov 143 Oct
4
/
4
/
1
4
/
1
4
8
No par 83 Jan 2 1067 Mar 25
1,900 Preferred
8
*101 105 10214 104
6033 Nov 14314 Oct
12
10212 10212 101 104 102 1034 9934 101
100 10414 Feb 21 1063 Apr 2 104 Jan 1061 Oct
200 Prior preferred
4
10612 10612
*10512 10712 *10512 10712 106 106 106 1071 *108 107
/
4
/
4
No par 15 Jan 15 2514 Feb 27
*20 22
400 Hoe (R) de Co
19
123 Dec 33 Aug
4
19 *18
1812 1312 19
*19
21 .18 20
No par 2814 Jan 14 414 Mar 28
3614 3614 *3512 37
21 Nov 61 Mar
/
1
341 344 1,400 Holland Furnace
/
4
35 351 3434 34 *341 36
/
/
4
34
13 May 2458 Aug
/
1
4
812 Feb 27 1258 Jan 29
912 9
/ 4,300 Hollander & Sons (A) No par
1
4
107s 10
912 103
93 10
4
913 10
1012
451
s 10
*7514 77
65 Nov 93 Aug
100 75 Apr 10 80 Feb 1
300 Homestake Mining
7514 7614 .7513 77
*754 77
76
76
*76
77
21
13 Nov 5234 May
22
/
1
4
20 211 2014 207
/
4
2012 211 2014 20 40,200 Houdaille-Hershey elB'No par 19 Jan 2 29 Feb 5
/
4
8 2034 21
4
45 Aug 524 Sept
5512 554 55
/
4
4 1,100 Household Finance part pI_50 49 Mar 5 553 Mar 31
/
1
54
/ 54
1
4
5514 545 55
/
1
4 541 543
/ 544 543
1
4
8
Household Prod Inc......No par 5212 Jan 25 6112 Mar 10
40 Oct 7913 Jan
_
26 Oct 109 Apr
10514 11
112 116
92 104 83,400 Houston 011of Tex tern etfs 100 524 Jan 17 11678 Apr 25
108 1111 11112T8 110
/
4
-4 105% 110
34 Nov 82 Mar
/
1
4
No par 304 Apr 29 4178 Feb 7
13,100 Howe Sound
32 3214 31
/
1
4
3018 301 301 3012 3018 31
/
4
3134 3015 31
/
4
38 Nov 93 Mar
/
4
/
4
58,300 Hudson Motor Car
454 46
4514 46141 4518 4813 4538 48
4514 47
444 47
/
1
/
1
4
No Par 441 Apr 26 621 Jan 6
18 Nov 82 Jan
10 1914May 2 2858 Apr 11
2014 20
/
1
1913 2014 194 20 31,800 Hupp Motor Car Corp
4
20-4 193 207
/ 20
1
4
8 194 20
17 Oct 3938 May
/
1
4
26
27 2812 2612 271
/ 28
1
4
4
/
1
3 2718 274 2612 27
/ 2514 263 31,200 Independent Oil & Gas_No par 2014 Feb 19 32 Apr 7
1
4
gss 914 34,300 Indian Motocycle
312 Oct 3212 Jan
No par
9
10
9 1014
11
114 10
/
1
5 Jan 3 17 Mar 4
914 9 4
103
3
4
100 30 Jan 8 8712 Mar 3 25 Nov 95 Feb
/
1
4
30 Preferred
4
57 *4812 533 *4812 538
*481 57 *48
/
4
51
51
50 50
4
131 Oct 53 Aug
/
4
54,200 Indian RefinMg
2114 22
211 2214 22
10 1734 Jan 2 2838 Mar 22
21
/
4
23
/
4
4
/ 2112 221 203 213
1
4
4 19
1112 Oct 5114 Aug
20
2053 20 4 20
4
10 18 Jan 2 273 Mar 22
195 24,900 Certificates
8
1912 2014 18
21
3
/ 211 1934 21
1
4
/
4
6812 Nov 135 Jan
500 Industrial Rayon
No par 90 Feb 11 124 Jan 10
*105 110 105 105
10314 105 *10314 112
105 105 *1034 112
4,700 Ingersoll Rand
No par 15414 Jan 8 239 Apr 24 120 Jan 22312 Oct
. 230 217 227 21012 220 219 221
...!(1
210 22112 20334 211
71 Dec 113 Aug
800 Inland Steel
No par 7053 Jan 6 98 Mar 11
3
90 90
8912 8912 *885 8912
9114 90 91
"13 9238 91
4
22 Oct 66 Mar
/
4
/
1
4
/ 1938 18
1
4
/
1
4
183
4 171 1913 19,500 In8niration Cons Copper-- 20 1718May 2 30 Feb 7
2018 2018 20 2012 1914 2014 17
12 Dee 16 Nov
1814 3,100 Inauranshares Corp
1012 16
No par 1314 Jan 3 1738 Mar 10
1812 163
1612 164 1612 16
58
4 1618 16% 16
53
4 54
'2 Nov
5
514
7 Apr 1
/
1
4
51 53
4
1414 Jan
44 Jan 2
/ 15,300 intercont'l Itubber
1
4
/
4
4 *54 5
/ 512
1
4
No Par
3
*5 4 6
3
2
3,900 Interlake Iron
25
251
/
4
No par 24 Feb 20 2878 Apr
25
/
1
2534 253
4 2512 2578 25 2512 2518 254 25
504 612
6t2 612
Oct l71 Jan
No par
Jan
6
81 *818 612 1,600 Internal Agricul
/
4
65
8 83
4
*63
4 64
/
1
2 Apr 9
pr 7
1.100 Prior preferred
63
63
40 Nov 884 Jan
63
63
100 541:Ma 2
/
1
jan
65 6514 6112 6414 *63 65
4 Mar
*6514 66
2,900 Int Business Machines_No par 15212 Jan 18 193 Apr 11 109 Nov 255 Oct
18114 18334 18114 18114 18112 18214 180 182
*184 187 *184 188
3,500 International Cement__No par 5584 mar 6 7538 Apr 2
8878 69
48 Nov 10234 Feb
6912 697
2 69 6912 66 8912 6812 6912 6712 69
928 1114 111 111 1018 111 10
1034 86,200 Inter Comb Eng Corp_No par
/
4
/
4
/
4
414 Dec 10313 Feb
8
5 Jan 2 1412 Mar 28
/ 1014
1
4
812 103
8
5,400 Preferred
*60 69
/
1
68
184 Dec 121 Feb
/
1
100 30 Jan 2 78 Apr 1
4 6918 894 *64
/
1
6013 6258 584 8212 6012 875
/ 1054 1113 103 10778 60,900 Internal Harvester..---No par 788 Jan 7 11534 Apr 16
1
4
65 Nov 142 Aug
/
1
3
8
/
1
10514 10712 1054 1083 10438 10814 108 110
4
Preferred
/
1
100 14012 Feb 10 14412 Mar 14 137 Aug 146 Jan
3.
14212 14212 14212 14212 143 143 143 143 143 14312 1434 1441
4812 42.900 Int Hydro-El Sys el A_No par 3112 Jan 3 54 Apr 11
23 Nov 59 Sent
504 46
50
5034 4858 5012 4738 4938 4818 5038 48
/
1
4
8212 8512 18.000 International Match pref-35 0513 Jan 3 92 Apr 24
85
89
47 Nov 10212 Jan
,
86 8812 8314 85 4 8512 87
87 88
26
261 8,500 Int Mercantile Marine ctfs_100 25 Jan 2 33 Apr 17
/
4
1818 Nov 3918 Oot
/
4
2638 2778 2714 281 2634 28
29
2938 29
/ 28
1
4
/ 35
1
4
/ 33
1
4
/ 3514 3114 3414 32,600 Int Nickel of Canada_ _No par 3114May 2 4438 Apr 4
1
4
3418 35
/ 34
1
4
25 Nov 7234 Jan
3518 37
36
53 37
International Paper___No par 58 Jan 6 65 Mar 21
*58
68
70 *60 68 *58 60
57 Dec 112 Oct
*62 67 *65 65 *58
600 Preferred (7%)
85
83
834 *83
/
1
*83 86
100 80 Jan 23 86 Apr 29
77 Nov 94 Jan
88 86
*8112 85 *8113 84
/
1
4
4,500 Inter Pap & Pow CIA-No par 26 Jan 7 3113 Mar 22
4
2778 28% 2818 2812 x2712 283 *2712 28
20 Nov 4414 Oct
28 28
/ / 2813 29
1
4
1
4
2,000 Class B
19
1914 1934 19
No par 1514 Jan 6 2254 Apr 14
2014 203
1918 20
12 Nov 3378 Oct
4
20
2014 20
/ *19
1
4
13,600 Class C
No par 12s Jan 7 18 Apr 14
153
15
/ 154 15
1
4
151
9 Nov 2618 Oa
8 1414 15
15
/
1
16
16
1614 15
500 Preferred
8012 811 .8012 81
/
4
*8034 82
81
100 7914 Jan 81 86 Mar 26
77 Nov 95 Oct
*81
8214 *8012 8112 81
300 lilt Printing Ink Corp-No Par 4614 Jan 17 584 Apr 5
*5214 53
/
1
5314 5314 *5014 53 *5134 53
54 54
40 Nov 681 Oct
55 55
/
1
4
40 Preferred
8
8
914 Nov 106 Mar
100 9313 Feb 7 101 Apr 12
4
9812 9812 *9834 993 *984 99
/
1
/
1
/ 995 995
1
4
*100 102 100 100
97 10312 7,120 InternatIonal Salt
4 89 100
5512 Jan 9034 Feb
100 69 Jan 30 10312May 2
88
8834 8818 883
88
87
85 87
/
1
400 InternatIonal Shoe____No par 57 Apr 3 62 Jan 15
5713 5713 574 5713
*5712 58
54 Oct 7712 Sent
/
1
*5712 58 *574 5734 *5712 58
1,200 InternatIonal Silver
100 98 Apr 26 119 Feb 1
95 Nov 1594 Aug
/
1
4
9913 9912 99 9912 9912 101 *100 107 *100 104
98 101
/
1
20 Preferred
10514 1054 106 108 *108 107
100 105 Feb 26 11214 Feb 17 10314 Oct 119 Jan
*108 110 *10514 108 *10514 108
Internat Telep & Teleg_No par 62 2 Jan 30 77 Apr 24
711 579,000
/
4
/
1
4
53 Nov 14914 Sept
4 85
3
/ 7112 7338 7318 7538 7112 753
1
4
73 4 7512 7212 75
3
7,100 Interstate Dept Stores_No par 2613 Mar 26 40 Feb 4
2518 Oct 9312 Jan
28
2912 2718 28
30
30
2812 30
*2812 283
4 2714 30
10 Preferred ex-warrants _ _ _100 71 Mar 12 754 Feb 6
7212
*71
7212 *71
71
71
74 Dec 97 May
/
4
75 *711 75
*71
75
*71
500 Intertype Corn
*254 27
/
1
17 Nov 38 July
No par 23 Jan 2 32 Apr 9
29 *2512 26
29
2912 *27
/
1
4
*30
3114 30 30
4,300 Investor, Equity
2212 2114 22
12 Nov 7212 Aug
/
1
4
2338 22
No par 19 Jan 7 29 Feb 19
/ 22
1
4
24
2414 2334 2418 22 22
8 3812 3812 3812 3812 37
3812 1.200 Island Creek Coal
*3918 3918 39
12
1 87 May 2 43 Mar 19
39 Oct 69 Mar
3918 *3812 387
18,200 Jewel Tea Inc
59 61
39 Nov 16214 Fob
No par 43 Jan 20 6612 Apr 30
65
57 6612 59
56
7
64 5512 5412 55 8 54
90 Nov 242 Feb
3
No par 10014May 2 1483 Feb 5
/
1
4
/
1
4
10734 11512 106 113 108 113 107% 110 1004 10914 98.000Johns-Manville
117 121
760 Preferred
120 12018
100 11814 Feb 24 123 Mar 21 118 Nov 123 May
12018 12014 *12018 121 *12018 121
*121 _- 120 121
480 Jones 5c Laugh Steel prer 100 118t2 Jan 6 12312 Apr 11 117 June 126
8
123 12312 122 123 122 1227 12212 12212 122 122
Oct
123 123
3
3 3 312
512 Apr 9
312 312
No par
3% 53.900 Jordan Motor Car
113 Oct 1812 Jan
312 312
2 Jan 22
314 3
/
1
4
3
14 312
8 1314 1314 1,100 Karstadt (Rudolph)
13
1112 Mar 17 1312 Jan 16
13 *1314 135
13
168 Nov 13 Nov
7
131 13
/
4
/
1
4
13
/ 1318 *13
1
4
600 Kaufmann Dept Stores_512.50 18 Jan 7 2012 Mar 7
174 Dec 3718 Feb
4
4 1912 1913 .1858 1934
/
1
*1914 19 4 *1912 194 1918 1912 183 183
3
3014 3114 3,200 Kayser (J) Co v t a.-__No par 3014May 2 4112 Jan 2
30 Nov 584 July
8
/
1
3114 313
/
1
4 3114 3212 3034 3114 3034 314 303 31
Keith-Albee-Orpheum -No Par 21 Jan 8 45 Apr 23
/
1
4
493 *____ 493 *_ _ 49
4
1512 Nov 46 Jan
4
49 4 *48
3
49 4 *41
3
*40 49 4 *44
3
3001 Preferred 7%
100 85 Jan 7 150 Apr 24
133 133
14014 112 .130 142
70 Nov 133 Jan
*140 147 *132 14814 *118 142
5.200 Kelly-SprIngfield Tire_Ny par
34 Jan 2
44 5
/
1
613 Apr 10
45
8 5
434 5
3 Dec 22
44 4
,
/
1
4
47
8 5
5
5
1914
3
7
210 8% preferred
100 20 Jan 3 42 Jan 24
16 Dec 9473 Jan
*2714 30 •2712 30
40
/
1
4
30, 30,
4
2 3018 3018 *30
3012 31
6% Preferred
*___
100 29 Jan 2 55 Jan 25
50 *____ 50 *___ 50
*____ 46
26 Dec 100 Feb
10,300 Ke18133 118M8Wheel____ No par 2218 Jan 3 3913 Apr 11
1
32
/ 3318 34
1
4
323 33
4
/ 3134 3212
1
4
1853 Nov 5934May
4 31
3512 3312 353
35
No par
241 156,500 KelvInator Corp
/
4
22
/
4
71/4 Jan 2 2658 Apr 25
5 Oct
4 2314 2412 241 2514 2355 25
2538 2638 2418 253
Feb
jan
80 Kendall Co pref
No par 8212 Jan 4 89 Mar 21
86
85 85 .85
85 85
85
85
75 Nov 96 Feb
85 85
*85 87
Kennecott Copper
No par 4334May 2 62 Feb 7
/
1
4
/ 4513 168,700
1
4
4414 45
4412 47
/
1
4938 Nov 104 Mar
/ 43
1
4
/
1
4
8 464 43
4813 4918 47; 483
/
1
4
11,200 Kimberley-Clark
No par 49 Jan 7 59 Mar 31
55
58
/ 55
1
4
/
1
4
55
4514 May
557
8 5512 55 • 5513 5812 55
*5412 55
4,400 Mune) CO
,
No par 8260
39
/ 40
1
4
8 3912 40
393- 394 397
,
3914 3912 39
39
2 11 Iu1
47 °
4
39
;
c
18 Feb 22 42 24 Py 17
jse 2
6 97 Aa r 1
100
93
/ 9413
1
4
94
911.5 943
4 9214 9218 *92
8112 Ne t 10934 Mar
2
0 Ocv
*943 95 *9154 95
4
614 6,
1
32,200 Holster RadioCorp_ __No par
22
64 653
812 Apr 14
513 6
14 Jan 18
/
1
312 Dec 7838 Jan
6
6 12
614 712
3
612 8 4
16,600 Kraft Cheese
No par 381 Jan 6 53 Apr 21
51
5134
/
1
4
27 Nov 7614 Oct
/
4
513
4 5112 52
50
/ 513
1
4
4 5014 514 51
5114 52
/
1
100 98 Feb 6 10912 Apr 29
/
1
/ 1094 1094 2,300 Preferred
1
4
3
95 Apr 1057 Oct
1
10938 109:8 10914 10914 10914 10912 10914 1093 10938 109
,
3118 11,500 Kresge (88) Co
10 305 Feb 17 3634 Jan 2 28 Nov 5713 Mar
3138 3113 3112 31
8
31
4
8 3113 32
3218 3214 313 32,
Kress Co
No par 56 Apr 26 70 Jan 24
*57 60
59
/
1
4
561 57 *59 60 *57
/
4
534 Nov 114 Jan
/ 5718 60
1
4
56
/ 58
1
4
02022
2334 Jan 2 3538 Apr 10
/
1
22 Nov 4638 Mar
/
1
4
/
1
/ 334 3.118 33 3312 3318 3338 324 3338 3213 3314 157,0 Kreuger & Toll
1
4
33 8 33
5
/
4
/
4
/
1
/
4
/
1
/ 3018 3438 311 334 311 341 88.300 Kroger Grocery Or Bkg_No par 3018 Apr 30 484 Jan 23
1
4
/ 35
1
4
3814 Nov 12212 Jan
3612 3678 3518 373
8 33
*2412 243
4 2414 2413 1,800 Lag° 011 dr Transport__No par 214 Jan 11 2613 Apr 7
2412 25
/
1
1612 Nov 3858 June
2412 2412 *2412 25
25 25
No par 97 Jan 2 113 Apr 1
10012 10178 23,800 Lambert Co
/
4
8
3018 Nov 1503 .1Z
11714
10218 103 10114 10318 9918 10112 1011 1027 101 102
4
r
/ 2,500 Lee Rubber & Tire___No par
1
4
73
8 7
614 Jan 2 11 Mar 25
713 7
/
1
4
73
4 73
73
5 Oct 25 Jar
4
4 74
5
814 814
7
/ 8'2
1
4
200 Lehigh Portland Cement-_50 34 Jan 4 42 Apr 1
39
39
*39
40
*39
41
*38 41
30 Nov 65 Feb
41
39
/ 39
1
4
/ *39
1
4
Preferred 7%
/
1
100 105 Jan 2 1084 Apr 21 109 Nov
/
4
10812 1071 10813
8
/
1
4
/
4
/
1
4
108 10812 107 107 *10758 1181 *1075
108 108
/ 6,600 Lehigh Valley Coal___No par 12 Feb 10 17 Mar 17
1
4
1278 12
/
1
4
1318 1212 13
/ 12
1
4
10 0c1, 32 Oct
/ 1312 13
1
4
/ 1312 13
1
4
/ 13
1
4
13
2,300 Preferred
50 32 Feb 24 3713 Mar 19
*311 33
/
4
32 *3112 33
31 Dec 683: July
3312 3214 3214 32
411
*32 3314 *32
No par 29 Jan 21 36 Apr 14
/
1
4
31
3114 3012 3118 1,800 Lehn & Fink
31
31
31
28 Nov
31
31
3112 31
Feb
*31
2614 1,500 LIbby-Owens Glass--No par 19 Jan 4 3112 Mar 29
/
1
4
/ 2312 2614 2614 26
1
4
17 Oct 43 Aug
26 26 2 23
,
*2634 2714 *2812 27
2,300 Liggett dr Myers Tobacco_ 25 o9112 Feb 13 1133 Apr 1
4
108 10812 107 10712 105 108
1014 Nov 106 Oct
%
n
10918 10912 109 10913 103 108
25 09112 Feb 10 114 Apr 1
/
1
4
10314 10812 55,300 Series B
4
1073 10978 10618 10878
SO Nov 10814 Oct
1053 108
8
/
1
1083 1094 1084 109
4
1,500Lima Locomot Works-No par 3
36
,34 Far 18
914 e 1
36
9 Apr 24 4 mF4b 225
5 ja1i 18
3618 3612 3678 37
36
35
3514 *35
37
37
900 Link Belt Co
No par
8
417
41
41
41
42 42
42
Nov 61 Feb
4312 4312 42
*43 45
23,900 Liquid Carbonic
No par
/ 6914
1
4
7012 65
4758 Oct 187754 ju y
3
0
/ 6312 7114 67
1
4
6512 69
13 8 Jan
0
7212 7314
/ 911 152.400 Loew's Incorporated_No par
1
4
/
4
9312 87
32 Oct 84 Feb
/ 8778 9112 90
1
4
/
1
4
8712 8912 8534 88
/ 8518 87
1
4
No par 8551 jjan° 12 110 May1
/
1
4252 JL 7
3
1
' 109 1094 3.500 Preferred
10812 10814 110
80 Oct 11034 Jan
4
4
4
*10712 1073 107 10712 1073 1083 107
Preferred ex-warrantallo par 84 Jan 28 933
934 1,600
/
1
8May 2 8034 Nov
93
93
/
1
/ x9112 914 92
1
4
92 924 9212 92
92
92
No par
512
63 Feb 19
8
3 Jan 27
12
4
514 53 42.400 Loft Incorporated
3 Dec 1113 Apr
51 618
/
4
/
1
4
418 454
/
1
4
414 4
414 438
bong Bell Lumber A-No par 11 Apr 16 153 Mar 22
4
/ 14
1
4
/
1
*10
/ 14 *104 14 *10
1
4
8
12 Dec 3212 Jan
*1038 14 '103 14
*1033 14
25 5013 Jan 4 7014 Apr 2 394 Nov 877 Sept
8478 6212 6313 9,500 Loose-Wiles Biscuit
/
1
4
/
1
/ 63 6412 62
1
4
9
53
62 63
/
1
4
/
1
4
/
4
634 631 62 63
/
1
73,400 Lorillard
25 161 Jan 2 2818 Mar 3
25
/
4
2312 2538 23
/
4
1414 Oct 3112 May
/ 241 25
1
4
22
/ 23
1
4
25
25 2558 24
No par
8
105 14,600 Louisiana Oil
8 Feb 28 12 Apr 28
10
/
1
7 Oct
Jan
1034 1118 1013 114 *104 11
1118 12
11
/
1
104
Preferred
100
887
8
6
7
80 Nov 1004 Feb
8
8
12
8
*85 887 *86
8
887 4185 887 *85 887 *8412 887 *8412 4614 38.900 Louhville G & El A__No par 84 Jan 18 8912 Feb 25
8
5114 Apr
44
3814 Jan
/
1
28 Oct
4658 484 454 48
/
1
Sept
/
1
49 504 4718 5912 4538 48
Steel
No par 32 Jan 2 4478 Mar 12
33
3312 8,700 Ludlum
/
1
4
/
1
22 Nov 108% July
/ 354 334 34
1
4
/
1
727
8
4 33
/ 343
1
4
33 3612 33
/
1
4
364 37
/
1
No par 89 Apr 28 993 Mar 18
200 Preferred
95
4
*88
95
76 Nov 18 June
95 *88
4.83
9712 89 89 *____ 88 *88
400 MacAndrews & Forbes_No par 28 Feb 28 393 Apr 3
4
33
430i8 32
30
301 *32
/
4
3014 Oct 46 Jan
*3018 32
*3018 33 *3012 32
No par, 70 Jan 2 8812 Mar 27
16,100 Mack Trucks Inc
/
1
554 Nov 1143 Feb
/
1
75
767
8 734 75
77
76
4
2 7412 76
75
/ 783
1
4
3
70 4 81
trn oar 13112May 2 15914 Feb 3 110 Nov 25512 Sept
4.500 sIs,,on - 1311 133
/
4
1351 117
,
189 13912 138 138 136 133 13511 138
Rld and asked prices; no gales on this day •gg-tligedgkfIghbh
6711
New York Stock Record-Continued-Page 6
3123
For sales d (ring the week of stocks not recorded here, (tee sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
April 26.
Monday.
April 28.
Tuesday.
April 29.
Wednesday. Thursday.
May 1.
April 30.
Friday.
May 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
Lowest.
111114.71.
Per share $ per share $ per share 3 per share $ per share $ per share Shares Indus. & Miscel.(Con.) Par $ per share $ per share
113 113
12
12
4
1112 117
4
4 113 11 4 1114 12
,
8 1112 1112 2,500 Madison Su Garden__ _No par
1114 Apr 30 1418 Feb 14
3514 361, 3412 365
8 333 35
8
4
333 337
333 34
8
3312 337s 9,700 Magma Copper
3318May 2 523 Jan 7
No par
4
8
814
831 914 *SN 83
814 858
4
8
834
814 2,200 Main-son (H R) es Co No par
814
8 Jan 15 123 Mar 18
4
*43
*43
4 6
4 6
434 43
43
4 43
412 *418
4 .418
412
4
100 Manati Sugar
100
453 Apr 10
8 Jan 29
21
.21
21
23
2012 2012 1938 20
19N 193
8 1814 1814
280 Preferred
100 184 Apr 10 50 Jan 28
•135 14
•135 14
8
8
.1338 15
*135s 15
•1358 15
*135 15
8
Mandel Bros
133 Apr 12 15 Jan 14
4
Vo par
53
4
544 523 5418 5 8 5314 5312 55
53
554 *535 533 54,500 Manh Elea Supply ____No par 257 Jan 3 5518May 1
8
4
/1
195 193
197 20
11
8
4 19
1912 1818 1812 .1812 19
•1812 1912 2,100 Manhattan Shirt
25 18 Apr 29 245 Jan 10
8
*45
.47
48
47
.45
*45
47
47
46
47
45
45
200 Marlin-Rockwell
Vo par 397 Jan 2 55 Feb 28
8
2314 247
4
8 233 2478 2318 237
8 2314 2312 233 237
8
3 2314 24
8,200 Marmon Motor Car
No par 201 Jan 17 307 Apr 9
8
4
*4
412
4
414
4
4
.4
4
4
4
4
800 Martin-Parry Corp__ No par
3 Jan 6
55 Mar 31
,
443 46
4
4514 47
45
4578 4512 463
8 4518 47
44
457 17.600 Niathieson Alkali WorksNo par 37 Jan 2 513 Mar 28
8
12
8
*125 128 *125 128 *125 128 .125 128 .125 128 *125 128
Preferred
100 115 Jan 24 127 Apr 21
*55
553
4 5418 5412 54
5518 53N 55
54
5412 534 55
11,600 May Dept Stores
"5 49 Jan 15 613 Jan 31
8
1912 1958 19
1912 1814 19
l84 19
175s 1812 175 177
8
5,300 Maytag Co
1618 Jan 2 23 Mar 26
No par
.363 3612 363 363
*363 38
8
8
8
35
8 35
35
353 *344 35
4
800 Preferred
No par 2914 Jan 2 4012 Apr 7
8312 *79
*75
8312 .75
8312 .79
8312 •75
8312 .75
80
Prior preferred
No par 76 Jan 7 8412 Mar 26
.45
• 46
46
4712 45
4512. *4412 4712, *45
471 *45
4712
300 McCall Corp
No par 403 Jan 14 50 Apr 1
8
.63
6412 .63
6412 .63
6112 6412 644, 63
63
6412
63
70 McCrory Stores class A No par 63 Apr 22 74 Jan 2
67 .60
.60
67
*60
67 .60
67 .60
67
67
.62
I Class B
No par
GO Apr 10 70 Jan 16
(3912 93 *8912 93 .894 93 *8912 93
,
*8912 93
.8912 93
Preferred
100 92 Feb 4 97 Mar 24
4212 *42
.42
4212 42
42
*4112 4212 4112 4112 41
41
300,NicGraw-Hill Publics's No par 35 Jan 15 44 Apr 7
.134 1912 *1812 1912 •185 1912 1858 1858 *1812 19
8
.1812 19
100 McIntyre Porcupine Mines..-5 143 Jan 2 192 Apr 23
4
833 83'
8
8012 83
7
804 821s 823 834 8118 84
,
79
827 30,800 McKeesport Tin Plate_No par 61 Jan 2 853 Apr 23
3
4
301,, 2912 mt. 2912 31
31
30
30
230
303
4 29
30
9,200 McKesson A RobbIns_No par 2514 Mar 13 37.53 Apr 12
447 447
8
8 43
43
4212 4258 42
43
4212 43
4214 4214 2,500 Preferred
4914 Apr 8
50 4118 Mar 11
165 165
8
8 16
16
16
16
1512 1512 1512 153
15
1514 1,800MoLellan Stores
1412 Feb 14 2014 Jan 7
No Par
3912 3912 3912 3912 353 383
4
3912 3912 401
4 39
373 3812 1,9001131elv1lle Shoe
No par 2614 Feb 8 42 Apr 16
1912 195
8 19
20,
8 18
19
184 187
8 1818 191
1.712 1812 5.7001Men3e1 Co (The)
4
1518 Jan 15 233 Mar 10
No par
353
335 353
335
8
8 33
3112 3414 3512 3318 35
2918 333 122,200 Mexican Seaboard Oil_ _No par
1618 Jan Is 37 Apr 7
2258 2318 22
227
22
2214 2012 22
21912 201
19
2014 16,200 Miami Copper
8
5 19 May 2 337 Feb 6
67 67
67 6714 65
663 .64
4
6512 64
85
2,500 Michigan Steel
617 62
3
8
No par 53 Jan 6 747 April
3012 32
31
32
3012 31
3112 324 3133 32
.1
293 3012 25,900 Mid-Cout Petrol
4
No par 2312 Feb 24 33 Apr 7
17
17
8 14
2
13
4 17
13
4 17
3
13
4 18
134
178 6,200 Middle States 011 Corn ctfs_ -N Mar 4
22 Mar 17
3918 40
388 393
4 38
39
3718 38
37
38
35
37
5,400 Midland Steel Prod
No par 36 May 2 53 Feb 28
53 Apr 2
Miller Rubber
No par
3% Jan 23
,
'70' 73 6913
;BS- 69
68
68
•65
68
-1-34.78 6014 1,100 M./In-Honeywell Regu _No par 61 Jan 10 763 Mar 19
4
2553 2612 25
26
23
2538 213 2512 2312 268 2312 2412 19,600 Minn-Moline Pow Impl No par
4
121 Jan 10 28N Apr 17
,
.83
85
85 85
.83
85
827 83 .80
8
8314 •7712 83
600 Preferred
No par 72 Jan 7 87 Jan 30
243 243
8
3 243 24s 233 248 233 24
4
4
2312 2353 233 2312 4.800 Mohawk Carpet MilLs_No par 233
8
8liay 2 40 Jan 27
60
56
60
583
s 55
56
53
59
564 5812 14.300 Monsanto Chem Wks. No par 485 Mar 15 538 Apr 21
5618 60
8
4612 477
8 443 4814 42
451s 433 454 4312 454 24214 453 319,200 Mont Ward &Co III Corp Nopar 3514 Mar 28 497 Jan 2
4
11
1072 10
10
107
8
912 1014 1018 1012 1018 104 10
1014 10,700 Moon Motor Car new _No par
334 Jan 22 1612 Apr 2
6612 6712 6612 6612 66
66,
2 6612 6612 664 67
67
67
2,100 Morrell (.1) A Co
No par 5818 Jan 7 72 Feb 5
17
13
4 2
2
14 17
13.4
13
4
IN
13
4
158May I
158
13 12,000 Mother Lode Coalition_No par
4
2 Jan 2
858 8,
8
83
8
712 8
714 738
7 8 712
,
8
74 74 3,600 Moto Meter Gauge dzEgNo par
418 Jan 16 115 Apr 10
62
63
61
6114 60
61
.59
72
.59
70
61
6234 1,900 Motor Products Corp_No Par
60 Feb 15 81 Apr 7
*2912 30
293 295
8
27
29
2714 273
274 2738 273 273
8
8 4.400 Motor Wheel
No pa
2612 Jan 2 34 Mar 19
19
195
8 1814 183
4 1753 1818
1712 171
IS
18
18
183
4 3,000 Niullins Mfg Co
No pa
127 Jan 2 20N Feb 14
8
61
60
61
60
*5812 60
*5812 60 .584 60
.5812 60
510 Preferred
,
No pa
574 Jan 3 647 Jan 31
*49
*49
50
50
49
49
4
13
50 .48
50
.48
100 MunsIngwear Inc
50
No pa
46 Jan 3 5312 Feb 10
207 22
,
204 2158 1912 2034 20
203
20
2012 2014 2282 42,300 Murray Body
No pa
18 Jan 17 2514 Apr 11
4758 4758 47
483
4514 477
46
465
8 4514 46
8
45
4553 6,600 Myers F (4 E Bros
355 Jan 2 4912 Mar 25
8
NO Pa
4614 467
8 4314 4618 437 4512 45
8
4678 4518 464 44N 453 20.100 Nash Motors Co
4314 Apr 28 5812 Jan 6
No Pa
1958 2138 1853 197
8 1818 19
184 187
1812 1912 1818 19
181, Apr 29 2614 Feb 14
8,700 National Acme stamped____1
263 2812 2733 297
4
8 2712 2812 28
287
2712 2918 2512 2818 37,500 Nat Air Transport
11 Jan 13 31838 Apr 14
No Pa
1734 18
17
173
4 1614 167
1612 17
8 1612 17
16
163 14,200 Nat Bellas Hes8
4
No pa
ON Jan 13 20 Apr 7
2 177 Jan 2 2253 Mar 21
4
"i6i4 ii4 8553 -373 -613. - 3 851* 87 84'3 87 -828.2 ii- "2"5",800 National Biscuit
8 85;
;
New
1
71 Jan 2 0118 Mar 31
564 5714 631.1 6612 633 573
4
4 57
8
5812 555 573
4 5512 587 43,100 Nat Cash Register A w I No pa
5314 Apr 28 8312 Feb 3
5614 563
4 5514 564 5412 55-,
8 555 563
,
8 5512 57,
4 54
565 75.600 Nat Dairy Prod
8
No pa
4314 Jan 20 5812 Apr 21
.2118 2112 214 21.18 21
2114 .204 21
•2014 2112 *2014 21
400 Nat Department Stores No Pa
20 Jan 15 2412 Feb 27
.8812 92
*8812 92
8812 884 884 8812 •8812 92
*8812 92
110 1s1 preferred
100 88 Feb 4 go Jan 27
.35
35
35 2 31
,
*3312 34
4 32
338 3414 3312 333
33
2,900 Nat Distill Prod ctfs__ _No pa
29 Jan 2 3912 Feb 6
.2712 30
*2714 2814 *2714 28
2714 2714 •2712 2734 •2712 273
100 Nat Enam A Stamping__5_100 2714 Apr 30 3312 Mar 1
149 1503 148 148 *14514 151 •14514 150
151 151
4
145 14511
500 National Lead
100 137 Jan 2 18912 Feb 71
140 140
1393 1393 13918 141
4
4
141 141
141 141 .14012 141
210 Preferred A
100 13818 Jan 3 142 Mar 26
117 117
117 117
117 117
117 118 •117 119
11812 11834
130 Preferred 13
100 116 Jan 17 119 Apr 2
553
51
5614 573
513 5418 537 56,
4
4 5212 5538 43
53 169,400 National Pr dr Lt
No par
32 Jan 2 58N Apr 24
.27
8 3
27
3 27
8 *278 3
*2N
3
.2N
3
27
8
27
412 Jan 15
200 National Radiator
No par
IN Jan 7
612 612
.612 7
•614 7
6z8
658 *6
7
.6
7
200 Preferred
4 Jan 2 11 Jan 15
No par
*117 11812 116 116
115 115 *116 11712 115 1153 .114 118
4
600 National Supply
4
50 102 Jan 10 1243 Apr 7
903 91
4
905 905
s
91
8 89
90
9012 91
90,
894 904 2,700 National Surety
50 3012 Jan 7 9853 Mar 22
*3314 3414 32
3314 313 323
4
4 3314 3312 3158 32
31
32
3,900 National Tea Co
No par 31 May 2 41, Feb 4
227 2318 2218 223
1
4 2034 2218 20
21
193 2012 195 2014 51,200 Nevada Consol Copper-No par
4
19587.lay 2 323 Jan 7
767 .60
•65
SO
.62
75
*60
77
.60
75
•60
75
Newport Co class A
50 51 Jan 9 85 liar 25
5212 5212 51
5212 4912 51
50
493 50
4
50
4814 495
$ 3,000 Newton Steel
No par 40 Jan 2 5S Apr 14
423 423
4
4 4212 4212 4212 4212 .42,2 44
*4212 44
4212 425
8 1,300,N Y Air Brake
No par 4212 Apr 23 47 Feb 19
46
4512 46
46
*444 4512 *4412 4512 4512 46
*40
44
500'New York Dock
100 35 Jan 9 48 Apr 25
.84
90 .86
90
88 88
89 .87
.85
89
.86
8912
200 Preferred
100 80 Feb 8 8812 Apr 24
.103 10314 10314 10314 10314 103 4 103 103 .103 1031 •103 10312
,
40 NY Steam pref (6)__ __No par 100 Jan 2 103N Apr 22
1131 1131s 11312 11312 11312 11312 11312 1137 *113 11378 1138 1137
,
3
170 1st
No par 110 Feb 5 11612 Mar 13
1257 127311 1225 12638 11912 1223 1217 1237 1193 1231 1161 12078 70,100 Northpreferred (7)
8
8
4
8
,
5
,
American Co___ _No par 93 Jan 18 13278 Apr 11
.5514 5512 *5514 5512 55
5518 5514 5514 553 5514 5518 5512
900 Preferred
50 51 Jan 13 5512 Mar 24
*10312 10414 *104 10414 1033 10414 1033 104
4
104 104 •10312 10414
8
900 No Amer Edison pref__No par 10( 4 Jan 23 1043 Mar 19
4
4
*525 5334 5218 521
8
514 513 *5114 51N .52
53 4 *5312 533
,
4
4
200 North German Lloyd
45 Jan 7 6412 Apr 3
43
4712 4712 4712 *43
474 •43
4712 *43
4712 .43
4712
20 Northwestern Telegraph___50, 42 Jan 2 5018 Mar 14
212 278
212 212
218 212
212 212
21
, 218
1,500 Norwalk Tire A Rubber____101
2
22
,
N Jan 9
4 Mar 26
*314
.314 6
.314 6
.34 6
•314 6
*314 6
1Nunnally Co (The)_ _No par
2 Feb 3
214 Mar 10
13
13
.1212 13
1212 1212 12
*1112 1178
13
1112 1112 1,400 OU Well Supply
25
913 Jan 3 1514 Mar 21
*9112 9212 •9112 9212 *9112 9184 *9112 913 •9112 913
4
.
9112 913
4
Preferred
100 86 Mar 10 93 Apr 4
31
3112 2912 3031 29
30
2912 3078 2912 311
28
297 13,700 Oliver Farm Equip----- So par
8
137 Jan 2 347 Apr 17
8
'
43
437
8 4118 42
40
41
403 403
4
4 4034 41
40
405
8 4,000 Cony participating_No par 3118 Jan 3 461s Apr 17
868 867 .853 8612 8512 8512 86
8
4
86
SG
86
•854 86
400 Preferred A
No par 70 Jan 2 89 Mar 11
5%
614 614 .6
64
534
518 514 .5
512 55
8
514
1,200.0mnibus Corp
No par
23 Jan 3
83 aiar 31
8
95
95
92
95
90
92
98
92
97
99
9318 98
1,030 Orpheum Circuit, Inc pref..100 63 Jan 6 997 Apr 24
2
7414 747
8 72
7418 704 72
71
723 74
8
73
7018 71N 16,500'Otis Elevator new
No par 7018May 2 80 8 liar 13
3
•124
*124
124 124 .124 -- .124
_ •124
___
30 Preferred
100 11818 Jan 23 128 Mar 24
3314 3212 -33
33
323 33
33
3318 31
331
3112 3'2N
5,300 Otis Steel
No par 3012 Jan 2 387 liar 31
8
.967 99
8
*95
99
99
98
92 .95
•95
98
•95
98
100 Prior preferred
100 91 Jan 10 99 Apr 29
•56
58
56
56
255
55
55
54
.51
56
•53
56
900 Owens-Illinois Glass Co_ -_25 524 Jan 6 607 Feb 7
6912 7012 6814 70
68
69
6914 7038 6818 701
6712 69
28,300 Pacific Gas A Else
25 5218 Jan 2 747 afar 31
1023 1037 102 1037
4
8
8 9918 1013
8
4 993 1013 100 1051
8 963 10112 30.300 Pacific Ltg Corp
4
No par 72 Jan 8 1077 Mar 23
247 .2212 25
8
24
25
25 .24
25
*25
2612 *25
2612
80 Pacific Mills
100 21 Jan 7 30 Feb 8
118
118
14
118
2,300 Pacific 011
No par
1 Jan'2 ,
114 Jan 22
14812 14912 148 14812 14/ 117 2 iii" al"
-114f 4
8 1,520 Pacific Telep dr Teleg
100 141 Mar 171 178 Feb 19
.12512 130 *125N 100 •126 130 *126 130 *126 1303- iii" 1163
.125 130
Preferred
100 11612 Jan 61145 Feb21
1812 1917 1812 1918 1818 283
8 183 183
,
4 1814 185s 1734 183 176,000 Packard Motor Car___ _No par
,
15313 Jan 18 233 Mar 18
8
59
59
.58
59
59
60 .61
613 .60
4
61
•60
6112
1,800 Pan-Amer Petr A Trans___50 5158 Feb 21 13018 Jan 4
59
60
593 617
4
594 6212 6214 (3334 621.3 6312 59
6112 30,100 Claas 13
50 5012 Jan 25 633 Apr 35
4
1514 178 1612 1814 16
163 21614 16N
4
1612 163
4 1618 155 20,100 Parmelee Transports 12..No parl 1514 Apr 2G 2618 Mar 10
8
93 103
4
4
953 11
918 10
101
, 1034 1012 1112 10
105 12,400 Panhandle Prod A ret__No par
8
41, Feb 14 117 Apr 24
8
60
*57
.57
59
60
6()
60
6018 61
63
62
62
600 Preferred
100 4712 Jan 14 62 May 2
691s 707
7014 71
8 68:8 697
4
6812 7012 693 7134 68
71 107,600 Paramount Fern Lasky _No par 435 Jan 2 7714 Mar 31
8
3N
31s
3
3
3
3
278 3
27
8 3
27
27
1
,3
3.800 Park Utah C M
212 Jan 31
818 812
43 Apr 7
8
Pa 838
64 73
7
7
818
814
7
7 3 74,500 Pathe Exchange
8
No par
28 Jan 3
9 Apr 25
4 1713 181, 143 173
175 183
8
4
173i 1512 1712 1512 1634 49,900 Class A
4 16
No par
5 Jan 2 1953 Apr 25
23
23
23
23
203 '225
4
2112 1814 193
8 20
8 1914 207 12,000 Patin° Mines dz Enterpr_-__20 1814May 1 3253 Feb 5
,
812 853
812 84
814 81
814 838
81s 812
50
134 Jan 7 14 Feb 3
8
811 5,000 Peerless Motor Car
484 5012 4814 487
8 47
3
48N 4714 43 4 4714 5038 40
477 13,100 Penick dr Ford
8
No par 261 Jan 7 553 Apr 10
,
8
7214 7412 70
7314 74
4
7214 713 7212 7012 7218 67
70
8
No par 625 Jan 22 80 Jan 3
17,600 Penney (2 C)
1003 1005 10018 10012 10012 1001 .16012 101
8
8
10014 10012 *10014 10012
100 93 Jan 7 10058 Apr 26
900 Preferred
1014 1012 10
1014
95 10
•95o 10
10
10,2
10
105
61/1 Jan 4 12 Mar 8
4,300 Penn-Dixie Cement____No par
50
50
50
50
*4512 5012 50
50
50
50
50
100 3018 Jan 2 5512 Mar 13
50
1,200 Preferred
319 32212 319 319
300 31212 312 314
298 300
298 305
3,600 People's(IL & C(C131c)100 230 Jan 17 323 Apr 25
*20
20
20
203 *20
8
203
4
2038 213 .2012 21
•2014 204 1,500 Pet Milk
Vo par
4
177 Apr 3 213 Apr 30
8
3612 3612 36
37
35
36
36
3518 33
,
37
3618 365
25 35 Apr 29 44-53 Apr 7
5,300 Phelps-Dodge Corp
•240 250 •240 250 *230 250 4
240 250 .235 245 •230 250
50 2213 Jan 10 243 Apr 15
Philadelphia Co (Pittab)
53
4
53
*523 55
*5314 55
55
*54
*54
55
.54
70 501 Jar) 15 55 Mar 31
5418
,
100 6% preferred
2318 2012 223
225 2318 21
8
8 2112 23'4 223 2418 215 24 112,800 Plain% A Read C A 1____No par
8
113 Jan 17 2412 Apr 24
8
8
.12
12,
2 1212 1212 12
1214 1218 123
4 12
1214 12
84 Jan 8 1511 Mar 11
1214 3,400 Phillip Morris & Co.. Ltd ___10
.23
2518 .23
21
23
25
25 .23
•20
23
20
1,100 Phillips Jones Corp.__ _No par 20 May 2 27, Feb 18
22
*7014 75 .7014 7412 .
7014 7412 .704 7412 .7014 7412 .
100 70 Feb 4 75 Feb 11
7014 7412
Phillips Jones pref
• Bid and asked prices: 180 sales 011 Ms day. 9 Ex-dividend and ex-rights, a
Ex-dividend.
Er-rights,
PER SHARE
Range ,por Prestos'
Year 1929.
Lowest.
Higher:
___•h per Share $ per stars
1112 Nov
24 Feb
35 Nov (1212 Mar
393 Jan
8 Nov
3 Dec 26
Jan
197 Dec 5012 Jac
4
14
Oat
383 Mar
8
197 Nov
373 Jan
4
1914 Dec
WI Jan
Oct 897 Slay
30
19 Nov 104 May
212 Nov
113
Jan
29
Oct 218 Feb
120 Jan 125 Jan
4512 Dec 10812 Jan
15N Oct 2912 Aug
2814 Dec 4914 July
7512 Nov 9018 Jar,
3914 Dec 108
fact
74 Dec 1133 Feg
4
70 Dec 11312 Feb
8612 Nov 120 Feb
30
Oct 43 Feb
1212 Nov 2312 Jan
54 Nov 82 Jan
2118 Oct 69 Mar
40
Oct 63 July
1812 Dee 5912 Aug
261, Dee 72
Js n
9 Oct 34% Jan
911 Oct 6953 Jan
20 Oct 3412 Mar
44 Dec 122N July
397 Jan
2218 Nov
3 8 JelY
3
4 Nov
4
34 Dec
59 Nov
10
Oct
65 Nov
35 Nov
47 Nov
4253 Dec
11. Oct
42 Oct
14 Oct
3
14 Oct
36 Nov
21 Nov
10
Oct
55 Dec
38 Nov
147 Nov
8
30
Oct
40 Oct
14N Nov
10 Dec
918 Dec
140 Nov
6514 Dec
69 Nov
36
Oct
20 Dec
89 Dee
15
Oct
254 Dec
12914 Nov
138 Nov
115 Oct
23 Nov
112 Dec
112 Der
9812 Nov
7014 Dec
3118 Nov
234 Nov
43 Mar
35 Dec
3513 Oct
33 Nov
823 July
4
9312 Nov
107 Nov
6612 Nov
48 Nov
98 Nov
4112 Dec
4012 Dec
3 Oct
4
2 Dec
7 8 Dec
7
4
883 Dec
8
Oct
17
Oct
6412 Dec
212 Oct
5018 Oct
1187, Oct
2214 Nov
8934 Nov
43 Nov
42 Nov
5318 Nov
1712 Nov
N Oct
131 Nov
11634 Jan
13 Nov
4014 Feb
4012 Feb
1512 Dec
28, Mar
,
12314 Sep:
433 July
8
102 July
8014 Mar
8012 Oct
1567 Jan
,
5 0(1
813 0,2
8
612 Mar
313 Ala
4
206 Mar
,
551 Aug
817 Jan
,
1024 Jan
61N May
1007 June
,
67
13 Oct
1187, Jan
417 July
,
48l May
71 Mar
236N Oct
73 Dec
1453 Mar
4
8612 Aug
3734 Mar
96 June
58 June
6214 Jan
210 Oct
14112 Feb
123N Apr
713 Aug
4
17
Jan
41
Jan
144
Jan
155 Feb
913 Mar
627 Mar
103 Sept
1)3 July
49N Mar
598 Feb
90
Apr
103
Jan
115 Aug
180 4 Sept
,
5414 Jan
1033 Jan
4
644 Jan
50 Mar
(314 Feb
8 Feb
32
Jan
10612 Jan
f3412 Apr
69, Apr
9'2 May
107 Feb
,
95 4 Jan
3
".1an
55
Oct
108 Feb
8102 Sept
9143 Sept
14612 Sept
Apr
37
112 Jan
220 July
138
Oct
3212 Sent
69 AUff
6914 Aug
21 Dec
3 Nov
1514 Jai]
4712 Feb
78
Jan
36
Oct 7512 Oct
3 Dee
13N Feb
212 Dec
1478 Jan
412 Dec 30 Jan
247 Oct 473 Mar
,
4
518 Oct 2212 Jan
22 Nov 607 Sept
8
66 Nov 1054 Oct
33 Oct 97 Dec
27
312 Nov
Jan
2018 Nov 94
Jan
208
Jan 404
Aug
1818 Dec 454 Jan
31 Nov 70% May
15712 Apr 285
Oct
4712 Nov
54 Mar
918 Nov
34
Jac
133 Oct 2814 Feb
4
1912 Nov
73 ;Asa
85 Nov
96 May
New York Stock Record-Continued-Page 7
3124
ffor gales during the week at stocks nut recorded here, see seventh page preceding
HIGH AND WW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
April 26.
Monday.
April 28.
Tuesday.
April 29.
Wednesday. Thut sday.
May 1,
April 30.
Friday.
May 2.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share 1$ per hsare $ per share S per share $ Per share $ per share Shares Indus.& Miscell.(Con.) Par
4
3918 423 325,300 Phillips Petroleum____,Vo par
4
1
/
4 414 44
41' 4318 4112 434 434 4-13
4034 4j7
6
2,000•Phoentx Hosiery
20
519
2018*19
20
18
19
*18
*1812 1912 1812 19
600 Pierce-Arrow Class A_No par
2712 2712
*2712 2912 *274 29
4
1
/ *2712 28
52712 30
4
273 27
25
8
23 22,800 Pierce 011 Corporation
2
212
214
8
214 23
24 214
24 24
24 212
100
8
513 13,500 Preferred
50
4 4818 52
473
*45
8 46
4512 454 4618 4518 465
Na par
4
63
54 64 84,200 Pierce Petrorm
6
4
614 63
6 53
6
4
z 7
6,
64 63
No par
3312 2,400 Pillsbury Flour Milla
3353 343
34
8 3312 3312 3314 334 3312 3313 33
34
4
/
8
8 453 461 4,500 Pirelli Co of Italy
8
4618 463 455
454 4614 4534 4614 4512 454 46
1,500 Pittsburgh Coal of Pa____100
8 574 58
8
587 *5713 597
*57
56
55
55
544 5511 54
100
1,000 Preferred
90
.87
88
88
88 88
88
86
90
*88
90
*88
900 Pittsb Screw & Bolt_ __No par
4
/
4
/
211 211 214 22
4
/
22
02113 2218 211 22
*2112 2212 22
No par
2214 8,500 Pittston Co
224 22
8 22
223
22
22
22
22
22
22 22
Na par
4 6.300 Poor & Co class B
2858 264 273
28
2912 274 2812 2818 2912 28
2912 30
700 Porto Rican-Am Tob cl A_100
63
63
67
67
65
65
67
65
66
6312 6312 *65
No par
13,700 Class 11
23
8 21
8 2152 227
21
22
21
4
/
211 19
4 2012 217
203
25
4
1
/ 3,900 Prairie Oil& Gas
4
1
/ 4512 48
4
473 48
493 50
4912 50
8
4
/
481 4912 *4853 49
25
4
4
8 5112 5112 543 554 5312 5413. 4,800 Prairie Pipe & Line
8 513 554 544 517
8
547 553
No par
1018i 9,400IPressed Steel Car
1012 10
4
/
101 10
10
10
1112 10
94
912
114
100
6001 Preferred
66 I
563
06
63 6118 561
66
66
*63
*66 68
65
No par
4!
743 3-1,300-Procter & Gamble
7353 75
1
/
744 7855 744 754 69
724 724 7312 76
912 912I 1.200 Producers & Refiners Cotm_50
10
10 1 10
10
7
9 8 10
*1014 104 104 1018
Pro-phy-lac-tie Brusla_No par
par
4
1
11514 121-37 11434 1721114 11 7 if6-3i 115T4 ifitTi 11214 11714 10712 11434 215,200 Pub Ser Corp of N J__No 100
300 8% preferred
8
4
/
4
/
4
4
3
*110 4 1113 51107 1113 511114 11134 1104 11114 11111 1111 *1101 111341
8
100
700 7% preferred
1
/
4
8
12812 12312 *12812 12914 *1283 1294 1294 129, *1284 12911 12812 1284'
100
8% preferred
8
8
*15118 1547 *15118 1514 *1514 1544 *15114 1517 *15114 155 *15112 155 1
,
200 Pub Sera Elect & Gas pref_100
4
41105* *1091 11041
1
/
4
/
*1091 11012 11014 1104 *1094 11053 1104 1104 '1093
No par
23,100 Pullman. Inc
794 7612 79
794 77
7918 805* 784 7912 79
784 79
50
11.000 Punta Alegre Sugar
24 3
3
3
21
278 3 I
7
28 3
3
3
8 3
27
25
26,400 Pure 011 (The)
2538 2414 25
2513 2514 254 25
8 25
2514 2512 2514 257
100
370 8% preferred
11212 113
4
4
4
113 113 *1123 1144 1123 1133 *11212 114
113 113
744 1.9,300 Purity Bakeries
7412 76's 7212 7514 72
7212 75
77
8 75
7614 767
6318 1355200 Radio Coro of Amer___Vo par
4 6318 654 6214 654 55
8
4
1
/ 684 607 643
,
6618 63 4 63
50
400 Preferred
554 5514 *554 5512 554 .5518 *5514 554 55514 5612 5514 5514
No par
8114 824 4,100 Preferred B
8
4
1
/ 815 82
8
817 82
82
8218 8218 81
8212 83
8
445 683,900 Radio Keith-Oro Cl A Aro par
471z 41
4
1
/ 44
464 405 444 434 47
8
1
/
4714 4814 y44
60,800 Raybestos Manhattan_No par
4
4 4818 524 463 50
8 4812 503
4
4
513 5312, 4914 534 463 493
10
13,500 deal 9115 Hosier,
56
52
57
554 55
554 55
55
58
5812 56
58
100
90 Preferred
98
98
98
*96
98
98
03
96
,
99 '
98
5
98
98
No par
2.000 Reis(Robt) St Co
4 4
4 533
4 33
33
4
314 4 I
35* 4
4
414
*4
100
First preferred
600
314 3114
*3114 39 • •3114 39
*3114 39
33 33
*3114 37
No par
s
397 404 394 414 364 3914 47,230 Remington-Rand
4 3914 41
4
1
/ 423
4 40
4
413 423
100
4
100 100 1 *993 100 I 9913 10014 1,000 First preferred
4
1
/
100 10014 *99 10014 100 100
100
60 Second preferred
101 10112 102 102 I 101 101
102 102
*10112 102 *101 102
10
4
/
8
4 114 1112 113 1113 1114 111 5,500 Reo Motor Car
4
113 114 114 113
8
117 12
0314 24,300 Republic Steel Corp.__ No par
4 61
6112 6318 653
7018 734 654 63
7218 68
70
100
9518 19,000 Preferred cony 6%
9518 95
95 1 95
9518 95
9514 95
9518 95
95
100 Revere Copper & Brass No par
23
23 I *22
2312 *22
234' *22
2314 2314 *22
*2314 24
No par
2.900 Reynolds Spring
44 5
5
5
5 1
5
54
5
5
5
518 514
4
523 54,300 Reynolds(R J) Top class B_10
5114 5278 5218 5318 5112 5278 51
53
8 52
524 533
10
110 Class A
8
7312 57112 7312 5711z 74 , •7314 75 ; 737 74
*73
7312
*73
Rhine Westphalia Elec Pow__
4
1
/
7
*4312 43 8 *4312 4314 *4313 433 *431.2 434
*4312 44
*1312 44
41
/
2514 25
251 2412 2518 23,100 Richfield Oil of California_ _25
2534 25
. 25
8
257 264 2514 261
No par
224 20.100 Rio Grande 011
4
1
/
4
1
/ 224 234 223 23 1 2214 2314 21
4
2312 223 23
23
No par
300 Rltter Dental Mfg
50
52131 50
550
53
*50
54
*50
54
550
54
*50
10
1
/
4 374 39381 354 374 13.700 R0891a Insurance Co
8 3812 393
387
38
40
3912 3912 39
35.500 Royal Dutch Co (N Y share5)
4
1
/ 554 5318 5514 5314 54
8 51
4
1
/ 544 5-17
1
/
1
/
5412 544 544 55
10
1
/
4, 414 434 8,200 St. Joseph Lead
443
46 1 43
44
45
44
4512 45 45
*45
No par
904 22,500 Safeway Stores
,
934 95 2 9018 9312 881.2 9212 88
973
9814 95
98
100
520 Preferred (6)
95
9.5
90
95I *94
9512 9513 95
96
95
96
96
100
60 Preferred (7)
109 109
109 109
4
4
109 109 *109 1093 1093 1093 5109 110
8,800 Savage Arms Corp___No par
29
,
30 4 28
29
2351 2812 30
28
31
4 28
294 303
91
914 91
912 912 4,800 Schulte Retail Stores__No par
. 9
93*
9
1
/
4 94
93
934 934
100
Preferred
27 3 71 71 *65 7212 565 7212 *65 72,2, 1,200 Seagrave Corp
7212 *71
*71
No pa
10181
1:112 *104 1012 *1014 1013 1014 1012 10
1012 1013 1012
40.600 Sears, Roebuck & Co No 5P
87
85
'
1
/
4
853 874
874 89
4
9112 871s 894 853 88
89
1714 3.400 Second Nat Investors-No pa
1713 18 I 18
1612 161z 17
16
171
17
*1712 18
Preferred
No par
*76 77 *75 77 *73 76 *75 77 *75 77 8 7,200'Seneca Copper
_ 78
No par
23
214
214
2
214
2
218 214
214
214
8 212
23
No pa
'
4
/
4
1
/ 1112 12 1 104 111 85.700 Servel Inc
4
1
/ 114 12
8 1112 12
1312 1218 133
13
No par
4
4
1
/ 463 485s 4514 47581 29,600 Shattuck (F 0)
471g 4611s 48
4
1
/ 4914 4512 4914 454
48
No par
2712, 1,100,Sharon Steel Hoop
4
/
8 261z 251 2612 2612 *26
1
/
2712 264 255
27
.2712 29
No par
41
/
2012 201 1.5001Sharp & Dohme
22
4
/
4
203 211 2114 2113 *2012 21
*21
20
20
No par
700 Preferred
62 I
*60
62
560
6012 *601z 62
60
62
5912 604 *60
No par
234 22,300 Shell Union 011
s
8 233 24141 23
8
2414 2412 2418 2112 235 244 234 243
100
105 10513 10414 10512 10414 104141 104 1044 1,500 Preferred
106
- 10512
*10513
1 2912 32181 40.400 Shubert Theatre Corp_No pa
1
/
1
/
4 3212 334 324 347
1
/
8
13 - 3112 3453 304 323
34 - 7
3
No par
4 444 454 4312 4513 52.900,8immons Co
4412 473
47
4
1
/ 46
4712 4812 4638 48
10
41
/
4 291z 311 25.80031[12ms Petroleum
333
7
3514 3212 33 8 331g 344 31
334 3312 33
1
/
1
/
8 284 30 1 274 284 115.900 Sinclair Coos 011 Corp_No par
294 294 303
29
8 294 31
303
30
100
100 Preferred
4
4
/
4
4
1113 1111 5110 1113 5110 1113
4
/
1111 115
2
11212 *111, 115
*11112
2'
8
4
/
3918 3$4 3914 371 3812 3812 394 364 384, 355 364 30,400 Skelly 011 Co
38
No par
74 1.500 Snider Packing
714 74
74 712 *7
714 714
712 712
714 712
No par
3414 3112 3112 5,300 Preferred
4
1
/ 33
3212 33
3112 32
3212 325* 3314
31
4
/
4
/
1134 1141 111 11412 111 111 5112 1141 112 11312 2.300 Solvay Am Inv Trust pref_100
*11314 115
No par
3.900 So Porto Rico Sug_
4
25
25
27
2.54 27 1 243 20
2534 25
525
*2518 26
25
4 654 675* 29,900 Southern Calif Edison
4
/
4 651 683
4
1
/ 683
55
8
664 685* 605 63
6712 69
500 Southern Dairies cl B__No par
64
64 *6
64 64 *6
64
6
8 714 *7113 8
*65
1.3001Spaiding Bros
No par
41 3912 40
4018 403 403
4
40
1
/
404 404 40 40
*4012 42
30 Spalding Bros 1s1 pref____100
10912 1094 10914 10914 109 109 *108 112 *108 112
*10912 110
31
3213 *3113 33
32
3112 6.100 Spang Chalfant &Co IncNo par
3234 3414 32
32l2 311 2 32
100
200 Preferred
*9512 95
95
95
95
95
1
/
*914 95
96
96
95
95
254 22.050 Sparks NV ithIneton_ ___No psr
4 2514 251s 25
4
1
/ 263
7
4
1
/ 2458 25 g 25
1
/
4
1
/ 254 27
8
277 28
805 Spencer Kellogg & Sons No par
2212 221z
23
234 224 224 23
8
22 225 522
23 23
2,900 Spicer Mfg Co
No par
2418 52312 25
1
/
2214 244 244 2413 24
2512 251 1 2312 25
No par
200 Preferred A
*4114 4314
*4114 432 414 4114 414 4112 *4114 4214 *4114 43
400'SDiegel-May-Stern Co_No par
3812 384 37
4
1
/ 374
4394 40,2 *394 3912 394 3914 *3)4g 39
No par
4
8
4
/
251 247 2512 2414 25lg 233 2414 113,600 Standard Brands
8 25
2512 297
8
255 26
1 Preferred
No pa
_- *120 1204 312012 12112 *12012 12112
__ *120
*120 135 *120
1,400 Stand Comm Tobacco_No par
6
*5
6
55
5
5
518
54 _514
5 _512 512
1tandard Gas & El Co_No par
70.2005
8
2
117 121, 11918 1215 11914 12212 115 120
5
120 12
12412 126
50
8 3.3001 Preferred
4 6513 654 6512 655
4
1
/ 653
8 65
8
3
4
1
/ 655 554 655 657
5
65 8 65
4,300'Sta ad Investing Corp_ _No par
12
12
12
4
1
/ 12
12
4 12
124 123
4
4 113 1318
1152 113
3.300,Standard 011 Export pref_100
101 101
4
1
/
100 101 • 1011, 10112 101 101
101 101
101 101
8
4
1
/ 723 107,200,Standard Oil of Cal __,No par
4
/
4
/
4
1
/ 711 741 69
4
1
/ 74
4
1
/ 73
1
/
1
/
7412 724 744 714 73
74
554 8012 1203600'Standard 011 of New-Jersey _25
8 5012 84
4
4
1
/ 835 847
4
1
/ 8112 8414 8058 83
804 82
3614 384 376.300'Standard Oil of New York_25
4
4 39, 404 3814 40
4
1
/
384 394 388 404 384 393
4
13
1'41 6.000 Stand Plate Glass Co__No par
14 2
2 14
2
2
2
214
2
218
*2
100
4'zj 1,9801 Preferred
418
4
1
/
413 4
8
4
1
/ 53
3
4
512 53
512 6
*512 6
5601 Stanley Co of America_No par
73
72
72
72
*6812 73
*6518 73
*6218 71
75
571
4
453 4714 4412 4618 15,200.8tarrett Co (The L S)__No par
4 4518 46
408 4512 463
8
427 444 45
11,900!Sterling Securities el A.No par
4 161s 17
173
17
8
173 18
,
4
1
/ 174 1812 15 2 18
8
183 18
20
1414 1414 1,900 Preferred
14
14
14
1,44 14
1415 1418 *14
1414 1414
900 convertible preferred
50
4418 4418
44
444 44
4414 444 434 4318 44
,
4444 45
75,100 Stewart-Warn Sp Corp
10
1
/
4 264 2912 2812 3014 2914 3012 Mg 30
284 314 254 283
No par
4 98 10312 58.900 Stone & Webster
107 10812 10414 1084 10212 1054 105 '1074 103 1063
4
373 3912 41,000 Studeb'r Corp (The) No par
8
58 384 375 39
54 374 35
371s 35
36
38
37
100
330 Preferred
122
8
31224 1247 12114 12218 12014 12014 120 12118 *121 122 *121
No par
54 4,300 Submarine Boat
4
3
8
7
7
8
7
2
7
4
3
4
3
4
3
4
1
/
4
3
s
334
Vo par
4 1,100 Sun 011.
6518 653
66
2 66
673
6
6612 Ws 6
67
1 67
100
6712
650 Preferred
' 681. 103 101
8
8
101 10414 1037 1037 1037 104 I 104 10418
8
4
1
/
104 10112
No par
712 9,500 Superior 011 new
714
8 74
73
4
1
/ 712
7
4
1
/
74 7
712 712
4
1
/
8 7
75
100
4
/
211 2212 6,400 Superior Steel
4
/
4
211* 2212 211 22
2212 213 22
2214 2212 2214
50
400 Sweets Co of America
1314
1312 512
513
11
*13
1312 134 1312 *114 13
13
No par
,
5 2 54 1,000 Symington
513 54
6
*5
*54 6
3
54 6
8 6
*55
Vo par
4
/
141 6,200 Class A
14
154 1412 15
15
1518 1511
161s 154 16
16
No par
2,700 TelautograPh Corp
2312 2112 2112 2112 22
4
4
/
211 213 *22
23
8
8
237 237 *22
1414 12,800 Tenn Copp & Chem...No par
1418 14
7
8 13 8 1414 14
8 144 143
4
143 155* 144 147
25
584 88.000 Texas Corporation
57
6012
58
1
/
5814 564 5713 574 59
8 57
4
573 583
6018 34,300 Texas Gulf Sulphur___No i or
59
604 614 605* 615* 5914 61
62
6214 61
62
iiu 5,600Texas Pacific Coal & 011_10
4
113 124 11
1212
8 12
123
4 12
8 1214 123
124 123
1
29 253,700 Texas Pao Land Trust
3014 25
8 28
8
8 2712 294 2514 2814 273 293
2712 283
*aid and asked prices' no sales on this day, z Kx-dlyidend.
Kg-right9.
PER SHARE
Range Since Jan. 1.
-share lots.
Ora lists of 100
Highest.
Lowest.
PER SHARE
Range for Protease
Year 1929.
Lowest.
Highisl.
$ per share 5 per share
5 per share 5 per share
47 Jan
241 4 Nov
4
2918 Feb 17 413 Apr 30
4
1
/ Jan
8
105 Oct 37
4
103 Mar 4 2018 Apr 30
3778 Jan
18 Nov
214 Jan 13 33 Apr 3
1
2l Slat 17
Oct
WA Man
4
1 Jan
Oct 5112 afar
20
2013 Jan 10 52 May I
7
52 Jar.
718 Apr 24
12 Oct
214 Jan 3
7
30 Oct 83 8 Jan
4
3212 Mar 29 373 Apr 11
4314 Oct 68 505
3
4453 Apr 15 507 Feb 27
54 Nov 8534 Jan
54 Apr 28 7812 Jan 7
8312June 110 Oct
86 Apr 29 110 Jan 7
12
17 Dec 27 Ault
8
4
1
/
17 Jan 22 227 Feb 18
8
2018 Feb 28 227 Apr 8
4370 Nov - 3 Aug
2
2613May 2 344 Mar 18 -51 Nov 95 4 Mat
3
4
593 Jan 14 7614 Mar 18
8 Nov 50 4 Jan
3
12 Jan 10 274 afar 10
4012 Oct 6538 Jan
45 Mar 6 54 Apr 1
45 Oct 65 Aug
5312May 2 604 Feb 7
018 Nov 254 Mar
1
/
77a Jan 2 164 Feb 18
50 Dec 81 !Aar
52 Jan 2 764 Feb 14
98 Aug
43 Nov
3
1
/
524 Jan 3 763 Apr 30
7
4 Oct 25 8 Jan
612 Feb 17 114 Mar 17
35
4
1
/ Jan
Oct 82
46 Jan 2 55 Feb 27
54 Nov 1373 Sept
4
4
Jan 2 1233 Apr 11
811z
98 Nov 10818 Feb
10612 Jan 8 1124 Mar 20
121 Jan 10 13014 Mar 21 105 Nov 12478 Jan
143 Jan 2 1554 Feb 6 13912 Nov 151 Sept
4
1
/ Jan
1
/
1071 4 Feb 5 1104 Apr 30 10412 Nov 109
73 Nov 9914 Sept
76125fay 2 894 Jan 3
6 Dec 2112 July
813 Jan 17
212 Apr 24
20 Nov
3034 May
2118 Feb 25 2714 Apr 7
4
/
1121 Jan 2 1144 Apr 8 108 Nov 116 Feb
55 Oct 14552 Aug
72 Apr 22 887s Feb 15
Oct 11434 S3p4
26
4
/
344 Jan 29 691 Apr 24
50 Nov
Jan
57
53 Feb 4 57 Apr 21
62 Nov 824 Apr
68 Jan 24 85 Apr 2
8
467 fa
oet
12
,
19 Jan 2 50 Apr 24
11
28 Nov 58 Sept
33 Jan 4 584 Apr 17
8
843 Mar
,
36 4 Nov
3
44 4 Jan 15 644 Mar 26
8614 Dec 10212 Feb
88 Jan 13 100 Mar 29
1614 Feb
5
3 8 Dec
4
1
/
5 Feb 3
314 Jan 16
40 Dee 10812 Feb
2813 Feb 27 37 Jan 28
34 Oct
57
204 Nov
Apr 14
2558 Jan 2 4612
81 Nov 9812 Oct
92 Jan 3 1004 Mar 28
Apt
93 Mar 101
95 Jan 4 102 Mar 10
8
1018 Oct 317 Jab
311114r 24
1
/
104 Jail 24 147
61 May 2 7912 Apr 16
95 Apr 22 9514 Apr 22
3112 Nov
Dee 23 Feb 26 30 Jan 3 15 1214 Jae
4
1
/
3 Nov
74 Jan 29
4 Jan 10
39 Nov 56 .131)
4
1
/
4918 Jan 3 58 Mar 11
70 Apr 8912 Oct
7112 Apr 25 80 Jan 2
8
427 Dec 64 Jan
1
/
41 Jan 7 454 Jan 21
1
/
224 Dec 4953 Jaa
2214 Feb 17 2814 Mar 14
Ovt 4212 Mat
15
4
1
/
1612 Feb 19 25 Apr 7
4
1
/
40 Nov 70 June
444 Jan 13 59 Feb 5
28 Nov 96 May
1
/
355.51ay 2 484 Mar 3
484 Oct' 64 Sept
49,4 Feb 20 564 Apr 7
3812 Nov 94 Jan
4112May 2 571 4 Feb 6
904 Nov 19514 Jan
4
/
88 May 2 122,1 Jan 23
85 Oct 101 Sent
94 Mar 28 994 Feb 7
1054 Jan 14 10973 Mar 2(1 100 Oct 10913 Dee
8
517 Jan
2013 Nov
4
2412 Jan 17 313 Apr 2
313 Dee 4112 Jan
414 Jan 2 1313 Jan 23
30 Dec 11812
2, 75 Jan 21
35 Jan24J511
10 Dec 2214 Aot
1414 Mar 11
nes Jan
J5n
SO Nov 181
8
8114 Mar 31 1005 Jan 31
9 Dec 15 2 Nov
,
912 Jan 2 '23 Feb 17
45 Nov 6314 Nov
4
1
/
584 Jan 3 82 Mar 18
1013 Mar
2 Nov
313 Jan 25
2 Apr 30
778 Jan 13 1313 Apr 25 714 Nov 2138 Aug
2518 Oct 194
3. ig
4
363 Jan 2 52 Apr 21
4
1
/
53 July
20 Nov
,
22,4 Jan 18 82 4 Feb 13
22 Nov
7
18 8 Nov
4
17 Jan 2 273 Mar 10
8
50 Nov 657 Aug
4
1
/
54 Jan 2 63 Mar 10
19
4
/
Oct 311 Apr
21 Feb20 2512 Apr 7
100 Mar 8 10614 Apr 21
8
- Dec 7412 Jeri
4
1
/
8 Jan 2 35 Arir 25
5913 Nov 158 Sept
8
431251ay 2 947 Jan 2
15 Nov 401g Aug
8
227 Jan 22 37 Mar 24
21 Nov 45 Jan
,
21 18 Feb 17 32 Apr 7
Oct 111
Jan
109 Jan 15 11214 Apr24 103
28 Oct 46'3M61
8
287 Feb 18 42 Apr 9
4
1
/
3 Nov
1614 Feb
8 Jan 9
Jan 2
513
14 Nov
54.. July
4
/
4
1
/
23 Jan 2 3131 Feb 24
85 Nov 111 - Sept
9512 Jan 6 12112 Apr 3
8
225 Dec 45 May
3
30 4 Jan 16
8
243 Jan 2
1518 Nov 9314 :150
561s Jan 2 72 Apr 14
212 Nov
9 Mar 3
15 Jan
4
1
/
irs Jan 41
30 Nov 6313 May
Jan 8 45 Mar 17
33
108 Jan 13 113 Mar 15 107 Nov 117 Feb
15 Oct 52 4 Jan
,
Res Jan 2 36125l5r 31
59 Mar 93
Oct
92 Jan 20 95 Jan 2
4
/
131 Nov
73 Aug
1353 Jan 18 301: Apr 10
20 Nov 45 Any
207g Feb 1 25 Apr 15
3
204 Dec 66 4 Mar
2112 Jan 2 3613 Feb 4
38 Nov
8
657 Mar
3914 Jan 15 4518 Mar 31
34 Dec 1177 Feb
8
3512 Jan 4 52 Feb 3
4
Oct 443 Sept
20
224 Mar 15 294 Feb 8
4
1
/
11712 Feb 3 120 Apr 21 11414 Nov 118 Sept
714 Feb 11
312 Dec 435 Jan
8
5 Jan 2
734 Nov 24334 Sept
10914 Jan 18 12911 Apr 15
5812 Nov 67 Feb
64 Feb 6 0612 Mar 21
4 Dec 48 Sept
10 Jan 2 1512 /Mar 27
98 Feb 8 102 Mar 14
85rg 1554;5
5112
5513 Feb 20 75 AM 25 - - Oct 48 Feb 83 Sept
58 Feb 20 844 Apr 30
3
184 Dept
1
/
314 Nov
3114 Feb 19 40 8 Apr 28
3 Feb 19
RN Pin
4
/
11 Nov
4
13 Jan 3
Jan
312 Dec 31
8
35 Apr 30 1012 Mar 10
20 Nov 45 May
25 Jan 9 734 Apr 23
4
1
/
3013 Oct 474 Oct
33 Jan 23 47 Apr 23
1018 Jan 8 2012 Mar 31
4
12 Jan 2 143 Mar 31
4
/
351 Jan 6 48 Mar 18
Apr 28 47 Apr 5
8
253
8
77 Jan 22 1133 Apr 8
354 Apr 30 4714 Feb 6
116 Jan 31 125 Mar 18
14 Mar 31
Ss Jan 4
53 Feb 20 70 Apr 7
10213 Jan 13 10534 Feb 5
4
1
/
8 Mar 14
514 Feb 17
20 Jan 2 295* 51st 27
3
84 Jan 24 157 Mar 28
7 Apr 23
4
23 Jan 3
8
812 Jan 3 173 Apr 23
5
15.3 Jan 25 2614 Apr 7
13 Jan 3 17 Apr 10
504 Feb 24 604May 1
3
5478 Jan 2 673 Mar 24
8
87 Mar 3 144 Mar 18
8
5s
13 Jan 2 323 Mar 22
814 Nov 38 Sept
813 Nov
154 July
31
Oct 5512 Sept
30 Oct 77 May
64 Nov 20112 Aug
Jan
3814 Nov 98
115 Nov 126 Pint
413 Mar
4
1
/ Oct
3
55 Dee £163 Oat
100
Jan 10512 Jan
514 Nov 24
S3111
84 Apr
15 Nov 73
512 Nov 224 Apr
9 may
,
2 2 Dec
8
195 May
614 Nov
1478 Dec 2512 Mar
214 Apr
912 Nov
1
/
544 Sept
5512 Nov
4213 Nov 8514 Apr
7
23 8 Mar
012 Nov
134 Oct 2114 Jan
New York Stock Record-Concluded-Page 8
3125
For 44,1e. do r,og rise week or stock, dot recorded here. see eig ith page preceding
111011 AND LOW SALE PR10ES-PER SHARE, NOT PER CENT.
Saturday.
April 26.
Monday.
April 28.
Tuesday.
April 29.
Wednesday. Thursday.
May 1.
April 30.
Friday.
May 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER Sli ARE
Range Since Jan. I
On basis of 100-350r.• I. is
Lowest.
Iliyhes+
PER SHARE
Rance for Precious
Year 1929.
Lowest.
3 per share
5 per share 5 per share 5 per share
per share $ per share Shares Indus. & Miscell. (Con.) Par $ Per share $ per share $ ye, share
per share
2718 277
2
8 25, 28'2 2514 26
263 29
Vs par
19 Jan 17 3683 Apr 4
1612 Mar 35 Sept
8 8,500 Thatcher Mfg
2583 2683 2514 267
•43
3
467 4,43 8 46% *43 8 46% *4412 467 *4412 46% *4412 4718
8
,
Preferred
No par 4014 Jan 2 43 Mar 31
8
35 Mar 4972 Sept
28
28 28
28
275 27% 2712 2712 *267 28
8
8
No par 26 Mar 20 32 Jan 18
*267 28
8
5011 The Fair
2512 Dec 51% Jan
108 *105 108
105 105 .105 108 *105 108 •105 108
100 102 Jan 21 110 Feb 13 102 Nov 11014 Oct
101 Preferred 7%
42
42 42
42 8 .4214 4312 4214 4214 .41
,
25 3612 Jan 21 471 2 Mar 12
42
43
1,6001Thompson (J R) Co
42
30
Jan
Oct 62
17
17% 1612 17
1614 16 4 1152 1783 1612 1714 15 2 1612 3 900 Tidewater Assoc 011___No pa
,
10 Nov
,
10 4 Feb 15 178 Apr 7
4
,
2312 June
8712 871
8652 88
87
87
100 78 Feb 13 894 Mar 25
87
8712 87
2,700 Preferred
8783 8712 87
7418 Nov
907 Aug
8
31
*30
30% 30 4 28 4 30 4 *30
,
,
31
*29
30
100 1912 Jan 31 31 Apr 23
300 Tide Water 011
*29
,
14 Nov
30
40 June
941
*94
94
94
9312 93 4 *93
933
4 9383 938 9312 9312
100 8618 Feb 13 947 Apr 16
,
8
800 Preferred
9712 Jan
S512 Nov
1814 1352 1814 1812 18
10 1412 Jan 17 2114 April
18 4 174 1812 *18
,
,
1112 Oct 31% (Sept
1812 *17 4 1812 3,100 Timken Detroit Axle
S012 82% 81
8314 80 4 82 2 8212 8314 793 823
38,8.00 Timken Roller BearIng_No par 703* Jan 18 8914 Apr 11
,
2
4 79 4 82
,
,
58, Nov 150 Jan
2
12
412 412 4412 4 4
412 4%
,
412 4
20
412 414 6,000 Tobacco Products C,orp
612 Jan 23
214 Jan 3
1
Oct 22% Mar
414 412
1152 11 4 1112 117
,
8 11
1114
11
*11
1112 .11
20
107 11
8
75 Jan 2 12 Apt 2
Class A
8
•,
514 Nov
22% Mar
225 23 2 2218 2312 22
8
,
22 4 2218 2338 213 2272 21
,
4
2212 141,900 TransconC1 011 Co __ __ No Par 16, Mar 10 24 Apr 24
4
22% 22 4 *22
2214 2018 2218 203 215
,
4
8 20
16 Jan 4 283* Jan 31
20
15 8 Dec Wi% 71.137*
1714 1912 4,100 Transue & Williams SCI No par
,
7
3818 38,
,
3
8 37 8 38,
4 37
40
39% 3
30 Dec 63 July
3812 33 8 6,100 Trice Products Corp___No par 30 8 Jan 2 41 4 Mar '1
,
7
,
983 388 33
*17
17% *17
177
8 17
19
178 1883 18
No par
13% Dec 31% Jan
1
15 Jan 2 22 Mar 18
18
18
3.000 Truax Truer Coal
34
3412 34
34
3314 33 4 *3314 3412 3314 3312 3412 3412
,
10 33 Mar 2 37 211,far
900 Truscon Steel
3018 Nov
,
6152 Jan
112 112
10812 11312 109 111
11112 115
10812 11012 14.500 Under Elliott Fisher Co No par 9714 Jan 2 138 Mar 21
110 115
82 Nov 181 4 Oct
,
125 125 .125 _--- 125 125% *126 ____ •12.518 ____ 125 125I
100' 121 Feb 4 12512 Apr 29 120 Dec' 125
Jan
490 Preferred
14
1412 1434 1583 14% 1484 1483 1483 14
14
7 Nov
4,1001Union Bag & Paper Corp....100 10 Jan 8 16 Mar 1
1212 13
43
Jan
9283 963
4 3812 9314 83,8 9183 89
92%, 845 93 4 8383 8814 339,400:Union Carbide & Carb_No par 76 Jan 2 1061 Mar 31
59 Nov 140 Sept
8
,
47
477
8 47
471
4912 1612 47 47121 4512 47
46
57 Sept
25 41,8 Feb 20 50 Apr 7
4512 5,930 Union 011 California
42% Nov
*343 35
4
4
312 313 *3112 35 1 35
4
35I *3112 35
4001Union Tank Car
3412 3412
33 Feb 21 3812 Apr 10
8052 86
8318 8312 82
853 81
89% 8214 8314 74
31 Nov 162 My
8418 365,000 United Aircraft & Tran_hro par 4312 Jan 31 99 Apr 8
N o pa
*71
73
*71
74
8 Apr 7
71
71 I 71
7112 71
71
447 Nov 10983 May
8
70
70%; 1,200 Preferred
50 50 Jan 31 77 4
*5012 513
4 50
5014 5918 53'8' 5112 5212 5212 51
3312 Dec 60
51
Oct
5212 13,100 United Biscuit
No par 36 Jan 7 54 May 1
.131 13814 *131 13314 .131 13314 *131 i3834'131 13314 131 1331
Oct
100 118 Feb 6 13014 Apr 22 11412June 136
Preferred
4
14 7318 7684' 7414 777
7883 81
74 2 80
,
72
7814 63
s
4012 Nov 1113 Sept
,
73
74,700 United Carbon
No Par 41 4 Jan 2 84 Apr 24
634
684
612 67
614 612
614 612
6% 614
3 Dec 27% Jan
6
9 Jan 22
6*I 5,400 United Cigar Stores
10
4 Jan 4
*3612 4414 387 337
8 36% 35121 39
39
*3512 38
19% Dec 1(14
3612 3612'
Jan
8
500 Preferred
100 28 Jan 2 58, Jan 23
49
5112 498 52
75% May
4712 5383, 5012 518 47% 50
19 Nov
30% Jan 2 52 Apr 23
4383 4714 11463200 United Corp
7 527
52
5218 521
5212 527 , 52% 5212 528* 5212 5214 53141 6,5001 Preferred_
2,
4972 July
4212 Nov
40% Jan 6 5312 Apr 23
13
13% 12% 13
12
12%1 1 18 12% 1214 1214
1112 1212 5,0001United Electric Coal ,o pP a2 10 Jan 2 197 Feb 11
X112 Feb
6 Dec
ar
: a;
8
NV
V
94
9514 9312 95% 93 9512' 95 95
93
a.,
9414 91781 8 200 United Fruit
99
Oct 15812 Jan
No par 3312 Feb 24 105 Jan 13
47
48% 46% 4812 443 4358' 4618 49,
4 47
22
Oct 59% July
4983 4114 47
United Gas & Improve_No par 315 Jan 2 4934May 1
8
111100 102 *10018 10124 1013 1013 1013 1013 10114 1017 101 102 I630,000
4
4'
4
4
8
No par 97 Jau 13 10212 Apr 25
2,003: Preferred
90 4 Oct 98% Dec
,
*10
11
*10
11
.10
12'8• •10
12
10
26 8 Jan
,
7 Nov
1083 11
10
100
403 United Paperboard
7 2 Jan 4 14 Mar 14
7
*2812 30
*2812 33
2812 28'2' 23
29
*27
23
2318 2312 2,100 United Piece Dye Wks_No Par 25 Jan 20 327 Apr 7
4
1514 Nov 487 Aug
*814 812
87
8 87
2
8 4 814,
,
8'8 84
8
318
3% Dec
8
14
Oct
43 Jan 2 12 Jan 23
8181 2,5001UnIted Stores CIA
No Par
*301 3212 *30
31
*297 31 I *297 31
8
8
2912 297
1414 Dec 40% Oct
28
preferred class A_
29 1
No par
600
1512 Jan 2 3514 Jan 23
8
34 4 3184 .327 3183 *327 36 1 321 33
3
8
4
*33% 33% *33% 3314,
25% Nov
857 May
2
503'Universal Leaf Tobacco NO Par 3212 Jan 7 39 Mar 15
*74
75
*74
75
7212 7212 .71
75
*71
75
*71
28 Dec 93 Jan
75 1
21)!Unlversal Pictures let p01.100 30 Jan 3 75 Apr 25
6% 7
7
7
618 7
63
8 7
7
7
218 Dec 221i Jan
614 612. 6,9001 Universal Pipe & Rad....No par
9 Apr 10
3% Jan 9
357 36% 34 2 36 8 33
1
317
,
31% 3518 3212 35
12
305 3341 21,6001 U S Cast Iron Pipe & Fdy__20 1812 Jan 2 3814 Apr 10
Oct 5572 Mar
8 185 18% 18% 18 8 1383 1883 1834 188
.1883 187
,
Jan
15 Oct 19
8 1812 181*' 3,3001 1st preferred
4
No par
15% Jan 71 183 Mar 29
1912 191 •19
2014 *19 20 *19 1978 19 19
20 June
13'4 Nov
900 20 preferred
20 Mar 15
1812 Jau
•1312 15
*1312 lo
*1312 15
13% 13% 1312 1312 121* 12%
9 Oct 23 Sept
par
6001U S Distrib Corp
1214 Apr 7 2018 Jan 17
No loo
o par
3
84 4
*3 4 4
3 4 33
,
*3
*33
4 *33
4 4
4 4
10 Apr
2
Jan
4 8 Apr 14
,
900- U El Express
314
314
l's Mar 21
9612 07
94,8 96
96
91
96
9,1
93
91
91
92
8614 Nov 13412 Sept
No par 85% Feb 25 103 Apr 7
3,3001U S Freight
27, 27(4 253 27
8
4
21% 2534 2158 25
25
25
23% 2372 7,6001U S & Foreign &cur._No par 1814 Jan 3 32% Mar 30
72 Aug
1712 Nov
*95
97
97
*95
*9112 97
*95
97
96
96
95
95
82 Nov 92% Aug
No par 3512 Jan 8 101 Mar 21
300; Preferred
22
2458 23
23% *22
22% 22
22
*20
22
21
8
1712 Dec 497 Jan
21
1,500,U S Hoff Mach Corp_ No par
19 Jan 2 3083 Mar 12
907 917
8
, 8383 9118 87 4 9034 8914 91
,
87
893
4 8412 8314 25,500;U S Industrial Alcohol____100 8412.May 2 1393 Jan 2
95 Nov 243% Oct
8
127 1272 123* 1212 12
8
121 *13
1212 113 12
4
1112 1112 1.500'U fa Leather
5 Nov 3512 Jan
tio par
71s Jan 2 1512 Apr 21
2112 2214 *21
2112 *21
22
*2112 2214 2111 2112 2112 213
1414 Dec 6178 Jan
8001 Class A
No par 15 Feb 26 26 Apr 21
m
*85
8514 8514 *85
90
85
851s 85
87
*85
Feb
8114 Dec 107
90
8001 Prior preferred
77% Mar 17 89% Jan 9
6012 6334 65
67
65
651
6514, 57
6512 07
6418 65
50% Nov 119% Feb
No par 60 Jan 3 7512 Mar 25
12.200,U 5 ltealty & Impt
28 4 29
,
27% 29
203 277
273 2914 2818 293
4 27% 29
15 Oct 65 Mar
28,100 United States Rubber
10 2112 Jan 17 35 Apr 10
5112 53% 4912 511
53
53
51
53
51
5114 51
52
4012 Nov 9212 Jan
8
7,500' 133 preferred
100 473 Jan 17 637 Apr 4
4
*30 8 30
,
,2 3018 30% 2914 301
29% 293
4 2918 2912 29
2912 4,300 II S Smelting Ref & Min___50 29 Mar 5 3512 Jan 8
29% Oct 7272 Mar
*483 40t3 497 497 *48
3
2
50
48
48
*4712 4914 *48
4912
53 Jan
3001 Preferred
48 Nov
50 98 Apr 30 5312 Jan 7
18712 18914 1847 188% 182 18614 18014 184% 178 1833 1
8
4 7434 18014 692,900 United States Steel Corp__ 100 166 Jan 2 198% Apr 7 150 Nov 261% Sept
4
*145 1453 145 115
14412 115
11514 145%, 145% 14518 14414 14512 2,700 Preferred
100 141 Jan 4 146 Mar 21 137 Nov 14414 Mar
63 637 *62 2 63
8
,
62% 6234 627 621
2
81 6114 62,
4 614 6114
1,800 U S Tobacco new
7112 Nov
5512 Nov
No Pa
60 4 Jan 6 68 Feb 10
,
4312 4412 43
45 4 4284 4418 433 45
3
4318 44121 39
43831 85.3001Utilitles Pow at Lt A
No par 3118 Jan 4 458 Apr 10
2418 Nov 5312 Aug
4
51
484 512
5
S'i
5
5
47
8
5 1
48
1312 Jan
478 4731 3.300 Vadsco Sales
3 Nov
No par
7% Mar 12
4 Jan 7
138 14314 130 139 120 4 133
14
,
12914 13512 z12618 1337 119 12912 188,200. Vanadium Corp
3712 Nov 11612 Feb
No par 497 Jan 2 14314 Apr 26
2
3
4514 4514 4514 45 4 45% 46
4618 4778 4583 4612 40,400 Vick Chemical
46
47
par 3712 Jan 18 477
33 Oct 109 May
8May 1
612 883
612 634
6
'2 638
,
6
8 4 614
,
84 5 2
6121
Virginia-Caro Chem
14
878 Apr 1
318 Oct 24 Jan
N0
5/2 Jan 2
,0 pa/
V
297 2978 2934 2978 *2914 2912 283 2918 29% 2912 2812 2812 3,800,
4
1.700'
0 preferred
15 Oct 6512 Jan
100 2612 Jan 17 3414 Apr 1
*7814 793 .7812 7914 *7814 79
4
*7814 79
*7814 79
*7814 79
1 7% preferred
69 Nov 97% Feb
100 78 Jan 2 8238 Apr 9
*10934 11038 11084 1113% 110 110
110 110 *110
____ 110 11014
190 Virg1nla El & Pow Dr (7)_ _100 105% Jan 8 Ill Mar 31 102 Nov 110 Sept
*38
90
*38
40
*33
45
*38
45
38
38
.38
45
10 Virg Iron Coal & Coke pf 100 38 May 1 40 Apr 21
Jan
39 Dec 48
122 12414 120 121 4 11514 120
118 11818 11014 118
,
10212 110
2,040 Vulcan DetInning
8
100 65 Jan 7 156 Mar 24
38 Nov 1497 Aug
*9512 100
*0512 100
*9512 100
.9614 97
*9512 99
*9614 97
100 85 Jan 24 100 Mar 24
81 Nov 110 Apr
I Preferred
•122 125
120 120
120 120 *11814 120
113 113
101 110
100 68 Jan 22 1498 Mar 24
40 Jan 142 Sept
701 Class A
3012 307
8 297 3078 288 3334 30
2
4
31
293 301* 29
4
304 21,400 Waldorf System
No par 24% Jan
3184 Apr 11
20 Nov 3612 Oct
388 3912 358* 38% 35
33
361* 3138 36
35
3312 3434 11,900, Walworth Co
Vo par 28 Jan 3 42% Apr 2
22 Nov 4972 Oct
41
41
40
41
40 40
4014 42
41
41
4014 40,
4
4551 Ward Bakeries class A No Par
20 Dec 34% Jan
2112 Jan 7 54 Mar 24
103 107
8
8 1012 11
1012 103
4 1083 113
8 11
11 12 11
11 8 20.000 Class B
,
112 Oct 2114 Jan
418 Jan 2 15% Apr 1
No par
5612 6812 6614 668
4 65% 658* 67
6718 .6712 6778 6712 6712 1.400 Preferred
8712 Jan
100 58 Jan 2 77,8 AIR 3
50 Nov
7112 7214 69 8 72
3
6714 7014 68% 71,
4 7012 7314 6618 7414 414,700 Warner Bros Pictures new...... 385 Jan 2 8014 Mar 28
6412 Aug
30 Nov
8
*62
65
6214 62 4 5912 62
,
60 60
6214 64
6318 65
No par 3512 Tan
1.700 Preferred
25% Oct 59% Jan
7014 Mar 28
225 2272 2014 223
8
4 1912 2012 2012 2114 2052 2184
19 8 203 34.100 Warner Quinlan
,
4
No par 16% Jan 23 27 Apr 12
15 Oct 42% Jan
601
613
8 58
60
558 577
4
5818 5912 5712 5912 567 58
8
No par 56 Apr 24 6312 Apr 11
12,000 Warren Bros new
*____ 2012 *183 201
8
4
18 4 184 *188 1912 *19
4
1912 19
19
30 Preferred new
4
VO par 180 Apr 29 20 Apr 25
39
39
3314 39
3712 38%1 3712 38
37
37 1 3612 3718 11,700 Warren Fdy & Pipe____No par 23 4 Jan 2 4114 Apr 22
341
,
15's Mar
75
7
8* *712 754
714 734
714
712 712
7%
712 7 4 1.800 Webster ELsenlohr
,
4
4
Oct 1133 Feb
25
912 Mar 31
512 Jan 2
26
2618 26% 261
2518 26
25
2512 2514 25 4 25% 5518 2,700 Wesson Oil Snowdrift No Da
, 58
28
20
22,2 Jan 23 29% Mar 27
Oct 48 Mar
*58
5814 5814 581
58% 5818 53
*58
58
59
600 Preferred
4918 Nov 7212 Mar
5012 Jan 15 5912 Apr 7
No pa
178 131
17514 1771 173% 179
175 17714 175 179 4 175 17714 15,400 Western Union Telegraph_ 100 17314 Ap.. 29 21983 Feb 19 160 Nov 27214 Oct
,
447 451
448 447
44% 447
4434 45
44
45
11481 114114 12,100 Westingh•se Air Brake..Na Pa
774,
3
:
,
4312 Apr 24 52 Feb 27
36% Oct 67 4 Aug
19213 19414 184 19484 18214 187 2
2
1813* 1377 18214 187
14 205,100 Westinghouse El &
8
Oct 2925 Aug
140 Jan 2 20112 Apr 15 100
*186 190
137 188
18114 18114
18112 18112 183 188
50 133 Jan 2 1973 Apr 15 103 Nov 284 Aug
930 1st preferred
4012 4012 4034 4234 39% 41 4 40% 4132 4012
,
417
8 40
40
6,800 Weston Else Inatruml_No pa
1918 Nov 64 8 Sept
29% Jan 18 497 Mar 31
,
8
*35
36
•34
36
*35
35 .35
36 .35
36
.35
36
Class A
No pa
33% Jan 27 36 Jan 28
3212 A•ig 35% Apr
*108 10883 108 108 •108 103 4 *108 108 •108
,
,
4
108 4 108 108
,
300 West Penn Else class A-NO Pa
90 Nov 110 Feb
98 Jan 3 110 Apr 16
10938 10983 10984 10914 10912 110
1091 1093 109 4 109% 11014 11014
4
,
430 Preferred
100 10583 Jan 2 11012 Apr 12
97 Nov 11114 Jan
99% 998 99 10012 991 99
4
, 993 99 4 9914 9934
4
, *9912 99
4
,
150 Preferred (6)
10
Jan
88% Nov 102
9714 Jan 2 101 Apr 15
11618 116% 116 116
8
11612 1173 11612 1161 116% 11714 116% 11612
290 West Penn Power pref
100 11312 Jan 3 11712 Mar 22 110 Nov 117 Mar
*108 109 *108 109
108 103 *108 109
108 108
109 109
100 104 8 Jan 23 110 Apr 2 102 Sept 11012 Jan
70 6% preferred
. 4983 *4934 50
1
,
49
*49% 50
*19% 50
49% 49 4 4983 4983
,
300 West Dairy Prod cl ANo pa
44 Jan 11 50 Mar I()
3612 Nov 60 Sept
223* 223* 21
2212 20% 20% 2012 2112 21
21
20
2012 2.300 Class B
No pa
1312 Jan 3 2418 AIM 11
7 Nov 40 Sept
52
52
5014 51
-1914 50
47
50
48
49
47
48
2,200 Westvaco Chlorine ProdNo Pa
30 Oct 94's May
37 Jan 2 59% Feb 17
*1314 15 .1314 15
*1312 15
13 8 1412 14 4 143
,
,
4
1134 118
4 1.200 Wextark Radio Storee_No pa
19
10 Jan 21 21 Jan 7
Oct 75 Sept
V1'hite Eagle 011 & Iterg No pa
25
26 Jan 17 291 2 Star 17
Oct 35
Feb
;558 39; -53" - - 4 -551 -4
-1
34
; 37
39 ;5/ 16" ;5/ 113-4 2,400 White Motor
4 301
No pa
31 Jan 2 43 Apr 4
27% Nov
5312 Mar
46
46
46
46
*4512 46
*40
46 2 44 8 45,
,
,
4 44
4412 2,100 White Rock Min Spring etf..5
35% Jan 21 54% Mar 20
8
277 Nov 55 4 Sept
,
103 104 *1014 11
4
10% 10% 1012 1012 10
1014 .3
10
4
3 14 1.200 White Sewing Machine_No pa
10
1
8
8
Oct 48
Jan
7, Jan 14 137 Mar 4
8
36
36
.34
35, 534
2
36 2 *34
37
,
*34
3512
No pa
100 Preferred
27 Dec 577 Jan
2712 Jan 11 39% Apr 3
a
20
2084 20
20
20
20
1912 19'8 19
19
•187 19
1112 Feb 26 21 Apr 25
No par
2,30011/Mos 011 & Gas
1278 Nov
2914 Feb
*29
32
2918 2914 2918 2918 29,8 2913 29
29 .32
2
0
33
2 ,2 1: 0 VirlIcox-Rich class A......N0 Pa
19
27 Jan 3 3414 Jan 29
Oct 6114 May
03
234 247
8 2312 2118 2318 24
23% 23 4 2318 23 4
,
,
No par
12% Oct 62 May
1912 Jan 17 27% Mar 31
77
8 81*
78 8
7I
73
4 8
7 4 7%
,
752
5 Oct 35
PS 71* 14,700 Willys-Overland (The)
14
712 Jan 2 11% Feb 6
Jan
377
797
8 77
77
75
75
75
75
75
75
100 6714 Jan 2 85 Apr 3
*73
743
1.000 Preferred
65 Dec 103
Jan
*434 512 .42
5
414 4% *4% 5
414 414 *412 5
No par
3% Jan 14
3 Dec
131 Jan
1,000 Wilson AL Co Inc
:
,
7 4 Mar 27
*10
11
*10
1012 10
*9
10
10
•912 1012
Vs par
6% Nov
7% Jan 13 13 Mar 27
27
700 Class A
Jan
*5012 52
5014 5014 50
50
*50
5014 50
50
50
351 Nov
2
100 42 Jan 13 5112 Mar 31
50
79
900 Preferred
Jan
658 66
64
6512 6114 6512 61% 65% 61
65% 6314 64/8 36,500 Woolworth (F W) Co
10 58% Mar 22 72 8 Jan 2
5214, Nov 112 Sept
,
150 155
144 1553 131% 14712 113 140%
4
101
4
100 67 4 Jul 17 16212 Apr 25
43 Mar 1373 Sept
,
27,900 Worthington P & M
2
*101 1011 *101 10112 10112 10112 1013 1013 13714 1491
4
4 101 4 10134 130
,
01'8
100 88 Jan 17 107 Apr 25
75 Nov 10012 Sept
600 Preferred A
*38
91
.89
90 .85
89 .90
89
89
9012 :3
5
9090
6512
100 78 Jan 3 917 Mar 20
68 Apr 9012 Sept
8
100 Preferred B
*50
65
*513
65
*50
65
65
*50
53
53
30 Nov 299
300 Wright Aeronautical___No par 35% Jan 23 5912 Mar 5
Feb
*6812 72
*66
69
62
62
6112 6212 60
25 59 May 2 77 Mar 1
61% Feb 88 Aug
59
1,900 Yale & Towne
283 2983 2814 2983 2712 28% 28% 29 8 2312 6018 59
4
,
30% .12 05% 80,800 Yellow Truck & Coach Cl B_10 12% Jan 16 32% Apr 23
075 29
23 8
714 Nov 6114 Apr
95
95
9184 95
9-1% 913
,
4 9458 91 8 9312 9312
SO Mar 9512 May
100 72 Jan 27 105 Apr 2
590 Preferred
40
413
3912 40
3712 30
33
3812 38% 38% 39
3312 Oct
59!4 Aug
3914 3,400 Young Spring & Wire.-No Par 36% Jan 17 47 Mar 7
*130 134
130 130
124 130
124 121
124 125
01 N'oc 175 Sept
12114 122
2,600 Youngstown Sheet & T_No Par 103 Jan 11 152 Apr 7
1383 1412 1314 143
4 1312 13% 14
11% 1312 141
612 Dec 52% Julf
552 Jan 17 15% Apr 10
13% 138* 17,400 Zenith Radio Corp__ __No par
1
-J1u;
*1310 and asked nricee no sales on this day. I Ea-dividend
r Es-Marts
3126
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jaw. 1 1909 the Exchange nasiltod of (tweed bonds was changed anti prices are nom "and interest"--excepl for
BONDS
N. Y. STOCK EXCHANGE. 13
Week Ended May 2.
Price
Friday.
May 2.
U. S. Government.
Bid
Ask
/Int Liberty Loan
JD 10012n Sale
834% 011932-1947
Cony4% of 1932-47
JD
Cony 434% 011932-47
J D loii4. Sale
2d oonv 44% of 1932-47
3D
Fourth Liberty Loan
434% of 1933-1938
AO 101 42 Sale
,
Treasury 434s
1947-1952 AD 111,, Sale
,,
Treasury 48
1944-1954 JO 10733 Sale
0
Treasury 34s
1946-1956 MS 1053 Sale
0
Treasury 34s
1943-1947 3D 100. 0 Sale
0
Treasury 34s June 16 1940-1943 313 101722 Sale
Week's
Range or
Last Sale.
a•
‘.53
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 2.
41001118
11
1k
...., A.
and d,
faulfed 81044.
Price
Friday.
May 2.
Week's
Range or
Last 503..
11
Range
Since
Jan. 1.
Bid
Ask Low
High
High No. Low
High No Low
Hid
Czechoslovakia (Rep of) 85-1951 A 0 110 Sale 1093
4 11012
6 10914 111
4
Sinking fund 89 ser
100
_1952 A 0 1093 11114 110 Apr'30 --,, 109 nu,
10011.2 161 981
'41100"n
8 110
8sA_1946 F A 10914 10912 1093
99",,Jan'30
°23 Danish Cone Mullein B.983411991
11 109 111
5 f 88 Series B
1011%210116n 61 1000221011
.32
1093
1946 F A 109 Sale 109
4 15 108122112
982142994122 Denmark 20
3
105
1942 3 J 104 4 Sale 104
-year en' 68
993133Feb'30
41 103% 1053
1955 F A 10012 Sale 100
External g 530
10012 53
9912 101;
8
External g 430__Apr 15 1962 A 0 915 92 9U4
1017232 102422 894 10022221021sn
913
4 81
9018 935
111322 11210 195 1091%2E314n Deutsche Bk Am part ctf 65_1932 M 5 995* Sale 99% 100
70
97 1001,
107022 108332 185 10511111094u Dominican Rep Cust Ad 530'42 M S 96 Sale 96
9714 32
9312 971
1st ser 530 of 1926
1061%2
1043
0 105331 176 103
1940 A 0 904 91% 9013
8934 961;
9013
5
133 99112 101142
4
29 series sinking fund 530 1940 A 0 903 Sale 904
903 96
4
9114 14
1001232 101
'42101Pa Dresden (City) external 79_1945 MN 100 Sale 99% 100
40
1001033 101732 84 983
96 102
8
Dutch East Indies extl 69 1947 J J 1017 Sale 10178 10214 32 1013 103
0
1962 AI S 102 Sale 102
State and City Securities.
413
-year external 68
15 1011s 1033
102
Y C 334% Corp st_Nov 1954 MN
s
30
8 1015*
-year external 514s
85% Oct'29
1953 M S 1017 10212 1015
1 1015* 10251
334% Corporate P1 _ _May 1954 MN
30
-year external 530_ _1953 M N 1018 10212 102 Apr'30-8814 Aug'20
.
101% 1023
de registered
El Salvador (Republic) 813_1948J J 107 Sale 107
1936 MN
9934 Mar'28
10714
7 1033 10851
4
Is registered
Estonia (Republic of) 78_1967 J 3 78
7914 7918
8212 17
94
94 Feb'30
1956 MN
94
75
88
4% corporate stock
Finland (Republic) extl 6s 1945 M 5 9714 Sale 9612
102 95 Nov'29
9712 11
1957 MN
9113 978,
8_1950 M 6 100 Sale 100
434% corporate stock
MN
External sinking fund 7
105 104 Mar'30
1957
10012 11
FOR 104
971 1011,
!
434% corporate stock ___ _1957 MN
External sinking fund 63451956 M 5 9812 Sale 98
9813 13
10212 Dee'29
9112 9811
4% corporate stock
External sinking fund 5345 1958 F A 90 Sale 8812
9414 Nov'29
1958 MN
91
8418 92
64
4% corporate stock
4
Finnish Mun Loan 614s A.
9814
953 June'29
4
1959 MN
_1954 A 0 977 Sale 973
7
927 9814
8
8
634% corporate stock.._1931 AO
External 630 series 11
9812 16
96
Oct'29
923 08%
4
1951 A 0 983 Sale 977
434% corporate stock
1960 MS
- 95 French Republic eat! 730_1941 J 0 1225* Sale 12218 1223 008 117% 126
95 Jan'30
-5S
44% corporate stock
1949 J D 11712 Sale 1175* 1173 319 11246118N
1964
External 79 of 1924
99 Mar'29
4
434% corporate stock
*
German Republic extl 78_ 1949 A 0 1085 Sale 1073
4 1083 179 10614 1097
101 IsIar'29
1966 AO
4
(
4 9
998
4
% corporate stock
Gras (Municipality) 8s
1972 AO
9912 Oct'29
1954 M N 9912 993 9 13
6
94 610011
414% corporate stock __ 1971 JO
168 10212 105
Gt Brit & Irel(UK of) 530_1037 F A 105 Sale 1043* 105
1004 Sept'29
F A _ ,,..,- ____ 104 Apr'30 -,, 104 104
iciff 10412 Apr'30
434% corporate stock,...,1963 MS
Registered
ioii. 16512
4
64% fund lean £ opt 1960_1990 M N 30.' Sale c873
87% 1. 682% 90
1965 3D
414% corporate stock
oa
106 106
110% 106 Mar'30
8
4
4
434% corporatestockJuly 1967 J J
85% War Loan £ opt 1929_1947 J 0 6983 993 c99 Mar'30 1013 Nov'29
4
697 4 99
,
New York State Canal 4s. 1960
10114 Mar'29
Greater Prague (City) 730_1952 MN 10614 Sale 106
10614 i° 1023 10711
4
41 Canal
100
Mar 1958 MS
Greek Governments f sec 7s 1964 M N 100 Sale 97
10114 July'29
5
97 101%
1968 F A 8612 Sale 8512
Canal impt 49
1961 J J
8612 19
1003 Mar'30
4
1004 11634 Sinking fund sec ds
81
88%
430
94
13
1952 A 0 93 Sale 927
J
Haiti (Republic) 5 f 6s
109 Jan'30
1954
109 109
925 10014
8
/946 A 0 9412 9513 96
Hamburg (State) 65
963
4
. 91
9711
Foreign Govt. & Municipals.
8 1023
8
3 10012 104%
Heidelberg(Germany)ext1730'50 J 1 10112 10212 1023
laic Mtge Bank sfOs
1947 F A 77 Sale 77
9612 12
13
Hungarian Menlo Loan 730 1945 J 3 961 Sale 9058
82
c9814
2 95
6312 86
Sinking fund 6e A Apr 15 1948 A 0 76
6312 8012
77
76
9218
External 5 I 78
7712 14
8
86
94
Sept 1i946 J J 9018 Sale 9013
Akershus (Dept) exti 58._ 1963 M N 9212 Sale 9212
99 Apr'30 --Hungarian Land m mut ”is .61 MN 93 4 97
3
95
9314 56
87
91 190
ntloeula (Dept) col 79 A 1945 J J 83 4 Sale 8313
18
3
9012 98%
94
8
06
Sinking fun0 734s ser 8_1961 M N 9334 96
71
87%
8512
External s1 7s eer B
5 100 104%
102
7614 82 8014
1945 J J
8
7012 8712 Hungary (Klugd of) 8 f 730 1944 F A 102 Sale 102
82
Externals I 7s ser C
10453 J 7614 84
4
80
81
70 8712 Irish Free State extls 5 f 56_1960 M N 98 Sale 97%
983
4 55
96
083
4
External s f 7s eer D
19453 J
79 Sale 79
Italy (Kingdom on exti m_ _1951 J D 983* Sale 98
1
79
983 237
4
70
88
9414 101
Externals f is 1st ser
1957 A 0 7618 8012 7818
21
93
9812
3
79%
70 8712 Italian Cred Consortium 7s A1937 M 8 97 Sale 96
97
External see f 78 2d ser_ 1957 A 0 78 Sale 76
67
89
External sees f is ser B _ _1947 M 8 97
7914 16
95
97
34
92% 985*
98
External sec s 7, 3d ser_ 1957 A 0 76
82
139
6
. 92 98
78
Italian Public Utility eat! 7s 1952 3 3 967 Sale 95
97
8
78%
67
88
Antwerp (City) external 55_195S J D 96 Sale 9514
46
Japanese Govt E loan 4s___1931 J J
96
924 98
965*
967
8 0
. 943 98
963 97
4
4
Argentine Govt Pub Wks 68_1960 A 0 983 Sale 98%
4
1954 F A 104 Sale 104
30
-year s f 6 49
9518 100
9912 23
1043
4 85 10118 105
Argentine Nation (Govt on—
Jugoslavia (State Mtge Bank)—
fund 6s of June 1925-1959 J D 98% Sale 9814
99
Sink
1957 A 0 83 Sale 82
99
16
95 100
7714 8512
Secured s I g 75
83
Extl a I 6s of Oct 1925
61
1959 A 0 99 Sale 9812
99
95% 99% Leipzig (Germans.) s f 75.-.1947 F A 100 Sale 9912 100
947 10114
19
99 Sale 9812
1957 M
Sink fund 69 series A
943
8000 Lower Austria (Prey) 730_1950. 0 9812 9914 983
99% 46
8
985*
1
1
9312 100
4
External 65 series B__Dec 19583 D 983 Sale 9812
59
Lyons(City of) 15
99
95 100
-year 69_1934 M N 10358 Sale 10314 1035* 46 1021261047i
Ext1 a 1 6e of May 1926 _1960 M N 98% 983 99
50
4
95% 10018
98% Sale 98 4
External 91 Se (State fly)
993 Marseilles(City of) 15-yr fis 1934 M N 10312 Salo 10314
4
.1960 M
10312 82 102122105
95
,
995* 47
1961 F A 98% Sale 9812
Exti 6s Sanitary Works
9914 84
95
99% Medellin (Colombia) 630..1954 J D 78 Sale 75
78
13
65
80
4
Bit] pub wks(May'27)_1961 MN 983 Sale 9812
9914 45
943 1003 Mexican Irrigat Asians 430 1943 ,„--- ---- ---- 1214 Mar'30 ---4
s
1214 1512
Public Works extl 530
24
__ 26 Apr'30 ---1962 F A 93 Sale 9112
Mexico(U S) extl 5s 01 1899 £'45 1-1 J ___
93
89 697
26
28
Argentine Treasury 58 £__ _ _1945 M S 87% Sale 8714
31
88
1912 1712 Apr'30 ---,
85% 8912
Assenting Ss 01 1899
17
1945 ---- 15 -2011
Australia 30-yr 58__July 15 1955 J J 9014 Sale 8913
8714 9414
s
Assenting 55 large
9012 98
---- --- ---- 175
3
1612 17%
175*
External 5e of 1027_ _Sept 1957 M S 8912 90 8912
____
Assenting 45 of 1904
113 Sale 1118
87
9414
9012 45
12
61
1118 13 8
8
External g 434s of 1928 1956 M
----------1314 Apr'30 -8114 Sale 8114
Assenting 4s of 1910 large
80
853
8212 73
4
II% 1412
Austrian(Govt) elm
1943 J 13 10412 Sale 10334 10412 19 1023 108
* ale 115
4
8
Assenting 45 of 1910 small-11%
8
10% 14
--Bavaria (Free State) 630_1945 F A 96 Sale 947
9812
Trees 613 of'13 assent(large)'33 i 3 20
83
8
96
2112 2018 Apr'30 _ ___
91
25
18
__ ___ ____ 22 Apr'30 — z
Belgium 25-yr ext f 730 g _ 1945 J D 115 Sale 115
Small
11514 58 115 6118
, 19
2514
1941 F A 11014 Sale 11014 11012 28 10912 11112 Milan (City, Italy) exti 630 '52 A-. 0 9114 Sale 9013
20-year.f8s
9112 611
.
85
95
25
-year external 6345
1073 Sale 10714 108
8
1949 M
128 1053 109% Minas Geraes (State) Brazil—
4
8
External s f 6s
1958 M (3 77 sale 76
1955 3 J 1023 Sale 10114 1023 112 10118 103%
79
8
29
65
External e f 630
83
External 30
-year s I is._1955 J D 1113.1 Sale 11112 11212 140 10914 113
Esti sec 630 serle5 A._..1959 M __S 7712 Sale 75
7812 17
6912 8212
Stabilization loan 79
1956 MN 10812 Sale 1077
101
12
8 108% 98 107 11014 Montevideo (City of) 7s
1952 .11 li 100% Sale 100
982 103
4
Bergen (Norway)e 185
3 110 11212
9612 96
3
1945 131 N 111 11178 110 4 1113
96
External s f 65 series A-1959 M N
9614
4
6
91
964
15
-year sinking fund 6s
4
1949 A 0 10012 Sale 10012 10012
10414 21 103 107
99 101
Netherlands 6s Mat pr(ca)_1972 M S 10412 10514 104
Berlin (Germany) a f 634s_1950 A 0 9714 Sale 9612
8712 38
92% €9912 New So Wales(State) extl 58 1957 P A 8714 Sale 87
973
4 33
844 90
External sink fund (15
4
1958 J 13 943 Sale 9012
9434 155
Externals 1 Es
8538 94%
87% 35
Apr 1958 A 0 87% Sale 86%
84
90
s 1035* 47 1023
Bogota (City) extl 5 188.._ _1945 A 0 98
5
99
98
9212 9913 Norway 20
983
4
-year exti 65____1943 F A 10318 Sale 1022
5 1047
4 10318 41 1003* 104
Bolivia (Republic of) extl8s_1947 M N 9712 Sale 97% 61214 36
20
88 100
-year external 6s
1944 F A 103 Sale 1028
Exteruaisocuriticsie
1958 J J 8214 Sale 8214
30
22 101% 104
4 102
84% 45
7212 85%
-year external Os
1952 A 0 101% 102 1013
1969 M S 79 Sale 79
Externals 1 78
1965 J D 1004 Sale 10012 101
40
36 100 8 1017
72
84
-year 5f 534s
803
4 48
,
8
963 9914
4
Bordeaux (City of) 15-yr 69_1934 131 N 10312 Sale 10311
1033
4 65 102146105
External s f se___ _Mar 15 1963 M 5 98 Sale 973
4
9812 149
Brazil(U S of) external 88_ _1941 J D 99 Sale 99
4
96
55
25
100
94 102
Municipal Bank extls 1 68i967 J D 955 9612 953
94% 98
Externals f 630 ot 1936 1957 A 0 82 Sale 82
4
7212 8818 Nuremburg (City) extl 65-1952 P A 883 8912 898 Apr'30 ---,
8312 65
9213
84
8412 42
1957 A 0 82 Sale 82
20 100 10224
Exti s 630 of 1927
7214 68812 Oslo (City) 30
-year 81 6,._.1955M N 102 Sale 10012 102
1946 F A 10018 1005* 997
1952 J D 86 Sale 86
is(Central Railway)
100
14
Sinking fund 530
8912 114
80
9312
98% 101
Panama (Rep) extl 534s._.1953 3 0 10118 10178 10118 10114
5
1004 103
9914
730(coffee secur) (flat) 1952 A 0
4
95 10518
1007
8
- - 99 4
,
1:02,L Sale 10218 103
Bremen (State of) eat! 7s
1935
94
49
26, 8912 9513
9812 103
Eat]s 1 58 ser A __May M5 1963
N, 9371, Sale 93
1957 M S 82 Sale 82
Brisbane (City) 5 1 Ss
82
Pernambuco (State of) extl 712'47 M s 8512 Sale 8514
86
90
8312 38
13, 7112 90
Sale 9412
1958 F A 82
Peru (Rep of) external 78_1959 M S 95
Sinking fund gold Se
21
82% 8212
83
96
14
8018 90
91 am%
Budapest(City) exti at Os..1962 J D 83 Sale 814
Nat Loan exti e f 136 1st ser 1960 J 0 7853 Sale 7713
84
77
73
8512
792 77, 69
84
Buenos Aires(City)6302 B 1955 J J 9914 Sale 99
Nat Loan exti s f 6829 ser 1961 A 0 79 Sale 79
961, 10012
8114 30
3
10014 13
69
8414
Externals f 686cr C-1030 A 0 92
1, 91
9414 91
91
79
9812 Poland (Rep of) gold 6s
12
81
1940 A 0 79 Sale 78
74
8823
8512 97
79
95 96 Mar'30
1960 A 0 92
Externals f Os ser 0-3_
90
9818
Stabilization loan s I 75-1947 A 0 8553 Sale 8412
91
Buenos Aires (Prey) mat 66_1961 M S 8812 Sale 88
84
External sink fund g 85_1950 J 3 95 Sale 94
8812 51
37
9312 28
95
Bulgaria (Kingdom) s f 7(4..1967 J J 83% Sale 8212
Porto Alegre (City of) 89-1961 J 0 99 Sale 99
6
8312
763 85
4
2
91 100
9913
92 Sale 92
873 Sale 86%
4
Stabil'n en a 7Sis Nov 1668
Extl guar sink fund 7 345 1966 J J
8878 33
93
82
7
8312 9412
904
8 108
86% Sale 86%
Caldas Dept of(Colombia)730'46
53
81
9312 Queensland (State)extle t 7is 1941 A 0 10678 Sale 1067
88
19 104% 110
1947 F A 101 10114 1007
Canada (Dominion of) 59_193 A 0 101 Sale 100%
25
101
-year external fts
31
99 4 10114
3
s 10114 24
993 1041
8
4
Rio Grande do Sul extl 5 f 88 1946 A 0 95
1952 M N 105 Sale 1043
4 10512 31 10214 106
58
98
985* 12
99
90 103
4
1936 F A 983 99
98%
430
External sinking fund 65_1988 3 0 7512 Salo 7512
993
s 23
973 1001s
4
7612 22
644 8038
4
Carlsbad (City) s f 89
1954 J J 1053 108 10814 Apr'30
External s I is of 1926_1966 M N 8419Sale 83
85
10
103 109%
7.1
031.2
Cauca Val(Dept) Colom 730 '41' A 0 9412 Sale 923
9412 12
4
External s I 79 munic loan 1967 1 D 83 Sale 82
83
3
8312 95
ii
891;
Central Agrie Bank(Germany)—
RIodeJanelro 25
-year st 88_1946 A 0 100 1004 100
10114 12
9212 10514
1953 F A
79 Sale 783
External, f 634s
9212 9812
4
Farm Loans f 7s Sept 15 1950 M S 96% Sale 9612
97% 52
8112 84
70% 85
774 90% Rome (City) exti 634s
Farm Loans f 13. July 15 1960 3 J 8712 Sale 85
8712 79
9112 83
1952 A 0 9114 Sale 90%
87
94 4
3
Rotterdam (City) extl 65
herrn Leans f Os Oct 15 1960 A 0 8712 Sale 8412
8712 74
77% 90
103
1964 M N 103 104 103
1 103 10.512
9014 87 Apr'30 __,,
92
92
Saarbrueeken (City) 6e.__.1953 J 3 84
Farm Loan 65ser A Apr 15 1938 A 0 92 Sale 8812
8412 04
80% 90%
Sao Paulo (City) 5 t 8s_Mar 1952 M N 10412 Sale 10314 10412 14
Chile (Republic of)
95 107
1942 54 N 10112 Sale 10012 10112 39
99% 10314
External 5 f 630 08 1927.1957 MN 76
817 8012
8
-year external s f 7s
20
8O1x
70
84
2
913 140
4
88
94% San Paulo(State) exti 58 85-1936 3 J 10112 Sale 10114 10214 14
External sinking fund 69_1960 A 0 9114 Sale 91
96 10214
1961 F A 9112 Sale 90
91% 106
4
88 69412
External sec s 1 8s
External s I 68
99
1950 1 3 973 Sale 978
10
90 101
1961 J J 9112 Sale 91 ,
Externals 1 75 Water L'n_1950 51 5 88
917 133
88
89
94
8818
Rs ref extl 9 t 68
918 13
793 9312
913 137
4
91% Sale 91
1961 M
External s 1 8, int rets..1985 . 1 7613 Sale 7618
88
94
Ext.1 sinking fund Os
7814 26
65
1
81
108
92
88
9414 Santa Fe (Prey Arg Rep) 7s 1942 M a 938 Sale 93
1962 M S 9114 Sale 91
94
Ext1 sinking fund 6s
4
87
951
30
Saxon State Mtge Inst 75_1945 J D 9612 993 9512
96
9214 99
4
Chile Mtge iik 6345 June 30 1957 J D 0512 Sale 9314
97
5
93
993
4
94 1003
Sinking fund g 630__Dee 1946 J D 913 91% 91%
4
4
SI 6 3ts of 1926_June 30 1961 J D 98 Sale 973
913
8
9
9913 58
1
86
97
..1
Seine, Dept of(France) extl 75'42 J ... 10712 Sale 107
31
8612 94
89
Apr 30 1961 A 0 89 Sale 8812
1075* 111 1065010913
Guar 9 6s
9318 298
Serbs, Croats & Slovenes 89 '62 m
943
4 56
94 Sale 9318
1980 M
4
Chilean Cons Menlo 78
9614 21
__-`, 9514 953 9314
87
98
23% 30
External sec 75 ser B
28
30
3
85
Chinese (IlukUang fly) Se..1951J D 2512 29
127
1962 M N 84 Sale 8312
753 Ma
4
3 100 10218 Silesia (Prov of) esti 7e....1958 3 D 76
763 75
4
1013 1023 01% 101%
4
4
75
Christiania (Oslo) 30-yr 5 I 6s '54 M
_
13
70
82
8
4
9018 6983 Silesian Landowners An 65 1947 r A 783 Sale 78
4
95%
80
ss
Cologne(City)Germany 634s 1950 Al S 9438 Sale 94%
11
72 847
8
s
Soissons (City of) ext.' 66_1935 151 N 1033 1037 10314 10312 28 101586105
667 c83
8
8
9
4
4
7812
Colombia (Republic) 6s.,,.1961 J J 763 Sale 763
817 Styria (Prov) external 75_1946 F A 9018 Sale 9018
8
51
68
79
3
1961 A 0 77 4 Sale 7718
903
5
86
6318
Externals f 60 of 1928
5514 8214 Sweden external loan 5349_1954 MN 101% Sale 104
9
77
10413 37 10314 10614
Colombia Mtg Bank 630 of 1947 A 0 76 Sale 75
86
Swiss Confed'n 20-yr s 1 88_1940 J 3 10814 Sale 1078 10814 53 10712610912
71
4
80
Sinking fund 721 of 1925_1946 M N 77 Sale 77
86
Switzerland Govt extl 530-1946 A 0 10414 Sale 10414 1042
70
6
80
82 80
18 10212 104%
Sinking fund 73 of 1927_1947 F A 75
9618 69834 rokyo City 58 loan of 1912_1952 M S 513 Salo 8114
44
8
98
82
1952 J D 98 Sale 97
13
Copenhagen (City) 55
747 82
External a I 530 guar
8812 9312
915* 35
1961 A 0 9114 Sale 9012
9112 110
8714 9312
1953 MN 9114 Sale 9012
-year g 434s
25
rolima (Dept of) exti 79_1947 M N 7412 Sale 7412
7614 93
5
89
4
75
883 873
4
4
5712 87
Cordoba (City) extl s 1 78_1957 F A 87
rrondhJem (City) let 530_1957 M N 973 Sale 97
82 98%
8
91
3
91
973* 16
92
9312 98
External I 731-__Nov 15 1937 MN 91
Upper Austria (Pros') 75_1945 1 D 9514 97
4
93 100
95
98
95
3
92% 97%
Cordoba(Prov) Argentina 781942 J J 9712 Sale 9712
91
External s f 830_June 15 1957 J 13 804 8914 89
86
11
88
8912 11
8114 91
Costa Rica (Repub) extl 75_1951 MN 87% Sale 8712
Uruguay (Republic) exti 85-1946 F A 106 Sale 106
1
08 101
98
10612
9 105 108
Cuba (Republic) 58 of 1904_1944 M S 97% 9914 98
External s I 65
98 Sale 98
1960 At N
8 100% 102
9312 9911
10112
9812 157
External 5e 01 1914 ser A_1949 F A 100% 101 100%
Venetian Prey Mtge Bank 75 '52 A 0 9018 903 943
93
953
4
8
4
9518 35
4
3
83
96.
External loan 4)448er C_ _1949 F A 93% 94 4 943 Apr'30
9914 10114 Vienna (City of) extl if 68..1952 M N 87 Sale 8612
5
100
8714 18
82 iL 91
Sinking fund 54s_Jan 15 19533 J 100 Sale 100
Warsaw (City) external 75_1958 F A
7712 Sale 7712
79
17
73 FA 83 1
,
Cundlnarnarea (Dept) Colombia
Yokohama (city) (art) fis_ _1961 J ID 964 Sale 9618
53 84
963
38
95
98'
79
43
1950 M N 7812 Sale 78
External f 6144
sCash sale
Low
•On the basis of 8 90 the /Sterling.
5
3127
New-Work Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 2.
Price
Friday.
May 2.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 2.
Price
Friday,
May 2.
Week's
Range or
Last Sale.
453
Range
Stales
Jan. 1.
Bid
Ask Low
High N. Lots
Ask Low
High
Ma
IRA N. Low
Bid
20
Ch 86 & St P gen 4s A _May 1989 J J 86 Sale 843
4
86
8413 87%
Railroad
Q J
85 Mar'30
Registered
--- 10312 Apr'30
100 4 103 2
813 85
3
4
,
Ala Gt Bou let cone A 5e_ _ _ _1943 JD 1031
4
Gang 339s ser B _ _ _ _May 1986 3J 743 747 745 Apr'30
8
92
933
9314
72 s 74%
,
lot cons 45 tier B
1943 Jo 03 2- 4 9314 Apr'30
2
25
4
Gen 4348 series C _ _ _May 1989 JJ 953 Sale 9513
845
96
8
83% 88
92% 97
Alb & Soap let guar 3%s
1946 AO 8514 ___ 8458
10
100 May'28
86
86
Registered
alev
87
85
Alieg & West lst g gu
_ _1998 AU 86 fi
95
Gen 4 %sseries E_ _ _ _May 1989 23 9612 97
9612 47
9212 953
4
9412 95 953 Apr'30
4
Alleg Val gen guar g 48
1942 M
7
923 Sale 915
4
8
9234 321
76
90% 9554
89% Chic 8111w St P & Pac Bs__ _1975 FA
8158
Ann Arbor let g 4.8.. _ _ _July 1995 Q J 8112 8312 8112
01% 9612
Cony ad) 5s
6812 366
6612 7813
Jan 1 2000 AU 67 Sale 6612
9412 93
Atch Top & S Fe—Gang 48_1995 AO 9414 Sale 93
5
7713 79
7712
7712
90
913 Chic & N'west gen g 339s___1987• N
913 Apr'30
4
4
AO
7712 8014
Registered
Q F
12
9112
75 Jan'30 - - Registered
87 s 93
,
75
75
Adjustment gold 45_ _July 1995 Nov 91 Sale 91
9014 90
11
General 48
90
4
87
78 93
1987 MN 90
904 18
87 g 9112
7
Stamped
July 1995 MN 903 Sale 90
OF
84 Apr'29 -85% 8814
8518 Feb'30
Registered
MN
Registered
SIN
DO Sale 8914
52 -Firs 90
92
Stpd 4s non-p Fed in tax '87
87
9312 92 Apr'30 ---63
Cony gold 4s of 1909
1955 JD 02
104
2 100 1003
Gen 43(s stud Fed Inc tax_ 1987 MN 104 Sale 104
92
94
88
93 4 90 Apr'30 - - -3
Cony 4e of 1905
1955 J
4 1083
4
4 10 107 112
Gen Es stud Fed Inc tax_ _1987 SIN 10814 111 1083
8914 90 4
3
Cons g 43Iseue of 1910...._1960 J D 90 _- -- 903 Apr'30
MN
105 Mar'30 -- - - 105 105
Registered
Cony deb 439e
1948 .1 1) 130 Sale 12812 134 -285 128 1411 ^
101 Apr'30
1004 10112
8
88
Sinking fund deb 5.8
9214
1933 MN jai
Rocky Mtn Div let 4e_ _ _1965 ▪ J 9212 -- 9214 Apr'30
7
MN
99 Feb'30 ---9212
8
0012 9212
99
Registered
99
Trans
-Con Short L let 931_1958• J 923 Sale 914
2
3D 100 fthiti 100
10018
4
10
5 100 10114
-year secured g 78
4
97 10114
993
4
Cal-Ariz let & ref 44e A_1962 MS 993 Sale 993
8
10812 29 1073 10912
1023
10214 104
93
°
6
s_ 1035 Apr'30
4
Atl Knoxy & Nor let g 5e _ _ _1946 J
15-yefr 5cured g 639s_ _ _ _ 193 MS 10812 Sale 108
. rea gee8
t
10638 11 1041 197
95 9712
4
May 2037 3D 10614 107 10614
Atl dr Char] A L 1st 4%5 A 1944• J 96 199 9514 Apr'30
let & ref 439s
99
95
let 30-year Es series B _ _ _ _1944 .1 J 10212 104 10218 .10218 15 10013 104
May 2037 J D 97% Sale 9612 0812 23
4
10078 349
Cony Ms series A
87
9814 10514
87
87
- 87 Jan'30
Atlantic City 1st cons 4s
1949 MN 1003 Sale_ 100
1951 J
11
9912 Feb'30
,
93
90
Subs rcts part Paid
95
99
0912
AU Coast Line let cons 4s July'52 M S 93 gale 92 2
Chic RI& P Railway gen 42_1988 JJ -80E8
90 4 June'29
884
,
92
8914 48
819
M
Registered
33
89 Apr'29
8512 89
9812 96 -65Ts fOrr
Registered
General unified 4 ;,1
1964 JD 9812 Sale 9714
9512 9814
4
914 31
Refunding gold 4,3
9712 309
991z 931
L & N coil gold 4s___ Oct 1952 MN 9118 Sale 8912
1193524 A0 9714 Sale 963
9
1
95
AO
Jan'30
64
64
95
95
Registered
58
73 4
3
All & Dan let g 4e
1948• J 6412 65
96
3
SI S 953 Sale 94
4
53
92% 98
58
Secured 439s series A
53
2648
1948 ▪ J 53 Sale 53
2
93
90 Mar'30
84
Ch St L & NO Mom Div 48_1951 J O 91
8612 84
8314 90
8218 85
AB& Yad let guar 48
* 0 84
1949
3D 1037
_ 104 Apr'30
1031g 10412
____ 99 Feb'30
Gold Es
99
e
99
June 15 1951
Austin & NW let gil g 5s1941 J J 101
J
102 ____ 102 Mar'30
102 102
Registered
,
81 July'29
9312 43
Balt & Ohio 1st g 4s_ _ _July 1948 A0 9312 9414 92 8
Gold 3398
9112 95
June 15 1951 3D 81
78 Apr'29
3D
9912 Mar'30 -90
9912
Registered
Registered
July 1948 Q J
4
-908 No
98.8 10014 Cb St LA P let cons g 5s. _ _1932 A0 11501 -_-_-__ 100 Apr'30
3
20
-year cony 434e
1933 MB iooT4 Sale 9934 10014 113
_
99 Mar'30 -1011 June'29
A0
08% 09
Registered
M
Registered
10312 71 101 1043 ChlcStPSldiOcon9Gs _ _ __ 1930 3D lob- fors 100 Apr'30
100 10024
Refund & gen bs series A _ _1995 J O 10314 Sale 10114
4
9914 June'29 -J O
Cons Os reduced to 334e__1930 31)
Registered
99174 Dec:230
9 8 Feb 9
8
8 105
8
17 ioics friC
-VA 196let gold 58
Debenture 56
1930 M
July 1948 A ( 1047 Sale 1043
10018 Dec'29
MS
Ref & gen 65 series C
Stamped
1995 J O 109 Sale 10812 10912 52 10813c111
935
166
14
Chge gt &
T l, SeSo East let 5s— _1960 J O 9812 Sale 98
9813 11
63
95
l
91
PLE&W Va Sys ref 48_1941 SI N 9312 Sale 9212
10314 14 10012 104 8
SI S 9114 Sale 00
913
4
9414
89
Southw Div 1st 5,4
,
1950 J J 10314 Sale 102 8
845
8512
4
r.32
1011 05
4
55
Tot & Cin Div 1st ref 4s A.1969
3
J 8458 Sale 10218 10312 25 84 87,4 Chic Un Stain let gu 4Dec 1_1980 23 109941143 Sa5 198;42 Ap9910 18 97 100
3A 1 96 23
9s
103 10514
let 58 series 13
10114 10412
Ref dr gen be seriee D_ _ _ _2000
1963
•S 10312
10312 22 1013 104
3D 10312 Sale 103
4
4
4
Cony 439s
Guaranteed g Es
1960 FA 1003 Sale 10012 102 1199 10012 1043
4 17 114 1167
103 105 105 Apr'30
1st guar 639e eerles C
s
10184 105
Bangor & Aroostook let be_ _1943 .1
63
1944 3, 11512 11614 11514 1153
9
7
s
1017
8
5 100% 102
887 8714
8812
84
Chic & West Ind gen 6s_Dee 1932 QM 1014 ____ 1017
90
J 87
Con ref 45
1951
641 62 Apr'30
8512 92
S912 67
J 3 8912 Sale 8814
62
62
Consol 50
Battle Crk & Slur lst gu 38._1089 J O 62
-year 45
8 1047g 21 103 10.5
SI S 10414 105 1037
let ref 539,3 series A
9512 96
Beech Creek let gu g 48_ _ _1936• .1 9614 ---- 96 Mar'30
95 Aug'29
99% 101
Apr'30
Choc Okla & Gulf cons 55_ 1952 MN 1007 ____ 101
• .1 ___
99952
Registered
2
9512 913
96 Apr'30
Jan'30
994 __-- 100
2d guar g 50
ilk, 166- CM H & I) 2d gold 454s,...1937 J J 96 100
1936• J
78 Feb'30
96
9514 96
1
9612 96
CI St L & C let g 4e_Aug 2 1936 Q F 96
78
Beech Crk Ext lst g 3398_ _1951 A0
78
Q F -__- -- 94 Feb'30 94
94 8
,
Belvidere Del cons gu 3%9_1943 J J
Registered
8912 ____ 90 Mar'30
88% c94
Cln Lab &Nor 1st conA
4
- 9 -- 5,11156
Big Sandy let 45 guar
-81/T2 92
42
X9s _193 SIN
2 19 6
1944 J D 92,
Bolivia Ry let 5e
1927 J J
222
94% ____ 100 July'28 8
Boston & Maine let be A C _ _1967 MS -551 Sale 58'2 100
96 1017e Clearfield M Mab let gu 5,3_ 1943 J
90
90 Sale 897
G —- 8i292
3
1
Cleve CM Ch Ar St L gen 49._1993 J
Boston & NY Ale Line 1st 421955 FA 8485% 86 Apr'30
81
87
9914 100
8
100
5
Bruns & West let gu g 9
4- 945 Mar'30
20
-year deb 4%e
92% 945
8
1931 32 100 10014 100
ii 941
8-1938
4
10014
101
J D 108 ____ 108 Apr'30
- 105 108
Buff Rod)de Pitts gen g Es_ _1937 81 S 10014 gale
993 103
General bs series 13
4
1993
89
92
99
6 10213 106 3
4
4
1033
Ref di impt 65 set C
,
Consol 4%e
90
93
1941 ▪ J 1034 ____ 1033
1957 MN 9312 Sale
.• 1 100 Sale 100
Apr'30
100
5 160 10413
Burl C It & Nor let & cull 58_1934 * 0 ltiO 101 101
Ref & Impt As ear D
9912 101
1963
973 97
4
97
5
9313 98
Ref &'mut 4398 ser E_ _ _ _1977 3, 97
957 95 Apr'30 Canada Sou cons gu 5s A.. _ _1962 A 0 10314 104% 105 Apr'30
92
97
Cairo Div let gold 48
10212 1053
4
1939 ▪ j 95
7
8612 864 Apr'30 - ,
Canadian Nat 4 %e_Sept 15 1954 NI S 9614 Sale 96 4
9014
Cin W & SA Div 1st g 4s_ _1991 .1 .1
854 8712
93 8 9713
,
957
8 62
873 Apr'30
8
30
89% 8914
St L Div 1st-coil tr g 4s.. _ 1990 MN 87% _ _
-year gold 4).4s
9214 97
19572 .1 95% Sale 95
9512 71
9518 Sale 9413
1
Gold 48s
93
93 94
Bpr & Col Div 1st g 4e _ _ _1940 M S 93 Bale 93
9214 97
1964 J
93 Jan'30
8
W W Val Div lst g 48_ _ _ _1940 23 9218 _
9914 1033
93
Guaranteed g 5s ___ _July 1969 J J 1023 Sale 10112 10212 54
90
4
Guaranteed g 5s_ ___Oot 1969 A 0 102 Sale 10112 10212 07 10114 10318 C C C & I gen cons g 6s_ _ _ _ 1934 33 10414 ____ 104% Apr'30 - - - - 103 1043
1
111
30 1093 112
99% 10078
1007
8
Canadian North deb s f 7s. _1940 J D 11014 Sale 11014
Clay Lor & W con 1st g 5s_ _ _1933 AO 100
1007
1
4
11614 10 113 116% Cleve & Mahon Val g 5e_ _ _1938 3J 0918
Sale_ 115
9912 Apr'30 -4
98
25-years f deb 639s
9812
19462 .1 1153
11314 Jan'30
4
Registered
11314 11314 Cl & Mar let gu g 439,1
1935 MN 9814 ____ 1003 Mar'28
4 1004 11
4
__
10-yr gold 439e_ _ _Feb 15 1935 F A ioaTs gale 993
9818 100-18 Cleve dip gen gu 4348 ser 13_1942 A0 987 ____ 1003 Mar'28
4
87 Mar'29 - -- 8612 52
8612 Sale 843
Canadian Pac Ity 4% deb stock
Series 13 334s
8312 8814
1942 A0 87
J
4
41
100
Col tr 4348
96 3 10012
Series A 4348
,
1942 J J 9873 ___ 9512 NoY'29 - - -1946 151 S 100 Sale 983
,
90
- 2
86
85;11
86
58 equip tr temp ctfe
Series C 3348
34
4
1948• N 86 1944 J .1 10214 10212 101 8 10212 19 100 1033
893 Jan'29 - 4
Carbondale & Shaxy let g 45_1932 M S 981,-- - 98,8 May'29
Series D 3%a
1950 FA
8512
2
1)913 100 9912
84
8512 8512
9912
1
101
Caro Cent led cone g 4s
74
8512 Cleve Shor Line let gu 4348_1961 AO 861949.1 J
4
10218 10
109
48 106's 109
4
- 1013
9912 102 2 Cleve Union Term let 5%e.. _1972 A0 103 10834 10814
CaroCIttich &0 1st 30-yr 56_1938
D 1013
,
8
107
10812 15 107 11012
A0
Oct'28 - - 1st & coil g 6s tier ADec 15 '62 J D m12 fg 1077
Registered
4
- 4 10212 10512
4
105
858 _ _ -- 853 Feb'30
Cart & Ad let gu 542
let e f As series 13
8.53 8534
4
1973 AO 109 195 1043
1981 J D
4
85
,
8
1st s f guar 434e ser C _ _ _ _1977 AC 9814 Sale 97 2
987 426
96
98%
Cent Branch UP let g 4e...._1948 .1 D 85 Sale 85
82
8513
Central of Oa ltg 55_ _Nov 1945 FA
Consul gold 53
1945• N
Registered
SIN
Ref & gen 5348 series B_ _ _1959 A0
Ref & gen be serlee C
1959 A0
Chatt Dly our money g 43_1951 JD
Mac & Nor Div 1st g Is. 1948 J J
Mid Ga & All Div pur m he '47 .13
Mobile Div let g 53
1946 .1
Cent New Rug let gu 4e__._1061
Central Ohio reorg let 4%a_ _1930 MNSt S
Cent RR &13kg of Cu coil 5e 1937
Central of NJ gen gold Se. _1987 J J
Registered
1987'ii
General 4s
1987 J J
Cent Pac let ref gu g 4e _ _1949 FA
Registered
FA
Through Short. L 1st gu 48_1959 * 0
Guaranteed g Es
1960 FA
10312
- - 104 Apr'30
8
100%
101 101% 1007
100 Feb'30
105
105 Sale 105
101 Sale 100%
100 2
,
8612 ---- 89 Mar'30
100 Feb'30
399 101 4 10112 Apr'30
103 Apr'30
1024
8318 Sale 831s
83 8
,
997 ____ 993 Apr'30
8
4
199is
102 Apr'30
8 11153
1
11112 112 2 1115
1104 Mar'30
-91- - 934 93
93
8
9414
9312 955 9314
90 Mar'30
923 924
914 92
103 Sale 10212 1035
8
Charleston & Say% let is._1936.12
Chee & Ohio let con g 5s _ _1939 81 N
Registered
1939 MN
General gold 439e
1992 MS
Argistercd
S
Ref dr Itnpt 4398
1993 AC
Registered
FA
Ref & impt 439,3 ser B_ _ _1995 J J
Craig Valley let 5.5__May 1 '40 J J
.'otte Creek Branch let 48_1946'Ii
R & A Div let con g 4s__ __1989 J J
2d consol gold 48
1989 J J
Warm Spring V let g 58_1941 M
Champ Corp cony 5s_May 15'47 MN
Chic & Alton RR ref g 35_ _ _1949 * 0
Ott lisp stud Apr 19:10 int.. _ _ _
Railway first lien 354e__195()
Certificates of depoeit
Chic Burl & Q-1111)11/ 3398_1949 ii
Registered
.• 1
IllInole Division Is
1949 J J
General 4s
1968 MS
Registered
▪ S
let & ref 4 Sia ser 13
1077 FA
let & ref Se series A
1971 FA
chicago & East III let8e..,._1934 * 0
C & E III Icy (new co) con 531_1951 MN
Chic & Erie 1st gold be
1982 MN
Chicago Great West let 4s _ _1959 MS
Chic Ind & Lot-day—Ref Cs_ .1947
J
Refunding gold 5s
1947• J
_1947 3 .1
Refunding 4,3 series
let & geu Esi series A
1966 MN
Ist & gen 6s ser B._ _May 1968
J
-year 9s._1950 ▪ J
Cole Ind & Sou 50
Chic L S A. East 1st 439,3_ _1969 J D
8_ _ 10S Dec'29
1035
10313 gale 1023
4
10312
Cash sale
198 AlP'7
1811324 j 38
a °
0
2
4
26
2
5
47
11
68
10
31
51
_5i4 ga . 96314 Sep929
' l
e
' t73
0
4
9. 13 gale 9614
973 340
4
_ _ 101
Apr'30
1001
_ 49112 87
87
5
881 9014 8912 Apr'30
8
8914
1
894 Sale 8914
983 1007s 10014 Mar'30
8
_
10018 sale 100
10038 139
69 Apr'30
67% 69
675 697 68 Apr'30
8
8
_
7012 49
7012 Sale 70
7013
- 65 Mar'30 _ _ _ _
Sale_
22
_ 84 Feb'30
8%18
9
967
3i.4 - 8 94 Apr'30
_
91
t387
9
93 Sale 9234 sep9 2
--
98 Sale 98
8
1061s Bale 1063
8
102% 104 1027
4
7814 Sale 773
10312
10313
4
693 Sale 681 4
4
_ _ 1123
112
10212 foil: 10212
913 ____ 89
4
103 10412 103
1063 10712 105
9012 ____ 90
9814
9814 100
9814 30
107
12
1027
8
3
8012 226
10312
1
70
304
Jan'30
Apr'30
Dec'29
Apr'30
107
4
Apr'30
Apr'30
10214 105
10073 104
100 100
104 1053
4
983 103 s
8
7
8413 89
100 10112
98 10112
100 103
814 853
8
9912 100
9512 102
1073 111%
4
107 111
91) 4 93
3
9114 95
90
00
993 c933
8
4
1003 10412
4
lin' fa10112 10212
9714 102
98
96
04
9812
-C)iia
Coal River Ry let gy 4s__ _ 1945 3D
Colo & South ref & ext 4398_1935 MN
Col & H V 1st ext g 48
1948 AC
Col & Tol 1st ext 4.s
1955 FA
Conn & Passum lily let 4s.1943 AO
Consol Ry non-cony 45
1954 J3
Non-cony deb 4s
1955 J& 3
Non-cony deb 95
1955 A0
Non-cony debenture 4s_ _1956 33
Cuba Nor Ity 1st 539/3
1942 3D
Cuba RR 1st 50
-year 55 8.-1952 3,
let ref 73.414seriee A
1936 JO
let lien dr ref Os ser 13_ __.j936 JO
Day & Micb 1st cons 4398_ _1931 ▪ 3
Del & Hudson 1st & ref 4s_ _1993 MN
30-year cony As
1935 A0
15-year 539e
1937 MN
10
-year eecured 75
193 3D
D RR A, Bridge 1st go g 4s 193 FA
Den & It0 1st cons g 48_ 193 J
Como! gold 439s
193 J 2
Den A, ItO West gen 5e_Aug 195 MN
Ref dr limn 5.5 ser B _Apr 197
N
Des M dr Ft D let an 4s_ _ 193 33
Certificates of deposit
Des Plaines Val let gen 43.58.1947 191-13
Del dr Mac 131 lien g 4e
1955• D
Gold 48
1995 3D
Detroit River Tunnel 4398_ _1961 MN
'
3
Dul Missabe & Nor gen 58_ _1941
Dul & Iron Range 1st 5e_ _..l937 AO
A0
Registered
Dul Sou Shore & Atl g 5s_ _ _1937 J
East Ry Minn Nor Div 1st 45'48 AO
East T Va di Gs Dly g 58_ _ _1930 3,
1956 MN
Consol let gold 58
Elgin Joliet & East let g 513.. _ 1941 MN
El Paso & S W 1st Is
1965 A0
- 14
91
102
88 2
,
i.912
8914
1011a
10112
72
69%
70'2
66
88'4
84.8
Erie let consol gold 713 ext_ _1930 M S
95
1996 j
let cons g 4s prior
94
1996 J J
Registered
_ _1990 J
96 100 let cousol wen lien g
1996 33
10412 1077
Realstereu
8
Penn coil trust gold 9s....1951 F A
10088c105
-year cony 4eserle5 A _ _ _ 1953 A 0
72
84
50
1953 AO
102 105
Series 14
1953 A0
64
Gen cony 44 series D
7212
1967 MN
1123 113
4
Ref A impt 55
10134 1023
Ref & impt 55 of 1930_ _ _1975 * 0
4
.• 1
Erie A: Jersey 1st e I 6s_ _ 1955
99 1O4'
Genessee River Ist e f 531_1957 J
105 109% Erie A Pitts gu g3 %Beer B.1940 J
1940 J
89
82
Series c 33On
.1054• N
93 4 98 4 Est RR exti s I 7s
3
,
9658
8812
8614
14312
97
98
6514
63%
59
6112
8518
8418
92%
89
90
99%
91
8612
__ _
Sale
92
____
_
857318 i1;14
75
79
75 ____
734 75
64 Sale
7912 Sale
8312 Sale
91
9913
91
84141
8612
7514
76
69
75
627
8
775
83
83
Mar'30
34
10018
1
91
Dec'29 _Feb'30 -7514
5
Apr'30 -Dec'29
Apr'30
645
56
7912 38
855
8 11
85
9
91
88
97 10314
8818 94
994
93
101
104%
10018
9614
94 8
,
9812
95
91
30
30
-- 30
_ _ 92
/
1
4
6314 7912 7412
9334- 60
60
65
99
9912 983
4
___ 104
101 103 10012
10997
83
84
SI.
9312
_ 9212
99% 196 987
- 14
105 I 11012 1043
4
1027 10314 103
8
10114 ---- 103
Apr'30 -9334 47
Apr'30 - — 10478 10
10013 10
Aug'28 -c9614 77
9812 10
96
74
61
93
30
58
10
30
Fe1:029 - —
A01
-'30 -.
5
60
99
27
10418
4
Apr'30
Oct'29
8212 24
Feb'29
Apr'30
5
10512
12
10314
1
103
9911 100
9114 94
97 107
100 3 105
7
100 101
101
86
16
101
21
86
Jan'30
8112 103
Mar'30
1
101
4
5418
13
84
Apr'30
953 238
4
9513 1696
11414 16
4
11314
Apr'30
Oct'29
105% 32
4
100 4 1015
3
89 c89
821e 824
94
79
7618 77
101 101
827 8912
4
827 86%
8
84
84
94.
98
94
95%
110 4 11918
3
109 11314
86 3 811 2
,
,
997 100
8
9314 Sale
101 107
1047 Sale
8
1001g 1003
9514- 94 8 gale
5
9714 981
95 Sale
9213 Sale
8112
ioi8412
8
833
____
9513
954
112%
11314
8913
8912
10512
Sale 100%
Sale 8518
8218
Sale 80
77
Sale 101
85
84,
8
8412 835
8
85
84
Sale 9412
Sale 94
Sale 112%
Sale 11314
_ _ _ _ 865
8
857
8
Sale 10514
8812 S01s
76
70
70
76
70
6012
76
83
83
75
75
84
9914
92
92's
95%
9211
8712
234
35
SO's
99
9914
95
30
31
63
60
954
101
1004
7414
61
994
1044
103
72
82'2
92% 9212
97 100
100 11512
102 10314
101% 10314
iniie 101
3128
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 2.
New York Bond Record—Continued—Page 3
Price
Friday.
May 2.
Week's
Range or
Last Sale,
Range
Since
Jan, I.
Rid
Art Low
Mob Vn
Fla Cent & Pen 1st eons g 6e 1943
J
9812 Apr'30
Florida East Coast 1st 434a1959 ID 90
96 90 Apr'30
let & ref 58 series A
1974 MS 5612 Bale 5612
5814 29
Fonda Johns & Gloy 1st 43481952 MN 28
1
29
307 29
8
Fort St U D Co 1st g 4;43_ _1941 J J
8
94%
9418
D 107 1O7 106 Mar'30
Ft W & Den C let g 5Xs_ _ _1961
From Elk & Mo Val let 6s 1933 AO 1023 10418 1024 1025
4
4
4
GH &BA M &P 1st 53_ _ _1931
N 100 8 Sale 1005
3
8 1004 25
2d extent' 5e guar
1931 33 100; Sale 100; 100; 18
Gal,Eons & fiend 1st 5s
5
1933 *0 9714 983 977
977
8
4
Ga & Ala Ry let cune be Oct 1945 33 84
2
844
/
1
86
8414
Oa Caro & Nor let gu g 5e 1929 J J
Extended at6% to July 1_1934 J J 10112 Sale 10112 10112
2
Georgia Midland 1st 38
75 Mar'30 -1946 AO 7012 75
°env & Oswego let 58
4
- - 983 Feb'24 -1942 3D
Or R & I eat let gu g 4 Xs_ _1941 33 9712 99
97; Apr'30 -Grand Trunk of Can deb 76_1940 AO 11112 Sale 110 4 11112 36
3
15
-year 6 f 58
3
1057
* 5
1936 MS 105 4 Sale 10514
4
Grays Point Term 1st 58_1947 3
9738 Apr'30 97
Great Nor gee 78 series A
11112 313
1936 ii 11114 Sale 110
Registered
J
10812 Dec'29 -let & ref 4118 series A ___1961 33 97
953
4
98
12
98
General 5348 series B____1952 33 11014 Sale 109 4 11012 31
3
General 58 series C
J 105 4 10712 1063
3
4 107
2
1973
General 434e aeries D
3
983 96 4
4
97
1976 J J 97
9
General 434e series E
9712 19
1977 J J 9712 Sale 97
Green Bay & West deb ctfs A_ — Feb 80
847 86
Oct'29 -a
Feb 27
Debentures cue B
2812
5
12 297 2812
s
Greenbrier Sty let iru 4s..___1940 MN
9314 Mar'30 -Gulf Mob & Nor 1st 5145_ _1950 AO 102 _
10412 Apr'30 -Ist M 53 series C
5
1950 AO 99 4 -- 100 Apr'30 -Oulf & 81 let ref & ter be_b_ 1952 J J 104
10518 Mar'30 -9812 25
Hocking Val let cons g 4 34s 1999 33 9812 Sale 967
Registered
9712 Apr'30 -1999 3,
Housatonic By cone g Is.. _1937 MN -65- Sale 9814
99
4
H & T C 1st g 5s int guar...1937 3, 10012 ---- 102 Apr'30 -Waco & NW div 1st6s1930
100 Jan'30 -N
Houston Belt & Term 1st 58_1937 3, -9074 - - 7 9914
9;
9
9914
1
Houston E & W Tex 1st g 58_1933 MN 993 ---- 10012 Apr'30
8
1st guar Se redeemable _ _1933 MN 997 103 100 Mar'30
8
Bud & Manhat let 53 ser A _ 1957 FA 984 Sale 97;
9814 66
AdjustmentIncome 5eFeb 1957 A 0 82 Sale 7914
8214 212
11112101a Central lst gold 48_ _ _ 1951 33 94
947 94
94
8
1st gold 334s
84; 8514 88; Mar'30
1951
Registered
923 Feb'30
1
-4
Extended 1st gold 3Xs_ __1951 A 0 -8414
85 Jan'30
let gold 33 sterling
73 Mar'30
1951 MS 7012
9112 911
Collateral trust gold 48_ _ _1952 *0 91
9112
MN
8712 Mar'30
Registered
1st refunding 4e
93
1955 MN 92? 933 917g
Purchased lines 334s
83
1952 J J 83 8412 83
4
Collateral trust gold 48_ _ _1953 Si N 88 4 90 883 Apr'30
3
St N
8712 Jan'30
Registered
10512 Apr 30
5
Refunding 58
1955 MN 105
15
1995 110 10814 10814
8
-year secured 6;43 g _ _ _1936 .1
40
8 10014
-year 4548
Aug 1 1966 PA 10014 Sale 987
91 Mar'30
Cairo Bridge gold 48
91
1950 Jo
'3 7514 7818 747 Mar'30
8
Litchfield Div let gold 33_1951
Louise Div & Term g 3/45 19533' 8314 84 8312 Apr'30
74 4 Feb'30
3
Omaha Div 1st gold 3s_1951 PA 75
78
St Louis Div & Term g 35_1951 J3 76
7514 Mar'30
78
8314
Gold 334s
85 Apr'30
1951 J
j
76 July'29
Registered
72 Sept'29
3 84
Springfield Div 1st g 3348 1951
Western Linea 1st g 43_ _ _1951 FA 9112
9112 Apr'30
FA
Registered
9212 Apr'30
III Cent and Chic St L & N 0—
Joint let ref 58 series A ___1963
D 105 Sale 1042
8 10512
let & ref 448 series C____1963 3D 97 Bale 964
14
9714
1
2
50
1
65
15
13
Ind Bloom & West 1st ext 45 1940 *0 86 4
91 Noy'29
3
Ind Ill & Iowa 1st g 45
9114
1950 33 91 114 9114
Ind & Louisville 1st gu 48_ 1956 j
8612 -- 87 Apr'30
Ind Union By gee 58 sec A _ _1965 33 1017 --__ 100; Mar'30
8
Gen & ref 58 series B
s
10014 Feb'30
'3 1017
1965
Int & Girt Nor let 6a tier A _ I952
102 103 101
1023
4 24
84 Sale 84
Adjustment 6e set A July 1952
8612 71
1st 5e serieeB
913 Sale 91
4
9
1956
9134
1st g 58 series C
5
91;
1956 33 91; Sale 91;
let Rye Cent Amer 1st 58_1972
20
N 78 Sale 74
76
let coll tr 6% noted. _ _1941 MN 9312 95
9313
1
9312
let lien & ref 6/48_
3
5
9612
_1947 FA 9612 96 4 9612
Iowa Central 1st gold 5e_ _ _1938 3D 32
33; 33 Apr'30
3412 Apr'30
3412 36
Certificates of deposit ______
8ls
2
-S
9
Refunding gold 48
81
/
4
1951
91
James Frank & Clear let 45_1959 3D 9118 Apr'30
97
10114 Apr'28
KanA &OR lingug 58_1938 3
88 Apr'30
Kan & M 1st gn g 48
DV
1990 A0 86; 8
K C Ft S &
Ry ref g 4s._1936 AO 967 Sale 9614
97
6 ,3 71
8
Kan City Sou let gold 38_ _1950 A 0 787 Sale 75
29
79
Ref &'mot 5s
10114 Sale 100
10114 25
Apr 1950 J
/
1
4
Kansas City Term let 48_1960
'3 90 Hale 90
90/2 22
8712 Apr'30
Kentucky Central gold 4s__1987 3, 8812 91
85 Mar'30 ---12
Kentucky & Ind Term 4 Xs_1961 J J 8512 88
Stamped
5
9312 91
91
1961 33 90
Plain
1961 J J 80s--- 89 Apr'30 ---Lake Erie & West let g 58 _ _1937
4
'3 1013 10212 10124 10134
1
2d gold 59
1941 3, 99 103 103 Mar'30
Lake Bh & Mich So g 3348_1997 3D 80
8112 80
6
8112
78; Feb'30
Registered
1997 3D 78% - _ _
5
25
-year gold 43
56
1931 MN 100 Sale 99 4 100
Leb Val Harbor Term gu 55_1954 FA 105 10.514 105 Apr'30
J 100 Sale 99
Lab Val N Y let gu g 4143_1940
100
Lehigh Val(Pa) cons g 4s...2003 MN 88; Sale 8812
65
89
8212 Apr'30
MN
Registered
9814
General cone 4345
25
100
2003 MN -aais
3
Lehi Valley RR gen 58 series 2003 MN 10814 Sale 107 4 1084
Leb V Term Ry 1st gu g Se_ _ 1941 AO 101X
- 101; Apr'30
8912 Mar'30
Leb & N Y 1st guar gold 43_1945 MS
Lax & East let 50-yr 55 gu 1985 *0 MEI 107 10618 Apr'30
88
Jan'30
Little Miami gee 48series A..1962 M N 8614 91
104 Mar'30
Long Dock consol g 68
1935 AO 10314
Long Isld Int con gold 5e July1931 /2 J 100 160 3 10012 Apr'30
- 59858
let consol gold 4e____July 1931 Q
-- 98; Merle
9514 9512 Apr'30
General gold 4e
1938 JD 9312 -4
1932 3D 973 99 96; Dec'29
Gold 48
Unified gold 48
8818 -- 91
1949 M
Apr'30
1934 313 100 10012 100
Debenture gold 58
100
10014 38
-year p m deb 53
1937 MN 100 10014 100
20
1940 MS 9012 9112 904 Apr'30
Guar ref gold 49
4
100
Nor 811 B let con gu 58 Oct'32 Q J 100 10012 100
19
92 Sale 90s
92
Louis& Jeff Bdge Co gd g 48_1945 M
102; Apr'30
s
N 1017
Louisville & Nashville 5e1937
Unified gold 48
95; 25
1940 3, 9533 9534 9414
j
9412 Mar'30
Registered
2
100; 100;
2
Collateral trust gold Is.. _ 1931 MN 1551
8 N 997 10014 100 Apr'30
-year sec 7s___May 15 1930
10
refund 514s series A._2003 AO 105 10614 106 Apr'30
1st
3
2003 AO 105 Sale 10412 105
1st & ref 53 series B
101
2003 AO 9812 Sale 97;
let & ref 4 Xs series C
99
A0
96 Mar'30
When issued
2
9;.2
4
9312
Paducah & Mem Div 48_1945 FA -87i4 - 01- 9312
132
67 Apr'30
Bt Louts Div 2d gold 38._ _1980
3
Mob & Montg 1st g 4 Xe_1945 M S 97; — 97 2 Mar'30
89 - 4 8914
8912 19
South RI joint Monon 48_1952 J
9037
Atl Knoxv & Chi Div 4s-1955 M N 93 Sale 93
93 18
Loulsy Cin & Lex Div g 4413'31
27
8
N 997 10011 100
100
C Cash sale. b Due Feb.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 2.
Pried
Friday,
May 2,
Week's
Ranee or
Las, Mae,
Mob
Rig
Ask Low
Mob No
Mahon Coal RR let be
10018 Apr'30
1934 3' 10018 Manila RR (South Lines) 48_1939 MN 75
7 12 9909
80 743
91
9
8
74;
3
61
1
let ext 43
50 9418
73 67 Feb'30
1959 MN 69
25
25's 35
/
1
4
Manitoba S W Coloniza'n as 1934 3D 99 -- 9914
/
1
4
1
9914
Man CIB&NW let 3Xs__ _1941
' 8612 8912 89 Mar'30
3
Me: Internet let es asstd_1977 MS
105% 106
4
5 Apr'30
6
102% 104; Mich Cent Det &Bay City 55_ '31 MS 10018 101
101
QM _
99 1003
Registered
100
s
Jan'30
9938 100;
Mich Air Line 46
1940 33 9512 ---_ 95 Feb'30
94 4 99
3
'
3
Registered
92; July'29
Jack Lana & Bag 3Xs____1951 M S
8114 85
29 Mar'26
let gold 3345
1952 MN iiis 88 8518
8518
99 10214 Mid of N J let eat 5s
4
96 4 963 Apr'30
3
1940 AO 95
Sill & Nor 1st ext 4343(1880)1934 3D 97; 104
9712 Mar'30
6512 73
J D 98
Cone ext 4345(1884
9812 98
98
5
)-1934
-9612 W5 MiiSpar& NW let gu 4e 1947 MS 913 93
8
92 Apr'30
4
10912 11214 Milw & State Line let 3Xs 1941 33 8512 -- 90 Apr'28
104 1067 Minn & St Louis let cons 58_1934 MN 375 39
8
38
5
38
2
97; 97;
Temp ctfe of depoelt_1934 MN 39 Sale 39
39
5
let & refunding gold 48
1093 113
4
133 Apr'30
4
1949 MS 1212 13
Ref & ext 50-yr 58 ser A _ _1982
• F 12; 147 1112 Apr'30
8
"ilis W Certificates of deposit
14 Feb'30
108 11114 M St P & 58 51 con g Islet gu '38 33 90 Sale 897
a
90
3
let cone 5e
10314 10714
97;
1938 J J 94 Sale 94
5
let cone 58 gu as to int
99
95
9814 98
98
1938 3, 97
3
10
98
-year coll trust 6 Xs_ _ 1931 hi 5 100 4 10114 101
95
3
10114 24
let & ref 68 serlee A
9912
99;
1946 3'
6
25
3254
25
-year 530
8912
1949 MS 8918 Bale 8918
4
let Chicago Term if 4e....1941 MN 8818 ---- 92 Feb'30
013 9314
4
98 10512
98 100
99 Apr'30
Mississippi Central let 58__ _1949 .1
9518 99
103 10518 Mo Kan & Tex let gold 4s 1990
' 8712 Sale 864
13
8712 23
9614 9912 Mo-K-T RR pr lien 583er A.1982
' 1017 Sale 100 8 102
3
3
8
14
40
93 8 9712
7
' 8712 8812 8614
-year 4a series B
3
873
4 42
1962
Prior lien 4440 ear D
' 964 Sale 9
3
/
1
5
964 30
1978
19900973144 10019
Cum adjust 58 ser A Jan 1967 AO 104 108 10512 1063
029
4
5
Mo Pac 1st & ref 56 eer A101
21
1965 FA 10012 Sale 100
9534 100 4
7912 Sale 7814
3
General 48
8014 372
1975 M
lat & ref 58 series F
10011 10012
MS 100 Sale 9912 1004 205
/
1
4
1977
993 100
4
3 100% 127
ls$&relg58Ø
1978 MN 99; Bale 993
Cony gold 5342
93 100
/ 110 4 127
4
3
1949 MN 109 Bale 1081
7614 84; Mo Pac 3d 78 ext at4% July
92; Apr'30
94
1938 MN 93
Mob Jc Blr prior lien g 53
100 Mar'30 _
19453'
91
96
Small
95 Feb'301_
33
81
let M gold 48
86;
884
/
1
90
88%
1946 33 88
8
823 823
4
4
Small
81%
6
81
1945 33 87 87
Mobile & Ohio gee gold 43_ _193S MS 9412 -- 9412 Apr'30
83
85
68
73
944
3
Montgomery Div 1st g 58_1947 FA 10018 --- 99
Jan'30
Ref & impt 4340
89s
8
98
1977 MS 965 Bale 9614
8712 9712 Mob & Mal let gu gold 4s 1991 MS 8012 ---- 883 Mar'30
4
Mont C 1st gu 63
95
90
1937 3, 105 ---- 105 Feb'30
let guar gold 58
8784 85
92
82
100% Mar'30
1937 3,
Morrie & Essex let gu 8Xe2000• D 79'4 80 4 805
8
81
3
27
Constr M be ear A w I1956 MN 105 4 Sale 105
8712 8712
3
10618 40
1044 107
/
1
Constr M 4/ ser B w I 1955 MN 984 Sale 96;
4e
9812 66
10712 11014
97 c102 Nash Chatt & St L 4e ser A 1978 FA 9012 92 90
91
40
8812 91
NFla&S Istgug 58
10018 Apr'30
1937 FA 1004
747 74e Nat By of Max pr lien 4345_1957 3'
8
18 July'28
July 1914 coupon on
3,
4
- -- 723 July'28
82112 7 2
7 1 855114
4
Assent cash war rct No 3 on
65
8 7
4
14 63 Apr'30
7514 7514
Guar 70
--year s f 48
8712 Aug'29
1977 1 ‘)
82; 85
Assent cash war rct No 3 on
74 74 714
714
4
Nat RR Me: pr lien
3512 July'28
434s Oct'28 -3
2
Assent cash war rct No 3 on
14; _ _ 15%
1512
1st C011801 Is
89
92
22 Apr'28
_
1951 AD
9212 9212
Assent cash war rot No 3 on
6 8 77
712
7
7
Naugatuck RR 1st g 43. _
WI/ 8214 _
86 Mar'30
New England RR Cons 58_ _1954
10214 107
9812 105
9614 Jan'30
_1945
95
Consol guar 4s
9812
3, 91 Sale 91
91
1945
N J Juno RR guar
88
91
Jan'30
1st 4.3_1988 FA 87
N O&NE let ref & imp 4
' 923
95 Mar'30
3
4
X8 A '52
New Orleans Term let
56.1 3 885 - 14 8914 Apr'30
8 91NO Texas & Mex n-c 48_ _1953 * 0 97X 997 997
84
88
8
8
997
8 17
Inc, Si 1935
let 56 series 13
100 10112
* 0 99 Bale 983
4
99
1954
5
let 58 series C
100 101
98 100
100
1966 FA 96
15
let 434s series D
101 106
9312
9312 68
1956 FA 9312 96
84
let 534s series A
9212
AO 1023 Sale 10114
1023
4
4
1964
N & C Bdge gen guar
91
97
4Xs_19453' 9614 9714 9614 Apr'30
91 100
NYB&M 13 let con g 56_1935 AO 9834 __— 983 Apr'30
4
70 4 8115 N Y Cent RR cony deb 68_1935 MN lora Sale 10612 10712 --la
3
7
9012 94
Consol !Heerlen A
9114 42
1998 FA 91 Sale 91
Ref & imp 43.4s series A 2013 AO 99; Sale 983
93
9812
4
993
4 88
30
Ref & impt 58 series C
35
4
1064
2013 AD 1063 Sale 106
3014 3412
8
NY Cent& Bud RI,M 334s
_6 12 Sale 88 2
10
,1
.
7 14
0
8112 28
7814
1997 J
1
87; 91
Registered
1997 33
38
Debenture gold 48
1934 MN 9814 Salo 98
9812
5
83't 88'a
30
-year debenture Is
' 95 Sale 95
3
95
1942 ... .
9412 9714
Lake Shore coll gold 33.4s_ _1998
7918 10
' 79 Sale 79
A
7412 SO
1998 F A
Registered
7514 77; 7514 Apr'30
8
15 8014 7 %
Mich Cent coll gold 334s_ _1998 F A
99 10212
77
813
84
781
02
1
8814 92
1998 F A
Registered
8
8712 89
N Y Chic & St L lett:
AO -aais 971Y 93,2 ma 34
6
0
r3
9 14
40-- — 1937
85
/ 5512
1
4
Registered
1937 AO
92
6
88
25
-year debenture 43
N 993 103
4
9914
1931
097
2
2d 68 seriee A 11 C
89
89
8
101; 35
1931 MN 10112 Sale 1013
6% gold notes
100 102
102; 56
1932 A0 102; Sale 10218
99 103
Refunding 534s series A 1974 AO 1073 Sale 107
4
10734 151
7914 8212
Refunding 63.48 series B 1975 J J 107 107; 107
107; 13
77 4 784
2
Ref 434e series C
8
971 828
1978 MS 9612 Sale 947
9878 10014 N Y Connect let go 430 A 1953 P A
30
1st guar &series B
• A 107354 -..!_s 192 A pg8 0
103 105
0M
9
9
92
'8
r:3
3
,
1953
N Y & Erle 'stoat gold 4s_ 1947
4
962 100
N
3d ext gold 434a
8653 91;
N 9512 ---- 9812 hiay'28
1933
4th eat gold 53
86
8712
7
1930 AD 98 s ---- 10018 Apr'30
96% 100
N Y & Greenw L gu g 55
9612 Apr'30
_1946 MN 96; 106 1094 NY & Harlem gold 3342____2000
N
8518 Dec'29
101; 10314
Registered
7514 Oct'29
2000 MN
86; 90
NY Lack & W let & ref gu Is'73 MN
9718 Oct'29
104% 109
let 3c ref gu 4 Xs ser B
MN
9912 Apr'30
88
NY LEA W let 78 ext_ _ _1930
88
S
100; Dec'2
104 107
N Y & Jersey 1st Is
101
Apr'30
1932 FA
994 101
N Y & Long Branch 43_ _ 194I Si S
87 Sept'2
98 8 98 8 NY&NE Bost Term 48._1939 AO
2
5
9512 July'28
8812 c9512 N N II &
n-c deb 48. _ _ 1947 MS 873
4
- 874 Apr'30
Non-cony debenture 3149_1947 MS 82 Sale 82
10
82
8718 91
Non-cony debenture 3;48_1954 * 0 80
10
8012 7914
80
9914 1004
855 Sale 85 4
/
1
4
Non-cony debenture 43.„1955 3
14
3
86
974 10012
Non-cony debenture 4s
N 86 Sale 853
63
8
1956
86
91
87
Cony debenture 334s
25
80 Sale 7812
80
1956 J
99% 10013
Cony debenture 623
12512 169
1948• J 12312 Sale 123
8912 92
'
Registered
3
122
Apr'30
1017 10314
8
Collateral trust 158
8 106; 54
1940 AO iOO Sale 1053
9414 9612
Debenture 48
4
8134 13
1957 MN 813 Sale 7912
923 9112
4
1s1 & ref 410 ser of 1927_1967 3D 9414 Sale 914
94; 321
993 101
4
Harlem BA Pt Ches let 451954
N 90 Sale 90
8
90
190 101
O&W ref 1st g 45 _June 1992 MS 5814 Bale 5814
103% 1074 N
12
59
9912 10511
Reg 5.000 only—June 1992 MS
---- 70 Apr'28
General 45
95 100
5112 Apr'30
1955 3D 47X 48
Y Providence & Boston 451942 * 0
944 96
9012 July'29
94% 9312 N Y & Putnam 1st con gu Is 1933 A0 88% 89 8412 Apr'30
68
6712 '4Y Busq & West 1st ref 56_1037 33
83 a
7
1
83 8
7
al gold 4148
4
973 973
2
75 Mar'30
80
1937 FA 73
General gold 58
89
9312
75
1940 FA 7312 76
19
76
Terminal let gold 5s
9114 931a
N 97 4 ---- 974
3
1943
1
97%
98 2 10014
3
Low
Rams
Sane.
Jan. 1,
Low
11195
99 8 tools
5
7312 76
60
67
9812 994
89 89
412 5
12
100 101
100 100
941a 95
831s
95
9514
963
4
90
86's
963
4
98
9712
92 s
3
-5if,
36
4114
1212 16
1112 15%
14
15
88% 9112
93 4 97;
3
97
9912
99 10112
97 100
91
81
92 92
95
99
85% 884
9912 104
8512 8912
9211 9612
103; 108%
9914 10214
7414 817
8
97 102
963 102
4
107; 1133
4
91
92;
100 100
95
95
87% 91
80
8118
923 9412
5
9618 99
94
14 98;
8614 883
4
10.5 1(15
9912 10012
82
77
1034 1064
9611 9912
90
100
9112
10012
64
f31
114
a's
-iii4
54 8
3
66
86
9614 9614
8614 91
85
88
92 8 96
7
874 9012
95; 997
2
92 5 99
7
96 10054
9012 94
10114 10512
95
9614
983 100
4
105 10712
8812 9212
97 101
105 107%
7814 823
2
81
75
97
99
93
95
7514 8114
7518 78
76% 8112
80
12
78
94
97
93% 9314
98 4 100%
3
100 102%
1013 1023
4
4
10512 1074
10512 107 3
2
/
4
935 9811
8
96% 100%
100 10312
89
92
iobis 1664
95
9612
9834 10012
-9914
837 8713
g
78
831s
73; 80
814 86
86
79
7412 80
121 135
122 131
1043 1063
4
4
814
77
9612
90
873 90
5
5512 6514
45
64
I9 2
-18212 8612
75
75
79
75
941s 99 4
1
3129
New York Bond Record -Continued-Page 4
r. •
N
BONDS--,.,t
Y. STOCK EXCHANGE tr.
:43';
Week Ended May 2.
Price
Friday.
May 2.
Week's
Ramo or
Last Sate.
".
i:.1,
azzS
Range.i.,
,
,
Since
Jan. 1.
q BONDS
N. Y. STOCK EXCHANGE
Week Ended May 2.
Price
Friday,
May 2.
Week
;•
Range or
Lart Sate. 8 81
7
Range
:trate
Jan. 1.
Bid
Hick
Ask'Low
High No Low
High
Hiyh No. Low
12
89
8612 9212 St Paul Minn & Man (Conci)97ar 100
9953 30
13s reduced to gold 41-80.__1933.3 I 9912 Sale 9912
1037
8 28 10212 10511
98 Feb'30
98
J J
98
Registered
5812 79
7113 25
92
5
9513
1937 3 0 5. T2 07 9518 Apr'30
Mont ext let gold 48
99
92
89
1
8 _ _ 92 Mar'30 -_-_-_-_
3
89 4 92
Pacific ext guar 48 (sterling)'40 i J 895
- 8 106
3 1047 1064
8
.1 106 10612 1055
2
4
3
Norfolk & West gen gold 65_1931 M N 101ir ____ 1017 Apr'30 _--- 1003 1017 St Paul Un Del) let & ref 5s_1972 3
9314 25
905 9412
8
1943 5 5 934Sale
8
__ 1048 Mar'30 ---- 10314 10431 9 A &'Ar Peas let gu g 48
Improvement ae ext 0.9_1934 F A 10418
10114 Mar'30
92
9913 10114
3 100
New River let gold 6s_ _193'2 A 0 10212 ____ 10212 Mar'30 -_-- 10214 1(1251 Santa Fe Pres & Phan lot 58_1942 M 0 10312 ____ 10318 Mar'30
A
103 10313
9012 9411
8 30
927
937 9212
8
N & W fly 1st eons g 49_1996 A 0 93
993 Jan'30 -4
993 99
4
34
SavFla 5'est lat g 11s-1993344 A 0 1003
1St golt V
S
90
90
90 Feb'30 1996 A 0 8914 91
Registered
89112
92
11
8814 94
Scioto V & N E 1st gut( 4.9-1989 M 14 9112 94
913 95
4
94
3
94 Sale 94
1944 J J
DWI let lien & gen g 45
683 Apr'30
4
603 794
3
4
923 0511 Seaboard Air Line 1st g 48-1950 A 0 694 90
Pocah C & C Joint 43_ _1941 .1 D 9513 -__ 9518 Apr'30 ---6912 10
0 67 Sale 67
1950 A
71
65
Gold 4s stamped
North Cent gen & ref 5s A-1974 M 14 10312 __ 10214 Apr'30 ---- 10112 1033
5714
2
5714
:
604
M
A
54
Oct 1949 F 0 5714 GO
Adjustment 5s
99
99
Jan'30 __-_
Gen & ref 454s ser A stpd_1974 111 S 9714 ____ 99
4
5813 28
68 Sale 573
52
6012
Refunding 4s
93
98
953 95 Apr'30 __-_
4
North Ohio 1st guar g 5s_ _ _1945 A 0 95
96
73
7012 Sale 7012
79
65
1st & cons 6s series A
8812 9211
4
North Pacific prior lien 4s 1997 Q .1 903 Sale 90
904 88
8413 89
1995
3
3
Atl &Birm 30-yr lot g 4s_d119495 M S 88 Sale 88
863 90
8
1
894
883
4
91
Registered
SS
Q J
6918 25
8
6
19
72
61
All
837s 791, SeaboardF Fla 1st gu 6sA_1935 F A 6512 Sale 6512
667
8 47
Gen lien ry & Id g 3s _Jan 2047 Q F 664 Sale 6514
4
64 Apr'30
62
72
1935 F A 653 66
Series
621.
62
6212 Feb'30 Registered
Jan 2047 Q F 65
____ 9812 Mar'30 -94
9812
Seaboard & Roan 101 5sextd 1931 3 J 99
9512 993
29
99
Ref dr M4441421 series A__2047 .1 .1 99 Sale 9714
10114
100 4 Mar'30 -- 10014 1004
3
,
Ref dr impt 6s series It _ _ _2047 1 3 11312 Sale 11112 1134 124 11112 1154 S & N Ala cons gu g 58
____ 10712 Mar'30
'A
1055 10712
8
A
Gen eons guar 50-yr 5s_ _ _1 g63 I O 106
3 10312 1061.
itef & ImPt 58 series C_..„2047 3 1 105 10512 10412 10512
16
91
894 93
1049.3 0 91 Sale 9018
9 10312 1051 So Pac coll4s(Cent Pac coll)
4
105
Ref & Inipt 58 series D__ _2047 J 3 105 Sale 1043
_
88 Dec'29.
Nor Pat Term Co 1st g 68_1933 3 J 103 ____ 10512 Jan'30 ---- 10513 1054
973
4 39 -54E3 101
8
-9788
Ist 45..8(
Reg181ei gon Lines) A -I977 1 13 975 Sale 9712
: jre
M
Jan'30 ---- 101 101
Nor fly of Calif guar g 69_ _1938 A 0 100 ____ 101
2 100 102
102
101 102 102
20-year cony 59
175
c99
97 Sale 96
93 4 99
3
V.18:
Gold 4548
1
77
83
8112 81
81
81
Og & L Chain lot gu g 4s___1948 3 J
9912 181
9812 Sale 984
9618 101
Gold 4 t‘,13
____ 9218 Mar'30 ---9218 9211
Ohio Connecting fly let 43-1943 M 5 92
92 A pr: 0
89
933
8
Sat&Fratered rm letl‘1a_ 1_1959 M N _917_8 _9_2_ 87 Feb330
3is n Te
4s y_, 1960 A O
Ohio River RR 1st g 58
1936 .2 D 10013 102 10018 Apr'30 ---- 100 1001.
87
87
A 0
100
100 Apr'30
99
General gold Is
1937 A 0 100
____ 103 Mar'30
100 103
So Pacer Cal I st con gu g 69_1937 M N 103
93
91
9
4
93
Oregon RR & Nay con g 45_1946 J D 924 ____ 923
96
Jan'30 - - -96
96
6 10418 1054 So Pac Coast 1st gu g 4s____1937 J 1 9512
Ore Short Line lot cons g 58_1946 J .1 10514 Sale 10412 10514
91 4
928
.0
8
91
94
1955 3 3 927 Sale_ 913 ja.34 86
8
Guar stpd cons 5.9
1946 J 3 10512 106 10514 Apr'30 - --- 1037 1053 So Poe RR 1st ref 49
91
91
J J
Registered
8812 931
8
9112 26
Oregon-Wash 1st & ref 19-1961 J J 9112 Sale 885
8 10814 111
8
4 1093
821 Southern By 1st cons g 58-1994 J J 159i8 Sale 1083
61
60
Apr'30 ---62
9
Pacific Coast Co 1st g 6. _ _1946 J D 61
10814 Mar'30 - - - - 106 10814
J 1
Registered
9214 951
9512 95 Apr'30 ---Pap RR of Mo 1st ext g 4s-1938 F A 95
1 127
51
8813 93
l n sserle A___1956 A 0 91 Sale
ge
en
i
6iss
99 Apr'30 ___973 100
4
1938 J 1 9812 102
2t1 extended gold 53
901 8 118
1171s Sale 1145
114% 120
5
9818
9818 991
Paducah & Illn lot s 1 454e 1955 3 3 984 Sale 9818
87 120 12612
124
12312 Sale 121
Develop
1956 A 00
950 A
4 10312 51 102 1041
Parls-Lyous-Med RIt ext16€1958 P A 10312 Sale 1023
____ 10612 10612 28 10612 107
Mem Div 1st g 5s
19963 5 107
1043
4 55 10314 107
Sinking fund external 7s 1958 M 5 10412 Sale 10418
1
9214
921
4
8713 923
St Louts Div 1st g 4s
993 102
4
8 39
Paris-Orleans RI? ext 5548_1968 WI B 10112 Sale 10112 1017
8100 Mar'30
100 10018
Fast Tenn reorg Ilen g 5.9-1.
8 M 3 1003
95 101
6
10012
Pauline ItY lat & rots f 75 1042 M IS 10012 Sale 100
, 9018 94 8
9412 10
70
0
4
7
7
Mob & Ohio coil tr 4s___ _ 193511 S 9412 Sale- 9 12
19938 M j
72
68
1955 J J
4
4
923 953 Spokane Internet tote 5s
Pennsylvania RR CODA g 4a-1943 WI N 944 ____ 953 Apr'30 ---83 Feb'30
__
8212 8612
1943 1 D
Staten Island fly 1st 43.4s
95 Apr'30 ____
9288 97
Consol gold 48
1948 MN 9314 96
95 A '28 -9214 96
1
9318
Sunbury & Iewiston 1st 48_1936 J .1 92
9318
48 51071 etpd dollar_May 1 1948 M N 9314 95
8
_ 997 Apr'30 -- -1557 - - 7
8
8 6 ;
1
9312 Apr'30 ____
9213 9312 Superior Short Line hot 5s 51930 M 5 997
RegIstered
9112 98 3
3
9918
3
9712 991.,
1947 A 0 9818 98% 1021 Tenn Cent lot Os A or B
5
10212
4
Consol sink fund 454s____1960 F-A 1013 10234 i0D4
8
_ 9818 Mar'30 --97
98113
A 0 983
Term Assn of St L Ist g 4548_1939
9712 1(11
8
9978 113
4
General 454s series A--- 1965 1 1) 993 Sale 987
5 C995 10314
10218
102 gile 102
4
10784 40 108 1091
let eons gold 5s
-1968 J D 10712 Sale 10718
General 58 series B
5
90
897 9114 90
8
874 9112
Gen refund s f g 4s
10914 106 108 1091
15-year secured 6)-45
1936 F A 10914 Sale 108
15 1037 10612
8
4
57 10214 10414 Texarkana & Ft S 1st 5548A 1950 F A 10412 Sale 1034 10412
104
40
-year secured gobl 63-1964 NI N 101 Sale 1033
03
0
94
108 110 10 3 A pr:3
98
% 0112 984
9913 994
8
c9684 769
941.4 [96;4 Tex dr N 0 com gold fis
Deli g 4545
1970 A 0 9512 Sale 943
10612 110
e
Ter dr a ociar eldoo w 1003 3 D
ri inc pe, lstugo p rs _n_ _2970 .Amoo
47
21000 1 j
90
90
Pa Co gu 3545 coil tr A reg 1937 NI 5 904 ____ 90 Mar'30 ---95 Nlar'29
Apr'30 --_87
88
Guar 3 14s coil trust ser B_1941 F A 87 ____ 87
10278 72
l027 Sale um
104
Gen dr ref 5s series B
.
_.
Guar 3 188 trust etfe C_1942 3 D 8612 ____ 834 Sept'28 --_105
987 10412
1979 A 0 10214 103 10112 103
Gen & ref 55 series C
88
88
Guar 31 4s trust Otis D__ _1944 J D 86 ____ 88 Mar'30 _--.
6
10012
993 1012
8
100 Sale 100
4
La Div B L 1st g 59
2
993
4
987 100
9912
8
4
Guar 15
-25-year gold 4s. _1931 A 0 993 100
8
7 104 1067
1067
8
4
64
, 19 5
8914 911 Tex Par-Mo Pac Ter 5)A...1931 31 i 106 1064 1067
8
Guar 4.9 ser E trust ctfs_ -1952 M N 8912 917 8914 Apr'30 --__
0
9
_ _14 0
3
10
00
9912 103
10012 170
97 1001 Tol & Ohio Cent let Cu 5s 1935 S 1 19714 100 _ 19 4 m1:2
1963 M N 10014 Sale 99
Secured gold 433s
98 1004
1935 A 0 10018 10012 100 Mar'30 - Wast n Div lst g 5s
e
4
9713 91
9412 99
Pa Ohlo & Dot lst & ref 4588 A.77 A 0 9712 Sale 943
974 100
Gen gold 5s
8
8634 27
84
88'
Peoria & Eastern let cons 48_1940 A 0 8612 Sale 863
12 Sept'29
917 5 J
32
2
32
33
31
37 Toledo Peoria & West lot 49_1935 .1 j
Income 48
April 1990 Apr. 31
1 -ii"
913
4
913
4
1950 A 0 -5
Peoria & Pekin Co 1st 554a-1974 F A 10312 1071 10312 Apr'30 --__ 101 104' Tol St I. & W 50-yr g 48
981
1
:3 0
3
0
993
3
,
9812 981
Tol W V & 0 gu 448 A
1931 J J , 4 10014_ 92:
10434 31 10284 1041
Pere Marquette 1st ser A 5s_13158 J 1 10418 Sale 103
9914 Mar'30 1st guar 43js series 13
9810 9914
1933 J 1 9912
,
3
90
91
92'
1st 4s series B
195c J J 9012 Sale 904
9212 9313
1st guar 4.5 series C
1242 NI 5
9813 481
957 09'
8
let g 4548 series C
1980 M S 9814 Sale 9612
885
8
I
if 8888
90
Toronto Ham & Buff 1st g 431946 3 D 89 94
88
2
95
04
9312 94
Phila Bait & Wash let g 4.9-1943 NI N 91
4
General 55 series B
1074 F A 10712 110 1063 Jan'30 ---- 1094 107
9018 Mar'30
79
9018
Ulster dr Del 1st cons g 59-1928 J D 8612 90
8018
1
8018
80
8013 874
Stud as to Dec '28 & Joe '29int ---- 79
3
28
32
30
Phillippine By let 30-yr 8 f •Ls '37 J J 2914 Sale 2914
8612 9014 74 Nov'29
let cony 55 Ws of deP
1023 Mar'30 -8
102 102.
Pine Creek reg let as
1932 J D 10214 __
51 Mar'30
4818 50
50
5
lst refunding g 4.s
5
9213
9218
9212 97
Pitts & W Va 1st 484€ ser A.1958 J D 9212 94
8 38
955
Union Pac 1st RR &Id gr 48_1947 J-- 0 954 Sale 94
1952 A .1
933 964
8
3
9438
924 96
1
8
1st M 4148 series B
1959 A 0 943 Sale 94 8
927
8
927
8
8 10
914 93
J .1 923 95
Registered
97 100
14
g
P 0 C & St L gu 41411 A
1040 A 0 037 ___ 9918 Apr'30 ___
152
3
9112
lot lle4n&
884 93
Rref 4,5_ ___June 2008 NI 5 9112 Sale 89 8
98
1
98
9612 99
8
Scrim B 41411 guar
1942 A 0 987 100
9812 71
G
96 100
1967 .1 J 9812 Sale 9712
9712 Dec'29 -Series C 4888 guar
1942 NI N 98
2 10612 110
8 109
let lien & ref 55
June 2008 NI 5 1084 Sale 1085
9414 96'
Series D 4a guar
1945 M N 964 9712 964 Mar'30 --__
907 112
8
874 91
40
-year gold 45
1968 J 13 9014 Sale 8814
934 95
Series E 355s guar gold
1949 F A 954 ____ 95 Mar'30 ---4
9312
4
931s 94
1944 M S 9312 963 9312
4
4
1 N J RR & Can gen 4s
1
Series F tiguar gold
1953 m 0 063 ____ 963 May'29
96 Nov'29
1957 J N 965 ____ 94 Nov'29 _-_
-8
Utah & Nor 1st ext 4s
1933.3 .1 9712
-Series G 49 guar
93 Mar'30
93 93
8
943 94: Vandalla cons g 48 series A_ _1955 F A 931,
8
964 ____ 945 Feb'30 ____
Series 11 cons guar 48_ _ _ _1960 F A
8212 May'29
8
Cons 9 f 48 series B
1957 MN 935
9912 Apr'30 ____
97
99.
Series 1 cons guar 4148
1963 F A 9812 101
71
9- - 812 Mar'30
878
8
3
9913 99 2 Vera Cruz dr P assent 43-4s.1934
&tries .1 Corti guar 41 42?__ -1984 M N 9912 993 9912 Apr'30 ____
,
OK's 101
1931 14-9 100 101 100 Apr'30
7 10614 110 2 Virginia Mid &sautes F
108
8
General M 5s series A
1970 3 D 10818 1087 108
10012 10112 10012 Apr'30
100 101
General 5s
1073 Mar'30
4
1074 107 4
1 D
Registered
13
100
95 190
003 51 N
2
1°36 3J 99 1001,, 100
3 10618 109 4 la & Southw'n 1st gu 5s_
10318
Gen mtge guar 58 ser B-1975 A 0 10813 10912 10813
82 Apr'30
88
847 921s
8
lot cons 50
A 0 83
-year
10514 35 10218 107
Virginian Ry 1st .8i series A_19 M N 10514 Sale 104
5a58
62
19
3
Pitts Melt & Y let au 68_1932 J J 1015 ___ 10213 Apr'30 ____ 10112 102
24 101 103%
103
Wabash RR let gold 5s
,3, M A
1939 F N 102 103 102
---------10388 July'28
241 guar 6s
1934 J J
5
4
102
1004 102 1013
9913 102
24 gold 5s
Pitts Sh & L F, let g 58
Igo A 0 101 13 ____ 10118 Apr'30 ____ 1004 101 8
11 10134 10513
Ref &gen s f 5 54s ser A _ _ _1975 M 8 104 105 10312 104
let cons ,1 gold 55
____ __.
1943 J J 10118 ____ 10014 Aug'29 ____
9818 May'29
Debenture 1365 regkitered_1939 J J
4
Pitts Ve a Char lot 4s
923 92 4
4
1943 NI N 88 ____ 923 Mar'30 ____
2
SSlj
85
85
84
1st Hen 50-yr g term 48_ _ _1954 J 3
Pitts Y & Ash 1st 45 ser A1948 1 D 933
93 Apr'30 ____
9112 93
4
joir2 102 10112 Apr'30
100 103
Del & Chic ext lot 5.9
-- 104 Apr'30
10214 105
ist gen 58 series B
1982 F A 103li
883 923 100 Feb'28
8
4
Dal Moines Div let g 48_ _1941 j j
1939 3 J
1st gen 58 8881C8 C
863
4 13
- 3Eii 4
Omaha Div lot g 354s- _1941 A 0 8518 ____ 8612
75 Feb'30 ____
75
75
8
Provident* Secur deb 4.9
1957 M N 777
903 Apr'30
4
904
Tol & Chic Div g 4s
8814 904
S6
86
Providence Term 1st 48_ _1956 M , 8618 ___ 86 Mar'30 ____
8 10112 43
973 10214
3
Wabash Ry ref & gen 5s B 1946 M O 10112 gale 995
971 A S
Reading Co Jersey Cen colt 48 'Si A 0 . 913 933 913
90
4
4
9154
03
4
4
944 Sale 92
9414 282
8833 9512
Ref & gen 4545 series C
1078 F A
994 23
9714 101
Gen & ref 4 cia aeries A__ 1997 1 3 9913 Sale 99
7212 Feb'30
72
78
7212 7213
Warren 1st ref gag 334s
2000 F A
Rensselaer & Saratoga 6,i -1941 M N 10512 ____ 10018 Mar'21
_ _ _ 87 Mar'30
Wash Cent 1st gold 4s
833 90
3
1948 Q M 851
8
wen A Meek lot g 45 797 7818 Nlay'28 _
1943 NI N
8614 8714 8614 Apr'30
8414 sel4
2Wash Term hot gu 3545
Itichm Term fly 1st gu 58_1952 J .1 102 ____ 101
Apr'30 ____ 101 101
9114
_ 8412 Mar'30
834 90
lot 40
Rio Grande June let gu 58-1939 3 B 97
-year guar 45
9718 Mar'30 ____
98
94
97
993
4
2
4
9934 106 993
4
1
994 991
1
AA
W Min W & N W let gu 5a 19930 F A
Rlo Grande Sou Ist gold 40_1940 ..1 1
1 94455
6 May'28 ____ --_- __.
8
1
130
84
84
W Maryland lot g Is
81
Guar 44? (Jan 1922 coupon)'403 1
1972
1957 A 0 8383 Sale 8214
____ 712 Apr'38 _
1
99 8 25
,
945 1064
8
Rio Grande West lot gold 444 1939 J 1 9312 95
1st & ref 545 series A__
J J 9912 Sale 9812
934
91
0712
9
95
4
1017
8
98 102
lot con & coil trust 4.9 4 .1949 A 0 8312 85
8312
1937 .1 J 10118 Sale 10134
8113 83'11 West N Y & Pa let g 58
8412 12
3
9112
9112
92
8818 9212
m 0 91
A
R I Ark & Louis lot 4)0_1934 M S 9812 99
Gen gold 40
9814
953 9912
4
9838 27
983
4 60
9814 9812 984
9713 99
Western Pac 1st ser A 58
75
Rut-Canada lot gu g 48
1943
1
6
75
78
75
81
1949 J 1 75
97 Feb'30
97
fel S
2
97
Rutland lot eon g 449
.
Registered
8714 Apr'30
194) J 2 87'
86
91 12
16
89
West Shore let 4s guar
853 91
4
2361 J J 89 Sale 88
5
873
8
3
St Jos dr Grand 181 In 49_ 1947 1 J 87 Sale 87
853 89
8
2361 .1 J 873 Sale 874
Registered
85
88
15
88
83 Lawr & Adir let g 5.9.... 1996 J J ____ 100
Wheeling & Lake Erie
963 Nov'29 ____ --__
4
_
9118
9118 10
90
944
2d gold 6a
Refunding 488s series A 1066 M 9 9118 92
1996 A 0 ___ ___ 10112 Feb'30 ____ 101 101
984 101
1966 M 5
St L & Cairn guar g 4,
- - 101 Mar'30
Refunding 5s series 11
984 100
_ 100 Apr'30 ____
1931 1 J 9912
8712 8912
8814 894
1949 M S 10012- - 89 Mar'30
R11 let consol 13
96 4 101
3
49
8
St I. hr Mt & Seen con g 524_1931 A 0 1007 Sale 10012 101
6214 71
1942 1 0 6514 694 6514 Apr'30
Stamped goer 521
Wilk & East 1st gu g 68
1013 Dec'29 _
4
1931 A 0
98 Nov'29
193f? J D 10118
itly & G Div 1st g 49_ ___193: M N 98 Sale 975
Will & S F lot gold 55
8
954 5ii
69
98
4
864 Apr'30
-8Zi4
St L NI Bridge Ter gu g 6
997 100 18 Winston-Salem S 11 1st 415_ _ _1960 J J 852
8
8
9_1930 A 0 994 ____ 997 Mar'30 ____
9012
6
79
8
8314
St L-San Fran or Hen 48 A1950 111 3 903 Sale 90
8712 927 Wie Cent 50-yr let gen 4.9_1949 .1 J 8012 Sale 80
9112 179
4
8
8814 22
8
874 915
Con M 454148er-1es A.
Sup & Dul div & term 1st 42i '36 M N 8614 8834 873
8812 9554
9418 1520
8
1978 AI 9 937 Sale 9118
90 4 90 4
5
3
9373 904 Apr'30
Prior lien 6s series B
Wor & Conn East lot 4548_1943 1 J 85
1950 J 1 10314 Sale 10112 10314 20 100 104
3 100.8 102
102
St Louis & San Fr Ity gen 8,8_1931 J 1 10138 ____ 102
INDUSTRIALS
40 100 101
101
General ?told 5a
1931 J 1 101 Sale 10014
8714 78
4
824 884
1k
A'Atibi Pow & Pap hot 5s_ _..1053i D 863 Sale 864
4
St I. Peor . N IV 1st gu 58_1948 .1 J 10258 ____ 1023 Apr'30 ____ 10214 101
Aorsham & Straus deb 5)48_1943
941a 98
St Louts Sou let ell g 4.8
1931 NI 5 9818 ____ 98 Apr'30 ___
10
10314
97 10312
A 0 10212 Sale 102
8712
5712
2
With warrants
85
8888
St L S W 1st g 4a bond MN 1989 M PI 8713 89
1952 A 0 9914 100
96 100
994 26
9814
767 82
8
Adriatic Elee Coexti is
8112
8112 10
24 g 4.9 Inc bond etes Nov 19891 3 8014 82
89 Apr'30
82
89
4
97 IIC
14
Adams Express coil tr g 4s _ _ _ 1948 M El 843 87
9912 22
Consul gold 4.9
8
9914 987
1932 1 D 90
2
6118
4515 80
8
Alax Rubber lot 15-yr St 88_1936 J D 607 Sale 604
96 100
4
1st terminal & unIfying 58_1952 .1 J 9914 100
9912 100
2
514 9
514 812 514
514
9418 c94
48
Alaska Gold M deb 89 A ___ _1925 M S
.
973
8
St Paul & K U Sh I. let 4)49_1941 F A 974 Sale 964
51, 5
514 10
514 Apr'30
1026 M 13
Cony deb 68 series Ii
St Paul & Duluth lot 5s
1931 F A 1004 --_- 10018 Feb'30 ____ 1004 100
94
6
85
943
8
9112 91 la Albany Pcfor Wrap Pap 08_1948 A 0 94 Sale 94
9112 Mar'30 ____
lot consol gold 48
1968 1 11 884 92
10112 153
4
1944 F A 1003 Sale 10014
99 10414
Corp col tr 5s
Allegheny
St Paul E Or Trk let 4tis_1947 1 J 9214 ____ 8718 Jan'28 __-- - --- - 10112 80
1949 .1 D 10012 Sale 100
99 10412
Coll &cons 5.5
,
96
St Paul Minn dr Man eon 4.9_1933 J J 9712 9812 9753 Apr'30 ____
9788
420
97
1950 A 0 963 Sale 9612
4
9612 9918
Coll & eon,58
103 101
Apr'304
lot console (1.5
1933 J 1 10453 10614 105
4
8
101
8
Allis-Chalmers Mfg deb 5e 1937 M N 1007 Sale 1007
993 1013
4
4
Registered
N Y W-ches & B lot ser I 454s '46 3
Nord fly ext'l sink fund 688€ 1950 A
Norfolk South 1st dr ref A 63_1961 F
Norfolk & South lot gold 59_1941 M
Ask
Bid
3 89 Sale
4
0 1033 101
A 694 Sale
N 924 95
Late
8814
1033
4
607
8
92
l'
4
1311 I
1.
--
4,
,
Cash sale. 4 Due May. t Due August. e Due June.
3130
New York Bond Record—Continued—Page 5
r. •
11
•
g,
0
BONDS
N. Y STOCK EXCHANGE
Week Ended May 2.
Price
Friday
Mb, 2.
Week's
Range or
Last Sale.
Al To
Bid
Ask Low
High No.
S 9813 Sale 98
Alpine-Montan Steel let 7e _.1955
9812
8
Am Agile Chem lot ref s f 754e'41 FA 10312 106 105
10512 11
Amer Beet Sug cony deb 6s_ _1935 FA 85
85
6
86
85
American Chain deb sI 6s___1933 AG 9812 Sale 9812 1015
8 37
Am Cot Oil debenture be_ __A931 MN 1003 101 1001 10012
8
8
/
4
Am Cynamid deb 5s
98
1942 AO 9813 9914 9714
16
Amer Ices f deb 5s
1953 ID 8718 88
8718 Apr'30
Amer 10 Chem cony 5Hs_ _1949 M N 106 Sale 106
108
14
Amer Internal Corp cony elle'49 ".2 9913 Sale 99
116
100
Am Mach & Fdy I 65
1939 Ac) 104
8
____ 104
104
Am Nat Gas BYO (with war)1942 A0 8818 Sale 8812
48
90
Am Sm & R let 30-yr be ser A '47 AO 1007 Sale 10012 10112 145
8
Amer Sugar Ref 15-yr 6e_ _ _ _ 1937.22 104 Sale 10312 104
72
Am Telep & Teleg cony 4s_ _ _ 1938 MS 073 Sale 973
4
4
973
4
1
30-year cony 434s
100 1004 10012 10012
1033 M
9
D 10514 Sale 10412 10514 75
30
-year roll tr be
1948
D
Registered
_ 103 Feb'30 - 35-yr s f deb 5s
1960 .2.2 1043 Sale 1034
4
1044 142
20
-year e blis
1943 51 N 10714 Sale 1063
10714 115
4
Cony deb 454s
J J 165 Sale 1134
171 6033
1939
35-yr deb be
1965 PA 10418 Sale 10314
1043 879
4
Am Type Found deb lle
2
1940 AO 105 106 1044 10412
Am Wat Wks & El col tr 55_ _1934 A0 1013 Sale 1007
11
8 102
4
Deb gl3s series A
1975 51 N 107 Sale 1063
4 10714 20
Am Writ Pap 1st g 6s
1947 J J 81 Sale 80
81
8
Anglo-Chilean s I deb 78_ _ _ _1945 MN 933 Sale 933
94
42
4
4
MAISEL(Comp Azuc) 73.0_1939 .2.2 50
9
53
5012
51
Ark dr Mem Bridge &Ter 58_1964 MS 993 Sale 993
4
4
993
4
3
Armour & Co let 434s
1939 ID 90 Sale 89
131
90
Armour & Co of Del 5lls_ _ _ 1043 J J 8412 Sale 8212
8412 107
99
Ageociated 0116% gold notes 1935 111 S 103 Sale 10212 103
3
Atlenta Gas L let 58
8
103 Apr'30 -- 1947 J I) 1025
Atlantic Fruit 7s etre dep., 1934 JO
1
____ 123 May'28
8
J D
Stamped ells of deposit
12 1May'29 _ -1
/
1
4
Atl Gulf & W I SS L col tr be 1059
77
49
771 76
77
/
4
Atlantic Refg deb bs
10112 Sale 10113 102
18
1037
Baldw Loco Works let be_ _ _1940 M
107 • Sale 107
1
107
Baragua(Comp Az) 7.34s_ _ _ 1937
78 Sale 7714
78
6
BatavianFete gen deb 4lle_1042
923 Sale 924
21
4
93
75
Beldlug-Hemingway(is
73
73
14
1936
74
Bell Telep of Pa &series B _ _1948
4 1064 47
J 105 Sale 1043
59(10A 0 107 Sale 1067
let & ref 53 series C
4
8 107
Berlin City Rice Co deb 6901961 J D 941 Sale 92
944 44
/
1
/
4
1959 F A 9314 Sale 92
Deb oink fund 6lie
9314 43
Berlin Elm El & Undg 630_1950 A 0 9214 Sale 9214
9238 25
Beth Steel let & ref be guar A '42 DI N 10214 103 103
1031
/
4
9
30-yrpm&lmpsf58..J936J 2 1013 Sale 10112 10212 54
4
Bing &Bing deb 6 As
8614 90
1
83
1950 M
88
Botany Cons51111e634eraA Os 40 Sale 3512
40
35
102 103 103 Apr'30 - -Bowman-131R Hotels 7e
B'way & 7th Av 1st cons he _ _1943
33
10
1199 3344
D 2812 Sale 2812
87 Sale 84
Brooklyn City RR lst be
87
_ 1941 .1
9
105 Sale 10412 105
Bklyn Edleon Inc gen 56 A _ _ _1949
14
983 Sale 9714
4
Bklyn-Man RT gee fis
99
1068
247
12
Bklyn Qu Co dc Sub con god 55'41 MB 70
71
75
75 4
3
3
7512 92 8312 Dec'29
let be stamped
_
Brooklyn R Tr let conv g 48_2042 .1
924 June'29
19 1 1
0
105
3-yr 7%s ecured notes
10614 Nov'29
_1921
Bklyn Un El let g4-511FF AA 8812 8912 88
8812
6
Stamped guar 4-5e
8812 Sale 88
8913 20
N 10514 Sale 10514
lyn Cu Gas letcone g
_111999459595
Bk
10514
7
let lien & ref 8s eerles A _ _ _1047 MN 1143 1153 1143 Mar'30 - 4
4
4
Cony deb g Mis
200 ____ 255
Oct'29 _ _
Buff & Susq Iron 1st s 1544_1 93
9414 _ _ _
96
6
2
193
Jan'30 - - 1,55
952
Bush Terminal let le
8714 90
90
90
1
Coneol is
9014 96
9544
98
4
Bush Term Bldg& gu tax-ex '60 A 0 10012 10112 100
10013 10
By-Prod Coke 1st 534s A _ _ _ 1945 MN 10214 10312 102
1021 12
/
4
0
Range
Sines
Jan, 1.
Low
91
10212
75
97
99
HUM
9812
10512
87
/
1
4
10218
0054
9
86 19012
% 0
100 10812
03 10112
1034 1057
8
9238
70
9918 10218
103 1054
/
1
1111 98
/
4
9918 105
103 10512
103 103
1001s 105
10444 108
13714 19312
10018 105
103 107
9912 1021s
10414 108
84
69
8312 06
55
49
9814 101
874 9112
4
813 863
8
102 10312
1014 103
73Ig 80
100 103
105 107
7714 91
9512
92
57
79
102 10814
103 10818
/
1
4
4
88 (-973
843 96
4
88
96
10112c10.5
994 194
8814 91
3512 47
100 105
2812 4412
8211 87
10312 1053
s
9412 101
76
70
85
89i2
1044 10612
114 117
"it
y"
8714 go
94
gg
99 1022
2
10014 10418
Cal 0.4 E Corp unit& ref 50_1937 SIN 10112 10278 10112 10112
2 100 s 102
3
/
1
4
Cal Petroleum conv deb s f 531939 F A 9914 100
9912 14
9914
94 100
Cony deb e f g 5 As
1938 MN 102 Sale 10112 102
82
9812 10214
Camaguey Bug let 8 f g 7s_ _ _ 1942 A 0 52
55
52
54
4
50
80
Canada SS L let & gen Mt__ _1941 A 0 96 Sale 9614
1
9614
944 97
/
1
Cent Dist Tel let 30-yr
104 Sale 10312 104
_ _1943 J
7 10214 18411
79, 0 1
8
Ceet Foundry let 5 f 6s May 1931 F A 81
94
81
Apr'30
CcntlludG&ESe
1035 105 10312 Apr'30
8
Jan 1957 M
10214 1034
Central Steel let g 5 f811_ _ _1941 51 N 125 12534 125
4 121 125
125
Certain-teed Prod 614e A _ _.194S M
514 Sale 504
5112 21
50
61
Cespedes Sugar Co let s f 7;0'39 M
74 Apr'30
75
80
7814
70
Chic City & Conn Rye 5sJan 1927 A 0
5312 5312
5313 Mar'30 - 85
Ch L Coke let gu g
1023
4 1021
.1
/
4
3 100 1027
8
Chicago Rye 1st be stamped
A
784 Sale 7814
Aug 1 1929 lot 10% paid _ _1027
7912 31
80
69
954 Sale 945
/
1
Chile Copper Co deb be
1947
8
96
113
944 98 4
,
8
Cln G & E let m 4s A
1968 A 0 887 Sale 88
8912 72
884 907
8
7018 74
Clearfield Bit Coal lot 4s _ __ _1940
68 Apr'30 - _
70
63
82 Sale 81
olon Oil cony deb Os
C
83
36
71
8914
97
ColoF & ICogens f 541
99 995 Apr'30
1
1.N3
8
_
95
99
/
1
4
Col Indus lot & coil 58 gu _ _ 1934 F A 964 Sale 9518
963
4 18
924 97 2
,
Columbia0& E deb be May 1952 M N 10112 Sale 100 4 1013
3
4 96
985 10214
8
Debentures be_ __Apr 15 1952 A 0 10112 Sale 1003
4 10112
983 102
4
9
Columbus Gas let gold be_ _ 1032 J J 97
9712 95 2 Apr'30 _,
95 953
4
Columbus By P & L let 4)45 1957 1 2 9312 9414 9312
9412 27
00
90
Commercial Credit s f 63_ - _ _ 1934 MN 9914 10012 994
100
16
933 100
4
Col tee f 51,28 notes
19352 2 97 Sale 97
97
32
99
85
CommlInvest Tr deb 6s_
963 Sale 9513
4
1948 M
9714 52
813 10014
Cony deb 534s
933 Sale 9112
4
94
121
83
9712
ComputIng-Tab-Rec at
1053 ____ 1054
8
1053
8 14 10312 1015
8
Conn Hy & L Ist Ac ref g 43481951 .1 J
96 Apr'30 -954 98
Stamped guar 434s
1051 J J 9713 Sale 964
9712
2
9312 9712
,J D 87 Sale 83,
/
1
4
Copse' Agnelli Loan 610_ _ _195
4
877
8 55
7612 90
Consolidated Hydro-Elee Work,
,
92
93 93
93
4
of LIPleer Wuertemberg 712_1056
89 c953.
51
Cons Coal of Md Ist&ref 58_1950 J D 4913 Sale 42
54
42
63
Comet Gas(N Y)deb&3.4sl945 F A 106 Sale 10512 106
143 105 108,2
101
__ 1003
4 1004 23
Consumers Gas of Chic gu be 1936 2
9812 10112
10314
Consumers Power let be_ __ _1952 M N 10313
10314
6 10214 10418
9513 9813 9513
ontainer Corp let Os
95 4 12
3
C
8918 953
4
I
D
8213 14
15-yr deb 5.3 with wan_ _ 1) I ) 8218 Sale 81
9,4
1 41
77
83
8
9414
9413
8
Copenhagen Telep 5.3 Feb 151954 F A 043 95
913 9744
4
/
4
2
Corn Prod Refg let 25-yr f be '34 MN 10114 1011 10114
1014
9712 102
Sale
17
Crown Cork & Seal f 138 _ _ _ 1947 J D
94
9918
8
8
15
Crown-Williamette Pap 613_1961 J J 1017 Sale 10112 1017
99, 102
2
41 Mar'30
8
_
J 305 50
Cuba Cane Sugar eoav 73_ _1930
3512 41 18
41
41 Mar'30
_
Cony debea stamped 8% _ 1930 1 2 30
38, 4313
8
9912 Sale 9912
9934 31
Cuban Am Sugar let coll 88_1931 M
0912 100 4
,
2712 Sale 2712
31
54
Cuban Cane Prod deb (3e.. _ _ _1950 J
2712 3858
344
3413
1
25
47
Cuban Dom Slag let 711e_ 1944 51 N
35
35
II
39
35
35
4018
Stpd with purch war attached_ 8 10 1001
4 1023
J 102 Sale 1013
.0105
Comb T & T
_ 1 37
& gen
/
1
4
8 104
16 1024 1043
1040 A 0 103 Sale 1033
4
Cuyamel Fruit let f 63A
76 Dec'29 _ _ _
Denser Cone rrutne let 5s.1533 A 0
,
10212 10 "oil 6234
107
8
—
Den Gas & El.. Ist & ref s f g5s'51 MN . 2- -___ 1017
984 103
48
Stamped as to Pa tax
1951 to N 103 Sale 1014 103
Oct'29
61
42
Der, Corp(DO) lets f 78_1942 51 S
6
20
17
17
47
19
18
Second staruped_ _ ___________ _ _ _ _
1011 12 100 4 1034
/
4
/
4
,
Detroit Edison let coll tr 68_1933 J J 1011 Sale 101
4
101 1033
102 10414 103 Apr'30 _ _
lot & ref 5e series A _July 1940 51
10414 49 10147104,
2
1949 A 0 1044 Sale 102
Gen & ref 58 merles A
42 105'2 108
let & ref Os serlee 13_ _July 1940 5/ 8 10612 Sale 10612 108
/
4
8
1041 19 102 1047
8
4
Gee& ref 5.3 series 13
en
1065 J D 1043 1047 10414
2 1023 1047
8
5
10418 105 10418
1041
/
4
1962
99
96
1
9812
4
/
1
JJ 984 983 9812
Dot United let cons g4
F A
16
924 98
/
1
4
/
1
1940 M N 954 Sale 9412
Dodge Brod deb as
964
71
75
72
7114
Dold (Jacob)Pack 1st65 _ _ _ 1942 hi N
71
6 • 67
10012 101
Apr'30
Dominion Iron & Steel 58_1939 51
90 ___ 101
10312 21 1014 104
Donner Steel let ref 7s
10312 Sale 103
1942
Duke-Price Pow let Ile str A _1968 MN 105 Sale 105
1053
4 42 10312 10
612
c Cash sale
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 2.
Price
Friday,
Mb, 2,
Week's
Range or
Last Sale
Bid
Ask Low
Duquesne Light let 4 Ms A1987 A 0 9912 Sale 9914
East Cuba lug 15-yr erg 714s'37 M
78 Sale 78
Ed El Ill Bkln let con g 45,.,.. 1939 J J 95 4 ____ 9518
3
Ed Elec III let eons g 5s
/
4
1995• .1 1091 110 11012
Edith Rockefeller McCormick
Trust toll tr 6% notes__ _1934 J .1 1017 Sale 1013
8
4
M 9 9714 Sale 04
Elec Pow Corp(Germany)6
Elk Horn Coal 1st & ref 654s 1931
J 0 9 31' 97'2 9 /
(Deb 7% notes(with wars')1931 S 0 65 4 85 654
7
71
Equit Gas Light 1st con 55_.1932
S 100 10018 993
4
Ernesto Breda Co let m 7s 1954
F A 82
With etk purch warrants
84
793
4
Federal Light & Tr 1st 5.3.. _ _1942 M S 9412 9534 955
8
1st lien s f 5e stamped_ _1042 M 5 95 Sale 95
letlien 613stamped
1942 IS S 103 Sale 103
3
30
-year deb 63 emirs B ___ _1954 J D 96
994 991
/
1
Federated Metals s f 7s
1939 1 D 101 Sale 101
Fiat deb 7s (with wan)
1946 .1 .4 103 10512 105
Without stock purch warrants_
- 93 Sale 91
/
1
4
Fisk Rubber 1st s f 8s
81 Sale 81
1941
Framerican Ind Dev 20-yr 7;0'42 1 2 1073 Sale 1073
4
4
N 92 Sale 90
Francisco Sugar 1st s 173is _ _1942
French Nat Mall IS Lines 7s1949 J D 104 Sale lO34
Gannett Co deb as _____ _ _1943 F A
Gas & El of Tlerg Co C01113g 551940 .1 D
Gen]Amer Investors deb be _1952 F A
Gen Cable last 530 A__ _ _1947 J
GenEiectrledebg334s
1942 F A
Gen Elee (Germany)7s Jan 15 '45 J J
S f deb 634e with warr __ _1940 J D
Without warrte attached _ 1940 J D
20
-year e f deb 65
N
Gen Mot Accept deb 6s
193 F A
48
7
Gerd Petrol 1st s f 55
1940 F A
Gen Pub Serv deb Llle
1939 J .1
Goal Steel Cast 554e with war '49 J J
Genl Theatres Equip 6s ____1944 J I
Good Slope Steel A: I see 711_ _1946 A 0
Goodrich(B F)Co let6;is 1947 J J
GoodYear Tire & Rub lot 53_1957 MN
Gotham Silk Hosiery deb 60_1936
Gould Coupler let St 6s
F A
1940 S D
Gt Cons El Power (Japan) 761944 F A
1st &gene f 6}4s
J
1950
Gulf States Steel deb 5Ile_ _1942 .1 D
Hackensack Water let 4s_ _ _1952 J J
Hamill Mining Os with stk purch
war for corn stock or Am Abs'49 .1 .1
Hansa IS Linea 6s with warr_1939 A 0
Hartford St Sly let 4s
1930 111 S
Havana Elee consol g 53_ __ _1952 F A
Deb 534e series of 1926...1951 NI S
Hoe(R)& Co 1st6 As iser A _1034 A 0
Holland-Amer Line 65(flat).1047 M N
Hudson Coal let s f be ser A.1982 J D
Hudson Co Gas istg 5s
MN
Humble Oil& Refining 5348_1932 J J
1 49
Deb gold be
1937 A 0
Illinois Bell Telephone be_ _ _ 1956 J D
Illinois Steel deb 454s
1199448 A 0
0
Ileeder Steel Corp mtge 6s.._ _
F A
Indiana Limestone let s f Os..1941 M N
Ind Nat Gas & 0115s
MN
Inland S
Steel 1st 43le
A 0
Inspiration Con Copper 634s 19931 111 S
1197356
Interboro Metrop 434s
A 0
Interboro Rap Tran let bs_ _1966 .1 J
9 56
Stamped
J J
etered
10-year 6s
10
1932
10
-year cony 7% notes_ 1932 NI S
Ink Agric Corp let 20-yr be. _1932 NI N
Stamped extended to 1942,... M N
Int Cementcony deb be_
1948 M N
Internal Match e f deb be_ _ 1947 M N
Inter Mercan Marine of 63_ _1041 A 0
Inteenat Pa peri, ser A & 13_1947 J J
R rf s f 6s s 58 A
9
1955 M S
InDeb5s er Teleg deb g 4lie 1952 J J
t Telep
Cony deb 434s
1930 J .1
1951 F A
Kansas City Pow & Lt 5e_ _ _1952 M S
1st gold 454s series B
1957 J J
Kansas Gas & Electric 6s_ _ _1952 M S
Karstadt (Rudolph) 6s
1043 M N
Keith (II F) Corp 1st 85
1046 M 8
Kendall Co 554o with warr_ _1948 M S
Keystone Telco Co 1st be__ _1935 J ./
Kings County El & P g be_ _ 1937 A 0
Purchase money 6/4
1997 A 0
Kings County Elev istg 43 _ 1949 F A
Stamped guar 4s
1949 F A
Kings County Lighting 5s _ _ _ 1954 J J
First & ref6 Xi
1954 J .3
Kinney(OR)& Co 733% notes'36 J D
Kresge Found'u roll tr 6e._ _1938 1 D
Kreuger &Toll be with war _1959 M 0
.
Lackawanna Steel let be A _1050 M 5
Lad Gas of St L ref&ext be _1934 A 0
Col & ref 5343 series C___ _1953 F A
Lautaro Nitrate Co cony (4_1954
Without warrants
J J
Lehigh C & Nays!434e A _ _ 1954 J j
Lehigh Valley Coal lets 53_ _1933 1 J
let 40-yr gu Ink red to 4%_l033 .1 J
ist&refsf58
1934 F A
1st & ref s f fet
1944 F A
1st & ref 8 f 5.3
1954 F A
let & ref s f Is
1984 F A
let & ref s I 53
1974 F A
Liggett & Myers Tobacco 7e _1944 A 0
5s_.
1051 F A
Loew's Inc deb Sc with wan _ 1941 A 0
Without stocks parch warrants A 0
Lombard Elec 1st 7s with war '52 j 1)
Without warrants
J D
lorilliard (I') Co 7s
1944 A 0
.58
1951 1' A
Deb 534e
1937 J J
Louisville Gm & El(Ky) 56_1952 NT S4
Louisville Ry let cone be_ _ _1930 J 1
Lower Austria IIydro El Pow—
letsf()543
1944 F A
McCrory Stores Corp deb 534s'41 J D
Menet'Sugar let f 734s_ _1942 A 0
Manhat Ry(NY)cons g 45_1990 A 0
2d 443
2013 .1 1)
Elm! Ry & Lt s f 5s_ _1953 M s
Marion Steam Shovel F. f 63_1947 A 0
Vire Tr Co Ws of panic In
Al Namm & Son let 65..1943 1 13
Market St Ry 7s ser A _April 1940 O J
Meridlonale Elec tel 7s. _._1957 A 0
Metr Ed let & ref 5s ser C,_ _1953 1 J
Metr West Side El(Chic) 49_1938 F A
‘flag Mill Mach 75 with war_ 1956 J D
Without warrants...
1 I)
.4
Range
Since
Jan. 1.
-Mob No Low
Higk
24
100
9614 10012
E
.4,
4
Ap830 —21
r9
Mar'30 ---102
943
4
5
30
56
Ap9r73104
Apr'30 -
10034 102
8912 974
627 9712
9 s 75
5
993 100
4
80
/ 28
1
4
5
953
4
95
2
103
2
Apr'30 ____
101
2
1038 25
,3
5
10
83
10814
92
104
4
8 4
6
9648 973
6
109 111
8
24
14
7
754 84
94
97
/
1
4
944 9814
1004 10312
/
1
924 1008
/
1
100 102
190 107
0
212 9%
4
75
10312
82
1024
4
89
109
97
1044
89 Sale 89
89
10
80
92 8
7
10212
99 Feb'30 - /
1
4
997 9934
8
8812 893 8812
4
89
12
82
92
10114 1021 101
/
4
10234 42
99 1033
s
9418 9712 9418
9418
2
94
96
10414 Sale 10314
10414 04
9914 105
10514 114 11212 11212
8 109 124
100 101 100
10012 17
9512 101
9514 Sale 931
/
4
9514 15
8
924 9714
/
1
103 Sale 103
10314 124 10012 19413
102 Sale 1017
8 10212 /4
907 102,
8
2
1013 Sale 10012 10212
4
10412 Sale 104
1054 59 10112 193
/ 43
1
93 106
4
1403 Sale 1403
4 14814
4
10014 Sale 1004
53
21
0712 07
92
2
3
10014 714 :512c15278
1064 Sale 1061s
107
0412 Sale 93
9412 361
6
90
87
99612
7
09
93'2
18
83'2 Sale 813
93
8
933%
93'2
8
69
81
/
1
4
100 Salo 100
9714 10112
1004 44
05 Sale 94 2
,
953
4 34
09 Sale 90
97 100 8
9
11" 997
9934 55
1
88
90
88
88
85 (10
92
0212 9314 92
14
8718 94
9012
90
/ 91
1
4
II
21
87
92
9612 __ 9613 Aug'29 ----------75
79
81
13
75
844
57
1
57
67
6612
84
8513 85 Apr'30 -- - 75
90
84
90
8914 Apr'30 - 804 9212
7012 Sale 7022
6512 73
7112 101
10214 105 103 Apr'30 -- - - 10118 104 4
,
102 Sale 1011 102
/
4
58 101 10212
10134 Sale 10114
10134 54
9934 102
1041 Sale 1041 105
/
4
/
4
46 103 105
99 Sale 983
9912
4
3
97 102
887 Sale 88
8
89
25
82
92
854 Sale 84
8612 33
168
8512
100 __
100 Apr'30 - - 100 101
944 Sale 941
/
1
/
4
044 124
/
1
91
95 2
,
101 Sale 101
3 10 4 10114
101
9
0
92
,
913 20
912 Feb'30 ____
7114 Sale 6912
7212 190
614 7412
7112 Sale 694 Ai0 12 ..
65
/
1
% 14:
0
6054 65 2
5112 74
,
-58- 16- 3
812
60
3
8312 Sale 8814
891 82
/
4
98
9723 95 Mar'30 -___
76
79
75 Apr'30 - -- 093 Sale 9912
4
10014 64
994 Sale 9914
11 10012 148
87
01
10012 Bale 100
91 Sale 904
9112 18
8812 27
8818 Sale 83
92 Sale 90
/ 0312 38
1
4
1233 Sale 12334
4
12914 1221
97 Sale 964s
/
1
4
977 405
8
10412 Sale 10414
9512 _ _ __
9512
10514 106 105
7812 Sale 771
/
4
88 Sale 8722
92 Sale 91
84 Sale 83
102 10412 10112
1253 ____ 123
8
81
82
81
79
81
81
1047 ____ 1047
8
8
11512 120 116
102 105 105
10312 10412 103
981g Sale 98
102 Sale 102
1011 ____ 1002
/
4
10312 Sale 10212
4
323 Sale 81
9714 98
97
1004 Sale 10012
/
1
9512
--------101
83
877 83
8
7212 82
73
7218 Sale 7218
86
70
71
12012 121 120
1033 Sale 103
4
/
1
4
126 Sale 12213
9712 Sale 97
973 Sale 963
8
4
9718 9712 97
1094 Sale 108
894 Sale 8812
4
943 Sale 9314
/
1
4
102 Sale 102
9144 9712 9114
61
6814
84
944
4
9312 95
7214 75
91 103
/
1
4
97 1011
96 991
4
83 92,
2
86
92
/
1
4
8911 94
/
4
116 1293
4
964 091s
10412 16
Feb'30 -- - 106
30
7812 66
88
9
92
4
84
6
Ain'30 -- -_
Apr'30 -- -81
1
81
5
Apr'30 -Apr'30 -_-_
Apr'30'— - 10312
7
991 578
/
4
10213
7
102
3
10312 59
103 10512
95 2 051z
,
104 10812
6912 837
1
74
91
89
9234
76
90
1004 10414
125 128
7512 811
/
4
7512 84
1004 105
1144 117
101 10714
10214 105
92 100
44
100 10212
99 102 4
,
1003
4e105 4
,
8414 181
97
1
101
5
Mar'30 ___
Dec'29 ____
83
1
Apr'30
74
874
9418 98
9912 101
9512 95 2
,
7213
1
Apr'30 ____
120
1
104
18
12712 159
973
4 92
97
/
1
4
6
9712 68
10914
8
8914
37
95
87
10212 10
Apr'30 ____
8748
10014
62
55 4
3
50
99
80
Sale 87
/
1
4
87
/
1
4
1
Sale 100
10014 80
Sale 62
66
13
Sale 5212
55 4 85
3
54
54 Mar'30 - _ _ _
Sale 99
09
3
85
85 Apr'30 ____
9611
934
101
10314
72
___ _ __ -
98
9812
Sale 92
Sale 100
Sale 10314
771 74
/
4
7414 97
8812 89
Apr'30
934
10112
1034
Apr'30
Apr'30
Apr'30
____
9
50
2
_
___
____
7454 137212 74
7018 781
4
70
76
1174 122
9934 105
10112 12734
913 101
4
93
9912
93
99
1047 110,
8
2
784 804
/
1
84
9514
100 1031 2
87
95
80
9(112
62
52
47
94
75
91
100 2
,
88
60
54
90
884
964
90
9714
101
8611
81
80
98
9744
102
4
1033
77 2
,
07
90
3131
New York Bond Record - Concluded-Page 6
N
BONDS
Y STOCK EXCHANGE
Week Ended May 2.
t,
2
Midvale St & 0cony a I 58_1936 M
Milw El Ry & Lt ref & ext 4345'31
J
General & ref 58 series A-1951 J D
lat St ref tSs series B
1961.3 D
Ist & ref ISs ser B temP
1961 J D
Montana Power 1st 5e A __ _1943 J
Deb ba series A
Mon tecatini Min & Agrle- 1963
D
Deb 7e with warrants_ _ _ _1937 J J
J J
without warrants
Montreal Tram let & ref 63.1941 J J
Gen & ref
53 series A__1958 A 0
Gen &ref a f 5sserB
1955 A 0
Gen & ref f 4148 aer C1988 A 0
Gen & ref s baser D
1988 A 0
Morris & Co lets f 4 Hs._ _ _1939 J I
Mortgage-Bond Co 40 ser 2_1986 A 0
10 -year 513 series 3_ __1932 1 J
-25
Murray Body 1st 6)4s
Mutual Fuel 08.8 18t gu g 54_21114:
Mut Un Tel gtcl 6s ext at b% 1941 MN
Namm (A 1) & Son _See Nitre Tr
j
Nassau Elec guar gold 48_ _ _1951
Nat Acme 18151 (is
1942 J
F
Nat Dairy Prod deb 514e_ _ _1948
A
1947 F A
Nat Radiator deb 634s
Nat Starch 20
-year deb be _ .1930 J J
Newark Consul Gas cons 58_1948.
1
New Engl Tel & Tel ba A._1952.3 D
Ist g 4Hs series B
1061 MN
New On Pub Sony 1st be A_ _
First & ref 5s series B
1968 J D
NY Dock 50
-year lat 61 48_ _1951
A
A 0
Serial 5%
NY Edison lst & ref 614s A_1 9 A 0
notes38
1941
1st lien & ref bs series B.._1944 A 0
N Y Gas El Lt H & Pr g 58_1948 J
Purchase money gold 4s_1949 F A
Y L E& W Coal& RR 5348'42 MN
N YLE&WDock&Imp5s'43.7
N Y & Q El L & P 1st g 5s_ _1930 F A
NY Rya lat R E & ref is_ _1942 J J
Certificates of deposit
-year adj Inc 5e__Jan 1942 30
1
Certificate(' of deposit
N Y Rye Corp Inc 68. _Jan 1985 AP
Prior lien tis aeries A
.
1965.3 J
N Y & Richm Gas 1st 6s A _ _1951 MN
NY State Rye IM cons 4146.1962 MN
Registered
MN
Certificates of deposit _
50-yrIst cons 6348 series 111982 MN
N Y Steam lst 25-yr 6s ser A 1947 MN
N Y Telep 1st & gee e f 410_1939 M N
30
-year deben s f (is- -Feb 1949 F A
30
-year ref gold 68
1941 A 0
NY Trap Rock lst Its
1946 J D
Niagara Falls Power 1st 58_ _1932 J
Ref & gen Bs
Jan 1932 A 0
Niag Lock &0 Pr let bs A _ _1955 A 0
Norddeutsche Lloyd 20-yr sI(its'47 MN
Nor Amer Cem deb Ha A _1940 M S
No Am Edison deb 58 ser A.1957 M
Deb 5 Hs ser B_ _ Aug 151063 F A
Deb La series C
1969 M N
Nor Ohio Trac & Light 68..1947 M
Nor States Pow 25-yr be A - _1941 A 0
let & ref 5-yr 65 ser B
194I A 0
North W T 1st fd g 4 He gtd.1934 .3 J
Norweg Hydro-El Nit 510 _1957 M N
Ohio Public Service 734s A _ _1946 A 0
lot dr ref 78 series B
1947 F A
Ohio River Edison 1st Os__ _1948 J
Old Ben Coal let 68
1944 F A
Ontario Power N F 1st 58_1943 F A
Ontario Transmission let 56_1945 MN
Oriental Devel guar 6s
1953 M S
El tl deb 5148
1958 M N
Oslo Gas & El Wks mai 56_1963 M S
Otis Steel 1st M 68 ser A. _1941 M
Pacific Gas& El gen & ref 58_1942
J
Pao Pow & Lt let& ref 20-yr 53'30 F A
Pacific Tel & Tel 1st 58
1937 .1 J
Ref mtge 5s aeries A
1952 MN
Pan-Amer P & T cony f 6s_ 1934 SiN
1st lien cony 10-yr 7s_ ...,1930 F A
Pan-Am Pet Co(of CaLconv 68'40 J D
Paramount-B'way 18t 5Hs_ _1951
J
Paramount-Fam's-Lasky 66_1947
D
Park-Lea 1st leasehold 6 148_1953
.1
Parmelee Trans deb 13a
1944 A 0
Pat & Paersalc0& El cons 5a 1949 M S
Paths Each deb 79 with warr 1937 M N
Penn-Dixie Cement fis A _ _ _1941 M S
Peop Gas& C ist cons g 68._1943 A 0
Refunding gold 68
1947 M S
Registered
M S
Phila Co sec 58 ser A
1997.7 D
Phila Else Co let OM
1967 M N
Phlia & Reading C & 1 ref 58_1973
.1
Cony deb Be
1949 M S
Phillips Petrol deb OM._ _1939 .1 D
Pierce Oildeb a f 88_ _Dee 161931 J D
Pillsbury Fl Mills 20-yr 6s_ _1943 A 0
Pirelli Co (Italy) cony 7s._1952 M N
Pocah Con Collieries let Cf 59'57 J
Port Arthur Can & Dk Ils A.1953 F A
1st M 6s series B
1953 F A
Portland Else Pow 1st Be 13_1947 MN
Portland Gen Elm 1st 5e.
1935 J .1
Portland Sty 1st & ref 5s .l930 M N
Portland Ry L & P 1st ref 58_1942 F A
1st lien & ref 68 series 11_ _1947 M N
Ist lien & ref 710 ear A_,19413 MN
Porto Rican Am Tob cony Be 1042.3 J
Postal Teleg & Cable coil fSe _1953 J J
Pressed Steel Car cony g 58_1933
J
Pub Serv Corp N J deb 410_1948 F A
Pub Sery El eft Gas 1st& ref be'85 J D
Ist & ref 4 Hs
lst & ref 44e
6970 .1 °
19 7 FA
Punta AINtre Sugar deb 78_ _1937
J
Certificates of deposit
Pure 011•1 514% notes_ ___1937 ke A
Purity Bakeries e f deb be_ ...1948 .1 J
Remington Arms Bs
1937 M N
Rem Rand deb 514s with war '47 MN
Repub LAS 10-30-yr 58 s f _1940 A 0
Rei & gen 514s series A .1953.3 J
Revere Cop & Br Bs__ _July 1948 M 18
Reinelhe Union 78 with war.
_1946 .1 J
Without stk parch warr _1946 J J
Rhine-Main-Danube 7s A _ _1950 51 S
Rhine-westphalla El Pow 79 1950 M N
Direct mtge
1952 M N
Cons M (is of'28 with war_1953 F A
Without warrants
F A
Con m Os of 1930 with warr1955 A 0
c Caan sales.
Price
Friday.
May 2.
Week's
Range or
Last Sale.
•
gl
Range
Since
Jan, 1.
High Vn Low
Ask Low
Bid
High
4 10112 140
1013 Sale 1003
8
4
99% 1013
1
100 10014 100
100
974 10012
6
10134
9972 10214
- 1015s 101%
70
Sale 10018
9834 10114
1003
4
1003
s
10012 Apr'30
97% 100
12
8 100 10412
ii5,- 12 Sale 102
1
10412
18
101 10134 10012 101
981s 10244
Sale 105
106
97
98
98 4
,
9812
9812
99
Sale 9412
9412
8
9614 917 Jan'30
88 8712
8712
95 4
3
83
81
81
81
7314 Jan'30
7314 75
97 Sale 97
97
91
9312 91
94
8
1027 ---- 1027
s
102%
10018 Sale 98% Jan'30
105
97%
98%
9412
9314
86
8
30
1
7
10
2
9
3
53
54% 5312
1
5312
2
10212 Sale 10214
10212
992 Sale 9812
9912 250
263 Sale 263
4
4
2814 38
993 10018 993 Apr'30
4
10314 10312 103
3
103
105% 1057 105%
7
1053
8
10014 Sale 100
8
10014
9114 Sale 90 4
3
9112 63
895 901 9012
91
10
843 85 84 Apr'30 -- 4
8012 85
80
81
11
11414 Sale 11312 11414
17
105 Sale 10412 105
12
10512 10612 1053
4 1053
6
4
9414 16
9414 Sale 9354
10018 1015 101 Mar'30
973 ____ 9712 Sept'29
4
100 10018 100 Apr'30
43% 54
4318 Mar'30
4318 _
5614 Mar'29 1 Aug'29
1 July'29
4i
512
33
5'8 4%
_ 72% 72 Apr'30
105
jai%
105
4
15
13 - -8
187
15
1
17 Jan'29
1818 Mar'30
-iE- 18 18 Apr'30
1073 108 10712 1073
4
4 13
8 10014 99
100 Sale 995
11112 Sale 11014
112
44
s
106% Sale 1063
10678 127
4 100
99% Sale 993
18
10112 102 101
101
2
10212 103 10212 10212
1
10312 10414 10312 104
28
913 9212 9114
92
4
40
6518 Sale 63%
6518 17
1027 Sale
11002378 78
8
38
14
10314 Sale 10192218
67
4
9714 Sale 953
97% 309
10218 Sale 101
10218 87
3
10112 Sale 100 4 10112 31
10512 108 105
105 4 22
3
98% - - - 9912 Apr'30
92% Sale 9112
92% 39
1113 111% 11114 Apr'30
4
_
111 112 111
11114
4
106 105% 106
10
76 Sale 75%
76
4
10414
6
101%
-- 10114
10018 APr'30
100 8 _
5
98 gale 98
98% 35
90 8 Sale 90
5
91
74
923 Sale 9212
93
4
23
102
103% 104
103
10
102 Sale 10118
102% 42
8
100 1003 100
100
14
102% Sale 102
1023
4 15
1053 Sale 10414
10538 15
8
103% 104 103
104
19
99% 1027 104% Apr'30 - 8
9714 Sale 97
97% 41
10112 Sale 10118
102
54,
10114 Sale 100% 101% 201
78
85
8518 84
16
83
81% Sale 81%
17
1013 Feb'30 --4
103
70
71 Sale
76
75
84% 61
82 Sale 82
1113 11214
Apr'30 -4
12
2
10214 Sale_ 10 14
10234 20
1007 Mar'30 - - 8
100 Sale 99% 100
187
9914 Sale 9914 9912 30
86% 8712 864
863
4 23
104 Sale 102
107
675
96 Sale 9414
96
308
10512 10812 10512 Apr'30
4
105 Sale 1043
10514
4
8
105 1057 107 Apr'30
4
9412 --- 943
94%
3
105 Sale 105
105
1
10218 --- 10012 Apr'30
3
99% gale 99 4
99%
2
10112 Sale 10112
10112
1
99 4
3
99 4
3
99 4 100
3
5
10012 Sale 100
100 4 16
3
7
4
10012
10012 Sale 993
104% Sale 1043*
10534 14
94% 92
93
93
54
983 164
96 Sale 94%
8
8112 Sale 80
8212 53
100 190
Jan'30
10412 10331
105
8
98% Sale 97%
98% 44
9812 Sale 9714
9812 138
4514 Sale 4514
4614 26
4514 4612 45
46
41
10
100 Sale 100
03* 92
9412
9514 22
3
945 95
9612 24
96 Sale 95
994 Sale 9918
10018 123
4
8
102% 103 4 1023 Apr'30 _ __
3
4
10312
7
1031s 10412 1023
1033* 38
10312 Sale 103
107
8
8
10512 1067 105%
9812 Sale 97
9812 22
103
15
102% 103 1023*
18
1017 Sale 10112 103
8
91 Sale 89%
91
19
91 Sale 88
90
30
88
91% 8914
8914
3
92% 201,
92 Sale 91
10112 10812
95 102
95 100 s
7
9114 96
91% 917
8
8,412 8812
81
8514
7314 7314
9612 97
89 100
997 103
2
98% 98%
5012 57
101% 102%
97%010112
24
40
99% 100
102 103
10312 10612
9814 10012
93
82
93%
83
8014 85
70
88
11112 114%
1023 105
4
104% 109
92% 97
99 101
9954
43%
1-0-61-4
43 s
,
4
9
64
7214
104 105
15 r25
17
17
1818 20
18 c2414
10518 108
983 100 2
s
,
11014 112
10612 10312
94 100
10014 103
10012 10314
101% 10414
883 92 2
4
,
5012 70
9918 1037
8
99% 103%
95% 98 2
,
98 104
99 102
44
102% 11014
98
9912
88% 9412
110 11312
110 113
105 c109
71
80%
99% 10414
98 101
95 100
863 9314
4.
90 9412
10014 104
1005 103
8
99 4 101%
3
11)0 10314
1.015 10512
8
10214 105
101 104%
89
98
99 102%
98 10314
7512 88%
75
913
4
101 101%
36
77%
7312 8412
11114 112%
101 c10512
1007 1007
8
8
96 1007
8
97 10012
84
88
91 1073
4
90 396
104 107
10212 105 4
,
1053 1133
4
4
94% 943
4
102% 105
10012 104%
9612 100
14
9814 103
97 10018
96 101
9818 101
104% 107
91
98
9312 9612
80
94
181 194
10218 105
9512 100
95% 9914
42
55
43
55
98 10012
0117 9712
93% 97
91% 101
10114 10314
10018 10472
102 10414
9934 10712
92% 99
100 101
100 104
86
95%
83
94
85
941
:
933
91
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 2,
Pries
Friday.
May 2,
Week's
Range Or
Last Sale.
CO.
Rase.
Mace
Jan. 1
Bid
Ask Low
Iliok Ns Low
Elfek
1953.73 8612 Sale 86%
Rhine-Ruhr Wat Ser 6s
19
88
8612 89
95 4 Sale 9512
3
Richfield 01101 Calif 6s
1944 MN
98% 51
94 9814
96 Sale 96
Rima Steel 1st s I 75
1
1955 FA
96
88 2 9
1
714
Rochester Gas & El 78 ear B.1946 MS 107% Sale 10714
4 1064 10844
1073
4
4
Gen mtge 5545 series C _ _1948 M S 10514 108 106 Apr'30
105 108
Gen mtge 4 As aeries D._ _1977 MS 973 --- 9912 Mar'30
4
97
99%
Roch & Pitta C&Ipm 5s.1940 MN 86
89
90 Nov'29
St Jos Ry Lt H & Pr let 58.1937 MN
St L Rock Mt & P be stmpd _ 1955 J J
J
St Paul City Cable cons 58..1937
.1
San Antonio Pub Sem) 1st69_1952
Saxon Pub Wks(Germany) 75'45 FA
Gen ref guar 8Hs
1951 MN
Schulco Co guar 6348
1946.7'
Guar a f 6348 series B_ _..1946 A0
Sharon Steel Hoop e f 53488_1948 MN
Shell Pipe Line.1 deb be__ _1952 MN
N
Shell Union Oils f deb 56..- 1947
Deb 59 with wart
1949 *0
Shinyeteu El Pow 1st 6 Hs_ _ 1952 Jo
Shubert Theatre Cs June 15 1942 3D
Siemens & Halske s f 78 ___.1935
S
Deb s f 814a
1951
Sierra & Ban Fran Power 58_1949 PA
Stleala Eleo Corp a f 614s_ _ _ 1948 FA
Sileelan-Am Exp coil tr 78_ _1941 PA
Sinclair Cons 011 15
-year 78_1937 M
1st lien coil Bs series D _1930 MS
1st lien 8)4s series D
1938 3D
.1
Sinclair Crude 0115145 oar A _1938
Sinclair Pipe Line s f bs.. __ _1942 AO
Skelly Oil deb 534s
1939 M
Smith(A 0) Corp let 834s.._1933 MN
Solvay Am Invest 58
1942 M
South Porto Rico Sugar 7e_ _1941 JD
.1
South Bell Tel & Tel 1st, f be '41
Sweet Bell Tel 1st & ref 5a 1954 FA
Southern Colo Power Be A _ _1947 3.3
Spring Val Water 1st g 5a
1943 MN
Standard Stilling 1515,
1930 MN
let & ref UM
1945 MS
Stand 011 of N J deb be Dec 15'46 FA
Stand Oil of N Y deb 4345_1951 J
Stevens Hotel let Os ear A. _1945 JJ
Sugar Estates (Oriente) 7s.1942 MS
Syracuse Lighting 1st g 5s....1951 3D
98
1
9814 98
98
6318 64
64 Apr'30 ---8314 89
2
8314
4
10612 Sale 10512 10612 24
9712 31
97 Sale 953
4
9214 Sale 91
9234 22
7014 Sale 69
7014 19
7014 80
14
85
70
99 Sale 98
10
99
9812 74
95% Sale 95
9612 Sale 9612
9738 55
100% Sale 10058
10114 440
91 Sale 90
23
91
62 Sale 62
68
28
2
10314 104 100
100
1053 Sale 105 4 1067
4
3
8 54
77
102 Sale 10018
102
84 Sale 84
95
5
5
9112 92
92
9112
151
4 104
104 Sale 1033
100 8 Sale 100% 1003
5
4 43
10212 Sale 1021s
1023* 79
10014 Sale 9912 10014 100
98 Sale 98
9814 21
97
122
963 Sale 9614
4
103
17
10212 103 10214
4
96
9614 9612 96
10412 105
13
10412 Sale
10314 10312 103
1033* 32
104% 1043 10412 10412 39
4
104 Sale 104
10412 13
9933 Mar'30 --- 993 102
4
10014 48
10018 Sale 10018
1
104
10414 10518 104
10314 13
103 Sale 10214
6
9714 Sale 96%
971460
8 81
83 Sale 74
38
12
36
35
42
1043 - - - 105 Mar'30 --4
94
9812
60
64
80
90
102 10612
9242 100 4
3
86 c99
45
75
7514
45
95 100
14
9212 297
93% 9914
97% 10212
85% 94
41
6912
100 104
10112 106
96% 102
8012 95
9012 9414
100 4 104
3
995 100%
8
9952 1025
8
94% 10012
9412 99
91
97
101% 104
93% 97
103 107
101% 10414
102 c108
10112 105
99% 100
99% Isola
loo 10412
100 4 103 4
3
3
95
973
4
74
90
36
48
10312 105
Tenn Coal Iron & RR gen 68-1951 .7'
Tenn Cop & Chem deb 6811_1944 MS
Tenn Else Power let 66
1947 3D
Texas Corp cony deb 5s_ _ _l944 AC
_1944
Third Ave 1st ref 4s
1960 .1
Adj Inc 5s tax-ex NY Jan 1960 A0
Third Ave Ry let g 58
1937.73
Toho Elec Power let 78
1955 MS
1932.7'
6% gold notes
Tokyo Else Light Co, LW
1st Os dollar aeries
1953 JD
Toledo Tr L & P 514% notes 1930 3'
Tranecont Oil 6 Hs with war_ 1938.73
Without warrants
Trenton GA El 1st e bs-- _1949 MS
Truax-Traer Coal cony 8 Hs_1943 MN
Trumbull Steel 1st s I Os._1940 MN
.1
Twenty-third St Ry ref 50_ _1962
Tyrol Hydro-Elec Pow 710_1955 MN
Guar sec s f 78
1952 FA
1025
8
_
10012 gife
1025 Apr'30 93
10014
101
36
10612 107 10612 107
1043 Sale 10412 10514 398
4
493 Sale 4814
4
50% 39
297
s 16
28 Sale 28
_
9512 98 95 Apr'30
10014 48
10014 Sale 100
99
991
9914 Sale 9918
1021s 104
9712 102
19412 108
1003 106
8
45
5412
28
35
92 96
9814 100%
9844 100
157
89
Sale 88
5
100
Sale 100
1035 125
8
Sale 102
9
96
Sale 94
_ 102 Apr'30
2
90
as 90 8714
103 Sale 10212 1031s 25
36
411 33 Apr'30
5
99 Sale 98
99
3
93
92% 93
93
8742 9212
99 2 100
7
42
96 103
4a
87
12 98
102 103
7912 90
4
102 103 4
33
49 2
7
994
4
94
85
9414
34
17
5
12
Ujigawa Elec Pow s 1 78_._1945 MS
Union Else Lt& Pr(MO)56_1932 MS
Ref & ext be
1933 MN
Un E LA P(I11)1st g 5148 A _1954 .1
Union Flay Ry (Chic) Is _1945 A0
Union Oil let liens I 5s. _ _ _1931 33
30-yr eie series A._ .,May 1942 FA
let lien s f 5a ear C__ _Feb 1935 AO
United Biscuit of Am deb 68_1942 MN
United Drug 25-yr 55
1953 MS
United Rys St L 1st g 4a_ _1934 3,
United 98 Co 15-yr 6s
1937 MN
Un Steel Works Corp 6 Hs A _1951 3D
Sec f 6140 aeries C
1951 3D
United Steel Wks of Burbach
Escb-Dudelange e f Th.._ _1951 *0
J
U S Rubber lat& ref 5e ser A 1947
10-yr 7H% secured notes.1930 FA
Universal Pipe & End deb 68 1936 JO
Unterelbe Pow & Lt 6s
1953 *0
Utah Lt & Tree 1st & ref 58_1944 AC
Utah Power & Lt 181 5s._ _ _1944 FA
Utica Elea L & P 1st s f g 56_1950 33
Utica Gas& Else ref & ext Se 1957.7,
Utli Power & LIght 5142_. 1947 3D
Deb be with or without war1959 PA
Vertientes Sugar 1st ref 7...1942 JO
J
Victor Fuel 1st a f 55
1953
Va Iron Coal & Coke let g 58 1949 MS
.1
Va Ry & Pow 1st Ai ref 5a. _1934
Walworth deb 654s with war 1935 AC
Without warrants
1st sink fund (ls series A._ 1945 AC
Warner Bros Piet deb 6s._1939 MS
Warner Co let Os with warr_1944 AO
A0
Without warrants
Warner Sugar Refin let 75..1941 Jo
Warner Sugar Corp let 711- -1939 J
Stamped
Warner-QuInlan deb Cs
1939 MS
Wash Water Powers f 5a__ _1939.7,
Westcheet Ltg g be stpd itul- 1950 JO
West Penn Power ear A 58..1946 MS
let be series E
1963 MS
let 514e series F
1953 AC
let sec M eeriest CI
1956 3D
West Va C & C Ist Bs
1950'.7
Western Electric deb Is....1944 *0
Western Union coil trust 58-.1938 33
Fund & real est g 4 He_ _ _ _1950 MN
15
1938 FA
-year 6345
(951 JO
25
-year gold M
Westphalia Un El Pow Bs__ _ 1953 J .1
Wheeling Steel Cor p let 5)45 1948.7,
let & ref 4145 Berke B
1953 A0
White Eagle 011& Ref deb 510'37
With stock parch warrants__ _ _ MS
'3
White Sew Mach 69 with wart'36
Without warrants
fMN
_1940
Panic s I &I) Bs__
'3
1935
Wickwire Span St'l 1st 78
Ctf dep Chase Nat Bonk
N
Wickwire Sp St'l Co 75_38e 1935
CU dep Chase Nat Bank
WIllys-f)verland t C Ife_ .._ _1933 MS
Wilson & co lot 25-yr R f 88_1941 *0
Winchester Repeat Arms 7348 41 AO
J
Youngstown Sheet dr Tube 58'76
89
100
1023
4
94
103
9912 Sale
100% 1011
1005 101
8
103 Sale
75
77
1013
4 _
108 10814
100 Sale
102 10214
97% Sale
69
70
10014 Sale
9014 Sale
903 Sale
8
9912 100
10012 100
3
100%
1003
103
1031
7614 Apr'30
10134 1013
4
1073
4 107%
100
1001s
102
102
95%
9718
69
69
10014
10014
89
90%
88
90%
98
9
27
66
19
9712 10012
3
100 100 4
100 102
101 103%
70
79
9912 101%
106 109
98 10014
99 103
9212 99
88% 74
1
9612 100 4
8514 9112
3
85 4 91
1033 10414
4
863 Sale
4
1003 Sale
4
01
6914
86 Sale
9512 Sale
100 4 Sale
3
_
1043
4
_
913 Bile
8
88 Sale
1033
4
4
10414
8712 108
88
10038 1007
8 71
3
61
61
12
86
86
55
9418 9512
997
100 4 135
3
10318 Feb'30 -__ 1045 Apr'30 _ __ _
8
91
68
92
87
89
207
102 105
8212 8814
100 101
63
61
91
81
92% 97
9712 10112
99 10318
10214 104%
fin
95
86% 91%
54
25
73
10012
105
94
91
10654
99%
96
10312
50
____ 4812 48
91%
91% 93
10412 105 104
1034
103% - 104 1043 10412
4
10412 10512 10414
10412 10512 10412
10412 1045 1044
8
1414 173 15
4
10312 Sale 103
101% 10212 1014
4
9712 Sale 993
10812 Sale 1083*
10314 Sale 102
8712 Sale 85
103 Sale 102%
90% Sale 90,
8
55% Sale
22% 40
72
90
100 4 Sale
3
103 108
94 Sale
9112 Sale
107 Sale
99% Sale
9612 98
105 Sale
2
1
5514 16
54
6112
Mar'30
25
21
73
7
70
73
10114 34
994 102
4
106
8
9314 10912
94
1
95
87
9112 17
14
8512 93
10812 772 10644 113
100
36
95 100%
9612
4
9612
89
106
12 10212 107
Apr'30 - _ 48
5612
Mar'30 -- -.
5112
48
93
10
8314 95
Apr'30 _ _ _ _ 10012 10514
Mar'30
103 105
44
10434 22 1014 10 4
4 0
10412 11 102 10512
Apr'30
_ _ 10412 105 5
5
18 1017 10514
1043
4
4
Mar'30 - _
111 20
/
4
1033
4 90 101t4 104
10212
4 10014 103
14
9712 10
95
98 9
4
108%
13 108 110
1033
4 91 100't 10414
88
77
91
76
103
18 100 4 103
8
90% 77
87
93
107 Sale 107
107
87 Feb'30
85
89
80
82
78
85
78 Sale 7038
8018
34 Sale 34
37
3012 3412 34
34
30 Sale 30
35
3014 Sale 3014
3412
100% Sale 100,
4
100 4
3
101 Sale 101
1017
103 Sale 103
103
10212 Sale 10112 10212
3
10
18
16
4
12
17
12
42
3
5(1
10214 10824
81
90
75
88
73
80,
8
251k 40
2514 39 1
3
25
41
25
39 4
4
98 10142
99 441027
4
t
100 103
14
100% 108
3132
126.
FINANCIAL CHRONICLE
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, April 26 to May 2, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Railroad
Boston dr Albany
100
Boston Elevated
100
Preferred
100
let preferred
100
2nd preferred
100
Boston & Maine
Class A 1st pref
100
Class C 1st preferred_100
Prior preferred stpd_100
Series A lot pfd stpd_100
CI C 1st prefstpd _ _100
Chic Jet Ry & US Y p1.100
Boston & Providence__ 100
East Mass St Ry Co_ _100
East Mass St Ry adjust100
Preferred B
100
100
1st preferred
100
Maine Central
NYNH& Hartford _ 100
North New Hampshire 100
Norwich & Worcester_ 100
Old Colony
100
Pennsylvania RR
60
Vermont & Mass
100
Miscellaneous
Air Investors Inc
Amer Equities Co
Am Founders Corp corn stk
Amer Pneumatic Serv25
Common
25
Preferred
100
Amer Tel & Tel
Rights
Amer & Conti Corp
•
Amoskeas Mfg Co
Aviation Sec of New Eng_
Bigelow-Sanford Carpet-•
100
Preferred
Boston Personal Prop Trust
Brown Co preferred
Columbia Graphaphone
Continental Sec Corp
Credit Alliance Corp Cl A_ _
Crown Cork & Int'l Corp
10
East Boston Land
East Gas & Fuel Assn corn.
100
433% prior prof
100
6% cum pref
Eastern S S Lines Inc new_
Economy Grocery Stores_
100
Edison Elec Ilium
Empl Group Assoc
Galveston Hous El pf _100
General Alloys Co
General Capital Corp
German Cred & Inv Corp
1st pfd
•
Gilchrist Co
Gillette Safety Razor Co..•
Greif Bros Coop'e Corp CIA
Hathaways Bakeries el B.._
Preferred
HYgrade Lamp Co
Int'l Buttonhole Mach_10
Internat Carriers Ltd corn.
International Cora
Inter Hydro El Sys Cl A__
Jenkins Television com__ _
Kidder,Peab accep A pf100
Libby McNeil et Libby __10
25
Loew's Theatres
Maas Utilities Assn
Mergentbaler Linotype 100
10
National Leather
National Service Co
New Eng Equity Corp
New Engl Equ Corn P1-100
New Engl Tel & Tel__ _100
Nor Amer Aviation, Inc_
100
Pacific Mills
Thos G Plant 1st pfd_ _100
Public Utility Hold corn__ _
Warrants
Railway Light & Per Co_
Reece But Hole Mach Coll)
Second Inc Equity corn stk
Shawmut Asa'n corn stk.__
Stone & Webster Inc
Swift & Co new
Torrington Co
Tower Mfg
Tel Conti Corp corn
Union Twist Drill
United Carr Fastener Corp
United Founders Corp____
United Shoe Mach Corp_25
25
Preferred
U S Elec Power Corp
US & Overseas Corp corn..
Utility Equities Corp Pre/Venezuela Holding Corp-Venezuela-Mexico 011
•
Waldorf System Inc
Waltham Watch el B p1100
Walworth Co
Warren Bros Co new stk_
Westfield Mfg Co corn_
WhIttelsey Mfg Co A
Mining
Arcadian Cons Min Co_25
5
Ar110118 Commercial
25
Calumet & Heels
25
Copper Range Co
East Butte Copper Mrn_10
25
Franklin Mining
Hancock Consolidated_ _25
1
Island Creek Coal
25
Isle Royal Conner
25
Keenrena Copper
25
Lake Copper Co
25
Mohawk
New Dominion Copper _1
5
Nipissing Mines Co
15
North Butte
25
0/d Dominion Co
•
PC Pocahontas Co
25
Quincy
Rights
St Mary's Mineral Land _25
6
'Utah Apex Mining
Utah Metal & Tunnel _ _ _ _l
182
82
94
182
81
92
10854
94
185;4
82
92
10933
95%
70
70
97
97
110% 11034 111
82% 8234
112% 11233
10934 10934
17514 17534
%
6% 8
2233 23
33% 33% 36,3
44
43
8333 84
84
110
109% 115%
10954 1093.4
135 135
138
13734 139
7534 80%
118 118
634
20%
Range Since Jan. 1.
Low.
259 175
521 67
42 85
142 105%
337 89
68%
95
104
77
108%
101
170
6%
2234
33%
42
82
10814
10834
130
125
72
325 116
6
100
150
45
75
19
15
15
45
76
10
65
411
7
22
49
200
6% 6%
15
18
18
2034 22,4 11,582
915
5%
6
7
555 2034
2054 22%
246% 253% 3,925 216%
20% 21% 44,644 20%
1,495 18
25,3 18
27
13
14%
255 12,4
10% 11,6
905
5
72% 7234 74%
296 70%
101 101
151 100
25
26%
25
661 22
81
32 80
31% 3734 5,523 24,1
60
59
58
55 48
15
1433 13
1,180 1254
11% 11
11%
745 1033
75
3% 4
334
3634 35
36%
1,825 26
83
79
83
405 76
95
94% 95
521 92
33% 32% 34%
610 2534
29
3334
833 29
543 237
264
261% 267
2611 26% 2734 2,017 21%
16
16
17
50 12
14% 6,310
14%
13
834
1,175 43
5334 533.4 57%
6
10,3
41
17
14%
6
11
854
234
43.4
155
25
2554
1514
19%
3034
eo
3233
33
63%
3135
17
84%
30%
1%
1%
18
12
8
32%
234
25
35c
19
15% 15%
11
10
8234 88%
41
40
16% 1754
98 100
34
29
13% 1534
14% 16
8% 11%
47% 49%
5% 6
89
89
18
18%
10% 11%
8% 934
10654 108
2
2%
4% 4%
3134 31%
97
97
154 158
1254 14%
23%
5
24% 27%
8% 934
89%
87
1534 16
5% 6
19
20
102% 108
30
31
60
61
2
2
17% 17%
32% 34
12
12
33
36%
63% 87
31,4
31
17
18%
19% 2034
86
84
1% 2
14%
12
29
31
78
78
36
36
59
59
24% 25%
1,4 1%
Feb 18633 Apr
Jan 8434 Mar
Mar
Jan 97
Feb
Jan 110
Jan 9933 Mar
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Jan
May
May
Feb
Feb
Jan
Feb
Mar
Jan
Jan
Jan
33.4 Feb
Jan
16
20% May
247
High.
76
97
11133
84
114
109%
17513
9%
28%
47
48
86
127;4
109,3
135
140
86,4
118
Apr
9
21% Mar
32,1 Jan
Jan
Jan
Jan 2414 Jan
Jan 274% Apr
May 22% Apr
May 31,6 Apr
Jan 18% Feb
Apr
Feb 12
Jan
Mar 80
Mar
Jan 103
Apr
Jan 28
Jan
Feb 85
Jan 3733 Apr
Mar
Jan 63
Apr
Jan 20
Mar 12% Mar
Apr
Feb
Apr
Jan 41
Jan
Jan 83
Jan 95% Mar
Jan 36
Apr
May 40
Feb
Jan 276
Mar
Feb 27% Apr
Mar 24
Jan
Feb 14% May
Jan 60
Apr
80 11
200 10
980 80 14
280 40
210 16
510 98
565 27
1,080
834
340 14%
5%
480
254 43
305
234
40 88
35 1714
205
73.4
3,928
6%
40 105
72 , 133
4
70
25 2733
10 85
694 143
5%
390
668 20%
5
20
5,289 17%
8%
300
465 72%
100 15
4%
250
1,778 113
726 82
627 30
431 60
1
375
5 1234
195 32%
100 11;3
5.613 33
1,561 59%
1,514 30
2.251 17
113
1,240
1,481 71
1
55
7
135
230 25,4
15 75
30 36
20 58%
280 22
154
60
Jan
May
Apr
Mar
Mar
Apr
Mar
Feb
May
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Apr
Feb
Jan
Jan
Apr
Jan
Apr
Jan
Jan
Jan
Jan
Jan
May
Feb
Jan
Jan
May
Jan
May
Jan
Jan
May
Jan
Jan
Feb
Mar
Feb
Jan
May
Apr
Feb
Jan
16
19
105%
42
20%
108%
34
15%
19%
1434
53
93.4
91
26%
12%
12
108,4
2%
8
37%
97
160%
15,4
30
30c
134
18
12
1
300
1,3
3834
8
1,4
900
32%
Sc
154
2
6
10
1534
250
19
214
50c
Mar
Jan
May
May
May
Apr
Jan
May
May
Feb
Jan
May
Apr
Mar
May
May
Jan
Jan
Apr
May
Feb
Mar
60c
154
32%
16%
134
40c
333
,
43
12%
2,4
134
52
100
1%
514
10
17
44;4
60c
28
314
90e
500
350 35c
720
134 1%
634
20%
18
13% 2,022
12
100
1
100
30c 30e
105
114 2
40
38% 3833
269
9
8
250
2
2
720
1
1
600
3234 3833
400
Sc
Sc
75
133
233 4,616
2
720
7
6
1,227
12% 13%
8,480
24
28
30c 60c 10,890
360
20%
19
455
234 254
3,715
510 600
Apr
May
Apr
Mar
Apr
May
Apr
Jan
Mar
Apr
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Mar
6
27%
934
90%
16%
6
21%
113%
34%
67
3
20%
51
16%
44%
67%
32
23
22%
9134
2
78%
31%
85
41%
65
2734
23.4
Apr
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Mar
Feb
May
Jan
Jan
May
Apr
Apr
Feb
Feb
Apr
Apr
Apr
Apr
Feb
Mar
Apr
Jan
Jan
Mar
Apr
Jan
Jan
Mar
Apr
Mar
Jan
Apr
Apr
Apr
Jan
Apr
Feb
Apr
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Apr
Feb
Jan
Jan
Feb
Apr
Feb
Jan
Jan
Jan
Jan
Mar
Apr
Apr
Jan
Mar
Apr
Friday
Last Week's Range Sales
of Prices.
for
Sale
Price. Low. High. Week.
Bonds
-
Amoskeag Mfg Co 68_1946
Boston Terminal 3;0_1947
Chic Jct Ry & U S Y 5s '40
East Mass St Ry Co
Series A. 433s
1948
Series B Is
1948
Series D 68
1948
Eur Mtge & Inv 7348_1950
Hood Rubber 7s
1936
Int'l Hydro-Elea Sys fla '44 103
K C, 141 & B w I 5s_ _ _1934
Kopper G & Coke 5349.'50
Miss River Power 5s_1951
New Engl Tel & Tel 58 1932
PC Pocahontas deb 7s 1935
Pow G & W Ser Corp 5s '48
Prussian Elec Co 613_1954
1944
Swift & Co 59
Western Tel & Tel 5s_1932 100%,
81% 8134
91
91
101 101
4333 45
48
4833
62
61
98% 98%
9633 97
102 105
100 100
10034 100.13
10133 101%
107 107
100% 100%
80
80
85% 8534
101% 101,6
100% 101%
1,000
3,000
1,000
Range Since Jan. 1,
Low.
High.
Feb
79% Jan 84
91
May 91
May
98% Jan 101% Jan
11,000 42
Jan 48
10,000 48
Jan 55
5,000 60
Feb 62
5,000 98,3 Apr 100
2,000 90% Feb 97
16,000 82
Apr 108
1,000 97
Feb 100
5,000 10034 Apr 10034
5,000 9813 Jan 101%
1,000 99% Jan 101
1,000 100
Jan 110
5,000 80
Apr 80
10,000 8534 Apr 8533
8,000 99% Mar 102%
13,000 99% Feb 101%
Mar
Mar
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Mar.
Feb
Apr
Apr
Mar
Mar
• No par value. I Ex-dividend.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, April 26 to May 2, both inclusive,
compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Abbott Laboratories com_•
Acme Steel Co cap stk_ _25
Adams (J I)) Mfg corn._'
Aduressogr Int Corp cora.*
Ainsworth Mfg Corp cowl°
All
-Am Mohawk Corp A.5
Allied Motor Ind Inc come
Allied Products Corp A.
5
Altorfer Bros Co corn pref *
Amer Colortype com____•
Amer Commonw Power
Common A
•
Amer Equities Co com •
Amer Pub Serv prat __100
Am Pub ULU prior pref.100
Panic preferred
100
Amer Radio & Tel St Corp.
Amer Service Co WM..--*
Am Mil & Gen Corp B vto*
Appalach Gas Corp corn..
Art Metal Wks Inc com__•
Assoc Appar Ind Inc corn •
Assoc Investment Co_ •
Assoc Tel & Tel cl A
56 preferred (w w)
•
Assoc Tel UM Co com
*
Atlas Stores Corp com
•
Auburn Auto Co corn... _*
Balaban & Katz v t o
25
lianeoky Co (The) com_10
Bastian-Blessing corn......*
Muter Laundries Inc A_.
Beatrice Cream corn. __50
Bendlx Aviation corn_ _•
unites Mfg cl A cony pref.*
Borg-Warner Corp com_10
7% preferred
100
Bonin Vivitone Corp pfd.."
Brach& Sons(E J) com_ •
Bright Star Elec A
Class B
•
Brown Fence & Wire el A _*
Class B
Bruce Co(EL)common_ _•
Bulova Watch Co Inc come'
Burnham Trad Corp
Common
Preferred
Butler Brother's
20
Camp Wy & Can Fdry--•
Canal Const Co cony prat.*
Castle dr Co (A M)
10
CeCo Mfg Co Inc com___*
Cent Illinois Sec Co ctfsCentral Ill P S pref
•
Cent Pub Serv class A
•
Common new
•
Cent SW Util corn new •
Prior lien pref
Preferred
•
Chain Belt Co common_.•
Cherry Burrell Corp corn_.
Chic City & Cons RyPart preferred
•
Chicago Corp corn
•
Convertible preferred...'
Chicago Elec Mfg A
Chic Flexible Shaft com__5
Chic Investors Corp corn _•
Preferred
•
Chic No Sh & Milw
Preferred
100
Prior lien preferred...100
Chic Rye part ctfs ser 2.100
Chic Rap Tran pr peel A100
Cities Service Co com___•
Club Alum Uten Co
•
Colum Pic new corn v t e_*
CommonwealthEdison _100
Com'ty Tel Co cum part-0
Com'ty Water Serv com•
Construction Material___•
Preferred
•
Consumers Co common_5
V t c pur warrants
5
Coot Chic Corp allot cite..'
Common
•
Preferred
Continental Steel cora •
Common v t c
Cord Corp
5
Corn See of Chic allot ctf_*
Common
Crane Co corn
25
Preferred
100
Curtis Light's Ino arm_ •
Curtis Mfg Co corn
5
Be Mete Inc pref (w w)...5
Dexter Co (The) corn.,.. _S
El Household ULU corp..iii
Elec Research Lab Inc_ •
Empire Pub Serv Corp A_*
Fabrics Finish Corp earn..
Fits Simmons & Connell
•
D & D common
Foote Bros 0 & M Co---5
44
70
30%
35
15
31,3
26%
18
3
9%
1434
1434
2033
36%
95
24%
35
218
80
23
37
42
26
39
1%
25%
24%
48
43
70
30
35
28
34
15
39
39
31
44
71
31
35%
23
16
42%
41,3
3234
400
1,100
405
2,050
100
200
3,700
1.450
425
485
Range Stnce Jan. 1.
Low.
35
70
28
2233
21
1
15
34%
34%
21
1,350 23%
26
2634
1,300
5;3
17% 18%
66 96
97;3 100
72 88
94% 94%
202 90
93%
93
2,450
1%
2% 3
5
934 9% 1,612
15% 9,600 11
13
13;3 1433 6,150 1214
5,350 1734
2054 23
350 35
36% 39
61%
350 5814
59
63,4 64%
460 58
95
275 90
95
5,500 21%
24,3 26
33% 35
1,200 17;3
2,800 172
215 244
80
396 66%
78
23% 2,750 19
23
700 36
36
3834
715
6
6
7
550 70
8534 8833
4134 47% 56.450 33
400 2434
26
26,3
3833 41% 45,800 32,4
99%
150 97
99
11
300 10
10
100 153-6
15,6 1533
Si
231, 4
050
Si
915
1
1%
1,650 1734
2314 26
fIyi
700
24,3 26
5134
850 40
48
37,4 38% 1,100 301.4
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
High.
46%
99
32%
36%
33;3
4%
19%
49%
45
34
Apr
Feb 32
Jan 22
Mar
Jan 100
Apr
Jan 94,4 Apr
Apr 9433 Apr
Jan
3
Apr
Jan
11
Jan
Apr 15,3 Apr
Apr
1433 May
Jan 2714 Feb
Jan 45% Mar
Jan 63% Mar
Jan 6434 Apr
Apr 96
Apr
Jan 29% Feb
Jan 36
Mar
Jan 264% Apr
Jan 84
Mar
Jan 25
Mar
Mar 4634 Apr
Mar 12
Jan
Jan 9133 Apr
,
Jan 57% Apr
Feb 30% Mat
Jan 50% Mar
Jan 101
Apr
Apr
1734 Jan
Jan
Apr 18
4
Apr
Feb
Feb
114 Apr
Jan
2834 Mar
Jan 31
Apr
Feb 5914 Apr
Feb 38% Mar
3,550
1333 17
2,350
31
36
2,500
10% 12
10
26
26
20
8
8
1,700
62% 6513
64
1,400
16,3 16% 17%
1,900
28% 30
29
456
9434 96
96
42% 15,830
40
40
470
3233 32% 37
7,850
27,3 29
50
103 103
150
9533 9733
100
47% 47%
3334 33% 7,900
1333
31
10
19
7
45
14
26
9333
35
22
2134
98
94
44,4
3334
May 17%
May 36%
Mar 17%
Jan 30
Apr 1134
Jan 71
Jan 2014
Jan 33
Jan 97
Jan 423.4
Feb 37
Jan 31
Jan 105
Jan 100
Jan 4854
Apr 40
15% 1,050
1634 37,150
4231 6,750
115
10
1434
30
934
850
39
650
934
1234
38
8
14
6
3234
Feb
Jan
Jan
Feb
Feb
Jan
Jan
14%
3133
10%
26
14%
1414
41,3
3836
14
14
41
10
14
834
3833
Mar
Jan
Apr
Apr
Apr
Apr
Feb
Mar
Mar
Apr
Apr
Apr
Jan
Mar
Apr
Apr
Jan
Feb
Mar
Apr
Apr
Mar
Apr
Mar
Apr
Jan
Mar
20
17% Apr
45
Mar
15
Feb
16
Jan
1054 Air
Apr
41
24
24
2
2
9034 9334
99
3834
533
50
320
18%
20
43%
534
22%
46%
21
12,6
71%
27%
43
21
16
51
9%
59
1834
100 1914 Apr 40
Feb
95 90
Apr 98
Jan
134 Feb
100
3% Mar
90 96
Feb 99
9634 99
May
433i 47.400 26% Jan 4434 Apr
0
5
2,800
Apr
3% Jan
7
55
3,300 42% Apr 55
47
Apr
305 329% 12,050 23554 Jan 338
Apr
2734 28%
600 20% Feb 30
Apr
200 12% Jan 19
18% 1834
Apr
: 950 14
22
5
20
5
Jan 24
APT
1,250 36;4 Jan 49
43,3 45
Apr
650
Feb
5
Apr
8
1% 134
100
lyi Jan
314 Feb
7,700 6214 Jan 72
673-4 71
Apr
Apr
21N 24si 53,350 2134 May 25
9,850 46
Apr 47% Apr
46
4
2
0% 21%
6
280 15
Apr
Feb 23
21
21
50 20
Apr 2534 Apr
12;3 1434 54,200 Ii
Jan 1734 Mar
72
13,250 54
71
Jan 7214 Apr
2734 27% 50,100 2734 Apr 28,4 Apr
44
43
670 42
Apr 4413 Mar
20
126 11314 Jan 11934 Feb
110 115 3i
2
5
Bob
275 17
Jan 22
22
Mar
15 20
22
Jan 28
22
May
475 1734 Mar 22
19
Jan
16
25 14
16
Apr 16
48
134 54,3 22,100 41
Pr
Feb 5734
234 Apr
134 2,650
14 Jan
93
2
100 20
3
2234 2 1
Mar 2234 May
954 May
3,850
2,3 Jan
8
3731
58
1734
61
500
20,3 32,900
47
Mar
1514 Mar
6434 Mar
Apr
22
Seaboard Utll Shares Cur,.inettleld Steel Corp corn_ •
Signode Steel Strap corn_ •
Purchase warrants
30
Preferred
•
Sivyer Steel Casting corn .
25
So Colo Pr el A com
Sp'west Gas eiC El 7% 01 100
•
Southwest I. & P pref
Standard Dredge cony pf..•
•
Common
Standard Pub Service A...'
•
Steinite Radio Co
Sterling Motor Truck pf _30
Stone & Co(H
corn--.
•
Storkline Fur cony pref_25
Studebaker Mall Order A..*
•
Super Maid Corpcom
Sutherland Paper Co com10
25
Swift & Co ctfs
16
Swift International
Tenn Prod Corp corn
•
Thomson Co (.1 R) com_25
Time-O-Stat Controls A__•
Twelfth St Stores A Pre: •
Twin States Nat Gas pi A.*
Craft Corp of Amer prof...'
United Am UM Inc corn..
•
Clams A
•
United Gas Co corn
United Pub CBI $6 pref_*
20
U S Gypsum
100
Preferred
U S Liam Inc pref
•
U S Radio & Telev com •
*
Utah Radio Prod com
& Ind Corp corn _ _ _ .•
Convertible preferred _ _•
UM Pow & Lt Corp A..-•
(Solomon
Van Staten Corp part A.'
Viking Pump Co corn_
•
Preferred
•
Vortex Mfg
•
Class A
Wahl Co common
•
Warchel Corp cony pref_ •
Common
Ward & Co (Monte) A_ *
Waukesha Motor Co corn..'
Wayne Pump cony prof..'
West Con Util Inc el A
Western Pr Lt & Tel A
•
Wextark Radio Stores com•
Wieboldt Stone Inc
Wil-Low Cafeterias corn.. *
Convertible preferred_ *
Winton Engine Co corn...*
Wisconsin Bank Shs corn 10
Wolverine Portl Cern Co 10
Woodruff & Edwards Inc
Participation A
•
Yates
-Am Mach part Pf•
Yerlow Cab Co Inc(Chie)-•
Zenith Radio Corp corn...'
Rights
8
2335
25
9851
24
1255
1%
21
39
30;4
334
42
15
20
1954
21%
38
5255
17
15
84
194
2555
4255
214
17
26
31%
755
33%
2151
26
114
27
CO
11%
28%
13
1455
134
2851
13
54
• No par value. a Ex-dividend
High.
Low.
Apr
Apr
Apr
Jan
Slur
Feb
Apr
Feb
Apr
Mar
Mar
Jan
Apr
Feb
Afar
Jan
Jan
Mar
Feb
Feb
Apr
Apr
Mar
Apr
May
Apr
Apr
Mar
Apr
Mar
Apr
Apr
Feb
Mar
Ara
Apr
Feb
Feb
Apr
Mar
Mar
Jan
Apr
Apr
Apr
Feb
Apr
Jan
Jan
Apr
May
Mar
Feb
Jan
Jan
Apr
Slay
Apr
Jan
Apr
Jan
Jan
Feb
Jan
Apr
16
1755
81
159.1
14
Mar
Feb
Mar
Apr
Apr
Jan
Jan
Jan
Apr
Fel
Apr
Jan
Apr
Mar
Feb
Ma 7
64
61%
47
5051
Ill
100
112,5
90
102
10254
9854
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Mar
355
15%
200
13%
2955 2.300
1.534 23,650
131 14,350
Bonds
6251
61
Chic City & Con Rys 5s'27
594 594
Chic Rye 58 series A__1927
46
46
1927
5s aeries B
504 504
Purchase money 5s_1927
111 111
Commonw Edison 63_1943
100 100
National Prop 554s
1949
1940 10851 108 110%
Braun Util Inv fe
90
90
Sou Gas Util 655s A 1939
102 102
South Union Gas 6552_1939
1024 10255
Swift & Co lots f 58_1944
9855
98
United Amer 1.1411 6s_ _1940
Range Since Jan. 1.
13,550
10
6
Jan
2.000 50
Jan
9055
1555
150 11;5 Mar
1
50
55 Jan
50 21
Mar 25
150 34
Feb 35
350 2355 Jan
2634
99
346 93
Jan
242 82
Jan 93
1.400 24% Apr 33%
1.S50 205; Jar, 32%
20 11
15
Jan
11,100
351
154 Feb
40 2454 Jan 28
May 33%
3,350 18
300 1215 Jan
18
100
9;5 Slay 18
2,000 39
Slay 54
170
14
935 Apr
4,900 30
Slay 333.4
4,290 31% Jan 38%
250 13
Jan
1655
1,650 36
Jan 4755
250 24
Feb 32%
17
10 13
Jan
7,550 1434 Mar 1655
1,600 1051 Jan
2355
Mar 1934
12,500 14
5.120 20
Apr 224
2,150 19% Jan
45%
30 6755 Feb 80
3.350 395
4 Jan 58
20 11434 Mar 121
Jan 20%
850 14
Jan
18%
1,850
8
1054
44 Jan
4,750
17.000 1754 Jan 23%
3,500 24% Jan 29
2.550 3155 Jan 1551
14% Jan 28
11,02
.lan 23
16
73,
1455
Jan
70 12
Jan 2955
139 25
2,850 204 Jan 294
800 26% Jan 34
14
Jan
1.250
5
Feb 2555
50 20
8
Star 10%
300
Mar 130
100 112
235 9954 mar 140
Jan 33%
1,060 28
2,700 1255 Jan 2255
202 2454 Jan 28
Jan 24
3,550 10
31
Ma
100 27
13
Star
310 10
42
Mal
150 41
5,100 45% Jan 69
2,050 1134 Jan 1154
6
200
455 Fe
77,5
855
84
90
1451 15%
1
1
2355 23;5
34
34
2451 26
98% 984
9054 93
24
26
20;5 22%
1255
12
154 2
25
25
18
2255
14% 1455
955 955
39
47
954 10
3054
30
33
35
15
16%
404 44
28
29
17
17
15%
15
18% 20%
1855 20
22;5
21
404
35
79;4 79%
52% 55
115 11655
17
1854
1635
15
854 10%
19
21%
2555 264
4255 45%
24%
21
17
16
14
14
29
29
27
25
3151
31
7
854
21% 21%
855 9;5
115 115
115 1204
3355
31
214 22
25
26
144
11
27
27%
1255 13
42
41
6455
60
11% 1151
5
5
12
1255
26%
5.4
%
106,000 52
6,000 40%
10,000 32
5,00
50%
1,00 109
5,00 100
731,00
v9%
15,00
90
3,00
96
5,00 10055
10,000 98
y Ex-debts
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, April 26 to May 2, both
inclusive, compiled from official sales lists:
;:51.14-4b
355
*
Almar Stores
•
American Stores
Bankers Securities pref_ _50 4534
Bell Tel Co of Pa pref_100
1254
Budd( E G) Mfg Co._ •_
Preferred
65%
1254
Budd Wheel Co
100
Preferred
2655
Camden Fire Insurance__ _
Central Airport
Consol Traction of NJ 100 50
Electric :ltor. Battery _ _100
1155
Empire Corporation
16
Exide Secur
Fire Association
10 3834
Fishman & Sons A
40
Giant Portland Cement_50 28
Horn & Hardart(Pa)com *
Horn &Ilardart(N Y)earn•
Insurance Cool N A_ ___10 7835
Keystone Watch Case_
Lake Superior Corp_ __100 124
Lehigh Coal & Nay
4555
New when issued
Little Schuylkill
3655
Mfrs Casualty Insurance__
175t
Mitten Bank Sec Corp.__
1734
Preferred
Peranroad Corp
50
Pennsylvania RR
Pennsylvania Salt alfg_50
Phila. Dairy Prod pref- -, 93
Phila Electric of Pa 55 prof
Phila Elea Pow pref __ _25 324
Philadelphia Inquirer
Preferred w 1
Fhtla Ilapitl Transit__ _50
50
7% preferred
Phil & Read Coal & Iron__
Philadelphia Traction_50
854
Railroad Shares Corp
10
Reliance Insurance
8
Seaboard Utilities Corp__ _
Scott Paper
7% A
6% B
24
Shaffer Stores Co
Shreve El Dorado Pipe L 25 12
Sentry Safety Control_ _ _ __ ---yla
Deon_y-palm. . Bridge... 52
, ... .
I
112
000
C OCW.00cmmwwwcw .40.
cmCwow0000CCCOCwOCCOW
Stocks-
baled
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
435
355
51 5255
46
45
1153451636
1236 134
6535 86%
1254 1354
9934 100
2655 2855
7
5
5234
50
73
7355
12
10
1554 16
3855 39%
40
40
28
28
175 175
4455 454
78% 81
56
56
113-5 1334
4555
424
3655
174
1755
1251
7534
9554
9
3
10255
3255
4455
5154
3951
3755
20%
43
8
1655
8
56
104
05
2355
12
754
52
11_c
48
4294
39
17%
1754
1435
8036
96
93%
10255
33
4734
52
3955
3755
24
431-4
855
1654
835
56
104
95
2435
1255
754
52
11.0
o
High.
NW
Low.
Friciay
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
"coal4wWw14..w.ce
woo-;ow000wocw000wo
Range Since Jan. 1.
184 58% Jan 6455 Feb
Gardner-Denver Co corn.* 60
60
59
4
Mar
6
Feb
250
5% 6
Gen Candy Corp el A___5
6
Gen Theatre Equip v t
-e_• 48% 47% 5051 54,800 31% Jan 514 Apr
Ja.1
2955 Apr
50 20
29
Gen Water Wks Corp cl A•
29
Jan 92% Apr
7,350 80
57 peeferred
9255
• 92
92
Jan 26% Apr
50) 18
Gerlach-Barklow prat__ •
2454
23
Apr
Jan
1,150 13
19
Common
17%
15
2,650 19% Jan 3614 Apr
Gleaner Corn 1Flar corn__ _• 34
33% 35
35 19% Apr 264 Jan
Goldblatt Bros Inc corn •
1955 2055
4
8% Feb
Feb
6% 2,200
6
Great Lakes Aircraft A_ .•
Apr
Jan 215
735 150
Great Lakes D & D_ _199 190
190 204%
Feb
Jan 42
130 38
Greif Bros Coop'ge A corn.* 41
41
41
Feb
Feb
13
100 12
Greyhound Corp corn ____• 12
12
12
Grigsby-Grunow Co corn.' 214 21% 27% 224,800 124 Jan 27% Apr
250 24% Mar 3155 Slur
Hall Printing Co com_10 26
26%
26
150 274 Jan 30% Apr
Harnischfeger Corp cora__• 29
29
294
Jan 2734 Feb
550 20
Hart-Carter Co cony pfd.
•
2135 22%
Apr 140
Jan
23 130
Hart-Schaffner & Marx 100
130 134
Hibbard, Spencer, Bartlett
Apr
5151 Jan 57
35
& Co corn
25 5554 ss% 56%
Mar 3655 Jan
65
27
Hormel & Co(Geo) corn A • 2754 27
28%
Jan
2,850 21
31
Feb
Houdallle-Llershey Corp A• 244 2255 25
Jan 28% Apr
14,430 19
22
Class B
* 20
19
Ma
23% Jan
150 12
Hussman-Ligonier Co corn*
15
15
Ap
27
225 22
Jan
Illinois Brick Co
22% 24
25
Jan 9935 Star
10 95
Illinois Nor CBI pref_ _100
99
99
Ind Ter Ilium Oil n-v A..* 43
May 47% Apr
2,550 45
46%
45
Feb 55
263 49
Mar
ludep Pneum Tool v to..'
53%
50
toss 3455 Apr
41,450 24
Inland ULU Inc class A___. 31% 31% 34
Instill CBI Invest Inc_
6735 6935 32,350 5354 Jan 7054 Feb
•
Jan 83
150 80
Apr
83
Prior preferred
82
•
Jar
2d preferred
99% Mar
• 95% 9555 95% 2,850 81
Ap
51% Apr
750 49
Invest Co of Amer com • 49
5155
49
Ja
750 22
Iron Fireman Mfg Co v t c• 24
24%
26% Apr
24
Ap
3,000 12
Jackson Motor Shaft Co.* 1695
1851 Apr
17%
15
.
,an 564 Apr
20,150 30
Jefferson Elec Co com:.__• 50
49% 54
J. n 84% Apr
3,050 58
80
Kalamazoo Stove corn
75
•
500 34
Katz Drug Co corn
40
Apr 425‘ Fet
39
1
1,250
455 Jan
854 Apr
Kellogg Switchb'd corn.._ 10
64e
8
6
Ken Radio Tube & Lt-5% Mar 1555 Apr
Common A
• 124 10% 1555 24,000
Jan 61
105 50
Feb
5051
50
Kentucky Urn jr corn 1)1_50
300 13% Mar 22
Jan
15
Keystone St & Wire corn.' 15%
1554
30 1654 Feb
18
18
Jan
Hirsch Co cony pref
17
25
251 Apr
355 Feb
3
3
La Salle Eat Univ com_10
750
Jan
255 Mar
6
255 34
Lane Drug corn vs c_
•
150 78
Jan 06
91
90
Apr
Lehman Corp(The) capstk*
May
13,550 17
20
27% Apr
Libby McNeill & Libby_10 1731 17
Jan
204 Apr
Lincoln Printing corn_
27% 285i 2,250 19
•
450 41% Mar 4455 Apr
4455
43
50 43
7% Preferred
I
Mar
5% Apr
355 4% 2,000
Warrants
650
54 Jan
Lindsay Light Co com__10 12
144 Apr
12
1315
2,450 244 Feb 29
Lindsay Nunn Pub 72 pi
28
Ayr
26
28
Lion Oil Ref Co corn ___• 26
29% Apr
27% 1,700 1855 Jai
25
300 40
Feb 52
Loudon Packing Co
Apr
50
50
•
Jart 314 Apr
Lynch Glass Mach corn...* 2555 25% 23% 4,750 14
Jan
500 23
McGraw Elea Co com___• 2455 24% 25
2755 Feb
30 40
Mar 50% Jan
MeQuay-Norria Nile
48
48
*
87,050 44
Apr 74
Majestic Househ CBI corn • 43
Apr
59
45
6,100 45
Apr 53% Feb
Marshall Field & Co corn.' 45
47
45
2,850 33
Jan 4051 Mar
Manhattan-Dearborn corn' 38
3755 39
Jan 45
200 38
Mapes Cons Mfg Co.
.° 43% 4334 45
AM
50 20
Material Serv Corp corn. 10
Jan 25
Feb
2254 22%
2
1,600
Meadow Mfg Co corn _ _ •
Jan
255
4
Feb
2% 3
Memph Natural Gas corn.* 2155 19
500 19
Apr
2155 May
2155
Met&Mira Sec Co Acorn.' 3334 3054 35% 16,300 17% Jan 354 Apr
91
Mid-Cont Laundries A_ •
914 May
12
Jan
954 10
Middle Western Tel A..° 2555 2554 2535
Feb 26% Jan
50 25
Middle West Utilities new •
35
365 123,950 314 Feb 38% Apr
,
Jan 10855 Mar
900 98
$8 cum preferred
• 105
105 106
15( Jan
Warrants A
44 4% 2,250
54 Apr
3
800
Jan
Warrants B
8
6% 7
Feb
654
16.750 2154 ran 29
Midland United Co corn • 2835 27% 29
Feb
2,350 44% May 46
Preferred
4455 46
• 45
Apr
334 Apr
6,600
Warrants
Apr
351 4
4
355
766 81
Jan 101% Mar
Midland UM 6% pr l'n_100 98
98
99
461 94% .Tan 113
107 110
Mar
100 108
7% prior lien
193 844 Jan 100
6% preferred A
Mar
94% 95
100
356 91
Jan 105
102% 105
Apr
100
7% Preferred A
250 3451 Feb 40
Miller & Hart Inc onv pt_.
Mar
35% 3655
350 95% Apr 98
Silas Val UM Inv 7% pi A •
9751 97%
Jan
150 01
Feb 96
9354 93%
Jan
•
6% Prior lien pref
30% 24,400 18% Jan 3055 Apr
Mo-Kan Pipe Line corn _..5 3055 30
Jan 72% Apr
4,950 48
Medina alfg corn
65
6851
• 65
8)4 Jan
600
Mohawk Rubber Co corn.* 10%
11%
1351 Feb
10
Monroe Chem Co corn__ •
50 10
10
Apr 15
Jan
10
Preferred
Feb 35
75 27
27
Feb
27
• 27
Morgan Lithograph corn _•
Jan 22
SOO 10'
17% 1955
Apr
6
Mosaer Leather Corp com.•
Jan
188
Jan
6
614
10
2
Muncie Gear Class A___•
450
Jan
5% 7
855 Apr
655
2
Common
050
•
Mar
44 755
7% Apr
Jan 2434 Apr
16
Muskeg Mot Spec cony A • 22
2,80)
22
20
Nachman Syringed corn.' 17
300 17
Mar 2354 Jan
17
17
Nat Battery Co
175 27
Mar 31
2854
•
27
Jan
Nat Elec Power A nart__• 32% 31% 3355 1,550 18
Jan
pref.,3854 Feb
Nat Family Stores cotn _ _• IS
700 16% Apr 20
1655 18
Apr
National Leather com_ _10
800
154 Mar
2
135 2%
,
54 Apr
National Pub Sera Corp
$335 cony pref
1,955 4851 Apr 50
• 48% 48% 4855
Mar
Nat'l Republic Inv Trust' 4734 4755 4854
300 47
Jan
52
Jan
Nat Occur Invest Co corn_• 21
1,950 13% Jan
2054 22
26% Mar
400 75
Certificates
0655 98
Jan 101% Mar
•
Nat Shareholders corn_ *
125 25
25
Jan 2555 Feb
25
Nat'l Standard corn
2,400 31% .lan 44
41
36
• 36
Apr
Nat Term Corp part pfd' 1334
1,600 11
1454
Apr
11
16
Jan
Nat Un Radio Corp corn _•
1,250
34 Jan
10
734
7% 855
Apr
Nobblitt-Sparks Ind com •
700 46% Jan 59
50% 51%
Mar
North American Car com_• 49
3,350 35
52
Jan
49
5554 Apr
North Amer 0 & El el A• 26
27% 2,850
26
04 Jan
28% Apr
No Am Lt & Pr Co corn _ _• 74% 73% 835i 70,200 6754 Jan 8434 Apr
N & S Am Corp A corn __• 21% 21% 22% 2.700 16
Jan '2555 Apr
Northwest Bancorp com_50 52
2,000 48% Mar 5555 Jan
5355
52
Northwest Eng Co corn....' 2855 29% 30
Jan 31
.11
550
Mar
Northwest Uttl7% preferred
110 91
loll
94%
al er 9854 Jan
94
Prior lien preferred...100
29 95% Feb 101
98% 9855
Mar
Ontario Mfg Co corn
850 31
• 33
Jan 35
3255 33%
Feb
Oshkosh Overall Co corn •
130
5
5
5%
Jan
6
J an
Convertible preferred... 20
3,451
18
Jan 20
19% 20
Feb
Pac Pub Serv CIA corn __.• 34
390 27% Feb
3054 34
3855 Feb
Parker Pen(The)Co corn 10 3754 3755 3955
200 33% Feb 4554
Mar
Peabody Coal Coll corn •
158
Apr
6
755
6
9
Feb
peen Gas .gr
344 16
1675
16
Mar
19% Mar
Elec A
Perfect Circle (The) Co_ _•
750 31
3S55 40
Jan
c°m--.3169%
4455 Apr
ana Winterfront corn__ _5 35
2.850 31
37
Apr
34
45
Jan
Polymet Mfg Corp corn_ _• 14
1335 15
934 Jan
1851 Apr
Procesc Corp common_ _.• 12%
1455 3,55
12
54 Feb
15
Apr
Pub Sera of Nor In corn_ • 32234 314 336
1,809 213
Jan 336
Apr
Common
25 21535 Jan 33255 Apr
100
314 330
7% preferred
20 120
100
133 138
Jan 140
Apr
Q
-R-8 Dr Vry corn
60
16% 17
1555 Ap
•
22
Feb
Quaker Oats Co pref 100
7 110
116 118
Feb 118
Apr
Common
107 220
Ap 293
•
220 224
Feb
Railroad Shares Corp com •
6.900
8
751 851
755 ran
935 Jar,
Rath Packing Co corn _10
50 20
23
23
Feb 26
Mar
Raytheon Mfg Co
1,500 17
28
• 24
22
Jan 35
Apr
Reliance Internal Corp A.' 154 15
2,350 15
1555
Mar 16
Apr
Reliance Mfg Co Carn- _10
1594 4,750 14
14
Ian
1955 Apr
Rollins llos Mills cony Id_• 42% 4235 43
100 40
Jan 4555 Mar
..• 3355 3155 3335
1,060 29
Rom Gear & Torn
Jan 3754 Feb
,m •
Ryerson & Son Ina er
650 81
32% 33%
an 3655 Jan
Sangamo Electric Co corn.' 36
700 30
37
Jan 40
36
Feb
3133
FINANCIAL CHRONICLE
Sates
iFriday
Last Week's Range for
TWeek.
of Prices.
Sale
Stocks (Continued) Par. price. Low. High. Shares.
-4.W.000,000000.0000N000000.0
MAY 3 1930.]
Range Since Jan. 1.
Low.
/AM.
3
45
36
11334
955
60
8%
90
22%
39-4
4855
70
83-4
15
3655
40
28
145
40
69
56
10%
455
Jan
Jan 57
Jan 49
Jan 1174
163.5
Jan
Jan 70
Jan 1451
Feb 100
Jan 2854
Feb
7
Feb 52%
Jan 7851
Mar 14
1955
Apr
Jan 4334
May 4855
May 30
Jan 189
Jan 46%
Jan 8555
Mar 56
Jan 154
Feb
Apr
Apr
Mar
Apr
Feb
Feb
Feb
Apr
Ain
Apr
Fel
Fel
Pet
515.1
Jar
Jar
Ala
Tel
Ma/
Mar
Fel
39
40
33
16
16
1254
72%
94
8634
9835
3154
40
49
38
3734
144
3955
8
16
7%
50
103%
90
2255
9
455
34
11_c
Jan 4951
Mar 4254
Jan 42
Jan 20
Jan 20
Apr 16%
Jan 85%
Jan 100
Jan 94
Feb 103
Jan 334
Jan 51
Jun 533.4
Jan 41
Apr 4.4
Feb 2434
Mar 4455
Apr
935
Jan
18
Feb
955
Feb 59
Feb 106
Star 95
Jan 2455
Jan
1555
Fob
99-4
Jan 52
TO n
.)IZ
Ma
,
Ap
AP
Jar
Jar
Fel
Ma
Jar
Ap
AP
Ap
Ma
Ma
Ap
Jar
Ap
Air
Ap
Jar
Ap
Ap
Tel
Ap
Ma'
Ma
M.
Ap
T.,
3134
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Union Traction
50 30% 3034 31%
1,355
Un Gas Impt corn new.... 46% 4431 4941 325,900
Preferred new
• 101% 101% 101%
1,100
S Dairy Prod class A..* 70%
7044 72
500
Common claw B
24% 24
28
4,035
Westmoreland Coal._ _50
11% 11%
200
York Railways pref
34
34
240
Bonds
Elea & Peoples tr ctfs 4s'45 42
41%
Certificates of deposit_ _ _ ______
42
Penrut RR 4,44s w L _ _1970
9431
Peoples Pass tr ctfs 4s_'43
51
Pirtle Elec (Pa) 1st 8 f 4866
8734
1st 4348 series
1967
100
let 58
1966 1069.4 10534
1st lien & ref 5348..1947
107
Phila Elec Pow Co 5348 '72
10634
Strawbridge & Cloth 5s '48
9634
York Railways 1st 58_1937 9644 9635
• No par value.
High.
25% Jan
31% Jan
96% Jan
52
Jan
14
Jan
10
Mar
34
Mar
4234 6,000 34
42
3,000 39
9431 10,000 9434
51
1,000 45
8731
100 8734
100
10,000 9634
10634 8,800 10334
107
1,000 104
4,000 104%
10634
97
6,000 95%
9634 5,000 91
Jan
Apr
Apr
Jan
Apr
Feb
Jan
Feb
Feb
Jan
Jan
31% Apr
49% Apr
ung Apr
7231 Apr
26% Apr
13
Jan
36
Mar
44
4334
97
54
8931
100
10631
107
106%
98
9741
Mar
Apr
Mar
Feb
Mar
Apr
Apr
Apr
Apr
Feb
Apr
Baltimore Stock Exchange.-Reeord of transactions at
Baltimore Stock Exchange, April 26 to May 2, both inclusive, compiled from official sales lists:
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price, Low. High. Shares
67
8334
60
43
64
67
8334 4,000
6034 29,000
43% 8,000
64
12,000
6,000
67
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43
200
2,000
500
7,000
300
2,000
1,000
1,000
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7,000
97
9634 2,000
85
5,000
16,000
70
9734 2,000
8734 4,000
>M4.0b00 0.0-40.00,0mmooc,occ,
,0,0,,D -4.40,,,,,,.4Ommmcom
x
Xx X X x
x
6934
9734
98
98 14
98
98
98
9831
85
80
98
98
98
98
98
9834
85
80
99%
97
9634
85
6934
9741
8734
High.
IMI4ggtOta0C4410
9834
Low.
IV;
.
VP
Bonds
Baltimore City Bonds
1962
Conduit
1961
48 sewer loan
1980
4s
1958
42 water loan
1954
4s annex impt
1951
4s annex impt
Ball Tr N Ball Div 58_1942
Benesch I & Sons 100W 1'39
Consol 0E L & P 434s 1935
Elk Horn Corp 644s-1931
Fairmont Coal 1st 5e. _1931
Lake Roland 1st fae_ .1942
Macon Dublin & Say 56.'47
Md Elec Ry 1st 58...._1931
Southern Bkrs Sec 58.1938
tin Porto Rican Sugar
1937
634% notes
United Ry & E 1st 481949
1949
Income 4s
1936
Funding 5s
Wash Bait & Annan 5s.'41
15
70
1534
431 4%
230
2,092
4534 4634
170 170
10
4334 4434 2,976
1734
13
250
12
35
12
44
4734 4,034
27
40
2734
5734 1,720
57
57
5714
731
57
57
720
116% 117
53
25
25
31
26
26
60
92
47
93
23
2334
120
123 126
329
111 111
50
108 109
30
10331 103%
71
1234
12
263
220 221
20
4034 4
40
041
18% 20
132
32
409
3334
78
84
44
159 159
60
46
44
160
187 18934
189
11% 12
248
13
13
10
15
15
48
15
15
2
5134
51
162
87
71
8734
31
1834 19
17
17
48
105 112
2,810
46
46
165
46
46
118
130
2434 2434
1141 13
225
15
16
212
4634 4634
14
15
348
15%
35
83
83
50
10
50
4034 4134
517
13
8734 8734
29
29
255
91
88
355
36
525
3734
36
36
12
18
18
651
85
85
2
35
35
100
67
137
6834
13
13
699
43
46
1,586
7
7
100
93
93
10
53
53
108
3931 3931
8
X
Annan Dairy Prod corn.
Appalachian Corp
444
Arundel Corp
* 4594
All Coast Line (Conn)....50
Baltimore Trust Co
10 4334
Baltimore Tube
100
Berl-Joyce Aircr Corp Com.
Black & Decker corn
• 44
25
Preferred
Central Fire Insurance.._10 57
10 57
Voting trust Letts
Certificates of deposit. _
. 57
Ches & Po Tel of Balt pf100 117
Commercial Credit pfd_25 2434
25 26
Preferred B
634% 1st preferred_ _100
23
Commer Credit NO pref._
Consol Gas EL & Power
.• 123
6% pref series D._. _100 111
534% prof w I ser E..100
100 103%
5% preferred
.
Consolidation Coal_ _ _100 12
Continental Trust
Drover & Mech Nat Bk._10 4034
Eastern Rolling Mill
• 1931
Em'son Bromo Seltzer A WI
Empire 38th St pref
Equitable Trust Co
25
Fid ac Guar Fire Corp...10 44
Fidelity & Deposit
50
Finance Co of America A.•
Finance Service com A __10 13
Common B
Common B voting trust.
5134
First Nat Bank w 1
Houston Oil pref v t c_100
Mfrs Fin corn v t 1st p1_25 1834
25
2d preferred
.25 10634
Maryland Casualty Co.
New, when Issued
Merch & Miners Tramp_ _• 46
Monon W Penn P S pfd_25
10 13
Morris Plan Bank
Mort Bond & Title w I _ _ ______
Prior preferred
Mt Vern-Wood Mills v GOO 15
100
Preferred
50
Nat Sash Weight pref
41
New Amsterdam Can Ins__
Northern Central
10
Park Bank
Penns Water & Power_ •
Second So Bankers 75% pd 36
Full Paid
Southern Bank Sec Corp._
Preferred
tin Porto Rican Sug pref-*
50 67
Union Trust Co
United Rys & Electric...50 13
US Fidelity & Guar new 10 4331
Wash Bait & Annapolis_50
West 'MU Dairy Ins, pfd..*
50 53
Prior preferred
Western Nat Bank
20 39%
Range Since Jan. 1.
t= n28=g4V4SUM
X = X
X X XX XX
Ic.c.4..t.
Stocks-
•No par value.
Pittsburgh Stock Exchange.
-For this week's record
of transactions on the Pittsburgh Exchange see page 3109.
-Record of transaetions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, April 26 to May 2, both inclusive, compiled from officialsales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Aetna Rubber corn
•
Preferred
100
Allen Industries corn__ _*
Preferred
•
Amer MITItIsrranh com_ •
7
8644
13
6%
8634
13
29%
4034
7
86%
13%
29%
41
530
10
795
100
101
Range Since Jan. 1.
Low.
5%
86%
5
21
34
Apr
May
Feb
Jan
Jan
High.
8%
NA
1334
31
41
Feb
May
Apr
Apr
Mar
[VoL.188.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Sines Jan. 1.
Low.
High.
Apex Electric Mfg*
14% 1434
15 12
Feb 1634 Feb
Bessmer Limestone & Cm:
Common
•
32
31
58 2934 Jan 3234 Feb
Bond Stores B
1
•
1
250
34 Mar
1
Jan
Brown Fence & Wire Apr • 26
2441 26
600 2034 Feb 2734 Apr
Cent Union Nat Bank_ •
83% 84
760 83% Apr 86
Jan
Chase Brass & Copper pf _• 10334 10334 103%
315 102
Jan 104
Apr
City Ice & Fuel
* 433.4 4334 4434
693 41
Jan 47
Apr
Clark Fred G corn
10
8
8
8
100
8
May
11
Jan
Cleve Auto Mach prof.100 69
15 60
69
89
Mar 69
Apr
Cleve Builders Realty__-- ______14
14
50 14
Apr 17
Feb
Cleve'Cliffs Iron pref.
9434 9441
*
235 913.1 Mar 9531 Apr
Cleve Elec Ill 6% pref.100 112
112 11234
84 110
Jan 11334 Apr
Cleve Ry
274 88
Apr 9334 Feb
ctfs99
Cleve & Sandusky Brew. 5 9 33
.
H 91%
3
9
3
134 Jan
245
334 Mar
Cleve Securities P L p1.10
84
2% Mar
331 Feb
234 241
Cleveland Trust
100
485 490
70 484
Mar 501
Jan
Cleve Union Stockyds com•
20 15
15% 16
Mar 18
Jan
Cleve Worsted Mills com100
16
100 12
12 132
Mar 1634 Feb
Cliffs Corp vottrust Ws.*
10 125
Feb 138
Mar
Comic Bookbinding
17
16
*
37 12
Mar 17% Jan
Dow Chemical com
75 6934 Feb 100
Apr
Eaton Axle & Spring corn: 95
9
30
5% 3 31
9
6
0
40 3034 Apr 3034 Apr
Falls Rubber corn
4
4
5
3
Jan
4% Feb
Faultless Rubber com____* 37
37
95 3441 Jan 37
37
Feb
Fed Knitting Mills corn_ *
32
30
160 3031 Jan 38
Mar
25 8134 Feb 8634 Mar
Firestone T & Rub com_10
82
82
General Tire & Rub com_25
55 13534 Mar 163
148 150
Mar
10 16
Geometric Stamping
16
16
Apr 25
Jan
Glidden prior pref
100 100
100
Jan 105
10234 10234
Mar
Goodyear T & Rub pref..
20 99
101% 101%
Mar 101% Apr
Greif Bros Cooperage co"
70 39% Jan 43
41
corn'
40
Feb
Guardian Trust
16 400
100
Apr 432 31 Feb
400 400
Guardian Title & Trust_-*
110 90
90 100
Apr 121
Mar
•
Halle Bros corn
55 36
37
Jan 38
37
Feb
Harbauer cost,•
65 20
Jan 25
Mar
India Tire & Rubber corn.' 2241 21
1,695
21%
2
5
834 Jan 25
22
Apr
Interlake Steamship corn.* 77
14 77
May 87
77
77
Mar
Lamson & Sessions
148 2734 Jan 293i Feb
2834
28
• 28
Leland Electric
185 27
Jan 38
May
38
35
• 38
•
Midland Bank
20 385
Apr 403
Jan
390 390
McKee(AG & Co) B. •
167 44
Mar 59
Mar
543-4
54
MMiller 'ale berug corn__* 31
Rub Dr e0m. .
s
400 22
3244
Mar 2231 Apr
31
ohawk Rubber
109
844 Jan 14
Feb
11
10
National Carbon pre( _..100
.50 13134 Jan 135
Apr
134 134
National Refg corn
45 32
Feb 34
Jan
25
Natlonall Toeiceom
a i on
ilo om mon._ • 17% 3 % 3
100 1734 Mar 29
1841
Feb
3
17
3
National Tool
Apr 10
40 10
Apr
16
0
15
0
Nestle-LeMur common__•
910
5
Apr 10
Feb
5
Nineteen Hun Wash corn.*
100 2434 Jan 25
24% 24%
Jan
NoM Ohio P & L 6% 91100
68 90
Jan 97% .A
9541 97
Ohio Bell Tel pref
138 110
Feb 116
114 115
Apr
100 114
Ohio Brass D
220 70
Jan 76% Apr
75
74
• 74
Packard Elec common ___• 21
ard
480 20
20% 23
Mar 25
Apr
Corp common__ •
0
600
834 Mar 13% Feb
1134 12
0
Paragon Refg common__ •
100
7% Feb
15
Mar
Patterson Sargent
210 23
28%
Jan 29
* 2744 27
Mar
Peerless Motor rights
%
44
310
%, Apr
41 Apr
41
Reliance Mfg common • 46
46
225 39
46
Jan 50
Apr
Richman Brothers com" 83
516 7934 Jan 99
88A
83
Feb
Robbins & Myers ser 2*
6
6
10
5% Jan
_
7% Feb
Selberling Rubber corn_ •
7
634 2,083
641 May
1831 Feb
Preferred
41
40
80 40
100
May 78
Feb
Selby Shoe common
15
15
15 11% Mar 20
•
Jan
Sherwin-Williams com._25 85
85
84
150 80
Jan 85
Jan
Preferred
189 105
107 10734
100 107
*
Jan 109
Apr
Smallwood Stone corn
8
410
10
8
Jan 15% Apr
Stand Textile Prod corn 100
234 2%
326
2% Mar
3% Jan
A preferred
52
52
110 47
100 52
*
Jan 58
Feb
Stauffer A with warr
3 41
2
3 , 37x
3
5
2
20 31
Jan 35
Jan
Thompson Prod corn
400 23
Jan 39
•
Apr
Unlon
Mfg com___* 44
44
44
25 3234 Mar 4531 Apr
Union Trust
92
440 8934 Mar 95
91
Jan
25 91
Van Dorn Iron Wks corn.'
201
10H
8
7% Jan
11
10
17
0
Apr
*
VIcheck Tool
270 15
Apr 20;4 Jan
•
*
Weinberger Drug
375 19% Mar 21
22%
20%
Mar
*
Youngstown pref
409 9941 Apr ------eb
•
99% 100
Bonds
Cleveland Ry 5e
Steel & Tube 6s
1931
99%
9941 9934 $11,000
10094 10044 30,000
98
9594
Jan loog Mar
Jan 101
Apr
•No par value.
-Record of transactions at
Cincinnati Stock Exchange.
Cincinnati Stock Exchange, April 26 to May 2, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par, Price, Low. High. Shares
Ahrens
-Fox A
•
Aluminum Industries Inc.* 23
Am Laundry Mach com.20 65
Amer Products pref
•
Amer Rolling Mill corn_ _25 75
Amer Thermos Bottle A..*
Preferred
50
Amrad Corp
• 26
Baldwin old preferred
New preferred
100
Cent. Ware & Refrig A...29
Champ Fibre pref
100
Ghurngold Corp
*
Cinti Adv Products
• 5634
Cinti Car B
•
144
Preferred
20
234
CNO&TPpref
100
Cin Gtur & E'er) pref _ _ _ .100 99%
Cin Street Ry
50 4234
Cin & Sub Tel
50 109
Cin Union Stock Yards_ •
City Ice & Fuel
•
Cohen (Dan) Co
• 19
Crosby Radio A
• 1641
Crown Overall pref._ .100
Dow Drug corn
•
14
Eagle-Picher Lead corn _ _20
Fenton United pref _ _..100
Fifth-Third-Union Tr.
.100
Formica
French-Bauer (den.)
Insulation•
Gerard S. A
•
Gibson Art corn
* 4434
Goldsmith Sons Co
• 20
Goodyear Tire 1st pref. •
Gray & Dudley Co_ _100
Gruen Watch corn
* 4031
Preferred
100
Hobart Mfg
*
Jut Print Ink
• 53
Preferred
100 101
Julian & Kokenge
•
Kahn participating
40 25
Kodel Elec & Mfg A
•
7
Kroger corn
* 333.4
Little Miami guar
50 10134
Lunkenheimer
*
Leonard
2244
Xfonlanhotolt> nnmmnn
•
AI
10
10
2434
23
67
65
19
19
75
88
1641 1031
50
5044
31
26
60
60
60
60
44
%
105 10594
23
21
563-4 57
144
1ft
294 29.4
10934 10931
9934 9934
4234 4394
109 114
28
28
4234 4541
20
19
1644 19
104 104
1334 1441
11
1294
99
99
310 310
46
45
1234 1234
1834 19
4434 4534
20
2094
100 100
9031 9014
403-4
40
112 112
45
46
5134 53
99% 101
1744 18
25
25
7
7
30% 3
7
10134 10134
3834 3834
193.4 2234
Al
£1 74
20
253
720
106
668
20
549
469
25
73
100
30
389
116
56
90
14
400
475
76
20
258
295
185
64
330
656
5
53
30
50
35
551
203
4
50
134
16
75
101
160
290
90
175
664
150
5
645
ox
Range Since Jan. 1.
Low.
10
23
64
18
75
15
48%
12
60
60
%
104
15
50
34
134
10534
95
42
109
2234
42
19
1134
104
1334
11
99
300
40
12
1834
38
19
100
90%
40
110%
42
45
94
1794
25
534
30%
101
3834
17
RR
Apr
Apr
Jan
Jan
Apr
Jan
Feb
Jan
Apr
Mar
Apr
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Feb
Apr
Jan
Jan
Apr
Jan
Jan
Apr
Apr
Apr
Jan
Jan
Mar
Apr
Jan
Jan
Apr
Apr
Apr
Mar
Mar
Jan
Feb
Apr
Apr
Jan
Apr
Feb
Apr
Jan
.
I' •••
High.
15
309.4
75
21
10031
20
5014
32
60
60
44
10534
23
6234
2
39.4
110
100
4541
119
30
49
25
22
106
18
15
993-4
320
53
15
24
58
25
100
9034
4234
113%
50
57
101
21
30
844
47
102
44%
23
AK
Jan
Feb
Jan
Jan
Feb
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Feb
Mar
Mar
Feb
Mar
Apr
Jan
Jan
Feb
Jan
Apr
Jan
Jan
Apr
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Jan
Apr
Mar
Apr
Apr
Jan
Feb
Itfar
Jan
Jan
Jar
Mal
5.!,,
MAT 8 1930.1
FINANCIAL CHRONICLE
Sates
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price Low. High. Shares.
5
McLaren Cons A
Mead Pull)special pf_ _100
•
Moores Coney A
*
Nat Recording Purnp
•
Newman Mfg Co
•
Paragon Refining B
Procter & Gamb corn new*
100
8% preferred
100
5% preferred
100
Pure 0116% pref
Rapid Electrotype
Richardson common
*
Randall A
B
10
U S Playing card
U S Print & Litho com_100
100
U S Shoe pref
Waco Aircraft
*
100
Western Bank
Whitaker Paper corn
•
20
25
31%
32
12
72
97%
21%
17
3031
84
20
20
100 100
25
23
34
31
32%
32
12
12
76
72
160 16041
109 10913
9734 98
60
58
2134 23
17
17
834 9
82
82
3031 30%
30
30
8% 8%
36
36
78
78
Range Since Jan. 1.
Low.
100 19
4 96
200 20
77 3014
67 25
20
734
7,990 5313
27 160
28 1044
676 9734
184 3934
837 16
216 1334
21
5
150 82
50 30
50 30
85
64
40 36
3 54
Jan
Jan
Jan
Mar
Feb
Feb
Jan
Jan
Jan
Apr
Jan
Mar
Jan
Jan
Apr
Jan
Jan
Mar
Apr
Jan
High.
21
100
25
36
34
1434
76
180
110
10054
60
26
19
11
91
33
323-4
1034
37
78
Jan
Feb
Apr
Jan
Apr
Apr
Apr
Mar
Mar
Feb
Alm
Feb
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Apr
* No par value.
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, April 26 to May 2, both inclusive
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Bank Stocks
Boatmen's Nat Bank__100
First National Bank_ _20
100
Mere-Commerce
Trust Co. Stocks
Franklin-Amer Trust _ _100
Mississippi Valley Trust100
Miscellaneous Stocks
•
Alligator common
100
A S Aloe Co pref
100
Brown Shoe corn
100
Preferred
100
Bruce (E L) pref
•
Burkart Mfg corn
Coca-Cola Bottling sec- _1
Consol Lead & Zinc A___-*
*
Como Mills Co
Crunden-Martin Mfg Co
5
Common
Diversified Inv A
•
100
Elder Mfg A
Ely&WalkDryGdscom_ -25
Hamilton-Blown Shoe_ _25
•
Hu.ssmann Refr corn
Independ Pack corn
"
*
Internat Shoe com
100
Preferred
Johansen Shoe
•
Key Boiler Equlpt
•
Landis Machine com___ _25
Moloney Electric A
*
Mo Portland Cement_ _ _25
Nat Bearing Metals pfd 100
Nat Candy corn
100
First preferred
Second preferred_ _ _100
Nicholas 13eaziey
5
Pedigo-Weber Shoe
Rice-Stix Dry Goods corn _•
Scruggs-V-B D G com _25
Scullin Steel pref
5
Securities Invest com_
5
Skouras Bros A
•
South Acid & Sulphur com*
Southwest Bell Tel pfd_100
Stix Baer & Fuller corn._*
St Louis Pub Serv pfd A_°
St Louis Sc di Bolt com__25
Sunset Stoles pref
50
Wagner Electric com___ _15
Wagner Electric pref100
Street Ry. Bonds
E St Louis & Sub Co 5s '32
United Railways 4a.._..1934
Miscellaneous Bonds
1938
Houston 011 533s
Independent Brew 63_1943
Moloney Electric 514s 1943
St Louis Car (3s
1935
Scruggs V-B 78
Serial
Scullin Steel 6s
1941
•No par value.
914
9734
4041
5
4
110
85
282
210
86
28414
270
290
210
270
290
9
94
9711 9733
4014 4134
119 119
9533 9534
2
5
58
57
4
54
26
26
28
6
573-4
106
24
47
10033
1334
1234
27
30
3116
108
High.
May 23914 Jan
Apr 90
Apr
May 301
Jan
18 259
25 284
Jan 2973-4 Feb
Mar 300
Jan
200
8
11 96
300 40
10 114
40 94
2
5
393 384
464
4
40 25
25
2514
39
36
73
71
29
28
534 7
143.4
14
5
5
5754 58
106 1063-4
24
24
37
3011
4834
47
60
59
323-4 323-4
10016 1003.4
25
25
109 109
99
99
454 434
17
17%
133-4 1334
1234 1213
28
27
3234 33
30
30
48
48
1193-4 120
25
25
50
50
30
29
47
47
31
3313
108 108
105
95
360
199
222
14
140
347
80
20
490
55
205
51
10
378
1
55
50
50
420
5
70
155
5
65
62
16
35
100
70
1,248
5
1,00
3,000
1024
8
94
953.4 9511
583-4
94
Low.
10 210
268 84
34 282
5534 9644
693-4 8914
25
Range Since Jan. 1.
1023-4 2,00
2,000
8
943.4 6,000
15.000
96
584 3,000
1.500
94
2434
2713
70
264
5
9
441
5713
1043.4
20
30
40
52
31
100
2214
10534
95
414
13
1334
124
27
31
21
46
11634
20
50
28
48
2534
10334
Mar 1034
Jan 974
Apr 42
Jan 119
Mar 98
Mar
5
Jan 6034
May
634
Mar
2974
Jan
May
Mar
Apr
Apr
Mar
Mar
Jan
Jan
Mar 27
Apr 39
Jan 75
Mar 2
934
Apr
11
Mar 23
Apr
714
May
63
Jan 10734
Apr 24
Mar 40
Feb 64
Jan 66
Jan 3534
Apr 101
1"eb 2731
Jan 109
Feb100
Jan
711
Apr 18
May
16
Apr 143.4
May 3111
Jan 334
Feb 30
Mar 48
Jan 12034
Jan
263.4
Apr 60
Jan 30
Feb 483-4
Jan 364
Jan 108
Mar
Apr
Jan
Apr
Mar
Jan
Jan
Jan
Mar
May
Apr
Jan
Mar
Mar
Apr
Mar
Apr
Mar
Feb
Feb
Feb
Jan
Jan
Apr
May
Apr
Apr
Apr
Jan
Apr
Apr
Apr
May
9533 Feb
694 Apr
9534
74
Apr
Jan
9134 Jan 1024 May
8
Apr
811 Apr
92
Jan 9514 Mar
9551 Apr 9634 Mar
9554 Jan 9834 May
89
Feb 95 'Mar
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, April 26 to May 2,
both inclusive, eompiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price Low. High. Shares.
Hamadan Oil A
100
25
304 3011
Balsa Chlca Oil A
1,000
84 10
1
83-4
Byron Jackson
600
* 1534 1513 1534
California Bank
100
25
1153.4 11554
40
Central Investment Co 100
99
98
Citizens Nat Bank
600
2() 110
110 1114
Comm'l Discount com_25
100
23
23
Claude Neon
3831 411% 6.000
40
Douglass Aircraft Inc.__ _. 19
600
194
19
1,100
Emsco Der & Equip Co__* 17
17
17
Gilmore Oil Co
400
151% 151%
8
215
Globe Grain & MIII com_25
254 2513
Goodyear T & R pref100
60
974
96
45
Goodyear Textile pref__100 97
974
97
110
Hal Roach 8% pref
10
25
10
600
Home Service 8% pref25 224 204 2234
Internat Reinsur Corp_ _10 47
1,600
4831
47
100
Jantzen Knitting M corn.*
48
48
257
Los Aug Gas & El pref.
_100 10634 106 108
2,000
Los Aug Invest Co
17
10 17
17
100
Los Ang Inv See Corp 25
25
25
MacMillan Petrol Co___25 28
600
29
28
600
Pacific Am Fire Ins Co__10 554 554 57
200
Pacific Clay Prod Co_
•
293-4 2934
Pacific Finance Corp com10 3834 3831 4134 95,000
350
Pacific Finance ser C___10
9
9
300
Pacific Gas & El com___25
694 691%
• 97
500
Pacific Lighting corn
97 101
3,700
Rights
4.80 5
850
Pacific Slut Life Ins- -10
9131 94
4.05 4.40 3.000
Rights
4.05
700
Pacific Nat'l Co
25
4.90 5
3354 1,900
Pacific Pub Serv A corn__* 314 31
174 1834 3,100
Pacific Western 011 Co._ _ 5 174
1,300
54 634
Pickwick Corp corn
10
75% 7534
100
Paraffin -_-_-___ ..-._
_
...
.ann
_
e
Range Since Jan. 1.
Low.
22
87-4
1534
113
90
110
20
3734
1234
17
13
244
93
94
10
204
41
42
101
1634
25
18
50
27
3613
834
5211
79
3.45
8054
2.90
4.90
28 •
13
631
7534
9 in
Jan
May
May
Feb
Jan
Jan
Apr
Apr
Jan
Mar
Jan
Apr
Jan
Jan
Slay
Apr
Jan
Feb
Feb
Jan
Apr
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Mar
Feb
Apr
Jan
Jan
Apr
Apr
Inn
High,
333.4
144
2334
120
99
11234
24
45
223-4
23
1534
2634
98
98
10
2334
4934
48
1084
2033
25
31
5713
3134
43
9
7334
1054
53-4
94
4.45
834
384
193.4
83-4
7534
A
Mar
Mar
Feb
Jan
May
Jan
Mar
Feb
Apr
Jan
Apr
Jan
Mar
Apr
May
Jan
Mar
Mar
Apr
Jan
Apr
Apr
Apr
Apr
Jan
Apr
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Apr
Jan
Apr
Fah
3135
Friday
sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High Shares.
Richfield Oil Co com _ _25 24
233.4 2554
25 2034 203-4 21
Preferred
Rio Grande 011 com
25 213-4
213.4 2314
473-4
Seaboard Nat Bank_
25
45
11144
Secur First Nat Bk of LA25 1114 111
244 244
Shell Union Oil Co com__25
Signal Oil & Gas A
25
35
3614
65
6841
So Calif Edison com___25 65
68
68
Original preferred____25 68
25 2934 2934 2934
7% preferred
25 2634 264 2644
6% preferred
25 247-4 2454 2431
533% preferred
264 263.4
So Calif Gas series A pf_25
26
2634
25
0% Preferred
So Counties Gas 6% pf25 9934 9934 100
Standard 011 of Calif.* 6933 693i 744
Taylor Mortgage
284 273-4 2834
46
Trans-Amelica Corp_ _25 424 42
45
43
Scrip new
43
1.08 1.08
Old scrip
Union Oil Associates____25 4434 4434 4631
Union 011 of Calif
25 443-4 4434 48
38
38
Van de Kamp
Western All Express____10 38
38
3934
Bonds
LA Gas & Elec 513s__1947
10331 10334
954 9534
Nevada Elec Corp 5s_1956
10134 10134
Pacific Gas & Elec 5s__1955
1944
Richfield 6s
96
9634
1024 10211
So Calif Edison 5s_1952
100 100
1957
So Calif Gas 5s
10,111
1n0i4 105%
aNo par value.
Range Since Jan. 1.
Low.
High.
13,000 2234
1,100 2054
7,100 1616
30 45
2,350 110
100 2154
400 2734
15,600 5614
150 57
400 2734
1,600 2434
1,500 2234
28 2434
132 243-4
117 9634
32,900 56
1.600 244
27.200 42
208 39
4
1
4,600 43%
12,100 4134
100 38
1.400 22
Feb 2741 Mar
Mar 2211 Jan
Feb 254 Apr
Feb 5834 Jan
Jan 11834 Mar
Feb 2534 Apr
Feb 384 Apr
Jan 7134 Apr
Jan 70
Apr
Jan 3014 Mar
Jan 274 Mar
Jan 25
Mar
Feb 2654 Apr
Feb 2634 Mar
Feb 101
Apr
Jan 7434 Apr
Jan 285-4 May
May 4731 Feb
Jan 46
Feb
Jan 1.1213 Feb
Feb 483-4 Apr
Feb 4934 Apr
Apr 404 Feb
Jan 46
Jan
31,000
65,000
1,000
12,000
5,000
5,000
5.000
Jan
Apr
Mar
Mar
Feb
Jan
Jan
1024
94
101
9434
10011
9934
104%
1034
954
10254
973.4
1023.4
1014
1054
Apr
Apr
Mar
Mar
Slat
Apr
Ant
-Record of transactions,
San Francisco Stock Exchange.
April 26 to May 2, both 'ncl., compiled from official lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
-Par. Price. Low. High. Shares.
Stocks
Anglo Calif Trust
Anglo & London P Nat Bk 2123.4
Assoc Insur Fund
Atlas Imp Diesel Eng A- ......
Aivation Corp of Calif
Bank of Calif
-iio- Bond & Share Co Ltd
13%
15
Byron Jackson Co
144
Calaveras Cement Co corn_
7% Preferred
Calif Copper
14
Calif Ink A
3041
Calif Oregon Power 7% pfd
Calif Packing
694
744
Caterpillar
Clorox Chemical
28
Coast Co Gas & Elec 1st pfd 991-4
Cons Chem Indus A
28
Crocker 1st Nat Bank_
Crown Zellerbach pref A_ - 80%
Preferred B
1533
Vot trust ctfs
Douglas Aircraft CorpEldorado Oil Works
2434
Emporium Capwell Corpk'ageol Motors corn
Preferred
Fireman's Fund Insur_ - - 102
General Paint A
Golden State Milk Prod_-- 26
Gt West Power 6% pref.__ 10131
10434
7% Preferred
Haiku Pine Co Ltd pref.._
Hawaiian C & S Ltd
Hawaiian Pineapple
57
Home Fire & Marine Ins -----Rights
20c
Honolulu 011 Ltd Corn-- 37
Honolulu Cons Oil
37
Hunt Bros A
Ill Pac Glass A
25%
Investors Assoc
4114
Jantzen Knitting
Roister common
513
Langendoif A
Leighton Ind B
2
Leslie Calif Salt
214
47-4
Magnavox
Magnin (I)
March Calcu new
Mere Amer Realty 6% pref
Natomas Co
Preferred
No Amer Invest corn
10734
Preferred
100
5.4% preferred
No Amer Oil Cons
Occidental Insurance
Rights
10c
Oliver Filters A
28
Pacific Finance Corp
39
Pacific Gas & Else com
6634
First Preferred
2714
Pacific Light Corp cora_ _ 96
0% Preferred
Pacific Pub Service A
3113
Pacific Tel .Sr Tel corn
1413-4
Preferred
Rights
ParaffIne
744
Pig'n Whistle pre
Rainier Pulp & Paper
Richfield common
24
Preferred
S J Light dr Pow pr pref_
-----6% prior preferred
Schlesinger corn
Preferred
60
Shell Union Oil
2231
Sherman Clay prior pref_ _
50
Sou Pac Golden Gate A_
-----Spring Valley Water
Standard Oil of Calif
6934
Standard Oil of N Y
3734
Tide Water Assoc Oil
16
Preferred
Transamerica Corp
42
Union 011 Associates
44
Union 011 Co of Calif
45
Union Sugar corn
5
Preferred
Wells Fargo Bank & Un Tr 3204
West Amer Finance Co pfd
West Coast Bancorp
24
West Pipe & Steel Co
Tel Checker Cab
450 450
2123.4 21213
6% 64
29
30
1133 1116
280 280
13% 14
15
1611
144 144
864 8651
1%
13.4
3034 3034
1104 11013
6954 74
7334 79
28
2914
993-4 10016
28
2934
395 395
80% 84
8331 83%
1513 16
20
20
2334 2434
1934 19%
234 3
634 64
102 1094
21%
21
12
12
2513 2714
10154 1024
10434 105
19
19
48
48
5834
57
41
41
20c 20c
3834
37
37
3834
23
23
254 26
4114 4116
4713 49
554 64
27
27
24
23
2
2
21%
21
434
53-4
22% 22%
194 2014
9934 994
27
27
99
99
10731 1104
100 100
91
91
16% 1731
254 25%
10
10c
29
28
26
263-4
41%
39
6634 70
271-6 2711
96 103
10114 102
3133 34
14114 1483-4
127 127
4% 511
7416 7513
14
14
2613 264
2334 2534
20% 21
116 117
10316 10313
63-4 613
60
60
2211 24
50
50
1713 1713
1511 1534
1614 164
6934 7431
3734 40
16
1713
8734
87
4131 464
44
47
4434 4741
513
5
22
22
3204 325
211
23.4
1514 16
234 254
16
16
10
62
1,045
1.462
100
15
1,270
4,201
116
5
1,000
111
5
2.430
29,350
475
145
700
8
1,319
100
10,107
200
745
100
1,520
139
2,500
261
100
1,610
120
145
65
10
255
200
10,597
220
700
135
924
407
663
1.89
450
47
44
80
8,354
200
1,388
2
23
2
16
2
43
566
1,745
4,531
455
390
400
12,066
3,713
2,357
200
23,048
1,080
35
8,466
811
150
360
11,756
1.310
115
20
100
35
1,784
5
125
102
305
44,883
732
4,100
188
64,748
4,819
3,603
675
100
37
200
390
1,165
223
Range Since Jan. 1.
Low.
450
2123.4
64
28
514
275
11%
15
10
8431
134
30%
106
6733
53%
28
98
254
395
7834
78
1513
134
2354
1754
214
654
98
18
933
2354
99
1043.4
19
485216
3734
20c
3834
31
21
1931
373.4
40
2
25
23
2
173-4
23.4
2034
194
94
235-4
99
105
98
90
14
23
10c
26
25
37
5134
26
744
100
2834
142
120
34
733-4
13
20
2233
2034
11034
100
5
56
2134
4234
164
13
143-4
553-4
32
1031
78
42
4034
4113
,
414
2134
320
2
1534
2334
16
High.
Apr 455
Apr 23314
Jan
73.4
Apr 34
Jan
13
Mar 300
Jan 154
May 23%
Mar 15
Jan 89
Apr
314
May 3731
Jan 11214
Jan 77
Jan 79
AM 384
Feb 1004
Jan 334
Mar 410
Feb 85
Feb 8914
Apt
1834
Feb2234
Mar 2534
Jan 204
Apr
454
Mar
714
Jan 116
Apr 22
Apr 14
Jan 3134
Jan 104
Jan 10634
Jan
Apr 51
Jan 63
Mar 44
Apr
Apr 404
Feb 404
Jan 2354
Jan 283-4
Jan 4231
Jan .50
Jan
714
Feb 29
Mar 2514
Apr
5
Mat 2134
Jan
8
Jan 2434
May 25
Jan 994
Jan 28
Apr
Jan 113
Jan 100
Mar 9213
Feb 1933
Jan 2614
Apr
Jan 31
Jan 2934
Apr 43
Jan 7341
Feb 2754
Jan 1064
Jan 10534
Feb 39
Mar 180
Jan 144
Feb
534
Mar 78
Jan 1413
Mar 2954
Feb 2754
Mar 2354
Mar 1184
Jan 1034
Mar 1034
Feb 70
Feb 2534
Jan 65
Jan 1733
Jan 154
Mar 9014
Feb 7474
Jan 40
Feb 173-4
Feb 90
Jan 4734
Jan 483-4
Feb 50
Apr
854
Jan 224
Jan 335
Jan
234
Apr 244
Jan 29
Apr 35
Mar
Jan
Apr
Feb
Apr
Jan
Apr
Feb
Apr
Mar
Mar
Jan
Mar
Mar
Apr
Feb
Apr
Feb
Jan
Mar
Apr
Feb
Apr
Jan
Feb
Feb
Feb
Apr
Feb
Jan
Jan
Apr
Mar
Jan
Feb
Apr
Apr
Apr
Apr
Mar
Feb
Apr
Apr
Mar
Jan
Jan
Apr
Apr
Apr
Jan
Apr
Jan
Jan
Mar
Apr
Mar
Apr
Jan
Jan
Apr
Mar
Apr
Apr
Mar
Feb
Feb
Feb
Mar
Jan
Mar
Jan
Mar
Jan
Mar
Apr
Jan
Jan
Apr
Apr
Feb
Jan
Feb
Apr
Apr
Apr
Mar
Feb
Apr
Apr
Jan
Jan
Mar
Apr
Mar
Feb
Jan
[VOL. 130.
FINANCIAL CHRONICLE
3136
New York Curb Exchange Weekly and Yearly Record
New York Curb Exchange for
In the following extensive list we furnish a complete record of the transactions on the
ending the present Friday (May 2 1930). It is compiled entirely
the week beginning on Saturday last (April 26 1930) and
security, whether stock or bonds, in
from the daily reports of the Curb Exchange itself and is intended to include every
which any dealings occurred during the week covered.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares
Week Ended May 2.
Stocks-
& Miscellaneous.
10
Aeetol Products cony A _ ..•
Acme Wire corn v t c_ _25
Aeronautical Ind warr____ ----Aero Supply Mfg class 13• 10
Aero Underwriters Corp. •
Agfa Ansco Corp com__• 27%
ioo 85
Preferred
Anmworts Mfg corn _ ___10 25%
714
Air Investors corny t o__ •
Convertible preference.' 20
2%
Warrants
50
Ala Co Southern corn
50 131
Preferred
215
•
Altnander Industries
.20 19%
All Amer General Corp.
Mies & Fisher corn
Allied Aviation Industries_
1%
With stock parch warr.•
• 10
Allied Mills Inc
Allison Drug Stores el A_ •
•
Class 13
• 320
Aluminum Co corn
100 10834
Preferred
Aluminum Goods Mfrs_ •
Aluminum Ltd
American Arch Co com_ *
Amer Bakerlas clam A_ •
•
Amer Beverage Corp
100
American Book
Amer Brit & Coot Corp- •
Amer Brown Bayed Eleo
•
Founders' shares
9
Amer Capital Corp corn B*
Amer Colortype Co com_ •
Amer Cyanamid corn A • 38
20 2731
Common class B
411
Amer Dept. Stores Corp_ _•
American Equities corn._ _• 17%
Amer Hard Rubber ___100 78%
Amer Investors cl B com_• 1311
6
Warrants
Am Laundry Mach Cam --• 65
•
Am Maize Prod com
American Mfg com_ __100
Am Pneumatic Serv corn 25
50
Second Preferred
Amer Salamandra Corp_25 58
5
Amer Thread pref
• 1411
Am CHI ar Gen B v t c
3
Amer Yvette Co com___ _•
Amrad Corp common__ •
Anchor Post Fence coin_ _• 1214
Anglo-Chile Nitrate Corta• 3311
•
Angus Co pref
• 56%
Apponaug Co corn
Arcturus Radio Tube ' 1631
Works coin__ • 21
Art Metal
2
Associated Dyeing & Print•
Assoc Elea Industries
6%
Amer dep rets ord stis_E I
1%
Associated Laundries__ •
Aasoclated Rayon corn.. •
100 56
6% preferred
Atlantic Coast Fish, corn.*
•
111
All Fruit & latig.tr
Atlantic &cur Corp corn • 2211
• 22
Atlas Plywood
14
Atlas Utilities Corp
444
Warrants
Music Instru A*
Automat
Automatic Voting Mach
Cony prior panic stk.-. 12
Aviation Corp of the Amer* 4631
Aviation Credit Corp----" 1534
Aviation Securities Corp.' 15
Babcock & Wilcox Co__100
Bahia Corn corn
Bancomit Corp
Baumann (L)& Co pf__100
Bellallea Aircraft corn v t c•
Bickford's Inc common_ •
32.50 cum cony pref.._'
•
Blauner's Inc corn
•
Bliss(E W) Co coin
•
Blue Ridge Corp com
Opt 6% cony pref____50
Blumenthal (Sidney) & Co.
Blynn Sham Inc corn_
Bohack (11 C)& Co corn..'
•
Bourjols Inc
•
Bower Roller BearIng
Bowm-I3iltm Hotels cam..
•
Brill Corp class A
Class B
•
Mfg corn..
Brill°
British CeLanase Ltd
Am dep rcts ord reg.-..
Brown Fence& Wire pref..
Bulova Watch $331 pref. *
•
Barbo Inc corn
6% cony pf with warr_50
Warrants
Burma Corp Amer dep refs
20
ButierBros
•
Buzza Clark Inc corn_
Cable Radio Tube v I0....•
5
Camden Fire Ins
Can Gypsum & Alabastine•
Can Pac fly new w
Carnation Co common_ •
Carrier Eng corn A
Celanese Corp of Am corn •
7% lit rattle pref_ _100
Celluloid Corp corn
•
$7 Preferred
•
Centrifugal Pipe CorpChain & Gear Equit Ind__
Chain Stores Devel corn_.'
Chain Stores Stocks Ina- •
•
Charla Corp corn
Chatham & Phenix Allied*
Chemical Nat Associates..
.26
Ores & Ohio RR new.
Chicago (The) Corp corn •
100
Co pref
Childs
Cities Service common.....•
•
Preferred
10
4411
2%
10
16
2731
85
25
6%
20
231
125
131
231
1911
15
13
4411
3%
11
16%
34
85
28
735
22
2%
12631
134
331
2015
15
Range Since Jan. 1.
High.
Low.
741 Mar 13
300
100 4214 Mar 52%
311
134 Jan
1,700
13%
Feb
8
900
1341 Jan 23%
200
Feb 34
4,100 19
Jan 85
400 81
3311
1,400 21% Jan
9%
3% Jan
2,100
400 1134 Feb 24
2%
2% May
1,000
400 119% Jan 132%
Feb 141
340 126
41(
131 Feb
1,000
21
Jan
2,200 18
15
Jan
200 14
Apr
Feb
Mar
Apr
Mar
Apr
Apr
Apr
Apr
Apr
May
Mar
Apr
Apr
Apr
Apr
141 2
1031
10
N
N
%
54
320 336%
10831 109
2231 23
204 205
47
4734
35
35
10%
9
9435 95
7
7
Si
400
1,200 10
41
100
15
100
910 275
800 105%
300 19%
200 108
1,400 36%
100 35
5
3,800
so 82
300
4%
Jan
Apr
Jan
Jan
Jan
Feb
Apr
Jan
Jan
Apr
Mar
Feb
Jan
3
15%
111
34
356
109
2431
232
48%
44
1034
100
8%
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Mar
Mar
10%
9
33
38
27.11
434
17%
77
1315
6
65
3631
4715
611
21%
58
331
12%
3
2711
934
33%
43
5614
16
21
141
10%
10
33
38
3134
431
18%
8034
14%
631
66%
3615
53
611
21%
58
331
15%
4
31
13
36
43
5631
17%
22
331
100
900
100
100
60,300
1,300
4,900
450
12,000
4,200
350
100
375
300
100
200
300
155,70(
400
1,000
7,600
11,900
100
100
1,300
1,000
4,500
741
711
20%
38
25%
3
154
6011
10
4%
62%
31%
45
5%
2111
5534
3
10%
3
17%
934
15%
42
56%
9%
18
1%
Jan
Mar
Jan
May
Jan
Jan
Jan
Apr
Jan
Mal
Jan
Mar
Jan
Jan
May
Jan
May
Apr
Apr
Jan
Apr
Jan
Feb
May
Jan
Ian
May
13
1311
3334
38
37
Apr
Apr
Apr
May
Mar
Feb
Mar
Apr
Apr
Mar
Mar
Apr
Mar
Jan
Jan
Mar
Feb
Apr
Jan
Apr
Feb
Apr
Mat
Stay
Mar
Feb
Mar
634
1%
4%
54%
2031
Ire
211
2
22
14
4%
731
6%
1%
5%
57%
20%
36
23%
23%
14%
431
7%
1,400
825
300
1,100
200
1,200
2,200
600
3,100
700
2,800
0%
s%
434
3931
20
34
1531
22
14
431
6%
Mar
Feb
Jan
Jan
Apr
Feb
Jan
May
May
May
Apr
12
4631
1544
15
12
52
15%
15%
1,000
3,300
100
1,000
915 Mar
24% Jan
12% Jan
711 Jai'
650 122
126 130%
126
2%
1,400
4%
4%
4
700 46
47% 4734 4741
100 x74%
x7411 77
5%
100
1131 1111
300 14%
18% 18%
400 28
2931
29
100 31
31
31
900 22
24
22
22
8%
11% 1115 12% 16,700
8,4(
33%
4011 40% 43
300 27%
3411
32
32
1%
200
141
1%
1,100 63
77
76
70
6
300
7% 7%
16% 16% 9,800 13
16%
1%
100
300 10%
10% 12
211
600
5
5
100 10
11
11
Jan
Feb
Jan
May
Jan
Jan
Jan
Mar
May
Jan
Jan
Jan
Jan
Feb
Mar
Mar
May
Jan
Jan
Apr
2%
400
3%
160 1734
2611
100 32%
41
8
100
9
100 40
4031
3
2,800
4
231
315 1,800
500 10%
1141
111
100
3
3
500
515
200 22%
25
100 23
23%
51% 24,200 49
300 2631
30%
200 39
3915
500 23
26%
225 80
9011
1.200 1314
16%
30 68
70
4%
200
6%
93-4
800
10%
2%
831 8,000
800 12%
14
300 2234
31%
2211 12,700 21%
23% 9.200 22
55% 4,300 52%
5,800 1411
16
410 106%
11015
43% 350,300 2634
1.600 88
93
Mar
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Feb
Jan
APT
May
Jan
May
Mar
Jan
Feb
Mar
Jan
May
Mar
0
IN 134
341
2631
9
40%
3%
331
11
5
25
49
24%
85
931
5%
3011
2111
2231
52%
38
0231
341
26%
41
9
4035
314
3
11
3
5
23
23%
49
30
39
24
85
15%
70
6%
911
5
1311
30%
21%
22
52%
1431
110
37%
92%
Jan
Jan
May
Apr
MaY
Apr
Jan
Jan
Jan
a
22
81
16%
7%
75
4034
60%
831
23
62%
3%
15%
714
3211
14%
41
48
5631
23%
27%
314
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
City Machine & Tool...."
City Say 13k (Budapest)
American shares
•
Clark (D L) Co
Clark Lighter Co cony A.*
Cleveland Tractor corn___•
.I00
Clinclifield Coal corn.
Club Alum Utensil cam_ •
Cohn & Rosenberger corn *
Colombia Syndicate
Columbia Pictures corn___•
•
Corn vot trust arta
Consolidated Aircraft__ •
Consol Automatic
Merchandising corn v t c•
$3.50 cum cony pfd_ •
C013/301 Dairy Products...'
•
Consol Gas CBI class A
•
ClamByte
Consol Instrument corn..'
Consol Laundries corn....'
Cons Retail St's Inc com _ _•
Coop-in...warner Corp cm •
$3 pref A with war_ __.•
Copeland Products cl A *
Without warrants
6
Cord Corp
Corroon & Reynolds corn_•
$6 preferred class A •
Coty Societe AnonymeAmer dep rats bear she..
Courtaulds, Ltd
Amer dep rcts reg.-41
25
Crane Co common
Crocker Wheeler corn._..'
Crowley allIner & Co__ _ _"
Crown Cork & Seal pref_ _•
Cuban Cane Products warr
•
Curtiss Airports v t o
Curtiss Flying Service____*
Curtiss-Wright Corp warr.
2854
1111
11
51
5011
23
45
18%
131
2641
5
511
1111
31
49
48
2111
200
46
1,100
19%
111
200
2931 2,000
100
5
500
631
1111
100
ai 39,800
55% 8,200
54% 34,500
2131
500
Low.
Jan
20
45
16
34
18
5
311
1134
as
24
4294
15
High.
2834 Mar
Apr
Mar
Jan
Jan
Slay
Jan
May
Feb
Jan
Apr
Jan
46
1934
134
353.4
5
611
1344
44
5571
5434
2654
Apr
Apr
Jan
Apr
MAY
Apr
Feb
Jan
Apr
-Apr
Apr
afar
Mar
Jan
Apr
Mar
Apr
Mar
Feb
May
Apr
1531
29%
14
4%
1341
83.3
53
48
1/1
% 7,200
500
434 4%
1,400
1511 18
29343034 3,500
1431 14,600
13
4% 4% 2,200
1331 4,500
13
600
8% 941
5,800
49% 53
1,700
4535 53
34 Jan
13-4 Jan
133.4 Jan
2134 Jan
10% Apr
8
Jan
10
Jan
814 May
Jan
28
Jan
38
1
5
19
4434
14%
634
16
33
53
53
841
1231
16%
80
1,900
831 831
12% 14% 39,400
1611 1811 3,000
400
so 81%
5
Jan
1154 Jan
123.4 Jan
7134 afar
113-4 Mar
173-4 Apr
2034 Apr
92
Apr
4041
40% 42
11%
1134
44
2831
2911
34
45
515
10
331
31
29%
2931
35
34
10
3%
Davenport Hosiery Mills.'
7
Dayton Aeropl Eng corn_ _•
Dacca Record Am shs_ _El
Deere & Co new corn w I__• 15015
Old common
100
De Forest Radio corn____•
545
De Haviland Aircraft
7
Amer dep rcts ord reg...E1
631
Detroit Aircraft Corp---.•
Detroit Gasket & Mfg corn* 2534
Dixon (Jos) Crucible Co 100
Doehler Die-Casting cour-• 19
• 1931
Douglas Aircraft Inc
Draper Corporation
•
Dresser (S It) Mfg Co °IA • 50
Driver-Harris Co corn...10 9134
100
7% Preferred
731
Dubilier Condenser Corp_•
5
Apr Durant Motors Inc
•
8
•
Jan Duval Texas Sulphur_
2
6% Mar East CHI Invest corn A__ _• 1344
Apr Educational Pictures-.
60
8% pref with warr....100
28% Feb
• 16%
Apr Eisler Electric corn
Apr Elea household Util___10
26
Mar Elea Power Associates corn. 35
26
Class A
• 31%
14% May
441 May Elec Shareholdings corn..' 26%
Cony prof with warr__ _• 10311
1534 Feb
Emerson 13ronio Seltzer A •
1711 Feb Empire Fire Insurance_ _10
Apr Empire Steel Corp coin_ •
55
Apr Employers Re-Ins Corp..10
13
Apr Europ El Corp Ltd cl A w I 19
19
Warrants
91.1
Mar Fa brim Finishing corn____•
141
10
Mar Fageol Motors
731
50% Feb Fairchild Aviation eorn .•
100 62
Jan Fajardo Sugar
80
131
Apr Fandango Corp common.*
z13
Mar Fedders Mfg Class A._ __• 10
21
Federal Bake Shops corn_•
Feb
33
Federal Screw Works_ ___• 36%
Jan
38
3034 Feb Federated Metals Corp...' 20
1511 Mar Ferro Enamel clam A _ ....* 53
lat. Amer dep receipts_
21%
44% Apr
•
Film Inspect Mach
44% Feb
Jan Financial Investing Corp10
May Fireman's Fund Insur
77
831 Apr Fishman (I) & Sons cl A_ •
• 20
Apr Flintkote Co corn A
20
Fokker Alter Corp of Am.' 25%
Jan
2
•
14% Feb Foltis-Fisher Inc corn_
515 Mar Foote Bros Gear & Mach_•
Ford Nintor Co Ltd
1811 Apr
18%
Amer dep reta ord reg _El
Ford Motor of Can el A__.• 35
Apr
•
Class B
2731 Apr
Ford of France Am dep rata
3131
Mar
46
1034 Apr Foremost Dairy Prod corn *
Jan Foremost Dairy Prod pref *
41
e334 Apr Fox Theatres class A corn.' 13%
Franklin(H II) Mfg, corn • 17
331 Jan
17% Jan French Line
Amer ohs for corn B stk.. -----Apr
3
sq Mar Garlock Packing com_ •
• 14%
2515 Feb' General Alloys Co
•
3%
24% Apr Oen Baking Corp com
Preferred
• 36
Feb
58
8
3134 Apr Gen Cable Corp warrants__
55%
Jan General Capital Corp corn
44
Jan General Electric(France)
35
Amer dep rats set A bear 144
90% Apr
Feb Gan Elec Co of (It Britain
20
1134
American deposit rats_ £1
Apr
70
Stock purchase warrants
844 Mar
10% May Gen Elea (Germany)
Am dep rots reg shs.___
8% Mar
Mar General Empire Corp.--.. --2534
17
32% Mar Gen'l Fireproofing cora •
Apr Gen Indust Alcohol v t 0_ _• 1131
25
._•
7
24% Apr Gen Laund Mach, corn.
96
Mar Gen Motors new 5% pf w
6144
17% Am* Gen Tire & Rubber com_25 149
•
113% Feb Gerrard (S A) Co
4414 Apr Gilbert(AC) Co corn....'
9314 Apr Gleaner Comb Harvester • 33
115
300
22
22
Range Since Jan. 1.
600
3944
Feb
4211
Apr
500
1141
50
44
3215 12,900
1,000
31%
725
35%
16,, 1,400
500
514
100
10
431 18,500
1031
44
1834
26
30
ars
25-4
511
154
Mar
May
Feb
afar
Feb
Mar
Jan
Jan
Jan
13%
44
34
3231
3531
I
634
1134
434
Feb
May
Apr
Apr
Apr
Apr
Apr
Apr
Apr
2234 Feb
19%
200 183.4 Jan
19
834 Fob
3
Jan
536 7% 6,600
Apr
1
% Mar
200
1
1
Feb 18254 Apr
148% 157% 29,3.00 113
Jan 790
250 43.5
Apr
750 750
511 7
17,300
214 Jan
834 Apr
6% Feb
731
1,000
734
Jan
5
7
7,500
83-4
26%
300 2414 Feb 27
172
60 16231 Feb 172
20
1,400
1634 Jan 23
2
0% 11,800 1234 Jan 2311
63
100 6231 Apr 65
Jan 563.4
56% 13.300 81
Jan 1083-4
108% 8,400 41
10 99
Feb 103
102
731 Apr
4.300
1311
8
7
431 Mar
534 4,500
100 1334 Jan 21
17
17
714 Jan
12% 1441 2,400
183-4
Apr
Mar
Mar
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Jan
Jan
Apr
Apr
Jan 30
Jan 23
Mar 583.4
Jan 3914
Jan 37
323.4
Jan
Jan 108
Jan
333.4
afar
1531
Apr 13%
Jan 28
Feb 23
Mar
9
Jan
931
531
Apr
Jan
11
Feb 684
235
Mar
Jan
11
9
Apr
Mar 4214
May 2431
Jan
5931
Jan 2231
Mar
534
6
Apr
Apr 11411
Mar 47
May 273.4
Jan
3454
914
Mar
Apr 2131
Mar
Mar
Apr
Apr
Apr
Mar
Apr
Mar
Feb
Jan
Apr
Mar
Mar
May
Feb
Apr
Mar
Apr
Mar
Apr
Apr
Feb
Apr
Apr
7
611
25%
172
19
18%
62)4
50
91
102
735
50 13
30
30
1614 17% 10,300 14
300 4434
5331
53
39% 8,800 2434
35
3141 36% 9.800 2234
293a 6,900 1534
26
800 82
10314 105
200 3031
3334 33%
1.000 1331
14%
14
100
6
7
7
26
800 2214
26
21% 1,000
19
183.4
8
8% 3.300
8
2
854 955 12,000
1,200
211
231 234
1,900
8
7% 855
400 48
5834 62
134
400
115
11
11
1,800
9
10
6
200
734 7%
33
1,000 32
3(044
214
600 20
20
5311
200 50
53
20% 2231 7,100 1731
3% 44
1,200
31
600
3% 3%
331
300 101
108 109
100 40
40
40
21
301) 20
20
27
25
, 00 1334
96
8
300
5
8
300 1811
18% 20%
nor
Jan
Apr
Apr
Jan
afar
Apr
Apr
18
35
49
1131
4
14%
13%
17
18% 29,200
36% 7.500
49
2.5
12
2,700
4
101)
1415
200
1634 80,500
19
400
1031
28
36
611
4
1311
2%
1441
Jan
Feb
Jan
Jan
Apr
Mar
Jan
Jan
193.4 Mar
assi Apr
58
Jan
1231 Apr
1034 Mar
Jan
18
1754 Apr
Jan
24
3754
2611
1331
3%
3531
8
55%
500
37%
100
2644
1455 3,500
354 35,600
37%
7,200
600
9
1,300
58
3734
20
611
234
3434
8
5511
Apr
Jan
Nlar
Mar
May
Slay
Slay
45
3315
1435
434
543,4
1454
59
144
144
10 144
Slay 146
1114 11%
110 110
9,800 1014 Mar
3 110
Apr
40% 41
25% 26%
35
35
931 12%
635 8%
95% 97
149 149
1831 1831
15% 15%
3241 3415
3,700 3634
1,400 21
500 3131
8
7,900
631
2,600
2,200 953.4
50 149
400 18%
100 1411
1.700 21
14
110
Jan 43
Jan 3311
Jan 37%
mar 1414
1041
Mar
May 97
Apr 160
Apr .2311
Apr 21
36
Jan
Feb
Alm
May
Jan
Jan
„ran
Apr
Apr
Apr
Apr
Apr
Apr
AM'
Jan
Jan
May
Mar
Jan
Jan
Arm
MAY 3 1930.]
3137
FINANCIAL CHRONICLE
Sales
Friday
Last Week's Range for
Week.
Sale
01 Prices.
Stocks (Continued) Par. Price. Low. High. ;Shares.
Glen Alden Com
• 100
Globe Underwrit Each.. • 1451
Goldman-Baehr;TradIng • 38
Gold Seal Electrical Co__ .•
434
Gorham Inc 33 pf with w •
Gotham Knitbao Mach.-•
1%
Gramaphone Co, Ltd
Am dep rats for ord reg£1
Grand Rapids Varnish_ *
Graymur Corp
• 40
at AU it Pao Tea 1st of 100
•
Non vol corn stock
Greif(L)& Bros pref X 100
Grief Sires Cooperage A_ *
Grocery Stores Prod v t e_. 124
Guardian Fire Asssurance10 4334
Guardian Investors
5
•
Guenther (Stud) Russ Law5
Hall(C M) Lamp
•
Hambleton Corp allot ctfs
54
Handley-Page Ltd
Amer dep rcts for pref_
Rapidness Candy St corn _•
154
Hazeltine Corn
• 35
Helena Rubinstein Inc_ *
Hires (Chas ki) class A.. • 30
Hires of Del 7% pref..100
Hormel(Geo A) & Co corn* 27
Horn & Hardart com
4454
Hydro-Elec Sec corn
• 47
Elygrade Food Prod com • 13
Indus Finance corn v t 0_10
7% cum prof
100
lornill Utility Investm ___•
$0 prcf 26 series
•
Insur Cool North Amer_10
Insurance Securities____10
Intercoast Trading corn..
Internal Holding & Inves•
Internal, Products corn _•
$6 preferred
100
Interstate Equities corn_ _•
Convertible preferred_ _•
Irving Air Chute corn ___.•
Warrants
Johnson Motor Co corn..•
Jonas-Naumburg corn_ •
$3 emu cony pref
Eermath Aire coin
Klein (LI L) it Co pref___20
Kleinert (1 B) Rub corn_ •
Kolater-Bmndes, Ltd
£1
American shares
Koppers Gas & Coke pf 100
Lackawanna Securities... _•
Lakey Fdy & Mach corn...•
Lake Superior Corn
•
Landay Bros Inc class A_ •
Lane Bryant Inc. corn
•
Langendorf Unit Bak cl B *
LeIcourt Realty Corp com•
Preferred
•
Lehigh Coal & Slav
•
Lerner Store-s Corp
•
Ley (Fred T)it Co Inc__ •
Libby, McNeil & Libby u
Liberty Baking corn
•
Lily-Tulip Cup Corp corn.*
Loew's Inc stock purchwarr
Louisiana Land & Ezplor •
MacMarr Stores corn_
•
Mangel Stores Corp com_•
614; pre( with warr_100
Manning Bowman &Co A*
Class B
•
Manufao Finance v t 0.25
..
Mapes Conrad Mfg
•
Marine Midland Corp__ _10
Marion Steam Shovel corn •
Mavis Bottling Co of Am_•
Mayflower Associates lne_•
May Hosiery Mills
34 Preferred with warr_•
McCord Ran & Mfg B. •
Mead Johnson it Co corn •
Merch & Mfrs Sec corn A 5
hlerntt-Chapman & Scott
Common
•
Mesabi Iron Co
•
Mesta Machine
5
Metal & Min Shares com_•
Metal Textile pantie of.. •
Metropol Chain Stores_ •
Midland Royalty $2 pret•
Midland Steel Prod 2c1 pf.•
Midland United Co com •
Midvale Co
•
Sillier iii & Sons corn
•
Mts. Riv Fuel Corp wart._
Mock Juds & Vochringer
Mohawk Rubber corn__ ...•
Monteeatini M it Agr war
Moody's Invest panic pf.•
Morrison Elea Supply__._*
Nachinaun-Spgf Corp....*
Nat American Co Ine____•
Nat Aviation Corn
•
Nat Baking corn
Nat 13anoiervice Corp_
•
Nat Bond & Share Corp..
Nat Dairy Prod pref A.100
Nat Family Stores corn_
$2 Prof with warrants_25
Nat Food Prod class A..
Class B
•
Nat Investors corn
•
National Leather Co__ _10
•
Nat Mfrs & Stores
Nat Rubber I swn'y corn,•
Nat Screen Service
•
Nat Short Term Sec A...
Nat Steel without warr •
Warrants
Nat Sugar Refg
Nall Trade Journal
Nat Union Radio com___•
Nauheim Pharmacies p1._s
Nebel (Oscar) Inc
•
•
Heel Inc class A
Nell Corp common
•
Nelson (Berman) Corp.._5
Newberry (.1 J) CO COM- •
Preferred
100
Newport Co corn
•
•
New Haven Clock corn
New Mel & Ariz Land__ _1
N Y Hamburg Corp_ _50
NY Merchandise inc....
NY Rio Buenos Aires Al,'
Niagara Share of Maryland
•
24
674
95
7951
19
214
7
12%
44
22%
8%
4116
100
14%
373-4
4%
x3614
1.15
6,300
100
154 2,400
4374 74,100
5% 10,100
200
36%
4,800
2
23% 26%
9
9
4214
40
117% 118
22714 235
97
97
404 4051
124
12
4334 96
.5
5
28
28%
134 1355
55
54
354
14
304
5
25%
75
27
443.4
4634
11
24
684
67%
95
794
19
2154
6%
7
6751
11%
43%
214
84
414
234
16
134
1334
1754
184
2955
16%
55
27
18
54
11
154
47%
855
19
1631
21
23
20%
284
12%
6851
324
734
Ii
13)
36
99
35%
5
1654
19
High.
911
Mar 121% Jan
114 Jan
16% Feb
Jan 4651 Apr
135
Apr
6
234 Feb
Jan 35% Mar
30
34 Feb
134 Jan
May
Mar
Mar
Jan
Mar
Mar
Apr
Feb
Apr
Apr
Jan
Jan
Jan
24
34
1834
5
24%
55
27
4154
374
10
Feb
Jar
Jan
Jan
Feb
Jan
Mar
Jan
Jae
Feb
3%
n14
35
754
324
85
3134
46
55
143.4
Apr
Feb
May
Max
May
Jan
Feb
Mar
Apr
May
2,300 17
350 60
5,600 643.4
400 825-4
900 6934
2,600 17
800 2034
4%
500
1,500
634
100 67
5.900 1051
3,000 4054
3,800 124
84
6,500
1,300 2834
1(4
100
100 t 14%
200 134
500 134
300 17%
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Mar
Feb
Jan
Jan
Jan
Apr
Jan
Mar
Mar
Apr
Apr
Apr
29%
7334
71
pp.(
85%
23
2334
854
74
74%
14%
46
254
9%
44
24
22
1334
2034
2534
Apr
Apr
Feb
Mar
Mar
Mar
Feb
Apr
Mar
Mar
Mar
Apr
Apr
Apr
Mar
Jan
Jan
Apr
Mar
Jan
1,800
11-5
h
50
102
102 102
300
41% 41% 4114
700
7%
7
7
11% 11% 13% 2,700
100
4S 434
500
35%
32
100
2334 23%
600
21
2134
60
334 3434
3,700
45% 21434 48
1,400
52% 52% 56
600
40
39
300
1834 19%
100
3
3
800
24% 2454 2434
17% 15% 18% 5,000
44 9,100
4
2,40
20% 22
400
1251 12%
100
70
70
300
15
15
15
100
94 934
93-5
24% 234 26% 2,10
30
4551
44
441e
15,40
41% 4151 45
200
114 114
234 351 38.300
2%
1,700
6634
65
65
35
Low.
Feb 26%
2,500 20
Jan
7
03/5
100
1,500 314 Jan 44
80 1154 Jan 122
1,200 22031 Mar 260
Feb 97
50 90
50 4015 Apr 4034
800 11% Apr 144
1,200 36% Jan
49
Jan
554
900
3
600 27% Apr 29
16
100 13% Apr
Apr 56
300 45
200
355
1%
700
35
2,300
800
54
324 2,800
75
1
x28
40
100
4415
,
49% 12,800
1451 11,600
264
7051
684
954
8134
204
224
6%
7(4
674
12%
45
2334
9
43
234
16
133.4
144
18
Range Since Jan. 1.
54
97
3554
654
104
234
21%
23%
14%
29
38%
38%
39
18
2%
17%
354
'3
18
12%
70
144
84
22
37
324
10
1
48
Jan
2
Apr
Apr
Mar 102
Jan 4314 Jan
Feb
Apr 12
14% Mar
Jan
Jan
4% May
Mar 36% Apr
Jan
Apr
25
Jan
2534 Mar
Jan
3754 Mar
Jan 50% Mar
Jan 56
Apr
May 45 54 Mar
Apr
Jan 27
Apr
53-4 Jan
Feb 25% Apr
Jan 184 Slay
Jan
Feb
5
Feb 2454 Jan
Apr 15
Feb
Apr 7734 Feb
Apr
Jan
17
Mar
12
Jan
Mar 27% Apr
Feb 47
Apr
Jan 4754 Apr
Jan 1734 Apr
Jan
355 May
Apr
Jan 68
20
Mar
15
Apr
554 Feb
1534 Jan
28
20%
6334
354
Apr
Feb
Apr
Apr
1751
I%
26%
8%
36
16
13%
19
22
50%
27
13
1934
11
1
38
3714
20
23.4
333-4
164
4154
30
234
22
29,4
all
3354
2734
26
11
2%
4351
4931
Feb
Jan
Apr
May
Jan
Jan
Apr
Mar
Feb
Apr
Mar
Mar
Mar
Slay
Feb
Jan
Apr
300 1651 May 27
1654 16%
2,800
84 9
74 Jan
1254
204 9,700
19
83.4 Jan 21%
200
4
5
5
Jan
5
10
13
13
May
13
3334
900 46
48
Apr
46
51%
100 105
Jan 10654
105 105
3,30
18
16
16
Apr
20
200 20 May
21
20
26
100 14
14
Mar
14
20
500
2% May
2% 3
4%
20% 24% 12,100 12% Jan 30
100
14 Mar
2% 254
25-4
100 1114 Mar
1254 1255
1554
104 21% 1,700 18% Jali 274
2851 30% 4,100 15% Jan 3151
12% 2,000 12
12
May
12%
5,10
684 74
50
Jan 763.4
25
20 119% Feb 30
24
32% 334 2,20
29
Jan 3354
1,100
4%
4
354 Apr
6%
1,700
854 Jan 104
734 83-5
100
354 Feb
551 534
651
1,30
104
834 Apr 14%
200 13% Feb 26%
22
19
1,50
2554
24%
164 Jan 26
20
26% 27%
263.5 Jan 314
10
36
36
36
Mar 49
5
99
09
95
Jan 101
37%
1,400 24
34
Jan 42
20
2034 21
1854 Feb 22(4
5% 2,300
5
354 Jan
74
70
2614 29%
154 Jan 29%
10
1034 194
1954 Apr 2434
26.500
144 18
8
Jan
18
20% 6,800 12
18
Jan 2134
Jan
Jan
Apr
Apr
Jan
Apr
Apr
Mar
Jan
Jan
Jan
Feb
Apr
Feb
Apr
Apr
May
Apr
Apr
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Feb
Mar
Feb
Mar
Feb
Feb
Aor
Jan
May
Apr
400
400
1,600
400
25
15
61%
30%
26
1534
62%
35
1834
2
29
13%
39
1834
23
2034
28
55
27
18%
24
11
500
19%
200
2
500
30
16% 34,500
200
39
900
2051
300
23%
1,000
20%
000
283'S
200
57
3,000
26
900
19%
300
24
100
11
1% 14,300
200
3851
48% 2,400
38
47
1134
Jan
Jan
Mar
Jan
Apr
Mar
Jan
Mar
Jan
Feb
Ma:
Jan
Jan
May
Jan
Apr
Feb
Stocks r vrainvren
Friday
Sales
Last Week's Range far
Sale
of Prices.
Week.
rise. Price. LOW. High. Shares.
Niles-Bem't-Pond corn...
35%
Noma Elea Corp
..• 14%
454
cornNo Amer Aviation warrA_
North Amer Cement Corp.
Not th & Sou Amer Corp A.
•
Northam Warren Corp p1.
Northwest Engineer'g corn'
Norwich Pharlical Co.-----Nevada) Agene common.
Ohio Brass class B
• 10%
Macias Ltd cl A
• 11
Class B
Outboard MotCorp corn B•
Cony pref el A
• 15%
Overseas Securities
35% 38%
2.900
13% 1634
2,100
43-6 45' 50,700
5
400
21 4 22
.
900
38
38
200
29
29
200
8455
84
100
30
3131
200
75
75
250
10% 10%
1,100
11
11
200
800
1034 1051
1,300
154 16%
19
18
500
47
46
• 46
Pacific Coast Biscuit
94%
90
• 90
Preferred
12
12%
Pacific Commercial corn... 12
•
Paramount Cab Mfg corn.
63-4 74
63-5
Parke, Austin it Lipscomb
18
18
conv partic pref
36
363.4
•
Parke Davis it Co
Pennroad Corp corn v t c_• 12% 12% 1451
50
50
25 50
Perfection Stove Co_
Perryman Elea Co Inc...
9
734 934
1754 174
Philippe (Louis) class B..
1
1
Phil Morris Con Inc corn_•
1051 104
Pierce Governor corn __ • 1051
15%
13
Pilot Radio it Tube cl A..' 13%
3554 3534
Pines Wintertront Co__ •
Pitney Bowes Peerage
1654 1954
• 16%
Meter Co
2154 2234
Pittsburgh Forgings Co_ •
11754 123
Pittsb it L E RR oom 50
55
Pittsb Plate Glass com 25 ------ 55
14
15
• 14
PolYrnet Mfg
8
8
8
Potrero Sugar common...'
Pratt it Lambert
S614 5634
•
29
Prentice Hall, panic stk • 29
2931
Prince &WitItaly Trail cone" 13% 134 15
• 41% 41% 4351
$3 eon, pref A
Proper McCallum Hosiery
15
17
Mills common
• 15
101 101
Prudence Co 7% pref__100
Prudential Investors com _• 1851
1855 20%
Public Utility Holding Corp
corn with warrants
2734
• 2554 24
834
Warrants
854 934
Pvrene Mfg corn
9
10
10
Q-R-S 1)eVry Corp com_ •
163.4 1651
Radio Prod Corp corn....• 1954 194 21%
Railroad Shares Corp_ __ _•
8
8
S%
Ry it Util invest corn A_1(
14% 144 144
11
RainbowLumlnoua ProdA •
12
Common class IS
5% 6
•
554
Reeves (Daniel) Inc
28
30
Reliable Stores Corp
• 1954
1954 2031
Reliance Internat corn A_* 1531
15
1555
Reliance Management...' 21% 214 244
Repent Inc
13/5
I% 1%
Reynolds Bros Incl.-37.50
6% 7%
654
Rtire-Huniler Co
26% 27
4% 4%
Roosevelt Field Inc
•
Itoss Gear it Tool
3314 3314
91,5 10%
Rossia International w 1...•
1
Ross Stores Inc
1
1%
•
Royal Typewriter corn
56% 60
•
15
Russeks Fifth Ave Ino-- •
16
142
27%
10955
624
8
644
675
40
63-1
654
954
77
70%
64
17%
4.1%
540
22454
13
71-6
83.5
154
3
20%
40
18%
85
13-i
104
194
23
20
24
47
4854
30
33%
6.%
23
70
4
Low.
274
124
2
3
214
32
2134
81
22%
7331
854
354
1054
1554
Jan
Jan
Mar
Jan
Apr
Feb
Jan
Apr
Jan
Apr
Feb
Feb
Jan
Jan
Feb
High.
Mar
Mar
Apr
Mar
Apr
Air
Apr
Apr
Apr
Feb
Apr
Apr
11
Mar
13
18% Mar
19% Apr
45%
21%
5
53-4
22
38
3151
8434
3454
76
1154
26
Jan
49
Jan
12
May
63-4 Mar
Apr
47
964 Apr
143.4 Jan
134 Jan
18
35
12%
50
(351
13%
34
954
104
353-4
18
41
16
59%
12
20
2
1234
15%
45
Apr
Apr
Feb
Jan
Mar
Ape
Apr
Mar
Apr
Mar
10,900 10
2,100 13
1,150 Ill
100 53
4,300
9
100
63.4
1,700 534
300 284
43,700
834
8,300 354
Jan 2054
Jan 2454
Jan 130
Jan
5954
18%
Jan
Jan
10
Mar 574
Feb 30
Jan 154
Jan 44
Apr
Atar
Apr
Are
Apr
Feb
Jan
Feb
Apr
Apr
400
50
11,400
15
93
14
May 20
Jan 101
Jan 23
Mar
Apr
Mar
77,300
3,700
500
200
1,100
1,900
500
6,900
18,100
300
1,600
2.300
2,300
1,000
2.800
200
700
100
10,000
80
600
200
1734 Jan
84 Apr
734
Feb
Jan
16
8
May
Feb
8
85-4 Jan
334 Jar,
253.-S Mar
Fet
17
May
15
1654 Jan
54 Jan
54 Jan
2651 Mar
2
Jan
303-4 Jar
934 Apr
51 Feb
554 Mar
14% Jan
35
115%
n24
643/5
1754
Apr
Apr
Apr
Feb
Mar
Apr
Apr
Feb
Feb
Feb
May
Apr
Apr
Apr
Mar
Feb
Mar
Feb
Apr
Jan
Mar
Mar
Fein
Apr
Apr
Jan
Jan
Ma
Apr
Jar
Jar
Apr
Feb
Mar
May
Apr
Fe
Fel
May
Jan
Jan
Jan
147
210
104
34
110
124
25
34
4,4
4
65
1051
7534
725
42%
84
174
12%
8435
7154
Apr
Jan
Apr
Apr
Mar
Jan
Jan
Mar
AP1'
Jan
Apr
Apr
Apr
Apr
Jan
Mar
Feb
Apr
Mar
Apr
2% 2%
300
23-.'
64 74 4,200
43.4
56
100 514
56
17
13,400
184
834
444, 45% 4.900 83
24
1,200 18
255-5
290 465
540 560
900
53.4
531 6%
1,100 164
234 24
930 13794
22454 245
144 6,800
12
5
4,500
634 8
434
44
7
8(4 1,00
43-5
50
73.4 8
1,30
8
8%
754
Mar
254
Feb
951
Jan 59 54
Jan 20
Jan 483-4
Jan 3414
Jan 560
Apr
(331
Jan 2554
Jan 250
Jan
1754
Jan
834
Jan
83-4
Jan
8
Mar 13
Jan
Mar
Feb
Apr
Apr
Mar
Apr
Apr
Mar
Apr
Apr
Feb
Apr
Apr
Mar
600
154 1314
1
100 67
7154 714
300 244
244 244
36
3654 1,300 3354
40(
22
20%
22%
5(
79
79
704
2% 334 33,20
4
2 120
135 135
1,500 20
28% 30
1,60
0
4134
34
18% 234 8,80(
10
20
20
164
20
5
82
85
85
1,000
1
1 54 1%
400 12
1251 1254
500
8
8
73.4
100 104
log 103.4
15
400
19%
03.6
100 263..'
30
30
300 22%
23
234
1,500 15
15
20
254 334 3,200
194
5134 52
50 48%
Jan
24 Apr
Jan 823.4 Feb
Jan
Apr 28
Mar 36% Apr
Apr 22% Apr
Jan 824 Apr
Jae
354 Apr
Jan 15934 Mar
Jan
373-4 Mar
Jan 4814 Mar
23;4 Apr
Jan
Sian
21
Jan
Apr
Feb 86
Feb
34 Apr
Mar 1854 Jan
Jan
10
Feb
Jan
1554 Mar
Feb 2154 Apr
Apr
Mar 30
Apr 254 Apr
Apr 19% Apr
Jan
44 Jan
Apr
Apr 52
9
Safety Car Ht & Luc -100
.
Safeway Stores 2d ser warr
Old 5th warrants
St Regis Paper Co own __I0
7% cum preferred_ _ _100
Schletter it Zander v t c...•
Cum cony pref
Schiff Co, corn
•
Schulte-United Sc to Si tit •
Schutter-Johnson CandyA•
Scoville Manufacturing_25
Seaboard Util Shares_ _ _ .•
Securities Corp Gen'l new.
Common
•
Seeman Bros common...
Segal Lock & Hardware •
Set berling Rubber
•
Selected industries corn..
Allot ctfa lat it 2nd paid
Prior preferred
•
Selfridge Provincial Storrs
Amer dep rcts ord shs...C1
Sentry Safety Control____•
Sheaffer (1V A) Pen Co_ "
Shenandoah Corp com___•
6; cony pref
50
Gel Corp corn v t o •
Singer Mfg
100
Singer Mfg Ltd Ann den[eta
Sisto Financial Corp
•
Smith (A 0) Corp corn...'
South Coast Co corn
Southern Corp corn
Sou Ice & Util, class A...*
Class B
Southwest Dairy Prod
•
Spanish it Gen Corp Ltd
Amer dep rets ord rag £1
Spiegel, May, Stern p1_100
Stahl-Meyer Inc
•
Stand Cap dr Seal new.. 10
Standard Holding
Standard Investing prat •
Stand Mot Construct__100
Standard Screw Co__ _100
Starrett Corp corn
•
6% cum preferred____50
Stein Cosmetics corn
•
Stein (A)it Co,corn
•
100
Preferred
Steinite Radio Co
•
Sterchl Bros Stores corn..•
•
Stinnes(Hugo) Corp
Strauss (Nathan) Inc.....
•
Strauss-Roth Stores
Strondig-Carlson Tel Mfg*
•
Strooek (Si it Co
Struthers Wells Titusville •
•
Stutz Motor Car
•
Sullivan Machine
Sunset Stores, Inc
$3.50 pref with warr__50
•
Sun Investing COM
$3 cony preferred
Superheater Co
25
Swift it Co new
16
Swift International
Byrne Wash Mach B corn.•
Taggart Corn
Technicolor Inc corn
Tennessee Prod Corp corn •
1
Thatcher Securities
1,600
1,200
300
5,500
Range Since Jan. 1.
100
200
65,400
25
4,800
200
3,700
200
6,400
100
200
142 143
4
110 125
10
10
10
27% 32% 54,40
150
10934 10934
634
50
6
22
22
100
31
32
60
2,300
34 351
24 25.1
100
6251 63
400
8
84 2,600
594 704 5,800
640 692
130
1,000
39
4154
2,700
654 7
2,600
654 054
954 1054 16,700
77
79% 3,900
800
70% 714
47
19
47
47%
30
3334
(1%
23
69
16%
4
47
1955
49
4955
30%
35
1195
29
74%
1634
414
100
400
800
1,700
1,700
2,800
100
3,000
6,800
100
8.700
15
12034
110
10
193.5
106
6
1854
2734
231
21.5
58
74
5954
640
363-4
551
64
751
66
69
47
1454
39
38
30
31
651
19
674
14
4
Apr
Jan
May
Apr
Jan
Jan
Jan
Afar
Jan
Apr
Jan
Apr
Jae
Jan
Feb
Apr
Mar
Slay
Jan
Mar
Jan
May
2754
955
10
23
27
93.4
16%
1455
75'i
30
204
16
26%
84
30%
Feb
50
23
Apr
51
Apr
53
Apr
344 Jan
35% Jan
9
Mar
2934 Apr
863.4 Mar
1634 Apr
534 Apr
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Coneluded) Par Price. Low. High. Shares.
Thermoid Co corn
•
7% cum cony pre.._100
Timken-Det Axle pfd_ _100
Tishman Realty & Constr •
Tobacco & Allied Stocks_ •
Todd Shipyards Corp__ •
Transamerica Corp
25
Transcont Air Transp____•
Trans-Lux Pict Screen
Class A common
•
Triplex Safety Glass
Amer dep rts reg shs_gl
Tel-Continental Corp wart
Tri-Utilitles corp
•
$3 preferred
•
Trans Pork Stores
•
Tubize-Chatillon CorpComtnon B v Lc
•
Tung Sol Lamp Wks corn.•
$3 cum cony pre
•
25
82
108
45
45
37%
49
43% 42%
9%
2534
sates
Friday
Last Week's Range for
Public Utilities (Cona
Week.
Sale
of Prices.
Pa
, Price. Low, High Shares.
Range Since Jan. 1.
High.
Low.
10,800 1934
27
83%
125 7834
20 10314
108
45
100 43%
24
100
37%
50
300 4434
464 29,800 el%
6
94 2,000
Jan 28
Mar 87
Feb 110
Apr 4534
41%
Jan
Jan 52
Jan 47%
1034
Jan
Mar
Apr
Apr
Jan
Apr
Apr
Feb
Apr
13%
Apr
10%
1014 12%
4,100
831
734
52%
8% 93i
734 8
52
53%
48
48
244 2431
800
7,600
1,600
200
100
6% Apr
4
Jan
Jan
40
Mar
45
Jan
24
934 Apr
9
Apr
58% Apr
5”S Mar
Jan
26
18%
18
23%
23
3534 36
700
200
200
Apr
18
Jan
20
33% Mar
2234 Apr
2834 Mar
3835 Mar
Ulan & Co corn
• 193%
194 2011
Ungerlelder Finan Corp_ •
3036 3234
Union Amer Investing.- _• 36
39
36
Union Tobacco corn
•
34
14
14
Union Twist Drill
5
33
33
United Amer Utilities
•
20% 2034
United-Carr Fastner corn.
• 11
11
12%
United Chemicals pref...'
36
3654
United Corp warrants
25% 25% 30%
United Dry Docks com..__•
6
6
634
United Founders com___ • 33% 33
36.34
United Milk Prod corn. •
3
3
United Molasses Co Ltd
Am dep rts for ord sh_ £1
25% 2536
,
United Profit Sharing come
1%
1%
1%
Un Retail Chemists A v t
34
%
United Shoe Mach
25 6434 64% 6434
United Store Corp corn- •
334 314
Un Wall Paper Fact com_. 15
17
15
US Dairy Prod class A. •
70% 71%
Class Ei
25%
24
• 24
U 8 Finishing corn
27
24
• 24
U Foil class B
23
• 20
20
U S Gypsum eonimon. _ _20 52% 52% 5334
8& Intern See Corp..
5
5
6%
First pre( with warr_ *
65
65
74
70
Allot certificates
70
Lines pref
• 17% 17% 18%
U S & Overseas with warr• 19%
19% 20%
• 52
53
U S Radiator common
52
Corn voting trust ctfs_
53
53
U S Rubber Reclaiming_ _•
5% 5%
534
U S Shares Financial Corp13%
10
With warrants
• 10
Universal Pictures
18% 2331
Utility Equities Corp.- -• 18%
18% 20
19% 21
Utility & Ind Corp corn-- _• 1934
• 25
25
26%
Preferred
9
Van Camp Packing corn_ •
10% 104
Preferred
35 1034
42% 4234
Veeder-Root Inc
•
Vick Financial Corp.
8
835
t0
834
Vogt Mfg
20
20%
• 20
Waltt & Bond cla.ss B__ *
10%
10
4531 4934
Walgreen Co common.. • 4634
25
Warrants
26
Walker(Hiram) Ooodertram
& Worts common
• 11% 11% 1234
334
Watson (John W) Co....
3% 3%
14
Wayne Pump common. •
1431
39
4035
Western Air Express__ _10 3936
108 108
Western Sid 1st pref_ __IGO 108
West Tablet A Stat v t c-• 34
34
373-6
15
15
Williams (R
& Co__ •
Wil-low Cafeterias
1136 15%
• 14%
334 4
3%
Winter (Ben)) Inc corn_ •
Worth Inc, cony class A._•
3
3%
Zonite Products Corp corn • 18% 17% 1835
600
3,900
1.200
6,200
100
100
1,200
200
27,200
2,500
82.400
200
174
2631
2731
34
:11
16%
11
32
1411
6
33
2%
Jan
Jan
Jan
Jan
Mar
Apr
Jan
Jan
Jan
Slay
May
Apr
2434
3634
42
1
40
2034
16%
44
30%
834
44
471
Mar
Feb
Apr
Jan
Jan
Apr
Jun
Feb
Apr
Jan
Mar
Jan
100
600
100
100
200
300
700
4,800
800
2,100
400
2,000
400
2,400
7,100
8,000
1,700
200
100
22%
1%
34
60
334
10
62
1334
20
173.4
42
234
60%
6031
la
19%
42%
42
5
Slat
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Feb
30%
231
1
67%
631
18
7234
26%
30
25%
38
8
75
80
2054
22%
55
55
6
Jan
Jan
Feb
Apr
Jan
Apr
Apr
Apr
Apr
Feb
Apr
Apr
Mar
Feb
Mar
Apr
Apr
Apr
Jan
4,000
1,300
9,800
2,400
1,600
700
100
200
2,900
500
200
2,900
500
7
9
1014
1734
24%
7%
10
374
8
16
834
4534
25
Jan
Feb
Jan
Jan
Jau
Apr
Mar
Feb
Jan
Jan
Jan
Apr
Jan
1334
2334
22
234
29%
1434
14%
43
934
224
14
61
35
Apr
May
Apr
Feb
Feb
Jan
Feb
Mar
Jan
Feb
Feb
Jan
Jan
16,900
1,000
SOO
2,300
20
1,400
100
38,400
2,400
400
2,600
8%
134
84
18%
90
30%
1434
6%
3%
2
174
13%
Mar
6
Jan
Jan 14%
Jan 46%
Feb 125
Mar 3734
Apr 20
Mar 1534
6%
May
334
Jan
Feb 21
Apr
Mar
Mar
Apr
Mar
Apr
Jan
May
Mar
Apr
Apr
8% 1,600
23% 6,300
334 5,700
ra% 13,200
1,100
60%
400
4%
19,100
2
17,800
e2
800
35
700
6
7
2031
134
7
1234
434
134
I%
RightsAseoclated 0& El deb rts__
831
21
Cleve Elea illuminating__
234
Flat
Indian Ter Ilium 011
Loew's Inc deb rights
5631
414
Lone Star Gas w I
Radio-Keith-Orpheren_ _
......
Rockland Light & Power.
Truax-Traer Coal
White Eagle 0 & R deb rts
54
Public Utilities
Alabama Power $6 pref_ _•
Allegheny Gas Corp com_•
Am Cities Pt., & Lt el A.-50
Clans B
•
Am ConVw•Ith P oom A •
Common B
•
Warrants...
Am Dist Tel N J 7% pf.100
Amer & Foreign Pow warr_
Amer Gas & Elea com____•
•
Preferred
Amer Lt & Trac corn...100
Corn new w I
25
6% preferred new_ _25
Amer Nat Gas corny e__•
Amer Pub Sere 7% p1..100
Am States Pub Serv el A.
Amer Superpower Corp
•
Corn, new
•
First preferred
•
86 cum pre!
Appalachian Gas com
•
Arkansas Pow & Lt $7 pf_•
•
Assoc Gas dr El corn
Class A
$8 lot bear allot Ws_ _ _
Assoc Telep Utilities
[Vox.. 130.
FINANCIAL CHRONICLE
3138
834
20%
234
7
55
434
1%
134
11
5
104 104
104
6% 714
634
43
43%
43
22%
2131 2434
26% n24
27
4334 41% 44%
434
4
4
11131 11134
59% 59% 71
143
143 157
107% 107 108
30734 337
319
7514
7836 8674
113 113
16
18%
16%
97
97
2034
20
20%
50
5,600
900
17,400
41,224
800
2,300
25
15,900
23,700
1.200
400
17,700
100
8,500
100
500
44
Jan
Jan
May
Jan
Apr
Jan
May
Apr
Apr
May
254 Mar
103
4
374
14
2334
34%
3%
110%
5936
113%
10554
225
72
113
734
9434
18
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
Jan
Mar
Apr
Jan
Apr
Jun
11% Mar
23% Apr
Feb
734 Apr
6034 Slay
41,4 May
Apr
el% Apr
36 Slay
May
104%
9%
49
28%
2834
45
5%
11234
76%
157
10931
349%
8931
11414
1914
99
26
Slur
Mar
Mar
Apr
Mar
Apr
Feb
Apr
Feb
Apr
Mar
Apr
Apr
Apr
Apr
Feb
Feb
34
34
3936 755,100 234 Jan 3936 Apr
Star
10034 100% 101
3,800 94% Jan 101
800 8731 Jan 06% Apr
95% 96
96
14% May
1334 14% 50,000 1334 Apr
14
Mar
Jan 109
20 102
108 10834
4,800 45
45
May 5134 Mar
45
47
46% Jan
38
39
40% 19,500 36% Jan
Apr 147% Apr
142
900 141
141 1474
200 25% May 2834 Mar
2531 25%
25%
Bell Telep of Canada_100 151
Brasilllan Tr Lt dr Pow ord• 46%
Buff .Sflag & East Pr pf_25 26%
Cables dr Wireless
Am dep ran A ord sh _£1
134,
Am der/ rats B ord shs.£1
Amer dep rots pf shs-E1
Carolina Pr & Lt $7 pref_.
Cent Atl Sts Serv v t c___*
Cent Mid G&Ev to new.
• 32
Cent Pub Serv corn
• 40%
Class A
•
Cent & Southwest Uril
• 32
Cent States Elec com
6% Pre without wart 100
100
Cony pref new
Cities Serv P & L 7% pf 100
Cleveland Elec III cum_ __• 84%
Com'w'Ith Edison Co 100 317
Comm'wealth & Sou Corp..
Warrants
534
15734 Feb
Feb .
625 150
150 15134
46% 5.334 59,400 354 Feb 5534 Apr
2631 Slay
5,800 2434 Jan
26
2631
600
24 234
231 Mar
2
134 1% 12,400
13-4 May
41.4
434 Mar
200
434 414
25 108% Jan 111
11031 11034
6%
600
334 Mar
531 534
Mar 36%
300 30
33
33
34% 1,500 2514 Feb 35%
32
42% 34.400 34% Jan 434
40
300 22% Jan 31%
28
29
Jan 39%
40,100 19
31% 36
Feb 83%
400 70
824 83
Jan 105
200 88
100% 101
Jan 997-4
100 93
9934 99%
Jan 93
1,500 63
8414 89
Jan 33535
900 284
310 329%
Jan
Jan
Jan
Mar
Jan
Apr
Mar
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Apr
6%
Apr
51
4
5% 68.740
84
Jan
Community Water Serv..'
Cont'IG El & P Balt corn •
eferred class A.__100
Cont G & li 7% Dr pref 100
Dixie Gas dr Mil corn
•
Duke Power Co
100
Eastern Gas & Fuel Assn.'
6% preferred
100
East States Pow B corn_ _•
East UCH Assoc corn
•
Convertible stock
Elea Bond & Sh Co com •
Preferred
•
Elea Pow dr Lt 20 pref_ •
Option warrants
Empire Gas & F 8% pf 100
7% preferred
100
El111)1173 Pow Corp part stk•
Empire Pub Serv corn cl A•
Fla Power dr Light $7 in ef •
1836 1936 18,100
1811
12334 12334 126% 6,400
75
102% 1024 10234
125
107 107
1534 1734 3,800
18831 20231
450
190
35
1.700
3634
36
9434 9434
200
3834 3834 43% 19,800
300
3931 41
3934
1434 1635
14%
1,800
105% 10434 114% 459,200
107% 10731 107% 2,200
10231 103
500
103
58
7334 6,400
58
100
1023, 10231
9434 94%
100
53% 54%
3,400
1,800
22% 2334
23
103 103
100
Gen G & E $6 pref B___.• 87
Gen Water Wks & El A__• 2834
Georgia Power $6 pre_ *
Hartford Electric Light_25
Intercontinents Pow el A* 2474
Internat Superpower
• 41
Internat Utilitlai class A."
Class B
• 1514
Warrant.
Italian Super Power el A.-• 13%
Warrants
Long Island Light com_ •
7% preferred
100 111%
La Power & Light $6 pref_*
Marconi Internal MarineCommun Am dep rcts_ _ ......
Marconi Wirel T of Can_l
Mass CHI Assoc v t e
Memphis Nat Gan
• 194
Met Edison 66 pref
•
Middle West Utileorn----• 34%
A warrants
4
B warrants
6%
SIMI'd Cos El Supply 1.34
Amer deposit rats
Mid-West States Util el A • 26
Montreal Lt lit & Pow_ _• 13234
Mtn States Pow 7% p1.100 100
Municipal Service
•
2531
25
15
74%
7334
104
79%
31%
17%
13-16
3534
3834
2134
95
836
46%
111%
1611
20%
5831
65
High.
Low.
1334
904
100
1013.4
10%
145
25%
94
1834
3944
1434
8074
10334
9934
2834
99
8631
40
1934
100
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Apr
Jan
May
Mar
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Jan
Jan
1934
129%
102%
107
23%
209
42
r9534
44
4334
17%
117%
108
107
78%
104
98
60
25
105
Apr
Apr
Slay
Apr
Mar
Apr
Apr
Mar
Apr
Apr
Mar
Apr
Mar
Mar
Apr
Apr
Apr
Feb
Feb
Apr
9234
1,700 87
87
Apr 9731 Apr
3,200 20
284 29
Feb 29% Apr
102% 102%
100 98% Feb 102% May
25 88
89
Star 98% Mar
89
24% 25% 2,800 2411 Apr 2574 Apr
3,800 3235 Jan 4634 Mar
45
41
400 3431 Jan 5034 Apr
47
49%
34,900
6% Jan
1534 19
1934 Apr
334 4
1% Jan
1,500
434 Mar
1334 1411 7,400
934 Jan 18
Apr
6
4,300
Jan
9
6
674
Feb
5334 3,400 40
50
Jan 56
Apr
10 10734 Jan 111% Apr
11131111%
200 9734 Apr 9734 Apr
974 97%
934 Feb 13
300
Feb
931 934
336 Jan
634 84 76,800
934 Apr
8% Apr
1,400
1034 Apr
83.1 9
184 2134 41,800 10% Jan 224 Apr
50 10334 Feb 104% Apr
10434 10414
Apr
344 3634 21,200 2534 Jan 38
131 Jan
1,800
5% API'
4
4%
334 Jan
1,000
8
Feb
614 631
634
2536
132%
100
1136
731
26%
13334
100
13
64
1,200
5.200 25
50 131
20 96%
634
1.300
Apr
734
Apr 2634
Mar 138
Jan 100
Jan 1631
Apr
Apr
Feb
Feb
Apr
29
10834
10034
224
108%
60
104
92
8831
144
96%
114
11%
3
631
Jan
3614
Jan 11034
Jan 10334
Jan 26%
May 10834
Jan 139
Apr z104
Jan 98
Jan 9534
Feb 160%
Jan 102
Jan 116
Jan 24%
Jan
6
Jan
1511
Feb
Apr
Mar
Mar
May
Apr
Apr
Mar
Apr
Apr
Apr
Feb
Apr
Apr
Apr
Nat Elea Power class A..°
32
100
32
Nat Pow & Lt $7 pre-' 110% 11034 11036
500
200
$6 preferred
101% 103
103
Nat Pub Serv corn class A_• 25
2434 25% 3,500
*
50
Nebraska Power pr0_100
10814 108%
127% 139
Nevada Calif Elee
1.865
100 135
25
z115 z115
$7 preferred
100
New Engl Pr Assn corn. •
9634 9634
50
6% preferred
380
9134 92
100 92
New Eng Tel & Tel
850
152 15834
100 152
N I' Pow & Light $8 pref •
25
102 102
NY Telep 64% pref__100
115% 115%
250
2131 2234 29,500
Nbig Hudson Pr corn___10 2131
Class A opt MUT
534 535 8,800
534
B warr(1 warr for I sh).13% 1436
1,600
1331
Niag & Ilud Pr (new corn)
2134 24 125,200
Common
10
Class A opt warrants____ ......
5% 54 29.900
13% 1511 10,600
Class B opt warrants_
Nor Amer Lt & Pow....' 744 74% 8334 3.700
Nor Amer Util See corn..'
700
714 834
711
Nor Ind Pub Set
10
112 112
pf 100
1.600
Nor States P Corp com_100 171
171 175
6% preferred
98
70
97
100
400
7% preferred
100 10935 109 10934
500
Okla G & E 7% pref_100
11334 115
1,300
Pacific Gan& El let pref_25 27% 2734 274
Pacific Pub Eery CIA corn.'
3435 4,000
31
100
Peninsular Telep corn_ _ _*
25
25
100
Penn G & E class A
15
15
• 15
300
Penn Power & Light 67 pf
11034 11035
Penn Pr dr Lt $6 pref_ •
100
10535 10514
1.700
Penn Water &Power
8534 85% 8834
2.600
Peoples Lt & Pow corn A.: 39
40
39
400
Power Secur coin
30
30
• 30
600
Second preferred
63% 71%
• 70
Railway & Light See corn.'
Rockland Light dr Power 10
Sierra Pacific Elec corn.100
So Calif Edison 7% pf A 25
6% preferred B
25
534% preferred C...25
Southern Colo P w el A.25
Sou West Gas CHI com___•
Stand Pow & Lt new
Series B
•
Preferred
•
Swiss Amer Elea pref
Tampa Electric Co
•
Union Nat Gas of Can.._•
United Elec Serv Am she..
Purchase warrants
United Gas corn
•
Certificates of deposit_
New coin
Pref non-voting
Warrants
United Lt & Pow corn A._•
6% com let pref
•
(78 lilac Pow with warr. •
UtilPow & Lt coin
•
ChumrB v t c
•
West Mass Co's corn
•
Range Since Jan. 1.
21%
534
13%
67
54
10234
170
95%
954
1084
2634
27%
25
15
109
101
73
32
14%
38
Apr
Apr
Apr
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Feb
Jan
Apr
May
Jan
Jan
Jan
Feb
Jan
Jan
2434
5%
15%
86
1034
112
18334
100
10935
115
27%
31134
2835
18%
11034
10534
9514
46
32
75
Apr
Apr
Apr
Apr
Apr
Apr
Feb
Mar
Apr
Apr
Apr
Apr
Mar
Mar
Mar
Apr
Mar
Mar
Feb
Feb
200 69
89
Jan 90%
86
3,700 194 Jan 2934
24% 26
100 41
79
Jan 79
79
600 28% Jan 29%
2936 2914
1,300 2434 Jan 2734
26% 27
500 2214 Jan 2634
244 25
500 23
254
25
Jan 2534
2031 20,300
734 Jan 2034
15
800 62
7434 7731
Jan 8034
700 el
73, 77'4
4
Jan 80
550 99% Jan 107
104 10434
94
100 90
94
Jan 9616
1,900 5434 Jan 98
7934 80
1.100 25
3134 33
Jan 33
400 1531 Jan 17%
16% 1711
400
16
31 Jan
1
14
3534 4034 26,900 1914 Jan 454
38% 4034 2,900 38% Apr 42%
20% 2534 112,600 20, Apr 2834
4
9634 12,100 94% Apr 9734
95
614 Mar
834 911 23,400
1131
4534 5
411 154,500 2734 Jan 55%
2,800 9734 Jan 119%
111% 116
17% 18% 11,700 17
Mar 2214
2034 24% 65,400 144 Jan 28
1,000
5834 6034
Jan 684
900 60
68
65
Feb 68
Apr
Apr
Mar
Mar
Mar
Mar
Mar
Apr
Apr
Apr
Apr
Mar
Mar
Apr
Feb
Feb
Mar
Apr
Mar
Apr
Mar
Apr
Apr
Feb
Mar
AP
,
Apr
Former Standard Oil
SubsidiariesAnglo-Am x 011100 124
18
Vot elk ccl (14.13
1834
£1
1834
Non-voting etre dep....£1
200 12
18
19
400 57
Buckeye Pipe Line
50 5831 58
59
350 40%
Cumberland Pipe Line, 50
6231
61
1,600
Galena 011 Corp w
234
5
534
5%
11,400 78
Humble Oil& Rfinfing_25 10631 106% 116
Imperial 011(Canada)----• 26
2711 4,900 224
26
100 23
Ite,gMered
28
28
100 3735
Indiana Pip Line
38
38
10
500 194
National Transit____12.50 1934
1931 19%
Ohio Oil
25 72% 72% 7434 10,300 611%
100 103
6% cum pref new_ .100
10534 10534
300 19%
2734
Penn Mex Fuel
25
25 25
200 21%
Solar Refining
2334 2334 24
700 13
Southern Pipe Line
19%
19
10 19%
South Penn 011
25 4134 40% 434 20,000 3734
50 50
Southwest Pa Pipe Line 50
51
51
Standard 011 (Indiana)-25 5434 554 5714 47,700 49%
Standard Oil(Ky)
10 36% 3534 39% 26,800 334
500 4434
Standard Oil (Nab)
48%
48
25 48
500 81
95
Standard Oil (0) corn..
9734
.25 95
50 117%
11834 118%
Preferred
100
Vacuum Oil
25 9234 9234 9
7% 32.000 88%
Mar
Mar
Apr
A or
Jan
Jan
Feb
Feb
Apr
Apr
Feb
Feb
Jail
Apr
Jan
Feb
Apr
Feb
Jan
Jan
Jan
Jan
Feb
1834
19
69
6514
534
119
30
28
41
22%
7414
105
32
33
20
45%
64
5934
4034
48%
10834
122
97%
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Mar
Apr
Apr
Jan
Apr
Mar
Jan
Apr
Apr
Mar
Mar
Mar
Apr
FINANCIAL CHRONICLE
MAY 3 1930.]
Sales
Friday
Last Week's Range for
Week.
Other Oil Stocks
of Prices
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Amer Contr Oil Fields.__ _1
.14
4
4
Amer Maracaibo Co
34 44
5
Arkan8 Nat Gas Corp corn • 1235
1245 1551
Claas A
• 1235
12% 15
Preferred
10
8
84
8
Atlantic Lobos 011 corn_ _ _•
34
41
41
Carib Syndicate corn
1% 254
Colon 011 Corp common_ _•
635
64 7
Colum Oil & Gasol v t C.
17
16
1731
Consol Royalty 011
1
4
4
Cosden Oil common
• 5655
55
57%
Creole Syndicate
•
654 6%
63
Crown Cent Petroleum_ _ _•
%
34
Darby Petroleum Corp. • 11
10% 12
Derby Oil & Ref corn
•
934
8
845
Preferred
• 53
54
53
Devonian 011
12
12
10
General Petroleum new._ ------ 3654 364
Gulf 011 Coro of Penna._25 153
1524 166%
Homaokla Oil Co
34 4
Boost 011(Tex) new corn 25 214 2151 27
Indian Ter III Oil el A.. _ _
4515 454 44154
Class B
• 44% 444 4651
Intercontinental Petrol_ _10
1% 1%
135
Internet Petroleum
• 2155 2154 23
Kirby Petroleum
2%
24 24
•
Leonard 011 Ihvelopin't_25
3% 44
345
Lion Oil Refining
• 26
28
26
Lone Star Gas Corp
• 5135 50% 54%
33,900
54 Jan
34 Ma,
175,000
14 Jan
434 May
15,100
r1331 Apr
84 Jan
78,300
8% Jan
16% Apr
1,000
74 Feb
856 Apr
4 Mar
300
1 Mar
19.100
45 Jan
2% Apr
2,000
64 Jan
834 Feb
Apr 21
5,000 16
Apr
100
331 Apr
534 Jan
Feb 744 Jan
1,600 50
545 Feb
10,000
Mar
700
liar
1
15 Jan
4,900
12% Apr
734 Feb
2,200
454 Mar
Apr
1
223 30
Jan 60
Apr
May
100 12
12
May
100 32
Feb 375f Apr
41,300 1314 Feb 166% Apr
2% Mar
300
4
Apr
46,300 214 May
2745 Apr
16,600 454 May 4754 Apr
18,100 4451 May 5344 Apr
s mar
17,200
14( Mar
3,810 17% Feb
24
Apr
I% Jan
Mar
2.600
3
7,400
1
Feb
4% Apr
700 18% Jan 284 Apr
13,600 3455 Jan 55% Apr
Macmillan Petroleum _ _ _25
Magdalena Syndicate_ _ _ _I
Niargay 011 Corp
•
Mexico-Ohio 011 Co
•
NIlddle States Petl A vto'
Class Byte
Mo Kansas Pipe Line_ _ _5
Mountain & Gulf Oil__ _1
Mountain Prod Corn_ _10
Nat Fuel Gas
•
New Bradford Oil Co._ _5
New England Fuel 011_ _ •
New York Petrol Roy
North Cent Texas OIL._ •
Pacific Western Oil
•
Panden 011 corp
•
Pantepec 011 of Venezuela •
Petroleum Corp of Amer.
Warrants
Plymouth 011 Co
Red Bank Oil
Reiter Foster 011 Corp..-.
Richfield 011 pref
5
Ryan Consol Petrol
•
Salt Creek Consol 011_.10
Salt Creek Producers_ _ .10
Signal 011 & Gas A
Southland Royalty Co-- _•
Sunray 011 corn
5
Taxon 011 de Land
•
'Venezuelan Mexican 011.10
Venezuela Petroleum_ _ _5
•Woodley Petroleum
1
"Y" Oil & Gas Co
200
4,500
100
700
0,800
6,500
31,100
2,700
2,10(
6,300
1,800
SOO
1.300
100
2,100
17,50(
1,00(
104,10
27,201
2.001
500
4,60
20
1,60
20(
1,70
10
26,50(
2.80(
500
600
4,200
SOO
3,600
284
s
12
2
8
5%
1834
34
8
2534
234
3
1034
634
124
1
134
19
535
2335
9
24
21
345
2
10
39
11
64
814
9
234
251
34
Apr
Jan
Apr
Feb
Apr
Apr
Jan
Jan
Jan
Jan
Jan
liar
Mar
Feb
Jan
Jan
Jan
Jan
Apr
May
Felt
Mar
Jan
Jan
Jan
Feb
Apr
Ma
Feb
Feb
May
Jan
Ma
Jan
2.300
ill
Mining Stocks
Arizona Globe Cooper_ _1
Bwana.M'Kubwa Cop Min
American shares
Comet,ck Tun & Drain 10c
Consol Colmar
_.5
Como! Nev Utah Corp...3
Copper Range Co
25
Cresson Consol GM &MI
Cusi Nlexleana Mining _ _ _ 1
Dolores Esperanza Cot p..2
Engineer Gold MM Ltd_.6
Evans Wallower Lead coins
Falcon Lead Mines
1
First National Copper_ _5
Gold Coln Mines
Golden Centre Mines...-5
Goldfield Consol Mines_ _ 1
Heels Mining __ _ _ _25c
_
Hollinger Consol
.
_5
Bud Bay Min & Smelt_
30
34
341
os
53.4
304
3254
12
951
17%
2651
534
234
434
14%
751
9
34
151
294
34
1554
34
84
54
304
34
11
324
254
3
114
94
164
154
3
254
534
2354
934
4
21
6
2
13
394
1234
751
114
0
34
3%
141
III
555
30
4
1534
434
114
6
30%
54
11%
364
3
3
124
951
18%
2
34
29
534
254
934
44
21
634
2
13%
3954
17
831
11%
1455
355
4%
2
3
4
445
II,
34
54 6%
115
II
13
13
134
34
354
34
44
1254
151
4.4
14r
31t
444 54
rle33
1234 124
64 634
851 938
700
1,100
3,800
2,200
100
400
50(1
400
200
3,800
15,400
100
3,900
20,500
1,60(
700
1,300
20,100
Iron Cap Copper
700
2
2
10
2
Mining Corp of Canada.
1,200
154 2
.5
Newiziont Mining Corp.10 11034 1104 119
0.400
New Jersey Zinc
82
1,000
75
25 75
NY & Honduras Rosario 10
11
200
11
Niplailng Minos
1,300
114 1%
154
Noranda Mines Ltd
14,200
• 274 2734 32
Ohio Copper
9,000
1
35
1
34
.Pond Creek Pocahontas_ •
300
13% 134
Premier Gold Mining_ .1
200
1
1
Red Warrior Mining. _I
,s
500
34
Roan Antelope C Min Ltd _
1,500
254 '2634
St Anthony Oold Mines...1
34 10.400
34
34
Shattuck Dann M
_•
2,700
54 6
Teak
- Hughes
64
651 6% 2,200
United Verde Fstension 50c 114 114 1134 2,900
'Utah Apex Mining
2% 251
800
2%
6
Walker Mining
1
1,100
234 351
Wenden Cooper Mining _.1
7,5
800
44
71•
Bondsilabania Power 4358.-1967 9655
55
1968 1024
58
1956 102%
Aluminum Co $ f deb 53 '52
Aluminum Ltd in
1948
Amer Aggregates 88_ _1943
With stook purob wart'........
Amer Com'Ith Pr ea_ - _1949
Cony deb (Is
1940 98
Amer & For Power 58_2030 89
Amer G& El deb 58_ _2038 984
Amer Gas dr Power es. /939 934
American Power &
(3s, without warm_ _2016 10734
Amerliadiator deb 43431947
Amer Roll Mil deb 56.1948 994
,
Amer Solt dr Chem 649'36
With warrants.
Appalachian El Pr 58_1956 99%
Appalachian Gas Os. 1945 138
Athens's Pr & Lt 68. _1956 984
Arnala Print Wks Os. 1941 934
Aasestated Elee 434s__1963 8851
Associated Gas & Electric
Cony dab 434s w war1948 10754
Without warranta _
435s series C
1449 81%
65
1968 8355
1038 83
5558
645
1977 102
Assoc'd Sim Hard 6359 1933
Assoc Telep Util 54s 1944 100
Atlantic Fruit & sug 88 '49
4
55
Ill
13
.14
1
tly
34
3
all
1134
5
b%
253,
34
1%
11
234
235
31
27 4
10
8%
2334
7
234
15 34
3954
17
10
14%
16
4)4
4%
252
Apr
Apr
Apr
Apr
Apr
Apr
May
Mar
Apr
Apr
Mar
Jan
Jan
Apr
Apr
Mar
Jan
Alit
Apr
Feb
Jan
Apr
Jan
Apr
Mar
Apr
Apr
Apr
Apr
Mar
Apr
Mar
Apr
Apr
Jan
51
Jan
May
Jan
Jan
AP
Apr
Jan
Ma
Jan
Jar
Fe
Jai
Feb
Jan
Jan
Jan
Mar
J till
Jan
6%
1
8%
114
164
4
'1
%
24
Mar
Feb
Feb
Apr
Jars
Jan
Feb
Apr
Feb
Mar
an
Mar
Jan
Feb
Jan
Feb
Apr
Feb
31
16
754
11%
6
30%
34
124
36%
334
34
16%
ill,
1914
'234
4%
29
4
45
7
45
14
7
1945
Apr
3
Jan
Apr
334 Feb
Jan 1414 Apr
Its,, 9154 Mar
Apr
16
Jan
Jan
134 Mar
May 454 Mar
Feb
Jan
Apr
1635 Mar
Mar
134
Mar
3-16 Jan
Apr 33
11111
Jan
St Feb
May
114 .Tan
Jan
6% Apr
Jan
16% Mar
Jan
3l Mar
May
4% Jan
Apr
14 fan
9545
101%
102
102
9854
96%
10234
102%
102%
99
101,000 93
36,000 09
45,000 100
18,000 101%
21,000 9734
Feb
Jan
Jan
Feb
Feb
U'1'103
10334
el0244
100
Mar
86
102%
98
8734
9651
934
86
1034
9854
894
9855
94
1,000 83
142,000 11)(1
67,000 98
568,000 8734
148,000 9344
7.000 93
Feb 87
Jun el,)64
Mar 99
Apr 91%
Jan
9834
Apr 9814
Mar
Feb
Mar
Mar
Mar
Jan
.lat, 10
1073-4 107% 62,000 105
9
99
5,000 9645 Mar 99
99
0955 9945 84,000 9634 Jan 101
Mar
Apr
Apr
Mar
Apr
Mar
9335
9954
134
074
90
94
9355
100
145
98%
934
8854
1.000
141.000
561.000
162.000
9,000
79,000
10754
SO
81
8251
382
1013-4
86
99
254
10934
84
84
83%
8334
102
864
100%
234
2,000 101% ja, 124
is.
2.000 80
May 044 Jan
111,000 83
Apr 87
Mar
73,000 784 Mar 88
.1 at
37,000 82
Apr 87
Mar
15.000 9855 Feb 105
Mar
10,00
88
Nlar 864 Feb
104,000 98
Jai 108
Feb
4.000
2
Apr
6
Apr
8354
411,
99%
((3%
96
84
Apr 1004 Mar
.1..11 101
Mar
Mar 145
May
J.8% Apr
Feb 94
Feb
Apr 884 Apr
Bonds (Continued).Atlas Plywood 534s..1943
Bates Valve Bag Corp
6s with warrants.. _1942
Belgo-Can Paper 6s_ _ .1943
Bell Tel of Canada Es_1957
1st NI 5s series A___1955
Berlin City Elec 6s__ _1955
Boston & Maine RR 631033
1st 53 Berke 2
1955
Burmeister & Wain(Copen)
1940
15
-year 69
Canada Cement 54s A 1947
Canadian Nell Ity 7s 1935
Can Nat SS 58
1955
Canadian Pacific Ry 601954
Capital Ad min deb 5sA1953
With warrants
Without warrants
Carolina Pr dr Lt 58_ .._1956
Caterpillar Tractor 58_1935
Cent States; Elec 58_ _ _1948
Deb 534s_Sept. 15 1954
Cent States P & Lt lb 548 '53
C MO & SIP 4549 F 1989
Chic Pram Tool 548_1942
ChM Rye 58 etre dep_ _1927
Chic 111 & Pao Ry 448'60
Cbilds Co deb 503
1943
Cigar Stores Realty
534a aeries A
1949
Cincinnati St Ity 534s,1952
(Is series 11w I
1935
Cities Service 58
1968
Cities Service Gas 5491942
Cities Serv Gas Pipe L 68'43
Cities Sere P & L 5481952
Cleve Elect III deb 76_1941
Cleve Term SIdg (is_ _1941
Commander Larabee (Is '41
Commers and Private
Bank 554s
1937
Com'wealtb Edison 448'57
Consol Publishers 69481936
1941
Consul Textile 8s
Consumers Power 4343.'58
454s when Issued_ _ _1958
Cont'l G & 141 58
1958
Continental OH 5518 1937
Cosgrove-NIeehCoal6 48'45
Crown Zellerbach 6s_ _1940
With warrants
Cuban Telep 754s_ _ _ _1941
Cudahy Pack deb 5491937
be
1946
Del & Ilud 1st &ref 4s _'43
Deny & Salt L Ity 6s_ _1960
Del City Gas Its Ger A.1947
18t 5s ser B
1950
Detroit Int Bdge 646.1952
25-yr s f deb 7s
1952
Dixie Gulf Gas 6348_1037
With warrants
Duquesne Gas 65
1945
East Utilities Inv Is
With warrants
Edison El (Boston) 53_ 1 934
195 3
Electric Pow (Get) 644s '53
Mee Power & Light 5.2030
El Paso Natural Gas
634s Series A.
1943
A938
694s
Empire Oil & Rehr 5149'42
Ereole Marelli El Mfg
64s with warr
1953
European Elec 634s
1965
Eur Nitge & Inv 755s s 1960
A' 7
5
78 series C
Fabrics Finishing Co_ _1939
Fairbanks Morse Co 581942
Federal Water Sem 545'54
Finland Residential Mtge
BankS,
1961
Firestone Cot Mills 58_1948
Firestone T & It Cal 591942
First Bohemian Cl Works7s without wart'. _ _ _1957
Fisk Rubber 5%s
1931
Florida Power S, Lt 58_1954
Garlock Packing deb fts '39
Gatineau Power 5s__ _1956
- 1941
fis
Gelsenkirchen Min 69_1934
Gen Hawing 649 W 1.194))
Gen Indus Alcohol 64s '44
Gen Laund Mach 654s 1937
Gen Pub (sore Is
1953
Gen Rayon Co Ltd 65
with stk and warr_ _1940
8
194
(Is series A
GenTneatre's Equip fis 1940
General Vending Comes with warr Aug 15 1937
Gen Water wks Gas & El
:41.1.1('S B
1944
Georgia & Fla RR 6s A 1946
Georgia Power ref 53...1967
Goodyear T & R 5 Pig- 1931
Grand (F&W) Properties
Cone deb 6sDee 15_1948
Ground Gripper Shoe 68'44
Guantanatno & West 6s '58
Gulf 011ot Pain
1937
Sinking fund deb 59 1947
Gulf States Util 5s..--1958
3139
Fridayl
Last 'Week's Range Sales
Sale ! of Prices.
for
Price. I Law. High. Week.
75
75
82
10254
101%
9035
10241
10054
s109
s9854
10155
101
904
10241
100
110
9855
10254
10141
9054
103
10045
9,000
Range Since Jan. 1.
Low,
High.
75
Slay
86
Mar
102
95
1011
100
904
100,,
100
Jan
Feb
Feb
Jan
Apr
1,111
Apr
110
99
103%
10244
91
103
1004(
Apr
Apr
Mar
Mar
Apr
Mar
Mar
100
99
100 100
3.000 98
Jan 101
99
994 9,000 9754 Jan 99%
107 10741 12,000 107
Apr 108%
5,000 99% Mar 101;5
10031 10031
101% 1013-4101% 51,000
4.1 Jan (03
Jan
Apr
Mar
Mar
Slat
91
91
1,000 83
Jan 9454
8155 5.000 74
81
Jan 824
1014 10154 102
37,000 98% Jan 10234
10345 103 104% 185,000 99% Apr 104%
8255 8155 82% 27,000 71
Jan
44
854 85% 8645 97.000 7255 Jan ($934
90
394 88
28.000 88
Apr 91
100% 100% 129,000 Iwo% Mar 10041
100
-Ian 102
18,000 97
984 100
79
10,000 88
78
Feb 79
100
9944 10034 1,569.000 98% Mar 104
88
88
8834 6,000 8235 Jan 9155
Apr
Apr
Mar
Apr
Nlar
Mar
Feb
Star
Feb
Mar
Mar
Mar
84%
85
34
9934
86
86
85% 88
934 9354
884
90
1064
96
06
6535
9954
8634
8841
9354
91
10751
96
66
8955 s8854 894
9734
9734 97
5100 81004
69
65
65
9754
974 97
973-4
97
97
8334 904
90
96
96
75
75
9,000
3,000
38,000
14,000
40,000
7.000
162,000
21,000
62)4
Jan
89
33,000 9954 Apr 994
27,000 82(4 Jan 1,8%
18.000 83% Jan 084
Jan 05
6,000 90
Jan 9455
57.000 81
Jan 108
21,000 106
Jan 98
8,000
6,000 63
Apr 69%
66,000
15,000
14.000
3,000
74,000
16,000
160,000
6,000
1,000
'41)4
934
964
65
9134
97
8445
94
75
Jan 91
Feb 934
Feb 100
Slay 72
Feb 994
Apr 9734
Feb 94
Feb int
Apr 75
Mar
Apr
Mar
liar
AD
,
Mar
Jan
Apr
Jan
Mar
Apr
Apr
Jan
Mar
May
Mar
Mar
Apr
Mar
Mar 99
93
9.351 113,000 98
98
Mar
5,000 1074 Jan 109
10834 10834 109
Mar
9854 1331,000 9535 Jan 99
9834 94
9954 100
6,000 9855 Jan 10044 Apr
100
9331 9331 8,000 93%
3,000 70
71;4 72
72
1054 10611 22.000 1484
106
99% 99% 10054 11,000 974
62.000 734
85
8351 83
13,000 5.1
62
62
9051
93
91% 238,000
89
074 9834 68,000
SO
8114 101
91
9234 9251
8254 51,000
1014, 22.000
9234 143,000
9254 57,000
10534 105% 10834 7,000
6,000
10454 1084 110
8831 60,000
67
87
9334 Apr
Apr
Apr 85
Feb "16)4 Apr
Feb 10034 Apr
Mar
Feb 89
Mar
Jet, 75
fig
Jan
9754 AD
80
u ,34
i;
91
AP
Jai
Ian
Ap
Apr
97
9954 Apr
87
101%
98
9434
Jan 1084 Apr
98
Jan 111
98
Apr
83., Jan
Mar
89
57
0734
964
864 87
9754 100
98 100%
90
89
57
57
9634 9734
964 96%
14,000
97.001
5,000
10,000
3.000
34.0(10
6,000
78
97:4
98
83
50
08
411%
864
92
95
8541 364 22,000
49,00(
9035 92
93
23,000
95
754,
89
112%
b.•
Jai
Jan
80
14
542I
94 .4
91
94%
00
97
6934
47
84%
Feb 81
4111
7244
Jen 02
Jan 110
Feb '1734
Jar, 101
Jan 934
Apr
974
Apr 90
Apr 534
Mar 93
8651
9735
93
82
82
60
9055 8951
1084 107
J541 9454
9951 97
9531 944
97
7051 70
50
5051
90
82
60
91
108.4
954
999-1
9514
97
75
534
90
1,000
6,00
405,000
23,000
9n,000
10,000
61,000
72,000
23,0001
40.000
9,000
Mar
NW
Mar
Mar
Feb 87
May 10134
May 102
Jan
91
Mar 57
9754
Jr, 97
Apr
Star
Mar
Apr
May
Apr
Apr
Mar
88
Apr
96
9654 Mar
Jan
Feb
Mar
Apr
mar
Mar
Apr
Mar
Jan
Apr
Apr
10151 101% 213,000 10131 Apr 101% Apr
10.000 57
79
78
Mar
Jan 80
10094 10051 1024 „657,000 1004 May 10241 Apr
254 26%
s9494
22
09% 994
1004
90
70
52
1014 1014
103
10231
9641
98
4,090
95% 57.00))
244 2,000
100
65.000
10054 2,000
21
Jan
34
Feb
414 Feb e";% Feb
1854 Jan 28
Mar
054 fan 101
Mar
9954 Jaa 101
Mar
91
9,000 00
Mar 9134 Apr
70
1,000 70
Apr
Apr 70
52
3.000 43
Jan
Apr
52
103
13.000
!/ Jan 103
Apr
10345 106.000 100
Jan 103% May
51,000 9234 Jan 98
93
May
101 101%
Hamburg Electric 7s_ _1935
87
86
Hamburg El & Und 543'38 87
Hanover Credit Inst 681931 9954 99 100
8935 91
Hood Rubber 6558- -1936 90
1936 97
97
97
7s
9141
Houston Gulf Gas 650 '43 914 86
1943 92
87% 92%
6s
874
Hungarian Eel 10k 7 35f3 133 874 87
,9 78
4
4
704 714
;
Hygrade Food 6s A _._ 19, 801
654 6634
6.series 11
034 10034 101
)rb V 54a ser '54 10
101Pow 6
1957
934 9334
Indep Oil& Gas deb es 1939 1054 1054 1074
9951
Ind'polls P & L 5s ser A '57 9954 99
Inland Utilities 6a__ _ _1934 11341 s113 121
(remit Utint y I nvestment
Cs set 13 without warr '40 10754 .5107 11034
98
99
Int Pow Sec 7s Ber E_1957 99
85
83
Intermit Securities 58_1947 84
Inter -State Nat Gas($51036
10154 10154
Without warrants
91
92
Interstate Power 519_1957 92
1952 894 884 90
Deb 6e
10154 10154
Invest Co of Am 514 A_1947
80
80
81
Without warrants
4,000 100
7,000 .4(4
27,000 964
84,000 80
11,000 884
274,000 64
253,000 6735
13.000 741
53.000 1g
27,000 59
18,000 974
2.000 $894
40 000 100
78,000 518 34
164.000 9854
Jan
fan
Jan
Jan
Jae
Jan
Jan
Jan
ran
Feb
Feb
Feb
Feb
Jan
Jan
443.000
34.00(1
36,000
Jan 112% Mar
Jan 101
Apr
Jan (4834 Jan
99
934
81)
102
119
100
91
93
96%
97
112
71 3
4
6E%
I'll
93%
11054
1004
126
Jan
Mar
Apr
Apr
Mar
Apr
Apr
Mar
Aur
Apr
Mar
Apr
Apr
Mar
Apr
10,000 1004 Jan 1014 Mar
24.000 S3
Feb 034 Mar
12.000 (30 3.4 Jan 924 Mar
12,000 864 Jan 1(13(4 Apr
6,000 764 Jan 82
Mar
'may
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High. Week.
Bonds (Contineed)-
Range Since Jan. 1.
Low.
9334 944 20,000 9031
Iowa-Nob L & P 5s. -1957
8,000 83
89
92
blare° Ilvdro Elec 7s._1952 92
Botta Frasehint 75_-_1942
4,000 80
87
88
With warrants
ItalIan Superpower of Del
77% 228,000 69
76
Debts (is without warr '63 78
5,000 100%
10534 106
Kansas Gas & El 65_ _2022
1936
KelvInator Co 63
42,000 69%
9031 9034 91
Without warrants
Koppers0& C deb 58_1947 100% 99% 100% 71,000 95%
1950 102% 102% 10231 43,000 9931
5348
1935
100% 10034 6,000 97%
Laclede Gas 5345
Lehigh Pow Secur 65-2026 105% 104% 10534 83,000 10231
Leonard Tietz 7 As_ _ _1946
1,000 93
99
99
Without warrants
93% 944 32,000 91
Libby, McN & Libby bs'42 94
12,000 96%
Lone Star Gas Corp 55 1942 98% 98% 99
.
1
104% 10534 24,000 1033
Long Island Ltg Os_ -1945
9631 96% 24,000 92
Louisiana Pow & Lt 58 1957
Manitoba Power 530_1951
Mansfield Min & Sm 7s '41
With warrants
Without warrants
Mass Gas Cos 5348- -1946
McCord Rad Mfg 6s__1943
Memphis Nat Gas 68_1943
With warrants
Metrop Edison 4%s..1968
Mid States Petrol 631s 1945
Milw Gas Lt 434s....1967
Minn Pow & Lt 4s 31_ _1978
Miss River Fuel 6sAug15'44
With warrants
Without warrants
Mo Pao RR 5s ger 11._1980
Montreal L H & P col 5851
1930
Morris & Co 7518
Narragansett Elea be A '(r7
Nat Power & Lt (ia A..2026
Nat Public Service 55_1978
Nat Trade Journal 6s_1938
Nebraska Power 6s A.202'2
Neisner Bros cony 63 194e
Newberry kJ J)54s w 1240
NE Gas & El Assn 58_1947
1948
be
New Jersey P & L 5s_ _1956
N Y & Foreign Invest
5316 A. with warr 1948
NYP&L Carp lot 430367
Niagara Fads Pow 68_1950
Niagara Shares Corn (Mill
50
20 yr deb 5315 May 1'
Nippon Elec Pow 6315 1953
North Ind Pub eery 5s1966
1969
58 series D
No Sts Pow 6)1% notes 33
'
Northern Texas Utll 75 '35
Northwest Power 65 A 1960
Ohio Power 4318 ger D_'56
1952
5s series B
Ohio River Edison 58-1951
Oswego Falls Co 6s...1041
Oswego Ely Pow Os._ _1931
10031
99
90
90
90
1034
81
10034 51,000
96%
10231 1034
904 91
10131 102
101% 102
102% 102%
loom 102 1034
ssg 994 100
944
94
10234 10231 102%
9931 9931
79% 80
1004 100%
10334
91
102
102
102%
101%
97%
102
924
100%
98%
994
97
104
74
31%
104
90
99
85
85
100
70%
Mar
Apr
Mar
Feb
Mar
Feb 100% May
Jan
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Feb
Apr
122
98%
102
101%
101
10131
108%
86%
40
109
95
99%
94%
94
100
Mar
Mar
Mar
Mat
Feb
Mar
Mar
Mar
Jan
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Jan 90
Feb 95% Mar
Jan 10631 Feb
Mar
97
954 Apr
Jan
91
Mar
Mar
Apr
Feb
May
Apr
Mar
Jan
Jan
Apr
Mar
913
9734
764
844
86
99
90
934
s74%
1054
1054
1044
84
81
79
79
78
90
90
9934 994
944 94%
9334 94%
1004 10134
1004 1004
98%
98
70% 73
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Apr
Jan 103% Apr
95
99%
84
89%
89%
Mar
Feb
Mar
Mar
Apr
94
Feb
Feb 83
70
Jan 08
91
994 Mar 102
Mar
Mar
Mar
22.000
7,000
48,000
97,000
46,000
Jan
77
Apr
97
764 Apr
80
Jan
Apr
86
24,000
9031
9731
79
86%
86%
105% 103 10634
103
10234 103
102% 10234 10234
101% 101% 101%
93% 934 9334
100 100
10434 10434 10431
101% 39934 105
97% 974 9734
95
95%
95
95% 95% 96
105% 10634
9834 98%
914 92%
84
85
85
99% 9931 100%
92
18,000
3,000
20,000
26,000
41,000
24,000
64,000
24,000
10,000
30,000
51
53
85
99%
90%
90
98
964
9731
59
36,000 103
21,000 99%
18,000 99%
8,000 1004
11,000 904
5,000 984
6,000 97
564,000 87
95,000 974
19,000 91
22,000 904
4,000 103
4,000 9731
13,000 8131
19,000 84
62,000 974
13,000 75
81
SO
SO
10,000 824
83% 84
84
20,000 10(1
1014 1014 102
10131 1004 1014 50,000 7931
86% 51,000 85
8531 85
8434 8554 40,000 80
103% 8103 106% 656,000 10034
99% 98% 9935 95,000 95
(7.000 824
94% 9434 97
Feb 100
Jan 95
Mar 9934.
Jan 106
Jan 97%
97% 9734 1,000 964 Mar 98%
10231 1024 6,000 101% Jan 103
Apr 95
94% 60,000 92
92
4
Jan 1101
105 106% 34,000 8104
994 10036 28,000 9431 Jan 100%
Mar 7831
4,000 73
77
77
Feb 90
5,000 81
894 8934
96
9731 7,000 95% Feb 99%
1,000 99% Feb 1024
100% 1004
74,000 0934 Jan 103
101 103
97% 08 166,000 9734 Apr 98%
11,000
76
77
77
9731 96% 97% 46,00
9,000
101 102
102
9434
1014
100%
Apr
Mar
Mar
Mar
Mar
Apr
Mar
Mar
Mar
Apr
Mar
Mar
Jan
9331 94
78
Jan 91
Jan 10031
Jan 103
Jan 1034
Jan 10731
934 Feb
ei
Jan
May
85
102% 1034 21,000 100%
78%
8531
86%
Apr
Mar
Apr
10534
101%
984
9331
107%
106%
106%
9334
14,000
94,000
13,000
14.000
wog mg 10,000
5,000
105% 106
105% 106% 29,000
5,000
84
84
1034 103% 103%
99% 9934 100%
9731
97
87
85
9731
90
Jan so
Jan 106
Jan
1040000 9934 Apr 103% May
Mar
20,000 88% Feb 94
14,000 9731 Jan 102% Mar
39,000 97% Jan 1024 Mar
Feb
14,000 1004 Feb 103
Apr
Feb el05
17,000 97
Mar
28,000 9834 Jan 100
Mar
95
Jan
116,000 91
13,000 984 Jan 102% Apr
Mar
4,000 98% Feb 101
Jan
6,000 78% Apr SO
Jan 100% Apr
26,000 99
94.4 96 104,000
96
93% 893% 9334 19,000
85
894 4,000
85
93%
106
10034
Mar
95
94% mar
Jan 11931 May
95
9534 Feb 99% Mar
Apr 76% May
76
Jan 9934 Apr
95
Mar
894 Jan 94
9.000 79
88
88
94% 91 • 0434 155,000 91
22.000 105
105% 105 106
106
Mar
Jan
11(95.
Jan
26,000 89% Apr 96
90
May
95
28,000 8731 Jan
95
Apr
3,000 lel 4 Jan 105
10431
Jan 874 Mar
82% 2,000 75
11731 1044 11934 97,000
78.000
97% 99
76% 23,000
76
9834 12,000
97
9231 14,000
924 92
1154 114% 117% 42,000
114% 117% 39,000
97% (9,000
96
1003.4 100% 100% 370,000
17,000
10034 101
101
100% 1004 10031 24,000
10034 100 100% 26,000
105% 106% 11,000
106
79% 7831 80% 81,000
2,000
38
38
4,000
108% 109
8.000
94
93
93
70,000
99
99
97,000
94
9334 91
94 122,000
91
94
3,000
100 100
Pac Gas & El 1st 4318_1941
Pacific Western Oil 6315'43
Park & Tilford 68_ _._1936
Penn-Ohio Edison 63.-1950
Without warrants
1959
53is
Penn Dock & W fie w w '49
Peoples Lt & Pow 50.-1979
1947
Phila Elec 531s
1953
531s
2
Min Elec Pow 530-197
Phil Rap Tran 13s_ _ _ _1962
Phila & Suburban Co G &E
1957
1st & ref 434s
1948
Pitts Steel Os
Pitts & W Va Sty 4315_1960
1939
Poor dr Co 6s
Potomac Edison 5s-1956
1947
Potrero Sugar 7s
Pow Corp of Can 4315 '59
Procter & Gamble 4345 1947
Pub Serv of No III 5s_.1931
Pugettiound P & L 54s'49
1940
A or, oil 54s
Queens Bore G & E1952
545 series A
Reliance Manage' 5e_1954
With warrants
Remington Arms 5318 1930
Rooliester Cent Pow es 53
1953
<radar Gas 6318
'uhr Housing Corn 64s'53
& Sons Inc
Ryerson (Jos
1943
15-yr deb 5s
St L Gas & Coke 6s.._ _1947
Antonio Pub Serv5,9'58
Sauda Falls 1st 5s._ _ _1955
&Muir Real Estate 6s 1935
With warrants
w itnout werrante _ _
Scripps (LI W) 534..._.)943
1940
Segal Lock 634s
Shawinigan 34 & 44a '67
1968
.315 series 13
1st baser C when Issued_
Saawsheen Mills 7s_ _1931
Sheffield Steel 545. _1948
..88_1932
Snider Pack
Southeast - & L 6s._ _ 2026
Without warrants
Sou ...alit Edison 5s__ -1951
1952
Refunding 58
1944
Gen & ref 55
1937
Sou Cal Gas 55
1957
5s
Sou Gas 631s with war 1931r
1944
Nat Coatis
SouPacCo4s34 ser A _1977
1957
Sweet 0& E 53 A
So'west Lt & Pow 58 A 1957
S'west Pow & Lt 65_2022
Staley Mfg Co 1st 6s...1942
Standard Invest 530-193
9
Is without warr_ __ _1937
1957
Stand Pow & Lt 6s
Stinnes(Hugo) Corp
7s 1946 without warrants
7s Oct 1 '38 without warr
1939
Bun 011 531e
Swift & Co bs Oct 15 1932
Tern' Hydro-Elec 634s '53
Texas Cities Gas 5s...1948
Texas Gas Util 6s_ .....1945
Texas Power & Lt 58 1956
Thermold Co (is w w 1934
(Vim. 130.
FINANCIAL CHRONICLE
3140
Jan
Apr
Jan 82
Apr
Jan 80
Apr
Jan 91
Apr 99% Apr
Mar
Feb 95
Feb 9434 Mar
Feb 1014 Mar
Mar
Jan 101
Feb 9931 Feb
Apr
Jan 75
Feb
Jan
Feb
Jan
Feb
Apr
Jan
Jan
Apr
Jun
Feb
Jan
Jan
Jan
Apr
Jan
10834
1034
1034
103
944
100
104%
105
97%
97
97%
10734
99%
9331
85
100%
Mar
Mar
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Mar
Apr
Mar
Apr
Apr
Apr
Mar
Mar
Feb 83
Apr
Jan 90
Jan 102% Mar
Jan 10131 Mar
Apr
Apr 86
Jan 86% Apr
AP1' 107% Apr
Mar
Jan 100
Jan 9814 Mar
Bonds (Concluded)
-
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High Week.
890
Tr! Utilities Corp deb 53'79 91
91
Ulan Co 6.s
1944 92
1945 99% s99
Union 011 53
964
Union Amer Inv bs_ _1948
1024
Un El Sr P 5e B. _1967
United El Service 78_1956
94
Without warrants
94
9134
United Indus Corp 649 '41
United Lt & Rys 648_1952 90% 90
(Wearies A
1952 102% 10134
100
United 011 Prod 8s _1931
United Steel Wks 6316 1947
91% 91
With warrants
974
US Radiator 55 A. _1938
U S Rubber
100
Serial 64% notes__1931
99
Serial 631% notes_ _1932 99
Serial 631% notes__1933 9831 974
98
Serial 64% notes_ _1934
96%
Serial 631% notes_ _1935
96
Serial 64% notes_ _1936
9531
Serial 631% notes_ _1937
95
Serial 631% notes_ _1938 95
95
Series 64% notes_ _1939
94
Serial 631% notes_ 1940
1933
100
Serial 6s w 1
Range Since Jan. I.
Low.
HISS.
Jan 100
Jan
9431
Apr 10031
Jan 98
Jan 102%
Mar
Mar
Mar
Apr
Apr
6,000 8914 Jan 9731
96
924 13,000 84
Jan 92%
9131 51.000 8331 Jan 9431
102% 17.000 1004 Jan 104
100
1,000 70
Feb 100
Apr
Apr
Mar
Mar
Apr
9231
9231
99%
9634
10234
181,000
104,000
95,000
1,000
14,000
91% 17,000
873-4 4,000
10034
100
100
100
100
964
98%
9634
9631
94
100
78
83
99
84
9931
87
8231
Jan
Jan
34,000 9631
11,000 954
30.000 94
15,000 931
4
15,000 94
6,000 93
8,000 92
9,000 9234
3,000 924
1,000 92%
1,000 100
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
May
93
88
101
100
100
100
100
96%
9831
9631
964
97%
100
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Apr
May
Apr
Apr
Apr
May
954 95% 1,000 9531 May 9531 May
Utah Power & Lt 431s 1944
Apr
Valspar Corp corn 6s_ _1940 984 9831 9831 13,000 9831 Mar 100
1,000 102% Jan 1034 Mar
1034 10334
Valvoline Oil 78
1937
3,000 75
Apr 81
76
Feb
75
Van Camp Pack'g 6s._1948
Apr 1004 Apr
100 100 388.000 100
Van Sweringen Corp 6s..'35 100
4,000 97% Jan 101% Apr
Virginia Elec Pow 58..1955 100% 100 100%
Mar
Virginian Ry 4348 B _ _1962 9834 964 984 139,000 96% Apr 100
Wabash Sty Sir ser D__1980 1004 10034 101% 224,000 100%
Waldorf-Astoria Corp
94% (0,000 86
18178 with warr____1954 94 , 94
99,000 9831
Wash Wat Pow 5s w 1_1900 1014 101% 102
Webster mina 6%s...1933 973-4 97% 9731 35,000 8534
9334 41,000 93
West Penn Elea deb bs.1930 934 93
West Texas Util 5s A.1957 924 9031 9234 33,000 8931
Western Newspaper Union
8,000 86
1944
873.4 88
Cony deb 6s
WesternUnionTeleg 531960 10331 1024 1034 324,000 100%
Foreign Government
and Municipalitiesagrieul Mtge Bk Rep of Col
5,000
85
78 J & J
1947 85
85
5,000
89
20
-year 7s_ _A & 0_1946 88
88
963i 15.000
96
Baden (Germany) 7s 1951 96
100% 100% 28,000
Buenos Aires(Prov) 731547 100%
78
98% 9931 9,000
1952
45,000
631s when issued_ __1961 95% 954 96
Cauca Valley (Dept) Rep of
82% 82% 9,000
Columbia, exti. s f 7s_'48
Cent Bk of German State &
33,000
8234 84
Prey Banks (le B___1951 84
84
3,000
84
1st Os series A
1952
98 118,000
98
Cuba (Rep.) 5413 w L1945 98
9,000
99% 100
Danish Cons Munk 5411'55
50
9631, 96% 22,000
1953 9634
Danzig P & Waterway Ba
84% 844 6,000
Extl e f 64s
1952
33,000
93% 94
Frankfort (City) 648.1953 94
65.000
German COW Mimic 78 '47 9731 9734 98
33.000
86% 88
113
1947
Hanover (City) 7s w 1 1939
Helsingfors (City, 6318 '60
Indus Mtge of Finland
1st m tee coil s f 7s...1944
Lima (City) Peru 631s 1958
Marauhao(State) 78..1958
Medellin (Colombia) 7s '51
Mendoza (Prov) Argentine
Ext1 74s sink fund g '51
Mortgage Bank of Bogota7s issue of 1927_ _ _ _1947
75 issue of 1927 new..1947
Mtge Bank of Chile 68_1931
68
1962
Mtge Bk of Denmark 55'72
Newfoundland 5s
1972
Parana(State)Brazil 731958
Prussia (Fee State) 63_1952
Ext164s(of'20)Sep 1551
Rio de Janeiro 6315_ __1959
Rumanian Mono Inst is'59
Russian Govt
6 31s ate
1919
531s
1921
534s certificates__ _1921
Saar Basin 75
1935
Saarbrueeken 73
1935
Sante Fe (City) Argentina
external 75
1946
Santiago (Chill) 70_...J949
Sydney (City of) New
South Wales 531s...1955
Mar 10234 Mar
Jun 10331 Jan
Jan 102
Apr
Jan 97% Apr
Apr 9334 Mar
Feb 93% Mar
Jan 9231 Mar
Feb 104% Mar
724 Jan 894
82
Mar 94%
91
Jan 964
9734 Jan 102
9i11 Jan 100%
954 Apr 96
68
Feb
Apr
76% Jan 84331
774 Jan 864
Feb 9831
98
974 Jan 1004
904 Jan 96%
Mar
Mar
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Mar
78%
89%
91
794
97
97
95
97% 13,000
9531 29,000
954 Jan
90
Apr
9834
984
80
80
84
9931 10,000
1,000
80
4,000
80
1.000
84
97
73
66
75
80
89
Mar
Jan
Apr
Apr
Apr
May
85%
0634
98%
91
98% Mar
96
Mar
Jan 1004 Mar
Feb
Jan 83
Apr
Jan 85
Mar
Jan 87
14,000
85
Jan
82
88134
99% 9934
88
90
9734 9731
824
8231
994
90
9731
2,000
12,000
74,000
46,000
12,000
71
654
96%
84%
95%
Jan 82%
Jan 8234
Jan 100
Jan 92
Jan 9831
Mar
Mar
Mar
Mar
Jan
100
764
8931
94
78
83
100
7731
904
96
79
844
1,000
19,000
50,000
81,000
11,000
17,000
97
Mar 100
65
Jan 82%
81% Jan 92%
FIR% Jan 97%
67
Jan 85
8031 Jae 86
Apr
Mar
Mar
Mar
Apr
Mar
434 5% 11,000
5,000
6
6
534 54 20,000
99% 6,000
99
1,000
100 100
4%
4%
44
93
98
Mar
7
Mar
8
Apr 97
Ian 101
Feb 101
Jan
Jan
Feb
Apr
Jan
92
93% 16,000
92
21,000
97% 98
86
sog
Jan 94
Jan 599
Mar
Mar
8931
894 90
894 Apr
8334
914 94
82
904
95
79
8434
49,000
944 Mar
90% Mar
• No par value. I Correction. m LLsted on the Stock Exchange this week, where
additional transactions will be found. n Sold under the rule. o Sold for cash.
a Option sales. I Ex-rights and bonus. te When Issued. z Ex-div. y Ex-rights.
Sales of Jonas & Naumberg pref. at 10, reported In this column in week of
April 12, was an error; should have been 16.
Sale of Nat. Steel warrants at 14 In Jan. 1930 were cancelled.
e "Under the rule" sales as follows:
Aluminum Co. of Amer. 53, 1952, Jan. 30, $1,000 at 10331.
Amer. Commonwealth 65, 1049, Jan. 22. $3,000 at 106@)107.
Arcturus Radio Tube, Feb. 6, 100 corn. at 1531.
Blaw-Knox Co., Jan. 2, 58 shares at 31.
Bureo Co., Jan. 26, 50 warrants at 434.
Central States Elec., Feb. 6, 3,300 shares 6% prof. at 70.
Donner Steel Feb. 27, 50 shares common at 33.
General Water Works Sr Elec. 68, 1944, Jan. 29. $1,000 at 964
Gerrard (S. A.) Co., Jan. 2, 105 shares corn. at 24.
Gorham Mfg. corn v. t c. April 23, 1 at 4331•
Houston Gulf Gas, Mar, 3, 2 shares at 19.
Lackawanna Securities, Jan. 27. 300 shares at 414.
Mohawk & Hudson Power, Fe 13. 75 shares 2d pref. at 112.
Nelsner Bros. Realty 6s. 194 Feb. 6, $11,000 at 934.
Rockland Light & Power tights, May 1 at 2.
Russian Govt. 64e, 1919 etfs. Feb. 20, 84,000 at 734.
Russian Govt. 531s, 1921 etre., Feb. 7. $6,000 at 7.
Singer Mfg., Feb. 18, 100 shs. at 8.
United Zinc Smelting, Feb. 5, 200 shares at 331•
y Cash sales as follows:
American Super Power Co. 1st pref. March 20, 100 at 101.
z "Optional" sale as follows:
American Aggregates deb. 133. 1943, Jan. 3, $1.000 at 8634.
Bellanea Aircraft corn vot trust ctfs. Mar. 4, 200 shares at 15.
Del. Ewa. Pow. 531s. 1959, Feb. 19, $1,000 at 9231.
Montreal Lt., Ht. dr Pow.(Jens., Feb. 10, 100 shares at 138.
Nevada-California Elec. $7 pref., April 28, 25 shares at 116
Sou. Calif. Gas be, 1937. Feb. 15. 81.000 at 9034.
MAY 3 1930.]
FINANCIAL CHRONICLE
3141
Quotations of Sundry Securities
All bond prices are
Public Utilities
and Interest" except where marked "1".
Railroad Equip.
(Cancld.)
Chain Store Stocks Par
Schiff Co corn
*31
Cum cony pref 7%---100 n80
Shaffer Store corn
2314
Silver (Isaac) St Bros com-t 40
7% cum cony prof..
..100 91
Southern Stores 6 units
U S Stores
First preferred 7%---100 57
Young(Edwin H)Drug units 100
Investment Trust Stocks
33
and Bonds (Cond.) Par 814. Ask.
93
General Trustee common__
2414
New units
55
6% bonds
95
Greenway Corp corn
45
Preferred without wart
7
Warrants
62
Guardian Investment
24
105
Preferred
24 "H
.
Guardian Investor.
Stlindard 011 Stocks
$6 unite
70
so
*18
Anglo-Amer 011 vol-stock
1812
$3 units
30
40
Nonvoting stock
LI *18
117 preferred
90
Atlantic Ref coin
8
25 *4112 115- Incorporated Equities
34
*23
Borne Scrymser Co
24
25
Incorporated Investors
5912 62
Buckeye Pipe Line Co
59
50 .),68
Industrial Collateral Assn..
Chesebrough Mfg Cons_25 •170 180
Industrial & Pow Sec Co
- 6634
Continental 011(Me) v t o 10 *15% 18
Inauranshares Ctfs Inc
16
1712
Continental 011 (Del)
*26
2612 Inter Germanic Trust
57
60
Creole Petroleum
(t) v612 6% Int See Corp of Am corn A._
59
63
4.68
Cumberland Pipe Line_100
63
Common B
28
32
Eureka Pipe Line Co_ _100 44
48
Allotment certificate..... 139
Galena 011 new common....
43
4 512
7% preferred
89
General Petroleum vri
*35
3612
614% preferred
93
Aeronautical Securities
Humble Oil & Ref!fling _ _ _25 *10212 107
6% Preferred
88
Illinois Pipe Line
Internet Share Corp Ins
100 306 313
AeronauticalInd without war 12
•26
Imperial OU
2612 Interstate Share Corp
Warrants
218 3% Indiana Pipe
Invest Co of Amer corn_
Line Co_---10 *37% 39
49
52
Air Investors common
63
7
International Petroleum..
211
. 7% Preferred
.9 *21
90 93
Airstocks Inc
National Transit Co__12.50 *19
1912 Invest Fund of NJ
Alexander Indus corn
73
4
t 212
2% New York Transit Co___100 17
207 Investment Trust of N Y.. 1188 123.
8
8% participating prof....
82
Northern Pipe Line Co__100 40
4212 Invest Trust Associates.... 30
35
American Airports Corp_
112 Ohio 011
8
Joint Investors class A
25 5723 73
40
Aviation Corp of Calif
10
13
Preferred
Convertible preferred.... 100 166"
100 10512 10612
Avistion Sec Co of N H....
9
12
Penn Met Fuel Co
25 2412 2512 Keystone by Corp class A.
Short Term Securities
Bellanca Aircraft Corp
1012 12
Prairie Oil& Gas
ClassB
25 *46% 4814
Central Airport
0412 612 Prairie Pipe Line
25 *53 I 5412 Leaders of Industry
Allis Chal Mfg bs May 1937 101 10158 Cessna Aircraft new corn...
114 1212
1
4
Solar Refining
Massachusetts Investors... 487 52
25 *2112 24
Alum Cool Amer 56 May '52 102 10212 Consolidated Aircraft
8
21
2414 Southern Pipe Line Co
Amer Red deb 434a May '47 0812 99
50 •19 I 19% MohawkInvest Corp
72% 75%
Consolidated Instrument-- t
4% 43 South Penn 011
4
25 *4014' 4112 Mutual Invest
1112
Am Roll Mill deb ba_Jan '48 9212 993 Curtiss Flying Service
10
4
10
12
Southwest Pa Pipe Line_50 *51 I 55
Nat Re-Inv Corp
Bell Tel of Can be A_Mar'55 101 1013 Curtiss Reid com
15
% 1614
4
n2
5
Standard 011 (California)--t *69% 703 North Amer ULU Sec
s
Bethlehem Steel
Curtiss-Robertson com
30
40
Standard Oil(Indiana).
..25 .54 I 54%
Preferred
See 5% notes_June 15 '30 100
Dayton Mud Engine
t
718 73 Standard Oil (Kansas) 25 *4212 43
4
North Amer Tr
Sec 5% notea_June 15 '31 10014
-I%
Detroit Aircraft
4
612 63 Standard 011 (Kentucky).10 *36141 3612 North & South Shares
Sec 5% notes June 15 '32 10018 ---- Fairchild Aviation clan A
Am B corn
2
5
92
4 9
Standard 011 (Nebraska)
49
.25 *48
Cud Pkg deb 634a_Oct 1937 98 9814 Federal Aviation
OilShares units
58 59
04
Standard 011 of N. J
8
Edison El III Boston
25 5763 7612 Old Colony Invest Tr corn_
13
Fokker Aircraft
15
21
Standard
25 53612 37
&5 88
414% bonds
Kinn& Aire) az Motor
4)4% notes_ _ _Nov 1930 100
7
8 1% Standard Oil of N Y
011 (Ohio)
Empire Gas & FuelOld Colony Tr Associates.. 4212 4412
25 *94 I 96
Lockheed Aircraft
03
6
Preferred
&
Overseas56
100 •119 1120
June 1930 09%
Maddux Air Lines corn
1948
_
12
Standard Oil Export pref... 1003 1013 Pacific Invest Corp com____
Fisk Rubber 514s_Jan 1931 60 62
4
4
National Aviation
1 1912 19% Swan& Finch
General Motors Accent
25 *9 1 10
Preferred
78
New Standard Aircraft....
15
Union Tank Car Co
34 I 3412 Power & Light Seca Trust.. 64 66
5% ser notes
Mar 1931 10018 100% North Amer Aviation
Vacuum Oil
5% ser notes._ _Mar 1932 100 10012 Sky Specialties
PublicUtility Holding
25 .9212 93
14
5% ser notes_.
.Mar 1932 99% 1003 Southern Air Transport....
Common with warrants..
5
s
10
Investment Trust Stocks
5% ser notes
Warrants
Mar 1934 98% 993 Swallow Airplane
4
212 412
and Bonds
5% ser notes
Research Inv Corp corn.... 42
Mar 1935 9812 9912 Warner Aircraft Engine.... 0512 712
5% ser notes_ _ _Mar 1936 8814 9914 Whittelsey Mfg
Units
82
1
3
Admstr & Research A
Gulf 011 Corp of Pa
1212 RoyaltleeDlanagement--- 10
712
Amer Capital Corp B
Debenture be._ _Dec 1937 10114 102
11
9
Seaboard Cont Corp units..
Water Bonds,
Amer Common Stocks Corp.
Debenture 5a.... _Feb 1947 103 1033
Common
4
Amer & Continental
Koppore Gas & Coke
Second Financial Invest
Ark Wat let be A '56.-A&O 93
Amer & For Sh Corp units..
Debenture be. June 1947 100 10014 BIrni WW let 534sA'54Adt0 10014 95
Second Internet See Corp.. 39 ii"
Common
Mat Pet 4340.Feb 15'30-35 96 100
'Common B
1st M 5a 1954 ser B-J&D 95
18
20
534% cone debs
Mar 011 5% notea J'n3 1530 99%
1938
4312
City W (Chat)534sA'54 JAI) 100
6% Preferred
Amer Founders Corp corn.. 2014
Serial 5% notes Joe 15'31 997 16632114 Second Nat Investors
8
JAI) 93
8 let M 56 1954
Conypreferred
Serial 5% notes J'ne 1532 9912 100
92
Select Trust shares
City of New Castle Water
6% Preferred
Miss Gas Co.5345 Jan 1946 10334 104
46
50
Shawmut Association corn
5s Dec 2 1941
20
J&D 90
2014
7% preferred
Pacific Mills 54s._Feb 1931 100
Clinton WW let 58'39..F&A 93
50
54
Shawmut Bank Inv Trust
3112 33
1-40ths
Peoples Gas L & Coke
43c 47c
Com'w'th Wet let 5 iriA'47 9912 101
4146
1942 82 87
I-7002
4348
28c 320
Dec 1930 99%
Con'llsv W 58 Oct2'39 A&O 00
Se
1952 85 90
Warrant.
Proc & (lamb 4%45 July '47 95
7
E St L & lot Vat 5s '42 J&J
66
0312 ovz Amer
1952
& General Sec 6% pref 4312
Swift & Co
1st M fis 1942
Southern Bond & Share
J&J 9912 101
CI888 A
5% notes____Oct 15 193 1003 10118 Huntington let 66 '54_M&S 102
29
33
Common A
4
Class B
56
Common B
1954 93
Amer Insurance Stock Corp_
Tobacco Stocks
1738 1878
Monm C,on W lst5s'56 JAI) 831 91
Pa
Preferred
Amer & Overseas pref
106 110
Monm Val W 5145 '50..1&11 96
Standard Collateral Trust.. 1414 1514
Amer Ry Tr Shares
American Cigar Pref... 100 80
Muncie WW 560ct239 A&O 93
StandardCorporation
95
Astor Financial
British-Amer Tobac ord.
Standard Investing Corp...
*27
A&O 011 9213 Atlantic
2812 St Joe Wet be 1941
Securities corn
Bearer
LI *27
2812 Sheuango Val W 56'56_A&O 88
534% pref with wart.... 79
90
Warrants
Imperial Tob of(3D & Irel'd *22
1
So Pitta Wat let 55 1960 J&J 93
Standard 011 Trust Shs _ _ _ 24
Preferred
Int Cigar Machinery _ _ _ 100 107 120
44
1st M be 1955
47
Standard Utilities
FAA 971 i9812 Bankers
Financial Trust _ _ _ _
Johnson Tin Foil & Met_100 .55
Terre H WW & '49 A.J&D 991
Trustee Stand Oil Shs A... 103
65
4
Bankers Investmt Am
Union Cigar
1,4
let M 5.1956 ser 13..F&D 92
14
11Class 13
107
8
Bankers Sec Tr of Am
Union Tobacco Co Class A Wichita Wat let 65'49_M&S 99
3
*2
Trustee TraesportatIon
95 164
8
1_ Bankinetocks Holding corn..
Young (J 5) Co corn _ _100 98 102
Corp_
let M 513 1956 ser B_F&A 94
United F1xed Shs ser Y
93 1014
4
Bankshares Corp of U S el A
Preferred
100 102
United Founders Corp corn
Bankstocka Corp of Md el A
Chain Store Stocks.
460
1-70ths
Indus. & Miscellaneous
Class B
Berland Stores units new... 080
United Trust Shares A 2
90
Preferred
Bohaek(H C) Inc corn...
11 9 Elea Pow Corp
.9 71
75
Aeolian Co prof
Basic Industry Shares-(t)
8% 9%
7% 1st preferred
612
Warrants
100 101 103
Aeolian Weber P & P__ _100 35
British Type Investors
Butler (James) common__
16
19% U S Shares claas A
8
13
1318
6
American Hardware
Cent Nat Corp A
Preferred
25 *60
39
44
62
Class A 1
100 20 40
1212
Babcock & Wilcox
Class B
100 *127 131
Diamond Shoe common__
17
22
Class A 2
113 12 8
8
5
35
37
B11158 (E W) Co
Colonial Investor Shame.. 2612 2712
Preferred with warr
2214 25
Class C 1
28%
96 100
Preferred
Comnronwealth Share Corp_
50 50
Edison Bros Stores corn.... 12
Class C 2
29%
15
Child. Corp pref
Continental Shares corn
100 109
Preferred
Class C
2318 25
n90 95
.
5
Dixon (Joe) Crucible-..l00 170 114
Cony pref
Fan Farmer Candy Sh Pf-1 *31
16" 16- Class D 3
165
8
34
Safety Car lit & Ltg___ _100 135 175
Continental Securities Corp_
Feltman & Currne Shoe
58 52
145
Class F
177 19%
Binger Manufacturing. I00 520
Preferred
Stores A 7% Pre'
72
75
540
100
Class H
113 13%
50
Singer Mfg Ltd
Corporate Cal) Corp units_
L1
1914 2114 U S & Brit Internet class B. 13
*514 6% Fishman (H M) Stores corn
16
17
20
Deferred stock
Preferred
(9)
Class A
95 103
29
Railroad Equipments
Credit Alliance A
MI & Pee Tea pref-100 116 119
(It
421
Preferred
Corporate Trust Shama- _Floworth-Snyder Co A
918 9% U S Elec Light & Power
42 44
13
Atlantic Coast Line 6a
Crum 4c Forster Insur7.00 4.80 Knox Hat
U 8 Overseas Corp com
80
Equipment 6346
ance shares corn
77
4.00 4.60 Kobacker Stores corn
81
16 35
Baltimore & Ohio 136
7% preferred
Cum pref 7%
103 105
._100 n90 95
Sugar Stocks
Equipment 414s & be..... 5.00 4.80
Depos B'kshares ser N Y.. 1312 1414 Fajardo
pref
Kress (S H)
Sugar
9
10
63
100 61
Buff Roth & Pitts equip Cs- 4.65 4.50 Lane Bryant 6% 7% p w w.
Series B-1
Inc
1112 123 Godchaux Sugars Inc
5.00 4.80
4
100 105
27
t *25
Canadian Pacific 4355 & 68Diversified Trustee Sirs A-2514 ---4.85 4.50 Lerner Stores 634% Pf w w. 94
Preferred
98
100 89 92
Central RR of N J 68
Shares B
Lord & Taylor
207 215. Elaytian Corp Amer
8
4,6
5.00 4.80
100 n325 400
8
Chesapeake & Ohio 6s
Series C
First preferred 6% _ -100 n95
9
912 Holly Sugar Corp com----1 *25
5.00 4.80
30
EqUipment6qs
Domestic de Overseas
Second preferred 8% _100 0100
3
5
4.90 4.60;
Preferred
100 74
79
Equipment be
Eastern Bankers Corp corn......... National Sugar
Macklarr Stores 7%
4.70
Ref....100 33
97 100
3312
Chicago & North West 66._ 5.00 4.50, Melville Shoe Corp pf w
Unite
4.80
New Niquero Sugar16
100 12
Equipment(1 14a
Equit Investing Corp units_ 2412
1st pref 6% with
4.85 4.65,
Savannah Sugar corn
*83 87
94
Chic RI & Pao 4346 & be... 4.65 4.50, Metropolitan Chainwarr-100 00
Equity Invest Corp corn.-- 33 15
Stores
Preferred
100 9212 9812
Equipment 68
Units
76
New preferred
80
5,00 4.80
Sugar Estates Oriente Pf-100
100
14
9
85
Colorado & Southern N..
Federated Capital Corp
23
26
5.40 5.00 Miller (1) & Sons corn_
Vertlentee Sugar pref..-100 35
45
28
Delaware & Hudson be
New units
-_-- -Preferred 634%
5.00 4.80
100 80
87
Erie 4548 & 5s
First Bolding & Trad
Rubber Stocks (Cleveland)
4.00 4.65 Mock Judson & Voeringer pt 090 94
Equipment 66
Fixed Trust Shares cl A_ _ t) 2114,
(
5612 7
5.20 4.90 MurPhY (0 C) Co com.....1 *60
Aetna Rubber corn
70
Great Northern es
Class B
(1) 1812
8% cum pref
Falls Rubber corn
5.00 4.80
•
100 102 106
5
Equipment 56
Foundation See corn
Nat Family Stores Inc war, n1
4.65 4.50
Preferred
912
25
4
Hocking Valley &
Preferred
4.65 4.50 Nat Shirt Shops corn
Faultless Rubber
.36
37
•14
17
Equipment &
Founders See Tr pref
Clen'i Tire & Rub oom_-_25 *147 148
Preferred 8%
5.00 4.80
100 9.3
97
Illinois Central 41.4s & be
Founders Shame
4,65 4.50 Nedick's Inc corn
Preferred
•8
100 .86
90
1
012 General Equities A
Equipment 68
16Gondy'r T & Rot Can pf.100 107 107121
E5.10 4.80 Noisier Bros Inc Pref 7%100 115 125
Equipment Ts & 6345
Gen Pub Serv 6% pref
92 14' India Tire & Rubber
4.70 4.60 Newberry (J) Co 7% pf 100 98 103
*2214 24
Kanawha & Michigan Os... 6.20 4 60 N Y Merchandise corn.....t
.
Miller Rubber pref
45
100
•19
22
Kansas City Southern 532s. 5.50, 5.00
Mohawk Rubber
First preferred 7%._ Ion 90
12
100 10
Louisville & Nashville be.. 5.00: 4.80 pima-Wiggly Corp
Preferred
55
100 45
10
Equipment 6545
&Merlins Tire & Rubber-1 .612
Preferred 8%
4.70 4.55
100 85 _
Michigan Central &
Preferred
4.60 4.40 Reeves (Danlel)preferred100 94
100 30
98
Equipment 6e1
4.701 4.50 Rogers Peet Co cow _100 120 135
Par BM. Ask
Amer Public UM com___100 76
7% prior preferred_ __ _100 9212 6EPanic preferred
100 90
94
Appalachian El Pr pref 100 109 110
Associated Gas & Elece9512 97
55 Preferred
Cleve Elec III corn
It) 88 92
6% preferred
100 111 113
Col El & Pow 7% pf.......100 110 112
Eastern UM Assoc corn__ t *3812 3912
Convertible stock
*1412 1512
Gen Public Util $7 pref
t *91
93
Mississippi Ely Pow pf __100 10712
First mtge 56 1951_ _ _J&J 1013
4
Deb 58 1947
MAN 961
National Pow & Lt $7 pref-1 •1091 1163
4
$6 Preferred
•102 103
North States Pow 7% prat 1061 110
Ohio Pub Sere 7% pref.100 107 109
0% Preferred
97
98
Pacific Gas& El 1st pref._25 *271 273
4
Puget Sound Pr & Lt $6 pf_t *99 101
$5 Preferred
*88
90
let & ref 53411 1949__J&D 101 102
Bay El & Pow 6% pf_--100 90 93
Sierra Pac El Co 6% pf_100 2911 0312
Stand Gas & El $7 Pr Df-100 109 110
Tenn Elec Pow 1st pre( 7%. 10912 11012
6% Preferred
100 10212 10312
Toledo Edison 5% pref.... 9112 9312
6% Preferred
10412 106
7% Preferred
100 109 11012
Utilities Pow 4E L 7% ef _100 981 993
4
4
Minn St P & SS M 4346 & be
Equipment 6346 & Ts__
Missouri Pacific 6146
Equipment be
Mobile & Ohio 56
New York Central 4345 &
Equipment Oa
Equipment 7.
Norfolk & Western 434*.
Northern Pacific 7.
Pacific Fruit Express 7.....
Pennsylvania RR equip ba
Plash & Lake Erie 6346-Reading Co 414s & be
St Louis & San Francisco 58
Seaboard Air Line 53411 & 08
Southern Pacific Co 454....
EquipmentIs
Southern Ry 4345 & 56
Equipment as
Toledo & Ohio Central be...
Union Pacific 75
Bid I *5
5.20 4.86
5.50 5.00
6.15 4.55
5.05 4.85
4.75 4.50
4.65 4.50
5.10 4.80
4.75 4.60
4.63 4.45
6.701 4.70
4.80' 4.60
4.601 4.43
4.85, 4.60
4.60 4.45
4.70 4.50
5.25 5.70
4.60 4.50
4.80 4.60
4.65 4.50
5.00 4.80
5.00 4.90
4.80 4.60
I
yoi;
we-
-65e-
Per snare
•
t Nu oar value.
0 138.418.
J Parch. also pays awe.div-
k Last sale.
a Notnia.
s 9t-diy
r Canadian quotation,
a dale Prang a
3142
ilroad Antelligence
iiintestutent and
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
NameCanadian National
Canadian Pacific
Georgia & Florida
Minneapolis Rs St LouisMobte & Ohio
Southern
St Louis Southwestern
Western Maryland
3d
3d
2d
3d
3d
3d
3d
3d
Previous Inc. (-I-) or
Dec.(-).
Year.
t
8
5,226,902 -1,014,383
3,942,000 -839.000
-700
31,200
-31,656
294,556
362,528
-37,643
4,162,599 -347.787
502,864
-58,864
+11.745
322,540
Current
Year.
Period
Cwered.
wk of Apr
wk of Apr
wk of Apr
wk of Apr
wk of Apr
wk of Apr
wk of Apr
wk of Apr
4.212,539
3.103,000
30,500
262,900
324,885
3,374,812
444,200
344,285
'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 thu Class I roads in the country.
Length of Road.
Gross Earnings.
Month
1929.
February
March
Aprl.
May
June
July
August
September
October
November
December
January
February
Inc.(+)
Dec.(-).
1928.
474,780.516
5.6,134,027
513,078,026
538,723,030
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
427,231.381
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
531,122,999
495,950,821
1920.
488.628.286
475,265,483
1929.
+18,292,585
+10.884.477
+38.291,124
+26.120,817
+28,577,315
+43,884,198
+27,835,272
+9.812,986
-9890014
32.806.074
27,787.999
-36,102,247
-48.034.122
Na gar/0nm
1928.
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
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
inc.(+)or Dec.(-)•
Month.
Per Cent.
1929.
February
March
April
May
June
July
August
September
October
November
December
January
February
1928.
Amount.
i
126.368.848
139,639,086
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
8
108.987.455
132,122.686
110,884.575
129,817.791
127,514.775
137.625.367
174,198,544
178.800,939
218.519.313
157.192.289
138,501.238
1029.
117.764.570
125,577,886
$
+17.381,398
+7,518.400
+25.937.085
+17,754.091
+22.659.557
+30,793.381
+16.758.860
+2.612.246
-12.183,372
-30.028,982
-32.186,071
+15.95
+5.68
+23.39
+1209
+17.77
+22.37
+9.62
+1.46
-5.63
-19.11
-23.12
-23,005.176
-28.128.987
-19.55
-22.40
---The table
Net Earnings Monthly to Latest Dates.
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 Railway-. -Nei after Posey
1929.
1930.
1929.
11930.
1929.
1930.
$
$
Akron Canton ec Youngstown
131,911
83,022
150,932
101,417
331,631
274,301)
March
362,967
195,945
423,627
251,117
945,868
744,997
From Jan 1_
Ann Arbor
146.528
75,957
103,116
174,240
436,386
576,105
March
351,308
197,159
434,028
278,682
Ernni Jan 1. 1,263,799 1,565,344
Atoll Topeka & Santa Fe
14,761,093 17,173,240 2,262.041 5,134,342 1,243,668 3,710,941
March
From Jan 1_43,588,938 49,216,248 9,178,538 14,830,718 5,774,212 10,538,743
Gulf Col & Santa lee
294,835
24.983
387,314 71,771
2.033.472 2,171,257
March
228.867 1,350,492 -57,914 1,083,289
From Jan L. 5,888,440 6,604,212
Panhandle & Santa Fe
214,354
248,674 -154,633
1,234,735 1,306,492 -102,707
March
973,853
234,535
From Jan 1_ 3,689,208 3,907,498 1,392,142 1,146,492
Atlanta Dim dr Coast
4,695 -29,726 -12,317
406,245 -14,885
372,812
March
From Jan E 1.048,248 1,115,573 -82,048 -15,192 -127,444 -65.799
Atlanta & West Point
12,087
28.162
25,624
41,226
221.645
240,900
March
74,493
83,199
117,577
125,223
701,634
From Jan E 641,190
Atlantic City
224,670 -76,740 -52,206 -118.740 -92,596
200,947
March
616,765 -199,022 -182,232 -319.022 -303,146
589,927
From Jan 1_
Atlant.Coast Line-7,504,235 8.364.996 2,748,929
March
From Jan 1_20.188,818 22.246,288 6,481,260
Baltimore & Ohio
17,805,405 20.253,323 3,874,223
March
From Jan L51,231,181 58,870.869 10,247,370
Bangor& Aroostook
511.493
840,480
1,024.284
March
From Jan E 2,849,394 2,399,762 1,340.353
Belt Ry of Chicago
152.581
703.042
584,459
March
493.631
From Jan 1_ 1.777,103 2,017,218
Bessemer & Lake Erie
858,514 -109.479
637.030
March
From Jan 1_ 1,910,034 2,228.677 -182,829
3,415,510 2.048,533 2,714,951
8,319,852 4,753,142 6,415,249
5,324,592 2,970,544 4,299,812
12.868,193 7,334,867 9,788,653
427,953
397,603
1,079.291 1.116,968
328,868
882.438
98,531
327,040
148,450
390.722
155,591 -134,429
201.046 -264,886
131,296
128.060
198,967
541,554
Bingham & Garfield
10,544
-8,856
19,150
-3,810
443.658
35,294
March
30.502
-691
56,438
19,040
138,842
103,289
From Jan 1_
Boston & Maine
1.291.078
5,853,282 8,256,759 1,432,520 1,607,128 1.168.030 3,861,881
March
4,582,820 3,467.168
From Jan L17.432,804 18,158,722 4,246.196
Brooklyn E D Terminal
41.075
40.192
49,497
46,752
125,492
118,392
March
127,060
122,514
152,325
143,607
352,882
344,389
From Jan 1_
Buff Rochester & Pitts
227.999
154,237
258,058
194,237
1,283.794 1,435,193
March
676.726
468.189
806,960
588,252
Jan E 3,930,428 4,217,285
From
41,812
Buffalo & Susquehanna
18,548
24,819
8,758
155,971
147,382
95.753
March
26,531
82,960
20,898
485.350
From Jan 1. 430,705
Canadian National Rys-2,038
All & St Lawrence
11,032
18,425
25,312
202,907
201,260
March
-157 -54,814
-4,791
43,303
560,461
591,812
From Jan 1_
108,207
Canadian Pacific Lines in Maine
78,043
122,707
90,543
407.712
336,797
264,164
March
177,832
307.664
221.132
864,709 1,155.755
1_
From Jan
Canadian Pacific Linea in Vermont
14,762
18,782 -12,704
-4,684
181,956
153,436
March
21,241
33,561 -18,630
-4.686
498,166
From Jan 1- 446,186
-Grossfrom Railway- -Net from Railway- -Na after Taxes
1929.
1929.
1930.
1930.
1929.
1930.
$
Central of Georgia547,951
423,028
702,367
573,301
March
2,176,522 2,355,029
From Jan 1_ 5,902,714 6,174,077 1,394,036 1,490,968 1,001,281 1,103,648
Charles & West Carolina
81,514
103,018
30.992
48,492
March
327,792
282,822
122,146
40,351
96,861
From Jan 1_
188.850
822,586
713,272
Chicago & Alton
532,370
284,198
638,296
397,881
March
2,089,544 2,451,518
742,425 1,344,407
From Jan 1_ 6,121,915 7,011,584 1,083,386 1,681,272
Chicago Burl & Quincy
March
11,341,101 12,954,737 3,764,534 4,898,218 2,809,245 3,752,318
From Jan 1_34,016,864 38,660.122 11,179,704 14.529,313 8,256,584 10,934.501
Chicago & East Illinois
315,206
116,798
436,155
237,744
1,747,011 2,065,061
March
932,363
277,870
640,048 1,295,291
From Jan E 5,327,400 6,218,267
Chicago Great Western
392,037
402,308
470,288
488,408
March
1,849,069 2,112,441
787,194
From Jan 1_ 5,416,683 5,881,030 1,268,414 1,037,441 1,008,099
Chicago dv Illinois Midland
46,641
57,828
54,576
68,163
242,833
266,728
March
160,008
110,494
183,813
135,499
753,979
760,834
From Jan 1_
Chicago Ind & Louisville
350,572
214,535
440.274
296,469
1.322,467 1,556,908
March
823,889
630,381
866,871 1,000,341
From Jan 1_ 3,877.861 4,348,002
-Pao
Chicago Milw St Paul
11,591,135.13,722,122 2,043,350 3,511,492 1.248,078 2,720,834
March
From Jan 1_34,053,809 38,707,485 8.202,527 9.079,845 3.813,968 6,655,097
Chicago & North Western
989,927 1,472,441
10,224,550 11,622,611 1,765,626 2,249,012
March
From Jan 1_30,593,789 33,421,516 5,286,929 6,077,777 2,954,408 3,748,257
Chicago River & Indiana
229.265
173,115
289,940
213,513
598,152
535,433
March
623,719
524.778
750,778
648,007
From Jan 1_ 1,600,854 1,735,160
Chicago R I & Pacific
March
10,141.118 11,400,173 2,648,655 2,652,034 2.109.233 1,976,250
From Jan 1_29,298,510 33,101,889 5.734,095 7,447,424 4,102,332 5,319,998
Chicago R I & Gulf
227,438
174,851
245,882
189,418
818,730
March
570,112
659,698
400.740
731,993
453,072
From Jan 1_ 1,824,412 1,795,282
Chicago St Paul Minn & 0
2.019.099 2,095,561
March
From Jan E 8,140,639 0.136,557
Clinchfield598,084
March
562,427
From Jan E 1,643,966 1,800,870
380,554
1,095,664
364,934
832,960
250,753
765,088
256,400
501,974
184,048
582.760
217,787
707,427
124,003
372,685
142,777
482,346
Colorado & Southern142,580
113,024
211,078
183,077
906,248
Maidh
868,883
529,485
477,046
746,929
687,110
From Jan 1_ 2,703,653 2,846,918
Ft Worth & Denver City
220.354
153,909
267,497
196.393
March
890,688
792,171
810.388
440,131
984,871
567,342
From Jan 1_ 2,416,831 2,805.299
Trinity & Brazos Valley
-5.344
2,423 -124,800
152.443 -116,689
March
134,166
23,567
47,041 -261,936
552,213 -237.793
From Jan 1_ 459,544
Wichita Valley
41,193
8,256
48,046
15,414
119,859
March
77,378
150,879
27,281
174.991
48,686
387,823
From Jan 1_
226,488
Columbus & Greens
16,275
16.508
19.075
21,543
146,385
March
138.149
62,472
73,418
72,779
91,235
454,878
From Jan 1_
444,157
Delaware & Hudson
332,762
211,896
421.762
334,753
March
2,924,086 3,154,000
From Jan E 9,466,883 9.547.789 1,473,742 1,472,925 1,104,685 1,205,468
Delaware Lack & Western
810,586
590,772
March
5,588,146 6,142,455 1,032,613 1,297.585
From Jan L17,118,108 19,304,318 3,392,561 4,910,779 2,010,454 3.317,501
Denver & Rio Grande
534,851
464,540
719,903
640.180
March
2.229,148 2,548,712
Dom Jan I_ 7,064,467 7,741.023 1,792,123 2,196,338 1,241,238 1,661,178
Denver & Salt Lake
43,378
53.397 -18,953
-4,953
217,195
March
145,875
472,077
310.685
502,096
352,693
From Jan 1_ 837,856 1.027.768
Detroit dr Mackinac
20,713
-1.557
31,148
7,950
126,907
March
82,663
-5,927
25,474 -37,271
-8,750
314,142
From Jan 1_
228,989
Detroit Terminal
82,703
17.560
108,105
32,085
274,898
March
131,965
217,648
59,063
284,280
104,495
740,980
From Jan 1_ 409,915
Detroit Toledo & Ironton
628,488
551.310
718.084
818,657
March
1,184,315 1,348,341
From Jan 1_ 3,259,764 3,875,131 1,613,329 2,025,876 1,411,560 1,765,880
Detroit & Tol Shore Line
313,749
148,747
355,947
193,746
559,130
March
354,851
814,712
586,409
699,844
933,101
From Jan 1_ 1,222,948 1,530,790
Duluth Missabe 6c Northern
198,209 -563.833 -511,390 -671,137 -630,021
March
189,194
579,338 -1,620,287 -1,496,285 -1,956,790 -1,852,154
From Jan E 567,868
Duluth So Shore & Atlantic
76,350
108,351
27,188
58,504
445,045
March
336,684
129,689
68,114
161,451
225,871
From Jan 1_ 1,021,237 1,214,479
Duluth Winnipeg & Pacific
61,637
71.831
15,413
24,701
203,889
March
184,756
147.073
78,877
49,653
178,332
628,044
From Jan 1_
583,813
Elgin Joliet & Eastern
836,287
648,330
967,721
518,653
March
2,123,621 2,385.966
From Jan 1_ 8,040,968 6,435,448 1,748,924 2,218,598 1,381,997 1,848,860
Erie 11.11
March
7,855,668
From Jan 1_23,720,002
Chicago & Erie
March
1,202,227
From Jan E 3,508,935
N.16zNYRRMarch
115,358
From Jan 1_
349,348
Florida East Coast
March
1,707.107
From Jan 1_ 4,727,938
847,732 1,572.898
9,396,012 1,246,690 2.054,991
26.984,192 4,071.933 5,832,072 2,873,858 4,538,658
689.750
1,586,548
1,422,804
3,853,590
499,305
1,482,438
123,555
363,589
10,318
25.829
4,249
27,127
5,983
12.783
141
14,803
2,033.768
5,240,388
792,184
2,101,228
1,098.982
2,573,443
658.529
1,700,424
958,128
2,143,733
725.855
441,067
1,754,887 1,287,855
Ft Smith & Western
17,422
12,741
12,698
119,877
March
110,484
65,169
68,666
50,988
391,853
From Jan 1_
372,663
Galveston Wharf
21.878
69,836
-3,322
178,533
March
110,836
97,893
248,345
22,893
573,478
From Jan 1_
379,879
Georgia RR
68.823
88.724
60.224
459.942
426,775
March
142,449
114,684
187,682
From Jan 1- 1,172,484 1.288,692
Georgia & Florida
31,442
23,194
32,957
185,079
158,480
March
23,875
34,838
-5,276
390,294
From Jan L. 381,864
Grand Trunk Western
576,587 1,343,185
448,376
March
12,551,136 3.578,802
From Jan 1_ 7.276,178 9,526,115 1,557,819 3,274,516 1,167,608
Great Northern System
580.354
7,481.180 10,077,074 1,297.833 3,568,307
March
821,269
From Jan L20,422,838 24,904,971 2,809.764 5,783,551
Green Bay & Western
36,805
38,851
46,851
152.058
150,409
March
78,335
90,804
114,804
435,777
From Jan 1- 425,939
8,021
52,484
52,836
197,345
77,118
161,254 .
21,735
5,694
1,217.974
2,899,255
2,869,985
3,734,273
28,801
34,187
MAY 3 1930.]
FINANCIAL CHRONICLE
3143
-Grossfrom Railway- -Net from Railway- -Net after Taxes
-Grossfrom Railway- -Net from Railway -Net after Trues
1930.
1929.
1929.
1930.
1930.
1929.
1930.
1929.
1930.
1929:
1930.
1929.
3
5
5
5
$
$
$
Gulf Mobile & Northern
Northwestern Pacific
March
565,756
650,181
151,682
195,362
115,805
150.875
March
406,807
454,360 --33,722
13,142 --70,127 --25,094
From Jan 1- 1,553,911 1,775,584
483,286
288,327
195,527
362,311
From Jan 1_ 1,146,667 1,221,443 --135.580 --89,531 --244,871 -204,265Gulf & Ship Island
Pennsylvania System
March
338,686
329,616
100,906
70,617
38,924
68.721
Pennsylvania Co
• From Jan 1_
832,209
160,558
183,424
838.647
87,009
134.689
March
48,622.382 55,392,596 11,112,540 15.090,940 8,116,678
Illinois Central System
From Jan 1_142061595 156740,033 30,160,148 38,989,491 22,768.020 11,938,447
31,231,726
March
13,871,936 15,229,610 3,238,742 3,661,972 2,243,541 2,586,281
Long Island•
From Jan 1_40,359,211 45,209,122 8,599,378 10,975,744 5,725,242 7,721,463
March
2,958,720 3,043,395
626.638
730,058
501,962
616.970
Illinois Central Co
From Jan 1_ 8,654,907 8,706,257 1,797.217 2,024,906 1.468,321 1,713,941
March
11,632,082 13,150,945 2,665,553 3,350,996 1,838.493 2,446,749
Monongahela
From Jan 1_33,917,372 38,965,017 6,995,187 9,908,058 4,631,943 7,167,434
March
505,985
631,590
201,102
307,123
233,151
187,771
Yazoo & Miss Valley
From Jan L 1,595,596 1,907,192
667.865
911.746
619,718
835,777
March
2,222,279 2,061,319
308.699
569,017
401,709
138,171
West Jersey & SeushoreFrom Jan 1_ 6,391,943 6,196,610 1,589,063 1,060,993 1,085,015
550,084
March
120,102
757,778
650,334
201,163
82.250
161,338
Illinois Terminal Co
From Jan 1_ 1,903,066 2.110,885
345,940
446,584
292,215
390,640
March
•
574,969
601,931
192,244
174,883
150,883
170,981 Peoria & Pekin Union
From Jan 1_ 1,681,572 1,783,562
502,518
480,036
408,036
438,603
March
152,915
150,574
38,303
43,009
21,303
26,069
International Great North
From Jan 1_
437,298
462,700
102,576
136,663
51,247
85,863
March
1,308,383 1,577,591
167,560
307,612
123,529
264,291 Pere Marquette
From Jan 1_ 3,829,520 4,557,959
430,212
810,075
299,904
681,307
March
3,310,506 3,958,798
690,830 1,430,480
620,900 1,169,641
Kansas City Southern
From Jan 1_ 9,587,602 10,858,663 1,762.973 3,488,452 1.415,127 2,797,584
March
1,470,945 1,513,425
482,110
458,287
368,326
340,757 Pittsburgh & SliawmutFrom Jan 1_ 4,187,673 4,471,783 1,292,163 1,339,048
950,872
986,109
March
111,829
153,200
29,745
40.267
28,412
38,925
Texarkana & Ft Smith
From Jan 1_
481,119
328,386
79,811
142,269
7.3,914
138,202
March
208,295
272,222
52,382
153,668
38,715
128,362 Pitts
Shawmut & North
From Jan 1_
592,207
208,096
772,926
402,840
161,007
343,855
March
152,584
141,931
38,129
37,049
35,324
34,054
Kansas Okla & Gulf
From Jan 1_
428,773
463,203
114,703
127,561
106,192
118,738
March
252,630
116,440
137,967
297,752
95,620
117,908
Pittsburgh & West VaFrom Jan 1_
802,508
408,284
394,042
891,780
331,336
347.746
March
429,755
278,975
67,461
192,740
40.790
189,606
Lake Superior & Ishpeming
From Jan 1_
900,285 1,291,682
280,330
200,265
621,008
456,649
March
61,199
77,164 -28,842 -11,986 -41,893 -24,956
From Jan 1_
187,645
225,330 -82,589 -55,047 -121,374 -93,956 Quincy Omaha & K C
March
57,156
55,589
6,875
-3,922
1,986
-8,779
Lehigh & Hudson River
From Jan 1_
163,793
151,068
2,994
-3,843 -11,083 -18,413
March
181,694
43,942
213,773
50,195
32,710
37.645 Reading
Co
From Jan 1_
552,892
163,573
115,301
626,192
81,946
124,642
March
7,431,557 4,827,494 1,174,902 1,591,742
887,143 1.242,223
Lehigh & New England
From Jan 1_22,456,070 23,540,090 3.668.226 5,101,739 2,807,302 3,977,602
March
390,358
24,824
320,415
61,176
51,668
19,890
From Jan 1_ 1,098,298 1,050,008
157,922
201,341
170,505
131,239 Richm'd Fred'Vb'g & Pot
March
1,169,279 1,250,395
478.516
365,849
306,575
401,907
Los Angeles & Salt Lake
From Jan 1_ 3,152,899 3,293,576
964,385 1,219.771
798.101 1,013,805
March
1,933,178 2,337,303
661,000
415,206
247,433
519,577
Rutland
From Jan 1_ 5,778.844 6.538,629 1,302,214 1,726,687
791,395 1,303,991
March
454,330
499,544
53,727
72,937
48,350
33.171
Louisiana & Arkansas
From Jan 1_ 1,296,504 1,399,687
115,962
175,978
59,855
107,399
March
244,878
259,645
717,046
679,948
213,493
190,636
From Jan 1_ 1,857,061 1,862,726
554,858
570,997
434,837
391.512 St Louis-San Francisco
March
6,275,748 6,740,385 1,731,835 1,849,763 1,334,678 1,439,020
La Ry & Nay Co of T
From Jan L18,254,553 19,197,413 4,884,039 5,275,459 3,943,727 4,101;503 '
Mai oh
87,535
2,607 -24,025
80,373
-1,412 -28.628
From Jan 1_
249,427
St Louis-San Fran of Texas
249,558 -18,323 -22,645
-30,369 *-37,289
March
127,605
Louisville & Nashville
144,495
18.375
24,361
19,350
21,263
From Jan!. 382.440
March
77,089
442,850
86,191
50,652
60.053
9,486,524 11,002,940
938,806 1,732,124
501.804 1,177,802
From Jan L30,020,300 33,122,041 4,507,414 6,353,939 2,935,435 4,541,385
Ft Worth & Rio Grande
March
Maine Central
63,758
23.868
5,196
19,405
92,784
929
From Jan 1_
March
207,198
5,892
233,081 -38,909
1,716,979 1,592.750
18,727 -52,533
360,926
368,118
460,997
274,567
From Jan 1_ 5,049,278 4,630,245 1,329,695 1,037,534 1,041,789
787,919 St Louis Southwestern
Midland Valley
March
2,181,045 2,235,159
532,144
479,683
358.700
650,979
March
From Jan 1,.. 5,814,723 6,394,269 1,167,2138 1,270,556
247,330
971,821
907,870
253,463
98.849
100,713
85.977
81,021
From Jan 1_
714,595
852.492
284,293. 361,774
240,879
312,363 San Diego & Arizona
Minneapolis dc St Louts
March
101,970
126,601
41,902
25,312
36,014
19,945
March
From Jan L 311,985
959,860 1,190,408
110,551 '
356,309
69,660
85,779
92.891,
195,342 --19.727
39,206
135.230
From Jan 1, 2,904,130 3,438,630
485,767 --48,897
135,391
299,592 San Ant Uvalde & Gulf
Minn St P & S S M
March
195,459
219,560
84,527
92.001
87,834
79,907
March
From Jan 1_ 471,723
2,968,434 3,499,555
534,879
644,354
138,700
184,948
152,866
328,395
152,490
100,617
405,576
From Jan 1_ 8,653,089 9,828,059
760,600 1,381,519
94,963
696,826 Seaboard Air Line
Mississippi Central
March
5,117.152 5,892,050 1,242,018 1,803,424
889,915 1.449,137
March
From Jan L14,777,791 16,403,599 3,773,624 4,635,228 2.743,894 3,607,855
140,967
144,137
43,881
43,127
33,219
33,297
Sou Pao Co
From Jan 1_
372,050
114.083
404,883
81,193
58,823
84.962
March
10,208,644 18,500,636 4,131,410 5,613,369 2,798.571 4,183,254 •
:110-Kansa6-TaxesFrom Jan L45,957,952 51,659.964 10,983.925 14,458,635 7,098,847 10,217,874
March
3,765.871 4,595,731 1,049,930 1.480,371
807,832 1,191.455
Tex & New Orleans
From Jan L10,834,531 13,334.133 2,687,244 4.050,340 2,033,122 3,225,672
March
5,361,517 6,495,455 1,069,628 1,815,212
751,974 1,438.871
Missouri & North Arkansas
From Jan 1_15,697,747 17,929,670 2,904.941 4,106,580 1,980,910 3,092,280"
March
162,647
10,655
40,051
159,659
37,601
8,142 Sou Pac S SLines
From Jan L. 435,975
440,140
29,784
79,599
72,268
22,269
March
692,091
943,061 -56,238
47,704
49,549 -57,776
Missouri Illinois
From Jan L 2,033.723 2,667,724 -207,219
39,039 -211,448
34,168
March
162,186
55,015
55,048
184,232
45,248
43,310
Southern Ry Co
From Jan L 448,264
119.681
146,769
499,586
95,281
114.373
March
10,704,797 12,082,582 2,328,586 3,123,113 1,538,051 2,359,155
Missouri Pacific
From Jan 1_31,211,204 34,543,763 6,468.508 8,923,937 4,167,165 6,655,105'
March
10,503,430 11,442,571 2,546,541 2,802,695 2,053,641 2,308,141
Ala Great Southern
From Jan L30,549,743 32,767,675 7,624.882 8,118,679 6,212,286 6,677,281
March
893,880
770,615
212.978
239,032
156,682
299,426
From Jan 1_ 2,152,140 2,461,997
Mobile dc Ohio
426,301
4139,702
276,477
675,275
CM NO &T P
March
1,354,624 1,474,769
333,281
355,510
247.724
275,615
March
1,728.280 1.748,460
From Jan 1_ 3,682,308 4,133,486
481,946 -678,645
380,397 -677.419
845,814
682.095
423,610
583,172
From Jan 1_ 4,983,319 5,316,117 1,238,007
276,293
78,846
966,152
Monongahela Connecting
Georgia So & Fla
March
192,817
85,836
54,824
234,511
45,335
73,033
March
380,470
452,897
36,181
81,820
53,561
61,268
From Jan 1_
535,583
174,253
120,525
621,314
95.452
143,489
From Jarx 1_ 1,102,248 1,181,824
246,073
172.844
143,522
72,423
Nash Chatt & St Louie-N On & Northeast•
March
1,829,282 2,058,283
493,887
334,816
264,054
403,786
March
403,455
534,874
108,576
205,978
62,115
157,496
From Jan 1_ 5,098,050 5,659,308
800,146 1.266,598
606,162 1,012,353
From Jan 1_ 1,155,402 1,402,135
295,164
494,363
162,793
349,926
Nevada Northern
North Alabama
March
72,501
March
81,295
97,268
32,391
102,895
123,219
33,194
26,437
37,832
27,660
66,609
28,832
From Jan 1_
218,821
289,024
216,901
From Jan 1_
100,383
343,988
319,456
97,377
73,752
134,502
112,032
80,293
172.515
New Orleans Gt Northern
Spokane Internal
March
276,550
70,189
March
92,895
87,341
283,321
95,605
7,484
72,202
26,412
2,400
74,784
20,948
From Jan 1_
764,119
238,712
230,453
From Jan L 220,492
775,033
310,240
185,314
22,208
75,809
59,417
6,883
186,038
New Orleans Terminal
Spokane Port & Seattle
March
151,614
March
76,882
699,615
168,973
63,402
738,937
52,144
223,354
265,748
65,874
136,233
180,299
From Jan 1_
156,508
407,090
187,280
From Jan 1_ 1,854,966 2.034,551
450,057
122.735
530,850
742,367
269.497
158,345
486,300
New Orl Tex & Mexico
Staten Island It'F
March
290,056
March
62,736
81,642
280,420
188,807
247,109
60.1352
33,826
72,518
14.784
42,178
54,518
From Jan 1_
814,337
140,539
224,231
From Jan L 563,911
716,617
688,530
161,329
117.192
176.948
83,130
78,135
121.940
Beaumont So Lake & W
Tennessee Central
March
312,565
333,240
97,888
94,705
90,412
93,848
March
254,713
255,537
19,264
34,267
13,695
28,712
From Jan 1_
919,233
226,800
292,601
884,016
279,708
214,486
From Jan 1_
766,441
738,074
72,076
136,941
55,846
109,866
St L Browns dr MexTerm Ry Assn of St LMarch
1,003,721
380,174
470,567
948,634
447,452
359,134
March
937,847 1,070,586
211,395
343,131
From Jan 1_ 2,803,463 2,504,136 1,179,107
120.147
249,188
860,507 1,113,042
799,140
From Jan 1_ 2,879.885 3.181,292
567,141
941,889
348.802
657,712
New York Central
40,858,594 48.614,428 8,223,021 12,201,895 5,333.965 8,777,860 Texas & PacMarch
3,388,222 4,102,851 1,126,014 1,357,068
March
940,595 1,153,972
From Jan 1 -123328434 140592,756 25,819,725 34.249,370 16,499,794 24,383,232
From Jan L 9,640.910 11,399,952 2,647,556 3,372,981 2,091,115 2,765.231
Indiana Harbor Belt
March
953.909 1,118,145
392,736
243,021
193,809
324,371 Texas Mexican
From Jan 1_ 2,788,301 3,093,929
97,311
March
104,740
18.582
934,472
713,114
14,729
13,582
9,729
562,320
Pittsburgh & Lake Erie-266,260
303.754
From Jan 1_
23,082
34,145
8,061
19,067
March
2,421,314 2,823,257
409,638
515,752
353,351
247,938 Tol Peoria & West
From Jan L 6,884,270 8,060,644 1,182,335 1,033,156
180,899
181,406
663,700
700,832
43,891
March
53,332
38,379
46,862
New York Chic.& St. L.
553,821
489,506
From Jan 1_
61,834
184,970
51,049
161.621
March
4,124,530 4,955,708
956,125 1,642,300
834,383 1,356,500 Toledo Terminal
From Jan L12,145,882 13,702,018 2,818,002 4,075,797 2,258,725 3,307,084 ,
107,558
144,365
March
26,468
65.551
10,968
50,318
New York Connecting
414.735
321,877
90,038
160,461
From Jan 1_
44,138
I
111,915
March
232,815
194,885
161,792
260,409
123,742
.
156 885 Ulster & Delaware
From Jan 1_
672,778
377,517
492,362
737,897
378.362
263,517
70,116
62,586
-3,096
March
-198
-7,206
-4,298
N Y N 11 & Hartford
181,045 -22,478 -23,224 -33.278 -33,524
170,677
' From Jan 1_
10,128,358 11,199,245 3,100,494 3,667,192 2,376,314 2,908,100
March
Union Pacific Co
From Jan L29,810,120 31,867,628 9,352,382 9,913,575 7,288,047 7,712,644
7,703,009 9,298,675 1,925,059 2.828,893 1.233,075 2,103,878
March
N Y Sun & Western
From Jan L22,370.834 26,403,940 5,924,576 8,574,076 3,805,954 6.399,865
369,899
March
105,653
84,148
411,037
52,592
74,101
Oregon Short Line004
,
From Jan 1_ 1,126,100 1,245,318
309,582
265,250
170.575
215,921
march
2,650,763 3,079,673
767,907
944,749
483,503
664.198
Norfolk az Western
,
From Jan 1_ 7.898,821 9,113,399 2.427,197 3,173,918 1,539,188 2,319,664
-Wash Ry & Nay Co
8,258.779 8,685,466 2,986,384 3,189,650 2,065,837 2,386,076
March
Ore
262,855
1.977,157 2,346,122
265,588
March
73,797
From Jan L28,167,845 26,927,067 10,003,348 10,277,682 7,301,830 7,872 957
64,111
814,459
'
From Jan L 5,779,323 6,515,427
887,026
238,518
296,444
I
Northern Pacific
St Jos & Od Isl6,625,496 7,831,859 1,109,702 2,090,763
March
434,992 1.432,454
323,155
288,832
84,210
March
109,615
65,975
88.202
From Jan L17,937,987 20.584,827 2,151,565 4,123,949
140,393 2,164,144
946,195
863,355
300,885
From Jan I_
338,402
240,019
272,346
3144
[vol.. 130.
FINANCIAL CHRONICLE
-MossfromRaUway- -Net from Railway- -Net after Taxes
1930.
1929.
1930.
1930.
1929.
1929.
Union RII(Penn)
March
671,733
From Jan I_ 1,928,904
Utah
108,340
March
From Jan 1_ 529,299
Virginian
March
1,347,688
From Jan 1_ 4,759,974
Wabash
March
5,650,722
From Jan 1_16,128,462
Western Maryland
March
1,550,116
From Jan 1_ 4,593,679
Western Pacific
March
1,186,563
From Jan 1_ 3,287,671
West Sty of Ala
March
254,969
From Jan 1. 716,236
Wheeling 4,Lake Erie
March
1,424,395
From Jan 1_ 4,046,486
Wichita Fans Or Sou
March
85,197
From Jan 1_ 232,027
783,958
2,120,046
87,683
240,074
145,462
320,769
50,383
129,574
115,462
230,769
168,045
675,588
17,636
186,376
63,403
296,502
11,060
149,709
51,096
248.162
Gulf Coast Lines.
-Month of March- 3 Mos, End. Mar. 31.
1930.
1929.
1930.
1929.
$
$
$
Operating revenues
1,630,151 1,569,762 4.597.039 4,183.911
Operating expenses
980,542 1,023,690 2,906.969 2,940,018
Net railway oper. income_ _ _
463,183
380,798 1,190,075
816,372
Gross income
503,096
420,090 1,306,646
936,686
Net corpora,te income
290,307
215,539
666,774
326,379
1,531,025
403,151
544,115
548,152
704,120
5,025,500 2,298.692 2,533,565 1,791,691 2,003,560
6,484,392 1,265,434 1,846,624 1,064,556 1,580,767
18.344.402 3,410,184 5,057,455 2,724,202 4,183,766
409,398
1,532,487
537,300
447,300
489,498
4,501,541 1.566,791 1,409,356 1,306,791 1.169,056
221,360 -123,632
523,964 -365,960
1,338.659
3,704,034
21,577
-59,688
259,298
726,526
60,808
148,105
21,132
83,424
1,706,700
381.855
511,999
4,915,329 1,048,985 1,515,243
89,092
250,280
27,116
52,186
32,694
81,347
47,527
103,299
118,680
214,742
9,765
40,874
253,802
384,499
677,000 1,112,720
21,932
36,310
27,219
64,422
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
Ann Arbor Ry.
-Month of March- 3 Mos. End. Mar. 31
1929.
1930.
1930.
1929.
$
436,386
576,105 1,263,799 1,565.344
333,270
401,865
987,137 1,131,318
46.620
117,239
106,235
270.987
50,224
120.034
116.389
279,021
16.671
82,258
10.301
165,871
Operating revenues
Operating expenses
Net railway oper. Income
Gross income
Net corporate income
Atchison Topeka & Santa Fe System.
-Month of March
-3 Mos. End. Mar. 31
1930.
1929.
1930.
1929.
8
Railway operating revenues_18,029,300 20,238.402 53,166,586 58,432,498
Railway operating expenses_15,798.194 14,549,752 43,369,038 41,230,746
1,166,497 1,537.665 3,843,379 4.671.283
Railway tax accruals
429,791
122,536 1,069,311
280,292
Other debits
Net railway oper. income_
Average miles operated
634.817 4,028.447 4,884,856 12.250.175
13.134
12,351
13,134
12.351
Bangor & Aroostook RR.
--Month of March- 3 Mos. End. Afar. 31.
1930.
1929.
1930.
1929.
Gross operating revenues_ _ -- 1,024,284
Operating expenses (including
maintenance & deprec'n)__
512,791
Net revenue from over ____
Tax accruals
840.480 2.849.394
Total deductions
511,493
83,540
397,603
68,737
1,340,353 1,079,291
223,363
196,718
328,866
105
1,116,990
-21,114
882,573
10,307
414,286
73,571
503
Gross income
Deduct int. on funded debt
Other deductions
328,971
78.077
1.915
1,095,876
226,688
2.936
892.880
234,427
4,491
74,074
79,992
229.624
238,918
340,212
Net Income
248.979
866.252
653.932
Boston & Maine RR.
-Month of March- 3 illos. End. Mar. 31.
1930.
1929.
1930.
1929.
$
8
$
$
5,853,282 6,256,759 17,432,804 18,158,722
4,420,763 4,649,631 13,186,608 13,575,901
Operating revenues
Operating expenses
Operating expenses
Net revenue from oper_
Tax accruals
17,059
4,800
25.674
7,840
66.374
14,400
74,551
23,520
Operating income
Other income
12,259
4,969
17,834
2,281
51,974
15,930
51,031
7,442
Gross income
Deductions from gross inc
17,229
30.494
20,115
31,913
67,905
92,822
58,473
94,928
13,265
11,797
24.917
36.454
Net loss
Georgia & Florida RR.
-Month of March- 3 Mos. Ended
1929.
1930.
1930.
$
$
$
Railway operating revenue_ _
158,485
165.078
381,863
Railway operating expenses.. 125,528
133,636
357.988
Net rev. from ry. oper____
Railway tax accruals
Uncollectible ry.revenue_
Mar. 31
1929.
$
390,294
355,456
32,957
9,762
31,442
9,700
6
23,875
29,134
15
34,837
29,100
43
Railway oper. Income..,_ _
23.194
Equip, rents net balance..
Dr.2,412
Joint facll. rents net bal.
Dr.2,646
21.735
Cr911
1,069
--5,275
Cr4,844
8,029
5,693
Cr12,060
2,917
Net operating income
Non-operating income
18,135
1,288
21,577
1,244
--8.460
4,600
14,837
4,914
Gross income
Deductions from income.,_...,
19,424
1,128
22,822
1,117
--3,859
3,385
19,751
3,376
Surplus applicable to int
Total interest charges
18,295
33.596
21,705
16,470
-7,245
100.493
16,375
49,510
5,234 --107,738
--33,134
Net income
-15,300
Note.-Int. chargeable to construe. on funds for Greenwood ext. Int, on secure.
issued for construe. of Gr.
ext.incl.in"fixed int.chges."
fr. June 1 '29 to Mar.31 '30
14,413
41,071
International-Great Northern RR.
-Month of March1930.
1929.
$
Operating revenues
1,308,383 1.577.591
Operating expenses
1,140,823 1,269.979
/vet railway oper. income_
8,249
141,393
Gross income
13.566
154.696
*Net corporate income (before
adjustment bond int.)
-139.113
8.404
3 Mos. End. Mar. 31.
1929.
1930.
3,829,520 4,557.959
3,399.308 3.747,884
333.344
17.574
376.523
41.998
--415.730
-62.154
-Texas Lines.
Missouri-Kansas
1.320,471
1.509,041
427,953
-13,667
Operating income
Other income
-Month of March- 3 Mos. End. Mar. 31
1930.
1929.
1930.
1929.
81,589
89.181
261.724
263.548
$
$
$
13
64,529
63.507
195.350
188.997
Operating revenues
2,399,762
442,877
Fonda Johnstown & Gloversville RR.
-Month of March- 3 Mos. End. Mar. 31.
Mileage operated (average)__
Operating revenues
Operating expenses
Available for interest
Int. charges, incl. adj. bds
Net income
3.188
3,188
3,188
3,188
$
3
$
$
3.765.870 4,595.731 10,834.530 13.334.133
2.715.940 3,115,359 8.147.286 9,283,792
665,918 1,057,890 1.636,522 2.828,364
429,784 1,233.852 1,295,872
410,043
245,874
628,106
402,670
1,532.492
Missouri Pacific RR.
-3 Mos. End. Afar. 31.
-Month of March
1929.
1930.
1930.
1929.
$
$
Operating revenues
10,503,431 11,442,570 30,549,743 32,767,675
Operating expenses
7,956,889 8.639.876 22,924.861 24,648.996
Net railway oper. Income.... 1,659.401 1.740.719 4,959,956 5,193.293
Gross income
2,050,848 2.111.373 6,102,793 6,351,143
Net corporate income
510,903
739,038 1.531,349 2.231.689
Norfolk & Western Ry.
-Month of March
-3 Mos. End. Mar. 31.
1929.
1930.
1930.
1929.
Average mileage operated..,_
2,240
2,240
2,240
2,240
0 erating RevenuesFre ght
7,578,721 7.908.539 24,164,624 24,773,601
Passenger, mail and express_
543,615
645,883 1,616,227 1,839.020
Other transportation
59,610
32,620
122.336
99,579
76.831
78,422
264.656
214,865
Net railway over. income_ 977,438 1.106.460 2,797,068 3.016.652 Incidental & it. facil. rents
Railway oper. revenues.,.., 8,258,779 8,665,466 26,167,845 26,927,067
miscell. oper. income_ _ _
2,803
5,287
12,075
16,000
Net
Operating Expenses104,914
Other income
92,645
309.078
339.384
Maint. of way & structures
1,093,377 1.091.301 3,307.393 3,454,764
Gross income
1,072,886 1.216,661 3,118,221 3,372,036 Maintenance of equipment.... 1,758,601 1.789,299 5,238,210 5.310.351
636,410
681,802 1.939.669 2.040.955 TraMc
118.735
Deduc'ns (rentals, int., &c.)_
111,590
371,643
345,611
Transportation-Rail line.-- 2,065,936 2,225.896 6,417.390 6,757,454
436.476
534.859 1.178,552 1,331,081 Miscellaneous operations
22,260
Net income
20.805
105,655
62,505
General
250,139
230,601
717,088
757,995
Transporta, for investment
Cr16,659
6,321 Cr33,793
1,610
Canadian Pacfic Ry.
Railway oper. expenses
5,292,394 5,475,816 16,164,496 16,649,385
-Month of March- 3 Mos. End, Mar. 31.
Net railway oper. revenues_2,966,384 3,189,649 10,003,348 10,277.681
1930.
1929.
1929.
1930.
Railway tax accruals
900,000
800,000 2,700,000 2.400.000
517
73
14,205,435 17,538,585 38,930,743 47.862.429 Uncollectible ry. revenues.,....
1.468
4,724
Gross earnings
12,106,863 13.582,309 35,244,895 40,218,849
Working expenses
Railway oper. income
2,065,837 2,386,076 7,301,879 7,872,957
Equip. rents (net)-Cr
150,563
240.752
772,688
657.492
2.098.572 3,956,275 3,685,847 7,643,579 Joint facil. rents (net)
et profits
-Dr.,,.
15,665
12.146
10.483
31,572
Net railway oper. income
2,200,735 2.614.682 7,948,889 8,614.073
Other income items (bal.)
Denver & Rio Grande Western RR.
316,214
164,741
606,716
475,282
Gross income
-Month of March- Jan. 1. to March 31.
2.516,950 2,779.424 8,555.605 9,089.356
1929.
1930.
Interest on funded debt
1929.
416,213
1930.
404.393 1,251.641 1,215,235
2,548
2,561
2,548
2,561
Average miles operated
Net income
2,100,736 2,375.031 7,303,964 7,874.120
$
$
$
8
Prop. of op. exp. to op. revs_
63.19%
64.08%
61.77%
61.83%
2,229,148 2,548,711 7,064,467 7,741,022 Prop,of trans. exp. to op.rev. 25.02%
Total revenues
25.69%
24.52%
25.10%
1,588.967 1,828,808 5,272,343 5.544,684
Total expenses
Net operating revenue
Taxes
Uncollectible ry. revenue..
-Dr
Equipment rents
-Dr
Joint facility rents
1,432,519
263,113
1,376
169,920
20,670
1.607.128 4,246.196 4.582,821
315.397
775,902
917,936
653
3,127
3,003
159.234
606,609
561,863
25,383
63,488
83,365
Net revenues
Railway tax accruals
Uncoil. railway revenues__
Hire of equipment (net)_Cr.
Joint facility rents (net)_Cr.
640,180
175,000
639
3,897
26,129
719.902
185,000
52
57.972
23,038
1,792,123
550,000
884
5,710
77,245
2,196,337
535,000
161
143,819
68,104
1 Net ry. oper. income
"
Other income (net)
494,568
15,840
615.861
28,252
1,324,195
31,471
1,873.100
70,526
Available for interest
Interest and sinking fund..., _
510,409
541,221
644,114
526,319
1,355,666
1.627,572
1,943,627
1,433,625
117,795 def.271.905
510,001
Net Income
def.30,812
Pere Marquette Ry.
-Month of
1930.
3
Railway oper. revenues
3,310,506
Railway oper. expenses
2.619 675
Net revenue from ry. oper. 690,830
Net railway oper.income_ _ _ _
442,259
Other income, net
24.664
Bal. before deduct, of int. 466,924
Total interest accruals
209,266
Balance
257.658
March- Jan. 1 to March 31.
1929.
1929.
1930.
$
$
3.958,798 9,587,601 10,858,663
2,528,318 7,824.628 7,370,211
1,430.480 1.762,972 3,488,451
1,018.507
963.768 2.481,617
58,596
264.434
160,224
1,077.103 1,123,993 2,746,052
212,521
638.909
627,698
864.582
496.294 2,107.142
3145
FINANCIAL CHRONICLE
bay 3 1930.]
Pittsburgh & West Virginia Ry.
-Month of March- 3 Mos. End. Mar. 31.
1929.
1930.
1929.
1930.
$
$
$
429,753
906,284 1,291,681
237.014
625,955
670,673
211,514
27t.975
Railway oper. revenues
Railway oper. expenses
67,461
192.739
280,329
76,004
3.319
203.428
5.920
316.844
41.795
653,370
23.094
Gross income
Deductions from gross inc_-
79,324
22,022
209.349
23.438
358,639
64.985
676.465
71.454
57.302
185,911
293.653
605.010
-Month of March- -12 Months Ended March 31Na Over.
Net OPer. nurpess
Gross
Revenue.
Gross.
Revenue. aft. Chos.
621,007
Net ry. oper.inc. aft. rentals..
Non-oper. income
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:
Net rev, from ry. oper_
Net income
Rock Island Lines.
-Month of March
1930.
1929.
$
$
8,298,519 9,271,010
1,352,692 1,631,883
290,335
267,013
264.277
285.069
561,928
505.407
Freight revenue
Passenger revenue
Mall revenue
Express revenue
Other revenue
Total railway operating revenue
Railway operating expenses
,
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenue
10,711,230 12,016,903
7,873,157 9,118,987
2,838,073 2,897,916
500,000
691.631
4,188
2,598
Total railway operating income
Equipment rents-debit balance
Joint facility rents-debit balance
2,283,885 2,203,687
385.324
355,089
52,965
99.562
Net railway operating income
Non-operating income
1,845,596 1,749,036
66,225
105,853
GT098 income
Rent for leased roads
Interest
Other deductions
1,911,821 1,854.889
12,964
12.951
1,020,181
971,491
12,479
8,516
Total deductions
1.045,624
866.197
Balance of income
St. Louis
922,958
881.931
Southwestern Ry. Lines.
-3Mos. End. Mar. 31.
-Month of March
1929.
1930.
1929.
1930.
Miles operated
1,747
1,817
1,817
1,747
$
$
Railway oper. revenues
2,181,045 2,210,803 5.814.723 6,325,808
Railway oper. expenses
1,530,066 1.731.183 4.647,456 5.053,344
Ratio of op. exp. to op. rev_ - 70.15%
79.93%
79.89%
7.
8 31%
Net rev, from ry. oper
479,820 1,167.266 1,271.863
650,979
Ry. tax accruals and uncollectible ry. revenue
119.671
259,396
118,835
294,798
Railway oper. Income_
Other ry. oper. income
-
532,143
34,623
359.949
37.274
Total ry. oper. income_ __ Deduc'ns from ry. over. inc.
566,767
154,569
397,223 1,011.914 1,083,069
140,863
447,948
380,518
Net ry. oper. income
Non-operating income
412,197
10,266
256,360
18,477
583,966
31,413
702,550
71,344
Gross income
Deduc'ns from gross income_
422.464
228,210
274,837
217,198
595,379
677,376
773.895
657,848
194.253
57.639
-81.997
116.047
Net income
907,870
104,044
977.085
106.004
Seaboard Air Line.
Total operating revenues__ __ 5,117.152 5.892,056 14,777,791 16,403.599
Total oper.expenses
3,875,134 4,088,632 11.004.167 11.768.371
Net revenue
1,242,017 1,803.424 3,773.623 4,635,228
Taxes & uncollec. ry. revs
354,286 1,029,729 1,027,372
352.102
Operating income
889,915 1,449,137 2,743,894 3,607.855
Equipment and joint facility
rents-Net Dt
247,372
163,545
382,861
596,702
Net railway oper.Income_ _ 726,370 1,201.765 2.361.232 3,011,153
Other income
78,436
296.008
86,160
312,694
• Gross income
812,530 1,280.201 2,657,240 3,323,847
Int. & other fixed charges
(excl. of int. on Rai. bds.)- 955,480
928.439 2,870.336 2,787,595
Balance
351.761 -213,095
-142,949
536.252
Operating revenues
Operating expenses
Wet railway oper. income
Gross income
Net corporate income
-3 Mos. End. Mar. 31
-Month of March
1929.
1930.
1930.
1929.
3.388,222 4,102.852 9.640,910 11.399,952
2,262,208 2.745.786 6,993,354 8,026.972
900,803 1,497,828 1,939,501
761.860
969.317 1,632.028 2,085,353
807,383
700,798
603.868 1.284,734
465,575
WabaEh
Mar. 31.
1929.
5,021,500
2,491.935
2.003.659
2.384.074
1.395.667
Railway.
-3 Mos. End. Mar. 31.
-Month of March
1929.
1930.
1929.
1930.
$
3
$
Operating revenues
5,650.721 6,484.391 18.128,462 18.344,401
Operating expenses
4,385.288 4,637,768 12,718.278 13.286,947
Net railway oper. income,._ 680,194 1.220.658 1.816.312 3.217.462
Gross income
788,828 1.368,998 1,985.714 3.635,364
Net corporate Income
741,816
216,484 1,804,890
206.423
344,583
370.034
9,972.376 4,197,247 2,259,702
8,400,363 3.466,219 1,801,435
3,577,220 1.546,630 1.270,606
3,262,482 1,329,917 1,111,658
16,729,581 7,032,753 4,466,681
15,421,546 6,420,820 3,902,082
2,209.446 1,030,500
2,213.409
991,318
590,661
543,177
17,129,442 7,787,855 6,014,581
16.448.021 7,216,902 5,323,402
689.070
672,738
153.473
149,137
84,512
80,401
9,399,140 3,804,134 2,961,548
8,758,107 3.368,015 2,674,979
303,916
225,161
277,847
204,004
5,171,041 1,659,514
5,252,217 1,701,087
824,368
822,530
747,444
700,666
177,223
152.322
172,430
144,767
1,122,000
1,187,402
91.575
114,446
.65,996
.47,424
2,645,929
2,816.255
819,377
861,392
378.192
413,113
1,422,744
1,418,958
599,680
642,393
535,121
583,815
1,031,387
1,013,880
4,578,688 1,500,223 1,452,645
4.630,514 1,460.639 1,413,381
(And Subsidiary Steamship Companies)
-Month of February- 2 Mos. End. Feb. 28.
1929.
1930.
1929.
1930.
$
$
$
$
3,057,513 3,284,194 5,779,369 6.402.298
Operating revenues
686.866 1,032.515 1.102.309
Net rev.from.op.(incl. dep.) 683,071
765.777 1,204,765 1.266.259
769,595
Gross income
432.231
424,891
212,215
217,829
Interest, rents and taxes- _ _ _
Net income
551.765
779.873
553.561
834.028
Barcelona Traction, Light & Power Co., Ltd.
-Month of March- 3 Mos. Ended Mar.31
1929.
1930,
1929.
1930.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
Gross earnings from oper_ _ 9,167,725 8,621.859 28.776,272 26,729.103
Operating expenses
3.058.630 2.715.321 9,390,998 7,738,558
6,109.095 5,906,538 19,385.274 18.990,545
Central Arizona Light & Power Co.
(American Power & Light Co. Subsidiary.)
-Month of February-'12 Mos. End. Feb. 28.
1929.
1930.
1929.
1930.
S
$
S
$
Gross earnings from oper_-_ 298,980
243,587 3.061.045 2.366.720
Operating expenses & taxes_ - 157,994
131,192 1,852.228 1,429.899
Net earnings from oper--_
Other Income
140,986
2,789
112.395 1.208,817
55,267
2,914
936,821
35,156
Total income
Interest on bonds
Other interest & deductions_
143.775
12,798
5,521
115,309 1,264,084
154,020
12,921
33,297
3,214
971,977
155.591
12.700
Balance
Dividends on preferred stock
125,456
99,174 1,078,767
103,422
803,686
52,062
973,345
751.624
Balance
(Subsidiary of Commonwealth & Southern Corp.)
-Month of March- 12 Mos. End. Mar. 31.
1929.
1930.
1930.
1929.
3
S
$
$
Gross earnings
447.084
422.688 5,205.233 4,853,178
Oper. expenses, incl. taxes &
maintenance
271,435
265.817 2.993.420 2,856,778
Gros.s income
Fixed charges
175.629
156,871 2,211.813 1,996.400
360,778
361,434
Net income
Dividends on preferred stock
Provision for retirement reserve
Virginian Railway.
Operating revenues
Operating expenses
Railway oper.Income
Gross income
Net income
453,846
447,793
Central Illinois Light Co.
RR.
-Month of February 3 Max. End
1929.
1930.
1930.
$
1.347.688 1.531,025 4,759.974
799,535
826.905 2.461.282
544,114 1.791,690
403,150
674,118 2,185,022
525,356
344,268 1.215.267
202.469
1,294,798
1,154,731
Atlantic Gulf & West Indies Steasmhip Lines.
Net earnings
-Month of March-Jan. 1 to March 31.
1929.
1930.
1930.
1929.
Texas & Pacific
Baton Rouge Electric Co
118,212
37,926
1930
106,187
47,996
1929
Eastern Tex El Co (Del) & Sub Cos
270.944
718,395
1930
227,159
681,065
1929
El Paso El Co (Del) & Sub Cos
128,802
299,140
1930
114,419
277,649
1929
Puget Sound Pr & Lt Co as Sub Cos
1,406,025
642,490
1930
461,605
1,284,500
1929
Savannah Electric & Power Co
79,527
183,040
1930
76,929
181,705
1929
Virginia Mee Os Pow Co and Sub Cos
603,198
1.391,835
1930
646,717
1,439,176
1929
Cape Breton Elec Co Ltd
14,713
58,648
1930
16,448
58,928
1929
Eastern Utilities Associates
320,344
790,288
1930
291,945
773,690
1929
Fall River Gas Works Co
26,414
85,852
1930
12,492
77,391
1929
Galveston-Houston Elec Co & Sub Cos
115,277
403,820
1930
150,349
449,964
1929
Haverhill Gas Light 0014,362
62,733
1930
57,044
9,068
1929._ -a
Jacksonville Traction Co
13,999
95,865
1930
17,597
106,698
1929
Northern Texas Elec Co Sr Sub Cos
71,016
227,052
1930
85,612
255,489
1929
Sierra Pacific Elec Co .4 Sub Cos
49,124
108,710
1930
47,120
112,729
1929
Tampa Electric Co Os Sub Cos
136,968
394,228
1930
146,339
409.423
1929
• Deficit.
1.851,034 1,634.965
407,490
405,271
327,000
309,300
Balance
1.118,782
918,175
Illinois Power Co.
(Subsidiary of Commonwealth & Southern Corp.)
--Month of March- 12 Max. End. Mar. 31.
1929.
1929.
1930.
1930.
Gross earnings
Oper. expenses, incl. taxes &
maintenance
264,674
171,117
Gross income
Fixed charges
Net income
Dividends on preferred stock
Provision for retirement reserve
Balance
93.556
259,833 2.918,601 2.788,520
157,154
1.872,666 1,794.435
102,679 1.043.934
384,962
992,084
384,050
658,972
231.604
150,000
608.034
230,898
150,000
277,367
227.136
3146
(Vol,. 130.
FINANCIAL CHRONICLE
Railway Express Agency, Inc.
Kansas City Power & Light Co.
-Month of March- 12 Mos.End. Mar.31
1929.
1929.
1930.
1930.
3
Gross Earns. (all sources)_.... 1,225,404 1,202,652 14,600,031 13.986,796
Oper.exp.(Incl. taxes)
623,251 7,291,818 7.138,138
601,054
-Month of February- 2 Mos. End. Feb. 28.
1929.
1929.
1930.
1930.
Express
Miscellaneous
18,108,053 20,573,573 36,902,782 41,101,937
1,744
1.481
872
2,834
Net earnings
Interest charges
624,350
107.793
579,401 7,038,213 6,848,658
97,667 1,253,029 1.188,319
Charges for transportat'n -18,109,534 20,574,445 36.905,617 41,103,682
Express privileges
-Dr
7,658,514 9,156.860 15,728,747 18.554,308
Balance
Amort. of disc. & premiums..
516,557
15,429
481,734 6.055,184 5,660,339
185.149
185.149
15,429
Revenue from transport_ _ -10,451,020 11,417,585 21,176,869 22,549.374
533,346
Oper. other than transport
244,525
238.360
501,148
501.127
20,000
466,304 5,870.034
240.000
20,000
481,127
446,304 5,630,034 5,235,189
Balance
Div. 1st pref.stock
Surp. earns, avail, for deprec.& corn.stk. divs
5,475,189
240,000
Kansas City Public Service Co.
Railway passenger revenue
Other railway receipts
Bus passenger revenue
Other bus revenue
Miscellaneous
Gross revenue
Railway operating expenses
Bus operating expenses
Taxes
Total operating expenses and taxes
Gross income
Deductions-Interest on bonds
Other charges
Total deductions
Net income
Southern California Edison Co., Ltd.
Minnesota Power & Light Co.
Net earns, from operation
Other income
296.288
11,074
318,658 3,896,034
10,306
110.115
Total income
Interest on bonds
Other int. & deductions
307.362
128,233
16,727
328,964 4,006,149 4,140,577
128,893 1,539,194 1,568,129
4.917
71,189
65.470
Balance
Divs.on pref.stock
162,402
1,421,161
Balance
3,932,928
207,649
-Month of March- 12 Mos. End, Mar.31.
1929.
1929.
1930.
1930.
1,689,434
Mississippi Power & Light Co.
(Electric Power & Light Corp. Subsidiary.)
-Month of February- 12 Mos. End. Feb. 28.
1930.
1929.
1930.
1929.
$
$
$
$
427,451
286.030 4,426,120 3.337,396
Gross earns,from oper
Oper. exp.& taxes
278.156
184.534 2,834,667 2,200,357
Net earns,from oper
Other income
149,295
15.318
101,496
10,011
Total income
Interest on bonds
Other interest & deductions
Balance
Divs.on pref.stock
164,613
39,129
42,291
83,193
111,507 1,844,159
37,500
455,638
22.812
406,201
51.195
982,317
150,000
1,265,955
450,000
144,610
671,345
150,000
832,317
521.345
Balance
1,591,453 1,137,039
252,706
128,916
New York Westchester & Boston Ry.
-Month of March- 3 Mos. End. March 31.
1930.
1929.
1930.
1929.
Railway operating revenue__
Railway operating expenses_
208,434
114.670
199,071
125,717
609,552
347,156
563,456
378.052
Net operating revenue_ _ _ _
Taxes
93,764
24,832
73.353
19,824
262.395
73,856
185,403
58,304
Operating income
Non-operating income
68,931
994
53,529
705
188,538
2.268
127.098
2.050
Gross income
Deductions.
-Rent
Bond & equip, trust ctfs. int _
Other deductions
69,926
33,177
88,533
105,730
54.234
19,191
90,277
102.780
190,806
99,532
265,599
321,451
129.149
55,698
260,407
312,761
Total deductions
227,441
212,248
686,583
158,014
495,776
(subsidiary of Commonwealth & Southern
-Month of March- 12
1929.
1930.
$
$
213,769
187.327
Gross earnings
Oper. expenses, incl. taxes &
91,070
maintenance
101.127
112,641
96.256
Corp.)
Mos. End, March 31.
1930.
1929.
$
$
2,324,578 2.181,608
1,116,537
1.060,316
1,208,041 1.121.291
189,267
195,608
1,012,432
165,576
162,000
Balance
932,024
163,040
153.000
684,856
Net income
Dividends on preferred stock
Provision for retirement reserve
615,983
Southwestern Power & Light Co.
(And Subsidiary Companies.)
-Month of February- 12 Mos. End. Feb. 28.
1929.
1930.
1929.
1930.
Gross earns, all subsidiaries_ 1,515.616
Bal. of subs, earns, after all
exp. applic. to S.F.& L.Co. 551,127
20,348
Expenses of S.P.& L.Co____
1,652.221 20.312.400 19.262.980
Balance
Int. on secured bonds
Interest on 6% deb. bonds_ _
All other interest
530,779
57,488
25,000
23.749
524.437 7,005.216 6,704.927
689,850
689,850
57,488
300,000
300,000
25.000
83,393 Cr.91,561
637
Balance
Dividends on preferred stock
424,542
441,312 5,931,973 5,806,638
587,090
587,090
Balance
537,199 7,227,825 6,873,327
168.400
222,609
12,762
5,344,883 5,219,548
1,160,609 13.408.942 12.534,844
1,812.095 27,390,541 23.891,725
531.512 6.793,356 6,261,558
1,214,238
Balance
1,280,582 20,597,185 17,630,167
Southern Indiana Gas & Electric Co.
(Subsidiary of Commonwealth & Southern Corp.)
.
-Month of March-- 12 MOS.End. Mar 31
1929.
1930.
1929.
1930.
$
$
$
$
Gross earnings
279,566
288,885 3,399,105 3,237,586
Oper. expenses, incl. taxes 8:
maintenance
164,139
166,973 1,898,280 1,864.240
Gross income
Fixed charges
Net income
Dividends on preferred stock
Provision for retirement reserve
1,373.346
304,031
1,069,314
391,635
245,000
486,708
121.911
1,500,824
333.207
1,167,616
420,908
260,000
115,426
432,679
Balance
Texas Power & Light Co.
(Southwestern Power & Light Co. Subsidiary.)
-Month of February- 12 Mos. End. Feb. 28.
1929.
1929.
1930.
1930.
3
$
$
$
794,600 9.843,200 9,633,420
775,934
Gross earnings from oper_ _ _ _
412.415 5,009,945 4,888,909
Operating expenses & taxes-- 405,179
499,718
Ohio Edison Co.
1,202,766
1.786,640
572,401
Total expenses and taxes
Total net income
Fixed charges
628.867
157,515
2,989,406 2.972,704 40,799.484 36.426,570
836,259 9,177,360 9,035,173
806,708
324,349 4,231,581 3,499,671
396,058
Grass earnings
Expenses
Taxes
195,154 2.395.766 2,506,978
817,544
974,605
Gross income
Fixed charges
665,110
764,913 1,330,882 1.470,488
38,252
20,835
27,586
51,200
9.152,554 10.006,897 18,610,193 19,821,231
610,762
615.603 1,236,415 1,229,748
Operating expenses
10.456.913 11,408,249 21,228,691 22,559,720
Month of 3 Mos. End.
March 1930. Mar.31 '30. Net oper. revenue
Uncoll, revs,from transport_
3,324
1,250
$
1.148
2,419
3
1.973.889 Express taxes
249,431
326,862
667,294
125,675
157,478
72.340
23,077
192.814
135,176
Operating income
95,133
197,475
43,836
106,542
2.477
869
3,640
1,338
San Diego Consolidated Gas & Electric Co.
2,187.525
736,416
1,538.295
505,192
•
-Month of February- 12 Mos. End, Feb. 28.
155,561
50,343
1929.
1930.
1929.
1930.
125,025
41,675
$
$
$
$
737,556 7.276,921 6,981,092
Gross earnings
703,251
1,818,882 Net earnings
597,211
390,981 3.467.746 3,298,585
355,608
368,643 Other income
139,205
285
31,624
3.323
170
73,449
220,348
2,328
4.636
Net earns. Incl. other inc- - 355,779
391,266 3.499,371 3,301.909
2,809,345 2,583,080
Balance after interest
224,985
75.777
63.427
143,658
(American Power & Light Co. Subsidiary.)
-Month of February- 12 Mos. End. Feb. 28.
1930.
1929.
1930.
1929.
$
$
$
$
502,404 6,273.658 6,078,587
Gross earns.from operation__ 535,236
183,746 2,377,624 2,145,659
Oper.exp.& taxes
238,948
Net loss
10,689,380 11,662,110 21.678,017 23,082,721
Total oper. revenues
Expenses
Maintenance
Traffic
Transportation
General
Net earnings from oper_ _ Other income
370,755
7.532
382.185 4.833,255 4.744,511
8,655
135,415
193,742
Total income
Interest on bonds
Other interest & deductions..
378,287
157,521
19.004
390.840 4.968,670 4,938,253
157,521 1.890.250 1,885,806
11.096
154.121
135.544
Balance
Dividends on preferred stock
201.762
222.223 2,924,299 2.916.903
634,288
518,500
Balance
2,290.011
2,398,403
Third Avenue Railway System.
Operating Revenue
Transportation
Advertising
Rents
Sale of power
-Month of March- 9 Mos. End. Mar. 31.
1929.
1930.
1930.
1929.
1.212.777
12.476
26,822
485
1,31(1,013 10.979.954 11.257,131
12,500
112,500
112,415
24,241
220,168
196,431
474
4,798
4,944
Total oper. revenue
1,252,562 1,347,229 11.317.335 11,571,008
Operating Expenses
169,507 1.875,111 1,855,139
Maintenance of way
171,468
Maintenance of equipment
125,172 1.134.328 1.064,873
133,996
Depreciation
32,962 Or.51,258 Cr.104,399
22,423
Power supply
87.453
85,519
753.939
766.767
Operation of cars
450,374 3,899,108 3,959,494
421,135
Injuries to persons & prop_ _ _
104.801
72,790
667,094
937,253
Gen. & miscell. exps
50.815
51,681
459,985
457,258
Total oper. expenses
958.150 1.021,953 8,738,310 8,956.387
Net oper. revenue
Taxes
294,411
90,147
325,275 2.579,025 2,634,621
91.710
816,731
800.383
Operating income
Interest revenue
204.264
17,742
233.565 1.778.642 1,817.889
18,603
168,832
174,417
Gross income
DeductionsInt. on 1st mtge. bonds
Int. on 1st ref. mtge. bonds_ _
Int. on adj. mtge. bonds_ _ _ _
Track & terminal privileges_ _
Miscell. rent deductions__ _ _
Amort. of debt disct. & exps_
Sinking fund accruals
Miscellaneous
Int. on series C bonds
222,006
256,169 1,953,060
Total deductions
Net loss
42,756
73.301
93.900
1,403
613
1,647
2,790
11,700
2.164
230.276
8,270
42,756
73.301
93,900
1,398
761
1,474
2,790
40,360
2,164
384,810
659,715
845.100
12.491
5,975
14.827
25.110
300,838
19,476
1,986.722
384,810
659,715
845,100
12,611
6,309
13,269
25,110
334,402
19,476
268.907 2.268,393 2,300,704
6,737
315.333
313,981
MAY 3 1930.]
FINANCL-L CHRONICLE
3147
Industrials (continued)—
Industrials (coartaued)—
2394 General Railway Signal Co
2974
Aero Underwriters Corp
2782
2965 (S. M.) Goldberg Stores, Inc
Air Reduction Co
2583 Gorham,Inc
2592
Alaska Juneau Gold Mining Co
2394 Gould Coupler Co
2975
All
-America General Corp
2965 Graham-Paige Motors Corp
2782
Allen Industries, Inc
2592
2965 (L. F.) Grammes & Sons, Inc
Alles & Fisher, Inc
Gross earnings
2782
Allis-Chalmers Manufacturing Co_.2965 Granite City Steel Co
Operation
2774 Guardian Investment Trust
2782
Aluminum Co. of America
Maintenance
2774 Gulf States Steel Co
2975
Aluminum Goods Mfg. Co
Taxes
2774 (C. M.) Hall Lamp Co
2978
Aluminum Industries, Inc
2592
2583 (W. F.) Hall Printing Co
Amerada Corp
Net operating revenue..-646.716 7,787,854 7,216,901 American Bosch Magneto Corp-- - -2395 Hammerm111 Paper Co
603,197
2976
Income from other sources*
29,186
21,567 American Chicle Co
2774 Harnischfeger Corp
2593
2976
American Coal Co. of Allegheny Co..2584 Hayes Wheels & Forgings, Ltd
Balance
7,817,041 7,238,468 American Commercial Alcohol Corp_2395 Rena Mining Co
2782
Interest and amortization
1,802,459 1,915,066 American Department Stores Corp 2774 Hollinger Consolidated Gold Mines,
Ltd
2593
Amer. District Telegraph Co.(N. J.) 2774
Balance
6,014,581 5.323.402 American Fru't Growers, Inc
2774 Homestake Mining Co
2782
*Interest on funds for construction purposes.
2593
2774 Household Finance Corp
American Hide & Leather Co
2976
2395 Howe Sound Co
American Ire Co
2976
2774 Hudson Motor Car Co
Earnings of Large Telephone Companies.—The Inter- American International Corp
Hupp Motor
2976
-La
State Commerce Commission at Washington has issued a Amer. France & Foamite Corp-2395 Incorporated Car Corp
Investors
2977
2395
American News Co., Inc
Indian Territory Illuminating 011
monthly statement of the earnings of large telephone com- American Radiator & Standard SaniCo
2402, 2594
tary Mfg. Corp
panies having an annual operating revenue in excess of American Republics Corp
2783
2966 Industrial Acceptance Corp
$250,000. Below is a summary of the return:
2783
2966 Industrial Finance Corp
American Stores Co
2966 Inspiration Consolidated Copper Co_2977
American Surety Co
No. of Co.
2594
2775 Insuranshares Corp(N.Y.)
American Type Founders Co
Gross
Operating
Operating
Stations in
2594
American Writing Paper Co., Inc- -2584 Insuran-shares management Co_
Earnings.
Expenses.
Income.
Service.
2977
February 1930
16,973,939 94,757,426 64,233,804 21,913,984 American Zinc, Lead & Smelting Co-2396 Interlake Iron Corp
2585 International Business Machines
February 1929
16,150,223 89,619.069 59,137,213 22,418,266 Archer-Daniels-Midland Co
2383, 2433, 2977
Corp
1585
2 months ended February 1930._ 16,973,939 192,632,710 130,574,905 44,754,492 Arkansas Natural Gas Corp
2775 International Cement Corp._ _2569, 2977
2 months ended February 1929._ 18,150,223 183,825,621 120,193,576 47,344,686 Arnold Constable Coro
2775 International Harvester C0_2383, 2430
Arundel Corp
2775 International Mercantile Marine 00.2949
Associated Dry Goods Corp
...2760
2966 International Paper & Power Co.
Associates Investment Co
.2402
2775 Interstate Department Stores, Inc.
Atlantic Refining Co
2977
2987 Intertype Corp
Atlas Powder Co
2977
2585, 2775 Iron Cap Copper Co
Atlas Stores Corp
2977
2987 Island Creek Coal Co
Bayuk Cigars, Inc
2977
2397 Isle Royale Copper Co
Annual, &c., Reports.—The following is an index to all Beacon Participations, Inc
2403
2967 Halo Petroleum Corp
Beatrice Creamery
annual and other reports of steam railroads, public utilities, Beech-Nut Packing Co
2978
2776, 2967 Johns-Nlansville Corp
2978
industrial and miscellaneous companies published since and Best & Co., Inc
2396 Jones & Laughlin Steel Corp
Kaufmann Department Stores, Inc.2594
2967
Bickford's Inc
including April 5 1930.
2949
2585 Kennecott Copper Corp
Blauner's Philadelphia
2978
This index, which is given monthly, does not include re- Blaw-Knox Co
2968 Kimberly-Clark Corp
2978
2776 (G.It.) Kinney Co.,Inc
Bloomingdale Bros., Inc
ports in to-day's "Chronicle."
2978
2778 (S. S.) Kresge Co
(H. C.) Bolnack Co., Inc
2783
Boldface figures indicate reports published at length.
2968 ICreuger & Toll Co
Bolas Chica Oil Corp
2978
2968 Lego Oil& Transport Corp
Boott Milk Lowell, Mass
Public Utilities (continued)—
Page.
Railroads—
2784
Libby
Alabama Great Southern RR, Co.257I Edison Elec. Ilium. Co.of Brockton_2768 Boston Personal Property Trust-...2397 Libby, McNeill &
2979
Bowman Biltmore Hotels Corp— --2968 Lincoln Printing Co
Electric Light dr Power Co of AbingAtchison, Topeka & Santa Fe
2784
ton & Rockland
Ry.
2952, 3009
2961 British Empire Steel Corp., Ltd__ _2968 Lindsay Light Co
2403
Inc__2757, 2802 Louisiana Oil Refining Corp
2953 Empire Gas & Fuel Co.
Atlanta dr West Point RR.
2389 British Type Investors,
2979
Atlantic Coast Line P.R.
2756, 2798 Federal Water Service Corp-2578. 2768 Broad Street Investing Co., Inc__ -2397 Lynch Glass Machine Co
2785
2969 McKesson dr Robbins, Inc
Belt Railway Co. of Chicago
2961 Brockway Motor Truck Corn
2572 Federated Utilities. Inc.
2980
-2968 McLellan Stores Co
Boston St Maine P.R.
2568 Fifth Avenue Bus Securities Corp.--2578 Brunswick-Balke-Collender Co
2979
2777 Mac5farr Stores, Inc
Buffalo & Susquehanna P.R. Corp._ _2761 Georgia Power Co
2769 Budd Manufacturing Co
2403
2777 MacMillan Petroleum Corp
Canadian National Ry.System
2757 Great Western Power Co. of Calif...2578 Budd Wheel Co
2595
Magma Copper Co
Central of Georgia Ry.
2756,3006 Hamilton Gas Co
2384, 2426 Buffalo & Susquehanna Coal & Coke
2980
2586 Mapes Consolidated Mfg. Co
Co
Hydro-Electric Securities Corp._ -_ _2389
Chesapeake & Ohio Ry.Co._ __2565, 2606
Merchant Calculating Mach. Co--.2983
Chicago Great Western RR.
2950 Illinois Water Service Co.__ _2389, 2769 Bunker Hill & Sullivan Mining Co_2586 5f
2980
argay Oil Corp
2397
Chic., Indianapolis & Louisville Ry.2571 lnterborough Rapid Transit Co._...2566 Burns Bros
2403
2969 Marlin-Rockwell Corn
International Hydro-Elec. System__2769 Butte & Superior Mining Co
Chicago Milwaukee St. Paul &
2980
2586 Martin-Parry Corp
Pacific RR.
2756, 2811 Jamaica Public Service Co., Ltd....2981 Butterick Co
2980
2586 Mathieson Alkali Works
me (H. M.) Byliesby & Co
Chicago & North Western Ry._2755 2805 Kansas City Public Service Co.
2596
2969 Mesta Machine Co
Knoxville Power dr Light Co
Chicago St. Paul Minneapolis di
2769 Cabot Manufacturing Co
2980
2398 Miami Copper Co
Omaha Ry
2755, 2809 London (Ont.) Street Ry.
2389 California Petroleum Corp
2981
2777 Midland Steel Products Co
Callahan Zinc
-Lead Co
Chicago Union Station Co
2953 Lone Star Gas Corp
2769
2777 Mohawk Investment Corp_-__2596, 2981
Louisville Gas & Electric Co
Cincinnati New Orleans & Texas
2961 Calumet & Arizona Mining Co
2981
Pacific Ry.Co
2763 Market Street Ry. Co
2579 Calumet & Hecht Con.sol. Copper Co.2777 Mohawk Mining Co
2596
Morris Plan Co. of N.
Delaware & Hudson Co.
2383, 2422 Massachusetts Lighting Co
2770 Campbell, Wyant& Cannon Foundry
2596
2969 Motor Bankers Corn
Co
Denver & Rio Grande Western HR.
.2758 Memphis Power & Light Co
2789
2981.
Canada Foundries & Forgings, Ltd_ _2777 Motor Products Corp
Missouri Power dr Light Co
Denver & Salt Lake Ry.
2982
2954
2981
Murray Corp. of America
2777
Erie Railroad Co
2573, 2755, 2796 Mohawk Hudson Power Corp
2580 Canada Iron Foundries, Ltd
2981
2969 National Air Transport, Inc
Florida East Coast Ry
2948 Montreal Tramways Co
2390 Canada Power & Paper Corp
2598
-Morse Co., Ltd.2586 National Bond & Share Corp
2759 Mountain States Power Co
Georgia Southern & Florida Ry
2962 Canadian Fairbanks
2404
2949 New England Tel. & Tel. Co
Gulf Mobile dr N orthern RR.
2962 Canadian General Electric Co., Ltd.2777 National Dairy Products Corp
Hawaii Consolidated Ry., Ltd.
2954 New York Power & Light Corp— --2580 Canadian Intern'i Invest. Trust, Ltd 2398 National Department Stores, Inc--_2596
Nat. Enameling & Stamp. Co., Inc.2404
Hocking Valley Ry. Co.2384, 2565 ,2609 New York Railways Corp
2770 Canadian Investors Corp., Ltd....2398
2596
National Fireproofing Co
Illinois Central RR.Co
2755, 2792 New York Water Service Corp_2391,2770 Capital Administration Co., Ltd
2982
2398, 2989 National Lead Co
2574 North American Co
2391
Indianapolis Union Ry.
2597
2777 National Steel Corp
2385 North American Light & Pow. Co.
.2391 (J.I.) Case Co
Kansas City Southern Ry.
2404
2586 National SuPPLV Co
Centrifugal Pipe Corp
Kansas, Oklahoma & Gulf Ry
.2385 Northern States Power Co. of Del.,
2404
2390 National Transit Co
2758, 2800 Chain Store Investment Corp
Lehigh dr Hudson River Ry.
2574
2778 Nevada Consolidated Copper CO---2886
2950 Northwestern Public Service Co_ _2581 Chapman Ice Cream Co
Long Island RR
2405
New England Fuel 011 Corp
Chicago Junction Ry.& Union Stock
2414 Ohio Public Service Co
Louisville & Nashville HR.... 2383,
2391
2383
2969 Newmont Mining Corp
Yards
Midland Valley RR.
2387 Ohio Water Service Co
2391, 2770
2982
2778 Newton Steel Co
Missouri
..2384 Oklahoma Gas & Electric Co
2982 Collins & Aikman Corp
-Kansas
-Texas RR.Co...
2405
Commercial Share Corp.of Buffalo 2778 New York Auction Co., Inc
Omnibus Corporation
Mobile & Ohio P.R. Co
2762
2581
2786
2970 New York Dock Co
Norfolk Southern RR
2951 Oregon-Wash. Water Serv. Co_2391,2770 Commercial Solvents Corp
2597
2778 New York Hamburg Corp
Pennsylvania RR. Co
2388 Otter Tail Power Co
2982 Commonwealth Securities, Inc
Inc 2778 N.Y. Honduras Rosario Mining Co.2597
Philippine Railway Co.
2950 Peninsular Telephone Co
2770 Consolidated Film Industries,
2597
Richmond Fredericksburg s pr
2778 New York Investors. Inc
r
._
peoples Gas Light & Coke Co
2962 Consolidated Steel Corp., Ltd
2597
2586 Niagara Share Corp (of Md.)
tomac RR.
2956 Philadelphia Company
2763 Consolidated Textile Corp
2983
2970 Nipissing Mines Co., Ltd
Southern Pacific Co.
2952, 2992 Philadelphia Electric Co
2770 Container Corp. of America
2983
2779 Noranda Mines, Ltd
Tennessee Central Ry.
2959 Philadelphia Rapid Transit Co
2982 Continental Steel Corp
2588 North Central Texas Oil Co., Inc -.2405
Tonopah & Goldfield RR
2766 Pittsburgh Ry. Co
2762 Cosden Oil Co
2983
2779 North Packing & Provision Co
Union Pacific RR
Cosgrove-Meehan Coal Corp
2948, 3002 Pittsburgh Suburban Water Service
Virginian Railway Co.
Crompton & Knowles Loom Works.2971 Nova Scotia Steel & Coal Co., Ltd _2983
Co
2759
2392, 2771
2598
2588 Ohio Copper Co. of Utah
Wabash Railway
2380, 2419 Porto Rico Telephone Co
2963 Crowley. Milner & Co., Detroit_
2405
2588 Ohio Oil Co
West Jersey & Seashore RR
2759 Power Gas & Water Securities Corp.2771
2406
2971 011 Well Supply Co
Public Service Co. of Colo
2581 Dartmouth MM. Corp
2598
2779 Old Dominion Co
Public Utilities—
Public Service Co. of Okla
2581 Davis Coal & Coke Co
2983
2400 Oshkosh Overall Co
Alabama Power Co.
2761 Public Service Co. of Penna., Inc-2963 Devonian 011 Co
598,2983
2971 Otis Elevator Co
Alabama Water Service Co....2387, 2766 Quebec Power Co
2581 Devonshire Investing Corp
2406
2779, 2971 Otis Steel Co
American Electric Power Corp.
2387 Radio Corp. of America
2568 Dome Mines, Ltd
2598
2971 Outlet Co., Providence, R. I
American Gas & Electric Co.
Dominion Coal Co., Ltd
2959 Rochester & Lake Ontario Water
2'98
American Natural Gas Corp
Service Corp
2959
2392, 2771 Dominion Iron & Steel Co., Ltd_ __2971 Pacific Finance Corp
2406. 2983
American Public Service Co
2766 St. Louis Public Service Co
2963 Dominion Steel & Coal Corp., Ltd--2972 Packard Motor Car Co
Panhandle Producing & Refining Co _2598
2972
Amer. Telephone & Telegraph Co....2766 San Diego Consol. Gas & Elec. Co.
.2983 Dominion Steel Corp.. Ltd
2406
Associated Gas & Electric Co.
2578 San Joaquin Light & Power Corp_ -2771 (E.I.) Du Pont de Nemours & Co- _2972 Paragon Refining Co
2972 Paramount Fam.-Lasky Corp.2380,2432
Bangor Hydro Electric Co.
2576 Scranton-Spring Brook Water Ser2598
Birmingham Electric Co.
2779 Park & Tilford,Inc
vice Co
2578
2392, 2771 Dunhill International. Inc
2973 Park Utah Consolidated Mines Co_ _2599
Blackstone Valley Gas & Elec. Co.
-2959 Southern Cities Public Fiery. Co.
-2963 Durant Motors of Canada, Ltd
2779 Patin° Mines & Enterprises ConsoliBrooklyn Borough Gas Co.
Southern Cities Utilities Co
2388
2963 Durham (N. C.) Hosiery Mills
2599
dated,Ltd
2973
California Oregon Power Co
2959 Southern Colorado Power Co
2964 (The) Eagle-Picher Lead Co
2984
2780 Permutit Company
California Water Service Co.
..2388, 2767 Southern Indiana Gas & Elec. Co--2392 Eastern Rolling Mill Co
2406
-Dodge Corp
2948 Phelps
Canada Northern Pow. Corp., Ltd._2577 Southern Natural Gas Corp
2771 Eastman Kodak Company
2984
2973 Pierce-Arrow Motor Car Co
Carolina Power & Light Co
2767 Southern Public Utilities Co
2772 Eaton Axle & Spring Co
.
2984
2588 Pierce 011 Corp
Central Gas St Electric Co
2960 Standard Gas & Electric Co.
.2951. 3014 Electric Auto-Lite Corp
2984
2780 Pierce Petroleum Corp
Central Illinois Light Co.
2388 TM-Utilities Corp
2772 Elk Horn Coal Corp
2786
2589 Public Investing Co
Central Indiana Power Co
2368 Twin State Gas & Electric Co
2772 Employers Insurance Corp
2985
2780 Railway Express Agency, Inc
Central Power Co.
2577 Union Water Service Co
2393, 2772 Engels Copper Mining Co
Central Power & Light Co
2577 United Gas Improvement Co
2569 Equitable Office Building Corp..---2589 Railway & Utilities Investing Corp.2599
2600
Remington Arms Co.. Inc
Central Public Service Corp
2960 United Light & Power Co
_2394, 2582 Fageol Motors Co
2601
2780 Research Investment Corp
Chester Water Service Co._ _2388. 2767 United Rye. & Elec. Co. of Balt-2964 (The) Fair. Chicago, Ill
2985
2973 Root Refining Co
Chicago Aurora & Elgin Corp
2577 Utica Gas & Electric Co
2582 Fairbanks Co
2407
2780 Royal Baking Powder Co
Chicago City Railways Co
2388 West Virginia Gas Corp
2773 Fairbanks Morse dr Co
2408
2780 Safeway Stores, Inc
Chicago Rya. Co
2762 West Virginia Water Serv. Co _2394. 2773 Fashion Park Associates, Inc
2878
2589 Schulco Company. Inc
Cincin. Hamilton & Dayton Corp.--2577 Western Union Telegraph Co
2773 Federal Mining & Smelting Co
2787
2973 Schulte Real Estate Co., Inc
Cincinnati Hamilton & Dayton Ry._2577 Winnipeg Electric Co
2773 Federal Motor Truck Co
2801
2781 Schulte Retail Stores Corp
Cities Service Co., N.Y.2948,3011 Wisconsin Electric Power Co
2394 (Wm.) Filene's & Sons Co
2985
2973 Scott Paper Co
2394 Foote-Bart Co
Citizens Water Service Co.__ _2388, 2767 Wisconsin Gas & Electric Co
2787
2590 Seaboard Dairy Credit Corp
2582 Ford Motor Co
Cleveland Electric Illuminating Co..2577 Wisconsin Power & Light Co
2788, 2985
2401 Seaboard Surety Co
Connecticut Light & Power Co...__2767 Wisconsin Public Service Corp
2984 Foster Wheeler Corp
2085
Investors Corp-- -2400 Seagrove corp
Consolidated Gas Utilities Co
2578 Wisconsin Valley Electric Co
2985 Fourth National
2571 Second Canadian Gen. by.Tr. Ltd _2787
2960 York Utilities Co
2394 General Asphalt Co
Cuban Telephone Co
2781 Second National Investors Corp...-2408
General Electric Co
Cumberland Co.Power & Lt. Co._ __2389
2788
2384, 2974 Servel,Inc
Industrials—
General Foods Corp
2767
Detroit Edison Co.
2985
2974 Shaffer Oil & Refining Co
Duquesne Light Co
2565 Abraham & Straus, Inc
2583 General Motors Corn
2974 Shavrmut Bank Investment Trust _2601
Adams Royalty Co
General outdoorAdvertising Co2583
2389
East St. Louis & Suburban Co
2986
2583 General Public Service Corp_ _2591, 2781 Sheffield Steel Corp
2961 Advance Rumely Co
Eastern Utilities Associates
Virginia Electric & Power Co.
(And Subsidiary Companies)
—Month of March— 3 Mos. Ended Mar. 31
1929.
1930.
1929.
1930.
2
2
2
5
1,391,834 1,439,175 17,129,442 16,448.020
544,061
539.123 6,491.060 6,318,911
129,451 1,521,714 1,517,885
124,012
123,884 1,328,812 1,394,322
120,562
FINANCIAL REPORTS.
3148
Industrials (continued)
Sinclair Pipe Line Co
Skelly 011 Co
Sloss-Sheffield Steel& Iron Co
Snider Packing Corp
Solor Refining Co
South Coast Co
Southern Ice& Utilities Co
(John P.) Squire dr Co
Standard Investing Corp
Standard 011 Co.(Kentucky)
Standard Oil Co. of New York
Standard 011 Co.(Ohio)
Standard Plate Glass Co
State Street Investment Corp
Steel Co. of Canada. Ltd
Sterling Securities Corp
Stewart-Warner Corp
Superior Oil Corp
Swift Internacional Corp
Symington Company
Texas Gulf Sulphur Co., Inc
Texas Pacific Coal dr 011 Co
Taxon 011 & Land Co
Third National Investors Corp
(John R.) Thompson Co
Timken Roller Bearing Co
Trico Products Corp
FINANCIAL CHRONICLE
Industrials (concluded)
2409 Tr-Continental Corp
2603
2986 Truscon Steel Co
2604
2986 Underwood Elliott Fisher Co
2790
2758 Ungerleider Financial Corp
2604
2409 Union Carbide dr Carbon Corp
2989
2986 Union Oil Co. of Call!
2989
2788 Union Tank Car Co
2411
2987 United Aircraft & Transport Corp--2790
2789 U. S. Hoffman Machinery Corp__ _.2989
2409 U. S. Smelting Ref. dc Mining Co - _2989
2987 United Thrift Plan,Inc
2605
2409 Utah Copper Co
2764
2987 Vacuum Oil Co
2411
2987 Venzuelan Petroleum Co
2411
2602 Waldorf System,Inc
2991
2987 Western Dairy Products Co
2991
2789 Westinghouse Electric & Mfg. Co _ _2991
2987 White Motor Co. Cleveland 0.2384, 2428
2988 White Motor Securities Co
2412
2988 Wilcox-Rich Corp
2991
2988 Willys-Overland Co
2605
2410 Woodlavru Farm Dairy Co
2605
2410 Wright Aeronautical Corp
2412
2411 (William) Wrigley Jr. Co
3018
2988 Yellow Truck & Coach Mfg. Co_ 2791
2988 (L. A.) Young Spring & Wire Corp_2791
2603 Youngstown Sheet dc Tube Co
3018
Associated Gas & Electric Co.
(Annual Report
-Year Ended Dec. 31 1929.)
The remarks of President J. I. Mange, together with
comparative income accounts and a balance sheet as of
Dec. 31 1929 will be found under "Reports and Documents"
on subsequent pages.
-V. 130, P. 2766.
Chicago Rock Island & Pacific Railway Co.
(50th Annual Report
-Year Ended Dec. 311929.)
The joint remarks of President J. E. Gorman and Chair.
man Charles Hayden, together with the comparative balance
sheet and income account, will be found under "Reports
and Documents" on subsequent pages. Our usual comparative tables were published in V. 130, P. 2197.
[VoL. 130.
Missouri Pacific Railroad Co.
(13th Annual Report Year Ended Dec. 31 1929.)
-Y
The remarks of President L. W. Baldwin, together with
the income account and comparative balance sheet for the
year 1929, will be found under "Reports and Documents"
on subsequent pages.
TRAFFIC STATISTICS
-YEARS ENDED DEC. 31.
1928.
1929.
1927,
1926.
Revenue freight (tons)
45,311,615
41,384.696
38,665,636
41,761,665
Rev.tons carr. 1 mlle_11,051,806,038 10,312,288,840 9,386,122,064 10,132,034,120
Rev, tons carr. 1 mile
per mile of road____
1,385,169
1,481,827
1,275,096
1,379,054
Av.amt.rec.per ton m_
1.041 cts.
1.035 cts.
1.074 cts.
1.065 eta.
No. pass. carried
4,305,980
3,969,827
5,052,116
5,846,836
No. pass. carr. 1 mile_ 417,331,684
438,312,386 460.495,708
490.810.960
Av.rec.fr. each pass,..
$3.1474
63.2806
82.9004
82.7427
Av.rec. per pass. mlle3.09 cts.
3.12 eta.
3.18 cts.
3.27 eta
COMPARATIVEINCOME ACCOUNT FOR CALENDAR YEARS.
1928.
1929.
.1927.
1926.
Avge. mileage operated.. 7,458.23
7,444.79
7,361.11
7.347.09
Operating Revenues$
$
$
$
Freight
114,345,151 107,388,215 100.788,411 107.913,649
Passenger
13,023,293 13,552,823 14,652.502 16,035,972
Mall
4.492,169 2,977.578 2,626.569 2,649,501
Express
2.786.705 2,739.752 2.543,314 2,890,927
Miscellaneous
2,986,007 2.911.361
2,845.528 2.409,837
Incidental
1,936,254 1,768.432 2,042.291
1,859,188
Joint facility
238,364
238,336
229.788
231,222
Total ry. oper.revs__ _139,807.915 131,576.525 125.728,405 133.990,294
Operating ExpensesMaint. of way & struc 24,297,017 21,588,903 21,820,236 21,262,028
Maint, of equipment__ _ 23,057,776 24,276,306 23,764,538 26,532,577
Traffic
3,924,527 3,559.606 3.410,975 3.533,471
Transport'n-Railline 46,863,222 45.366.529 46.237,278 47,481,048
Miscell.operations
1,280,302 1,222.075 1,363.053 1.276,158
General
4.700,990 4,489,205 4,275,909 4,040,780
Transp. for inv.-Credit 1,220.393 1.411,423 1.305.990 1,274,118
Total ry. oper. expen _102.903,441 99,091,201 99,565.998 102,851,944
Net rev,from ry. oper
36.904,473 32,485.324 26,162.407 31,138,351
Railway tax accruals_,.- 6,250,444 5,813.251 4,769.420 5,612,341
Uncollect, railway revs_
38.105
46,188
38,430
37.163
GENERAL STATISTICS FOR CALENDAR YEARS.
Rev. Freight Traffic1929.
1928.
1927.
1926.
Average miles operated
8.110
8,082
8,052
Total oper.
8,024
- 30,615,599 26,633.967 21,346.800 25,488,846
Tons carried
37,971,933 35,448.631 34.335,161 33.786,252
Other Operating Income
Rev, for tons carried_.$113,597,037 8108758.903 8105256,593 8102203.024
Av.rate per ton per m_
Rentfrom locomotives
660.001
1.15 eta.
678,214
785,828
392,676
1.18 eta.
1.23 eta.
1.23 cis. Rent,fr,
Av.load in tons per m_
pass. tr. in
504,301
551,513
291,897
508.82
287,715
511.23
492.19
478.69 Rent from work & cars
floatRevenue Pass. Traffic
ing equipment
150.541
189,249
132.123
150,909
No. of pass. carried
13,091.329 12,951,898 14,113,493 14,113.111 Jt.facility
450,627
rent Income,.,.
388.317
400.660
Rev, for pass. carried_ $19.388,168 $20,059,598 $22,791.552 $23,857,117
451.013
Av.rate per in. per pass
2.84 cts.
2.91 eta.
2.98 eta.
3.01 eta.
Total oper. income_ _ _ 32,592,816 28.337.127 22,489,695 28,771,159
-V. 130, p. 2963.
Deduc'ns fr. Oper.Int.Hire of fgt. cars-deb.bal. 5,155,491 4,261,822 3.636,252 4,286,254
Duluth 8z Iron Range RR.
Rent for locomotives_ _ _
316.718
220,431
171,840
85,152
Rent for pass, train cars_
(Annual Report
-Year Ended Dec. 31 1929.)
611,484
570,933
336,146
256.360
Rentfor floating equip
38,205
41,091
14,088
8,830
TRAFFIC STATISTICS FOR CALENDAR YEARS.
Rent for work equipm't_
55,046
48,912
64.440
53,537
1929.
1928.
1927.
Joint facility rents
1926.
1,861,686
1,846.399 1.727.430 1.747,237
Freight carried-Iron ore
-gross tons
6,900,329 6,167,453 6,196,492 6,642,557
Net ry. oper. income- 24,554,185 21.347.536 16,899.498 20,333,786
Misc, freight-net tons619,367
603,993
671,662
611.773
Iron ore carried one mile
Non-Oper. Income
-gross tons
20,007
24,180
509,446,257 465,674,408 464,314.376 495,019.425 Inc. from lease of road
18,004
17,273
Misc, freight-net tons- 38.472,982 39,818,923 44,741,996 39.753.984 Miscell. rent income.__ _
235,120
240,556
231.943
287,855
Av.rev, per ton per mile
Misc. non-op. ph ys. prop
97.615
111.322
114,078
119.993
Iron ore
-gross tons-- 1.092 cts. 1.062 eta. 1.069 cts. 1.078 cts. Dividend income
3,382,252 3,191,625 2,337.872 2.307,333
Miscel.fet--net tons- 1.807 cts.
278,812
350,884
421,414
1.847 eta.
730.785
1.797 cts. 1.897 eta. Inc.from funded securs_
Passengers carried
179,183
56,588
49,847
760,275
216,379
68,797
73,387 Inc.from unfund.secur- 1,159.695
Pass.carried one mile
2,205.325 2.469.643 3,009,098 3,046,060 Inc. from sinking, &c,
Av,rev, per pass. per mi. 2.473 eta. 2.434 eta. 2.439 eta. 2.559 eta.
reserve funds
384
364
648
468
34,856
Miscellaneous income.
4,487
51,168
3,027
INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
1928.
Gross income_
1927.
1926.
30,001,390 25,385,139 20.723.263 23,955,072
Freight revenue
$6,283,403 55,683,062 $5,767,010 $6,090,080
Deduces,,from Gross
Passenger revenue
54,553
60,115
73,404
77,938 Rent for leased roads_ Inc.
163.845
183,419
132,890
138,081
Mail, express, &c
86,654
69,534
66,759
74,680 Miscellaneous rents_ _ _
32.779
38,858
56,674
35,854
Incidental
833,459
734,947
740,563
797,797 Miscell,tax accruals_ __ _ _
25.371
17,701
21.174
__
20,575
Joint facility
1,096
1,026
907
895 Separately oper. prop_
37,659
50,855
87.826
.39,513
17.437.456 15,193,307 15.814,395 15,007,530
Total oper. revenue $7.259.165 $6,548,684 $6,648,644 $7,041,389 Int. o.funded debt
Int.on unfund. debt......
402.445
68,930
162,507
65,752
Operating Expenses17.041
15.648
17,273
16.100
Maint. of way & struc. $1.176,783 $1,157,516 $1,199,827 81,073,965 Miscall. income charges
Malta. of equipment__ - 1,348,049 1,279,168 1,351.349 1,312,296
Net income
9.512.690 4,401.196 8,631.667
12,217,763
Traffic expenses
17,602
20.941
23,644
18,862 Preferred diva
1.950.038
4,609,196
Transportation
1,695,374
1.697.319
1.853,252 1,909.974
General
288.431
264,452
274,351
299,307
Balance
7,608,567 7.562,652 4.401,196 8.631,667
Miscell. operations
2,181
3,124 Shs. corn. out.(par $100)
828.395
828,395
828.395
828,395
Transport'n for invest
Cr1,493
Cr528
Cr3,712
Cr1,903 Earns. per sh.con corn,.,.
$7.15
$10.46
$0.98
$6.09
Total oper. expenses_ $4,524,746 $4,418,867 $4,700,892 $4,615.629
Net rev,from ry. oper
2.734,420 2,129,817 1.947,752 2.425,760
GENERAL BALANCE SHEET DEC. 31.
Railway tax accruals.. _ _
524,171
438,815
538,412
550,602
1929.
1928.
1929.
1928.
Uncollectible ry. rev_ _ _
326
38
26
29
A ssets$
$
$
Common stock,. 82,839,500 82,839,500
Lftnontiili:tsoNet oper. income_ _ _ _ $2,209,923 $1,698.964 $1,409,314 $1,875,129 Invest,in road &
equipment- -525,812,525 496,844,341 Preferred stock. 71,800,100 71,800.100
Equip.& it.facilrents- Cr16,014
Cr30,979
Cr31,653
ór42.516 Impr. on leased
debt un-372.
Fundtured
maed
Non-oper. income
509.891
475.021
470.152
428.736
property,.,.
66,606
338,159
195,520 348,861,920
Sinking
631
631
Gross income
$2,735,828 $2.198.964 $1,911,120 $2,346,383 Depositsfunds_
In lieu
Traffic & car ser- 1,547,997 1,611,416
vicebal. pay
.
Int. on funded debt---407,550
407,550
407,550
407.550
of mtge. prop.
Audues
w lted
Misc. income charges_
67,320
4,764
5.713
4.499
sold
a .&
l:1M) e
38,781
1,222
l
Amortization allowances
Cr855
197,823
188.232
183.782 Misc. phys. prop 3,597,039 2,907,186 Misc. accts. pay. 10.969,409 9,599,765
266,626
285,487
Inv. In ann. cos.
Int.mat'd unp'd
535,929 1,192.905
Net income
$2,083,134 $1,785.504 $1,309,624 $1,750,553
-pledged_
34,605,549 34,605,549 Funded duenbptami
Dividends paid
1.300,000
1,300,000
975.000
975.000 Inv. in Mill. cos.
unpaid..
113,40030,200
-unpledged _ 35,460,582 29,180.203 Divs. mat'd unBalance, surplus
$334,624
8763.134
8485.504
$775,553 Other-pledged_
18,981
21,346
0th. Inv. unpl'd 1,807,760 1,187,975 Un ald Int.accr. 4,621,925 4,152..801
Pm at.
65 3 3
8
GENERAL BALANCE SHEET DECEMBER 31.
Cash
3.933,215 10,139,242 Unmat.rents ac1929.
1928.
1929.
1928.
Demand loans &
crued
330,235
345,171
Assets-deposits
Other curet nab.
50,000
432,364
405,787
Road & equipral_29,821,276 30,148,633 Capital stock
6,500,000 6,500.000 Special deposits_
422,151 1,111,489 Deferred liab_ - 593.098
455.402
Misc. phys. prop. 2,483,284 2,518,753 Grants In aid of
Loans & bills rec.
10,100
14,432 Tax liability.. - _ 5,224.196 3,943.700
Liberty bonds. _ 4,856,480 4.856,480 construction _ 2,071,382 2,071,382 Traffic & car serBosun& casualty
alty
First mtge. notes_
8,151,000 8,151,000
91,103
105,880 Funded debt
vice bal. me_
1,365,357 1,629,550 reserves13,256
4,883
Cash
340,403 Net bal.roc.from
489.676
678,319 Current liabilities_ 374,468
Acer,
___ 17,990,888 15,936,512
458,376
Special deposits _
ag'ts & conduc 1,782,885 1,875.877 0th. I .ered
1,850
6,625 Accrued tax habit. 514,538
i715,768
537.758
Misc. accts. rec. 5,836,751 4,132,148 Add'ns to Prop.
Demand loans Os
Prem, on funded
417,195 Mat'ls & suppl 13,262,003 11,335,749 surplIgh Inc. &
9.121.006 7,860.938 debt & ins.res've 430,887
deposits
throlus
Int. dr diva. rec.
Material & supp
689,448
678,486 Equipment & dock
534,496
393,982
1,264,419 1,116.161
6,554,024 6,665,077 Rents receivable
64.548 repletion
Accts. receivable...
41,517
42,736
36,000 Profit & loss_ .... 58,91 ,998 54,374,247
'
513,064 0th. curr't assets
17,582 Other unad. accts_ 491,235
Agents 4 conduc's
21,063
56,626
76,608
Traffic & car serCapital amort. fd. 9,948,951 9,751,128 Work,fund adv.
36,110
35,829
2,115 APProp'd surplus_ 4,750,034 4,750.034 Other def. assets
vice balances _
1,380
187,582
180,019
832.372 Rents dc Maur.
& diva. recelv
45,368
45,367 Swann/ land grant 783,426
premium paid
210
Other current assets
Profit and loss_ ..10,020,384 9.279,390
In advance_ _ _
Work fund adva3,427
153,657
3,300
251,796
Other unadjust.
Depree.,thaw., ace 2,315.753 2,100,091
debits
1,181,700 1,493,736
Loud department. 385.766
421,927
Other unadjusted
Total
Total
630,497,814 597,559,077
222,141
220,246
Total(each side)50,590,621 49,729.421
debts
630,497,814 597,559,077
-V. 130. p. 1823.
-V. 129, p. 4136.
MAY 3 1930.]
FINANCIAL CHRONICLE
3149
GENERAL BALANCE SHEET DEC. 31.
1928.
1929.
1928
1929
Liabilities
Assets
71,596,735 71,054,773 Fr.lien cap.stk_c11,882,600 11,882,600
Road
21,045,472 18,634,183 Preferred stock- 10,214,958 10,284,958
Equipment
34.072 Common stock. 33,771,300 33,701,300
34,072
General
409,000
Ex.& tin. 1st 58409,000
Depos in lieu of
let cons. M. 48_ 6,870,000 6,870,000
mtged. ProP'Y
45,954 Equip. trust 58850,000 1,020,000
47,229
sold
1,747 Equip. note es__ 1.830,000 2,135,000
1,047
Misc.phys.prop.
Ref. M.bonds.... 7,721,000 7,721,000
Inv.in affil.cos.a
1,030,569 1,030,469 Nat. Ry. Berv.
Stock b
2,224,000 2,224,000 Corp.eq. tr.. _ 5,905,900 6,814.500
Bonds b
427,362 Tr. & car serv.
382,872
Advances_ _
37,885
bals. payable_
22,657
Other Investmls 4,046,829 6,137,302
495,496 Audited accts. &
534,820
Cash
300,000 wages payable 1,075,357 1,339,247
Time drafts den300.000
37.418
45,246
406,417 Misc, accts. pay.
390,230
During the quarter shipments to the trade equalled about 81% of capacity Special deposits_
21
105
Divs. mat. unpd
750
compared with 74%% in the fourth quarter of 1929 and 94% in the first Loans& bills rec.
37,387
30,330
Int. mat'd unpd.
Traffic and car
quarter of last year.
279,472
271,084
91,431 Unmat. int. neer
94,400
eery bal. rec.
The earnings for the first quarter of 1930 were 20% below those for the
100,473
59,097
Other curralabs.
corresponding quarter of 1929, with an output which was 14% less than Due from agents
350,916
270,718
263,008 Other def. Dab__
214,390
&conductors _
last year. Prices averaged $1.45 per ton less than a year ago as to domestic
952,850 1,242.580
433,253 Tax liabrity. _ _
417,317
Misc. sects rec.
business, but on export business the average prices showed an increase.
50,004 Acer.depr.equip. 5.705.061 5,057,330
50.017
In 1930 to the close of the first quarter new business booked slightly Int. & dive. Fee..
434,793
513,710
exceeded in tonnage the current shipments. At the present time the plants Mat'l & supplies 1,131,610 1,052,404 0th. unadj. cred
1,991.121 1,686,494
10,751 Corporate surp
7,404
The present indication is that Other cur. assets
are operating at about 809' of capacity.
7,522 P.& L. surplus.x19,429,581 18,440.101
7,520
this ratio will be fairly well maintained through the second quarter, and Work's fund adv
17,084
21,221
while it is impossible to estimate at the moment as to the third and fourth Ins. paid in adv.
59,281
55,410
quarters, the general indications are that there will be a satisfactory volume Disc,on fd. debt
Nat.Ry.Service
of business during the last half of the year.
equipment _ _ 5,802,358 6,710,958
INCOME ACCOUNT FOR QUARTER ENDED MARCH 31.
394,982
385,601
Misc,unadj.deb
*1927.
*1928.
*1929.
Net after Taxes,c% c.1930.
January
109,821.675 109,882,455
$15,404,359 $18,759,098 $11,899,549 $13,512,787
109,821,675 109,882,455 Total...
Total
February
16.107.410 19.080,941 13,581,337 14,943,305
a Investments in affiliated companies: (1) Stocks: Toledo Belt Ry.,
March
18.103.628 22,265,342 15.453,146 17.128,633 $238,320; Zanesville Belt & Terminal Ry., $100,000; Sugar Creek & NorthVirginia By.,$500,000: Wandle Co.,$191.Total (see a below) $49,615,397 $60,105.381 $40.934.032 $45.584.725 ern RR.,21,000: Lorain & WestInc., $100; total, $1,030, 569. (2) Bonds:
149; Railway Express Agency,
DeductLorain & West Virginia Ry., $2,000,000; total,
Depree. depletion.... 14,813,529 14.716,828 c15,026,893 c14,660,387 Toledo Belt Ry., $224,000;to the Wandle Co., $382.072: Railway Express
Interest
b1,420,697 3,203,106 4,097,848 4,238,894 $2,224.000. (3) Advances
b Pledged as collateral security to funded obligations
477,420
358,082 Agency, Inc. $800.
Prem, on bonds redeem
•
of the company, except stock owned in the Wandle Co. and Railway
Express Agency. c As of Dec. 31 1929, quarterly divs. No. 1 to 20 incl.
Total deductions
$16,234,226 $17,919,934 $19,602,161 $19,257.363 have been paid on prior lien stock for the period ended Oct. 31 1921. x The
33,381,171 42,185,447 21.331.871 26.327,362
Balance
surplus has been temporarily used for additions and betterments to the
Special income receipts_ d2,396.636
property, equipment trust notes, Government notes, and other indebtedTotal income
$35,777,807 $42.185,447 $21,331.871 $26,327,362 ness.-V. 130, p. 1652
Div. on pref.(1%,
6,304,919 6,304,919 6,304,919 6,304,919
Q)
Central of Georgia Railway.
Div. on common (13(%) 14,981,533 12.453,411' 12,453.411 12.453,411
Kansas City Southern Railway Co.
-Year Ended Dec. 31 1929.)
(30th Annual Report
The remarks of President C. E. Johnston will be found
under "Reports and Documents" on subsequent pages.
Our usual comparative income account, comparative balance
sheet and general traffic statistics were published in V. 130,
p. 2385.
United States Steel Corporation.
(Results for Quarter Ended March 311930.)
The finance committee has authorized the following statement in regard to business of the corporation:
Balance, surplus
$14,491,355 $23,427,117 $2,573,641 $7.569,032
Shs. corn. out (par $100) 8,560,876 7,116,235 7,116,235 5,083,025
$2.11
$3.94
$5.04
Earns. per sh.on com _ _ _
43.44
* After deducting interest on subsidiary co.'s bonds outstanding, viz,'
1928.
1929.
1927.
$625,145
$651,430
$675,402
January
649,593
623,925
February
675,292
1
See
I
March
649,001
624.534
674,926
a
a After deducting all expenses incident to operations, including those
for ordinary repairs and maintenance of plants, also taxes (incl. reserve
for Federal income taxes) and interest on bonds of subsidiary companies
for years 1929, 1928 and 1927. but not in 1930. b Includes interest on bonds
of subsidiary companies, amounting to $1,406,428. c Includes sinking fund
provisions. d Quarterly apportionment of net interest on Federal tax refunds. •Excluding item of special income earnings for quarter were equal
to $3.16 a common share.
Unfilled Orders as Previously Reported (V. 130, p. 2497).
June 30 '29. Mar.31 '29
Mar. 31 '30. Dec. 31 '29.
Sept. 30 '29.
4,256,910
4.570.653
4,410.718
4.417,193
3,902,981
-V. 130, p. 2604.
Wheeling & Lake Erie Railway Co.
(13th Annual Report-Year Ended Dec. 31 1929.)
TRAFFIC AND TRANSPORTATION FOR CALENDAR YEARS.
1927.
1928.
1926.
1929.
511.60
511.60
511.60
Miles of road operated-511.60
Revenue tons carried.-- 20,369.418 19,441,940 17,150,043 18,901,958
Revenue ton miles---1,863,674,433 1724215,080 1474933.876 1683245,542
1,051
961
1,024
1,028
Av. net tons per train m_
Avge. rev, per ton mile_ 1.060 cts. 1.110 cts. 1.117 cts. 1.138 cts.
$37,416
$32,191
237,442
Av. rev, per mile of road
638,597
283,054
290.314
362,516
193,244
Passengers carried
Passengers carried 1 mile 8,878,328 10,833,354 12,327,710 15,063,902
3.01 cts.
2.90 eta.
3.03 Ma.
2.90 cts.
Av.rev. per pass. per m_
$614
1725
$893
Pass.rev. per mile of rd _
$503
$13,365
$8.636
$11,614
Net op.rev.per m.of rd $12 983
21.98
24.16
Av. no. of pass. per train
24.07
li).11
$3.13
$2.09
Net oper. rev. per.in.
$2.63
tr.
$2.84
INCOME ACCOUNT FOR CALENDAR YEARS.
1927.
1928.
1926.
Operating Revenue1929.
Freight
$19,746,432 $19,142,252 $16,468,775 $19,155,370
314,061
370,985
Passenger
456,819
257,448
101,582
Mail and express
112,203
113.796
117,497
660,608
652,624
Other transportation__ 650,706
659,582
487,159
Incidental
524,999
549,207
554,263
Total
$21,335,222 220,705,664 $18,129.586 $20,925,898
Operating Expenses
Malec of way & struc $2,553,713 $2,539.198 $2,375,000 $3,114,517
Maint. of equipment_ - _ 5,069,848 4,523,822 4,653,947 4.816,739
437,258, 37
401,620
471,130
Transportation
6,022,994 5,802,265 5,684,225 6,072,913
17,260
Miscellaneous operations
19,565
20,486
15,656
570,654
General
568,870
575,179
580,863
22,074
Transp. for invest.
4,472
-Or.
17,364
21,027
Total ry. oper. exP---$14,693,177 $13,868,383 $13,716,571 $14,984,089
Net rev, from ry. oper
4,413,016 5,941,809
6.642,044 6,837,281
1,679.494
Railway tax accruals__ - 1,556,021
1,462,571
1,664,998
Uncollectible ry. revs__ _
2,900
1,676
898
3,651
By. oper. income.... $5,085.125 $5,154,886 $2,948.769 $4,273,160
Non-Operating Income
Hire of frt.carscred.bal.
$29.986
$109,162
Rent from equipment_ - $108,242
78,783
$88,634
72,895
Joint facility rent income
91,971
95.921
60,603
87,345
6.000
Inc.from lease of road.. _
6.000
6,000
6,000
24.281
Miscell. rent income.._ _ _
23,308
65,263
24,786
101,288
Inc.from funded secure.
102,355
100,088
104,766
from unfunded seInc.
curities and accounts120,593
155,056
245,615
.
166 335
4,459
Miscellaneous income
3,703
4,498
7,558
Gross income
$5,702,176 $5,637,853 $3,409,418 $4,813,988
Deductions
Hire offrt.cars, deb. bal.
:
$1g 111
1
$91: 18
1
Rent for equipment_ _ _ _
$15,487
$15,381
94,897
Joint facility rents
89,953
112,914
101,563
7,042
Miscellaneous rents.....
292
192
6,411
Interest on funded debt..
878,102 1,137,178
818,728
84gli
i
Miscell. tax accruals_ _
6,961
44,956
Int. on unfunded debt_ _
19,119
16,986
25,022
4.626
Amort. of disc on fd. dt_
8,309
3,872
23,621
5,225
.
Misc.income charges_ _
3,322
4.618
3,675
Net income
$4,679,321 $4,364,748 $2.394,833 $3,507,355
831,782
Divs,on prior lien stock. 3,327,128
92,507
112.062
Invest, in road & equip_
307,389
100,307
Sur.transf. to p. &I $1,044,804 63,440,458 32,282.771 $3.407,048
-Year Ended Dec. 31 1929.)
(35th Annual Report
The remarks of Chairman Lawrence A. Downes together
with the income account for 1929 and 1928 and comparative
balance sheet as of Dec. 31 1929 published in last week's
"Chronicle" under "Reports and Documents." Our usual
comparative tables were given in V. 130, p. 2756.
International-Great Northern RR. Co.
(8th Annual Report-Year Ended Dec. 31 1929.)
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
1927.
1928.
1929.
Operating Revenue$14.158.825 $14.961,046 $14,411.213 $15,071.100
Freight
2,217,899 2,415,829 2.462,023
2,074.571
Passenger
411.906
405.308
454.935
674,019
Mail
538.839
501,308
548,286
566,999
Express
471,898
482,640
438,974
442,318
Miscellaneous
264,826
189,194
215,984
308.186
Incidental
25,052
22,981
18,682
20.065
-netJoint facility rev.
Total oper. revenue--518,244,984 518,855.805 618.428.470 519.245,644
Operating ExpenseMaint. of way & struc-. $2.854,835 $2,871,501 $3,266,301 $3,404.365
Maint. of equipment... 2,947,439 3,211.775 3,273,793 3.330.133
400,001
438,422
432,197
496,048
Traffic expense
Transportation expenses 7,089,750 7,455,138 7,356,863 7,303.052
107,590
119,838
158,224
172,333
Miscellaneous operations
714.613
754,798
800,971
856,741
General expenses
185.312
255,343
215.352
167.875
-Or..
Trans. for invest.
Total operating exps-$14,249,272 $14,714,453 $14,954,672 $15,074,442
Net operating revenue.. 3,995,712 4,141,352 3,473,798 4,171,202
Operating Charges
$543,291
$496,515
$497,089
$512,080
Taxes
6.181
6,749
12,051
9,916
Uncoil, railway revenues
946,392
699.901
931.098
1.106,647
-Debit
Hire of equip.
120,540
92,811
74.392
100,551
Joint facility-Net
Total open charges_ _ _ $1,729,194 $1,514,630 $1.295,976 $1.616.404
2,266,517 2,626,722 2.177.822 2,554.798
Operating income
111.554
74,370
145,244
117.891
Other income
$2.384,408 $2,771,967 $2,252,192 $2,666,352
Total income
Deductions from Income
$2.335
$3.084
$5.094
$599
Rentals
16,661
79.737
15,725
14,242
Miscellaneous
1.962.706
2.135.421
2,745,461
Int. on funded debt--- - 2,789.447
$684,650
$33.950
$10,181
Balance ofincome_ _ _ _df.$424,375
Shares of capital stock
75 000
75.000
75 000
75.000
outstanding (par $100)
0.13
$0.45
sbas
Nil
Earns. per sh.on cap.stk.
-The consolidated profit and loss account for
Profit and Loss Account.
-Credit balance Dec. 31 1928.
the year ended Dec. 31 1929 shows: Credits
$3378,786; profit from sale of road, 67.003: unrefundable overcharges.
$5,535; donations, $27,056; miscellaneous credits, $8,451; total credits.
-Debit balance transferred from income account.
$426.832. Debits.
$424,375. Surplus appropriated for investment in physical property.
$27.056; discount extinguished through surplus. $384,329; loss on retired
road. $80,480; miscellaneous debits, $3,771; debit balance Dec. 31 1929.
$493,181.
BALANCE SHEET DEC. 31.
1928.
1929.
1938.
1929.
Assets
60,551.724 59,938,030
Investments
7,500,000 7.500.000
320,272 1,752,721 Capitalstock
Cash
50,224,000 48.924,000
Special deposits.- 823,193 1,051,445 Funded debt
'traffic & car serv.
Loans & bills re717,519 1,338,293
balances
3.105
2,000
ceivabie
Aud.acts. & wages. 1,613,799 1,173,208
Traffic & car acre.
49.575
47,840
365,696 Misc. accts. pay
bal. receivable.... 192,477
838,205
Int. mat'd unpd.._ 823,193
Agents' & conduc358,779 Funded debt mat'd
tors' balances... 298,777
5,000
unpaid
Sfiscellaneous ac534,187
553,815
678,151 Uninat, int. seer
counts reedy..... 1,582,909
13,263
13,263
Mat'ls & supplies_ 2.918,750 2,396,113 Unmat.rents acct._
39,830
38,827
5,933 Other curr. Ilabils_
30.267
Int.& dies. reedy..
19,405
69,254
24,038 Deferred liabilities
16,648
Other curr. assets..
108.788
77,468
8.336 Tax liability
8,336
Working fund adv
28,797 Accrued deprec'n_ 4,907,745 4,713,161
47,609
assets
Other def.
382,985
23,841
44,663 0th. unadj. credits 323,115
Rents & ins. paid.
842.490 Add'ns to prop.thr
Other unad1. debs. 1,106,542
85,282
112,338
Inc. di surplus
493.181
Prof. & lose
Bur, avail,for corp.
1 394,35 1,314,35
exp., 4,4
Profit & loss
378,736
-Oh 6 I 67.118.30
:167.498.300 Total
:
Total
-v.129. p. 1436
3150
FINANCIAL CHRONICLE
St. Regis Paper Co.
(Annual Report
-Year Ended Dec. 31 1929.)
President F. L. Carlisle reports in substance:
In August when Niagara Hudson Power Corp. was organized, the company exchanged its holdings of Northeastern Power Corp. common stock
for common stock and class A option warrants in the new.company. Later
in the year additional stock was purchased, bringing the company's holdings in Niagara Hudson on Dec. 31 1029 up to 4,260,366 shares of common
stock and 1,025,566 class A option warrants. This investment was carried
on the nooks at $27,979,957. On Dec. 31 1929 It had a market value of
455,650,000. Stockholders will be interested to note that on the basis
of these market prices approximately half of the company's total assets were
represented by this investment.
As noted in last year's report, company on Feb. 28
,
Purchased the
assets of the Bates Valve Bag Corp. and by reason of 1929is now an outthis
standing factor in the manufacture of multi-wall paper bags and filling
machines for the packing of cement,lime, gypsum and other rock products.
The Bates company originated, developed and patented the Bates System
for packing these products. It leases the use of its machines to cement and
other manufacturers and also licenses certain manufacturers to make and
sell its patent valve bag.
In Sept. the stockholders voted to change the 1,000,000 shares of the
company's common stock without par value into 4.000,000 shares of $10
par value and at the same time to increase the authorized number of shares
to 5,000,000. Simultaneously 800,000 shares of the new stock were offered
for subscription to stockholders at $25 in the ratio of one share for each
four shares held. Payment for these subscriptions, amounting to $20,000,000. was made on Oct. 21. Company used a large part of this amount to
retire loans incurred in connection with tho purchase of the Bates Valve
Bag Corp. and in the expansion of its business.
Net income for the year available for dividends amounted to $4,664,874.
equivalent after pref. stock dividends to $1.29 per share on 3.355.616 shs.,
the average number of shares of common stock (of $10 par value) outstanding during the year. These earnings do not take into consideration the undistributed earnings of Niagara Hudson Power Corp. applicable to the
Company's holdings which, if included, would add 27c. per share, bringing
the total up to $1.56 per share on the average number of new shares of St.
Regis Paper Co. common stock outstanding during the year.
EARNINGS FOR YEARS ENDED DEC. 31.
1929.
x1928.
Gross income from all sources
$22.950,590 $13.900.357
Oper. tic gen. exp., deprec., int., min. ints. & pref.
dive, of subs. & all taxes
18.285,717 10.449,071
Net income
$4.664,874 $3,451,286
Pref. dividends
329,497
331,793
Common dividends
2.788.750
1.634,725
Balance surplus
$1,546,627 $1,484.768
Surplus at beginning of period
'12,028,083 10.543,315
Surplus acquired from recapitalization during year 12,403,715
Surplus Dec. 31
$25,978,425 $12.029,083
x Although Northeastern Power Corp. was controlled during 1928 by
ownership of over 52% of the common stock, these figures include only
the dividends received from such holdings.
'
Vol,. 130•
TRAFFIC STATISTICS FOR CALENDAR YEARS.
Revenue Freight1929.
1928.
1927.
1926.
Other revenue freight _ _ _ 23,689.752 23,003,360 22.327,278 23,024,113
Bituminous coal (tons)__ 8.177.556
9,035,093
9,214,995
9,511,280
Anthracite coal (tons). _ 8,541,716
9,205,978
9.511,772
9.602.711
Total revenue freight_
40,409,024 41.244,328
Tons carried one mile. .2,827,472,3852.846678538 41,144.984 42,047.165
-Revenue per ton per mile 1.593 cts. 1.601 eta. 2,820449237 2,905667000
1.623 eta. 1.610 eta.
Passengers carried
29,021,578 26,951,412 26,674,038 27,147,908
Pass. carried one mile_ -499,750,125 475.678,778 472.781.161 483,717.678
Rev, per pass, per mile_ 1.751 cts. 1.776 cts.
1.847 cts. 1.875 eta.
COMBINED OPERATING ACCOUNT FOR CALENDAR YEARS.
1929.
1928.
1927.
1926.
428.619,133 427.359,686 426,776.087 427.878,821
3,871,760 4,022.650 4,296,500 4,909.350
12,552,400 14,181.380 14,694,600 13.991,567
8,749,394
8,450,286 8,730,980 9,068.992
1,683,630
1.504,818
1,628.966
1,671,213
429,512
424.717
388,377
404,146
516,846
557.775
702,774
626,963
1,451,614
1,201.730
1,210,354
1.297,504
262,649
299,015
317,082
322,562
Total
858,136,939 $58,002,057 $58,745,712 $40,171,118
Operating Expenses
Maintenance of way,&c. $5.796.291 $5,879,478 $5,460,520 46.777,562
Maintenance of equip
11,955,091 12,041,766 12,863.862 14,408,216
Transpertation expenses 21.813.140 21,684,241 22,725,528 22,517.903
Traffic expenses
744.786
647,136
579,723
536,857
General expenses
1,564,484
1.577,046
1.415,880
1,504,506
Miscell. operations
346,227
295,725
299,796
268,682
Transp.for inv.__Cr
1,724
3,234
1,063
20,105
Total
$42.218,296 $42,122,160 $443,344,247 $45,993,621
Net revenue
15,918,644 15,879,897 15,401.465 14,177,497
Railway tax accruals--- 5,074,797
5,059,307 3.738,302 4,780.862
Uncollectible revenue_
10.959
17,470
13.971
77,810
Hire of equipment
1,249,845
1344.902
918.445
821,128
Joint facility rents
215,999
273,161
347.095
446.162
Net open income---- 49,367,044 $9,385,057 410.383,653 $8,051,535
Non-Operating IncomeMiscell. rent income
$339.381
$429.192
$447,352
$370,114
Non-oper, phys. prop
153,960
217,705
138,973
134,974
Dividend income__
282,949
254,380
278.843
280,067
Income from funded sec.
497,566
495.377
632.136
742.105
Inc. from unfunded sec_
195,620
1,285.236
165,525
113,320
Receiptsfrom U.S. Gov.
665,245
:Miscellaneous
31,810
44,476
21,977
33,792
Gross Income
410,954,742 412,035,013 $12,068,460 810.391,152
Rent for leased roads._ - 2,384,483
2,382,551
2,376,835 2,343,873
Miscellaneous rents_ _ _ 310,710
314.032
303.931
274,802
Miscell. tax accruals_ - _
325,665
307,047
346.129
310.549
Int. on funded debt_
2,863,475
2.946,074 3.093,193
3,072,608
Int. on unfunded debt.._
11.761
20,077
461.229
6,655
Maintenance of Investment organization
2.226
Miscell. Income charges..
13,668
13,521
14,540
13,905
Income applicable to
sink. fund, &c. res.fd_
5.995
operating Revenue .
Merchandise
Bituminous coal
Anthracite coal
Passenger
Express and mall
Water line
Water transfer
Incidental
Miscellaneous
CONSOLIDATED BALANCE SHEET DEC. 31.
1929.
a 1928.
1029.
a 192Y1
Assets$
LtaWittes-Land,build..maeh..
Funded debt
8,376,000 6,343,300
equip., &a_ „c41,104.964 20,164,049 Pucci). money oblig 1,436,700 1,625,920
Net income_
$5,036,759
Investm's in NiagNotes payable132,500
153,000 Dividends paid (12%)_ - 3.292.416 $6,051,710 $5,472,604 $4,368,760
3,292,416
3.292.416 3,292.416
ara Hudson Pwr.
Accounts payable
971,808
673,661
Corp
b27,079,957 22,077,033 Divs. declared_.... 1,080,969
532,948
Balance, surplus
$1,744,344 $2,759.294 $2,180.188 $1.076,344
Other investm'ts__ 4,070,835 1,302,309 Accrued accts. __ 173,426
83,006 Shares of capital stock
Cash
4,739,224 4,640,899 Miscellaneous_ --89,917
56,507
outstanding (par $100)
274,368
274,368
274,368
274,368
Special deposit _ _
6,498
7,131 Reserves for cont'g. 1,593,656
292,939 Earns, per sh, on corn....
$18.36
$22.06
Notes roe
$19.94
$15.92
133,978
286,430 Fed. inc. tax nes__ 412,445
30,693
Accounts roe
1,764,006
927,430 Miscell. reserves__
41,093
28,161
Inventories
3,481,318 2,924,276 Deferred credits_
BALANCE SHEET DECEMBER 31.
55,234
Int. & dive. roc_ _
28,825
375,005 Minor. int. In corn.
1929.
118.
1029.
1928.
Advances on materstk.& surp.ot sub. 97.227
15.399
AssetsMantes
$
-0
IsIs lumbering
Pref.stk. of subs__ 1,381,800
Road & equIp_165,055,761 164.611,130 Capital stock__ 27,436,800 27,436.800
operations
857,755
579,993 Prof. stock
4,626,800 4,739,900
,
Mtge. bonds __
.
Life ins. prem__- 204,702
179,024 Corn,stock
40 000,000 27,428,215 Iy in affil."s 13,603,289 13.442,937 Int., dividends,y59.374,000 61,155,500
I . leased via:
Tp
Spec.funds & dep.
8,249
1,814 Surplus
25,078,425 12,028,083
Stocks
4,586,706 3,820,490
&c.. due
922,608
930,636
Defer.debit Items_ 2.067,598
566.337
Bonds
1,840,000 1,636,000 Accts. & wages- 3,533,653 3,220,303
Adrnces__
No e
3,506,442 3,910,847 Traffic, dte.. bal. 1,782,829 2,056,574
Total
86,447,909 54.031,732
Total
86,447,099 54,031,732
40,000 Miscell. accts.._
240,000
103 9 9
24 57
::24
26,363
a Although Northeastern Power Corp. was controlled during 1928 by Other investls_
Interest & rents
ownership of over 52% of the common stock, the 1928 balance sheet includes Misc,plus. prop 9,73.5,917 9,736,518
accrued
3,521,820 3,463,810
188,309
this stock carried solely as an investment item.
Swum. unpldg.. 1,674,000 1,874.000 Unmatured divlb Market value, Dec.31 1929.$55,650.000. c After reserve for deprecia- Cash
2,721:345 2,628,392
47
dends declared
49
97,472
1,057,472
tion and depletion of $9,138,447.-V. 129. p. 3647.
Special deposits_ 1,330.854 1.0, 6;0843
5 92
)5
507.989
473,333
Traffic,&c.,bal.
Taxespeferred sects
102,817
120,465
Misc. accounts. 1,530,234 1,786,383 Unadjusted accts
Central Railroad Co. of New Jersey.
136,133
193,295
Loans bills
AgM res.. 151,954
roe t3
1,300,307 1,000,000 Insur & C.
052
4: 6
2
(Annual Report-Year Ended Dec. 31 1929.)
. 6 conduct.
6:
779,164 Corporate sun. _x68.073,460
6
Matls & suppl.- 2,740,476 3.224,376 Accr. deprec_ _ _28,686,154 68,71
.
27,849,379
President R. B. White, April 10 wrote in part:
Int. & dive. rec.
119,485 Profit and loss_ -26,116.746 23,766,132
164,355
Operations for the Year.
-Operating revenues aggregated $58,136.939. an Inc.. &c.,funds_
83,882
175,584
Increase of $134,882 over previous year. Operating expenses were $42,- Othainad.1.acets.
218.295. an increase of $96,136, and net revenue from railway operations 0th. def. assets.. 3,788,683 3,692,001
257,719 Total (ea. side) 218,160,823 217,289,0
243,037
aggregated $15,918,643, an increase of $38,746 over previous year.
x As follows in 1929: Additions to property through income and surplus:
Operating ratios for the years 1927, 1928 and 1929, were as follows:
(1) investment in road and equipment, V3.588.428 (2) improvements
1927, 73.78%, 1928. 72.62% and 1929, 72.62%.
on leased property, 411.484.830 (3) investment In miscellaneous physical
Freight Traffic.
-The generally improved business conditions prevailing
during the latter part of 1928, continued through the first 10 months of property, $202. y Includes (a) equipment obligations In company's
1929. and resulted in company enjoying its full share of merchandise treasury, $600.000 with public, $8.776.000 (5) general mortgage 5%
traffic offered for shipment. Merchandise revenue for 1929, increased bonds, $49.998.000. of which 41,074.000 are held in treasury and $48,-V. 130, p. 2020.
$1,259,447 over the previous year. Bituminous coal traffic fell off slightly 924,000 with public.
during the year, due to the movement of a considerable volume of this
commodity via water competitive routes. Anthracite coal traffic was New
Orleans Texas & Mexico Ry. (Gulf Coast Lines),
seriously affected by the mild climatic conditions which prevailed during
the year, and to the Increased use of substitute fuels.
(14th Annual Report-Year Ended Dec. 13 1929.)
• Passenger Traffic.
-Passenger traffic revenue,including mall and express
evenue, increased $477.919. Of this increase 4299.107 applies to rail
President L. W. Baldwin reports in substance:
passcnger revenue. This increase is attributed to increased commutation
.
Operations.
-The results from operations show an Increase in the volume
and local passenger business, together with the inauguration of special
of freight traffic handled, as well as in gross and net income. Total
feature trains and a further improvement in train schedules.
operating revenues for the year were $15.236,465. an Increase
Mail Revenue -Mall revenue aggregating $436,806, reflects an increase or 3.55%.
of 4522.724.
over previous year of $172.483. due principally to increased compensation
The increase in freight revenue was $442.776 or 3.62%. The
allowed carriers by the Government. and includes the Increased current
principal
rates, as well as an adjustment paid by the Government In June 1929, of Increases were In products of agriculture, $101.502, and manufactures and
misellaneous. $562.718. The principal decreases were in products of
$115,564 covering the period May 9, 1925 to July 311928.
forests, $63,006, and less than carload freight, $98,504.
Express.
-With the expiration, on Feb. 28 1929, of contract under which
The total number of tons of revenue freight handled increased
the American Railway Express Co. had been conducting the express trans- the ton miles
2% and
patation business over certain railroads a new agreement was entered 14.44 mills, increased 10.37%• The average revenue per ton mile was
as compared with 15.38 mills in the previous year.
into with the Railway Express Agency. Inc., effective March 1 1929. in
The passenger revenue for the current year was $1.546,307,
which the several carriers, including company, became stockholders. The
as compared
new contract is substantially in the form of the previous uniferm express with 81.656.001,a decrease of6.62%. Passengers carried shows a decrease
contract, except that under the new arrangement the net income is the of 6.76% and the passengers carried one mile a decrease of 2.83%. The
increase In average distance each passenger carried was 3.07 miles,
property of the shareholders.
or 4.21%
and the average revenue per passenger mile was 00.0281, compared
with
-The taxes levied by local. State and Federal authorities during $0.0292 last
Taxes.
year. Mall revenue includes 889.560 for back mall
1929, aggregated $5,400,461,an Increase over the preceding year of$34,107.
Total railway operating expenses increased $72.238. or .69%. pay.
ExpendiTaxes paid during 1929. represent 9.29% of gross operating revenues or tures for
maintenance of way and structures decreased $30,491. Main33.93% of net operating revenue and exceed total annual dividend payment tenance of
equipment expenditures were approximately the same as preto stockholders by 64.0.3%•
D
vious year. Transportation expenses increased $33.951. ratio this year
ILibernia Mine RR.- uring the year company acquired by purchase 23 being 28.85, last
year 29.64.
additional shares of stock which, together with 1,977 shares previously
Hire of
purchased, represents ownership of the entire authorized issue of 2.000 year,due freight car charges show an Increase of $109.165 over the previous
entirely to an increase In the use of private line cars, the payments
shares.
to that account
-Company acquired by purchase and held as of Dec. previous year. for the year 1929 showing an increase Of 4111,221 over the
Raritan Rirer RR.
31 1929. 3,042 shares of the capital stock of a total authorized issue of
Recapture of Excess Income.
-No decision has yet been rendered
10,000 shares.
-S. G. Commission in the proceedings Instituted by it as to whether by the
during
Allentown Terminal 1111.
-On July 1 1929. the 6% extended bonds I. accounting
period March 11020 to Dec. 31 1923 these lines had excess
These bonds were extended the
aggregating $450,000, became due and payable.
net
for a further period of 25 years, to mature July 1 1954, bearing interest at the railway operating income, subject to recapture under the provisions of
Transportation Act.
the rate of 4ji% per annum. Company acquired by purchase and held as
New Lines.
-The Ed Couch-Weslaco Extension of The St. Louis, Brownsof Dec. 311929, $204.000 of the extended bonds.
-During the year 66 new industries were located at ville & Mexico By., 9.93 miles, was under construction during the year,
New Industries.
but not completed. It is expeated this line will be completed early in 1930
various points where they will be served by company.
MAY 3 1930.]
FINANCIAL CHRONICLE
3151
Sales of electricity for the system in 1929 reached the record-breaking
GENERAL STATISTICS FOR CALENDAR YEARS.
total of 6,499,329,000 k.w.h., an increase of 10% over sales by constituent
1928.
1929.
1927.
1926.
companies in 1928. This is the greatest volume of electric energy ever sold
Average miles operated_
1,026.44
1,023.25
992.83
926.06 by a single system. It represents about 50% of all the electricity sold in
Revenue tons carried_ _ - 5,483,090
5,375,442 5,018,357
5,210,935 New York State in 1929 and 8.5% of all sold in the United States. Of this
Rev,tons carried 1 mile_878,127,616 795.646,972 810,663,328 868,690,034 total, 71.3% was produced by hydro-electric plants, 14.5% was Purchased
Rev,per ton per mile__ 1.53 cts. from other systems and 14.2% was generated by steam plants. While
1.44 eta.
1.53 cts.
1.56 cts.
Passengers carried
776,874
596,299
676,220 hydro-electric power output remained practically stationary and power
724.381
Pass.carried one mile--- 55,020,170 56.621,405 60,047,976 71.997,326 purchased from other systems decreased, steam-electric output increased
Rev. per pass. per mile._
2.92 cts.
3.11 cts.
3.13 cts. nearly 185%. Most of this increased steam-electric output came from our
2.81 eta.
steam station at Buffalo. This station, now of 308.000 h.p. capacity, was
INCOME STATEMENT FOR CALENDAR YEARS.
originally used to carry peak loads, but because of increasing use of electric
1928.
1927.
1926.
1929.
power and present limitations on economical development of large waterFreight
$12,677.454 $12,234,677 812,658,613 $13,302,598 power in Niagara Hudson territory, is now in constant use and its capacity
Passenger
1.546,307
1,656.001
1,866,837
2.251,411 Is being enlarged to 622,000 h.p.
Mail,express, &c
946,672
823.064
903.201
1.012,703
During the year 24,449 new electric customers were added to the lines,
bringing the
to
Total oper.revenues_415,236,465 $14,713,741 $15.428,651 $16,500,683 communities total served the640.817. This is the result of the growth of
served and
extension of lines into new territory, partiMaintenance of way, &c 2,419.791
3.195.139 3,077,210 cularly in rural sections.
2.450.282
Maint.of equip
2,555,361
2,558.335
2.782.675 2,802,053
Gas sales grew from 7,615.945,000 cu. ft. in 1928 to 8,243,150,000
Traffic expenses
552,459
498.457
474.560
463,919 cu. ft. in 1929, an increase of 8.2%. Gas is an ideal fuel, with great future
Transportation
4.395,425 4.361.474 4,977.381
4,595,885 sales possiblities in the industrial and domestic fields. The number of gas
General & miscellaneous
741.095
751,410 customers served, as of Dec. 31 1929, was 241,185.
801,111
795,255
Trans.for inv.-Cr
85,910
109,938
108,387 ' 120,282
Major construction projects during the year were. The beginning of work
of
in Buffalo which
Total oper.expenses-810,615.759 810.543420 $12484,940 $11,580,539 steam station; the will add 314,000 h.p. to the capacitywiththe Huntley
30,000 h.p.
practical completion of a new station
Net earnings
4.170,220 3,343.711
4.920.143 of hydro-electric capacity at Conklingville on the Sacandaga River in
4,620.706
Ry tax accruals
744,088
765,752 Saratoga County; the completion of the Mosher hydro-electric station of
646,988
572,687
Uncolectible ry. rev_ _
12,801
9,432
4,971 12,000 h.p. on the Beaver River; the starting of construction which will
15,552
Hudson River; and the completion of
add
Operating income_ - $3,958,167 83,584,732 82,590.192 84,149,420 final57.000 h.p. at Spier Falls on the
links in the high voltage transmission line which ties the entire Niagara
Equip.rents (net)
418,820
436.676
475,856 Hudson System together,from the plants at Niagara Falls to the plants on
555.907
Joint facility rents (net)_
222.092
242,842
257,828 the Hudson River.
246,163
31,1929,was published
usual
Net operating income_ $3,156,096 $2.943.821 81.910.674 $3.415.735 in Our130, income account for the year ended Dec.
V.
p. 1655.
Miscell.rent income.._
25.743
20.938
18.555
29,137
Separate oper. props
4.180
CONSOLIDATED BALANCE SHEET DEC. 31 1929.
Income from funded secs
442,716
626,466
258,637
439,108
acquisition of St. Lawrence Securities
Giving effect as of that
Inc.from unfunded secs_
37,955
60,669
71.212 Co. held under contract atdate to the
19,002
Dec. 31 1929 and acquired shortly thereafter.
Miscellaneous income_ _
Dr.6.307
9.454 Dr.19,580
4,995
Mai/StiesAssets211,274,360
Funded debt of subs
Total non-oper.inc.... $492,243
8500.107
$717,528
$333,005 a Properties acquired & addi188,728,386
Lions since acquisition_ _629,136,226 Preferred stocks of subs
Grossincome
2,628,202 3.748,740 Sink. funds & special deposits 3,865,795 Min. into, in corn, stock and
3.648.339 3,443,929
Rentsfor leased roads_ _ _
51,000
34,000
53,102
Miscellaneous investments__ 24,720,359 surplus of subsidiaries _ _ _ _ 1,609.399
Int.on funded debt
2,331,864
2,050,239
1,862,238 Cash and call loans
2,440,966
56,618,601 Long term Bab. relating to
Int. on unfunded debt....
8,349
8.474
58,199
2,062
Sacandaga & Stillwater
10,344
10,041
Miscellaneous charges
9,881 Notes and accounts receivable 18,160,740
10,638
3,366,057
Marketable securities1,988,449 reservoirs
Notes and accounts payable_ 4,724,654
Unpaid subscriptions to capiTotal deductions
$2.513,179 $2,401,557 32.152,479 $1,874.180
8,956,860
tai stock of subs. companies 1,292,159 Interest and taxes accrued
Netincome
1,042.371
475,723
1,874,559 Materials and supplies
1,135,160
12 91
:9
6,630,791 Preferred dividends accrued_ 1 03 288
Div.appropriations_ - - 1,038,198
1.038.198
1,038,198
1.038.198
1,493,160 Consumers' deposits
Prepayments
Reserves for retire, of plant
Unamortized debt discount &
$4,173 def$562,475
Bal.to profit & loss_ -$836,362
$96.962
28,021,219
11,407,578
and property
expense
Shares of capital stock
5,250,293
1,650,6
Sundry reserves
150.000
150,000
outstanding (par $100)
160.000 Other deferred charges
150,000
;,.b.,crip. to common stock
$6.95
Earns.per sh.ou cap.stk.
$3.17
$7.56
$12.50
y2,101,250
of subsidiary
Profit and loss acount shows: Credit balance at the beginning of year
255,951,320
Capital stock (par $10)
$4,926,537;income balance brought forward for 1928,81,135.160; unrefundPaid-in surplus, incl. values
able overcharges. $861; donations, $12,891; other credits, $2,480; total.
placed on stock option
$6,077,930; Deduct div. appropriations from surplus, $1,038,198; surplus
39,984,391
warrants
appropriated for investment in physical property, $12,891; debt discount
3.780,054
756,964,512 Earned s
Total
surplus
extinguished through surplus. $558; loss on retired road and equipment
x In the absence of complete appraisal the properties, at the dates of
$22,114; other debits,$27.208; credit balance Dec.31 1929,84,976,961.
determined by the parent company.
acquisition, have been taken at values
GENERAL BALANCE SHEET DEC. 31.
In the case of the Buffalo, Niagara & Eastern Power Corp., the Northeastern Power Corp. and the Mohawk Hudson Power Corp., the property
1529.
1929.
1928.
1928.
values have been based upon the par value of the capital stock of Niagara
Assets$
Road & equipm1.53,904,731 51,355,589 Capital stock
151000,000 15,000,000 Hudson Power Corp.. and warrants, issued in exchange for securities of
Impt.on leas. prop
49,100,179 47,238,821 these subsidiary companies. y To be exchanged for stock of parent com2,102 Funded debt
Misc. phys. prop..- 441,626
284,574 Traffic. &c.,bats._ 243,302
189.837 pany when fully paid.
Note.
-Stock option warrants and rights are outstanding in hands of
Inv.in Mill. coo...16,773,108 16,535,780 Accts. & wages unOther investments
2,190,000 1,586,438 public entitling the holders thereof to purchase 8,248,726 shares at $35 Per
2S,052
paid
8,527
Cash
560,112
604,326 Misc. accts. Pay --54,263 share to Oct. 1 1944, $1,461,026 shares at $50 for 334 shares at any time
Time drafts and
interest matured._
44639
41,297 without limit, 15,000 shares at $25 per share to Oct. 11934. and 2,244,000
10,000
deposits
1,596
10,000 Divs. mat.(unpd.)
1,527 units of 1 share and 1-3 warrant at $25 per unit to Dec. 2 1934. (such 1-3
Loans & bills rec
13,280
Unmat.rents neer8,500
32.148
8,500 warrants in the aggregate having rights to purchase 748,000 shares at $35
Special deposits_ _ _ 135,754
1,000
135,812 Fund, debt mat'd_
1,400 per share to Oct. 1 1944).-V. 130, p. 2962.
Bal. from Ws.,&c 105,511
103,185 Interest accrued_ 814.691
700,040
Standard Power & Light Corp.
14.730
Materials & suppls 1,910,673 1,704,611 Other nannies _ _
10,154
79,463
Other assets
21,524
25,704 Deferred liabilities
6,484
-Year Ended Dec. 31 1929.)
(Annual Report
299,835
Traffic, &c.,bats
245,696 Tax liability
216,672
433,057
President Victor Emanuel April 23 wrote in substance:
Misc. accts. receiv 1,322,279 1,274,683 Accrued deprec'n. 3,506,413 3,138,212
• At a meeting of the stockholders held Jan. 7 1930, the sale of all the propInt.& divs. receiv .. 409,651
423,720
206,226 Unadj. credits- _
500.312
erty and assets of the corporation to Standard Gas & Electric Co. was
Deferred assets_ _
23,222 Add.to prop. thro.
65,730
Unadjusted debits 2,363,245 2.802,990 inc. dr surplus 1,742,274 1.729,382 authorized. These assets included more than 94% of the common stock
of the Philadelphia Co. which controls Duquesne Light Co. Equitable
Ap,-op. surp, not
spec. invested
5,248
5.248 Gas Co., Pittsburgh Railways and other subsidiariessupplying electric
Tot.(each side)_78,601,375 75,355,175 Prof t and loss4,976,961 4,926,537 power and light, gas, transportation and other utility services in the City
of Pittsburgh and adjacent territory, and holdings in the stock of Market
-V.130, p. 2574.
Street Ry., San Francisco, and in bonds of the Sierra & San Francisco
Power Co. In this transaction there reverted to Ilyllesby Engineering
Niagara Hudson Power Corp. (and Subsidiaries).
& Management Corp. (a wholly-owned subsidiary of Standard Gas & Elec(First Annual Report
-Year Ended Dec. 31 1929.)
tric Co.) the right of Standard Power & Light Corp. to share in the profits
from certain engineering and (or) management services rendered to subPaul A. Schoellkopf, President, and Floyd L. Carlisle, sidiary and affiliated companies.
Chairman, state in substance:
In exchange for these assets, Standard Gas tic Electric Co. assumed the
Corporation was formed on Rine 18 1929, to acquire and hold a majority payment of principal and interest on $24.000,000 6% gold debentures of
of the common stocks of Buffalo. Niagara & Eastern Power Corp., Mohawk Standard Power & Light Corp. surrendered to Standard Power & Light
Hudson Power Corp. and Northeastern Power Corp. More than 95% of Corp. 2.997,014 shares of the corporation's participating preferred stock
these securities having been deposited under agreement, on Aug. 19 1929, and issued to the corporation 220,000 shares (no par value) prior preference
Niagara Hudson Power Corp. COMMOn stock and warrants were issued in stock, $7 cumulative, and 600,000 shares of common stock (no par value)
exchange as follows:
of Standard Gas & Electric Co. Standard Gas & Electric Co. also paid,
Shares of
a Class A to Standard Power & Light Corp.an amount of cash equivalent to the cash.
accounts receivable and readily marketable securities (other than common
Niagara
15
-Year
For Each Sharestock of Philadelphia Co., stocks of various classes of Market Street Ry.
Hudson
Option
Corn, Stock,
Varrants, and certain bonds of Sierra & San Francisco Power Co.) which were transferred to Standard Gas & Electric Co.
Buffalo, Niagara & Eastern, common stock- 4
1
Buffalo, Niagara & Eastern, class A stock--. -.
4
The stockholders of Standard Power & Light Corp. authorized the acqui1
Northeastern, common stock_ _ _ - - - - - sition from United States Electric Power Corp. simultaneously with the
2 2-3
2-3
Mohawk Hudson, common stock_
acquisition of the 600.000 shares of common stock from Standard Gas &
a To purchase 1 share Niagara Hudson common stock at $35.
Electric Co., of 580.000 shares of common stock (no par) of Standard Gas
A separate offer was made to acquire all outstanding option warrants of & Electric Co., in consideration of the issuance to United States Electric
Mohawk Hudson Power Corp. The rate of exchange of this offer was: & ig t ororp f 880.000 shares of common stock (new) of Standard Power
PorerhiC cp. o
.
-year option warrant, to purchase :tfi share of Niagara Hudson
1 class A 15
common stock at $35 per share, and 1 class B option warrant, to purchase
The stockholders also approved an increase in the total authorized numat any time on or after Oct. 1 1929, without limit, 334 shares of Niagara ber of shares of all classes of stock from 4,600.000 to 8,437,014. This
Hudson common stock for $50.
increase was represented by the authority to issue 1.500,000 shares of
At the present time the class A option warrants are traded in on the New junior preferred stock, 1.500,000 shares of common stock, and 1,500,000
York Curb Exchange on the basis of the right to subscribe for one share of shares of common stock series B to reduce the authorized number ofshares
stock for $35 per share and the class B option warrants on the basis of the of Participating preferred stock from 3,300,000 to 2.997,014. and to reduce
right to subscribe for 1 share of stock for $14.28.
the authorized number of shares of the old common stock from 800,000 to
At the time of its organization, Niagara Hudson Power Corp. Issued, for 440,000. The authorized amount of preferred stock, namely 500,000
850.000,000 in cash, 2,000,000 shares of its common stock together vrith shares, remained unchanged.
class A 15
-year option warrants to purchase at any time on or after Oct. 1
The 2.997,014 shares of participating preferred stock of Standard Power
1929, 2,000,000 shares of common stock at $35 per share; also options to & Light Corp.surrendered by Standard Gas & Electric Co. have been canpurchase at any time within 5 years from Dec. 1 1929, an additional celled, and the 440,000 shares of old common stock have been reclassified
2,250,000 shares of common stock together with class A I5
-year option into 440,000 shares of new common stock and 440,000 shares of common
warrants to purchase 750,000 shares of common stock at a price of $25 for stock series B. on the basis of one share of new common stock and one share
o coingen stock series B for each share of the old common stock out
a unit consisting of 1 share of common stock and 1-3 of a class A warrant. standmm
On Sept. 5 1929, company acquired the Frontier Corp., owner of riparian
rights on the St. Lawrence River, Niagara Hudson common stock was
Instead of the securities which it owned as of Dec. 31 1929, Standard
exchanged for the common stock of this corporation.
Power & Light Corp. now owns a majority of the common stock of Standard
St. Lawrence Securities Co. controlling St. Lawrence County Utilities, Gag & Electric Co., which is the only voting stock of that ompany. The
Inc., which serves 30 communities in northern New York, was acquired as Standard Gas & Electric Co. system of public utility companies supplies
of June 30 1929. The Eastern Gas & Electric Securities Corp., which electric power and light, gas, transportation and other utility services in
ine2g ud
igtatesii ltaviiig a combinedu
zd th
estim
indirectly controls Fulton Light, Heat & Power Co., serving Fulton, was a total of 1.588 conTsunitiAes
esadojacfatet
properties
0
acquired as of Nov. 15 1929.
Dodla ola
ulap of6,3Oa , 00
Prttsbure
Co. and subsidiaries, supplying Pittsburgh and
The consolidated income account of Niagara Hudson Power Corp. and
subsidiary companies, attached, shows operating revenues for 1929 to be territory, but utility companies serving Minneapolis, St. Paul, Louisville,
$79,722,803. The consolidated net income of the group for the year, after Oklahoma City, Pueblo, San Diego, Green Bay, Wausau, and many other
deducting dividends paid on preferred stocks of subsidiaries, was $15,- large and important industrial and commercial centers. Shaffer Oil &
588,539. This is equivalent to 61 cents per share on Niagara Hudson Refining Co., a complete producing, refining and distributing unit of the
petroleum industry, is also a subsidiary. Consolidated gross earnings of
common stock outstanding.
An initial dividend of 10 cents per share, quarterly, on Niagara Hudson the subsidiary and affiliated companies of Standard Gas & Electric Co.
common stock was inaugurated at the directors' meeting on Sept. 13 1929. for the laser 1929 were $172.762,748. an increase of $7,583,684, or 4.59%.
Dividends are paid on or about first days of January, April, July and over 1928, while net earnings before provision for retirement (depreciation)
reserve were $78,086,827, an increase of 85.518.578, or 7.60% •
October.
•
11
3152
FINANCIAL CHRONICLE
Byllesby Engineering & Management Corp., whose entire net earnings
accrue to Standard Gas & Electric Co. through ownership of all its stock
by the latter company, renders engineering and (or) management services
to all the subsidiary and affiliated companies of Standard Gas & Electric
Co.
At a meeting of the directors of Standard Power & Light Corp. held
Jan. 7 1930. a dividend was declared on the old common stock, payable
Feb. 1 1930. to stockholders of record Jan. 7 1930. This dividend was
paid in common stock of Standard Gas & Electric Co., at the rate of one
share of Standard Gas & Electric Co. common stock for each 22 shares of
the old common stock of Standard Power & Light Corp.
The condensed consolidated balance sheeet at Dec. 31 1929 of Standard
Power & Light Corp. and subsidiary and affiliated companies, giving effect
to the various transactions consummated Jan. 7 1930, shows total assets
of $1,118,942.244. The statement of consolidated income for the year
ended Dec. 31 1929 of the corporation and its subsidiary and affiliated
companies, giving effect to the various transactions consummated Jan. 7
1930. shows surplus for the year (on the above-mentioned basis), before
deduction for dividends on Standard Power & Light Corp. common stock,
of $7.472.053, equivalent to $4.24 a share on the 1,760.000 shares of Standard Power & Light Corp. common stock now outstanding.
[VOL. 130.
Fox Film Corp.
(Annual Report
-Year Ended Dec. 28 1929.)
EARNINGS FOR CALENDAR YEARS.
1929.
1927.
1928.
$36,671.036 $26,888,731 $21,788,892
Film rentals & sales
Receipts from advertising matter and
1,233,278
1,170,033
accessories
1.058,239
2,163,944
Laboratory sales
1,269,926 --c-$40,068,258 $29,328,690 $22,847,132
Total sales
20.136,622 14,230,511 11,614,975
Exhaustion of rented film
650,675
Advertising matter
677,758
659.422
992,022
411,847
Cost of laboratory sales
4,919.966
Selling distribution expense
5,332,639 4,414,495
879,881
Publicity and advertising
773,138
1,040,498
Miscellaneous costs
82.403
112,183
General & administrative expenses-3,618,952 2,518,533
2,594,478
840,522
Financial expense
593,922
491.657
-a--a-Taxes
-General
223,427
-bBad debts
33,836
a105,344
Depreciation of fixed assets
282,402
a141,671
EARNINGS FOR THE YEAR ENDED DEC. 31 1929.
$7,924,274 84,269.127 $1,676,901
Operating profit
IComputed to reflect for full year the changes in income and deductions
1,783,416
1.229,084
resulting from reclassification of capital stock of Standard Power & Light Profit from theatre & bldg. operations 3,885,742
1,005,185
214,065
134,239
Corp. and Standard Gas & Electric Co. and from the acquisition by Stand- Interest & discount
299.074
203,484
330,334
ard Power & Light Corp. of a majority of Standard Gas & Electric Co. Sundry income
common stock, as consummated Jan. 7 1930.1
$13,114,275 $6,470,092 83,370.557
Total income
Gross Earnings
Special provision for obsoles. of silent
Public utility companies:
films, scenarios & adver. accessories 2,379,225 -d$93,726,574
Electric department
1,266,000
512,874
Federal income tax
250,000
Gas department
24,774,812
Steam department
2.001,768
$9,469,051 $5,957,218 $3.120,557
Net profit
213,595
Telephone department
3,682.440
3,217,741
Dividends paid
2,000,000
Transportation department
32.806.767
338,588
Water department
85,786,619 $2,739,477 $1,120,557
Balance, surplus
011 department
335,984
16,565,995 14.000,395 12,946,100
Balance at beginning of year
5,612,609
Profit on sale ofsecurities
Total
8154,198,087
Shaffer Oil & Refining Co
18,564,661
$27,965,214 $16,739,872 $14,066,665
Total surplus
50,000
66.270
Settlement of claim affecting prior yrs.
$172,762,748 Expenses of retirement of funded debt
Total earnings
106,707
178.877
of subsidiary companies
Operating Expenses, Maintenance and Taxes
Special provision for obsoles. of silent
Public utility companies:
films, scenarios & adver. accessor:
$59.901.590
Operating
300,000
Applicable to year 1930
Maintenance
10,219,576
2.085,137
Applicable to year 1928
10,035,406
Taxes
2.214,438
Transfer to res. for reval. of invest
Transfer to res. for indeterminate liab.
$80.156,572
Total
2,497,466
& contingencies
14,519.349
Shaffer Oil & Refining Co
781,657
Miscellaneous non-recurring items
$94,675,920
Total expenses
$19,929,809 $16,565,995 $14.000,395
Balance at end of year
$4.21
$10.28
Net Earnings
$6.24
Earnings per share
Public utility companiest
a Allocated in part to theatre and building operations and general expense.
$54,398,392
Electric department
b Included with general expense. c Included with miscellaneous income.
9.696,829
Gas department
d Surplus reduction of $2,085,137.34 in respect of obsolescence previously
873,951
Steam department
unascertainable was made in 1929 affecting profits of 1928.
87,479
Telephone department
8,608,246
Transportation department
COMPARATIVE BALANCE MEET.
155.549
Water departmentDec. 28 '29. Dec. 29 '28.
Dec. 28 '29. Dec. 29 '28.
221,068
Oil department
Assets$
Notes payable-- 10,223,342 1.164,594
Rented film, re$74,041,516
Total
sidual value _ 7,796,689 8,631,852 Accts. pay. St ac4.045,312
Shaffer 011 & Refining Co
crued liab_-- 4,486,481 3,486,426
Film not released 6,349,019 4,285,640
Work In process. 2,934,709 '2,849,282 Dividends pay-920,560
916,102
$78.086.828
Total net earnings
504.783 Res. for Federal
Scenarios unprod
258,535
income tax__ 1,119,641
318.240
515,875
-Interest & diva, on outside invest., profits
Advents. matter
Other income, net
373,398
Accts. receivable 2,203,614 2,852,603 Liab. In respect
from sales of securities (incl. profits of Stand. Gas & Elec.
to acorns. of
Cash
Co. from trading with the public in securs. of sub. & affil.
2,492,599 3,496,058
investment.. 14,173.975
cos.), profits on engineering and supervision fees (incl. those
Notes receivable 1,000,000
5,700,000 6% gold notes.
7.607.865 Call loans
capitalized by subsid. & affiliated cos.), &c
due April 130. 12,000.000
Land,bidgs.,ma$85,694,693
chinery, equipa37,563,986 24,005,483 Adv. paym'ts for
Gross income
film serv., &c.
335,929
202,363
24,462,952 Inv. in 0th. cos_ 59,529,235 15,923,279
Interest (less interest charged to construction)
906,984 3,309,385 Funded debt _ _ - 15,202,980 8,275,987
954,691 Sund. Inv., &c
Amortization of debt discount and expense
Res. for conting.
2,468.297 Leaseh. & rental
Rent of leased properties
& indet,erm.
335,193
deposits
618,397
18.892,271
Provision for retirement of property and depletion
3,250,000
265,935
1,289,920 Cash sure. val. of
Miscellaneous charges
lpit
life ins. pollc_
354,454 Caiabal stock _ b42.605,000 42,610,000
489,828
19,929,808 16,565,995
$37,626,559 Deferred charges 1,726,832 1,437,020 Surplus
Net income
Dividends on capital stocks of sub. ,it affil. cos. held by public:
124,243,716 74.003,276
Total
Total
124,243,716 74,003,276
16,768,898
Preferred stocks
7,582,293
a After depreciation of $7,505,954. b Consisting of 820,660 shares of
Common stocks
class A no par value (900,000 shares authorized) and 100,000 shares of class
Undistributed net income accrued to capital stocks ofsubsidiary
4.693,427 B no par value stock.
and affiliated companies held by public
V. 130, p. 2974.
Net Income of Standard Power & Light Corp. and undistributed net income accrued to capital stock of subsidiary
Nashville Chattanooga & St. Louis Ry.
$8,581,942
company held by Standard Power & Light Corp
-Year Ended Dec. 31 1929.)
(79th Annual Report
1.109,889
Divs, paid and accrued on Stand. Pr.& Lt. Corp. pref. stock
Surplus for year (on the above-mentioned basis) before deductions for diva, on Stand. Pr. & Lt. Corp. common stock__ $7,472.053
CONDENSED CONSOLIDATED BALANCE SHEET. DEC. 31 1929.
[Giving effect as of that date to the reclassification of capital stock of
Standard Power & Light Corp. and Standard Gas & Electric Co. and to
the acquisition by Standard Power & Light Corp. of a majority of Standard
Gas & Electric Co. common stock, as consummated Jan. 7 1930.1
J. B. Hill, President, reports in substance:
Passenger revenue for 1929 was $425.706 less than 1928. Since 1920
the average yearly reduction has been $305,730. The number of passengers
carried since 1920 has decreased 3,214,522, or 73.29%, and the revenue
$2,751,570, or 48.6%, while passenger train mileage has decreased only
8.87%. During the year local passenger service was reduced by taking
off 6 main line and 13 branch line trains, and now has about reached the
minimum consistent with reasonable service.
-The stockholders and directors at their
Capital Stock and Funded Debt.
respective meetings on July 9 1929 authorized a 60% increase in the capital
stock, or from $16,000,000 to $25.600,000 to be issued to the stockholders
as a stock dividend. Accordingly, the necessary amendment to the charter
and approval of the I.
-S. C. Commission was secured and the new stock
was issued as of Feb. 15 1930 to stockholders of record Jan. 25 1930.
The funded debt was decreased by payment of one note under equipment trust No. 42 for $86,500, leaving six annual payments to be made
under this agreement: and also by payment of $120,000 under equipment
trust, series B, leaving eight annual payments to be made.
Additions and Beiterments.-The net result of changes in the property
account for the year, excluding abandonment of M. T. & A. Branch,
amounting to a credit of $421,410, was as follows: Roadway, $812,691:
equipment, $560,258.
Miseellaneous.-Under authority of the board of directors an application
was submitted to the I.-S. c. Commission to retire the following spurs ofthe
Tracy City Branch formerly serving coal mines, now abandoned: Pryor
Ridge Spur,15.25 miles; Q mine spur.0.84 miles,flat branch spur, 1.84 miles.
Permission was granted Dec. 7 1929 and the track will be taken up during
1930.
INCOME ACCOUNT FOR CALENDAR YEARS.
1928.
Operating Revenues1929.
1927.
1926.
Freight
818.180,107 $18,0n,059 $17,151,537 $17,764,342
Passenger
2,9
,
4,503,571
Mail
6724_5)2
718,899
639.170
605,318
589.012
Express
647,303
565,890
615.436
722,412
Miscellaneous
747,974
699,383
535.211
ListSIsles
Assets
Funded debt of sub.& affl.
Plant, prop., rights.,kan.,
8472,259,272
5993.068.514
cos
chises, eze
1,900.000
Purchase obligations
Investments in other cos.,
4,300,524
26.303.584 Notes payable
associations,&c
9,049,436
1,374,252 Accounts payable
Sink. Funds & other dep5,867,633
22,268,983 Divs. pay.& accrued
Cash & call loans
11,419,062
Accrued taxes
Cash on dep. for bond &
6.597,246
1,171,465 Accrued Interest
interest. &c
note
Other accruals
478,703
Accts. & notes rec. (less
3,152,703
20,335.512 Deferred liabilities
reserve)
Mtscell. unadj.credits
2.495,196
Inventories-materials &
15,497.442 Retire. (deprec.) & depl.
supplies
75,712,135
reserves
Prepaid accts. & Insurance
20,051,150
1,379,691 Other reserves
unexpired
4,494,874 Standard Pow. & Light
Def.exp.& charges
15.576,910
Corp. pref.stk
Unamortized debt discount
33,047,928 Sub.& Mill. cos. pref. stk.
& expense
276,141,749
-held by public
Standatd Pow. & Light
68,236,667
Corp.com.stk
Sub.& MM.cos, corn. stk.
108,015.967
-held by public
Standard Pow. & Light
2,579,969
Corp.surplus
Sub. & attn. cos.: Portion
am. to cap, stocks held
Ry. oper. revenues___$23,203,724 $23.335,033 $22,905,626 824.023.878
Operating Expensesby Standard Pow. &
10,725,995 MaInt. of way & struc_- $2,717,426 $3,128,240 83,124,693 $3.499,473
Light Corp
4,919,654 4.885.192
Maint. of equipment__ 4,649,291
Sure. portion am to cap.
5,001,608
24,381,927 Traffic
5
,630
964,87
stocks herd by Public
998.498
951,935
8,061.823
Transportation
8,031,216
8,558,163
8,272,065
$1.118,942,244 Miscellaneous
111,534
Total
$1.118,942,244
107,307
92.066
94.836
Total
956.096
965,914
907,549
928,646
contingently General
Notes.-Certaln subsidiary and affiliated companies were and accom- Transportat'n for inv. Cr
25.784
25,711
30,697
21.475
receivable discounted at banks
liable at Dec. 31 1929 for notes
modation endorsements, aggregating $186,000.
Operating expenses-417,397,378 $18,127,193 $18,282,454 $18.992,860
with outThis balance sheet does not include operated lessor companies
5.207,840
Net rev. from ry. oper-- 5.806.346
5.031,018
4,623,172
standing capital stocks of $16,779,000 and bonds of $5.085,000, certain Tax accruals
978,923
1,081.000
1.075,000
960,997
of which are guaranteed as to dividends, principal and interest. reserved Uncollectibles
2,139
3,670
1.058
5.461
Standard Power & Light Corp. includes $2.260,000,
Surplus of
the recapitalization
for distribution to the common stock outstanding before
a Operating income-- $4,724.288 $4,226,778 $3.656.714 $3.953,348
of Jan. 7 1930.-V. 130, O. 289.
3153
FINANCIAL CHRONICLE
MAY 3 1930.]
Non-Operating Income
Utilities Power & Light Corp.
1928
1927.
1926.
1929.
(Annual Report
-Year Ended Dec. 31 1929.)
Dr.$167,332 Dr.$258,708 Dr.$32,878 Dr.$114,767
Hire of equipment
275,010
285.018
238,642
Joint facility rents, &c..317.168
1,282 COMPARATIVE CONSOL.INCOME ACCOUNT, YEARS END.DEC. 31
85,081
60,090
82,610
Inc. from lease of road
48,990
36,843
20,908
Misc. physical property_
25,479
1929.
1926.
1928.
1927.
68,354 Gross operating revenue$51,453,620 $42,371.940 $27,645,209 $14,515,690
51,835
60.454
Inc. from funded secure_
110,004
59,960 Other revenue
159,991
95.610
Inc.from unfund.securs.
159,445
4.708,747
2,450.041
1,534,936
1,378,593
114,193
11.670
11,670
Dividend income
13,048
1,014
2,947
Miscellaneous income _
$56,162,367 $44,821,981 $29,180.145 $15,894.283
1,097
Gross revenue
7,567,079
Oper.exp.,maint.& taxes 28.754,841 23,506,995 14,706,253
Gross income
$5,265,807 $4,702,046 $4,111.208 $4.305,796 mt., amortization, &c
2,773.194
10,639,341
8,959,091
6,693.616
Deductions
1,010.165
1,057,354993,614,. ,
Other deductions x
Separately oper. prop
$15,138 loss$12,719 loss$7,228 loss$2,800 Prof. diva. ofsubs
3,196,063
3,061.343 2,303,142
964,543
806,506 Depreciation
806,506
Rent for leased roads_
806,506
758.322
806,506
4,133,143
3,000,723
1,518,978
97
270
1,316 Federal income tax
Miscellaneous rents
33
811,156
739,592
324,508
373.370
61,841
60,450
60,082
Miscell. tax accruals....
57.353
904.874
835,729
917,876
Interest on funded debt_
750,606
$7,617,657 $4,496,882 $2.640.034 $2,147.916
Net income
6.423
13,714
4,198 Preferred dividends.__. 1,137,738
Int. on unfunded debt
12,224
498,277
1,137,738
793,162
162
Miscell. income charges.
569.033
2,309,209
1,358,766
831.626
Class A dividends
565,853
1,358,766
831,626
1,153,476
Class B dividendsTotal deductions
$1.641.859 $1,729,378 $1,785,386 $1,794.538 Common dividends
1,024,034
Net income
2,972.668
2,325.820
2,511.258
3.623,948
1,120,000
1.120,000 1.120,000
Dividends (7%)
1,120,000
$1,993,200
$641,612
$514,753
$183,620
Surplus
$27.67
$30.17
$46.87
$23.30
Earned per share, pref. y
Surplus
$2,503,948 $1,852,668 $1,205,820 $1,391,259 Earned per sh., class A y
4.95
4.44
5.80
5.60
Earns. per sh.on 160,000
2.42
1.84
2.72
1.48
Earned per sh., class By
$14.53
$15.70 Earned per sh., corn. y....
she.cap.stk.(par $100)
$18.58
$22.64
1.48
x Incl. divs, on common stocks of sub. and controlled companies paid
-YEARS ENDED DEC. 31.
TRAFFIC STATISTICS
prior to acquisition, surplus net earnings of properties prior to acquisition,
1926.
1928.
1927.
1929.
1,259 and net income accruing to minority interest. y Based on average number
1.259
Average miles operated_
1,259
1,235
1,915,129 of shares outstanding during year.
1,444,887
1.771,757
No.of rev.pass.carried-- 1,171,108
No.of rev.pass.carr.1 m- 84,902.117 98,425,482 113,447,092 129,053,819
COMPARATIVE CONSOLIDATED BALANCE SHEET AS OF DEC.31.
$2.17
Average rev, per pass__
$2.31
1929
1928.
1928.
1929.
..
3.49 cts
32 35
3.39 eta.
3.39 cts.
Aver, rev. per pass. mile 3.43cts
_$248
..
Liabilities
Assets-Tons of rev. frt. carried_ 8.187,007
7.910,659
7.184,999 7.350.168
Tons rev.frt.carr. 1 mile _1423927721 1368340.410 1241023,549 1325604,755 Prop'ty & plant _312,209,088 253,811,406 Preferred stock_ 16,253,400 16,235,400
6,786,545 Class A stock ___x42,464,526 20,911,817
12,366,649
$2.42 Investments _
$2.39
Average revenue per ton32.28
Class B stock __ _y 8,622.457 10,393,188
Aver, rev, per pass. mile .01277 as .01317 cis. .01382 eta. .01340 eta. Pledged stocks &
22
".
bonds(contra) 10,058,873 15,687,583 reef stk of subs 51,208,397 47,451,707
GENERAL BALANCE SHEET DEC. 31.
9,440,683 Common stock_ 19.630,310
Cash,call loans- 12,236,838
1929.
1928.
1928.
1929.
70,989
441,707
Notes receivable
Liabilities$
$
$
Assets-$
16,000.000 16,000,000 Accts. receivable 11,928,190 8,488,048
Invest.-Boad__33,135,391 33,215,174 Capital stock
4,299,668
10,480
10,480 Mans & suppl's 6,042.351
Equipment _ _ _.18,493,698 17,933,439 Prem. on cap.stk_
91.634
123,432
Funded debt
18,279,000 18,485,500 Life ins.,cash val
Improv. on leased
195,079
Mark blesecrus_ 6,414,123
railway property 5,041,769 4,570,705 Audited accts. and
wages payable
1,699,474 1,776,162 Due from affil.
644,249
Misc. phys. prop__ 633,380
1,546,937
2,123,638
companies
963,342 Traffic & car serv.
Inv.In affil. cos.__ 1,021,911
balances payable 366,586
391,012 Spec. dens., &c.
741,072
Other investments 713,486
2,825,130
(see contra)_ _ 1,979,479
48,819
44,342
Misc, accts. payDepos. in lieu of
2,550.744
2,235
2,325 Payments on Inv 4,771.958
2,486 Int, matured unp'd
mtgd. property_
Unamort. bond
Cash
2,294,954 1,198,815 Dividends matured
13,997,156 10,690,562
discount
unpaid
2,390
2,199
Demand loans and
Unamort. stock
15,000 Funded debt ma518,500
deposits
2,935,213
2,759,960
discount
lured unpaid_
2,000
13,000
Time drafts & dep. 3,266,000 3,016,000
2,817,429
305,072
308,801 Prep'd items, &c 4,382,663
15,200 Unmet. int. accr
Special deposits_ _ _
4,110
Other current nab_
76,776
71,375
Loans and bills re199,746
1,212,053 1,417,609 Deferred liabilities 199,218
ceivable
Tax liability
406,542
354,856
Traffic & car serv.
252,206 Accrued depreciabalances Imo_ _ _ _
270,211
tton-Equip
8,852,210 8,393,333
Net bal, due from
36,562
35,762
171,067 Accr. dep.-Misc_
agents & conduc. 183,518
Misc, accts. rec.__
792,823
836,489 0th. unadj. credits 1,226,027 1,329,941
Material &supplies 1,804,954 1,918,372 Additions to prom
through income_
380,637
378,733
9,504
Other cure, assets_
6,781
Working fund adv.
14,587
15,079 Profit & loss bal_22,267,856 19,879,581
Other def. assets
28,827
36,636
Tot.(ea. side)401,836,106 322,237,650
Total
70,161,885 67,677,153
.
724,931
704,707
Unadj. debits_ _ _
4.899,894
Min. interests_
Debentures_ - 50,000,000 20,000,000
Funded debt of
subsidiaries _ _130,312.552 127,666,581
Secur. notes (see
13,620,000
contra)
5,352,753
Notes payable__ 14,997,168
3,541,839
Accts. payable- 4,465,922
2,894,558
Accruals
5,580,168
220,690
250,254
Fur. contr., &c.
Diva accept in
incl. A stk. &
1,147,913
Incl. corn.... 1,351,991
881.783
711,563
Divs. payable
95,734
Divs. accrued..
975,165
Consumers' den 1,219,517
Due to aff 1. cos.
& non-utility
115,373
167,078
subsidiaries
Called bonds,&c
2.524,426
1,272,418
(contra)
1,518,744
Def'd 'abilities. 1,465.179
Deprec. reserves 32,195,649 23,524.736
4,250,418
Res.for taxes,&c
3.503.729
Min. Int. In sure 3,318,246
Surplus. U.P.&
16,253,577 10,606,933
L. Corp
x Represented by 1.350,831 shares class A stock.
-V.128, p.2271.
1.167,463 shares class B stock.
-V. 130, p. 2387.
y Represented by
New England Power Association.
(Annual Report-Year Ended Dec. 31 1929.)
CONSOLIDATED STATEMENT OF EARNINGS YEARS END.DEC. 31.
Including to the extent of stock interests owned, earnings of subsidiaries
controlled throughout the period.
1927.
1928.
1926.
1929.
Gross oper. rev. (after
elim, of inter-co.sales)$38,196,784 $30,292,660 $27.378,252 $25.504,932
1,542,944
1,400,409
1.157,799
2,211,224
Other income
Total income
Operating expenses
Maintenance
Depreciation
Taxes
$40,408,008 $31,835,604
14.720.913 11,207.405
2.865,208
3.271.935
2.934.746
2.965.778
2.893,447
3,631,022
Net before int. & divs.$15,818,359 $11,934,798
4,542.270
Int. paid & amort,of disc. 5,088,436
401.300
MM.int.in earns.of subs. 1.207,429
1.549.651
Pref. & cl. A div. ofsubs. 1,520.042
Bond int. & disc. amort..
Narragansett Co. (less
int.on special dep.with
trustee,see a below)_
Div. accruing to stockholders of N. E. Co.,
predecessor of N. E.
Power Association_
44,922
BaLapplIc.to com.shs. $4,514.875 $3.382.517 $2,567,512 $1.979,797
Earnings per sh. on aver$4.44
$3.37
$3.34
age number outstand'g
$5.25
a Income of 3,0 on $1,457,163 special fund of Narragansett Co. deposited with trustee under indenture Feb. 1 1927.
CONSOLIDATED BALANCE SHEET AS AT DEC. 31.
1928.
1929.
1928.
LOH/ides-$
$
Assetsit
$
Capital assets-243,393.979 193,655,666 Preferred stock- 63,985,058 34.774,800
Work orders in
progress
18,027,405
Cash
6.768,880
U. S. Treasury
certificates_..
Accounts ¬es
rec. (less res.) 5,180,846
55,877
Div.& int. fixer_
Mat'ls & supnl- 2.667,403
Prepaid charges_
559.164
Accounts reedy.
from employ's
under savings
and stock subscription plans
900,454
Stocks held for
empl. subscr_
451.151
Restricted dep.
and cash in
sinking funds_
376,711
Securities owned 11,940,914
Accta¬es rec.
(not cur. due) 1,128,848
Unamort. bond
disc., &c., unadjusted deb_ 5.687.097
Invest. In Conn.
Valley stock__
Common stock_x49.398,595
4,686,815 MM.int. In COM.
stock & surp.
4,561,208
of subsidiaries 7,381,160
to
f.
1.000.000 Pref. &1
A
cks of subs. 21.616.225
3.373.961 20-yr. 5% dabs.
25,000,000
due 1948
,
2.178,400 535% gold dabs_ 15,000.000
51,100
524,321 Bonds assumed_
Funded debt of
subsid. cos- 65,824,513
379,999
Notes payableAccts. payable &
accr.(inc.prov.
825.907
for Income tax) 7,550,758
455.240
283,300 Divs. payable__
Pref. dlv. of sub.
174,393
accrued
302,478 Res. for deprec_ 26,380,770
723.953
17,325.693 Res. for co
Other over. res_
256,037
153.604 Sus. cred. of Un.
Elec. Rys. Co. 3,183,870
281,035
do of 0th. cos.
4,357,242 Erna stk.subsc. 1,559.694
Surplus paid In. 1,500,000
4,145,173 Surplus earned_ 6,436.329
44,050,230
4,435,869
22,054.105
25,000,000
54,100
64.887,317
5,835,000
4,572,203
604,530
20,541,555
720,762
465.956
3,178,434
77,190
1.245.300
1,500.000
3,376,416
Total
297,138,731 237,373,768
,
Total
297,138,731 237,373,768
-V. 130. p. 2580.
x Represented by 910,481 shares of no par value.
STEAM RAILROADS.
-Changes designed
Senator Cowen Would Modify His Consolidation Bill.
$28,778.661 $26,662,731 to most objections of recent witnesses. "Wall Street Journal," April 29.
10.827.403 10,574.126 page 3.
-I.
-S. C. Commission to
Baltimore & Ohio Bus Issue
2.782,269 3.679.273 decide if roads can give service. now National.
New York "Sun," April 29. page 11.
2,687,084
1,392.153
Surplus Freight Cars.
-Class I railroads on April 15 had 446,131 surplus
2,523,271
2.109.761
freight cars in good repair and immediately available for service, the Car
$9,958,633 $8.907.417 Service Division of the American Railway Association announced. This
3.854,438
2,195.585 was a decrease of 2.433 cars compared with April 8, at which time there
256,824
221,769 were 448.564 cars. Surplus coal cars on April 15 totaled 190.162. a decrease
1,369.437
1.287.544 of 4,547 cars within approximately a week while surplus box cars totaled
201,479, an increase of 3,647 cars for the same period. Reports also showed
27,857 surplus stock cars, a decrease of 764 under the number reported on
April 8, while surplus refrigerator cars totaled 14,140, a decrease of 86
1,386,285 for the same period.
Net consol. earnings-- $8,002,453 $5,441,576 $4.477,934 $3,771.312
Pref. diva. of New Eng2,059.059
1.910,422
1,791,515
land Power Assn
3,487,578
1929.
GENERAL INVESTMENT NEWS.
Akron Canton & Youngstown Ry.-Bonds Offered.
An issue of $1,500,000 gen. & ref. mtge. 532% gold bonds,
over
/
series B, is being offered at 993I and int., to yield
by Otis & Co., the Guardian Trust Co., Cleveland,
5
and Coffin & Burr, Inc. Bonds are dated Jan. 1 1926; due
April 1 1945.
Issuance and sale subject to authorization by I
-S. C. Commission.
Data from Letter of H. B. Stewart, Pres. of the Company.
Property.
-Company, Incorp. In Ohio in 1907. operates 171.31 miles of
road entirely within the State of Ohio. 18.98 miles of which are owned and
152.33 miles of which are operated under a 999
-year lease from Northern
Ohio Railway. The directly owned mileage runs from Mogadore through
Akron to Copley Jct., and the leased road from Copley Jct. to Delphos,
connecting with 23 roads running north, south and west. Company also
owns 28.15 miles, and leases from Northern Ohio Railway 28.71 miles of
yard tracks and sidings. Company guarantees payment of principal
and Interest on $2,500,000 Northern Ohio Ry. 1st mtge. 5s, due Oct. 1 1945.
Company controls Northern Ohio Ry. through ownership of all of its
common stock, and through the latter company controls a 257 interest
0
in the Akron & Barberton Belt RR.serving the highly developed industrial
district of East Akron, South Akron, Kenmore and Barberton. The Belt
Line has 22.99 mita.; of main track and 23.31 miles of sidings, and handles
about 75,000 Cars of freight annually.
The company, which is a Class 1 standard gauge steam railroad, does
almost exclusively a freight business, a considerable part of which it derives
from Akron.
The company's trackage and terminal facilities in Akron, together with
Its control of Northern Ohio Ry. and its Interest in the Akron & Barberton
Belt RR. place it in an advantageous position with respect to the freight
business in this territory.
Security.
-The gen. & ref. mtge. bonds, authorized in amount of $4,000.000, of which there will be presently outstanding $750.000 series "A" 68
and 52.800.000 series "B" 5
(Incl. this Issue), are secured by a direct
mortgage on the entire physical property of company, subject to the lien,
on certain equipment of $160,000 4M % equip. trust certificates, maturing
in installments on or before June 1 1941 and subject to the lien of the
Northern Ohio Ry. mortgage on about 10 miles of road. The mortgage
will constitute a direct first mortgage upon the above described physical
property (subject to the Hens set forth above) upon the completion of this
financing which is for the purpose of refunding the company's now outstanding issue of $1.500.000 of 1st mortgage 6% gold bonds. due July 1
1930.
The properties on which the general and refunding mortgage securing
these bonds, totalling $3,550,000, will be a direct first lien (subject to th*
3154
FINANCIAL CHRONICLE
above-mentioned liens) are carried on the balance sheet of the company
as of Dec. 31 1929 at a book value of $5,854,584.
Purpose.
-Proceeds of this ii38120 of series "B" bonds, together with additional cash, will be deposited with Guardian Trust Co., Cleveland. 0., as
trustee under the mortgage securing these bonds, for the retirement of
the 1st mortgage bonds by maturity.
Earnings.
-The consolidated income statement of Akron, Canton Ps
Youngstown Ry. and of Northern Ohio Ry. for the 5
-year period, 1925 to
1929, incl., is as follows:
Net Avail.
Times Funded
Operating for Int. on
Int. on
Debt Int.
Operating
Cal. Years- Revenues. Fund. Debt.Fund.Debt. Earned.
Ratio.
1925
$3,194,729 $673,731
$249,860
60.9
2.69
1926
3,313,877
509,712
300.219
1.69
67.5
1927
3,171,453
645,071
312,659
66.0 u
2.06
1928
3,538,026
785,883
332,622
2.36
64.0%
1929
3,809,447 1,074,050
338,963
3.16
57.4%
During the 5
-year period covered by the above table annualincome applicable to funded debt charges averaged 2.40 times such charges.
-V. 130.
p. 1822.
Allegheny Corporation.
-Listing.
-
[V0L. 130
Chesapeake Corporation.
-Earnings.
-
Quarter Ended March 31Dividend income
Other income
1930.
1929.
1928.
$1,500,000 $1,500,000
33,459
30,257
Total income
Bond interest
Other expenses
$2.220,340 $1,533,459 $1,530,257
680,616
592,364
600,000
4,739
4.875
5.003
Net income
Common dividends
31,534,986
1,349.809
$936.220
675,000
$925.254
675,000
$185,177
1,799,745
$0.85
$261,220
900,000
$1.04
82.50,254
900,000
$1.03
Surplus
Shs. com. stock outatand. (no par)
Earnings per share
-V. 130, p. 1648.
Chicago Milw. St. Paul & Pacific RR.
-Abandonment.
The I.
-S. C. Commission April 17 issued a certificate authorizing the
company to abandon that part of its Elkhorn-Eagle line extending from
Eagle to Troy Center, 5.02 miles, in Waukesha and Walworth Counties,
Wis.-V. 130. p. 2756, 2764.
The New York Stock Exchange has authorized the listing of $25,000.000
20
-year collateral trust convertible 5% bonds, Series of 1930, dated April 1
Chicago & North Western Ry.-Bands Offered.
-Kuhn,
1930.due April 11950.
The Exchange has also authorized the listing of 125,000 shares cumulative Loeb & Co. and The National City Co. offered April 28,
534% preferred stock, Series "A" (with warrants for purchase of common at 103 and int., to yield 4.60%, $5,031,000 gen. mtge.
stock at $40 per share detachable after July 1 1930) anti 187,500 shares com- gold 43
4% bonds, due Nov. 1 1987.
mon stock upon official notice of issuance against the exercise of common
Not subject to redemption before maturity. Denom. $1,_000 c* and r*.
stock purchase warrants, with authority to add to the list: 150.000 shares
of cumulative 5%% preferred stock, and 250,000 shares of common stock Interest payable M.& N. United States Trust Co., New York, corporate
upon official notice of issuance on conversion of $25,000,000 collateral trust trustee.
Issuance and sale of these bonds approved by I.
cony.5% bonds (series of 1930). making total amount applied for 1.195,000
-S. C. Commission.
Legal Investment for savings banks in the States of New York, Mass.,
shares of preferred stock and 7,646,250 shares of common stock.
Conn., New Jersey, Mich., Minn., Wisconsin and other states.
Data from Letter of Arthur S. Pierce, Vice-Pres. of the Company.
Comparative Income Account for Stated Periods.
Mortgage.
-Bonds will be issued under the gen. mtge., executed in 1897.
3 Mos. End.
Feb.15'29 to
Period EndedMar. 31 '30
Dec. 31 '29 authorizing the issuance from time to time of bonds not to exceed $165.Dividend and interest accruals
$2,259,776
$6.466.449 000,000, bearing interest at the rate of not to exceed 5% per annum, and
Interest accrued on long term debt
683.642
2.162,304 providing for the retirement at or before maturity of the prior liens and
Other interest paid
555.739
516,120 debentures then outstanding, and for the further improvement of property.
General expense
Of the authorized amount of gen. mtge. bonds, there will be outstand38,522
124,709
ing, after the present issue, $122,965,000, of which $31,316,000 are 3Si%
Net income
$981.873
$33,663,316 bonds.$330,554,000 are 4% bonds.$33,577.000 are 434% bonds,$23,663.000
Profit from sale of stocks
134,608
613.614 are 4(% bonds and $33,855,000 are 5% bonds. In addition, there are
pledged as part collateral for the company's secured bonds due in June
Net profit
$1,116,481
$4,276,930 1930 and 1936. $20,500,00 of 5% gen. mtge. bonds. Of the balance of
Dividends accrued on cumulative pref. stock
746.000
2.086,689 the authorized amount, $6,771,000 are reserved to retire debentures due
in May 1933. $4,125,000 bonds are unissued in the treasury of the comBalance to surplus
$370,481
$2,190,241 pany, $1,200,000 bonds are due from trustee, and $9,439,000 bonds are
reserved or will be available under the terms and conditions provided in
the mortgage for improvements or additions. including equipment.
Comparative Balance Sheet.
Purpose.
-Present issue is being sold to reimburse the treasury for expenxMar. 6 '30 Dec. 31 '29
x..11ar 6'30 Dee. 31'29 ditures in the retirement of prior lien bonds, and for additions and better.
Assets
Liabilities3
ments.
Invest. owned __234,951,942 216,885,162 Collat. tr. bds__ 78,923,000 53,923,000
Security.
-Gen. mtge, bonds are secured by a first lien on 5,039 miles
2,772,323 4,197,545 Purchase money
Cash
of road, subject to 56.771,000
liens (for which bonds of this issue
Funds on deo_ _ _
debt assumed
846,208
960,400
960,400 are reserved). This first lien prior
mileage includes the entire double track
Contract mealy. 3,143,283 3,257,373 Loans & Accts.
main line of the company from Chicago to Council Biluffs, Ia., its main
Accta.recelvable 9,000,000
pay.
-sec._ 16,802,659 27,134.161 line to Elroy, Wis.,
3,333
forming with the main line of the Chicago St Paul
Accrued dive. Se
Accrued dlvs. &
Minneapolis
1,524,952 2,166,533
.1nt. red
int. payable 1,692,768 1,251,725 St. Paul and & Omaha Ry., a main line from Chicago, to Minneapolis,
Duluth; its main line through southern Minnesota and into
5% pref.ser.A 54,253,900 54,253,900 South Dakota: the main line from Chicago to Milwaukee; and its main
(New)
12,500,000
lines from Milwaukee to Ashland on Lake Superior and from Milwaukee
Common stock
through Green Bay to northern Michigan points. The gen. mtge. bonds.
(4,152,540shs.) 53,745,720 53,745,720 Including
those pledged, together with the prior lien debt for which gen.
Paid in surplus_ 30,919,492 33,050,799 mtge. bonds
are reserved, will be outstanding at the rate of only $330,868
Earned surplus_ 2,440,770 2,190,241 per mile
of road subject to the general mortgage. The general mtge.
bonds are also secured by a first lien on the Chicago Terminal properties
Total
252,238,709 226,509,946
Total
252,238,709 226,509,946 of the company
.
x Giving effect to additional 25,000.000 bonds and $12,500,000 pref.
Capital Stock.-Company has outstanding $22,395,120 of pref. stock
stock.
-V.130, p. 2385.
and $158,444,745 of common stock. Dividends have been paid uninterruptedly since 1878, the present dividends being at the rate of 7% on the
Atchison, Topeka & Santa Fe Ry.-Purchase Approved. preferred and 5% on the common stock per annum.
Earnings-The gross income of the company for the year ended Dec.
The stockholders on April 24 approved the acquisition of direct control
of the Kansas City Mexico & Orient Ry. of Texas. The control will be 31 1929. applicable to the 'payment of interest on funded debt and other
effected by the transfer of capital stock and all indebtedness to the Atchison items was 329,411,517. while the payments of interest on funded debt
company by the Kansas City Mexico & Orient Ry. of Kansas which now and other items for that year were $13,812,461, leaving a balance applicacontrols the Texas company. The Atchison company will thus get direct ble to dividends of $15,599.056.
Listing.
control of the Texas company instead of indirect through the Kansas com-Application will be made in due course to list these bonds on
-V. 130. p. 2953.
pany which It owns. This step was authorized by the 1.-S. C. Commission the New York Stock Exchange.
on Oct. 8 1929.-V. 130. p. 2952, 2953.
Chicago Rock Island & Pacific Ry.-Bonds Approved.
The stockholders on May 1 ratified the plan to issue $32,228,000 30-Year
Atlantic City RR.
-Bonds.
4)i A cony. bonds. They also voted an increase in the authorized common
-S. C. Commission April 19 authorized the company to issue stock from 375.000.000 to 3105,000,000. The latter increase is to permit
The I.
$75,000 of 1st consol. mtge. 4% gold bonds, to be sold at par and int. conversion of the new bonds.
and the proceeds used to pay $75,000 of purchase money mtge. 4 %
The stockholders also approved a proposal to increase the number of
bonds which matured April 11930. Authority was granted to the Reading directors from 13 to 15 and elected W. E. Dolton and William J. CampCompany to assume obligation and liability as guarantor of the payment hausen temporarily as additional directors.
-V.128, p. 2986.
of the principal of and interest on the bonds.
A proposal to renew the company under the laws of Illinois and Iowa
for a period of 50 years from June 30 1930 was also approved. The stockholders
article of incorporation which
for the
Boston & Maine RR.
-Stock Case May Go to Full Court.
- that thevotedof the repeal of the the company shall not exceed provides
limit
indebtedness of
$275,000,
Frederick H. Nash, Counsel for the company, April 25 asked Jud
Sanderson of the Massachusetts Supreme Court to reserve for the determi- 000 exclusive of bonds issued for acquisition of additional railways or other
properties. It
nation of the full court questions of law arising out ofa billin equity brougt care of possible was deemed advisable to remove the limit in order to take
future eventualities, it was explained. M. L. Bell, Viceby Arthur W. Joslin, owner of 250 shares of non-cumulative pref. stock President
and
that
the company,to enjoin the companyfrom paying dividends on common stock tions the L-S. General Counsel, also explained over under present condiC. Commission has jurisdiction
issuance of additional
before dividends are paid to the holders of non-cumulative pref. stock. Mr.
-V. 130, p. 2764.
Nash told Judge Sanderson that all the facts in the case were agreed upon, securities.
and the Court took the matter under advisement.
Delaware, Lackawanna & Western RR.
-New TermiThe legal points raised are: "The rights of non-cumulative pref. stock in
the net earnings of any year relative to earnings that are divided by the nal Warehouse and Freight Station.
directors and not to earnings withheld from distribution by the directors
The new terminal warehouse and freight station of the Lackawanna RR.
In the exercise of their discretion" and "The mere realization of net earnings in North Jersey
City-said to be the third largest building in New Jersey
out of which dividends might have been declared in non-dividend years and the
largest under
does not create a dividend credit giving cumulative rights pro tante to a distribution purposes one roof devoted exclusively to general storage and
on the Atlantic seaboard-was placed in service on
non-cumulative pref. stock."
May 1. Adjacent
passenger terminal,steamThe Boston & Maine in its answer admits that the sum of $395,051 now ship piers, ferries to the freight yards, Hoboken and
express motor highway
to New York, vehicular tunnel
declared as a 1% dividend on the common stock for the first quarter of through New
trucking distance to
Jersey,
1930. Is in the judgment of the directors surplus available for dividends,and metropolitan area. it is within easy planned and carried all points in the
This project was
out by the engiavers that before declaring such dividend to the common stock. which Is the
first common dividend declared since 1913,the directors declared and paid a neering staff of the Lackawanna, the actual construction work being done
-V.130. p. 2196.
non-cumulative pref. stock in and for the year 1929, by the Turner Construction Co.
dividend upon the
thereupon payable April 1 1930.
Denver 8c Rio Grande Western RR.
-Files Brief.
The directors deny that discretion of the directors to declare dividends on
Purchase of control
the common stock in 1930. is in any way conditional upon the declaration made to facilitate and of Denver & Salt Lake Ry. by the company was
and payment of non-cumulative dividends for prior years. which were not, stated in its brief filed protect the Dotsero cut-off route, the company has
with 1.-S. C. Commission in support of its proposed
according to the judgment and discretion of the directors, earned in such acquisition. The
prior years and for which there was not in their judgment accumulated to be constructed Dotsero cut-off is a 41-mile segment already authorized
between Dotsero and Orestod, Colo., and which will
surplus, undivided profits or other income available.
result in substantially shorter routes.
The defendants say that the surplus earnings of the company for the years
Confidence was expressed
that the Federal District Court
1925. 1926, 1927 and 1928, above dividend requirements on the cumulative will sustain the validity of thein the brief
Denver & Salt Lake contract with the Moffat
actually appropriated to fixed and permanent Tunnel District
senior pref. stocks, have been
permitting it to operate through the Moffat Tunnel which
Improvements to property and equipment to enable it adequately to dis- has long been in litigation.
charge public duties. The amount appropriated out of income aggregated
If this decision of the court is favorable, the company asserts, the only
approximately $12,000,000.
question confronting the Rio Grande will be the manner of handling its
traffic over the Denver & Salt Lake. If it is unfavorable, it will then be
Bonds Authorized.
The 1.-S. C. Commission April 23 authorized the company to issue in necessary for the Denver & Salt Lake to endeavor to negotiate a new
contract
temporary and definitive form not exceeding $15,000,000 lot mtge. 5% tunnel time of on terms which warrant use of the Dotsero cut-off line.
The
construction of the cut-off line is dependent upon the tunnel
gold bonds, series LI, said bonds to be sold at not less than 98 and int.. decision, the brief
declared. The Rio Grande, however, is determined to
and the proceeds used to reimburse treasury for expenditures heretofore secure the advantages
of
in paying matured bonds and for capital purposes. to retire certain very much to its interest the shorter route as soon as possible since it is
made
to do so.
expenditures to
outstanding bonds, and to provide for proposed capital
The shorter route will effect a reduction of 173 miles in distance from
during
madeb
the west to Denver
a:rranged, subject to the approval of the Commission, its present traffic and enable the Rio Grande to retain for its own line
The company has
as against fast scheduled freight trains of competitors,
to sell the bonds at 98 and int. to a syndicate consisting of Kidder,Peabody reduce
& Co., Lee Higginson & Co., and Harris, Forbes & Co.. Inc. On that stantialDenver & Rio Grande Western operating costs and secure a subincrease in traffic. The estimated amount of this traffic is placed
The proceeds are to
basis the annual cost will be approximately 5.143 .7,
19,800 cars,
be used to pay the series-F bonds, a loan from the IL S. Government due for the fifth year of cut-off operation at32,100,000. or 363,275 tons, on
-H bonds are which the Rio Grande revenue would be
Nov. 1 1930, amounting to $5,443,979. for which the series
The Rio Grande will secure 28,969 out of a total of 50,000 shares or
1930.Wedged, and for additions and betterments to be made during
57.938% of the issued and outstanding stock of the Denver & Salt Lake
V. 130. p. 2568, 2572.
MAY
31930.]
FINANCIAL CHRONICLE
for which it will pay $155 a share. The willingness to pay this price
for
the remaining outstanding stock has been expressed by the carrier.
V. 130, p. 2758.
Denver & Salt Lake Ry.-Protests Allocation.
-
Revision of the I.
-S. C. Commission's consolidation plan in respect to
the Denver & Salt Lake Ry. has been asked In a petition filed with the
Commission by the Moffat Tunnel League and the Utah Basin RR.League.
Under the Commission's plan the Moffat road would be taken
the Denver & Rio Grande Western and included in the Missouriover by
Pacific
System. The petition asks that the Moffat road be made part of some
other system, which would be interested in extending the road from Craig.
Colo., to a connection in Utah, with some railroad having a direct access
to Salt Lake City.
The Denver & Rio Grande Western now has an application pending
before the Commission to acquire the Moffat line.
-V. 130. P. 2954.
31545
Panhandle & Santa Fe Ry.-Operation.-
The I.
-S. C. Commission April 16 issued a certificate authorizing the
company and the Kansas City Mexico & Orient By. of Texas
to operate
under trackage rights over the railroad of the Galveston Harrisburg
&
San Antonio By., between Alpine and Pagano (11.21 miles) in
Brewster
and Presidio Counties, Texas.
-V. 128. P. 4151.
Pennsylvania RR.
-New High Record No. of Stockholders.
Another new high record in the number of Pennsylvani
has been reached for the present month, 207.188 owners a RR.stockholders
of the
registered on the books of the company. April is the seventhshares being
month in which the stock has risen to record-breaking levels for consecutive
distribution. The April 1930, registration shows an increasewidespread
of
as compared with the same date a year ago, and an advance of 876 49.977
over the
the preceding month.
The unparalleled increase in Pennsylvania shareholders in recant months
has been due primarily to the allottment at par of new stock to
Erie & Michigan Ry. & Navigation Co.
the stock-Operation.
The I.
-S. C. Commission April 11 Issued a certificate authorizing the holders in 1929, and in 1928 to both stockholders and employees. There
company to operate over the main line of the Detroit & Mackinac between has been also a continuance of the general tendency toward a wider distribution of the stock among permanent investors, which has been going
Alabaster Junction and East Tawas, a distance of 4.09 miles, and over
a on for a long period of time.
branch line of the Detroit & Mackinac extending from Alabaster
The new figures show that the average holding
to Alabaster, a distance of 4.27 miles, all in Iosco County, Mich. Junction
stockholders is
-V 126, 62.46 shares, a decrease of 9.04 shares as comparedof all a year
with
p. 103.
ago. A
total of 12.941,487 shares, par value $50 each, was outstanding on April
3.-V. 130. p. 2956.
Long Island RR.
-Issues Statement on Whitestone.The following was authorized in response to inquiries in
Quebec Central Ry.-Earnings.I.
-S. C. Commission's decision respecting the abandonmenreference to the
Calendar Yearst of the White1929.
1928.
1927.
1926.
stone Branch.
Gross revenue
$3.222,904 $3.155,967 $3,312,280 $3,205,142
Inquiry has been made as to whether or not the company's offer
to turn °Per. exp. and taxes_ _ _ 2,496,481
2,442,715
2,633,040
2.485,006
the Whitestone Branch over to the city is still open.
The management states that its proposal in this respect stands.
Net revenue
$726,423
$713,251
$679.240
$720.137
Inquiry has also been made as to what the Long island
Other income
21,109
11,958
4.048
10.260
about establishing bus service on the Whitestone Branch. proposes to do
The management states that the company's plans for establishing bus
Total income
$725,209
$683.288
$730,397
service are in course of development, but that it is not yet prepared to make Interest charges, &c-- - $747,532
331.128
398,192
404,693
385,957
any announcement of the proposed service.
Rentals leased lines
-V. 130, p. 2765. 2954.
60.565
Meridian & Bigbee River Ry.-Proposed Operation Denied
Net income
$355,839
$327.017
$278.595
$344.439
The I.
-S. C. ConamissIon April 16 denied the application of the company Dividends
217,747
200,324
169.080
169,080
for authority to operate a line of railroad extending from Crandall northerly
Balance, surplus
approximately 25 miles to Cliff Williams, all in Clarke and Lauderdale
$138,092
$126,693
$109,515
S175.359
Counties, Miss. The Mobile & Ohio RR. intervened in opposition to the -V. 128, p. 2989.
granting of the application.
St. Louis-San Francisco Ry.-To Approve Lease.
The company owns and operates a line of railroad extending
from Meridian, Miss. about 25 miles to Cromwell, Ala. where iteasterly
The stockholders will vote May 13 on approving the lease by this company
the Alabama, Tennes:see & Northern RR. The company's line iscrosses of the properties of Miami Mineral Belt RR.-V. 130, p.2956.
to be
extended about 20 miles further east through Choctaw to Myrtlewood,
Southern Pacific Co.
-Equip. Trust Certificates Offered
Ala. At Choctaw It will connect with the Sumter & Choctaw RR. and
at Myrtlewood with a line of the Louisville & Nashville RR.
Offering of a new issue of $6,000,000 4, equipment trust
6%
and is being constructed by S. A. Neville of Meridian, Miss., as It has been
contractor. certificates, series M,issued under the Philadelphia plan, was
All of its capital stock, except directors' qualifying shares, is owned
G. M. Neville, a son of S. A. Neville. The line sought to be operatedby made April 28 by Chase Securities Corp. and Freeman &
is
a logging road owned by the Long-Bell Lumber Co., and is known as main Co.
The certificates, which mature 8400,000 annually from
line 5.--V. 130, p. 283.
May 1 1931 to May 1 1945 incl., were priced as follows: To
New York, Chicago & St. Louis
yield 4.25% for the 1931 maturity, 4.40% for the 1932
--Listing
:The New York Stock Exchange has authorizedRR.
the listing of $12,000,000 maturity and 4.50%
for the 1933 to 1945 maturities.
refunding mortgage 4M
gold bonds, series C. due Sept.
1 1978.
the total amount applied for $23,275,000 series C (43.5%), due maldng
Sept. 1
1978.
Income ACCOU711 for Calendar Years.
1928.
1929.
Railway operating revenues
$56,385,457 $52,876,520
Railway operating expenses
37.849.621 35,952,757
Equipment retirements and depreciation
2,047,264
1,913,779
Railway tax accruals
3,055,399
2,981,124
Uncollectible railway revenue
5,025
8,305
Railway operating Income
$13,428,146 $12,020,555
Equipment rents net
2,707.462
2,317.997
Joint facility rents net
248,685
145,661
Net railway operating income
$10,471.999 $9,556,897
Non-operating income
3,215,835
2,760,606
Gross income
$13.687,833 $12.317,503
Deductions from gross income
6,297,791
5.938,793
Net Income
$7,390,042 $6,378,710
Income applied to sinking and other reserve funds98.558
98,935
Dividend appropriations of income
4,185,294
4,084,046
Income balance transferred to profit and loss
$3,106,191 62.195,730
Earnings per share-common stock
$15.21
$12.36
General Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
Assets
Liabilities
Road & equip-232,557,471 218,919,152 Capital stock - 69,762,290
69,747,810
Leased line impt
97,729
87,452 Stock Dab. for
Investments _-- 35,849.666 13,579,218
convention _
107,400
125,700
Sinking fund.- 108,982
127,300 From.on cap.stk
200,724
200,724
Depos. in lieu of
Funded debt- - -137,223,000 118,681,000
property sold.
109,333
81,122 Acct. & wages.. 5.233,188 5,401,831
Misc. phys. prop
842,335
849,821 Int., diva., &c..
Cash
4,041,706 5,240,935
unpaid
1,678,181
1,678,283
Inventories
3,519,174 3,322,639 Unmet. int. accr 1,481.684 1,156,883
Agents and conLoans and bills
ductors' bal875,911
payable
592,183
Special deposits_ 2,105,232 1,681,382 Traffic balances 2,500,000
Traffic,&c., bal.
960,027 1,262,610
payable
2,200,593 1,817.324
Int., div., loans
Misc. accounts_
129,838
126,427
& bills receiv_ 3,373,114 2,965,572 Other liabilities152,038
152,074
Rents receivable
15,427
7,493 fled liabilities.
699,788
700,998
Other assets. _ _ 25,472
39,817 Approp. surplus
796,804
695,783
Misc. accounts. 1,314.352 1,071,359 Other unadjustDeferred assets_
33.340
33,820 ed accounts
4,5'53,620
Other unadj. deb 5,711.204 3,802,214 Deprec.(equip.) 17,491,546 3,050,788
15,467,976
Profit and ices
46,931,782 34,680,690
Total
291.140,477 253,664,092
Total
291,140,477 253,664.092
-V. 130, p. 2955.
Dated May 1 1930: serial maturities of $400,000 per annum from May 1
1931 to May 31945 inclusive. Principal and dividend warrants(M.
payable at agency of the trustee in New York. Denom.$1,000 c*. & N.)
Penn.
Co. for Insur. on Lives and Granting Annuities, trustee. These certificates will be legal investments for savings banks and trust funds in New
York State.
Issuance and sale subject to the approval of the I.
-S. C. Commission.
The certificates are to be issued for not exceeding 75% of the cost of
new standard railroad equipment. Payment of principal and dividends
of the certificates is to be unconditionally guaranteed by endorsement by
Southern Pacific Co.
These certificates are to be issued with respect to the following railroad
equipment,having a total cost of at least $8.000,000:25 4-8-8-2 type locomotives and tenders; 14 4-8-4 type locomotives and tenders; 14 16.000-gal,cylindrical locomotive tenders: 1 steam operated self-propelling locomotive
ditcher and crane; 2 gasoline operated self-propelling locomotive cranes;
1 steam operated self-propelling Icoomotive crane; 1 steam operated
propelling relief crane; 1 steam operated self-propelling locomotive selfpile
driver; 100 all-steel drop end gondola cars; 298 steel automobile cars; 5
all steel dining cars; 3 all steel observation cars; 1 all steel lounge car; 15
steel electric interurban cars; 10 all steel end door baggage cars; '7 all steel
electric motor coaches; 2 all steel electric trailer coaches; 1 Jordan spreaderditcher. and 1 Jordan spreader.
The remainder of the cost of this equipment has been or Is to be paid
by the company.
-V.130, p. 2952, 2958.
Terminal RR. Assoc. of St. Louis (& Affil. Cos.).
-
Earns. Cal. Fr:.- 1929.
1928,
1927.
Revenues
Switching
511.894,424 $12,154,505 $12,643,851
Special service train.
Incidental
313,040
268,741
1,012.295
Joint facility
Cr.324,125 Cr.354,388 Dr.386,060
Tot.ry.oper.reve.312,531,589 $12,777,614 $13,270,086
ExpensesMaInt.ot way&struc. $2,072,312 $2,054,548 $2,261,960
Maint.of equipment. 1,055,794 1,042,515 1,183,595
Traffic
32,792
29,633
26.813
Transp.-rail line
5,509,907 5,401,818 5,312,348
Miacell. operations_
41,861
39,388
39,868
General
330,611
355,421
343,334
Transp.for Inv.-Cr.
3,119
16,892
2,952
1926.
$13,537,818 $13,166,732
$2,204,231 $2.298,851
1,115.426
1,129,856
27,491
29,444
5,142,027 5,201,275
42,829
41,510.
264,211
246,154
3,608
Tot.ry. over.exp. $9,040,177 $8,906,432 $9,164,967
Net rev.Fght ry.op_ 3,491,412 3,871,182 4,105,118 $8.807,037
Railway tax accruals 1.189,013 1,169,275 1,134,520 4,730,781
1,347,419
Uncollec. ry. revs._
347
279
264
583
Railway oper. Inc. 32,302,051 $2,701,626
Net rev.fr. misc.op. loss25,864 loss32,660 32,970,335 $3,382,778
loss40,058 loss33,274
Tax on miscop.prop
943
933
468
1.003
Total oper.income $2,275,244 $2,688,032 $2,929,808
$3,348,500
Total non-oper. Me_ 2,217,016 1,815,548
1,731.043 1,801,351
New York Susquehanna & Western RR.
Gross
-Earnings.
- Hire of Inoome_ _ $4,492,259 $4,483,580 34,660,852 $5,150,352
Fght care-deb
[Including the Wilkes-Barre & Eastern RR. Co.)
162,332
171,449
174,981
119,493
Joint facility rent._
Calendar Years30,653
26,566
22,778
11,780
1927.
1929.
1928.
Rent for leased roads
1926.
Operating revenue
696,900
696,900
696,899
696,901
$5,361,582 $5,263.153 $5,199,136 $5.395.850 Miscellaneous rents_
()per. exp., taxes, &c--- 4.411.489
379.588
381,192
348,293
330,019
4,550,025
4.857.832
4,731,577 Miscell. tax accruals
142.149
153,481
137,633
158,537
Int. on funded debt- 2,003,198 1,821.233
Operating income_ _ _
1,822,601
1,823.969
$713,128
$950,093
6341,304
3664.273 Int,on unfund. debt
Net equip. and rents_. Dr253,122 Dr224,661 Dr238,684
9,709
18,498
10,521
1,668
Dr113,564 Amon's. of disc. on
funded debt
65,987
Net ry. oper. income_
25,769
25,758
26,130
$488,467
$102.620
$550.709 Misc. income chga
14,084
Non-operating income__ $696,971
12,800
13,522
13,405
78,907
88,931
75.129
62.699 Ine.applto e.,reelds
100,000
100,000
100,000
100,000
Gross income
$785,902
$567.373
$177,749
$613,408
Income balance._ $887,657 $1,075,692
Deduc. from gross Inc
$1,307,883 $1,868.449
800,808
803,335
807.084
819,773 Earne.per sh. on 30,879 she. cap. stk.
Deficit for year
$235.961
$14,905
$629.335
$206,365
(par 3100)
$29.37
-V. 128, P. 2988.
338.07
$442.35
* Figures for 1925 revised to compare with 1928.-v. 129, $60.51
p. 3163.
Northern Pacific Ry.-Merger Decision Expecied.A decision by the
company regarding the proposed merger with the
Great Northern can be expected in three or four weeks,
according to Charles
Donnelly, President of the Northern
Pacific directors meeting, Mr. DonnellyPacific. Following the Northern
stated:
"It was the consensus of the Northern Pacific board
of directors that
every effort should be made to reach an early decision
regarding the conditions laid down by the I.
-S. C. Commission
the Northern lines. We expect that we canin the proposed unification of
or four weeks, which either will substantiallreach a decision within three
y meet the conditions of the
Commission or will terminate the entire
proceedings."
-V. 130. p. 1271.
*1925.
$12,924,964 512.599,181
2,360
1,016,199
935,391
Dr.405,708 Dr.367,840
68.932.659
4,234,072
1,273,046
1,372
$2,959.655
loss31,135
1.142
$2,927,378
1,846,926
$4,574,304
130,384
18,578
697,733
332,486
125,870
1,825,337
. 468
rift
'22,277
114,543
241.771
$1,184,859
$37.72
Trinity & Brazos Valley Ry.-Receivership Terminated.
-
The return of the company's properties from the
ration became effective April 30 by order of U. S. receiver to the corpoDistrict Judge James
C. Wilson.
11411
Gen. John A. Ruben,receiver, becomes President, and all present
officers
of the receiver will be officers of the railroad.
-V.129, p. 1732.
Virginian Ry.-Bonds.-
The I.
-S. C. Commission April 17 authorized
the authentication and delivery of $4,538,500 of the compannto procure
1st mtge. 50-year 4t6%
gold bonds, series B. in reimbursement for capital expenditures
heretofore
rhade.-V. 130, p. 2759. 2766.
FINANCIAL CHRONICLE
3156
[VOL.
Consolidated Balance Sheet as of December 31 1929
Wabash Ry.-Withdraws Consolidation Plan.
[After giving effect to the issuance of funded debt of subsklairy companl
The company has withdrawn its application for consolidation with cer- since Dec. 31 1929, and sale of $2,000,000 6% Debentures of Corporation.
eastern trunk-line territory in a letter made public April
tain railroads in
Liabilities
Assets-S. C. Commission.
26 by the I.
$81,610,791 $7 pref.stk.,no par(3.484 elm) $327,931
Simultaneously, William H. Williams, Chairman of the board, Pre- Property, plant & equip
3,619,780 $6 pref.(35.000 shs. no par)_ 3,082,500
adopted by the directors Investments
sented to the Commission a copy of a resolution
1,370,000
534,665 Prof.(13.700shs.)
deposits
authorizing him to take "all such steps and proceedings as he may deem Specialdebt disc. & expense__ 4,040,998 Common stock (200,000 shs.) 1,000.000
Unam.
necessary or advisable" by way of separate or successive applications for Deferred chgs. de prep. accts _
15,074,239
365,388 Capital stook of subs
authority to acquire properties embraced in the Wabash-Seaboard system. Cash & working funds
3,019,928 Funded debt held by public__ 53,019,834
proposed by the Commission in its official plan for consolidation promul- Marketable secur.-at cost.32,407
11,764 Purchase money obligations__
gated Dec. 21 1929.-V. 130. p. 2786.
486.578
104,785 Deferred liabilities
Notes receivable
vi.
2,503,509 Contingent liability
Accounts receivable
-Final Valuation.
Western Ry. of Alabama.
195,100
1,162,782 Notes payable
Materials &supplies
The I-S. C. Commission recently placed a final valuation of $6,125,000 on Accrued Income receivable_ _ _
473,055
51.274 Accounts payable
the property of the company, as of June 30, 1918.-V. 128, p. 3182.
58,923
14,034 Other current liabilities
Other current assets
Accrued liabilities
1,841,210
Reserves
9,214,992
PUBLIC UTILITIES.
53,861
Unadjusted credits
4,125
Premium on capital stock _-Governor Roosevelt has
Governor Roosevelt Vetoes Utility Valuation.
139,421
Contrib. for extensions
vetoed a bill to provide for a valuation of State-wide utility properties.
Capital surplus
1,265,700
1.
New York "Times," Sec. 1, April 27. page
597,039.674 Surplus
9.844,796
Total (each side)
-Expansion.
*Contingent liability of subsidiary company as guarantor of $10,976,000
American Commonwealths Power Corp.
of the gas gen- of bonds of former subsidiaries of which $9,747,000 are in turn covered by
President Frank T. Hula's-it announces the acquisition
-V. 130. P.
erating and distribution facilities in the cities of St. Albans, Barre, Spring- indemnity agreements of purchasers of various properties.
field, and St. Johnsbury, Vt., and North Attleboro. and Warre, Mass. 2576.
This brings the total number of communities now served by the system up
-Earnings.
American Power & Light Co.(& Subs.).
to 383.
1929.
1928.
1927.
12 Months Ended Dec. 31According to Mr. Hulswit, the properties serve growing communities
Subsidiary Companies
which should add substantially to the gross and net earnings of American
888,222.149 879,021,388 $62.786.765
Commonwealths Power System, which for the 12 months ended March 31 Gross earnings
42.911.963 40,001.203 34,216.168
1930 amounted to $26,384,437 and $11.991,826 respectively. These are Operating expenses,including taxes
the largest earnings reported by American Commonwealths Power Corp..
$45,310,186 839.020,185 $28,570,597
gross and $4,793,372 in
Net earnings
being an increase over a year ago of $8,341,429 in
3.286.534
5.613,653
3,648,400
net. After deducting interest on the funded debt and dividends on the pref. Other income
a
stock of the companies, American Commonwealths Power Corp. reportsto
*48.958.586 844.633,838 831.857.131
Total income
balance of $4,192,208 for reserves, Federal taxes and surplus, equivalent B
Interest to public and other deduct's 16.139.403 16.298,826 10,849,066
over $2.53 per share on the total number of shares of class A and class
5,371,628 4.607,953
5,885.557
is an incommon stock presently outstanding or 1,655,723 shares. This when the Preferred dividends to public
Renewal and replacement (decree.)
crease of $1.24 per share over the earnings reported a year ago,
5,317,814 4,809.404 3,531.290
appropriations
for reserves, Federal taxes and surplus amounted to
balance available
31.413.183 on 1.092,627 shares of common stock outstanding. in stocks of Proportion applicable to minority
226.867
155,366
178,919
interests
These earnings do not include the corporation's investment
other companies in which a minority interest is held. This investment has
821,436.893 117.927,113 812.713.456
Balance
a market value exceeding $11,500.000. which is carried on the books of the
American Power & Light Co.
corporation at approximately $5,200,000.
The system now serves a highly diversified territory. Its present in- Balance of sub. cos. earnings applicwhich,
able to American Power & Light
vestment in operating companies approximates $165,000.000 to
and
$21,436,893 $17.927.113 $12,713.456
Co.(as shown above)
during the year 1930. about $9,000,000 will be added for additions
784,064
887,527
1,001,781
Other income
extensions.
corporation's stockholders number approximately 20,000 exclusive
The
822.438,674 $18,814,640 $13,497,520
subsidiary companies and exclusive of
Total income
of those holding stock interests in
bonds Expenses of American Power & Lt. Co
349.332
370.124
293,383
Individuals, banks, insurance companies and others interested in its
Interest and discounts of American
and debentures.
2,991.118
2,873,807 2,821.196
investment in common stocks in
Power & Light Co
As of Dec. 31 1929. the corporation's
the
though
which it has but a minority holding, amounted to $5,298,286
costing $5,298,119,271,484 315,623,320 810.157,070
Balance
market value on March 1 1930, reveals that this investment
$6,500.000. The difference between
286 could be sold at a profit exceeding securities has never been reflected on Dividends on pref. stocks of Amer. 7.683.738
1.430.879
5.699,962
Power & Light Co
and market value of these
book value
or earnings Dividends on common stock of Amer.
either the books of the corporation or an any balance sheet
2,518.408
x6.148.279 x5,268,922
Power & Light Co
statement issued.
Included in this investment are the following securities:
Shares.
$5,439,467 $4,654,436 36.207,783
Balance
105.950 Earns, per oh.
-class B common stock
for corn, stock (incl.
The United Light & Power Co.
15.000
-common stock
Corp.
$4.66
84.48
$4.58
The American Superpower
scrip)
10,000 Earns, outstanding
-class A common stock
4.85
5.08
5.12
per sh. on average outstanding
Central Public Service Corp.
10,000
-common stock
Eastern Gas & Fuel Associates
x Includes 1-10th of a share(10%)extra common stock dividend amount33
pref.stock
-6%
Eastern Gas & Fuel Associates
5,000 ing to $2,810,052 paid Dec. 1 1929. 82,459,561 paid Dec. 1 1929.
-common stock
Long Island Lighting Co.
-Earnings of the Washington Water Power Co. and subsidiaries
Note.
2,000
-common voting trust
Massachusetts Utilities Associates
1,133 are included from March 1 1928 only, and earnings of the Montana Power
Massachusetts Gas Companies-pref. stock stock
Co.and subsidiaries are included from May 1 1928 only.
1,000
-class B common
International Utilities Corp.
Balance Sheet December 31.
134
-stock
Equitable Trust Co.
138
1928.
1929.
1928.
1929.
Northwest Bancorporation-common stock
200
$
$
Liabilities-Assets
-common stock
Henry A.O'Neil,Inc.
100 Investments
-common stock
238,811,800 239,603,883 xCapItal stock
Brooklyn Union Gas Co.
100 Cash
208,561,158 203,979,704
4,249,960 5,595,986 (no par)
-stock
Trust Co.
Bankers
Gold deb. bonds.
to $184,421.008.
Assets of the corporation on Dec. 31 1929, amounted pref. stock issues Notes and loans
Am.8% ser 45,810,300 45,810,500
rec.-Subs- _ _ 15,399,383 10,908,192
The subsidiary funded debt amounts to $78,505.333 with Junior to these
447,225
Contract'l Habil.
Notes and loans
outstanding. totaling $27,207,039.
ofsubsidiary companies
1,923,015 1,796,061
Divs. declared
Power Corp., comprising
rec.-Others _ 3,650.157
Is the funded debt of American Commonwealths and pref. stock issues in
705,089
208.643
Accts.rec.-Subs 1,513,475 1,442,799 Accts. payable_
debentures in the amount of 312.239,500.
various
930,718
950,714
465,558 Accrued accts.do
111,631
Others
the amount of $9,376,300.
1929.
337,407
337.407
Reserve
1930.
607,634
Special deposits_
733,776
Earns. 12 Months Ended March 318.730,071 8,711,479
Surplus
$26,384,437 $18,043,008 Unamortized dis-all sources
Gross earnings
14.392.611 10.844.554
count & exp. 4,049.127 4,098.135
taxes
Oper. ens., incl. maint, and gen.
.._ 4.491.745 3.314,627
Interest charges, funded debt, subsidiary co.'sTotal
286.519.309 262,718,186
Total
266.519,309 262,718,186
$7.500,081 $3,883,827
Dec. 31 1929. Dec. 31 1928.
x Capital Stock OutstandingBalance
1,324,670
792.830 shs. 792,413 she.
Preferred. $6 cumulative
pref. stocks, subsidiary companies---- 1,770,004
Dividend,
978,368 shs. 972,214 she.
Preferred,35 series "A"cumulative
63.8 she.
11)6.8 shs.
Balance available, Amer. Commonwealths Pow. $5.730,077 $2,559.156 $6 preferred stock scrip equivalent to
2,526.430 she. 2,211,508shs.
reserves
Common
Corp. and for
515.000 Common stock scrip equivalent to
814,384
3,282.80 she. 2,522.92she.
Interest charges. Amer. Commonw. Pow. Corp_ -V.130. P. 795.
$4,915,693 $2,044,156
Balance available for dividends and reserves--_
-Output.
American Water Works & Electric Co., Inc.
Annual dividend charges, 1st pref. stock. Amer.
534.996
627.508
The power output of the company's electric subsidiaries for the month of
Commonwealths Power Corp
stock, Amer.
167,126,724 kw. h., again of 4% over tne output of 160.Annual dividend charges. 2nd pref.
95,977 March totaled for the corresponding month of 1929. For the three months
95.977
191.387 k.w. h.
Commonwealths Power Corp
ended March 31 1930,power output totaled 492,732.279 k.w.h.,4% greater
$4.192,208 $1,413,183
-V.
Balance avail, for reserves. Fed. taxes & surp-- for 12 months periods than the output of 471.740.471 k.w.h. for the same period last year.
130.P. 2387.
-The above statements reflect the earnings p. 2959.
Note.
-V. 130.
of properties owned at the respective dates.
-Registrar.
American Corp.
registrar in New York for
The Bankers Trust Co. has been appointed
-V. 130, p. 2766, 2022.
the common stock.
-Increased Gas Reserve.Appalachian Gas Corp.
Chlttim Well No.3. of the Texas Gas Utilities Co.,a subsidiary, has been
brought up to a pressure of 2.110 pounds per square inch, as a result of cleanng and shutting it in, indicating a greater reserve of natural gas in back of
the well than was originally estimated, according to an announcement
Associated Gas & Electric Co.-Earnings.Dates of Acguis. made by officials of the former company. Before commencement of the
1,950 pounds per square inch.
well,
the
of Earnings and Expenses of Properties Since
Consol.Statement
-Increase- present work open pressure was of 11,000,000 cubic feet per day,The
is located
flow in excess
% which has an
Amount.
1929.
1930.
In the Eagle Pass field. 50 miles south-east of Del Rio, Texas, on the lease
127Months Ended Mar. 31$50,090,053 $50,888.969 102
are owned by Texas
Gross earnings & other income$l00,979.022 27,535,247 22.866.145 83 of Rycade Oil Corp.,gas rights of which Gas Utilities Co.,Gas Utilities Co,
The new 62;i mile gas line of the Texas
which according
Oper.exps., maint. all taxes. &c. 50.401.392
to present schedule is to be completed by July 1, will connect the Chittim
$50.577,630 $22,554,806 328,022.824 124 Wells in Maverick County, Texas, with the Central Power & Light Co.'s
Net earnings
6.679.590 155 new plant on Devil's River. 12 miles north-west of Del Rio. In addition
4.314,122
10,993.712
Underlying pref. diva, and int
8,941.921 115 to supplying the
16.750.553 7,808,632
entire fuel requirements of the latter company, the Texas
All other interest
will, through the new line, deliver natural gas for industrial and
$12.401.313 119 company purposes to the town of Del Rio and other communities in Valdomestic
and deprec----$22,833.365 $10,432,052
Bal. for dive,
Provision for replace., renewals 4.988.047
59 verde. Kinney and Maverick Counties.
1,859.193
3,128.854
The Chemical Bank & Trust Co. has been appointed transfer agent for
& retire. offixed cap.(deprec.)
-V.130. p. 2959.
37.303.198 $10.542.120 144 the common stock.
Balance for diva. & surplus--$17,845.318
-Bonds Offered.
Associated Telephone Co., Ltd.
-V. 130. p. 2766.
-Listing.
Corp, Del.
American Electric Power authorized the listing of $2,000.000
has
The Boston Stock Exchange debentures, Series A. due Sept. 15, 1957.
additional 6% convertible gold
Earnings for Year Ended December 31 1929.
Consolidated
$14.101,704
Gross earnings from all sources
Taxes, incl. Fed. Inc. Tax 8.876,970
Operating expenses, maintenance &
$5,224,734
Net
2.235,130
e o7St s
Charges a ingsidiary Companies:
13.069
Interest on funded debt
1.042,541
Interest on unfunded debt
participating and common stocks
125.066
Dividends on preferred,
Amortization charges
$1,808,926
Balance of net earnings
in Atlantic Ice
.--company has purchased a controlling interest included above
mas
from which are not
& Coal Co.since Dec.31, 1929,earnings
Paine, Webber & Co., Bonbright & Co., Inc. and Mitchum,
'fully & Co. are offering at 974 and int. to yield 5.159
$6,000,000 1st mtge. 5% gold bonds, series A.
Dated March 1 1930; due March 1 1965. Denoms 81,000 and $500 O.
Interest payable M. & S. in New York and Los Angeles without deduction
of Federal income taxes, not in excess of 2%. Red. on any int. date all or
part on 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 1023; after Feb. 28 1950 but on or before
Feb.28 1955 at 102; after Feb. 28 1955 but on or before Feb. 29 1960 at 101:
after Feb. 291900 but on or before Feb. 29 1964 at 1004. Company agrees
to reimburse, if requested within 60 days after payment, the Penn. and
Conn. 4 mills tax, the Maryland 4 mills tax, the District of Columbia 5
mills tax and the Mass, income tax up to 6%. Security: First National
Bank of Los Angeles. trustee.
MAY 31930.]
FINANCIAL CHRONICLE
Legal Investment.-ApplIcation has been made to certify the bonds of
this issue as legal investment for Savings Banks in California.
Issuance has been authorized by the Railroad Commission of California.
Data from Letter of S.L. Odegard,Pres. of the Company.
Company.-Incorp. in California in 1929. Owns and operates modern
telephone systems, supplying telephone service to 45 communities located
in 3 counties in southern California. The population served is estimated
to be in excess of 387.500. These properties operate 66.137 stations, a
large number of which are located in the Metropolitan area of Los Angeles.
The territories served include Long Beach. San Bernardino, West Los
Angeles, Santa Monica, Ocean Park, Venice. Redondo, Covina, Azusa,
Glendora, Puente, Baldwin Park. Huntington Beach, Laguna Beach.
Hermosa and Manhattan. Through inter-connections with the lines of the
Bell Telephone Companies, the long-distance lines of the Bell system are
available to all subscribers.
Security.
-Secured by a first mortgage on all the fixed properties, rights
and franchises of the company now owned, and on such property hereafter
acquired against which any bonds may be issued under the indenture. The
value of the fixed property of the company is largely in excess of these first
mortgage bonds presently to be outstanding.
Earnings.
-Earnings (including the earnings of all properties now owned)
for the years ended Dec. 31 1928, Dec. 31 1929 and Feb. 28 1930, after
giving effect to present financing, were as follows:
Years EndedDec. 31 '28. Dec. 31 '29. Feb. 28 '30.
Gross earnings
$2,055,568 $2.317.207 $2,368,597
Oper.exp.,roaint.& taxes
837,468
989.382
1,028.747
Net earnings before depreciation-- - $1,218.099 31,327,824 81,339,850
Ann, int. require, on this issue (all
other funded debt to be retired)
300.000
Bal. available for res.. Fed.taxes & divis
31.039,850
Net earnings, as above set forth, for the year ended Feb. 28 1930 were
more than 4.4 times the interest requirements on all the outstanding funded
Indebtedness. After deducting provision for depreciation for the year,
amounting to $370,058 net earnings were $969,792 or more than 3.2 times
the annual interest requirements on the funded debt outstanding.
Purpose.
-Proceeds will be used to retire bonds of predecessor companies,
to reimburse the company for expenditures for additions to property and for
other corporate purposes.
CapitalizationAuthorized. Outstanding.
let mtge.5% gold bonds,series A
$6,000,000
*
$1.50 cumul(nopar) preferred stock
300,000 shs. 106.312 shs.
Common stock no par)
300,000 shs. 126,638 shs.
•The authorized bonded indebtedness is $25,000,000.
Management.
-Corporation is a part of the Associated Telephone Utilities
System.
-V. 129, p. 1280.
3157
Canadian Hydro Electric Corp., Ltd.
-Earnings.
--
Calendar YearsGross revenue incl. other income
Operating expenses
Maintenance
Administration & general expenses
Interest
Amortization of discount on funded debt
Depreciation
Net revenue
Surplus,Jan. 1
1929.
1928.
$6,855,778 $4,367,393
557,084
324,539
159,335
105,225
425,067
444,619
4.027,915
2.272,811
239,936
146,709
454,559
297,427
$991,883
6.842,733
Total surplus
Dividends on 1st pref. stock
$776,063
6,816.669
$7,834,615 $7,592.733
750.000
750,000
-. 7,084,615 i6,812.733
$
7
Surplus. Dec.31
Balance Sheet Dec. 31.
1928.
1929.
1929.
1928.
Assets-$
Props., pr des's,
Funded debt-. 82,564,233 71,833.589
rights, &c___ 121,349.456 115,015,282 Accts. pay. &
Cash in escrow
accrued exp..298,083
173.524
for comple. of
Customers' daps
12,722
10,288
developments- 2.989,409 1,912,347 Accrued interest
414,677
371,325
67,206 Accr dividendsSecs.& invests__
47,206
62,500
62.500
Cash
136,968
169.888 Accts pay.cons.
Accts. rseelvable
476,224
to be metfrom
580,295
Inventories _
cash 'n escrow
294,556
170,155
Adv.to affil.cos. 1,118,697
or advs. from
Cash on deposit
lot .Pa. Co_ _
424.541
with Prov.gov
50,000
50.000 Duets affil. cos.
Cash on deposit
for construe.
with trustee_.
8,482
4,549 & prop. purch.
Prepaid & def.
advances _ 343.222
1,940,199
exp. applic. to
Res. for deprec.
future opera
142,657
78,254 & conting.-949.528
484.706
Pref.stock of co.
Min. int. In St.
held by sub.
John Riv. Pr.
for customers'
Co.
-6% pref.
subscription
182,272 stock
26,247
199,600
199,600
Disc,on bonds &
6% cum. 1st pf.
other secs, isstock
12,500 000 12,500,000
sued, organts.
6%non-cum.2nd
expense, &c_ _ 7.685,209 6,716,828
pref. stock _
25,600,000 25,000,000
Common stock_ 5,000,000 5,000,000
Surplus
7,084,615 6,842,733
Total
134,429,181 124.843,004
Total
134,429,181 124,843,004
Associated Telephone & Telegraph Co.
- V. 130. p. 2023.
E. C. Blomeyer, Vice-Chairman of the board of directors, on April 28
announced that the Automatic Electric, Inc., an operating subsidiary.
Cities Service Co.
-Acquisitions.
has just received an order from the United States Navy for the complete
he retail marketing division of this company announces the recent
Installation of automatic electric teldphone systems in the battleships acquisition of the Independent Tank Line Co. of Mishawaka, Ind. These
Arizona and Pennsylvania. Plans for the installation of similar systems facilities consist of 17 retail outlets in South Bend, Mishawaka and La Porte,
on the West Virginia. Colorado, Maryland and two new scout cruisers Ind. These units will be supplied from the new refinery at Chicago.
within the next year were also announced.
The company also has acquired the facilities of the A. R. Newcombe
"The continued use of automatic telephone equipment in the United Oil Co., consisting of 3 deep water terminals on the Hudson River, 13
States battleships and cruisers will not be affected by the new Naval service stations and about 125 dealer outlets. This distribution is located
Treaty," said Mr. Blomeyer. "The Navy is modernizing all of its ship principally along the west side of the Hudson River between Nyack and
communication systems. So extensive is the Navy's use of dial telephone Albany, New York and covers a district not heretofore supplied with Cities
equipment becoming that Navy officials have decided to establish train- Service products.
-V. 130. p. 2948.
ing schools in automatic telephony, the first one to be opened shortly at
the Washington Navy Yard,and another at a later date on the west coast.
Consolidated Gas Co. of New York.
-Listing.
"In addition to the automatic telephone switchboards, Automatic
The New York Stock Exchange has authorized the listing of not to exceed
Electric, Inc., is furnishing the telephone instruments, all of which are of
3,474 additional shares common stock (no par value); and of not to exceed
the 'set' dial type, especially modified to meet navy requirements. It
is expected that dial equipment for all new floating units, as well as all of 3,474 additional shares $5 Cum. pref. stock (no par value) upon official
the first line battleships now in commission except those which .are slated notice of issuance and payment in full, pursuant to offer to minority stockfor retirement. Automatic Electric, Inc., received orders during 1929 for holders of Standard Gas Light Co. making the total amount applied for
11.487,474 shares of common stock and 2,103,474 shares of $5 cum. pref.
100 line automatic telephone systems for eight scout cruisers, two of which stock.
are already in commission. -V. 129, P. 3633
.
On Sept. 26 1929 the trustees, pursuant to the terms of a proposition
submitted by a committee acting on behalf of certain minority stockholders
of the Standard
Light
the City
Associated Telephone Utilities Co.(& Subs.).
-Earns. Issuance of all or Gas part ofCo. ofshares of New York, authorized the
any
3,474
of $5 cum. pref. stock, and 3,474
Calendar Years1929.
1928.
shares of common stock, of the Consolidated Gas Co. to holders of the
Operating revenues
$8.845.181 $4.738.498 outstanding minority stock of the Standard Co., in exchange for 1,915
Non-operating revenues
91.402
158,343 shares ($100 par) pref. stock and 1,559 shares ($100 par) common stock,
comprising all of the outstanding minority stocks of the Standard
Total grass earnings
$8,936,583 84,896,842 or so much thereof, as may be surrendered for that purpose, company.
Operation
2.856,985
1.452.030 of one share of $5 cum. pref. stock, and one share of common on the basis
stock of the
Maintenance
1.266.219
666,814 Consolidated Co., for each share of pref. and each share of common stock.
State and local taxes
528.971
326,860 so surrendered.
Federal income taxes
126,349
59,086
Pro-Forma Balance Sheet as of December 31 1929.
(After giving effect to the issuance of 3,474 additional shares of common
Net earnings before depreciation
84,158.058 $2,392,052
Interest on funded debt
1.427,870
823,297 stock and 3,474 shares of $5 cumulative preferred stock in exchange for
Depreciation
925.658
548,718 1,559 shares of common stock and 1.915 shares of preferred stock of Standard
General interest
68.727
76.871 Gas Light Co.)
Amort. of debt discount and expense
130,454
Assets
74,669
Liabilities
Interest charged to construction-Cr
38,501
Fixed capital
$109,116,470 Common stock
2391,722,342
Divs. on pref. stock of subs. in hands of public_ _ 328,286
103,636 Investments
555,286,244 $5, cum, pref. stock
6190,301,930
Minority interest
70.864
57,367 Loans & adv.to at cos.._ 18,955,000 Debt:
Cash
2,895,204
20-yr 514% debs.
50,000,000
Net income ________________________________ $1,244.700
$707,594 Accounts receivable
7,648,897
Real est. mtgs. assumed69,000
Previous surplus
597.853
261.422 Interest receivable
311.245 Accounts payable
3,414.604
Materials & supplies
3.687.393 Consumers' deposits
3.008,696
Total surplus ______________________________ $1,842,553
$969.016 Deferred charges
1,585,452 Miseel. current liabilities
762.539
Preferred dividends
359.197
257.333
Accrued liabilities
6.584.703
Common dividends
a553,902
131.575
Reserves
9.638,170
Prem.on unexp. disc't & exp. on sub, bonds retired
Total (ea. side)
33,282
8699.385,905 Surplus
43,883,922
Sundry direct surplus items (net)
61,438
36.204
a Represented by 11,460,455 shares (no par). b Represented by 2,091,230 shares (no par).
Profit and loss surplus
$868,015
$510.622
Rbs.of corn.stk. outstanding (no par)
Income Account--Calendar Years (Consolidated Gas Co. of New York),
580,762
217.024
Earnings per share
$1.52
$2.08
1929.
1928.
a Includes 8253,822 paid in com stock. represented by 16.253 shares. Operating revenues
$25,427,902 $26,117,279
-V.130. p. 2023.
Operating expenses
17,078,147 17,673,629
Retirement expense
982,030
1.015,002
Cape Breton Electric Co., Ltd.
-Defers Dividend.
Taxes
2.160.502
2,106.580
The directors have voted to defer the semi-annual dividend of $3 due to
be paid on the pref. stock May 1.-V. 125, P. 2933.
Operating income
85.207.223 $5,322.068
Non-operating revenues
41,641.534 35,053.338
Chicago Surface Lines.
-Ordinance Covering Operation Non-operating revenue deductions
683,225
344.583
and Construction of Lines Drafted by the Committee.
Non-operating income
$40.958,308'834,708.755
The Chicago traction franchise ordinance, as completed by subcomGross income
mittee of the Chicago City Council and submitted to the council committee
$46.165,531 $40,030,822
on local transportation, provides for a terminable permit and for expenditure Interest on funded debt
2.750.000
2,750.000
by the new unified system of at least $200,000,000 during first ICI years of Int. on unfunded debt
891.041
786.967
its existence, of which about one-third or $65,000.000, is to be provided
Net income
during first three years. The ordinance also provides for construction of
342.524,490 $36,493,855
subways by the City of Chicago suitable for use by the new traction com- Adjustments of surplus (net credit)
67.764
104.182
pany. Existing rates of fare on the Surface Lines and on the Elevated
Total
Lines are to be maintained with a three-cent transfer charge from Surface
842,592,254 $36.598.038
Lines to Elevated Lines.
Dividends on 85 cum, pref. stock
10.397,902
7.075,300
Common stock
The aggregate value of properties of existing traction companies which
34,850,507 23,978.134
the new company is required to acquire and own, was set at $260.442,000
Net increase in surplus
def$2,656.156 $5,544,603
as of Aug. 31 1920. The ordinance provides that company is entitled to
and shall receive "a just and reasonable return, to be determined from Surplus beginning of year
46,540.078 40.995.475
time to time by order of a Transit Commission to be appointed by the
Surplus end of year
$43,883.922 846,540.078
mayor with the approval of the city council. Compensation to the city is
fixed at 3% of annual gross receipts, this compensation to be cumulative
and payable after payment in full of interest, sinking fund and preferred
Eastern New Jersey Power Co.--Earnings.dividend requirements of new traction company.
Years Ended Dec. 311929.
1928.
1927.
1926.
•.• After public hearing before the local transportation committee, the ordi- Gross revenues
nance will go to the council. If passed by council. It will be submitted to Oper. exp.. maint. & tax $2,555.148 $2,259.096 $2,026,793 81.586.588
1,309,136
1.184.188
1.164.258
850.982
the voters at a special election this summer.
Fixed chgs.„ amort.&c-612.055
542,279
403.216
Representatives of the various security holders of the Surface Lines and Depreciation
431.583
--- 110,898
80,283
of Chicago Rapid Transit Co. meanwhile will endeavor to reach final agree-ment on recapitalization plans for proposed new traction company.
Balance
$633.957
$532,628
$348,421
V.130. p. 2767.
$2137740
-V.129, p. 3962.
[VoL. 130.
FINANCIAL CHRONICLE
3158
The electric properties of the subsidiarycompanies include electric generating plants with combined capacity o 46.700 h.p., 1,376 miles of high
tension transmission lines and 1,236 miles of distribution lines.
Other facilities of such companies include 40 water plants, 1.194 miles
Of water distributing mains, 370 miles of natural gas distributing mains and
artificial ice manufacturing plants with a combined normal manufacturing
capacity of820 tons per day. The ice plants are operated chiefly as a supplement to electric service but plants in Fort Worth, Houston and El Paso
are operated independently of any other class of service and are among
the most modern and efficient in the State of Texas.
Outstanding.
Authorized.
Capitalization-year 5% 1st lien & coll. trust gold bonds.
15
a
35.600.000
ser es A, due June 1 1943
..000
-3%-year 6% cony.series A-- - Gold deb.
a
18,000,000
8,000,000
do 15
-year 6% cony.series B
Prof. stock (no pa
b100,000 shs.
c50,000 shs.
237,383 shs.
d1,000.000 ohs.
Common stock,class A (no par)
1.000.000 shs.
500.000 shs.
Common stock, class B (no par)
they
a
698,850,062 634,278,835 are Limited by restrictive provisions -- the agreements under which forth
698,850,062 634,278,835 Total
Total
issued but not to any specific amount. b 'satiable in series as set
a At cost, as required by the classification of accounts prescribed by the in certificate of incorporation. Includes the shares reserved for conversion
Public Service Commission. No depreciation is charged by a "retirement of debentures of series A. c $7 serie,s, 32,500 shares $6.50 series, 17,500
reserve" is created by a charge to "operating expenses" to offset loss, shares. d Includes 70,000 shares reserved for exercise of purchase warrants
if any, when any item of fixed capital, except land, is retired from service. attached to shares of $6.50 series preferred stock and the shares reserved
b Includes investments in securities of affiliated companies,8496,836,118, for conversion of debentures of series B.
and miscellaneous investments $1,194,688.
There was also outstanding with the public on said date $25,022,200
c Includes investments in securities of affiliated companies.$550,420,011. principal amount of funded debt $1,170,300 of preferred stock and 400
and miscellaneous businesses, $4,330,388.
shares of $1.50 preferential dividend class A participating stock of subx Represented by 11.456,981 (no par) shares. y Represented by 2.087.- sidiary companies.
-V. 130, p. 2960.
756 (no par) shares.
Consolidated Earnings of Corporation and Its Subsidiaries (Irrespective of
Dates of Acquisition) for the 12 Months Ended Jan. 31 1930.
-New Control.
Consolidated Gas Utilities Co.
Gross earnings(including non-operating income)
- Oper. exp., maint., local taxes and incl. $1,738,951 of int. & div.
See American Utilities & General Corp. under "Industrials" below.
$7,544,016
V. 130, p. 2578.
5,127,127
charges ofsubs.& miscell. int
Balance Sheets As of December 31 (Consolidated Gas Co. of New York),
1928.
1929.
1928.
1929.
$
Assets
a Fixed capital_109,116,470 107,089,125 Corn. stock_ __x391,502,632 312,907,259
$5 cum.pretetky189985,796 189,038,850
Invest. (at acual cost)___c554,750,400 b498030,806 20 yr 5(4% debs 50,000,000 50,000,000
70,000
69,000
Real estate nllgs
Loans AL advs.
to aftII. cos__ 18,955,000 13,905,000 Advance, from
6.700,000
aftIi. cos
2,895,203 3,480,526
Cash
Accounts rec. _ _ 7,548,897 6,302,676 Notes pay-Nat.
6,000,000
273.529
311,245
City Bank_
Interest reMaterials & sup. 3,687,392 3,165,201 Accounts pay- 3,414,604 2,655,075
Cousum's depos. 3,008.890 3 157.653
Unamort. debt
,
765,677
762,539
1.585.452
1,690,565 Mlscell. cur. nab
disc. & exp
351,403 Accr. liabilities. 6,584,703 6,269,683
Abandoned Prop
9,638,170 10,174,561
Reserves
Surp.(all earned) 43,883,922 46,540,078
Denver Tramway Corp.-Earnings.-
1927.
1928.
1929.
1930.
.
Quar Ended Mar.31Total oper. revenue---- 81,060,205 $1,088,420 $1,090,628 11,111.438
611.028
730,245
726,359
727,162
Operating expenses
127.865
127,115
124,035
123.083
Taxes
Net oper. income_ ___
Total mUcell. income_
$209,960
11,845
$238,025
12,323
$233,267
9.492
$372,545
16,267
Gross income
Int. on underlying bonds
Int. on gen. & ref. bonds
Amortiz. of discount on
funded debt
$221,805
43,775
78,070
$250,348
46,025
79,316
$242,759
48,275
80,525
$388,812
61,745
80,544
3,810
4,056
Cr.3,058
$96,150
$120,951
$117,018
$246,523
104,412
$0.92
104,412
$1.15
104.412
$1.12
104,164
$2.36
Bal. avail, for deprec.
& div. requirem't_ _
Shs. pref.stock outstand.
(par $100)
Earnings per share
-V. 130, 11. 796.
$2.416.889
Net earnings before depreciation, Federal income tax,etc
Ann.int.require. on $5,600,000 1st lien 3: coll. tr. gd. bonds,ser.A 280,000
$2,136,889
Balance
Ann.int. require. on $10,650,0006% cony, gold debs,ser. A & B- 639,000
$1,497,889
Balance
341,250
Ann. div. require. on 50,000 shares of cumul. pref.stock outstd
The above balance of $1.497,889 Is about 4 1-3 times the annual dividend
-V. 130.
preferred stock outstanding.
requirements on the cumulative
P. 1826.
Hamilton Gas Co.
-New Well.
The Company announces that it has brought in a natural gas well in
-V. 130, p. 2384.
Cabell County, %V. Va.. producing 2,200,000 cubic feet.
-New Directors.
Eastern States Gas Co.
Maurice Gallaher of Gallaher Brothers. Inc. and Joseph T. McCaddon Jr.
of R. G. Harper & Co. have been elected directors.
-Rail Plan Opposed.
Eastern Texas Electric Co.
Vigorous protest against the pending joint application of the Missouri
Pacific and the Atchison for a permit to take over and convert into a steam
railroad the interurban electric line of the Eastern Texas Electric Co. which
runs between Beaumont and Port Arthur, Tex., with a loop to Port Neches,
-S. C. Commission hearing by Charles E. Johnston,
has been made at the I.
President of the Kansas City Southern. He declared that the entry of
the two railroads to Pert Arthur would divert to those lines $3,900,000
of annual revenue which now goes to the Kansas City Southern and the
Southern Pacific Lines. He declared also that the latter two roads are
capable of handling 50% more traffic than now originates in the district
south of Beaumont.
The Missouri Pacific and the Atchison have organized the Sabine Basin
RR. as a separate corporation to carry out the project of taking over the
Eastern Texas Electric Co.'s lines and converting them into steam railroads.
Mr. Johnston declared in his testimony that the invasion of the Sabine
Basin territory by the Missouri Pacific and the Santa Fe would cause
a duplication of service, and that by reason of the great investment made
to Port Arthur, the Kansas City Southern was entitled to a reasonable
-V. 130, p. 1456.
protection.
-Class A Dividend.
Empire Public Service Corp.
The directors have declared the regular quarterly dividend of 45c. a
share on the class "A"common stock, payable May 15 to holders of record
April 25. The stockholders have the option of applying this cash dividend
to the purchase of additional shares of class "A" common stock at $18 a
share. Three months ago stockholders had the option of taking 1-40th
of a share in lieu of cash -V.130, p. 2578.
-Output.
General Italian Edison Electric Corp.
that
Cable advice, received by the National City Co. from Milan state
the output of the General Italian Edison System in March was 207,270,000
k.w.h. compared with 192,350,000 k.w.h. in March 1929 an increase of
7.75%. This increase more than offsets the slight decline in output which
had been reported in January and February so that total output for the first
quarter of 1930 was 614,750.000 k.w.h. against 612,000,000 k.w.h. in the
first quarter last year.
The company's management has been consolidating various departments
and divisions of the System with a view to accomplishing operating
economies and permitting a wider margin of profit -V. 130, p. 2769.
-Preferred
General Water Works & Electric Corp.
-E. H. Rollins & Sons, Central-Illinois Co.,
Stock Offered.
Inc., Utility Securities Corp., and Stroud & Co., Inc., are
offering 17,000 shares $6.50 series cum. pref. stock (with
class A common stock purchase warrants) at $98.50 per share,
to yield 6.60%. This offering is the initial offering of this
stock, although it does not represent new financing of the
corporation.
Indianapolis Street Ry.-Protective Committees.
Following the appointment of George C. Forrey Jr. as receiver, April 18.
by the Marion Circuit Court of Indiana, protective committees have been
formed for the following bond Issues:
-Gavin L. Payne
(1) Indianapolis Street Ry. Gen. Mtge. 4% Gold Bonds.
avin L. Payne & Co., Indianapolis) Chairman; R. Malott Fletcher
Cashier., Indiana National Bank), Vies-Chairman, Indianapolis, Ind.;
Carl W. Yenninger (Vice-Pres. Provident Trust Co., Philadelphia), with
W. Miller. Sec'y, 207 Continental Bank Bldg, Indianapolis, and
Pickens, Davidson, Gauge, GiMom & Pickens, Philadelphia, counsel.
Depositaries Indiana National Bank, Indianapolis, and Provident Trust
Co.,
-Year 5% Gold Bonds.-1r7rIng
i
Philadep.(2) Citizens Strct RR. 1st Consol. Mtge. 40
W. Lemma (Pres. Security Trust Co. Indianapolis), Chairman; Julian
J. Kiser (V.-Pres. Meyer-Kiser Beni, Indianapolis), Vice-Chairman,
Indianapolis, Ind.; J. C. Neff (V.-Pres. Fidelity-Philadelphia Trust Co.,
Philadelphia), with Smith, Remster, Ilornbrook & Smith, Indianapolis,
Ind., counsel, and A. J. Wichmann, Sec., 128 East Washington Si;, Indianapolis, Ind. Depositaries, Security Trust Co., Indianapolis, and
Fidelity-Philadelphia Trust Co.. Philadelphia.
-Year 5% Gold
(3) Indianapolis Traction & Terminal Co. 1st Mtge. 30
Bonds.
-Roy C. Shaneberger (Pres. Progress Laundry Co.. Indianapolis),
Chairman; George B. Elliott (Pres. Breed, Elliott & Harrison), Vice-Chairman, Indianapolis; Arthur V. Morton (V.-Pres. Pennsylvania Co. for Ins.
on Lives & Granting Annuities), Philadelphia, with Julian C. Ralston,
Indianapolis, Ind., counsel, and Thomas S. Hood, Sec'y, 41' North Pennsylvania St., Indianapolis, Ind, Depositaries, Fletcher-American National Bank of Indianapolis and Pennsylvania Co. for Insurances on Lives
& Granting Annuities, Phlladelphia.-V. 130. P. 2961.
r
-Earnings.
Illinois Northern Utilities Co.
1930-12 Mos.-1929.
Period End, Mar,31- 1930-3 Mos.-1929.
1955.129 $3,843.831 $3,556,687
Gross operating revenues $986,657
469,523 2,098.625
Available for interest, &c
1,785.596
552,543
123,149
499.377
Int. on long-term debt-474,250
127,537
224,731
48,753
181,132
Other deductions
55,207
Net for retire. & divs_
-V.130, p. 1457.
$369.798
$297.619 $1,374,516 $1,130,213
-Earnings.
Indiana Bell Telephone Co.
1928.
1927.
Calendar Years1926.
1929.
Telephone oper.rev_ _ _ -513,323,338 $12,136,335 $11,369,234 $10,820,506
Telephone oper.exp_ _ -- 8,479,165 7,574.197 7,054,256 7,140,561
48,799
Uncollectible open rev_ _
41,981
47.832
58,285
1,297,727
Taxes assign. to °per_ _ _ 1,576,651
1,297,125
1,129.089
Net non-oper.Income_ _ Cr.181,649 Cr.224,055 Cr.283,561 Cr.217,313
168,304
Rent and miscellaneous_
172,503
151.322
163.425
241,046
Interest
405,337
282,312
409,012
Netincome
$2.946,525 $3,030,316 $2,702,774 $2,137,446
2.400,000
Dividends
2,400,000
1,755,000
1,080.000
Other app,from net Inc_
49.000
200,000
-------------------$581,316
Balance,ous
$947,774
$546,525
$857,446
-V. 130, P. 2206.
International Hydro-Electric System.
-Listing &c.'
The New York Stock Exchange has authorized the listing of 175,000
additional shares of class A stock (no par), on official notice of issuance
upon conversion of preferred stock-cony. $3.50 series of the company;
with authority to add; 85,000 additional shares of class A stock, on official
notice of issuance upon exercise of class A stock purchase warrants. making
$6.50 series preferred stock is entitled to cumulative dividends at the total amount applied for 1.619,854 shares of class A stock.
The
The System produced 340,774.000 k.w. Is. of electric energy in March,
the rate of $6.50 per share per annum, when and as declared, payable Q-J
and is red. all or part on any div. date, on 30 days' notice, at $106.50 per an increase of 10% over the output of the present plants of the System in
accrued unpaid diva. It is entitled on voluntary liquidation to March 1929, and 5% over their output in March 1928. The output of the
share and
$106.50 per share on involuntary liquidation to $100 per share, plus in System has shown progressive increases each month this year over the coreither case accrued unpaid diva. Transfer Agents: The Bank of America responding months of last year.
The output in the first three months of this year was 1,010,190,000 kw.h.
National Association, New York, First Union Trust & Savings Bank.
Chicago. Registrars: Central Hanover Bank & Trust Co., Now York, 815% greater than in the first three months of last year, and 49% greater
than the output of the present plants lathe first three months of 1928. In
Illinois Bank & Trust Co., Chicago.
Continental
-Each share of $6.50 series the 12 months ended March 31 the output was 3.928,504.000 k.w. h.. 23%
Class A Common Stock Purchase Warrants.
cumulative preferred stock has attached to the certificate therefor a non- greater than the output of the same plants in the 12.months ended March
the holder thereof to purchase 4 shares of Class 31 1929.
detachable warrant entitling
Electric
A common stock (without par value) of General Water Works & before
Stock Provisions Changed.
Corp. on or before Oct. 1 1931 at $30 per share thereafter and on or1 1935
Oct.
The directors on April 24 passed appropriate resolutions whereby at all
on
Oct. 1 1933 at $32.50 per share thereafter and will or before
be void.
subsequent meetings the class A stock (listed on New York Stock Exchange)
per share, after which date said warrant
at $35
will have voting power.
Data from Letter of V.-Pres. C. A. Brooks, dated April 18.
All class B and common stocks of the system are owned or controlled by
Company.-Incorp.in Delaware. Through subsidiary companies,renders the International Paper & Power Co. Up to and including April 24 these
communities
-V. 130, p. 2769, 2961.
electric light, power, water, gas and (or) other services in 248 California, 2 classes alone had voting power.
located in 17 States, including Alabama. New York, Missouri,
-Earnings.
Interstate Power Co.
Mexico, Pennsylvania,
Texas, Louisiana, Oklahoma, Kentucky, New of the territories served
1928.
Calendar Years1926.
1929.
1927.
combined population
Idaho and Indiana. The
$6,081,215 15.810.238 55,470,124
and the total number of Gross revenue
such companies is estimated to be 732.900, service is approximately Oper. exp., maint. & tax $6,252,827
by
2.705.466
3,071,658 2,877,123
3,070,451
the various classes of
consumers served with
Med chgs., amort.. &c- 1.921,195
1,766.727
1.690.718
1.769.942
123,500.
Co., ConAmong the principal subsidiaries are Texas-Louisiana Power Alabama
$994,716
Balance_ - ----- $1.261.181 $1,242,829 $1,242,397
Y., San Jose Water Works and
solidated Water Co. of Utica, N.
or Dividends Of subsid_ -9,252 .
69.505
8,644
24.082
districts furnished one
Utilities Co. Among the important cities andCity, Mo.. San Jose, Calif.,
Utica, N.Y., Jefferson
more utility services are:
$925,211
Gainesville,
Net income
$1.252,537 $1,233,577 $1,218.315
Boise, Ida. Pecos and the surrounding rich oil district, Tex.,
-V. 129, p.3962.
Tex., and Silver City and its important ore district, N. Mex.
MAY 3 1930.]
FINANCIAL CHRONICLE
Iowa Southern Utilities Co.
-New Financing.
-
A new issue of $2,500,000 of 6% gold debentures, maturing May 11950,
has been purchased by a banking group composed of Floagland, Allum &
Co., Inc., W. C. Langley & Co. and Halsey, Stuart & Co., Inc., who plan
public offering next week. The proceeds of this financing will be used in
part to reimburse the company in connection with the acquisition of additional properties and for improvements.
-V. 124. P. 236.
Keystone Telephone Co. of Phila.-Reclassifies Pref.
Stock.
The stockholders on April 28 approved a proposed change in the authorized capitalization to 40,000 shares of no-par preference stock. 160.000
shares of no-par series preference stock and 50,000 shares of $50 par common stock, from 200,000 shares of no-par preference stock and 50,000
shares of $50 par common stock.
Approval was also voted to proposal to increase the indebtedness of the
corporation by issuing debenture notes in a maximum amount of $5,000,000
upon such terms and conditions as board may authorize.
-V.130. P.2389.
3159
During 1929 51.58% of the gross revenues of the subsidiary companies
was derived from the sale of electricity; 22.06% from the sale of gas; 20%
from furnishing electric interurban and city railway service; and 6.36%
from motor coach transportation and the sale of water, heat and other
services.
Properties.
-The electric properties include generating stations with an
aggregate installed capacity of 269,616 k.w. In addition, the subsidiary
companies have inter-connections with other electric utilities for the purchase of wholesale energy. Gas properties include gas manufacturing
plants with an aggregate daily capacity of 35.110,000 cu. ft. The electric
systems of the subsidiary companies in northern Indiana are connected with
the lines of Commonwealth Edison Co. and Public Service Co. of Nor.
The gas system is connected through four pipe lines with the system of the
Peoples Gas Light & Coke Co. of Chicago.
Enrninos.-Consolidated earnings of the company and its subsidiaries
for the 12 months ended Dec. 31 1929, giving effect to the acquisition of
certain large minority interests in subsidiaries, were as follows:
Gross earnings, including other income
847.494.818
Operating expenses, maintenance and all taxes
28,603,984
Net earnings before retirement expense
Laclede Gas Light Co.
$18,890,834
-Listing.
7.395,046
The New York Stock Exchange has authorized the listing of $5,500,000 Interest, amortization and miscellaneous
1,976.558
1st mtge. coll. & ref. 30
series D,due Feb. 1 1960. Retirement expense
-year
% gold bonds,
Contingencies expense
150,000
Comparative Income Account for Years Ended Dec. 31.
Dividends on preferred stock of subsidiaries
5.792.675
1929.
1928.
Minority interest's proportion of earnings
14.062
Gross operating revenue_ _____ - - - $8,219,590 $7,654,512
Non-operating revenue_
355.998
______
383,028
- - Balance for dividends on stocks of Midland United Co
$3.562.491
Annual div. req. on pref. stock of Mid. Un. Co., incl. this issue- 1,555,058
Total
$8,575,588 $8,037,539
Operating expense
3,104,668 3,081,135
Balance available for common stock dividends and surplus--- $2,007,433
Maintenance__
_ _ _
_
532,108
______
338,305
Earnings available for common stock dividends
Taxes (exclusive of income taxes)-- 835,894
812,434 alent to $1.25 per share on 1.843,977 shares, which during 1929 were equiv- - was the average number
Interest on funded debt
1.627,500
1,627,500 of shares outstanding during the year.
- Interest on unfunded debt_ __- 114,758
68.853
______
Amortization of debt discount and expense_ - - CapitalizationAuthorized.
Outstanding.
86,350
86.350
Other charges and 2% normal tax_
5,000.000 shs.
a2,723,276 shit.
238,685
229.061 Common stock (no par)
Reserve for depreciation__ _ ------I 6250,000 she.
428,482
281,071
Provision for income taxes__ 800,000 abs.
c57,200 abs.
149,237
119,108 Preferred stock (no par)
----- - Preferred stock dividends_ - ( d88.893
125.000
125,000
----1,000,000 shs.
Prior preferred stock (no par)
None
No funded debt.
Net Income__----- - $1,332,904 $1,268,719
- - a This figure does not include 483,045 shares which may be issued during
_ _ - 10,986,528 10.809,676
Ad ustments_
_ _ _ _ ------ _ _ _
Cr.21,216 Dr.21,867 1934, 1935. 1936, to satisfy warrants now outstanding. b Series A, this
issue. c Series 2 dividends are payable during 1930 at $4.75 per share, per
Total surplus
$12,340,648 $12,056,528 annum thereafter at $6 per share per annum. d Series 1 dividends payable
Common stock dividends_
1,070,000
1,070,000 at $6 per share per annum.
The companies controlled by Midland United Co. had outstanding with
--Surplus as per balance sheet---- - $11.270,648 $10,986,528 the public on Dec. 31 1929 funded debt aggregating 126,794.811 and PreEarned per share en common stoe:k - $12.46
$11.86 ferred stocks capitalized at $84,841,830. The 2.723,276 shares of common stock of the company will represent capital of $27,232,760. and earned
-V. 130, p. 1827.
and capital surplus aggregating $12,387,626.90.
Long Island Lighting Co.
-Probable Financing.
Purpose.
-Proceeds from the sale of this issue will be used in furtherance
President Ellis L. Phillips on April 30 stated that his company was of the construction programs of subsidiaries and for other corporate purstudying a plan to issue both new preferred stock and bonds sometime in poses, including reimbursement for expenditures already made in the purthe near future to care for part of the expansion and construction program chase of securities of subsidiary and other companies.
Ownership and Management.
which he estimates will cost about $10,000,000.
-The entire outstanding preferred stock,
The Glen Head plant is going to add a 100,000 horsepower generating except for this issue, and the majority of the conunon stock of this company,
plant to take care of the increased consumption. New substations are being are owned or controlled by Commonwealth Edison Co. Peoples Gas Light
built at Syosset and Newbridge and secondary transmission and distribu- & Coke Co., Public Service Co. of Northern Illinois, Middle West Utilities
tion lines are being added to the main electric transmission lines from Rock- Co. and the United Gas Improvement Co.
-V.130. p. 2962.
away and Great Neck to beyond East Marion and Montauk.
-V.129, p.280.
-Earnings.
National Fuel Gas Co.(& Subs.).
Calendar Years1927.
1928.
1926.
1929.
Massachusetts Utilities Associates.
-Earnings.
Total earnings
319,226,074 $18,059,378 $17,313,880 $19,418,690
The company reports increase of $697,854 in gross revenue for the 12
months ended March 31 1930 against 12 months ended March 31 1929. Exp.,taxes & gas purch_ 11.261,629 10,923,488 11,829,226 11,943,014
For the month ending March 31 1930 increase in gross revenue was S19,583 Reserve for depr., depl.
amort., p. &I.adjust- 1,238,253
1,338,218
1,552.167
1,462,718
over month ended March 31 1929. Over 15 voluntary reductions in price
are in effect this year that were not in effect March 1929. Balance avail.
Net earnings_ _ _ -- $6,726,192 $5.797,673 $33,932,486 36,012,958
able for dividends, depreciation, and reserves, as of March 31 1930 was
Slis.com.stk.out.(310- par) 3,810,183
3,810,183
3,700.000
t370 000
33.511.519 against $3.275,969 as of March 31 1929.-V. 130, p. 2769.
Earns. per share
$1.53
$1.76
$16.25
$1.06
t Par $100.
Mexican Telephone & Telegraph Co.
-Earnings.
Balance Sheet Dec. 31 (Company Proper).
(Figures given in United States currency.]
Calendar Years1929.
1928.
1928.
1929.
1927.
1928.
1929.
1926.
Total oper.rev
.4sects$
$
$
$1,551,476 $1,168,661
$798,954
8635,850
Non-oper. rev
12,678
Capital stock ___ .s49,722,053 48.946,525
7.752
20,273
20,722 Stocks & bonds of
underlying cos_ _49,249,182 49,249.091 Dividend payable_ 952,546
952.503
Gross earnings
Divs. withheld_ _
$1,559,228 $1,181,339
$819.230
297
$656.572 Securities & accts.
°per. exp., taxes & dep- 1,165.338
902,960
receivable
1,778.195 1,000,000 Capital stock, pre666.055
560,207
Int. deduc.(net)
6.717
mium account _ 360.120
9,555
252,046
381,835
108.154
360.120
23.740 Cash
Office equipment_
997
867 Accts. payable__-68
437
Net income
$26,332
65
$12,055
$45,020
$71,925 Deferred debits...
Divs, prior pref. stock_ _
19.076
25,321
10.038
1,709
51.035,156 50,259,514
Total
51,035,156 50.259.514
Total
Balance
$7.256
def$13.266
$34.982
a Represented by 3,810,183 shares no par value.- V. 129. p. 2682.
$70,216
Balance Shest Dec. 31.
di:sets-Lia)(fftires1929.
1929.
1928.
New York Edison Co.
-Bids Sought.
1928.
l'hult,prop.franCommon stock- 57.700.000
5700,000
President Matthew S. Sloan announced on April 22 that bids were being
chLses,
-$16,213,947 512,671,099 Preferred stock_
300,000
300,000 sought for two new turbo-generators, each of 160,000 Idlowatt capacity
Debt dlact.& exp
233,333 Prior pref. stock
200,000
481,460
560,595 for the Hudson Avenue Station of the Brooklyn Edison Co. One of the
Sink.fd.cash deps
Funded debt __ _ 1,500.000
1,500.000 machines Is to be installed next year and the second in 1932. They will
and sand. inv.
27,961 Due to Int.Tel.&
29,153
raise the capacity of the station to 770,000 kilowatts, or more than a million
Deferred charges
Tel. Corp..-- 7.1.33,841 11,130,226 horsepower. It is estimated that the total coat of the generators, boilers.
308,229
271.273
Cash
107,125
109,772 Accts. payable
and other equipment necessary will be about $14,000,000.
Accts.& DOCCS rec 109,067
176,862 subscrip., &c.
23,255
"New York City's demand for electric service is increasing," said Mr.
()ther curr.as.sets
27,527 Accr. lnt. & taxes 30.389
113,727
27,374 Sloan, "so that it is necessary to order these new generators, in spite of
Inventories of
Swat. curr. Habil
2 6,188
29,437 the fact that within the last year we have put Into service two 160_,_000
matelals &sup 1,542,719
1,977,829 Accts.& W7S pay
110.502
kilowatt units in Hell Gate Station and one of the same capacity in the East
Def. liabilities__
5,168
4,186 River Station, and a 110 000 kilowatt unit is going into service this Fall in
1105. for deprec651,258
714,697 the Hudson Avenue Station. Since the use of electric power Is an accurate
Total(ea. M(10518.623,967 515.685,658 Surplus
665,161
695,885 measure of business conditions in a community, this order may be taken as
-V. 130, 9.620.
evidence of present satisfactory conditions and our confidence In the future.
When these generators are in service the Hudson Avenue Station will have
Midland United Co.-Pref. Stock Offered.
-Utility Se- a total capacity larger than the present capacity Of 810,000 horsepower
curities Corp.; E. H. Rollins & Sons; Central-Illinois Co., at Hell Gate, which is now the largest steam plant in the world."
With the 110,000 kilowatt generator
Inc.; A. B. Leach & Co., Inc.; A. C. Allyn & Co., Inc.; new units installed, all the space in the now under construction and the two
turbine room of the Hudson Avenue
Hill, Joiner & Co., Inc.; Insull, Son & Co., Inc.; Emery, Station will be occupied. Space for eight boilers is already provided, but
to the building will have to be
to accommodate two
Peck & Rockwood Co.; Tucker, Anthony & Co., and Russell, an extensionas each of the great new generatorsbuilt be served by a battery
more boilers
will
Brewster & Co. are offering 250,000 shares cony. pref. stock, of five huge boilers.
-V. 130, p. 2207.
series A, with warrant, at $48.50 per share.
New York Telephone Co.
-Rate Reduction Ordered by
Fully paid and non-assessable. Preferred as to dividends over the common stock. Subject to the preferential rights as to assets and dividends Commission.
of the prior preferred stock. Dividends payable Q.
The New York Public Service Commission on May 1 handed down a
-M. at
year, or at option of holder at rate of 1-10th of a share of rate of $3 per decision reducing the valuation of the company, denying it the rate increase
per year. Callable at $55 per share and diva., and entitledcommon stock it had sought and cutting the present temporary schedules which have been
in liquidation
to $50 per share and diva. Dividends free from normal Federal Income in effect since Feb. 1. Instead of sanctioning the $8,000,000 revenue rise
tax. Transfer agents. Midland Stock Transfer Co., Chicago, and Chase above the present rates for which the telephone company had contended
National Bank, New York. Registrars. Continental Illinois Bank & when It closed its case, the Commission reduced the present rates so as to
Trust Co., Chicago, and Bankers Trust Co., New York.
lower the yield by almost $1,000,000. It reduced the company's valuation
Convertible to Dec. 31 1931 at the rate of 1 4
-10th shares of common or rate base by $35,185,658.
stock for each share of preferred stock held to June 30 1932 at the rate of
As a final derangement of the company's plan, the Commission ordered
ljf shares of common stock for each share of preferred stock held to a change of its rate structure by greatly increasing the differential between
Dec. 31 1932 at the rate of 1 1-10th shares of common stock for each share residence and business rates. Under an entirely new set of rate schedules
of preferred stock held to June 30 1933 at the rate of 1 share of common prepared by the Commission, 900,000 resident telephone subscribers in
stock for each share of preferred stock held.
the State either get their bills reduced below what they are now paying
Warrants.
-Each certificate for the convertible preferred stock, series A. or remain entirely unaffected by changes. In New York City 92% of
will be accompanied by a common stock purchase warrant giving the regis- all residence telephones will enjoy rates decreased slightly below those in
tered holder the right to purchase an equal number of shares of
effect since Feb. 1, although they will continue to be higher than the
stock of the Midland United Co. at any time up to and including common schedules of last year.
Dec. 31
1930 at $28.50 per share.
Business rates in New York City and throughout the State, however,
Listed.
-Shares listed on the Chicago Stock Exchange.
are ordered increased. The company received almost uniformly the
tariffs it proposed in its January schedules for this class of service. With
Data from Letter of Samuel Insull, Chairman of the Company.
residence rates lowered and business rates increased, the net effect, accordCompany.
-Organized In Delaware in Dec. 1928 as Midland Utilities
the Commission experts, will be to reduce the over-all revenue from
Investment Co. Owns or controls public utility companies serving 697 ing toYork City subscribers by $550.000 and from up-State subscribers
New
communities in Indiana, Ohio, Michigan and Illinois, with an estimated by 3350,000. as compared with the return from the present temporary rates.
population of 1,602,140. In addition, interurban electric lines of subThe new rates ordered by the Commission will go into effect in Now York
sidiaries have terminals In Chicago. Ill., Indianapolis, Ind., and Louisville. City on June 1 and in the balance of the State on May 26. They will reHy., providing regular service to an estimated population of 3,936,000.
main effective until June I 1931, or until further order of the Commission.
-Three important interurban electric railway systems are operated, ore
Following is a comparison of the new rates ordered by the
connecting Chicago and South Bend, one radiating from Fort Wayne, with the rates in effect prior to Feb. 1, the rates proposed in Commission
January by
and one connecting Indianapolis and Louisville.
the company and the temporary rates now in effect'
3160
FINANCIAL CHRONICLE
Residence Telephone Monthly Rates in Brooklyn, Manhattan, Western Queens
and Most of the Bronx.
Present Rate.
New Rate.
Old Rate.
Co's Proposed.
$4.40
$4.25
$4.50
$4.00
Individual Business Phone Rates in Same Areas.
$6.00
$4.75
$6.00
$5.75
Residence Phone Rates in Northern Bronx.
$4.00
$4.00
34.25
$4.20
Individual Business Rates in Northern Bronx.
$5.00
$4.95
$4.75
$5.00
Residence Phone Rates in Central Queens.
$4.25
$4.00
414.50
$4.40
• Individual Business Phone Rates in Central Queens.
$6.00
$4.25
$6.00
$5.65
Residence Phone Rates Eastern Queens, Far Rockaway and Staten Island.
$4.00
$4.00
$4.25
$4.20
Individual Business Phone Rates for Same Areas.
$5.00
$4.25
$4.85
$5.00
All of these rates are for message rate subscribers.
Expenditures Authorized.
-
The directors on April 23 authorized the expenditure of $5,142,970 for
new construction throughout the state,according to an announcement made
by President J. S. McCuffoh. The amount appropriated since the beginning of the year now totals $446.292,170 of which $38,949.520 has provided for the extension of facilities in the metropolitan area.-V. 130, p.
2390.
North American Co.
-Electric Output.
Electric output of the company's subsidiaries for the 12 months ended
March 31 1930 was approximately 6,810.000,000 kw. h.. an increase of
about 83 % over the output of the same companies for the 12 months ended
,
5
March 31 1929. "Ene.ouraging indications appear in recent electric output
figures," said Frank L. Dame,President of the North American Company.
"Latest returns show an increase of 84% in the output of North American
subsidiaries for the first three weeks of April, compared with their output
for the corresponding weeks of 1929.
"Output for the first quarter of 1930 was 1,645,000,000 kw. h., an increase of 23.i% over the first quarter of 1929. The rate of gain during January and February was low, but the March output of 580,000,000 kw. h.
was 53 % ahead of the same month last year. with greater improvement so
far in the second quarter."
Consolidated Income Account 12 Months Ended March 31.
1927.
1928.
1929.
1930.
5148,192,2255141,515,694$122,906,742$117,694,136
Gross earnings
Oper.exp.,maint.& tax.. 76,314.609 74,175,601 64,884,827 65,349,794
Net income from oper.$71,877,617 $67,340,093 $58,021,914 $52,344,343
3,001.249
3,677,448
*5,378,069 4,233.047
Other net income
$77.255,686 $71.573,140 $61,023,163 $56,021,790
Total
19.000.829 18,542,977 17,650,949 16,694,340
Interest charges
8,492.898
9,052,713
10,527,978 10.268.429
Pref. divs. of subs
1,332,695
1,445,005
2,090,996
2,248,378
Minority interest
15,767,040 14.916,420 12,665,481 12,143,932
Appr. for deprec. res.-529,711.461 $25,754,318 $20,209,015 $17,357,925
Balance
1,820.007
1.820,024
1,820.034
Divs.of No. Ara. p.stk. 1,820.034
4,933,845
4,450,265 4,030.954
Div.on No.Am.com.stk. 5,504,165
$22,387.262 $19.000,439 $13.938,725 $11,506,964
Balance, surplus
Net earnings available for common stock for the 12 months ended March
31 1930 amounted to $27,891,427. These earnings are an increase of
16.53% over those for the 12 months ended March 31 1929, and are equal
to $5.06 per share on the average number of shares of No. American corn.
stock outstanding during the year ended March 31 1930. compared with
$4.81 per share of the average number of shares outstanding during the
same previous period.
*Includes $797,640 representing stock dividends of non-subsidiary companies taken up at value at which stock was charged to surplus of issuing
-V. 130.
company. and $51,129 proceeds from sale of stock dividends.
p. 2391.
-Additional
Northern Indiana Public Service Co.
Financing.
Plans for the investment of $9,217,507 by this company for additions,
extensions and improvements to its plant and property in northern Indiana
in 1930 were outlined in a petition filed with the Indiana P. S. Commission.
The petition asks for authority to issue and sell $5,000,000 of 6% pref.
stock and 500,000 shares of its common stock, without par value, to yield
the company not less than $9,550,000 to finance this expansion program
and to reimburse the company's treasury for other capital expenditures
already made.
The largest single project in the company's expansion program as outlined In the petition is the construction of an electric generating station at
Michigan City. Construction of this station, which will have an initial
capacity of 64,000 kilowatts or approximately 85,300 h.p., was commenced
late last year. It will be placed in operation in 1931.
Another large expenditure is being made in the construction of electric
underground transmission lines from the State Line generating station to
the Markstown substation in Indiana Harbor. This project, including
the underground work, substation and switching equipment, is necessary
to meet demands for service in the Calumet industrial district, which in-V. 130, p. 2770.
cludes Hammond, Whiting and East Chicago.
-New Co. Formed.
Oklahoma Natural Gas Co.
-V. 125, p. 2810.
See Phillips Petroleum Co. below.
Oregon Electric Ry.-Construction, &c.
[VoL. 130.
Consolidated Balance Sheet March 31.
1929.
1930.
1929.
1930.
LtabtliitesAssets-.
$
Preferred stock_ 13,470,200 10,000,000
Plant, prop. and
franchises__ __220,143,219 128,889,348 Corn, stock.. _ _ _x22,634,814 22,422,500
Subs,to com.stk
18,250
Invest. In securities
5,989,098 3,737,460 Sub. dt pref.stk. 32,999,820 21,838,600
Min. int. in cap.
Cash and securistk. & surp. of
ties in sinking
fund
318,557
690,726
So. Calif. Gas
6,502,740 3,267,277
Corp. & subs_
65,276
Cash
41,110
Other curr.assets 8,918,033 7,158,951 Coll.instal. sales
Deferred charges 7,409,959 5,924,740 Funded debt _ _ _106,973,500 59,524,000
Adv. for constr. 4,671,483 2,545,140
Current liab____ 11,593,920 4,302,127
Deprec. reserve.. 40,153,867 20,370,883
Other reserves__ 1,821,107
426,879
Tot.(each W(10_249,281,607 149,666,504 Surplus
14,879,369 8,195,464
x Represented by 1,462,314 no par shares.
-V. 130, p. 1655, 1643.
Penn Central Light & Power Co.
-Bonds Offered.
A. C. Allyn & Co., Inc.; the First Naitonal Old Colony
Corp.; E. H. Rollins & Sons; Halsey, Stuart & Co., Inc.;
Hill, Joiner & Co., Inc., and A. B. Leach & Co., Inc., are
offering an additional issue of $1,000,000 1st mtge. gold
bonds,46% series, at 933 and int., to yield 4.85%. Dated
Nov. 1 1927; due Nov. 1 1977.
Data from Letter of J. H.Shearer, Pres, of the Company.
-Company owns and operates public utility properties furBusiness.
nishing, without competition in its chartered territory, electric light and
power in Juniata, Miffin, Franklin, Huntingdon, Blair, Bedford, Cambria,
Indiana and Cumberland Counties, all located in central Pennsylvania
along the main line of the Pennsylvania Railroad, and in Crawford and
Erie Counties in northwestern Pennsylvania. More than 57,390 customers
in 187 communities are served with electric light and power, the largest
city served being Altoona. The company also manufactures and distributes gas in Huntingdon, Lewistown and Slaippensburg, serving 4,188
customers.
Authorized.
Outstanding.
Capitalization1st mtge. gd. bds. 4Yi% series (incl. this
x
$25,000,000
Issue)
19792
,000,000
do 5% Series due
150.000 ails.
126,583 shs.
Cumul. pref. stock:$5 series (no par)
150,000 shs.
58,382 shs.
$2.80 series (no par)
200.000 shs.
166,600 shs.
Common stock (no par)
Additional bonds may be issued under the restrictive provisions of the
Indenture.
Earnings
-Earnings of the properties now constituting Penn Central
Light Sr Power Co. were as follows:
Dec. 31 '28 Dec. 31 '29 Mar. 31 '30
12 Months EndedGross earnings (incl. other income).- 35,432,087 55.701,390 35.836.607
Oper. exp., incl. maint. & taxes other
than Federal taxes
2,369,473
2,443.199
2,469,635
Net earnings
$3,062,614 $3,258.191 $3,366,972
Ann. Int. require. on 1st mtge. gold
bonds,including this issue
1,225,000
Net earnings for the 12 months ended March 31 1930 as shown above.
were thus more than 2.74 times annual interest requirements on the total
funded debt.
-V. 130. p. 2392.
Management.-Middle West Utilities system.
-Brings Test Suits
Philadelphia Rapid Transit Co.
on Federal Taxes.
-
Test suits, the ultimate object of which is said to have the system declared exempt from all Federal taxes, were filed In U. S. District Court at
Philadelphia. April 17. The preliminary purpose is to have the court decree
that the "income of the subsidiaries, derived almost entirely from the rental
of their lines is free of Federal income and excess profit taxes.
While the subsidiaries pay the Government the taxes, they collect them
afterward from the P. R. T. The point raised is that the assessment of
Federal taxes against P. R. T. companies imposes "a loss or burden on the
City of Philadelphia," under which the 1907 contract shares in the profits
of the transit operation as a part of the P. R. T.
-V.130. p. 2962.
Piedmont Hydro-Electric Co. (Societa Idroelettrica
Piemonte), Italy.- Bonds Offered.-Bancamerica-Blair
Corp., Chase Securities Corp., Stone & Webster and Blodget,
Inc., International Manhattan Co. Inc. and Banes. Commerciale Italiana Trust Co. offered April 28 at 914 and
int. to yield about 7.20%, $10,000,000 1st mtge. & ref.
6%% sinking fund gold bonds, series A. In addition to
'
the American offering, 25,000,000 Swiss francs series B
bonds of this issue are being offered simultaneously by Credit
Suisse, Zurich, in Switzerland and by Mendelssohn & Co.
Amsterdam and Nederlandsche Handel-Maatschappij in
Holland.
Dated April 1 1930: due April 11980. To be presently issued series A $10,000,000; series B 25,000,000 Swiss francs (equivalent to 34.825.000.)
Denom. $1,000 * principal and int. (A. & 0.) payable in N. Y. City in
United States gold coin at the principal office of The Bank of America N . A.,
C.
trustee, without deduction for any taxes, present or future, of the Kingdom of Italy or of any taxing authorities thereof or therein. Red. other
than for sinking fund in whole at any time, or in part on any int. date, on
60 days notice, at 103 and int. on or before April 1 1935, the premium
decreasing thereafter 3 % for each 5 years or part thereof elapsed after
April 11935. Red. after April 1 1955 at 100 and int.
-S. C. Commission April 11 issued a certificate authorizing the
The I.
company to construct and operate an extension of its line of railroad extending from a point on the Oregon Electric Railway between Albany and
The following information has been taken from letter of
Censer in a southeasterly direction to Cascadia, 40.6 miles, together with
three branches aggreg.atWg 28 miles in length, all in Linn County, Ore. Prof. Jag. Gian Giacomo Ponti, Managing Director. dated
The object is to provide a rail outlet for forest lands estimated to contain April 16 1930:
20 billion feet of timber in the basin of the South Santiam River on the west
Piedmont Hydro-Electric Co. (Sodeta Idroelettrica Piemonte) known as
slope of the Cascade Mountains. The company is controlled through stock
ownership by the Spokane, Portland & Seattle Railway, the capital stock S. I. P., was organized in 1899 under the laws of the Kingdom of Italy.
of which is jointly owned by the Great Northern Railway and the Northern It is both a holding and an operating company and, together with its
subsidiary and affiliated companies, constitutes one of the most important
-V. 127, p. 2089.
Pacific Railway.
public utility groups in Italy.
The business of the group consists principally in the generation and dis-Listing.
Pacific Lighting Corp.
tribution of electric power in the regions of Piedmont and Lombardy. It
The New York Stock Exchange has authorized the listing of 146,189 also operates, through affiliated companies, urban, interurban and local
additional shares of common stock (no par) upon official notice of issuance telephone lines in the northern and central eastern parts of Italy, serving
and payment in full in connection with offer to stockholders, making the over 151,000 subscribers. Electric properties operated by the group include 60 hydro-electric plants and 3 steam generating plants with a capacity
total amount applied for to date 1,609.198 shares
aggregating about 484,375 kilowatts, together with approximately 3,220
1928.
1929.
x1930.
12 Months Ended Mar.31miles of transmission and distribution lines and 107 principal substations.
$47,855,025 $32,014,948 $29,272,736 In 1929 plants of the S. I. P. group exclusive of the four plants located in
Gross revenue
21,074,412 13,578,075 13,024,241 Switzerland generated 1.014,133,000 k.w.h., or approximately 10.6% of the
Operating expenses
2.890.093 total electric power production of Italy.
3,022,472
5,029,177
Taxes
Security -These first mortgage and refunding 63.:,% sinking fund gold
$21,751,436 $15,414,401 $13,358,401 bonds will be the direct obligation of S.I.P. and will be unconditionally
Net income
3.451,852 guaranteed as to principal and interest by six of its subsidiary or affiliated
3,147.593
5,438,340
Bond interest
3,611,624 companies. Upon completion of the present financing, these bonds (both
4,029,823
6,138,393
Depreciation
331.759 series A and series B) will be secured, in the opinion of counsel, by a
336,036
354,877
Amort. of bond disct. & exps
first mortgage (subject as to plants aggregating 25,885 kilowatts capacity
$9,819,825 $7,900,950 $5,963,167 to the contract right hereinafter mentioned) on certain properties of S.I.P.
Net profit
1.327,569 and the guarantor companies consisting of 29 hydro-electric generating
1,306,380
2,011,849
Div. on pref. stocks of subsid. co.'s
plants aggregating 133,285 kilowatts capacity, 1,300 miles of transmission
3.424
Div. on corn, stock of subsid., &c_ _ _
599,547 and distribution lines and 28 principal substations. These properties con599,172
654,872
Div. on pref. stock of Pac. Light.Corp
2,075,576 sidered as part of the whole system have been valued by Stone & Webster
3,481.033
stk. of Pac.Lb.Corp 4.225,736
Cash div.on com.
Engineering Corp. at not less than $22,000,000. S.I.P. and certain of the
52,923,944 $2,514,365 $1,960.475 guarantor companies have contracted with Italian Public Utility Credit
Remainder to surplus
1.127.459 Institute in the existing mortgages hereinafter mentioned that upon default
1.250,000
Skis. of com, stock outstand. (no par) 1,462.314
$3.58 under such mortgages the Institute shall have the right to collect the pro$4.79
$4.89
Earnings per share
x Includes operations of Southern California Gas Corp. and subsidiary ceeds from the sale of electric energy produced by their plants subjected
to the first mortgage securing these bonds.
companies from May 1 1929.
MAy 3 1930.]
FINANCIAL CHRONICLE
In addition, these bonds will be secured by second mortgages subject
to existing mortgages to Italian Public Utility Credit Institute securing
present indebtedness of 810,491,981 principal amount on 11 electric generating plants aggregating 147,900 kilowatts capacity. 1,955 miles of transmission and distribution lines and 49 principal substations.
The properties under the mortgages securing these bonds constitute
substantially all of the fixed electrical properties of S.I.P. and the guarantor
companies and were appraised as an entirety in 1929 by Stone & Webster
Engineering Corp. at $53.000,000, as compared with mortgage indebtedness of $25,316,981 principal amount to be presently outstanding.
Purpose.
-Out of the proceeds of these bonds, funds will be reserved to
provide for the payment of $4,000,000 6 months 53i% first mortgage gold
notes, due June 16, 1930 and the balance will be applied for improvements,
extensions and additions to properties or reimbursement of expenditure
made for such purposes or other productive purposes.
Earnings.
-The combined net earnings of S.I.P. and the guarantor
companies, after deduction of operating and administration expenses,
maintenance and taxes, available for interest, depreciation, income taxes,
reserves and directors fees, and including only dividends of other companies
actually received (converted at the average rates of exchange for the respective calendar years). have been as follows:
1927
57,282,03811929
58,173,787
1928
7,274.043
Combined earnings for 1929, as shown above, are equal to approximately
4Si times maximum annual interest charges on mortgage debt to be outstanding on completion of the present financing. Total interest charged to
operations for the year 1929 amounted to $3,052,889.
Equity and Dividends.
-At current quotations the capital stock of S.I.P.
represents an equity junior to these bonds of about $38.000,000. Dividends
have been paid on the capital stock of S.I.P. since 1910 except in the War
years 1914 and 1915. Since 1925 the rate has been 9.6% per annum.
Restrictions.
-Indenture under which these bonds will be issued will
permit the issue of additional series of bonds to provide for the refunding
of indebtedness of S.I.P. and of certain of the guarantor companies secured
by prior mortgages mentioned above on certain of their properites and to
reimburse S.I.P. and the guarantor companies for property additions
(as defined in the indenture) which shall be subjected to the first morgtage
securing these bonds. The principal amount of such additional bonds shall
not exceed (a)65% of the fair value determined as provided in the indenture
of the properties subject to such prior mortgages which, upon the refunding thereof, shall be subjected to the first mortgage securing these bonds,
or (b)65% of the cost or fair value, whichever is less, of such property additions. Such additional bonds may be issued only if the combined net earnings, as defined in the indenture. of S.I.P. and the guarantor companies
for 12 consecutive months out of the 15 months next preceding the date of
application for the authentication of such bonds shall have been at least
equal to 23i times annual interest charges on all indebtedness secured
by prior or equal mortgages and this mortgage, including the bonds proposed to be issued.
[Conversions of lire into dollars have been made at the rate of 19 lire
to the dollar and conversions of Swill Francs into dollars have been made
at par of exchange.)
-V. 130, p. 2962.
3161
Purpose.
-Proceeds will be applied toward the discharge of obligations
incurred for additions to plant and for payment of maturing bond and note
Issues; for further additions to plant and for other corporate purposes.
Security.
-The series C, series A and series B bonds are, or will be, a
direct obligation of company and secured under the first and refunding
mortgage by a direct lien on all electric light and power and certain other
properties owned directly by the company and made the basis for the certification of bonds or the release of other property or cash, subject only to
divisional underlying bonds on parts of the properties to the amount of
$7,412,000, and are further secured by a first lien on $8,336,000 City of
Seattle Municipal Ry. 5% bonds of 1919. The mortgage, with one unimportant exception. does not cover electric railways now owned by the
company. Under the provisions of the first and refunding mortgage,
additional bonds may be issued for cash or against the acquisition of additional properties by the company or a controlled company (in the latter
case upon pledge of bonds of such controlled company) or for refunding
purposes.
Sinking Fund.
-1).1.% per annum, payable in cash or bonds, of the aggregate amount of bonds (including first and refunding series C, A and B
and underlying bonds) outstanding, payable Sept. 1, toward which are
credited the annual payments to sinking fund of underlying bonds. No
sinking fund will be in effect after the series A and B bonds have been retired.
Comparative Consolidated Earnings (Co. and Subs.), 12 Mos. End. Mar. 31.
1929.
1930.
Gross earnings
$15,421,546 $16,729,581
Oper. exps., maint., deprec. of equip. & taxes_ _ 9.000,726
9,696,828
Net operating revenue
Income from other sources
$6.420.820 37,032.753
546.729
662,714
Balance before provision for retirements, Sec-. $6.967.549 57,695,467
Total ann. int. req. on bonds outstanding, incl, this issue_ - $3.152,840
Balance of consolidated earnings before provision for retirements, atc..
as shown above,for the 12 months ended March 311930, namely,$7,695,467
(of which $7,029.851 was derived from the mortgaged properties and pledged
securities) was 2.44 times the annual interest requirements on the total
outstanding bonded debt of the company and its subsidiaries, including
this issue. The balance after such requirements amounted to more
than 27.1% of gross earnings.
Control and Supervision -More than 98% of the common stock and all
the junior preferred stock of company are owned by Engineers Public
Service Co. Company, subject to the direction and control of its board
of directors, is operated under the supervision of Stone & Webster Service
Corp.
-V. 130, p. 1458.
Safe Harbor Water Power Corp.
-To Start Work on
Development.
-
The Federal Power Commission has granted, and the Safe Harbor Water
Power Corp. has accepted the Federal license for the construction of the
new hydro
-electric development of the Aldred interests on the Susquehanna
River at Safe Harbor, Pa. Previous approval by the Public Service Commission and the Water and Power
of Pennsylvania. and
Public Service Electric & Gas Co.
-Interconnection.
- the preliminary construction work Resources Board under way since last
which has been
Interconnection has been completed between the electric systems of this
company and the New Jersey I'ower & Light Co. enabling an exchange of November employing for several months 700 men, makes it possible to
electric energy between the two companies and insuring continuous service proceed immediately with work on the great dam according to schedule.
Initial installation at Safe Harbor will be 231.000 h.p. which will call
in face of any emergency.
The interconnection was made possible by the construction of 17 miles of for an investment of $30,000,000. The Power House foundations are desteel tower transmission line extending from the Roseland switching station signed for an ultimate capacity of over 500,000 h.p. •
General Construction Features of Safe Barber Protect -The Safe Harbor
of Public Service to the West Wharton substation of the New Jersey Power
& Light Co. At Roseland the line is connected, by means of transformers project will require: (a) The excavation of over 1,000,000 Cu. yds. of rock:
with a capacity of 45,000 kilowatts, to the Public Service transmission (b) placing of 430,000 cu. yds. of concrete; (c) erection of 11,800 tons of
structural steel: (d) laying of 23 miles of temporary railroad tracks; (e) the
system.
The primary purpose of this line is to permit one company to render raising by a few feet of about 8Si miles of track of the Columbia & Port
assistance to the other in event of breakdowns in transmission lines or Deposit RR., the preparation of the road bed for future double tracking,
generating stations, thus preventing interruptions in service to customers and a 43i foot elevation of the railroad bridge across the mouth of Conesof either company. The interconnection will also result in economy of toga Creek; (f) about 20,000.000 board feet of lumber for concrete forms,
operation of generating stations. It is probable. also, that through the cofferdam cribs, temporary trestles and buildings; (g) 10,000 carloads of
connections of New Jersey Power & Light with hydro-electric plants in material are expected to be received at the Safe Harbor siding within the
New York State that a certain amount of additional energy will be made next two years;(h) total labor hours are estimated at 14,000.000 man-hours;
(i) a labor force which will reach a peak of about 2,500 men. In order to
available to Public Service if and when needed.
-V. 130. p. 2963.
handle economically these enormous quantities of material and labor.
Puget Sound Power & Light Co.
extensive
-Bonds Offered.
- tion are preparation and careful planning for (each stage of construcrequired.
-V. 130, p. 2208.
A new issue of $9,000,000 1st & ref. mtge. 5% gold bonds,
series C, is being marketed by a banking syndicate comSaranac River Power Co.
-Larger Dividend.
The corporation has increased its
posed of Stone & Webster & Blodget, Inc.; Lee, Higginson annually, following raises in the common dividend rate from Si to $1.50
rates for power to industrial customers
& Co.; Chase Securities Corp.; Harris, Forbes & Co.; which will increase the company's gross revenues approximately 20%.
Bancamerica-Blair Corp.; Brown Brothers & Co., and -V.118, p. 93.
Estabrook & Co. The bonds are priced at 953' and int.,
Societe Financiere de Transports et d'Enterprises
to yield 5.37%.
Industrielles ("Sofina").-New Director.
-
Dated May 1 1930; due May 1 1950. Principal and int. CM. & N.
payable at Old Colony Trust Co., Boston, trustee; Bankers Trust Co.,
New York, and Continental Illinois Bank & Trust Co., Chicago. Denom.
$1,000 c*. Red. as a whole at any time or in part on any int. date on
notice as provided in the mortgage, at a premium of 5% if red, prior to
May 1 1931; the premium on said date decreasing by Si% and thereafter
on each anniversary of said date by Vs %: Plus accrued int. in each case.
Interest payable without deduction for normal Federal income tax up to
2%. Penna, personal property tax up to 4 mills and Mass, taxes based on
or measured by income, or, as to savings banks and savings departments,
measured by deposits invested in bonds, up to 6% of interest, refundable
on proper application.
Data from Letter of Vice-Pea,. W. E. Wood, New York, May 1.
Business -Company, which is a constituent company of Engineers
Public Service Co., owns and operates one of the most extensive and important electric power and light systems in the United States, doing the
greater part of the commercial light and power business in the western
part of the State of Washington except for that supplied by the
palities of Seattle and Tacoma. The population served by the municilight and power facilities is estimated at over 1,000,000 in an area electric
of over
29,000 square miles. Principally through subsidiaries, the company also
does a portion of the transportation business in the territory served. The
street railway lines in Seattle are owned and operated by the City, which
Purchased the system from the company in 1919 for 515,000.000 City of
Seattle Municipal Ry. 5% bonds of 1919, of which $8.336,000 are still
owned by the company.
Properly.
-The light and power properties comprise electric generating
plants with an installed capacity of 298.576 h.p., of which 202.056 h.p.
Is hydro
-electric and 96.520 h.p. is steam; the transmission and distribution systems consist of 10,483 circuit miles of overhead construction and
138.5 miles of submarine and underground cables. Company now has in
the process of completion a second unit of 53,620 h.p. at the new steam
plant located near Renton, at the southern end of Lake Washington. It
also owns gas properties located at Bellingham and Wenatchee. The street
and interurban railways comprise 96 miles of equivalent single track.
Auto bus and stage lines operate over a total of 547 route miles. The
Federal l'ower Commission on Jan. 21 1930 granted a license to Washington Electric Co., a subsidiary of Puget Sound Power & Light Co., covering
the construction of a dam and power house at Rock Island, on the Columbia
River. The initial capacity of this plant will be 80.000 h.p., with an ultimate capacity of 240,000 h.p. Due to the diversity between the rainfall
in this watershed and that in the watersheds of streams on which the company's other plants are located, the addition of this plant to the company's
hydro
-electric system in 1932 will prove of distinct advantage.
Capitalization.
-Consolidated capitalization outstanding as of March 31
1930, giving effect to present financing and excluding bonds and notes
held in sinking funds or treasury, is as follows:
Bonds and Coupon Notes
First & refunding mtge. 55, series 0,1950 (this issue)
$9,000,000
First & refunding mtge.5Sis,series A , 1949
36.255,000
First & refunding mtge. 55,serie 13, 1931
s
4,432.500
Divisional underlying bonds
7,412.000
Mortgage bonds of subsidiaries (assumed)
2.298,000
Coupon notes........................................... 4,328,400
Stocks
Prior preference $5 cumulative stock (no Par)
110.000 shs.
Preferred $6 cumulative stock (no Par)
261,000 shs.
Junior preferred 11.50 cumulative stock (no par)
300,000 shs.
Common stock (no par)
202.829 shs.
Count Giuseppe Volpi di Misurata, President of the European Electric
Corp., Ltd., has been elected a director.
The Sofina corporation Is one of the largest public utility holding and
financing companies outside of the United States. It is controlled by the
Donnie Heineman interests and is interested in public utility enterprises
in Belgium, France, Germany, Portugal, Spain, Italy. Turkey, South
America and the Far East.
Southern Natural Gas Corp.
-Plans Large Extension of
Pipe Line and Distribution System in Southeast.
This corporation and affiliated companies, the Mississippi Natural Gas
Corp., Georgia Natural Gas Corp. and Alabama Natural Gas Corp., have
completed plans for the extension of their natural gas pipe line and distribution systems in the Southeast, involving an expenditure of more than
$15,000,000, it was announced by James el. White, President of Southern
Natural Gas Corp. The additional communities to be served are Meridian,
Jackson, Laurel, Hattiesburg, Moss Point and l'ascagoula, Miss.; Selma.
Montgomery, Mobile, Opelika, Auburn and Brickyard, Ala.; Macon.
Griffin and Milledgeville, Ga., and many other towns contiguous to the
pipeline system of Southern Natural Gas Corp. This construction program involves nearly 800 miles of additional pipeline. The pipeline to
Meridian, Miss., and also the distribution plants at Starkvllle, Miss.,
Leeds, Ala., and Carrollton, Ga., are now being built; the balance of the
work for both pipelines and distribution systems will be started at once and
is scheduled to be completed Oct. 1 1930. Of the $15,000,000, about
57,500,000 will be expended in Mississippi. 34.500,000 in Alabama. and
$3,000.000 in Georgia. In line with the established policy of these companies, the materials required in this construction will be purchased locally
wherever possible, and the labor to be employed will be procured largely
in the vicinity of the work as it progresses.
The Southern Natural Gas Corp. has contracts with the local gas distributing companies for the sale to them of all the gas required for both
domestic and industrial purposes in Jackson and Hattiesburg, Miss.;
Selma, Montgomery and Mobile. Ala., and Macon and Griffin, eta. The
corporation, through its s72 miles of pipeline already constructed, is supplying natural gas to Vicksburg, Starkville, Goodman, l'ickens. Yazoo
City, Kosciusko, Louisville and Columbus, Miss.; Tuscaloosa, Birmingham,
Anniston, Gadsden, Ala.; Rome, Atlanta, East Point and College Park,
Ga., as well as to numerous industries served through distributing companies directly from its pipeline. Upon completion of this construction
work, the corporation and affiliated companies will have invested in the
States of Louisiana, Mississippi, Alabama and Georgia approximately
$40,000,000. Its pipeline system Mil comprise more than 1.700 miles of
mains, making natural gas available to a territory with a population estimated at 1,300,000.-V. 130. p. 2771.
Southern Sierra Power Co.
-Bonds Authorized.
-
The company has been authorized by the California RR. commission
to issue and sell $1,374.500 of series D
1st & ref. mtge.gold bonds,due
Jan. 1 1965. The proceeds will be used to pay the outstanding indebtedness and to finance in part construction costs incurred during 1929. Bonds
are to be sold at not less than face value plus accrued interest on or before
Sept. 30 1930.-V. 128. P. 2806.
Southwestern Bell Telephone Co.-Earnings.1930.
Quar. End. Mar.311929.
1928.
1927.
321.538.352 $20,784.469 $18,649,836 $17.062,194
Gross income
Net after taxes
5,288,829
5,646,054
4,883,379
4,431.297
-V. 130, p. 2392.
3162
FINANCIAL CHRONICLE
-Bonds Offered.
Southwestern Power & Light Co.
Hill, Joiner & Co., Inc.; Halsey, Stuart & Co., Inc.; Kelley,
Converse & Co., and Emery, Peck & Rockwood Co. recently
offered $700,000 1st mtge. 5% gold bonds, series B, at 93
to yield
Dated Oct. 1 1927; due Oct. 1 1957. Listed
on the Chicago Stock Exchange.
Company owns and operates public utility properties supplying electric
light and power, gas and ice service, at reatall, to a centralized group of
80 communities situated in the agricultural section of southwestern Oklahoma and including the cities and towns of Altus, Chickasha, Duncan, Elk
City and Lawton. Electric light and power are furnished to 76 communities, gas to 8, ice to 11 and in addition the company supplies electricity at
wholesale to 16 other communities in adjacent territory. The population
served, directly and indirectly, is estimated to exceed 159,000. and 89%
of the gross operating revenues are derived from electric light and power
and gas.
Outstanding
with Public.
Capitalization44,475.077
Preferred stock, cumulative $6 (no par)
314,400
Common stock, class A ($100 par)
b3,587,666
Common stock (no par)
6,500,000
1st mtge 5% gold bonds: Series A, due Feb. 1 1957
1.700,000
Series B,due Oct. 1 1957
-V. 128, p. 2463.
a 51,055 shares. b78,656 shares.
-Initial Dividend.
Standard Power & Light Corp.
The directors have declared an initial cash dividend for the quarter
ended March 31, of 50 cents per share on the common stock and common
stock, series B. payable on June 1 1930 to holders of record May 10 1930.
This places the stock on a cash dividend basis at the rate of $2 per annum.
The regular preferred dividend payable May 1 was declared at a previous
-V. 130, p. 289.
meeting.
-Earnings.
Texas-Louisiana Power Co.
Earnings Statement for Year Ended January 31 1930.
$3,896,663
Grow earnings front all sources
Oper. exp., maint., taxes (except Federal income taxes) and prior
2,013,746
charges of subsidiaries
Net earns. appllc. to int., amort. of bond discount, deprec. and
$1,882,917
and Federalincome taxes
759.000
Annual int,requirement on $12.650,000 1st mtge. bonds
359,910
Annual int. requirement on $5,998,5006% debentures
Balance
Annual dividend requirement on $4,550,000 7% pfd.stock
-V.128, p.4005.
$764,007
318,500
-Omits Dividend.
Union Street Ry. of New Bedford.
The directors have voted to omit the quarterly dividend which ordinarily would have been payable about May 1. A quarterly distribution
-V.130. p.2392.
of$1 per share was paid on Nov. 1 1929, and on Feb. I last.
[Dor,. 130.
Annual Income Receivable
*Estimated annual divs & int. rec. on the basis of current dirs.
on stocks held on April 12 1930 and 2% return on utility. cash $11.707.175
Annual div. on $3 cumul. pref. stock issued and outstanding
April 12 1930
5,338.101
Balance
86.369,674
* Exclusive of any estimate for stock dividends.
Balance Sheet at Close of Business April 12 1930.
Assets (Continued)
Assets
Electric Bond & Share Co.:
Mohawk Bud. Pow. Corp.:
2d pref.stk.(62,370&raj_ $6,673,590
cons.stk.(87.464 18-200th
shs)
85,969.201
Niagara Bud. Pow. Corp.:
corn.stk.(1,673,250 shs.);
13,213,954
Class "A" opt. war, entitling holders to purchase
1,735,186
752, 460 she. of corn. stk.;
si e118. ko.a8.a
N : ih c1 StCktG i331C°01?5No0S f:Il.h .-C
CLIecn:oPgm aneo 19 1: estISe 81t
5,101,156
: 9:0 a y8N
1
Class"13" option warrants
Cash on hand
15.315,556
entitling holders to purchase 436,500 shs, of corn.
$325,772,526
Total
stk.; Class "C" option
warrants entitling holders
to purchase 300,000 shs.
of corn. stk. dc to purchase
Class"A"option warrants
Liabittifesentitling holders to pur83 cumul. pref. stk. (1,779,chase 100.000 shs. of corn.
387 shs)
888,968,350
27,208,691
stk
Corn.stk.(7,252,515sha.) - 36,262,575
Public Service Corp.of N.J.
76,061,755 Option warrants entitling
corn stk.(959,921 shs.)
holders to purchase at any
The United Gas Improv. Co.
time without limit 3.732,corn. stk. (4,151,846 stns.) 128,185,234
059 sha. of corn. stk. at
Columbia Gas & Elec. Corp.
corn. stk.(245,263 shs.)_ _ 10,718,193 827.50 per sh
Paid in surplus
194,357,588
Commonwealth & Southern
Profit and loss surplus
5,914.691
Corp.:com.stk (1.798,270
269,344
Reserve for taxes
ails); option warrants entitling holders to purchase
Total
8325.772,526
1.005,000shs. of corn.stk_ 35,590,010
-V.130. p. 1277.
-Time Ex ended.
United Gas Co.
-V. 130. p. 2582.
See United Gas Corp. below.
-Extension for Deposits.
United Gas Corp.
Although substantial deposits have been made and others have been
promised, failure of holders to deposit the percentage of securities required
to make the plan automatically operative has resulted in an extension of
time within which deposits may be made under the plan and agreement of
reorganization under which this corporation is to acquire securities of the
present United Gas Co., and of certain of its subsidiaries, of Louisiana Gas
& Fuel Co. and of the Palmer Corp. of Louisiana. The time for making
such deposits has been extended to and including May 15 1930.-V. 130.
p.2393.
-Additional Offer Made
United Gas Improvement Co.
-March Sales.
United American Utilities, Inc.
-V. 130, p.
in electric
increase
-See United Corp. above.
The corporation reports for March an the sameof40% last year. kilowatb for Common Stock.
Electric
period
hour sales by the Ohio subsidiaries over
2569.
Virginia properties rose 20% over ?.arch 1929. Natural gas
sales of the
properties in West Virginia show a 20% increase in distribution. while
United Light & Power Co. (Md.)-New Director.
water distribution by subsidiary companies of United American Utilities
Marshall Field, of Field, Olore & Co., has been elected a director. Mr.
-V. 130. p. 2964.
increased 10% during the month.
Field is also a director of many large corporations including Chicago &
& Trust Co., Marshall Field
-Acquires Additional U. G. I. Common Northwestern Ry., Continental Illinois BankCo.
United Corp.
-V. 130. p. 2582.
& Co., and the American Light & Traction
-George H. Howard, President of the United Corp.,
Stock.
-Gas Output.
Utilities Power & Light Corp.
has issued the following notice to holders of common stock
An increase of 44V in natural gas production during 1929 is reported
of the United Gas Improvement Co.:
the company and its subsidiaries produced
by the corporation. Last year
The United Corp. has acquired an additional 500,000 shares of common
stock of the United Gas Improvement Co.,and it has issued therefor 500.000
shares of its common stock on a share for share basis.
Holders of an additional 200,000 shares of common stock of the United
Gas Improvement Co. have expressed the desire to exchange their shares
of common stock on the same basis for shares of common stock of the
United Corp.and the latter corporation is proceeding to make this exchange.
If any other holders of common stock of the United Gas Improvement
Co. should desire to exchange their stock on the same basis, the United
Corp. will, on or before May 12 1930 receive tenders for the exchange of
shares of common stock of the United Gas Improvement Co. for shares of
the common stock of the United Corp. on the basis of one share of common
stock of the United Gas Improvement for one share of common stock of the
United Corp. and subject to the following conditions:
1. Any one who desires to avail of this offer should make tender of his
common stock of the United Gas Improvement Co. by depositing his shares
thereof with J. P. Morgan St Co. 23 Wall St., N.Y.City, or Drexel St Co.,
15th and Walnut Sta., Philadelphia, Pa., on or after May 1 1930. On
the acceptance of any tender there will be delivered certificates of the
to
common stock of the United Corp. or pending approval of application P.
list such shares on the New York Stock Exchange, interim receipts of J.
receive
Morgan Sc Co. or Drexel & Co. entitling the registered holder to the excertificates of the common stock of the United Corp., called for by
change basis as above provided, when listed and upon authority to issue.
Application to list will be made immediately after May 12 1930.
2. Each share of common stock of the United Gas Improvement Co. so
deposited shall be duly endorsed and the signature thereon shall be appropriately guaranteed by a New York or Philadelphia bank or trust company or
by a firm having mornbership on the New York Stock Exchange or the
Philadelphia Stock Exchange, and each such share shall be accompanied
by a duly signed transmittal blank addressed to J. P. Morgan & Co. or
Drexel & Co. authorizing the exchange in this letter provided. Such trans.
mittal blanks will be supplied to any depositor by J. P. Morgan & Co. or
Drexel & Co.
3. It is understood that any tender for exchange may be accepted in
whole or in part or rejected in whole or in part.
-George H. Howard, President
Merger Rumors Denied.
.of the United Corp., states:
in the press indicating that there
There have been certain comments
have been negotiations for merging the United Corporation and U. G. I..
those
and that the offer by the United to exchange its shares for There of U.0.I.
have been
is a result of such negotiations. This is not the case.
negotiations.
no such
Newspaper comment also indicates that this offer is made for the purpose
U. G. I. stock. This is
.of the United attempting to acquire control of thelet U. G.I. stockholders,
also incorrect. The purpose of the offer is only to terms as have been acwho desire to do so, avail themselves of the same
cepted in respect to 700,000 shares of U. G. I. stock.
Listing, &c.
of 500,000
The New York Stock Exchange has authorized the listing ofissuance
°additional shares common stock (no par value), on official noticeof stock.
the acquisition of certain additional shares
in connection with
1930 the board in
At a special meeting of the directors held April 15
the issupursuance of action taken at a meeting held March 19, authorized acquisiits common stock for the
of
ance of all or any part of 500.000 shares corporations listed on the New York
tion of shares of common stocks of other
the receipt thereof
Stock Exchange, the market value thereof at the time ofconcurrent market
the
by the corporation to be substantially the same as
issued in
shares of the common stock of the corporation to be
value of the
the acquisition thereof.
12 1930.
Income Statement Jan. 1 1930 to Close of Business April
Credits
$3,555,676
Profit and loss surplus, Dec. 31 1929
2,694,734
Dividends received
197.104
Interest received
1.038,380
securities sold
Profit on
$7.485.895
Total credits
Debits
$1,334.525
Dividends paid
100,478
'Current expenses
136.200
Reserve for Federal income taxes
$5,914,691
Profit and loss surplus April 12 1930
15,813,199,000 cubic feet of natural gas, and in 1928 the production was
10,956,812,000 cubic feet. This is an increase over 1,928 of 4,856.387.000
-V. 130. P. 2964.
cubic feet.
-Listing.
Virginia Electric & Power Co.
The New York Stock Exchange has authorized the listing of 30,000
additional shares of 6% cum. pref. stock ($100 par) on official notice of
issuance for cash, makingthe total amount applied for 75,130 shares.
Directors April 7 1930 authorized the issuance of 30,000 shares of 6%
cum. pref. stock to be sold within the area served for not less than $99 per
share. The proceeds from this sale are to provide a portion of the funds
necessary for the company's construction program and for other corporate
purposes.
-V. 130, p. 1459.
-Offering.
West Canadian Hydro-Electric Corp., Ltd.
It has been brought to our attention that the offering of bonds and
debentures, noted in our issue of April 19, p. 2772 was sponsored entirely
-R. E. Wilsey & Co. of Chicago
by R. E. Wilsey & Co. of California
-V. 130. p. 2772.
having no connection whatever with this financing.
INDUSTRIAL AND MISCELLANEOUS.
-General Electric Co. has made reGeneral Electric Co. Reduces Prices.
ductions of from 3% to 5% in prices of various standard lines of electric'
apparatus. "Wall Street Journal," April 29, page 2.
-The Borden's Farm Products Co. and the ShefPrice of Milk Reduced.
field Farms Co. reduced price of milk, lc. per quart, effective May 1.
"Wall Street News," April 30.
Steel Mill Wages Cut.-Puddlers and finishing mill crews at Youngstown.
Ohio working under agreements of the Amalgamated Association of Iron.
Steel and Tin Workers will receive 25 cents a ton less as wages during May
and June as a result of a decline in the average price of steel bars. New
York "Times," April 28, page 35.
-Copper companies throughout Arizona
Copper Companies Cut Wages.
announced a 5% cut in wages, effective May 1. due to the recent cut of
4 cents a pound in the price of copper. New York Times," May 2, page 31.
Matters Covered in the "Chronicle" of April 26.-(a) Little change In business situation as compared with month ago seen by National Industrial
Conference Board-page 2832. (b) Offering of $25.000.000 8% bonds of
Republic of Chile-page 2887. (c) Proposed Sao Paulo (Brazil) coffee
-page 2887.
loan-835,000,000 to be offered in New York by Speyer dr Co.
(d) Heavy foreign financing in United States-Unlikely according to A. G.
Becker & Co.
--Germany only nation expected to figure to any appreciable
-page 2893.
extent in international market
-Registrar.
Adams Express Co.
The American Express Bank & Trust Co. has been appointed registrar for
the preferred stock.
-V. 130. P. 790.
-Sales,
(J. D.) Adams Mfg. Co. of Indianapolis.
The company reports that sales for the first quarter of 1930 showed an
increase of 16% and earnings showed an increase of 20.8% over the corresponding period of 1929.-V. 130. p. 290.
-Listing.
Air Reduction Co., Inc.
The New York Stock Exchange has authorized the listing of 40,000 shares
of common stock (no par) on official notice of issuance and payment in full,
with statement of application of proceeds or property acquired, making the
total amount applied for 846,292 shares.
The company proposes to issue up to 25.000 shares of capital stock, on
account of the purchase of assets of other companies for which it is now
negotiating and which may be acquired prior to Dec. 311930.
Company also proposes to issue up to 15.000 shares of capital stock for
employees under its extra compensation plan. The price at which the stock
is to be issued is fixed from time to time by the directors. Of this amount
1,521 shares have already been issued to employees under the companys'
Extra Compensation Plan.
-V. 130. P. 2965.
.-New TVell
Amerada Corp.
The corporation announces the completion of a new well Gates No. 1.
In the East Earisboro Field of Oklahoma, owned jointly with the Wilcox
Oil & Gas Co. The well was brought in from a depth of 4.180 feet in Wilcox
-V.130 ,p. 2965.
sand,flowing at an initial rate of 1,100 barrels dally.
MAY 3 1930.]
FINANCIAL CHRONICLE
Anglo-Chilean Consolidated Nitrate Corp.
-Contract.
American Bank Note Co.-Earnings.Quar. End. Mar. 311930.
x Operating profit
$883,854
Other revenues
49,459
1929.
$870,268
57,688
1928.
$655,529
45.328
1927.
9539,217
36.849
Totalincome
Depreciation
Miscell.charges,&c_ _ _ _
$933,313
88,500
121,921
9927,957
89.082
146,960
5700,858
70,230
102,499
5576.066
67,189
58,358
Net profit
Preferred dividends- _ Common dividends
$722.892
74,735
326,234
$691,913
74,721
296,715
$528,128
67,435
296,693
$450,519
67,435
247.262
Surplus
$320,476
3164.000
$321,923
Earns, per sh. on corn.
(par $10)
$0.99
$1.04
$0.77
x After expenses and Federal taxes.
Consolidated Balance Sheet March 31.
1230.
1930.
1929.
Assets
Land, bldgs., maPreferred stock- 4,495,650
chinery, &c__ - _11,828,741 11,615,890 Common stock _ _ _ 6,524,690
Inventories
3,099,964 2,903.436 Corn,stock scrip_
3,040
Accts.receivable
1,045,995 1,222,496 Prof. foreign subs_ 389,582
Def. instal, on stk.
Accounts payable- 482,748
sold to empl_-- 434,443
20,306 Reserve for taxes_ 452,953
Corn. stk. acquir.
Advances on cusfor resale
110,260
tonwrs orders_ 320,084
Marketable invest. 2,167,966 1,762,016 PIO, and common
Contract deposit
108,710
107,120 diva. payable__ 393,669
Loans on call
400,000 1,000,000 Insur. pensions &
Cash
2,195,719 1.569,333 special reserves- 776,334
Cash & securs. for
Surplus
8,076,348
special reserve- _ 377,334
298,813
Deferred & unadj.
charges
146,026
135,386 Total(each side)_21,915,098
-V. 130, v. 2210.
$135,822
$0.77
1929.
4,495,650
5,934,300
389,280
777,275
379,595
256,963
364,150
699,813
7,337,769
20,634,795
American Brown Boveri Electric Corp. (& Subs.).
-
Quarter Ended March 31Net operating income
Other income
1930.
$111.041
36,498
1929.
5601,722
59,632
1928.
$167,382
65,213
Total income
Interest &c
$147,539
234.263
$661,354
234.952
$232,595
262,791
$86,724sur.$426,402
Nil
$14.21
$30.196
Nil
Net loss
Earns, per sh.on 30.000shs. prefstk._
-V. 130, v. 1830.
American Department Stores Corp.
-Defers Dividend.
The directors took no action on the regular quarterly dividend of $1.75
a share on the 2d pref. stock due at this time.
The corporation announces the removal of its executive and buying
officesfrom 105 Grand St. to the Salmon Tower. 11 West 42 St., N.Y. City.
The New quarters. sublet from the Hahn Department Stores, will occupy
more than half of the 22nd floor and cover approximately 7,500 square feet.
Spear & Co. negotiated the lease.
We expect to occupy our new quarters about May 1 or as soon thereafter
as the alterations which are now being made will permit," explained President Frank H. Anderson. "This move is in line with the expansion program
adopted last year at the time the new management assumed control of the
affairs of the company, and is coincident with the termination of the wholesale company's business which has heretofore proven very unprofitable."
-V. 130, p. 2965.
American Eagle Aircraft Corp.
-Probable Merger.
Negotiations now under way for the acquisition of the Light Machine
& Foundry Co. of Pottstown, Pa., the Szekely Aircraft & Engine Co., of
Holland, Mich., the Lincoln (Neb.) Aircraft Co. and the Alliance (0.)
Aircraft Co. are expected to result in the merger of a group of seven or eight
aircraft companies with the American Eagle Aircraft Co. of Kansas City
as the nucleus, according to a statement by E. E.Porterfield, President of
the latter company. The Light Machine & Foundry Co. and Szekely Aircraft & Engine Co. are manufacturing approved types of airplane motors
and the Lincoln Aircraft Co. owns the Lincoln Rocket engine, formerly
known as the Wright
-Morehouse motor, which is especially adapted for
the low priced power. gliders.
-V. 130, P. 2395.
American Ice Co.
-Earnings.
Quarter Ended March 31Net profit after int. but before deprec.& Fed. taxes
1930.
$230.239
1929.
$338.007
-Earnings-Listing--American Metal Co., Ltd.
3 Mos.End.Mar 31- 1930.
1928.
.
1929.
1927.
Net profits after all exps.
and depreciation
$776,471
$562,234
$773,273
$586.075
Shs. corn. stk. outstanding (no par)
841,194
594.985
868,185
594,278
Earns, per share
$0.79
$0.79
$0.77
$0.84
The New York.Stock Exchange has authorized the listin of $20,000.000
4
-year 53.5% gold notes, due April 1. 1934.-V. 130; P. 2584, 2966.
American Safety Razor Corp.
-Earnings.
3 Mos.Ended Mar.31- 1930.
Net profit after deprec..
&c.,hut before Fed.tax $268.743
Shares capital stock outstanding(no par) - - _200,000
Earnings Per share
$1.34
• 130,P. 1831.
1929.
1928.
1927.
$290,941
$272,680
$151,888
228,112
$1.28
208.112
$1.31
202.000
$0.75
American Utilities & General Corp.
-Extends Investm'te
The corporation has contracted to purchase a minimum of 150.000
class B shares represented by voting trust certificates of the Consolidated
Gas Utilities Co. from Battles & Co., Philadelphia, and Hale, Waters &
Co., New York, and also to exchange one share of its own class B stock,
represented by voting trust certificates, for each additional B share voting
trust certificate that these houses may acquire.
Gaston F. Balme, Vice-President of G. E. Barrett & Co., and a director
of Consolidated Gas Utilities Co., has been made a voting trustee of the
latter company, succeeding Win. Battles: the other two voting trustees
are E. G. Diefenbach, President of G. E. Barrett & Co. and Arthur Besse.
The acquisition of a large block of stock will vest control of the Consolidated Gas Utilities Co. in the United Gas Co. and the American Utilities & General Corp., in both of which affiliated companies Mr. Diefenbach and 0. R. Seagraves, President of United Gas Co.. are officers and
directors. There are 590,037 B shares of Consolidated Gas Utilities
outstanding.
Mr. Battles will become a director of American Utilities & General
Corp. on the completion of the purchase and exchange, and C. E. Morrow,
of the ConVice-President of G. E. Barrett & Co., will become a
solidated Gas Utilities Co.
-V. 130, p. 2966.
American Zinc Lead & Smelting Co.
-Earnings.-
morBnrmar,T=--1630=10267,:aaki628:11. 6[1927:
10
Net profits before deprebr dation & depletion..
-"-"V. 130, p2396.
2
$226 332
$314.908
$180,284
$96,492
Anglo American Corp. of So. Africa, Ltd.-Earnings.Quar. End. March 311930Working revenue
Working costs
Working profit
-Nr. 130. p. 2775.
Springs
Brakpan
West .
Mines. Ltd. Mines. Ltd. Springs. Ltd.
£227,742
£398,139
£420,297
175,274
269.507
228,983
£128,632
3163
£191,313
£52,468
This corporation has contracted with the United Steel Products Co"
export sales division of the U. S. Steel Corp. for approximately 12,000
tons of fabricated steel which will enter into the construction of Lautaro
Nitrate Co.'s new plant in Chile, it was announced last week.
The Lautaro company,which is controlled by the Anglo-Chilean company.
Is constructing a new nitrate plant which will have a rated annual capacity
of 540,000 metric tons of nitrate, to be operated under the Guggenheim
Process, controlled by Anglo-Chilean. This process shows a higher nitrate
recovery and a much lower production cost than the older Shanks Process,
used by other Chilean nitrate producers.
-V. 130, p. 2211.
Associated Dyeing & Printing Corp.
-Reorganization.
The directors have unanimously approved a plan dated April 25 1930.
which contemplates the formation of a new company to acquire the business
of the corporation.
The committee (below) will act In carrying out'the plan. Holders of
notes and common stock will be entitled to participate in the benefits of
the plan and will become parties thereto by depositing their notes and
stock with Bank of Manhattan Trust Co., 52 Cedar St., New York, on or
before May 15.
Depositors of notes and stock desiring to exercise the rights of subscription conferred upon them by the plan, at the time of deposit of their
notes and stock, must make payment to Bank of Manhattan Trust Co.,
as depositary, for account of the committee in New York funds of the
initial instalment prescribed by the plan, viz.: $25 for each unit subscribed
for, consisting of S100 of new 6% secured gold notes and voting trust
certificates for 10 shares of new cora,stock,subject to allotment as provided
in the plan.
The committee in agreement with the board of directors recommends the
prompt deposit under the plan of the notes and common stock and theexercise of the subscription rights afforded by the plan.
Committee: Henry L. Bogert Jr., Mason is. Bigelow and Harry Hough
with W.T. Chapman,Sec., 120 Broadway, New York.
The committee in a letter to the holders of the 6% notes and com,stock
dated April 25, said:
In view of the unprofitable business of the corporation for some time
past, and the approaching default in the payment of the instalment of
interest on May 1 1930, the committee, at the request of noteholders and
stockholders in important amounts, have consented to act as a committee
to endeavor to consummate the plan.
In the judgment of the committee, the plan deals fairly with the 10
-year
6% notes and corn, stock and the committee is of the opinion that the
consummation of the plan will operate to the advantage of both the noteholders and stockholders.
Bernard R. Armour, who was appointed Chairman of the Board of the
corporation on Feb. 7 1930. has had over 20 years successful experience
In the dyeing and printing industry and the committee (below) after careful
Investigation, has selected him as the man best qualified for carrying on the
business of the corporation through the new company contemplated by the
plan. Mr. Armour has made an intensive study of the situation since his
appointment as Chairman and, he is optimistic as to the results that may
be obtained from the operation of the business of the corporation. He
believes that the proposed plan will provide ample working capital to enable
the new company to develop said business on a profitable basis and also
to expand.
Corporation has been operating at a substantial loss for the past 10
months. After the new money provided for in the plan has been obtained
and various economies and changes proposed by Mr. Armour have been
effected, the substantial losses which the corporation has been incurring
should be changed into a net profit, which as estimated would be sufficient
for all interest charges and pref. divs, on the new notes and pref. stock
and would also leave a substantial balance for the new common stock.
Digest of Plan dated April 25 1930.
Securities Which May be Deposited Under the Plan.
-year 6% notes, with appurtenant coupons, due May 1 1930
10
2,499,000.
and thereafter
*160,102 abs.
Common stock (no par)
• Of which 2.918 shares held in treasury.
-It is intended to organize a new company called AssoNew Company.
ciated Dyeing & Printing Co., Inc. in Delaware in which shall be vested
either by direct ownership or through the ownership of securities and stock
representative thereof,such of the plants and other properties of Associated
Dyeing & Printing Corp. as the committee may determine.
-In consideration of the securities and (or)properties
New Notes and Stock.
to be acquired by it, the new company is to issue its notes and shares of'
stock to the amounts authorized by the plan.
-Authorized $500,1300: int. from
Five-Year 6% Secured Cold Notes.
July 1 1930, payable semi-annually. Principal due July 1 1035. Both
principal and interest payable without deduction for any Federal incometax up to but not exceeding 2%. Bank of Manhattan Trust Co., trustee.
-year 6% notes of the old comSecured by pledge of at least 75% of the 10
pany and at least a majority of the com,stock of the old company or in the
discretion of the committee, such of the real estate, plants, machinery and
patents of the old company, or securities and (or) shares of stock representative thereof, as the committee shall determine to vest in the new
company. Red. all or part at any time on 60 days' notice at par and int.
Preferred Stock.-Pref. stock shall consist of 50,000 shares (no par) and.
shall rank for diva. from May 1 1930. Entitled to diva, at rate of $3 Per
share per annum. in preference to diva, on corn. stock and holders of pref.
stock shall not be entitled to any further divs, or preferential or other
rights. Until Jan, 1 1931, diva, shall be non-corn. During 1931 dim on the
pref. stock shall be cum, only to the extent of $2 per share and during 1932
such divs, shall be corn. only to the extent of $2.50 per share. From and
after Jan. 1 1933.full diva, at rate of $3 per share per annum shall be cum.
No div. shall be paid on the corn, stock in any year unless all cum. diva.
on the pref. stock for years prior to such year shall have been paid or
declared and set aside for payment in such year nor except after declaration
for payment in such year of full $3 dividends on the pref. stock. In event
of any liquidation, dissolution or winding up of the new company,whether.
voluntary or involuntary, is entitled to $50 per share, plus diva. Red. all or
part at $50 per share and diva. Until July 1 1940, pref. stock will be convertible into shares of corn, stock at the rate of two shares of corn. stock for
each share of pref. stock converted. Shall have no preemptive rights to subscribe for any additional shares of stock of any class or for any securities.
of the new company convertible into its stock.
-Common stock will consist of 400,000 shares (no par)
Common Stock.
and will be subject to the preferences and rights of the pref. stock as stated.
Divs..on the corn, stock shall be payable only out of the net earnings or
surplus of the new company and. if and when declared by the board of
directors, may be paid out of the net earnings and (or) surplus whenever or
howsoever created by the new company. Holders of com, stock shall have
no preemptive rights to subscribe for any additional shares of stock of the
new company of any class or for any securities of the new company cony.
into its stock.
Voting Trust.
-All of the shares of corn, stock will be issued to the following voting trustees, viz.: Henry L. Bogert Jr., Clarence W. Capes and
George F. Lewis. under a trust agreement, expiring not later than June 30
1935. unless earlier terminated by the trustees.
Treatment of Deposited Notes and Stock.
-Holders of certificates of deposit
for notes or for stock deposited under or otherwise subjected to the plan,
who shall have complied with the conditions of the plan, will be entitled
on the consummation of the plan and surrender of their certificates + in
negotiable form, bearing such stamps and accompanied by such certificates.
if any, as may be required under Federal or State Tax Laws, to receivenew securities, at the following rates, viz:
Each $1,000 of outstanding notes of the old company shall be entitled
to receive 20 shares of preferred stock of the new company and 10 shares
of common stock (v. t. c.) of the new company.
Each outstanding share of common stock of the old company shall be
entitled to receive: 1-3 of a share of common stock (v. t. c.) of the new
company.
Rights of Subscription of Holders of Notes and Stock of the Old Company.
Depositors of notes and stock of the old company may at the time of depositof their notes or stock elect to purchase all of the secured notes of the new
company and 50,000 shares of the common stock of the new company
in units of $100 of secured notes and 10 shares of common stock (v. t. c.)
at $100 per unit.
Assuming all the notes and stock of the old company are deposited and
all the rights of purchase are exercised, the new securities required to make
the foregoing distribution, are estimated on the basis of the March 311930.
balance sheet as set forth below, viz.:
3164
rTNANCIA L CHRONICLE
Table of Distribution.
[VOL. 130.
Earnings and Charges of New Company.
Will Receive
Mr. Armour has estimated
Notes. P . Stock. Corn. Stock. consummation of the plan thefor the first complete calendar year after the
Pref.
new company after taxes
49,980 shs. 24,990 shs. (other than income taxes) andnet earnings of thebefore interest charges on
depreciation, but
53,367 shs. the secured notes,at not less than
$250,000
50,000 shs. 6% interest on $500.000 secured notes
$500,000
128,357 shs. Available for payment of income taxes, dividends and other pur- 30,000
poses of the new company
220,000
Total
$500,000 49,980 ails. 256,714 shs. 4 dividend on preferred stock
12
99,960
Available for cony, of pref. stock and
(99,960 shs.
treasury of new company
20 shs. 143,326 shs. Balance without debiting for income taxes nor crediting for interest on secured notes and dividends on preferred stock estimated
Total
$500,000 50.000 shs. 400,000 shs.
to remain in treasury after consummation of the plan
$120,040
The foregoing table is necessarily only approximate and is based on the
* $2
figures set forth in the March 31 1930 balance sheet. It assumes the deposit after. cumulative 1931, $2.50 cumulative 1932 and $3 cumulative thereunder the plan of all outstanding notes and stock and the exercise of all of
Income Account 10 Months Period Ended March 31 1930.
the subscription rights offered by the plan. To the extent that outstanding
notes and common stock are not deposited and subscription rights not ex- Sales, $3,282,809; less allowances for claims, etc., $352,836-.12,929,973
Oper.& delivery exp.(incl. maint.& repairs of$216,939 & deprec.
ercised, new securities not required for delivery to holders of certificates
of$136,175)
3,026,373
ofdeposit or ofsubscription receipts or to the underwriters or to Mr. Armour Selling
and general expenses
156,343
will become available and may be used or disposed of by the committee
for the purposes of the plan or any of them.
Balance deficit
$252,743
Depositors at the time of deposit of such notes or stock may subscribe Deduct
miscellaneous income
51,172
for any number of units, subject, however, to allotment, as hereinafter
provided. Allotment of the secured notes and common stock so offered
Balance deficit
$201,571
for subscription shall be made as follows: 4-5ths of the secured notes and
235,840
common stock shall be allotted to subscribing noteholders, and 1-5th of the Interest,amortization, &c.,expenses
secured notes and common stock shall be allotted to subscribing stockholders:
Net loss for the 10 months period ended March 31 1930
$437,411
Provided that if the total amount of subscriptions received from the subPro Forma Balance Sheet, March 31 1930 After Giving Effect to Plan.
scribing stockholders does not equal 1-5th of the secured notes and common
stock offered for subscription, the balance shall be allotted to the subLiabilities
Assetsscribing noteholders, and If the total amount of subscriptions received Cash
$891,963 Accounts payable
$285,463
from the subscribing noteholders does not equal 4-5ths of the secured notes Accts.& notes receivable
515,654 Accruals
56,906
and common stock offered for subscription, the balance shall be allotted to Inventories
176,259 6% secured notes
500,000
the subscribing stockholders.
1 aConvertible preferred stock _ _ 2,499,000
Investment
41,341 bCommon stock
.3,425.762
Depositors of notes and stock of the old company electing so to subscribe Deterred & prepaid charges _ _ _
5,141,913
must at the time of deposit pay to the depositary for account of the com- Fixed assets
1
Total
86,767,131
mittee $25 for each $100 of secured notes embraced in the units subscribed Goodwill & secret processes _ _ _
for. The remainder of the purchase price of units allotted to subscribers
* Without allowing for the expenses of consummating the Associated
will be payable after allotment on at least 15 days' call by the committee. Dyeing & Printing Corp. plan and agreement, dated April 25 1930.
In respect of all such subscriptions subscription receipts will be issued to the a Represented by 49.980 shares. Is Represented by 256,714 2-3 shares
subscribing depositors.
shares (no par).
-V. 129, p. 131.
All payments must be made in New York funds at the principal office
-Resumes
Atlantic, Gulf & West Indies S.S. Lines
of Bank of Manhattan Trust Co., depositary under the plan, 52 Cedar St.,
N. Y. Failure to make payment of any instalment when and as payable Common Dividend.
will forfeit all rights in respect of all prior instalments paid and otherwise
The directors have declared a dividend of $1 a share on the common
under the subscription receipt under which default shall have been made stock, payable May 31 to holders of record May 10. This is the first
and of all rights under the plan in respect of such subscription receipt, payment on the common stock since Feb. 1 1921, when a $5 semi-annual
and such subscription receipt shall thereupon become void and of no effect dividend was paid. The non-cumulative preferred stock was recently
for any purpose.
placed on the full $5 basis, after having resumed dividends on a $3 rate
-V. 130, p. 1657.
Underwriting.
-Bernard R. Armour and Eastman, Dillon & Co. (the two years ago and later increasing the rate to $4 a share.
underwriters) have undertaken to underwrite the exercise by holders of
notes and stock of the old company of the rights conferred by the plan to
Atlas Tack Corp.
-Earnings.
Purchase secured notes and voting trust certificates for common stock of
1929.
1928.
1927.
Calendar Yearsthe new company. The underwriters have agreed to act without com- Net sales
52,171,921 $2,359,677 $2,195,463
pensation and, in addition thereto, Mr. Armour has agreed to waive his Cost of sales
1,678,195
1,853,487
1,812.123
right to receive any voting trust certificates for common stock which he
might be entitled to by reason of said underwriting.
$493,726
$506,190
$383,340
Manufacturing profit
372,109
379,502
386,472
The maximum amount which the underwriters shall be obliged to pay General administrative and selling exp
by reason of said underwriting shall never exceed the sum of $300,000.
$121,617
Operating profit
$126,687 loss$3,131
In the event that no payments on account of subscriptions for secured
19,148
notes and voting trust certificates for common stock of the new company Other income
16,371
shall be received by the committee from depositing noteholders and (or)
Total income
$121,617
$145,835
stockholders and (or) their successors In interest, in accordance with the
$13,239
provisions of the plan, the underwriters shall be obliged to pay the com- Cash discounts allowed
45,060
38,017
1.410
5,973
mittee the sum of$300,000,and shall be entitled to receive $300,000 ofsecure Interest on notes payable
3,596
notes and voting trust certificates for 15,000 shares of common stock (being Provision for doubtful accounts rec.
16,217
7.102
4.800
one-half of the amount of voting trust certificates that would have been Machine and tool dev.exp. charged off
4,038
25,036
received had not Mr. Armour waived his rights thereto as aforesaid).
Appropriation for profit-sharing plan _
10,736
In the event that the total amount of payments received by the committee Experimental & develop. exp
11.969
on account of subscriptions for the new securities offered under the plan to Stock transfer exp.
5,597
4,427
depositing noteholders and (or) stockholders and (or) their successors in Amortization Premo Crown patents- interest does not equal the sum of $300,000,the underwriters shall pay to the Donations
548
committee an amount equal to the difference between the total-amount of
$81,449
payments received by the committee on account of such subscriptions and
Net profit for the year
$77,605 loss$62,889
98,000
the sum of $3300,000 less whatever amount Eastman, Dillon & Co. have Shs. cap.stk. outstand.(no Par)
95.00095,000
Nil
$0.83
paid on account of their subscription,and shall be entitled to receive secured Earns. per share
$0.81 '
company, in principal amount equal to the amount of
notes of the new
for Quarter Ended March 31
Earnings
such payment by the underwriters and voting trust certificates for 50
1930.
1929.
1928.
shares of common stock of the new company for each $1,000 paid.
$460.729
$651.533
$632,992
In the event that payments equaling or exceeding $300,000 in amount Net sales
482,896
612,762
615,054
received from depositing noteholders and (or) stockholders and (or) Cost of sales, &c.
are
their successors in interest on account of subscriptions for new securities,
loss$22,167
238.771
Net profit
$17,938
In accordance with the provisions of the plan, the underwriters shall not be Shs. cap.stk.
98.000
95,000
95,000
outstand.(no par)
obliged to make any payments on account of their underwriting, and shall Earns per share
Nil
$0.40
$0.18
not be entitled to receive any securities by reason thereof.
-V.129, p. 3170.
Armour has also agreed in the event that the subscriptions of deMr.
positing noteholders and (or) stockholders and (or) their successors in
-Subsidiary Company Output.
Auburn Automobile Co.
Interest equal or exceed the amount of $300,000, to purchase secured notes
April output in the airplane engine division of Lycoming Manufacturing
of the new company,to the extent available, up to $100,000 of the difference Co., a subsidiary, probably will show an increase of 50% compared with
between the amount of said subscriptions and the amount of 3500.000;
Vice-President W. H. Beal. Daily shipments now are being
and in the event that such subscriptions do not equal the amount of $300,000 March, said Stinson Aircraft Corp., of Wayne, Mich., on releases for
made to the
300
and Mr. Armour has not been called upon to pay as much as $100,000 engines, Mr. Beal said, and because of the press of unfilled orders reported
on account of his underwriting agreement, to purchase secured notes of the from Wayne, efforts to'quicken the factory shipments to this company
new company in an amount equal to the difference between the amount are being
which Mr. Armour has been called upon to pay by reason of his under- portion of made. Delivery is being made at Williamsport, Pa., on a large
the commitments of Lycoming to subsidiaries of Bendix Aviation
writing agreement and the sum of $100,000.
engine
Corp. for
Eastman, Dillon & Co. have agreed to deposit under the plan all notes duction starters, magnetos and other division parts. Installation of proaviation
was completed some time
and stock of the old company, owned by them at the time of the promulga- ago and machine tools in the full operation.
assembly lines are in
tion of the plan and to subscribe for such proportion of the securities of the
Employment of Lycoming Manufacturing Co., a division, has reached
new company to be offered to noteholders under the plan as the amount
set last year,
of notes of the old company deposited by them bears to the total amount 80% of the maximum figure which wasis employing Vice-President W. H.
Beal announced. The company now
2,200 men full time,
of notes of the old company outstanding, and any amounts which Eastman, compared with
the record of 2,730. Present employment represents an
Dillon & Co. shall pay on account of such subscription shall be deemed to
be a payment on account of their underwriting agreement and the amount increase of32% over the last quarter of 1929, when 1,500 men were employed
on a full-time basis. Total payroll of the Lycoming Manufacturing Co.
which they shall be obliged to pay by reason of their underwriting agree- increased
during 1929 by 10% compared with the entire year 1928, for the
ment shall be reduced accordingly.
calendar years. These figures took in the slump late in 1929.-V. 130.
Armour Option.
-Bernard R. Armour has agreed to act as chairman of p. 2775.
the Board, Pres., Gen. Man., or whatever like office of the new company
may be designated by the committee, without any charge for salary until
-Bonds Offered.-First Detroit Co.,
Austin Finance Co.
the new company is on a net earnings basis of at least $200,000 per year, Inc.,
Detroit, are offering $300,000 1st mtge. 6% sinking
that is to say, until the new company for a period of 12 consecutive months
has earned the sum of $200,000, after all proper depreciation, interest fund gold bonds at 100 and int.
charges and Federal taxes.
Dated May 11930; due Nov. 1 1938. Prin. and int.(M. & N.) payable
In consideration and as a condition of Mr. Armour's underwriting agree- at office of Detroit & Security Trust Co., Detroit, trustee, without deducment of his agreement to waive his right to receive voting trust certificates tion for the Normal Federal income tax up to 2%. Denom. $1,000 and
for'common stock by reason thereof, and also of his agreement to act as $500c*. Red. on any int. date on 30 days' notice at 102 and int.
chairman of the board, president or general manager without compensation,
Security -Bonds are the direct obligation of the company, and are sethe committee will cause the new company to grant to Mr. Armour upon cured by a first mtge, upon property situated at the junction of if ecla Ave.
the consummation of the plan. an option exercisable at any time on or and the Michigan Central RR.,in Detroit.
before July 1 1933, or on or before the date on which the secured notes of
The mortgaged properties consist of land having an area of approximately
the new company are paid in full, whichever is earlier, to purchase for the 86,668 sq. ft., and a reinforced concrete building consisting of two stories
sum of 3100,000 (any or all of which may be paid in secured notes of the and basement, built in 1928 by the Austin Co. of Cleveland, ard leased to
new company at par) a number of shares of common stock (v.t.c.) of the the Great Atlantic & Pacific Tea Co. for a period of time extending beyond
new company equal to the number actually issued in connection with the the life of this issue. The building is used by the Great Atlantic & Pacific
organization of the new company pursuant to the plan (excepting therefrom Tea Co. as an administration and office building and for warehouse purthe number which may be required for the conversion of preferred stock of poses. The property has been appraised at $504,436.
the new company); Provided, however, (1) if all the secured notes and
The lease provides for the erection of an additional building to be leased
voting trust certificates for common stock offered for subscription are to the Great Atlantic & Pacific Tea Co. Additional bonds not in excess
subscribed for by depositing noteholders and (or) stockholders and (or) of an aggregate principal amount of $100,000 may be issued under the above
their successors in interest, Mr. Armour has agreed forthwith to exercise mortgage but only to a principal amount not In excess of 50% of the cost or
his option and to purchase all of the optioned stock, and (2) if Mr. Armour appraised value, whichever is lower, of such additional buildings and only
shall not be called upon to pay as much as $100,000 on account of his upon the assignment and delivery to the trustee of a lease to the Great
underwriting agreement or on account of his purchase of secured notes of Atlantic & Pacific Tea Co. of such additional buildings.
Purpose.
the new company as set forth above, he has agreed at once to exercise said
-Proceeds are to be used to reimburse Austin Finance Co. for
option in part by paying a sum in cash equal to the difference between the expenditures made for the construction of this building.
Lease.
-The mortgaged property has been leased in its entirety to the
amount he has been called upon to pay under his underwriting agreement
or on account of his purchase of notes as aforesaid, and the sum of 3100,000 Great Atlantic dc Pacific Tea Co. for a period of time coincident, with the
ife of this issue. Under the terms of this lease the Great Atlantic & Pacific
and shall then be entitled to receive therefor a number of the optioned
shares as aforesaid, which shall be in the same proportion to the total number Tea Co. covenants to pay a gross annual rental in excess of annual interest
of optioned shares as the amount so to be paid is to $100,000.
and sinking fund requirements of this issue. This rental It to be paid
-Under the preceding provisions of the plan, in the event directly to the trustee in monthly installments for the service of this loan.
New Money.
that all rights of subscription are exercised, provision is made for new An executed copy of the lease has been assigned to and deposited with the
trustee as additional security for these bonds.
money in the maximum amount of $600.000.
Existing Securities
$2,499,000 notes
160.102 shares common stock
Rights of purch.(underwritten in part)
Armour option
MAY 3 1930.)
3165
FIN A NCIA1 CHRONICLE
Consolidated Balance Sheet December 31 1929.
AssetsLiabilities
88,761,073 Accounts payable
Cash
$1,108,780
9,870,000 Accruals
528,389
Callloans
1,371.458 Dividends payable
Marketable securities
1,048.897
Notes & accts. receivable_ --- 2,331,332 U.S.& Canadian Inc. taxes
880.488
5,239,280 Rea'estate mortgages
Inventories
101,500
Austin, Nichols & Co., Inc.
-Listing.
-414,382 Res. for contingencies
599,585
Investments
452,922 Minority interest
a3,229,971
The New York Stock Exchange has authorized the listing of 42,400 shares Misc,real estate & sundry sec
Capitalstock
652,438.358
of prior A stock and 50,880 shares of(new) common stock, each without par Officer & employee accts..
330,935 Surplus
advances,&c
11,076,531
value, on official notice of issuance upon exchange for the 42,400 of present
2,498,805
pref. stock outstanding, and 75,000 shares of (new) common stock on Treasury stock
7,984,853
'official notice of issuance through condensation of 150,000 shares of com- Plant & equipment
33,281,432
mon stock now outstanding into 75,000 shares of (new) common stock, Patents, pat. rights, &c
451,965
Total(each side)
$70,988,235
making a total of 42,400 shares of prior A stock, and 125,880 shares (new) Deferred charges
common stock (see recapitalization plan in V. 130, p. 977.
a Capital stock and surplus of subsidiary companies (including $1,985,agreed retirement of the class A stock of the Eclipse Machine Co.).
100 for
Consolidated Statement of Profit and Loss.
b Represented by 2.097,454k shares.
10 Mos. to 12 Mos. to
not available as a number of acquiNote.
Feb.28 '30. Apr. 30'29. sitions -Comparable 1928 figures are corporation in the closing months
completed by the Bendix
Gross profit on sales
$1,737,638 $1,993,591 of last were and no pro forma balance sheet is available giving effect to
year
Selling and general expenses
1,484,153
1,710,202 these acquisitions.
-The company reports for quarter ended March 31
Quarterly Earnings.
Balance
$253,485
$283,389 1930, net profit of 3751,681 after charges and taxes, equal to 36 cents a
Other income
36,501 share on 2,097,454 shares of no-par capital stock.
7,104
There were no earnings included from Bendix-Westinghouse
Profit before depreciation and interest
$319,891 tive Brake Co., Bragg-Kleisrath Corp., or Hydraulic Brake Co., Automo$260,589
although
Depreciation
45,544
40,500
practically all of the expenses incident to the acquisition of the above
Interest (net)
50,522
77,111 companies have been charged off.
-V.130, p. 2585.
Profit for period
5169,566
$197,236
-Stock Dividend.
Blauner's, Inc.
The profits for the full year ending April 30 1929, were approximately
The directors have declared the regular quarterly cash dividend of 50c.
$4.65 a share on the pref. stock, and for the 10 months to Feb. 28 1930, per share and the regular quarterly dividend of 14i% in common stock
$4 a share.
on the common stock and 75c. a share quarterly on the pref. stock. All
Comparative Consolidated Balance Sheet.
dividends are payable May 15 to holders of record May 1. Like amounts
AssetsLiabilitiesFeb.28'30. Apr. 30'29. were paid on Feb. 15 last.
Feb.28'30. Apr.30'29.
Plant & equip., less
Notes payable_ _ _ _81,050,000 81,050,000
On Aug. 15 and Nov. 15 1929, quarterly dividends of 13.6% in stock and
depreciation_ _ $82,311
$58,189 Accts. payable._ 151,883
131,559 30c. per share were paid on the common stock.
-V. 130, p. 2585.
Cash in banks & on
Special deposits _ _
32,288
30.252
hand
-Listing.
50,240
Blaw-Knox Co.
420,448 Reserve for taxes__
52.095
345,871
Inventories
1,763,694 1,500,415 7% cum. pref.stk _ 4,240,000 4,240,000
The New York Stock Exchange has authorized the listing of 1,309,713
Accts. rec., less pas 1,372,703 1,333,501 Corn. stk.(150,000
shares of common stock (no par) with authority to add to the list on official
Notes rec., less res
shares no par)_ _ 1,770,455 1,770,455 notice of issue 3 additional shares of common stock (no par) in exchange
45,841
58,493
Notes & accts. rec.
for one share of common stock of the company of $25 par value issued and
(not current). _
63,750
99,600
outstanding, 11 additional shares of common stock in exchange for stock of
Deferred charges
21,774
40.873
Union Steel Casting Co., and 12,668 additional shares of common stock
Deficit
Tot.(each side) _S7,294.827 57,274,383 authorized for issuance under an employees purchase plan, making the total
3,808,228 3,777.795
-V.130, P. 2968.
amount applied for 1,322,395 shares.
-V. 130, p. 2775.
Company.
-Organized for the purpose of financing and holding properties
built by the Austin Co. of Cleveland, which are leased to nationally lnown
.concerns. The Austin Co. of Cleveland. which a is nationally known construction company specializing in industrial and office buildings, owns all
of the outstanding capital stock of the Austin Finance Co. with the exception of directors' qualifying shares.
-Earnings.
(Sidney) Blumenthal & Co., Inc.
Auto
-Earnings.
-Strop Safety Razor Co., Inc.
3 Months Ended March 31Net income from operations
Other income
1930.
$456.930
27.401
1929.
$287,076
24,484
1928.
$250.605
26,047
Total income
Other deductions
Interest paid
Provision for depreciation
Income tax
5484.331
27,241
257
44,676
61.106
$311.559
17,258
889
34,961
38,605
$276,652
14,745
Net income
Portion of earnings applic. to minority
holdings of Auto Strop Safety Razor
Co., Ltd., London
$351,050
$220,047
38.684
20.021
Net profits for period
Earnings per share on 87,500 class A
stock (no par)
-V. 130, p. 2585.
$312,366
$200,027
$159,347
$3.57
$2.28
$1.82
1928.
1927.
1929.
1930.
3 Mos.End.Mar.315116,722
5268.424
$404,149
Earnings from operation loss$404
31,044
28,840
26,661
48,834
Accrued interest
58.996
59,286
66.558
74,78:4
Depreciation reserve_ -47.730
Reserve for taxes
$178,384
$270,472
$21,324
N et profit _ _ _ _ _ _ _ _ _ _ _ loss$124021
34,740 -V.130, p. 2968. 2586,2033, 1280. V. 129,p. 2861.
39,580
-Earnings.
Bohn Aluminum & Brass Corp.
1926.
1928.
1927.
1929.
Calendar Years$187.587
Gross profit from sales-- $4,135,518 $4.386,993 $2,005,560 51.553.471
Other inc. (incl. int. and
18,049
123,199
36.207
208,093
royalties)
28,239
(The) Aviation Corp. of Del.
-Stock Decreased, &c.
-
Gross profit & income_ 54,343.611 $4,510,192 52,041.767 51.571,520
370,659
498,795
671.902
894,387
Sell. & general expenses.
190,117
249.520
193.366
Depreciation392.175
Bond interest
122,386
168.000
137,000
403,677
314,939
Prov.for Fed'l taxes_ __ _
$2,619.722 $3,185,093 $1.181,606
446,181
1,579.999
941,241
The stockholders on April 29 voted to reduce the authorized capital
stock to 5,000,000 no-par shares from 10,000,000 shares.
Dennis J. Walsh Jr., and Richard H. M. Robinson have been elected
directors. John C. Grier Jr., John L. Lancaster and J. S. Pyeatt have
resigned from the board.
-V. 130, p. 2775.
Net profit
Dividends paid
Net income ___
___
______________ 57.416.408 56366.045
Shares common stock outstanding
2,097.454
1.390,000
Earnings per share
$3.53
$4.44
After general and administrative expenses.
Quarter Ended March 31Net earnings after charges & taxes_ _ _
Earns per sh. on 300.000 shs. cap. stk.
(no par)
$ 873,744
337,050
$536,694
5735.425
Balance, surplus
$1,039,723 $2,243,851
350,000
349,361
345.869
Common shs. outstand352,418
$2.53
Earned per share
$7.43
$9.09
$33.38
1928.
Earningsfor 3 Mos.End. Mar.311930.
1929.
Barker Bros. Corp.
-Earnings.Sales$5,031,706 $10,306,882 $8.538,521
• Years Ended Dec. 311929.
1928.
Net profit after all charges, incl.
Net sales __ _ _ _
__ _ _______________________$15,420,311 $15.208.943
818.091
395,386
Federal taxes
1.019.753
Cost of merchandise sold
9.837,343
9,952,562 Shs. cont. stock outstand. (no par)
350.000
352.418
350.489
Operating general and administrative expenses _ _ _ _ 4,59:3.410 4,537.352 Earnings per share
$2.34
$2.91
$1.12
-V. 129, p. 3803.
$989,558
Operating Income
$719,030
Other income
182.3741
255.290
Borg-Warner Corp.(& Subs.).
-Earnings.
1929.
Quarter Ended March 311930.
Totalincome
$2,171,928
$974.320 Netincome after int., deprec.,& Federal taxes_ - - - 51,097,811 $1.851.993
Depreciation and amortization
147,730
596.906
Shares common stock outstanding (par $10)
1,230.686
Interest(net)__ _ __ _ _ ______ _ __ _
106,215
103.292 Earns, per shares
$3.00
$0.84
Provision for Federal income taxes
107,454
108,479
The balance sheet on March 31 showed cash of $3,123,886 and call loans
acquisition
Proportion of profit prior to date of
141,145 and marketable securities of $4,419,455, a total of 57.543,341, substantially
liabilities. Total current liabilities, Including proviBalance
$810,529
$621,404 in excess of current
sions for taxes
April 1 dividend requirements, were $5,530.771 and total
Preferred dividends
191,880
141,377 current assets and
amounted to $19,919.468.
Common dividends ____________________________ 299,983
149,992
Pres. C. S. Davis, April 21, announced that sales of the Borg-Warner
Balance surplus_
5318.665
5330.036 Service Parts Co., a subsidiary increased In each of the first three months
Earns. per sh. on 150,000 shs. corn.stk.(no par).._$4.10
of 1930 over the preceding month and present indications point to further
$3.7S
improvement in the second quarter. "Sales of this division in the second
Earnings for Quarter Ended March 31.
quarter of 1930 will be materially larger than during the first three months,"
x1930.
1929.
Mr. Davis said. "I believe that our volume for the entire year will exceed
1928.
Net profit after charges & Fed. taxes- $101,719
$152,522
$138,271 by 75% the total business done in 1929 by the five independent units which
Earns, per sh. on 150,000 shs com.
were merged in the service parts organiration."
stock (no par)
40.36
30.69
R. C. Ingersoll, Pres. of Ingersoll Steel & Disc. Co., a subsidiary, on
$0.59
x Before Federal taxes-V.129, p. 2540.
April 24 announced that the Galesburg works of.the Ingersoll company
had received a $500.000 order for motor supports and timing gear covers
Beatrice Creamery Co.
-Further Expansion.
from a large automobile manufacturer. This is one of the largest single
The Company has applied to the New York Stock Exchange for permis- orders ever received by the Ingersoll company, Mr. Ingersoll said.
sion to list 11,578 additional shares of $50 par common stock to complete V. 130, p. 2968.
the acquisition of ten ice cream, dairy and produce companies. Application
-8% Dividend for 1929.
(Ernesto) Breda Co.
also requests listing of 1,110 additional Shares of preferred stock for resale
Co employees.
The directors have declared a dividend of8% for 1929, the first disburseConsolidated earnings of the ten companies were $137.078 in 1929 and ment in three years.
-V.130, p. 978.
$145,639 in 1928. The 1929 earnings are equivalent to $11.84 per share
-Earnings.
Briggs Mfg. Co.
on the Beatrice stock given in payment and the current dividend rate on
1929.
1928.
1927.
1926.
this stock is $4 annually. Total sales of the 10 companies in 1929 were
Calendar Years-$4,022,419.
Gross profit
54.807.550 $6,611,838 $3,225,309 $12,223,529
290.430
648,334
385.714
755,759
Five of the companies acquired, not hitherto announced, are the Cadillac Other income(net)
Produce Go., Cadillac, Mich.; Flossmoor Butter Co., Detroit, Mich.:
$5 187,980 $7,260,172 53,611,023 512,979.288
Tyler Brothers, Villisca, la.; Shadeland Dairy Co., Champaign, Ill.;
Totalincome
2,406.889
2,305,295 3.533,775
Expenses Sz depreciation 2.536,371
and Merrigan Ice Cream Co., Jacksonville, III.
225,000
540,000
150,000
1.267,000
The other companies whose acquisition is to be completed in this exchange Federal taxes
are the Yellowstone Creamery Co., Billings, Mont.; Helena Creamery Co..
$2,426,609 $4,313,282 *1,155.728 $8.178,513
Net income
Helena, Mont.; Northern Creamery Co., Great Falls, Mont.; Arctic Ice
3.004.837
6,009,675
Cream Co., Danville, Ill.; and Union Ice Cream Co., St. Louis, Mo.- Dividends
V. 130. P. 2907.
52,426,609 $4,313,282df$1,849,109 $2,168,838
Balance, surplus
Earned per sh.on 2.003,Bendix Aviation Corp.
-Earnings.
-$1.21
$4.08
$2.15
$0.57
225 shares of common
Calendar Years1929.
1928.
Earnings for Quarter Ended March 31.
Gross profit after cost of sales
512,765,769 x$7.990,923
Other income
1930.
1929.
1928.
1,891,399
1927.
Net profit after charges
Totalincome _______________________________$14,657,168 47,990,923
5697,428 51.514.656
and Federal taxes.- - - $760,737 $1.404,567
Depreciation _ _ _____ _
_______
767,476
795.165 Earns. perch. on 2,003.Selling, general and admin. expenses
4,956.087
225shs. common stock
Interest and miscellaneous expenses
$0.38
$0.70
$0.34
596,243
.75
191,622
(no par)_______ -- United States & Canada incomes taxes
920,309
838.091 -V. 130. p. 1657.
Minority interest
645
-Earnings.
-Briggs & Stratton Corp.
1930.
$301.041
1929.
$342.243
1928.
5140,154
51.00
51.14
50,47
3166
FINANCIAL CHRONICLE
EL F. Briggs, President, states: "Sales ofsmall gasoline engines continued
to expand during the quarter and now constitute more than 40% of the
company's sales volume. The number of engines shipped during the quarter
was 15% in excess of shipments in the first quarter of 1929, and profits
accruing from this department largely offset reduced activity in the automotive industry to which Briggs & Stratton supplies the major part of the
automobile locks used.
"Unfilled orders on April 1 were 30% higher than on March 1. and
substantially equal to unfilled orders on April 1 1929."-V. 130,P. 2212.
Calumet & Hecla Consolidated Copper Co.
-Earnings.
Earnings Statement Three Months Ended March 31
Receipts1930.
1929.
1928.
1927.
Copper sales
$2,887.285 $5,667.906 $3.333,849 $3,596,721
Custom mill. & smelting
5,198
Interest
36,635
31,872
18,594
23,637
Miscellaneous
7,525
6,675
5.600
4,982
British Controlled Oilfields, Ltd.
-Not to Dissolve.
-
Holders of voting trust certificates by order of the Chancery Court.
London, England, voted on a resolution for or against the dissolution of
the trust. The resolution was defeated with 29 holders, representing
L94,040, voting against and 28 holders, representing £54,735, voting for
the resolution ("Wall Street Journal")
.-V. 124, p. 1515.
Burco, Inc.
-Half Year Report.
George 11 Burr & Co., investment bankers and sponsors of Burco, Inc.,
an investment trust issued a statement April 24 covering operations of
the trust for the 6 months ended March 31 1930. "During the first 6
months of operations," the statement says, "the actaul income of the
corporation resulting from dividends and interest earned, profits from sales
of securities and miscellaneous income, after deduction of expenses paid,
but before adjustment for Federal income taxes, were over twice the dividends paid on its preferred stock for the period."
"As is well known, security prices in general fluctuated violently during
this period. In view of this situation the corporation has from time to time
made purchases of its own preferred and common shares at advantageous
prices. A special meeting of the holders of common stock of the corporation
was held on March 28 1930 at which time resolutions were adopted to retire
shares of preferred and common stock which had been purchased and which
might be purchased in the future. The results of these operations are of
material benefit to the stockholders."
"Giving effect to the retirement of the preferred and common stock purchased up to April 15 by the corporation and the earnings for the 6 months'
period, the assets of the corporation at March 31 were equivalent to over
$74 for each share of preferred stock outstanding and after allowance for
preferred stock at par value, were equivalent to approximately $12 per
share of common stock outstanding. This compares with original assets
at incorporation of $10 per common share, an increase of common stock
asset value of approximately 20% during the 6 months' period. In determining the above-mentioned assets value the securities in the portfolio
were valued at March 31 1930 market quotations.
"The corporation is in a strong financial condition, cash and loans at
-IT. 129, p. 3804.
March 31 being approximately 20% of its assets."
-Earnings.
Bush Terminal Co.(& Subs.).
Years Ended Dec. 311928.
1927.
1926.
1929.
Gross earnings
$9,032.952 $8,811,417 68,979,582 $9.126,158
.781,455
"Rxes
erating expenses
4,376,7534,233.528 4,512,727 4
1,126,949
1.142,902
1,204,274
1,203,367
989.098
1,022,842
1,031,805
Interest
1,023,536
175.956
214,236
207.802
183.744
Depreciation
216,926
202,600
237.940
Income tax
186,242
Netincome
$2,028,817 61,931,408 $1,929,123 $1,786.076
138.000
5.364
138,000
Pref. dirs., Bush Ter.Co
Pref. diva. Bush Term.
490,000
490,000
490,000
Bldgs.Co
490,000
Cora. divs., Bush Ter76,549
442,403
468,683
minal Co.(cash)
199,081
123,658
210,907
Common diva. (stock)
482.256
482,219
• 482,211
482,265
Debenture dividends_ _ _
$675,866
$618,697
Balance, surplus
$376,962
$312.302
137,776
Shs, coin. out.(no par)..
153.219
240,500
226,638
$4.91
Earns, per sh. on Corn.. _
$5.34
$4.39
$4.21
Comparative Consolidated Balance Sheet Dec. 31.
1928.
1929.
1929.
1928.
Assets$
$
Land
10,865,967 10,865.967 Guar. pref.stock__ 7,000,000 7,000,000
y Improvements_ _19,228,764 19,105,029 Debenture stock__ 6,889,986 6,889,986
1,265,101 1,268,182 Common stock. _x3,661.357 3,450,449
Co structlon
20,560,000 20,798,000
3,000,000 3,000,000 Funded debt
Good-will
233,622
3,774,419 3,768,415 Dividends payable 240,232
Sales building481,534
1,343,950 1,222,973 Accts.& notes pay. 512,738
Equipment
354,053
357,721
Furn. Sc fixtures_ _ 424,201
423,155 Accrued Interest
220,618
501,978
Investments
3,111,677 2,885,798 Accrued taxes_
9,149
8,391
Cash
1,373,347 1,356,247 Accrued expenses
30,391
42,136
71,832
105,604 Other current liab _
Emp.stk. subscrip
282,324
282,668
Accounts reeeiv _ _ - 1,195,595 1,080,523 Other liabilities_
6,295,155 6.060,064.
14,659 Surplus
Ater. stor., lab. &c
47,626
Securities owned
61,000
65,000
76,595
76,644
Deposits
282,561
Advance payments 206,348
9,767
12,243
Insurance loss rec_
208,035
220,584
Supplies
1,390
1,755
Other curr. assets_
57,783
Total (each al de)46,349.450 45.813,103
Misc.Investments.
77.783
x Represnted by 240,500 no par shares of which 3,589 shares are to be
issued Feb. 1 1930 in form of stock dividend. y After depreciation of
$2,796,608.
Earnings for Quarter Ended March 31.
1927.
1930.
1929.
1928.
Total gross earnings- - - - $2,228,505 $2,149,044 $2,200.020 $2,202,900
1,130.279
1,048.511
Total operating expenses 1,033,294
1,139.015
336,043
Taxes
352,562
348,675
349,888
53,559
43,989
Depredation
61,018
51,951
242,509
258,439
Int.on bonded debt. &c257.746
255,509
Balance,surplus
Shs. corn. stk. outstanding (no par)
Earns, per share
-V.130, p. 1464.
$523,885
$442,790
$400,727
$450,080
244,090
$1.15
230,030
$0.86
216.747
$0.72
137.770
$1.25
-Earnings.
Butte Copper & Zinc Co.
1928.
37.197
$32,928
1,722
1927.
37,667
$53.254
2,332
Quarter End. Mar, 31- 1930.
27,309
Tons of ore
$3,215
Proceeds of ore
3,765
Interest received
1929.
41,846
$56,014
4,957
Totalincome
Adminis. exps. & taxes_
$6,980
25,934
$60,972
16,233
$34,651
10,467
$55,585
19,972
Net income
loss$18,953
Earns, per sh.on 600,000
Nil
shs, corn. stk. (par $5)
-V.130, p.978.
$44,739
$24,183
$35,613
$0.07
$0.04
$0.06
-Earnings.
(A. M.) Byers Co.
Period End. Mar. 31- 1930-3 Mos.-1929.
Net income after deprec.
$410,645
$331,501
Federal taxes, &c____
Shares corn, stock out266,635
266.635
standing (no par).
$1.14
$0.84
Earns. per share
-1r, 130, p. 802.
-Rights.
(H. M.) Byllesby & Co.
1930-6 Mos.-1929.
$671,348
$831,348
266,635
$1.71
266,635
$2.31
[VOL. 130.
Total receipts
'$2,928,682 $5,710,202 $3,357,424 $3,632,230
Disbursements
Copper on hand Jan. 1 _ 2,982,165
2,115,276
3,650,171
3.372,032
Prod., selling, adm. and
taxes
3,141,006
3,014,164
2,867,716
2,510,884
Depreciation & depletion
1,065.817
512.405
743,872
862,973
Miscellaneous
33,312
77,192
Total expenditure_
$6,542,048 36.322,098 $7.261,753 $6,823,680
Less cop.on hand.Mar.31 4,345,063
1,782,839 4,216,528 3,345.073
Net expenditures
$2,196,985 $4,539,259 $3,045,225 $3,478,607
Gain for quarter
729,697
1,170,941
312,198
153623
-V. 130, p. 2777.
Caterpillar Tractor Co.
-Extra Dividend.
The directors have declared an extra dividend of 25e, per share in addition to the regular quarterly dividend of 75c. per share, both payable on
or before May 31 to holders of record May 15. Like amounts were paid
on March 15 last to holders of record Feb. 15. During 1929 four quarterly
dividends of 75c. per share were paid.
Barns. Quarter Ended March 31.1930.
1929.
Net sales
$16.796,402 $12,153,001
Net profit before Federal taxes
x 3.781,833
2,497.127
Earns, per shr. before taxes on 1.882,240 abs.
com,stk. outstanding
2.01
$1.33
Earns. per shr after taxa;
1.79
1.17
x Federal taxes amounted to $416,002 in 1930.
The sales for the first quarter of the current year included $5,082,478
shipments of tractors, combines and parts for the use thereof, to the Soviet
Government. The balance sheet of the company at March 31 1930 revealeci cash of $2,093,051 and notes and accounts receivable were $19,070,416.
The Peoria, Ill., San Leandro, Calif., and Minneapolis. Minn., plants
of the company are operating steadily in anticipation of satisfactory sales
for the second quarter, based on dealers' estimates.
Balance' Sheet March 31.
1930.
1929.
1929.
1930.
AssetsLtahlitties$
$
x9,411,200 9,411,200
Land, bidg.,equity
Capital stock
&c
^0,583,221 15,240,362 Notes payable-. _ _c9,170,000 1)7,094.566
Cash
2,093,051 1,010,957 Accts. payable-- 1,973.971
Notes & accts. rec.10,070,417 13.738,613 Federal taxes
1.546,381
Inventories
15,239,006 15,100,273 Capital surplus- - -15,318,296 15,596.601
Investments
16,299 Earned surplus.. _ _19,729,244 13,377,373
16,298
Pats.,good-will,&e
1
278,308
Deterred charges
Total (ea. side) 57,149,092 45,479,742
147,098
94,930
x Represented by 1,882,240 no par shares. b Includes all current liabil
ities. c To be completely retired on or about May 1 1930. by proceeds of
consummated sale of $10,000,000 cony, gold notes.
-V. 130, p. 2778.
Century RibboniMills, Inc.
-Earnings.
-[Company and Century Factors, Inc1.1
3 Mos. End, Mar, 31- 1930.
1929.
1928.
Net profits after Fed. tax
x$31.153
$53,577
$80.933
Divs. paid on pref.stk_ _
23.607
25,331
27.081
1927.
$101,282
30,458
Balance, surplus_ _ _ _
$28,246
$70,824
x$7,546
$53,852
Earns. per sh. on 100.000
shs. corn. stk.(no par)
$0.08
$0.28
$0.71
$0.52
x Before taxes.
Consolidated Balance Sheet March 31.
AssetsLiabilities1929.
1930.
1929.
1930.
Plant, equip.,&c.y$2,106,341 $2,202,075 Preferred stock_ _ _$1,310,000 $1,417,500
Investments
•
3,100 Common stock_..x2.536,814 2,536,814
2,700
Treasury stock,....1,205
Notes Payable....... 1,025,000 1,125,000
Cash
438,559 Due Cent. Factors
453,663
416,678
532,982
Notes& tr. accept.. 1,965,875 1,700,365 Inc
•
Inventories
1,715,902 2,103.372 Acceptance against
145,035
letters of credit_ 100,233
Other curr. (visas_
50,919
9,732
26,246
12,283
Prepaid expenses
32,147 Accts. payable.. _
44,540
768,683
877,227
Surplus
Total
16,299,958 56,530,537
$6.299,958 $6,530,537 Total
x Represented by 100,000 shares of no par value. y After deducting
reserve for depreciation -V.130. p. 2214.
-Earnings.
Chicago Pneumatic Tool Co.
1929.
1928.
Calendar Years1927.
$5,806,555 $5,022,610 $4,749.799
Manufacturing profit
Selling, general & adminis. expense- 3,744.694 3,302,989
3,194,905
Operating income
Other income
$2,061,861 $1,719,622 $1,554,894
91,768
78.044
75,335
Total income
Interest and amortization
Depreciation
Federal taxes
$2,153,629 $1,797,666 $1,630,229
236,962
201,059
139,317
224.506
214,003
178,306
110.000
110,500
102,500
Net profit
$1,582,161 $1,272,104 $1,210,106
199,469
Shares common stock outstanding.._
94.000
94.324
$4.63
Earningsper share
$13.53
$12.82
Ended March 31.
Earnings for Quarter
1929.
1928.
1930.
1927.
Manufacturing profit.-- $1,126,107 $1,132,3091
Admin.,sell. & gen.exp.
847,581
716.427f -Not reported
Operating profit
Miscellaneous income..
$278,526
55,886
$415,882
60.658
x$188,983
24,130
4224.154
13,358
Total income
Interest
Depreciation
Reserve for Federal tax_
$334,412
74,764
64,434
21,000
$476,540
55,664
50,575
45,000
$213.113
57,184
$237,512
27,235
Net income
Preferred dividend
$174,214
164,500
$325.301
164.500
$155,929
$210,277
Balance, surplus
5160,801
$9,714
Site, common stock outstanding (no par)199.469
199,469
Earnings per share
$0.80
50.05
x After depreciation.
-V. 130, p. 804.
$155.929
$210,277
94,427
$1.65
94,994
$2.21
Chicago Yellow Cab Co., Inc.
-Earnings.
-Calendar Years1928.
1929.
1927.
1926.
Net profit from oper _ - _43.977.409 $3,834,212 $4,308,875 $4,797,537
Admthistrative exps____
550.232
See a
773,642
845.376
Depreciation
1.437.359
1,261,110
1,514,627
1.357.468
Loss on cabs sold or
scrapped
706,341
Provision for income tax
x14,036
223,642
203,700
352,921
President John J. O'Brien has announced that class A and class 13 stockholders of record May 5 will be offered the privilege to subscribe on or
before June 5 at $50 per share to additional stock on the basis of one additional share for each eight shares held. For this purpose the directors have
Net income
$1,786,314 $1,832,586 $1,816.905 $2,241,772
authorized the issuance of additional class A and class B stock to the extent
Dividends
1,300.113
y1.200.000
1,600,330
1,600,435
of 4 the amount of such stock outstanding.
before June 5 or they may
Stockholders may make payments in full on or
Balance. surplus
5.
$532,473
$586,314
$641,442
5216,470
make the payments in five monthly installments of 20% each on June on P. Sc L.surplus
4.937.558
Doc. 31- 5,402.149
4,188.616
4,405.085
July 5, Aug. 5, Sept. Sand Oct. 6. Six per cent interest will be allowed
Shs. corn. outst.(no par)
400,000
400,000
400,000
400,000
installment payments.
$44.58
$4.46
.60
54.54
The proceeds from the sale of this additional stock will be used in develop- Earns. per share on cam_
a After administrative expenses. x After deducting a refund of $21964
ment and expansion of the company's business and for other corporate
for prior years' taxes. y Approximate (inserted by Editor)•
purposes.
-V. 130. p. 2586.
MAY 3 1930.]
FINANC1A 1
Consolidated Balance Sheet Dec. 31.
1929.
1929.
1928.
Assets
Liabilities
x2,200,000
Cabs,equip.,&c- 3,229,395 8,318,537 Capital stock
Iran., Ac 1,031,654 1,031.654 Accounts payable_ 212,069
Investments
274,025
274,025 Notes payable_
Due in stk.subscr _
91,750 Bonus payable..
Aocr. int. received
13,449
Federal taxes and
$pecial deposits _ _ 112,245
claims
843,556
118,350
136,949
Cash
)3,219,330 j 588.723 Reserves
Call
C loans
12,500,000 Depreciation res
Accts.& notes rec. 220,749
5,402,149
170,560 Surplus
Inventories
123,272
149,017
Prepaid ins., &a
570,603
84,639
Deferred charges
Tot.(each side). 8,794,723
291,351
x Represented by 400,000 no par shares.
Opens New Offices
1928.
2,200,000
396,046
59,000
50,000
618,770
3,357,232
4.937,558
11,618,606
Eight new offices in various parts of the United States are being opened
this month by subsidiaries of the corporation for the purpose of furnishing
local finance service to dealers and manufacturers selling automobiles and
other products, such as household appliances and industrial equipment,
on the instalment plan. These offices are located in Montgomery, Ala.,
Altoona, Pa., Clarksburg, W. Va., Montpelier, Va., Davenport, Ia.,
Green Bay, Wis., Madison, Wis.,and Rockford, Ill. Each office is a complete functioning finance unit making credit investigations, disbursing
funds to dealers and performing a complete collection service.
These additions are in keeping with the company's policy of opening
offices at stragetic points wherever the volume of business requires facilities for the rendering of proper local service to the company's clients.
With the addition of these eight new offices, C. I. T. will have a total of
141 branch offices covering the United States and Canada, not including
its numerous servicing facilities abroad.
Subsidiary To Factor Corticelli Silk.
Earnings for Three Months Ended March 31.
1928.
1929.
1930.
Net profits after deprec.,
Federal taxes, &c.._ _ _
Earns.per sh. on 400.000
shs. corn. stk.(no par)
-V. 129, p. 3478.
3167
CHRONICLE
1927.
$532,379
$664,419
$505,783
$601,940
$1.33
$1.66
$1.26
$1.50
CeCo Manufacturing Co.
-To Increase Stock.
The stockholders at their annual meeting will vote on an increase in
the authorized capital stock from 100,000 shares to 150,000 shares. The
additional stock is to be held in the treasury for the payment of stock
dividends and other corporate purposes.
-V.130. p. 2969.
(D. L.) Clark Company.-Earnings.-
An arrangement for the factoring of the Corticelli Silk Co. oldest silk
manufacturer in the United States, by the Commercial Factors Corp. a
subsidiary of the Commercial Investment Trust Corp., went into effect
this week.
According to President J. P. T. Armstrong of the Corticelli Silk Co.,
"the expansion of our business and the requirements of our numerous accounts scattered over the entire country have made it desirable for us to
avail ourselves of the services of Commercial Factors Corp., one of the
leading factors, in order that we may be relieved of the routine incident
to our large sales volume and to the handling of many thousands of customers, whom we are serving at the present time through twelve branch
offices.
-V. 130, P. 2399.
-New Director.
Commonwealth Securities, Inc.
0. D. Blessed, Vice-President of the First Detroit Co. which is the investYearNet Sales. Net Earnings. ment securities affiliate of the Detroit Bankers Co., has been elected a
1925
$2,809,000
$229,200 director. Other members of the board are: C. S. Eaton of Otis & Co.,
1926
3,600,000
443,300 Chairman; Thomas H. White, President; L. G. Watson, Secretary-Treas1927
4,817,000
770,900 urer; Ferdinand Eberstadt of Otis & Co.; D. Dwight Douglas, President
1928
4,636,000
721,800 of the First National Bank of Detroit; and Ralph Gilchrist, Chairman of
1929
-V. 130, p. 2778.
4,700,200
'695,300 Gilchrist & Co., Ltd.
'
1
•After taxes. Profit, before taxes, comparable to 1928 was $796,070
Congress Cigar Co. Inc.-Earnings.or approximately $75.000 over preceding year and a new high record.
1926.
1928.
1927.
'
1929.
Calendar YearsInterest on bond issue of $1,175,000 par value was also paid in 1929, an
$16,941,329 818,463,853 $19,502,738 $19,090,070
expenses not encountered in previous years of operation.
-V. 128, p. 3832. Grosssales
Cost, selling, gen. administration, &a., exp 13,622,327 14,890.519 1C.085.002 16,548,474
Clark Equipment Co.
-Earnings.
Earnings for Year Ended Dec. 31 1929.
Gross earnings
Expenses,&c
$2.768.584
845.151
Operating profit
Other income
$1,923.433
141,006
Total income
Depreciation,&c
Federal taxes
Minority interests
$2,064,439
569,493
170,819
14,613
Net profit
Preferred dividends
Common dividends
$1,309,514
80,554
521.130
Balance,surplus
$707.830
Earns, per share on 249.824 shares common stock (no par)
$4.92
The company reports for the quarter ended March 31 1930 a net profit
of $275,854 after depreciation, interest and Federal taxes, equivalent, after
7% preferred dividend requirements, to $1.02 a share on 249,824 no-par
shares of common stock.
-V. 130, p. 140.
Claude Neon Lights, Inc.
-Supreme Court Dismisses
Action Brought by C. V. Bob & Co. in Suffolk County.
Supreme Court Justice Macerate in Kings County has granted the
motion brought by Claude Neon Lights, W. T. P. Hollingsworth and R. L.
Rester Jr. to dismiss the action for $1,000,000 brought by C. V. Bob &
Co. in Suffolk County on the grounds that they showed no cause of action.
The same Court also vacated the attachment previously secured by Bob
& Co.
This suit by Bob was based on damages he claimed to have suffered
through the failure of his financing plans for the new Federal Neon System,
after Claude Neon interests had published an advertisement disclaiming
all association with the scheme.
These matters were involved in the actions brought before Supreme
Court Justice Nathan Bijur, who dismissed the attachment secured by
Bob in a similar action brought by him in New York County, the Appellate
--V. 130, P. 2969.
Court sustaining Judge Bijur's decision.
Coca-Cola Company.Earnings.-
1929.
Quar. End. Mar.311928.
1930.
1927.
Gross receipts
$8,370.589 37,601.073 37,075,532 86,661,929
Mfg. & gen'l expenses- - 5,165,419 4,818,793
4,526,878
4,304.930
Operating profits. _ _ - $3,205,170 $2,782,280 $2,548,654 $2,356,999
227,650
Miscall. deductions
356,014
320,651
313,487
Net inc. bef. Fed. tax_ $2,849,156 $2,554,630 $2,228,003 82.043.512
-V. 130, 0. 1465.
Colonial Beacon Oil Co. (Change of name from
Beacon Oil Co.).
-Listing.
The New York Stock Exchange has authorized the listing of 1,499,000
shares of common stock (no par value), bearing the corporate title "Colonial
Beason Oil Co." on official notice of issuance in exchange for present outstanding certificates bearing the corporate title "Beacon Oil Co.,'
130, p. 2587.
Columbia Graphophone Co., Ltd.
-15% Dividend.
-
The company announced an interim dividend for the year ended June 30
1930 of 15%, less British income tax, on the ordinary registered shares,
payable in London on May 16 to holders of record May 2. The Guaranty
Trust Co., as depositary, stated that no dates have been set for the payment of this dividend to the registered holders of "American" shares certificates representing ordinary registered shares. A similar distribution
was made a year ago.
-V. 129, p. 2863.
Columbia Pictures Corp.
-Listing.
-
The Board of Governors of The Chicago Stock Exchange has approved
the listing of the voting trust certificates. 300,000 certificates are authorized; 215,000 are subject of listing, and 120,000 are subject of trading.
Compare also V. 130, P. 2587.
Commerci‘l Instrument Corp.
-New Name, etc.
See General Instrument Corp. below.
This company last week announced that its subsidiary, the Connecticut
Telephone & Electric Co. is averaging a 513% increase in sales each month.
March ran 50% ahead of February and April it was reported, maintained
that level. May. according to C. W. Curtiss, President of Connecticut
Telephone will result in a substantial profit. 1Mr. Curtiss said that results
are just accruing from the reorganization of the sales department and the
introduction of new products. The Tiffany division, it is announced, has
secured a substantial contract from the Studebaker Corp. for oil gauges
and ammeters. The company is introducing a new ammeter for Ford cars
which is expected to materially increase sales of this product. A new igni-V. 130. p. 2970.
tion coil was also introduced recently.
Commercial Investment Trust Corp.
-To Pay Off Final
Installment of $10.000,000 Note Issue.
The corporation will pay off on May 1 the final maturity amounting to
$2,000.000 of its issue of 810.000.000 5'70_ serial gold notes which were
offered by Dillon, Read & Co. in 1925. The corporation is meeting this
maturity out of its current cash position and will not resort to additional
financing.
Net profit
Other income
$3,319,002 $3,573,334 $3.417,736 $2,541,596
2,874
53.107
107,686
$3,426,688 $3,626,441 $3,420,610 $2,541,596
Totalincome
111,766
81.680
64,439
120,740
Depreciation
122,662
154.144
77,079
Interest
430.006
336,480
407,407
346,753
Prov.for Fed.&c. taxes_
Netincome
Cash dividends
32.882,116 32,984,605 32.754.779 32,140.676
787,500
1.750.000
1,575.000
2,012,500
Balance,surplus
$869.616 $1,234,605 31,179.779 81.353,176
Profit & loss
S4,202,629 33.390,823 $2,158,362 $5,178,795
Earns, per sh.on350,66o
sur--- 37.87
$6.12
58.52
shs.cap.stock
$8.23
a After deducting $4,200,000 transferred to capital stock account.
Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
$
$
LiabilitiesAssets$
a5,600,000 5,600,000
Capital stock
Land,bldgs.,egulp.
1,970,375 1,991,809 Notes payable_ __ - 600,000 1,000,000
less depree
382,500
159,840
302,824 Drafts & accpt.pay 640,959
Cash
365,526
Accounts receiv
2,004,274 2,444,902 Accounts payable- 395,713
7,257,040 6,298,359 Accrued salaries,
Inventories
93,395
16,450
Investments
wages. erg
Accr. Federal taxes
Adv,to growers__
22,554
346.753
532,509
arc
55,316
Cred.deb. bal _ _ - _
437,500
Div. payable
529,000
Accr. int. on notes
4,202,629 3,390,823
348
Surplus
reeeiv
59,614
41,968
Deferred charges__
175,043
Other assets
350,085
Cash for div
525,000
437,500
Good-will & trade
1
1
Tot.(each side)_12,404,449 11,708,858
names
a Represented by 350,000 no par shares (of which 228,887 shares owned
by Porto Rican American Tobacco Co.).
Earnings for Quarter Ended March 31.
1927.
1930.
1929.
1928.
Net after all charges
*569,843
3421.737
Federal taxes
3267.288
$456,293
Earns, per sh.on 350,000
$1.62
$1.20
$1.30
shs. no par stock
$0.76
-V.130, lz.• 1657
.
-Listing.
Continental Shares, Inc.
The New York Stock Exchange has authorized the listing of 277,050
additional shares (no par) common stock on official notice of issue in the
acquisition of the common stock of International Share Corp.
Purpose of and Authority for Issue.
The corporation has offered to acquire the outstanding common stock of
International Share Corp. and to issue in exchange therefor its common
stock on the basis of 1 1 shares of its common stock for each share of common stock of International Share Corp. Directors of International Share
Corp. have recommended to the stockholders the acceptance of such offer.
Such offer is conditional upon the acquisition by the corporation of at least
a majority of the common stock of International Share Corp. and the
corporation has reserved the right to withdraw such offer if a majority of
the outstanding common stock of International Share Corp. Is not deposited
for exchange by April 30 1930. The terms of exchange are based upon the
respective liquidating values of the common stock of the two corporations
obtained by taking the security holdings of both corporations at market
value.
Provision has been made for the acquisition by the corporation of all the
outstanding Founders shares of International Share Corp., which, together
with the shares of common stock exchangeable for the 277,050 additional
shares of common stock of the corporation, constitute all the issued and
outstanding capital stock of Internet onal Share Corp.
Securities Owned March 31 1930.
No. of
Shares.
Bank Stocks,
shares.
Public Utility Companies.
10,700 Brooklyn Union Gas Co.
15,000 Bancohlo Corp.
1,533 Bank of Nova Scotia.
66,435 Commonwealth Edison Co.
1,664 Cleveland Trust Co.
84.700 Int. Paper & Power Co., C.
1,750 Continental-Illinols Bank & Tr.
403,053 Lehigh Coal & Navigation Co.
Co.
45,300 Peoples Gas. Lt. & Coke Co.
1,526 Dollar First Nat. Bank (Youngs11,920 Public Service Co. of N. Ill.
town, Ohio.).
21,225 United Lt. & Power Co., R.
Iron and Steel Companies.
772 Guaranty Trust Co. New York.
480 Harris Trust & Say. Bk.(Chic.).
25,197 Bourne-Fuller Co., Ctrs. of dep.
46,700 Central Alloy Steel Corp. ctfs.
1.177 Huntington National Bank of
Columbus, Ohio.
of deposit.
5,260 Manhattan Co.
245,142 Cliffs Corp., common.
7,288 Union Trust Co. (Cleveland, 0.
2,000 Cliffs Corp., V. t. o.
Sundry.
250,000 Donner Steel Co., Inc.. Ws. of
1,500 Cleveland Provision Co.. Pref.
deposit.
7,125 Cleveland Provision Co., corn.
1,000 Inland Steel Co.
40,000 Harbison-Walker Refractories
3,243 wheeling Steel Corp.
Co.
8,000 Youngstown Sheet & Tube Co.
4,590 Interlake Steamship Co.
Rubber Companies.
1,000 National Refining Co.
107,800 Firestone Tire & Rubber Co.
1.000 Perfection Stove Co.
40.100 13. F. Goodrich Co.
Syndicate Partici,atone-277 Goodyear Shares, Inc.
LIbbey-Omens Securities Corp.
75,800 Goodyear Tire & Rubber Co.
Iron & steel companies.
35,000 U. S. Rubber Co.
Utility companies.
Paint Companies.
Miscellaneous
30,000 Devoe & Raynoids Co., Inc., A.
Securities & syndicate panto.
70,040 Sherwin-Williams Co.
3168
Income Statement 3 Months Ended March 31 1930.
Income: Dividends
$1,132,055
Interest
81,919
Profit on sale of securities
7.477
Total
Expenses
Interest
$1,221,451
85.687
378.817
Net profit
Balance at beginning of period
$756,947
1,578.852
Total surplus
Dividends: On preferred stock
On common stock
On Founders shares
Adjustment, 1929 Federal taxes
$2,335,799
597,343
536,231
213
Balance at end otperiod
$1,202.011
Unrealized apprec. in market values during period of secur. held
as of the end of period
$21,211,069
Comparative Balance Sheet.
Mar. 31 '30. Dec. 31 '29.
Mar. 31 '30. Dec. 31 '29.
AssetsLiabilities
S
$
Cash & Govt.sec 1,727,472 5,356,895 Notes payable__ 16.269,500 15,669,500
Accts. pay.,incl.
Notes and accts.
brokers' accts. 10,516,947 11,911.796
recsivable_ - 3,190,702 3,611,770
Securities
122,009.365 119,641,116 Balance due on
1,926,000 1,926,000
option
Syndicate panic.
payments__ 1.858,000 1,833,000 Accr. int., taxes
536,231
& div1dends-1 313,3281
Treas.stk. &1113305,118
Res.for com.div1
1
p'd corn.stock
15,822,900 15,822,900
1,353,019 6% pref. stock
subscription__ 1,350.911
528,121
522,193 6% cony. pref.._ 24,000,000 24,000,000
Accr.divs. on sec
Paid-In capital x5,372,310 x5,372,310
Paid-in surplus- 55,241.576 55,195,286
1,578,852
Total(ea.side)130.664,573 132,317,995 Profit & loss sur. 1,202,011
Note.
-In addition to the payments on syndicates, the corporation had
a maximum commitment of 9,304,300 on syndicate
at March 31 1930
participations when, as, and if called.
xRepresented by 2,144,924 common shares (no par) and 10,000 Founders
-V. 130, ri• 2399.
shares (no par).
Consolidated Mining & Smelting Co. of Canada, Ltd.
-Rights Expire on July 15.
The directors have authorized the offer to shareholders of record May 31
1930, of the right to subscribe on or before July 15 1930, for additional
shares of capital stock at $200 per share on the basis of one additional
-1.
hare for every 20 shares held. 1 130. p. 2778.
The directors also declared a 1 3 % stock dividend on the new common
stock payable to July 15 to holders ofrecord June 14,and an initial quarterly
dividend of 1 % on the new preferred stock, par $20, payable June 2 to
holders of record May 15. This is at the same rate, as previously paid on
the old 7% pref. stock of $100 par value, which was also split-up on a
five-for-one basis.
The stockholders on April 29 ratified a proposal to split the common
and preferred stocks five for one, the new preferred being of $20 par value
and the new common of no par value.
Following the split-up, there will be 960,060 shares of common stock and
1,575.000 shares of preferred stock, exclusive of treasury stock, outstanding.
-V.128, p. 735. 876, 893; V. 130. p. 1122,806, 788.
-Special Stock Dividend.
Diamond Electrical Mfg. Co.
The directors have declared a special stock dividend on the common
stock of 234% payable on the issuance of a permit from the California
Corporation Commission to holders of record April 30. This action was
taken in accordance with an agreement with the Square 1) Co. in order
to adjust values.
The directors were increased from 7 to 9 members by the addition of
T. J. Kaufman and F. W. Magin.
Merger.
-V. 130, D. 2971.
See Square D Co. below.
-Earnings.
Diamond Match Co.
Earnings for Quarter Ended March 31 (Parent
1929.
1930.
$658.695
$664,718
120.178
119,606
127,012
109,261
Operating income
Deprec. and amortizat'n
Federal, &c., taxes
Net profit
Dividends
Surplus
Previous surplus
$435,851
340.000
$95,851
5,994,617
$411,505
332.000
Company Only).
1928.
1927.
5699,207
$739,473
144.969
146,511
139.428
180,129
$414,810
498,000
$412,833
333.000
$79,505 def$83,190
5.276,569
5.182,926
$79,833
4.907,322
Profit & loss surplus.- $6,090,468 $5,356,074 $5,099,737 54.987,155
Shares of capital stock
166,000
166,600
166,500
170,000
outstanding (par $100)
$2.50
$2.48
$2.47
Earns. per share on corn_
$2.56
Consolidated income account of company and subsidiaries for the quarter
ended March 31 1930 follows: Operating income, $998,886; depreciation
and amortization, $134,068; Federal taxes, &c. $154,682; net profit,
$710,136 ($4.18 per share); dividends. $340,00d; surplus, $370,136.V. 130. p. 2215.
-Stock Increased.
Distributors Group, Inc. (N. Y.).
The company has filed a certificate at Dover. Del., increasing its authorized common stock, no par value, from 100,000 shares to 300,000 shares.
Proposed Expansion.
-
-Subs. Schedule for 1930.Cord Corp.
than
A maximum production for 1930 of 200 planes more a
Aircraft Corp.,
was planned
subsidiary, may
under the original schedules of Stinson
be necessary, Vice-President William A. Mara reported. On April 1 the
corporation had on hand unfilled orders for 75 planes, while unfilled orders
on that date in previous years were practically negligible.
For the first time in history of the industry, the Stinson corporation
expects a sales season lasting throughout the year, Mr. Mara said. Establishment of a factory branch at Los Angeles and strengthening of the sales
organization throughout Florida and the southeast insures winter selling,
he pointed out, and construction of the planes to make them readily
-V. 130,
equipped with skits enables winter use in the northern States.
p.2970.
-ReceivershipCornel Drug Stores, Inc.
William Bondy,Judge ofthe U.S. District Court ofthe Southern District
York, signed an order Aprll 10 making the Irving Trust Co. perof New
manent receiver for the Cornell Drug Stores, Inc.defendant in an action
started by the Cornel Drug Corp. The order carried the special provision
that, on or before July 9, all persons having claims against the defendant
company must file with the receiver a detailed, sworn proof of claims.
The action in question was one brought by the Cornel Drug Corp.
against the Cornel Drug Stores, Inc., to recover indebtedness in the sum
of $444,682, same being a loan made by the plaintiff to the defendant.
The defending company owns, controls and operates 17 drug stores located
variously in N. Y. City and Atlantic City, N. J. The bill of complaint
alleged that the defendant was without funds to meet its obligations,
past due or shortly to mature, although Its assets are more or less sufficient
to cover all its obligations if the same can be administered properly.
-Earnings.
Corn Products Refining Co.
1929.
1928.
1927.
3 Mos. End. March 31- 1930.
$3,334,500 $3,779,908 $3.114,976 $3,018,076
Net earnings*
596,750
504,972
526.872
518,175
Other income
$3.931,250 $4,284,881 53,641,849 $3,536,251
Totalincome
778,906
849,476
927,141
798,473
Interest & depreciation_
Netincome
Preferred diva.)1U %)
Com,diva. quar.(2%)
[You 180.
FINANCIAL CHRONICLE
$3,152,343 $3.435.404 $2,714,708 32,737,779
437,500
437,500
437,500
437.500
1,897,500
1.265,000
1,265,000
1,265,000
$817,343 $1,732,904 $1,012,208 $1,035,279
Surplus
Earns, per sh. on 2.530,000 shs. corn, stock
$1.07
$1.18
$0.90
$0.90
(par $25)
* Net earnings from operations,after deducting charges for maintenance
-V. 128. p. 1547.
and repairs and estimated amount of Federal taxes, &c.
Expansion plans were discussed at the semi-annual meeting of this
corporation.
Ten investment banking houses formed the initial organization of Distributors Group, Inc., which was formed in February 1929, while to-day
there are 40 members of the Group and a dealer organization of 400 firms.
During the 67 weeks of its existence the sales of North American Trust
Shares have amounted to 567,000.000, Thomas F. Lee announces. "Sales
are now at the weekly rate of $2,500,000," he states -V.130. p. 1467.
-Analysis Issued.
Dominion Stores, Ltd.
Merrill, Lynch & Co., investment bankers, of 120 Broadway, N. Y.
City, are distributing an analysis of Dominion Stores, Ltd. The latter
company operates a chain of 512 grocery stores, including 70 meat markets.
-V. 130, P• 2972.
In the Dominion of Canada.
-Stock Offered.
(S. R.) Dresser Manufacturing Co.
W, A. Harriman & Co., Inc., have offered privately and sold a block of
class B stock. Application is being made to list this stock on the New
York Curb Exchange.
-V. 130. P. 2779.
Drug, Inc.
-To Acquire Vick Chemical Co.
A. II. Diebold, President of Drug, Inc., on April 30 announced that
negotiations had been concluded whereby Dreg,Inc. would acquire the
business and assets of the Vick Chemical Co. The transaction was authorized by the directors of the latter company, a special meeting of whose
stockholders is being called to authorize the sale.
The Vick Chemical Co. will receive 456,000 shares of the capital stock
of Drug, Inc., which will be distributed to Vick stockholders at the rate of
57-100 of a share of Drug stock for each share of Vick stock.
A new Vick Chemical Co. will be organized to carry on the business as
a division of Drug, Inc., and the transaction will not involve any change
in executive personnel of the former, it was announced. II. S. Richardson, Chairman of the Vick company, will be added to the board of Drug,
Inc.
-V. 130, p. 2400.
-New •Plant.Du Pont Cellophane Co. Inc.
The company on April 24 announced that construction would be started
on a new Cellophane plant at Richmond, Va.
It also confirmed the fact that construction of a new addition to double
the capacity of the present plant at Old Hickory, Tenn., was proceeding
with utmost speed and the new units there were expected to be in production at an early date.
These new plant facilities are made necessary by the fact that recent price
reductions have greatly increased the demand for Moistureproof Cellophane, a patented product developed by du Pont chemists which, because
of its unusual moisture protecting properties is proving decidedly popular
as a wrap for a wide variety of products.
-Listing.
(E. I.) Du Pont de Nemours & Co.
The New York Stock Exchange has authorized the listing of 241,130
additional shares of common stock (par $20) on official notice of issuance
1930.
1929.
Quarter Ended March 31for the properties and business of The Roessler & Hasslacher Chemical Co..
$74.256
$68,675 making the total amount applied for 10,723,611 shares of common stock.
Net profit after all charges but before taxes
The above issue was authorized by the finance committee April 7, for
-V.130. p. 2779.
the purpose of acquiring all the assets and business of Roessler & Hasslacher
-Stock Increased.
Crown Cork & Seal Co., Inc.
Chemical Co., whose liabilities will at the same time be assumed by E. I.
The stockholders on April 24 voted to increase the number of shares of duPont de Nemours & Co.
The Roessler & Hasslacher Chemical Co.is a chemical specialty manufacno par value common stock from 275,000 to 400.000. Such additional
authorized shares will be available for sale to employees, for dividends in turing concern. organized in 1882 and operating now several manufacturing
-V.130. p. 2779.
plants, principally at Perth Amboy, N. J., and Niagara Falls, N. Y. It
stock and for other corporate purposes.
has been engaged in a constantly developing chemical business ever since
-Earnings.
Cream of Wheat Corp.
that time and is the manufacturer of a large number of important specialty
1929.
x1928.
chemicals which are widely used by the country's chemical as well as by
Calendar Years$4,012,688 $3,656,368 many other industries.
Manufacturing profit
-V.130. p. 2972.
1,953,687
1,788,503
Expenses, &c
-Earnings.
Cosgrove-Meehan Coal Corp.
Operating profit
Other income
$2,059,001 $1,867,865
66.598
58,546
Totalincome
Federal taxes, &c
$2,125,599 $1,926,411
243,477
224,086
Net profit
Dividends
$1,882,122 $1,702,325
750,000
1,500,000
$1,132,122
Surplus
$33.13
Earns, per share on 600,000 abs. cap.stk.(no par)_
x Predecessor companies.
Earnings for Quarter Ended March 31.
1930.
$530,698
Net profit after charges & Federal taxes
$0.88
Earns, per share on 600,000 shs, corn.stk.(no par).
-V.129, p. 3806.
$202,325
$2.83
1929.
$479,958
$0.80
-New Officer.
Curtiss-Wright Corp.
-V. 130, p. 2588.
See Wright Aeronautical Corp. below.
-Up.
-Split
-Dividends
Deere & Co. of Moline, Ill.
Earl Radio Corp.
-Sale Ordered.
Vice-Chancellor Church April 22 ordered the receivers to reject all private
bids for the assets of the concern and to hold a public auction. The date
will be fixed by the Court. The receivers are Harry G. Hendricks and
Oscar A. Klamer,
The Court's action was taken when various counsel for'the majority of
creditors of the company said they felt a public sale would bring a better
figure than $130,000, which was the highest bid submitted privately. The
latter figure will be used as the starting bid In the public auction.
-V.130
p. 2588.
-Earnings.
Eastern Rolling Mill Co.
Earnings for Quarter Ended March 31Operating profit
Provision for depreciation
Provision for Federal income tax
1930.
$75,640
64,139
1929.
$368,947
59,048
42,359
Net income......._ _
_ _ - ___ - _$11,501
Earns. per sh. on 239, - sits. common stock (no par) $0.05
- 00
2
-V. 130, p. 2780.
$267,540
$1.12
Electric Auto-Lite Co.-Earnings
Quar. End, Mar.31- 1930.
1929.
1928.
1927.
Profit after depreciation. $2,771,136 $4,361,269 $1,424,950 $1,003,471
932,040
Expenses, &c
218,721
204,987
832,028
30.145
Interest
4,716
22,535
8,604
The directors have declared a quarterly dividend of 30c. a share on the
new no par value common stock, placing it on a $1.20 annual cash basis,
which is equivalent to the $6 annual rate paid on the old common stock
Prof.
prier to the five-for-one split-up. The dividend is payable July 1 to holders -v. before Fed.taxes__ $1,930,504 $3,399,084 $1,201,513
130. p. 2588.
of record June 14.
5775,949
MAY 3 1930.]
FINANCIAL CHRONICLE
3169
This readjustment of the compaay's capital structure, when judged from
Fairchild Aviation Corp.
-New President.
President C. S. Reed has resigned his office in order to devote his entire the standpoint of the owners of the different classes of securities, seems to
the board a very fair arrangement and will place the company upon a sound
attention to a business in the middle west in which he has large personal
interests. Frederic G. Coburn, President of the Aviation Corp., has been dividend basis if present earning conditions continue.
The securities for which authorization is asked, in excess of the amount
elected President of the Fairchild company.
-V. 130. p• 2780.
necessary to carry out the foregoing exchange, will be available to retire
Federal Electric Co., Inc.
-To Recapitalize
-To Retire later the company's indebtedness and to provide money for the growth of
proper corporate purposes of the company.
All Accumulated Dividends by Payment in Preferred Stock.
- the business and for other the approval of the stockholders
If this plan meets with
and becomes
A special meeting of the stockholders will be held on May 17 for the purpose of considering and taking action upon a proposed recapitalization of the effective, It is the intention of the board to begin paying dividends on the
company, recommended by its board of directors, substantially as set forth new prior pref. stock and new pref. stock and the old pref. stock with the
quarter beginning May 1 1930, and ending July 31 1930.
in the following resolution:
It is also the intention of the board to apply for the listing of all issues of
Whereas, the authorized capital stock of this company is $7,000,000.
-V. 129, p. 3480.
divided into 70,000 shares, par $100 each,tof which 40,000 shares are common stock of the company on the Chicago Stock Exchange.
stock and 30,000 shares are 7% cumul. stock; and
Federal Screw Works(& Subs.).
-Earnings.
-Whereas, of said 40,000 shares of common stock 32.384 shares have been
Consolidated Summary of Income Calendar Year 1929.
Issued and are outstanding and 7,616 shares have been issued and are now
in the company's treasury; and
[Not including profit from operations prior to June 30 1929 of Superior
Whereas, of said 30.000 shares of 7% cumul. pref. stock 20,586 shares Screw & Bolt Manufacturing Co. acquired as of that date.]
have been issued and are outstanding and 37 shares have been issued and Gross profit,after all manufacturing costs,except depreciation_ _.i1.487.957
are now in the company's treasury; and
Administrative, general and selling expenses
398.802
Whereas, it has lieen found desirable to reclassify said total authorized
capitalstock by changing the existing common stock, Par $100 per share,into
Operating profit before depreciation
$1.089,155
common stock without par value and by adding to the authorized capital Other income,less other deductions
10,527
stock perior pref. stock and pref. stock, both without par value, and additional common stock, also without par value:
Profit before depreciation, note interest and Federal tax
81,099.682
Now, therefore, resolved (in part) as follows:
Depreciation
194,933
First: The authorized capital stock is hereby changed and reclassified Interest on convertible ji
36,833
from 7% cumul. pref. stock, par $100 per share, and common stock, par Provision for estimated6 % income tax
Federal
88,212
of $100 per share, into four classes of stock of which one class shall be the
existing '7% cumul. pref. stock. par $100 per share, another class shall be
Net profit
$779,703
prior pref. stock without par value (issuable in series), another class shall be Capital and surplus, Jan. 1 1929
pref. stock without par value (issuable in series), and another class shall be Capital stock issued in connection with the acquisition of Superior$1,668,314
common stock without par value, and the designations, preferemces, priviScrew & Bolt Mfg. Co.,(15,500 shares at stated value)
77,500
leges and voting powers of the shares of each class and the restrictions or Discount on cony, gold notes purchased in anticipation of sinking
qualifications thereof are as herinafter set forth.
fund
1.200
Second: The authorized capital stock is hereby increased from 30,000
shares of 7% cumul. pref. stock, par $100 each, and 40,000 shares of comTotal
$2.526,718
mon stock of the par value of $100 each to 30.000 shares of the existing 7% Dividends paid
cumul. pref. stock of the par value of $100 each, and 50,000 shares of prior Reduction of good-will purch. to nominal value, organization and 519.171
pref. stock without par value, and 30,000 shares of pref. stock without par
financing expenses in connection with the acquisition of Superior
value, and 90,000 shares of common stock without par value. The capital
Screw & Bolt Manufacturing Co., &c
of the company shall be at least equal to the sum of the aggregate par value Elimination of appraisal appreciation of dies of Superior Screw & 776,547
of all issued shares having par value, plus the aggregate amount of considerBolt Manufacturing Co
38,845
ation received by the Company for the issuance of shares without par value, Provision for contingencies
50,000
plus such amounts as. from time to time, by resolution of the board of
directors. may be transferred thereto. All shares shall have full voting
Capital and surplus, Dec.31 1929
$1,142,155
powers.
Segregation of capital stock, 159,000 shares at stated value
795,000
Third: Of the 50,000 shares of prior pref. stock without par value so
authorized 21,000 shares shall be of a series to be designated $6 cumul.
Surplus, Dec. 31 1929
$347.155
prior pref. stock without par value, and may be issued from time to time as
the board of directors may determine. The remaining 29,000 shares of
Combined Summary of Income Year Ended Dec. 31 1929.
prior pref. stock without par value may be issued from time to time either [Including profit from operations prior to June 30 1929 of Superior Screw &
In whole or in part as a part of the series designated $6 cumul.prior pref. Bolt Mfg. Co., acquired as of that date. adjusted to reflect deduction of
stock, or as one or more other series, each series to be appropriately desig- interest for a full year on convertible 6 % notes issued as of Sept. 11929.)
nated by a distinguishing number, letter or title prior to the issue of any Gross profit, after all manufacturing expenses, except deprec- -51.847.439
shares thereof.
519.160
Administrative, general and selling expenses
Fourth: Of the 30,000 shares of pref.stock without par value so authorized,
21.000 shares shall be of a-series to be designated $7 cumul. pref. stock,
*1,328,280
Operating profit before depreciation
without par value and may be issued from time to time as the board may Other icome, less other deductions
15.568
determine. .The remaining 9,000 shares of pref. stock without par value
may be issued from time to time either in whole or in part as a part of the
note interest and Federal tax
Profit before
$1,343.848
series designated $7 cumul. pref, stock without par value or as one or more Depreciation depreciation,
233,123
other series, each series to be appropriately designated by a distinguishing Interest on convertible 6% gold notes
130,000
number,letter or title prior to the issue of any shares thereof.
Provision for estimated Federal income tax
102,943
Seventh: Whenever from time to time the company shall issue and dispose
of its bonds or debentures or its prior pref. stock, without par value or pref.
Net profit
$877.780
stock without par value of any series,it may,in the discretion of the board,
1930.
Earnings.for Quarter Ended March 311929.
Issue and deliver with an attached to any such bond or debenture, or issue
$272,251
and deliver with and attached to any certificate for such prior pref. stock Net earn,after all chgs.,incl., prov.for inc.taxes-- $192,283
159,000
143,500
without par value or pref. stock without par value, a common stock pur- Shs. cap.stk. outstand.(no Par)
$1.21
$1.89
chase warrant entitling the holder thereof to purchase during a limited period Earnings per share
not exceeding five Years from and after the date thereof common stock of -V.130, p. 629.
the company in such number of shares,atsuch price or prices and upon such
-Listing.
(Marshall) Field & Co.
other terms and conditions as may be prescribed by the board and as may be
The New York Stock Exchange has authorized the listing of 1,400,000
set forth in the warrant or partly in the warrant and partly in any agreement under which the warrant is issued. At all times during the life of any shares of common stock (no par).
Consolidated Income Accounts Years Ended Dec. 31.
such outstanding warrants the board shall keep in reserve an amount of the
1929.
1927.
company's unissued authorized common stock sufficient to provide for the
1928.
1926.
exercise of such warrants. Any bond or debenture issued with a warrant
$
$
$
$
attached thereto, as aforesaid, may be sold by the company to such persons. Net sales to customers_ _179,659,339 169,643,018 167,110,448 172.102.447
whether stockholders or not, as the board may determine, and no holder of Cost of sales & oper.exp-167,073.655 156.340.477 152,806,733 159,151,427
2,059,262
stock of the company of any class shall have any pre-emptive right to pur- Depreciation
1,961.397
2,042,317
1,943.288
chase any such bond or debenture or any share of common stock called for or
Net profitfrom oper - - 10,526,421 11,341.144 12,261,399 11,007,732
Issued pursuant to the terms of any warrant, and every stockholder of the
Ratio to net sales..- _ 5.86%
company by the acceptance of his certificate of stock shall be deemed to
6.68%
6.40%
7.34%
Int. received from notes,
have waived any such pre-emptive right.
590,422
241,183
Eleventh: At the election of the holder of each share of outstanding 7%
call loans, etc
515,048
560,845
cumul. pref. stock, par $100, there shall be issued in exchange for such share Miscellaneous income__ _
360,104
318.170
410,427
158,632
(including all claims to dividends thereon in arrears) one share of $6 cumul.
prior pref. stock without par value and one share of $7 cumul. pref. stock
Total profits
11.435,013 12,216,295 13,080,875 11,659,341
without par value, provided that such election is made by such holder at Interest paid
956.649
843,860
855.696
909,909
any time prior to the date urn which the board shall direct the payment of Minority int. in profits
any part of such dividends n arrears. In exchange for each share of out48,866
of subs
4.240
standing common stock of the par value of $100 there shall be issued one Miscellaneous charges..
94,685
97.176
67.702
88,301
share of common stock without par value. Such exchange of common Prov.for Fed.taxes_ _ _ _ 1,217,053
1,500,000
1.501,923 ..2,000.000
stock shall be made as soon as practicable after the changes authorized by
this resolution shall have become effective by the filing of appropriate
Surplus net profit..- - $9,218,713 $9,798,570 $10,082.666 $9,105,516
certificate or certificates. No additional shares of 7% cumul.pref.stock of Earns.per sin-Corn cl. A
$18.74
$22.17
$21.30
$23.55
the par value of $100 per shares shall be issued upon any such exchange.
Earns.per sh.-Com. cl.B
14.30
11.74
15.17
16.55
Earns.per sh. on present
President John J. Gilchrist, April 19, says:
corn. stock
5.02
4.94
5.64
5.44
As indicated in the annual report for the year 1929. the directors wish to
A pro forma consolidated balance sheet as of Dec. 31 1929 (after giving
present for the consideration and approval of stockholders a plan for recapitalizing the company, primarily for the purpose of offering to the holders effect to the proposedrecapitalization, sale of common stock and related
of the present pref. stock securities in exchange for their present stock so transactions) was given in V. 130, p. 1284.
that the company may begin paying dividends on its existing pref. and proFinance Service Co.
-Balance Sheet March 31.posed prior pref. and pref. stocks, and secondarily to provide securities
which may be sold for the future financing of the company.
Assets1930.
1929.
Liabilities1929.
1930.
To that end the board has adopted a resolution for such recapitalization Furniture & fixture $30,757
332,365 7% cum. pfd. stk. x$245,550 $248,980
and another resolution calling a meeting of the stockholders for May 17. Cash
429,479
523,402 Corn. stk. class A_ x622,920
628,900
next.
Notes reedy
3.038,101 2,988,633 Corn. stk. class B. x200,000
200,000
Under the plan submitted the holder of each share of outstanding pref. Accounts recelv.,
Coll. tr. notes pay_ 2,120,500 2,917,000
stock will be offered the privilege of exchanging his share (including all
less reserve
547,415 1,343,992 Res. for Fed. tax_
12,878
22,484
claims to dividends thereon) for one share of a new $6 cumul, prior pref. Accruedint. on
Unearned comm_ _ 159,754
stock and one share of a new $7 cumul. pref. stock. No change in the comnotes recelv
1,257
6,142 Res, for dly. on
pany's surplus is intended by such exchange. Dividends will begin to Interest paid In
pref. stock
1.432
1,452
accrue on both the new prior pref. stock and the new pref. stock on May 1
29,314
advance
38,919 Deere°. reserve___
17,766
15,574
1930. In order to make such exchange and to provide for the company's
ContIng. reserve_
164,812
future financial requirements the following authorization will be asked:
Paid-In surplus_ _ 384,165
388,366
(a) An authorized issue of 50.000 shares of prior pref. stock without par
Total(each side).84,076.324 54,933.456 Earned surplus.... 311,359
345,888
value of which 21.000 shares will be of a series to be designated "$6 cumul.
Represented by shares of $10 par value.
-V. 130, p. 806.
prior pref. stock" having priority over the outstanding pref. stock, a new
pref. stock to be created and the common stock to the extent of cumul. $6
Fine Art Foods Inc.
-Stock Offered.
annual dividends and to the extent of $100 per share (plus accrued and unStephen M. Foster & Co.. Inc., are offering 25,000 shares of the no par
paid dividends) in distribution of assets upon dissolution, and callable at value common stock at $25 per share.
$110 per share (plug accrued and unpaid dividends) and the remaining
Fine Art Foods, Inc., is a refiner of coffee and tea, producing concentrates
29,000 shares of authorized prior pref.stock without par value may be issued of these beverages in crystalline form. Company has a factory at Tuckahoe,
from time to time with such maximum dividend rate,such call price and such N. Y. and has in excess of 5,000 distribution outlets in New York
territory
distributive share upon dissolution as may be determined by the board, but in addition to other sales outlets throughout the country.
otherwise to be identical with the $6 cumul. prior pref. stock and
The present financing will supply funds with which the company will
(b) An authorized issue of 30,000 shares of pref. stock without par value undertake intensive sales and advertising activities in key cities and Metroof which 21,000 shares will be of a series to be designated "$7 cumul. pref. politan New York. The company will continue under the present managestock" having priority over the common stock to the extent of cumul. $7 ment.
annual dividends and to trio extent of $100 per share (plus accrued and unpaid dividends) in distribution of assets upon dissolution and callable at
Firemen's Fund Insurance Co., San Francisco.
$110 per share (plus accrued and unpaid dividends) and the remaining
9,000 shares of authorized pref. stock without par value may be issued from Plan New Indemnity Company.sutze & co., members of the New York, San Francisco and Los Angeles
time to time with such maximum dividend rate, such call price and such
distributive share upon dissolution as may be determined by the board but Stock Exchanges are understood to be heading a syndicate working with the
Firemens Fund Insurance Co. of San Francisco, in connection with plans
otherwise to be identical with the $7 cumul. pref. stock; and
(c) An authorized issue of 90,000 shares of common stock without par for the financing of a new indemnity company.
value of which 32,384 shares will be issued in exchange for the like number of
Firemen's Indemnity Co. of San Francisco.
shares of par common stock now outstanding, and 7.616 will be issued in
-Financing
Announcement is made of the formation of this company with a capitalizaexchange for the like number of shares of par common stock now in the
company's treasury.
tion consisting of 100.000 shares of capital stock of $10 par value to be,
3170
FINANCIAL CHRONICLE
subscribed for at $40 per share, thereby creating a surplus of $3,000,000.
The Firemen's Fund Insurance Co. of San Francisco will own 50,000 shares
in the new company and the remaining 50,000 shares will be
offered to stockholders of that company, the Home Fire & Marine Inenrollee Co. and the Occidental Insurance Co., all of record at the close of
business on May 10 1930, in the following ratios; one share for each 73
shares of common stock of Firemen's Fund Insurance Co.; one share for
each 15 shares of Home Fire & Marine Insurance Co., and one share for
each 30 shares of Occidental Insurance Co.
A syndicate headed by Sutro & Co., and including J. Barth & Co.,
Anglo-California Trust Co., and the Bank of Italy has underwritten any
=subscribed portion of the stock.
a stock
First American Corp.—Stock Offered.—A nation-wide
group headed by F. A. Willard Corp. April 29 offered the
no-par common stock of the corporation, recently organized
by F. A. Willard & Co., under the laws of Maryland. The
offering consisted of 5,000,000 shares priced at 113t. Price
of stock is determined daily from net liquidating value per
share.
13()
eration. Since Jan. 1 1930 this company has shown net average monthly
income of approximately $9,500, after all expenses, commissions to salesmen and salaries, and also after non-recurring charges of substantial
amounts.
"'As of March 31 1930 there were 760,754 shares of capital stock outstanding in the hands of approximately 1,800 shareholders,"
Income Account Year Ended March 31 1930.
Realized investment profits
$374,722
Cash dividends received
193,217
Proceeds from sales of stock dividends
175,233
Total
Interest
State capital stock taxes, &c
Reorganization expenses. &c
Provision for Federal income tax
$743.171
99,232
50,193
38,373
40,254
Net income
Profit and loss surplus, April 1 1929
$515,119
57,124
Gross profit and loss surplus
$572,244
Dividends paid—In cash
28,456
In capital stock of predecessor companies
167,904
The complete group offering the stock include the F. A. Willard Corp.,
New York: George H. Burr, Conrad & Broom, Inc.; San Francisco: Collin,
Profit and loss surplus March 31 1930
$375,884
Norton & Co., Toledo: Fletcher American Co., Indianapolis: Harris, Small
Balance Sheet March 31 1930.
& Co., Detroit; Matthews St Co., Ltd., Toronto: Moore. Hyams & Co.,
Inc., New Orleans; Parsly Brothers & Co., Philadelphia; The George C.
Liactitties—
Assets—
Riley Co., Cincimanati; I. M. Simon & Co., St. Louis; Stern Brothers & Sec titles owned, at cost__-- $6,058,912 Capital stock (760,754 shs.)_ $4,082,936
•Co. Kansas City; Watson, Williams & Co., New Orleans, and Weld, Grew Cash
,
318,013 Notes payable (secured).___ 1,700,000
& Co., Boston.
Items in course of collection_
15,977 Res've for Federal tax
32,150
The management of the corporation's funds is to be supervised and Due from subsidiary, J. M.
Capital surplus
334,708
all of its operations approved by a board of directors, who will also com132,776 Profit and loss surplus
Erickson, Inc
373,884
prise the directorate of First American Management Corp. Full details
Total
are given in V. 130, p. 2589.
Total
$6,525,677
$6,525,677
Notes.—The cost of the securities owned exceeds the value thereof based
First National Stores, Inc.—Sales—Earnings.—
on market quotations at March 31 1930 in the amount of approximately
Sales for the quarter ended March 31 1930, as previously reported, $1.995,000. Approximately 95% of the securities owned are pledged to
amounted to $27,717,257. Compared with sales of $20,516,367 for the secure notes payable.
Note.—The above statement represents combined operations of the predesame period one year ago, the result is a gain of $7,200,890, or 35%. Per
store sales for the quarter ended March 31 1930, as compared with a year cessor companies, Founders Holding Co., Inc., and Second Founders
Share Corp., for the period from April 1 1929 to Jan. 9 1930. and operations
ago, show a gain of 6.50%.
The present level of retail prices rf commodities handled is approxi- of the consolidated corporation from Jan. 10 to March 31 1930.—V. 129,
mately 8% to 9% below the prevailing retail prices of a year ago,expressed p. 1750.
In the family budget.
At the present moment, commodity prices are showing no further incliFox Film Corp.—Completion of Financing Plan Announced
nation to decline and it is the belief that the tendency Is toward firmer In
Offering of $55,000,000 6% Notes.—Completion of the
prices. Current profits are now normal.
A preliminary estimate of net profits for the quarter ended March 31 Fox Film Corp. financing plan was effected with the
1930, would seem to indicate that net profits will amount to $1.27 per the public offering May 1 of the largest issue of motion
common share, which would make the net profits for the year amount to
about $5.50 per share as compared with $4.24 per share for the year ended picture securities this year—$55,000,000 Fox Film Corp.
March 31 1929, on the average number of shares outstanding for both secured 6% gold notes, due April 15 1931. The notes are
periods.—V. 130, p. 2781.
being offered by a banking group headed by Halsey, Stuart
First Seattle Dexter Horton Securities Co.—Stock.— & Co., Inc., at 100 and int. The proceeds from the sale of
these notes have been or are to be used for the payment of
maturing obligations, including the company's $12,000,000
issue of 6% gold notes, due April 1 1930, and for other
corporate purposes. This temporary financing has been
effectuated pending readjustments in the company's affairs.
It is the opinion of the new management that permanent
financing can be accomplished within the. next 12 months
on terms far more advantageous to the company than at
present.
An issue of 20,000 shares 6% curn. pref. stock (par $100) was recently
offered by the company.
Dividends payable quarterly, January, April, July and October 1st.
Red.at the option of the company at par and div. on 60 days' notice.
Capitalization.
6% cum. pref.stock (preferred as to assets and dive.) authorized..$2,000,000
Common stock, 400,000 shares (no par value), all owned by the
stockholders of the First Seattle Dexter Horton National
Bank,fully paid for in cash to the amount of
2.000.000
Each person owning shares of stock in the bank owns a like number of
shares of the common stock of the company. The common stock of the
company cannot be sold separately by the owners. When a share of stock
of the bank is sold it carries with it a share of stock of the company. Therefore, at all times the stockholders of the bank will own all the common stock
of the company.
The holders of common stock are not to share in the earnings of the company until 6% has been regularly paid on the cum. pref. stock.
The First Seattle Dexter Horton Securities Co. was organized similtaneously with the consolidation of the First National Bank, Seattle National
Bank and Dexter Horton National Bank for the purpose of holding the
stocks of the affiliated banks and also as the investment subsidiary of the
consolidated institutions.
The First Seattle Dexter Horton Securities Co. Is controlled by the stockholders of the First Seattle Dexter Horton National Bank and the executive
committee of the bank constitutes the directorate of the company.
(Edward) Ford Plate Glass Co.—Consolidation.—
See Libbey-Owens Glass Co. below.—V. 130, p. 2401.
Foshay Tower, Minneapolis.—To Auction Tower.—
The 32-story Foshay Tower, erected at a cost of more than $2,000,000,
will go on the auction block at the Hennepin County Court House on May
26, according to the tentative arrangement made for the public sale by
the receivers.
Founders Holding Co., Inc.—Merges Second Founders
Share Corp.—
The stockholders of Founders Holding Co., Inc., and Second Founders
Share Corp. Jan. 7 approved the merger of both companies and the amalgamation was consummated on Jan. 10 1930 under the name of Founders
Holding Co., Inc. The authorized capital stock of the consolidated company
1.050.000 shares (no par) common stock, which was issued as follows'
(1) To stockholders of Founders Holding Co., Inc., share for share.
(2) To stockholders of Second Founders Share Corp., 4 shares for each
share of class A stock and 1 share for each 3 shares of class B stock (all
owned by Founders Holding Co., Inc.).
The original Founders Holding Co.Inc., was incorp. in March 1928.
and Second Founders Share Corp. was fncorp. in Feb. 1929.
The company's investments are comprised of securities of the United and
American Founders group of investment comiooanies and those of their
affiliates, listed as follows* United Founders Corp., American Founders
Corp., Investment Trust Associates, United States Electric Power Corp.,
Public Utility Holding Corp. of America, United States & Overseas Corp.,
National Aviation Corp., American & General Securities Corp., American
& Continental Corp., and North & South American Corp. In addition
to the foregoing, the investments include the capital stock of the company's
wholly-owned subsidiary, J. M. Erickson, Inc.
President J. M. Erickson in letter to stockholders April 17 says in part:
"The latter part of the year 1929 witnessed a drastic decline in stock
quotations, and while a sharp recovery has followed, investment trusts
as a group have not enjoyed the degree of recovery attained by utilities,
bank stocks, industrials and rails on the general list. With respect to
certain of the more important security holdings of your company, It should
be noted that United Founders Corp. and United States Electric Power
Corp. are currently quoted at about the same levels as at Jan. 1 1930, and
that the current market quotations of American Founders Corp. common
stock and Investment Trust Associates are far below similar quotations
at Jan. 1 1930. Company owns a substantial amount of United Founders
Corp. stock at an average cost of approximately $55 a share: as a result
of this, together with the recessions noted above, the investment portfolio
based on market quotations at March 31 1930 was $4,063,871, as compared
with the cost of 96,058,912. This decline has reduced the break-up value
of company's capital stock at March 31 1930 to approximately $3.65 a
share. However, in view of the past records of American Founders Corp.
would apand companies affiliated and associated with it. these conditionscompany's
pear to be temporary and it Is to be expected that the value of
capital stock should advance substantielly during the present fiscal year.of
Prior to the market recession referred to above, it was the practice
proceeds from
the predecessor companies to credit to income the entire cash the remaining
sales of stock dividends by reason of the fact that the cost of then market
portfolios was still substantially less than their value at the
quotations. Such stock dividends received subsequent to the decline have
been added to the portfolios and, in effect, serve to reduce the current
portfolio depreciation.
'As of the date of consolidation, Jan. 10 1930, company acquired the
remaining one-hail interest in J. M. Erickson, Inc., for a nominal consid-
Dated April 15 1930; due April 15 1931. Interest payable (A. & 0.) at
offices of Halsey, Stuart & Co. Inc.. in New York and Chicago, without
deduction for any Federal normal income tax not in excess of 2% per annum.
Principal will be payable at the principal office of the trustee in New York.
Denom.$1,000, $5,000 and $10,000. lied. all or part at any time and from
time to time on 10 days' written notice to the trustee and published notice
to the noteholders at the following prices and accrued int. from April 15
thereafter to and mud. Jan. 15
1930 to and incl. Oct. 15 1930 at 100
1931 at 1003;and thereafter to maturity at their principal amount. Cornpony agrees to reimburse the individual and partnership holders of these
notes upon application within 60 days after payment thereof for any State.
ea
Commonwlth.or District of Columbia personal property taxes or security
taxes, but in no event to exceed 5 mills per annum on each dollar of taxable
value of the notes, and any State, Commonwealth, or District of Columbia
income taxes on interest, but in no event to exceed 6% per annum of such
interest.
Data from Letter of W. C. Michel, V.-Pres., New York, April 29.
Company.—Organized in New York in 1915. Is one of the largest and
most prominently known companies in the world engaged in the production,
distribution and exhibition of motion pictures. Its production, which
consists of the highest type, embraces feature and educational pictures,
comedies and a Fox Movietone News service. Fox Film Corp. has taken
a leading position in the development of the so-called sound or talking
pictures through its interest in the Movietone system of sound recordation.
The production facilities of the company include ovez 100 acres of completely equipped studio properties in Los Angeles, Calif., designed for the
handling of color as well as sound films. In addition, at its executive
offices in N. Y. City, Fox Film Corp. operates what is believed to be the
most fully equipped laboratory in the world devoted to the developing
and printing of both sound and color films.
Through the company's 98 foreign branches, its product is distributed
throughout the world. Exhibition is engaged in primarily through its
wholly owned subsidiary. Wesco Corp., which through subsidiaries owns,
controls, operates or leases approximately 450 theatres, located in the middle
and far western sections of the country, many of which are outstanding in
their respective cities. This is in keeping with the company's policy of
theatre operation which is based on two clearly defined principles: first,
the operation of first-run houses in metropolitan distributing centers; and
second,the acquisition of neighborhood houses so located that they are in a
position to profit by the exhibition and advertising policies of the first-run
houses.
Fox Film Corp. has acquired from Fox Theatres Corp. the latter's holdings of common stock of Loew's Inc. Fox Film Corp. likewise owns all of
the capital stock of United American Investing Corp. which has a substantial stock interest in Metropolis & Bradford Trust Co., Ltd., owners
of 65% of the ordinary stock of lieu mont British Picture Corp., the largest
exhibitor of motion pictures in England. This latter company's theatres
extending throughout the British Isles, number over 300 and represent a
substantial film buying power.
A majority of the class B common stock and a substantial amount of
class A common stock of Fox Film Corp.and all of the class B common stock
of Fox Theatres Corp. an important purchaser of the former's film output,
are owned by General Theatres Equipment, Inc Fox Theatres Corp.
controls, through ownership by subsidiary companies, 178 theatres located
principally in the east, with 68 in New York City alone. Through its
relationship with General Theatres Equipment, Inc. Fox Film Corp. is
taking a leading part in the presentation of wide scope "Grandeur" films,
one of the most important developments in the motion picture industry
since the advent of sound.
Authorized. Outstanding.
Capitalization—
*4,900,000 shs. 2,420,660 shs.
Class A common stock (no par)
100,000 shs. 100.000 shs.
Class B common stock (no par)
$55.000,000
$55,000,000
Secured 6% gold notes (this issue)
* 300,000 shares have been reserved for the exercise of purchase options
at $35.00 a share.
The debt of the company shown above does not include bonds, mortgages
and purchase money obligations of wholly owned subsidiary companies
totalling $9,100.832, exclusive of $4,102,148 of debt maturing within one
year included in current liabilities. The 2,420,660 shares of class A and
100,000 shares of class B common stock, after giving effect as of Dec. 28
1929 to subsequent major transactions, to the application of the proceeds
of the present financing and to other transactions coincident thereto, have
a book value of 5102,208,511, an amount greatly in excess of this issue of
notes.
MAY 3 1930.]
-Notes are a direct obligation of the company and are specificSecurity.
ally secured under a trust indenture by the pledge of 660,900 shares of
common stock of Loew's Inc., listed on the New York Stock Exchange,
and all of the capital stock of United American Investing Corp., which
has a substantial stock interest in Metropolis & Bradford Trust Co., Ltd.,
owners of 65% of the ordinary stock of Gaumont British Picture Corp.
The capital stock of United American Investing Corp. represents an investment on the part of Fox Film Corp. of approximately $20,000,000.
Indenture provides that the proceeds of sale of any of the pledged stocks,
including any sale of corn mon stock of Loew's Inc. sold pursuant to a court
decree (such stock being the subject of litigation involving the anti-trust
laws) will be applied to the retirement of those notes.
-As at Dec. 28 1929, the consolidated balance sheet of
Equity and Assets.
Fox Film Corp. and wholly owned subsidiary companies, as prepared be
independent auditors, giving effect as of that date to subsequent major
transactions, to the application of the proceeds of the present financing
and other transactions coincident thereto, reveals net tangible assets,
without deducting this issue, of approximately $157,208,511 (including
over $9,800,000 of cash), an amount equivalent to $2,850 for each $1.000
of notes and a ratio of current assets to current liabilities of approximately
2.48 to 1.
-The consolidated net earnings of Fox Film Corp. and subEarnings.
sidiary companies, available for interest requirements on this Issue, after
maintenance, taxes, other than Federal income, depreciation, amortization and other deductions, including profits applicable to minority interests and interest requirements on the mortgage and funded debt of
subsidiary companies, for the two fiscal years ended Dec. 28 1929, as
reported by independent auditors, are as follows:
*$6.572,840 I Annual interest require1928
1929
*13,966.355 I ments on this issue_ _ _$3.300,000
*The 1928 and 1929 figures are before the deduction of special charges
consisting of obsolescence of silent films, scenarios and advertising accessories in the following amounts, respectively: $2,085,137 and $2.379,225.
In the figure given above for 1929, profits on the sale of securities of $5,612,608 have not been included, nor have there been deducted certain nonrecurring charges aggregating $938,364. The 1929 figure includes, in accordance with the corporation's regular accounting practice, its share of
undistributed earnings of affiliated theatre companies less than 51%
owned, which amounted to $512,635.
The company's equity in the earnings of Loew's Inc. for the fiscal year
ended Aug. 31 1929 amounted to $5,221,110, of which $1,982.700 was
paid in dividends to the then owners of said stock. No part of this equity
In the earnings of Loew's Inc. is included in the above statement of earnings.
-The ownership of a substantial amount
General Theatres Equipment, Inc.
of class A common stock of Fox Film Corp. and a majority of the shares
of class B common stock, resides with General Theatres Equipment, Inc.,
Whose outstanding securities and capital stock have a combined indicated
value, based on current market prices, in excess of $100,000,000. This
stock of Fox Theatres
corporation likewise owns all the class B common International Projector
Corp. and substantially all of the common stocks of
and other companies engaged in the
Corp.. National Theatre Supply Co.
manufacture or distribution of various types of theatre equipment.
Listing of Additional Stock Approved.
The New York Stock Exchange has authorized the listing of 1.600.000
additional shares of Class A common stock (no par), on official notice of
special
Issuance, in exchange for a like number of shares represented by for the
the company
certificates for restricted registration; and issued by A common stock (no
shares of Class
Purpose below stated and 300,000
Par). on official notice of issuance upon the exercise of Class A common
stock purchse warrants issued as below stated; making a total of 2,793,420
shares applied for out of a total authorized issue of 4,900,000 shares.
Authority For and Purpose of Issue.
At a special meeting of the directors April 17 the directors authorized
of
(a) the issuance to Fox Theatres Corp. of not exceeding 1,600,000 shares in
theretofore authorized but unissued Class A common stock (no par),
part payment for 660,900 shares of the common stock (no par), of Loew's,
Inc.(Del.), the balance of the purchase price of the 660,900 shares, namely,
$27,000,000, being paid partly in cash and partly by the cancellation of
claims of the company against Fox Theatres Corp., and (b) the issuance
also of 300,000 shares of such stock theretofore authorized but unissued
upon the exercise of the Class A common stock purchase warrants. The
above-mentioned stock purchase warrants were authorized at the meeting
to be issued to the bankers underwriting an issue of $55,000,000 of secured
6% gold notes of the company as compensation for their services in developing and consummating the financing plans of the company.
The 1.600,000 additional shares of Class A common stock have been
Issued and are now represented by "special certificates for restricted registration" and the purchase rights in respect of the 300,000 shares of such class A
common stock are represented by outstanding stock piurchase warrants.
evidencing the right to purchase class A common stock of the company upon
the terms stated below.
No capital surplus will be created through the issuance of the 1,600.000
and 300,090 additional shares.
-Company's funded indebtedness consists of $55.Funded Indebtedness.
000,000 of secured 6% gold notes, dated April 15 1930 and due April 15
1931. The funded indebtedness of the subsidiary companies is included
in the following table:
Capital Securities on April 211930.
Authorized Outstanding,
Stocks4,900,000 n.420,660
Class A com.stk.(limited voting rights)(no par)100.000
100,000
stock (voting)(no par)
Class B corn,
Funded Debt Dec. 28 1929 (Adjusted to Give Effect to Present Financing).
sinking fund
Fox Film Realty Corp. 1st mtge.6%
gold bonds maturing serially to Jan. 1 j942.... $1,700,000 $1,000,900
Fox Realty Corp. of Calle. 6% sinking fund gold
4,000.000 2,163.300
bonds maturing serially to March 1 1942
1.650,000
109,250
Fox West Coast Theatres, Inc.. 63.i% bonds
655,000
335,166
West Coast Theatres, 7% bonds
Fox
275,000
195,000
Balboa Building Co.7% bonds
190,000
190,000
Redlands West Corp. 7% bonds
55.000,000 55,000,000
Fox Film Corp. secured 6% gold notes
* Includes 1,600,000 shares of Class A common stock represented by
"special certificates for restricted registration."
Stack Purchase Warrants
.-The stock purchase warrants for Class A
common stock which have been issued as above stated entitled the holders
thereof to purchase, at any time on or prior to April 15 1933, an aggregate
of 300.000 shares of the Class A common stock at $25 per share. Appropriate provision is made in such warrants to protect the purchase right in
the case of reclassification of the Class A common stock or of the merger
or consolidation of the company into or with any other corporation.
Three Minority Holders Move To Withdraw Action Over
Financing.
A motion was filed in the New York Supreme Court April 29 by Stanley
M.Lazarus, attorney, to withdraw the suit he started on behalf of Arthur
G. Meyer, Allan I. Cole and Julius Toff, suing as minority stockholders of
class A shares of Fox Film Corp. to restrain the officers of the Fox enterprises from carrying out the so-called Halsey, Stuart plan to refinance
those corporations.
Financing Plan Under Fire.
-
Federal Judge William C. Bondy has signed an order to show cause
returnable May 6 against the proposed new refinancing plan. This order
was signed following the filing of papers by attorneys representing B.
Clay Krebs, of Philadelphia, and Wilhelmina, Heyman, stockholders,
who asked for an Injunction against the new refinancing plan.
Mr. Krebs is the individual who sued in the Supreme Court to restrain
the Bancamerica-Blair plan from taking effect and favored the Halsey
Stuart proposal.
In the new petition he claims that the Halsey-Stuart plan, on which the
same as orginally proposed, and in
reorganization is based, is not the
fact is more disadvantageous to stockholders than the Bancamerlca-Blair
plan.
Declares $1 Cash Dividend on Class A and Common Stocks
To Retire Dividend Scrip on May 15.
The directors have declared a quarterly cash dividend of $1 a share on
the class A and the common stocks, payable May 20 to holders of record
May 12.
The directors voted to call for redemption on May 15 the scrip which
was issued to stockholders on Jan. 15 in lieu of cash dividend payable on
that date.
3171
FINANC:AL CHRONICLE
Film rentals
Laboratory sales
Earnings for Quarter Ended March 31.
1929.
1930.
$11,757,904 $9,232,210
441,284
611,460
$12,369,364 $9,673,503
3,630,787
5,246,894
917,069
1,040,186
2,568,341
3,036,653
Gross income
Films written off
Participations
Expenses,&c
Balance
Profit from threatre & real estate operations
Profit of Wesco Corp
13,045,631 $2,557,306
90,961
147,614
442,203
1,411,439
$4,604,684 $3,090,470
Profit before Federal taxes
H. L. Clarke, President in a letter to stockholders states:
"You will note that these earnings have increased $1,500,000 over the
same period for 1929. after writing off Inventory of $5,246,895. which Is
$1.600,000 more than for the corresponding period in 1929. Quarterly
statements of your company, together with items of interest occurring
during such period, will be mailed to you regularly in the future.
"The present management of your company has already been able to
consolidate operations of your properties so that over $2,000,000 is being
saved per annum. Many further economies will be effected.
"A statement regarding your company's financial position and its plans
-V. 130, p. 2974.
for the future will be forwarded to you shortly."
Gabriel Snubber Mfg. Co.-Earnings.1929.
.
Quer. End. Mar.311930.
Net profit after deprec.,
loss$56.789 loss$26,678
taxes, &c
Earns. per sh.on 200,000
Nil
Nil
A & B shs.(no par)_ _ _
-V. 130. p. 2818.
1928.
1927.
$91,016
$333,952
$0.45
$1.67
-Probable AcquiGeneral American Tank Car Corp.
sition, &c.
Chairman Max Epstein is reported as saying that this company might
acquire the French subsidiary of the Pullman Co. Mr. Epstein said that
the company's first quarter results this year were the best ever reported
for any first quarter by the company and one of the best quarterly results
ever obtained in the company's history.
In the first quarter this year the corporation reported net income after
all charges of $1,703,917 equivalent to $2.21 a share on 771.000 approximate
average number of shares outstanding during the quarter, and to $2.17 a
share on 786,500 shares of capital stock outstanding at the end of the
quarter.
-V. 130, p. 2974.
-Outlook Favorable.
General Asphalt Co.
The outlook for earnings during the closing three quarters of 1930 ti
favorable,said President Arthur W.Sewall. The March quarter is normally
a dull one, duo to the seasonal character of the company's business, building
operations and road construction usually being practically at a standstill
-V. 130, p. 2974.
during the Winter months.
-Changes Name.
General Instrument Corp.
In connection with the change of this corporation's name from General
Instrument Corp. to Commercial Instrument Corp., the following announcement says:"The change was made due to the fact that there was a General
Instrument Corp. operating in New York and in order to eliminate confu-V.130.
sion the stockholders thought it advisable to change the name."
p. 1287.
-Plans To Refund Present OutGeneral Motors Corp.
-To Issue New 5% Pref. Stock.
standing Senior Securities
After the regular meeting of the board of directors held on
May 1, President Alfred P. Sloan Jr. made the following
announcement:
The directors have declared on the outstanding common stock the regular
quarterly dividend of 75 cents per share, payable June 12 1930, to holders
of record May 10 1930. The regular quarterly dividends were also declared
on the senior securities payable Aug. 1 1930, to holders ofrecord July 7 1930.
In addition the directors recommended for the consideration of the
stockholders at a special meeting called to be held on May 26, the creation
of a new issue of 6,000,000 shares of 5% preferred stock. No new financing
is involved, or contemplated at the present time but the proposed 5%
preferred stock is intended to be used for refunding present outstanding
senior securities by offer to exchange on the following basis.
In respect of 1,355,738 shares of outstanding 7% preferred stock, 1.35
shares of the new stock for each share of the 7% preferred stock
In respect of 14,105 shares of 6% preferred stock outstanding, 1.10
shares of the new stock for each share of the 6% preferred stock.
In respect of 19,317 shares of 6% debenture stock outstanding, 1.15
shares of the new stock for each share of the 6% debenture stock.
Subject to the necessary approval of the proposal by the stockholders,
It is contemplated at a later date to call the unexchanged stock at $125 a
share for the 7% preferred stock, $110 a share for the 6% preferred stock.
and $115 a share for the 6% debenture stock. The exchange does not
give rise to any Federal income tax liability and further, since in connection
with the transaction a substantial amount of existing surplus will be capitalized, the exchange should be attractive to the present holders of our
senior securities. At the same time the corporation benefits by a simplification of its senior security structure and by a reduction in the annual
amount payable as dividends on its preferred shares.
Upon the exchange and retirement of the present outstanding senior
securities,the new 5% preferred stock will constitute the only senior security
of the corporation outstanding, and will be vested with all the rights,
privileges and preferences enjoyed by the present 7% preferred stock.
The entire transaction, if approved by the stockholders, is to be underwritten by J. P. Morgan & Co.
-An official
Frigidaire Corp. Breaks all Shipment Records.
announcement says:
when 214
All shipment records of Frigidaire Corp. were broken April 30
carloads of electric refrigerators left the factories consigned to 46 States
and 5 foreign countries. The previous best day's record was on May 31
1929 when 121 carloads were shipped. Two weeks ago the Frigidaire Corp.
began a million dollar newspaper advertising campaign to run 10 weeks.
Itiwas predicated upon a record breaking first quarter and a 100% increase
-V. 130, p. 2974.
n show room visitors.
-Extra Dividend, &c.
General Refractories Co.
At a meeting of the board of directors held on April 28 the regular quarterly dividend of $1 per share plus an extra dividend of 25 cents per share
was declared, both payable May 26 to holders of record May 10. Like
amounts were paid on Nov. 25 1929 and on Feb. 25 1930.
1926.
1927.
1928.
Earns.Calendar Years- 1929.
$2,937,104 $1,862,284 $2,140.853 $1,993,608
Net earns, from oper64.268
86.011
199,221
236.669
Miscellaneous income-- _
83,173.772 $2,061,506 $2,226,864 $2.057,877
Total income
20,329
22.215
23.279
83,049
Bond disct. & expenses-271.476
249,242
166,114
262,682
inc.tax.
Corp.,munic.&
286.981
275,849
265.377
13,335
Int.on bd.& float. debt.
Deprec. & deple. reserve
237,323
253,998
232,154
261.581
from earnings
$2,553,124 $1,374,581 81,425.560 11,241,768
Net income
614,028
671,999
675.000
1.280,000
Dividends
11.353,124
Balance, surplus
2,851.241
Prey.surplus (sell.)Unamort. bond disc. exp.
& prem.written off_ _ _ Dr.554.492
Total surplus
Capital stock
Paid in surp
1699.581
7.458,180
8753,561
7.139.389
8627.739
6,650,048
$3,649.872 88,157,761 87,892,950 87,277.787
8,040,038 8,006.917
8,076,695
12,951,695
5.175,510
Value of capital stock
$21,777,078 $16,234,456 $15,932,988 $15,284,704
Dec. 31
224.349
223.410
225,000
00 000
She.cap.stk.outst (no Par) 3 .
$6.35
$5.56
$6.11
$8.51
Earned per share
3172
Balance Sheet Dec. 31.
1929.
1929.
1928.
1928.
4.43a3$
$
Liabilities$
$
WI eat., bldgs., tvc15,298,254 15,119,411 Capital & surplus x21,777,078 16,234,453
Patents at cost_..
3,608,000
28,851
32,988 1st mtge. 85. 1952_
150,000
Cash
973,522
149,967 Bills payable
Bills receivable- -- 405,630
350,704
121,384 Accts. payable_ -- _ 140,783
256,389
Accts. receivable-- 1,385,270 1,285,999 Accrued accounts_ 188.949
Inventories
168,750
2,754,121 2,703,090 Dividends payable
Accrued interest
48,160
1,651 Reserve for Federal
111,320
Employees'mtges200,000
2,718
2,539 income tax
Misc. Investmls__ 978,734
811,747
Deferred accounts_ 433,528
650,815
Dep. with trustee_
Tot.(ea. side)-22,304.790 20,879,831
62
x Capital stock of no par value; authorized and outstanding, 300,000
shares.
Earnings for Quarter Ended March 31.
1927.
1928.
1930.
1929.
Earnings before taxes.
$677.241
Interest, &c
$390,982
$738,365
939,156
86,129
Corp. munic.& inc. taxes
45,634
18,042
97,235
56,182
Interest on bonds
55.177
54,120
14,170
Int. on floating debt _ _ _
12.120
11.06.3
10,130
64,870
Deprec.& depletion- - _ _
61,761
70.817
64,330
$216,289
168,750
$455,888
167.214
$141,744
$47,539
$288,674
225,000
$2.63
225,000
$0.97
222,910
$2.05
Balance
Dividends
$760,041
375.000
$591.744
450,000
Surplus
Shs. cap. stk. outst'd'g
(no par)
Earns, per share
-V.130, p.2401.
$385.041
300,000
$2.53
General Electric Co.
-Price Reductions.
The company has announced, effective immediately, price reductions
of from 3% to 5% covering various standard lines of electric apparatus.
These reductions were made as a reflection of the recent recession in the
price of copper.
Order for Cables.
Twelve power cables, the largest ever made, will be laid simultaneously
within the next 2 mo.aths on the bed of the Delaware river near Baltimore
by the Consolidated Gas & Electric Power Co. The cables, now being made
at the General Electric plant at Schenectady, N. Y., will be approximately
2,200 ft. long, 434 inches in diameter and each will weigh 35 tons on the
reels. The cables will carry 35.000-volts to a rapidly growing section of
Baltimore on the other side of river. The 12 reels will be shipped from
Schenectady, N. Y. to Baltimore as a trainload.
-V. 130. p. 2781.
General Steel Castings Corp.-Pref. Stock Offered.
Drexel & Co., Philadelphia, are offering 20,000 shares $6
cumulative pref. stock at $100 per share. The offering involves no financing on the part of the company.
Transfer Agent, J. P. Morgan & Co., New York. Registrar, City Bank
-J. Preferred over
New York. Dividends payable Q.
Farmers Trust
Co..
common stock as to $6 cumulative dividends and in voluntary or involuntary
dissolution or liquidation as to assets up to $100 per share. Red. all or
part after July 1 1934 upon not less than 30 days' notice at $110 per share
and diva. Dividends exempt from the present normal Federal income tax.
Free of present Penn. 4-mills personal property tax.
Convertible into common stock at any time on or before July 1 1936, at
the rate of 1 1-3 shares of common stock for each share of preferred stock.
Provision has been made against dilution of the conversion rights.
Authorized. Outstanding.
Capitalization1st mtge. gold bonds,5 % series A,due 1949-- $50,000,000 $20,000,000
$6 cumul. preferred stock (no par)
100,000 shs. 100,000 shs.
Common stock (no par)
900,000 shs. 452,000 shs.
Data from Letter of Robert H. Ripley, Pres. of the Corporation.
Business.-Orrporation specializes in the production of large and intricate
one-piece steel castings with a wide field of application in industry and
transportation. These integral castings have been generally accepted as a
form of construction superior to similar units built up on many individual
parts and include one-piece locomotive beds, water bottom tender frames,
freight car under frames and passenger car platform and end frames. In
addition, the corporation is in a position to furnish heavy steel castings of
practically every description.
The corporation was formed primarily to serve the locomotive and car
industry. The Baldwin Locomotive Works, American Locomotive Co.,
Pullman,Inc., American Steel Foundries and American Car & Foundry Co.,
the largest users of such steel castings, hold or have arranged to acquire a
substantial interest in, and take an active part in the management and
policies of the corporation.
Properties.-Corporatlen acquired in July 1929, the property and assets.
including the valuable patents, of Commonwealth Steel Co. with a plant
at Granite City, Ill., now operated as the Commonwealth Division of the
corporation, which has a rated capacity of approximately 6,000 tons of
finished steel castings per month. A new plant of modern design and of
similar capacity,located on the Delaware River at Eddystone, Pa.,adjacent
to the Baldwin Locomotive Works, will be completed and in operation by
July 1 1930. Funds for such completion are held by the corporation in its
Eddystone Construction Fund. This new plant, with the Seaboard plant
of American Locomotive Co. and the Thurlow plant of American Steel
Foundries, acquired Dec. 31 1929. and located on the Delaware River at
Chester, Pa., comprise the Eastern Division of the corporation. Both
divisions are adequately served by trunk line transportation facilities.
Earnings.
-The Eddystone Plant is not yet in operation. Actual net
earnings, including income from securties owned, of the Commonwealth
plant and of the 2 plants at Chester, Pa., for the past 6 years (after all
operating expenses, depreciation and taxes, except Federal taxes) deductions comprising annual charges for bond interest, amortization of debt
discount, patents and organization expense, and estimated Federal income
taxes, all on the basis that present charges were applicable in each of the
6 years and the resulting balance aballable for dividends were as set forth
below:
Net Earnings Deductions
Balance
for Dies.
as Above.
as Above.
1924
82,702,846 $1.560,963 $1,141,883
1925
1.825,149
1,455,640
369.509
1926
3,180,146
1,618,239
1,561,907
1927
2.062,233
1,484,090
578,143
1928
1.879.909
1,462.211
417,698
1929
3.998,862
1,716,485 2,282,377
The annual dividend requirement on the outstanding $6 preferred stock
Is $600,000. The balance available for dividends as above fc • the 6
-year
period averages over 1% times such dividend requirement annually and
for 1929 is over 354' times such dividend requirement.
No earnings from the Eddystone Plant are included in the above figures
though deduction Is made for all present fixed charges of the corporation.
At 10% on the cost of the Eddystone plant, the net earnings therefrom
would be approximately $1,300,000 annually, as compared to actual net
earnings of over 17% on the average plant investment at the Commonwealth plant for the above 6
-year period, adjusted to the basis of cost
thereof to General Steel Castings Corp.
For the first quarter of 1930 actual net earnings of the operating plants
exceeded the net earnings for the corresponding period of 1929.
Listed.
-The $6 cumulative preferred stock is listed on the New York
Stock Exchange.
Balance Sheet Dec. 31 1929.
Assets-82,104,276
Cash
64,001,774 Accounts payable
1,102,331
Marketable securities (at cost) 6,075,565 Accrued accounts
150,000
3,065,369 Dividend payable Jan. 2---Accounts receivable
395,000
Inventories
1,821,474 Provision for Federal tax_ _
c8,137,609 1st mtge. 5)4% series A_ _ _ 20,000,000
Special cash deposit
a6,686,667
129.499 $13 cum. pref. stock
Investments
b22,600,000
26,720,407 Common stock (no par)
Plant assets
1,503,347
45,065 Surplus
Prepaid accounts
3,685,685
Patents, good-will, &c
854,521.621
Total (each side)
1,039,174
Deferred charges
a Represented by 100,000 shares no par). b Represented by 452,000
shares (no par). Of the 900,000 shares authorized there are reserved for:
Conversion of preferred stock. 133,333 shares warrants bailable to pref.
[VOL. 130.
FINANCIAL CHRONICLE
stockholders, 7.530 shares warrants attached to bonds, 100,000 shares
management profit -sharing plan, 46,667 shares total, 287,530 shares.
Of the outstanding 452,000 shares of common stock 420,000 were issued
for $21,000,000 in cash and the remaining 32,000 shares were issued for
properties valued at $1,600,000.-V. 130, p. 630.
General Theatres Equipment, Inc.
-Common Stock
Offered.-Pynchon & Co., West & Co., W. S. Hammons &
Co., Tucker Hunter Dulin & Co., Folds, Buck & Co. and
Bauer, Pogue, Pond & Vivian are offering at $48.50 per
share 433,000 shares (v. t. c.) common stock (no par value).
Transfer agents for voting trust certificates: Commercial National Bank &
Trust Company of New York and office of the company, Chicago. Registrars for voting trust certificates: Chase National Bank of the City of New
York and Continental
-Illinois Bank & Trust Co. of Chicago.
Company was incorp. in 1929 in Delaware to acquire a number of the
leading companies engaged in the manufacture and distribution of motion
picture and theatrical equipment and supplies. Company has now acquired
the control of Fox Film Corp. and Fox Theatres Corp., which together comprise a completely integrated unit and one of the largest and most successful
motion picture groups in the United States.
Financing arrangements have been completed for Fox Film Corp. and
Fox Theatres Corp.. which have resulted in providing approximately
$100,000,000 for current obligations and working capital, leaving both
companies in strong financial condition. In this connection Fox Film
Corp. has sold $55,000,000 secured 6% gold notes (see above) and Fox
Theatres Corp. has sold 1,600.000 shares of Class A common stock of Fox
Film Corp., which it acquired as part consideration for the sale to Fox
Film Corp. of 660,900 shares of the common stock of Loew's, Inc.
General Theatres Equipment, Inc., owns 50% of the capital stock of
Grandeur,Inc.,apd practically all of the outstanding stocks of International
Projector Corp. and nearly 90% of the outstanding common stock of
National Theatre Supply Co. International Projector Corp. manufactures
over 75% of the motion picture projectors used in theatres throughout the
world and controls important patents on sound projection equipment.
National Theatre Supply Co. maintains a nation-wide distributing organization for all types of equipment used in theatres.
Earnings.
-The pro forma condensed consolidated statement of profit
and loss, for the 12 months to Dec.31 1929 of General Theatres Equipment,
Inc., and its subsidiaries (including the result of operations for a full 12
months' period of all subsidiaries acquired within the year, adjusted for
non-recurring expanses for the period prior to acquisition amounting to
$21,270.28), after adjusting for bond interest and amortization eliminated
by the present financing, and including a full year's dividends on the shares
of Fox Film Corp. Class A and Clam B common stocks at the annual rate
paid for the past 4 years,shows total income before interset• bond amortization and expense, depreciation and Federal income tax, of $7,331.968.
Maximum annual interest requirements on the company's funded debt
presently to be outstanding will be 81,800,000. These earnings do not
reflect the equity of General Theatres Equipment,Inc.,in the undistributed
earnings of Fox Film Corp.
Through a subsidiary, General Theatres Equipment, Inc., has developed
new types of camera and projector equipment for use in the non-theatrical
field, and it is expected that cotnmer,is I production of these will be started
shortly. Giving effect to estimated earnings from this source, and also to
earnings accruing to General Theatres Equipment, Inc., through the installation of a substantial number of Grandeur projectors during this year,
it Is believed that the net income of General Theatres Equipment, Inc..
and its subsidiaries for 1930 will be in excess of $14,900,000,including annual
dividends on its holdings of Fox Film Corp. Class A and Class B common
stocks on the basis above mentioned.
The proceeds of the present sale of common stock will provide in part the
funds required by the company to cover its obligations in connection with the
Purchase of 50,101 shares of Class B common stock (a majority ofsuch stock)
and not less than 1.000,000 shares of Class A common stock, of Fox Film
Corp., and all of the outstanding shares of Class B common stock of Fox
Theatres Corp.
-See also V. 130, p. 2974.
Listing of Bonds and Additional Stock.
The New York Stock Exchange has authorized the listing of $30,000,000
10
-year 6% cony, fold debentures due April 1 1940.
The Exchange has also authorized the listing of voting trust certificates
representing 617,000 additional shares of common stock (no par) on official
notice of issuance and payment therefor in full in cash, voting trust certificates representing 630,000 additional shares of common stock on official
notice of issuance on conversion of $30,000,000 6% convertible gold debentures, due 1940, voting trust certificates representing 300,000 additional
shares of common stock on official notice of issuance upon the exercise of
stock purchase warrants, and voting trust certificates representing 24,705
additional shares of common stock no official notice of issuance under offer
for common stock of National Theatre Supply Co., making the total amount
applied for voting trust certificates for 3.777,955 shares of common stock.
-V.130. p.2974.
(Adolf) Gobel, Inc. & Subs.
-Earnings.
Calendar Years1929.
1928.
Net sales
$46,032,417 $21,244,819
Cost of sales,sell., deity.. gen.& admin. expenses..- 45,123.498 20,221,722
Depreciation
351,514
197,354
Other deductions
118,637
2,487
Total profit
Int.on funded debt,incl, amort.of disc. & exp_ _
Provision for Fed,taxes on Inc
$438.769
137,472
32,662
$823.257
88,191
85,535
Netincome
Adolf Gobel Inc., proportion
Subsidiaries preferred dividends
$268,635
261,221
129,922
$649,531
Balance,surplus
$131,298
Surplus at beginning of period
1.081,146
Adjust. ofreserve for contingencies
Equity in surplus of Jacob E. Decker & Sons, Jan.
1 1929
136,043
Miscellaneous surplus adjustments
11,030
$563,332
503.554
16,269
Surplus, Dee.31
86,199
Dr.2,009
81.359,518 $1,081,146
Consolidated Balance Sheet, Dec, 31.
1928.
1929.
1929.
1928.
AssetsLiabilities
$
Cash
264,211 Notes Pay. banks 1.446,500
324,319
738,000
Accounts receiv
1,153,813 1,102,367 Notes pay.-trade,
Notes & miscell.
sec
36.250
98,985
accts. recelv__ _ _
73.799 Accts. pay., Incl,
69,230
Mortgages reedy.
lib. for merch.
27,871
3,148
Due from officers_
in transit
4,000
529,814
399,913
Inventories
1,382,939 1,552.155 Miscell. accts.pay _ 138,163
106,134
Prepaid expense- _ 139,910
123,414 Due to officers_ _ _
67,295
41,168
Miscell. invest &
Federal taxes
108,048
3,700
accts. reedy _ _
85,373 Fund. debt due
65,159
Investe.in corn.stk.
1930
25,000
ofJacob E.DeckDue to Jacob
er & Sons
Decker & Sons_ _ 119,992
2,033,892
Capital assets_ _ _ _ y5.008,156 4,582,055 Mtgs. pay., on deTJnatuort. disc. &
mand
112,800
121,300
exp. on bonds_
71,119 Mtgs.). pay., due
58,955
Organization expa.
87.815
after one year _ 311,000
79,887
276,000
Good-w111, includ.
10-Yr. 6% sink
agency
fund notes
coon%
600,000
800,000
killing rights dr
1st mtge.6lig Geo.
Prov.routes_ _ _ _ 1,784,787 1,733,475
Kern,Inc
596.000
525,500
Res,for owning_ _
9,244
7,545
George Kern,Inc.,
25,080
7% Pret
Merkel, Inc., 8.54% pest
927,313 1,002,708
Merkel, Inc.,
% cony. prefs.
40,135
Minority interest
590.758
Common stock _ _ _15,714,351 3,382,018
Earned surplus_ _ _ 1,359,518 1,081,148
Tot.(each alde)..12,086,003 9,683,654 Capital surplus_ _ _ 308,791
309,708
x Represented by 430,939 shares of no par stock. y Total capital assets
$5,865,213 less total depreciation 8859.057.-V. 129. p. 2865.
MAY 3 1930.]
FINANCIAL CHRONICLF
Gilchrist Co.
-Additional Common Stock Listed.
-
There have been added to the Boston Stock Exchange list 2,207 additional shares (no par) common stock, making the total number of shares
Hated 113,166. The shares were authorized by the board of directors on
March 25 1930, to be issued as a 2 stock dividend payable April 30 to
holders of record April 15, and the directors further ordered that $5 Per
share be transferred from surplus to capital account and capitalized in
respect of such stock dividend.
Upon issuance of these additional shares the capitalization of the company will be 200,000 shares of common stock, of which 113,166 shares will
be outstanding.
-V. 129, P. 3175.
Golden State Milk Products Co.
-Stock Dividend.
-
The directors have declared a 2 3-5% stock dividend, payable June 30
to holders of record May is. Three months ago a stock dividend of the
same amount was paid.
-V. 130, p. 1470.
Grand Union Co.
-Sales Higher.
Store sales for four weeks ended April 26 1930 totaled $2,832,415, Comparing with $2,414,637 for the corresponding period of 1929, an increase
of 8417.778, or 17.3%.
Quarter Enied March 311929.
1930.
Retail sales
$8,871,693 $7,514,216
Jobbing sales
518,730
504,468
Store profits after all charges, incl. Federal taxes
250,129
205,766
Net profits of company after all charges and taxes
235.867
x210,600
Shares common stock outstanding
242,049
262.615
Earnings per share
$0.42
$0.36
x Before Federal taxes.
-V. 130. p. 2592.
(W. T.) Grant Co.
-Easter Business a Record.
Sales for Easter Week were 26.4% in excess of Easter Week in 1929 for
the entire company, and a 10.4% increase in the same stores open during
both periods. For the five weeks ended April 19, sales gained 16.64%
over the corresponding period last year, including the two weeks previous
to Easter in both years. For the same period the same stores open during
both periods showed a gain of 2.76%.-V. 130.P. 2975.
Greenway Corp., Baltimore.
-Extra Dividend.
-
The directors have declared the payment of a 6% regular dividend
and a 2% extra dividend on the common and pref. stocks, all payable
May 15 to holders of record May 1. Like amounts were paid on Feb. 15
last.
-V. 129. p. 3973.
-To Increase Stock.
Guardian Investors Corp.
The directors have authorized the calling of a special meeting of stockholders on May 20 to vote on increasing the authorized common stock
(no par value) from 500,000 shares to 700,000 shares. Stockholders of
record May 5 will be entitled to vote.
-V. 128, P. 3197.
-Earnings.
-(M. A.) Hanna Co., Cleveland.
1927.
Calendar Years1928.
1926.
1929,
Net profit
- 35,555,670 84,525,342 $3,005,476 $3,609,913
454,750
631.570
409.485
Interest on funded debt
533.710
1,211.099
1,375,335
1,419,091
Depreciation & depletion 1,118,392
92,335
Federal taxes
93.006
233,656
257,244
Consolidated Balance Sheet March 31.
•
1930.
1929.
1930.
Assets
Meat ities-Plants & prop_ _ _20,515,218 31,467.572 Common stock-315,076.975
Cash
1,401,595 1,177,068 Preferred stock_ _ -11,424,100
Accts. receivable_ 4,418,683 5,234,640 Accts. payable- 437,353
Collateral loans_ _ 2,500,000
Prof. div. payable_
99,961
Invest. securities_ 753,107
603,522 Deferred credits__ 120,919
Liberty bonds_ _ _ 2,349,200 3,371,700 Fed. taxes (eat.).. 525,268
Math & supplies. 4,262,376 4,402,146 Reserves
3,014,127
Finished products_ 2,989,900 3.155,138 Profit az loss
13,641,474
Deferred charges__ 144,237
171,070
Good will
.5,005,860
1929.
14,950,000
11,424,100
704,297
99.961
229,216
551,725
8,119,555
13,504.003
Total
44,340,178 49,582,857
Total
44,340,178 49,582,857
x Represented by 603,079 shares of no par value.
-V.130, p. 809.
Hershey Chocolate Corp.
-Earnings.
Quarter Ended March 31Sales
x Cost of goods sold
Expenses
1930.
1929.
1928.
$11,450,059 $11,180,223 811,032.119
8,051,084
7,864,825 8,287,623
637,676
676.873
678.392
Operating profit
Other income
32.761.299 42.638.525 82,066,104
113,114
65,403
155.080
Total income
Cash discount,&c
Federal taxes
32.874.413 82,793,605 32,131,507
267.426
219.582
192.278
286,769
308,883
296.464
Net income
Prior preferred dividends
Cony,preferred dividends
Common dividends
82,320.218 32.265,140 81,642.765
121,201
156.4311
567.808
643,574
350.0001
847,766
Surplus
8707.677 81,758.709 31.074.957
Shares com.stock outstand.(no par)678,213
650.000
650.000
Earns, per share
$2.65
$1.52
$2.57
x Includes reserve for adjustment of inventory fluctuations.
Consolidated Balance Sheet March 31.
1929.
1930.
1930.
1929.
AssetsLiabilities
8
$
Land, buildings,
6% prior pref. stk. 8,248,200 14,550,000
machinery.aze.._16,018,368 15,281,806 $4 pref.stock
x321,787
350,000
Cash
1,126,041 1,193,792 Common stock
678,213 y650.000
Call loans
3,500,000
Accts. payable__
861,839 1,267,141
Accts.receivable- 1,958,624 2,051,820 Accrued Fed. taxes 971,975
793,553
Inventorl&I
9,659,299 5,503,257 Accrued dividends 222,755
250.291%
Investments
5,500,000 Accr. exp., tax, &c 819,318
857,08:i
Preferred stock in
Depreciation res
7,274,652 6,981,454
treasury
4.686,176 Sinking fund
483,750
483,75.
Deferred assets... 206,515
363,029 Surplus at organ's_ 2,389,320 2,389,8211
Earned surplus_ ...10,196,532 6,010,772
Total
32,468,847 34,583,880
Total
x Represented by 321.787 no-par shares.
no-par shares.
-V. 130, p. 2221.
x Net corporate profit. $3,646,323 $2.425,430 $1,247,292 $1,547.681
Heywood-Wakefield
Previous surplus
2.325.961
1.614,052
2,907,838
4,863,602
Quarter Ended March 31Miscellaneous adjust_ _ _
Cr.78,292 Dr.64,525
Dr.7,302 Cr.343,400
Net loss after charges
Realized from sale of
-V.130, p. 1471.
common stock
2,259.765
10,475,016
Total surplus
$18,977,639 $5,094,791 $6.493,187 $3,097,208
Dividends paid by Co.:
On 1st pref. 7% cum783,958
Divs. paid by other co.'s
controlled (but not
wholly owned)(net)-..
189,370
167.225
231,190
321,473
4.000.000
Transf. to dep. res. acct.
Decl.in consol.surpl. belonging to minor'y int.
due to dropping co.'s
from consol. bal. sheet
414,262
3173
32,468,847 34,583,880
y Represented by 678.213
Co.
-Earnings.
1930.
1929.
$95,287 sur$13,627
1928.
$122,295
Holly Sugar Corp.
-Co-registrar.
The American Express Bank & Trust Co. has been appointed co-registrar
for the common and pref. stock.
-V. 129, p. 3973.
Home Fire & Marine Insurance Co. of San Francisco.
See Firemen's Indemnity Co. of San Francisco above.
-V. 128. La. 1407.
Houston Oil Co. of Texas.
-Bonds Offered.
-A syndicate
headed by Mackubin, Goodrich & Co. of Baltimore, Whitaker & Co. of St. Louis; the Baltimore Co. Baltimore and
West & Co., Philadelphia, is offering $12,000,000 series A
10
-year 53.% sinking fund gold bonds at 97 and int., to yield
5.90%.
Dated May 1 1930; due May 1 1940. Interest payable M. & N..a
Bankers Trust Co., New York, at the
Surplus carried to balance sheet
317,457,945 $4,863,602 $2,325,962 $2,907.838
x Of which applicable to the M. A. Hanna Co.stock: In 1929,$3,698,624
in 1928. $2,231,220 in 1927, $1,112,958 and 1926, $1.496,389.
Consolidated Balance Sheet Dec. 31.
Maryland Mist Co. Baltimore.
Md., trustee, or at Boatmen's National Bank, St. Louis,
1928.
1929.
1928.
1929.
without
LtabilUies
deduction for any Federal income tax not exceeding 2%. DenOm. $500
$
$
Assets$
$
and $1,000 c*. Red. all or part on 60 days' notice at 103 and int. less
Property accounts. 7,290,328 25,604,924 $7cum. pref. stk_c13,556,900
Cash
170,088 1st pref.7% stock_ 524,700 11,199,400 34 of 1% for each full year elapsed from date of issue to date of redemption.
101,874
-Application will be made to list these bonds on the New 'York
Listing.
3,186,000
U. S. Govt. secur
500,000 2d cony. 8% pref_
.
Due from eust'rs- 2,388,472 5,272,007 Common stock _a12,712,012 12,251,085 Stock Exchange.
5,802.546 Other capital stock
Current advances. 4,298,834
Data from Letter of Pres. E. H. Buckner, Houston Tex., April 16.
Miscall. accounts_ 1,527,939
666,630 outstanding ___ b508,671 2,565,257
History.
-Company was incorp. in 1901 in Texas.' engaged in the
Is
5,250,000 10,228,000 operation of its oil and natural gas properties and
Inventories
1,679,663 9,016,224 Funded debt
their further
3fiscell. advances. 662,117
866,519 Notes payable... _ 559,060 1,000,000 in which it has been successful in the past. Its organization development,
Inv. in secure. of
Accts. payable. _ _ 3,358,801 5,248,918 familiar with oil and natural gas conditions, throughout a is thoroughly
wide territory.
928,548 gained through long and successful experience.
other cos
38.339,659 5,148.811 Accrued taxes__ _ _ 551,937
accr.
694,336
Deferred assets_ _ _
783,128 Other.Ilab_ _ _ 302,635
276,315
Property.
-Company owns a one-half interest
920,391 800,000 acres of land in east Texas. Throughin the ell and gas in over
Misc. reserves..._ 757.497
ownership of obligations
745,341 of the Southwestern Settlement
Res. gen. coating. 603,874
17,789,114 4,863,602 liens on the fee of over 700,000 & Development Co. (not incorp.) it owns
Total(each slde)56,565,201 53,830,878 Surplus
acres of these lands, valued at more than
a Represented by 1.016,961 shares no par value. b Minority stock of $7,000,000 on the basis of $10 per acre. In addition, oil and gas leases on
companies consolidated in this statement.• c Represented by 135,569 no 110,000 acres in southwest Texas are held primarily as a gas reserve. Conapar shares.
pany also owns oil and gas leases in Arkatsus, Kansas, Louisiana, OklaEarnings for Quarter Ended March 31.
homa and additional fee lands and leases h. 'i ...xas, a cracking plant refinery
at Camden. Ark., oil and gaspipe lines and a private telephone system
1929.
1928.
1927.
1930.
$731,725
$210,354
Operating profit
$409,805 extending for over 500 miles. The acreage of the company constitutes a
$536,645
152.820
160.500
Interest
99,000 large and valuable reserve. Production from new fields in southwest Texas
78,750
192,653
161,620
Deprec'n & depletion__ _
263,878 indicates that the past yearly average oil production will be greatly increased
72,504
4,513
Federal taxes
13,178 for the year 1930.
4.172
Company also owns all of the securities of the Houston Pipe Line Co.,
$381,739 def$111,766
Net income
$33.749 operating a natural gas pipe line approximately 650 miles in length. As in
$381,219
The net profit of $381,219 is equivalent after giving effect to quarterly indication of the growth of this company's business, it may be noted that
dividend requirements on 137,010 shares of $7 new preferred and 4,112 the pipe line has increased from 200 miles in length and 45,000,000 cubic
shares of $7 old first preferred stocks outstanding on March 31. to 13 feet daily capacity in 1925 to 650 miles in length and 110,000.000 cubic
cents a share on 1,016,961 no-par shares of common stock. This compares feet daily capacity in 1929.
The demand for natural gas from numerous public utilities and industrials
with $381,739 in first quarter of 1929, equal to 13 cents a share on above
is considerably in excess of the present capacity which will be very subbasis.
The statement for first quarter of 1930 excludes earnings of properties stantially increased by part of the proceeds of this issue to enable the comacquired by National Steel Corp., but includes income on money received pany to supply the additional requirements.
Over 80% of the gas sales Is covered by contracts extending for five
for these properties.
-V. 130, p. 1471.
rears or longer from date of this Issue, and the operation may be regarded
as a stable public utility. The gas supply is amply assured through owner-Depositary.
(W. D.) Hannah Shoe Co., Inc.
leases on 110,000 acres
The Irving Trust Co. has been appointed depositary for the 1st mtge. ship of or connected numberingthroughout a wide gas territory, the wells
owned
140. Daily withdrawals of gas are only
7% gold bonds under agreement dated April 24 1930.-V. 118. P. 2579.
a very small percentage of the open flow of these wells, and whenever
necessary great increases can be made in the open flow capacity with
-Earnings.
Hercules Powder Co., Inc.
moderate expenditures.
1930.
1929.
3 Months Ending March 31.CapitalizationAuthorized. Outstanding.
Gross receipts ________________________________ $6,865,889 38,438.926 10-yr. sec. 534% sink,fund gold bonds
$25.000,000 $12,000,000
Preferred stock 6% cumulative
10.000,000 8.947,600
Net earnings from all sources after deduct. all exps.
Common stock
31.000,000 24.968,600
Incident to manufacture & sale, ordinary &
Security -Direct obligation of company. There will be deposited with
extraord. repairs. maint. of lants. accidents,
the trustee as security for the bonds issued under this indenture, all the
832,409
deprec., etc-------------------------------1,081,807 securities of the Houston Pipe Line Co. now owned or hereafter issued.
100.874
Federal income tax (estimated)
142,761 While any of the bonds issued under this indenture are outstanding, no
mortgages can be placed on the properties of the Houston Oil Co. of Texas
$731,535
Net profit for period
$939.047 or the Houston Pipe Line Co., except purchase money mortgages, or mort177,765
Proceeds fr. sale of cap.stk. in excess ofstated value
350.000 gages or pledges in the ordinary transaction of the business of the respective
13.380,596 12,863.378 companies.
Surplus at beginning of year
-Proceeds will be used to retire all of the outstanding $6,950,000
Purpose.
-$14,289,896 $14,152.425 Houston Oil Co. of Texas 534% gold notes due in 1938 which will be called
Total surplus _ - _ - 199,922
199.922 for redemption ($1,450,000 having been retired by sinking fund in the
Dividends on preferred"
stock
448.500
448,500 Past 16 months) the extension of gas pipe line facilities to satisfy existing
Dividends on common stock
demand in excess of present gas pipe line capacity; and development of the
$13,641,474 $13,504,003 oil resources in the southwest Texas gas field of the company from which
Surplus at March 31
603,079
598,000 large quantities of oil are now being produced by the Houston Oil Co. and
Shares corn.stock outstanding(no par)
$0.88
$1.24 by other major operating companies and for other corporate purposes.
Earn.s. per share
3174
Sinking Fund.
-Indenture will provide an annual sinking fund equal to
10% of the maximum amount of Series "A" bonds issued, accounting from
May 1 1930 under the following conditions:
(a) An amount equal to 5% of the maximum principal amount of Series
"A" bonds issued shall be deposited with the trustee in semi-annual installments, the first semi-annual payment to be made on Nov. 1 1930,
such payments to be used by the trustee to purchase bonds in the open
market at or below the call price and if not obtainable at or below the call
price, then to redemption by lot.
(b) An additional amount annually beginning May 1 1931 equal to 5%
of the maximum principal amount of Series "A" bonds issued, to the extent
It may be earned after deducting all charges, including interest and the
sinking fund mentioned in paragraph (a) above,shall be deposited with the
trustee annually, and shall be used either to retire Series "A" bonds or be
used in the acquisition of new properties or additions, improvements or
betterments to existing or new properties, at the option of the company.
Barnings.--For the 4 years ended Dec. 31 1929 the consolidated income
statements of the Houston Oil Co. of Texas and the Houston Pipe Line
Co., after eliminating charges in connection with the present outstanding
5% gold notes, show average income from all sources per annum of
$8 7. 31,641 and average net income available for interest, after all taxes,
but before depreciation and depletion, of 84,454,489 per annum. This is
equivalent to 6.75 times the maximum interest charges of $660,000 per
year on this issue. After depletion and 10% deprec. as provided by the
cos., net earnings on the above basis for the 4 years ended Dec. 31 1929
averaged $2,518,298 or 3.81 times the maximum interest charges of$660,000
on this issue. Income from all sources has increased from $7,665,530 in
1926 to $9,709,153 in 1929, or an increase of 26.6%, while during the same
period depreciation and depletion increased 69.6%.
In the past the company has always deducted from earnings 10% annual
depreciation on the cost of oil and gas pipe lines. In the future it is expected
that the depreciation policy will conform more nearly to the accounting
practice of other companies and the indenture provides 5% depreciation on
oil and gas pipe lines in determining hereafter the number of times interest
earned. Application of this depreciation to previous earnings would have
shown substantially greater earnings.
A.consolidated balance sheet, Dec. 31 1929 before giving effect to sale
of 812.000.000 bonds. Series "A" was given in V. 130, p.
p. 2976.
Huttig Manufacturing Co.
-Stock Offered.
-Keane &
Co., Inc., hicago are offering 50,000 shares of class A
common Aock at $17.50 per share.
Class A common shares preferred as to non-oumulative quarterly dividends at the rate of 81.25 per share per annum. After class B common
Shares have received annual dividends at the rate of 50c. per share, the
cities A shares shall participate equally with the class B shares in any
further distribution. Class A shares are preferred in case of liquidation or
dissolution at $20 per share. are red, on any div. date in whole or in part
at $25 per share.
Transfer agent: Union Bank of Chicago; registrar, Continental Illinois
Bank & Trust Co.
CapitalizationAuthorized.
Outstanding.
$650,000
1st mtge. 634% serial gold bonds
$1,500,000
Class A common stock (no par)
125,000 shs.
50,000 shs.
Class B common stock (no par
125,000 shs.
125,000 she.
Data from Letter of H. W. Huttig, Pres. of Company.
Business and Properties.
-Company was incorporated in 1881 succeeding
Huttig Bros. who had organized the business in 1871 and has made continual progress since its original organization. Company is now being
recognized as one of the foremost manufacturers in the world of veneered
doors and general building materials. The consolidated company owns and
operates plant units comprising about 30 buildings with a total floor area
•estimated at 500,000 sq. ft. These plants are located at Muscatine, Iowa
and Chicago, Ill., thereby affording the company excellent warehousing and
production facilities.
Company owns over 15% of the total common stock of the American
-Sash & Door Co. of Kansas City, the assets of which are valued at in excess
of $1,000,000, which company is one of the leading jobbing and manufacturing concerns in the building materials industry. This ownership adds
materially to the assets and profits of the Huttig Manufacturing Co.
•
Assets.
-The total assets of the company and its subsidiaries, adjusted to
give effect to this financing, are equivalent to $4,721.005. This adjusted
balance sheet shows current assets of approximately an amount equivalent
to 44 times the current liabilities.
Earnings.
-The earnings of the company before allowances for taxes,
interest, depreciation, dividends. &c., based upon an average overa period
of the past six years, combined with all earnings from surplus rentals, total
over $209,000.
-Proceeds will be used in the retirement of 8500,000 bonds, and
Purpose.
there will be added to the current assets of the company an additional
amount of $100,000 of cash working capital for the further expansion of
the business.
-Receivership Suit Off.
Indian Motocycle Co.
Receivership was averted April 25, when the law firm of Bacon, Wells &
Weitman of Springfield, Mass_ announced that the suit brought by Isidor
Unger asking for a receiver of the company had been discontinued.
When the case was called George A. Bacon, Attorney for the plaintiff,
made the following statement to the Court:
"Since the filing of the Bill the stockholder on whose behalf this suit
was brought, has made further inquiry into the facts and desires to withdraw the suit, believing that it is for the best interests of the company and
the stockholders that the present management of the company be given an
opportunity to demonstrate that the company can be successfully conducted.
The business for the first three months of the year, the new connections
that have been established and the prospects of the company are such that
IC is believed it can vigprously meet all competition and that the future
of the company is good -V. 130, p. 2594.
-Earnings.
Industrial Rayon Corp.
Calendar YearsProfit from operations
Reserve for depreciation
Interest charges
Bond discount
Federal income tax (estimated)
1928.
1927.
1929.
$2,044,644 $2,254,962 $1,413,076
299.690
342,673
354,946
73,617
26.870
35.090
20,598
20,598
132,000
190,500
203.000
Net profit
Frier surplus
11,451.730 51.653,602
3.969.744
1,003,460
Total surplus
Miscellaneous credits
Miscellaneous deductions
15,421,474 82,657.062 $1,177,264
1,377.008
22,140
1,939
64,324
195,944
661.690
$907,769
269,495
P.& L.surplus (excl. of min. int.).. $4,761,723 $3.969,744 11.003.460
467,479
178.623
190.068
Shares cap. stock cap outst.(no par)_
$9.25
$1.95
$7.63
Earnings per share
Balance Sheet Dec.31.
1928.
1929.
1928.
1929.
Liabilities
Assets
143,474 1,12.5,200 Capital stock_ _ _ _x11,995,414 11,425,872
Cash
371,400
Deb. gold notes _ __ 312,400
Ctrs. of dep. &
102,297 Accounts payable
z6,530
accr. Interest
553,676
704,403
and accruals..17. S. Gov't Secur. 5,066.822 7.217,825
203.000
Frey. Fed. taxes-- 190,500
Notes. accept. &
473,041 Res, for plant alacct. receivable.. 586,508
28.768
terations
6,742
Geed. deb. bals116,003
Clen, coating. res. 125,807
Bal.on subs. Cr.to
11,299
8,179
100,368 Minor interest
capital stock4,781.723 3,989,745
422,554 Surplus
1,115,920
Inventories
23,271
28,042
Water & insur.dep.
Misc. accts. rec. &
11,513
25,351
advances
Fixed assets less
7,727,747 3,724,940
depreciation
Good-will, patent
3,374,000 3,374,000
rights,&c
69,243
52,800
Deterred cbge., &c
18,127,194 16,650,994
Total
18,127.194 16.650,994
Total
$1.811.700
x Represented by 199,923 shares of no par value. y Of which
paid in surplus. a Accrued interest only.
[vol.. 130.
FINANCIAL CHRONICLE
Earnings for Quarter Ended March 31.
1930.
$617,745
190.408
6,248
5,150
56,500
Profitfrom operations
Allowance for depreciation
Interest charges
Bond discount
Provision for Federal income tax
Net profit, subject to adjustment upon detail,
audit as of end of fiscal year
Shares common stock outstanding (no par)
-V. 130. p. 632.
$359.439
199.923
$1.79
1929.
$533,598
86,292
7.428
5,149
54,900
8379,881
190.432
$1.99
Independent Oil & Gas Co.(& Subs.).
-Earnings.
-
Quarter Ended March 31Net prof. after int., taxes, deprec. &
depletion
Shs. corn. stk. outatand (no par)Earnings per share
-V.130, p. 1838.
1930.
1929.
1928.
,
$743,195 $2,018.8501oss$419,398
1,362,295
1,333.572
1,333,572
$0.54
$1.51
Nil
-Extra Dividend.
Ingersoll-Rand Co.
The directors have declared an extra dividend of $1 per share and the
usual quarterly dividend of 81 per share on the common stock, no par value.
Payable June 2 to holders of record May 9. An extra of like amount and
the regular quarterly of $1 per share were payable on the common stock
on Dec. 2 1929, while on Dec. 31 1929, the company made a further distribution of $1 per share.
Earns. Calendar Years- 1929.
1928.
1927.
1926.
Totalincome
813,036,897 110,251,991 88,629,799 $10,154,173
Depreciation
1,177,577
1,208,934
1,154,796
1,092,477
Reserve for Federal taxes 1,144,634
975,869
874,106
1,133,598
Prem. paid on redemp.
of bonds
35,875
Interest on bonds
50.000
25,000
50,000
50,000
Net profit
810,653,810 88,017,186 36,550,897 17.878,098
Div. on pref. stk.(6%)151,518
151,518
151.518
151,518
Common dim
5,999,661 4,999.691
6.999,629
4,999.595
Balance,surplus
$3,502,663 $1.866,007 $1,399.688 $2,726,985
Previoussurplus
14.083,588 11,623.127 10.153,646 7.426.661
Adjustments
Cr.69,794
350,575
Prop. of sup. of sub. co.,
not prey, taken up_
Cr.594,453
Profit & loss surplus_ _$17,936.826 114,083,588 111,623,127 $10,153,646
Shares of common stock
outstanding(no par)_ _ 1,000,000
1,000.000
1,000,000 1.000.000
Earns.per share on corn_
$6.39
$7.86
810.50
$7.72
-V.129. p.3644.
Inland Steel Co.-Earning8.3 Mos.End. Mar.31- 1930.
1929.
1927.
1928.
Net prof.after expenses- $4.098.424 84,418,464 $3.442,515 $3,247,064
Deprec, and depletion632.823
676,722
618,201
724,356
Interest
337,500
330.750
Federal taxes
518,250
497,937
397,000
322.000
Netincome
82,721,318 $3,007,242 $2,291,442 $2,130,926
Shs.com.stk.out.
1,200,000
(no par) 1,200.000
1,182.799
1,182,799
Earnings per share
$2.26
82.50
31.89
51.65
-V. 130, p. 2038.
Insurance Co. of North America.
-Plans Issue.At a special meeting called for June 30 the stockholders will be asked to
approve a plan for offering 125,000 shares of newly authorized stock at not
less than $40 a share. The plan provides for an increase in the authorized
stock to $15,000,000, par $10 from the present $10,000.000. Approximately 75.000 shares of the increase will be used for the acquisition of the
Central Fire Insurance Co. of Baltimore, while the remaining 300,000 shares
will be held in the treasury.
-V. 130. P. 475.
-Gain in Investments.
International Carriers, Ltd.
The company, an investment trust organized last year to specialize in
railroad stocks, has issued a report as of April 21 showing securities held
with a market value of $16,091.389. as compared with $13,149,323 on
Dec. 311929. This represents an appreciation of $2,842.066, or 22%. On
the basis of 800,000 shares of stock outstanding this gain in market value
Is equivalent to 83.55 a share.
The liquidating value of the company on April 21 was equivalent to
$20.32 per share on the stock. The management reports that during the
last 3 months the trust has pursued a policy of concentrating its investments
in a smaller number of issues with the idea of sharing in the benefits expected
from developments in the railroad field.
-V. 130, p. 2402.
-Starts Construction
International Paper & Power Co.
on Kraft Paper Mill.
The International Paper Co. has commenced construction on a kraft
paper mill at Panama City, Fla., on the Gulf of Mexico. The mill will
have an initial capacity of 200 tons of kraft paper a day and will be 140 mile
east of the new Mobile, Miss.,kraft paper mill ofthe company which started
production last September. The Panama City mill will be of concrete,
steel and brick, and will have two paper machines, each 236 inches in
width, of the most modem design. Provision is being made so that the
capacity of the mill can be readily increased from 200 tons to 400 tons a
day. Power required by the mill will be supplied from its own power plant
which will be equipped with boilers and will have an electrical installation
of 13,400 h.p. Adjacent to the mill there has been purchased a tract of
woodlands which has sufficient standing timber to assure a perpetual
supply of wood.
With the completion of the Panama City mill,the Company will have six
mills in Southern United States with a capacity of 1.000 tons a day of
Southern kraft paper and board, in )addition to the capacity of the kraft
paper mills of its Continental Paper & Bag Corp. in Northern United
States. Two of the Southern mills of the company are located at Bastrop,
La., a third at Camden, Ark., a fourth at Moss Point, Miss., and the fifth
is the newly completed mill at Mobile. The expansion of
Paper Co. in the kraft paper field in southern United States has been
particularly rapid and as a result the company now ranks as the largest
producer of kraft paper in the world.
Supplementing these activities, International Paper Co.
-a leading manufacturer of paper bags
-has also expanded in the Southern paper bag field.
The company has a paper bag plant in operation in conjunction with one
of its Bastrop. La. mills. has another in conjunction with its Camden, Ark..
mill, and is planning a third Southern paper bag plant at its Mobile, Ala.,
mill. The Bastrop plant is making grocery bags and they will also be the
product of the new Mobile plant. Multi-wall valve cement bags are being
made at the Camden plant.
In entering the Southern kraft paper field and in enlarging its paper bag
capacity,the International Paper Co.is following its policy of diversification
of products. Among the other manufactures of the company are newsprint paper, writing and book papers,sulphite and wrapping papers, mulch
parer roraa or maurl
a ? t i ad
for r ygilcultnu a
e
wall yelard rorni sanhtilr
en boo
sulphite
l
manufacturers
Pu
'lPhe International Paper do. is a subsidiary of International Paper &
Power Co., over 99X% of all the common stock of the former, having been
exchanged for stock of the latter.
-V. 130. p. 2760.
pigainpausnst.ry.
International Printing Ink Corp.
-Consolidates Subs.
The corporation announces the consolidation of the businesses formerly
,the Queen City Printing Ink Co.
conducted by the Ault & Wiborg Co.
and Philip Ruston Inc.
-V. 130, P. 2977.
-Stock Exchange Offered.
International Share Corp.
-
See Continental Shares, Inc., above.
International Share Corp. was incorporated in Delaware April 23 1928.
When formed, it acquired a substantial block of foreign securities. The
proportion of foreign investments has steadily decreased, however, until
now the investments of the corporation are divided approximately as follows:
United States and Canada
92.0
Germany
3.5
Italy
4.5 •
MAY 3 1930.]
FINANCIAL CHRONICLE
3175
The investment policies of International Share Corp.are now substantially
the same as those of Continental Shares. Inc., and the investments held by
the two corporations are approximately of the same class and character.
CapitalizationAuthorized.
Outstanding.
Preferred stock (par $100)
200,000 shs.
none
Common stockb (no par)
500,000 she.
184.700 shs.
Founders' sharesa (no par)
10,000 shs.
10,000 shs.
Balance Sheet at March 31 1930.
AssetsLiabilities
Cash on deposit
$435,792 Notes pay. to banks-secured $4,076,802
Accounts receivable
168,080 Accounts payable
1.101,520
Foreign & domestic securities 15,430,867 Accrued taxes, &c
38,915
Syndicate participations
4.627,500
666,750 Paid-in capital
Stock subscriptions-officers_
260,367 Paid-in surplus
6,397,200
Accrued dividends
791,981
72,061 Profit& loss-surplus
nominees, subject to certain minor adjustments as provided in said agreement,as amended;and (4) $6,182.000 in cash (being $110 per share for each
share of preferred stock of the corporation now outstanding), plus an additional sum in cash equal to accrued dividends on the outstanding preferred
stock of this corporation to the date of distribution in connection with
dissolution; and (c) To sign a request that the board of directors call a
special stockholders' meeting to submit the question of the dissolution of
this corporation upon the completion of the foregoing transactions.
Chairman J. L. Kraft. April 23,in a letter to the stockholders, says:
During the past two years great changes have been taking place in the
dairy industry and out of these changes have grown a number of very large
corporations dealing in dairy products. The Kraft-Phenix Cheese Corp.
has confined itself largely to the cheese field while National Dairy Products
Corp. with a comparatively small cheese business has predominated in ice
cream, milk and butter.
Negotiations for the consolidation of the businesses of the two corporations
Total
$17,033,919 Total
$17,033,919 have terminated satisfactorily to the officers of both companies. This
Securities Owned on March 31 1930.
consolidation will be accomplished by the sale of the business and assets of
Kraft
-Phenix Cheese Corp. subject to its liabilities to National Dairy
No. of
Reichsmarks.
German.
Shares.
Public Utility Companies.
550,000*Deutsche Bk & Disconto Gesell- Products Corp. for the consideration specified above and the subsequent
dissolution of the Kraft
-Phenix Cheese Corp. The name of the present
700 Brooklyn Union Gas Co.
schaft.
5,625 Commonwealth Edison Co.
100,000*Hamburgische
Electricitats corporation will be changed as one of the necessary steps in the reorganization.
25,000 Intl. Paper & Power Co. A
Werke A. G.
The consideration will be distributed upon dissolution to the stockholders
25,000 Intl. Paper & Power Co. B
638,000°I. G. Farben-Industrle Akt-Ges
Kraft-Phenix Cheese Corp. and will be sufficient to pay to the holders of
500 Foreign Light & Power,2nd pref.
in Hochstom.
-Phenix pref. stock in cash the liquidating value of 110 and diva.
Iron and Steel Companies.
27,400*Akt-Ges in Hochstom Main- the Kraft
and to give the holders of the Kraft-Phenix common stock 34 share of the
18,100 Cliffs Corp.
kraftwerke.
97 Cliffs Corp. v. t. c.
20,000.0bertschieslan Kokswerke & National Dairy common stock and $25 of 534% National Dairy debentures
for each share of Kraft-Phenix common stock. The National Dairy stock
2,500 Republic I. & S. Co. ctfs. of dep.
Chemische Fabriken.
at the present time pays in quarterly installments annual dividends at the
3.000 Youngstown Sheet & Tube Co.
rate of $2 per share in cash and in quarterly installments an annual stock
(tubber Companies.
dividend of 4% per share. Dividends at the present rate on the National
20,000 B.F. Goodrich Co.
No. of
Dairy stock plus the interest on the debentures received represent a sum
21,000 Goodyear Tire & Rubber Co.
Shares.
-Phenix
35,300 United States Rubber Co.
14,782 Socleta Meridionale Di Elec- substantially in excess of the dividends heretofore paid on Kraft
common stock.
-V. 130, p. 1663.
teens,(Merldionale).
Paint Companies.
10,000 Devoe & Raynolds Co., Inc., A. 24.100 Societa Generaie Per L'Industria
Kraphene Corp.
-New Name.
150 Sherwin-Williams Co.
Mineralla ed Agricola(MonteSee Kraft-Phenix Cheese Corp. above.
catini).
Bank Stock.
500 Manhattan Co.
13,000 Societe,Generale Electricita Dela
Kreuger 8c Toll Co.
-Shipments of Affiliated Company.
875 Continental-Ill. Bk.& Tr. Co.
Sicilia(Seso)•
The Grangesberg Co., the Swedish iron mining unit which is rated as
200 National City Bank of N. Y.
Syndicate Participations,
the largest producer of ore in Europe and in which the Kreuger & Toll Co.
500 Bank of Nova Scotia "rights".
Iron & Steel Syndicate
holds a substanti.1 interest, shipped 674.000 tons of ore in March. This
Utilities Syndicate.
500 Bank of Nova Scotia.
compares with 449,000 tons in the same month of 1929, and represents an
Miscellaneous.
Sundry.
Securities and syndicate panic. Increase of about 50%.
For the first quarter of 1930 shipments totaled 2,028,000 tons, com3,800 Gabriel Snubbers Mtg. Co. A.
pared with 1,351,000 tons in the first quarter of 1929, an increase of 50%
15,000 Brom yton Pulp St Paper Co.
* Par value in reichmarks.
The record for this period was 2,083,0001 tons in 1927.-V. 130, p. 2783.
See Continental Shares, Inc., above.
-V. 130. P. 1838.
Kroger Grocery 8c Baking Co.
-Status Better.
John M. Hancock, a director, stated that the new management of the
company is now in complete control and is already making substantial
improvements in operations as is evidenced by the fact that, though starting only four weeks ago, a marked improvement in percentage of gross
profit has been obtained and expenses have been reduced more than 34 of
1% during
knew of no reason
Interstate Basicprotection Corp.
-Courts Ends Concern. Involving that period. Mr. Hancock stated that hethe market price of
the business for the recent sharp decline in
The New York "Times" April 30 had the following:
Kroger shares. -In commenting on the company's dividend policy he
Supreme Court Justice Strong in Brooklyn granted a motion April 29 said no change had been discussed and pointed
that the stock dividends
for the dissolution of the Interstate Basicprotection Corp. of 16 Court have already been declared for the remainder ofout year and that obviously
this
St., Brooklyn, an organization purporting to provide various kinds of there could be no changes in dividends already declared. Mr. Hancock
"service" to automobile owners. Joseph C. H. Flynn, Deputy Attorney- further stated, "I fully share the opinion of the new management which
General said the action was one of a series being brought by the Attorney- views the future of the company with complete confidence. I believe it
Generali office to "clean up a nasty situation created by the organization is only a matter of time until improvements in operations and earnings
s
of fake automobile insurance companies."
will be evident."
-V. 130, p. 2978.
-Earnings.
-International Silver Co.
Quarter Ended March 31Net inc. after deprec., int. & Fed. tax
Earns, per share on common stock_ _ -V. 130, p. 1839.
1930.
$168,148
$0.69
1929.
$268,819
$1.79
1928.
$236.018
$1.43
Jantzen Knitting Mills
-Forms New British Subsidiary.
Alfred J. Cormack, for 12 years a director of this company, has been
appointed managing director of Jantzen Knitting Mills, Ltd., a new British
subsidiary, which is to be organized shortly, 90% of the stock of which is
owned by the American company, the remainder being owned by Lord
Barnby and other prominent British industrialists.
It was also announced that sales of Jantzen (Australia) Ltd. for the year
ended Feb. 28 1930, aggregated $375,000, an increase of 300% compared
with the first year of operation ended Feb. 28 1929.-V. 130, p. 2221.
Kelvinator Corp.
-Earnings.
-Period End. Mar. 31- 1930-3 Mos.-1929:
1930-6 Mos.-1929.
Net inc. after all chgs.
$273,250
& Federal taxes_
$796,558 loss$140,146
_ -- $383,558
Earns. per sh. on 1,179.-$0.24
$0.67
Nil
859 shs. cap. stock_ _ _
$0.75
Geo. W. Mason, Pres., in commenting on the statement said: "The new
Kelvinator models introduced last fall and offering the new 4
-way cold
refrigeration have been so enthusiastically received that this year we have
exceeded all previous sales records by wide margins and March was the
-V.
greatest month in the history of Kelvinator."-V. 130, p. 633.
Kendall Co.
-Participating Dividend.
The directors have declared the regular quarterly dividend of $1.50 per
share and a participating dividend of 37 cents per share on the participating
Preferred stock, payable June 1 to stockholders of record May 10. The
company paid a participating dividend of 25 cents per share a year ago.
V. 130, p. 296.
Kimberly-Clark Corp.
-Earnings.
Laconia Car Co.
-Stockholders Protests.
Caroline B. Willson of Medford, Mass., and others as executors of the
estate of Charles H. Wilson of Medford, owning 10() shares of pref. stock
of the Laconia Car Co., have brought a bill in equity in the Supreme Court
against it and its present board of directors to compel them in liquidation
of the company, to pay accumulated dividends to 1924 on the pref. to pref,
stockholders who did not assent to the funding of the accumulated pref.
dividends by the issue of 2nd pref. stock before distributing pro rata to
stockholders. Holders of 311 shares of the preferred did not so assent,
inclusive of plaintiff. We have been advised that this is a friendly suit
to determine the rights of the pref. stockholders.
-V. 130. p.1125.
Lambert Co.
-Earnings.
The company reports for the quarter ended March 31 1930. consolidated
net profits, after taxes, of $2,068,267 based on the present ownership of
95.8% of the stock of the Lambert Pharmacal Co. and including the recently acquired Pro-phy-lac-tic Brush Co. This is equivalent to $2.76 per
share on the 748,996 shares of capital stock now outstanding. On a similar
basis consolidated net profits for the first quarter in 1929 would have been
$2,325,641 equivalent to $3.10 per share on the number of shares now outstanding.
-Y. 130, p. 2978.
Lane Bryant, Inc.
-A syndicate
-Debentures Offered.
headed by Merrill, Lynch & Co., Kelley, Converse & Co.,
Inc. and E. A. Pierce & Co.. are offering $2,000,000 10
-year
6% sinking fund gold debentures (with common stock purchase warrants) at 100 and int.
Dated May 1 1930 due May 1 1940. Interest payable M.& N. Denom.
$1.000 and $500 c*. Red. all or part at any time on 30 days' notice at
105 and int, if called for redemption on or before May 11931. the premium
thereafter decreasing by 34% for each subsequent year or portion thereof
until redemption price is reduced to 101, at which figure the redemption
price is to remain until maturity. Annual sinking fund sufficient to retire
Profit from operation
$880.121 each year 5% of the debentures originally outstanding. Principal, and int.
Otherincome
80,028 payable in N. Y. City, without deduction for normal Federal income tax
up to 2%. Maryland securities tax up to 434 mills per annum, Penn.
Totalincome- _ _
$960,149 and Conn, personal property taxes up to 4 mills per annum, Mass, income
Federal income taxes
115,218 tax up to 6% of income refundable. Central Hanover Bank & Trust Co,
trustee.
Net after taxes--- _
$844,932
CapitalizationAuthorized. Outstanding.
Provision for dividends on preferred sieeIr
150.000 10
$2,000,000
-year 6% sinking fund gold debentures
$2,000,000
Preferred stock ($100 par)7% dividend series
1,454.000
1,500,000
Net amount earned on common stock
$694.932
Not yet classified into series
1,500,000
Amount earned per share on common stock
$1.39 Common stock (no par)
*500,000 ohs. 134,95334 am
-V.130, p. 2978.
* 41,943 shares are reserved for warrants for the purchase of common
being 6,943 shares at $30 per share
Kolster Radio Corp.
-Common Stockholders' Committee.
- stock, for second series warrants at $40 peruntil May 31 1933. and 35,000
share until May 1 1935.
shares
The two depositing committees for the common stock that have been
acting independently have completed their Islam for consolidation and
Data from Letter of Harry Liverman, Pres. of the Company.
there is now one committee working in the field, having taken over the
Purpose.
-Proceeds are to be used in connection with the acquisition by
entire personnel of each committee. The members are John C. Duncan
business (except real estate), operating 2
(Chairman), Lawrence M. Bainbridge (Vice-Chairman) and Samuel J. company of the Coward Shoein Boston. The Coward Shoe business reMarshall (Secretary). The new depositories are: National City Bank, stores in N. Y. City and one
ported net sales in 1929 of $4,457.929.
New York, and Anglo-London & Paris Bank.
-V. 130. P. 2222.
-Lane Bryant, Inc. is the result of the continuous
History and Business.
'
Kraft-Phenix Cheese Corp.
-Proposed Consolidation
- growth of a business originally established in 1901 in N.Y. City. Company
now and owns and operates, directly or through wholly-owned subsidiaries,
To Dissolve.
a chain of 20 stores dealing in women's and infants' apparel. The retail
A special meeting of the stockholders has been called to be held on May 12. stores are located in N. Y. City and Brooklyn, N. Y., Philadelphia, Baltifor the following purposes:
more, Detroit, St. Louis, Newark, Minneapolis, St. Paul, Des Moines.
To approve and ratify the agreement between this corporation and Chicago, Waukegan and Decatur, Ill. Oshkosh and Green Bay, WIN..
National Dairy Products Corp. dated March 17 1930. as amended April 17 Oklahoma City and Tulsa. Okla., and South Bend, Ind. Company also
'
1930, providing for the reorganization of this corporation by the sale and conducts a mail order business in N. Y. City. Through subsidiaries, the
conveyance of all of its corporate assets and its subsequent dissolution; and company has complete facilities for the manufacture and distribution of
in connection therewith: (a) To consider and act upon the proposal of the the "Adapto" shoe, which it has extensively advertised and which it is
board of directors that the name of this corporation be changed to Kraphene distributing on a major scale. All of the Lane Bryant stores are situated
Corp.; (b) To authorize the sale, assignment, conveyance and delivery to in important shopping centers of the respective cities.
National Dairy Products Corp. or its nominees of all of the corporate assets
The Coward Shoe business was established in 1866. Its acquisition
of this corporation,real, personal and mixed.including its present corporate gives Lane Bryant. Inc. an organization for the sale of special types of
name,good will and business as a going concern,in consideration of: (1) The orthopedic or "comfort" shoes, for men as well as women and children,
assumption by National Dairy Products Corp. of all the liabilities and con- sold under the well known "Coward" trademark. With this acquisition,
tracts of this corporation; (2) $33,264,500 of 534% gold debentures due Lane Bryant's shoe business will be increased from approximately $2,000,000 .
1948 of National Dairy Products Corp. (interest to be adjusted as of April 1 to $6,500,000, the figures in each case being based on sales for 1929.
1930), delivered to this corporation or its nominees,subject to certain minor
-Net sales and net income of Lane Bryant,
Sales and Earnings.
adjustments as provided in said agreement, as amended: (3) 665.287 fulldepreciation but before Federal income taxes (certified), for theInc.,after fiv
paid and non-assessable shares without par value of common stock of Nation- years ended May 31 1929, and for the 12 months ended Nov. 30 1929 are
al Dairy Products Corp. issued and delivered to this corporation or its as follows:
Earnings for Quarter Ended March 31 1930.
Net sales (exclusive of Inter-plant sales)
Cost ofsales _ __________
. .
_ _ __
General & selling expense,incl.------interest
$5,907,083
4,358,436
668,525
3176
FINANCIAL CHRONICLE
Times Int.Earn.
Net Profits on 32,000,000
Net Sales. (before Taxes.)Debs.
1925a
2.37
$7,879,475 $285307
1926a
2.82
-10.003,741 339,355
I927a
10,768,931 350,682
2.92
1928a
11.115,289 479,688
3.99
1929a
14.255,402 876,176
7.30
1929b
15,561.336 865,612
7.21
a 12 months ended May 31. b 12 months ended Nov. 30.
These figures do not include the operations of the Coward Shoe business
wnich for the 12 months ended Dec. 31 1929, reported sales of $4,457,929
and net profits after depreciation but before Federal income taxes, of
$290,507.
Common Stock Purchase Warrants.
-Each debenture will be accompanied
when issued, by a detached second series warrant, representing the right
to purchase on or before May 1 1935. at $40 per share, 10 shares of common
stock in the case of $1,000 debentures, and 5 shares of common stock in
the case of $500 debentures.
Consolidated Balance Sheet Nov. 30 1929.
(After giving effect to sale of $2,000,000 debentures for cash and the application of proceeds to acquisition of business and assets of Coward Shoe
business.)
Assets
Liabilities
Cash
$361,416 Accounts payable
$1,019,298
Accounts receivable
71,064
750,798 Prep. sales & credits to cust'rs
Sundry debtors
70,855
22,529 Accr.salaries, wages & bonuses
Leased departments
27,177
77,990 Accr. rents, dep. on leases, &c..
Officers' Sc empl.' house accts.
2,000
28,603 Mortgage payaments
Inventories
115,115
4,133.974 Provision for taxes
Prepaid rent, taxes, adv.& ins. 252,556 Mortgage payments
18,000
Loans & adv. to off. & empl
2,000,000
73,299 6% debentures
Investments
1,454.000
136,656 Preferred stock
Property accounts
1,516,266 Common stock (134,941 shs.)_ 1.482,443
Patterns, trade-marks, dsc.....
1 Surplus
1.445,454
Treasury stock at cost
351,319
Total
-V. 130, p. 2978.
$7,705,407
Total
$7,705,407
La Salle Extension University, Chicago.
-Earnings.
'Calendar Years1929.
1928.
1926.
1927.
Total enrollment fees,
less refunds
$44,371,150 $4.046,298 $5,252,249 $6,816,449
Res. for caucell. & losses 1,551.648
1.416.653
1.843,350 2,400,665
Net income
Enroll. sales to corp- - Sales of books, &c
$2.819,502 $2,629,645 $3,408,899 $4.415.784
202,661
20,005
44,767
56,133
32,626
45,493
46,294
42,018
Total
$3,054,791 $2,720,707 $3,507,051 $4,481,283
Expanses
2.689.572
2,560,981
3,391,005 4,207,931
23,302
Int. and exchange, &c_ _
21,000
28.366
30.497
I VIII.. I :Ili
Sales Higher.
The company reports that manufacture and sales of refined products
for the first quarter of 1930 totaled 30.200.000 gallons, as compared with
18,500,000 .gallons during the first three months of 1929, an increase of
63%.-V. 130, p. 2595.
Loew's, Inc.
-Earnings.
28 Weeks EndedOperating profit
Deprec.. taxes, &c
Net profit
-V.130. p. 1473.
Mar. 14'30. Mar. 10'29. Mar. 13'28. Mar. 13'27.
$10,893,972 $7,376,267 $6,230,995 $5,544,223
2,650,388
2,124,309
1.656,569
1,807.135
$8,243,584 $5,251,958 $44,423,860 $3,887.654
Ludlum Steel Co., Watervliet, N. Y.
-Rights, &c.
President Edward Corning, April 11, in a letter to the stockholders,says
n substance:
You were advised in our letter of March 26 1930 that, in order to provide
additional funds required for the corporate purposes of the company,shares
of its $6.50 cumul. cony. pref. stock and common stock were to be offered
for subscription to the holders of shares of common stock and that an underwriting agreement between the company and Edward B. Smith & Co.
and Gurnett & Co., relating to such offer, was to be submitted for action
at a meeting of the stockholders on April 10 1930.
The stockholders' meeting was duly held on April 11 1930 (pursuant to
adjournment from April 10 1930) and such underwriting agreement was
duly approved and adopted by the stockholders. Under the above-mentioned underwriting agreement, the subscription by stockholders for 5.000
additional shares of pref. stock and 34.000 additional shares of common
stock has been underwritten, for a specified compensation, by Edward B.
Smith & Co. and Gurnett & Co., in which firms directors of the company
are interested.
Each holder of shares of common stock of record April 25 1930 will be
entitled to subscribe on or before May 19 (a) for one share of $6.50 cumul.
cony. pref. stock, without par value for each 34 shares of common stock
owned and (b) for one share of such common stock, without par value, for
each 5 shares of common stock held. Rights to subscribe for either class of
stock may be exercised whether or not the rights to subscribe for the other
class of stock are exercised. Separate subscription warrants are to be
issued. The subscription price for preferred stock is $98 per share (flat).
The subscription price for common stock is $33 per share. Payment may
be made to the Guaranty Trust Co., 140 Broadway, N. Y. City.- V. 130
p.2403.
-To Increase Stock and Change
Lynch Glass Machine Co.
Name.
Official notice will be sent out in a few days for a special stockholders'
meeting on May 20, at which time it is contemplated to increase the authorized capitalization from 75,000 shares now all outstanding to 150,000
shares: also to simplify the name to Lynch Corp. At the same time action
will be taken to bring the company under the new code as authorized by
the Legislature last year.
-V. 130, p. 2979.
-Registrar.
MacMillan Petroleum Corp.
$244,986
70,000
132,000
The Bankers Trust Co. has been appointed registrar in New York for
the common stock.
-V. 130. p. 2403.
$442,986
Net profit
$271,916
$59,228 def$40,954
Total surplus
$956,791
$684,621
$595,116 $2,859,322
Earnings for Quarter Ended March 311930.
1929.
$73.411
Net income after all charges
$82,659
Earns, per sh. on 220,000 corn. shs. (par $10)- _ _ _
$0.26
$0.29
-V. 129. p. 3975.
1928.
Calendar Years1929.
1927.
1926.
Sales
$44,703,965 $441,105,324 $39,336,090 $33,596,853
Cost of sales, selling &
exp., salaries, rents.
gen.,&c.,less misc. in 41.530,416 37,767,175 35,650,823 30.373.367
Net income
Preferred dividends_ - _ Common dividends
$341,916
70.000
$129.228
70,000
$95,046
70.000
66,000
L. C. L. Corp.
-Receives Large Order.
-President William T. Hoops announced that this company had received
an order from the Standard Steel Car Co. for 100 drop-side cars and 600
containers. This is the first order for drop-side cars the L. C. L. Corp.
has received from the Standard company.
-Annual Report.
McCrory Stores Corp.
-
Profit from operations $33,173,549 $3,338,149 $3,685,267 $33,223,487
Profits from sales of real
estate
52,411
566,486
Proceeds of life lemur.
93.343
policy
Totalincome
$3,319.303 $3,904,635
Int. chgs.& amortiz_ _ -699,968
597,418
661,464
459,325
Libby
-Owens Glass Co.
-Directors Approve Merger.
Provision for Fed.taxes_
216,000
334.000
400,000
373.250
The directors on April 25 formally approved
recently announced Exp. paid in 1929 incurred in 1928
180,103
merger of this company with the Edward Ford Plate Glass Co. of Rossford,
Ohio.
Netincome
$2,223,232 $2,973,217 $2,623,804 $2,390,912
A meeting of the Libbey-Owens stockholders will be held in May to auth299,988
202,129
220,690
orize the change of the company's name to the Libbey-Owens-Ford Glass Divs, on pref. stock- - - 299,989
913,883
726,623
914.869
541,875
Co., and to increase the directorate from 12 to 15. New directors, it was Div.on com.stk. cash)
(in
stated, will be J. B. Ford of Detroit, George R. Ford of Toledo and G. P.
Balance,surplus
$1,008,374 $1,759,346 $1.676,490 $1.646,908
MacNichol Jr., of Toledo.
-V. 130. p. 2403.
Previoussurplus
5,861.996 y4,185,506 3.532.964
7,769,120
-Earnings.
Divs, on cora, stock on
Lily-Tulip Cup Corp.
stock)
Dr.180,440
Earnings for Year Ended Dec. 31 1929.
Charges to sur. due to
$1.595,721
Gross profit, after deducting cost ofgoodssold
retirements,&c
Dr.669,763
880,631 Claims for refund of Fed.
Administrative,selling & other expenses
147,778
taxes (net)
$715,089
Operating income
16.688 Profit & loss surplus_ _ - - $8,777,495 $7,769,120 $5,861,996 $4,329,668
Miscellaneous income
Shares corn, stock out$731,778
Totalincome
z457.262
standing (no par)_ _ _ _
z457,495
x456,663
x455,772
21,404 Earned per share
Miscellaneous deductions from income
$5.85
$4.20
$5.26
$4.80
85,969
Reserve for Federalincome tax
y After deducting $144,162 for adjustments of taxes, &c. z Comprising
common and class B stock.
Net income to surplus
$624,405
Comparative Balance Sheet Dec. 31.
17.500
Preferred dividends
1928.
1929.
1929.
1928.
68.189
Common dividends
AssetsLiatilitiesi
8
$
$
Preferred stock__ 5,000,000 5,000,000
.
Balance,surplus
$538.716 Real estate,leasehturn., fixt., dm _a23,836,842 21,430.694 Com.stock (old)__
100
100
Earns, per share on 183,000 shares common stock (no par)
$33.32
Inventories
6,841,258 7,302,028 Corn. stk.(new)_ b13.359,020 13,349,700
Earningsfor Qu:rter Ended March 31.
141,401 15-yr 5%s gold deb 5,400,000 5,600,000
Marketable secur_ 151,481
1929.
1930.
7,442 Mtge. & purchase
Life loser., policies
$93,215 Cash
$146.625
Net income after all charges & Federal taxes
ironey °Wig_ _ _ _ 2,005,033 2,274,259
1,160,696 1,159,926
$0.49 Accts. received_ -- 300,721 1,319,504 Accts. payable, dm 3,032,387 2,342,232
Earns, per sh. on 183,000 shs, corn.stk. no par)_ _
$0.77
-V.129. p.3177.
Mtge. notes rec
Deposits of empl__
75,311
220,937
41,863
1,423,420 1,405,693 Federal
229,457
355,965
- Deferred charges_ 4,000,000 4,000,000 Surplus tax reserve 8.777,496 7,769,120
-Probable Merger.
Lincoln (Neb.) Aircraft Co., Inc.
Good-will
-V. 129, p. 2548.
See American Eagle Aircraft Co. above.
Total
Total
37,935,356 36,766,688
37,935,356 36,766.688
-Earnings.
Link Belt Co.
a After depreciation of $4,011,603. b Represented by 376,717 shares
1929.
1930.
Quarter Ended March 31
of common and 80,717 shares of class B stock. 00th of no par value.
$5,600,189 $6,435,811
Sales to customers
Note.
-As of Dec. 31 1929 there were outstanding stock purchase war5,018,917
5,653,072 rants entitling the holders to purchase 1,100 shares of class B common
Cost of sales
stock on or before Dec.31 1930 at $40 per share.
-V.130, p. 2595.
$671,273
$782,739
Net profit on sales
67.864
64,708
Other income
Magma Copper Co.-Earnings.Quer. End. Mar,311929.
1930.
1928.
1927.
$739.137
$847,447 Copper produced (lbs.)- 6,830,030
Totalincome
9,722,101
8.049.539 7.386,059
3,433
37,197 Net earns, after exp, but
Sundry to charges to income
100,067
85.399
Federal tax estimate
bef. deprec. & taxes-- x$388.676 4992,037
$389,515
$440,970
Earns. shs. on 408,155
$710,183
$650,305
Net credit to surplus
shares capital stock__ _
$0.95
$2.43
$0.95
$1.08
$0.91
$0.82
Earns, per sh. on 709,177 shs. corn. stk.(no par)._
x After depreciation.
-V. 130, p. 2595.
-V. 130. p. 1291.
-Earnings.
Lion Oil Refining Co.
Company reports for the first quarter of 1930 net earnings to stock before
depreciation and depletion of $329,152. Net to surplus after all charges
was $1,714, as compared with net loss of $15,819 shown in the corresponding
quarter of last year.
"Conditions in the industry during the first quarter this year were most
unfavorable" said Col. T. H. Barton, President. "While the company's
shipments were 63% ahead of those for the first three months of 1929. the
prices received for refined products averaged 22% lower.
"Since completion of the first quarter, the price structure has been materially raised and proportionately reflected earnings are looked for during the
current quarter.
'Lion Oil's new asphalt plant at El Dorado, Ark., is nearing completion
and will be placed in operation in June. This plant will have a capacity of
300 tons daily, and a considerable volume of asphalt business is already on
the company's books. Operation of this unit should add substantially to
earnings."
Marks Brothers Theatres, Inc.
-Directors Elected.
-
At the stockholders' meeting held on Marcn 11, the following directors
were elected:
To mpresent the Paramount
-Famous Lasky Corp.
-Austin C. Keogh,
Morris G. Leonard, Sem Denbow, Jr., Jules J. Rubens and Marion Coils.
To represent the pref. stockholders: Henry S. Buswell and W.W.Corlett.
The committee representing the minority holders of pref. stock had proxies
for over 33,000 shales of an indicated minority stock outstanding of 45.000
shares:- V. 127. p. 2694.
Maytag Co.
-Factory Changes Cornpleted-Outlook.-Extensive factory changes incident to the production of new models of
its washing machines have now been completed by the company and current
sales volume compares favorably with that of a year ago, it is stated by
President E. H. Maytag.
"Sales of our products were virtually at a standstill in January and February while our plant at Newton, Iowa, was being prepared for quantity
production of the new models"said Mr. Maytag. "Immediate favorable
3177
FINANCIAL CHRONICLE
Aar 3 1.930.]
Balance Sheet Dec. 31
acceptance of the new models by the public, following their announcement
1928.
1929.
Liabilities-1928.
on March 10, was reflected in sales for March in excess of sales during
Assets1929.
Accts. payable_ 2,618,999 $1,599,088
March 1929, with correspondingly good earnings for the month. April 011 reserves, und.
Accrued Int. &
operations are at a satisfactory level. Auditors are now engaged in the
leaseholds &
527.512
general taxes_
567,218
preparation of the quarterly statement. All expense incident to the change,
Intangibles _a$37,862,771 $38,496,151
Corn. city. pay.
including the cost of development, major machinery installations, rearrange- Refineries, cas704.573
Feb. 15
ment of the entire factory and increased advertising will be charged off inghead gasoline
Res. for
against first quarter earnings in accordance with the conservative policy
plants, pipe352,239
602,000
Fed. tax
of the company."
-V.130, p. 2595.
lines, storage
680,943
694,036
tanks, &c ___b 21,857,432 20,476,543 Def.credit items
Common stock c 55,261,652 55,261,652
Stocks & bonds
Melville Shoe Corp.
-Listing.
461,686 Surplus from 01)709,161
(cost)
The New York Stock Exchange has authorized the listing of 26,000 addi- Cash
26,129,281 22,351,267
erations
8,578,547 8,007,938
tional shares of common stock (no par value) upon official notice ofissuance Secured loans
2.000,000
connection with the purchase of the assets and business of Traveler Shoe
In
Notes & accts.
Stores Corp., making the total amount applied for 402,876shares ofcommon
rec.,less res_ _ 3,058,999 2,259,740
stock.
The corporation does not manufacture shoes but operates three chains of Refined & crude 9,165,916 8,906,237
o.ls
retail shoe stores, comprising 457 stores, under the trade names John Ward
Men's Shoes, Rival Shoe Co. and Thom McAn. Corporation now operates Material% & sup. 2,105,314 2,372,275
496,705
535,044
12 John Ward stores. 29 Rival stores and 416 Thom McAn stores of which Def.debit.items
176 stores are known as Thom McAn Gold Front Stores. Upon the acquisi$85,873,187 $81,477,274
Total
$85,873,187 $81,477,274
Total
total number
tion of the assets and business of Traveler Shoe Stores Corp.the
b After
a After deducting $25,675,139 depreciation and depletion.
of stores which will be operated by the corporation will be 501 of which
number 44 stores, being those to be acquired from Traveler Shoe Stores depreciation of $19,408,422. c Represented by 1,857,912 shares no par
value.
Corp., will be operated as Traveler Shoe Stores.
Earnings for Quarter Ended March 3;'.
The 26,000 additional shares of common stock are authorized for issuance
1927.
1928.
1929.
1930.
in payment to Traveler Shoe Stores Corp.(Mass.)for all assets and business
$2,366,390 $2,430,026 51,680.536 $3,303,107
as a going concern, subject to liabilities, excepting the liabilities against Net profit
218,827
456,272
219,683
286,394
an Leaseholds abandoned&c
which the corporation is indemnified in accordance with the provision of
191,874
203,430
89,352
agreement dated March 25 1930 entered into between the corporation and Interest
Depree. depict. & Fed.
certain stockholders of Traveler Shoe Stores Corp.
x
x
X
1,066,717
taxes
The 26.000 additional shares of common stock will be set up on the books
of the corporation at the declared value of $1.25 a share, and the balance
$1,013,279 $2,120,991 $1,032,390 $2,880,850
Netincome
per share will be shown as paid In surplus.
-V 129. P. 3484.
x Figures not reported.
Earnings for Calendar Years.
-$2,000,000 Orders.
Products Co.
Midland Steel
1928.
1927.
1929.
the
Sales
New orders for automobile frames aggregating nearly $2,000,000 for was
$25,520,675 $22,552,353 $17,799,944
by the company during the past few days, it
Cost of sales
17,042,711 15,058.604 11.824.475 year have been received
4,379,132 announced by President E.J. Kulas. The orders have come from a number
6,535,498 5,474.481
Administrative & general expense
the
424,952
309,965
234,746 of leading automobile companies including Hupmobile. LaSalle andrush
Depreciation
Studebaker Co. The new business together with some additional
$1,517,514 $1,709,303 $1,361,590 orders has necessitated the company's inaugurating a night shift and hiring
Net operating profit
315,672
285.989
176,693 an additional 100 employees.
Miscellaneous income
"Present prospects are that operations of the company during May
31.833,186 $1,995,293 $1,538,283 will run on a day and night shift," said President Kulas. "This will be the
Gross income
27.408
53,347
7,281 best level of production of any time since last fall and the outlook for the
Interest
-V. 130, P. 2981.
101,592
49,102
139,258 remainder of the year is encouraging."
Miscellaneous charges
Net income of selling companies_ _ - $1,730,737 $1,866,292 $1,391,745
23,721
58.990
42,956
Net inc. of sub, realty company
$1,789,727 $1,890,013 $1,434,701
232,874
195.510
203.549
Total income
Federal taxes
$1,594,216 $1,657,139 $1,231,152
Netincome
2,290,224
2,587,537
1,537,039
Previous surplus
Profit on red. of8% pref. stock owned
217
1,632
Restoration of surplus approp. to re167.415
tire 8% preferred stock
$4,183,385 $4,114,779 $2,768,408
Total surplus
157,543
178,708
111,354
Preferred dividends (all classes)
351,893
496,126
Common dividends
241,558
750,000
Pref. stock div. distrib. on com. stock
-Receives Inquiries.
Miller Train Control Corp.
The corporation has received inquiries concerning its flexible automatic
South
traffic control system, the "Trafllator" from London, England, Miller
America and Australia, according to Vice-Pros. H. B. Miller. Mr.
through the Metropolitan
stated that the inquiry from England came
-V. 128.
Vickers Co., a large electrical manufacturing concern of London.
p• 124.
-Sub. Co. Reserves.
Missouri
-Kansas Pipe Line Co.
The Kentucky Natural Gas Corp., a subsidiary,has passed the 100 million
cubic feet per day mark in available natural gas production in its reserves
either owned or under contract, according to a statement by President
Frank P. Parish. The company's largest wells are those in Ohio County
which are producing 30 million cubic feet. the Metcalfe County wells
which turn out 25 million cubic feet and the Hopkins County wells with
more than 11 million cubic feet of gas per day.
The Kentucky company has approximately 100,000 acres under lease
or gas purchase contract in its western Kentucky area, and has drilling
crews at work on practically all of it.
Balance surplus
$3,508,550 $2,855,343 $2,415,496
4,508
Adjust. of Fed,taxes for prior years
487
263.298
Recapitalization expense,charged off..
Appropriated for red, of pref. stock..
54.321
Franchise.
Intangible def,assets written off
74,500
The company has just obtained franchises to distribute natural gas in
Loss on sale of property
59,443
two additional Indiana, one Kentucky and one Kansas town, President
8,494
Discount on stock purchased
Frank P. Parish announced.
are Rockport and Troy, Ind.: Whites
$3,440,127 $2,587,537 $2,286,675 vine. Ky.,and Lane, Kan. InThese year, markets supplied or contracted
Profit and loss surplus
the last
354.376
354,376
86.081 for by gas by Missouri
No.shares of com.stock outstanding_
-Kansas have increased from 13 to 31. Ten of these
$4.23
$3.99
413.01 are in Kentucky,four in Indiana, three in Missouri and one each in Illinois
Earned per share
x Before 4
-for-1 split-up.
and Kansas.
A $2.000,000 natural gas pipe line construction program has been inDec. 31.
Consolidated Balance Sheet
augurated by this company to serve new markets in Kentucky and Indiana,
1929.
1928.
1929.
1928.
Drank P. Parish also announced. These gas mains have been put across
Llabifit
$
Assets-$
the Ohio River to serve Cannelton, Tell City Troy and Rockport, Ind.,
34,779
Cash
1,686,575 1,317,584 Accept. pay, bkswhere Missouri-Kansas holds franchises. Whitesville and Hawesville. Ky..
900,000 will be supplied from the same line, which taps extensive gas fields in Ohio.
Notes & accts. rec. 194,536
414,257 Notes pay, bank-_
Inventories
3,955,427 4,611,489 Accts. payable_ _ 820,046 1,293,920 Daviess and Hancock counties, Kentucky. Other pipe lines will be ouilt
62,306 into Madisonville, Greenville, Utica, Munfordsville and Franklin, Ky.,and
95,792
Adv.to oft& empl.
13,347
14,018 Accrd. liabilities_ _
Fed. income tax
Prepd. rents, ins ,
distribution systems installed at each point.
-V. 130. p. 2981.
& N. Y. State
dcc
189,602
140,921
232,874
Investments
61,976
89,550 franchise taxes_ 195,511
-Earnings.
Monsanto Chemical Works.
subFixed assets
3,045.976 3,335.832 Deposits on
Edgar M. Queeny, President, announced that net earnings of the comleases & store
Defetred charges
86,065
112,146
charges
to $293,170,
mgrs.seem . dep. 107,612
95,513 pany for the first quarter of 1930 amountedshare on the after all
410,317 shares of
500,000 and taxes. This is equivalent to 71 cents a
Mortgages Payable 250,000
no par value common stock outstanding. The company has no preferred
Res. for self-ins. dr
now
86,317
store rePlacem'ts
85.329 stock. Due to the fact that the Corporation has acquired a number of
properties and subsidiaries since the corresponding quarter of last year,
6% cumul.let pref
-V.130, p. 2404.
2,425,000 2,500,000 no fair comparative figures are available.
stock
6% cumul.2d prof.
-April Sales.Montgomery Ward & Co., Chicago.
500,000
stock
500,000
Common stock _ e442,970
442,970
1928.
Period1929.
1930.
835,349 Months of April
Paid in surplus_ _ _ 835,349
523,776,430 521.573,323 $15,940,784
Tot.(ea.Side)__ 9,233,505 10.035,798 operating surplus- 3,440,127 2,587,537 First four months
61,517.279
80,974,097
81,125,499
-V. 130. p. 2785.
-V. 130. p. 2981.
a Represented by 354,376 shares (no par value.)
Michigan Steel Corp.
-Earnings.
Calendar Years1927.
1928.
1926.
1929.
$1,817,849 $1,618,895 $1,707,564
Manufacturing profit- -- $2,640.151
Expenses
438.101
453,353
592,495
516,345
Depreciation
91,759
68,177
61,671
155,236
Int. & bond discount.. _ _
26,094
59.025
34,394
85,813
Fed..vat taxes
153.454
151,692
153.989
201,168
10,355
Cr.24,435
Other deductions (net)-Cr.24.066
29.309
Net income
Dividends paid
41,652,280 $1,049,903
440,000
657,825
$959.266
330,000
$889,081
275.000
Surplus
$609,903
$629,266
$614,081
$994,455
x Kjuivalent to $7.63 a share on 216.52000 par shares of stock and compares with 34.77 a share on 220,000 shares in 1028.
Earnings for Quarter Ended March 31.
1930.
$3322,281
$1.48
Net income after all charges & Federal taxes
Earns, per share on common
-V.130, p. 2785.
1929.
$587,333
$2.67
Mid-Continent Petroleum Corp.(& Subs.).
-Earnings.
Calendar Years1927
1926
1928.
1929.
Net income
$15,400,168 $11,919,538 $11,188,983 $16,994,571
Provision for deprec---- 3,268,624
3,593,7893,026,391
3,269.493
reserve
Depletion
2,275,140
2,465,207
2,634,525
2,608,734
Leaseholds abandoned &
surrendered, &c
1,203,611
1,160.913
1,079,196
1,223,490
817,868
Interest & amortization..
739,210
876,405
Federal income tax - - - 387,658
762.341
615,942
Na income---------$7,683,378 $3,897,056 $3,298,575 $8,615,713
439,330
450.606
Divs, on pref. stock____
452.065
70,682
2,030.569
Divs. on com. stock-- _ - 2,784,684
704,573
Balance, surplus- --, $4.828,013 $2,753,153
811s. corn. stk. outstand.
1,410,000
(no Par)
1,857,912
Earns, per share
52.45
$4.09
$817,400 $8,163,646
1.410,000
$2.02
1,357,461
$6.01
Motor Wheel Corp.-Earnings.1927.
Quar. End. Mar. 31Gross earnings
Other income
1929.
1930.
$841,684 $1,504,093
72,021
85,853
1928.
5799,388
58,279
Total income
Expenses, &c
Interest, &c
Federal taxes
6927,537 51,576,114
254,039
215.711
70,026
43.922
150,246
73,469
5857.667
159,730
48.993
87,300
x$584,281
Net profit
Preferred dividends_ _ -Common dividends
$594,435 $1,101,803
3561.644
78,878
343,750
275.000
5505,403
19,578
275.000
Surplus
def$15,462
5758,053
Shs. com. stk. outstandin (no par)
825.000
687,500
Earns.per share
$0.72
$1.69
x Profit after all charges but before taxes.
$286,644
$210.825
550,000
31.02
550.000
50.88
609.897
Balance Sheet March 31.
1929.
1930.
Liabilities
Assets$
Common stock _ _ _y8,250,000
Land, bldgs., machinery, &c_ _ _ _x7,085 343 7,184,028 Accounts payable_ 824.436
Accrued taxes roy.
Construction work
141,241
and interest _ - 436,282
40,510
In progress
Res. for cont., &c_ 272,513
Ctfs of dep , &c.._ 409,594
Est. Fed. inc. tax Treasury stock _ _ _ 338,262
73,469
382,482
res. for cont., &c
986,863
Cash, &c
6,666,728
1,970,433 1,505,631 Profit & loss
U. S. bonds
Customers' notes
1,986,102 3,370,767
& accts. recelv
2,928,853 3,807,093
Inventories
592,413
573,847
Other assets
Prepaid taxes, Ins.,
202,189
bond dint., &c.._ 203,621
1930.
$
1929.
6,875,000
1,425,322
1,414,704
150,246
7,320,572
Total
16,523,428 17,185,844
16,523.428 17,185,844
Total
x After depreciation. y Represented by 825,000 shares of no par value.
-V.130, p. 2404.
3178
FINANCIAL CHRONICLE
Mullins Mfg.
130.
Calendar YearsGross profit
Expenses
1929.
1928.
$968,926 $1,319,149
531,105
y569,419
1927.
$804,153
203,919
Oper. profit
Other income
$437,821
75,522
$749.730
64,356
$600,234
53,476
Earnings for Quarter Ended March 31.
Quarters Ended March 311930.
1929.
Operating profit
$355,576
6319,663
Interest and discount
36,459
55.547
Depreciation
See x
31,837
Div,on pref. stk. ofsub. co. aP1311C. to
$252,370 .
stk. not held by corp
114,622
48,719
Totalincome
Federaltaxes
$513,343
36,378
$814,086
85,555
$653,710
65.000
$301,090
27.916
Net income
Preferred dividends_
$476,965
210,000
$728,531
75,720
$588,710
75,720
$273,174
76,670
1926.
$445,541
193.171
Profit before Federal taxes
$204,495
x Includes depreciation.
-V. 130, p. 298.
1928.
$15,950
58,982
48,484
$232,279 loss$91.516
National Dairy Products Corp.
-Consolidation.
-
See Kraft-Phenix Cheese Corp. above.
The New York Stock Exchange has authorized the listing of 12,625
additional shares of common stock (no par) upon official notice of issuance,
in connection with the acquisition by the company of the entire property
and assets of Gray-Von .Mimen Sanitary Milk Co. authority to add 127
additional shares of common stock on and after July 1 1930 and 127 additional shares on and after Oct. 1 1930, upon official notice of issuance from
time to time as stock dividends, makWg the total amount applied for
5,419,683 shares.
The Exchange has also authorized the listing of $100,000 531% gold
debentures due 1948, upon official notice of issuance as part consideration
for the property and assets of Gray-Von Allmon Sanitary Milk Co., making
the total amount of 53(% gold debentures due 1948 applied for to date
848.776,000.-V. 130, p. 2785.
Balance,surplus
$652,811
$512,990
$196,504
$266,965
Profit & loss surplus
3,853,468 3.668,789 x3,117,427 2,508,438
Earns per share on 100.000 shs. corn. stk. (no
par)
$5.13
$1.97
$2.67
$6.52
x Includes $300,000 arising from revaluation of radiator plant building.
y Includes interest of $5,397.
Balance Sheet Dec. 31.
Assets1929.
liabilities1929.
1928.
1928.
Real est. Plant,
$7 preferred stock _13,000,000 $3,000,000
equip., &c____:$4,433,588 $3,642,907 Common stock_ _ _ y500.000
500,000
Cash
441,239
604,980
755,439 Notes & metal:my. 157.198
Accts. & notes rec. 469,628
31,111
14,346
594,855 Accrued taxes _ _ _ _
National Food Products Corp.
-Defers Dividend.
Inventories
1,750,141 2,019,126 Due on stk. subsea.
24,221
The directors have voted to pass the quarterly dividend of 62%c. a share
Other assets
42,902
34,178 Res.for Fed.tax,&t,
30,378
85,555
-V. 128, p. 3844.
Pat.& good-will- 85,854
85,454 Surplus
3,853,468 3,668,789 on the class "A" stock due at this time.
Special fund for
-Registrar.
National Investors Corp.
bldg.& equip_
430,000
Bong.expense_ _ _ 235,699
The City Bank Farmers Trust Co. has been appointed registrar of pur233,571
chase warrants for 960.000 shares of common stock.
-V. 130. p. 2596.
Deferred charges__ 118.103
102,261
Total
$7,578,155 $7.897.891
Total
7,578.155 7,897.891
x After depreciation of $1,275,798. y Represented by 100,000 no par shs'
Earningsfor Quarter Ended March 31.
1930.
1929.
Gross profit
$296,187
$76,782
Expenses
112,907
139,497
-To Reclassify Stock, &c.
National Recording Pump Co.
Operating loss
Other income
The company has called a special meeting of stockholders for May 9
to vote on changing the name of the company and to revise the capital
structure.
The name of the company will be changed to National Pumps Corp.
The stockholders will vote on converting 45,000 shares of convertible
no par stock into 45,000 shares of no par common stock and to change
$36,125prof$1$8,890 45,000 shares of managers no par stock to 10,000 shares of no par common
-V. 129. p. 3976.
6,609
26,724 stock.
Totalloss
Federal taxes
$29,516prof$183,414
19,158
Net loss
Preferred dividends
$29,516prof$164,256
52.500
52,500
Deficit
-V. 129, p. 3022.
$82,016 sur$111,756
(The F. E.) Myers & Bro. Co.
-To Increase Stock.
The stockholders will vote May 21 on increasing the authorized capital
stock, no par value,from 200,000 shares to 300,000 shares.
-V.130, p.635.
National Acme Co., Cleveland, Ohio.
-Earnings.
Calendar YearsNet sales
Cost of goodssold,&c.
1929.
1928.
1927.
1926.
$10.997,851 $6,534,174 $7,635,448
8,578,033
5,390,811
6.382,902
Manufacturing profit--- $3,596,451 $2,419,818 61,143,363 $1.252,546
Admin.,sales,&c. exp.973,977
802,880
775.500
736,267
Other deductions
363,965
263,105
303,402
238.950
Federal income tax
252,075
180,000
Balance
Other income
$2.006,434 $1,173,832
94,921
35,282
$168,146
33.931
$173.644
34,078
Net profit
62,101,355 $1,209,114
$202,077
Shs.cap.stk.out.(par$10)
500.000
500,000
500,000
Earned per share
$4.20
$2.04
$0.41
Earnings for Quarter Ended March 31
1930.
1928.
1929.
Net profit after charges
but before taxes_ _ _ _ _
$215,112
$708,831
$197,967
Shs. of cap.stk. outst'd'g
(par $10)
500,000
500,000
500.000
Earns.per sh. on cap.stk.
$0.43
$1.41
$0.39
-V.129. p.2697.
$207,722
500.000
$0.41
1927.
$15,348
500,000
$0.03
National Cash Register Co.
-Earnings.
-
Quarters Ended March 31Profit after depreciation
Other income
1930.
1929.
$974,216 $1,993,940
123.581
78,733
New England Investors Shares, Inc.
-Director Sued.
The following is taken from the "Wall Street News" of April 15*
"Robert E. Goodwin of Concord, trustee in bankruptcy of the New
England Investors Shares, Inc., called the New England Investment Trust,
Inc., has brought a suit in the Superior Court of Suffolk County, Mass.,
for $500,000 against J. M. Robinson of St. John, N. B., to hold him liable
as a director of the corporation for losses sustained by the company.
"The company was organized in 1925 and was adjudicated a bankrupt
on May 15 1929. The declaration says that Robinson became a director
April 11 1927, and his fiduciary relations imposed upon him a duty of
caring for the property and of managing its affairs honestly and in good
faith. It is alleged that Robinson negligently allowed one A. B. Benesch,
an employee,fraudulently to manage the affairs of the corporation so that
large amounts of money were lost and squandered.
"The suit names Edmund H. Talbot and the American Trust Co. of
Boston, as trustees."
-V. 127, p. 2970.
-50c. Extra Dividend.
New Jersey Zinc Co.
The directors have declared an extra dividend of 50c. per share, payable
June 10 to holders of record May 21. On Dec. 10 last an extra dividend
of $1 per share was paid, while extra dividends of 50c. per share were paid
on June 14 and July 10 1929.-V. 130, P. 1293.
New York Investors, Inc.
-Listing.
The New York Stock Exchange has authorized the listing of 1,004,424
-V.130, p. 2597.
shares of common stock (no par).
-Debentures Listed.
Niagara Share Corp.
There have been placed on the Boston Stock Exchange list $15,000,000
20-yr. 5%% convertible gold debentures dated May 1 1930 and due May 1
1950. See offering in V. 130, p.2982.
-Probable Consolidation.
Noma Electric Co.
-V. 130, p. 1475.
See Pilot Radio & Tube Corp. below.
-Earnings.
---North American Investment Corp.
12 Months Ended March 31Gross earnings
Expenses & Federal taxes
1930.
$905,490
163,740
1929.
$825,526
122,485
$741,749
$703,041
Operating income
Bond interest and amortization of discount
111,757
88,666
Balance Sheet as of March 31 1930
$1,052,949 $2,117,521
140,709
297,712
Liabilities
Assets
59,315,410 Common stock
Investments at cost
$4,843,200
Net profit
$912,240 $1,819,809 Investment in subsidiary _ _ _ _
50,000 6% pref. stock
2,000,000
Earns, per afar. on comb. 1.190,000 shs. class A
Cash & Secured call loans _ _ _ _ 1,171.741 53% Pref.stock
1,350,000
stk.and 400,000 shs. class B stk.
$0.57
$1.1
7,792 Coll. Trust Bonds
Accrued interest
2,350.000
-V.130, p. 2201.
685,000 Accounts payable
Advance to subsidiary
4,925
1 Dividend payable
&
48,552
National Distillers Products Corp.
-Voting Trust Ter- Furnitureon fixturesstock _..
66,179 Accr. bond int. payable
Discount
capital
9,792
minated-Listing.
188.259 Res.for Federal tax
Unamortized bond discount _
58,424
The voting trust agreement, dated May 1 1924, between Arthur W. Deferred charges
4,820 Surplus
804,309
Loasby, B. W. Jones, Theodore H. Banks and Edward R. Tinker, as a
Committee, Arthur W. Loasby, B. W. Jones and R. L. Clarkson, voting
Total
Total
$11,469,213
811,469,213
trustees, and the corporation, covering the common stock terminated and - 130, P.
V.
1127.
expired on May 1 1930. in accordance with the terms of such voting trust
agreement and the voting trust certificates issued thereunder. Holders
Ohmer Fare Register Co.
-Initial Dividend.
are entitled to present and surrender their voting trust certificates at the
The directors have declared an initial quarterly dividendrof 12iccents
Bankers Trust Co., 10 Wall St., N. Y. City, for exchange for certificates of
common stock, payable May 15 to holders of record May
common stock for the number of shares of such common stock represented per share on the2224.
10.-V. 130, p.
by their respective voting trust certificates so surrendered.
-V.130, p.2596.
The New York Stock Exchange has authorized the listing on or after
Outboard Motors Corp.
-Earnings.
May 1 1930 of (a) 275,754 shares of common stock (no par), on official
Earnings for Quarter Ended March 19 1930.
notice of delivery of same upon the termination of the voting trust agree$726,010
ment covering common stock in exchange for outstanding and listed voting Grosssales
208,425
trust certificates representing shares of common stock, and (b) 158 shares Gross profit after coat of sales
70,876
of common stock on official notice of issuance of same in the acquisition of Net profit before taxes
.710
common stock of The American Medicinal Spirits Co., through Medicinal Net profit after all expenses & taxes
Earns. per share on 160,000 shares class B corn. stock (no par)
ft. $0.02
Products Corp., and (c) 3 shares of common stock on official notice of
V.
issuance of same in exchange for outstanding scrip certificates of the cor- - 130, p. 2786.
poration for fractional interest in its common stock.
Owens-Illinois Glass Co.
-Earnings.
Consolidated Income Account for Calendar Years.
Calendar Yearsx1928,
1929.
r x1926.
x1927.
1927.
1926.
1929.
1928.
Mfg. profit & royalties_ _ $9,397.955 $7,019,838 $7,141,999 $8,550,974
Net sales
62,062,786 $6,414,399 $4.964.694 $5,336,914
598,597
454,579
2,362,891
888,479
4.187,190
4,555,058 Other income
1,634,474
5,292.229
Cost ofsales
Total income
Federal taxes. etc.
Gross profit
Bottling and storage rev.
(net)
Miscellaneous income_ _ _
zOld Time Molasses Co.
profit
$428,312 $1,122,169
6777,503
$781,856
294,188
17,980
304,390
165,477
285,663
236,612
366,918
675.965
427.567
344,331
76,718
$1,398,465 $1,872,106 $1,572,974 $1,462.105
Total income
1,051,216
1,099.138
895.702
585,271
Selling,adm.& gen. exp.
260.783
246,550
232,686
Interest on gold notes_ - _
139,499
26,041
Other interest
216,235
213,913
158,614
Depreciation
64,307
Net income
Preferred dividends_ _
$609,389
251,772
$585,105
$58,974 def$137,772
$58,974 def$137,772
$585,105
Balance surplus
$357,617
1,234,307
1,243,594
1,828,700
Profit and loss surplus
7,994,869
Shares of corn. outstd.
168,000
168,000
(no par)
168,000
270.776
Nil
Nil
Nil
Earn.s. per sh.on corn_ _ _
$1.32
x Proportion of loss or gain applicable to investment of National Distillers
Products Corp. in the Old Time Molasses Co.
Total income
$9,996,552 $7,474,417 $8,030,479 $10,913,865
Expenses, &c., charges_ 5,040.526
2,960,097
2,728,186
2,781,709
Federal taxes
504,200
503,000
1,257,022
643,000
Net profit
$4,451,826 64,011,319 $4,605,771 $6,928,657
Preferred dividends-_ -(6%)480,000 (7)123,461 (7)472,778 (7)563,861
Common dividends_(14% 2,894,752(18)3413,355(21)3834,072(20)3479.825
)
Balance, surplus
$1.077,074
$474,503
$298,921 $2,884,971
Profit and loss, surplus-$10,165.947 $9,186,540 $9,539,299 $9,288,332
Shares of common out*
1
11.IPi. lar• - 1,6.•1, to,04
standing (par $25)_ _
827,226
695,100
768.846k 732.245
Ferns per eh. on com_ _
$4.80
$5.06
$9.16
$5.65
x Owens Bottle Co.
pm
0.40 0.--m P.
4
Note.
-Stock diva. of 5% each were paid Jan. 1 1929, 1928. 1927 & 1926.
- - id MTifirain It. Levis says In part:
irres
0
,
,
The outstanding event of the year was the purchase of the assets of the
Illinois Glass Co.and Chicago Heights Bottle Co..and also the capital stocks
of the Tavern Rock Sand Co., Carlyle Paper Co. and Madison Warehouse
Co., which had been subsidiaries of Illinois Glass Co.
As a result of the consolidation, company is now the largest manufacturer
of all kinds of glass containers except milk bottles, domestic fruit jars and
certain wide-mouth containers; has a sales force and manufacturing
kay 3 1930.]
3179
FINANCIAL CHRONICLE
facilities unequalled in the industry and adequate working capital. The
Pennsylvania Coal & Coke Corp.
-Earnings.
management of the company is exerting itself to the utmost to reflect
Calendar Years1929.
1928.
1927.
1926.
the advantages of the company's improved position in the higher quality Mined tonnage sold (net) 2,425.738 2,072,449
1,730,942 2,751,904
of its products, better service to its customers and agreater return to its Net sales
14,559,827 $4,198,493 53.929,705 $6,336,041
shareholders.
196,733
183,635
190,254
199,427
Company owns jointly with Libbey-Owens Glass Co. very valuable Selling & shipping exp- 4,207,262 4,523,251
4,532.288 6,164,708
natural gas properties in the Charleston, W. Va. district supplying the fuel a Cost & expenses
requirements of the Charleston factories of both companies. The properties
Total colliery loss_
sur$155,831
$508,393
$28,094
$792.837
consist of the underlying gas rights in approximately 178.000 acres, an
83,488
83.922
73.462
56.627
extensive pipe line system, three compressor stations, a gasoline absorption Miscell. oper.income
plant for extracting the gasoline content in the natural gas, a number
Net coalloss
surp.$239,319
$4424,471
5736.210 surp$45.369
of dwelling houses, miscellaneous buildings and equipment. Over 70% Deprec. & depletions, &c
267.381
308,433
287.216
295,120
of the gas supplied these factories comes from the joint gas properties, the
remainder being obtained by purchases in the field from other producers,
Net colliery loss
$28,062
$732,904 $1.023.426
5249.751
which are transported to the factories by our own pipe lines. Lm.s than Real estate oper
Cr.15,958
Dr.6.914 Dr.43,094
Cr.15,955
10% of the total acreage of the Charleston Gas Department is now under
development, so that there is every indication that in future, as natural
Total oper. loss
$12.104
$739,818 $1,066,520
$233.796
gas becomes less abundant and more costly in this territory, the Owens. Miscell.income net
121.525
215.175
272,772
175,731
Libbey-Owens gas properties will still have large supplies. During the Proport.of subs. earns9,661
year an important long-time contract has been made with an outside
producer which should largely supplement the natural gas available for
Totalloss
surn.$119.082
$524,643
$793,748
558,066
delivery to the factories, and make it possible to further conserve our own
a Includes prepaid royalties.
fields.
Earningsfor Quarter Ended March 31.
In the Fairmount, W. Va., district, company has gas leases on 20,000
acres, a pipe line system, connecting the field to the Fairmont plant, a
1930.
1929.
1928.
compressor station, dwelling houses and miscellaneous equipment. We Gross earnings
$1,134,408 $1,203.589 $1,151,105
are supplying the largest part of the fuel consumed at the Fairmont factory Operating expenses & taxes (not incl.
Federal taxes)
1,024,647
from our own wells and from gas purchased in the field.
1.123.884
1,314,105
The law suit of Europaischer Verband der Flaschenfabriken, which has
been pending against company and others for several years past, has been
Operating income
$109,761
$79,706 def$163,000
tried in the United States District Court at Toledo and a decision has been Miscellaneous income
48,229
34,239
40.090
rendered in our favor. The case has been appealed but our attorneys
Gross income
$157,989
are confident that the outcome will be favorable to this company.
$113,944 def$122.910
Charges to income
39.543
43,174
51,436
Consolidated Balance Sheet. December 31 1929.
Depletion and depreciation
66,902
66.525
61,362
Ands
-Liabilities-Cash & U.S.Govt.sec
$3,220.706 Current
Net income before
$51,545
$4.246 def$235.708
Federal land bank bonds__.. 1,837,307 Accts. payable-not due- --- $1,325,619 -V. 130. p. 814. Federal taxes--Notes & accounts receivable_ 8,409,778 Customers' credit ba. dc adv.
152,719
Inventory-at cost
Accr. taxes & expenses
201,754
10,864.754
-Listing.
(J. C.) Penney Co. Inc.
Other assets
504,200
2,884,810 Federal inc. tax-1929 (est.)_
The New York Stock Exchange has authorized the listing of 67,309 addiPermanent assets
5,000,000 tional shares of common stock (no par), on official notice ofissuance and
a21,231,741 5% debentures
Gas properties, plant, leases,
Res.for repairs & coating _ _ 2,382,481
payment in full, as follows: 18,040 shares upon conversion of classified comdrc
61,736,390 Capital stock
mon stock, and 49,269 shares upon sale to managers, executives
Patent rights, goodwill, etc.._ 3,359,322 6% pref.stock
8,000,000 ciates, making the total amount applied for 2.466,970 shares ofand assocommon
Prepaid exp.,supplies, etc.__
288,503 Corn.stock (par $25)
20,680,850 stock.
-V.130, p. 2599.
Front dr loss surplus
9,085,947
Total
1,100,000
$48,413,372 Paid In surplus
-Listing.
-Peoples Drug Stores, Inc.
a After depreciation and obsolescence of $17,046,471. b After depletion
The New York Stock Exchange has authorized the listing of 25,000 shares
and depreciation of $2,817,903.-V. 130, P. 636.
(par $100)6 % cum.cony. pref.stock;and 128,556 shares ofcommon stock
Pacific Coast Glass Co.
-Earnings.
(no par), which have been issued and are now outstanding in the hands of
1929.
Calendar Years
1928.
the public; 33.333 shares of common stock, upon official notice of issuance,
Gross income
$293,054
$287,075 upon conversion into common stock of the pref. stock; 19,560 shares of
Depreciation
55,194
55.134 common stock, upon official notice of issuance, upon the exercise by the
Interest
20.757
26,482 holders thereof of common stock purchase warrants issued by the predecessor
Federalincome tax
27.000
26,011 of the company, Peoples Drug Stores, Inc. (Del.), now outstanding in the
Amortization of serial, gold note discount
2,435
2,805 hands of the public; and 4.134 shares of common stock, upon official notice
of issuance, upon purchase by the officers and employees of the company,
Net income
$187.669
$176,643 making the total amount ofcommon stock applied for 185,583 shares.
Previous surplus
178.452
71,364
Earnings for Calendar Years.
1926.
1928.
1927.
1929.
Gross surplus
$366.121
$248,007 Netsales
$15,543.208 $11,342,605 $8,129,719 $6,342,693
Common dividends
44,000
44,000 Cost ofgoods sold
10,898,289
7,836,772 5.603,647 4,240,619
Preferred dividends
19,204
19,823 Expenses
2,080.186
1,695.459
3,889.852 2,831,852
Additional Federal income taxes for prior years
5.524
Othercharges
743
$406.614
208 Operating income
$673,986
$445,887
$755.056
Other income
127,945
258,908
148,567
306.479
Surplus
5302 174
$178,453
Earns. per sh. on 20.000 abs. corn. stk.(no Du) 55.42
$7.84
Total income
$932,889
$594,454
$534.559
$1,061,535
-V.129, p. 3977.
Deductions
86,832
56,079
35,685
57,130
72,681
67.104
110,485
101.527
Pacific Oil Co.
-Distribution of About $1.25-Stricken Federalincome tax
from List.
-
Net profit
The New York Stock Exchange, in an announcement that.the stock Dividends on pref. stock
certificates, with proof of claim to share in final distribution of assets Common dividends
attached, must be surrendered at the Industrial Trust Co., Wilmington,
Del., on or before May 1. stated.
Balance surplus
The distribution of assets of the Pacific Oil Co., in cash, will amount to
approximately $1.25 a share on the 3.500,000 shares of capital stock of Earns, per she, on corn.
no-par value outstanding and will be paid, it is expected, in July this year.
outstanding at close of
The Pacific Oil Co. capital stock was stricken from the list of the New
each year
York Stock Exchange on April 29."-V. 130, p. 636.
-V.130, P. 2599.
Pan-American Industrial Corp.
-Subsidiary Shipments.
The Argentine subsidiary of this corporation has inaugurated shipment of
stone from Southern Brazil quarries, under lease from the Government of
Brazil, to Argentine, according to an announcement. Production this year
will aggregate about 500,000 tons, the company estimates, with the two
quarries under lease producing more than 1,000,000 tons annually when in
full operation early next year. The stone will be used principally for road
building in the Argentine.
In discussing the vailable market for stone in the Argentine and the
current and future demand,the corporation points out that the great States
of Buenos Aires and Santa
are flat alluvial plains where no hard rock is
available for road construction. "There are practically no hard suface
roads in the country and the Argentine Government is alive to the necessity
of such construction and has inaugurated extensive road building programs
involving hundreds of millions of dollars to meet this necessity. the announcement states.- V. 127, p. 1263.
Peerless Motor Car Corp.
-Listing.
--
$893,920
162,509
126,834
$744,529
161.649
116,886
$465,694
90.775
100,000
5431.769
80.000
$604,577
$465,994
$274.918
5351.770
$5.71
$44.76
$3.74
$3.51
Philadelphia Record Co., Phila.-Rights, &c.
The stockholders have approved the previous action of the directors
authorizing the issuance of 15,000 additional shares of common stock,
without par value, at $33 per share. Holders of common stock of record
April 30 are entitled to subscribe on or before May 26 to additional shares
in the ratio of one new share for each four shares held. Payment may be
made in full or in three equal installments, beginning May 26 1930. The
entire issue has been underwritten. The proceeds will be used in the
development of the present property.
Phillips-Jones Corp.
-Omits Dividend.
The directors have voted to omit the regular quarterly dividend of 75c.
a share on the common stock, due at this time. In a statement on the
action, the directors state they feel sound business practice justifies the
omission of the dividend at this time. They add that expansion plans are
going forward for the marketing of a new product which should greatly
add to sales and earnings.
-V.130, p. 1665.
The New York Stock Exchange has authorized the listing of 268.589
Phillips Petroleum Co.
-New Gas Company Formed.
shares of common stock ($10 par) on official notice of issuance, in exchange
The company announces the formation, in conjunction with the Olclafor a like number of shares previously listed and at present outstanding of home Natural Gas Corp. of Philokla Gas Co. The new company,in which
the par value of $50 per share, share for share and for 258.589 additional the Phillips and Oklahoma Natural interests are equal, will have as its
shares of common stock ($10 par), upon official notice of issuance and pay- purpose the compressing of natural gas from the Oklahoma City field after
ment in full pursuant to offer to stockholders, making the total
the gas has passed through the Phillips plants for the extraction of gasoline.
applied for 527,178 shares of common stock ($10 par). (See also amount The proposed plant will have a capacity of 25.000,000 cubic feet daily.
V. 130.
.
.
The Phillips Petroleum Co. is one of the largest producers of natural gas
Period Ended March 31- 1930-3 Mos.-1929. 1930-6 Mos.-1929.
having sold over 46.000.000.000 cubic feet of gas during the first quarter
Net profit after charges,
of this year, and also has large gas reserves in the Oklahoma City field in
deprec., etc
$145,49910685315,834 addition to having entered into gas purchase contracts with many pro$23,833
$93,485
Earns per shr. on 258,589
.
ducers and is erecting two natural gasoline plants in that field with a total
shs.cap.stk.(par$50)$
$0.09
$0.56
N
Nil capacity of 100,000,000 cubic feet daily, subiect to further expansion,
-V.130, p. 2786, 2406. 2041. 0.36
according to company officials.
The repressured gas will be marketed by the Oklahoma Natural Gas Corp.
Penick & Ford, Ltd.
-Earnings.
-either to its retail customers, or to oil producers for lifting oil in the walls
Calendar Yearsafter they cease to flow naturally.
1929.
1928.
1927.
Total gross profit
$5,718,467 $4,596,970 $3,903,490
The Phillips Petroleum Co. last week announced J. E. Wood No. 2, in
Selling, adminis.& general expense--- 2,473,666
1,998.275
1,791,804 the southwest corner, northeast quarter, southwest quarter, section 13,
Bad debts charged off
89,370
61,220
53,246 block 3, I. & G. N. survey Gray County, Texas, at total depth of 2,850
Miscellaneous(net)
Cr83,842
Cr14,577
Cr46,022 feet producing 3,325 barrels a day. This was the second Phillips Gray
Depreciation
631.694
647.063
600,084 County well to come in within a week and the third new Phillips well in
Int. chgs. on fund. & floating debt_ _ _
50,003
153.986
206,468 ten days making a total daily new production of 10,125 barrels.
Premium on bonds purchased
96.630
50,240
29,404
Authorizes New Plant.
Appropriation to reserve for cont'g200.000
25,000
The company has authorized the immediate construction of its 46th
Provision for Federal income tax
287,935
207,567
167,117 plant for the production of gasoline from natural gas, to be located in the
Write offs
290,569
north end of the Oklahoma City field, supported by approximately 700
Netincome
$1,882.441 $1,293,196 $1,076,388 acres of producing and potential gas reserves. The plant will be of the
absorption type, with two distillation units with a capacity of 50,000.000
Preferred dividends
194.206
204,234
208,782 cubic feet daily, operating under natural well pressure and capable of
Common dividends
104,072
212,482 processing 35,000,000 gallons a day. This plant is a duplicate of the
the south end of the same field, which was authorized In
Phillips
Balance
$1.584,162 $1,088,962
$655,124 January plant in
-V.130. p. 2984.
and which will be in operation this month.
Shares common outstanding (no par).
424.965
424,965
424,965
Earnings per share on common
$3.97
$2.56
$2.04
Phono-Kinema, Inc.
-Licensee Under Nakken Patents.
Earnings for Quarter Ended March 31.
In commenting on current rumors that this corporation was involved in
1929.
1928.
1930.
1927.
the recent purchase negotiations of Nakken Patents Corp. by Warner
Gross earnings
$1,404,283 $1,579,977 $1.041,851 $1,175,500 Brothers Pictures, Inc.,'Paul J. Larson, President of Phono-Rinema, Inc.,
Expenses
788.922
621,272
509,629
545.040 made the following statement:
Depreciation
"Phono-IGnema, Inc. still continues to operate independently as a
166,284
166,584
173,038
151,243
Interest
30,606
47,983
57,004 licensee under the Nakken patents for sound on film reproduction, and was
not involved in any way in the negotiations resulting in the acquisition of a
Net inc. bef. Fed. tax_ $616,427
$594.166
$422,212 substantial interest in Nakken Patents Corp. by Warner Brothers Pictures,
$311,201
-V. 129. P. 3336.
Inc.
-V. 129. p. 3486.
3180
1:11)
FINANCIAL CHRONICLE
-Comparative Balanec Sheet.
Pierce-Arrow Motor Car Co.
Mar. 31 '30. Dec.31 '29.
Mar. 31 '30. Dec.31 '29.
5
Assets-$
$
907,137
826,679 Notes payable_--_ 1,400,000 1,400,000
Cash
Sight drafts outst_ 528,738
356,261 Accts. pay. current 976,032 1,387,453
Investments
81,887
302.387 Deposits on sales
167,497
70,019
585,101
Notes & accts. rec.. 704,019
contracts
Inventories
5,207,444 5.434,971 Sundry creditors
392,910
422.580
134,817
Deferred charges
195,414
and reserves_ _
346,000
Plants & properties 7,166,781 7,287,529 Purch, mon.oblig_ 340,000
Trade name, good6% cum. pref.stk_ 7,500.000 7,500,000
197,250
197,250
will, &e
1Class A stock
1
230,125
230,125
Class B stock
3,655,415 3,306,513
Tot.(each side)_14,791,421 14,927,748 surplus
Our usual comparative income account for the 3 months ended March
31 1930 was published in V. 130, p. 2984.
Pilot Radio & Tube Corp.
-Proposed Consolidation.
A large electrical manufacturing combine built around this corporation
and which would result in a corporation with a capitalization of about
$10,000,000 and gross business of more than $20,000.000 is being discussed,
it was announced following a conference of New York bankers with manufacturers and officials of Lawrence, Mass, in that city. This merger was
discussed about 8 months ago but plans were halted temporarily by the
stock market upheaval, it is said.
The first step, it is stated, will be the welding together of the Pilot
Radio & Tube Corp. and the Noma Electric Co. 'The Pilot corporation is
the largest manufacturer of radio parts in the world and one of the largest
manufacturers of radio tubes. The Noma Electric Co. is a leading manufacturer of electric lamps and other electrical appliances.
The merger plan will eventually bring together half a dozen other manufacturers of electrical supplies. The manufacturing activities of this large
independent concern will be concentrated at Lawrence, Mass. The
Everett Mills is now the home of the Pilot Radio & Tube Corp. and its
subsidiaries.
The conference was attended by Isidor Goldberg, President of the Pilot
Radio & Tube Corp.; Joseph Block, President of the Noma Electric Co.;
Jerome B. Sullivan, Moritz Rothenberger and Louis Reich, partners of the
banking and brokerage firm of Jerome B. Sullivan & Co.; Arthur Loewenheim, banker; L. P. Sawyer, a recently elected director of the General
Electric Co.; Henri Sadacca, President of the Allan Manufacturing Co.
and Vice-Pres. of the Pilot and Noma companies; James L. Benjamin,
Treasurer of the l'ilot corporation, and Albert Sadacca, and directors of the
Industrial Bureau of Lawrence.
"Normal conditions are fast being restored," Mr. Rothenberger said
"the agreement between Pilot and Noma is near consummation." When
that agreement has been reached, Mr. Rothenberger stated, "six or eiffht
other companies will be moved to Lawrence as part of a huge concern. V. 130, p. 2599.
-To Retire Bonds.
Pirnie, Simons & Co.
The corporation has called $100,000 gen. mtge. 6i% bonds due 1943
at 105 and int., payable after July 1. This relieves the company of all
-V. 130, p. 2984.
bonded debt.
-Report.
Pittsburgh Terminal Coal Corp. (8c Subs.).
1926.
1927.
Calendar Years1928.
1929.
Gross inc.from all sources 55,427,087 56,019,144 55,286,833 $10,151,293
Oper. cost, selling & gen.
5.934,223 5,410,172 8,366,731
expenses & taxes
5.112,794
1,151,480
652,141
800,771
Deplet.,amort. & deprec
851,296
191,659
177,152
178,161
Interest, mortgages, &c..
159,527
78.156
Prov. for Fed. taxes_
$8893,003
1,678,075
1,433
$953.641 sur.$363.266
2,657,043
2,714,948
Net deficit
Surplus Jan. 1
Profit and loss credit_ _
5696,527
756.114
8,239
Gross surplus
Divs, on pref. stock_
Miscellaneous deduct'ns
510,599
5786.505 51,761,307 53,020,309
215.039
34,427
90,323
30.391
48.804
$442,773
$756,114 $1,678,076 52,714,948
Surplus Dec.31
Shares of corn. stock outstanding (par $100)- Earned per sh. on com_ _
-V. 129, p. 3024.
567,826
120.000
Nil
120,000
Nil
120.000
Nil
120.000
$1.24
-Earnings.
Pittsburgh Steel Co.
-3 Mos.-1929.
Period End, Mar. 31
-1930
Net profit after deprec.,
Federal taxes, &c_
5175,784 51,333,661
Earns, per sh. on 253,500
$4.54
Nil
shs. coin.stk.
(par $100)
-V. 130. p. 814.
1930-9 Mos.-1929.
31,342,141
53,076,932
$3.12
$9.96
-Earnings.
Powdrell & Alexander, Inc.
Calendar YearsGross sales
Expenses
Taxes
Net profit
Preferred dividends
Common dividends
1927.
1928.
1929.
56,822,257 35,885,378 55,032,435
6,269.460 5,603,144 4,629.833
62,000
34,429
68.914
$483,883
57,298
237,234
$247.805
52.500
156,250
$340,602
169,300
$39,055
5171.302
$189,351
Surplus for year
50.000
50.000
55,788
Shs. corn. stk. outstanding (no par)
$7.80
$3.91
$7.64
Earns. per.
shr
1930 quarter after the usual
Quarterly Earnings.
-Profits for the March
chargo-offs, were $121,724, equal after dividends on the 5514.2007% preferred stock, to $2.02 per share on the 55,788 no-par common shares. Sales
for the three months ended March 31 1930 reached $1,821,157, against
51.830.269 for same 1929 period -V.130. p. 2716.
Power & Light Securities Trust.-Report.-
Compan y reports net assets as of April 10 1930, of $5,282.266, giving the
72,119 shares of beneficial interest a liquidating value of $73.24 a share.
This compares with asset value of $62 a share on Jan. 31. Total value of
-New Interests.
Pitney-Bowes Postage Meter Co.
hand amounted to
Stone & Webster has acquired a substantial stock interest in the above securities held on April 10 was $4,939,493. Cash on
8395.816.
company, it is stated.
The investment portfolio is made up largely of utility stocks and bonds.
At a meeting of the directors the board was increased to nine members
Electric Bond
from seven. J. W. Buzzell, Vice-President of Stone & Webster Engineer- Among leading holdings as of April 10 were 10,000 shares ofElectric; 1,020
& Southern;
ing Corp., and W. H. Wheeler Jr., Vice-President and General Manager & Share; 6.900 Commonwealth Middle West 2,400 General Public Service
Utilities; 1,000
Engineers Public Service; 1,020
-V. 128, P. 3847.
of Pitney-Bowes, were elected directors.
of New Jersey; 2,510 Consolidated Gas of N. Y.; 2,090 American Power &
-Annual Report.
Pittsburgh Coal Co.
Light: 1,500 American Gas & Electric; 2,000 Allegheny Corp.; 1,200 United
1928.
1927.
1928.
1929.
Calendar YearsCorp.; 2,500 United Light & Power A, 2,350 American & Foreign Power
546,208,633 542,568,772 543,699,828 537,258,548 second preferred, and 1,500 United Light & Power cony. prt.f.-V. 130. p.
Gross receipts
Oper.exp.,incl. taxes--- 40,834,629 39,561,398 42.346,433 36,491,401 P• 2786.
-Earnings.
$767.147
Prairie Pipe Line Co.
454,136
1929.
Quarter
March 31-1930.
1,711,371 Net profitEndedtesta and charges
$5,222.000 $5,400,000
after
638,699 Earns. per sh. on 4,050,000 shs. cap. stk.(par 525) -$1.29
51.33
77,617 -V. 130, p. 1812.
$493,871 $1,880,596 $2,114.676
prof.$15,592
Net loss
-Extra Dividend.
Public Investing Co.
Prof. dividends(6%)An extra dividend of 10c. per share and the regular quarterly dividend
of 25c, per share have been declared, both payable June 16 to holders of
$493,871 $1,880,596 $2,114,676 record May 15. Like amounts were paid on March 15 last. An initial
prof.15,592
Total deficit
9,726,954 12.663.575 quarterly dividend of 25c. per share was paid on Sept. 16 1929 and a quar8,238,189
6,450,285
Earned surplus
-Surplus Dec. 31 1928 $61,562,467. Add: profit terly of like amount and an extra of 123.ac. per share were distributed on
Surplus Account.
for 1929, $15,592; loss through scrapping of obsolete mine plants, equip- Dec. 16 last.
-V. 130, p. 2786.
ments and unavailable coal acreage charged off, $59,774,149; Fed, taxes
-Registrar.
paid, $44,350; surplus Dec. 311929. $59.774,562.
Punta Alegre Sugar Co.
The American Express Bank & Trust Co. has been appointed registrar
Consolidated Balance Sheet Dec. 31.
for certificates of deposit for capital stock -V.130, p. 2786. 2407,302,147
1928.
1929.
1928.
1929.
Liabilities$
$
$
$
Assets.-Earnings.--'
Purity Bakeries Corp.(& Subs.)
xl06,613,759 107,896,495 Preferred stock -z35,000,000 35,000,000
Coal lands
.
.
lt I ofik fterei
Plant & equip-3r 30.483,073 27,045,508 Common stock_ 40,000,000 40,000,000 Ne 6prVee tsaEnd dot de.
Apr. 19,'30 Apr.20'29. A pr 21 '28. A pr 23 '27.
28,302,500 10,132,500
Bonds
in stocks A
Inv.
$715,255
5773,646
250,000
250,000
ar es
prec.caonmd.Federal ax_54 51,372,252
6,086,654 5,886,307 Insur. fund- _ _ o
- $1,248,4
- _bonds
928,393 Min Int. In subs 1,478,534 1,436,992 Shares
872,427
stock
Mortgage rec__ 210,826
421.652
2.153
804.042
44.937
Purch. mtgs..-__
805,061
(no par)
Sinking fund &
$1.62
$1.20
-$L55$1.70
Earnings per share
relay.fund _ _ _ 3.831,858 3.908,925 Workmen scorn849,245 -V.130, p. 815, 791.
849.245
211,005
211.005
Pen. adi
Pension fund Inv
comWorkmen's
Deferred charm 1,212,946
648,289
667.519
y
-Rights.
Quincy Mining Co.
pen. claims__
Market. secur__ 2,674,834
125,077
106,909
8,279.094 8.217,112 Pension fund_ _ _
The stockholders of record May 13 have been offered the right to subInventory
Accts. it bilk; rec 5,750,041 5,179,396 Dills payable- -- 1.047.622 8,538,767 scribe on or before June 3 to 30,000 additional shares of capital stock at
5,557,530 2,585,145 Accts payable_ 4.051,392 3,311,895 $25 a share in the ratio of 15 new shares for every 100 shares held.
Cash
Paid-In surplus- 53.324,278 53,324,278
More than 25,000 of the 30,000 shares have already been underwritten
. 6,450.285 8,238,189 by officers, directors and larger stockholders, without cost to the company.
Tot.(ea. side)171.973,221 161.858.286 Earn sur i ui_
the neu f rem ysa
x After depletion. y After depreciation of $14,989,185. z Dividends itis probable thatthe w daainIng sh res will be underwritten on the same
e
basis within
have accumulated on pref. stock from Jan. 25, 1926.-V. 129, p.2551.
Payment for the new stock will be made as follows: $9 a share on or
Pond Creek Pocahontas Co.-Earnings.before June 3; $8 a share on or before Aug. 18, and $8 a share on or before
1926.
1927.
1928.
1929.
Ca'endar YearsOct. 20 1930.-V. 129, p.3337.
Total earns, of the main.
& sub. co. from coal &
-Listing.
Radio-Keith-Orpheum Corp.
$363,527
$533,999
$459,937
$330,095
miscell. operations_ _ _
The New York Stock Exchange has authorized the listing of 410,000
Admin. & gen. exps.,
additional shares of class A stock (no par); on official notice of issuance
36,012 pursuant to the offer to stockholders; and 50,000 additional shares of class A
67,253
71.325
49,583
incl.sundry taxes_ _ _ _
Int.& chgs. on gold debs.
upon official notice of issuance on the exercise of options, making the
95,861 stockamount of class A stock to be listed 3.100.392 shares.
95,286
69,314
48,919
less int.on bk.dep., &c
total
151,960
161,396
157,242
170,925
Res. for deprec. & deple
The issue of all of the 460,000 shares of class A stock was authorized by
committee April 14 1930. The 50,000 shares of
the
$79,695 resolutions of are executive
5210,062
$162.054
$60,668
Net profit for the year
class A stock
part of 100,000 shares thereof, which were by resolutions
Shs. of cap. stk. outof the board of directors at a meeting held on Nov. 19 1928, reserved for
125,000 issuance upon the exercise of options granted to Blair & Co. Inc. (now
125,000
125,000
126,380
standing (no par)--- $0.64
$1.69
$1.29
50.48
Earns, per share
Bancamerica-Blair Corp.) and Lehman Brothers under an agreement dated
-V. 130, p. 2786.
Nov. 211928, between the corporation and Blair & Co., Inc. and Lehman
Brothers in consideration of services rendered by Blair & Co., Inc. and
-Annual Report.
Pittsburgh Plate Glass Co.
Lehman Brothers in connection with the acquisition by the corporation of
1926.
1927.
1928.
1929.
Calendar Yearsthe common stock of Keith-Aibeo-Orpheum Corp.
417,148.132 513,988,001 511,667.755 515,602.108
Profits
390,952 shares of class A stock will be issued and the proceeds thereof
4,135,160
4,362.400
4,311.634
Deprec.,&c.,chgd.off__ 4.112,822
1,450,000 used to provide additional capital for the development of the various ac875,000
1,207,593
1.350,000
Res.for Fed. taxes
tivities of the corporation and for the furtherance of its expansion program.
The privilege will be offered to the stockholders of the corporation of subNet earns. for year-- _511,685,312 $8,468,773 $6,430.355 $10,016,948 scribing for the additional shares. The proceeds of the 50,000 shares of
8.854,056
6.395.596
4,037.301
6,491,874
Cash dividends
class A stock will be used for the same purposes.
4,923.900
Stock dividend
Stockholders will be offered the privilege of purchasing at 535 per share,
$34,759 51.162,892 the 390,552 shares of class A stock at the rate of 1 share for each 6 shares of
$5,193,437 def.492,428
Surplus
33,108,036 31,920.810 stock (class A or class B without distinction as to class).See V. 130. p.2985.
32,743,781 33,236,209
Sur. beginning of year
1929.
Quarter Ended March 311930.
$181,373
$37.937,218 $32,743,781 533,142,795 533,083.702 Profit after expenses, depreciation, interest, &c__ $2,000,403
Total surplus
486,836
Other income
30,499
Unused port. employees'
Cr.40,589
stock rebate
5668.209
Total income
$2,030,902
Cr.93,413 Dr.16.245
Miscell. adjust., &c60.000
Federal taxes
215.000
Total profit and loss
5608,209
Net profit
51.815,902
833,108.036
sur., end of year_ -S37.937,218 $32.743,781 533.236,208
223,459
208.280
Preferred dividends
Shs. cap.stk. outstand'g
7491.892
y492.392
2,166,524
2,166.524
(par 825)
5384,750
520.36
Surplus------------------------------------ 51,607,622
513.06
53.91
55.39
Earns Per allare
50.20
Earns, per sh. on 1,850,169 shs. cl. A stk. (no par)
$0.86
x Includes $40.479 unused reserve for 1928 Federal taxes. y Par $100. -V. 130, p. 2985.
-V. 130, p. 637.
Profits after all exp--- $5,374.004 $3.007,373 $1,353,395
887,560
1,207,729
1,437,486
Depletion
1,634,334
1,611,232
2,076,623
Depreciation
614,792
612,211
1,748.704
Interest
97,304
70.072
95,598
Min.int. in subs
Quinc
-Gross Sales.
(Robert) Reis & Co.(Incl. Subs.).
Quarters Ended March 31Gross sales
-V. 130, p. 2042.
1929.
1930.
$1,664,214 $1.728,811
Decrease.
$64,597
-Earnings.
Reo Motor Car Co.
Quarter Ended March 31Sales
Cost,of sales, &c
Expenses, &c
Operating profit
Other income
Total profit
Depreciation
Federal taxes
1928.
1929.
1930.
$9,134,321 $12,949,389 $10,378,387
7,870.663
} 9,061,7701 9,846.427
2,309,110
1 2,188.444
914.517
142,321
$198,614
124,200
$234,608 $1,056,838
446.027
410,044
73,297
$322,814
409,303
$72,551
162,057
$537,514 loss$86,489
def$175,436
Net profit
Earns, per sh. on 2,000,000 shs. corn.
$1.10
$0.26
Nil
stock (par $10)
Consolidated Balance Sheet March 31.
1929.
1930.
1930.
1929.
3
s
LiaUlticsAssits-$
$
20,000.000 29,090.030
Capital stock
Land, buildings,
2,207,039 2,557,472
machinery, &c_ _10,723,357 10,922,225 Accts. payable
297,921
Land contr. rec_ __ 208,447
142,363 Accrued payroll__ _ 187,955
997,629
Cash
3,156,335 3,745,829 Federal tax, fie_ __ 274,234
800,001
400,000
Div. payable
Sight drafts
959,091
498,254
452,010
31,7:6
Receivables
3,229,047 3,556,225 Misc. payable__
21,514
59.720
Govt. bonds
6.405,199 2,080,000 Deferred credits__
350,000
Inventories
9,265,591 14,914,542 Res, for canting_
90,000Earned surplus_ _ _ 9,783,069 11.029,050
Investments
91,190
472.509
Deferred charges_ _ 188,882
217,830 Capital surplus_ _ _ 472,509
Total
33.766,302 38,628,10,
-V. 130, P. 2227.
3181
FINANCIAL CHRONICLE •
MAY 3 1930.] '
Total
33,765,302 36,628,105
-Complete Executive Staff.
Republic Steel Corp.
Chairman T. M. Girdler has announced that the corporation organization will function with the following executive personnel:
Vice-Pros. in charge of operaB. F. Fairless, 1st Vice-Pres.; E. J. Wysor, sales; It. S. Hall, Vice-Pros.;
tions; H. T. Gilbert, Vice-Pres. in charge of
W.P. Witherow, Vice-Pros,; W. H. Olhdam, Vice-Pres, in charge of Southern district; J. U. Anderson, Treas.; R. Jones. Jr Sec.; W.B. Ohl, Compt.;
W. C. Gubbins, Asst.-Compt.; A. E. Walker, Asst.-Vice-Pres, in charge of
sales; W. M. Meckerman, Asst. Vice-Pros. J. M. Schlendorf, Gen. Mgr.
of alloy steel sales; Norman Foy, Gen. Mgr. of mild steel sales; Harry
Rhodehouse, Traffic Mgr.; C. A. ligenfritz, director of purchases; Walter
Masaman, purchasing agent; H. It. Carpenter. district manager of Youngstown district; E. A. Portz, district manager of Central Alloy district; A.
H. Greenmayer, dis Met manager of Buffalo district; J. L. Hyland, district
manager of Chicago district; Frank Webb, manager of ore mining dept.;
George Morse, manager of coal mining dept.; F. M. Cardwell, Auditor;
B. F. Boyer, Asst.-Aud.; W. B. Knuff, chief cost accountant; E. P. Foley.
credit manager; C. D. Reese, assistant credit manager; H. M. Hurd. assistant treasurer: G. H. Freehorn, assistant Treasurer.- V. 130, p. 2985.
-Proposed Merger.
Reynolds Brothers, Inc.
-V. 130, P. 302.
Bee Reynolds Investing Co., Inc., below.
-To Acquire Assets and
Reynolds Investing Co., Inc.
Liabilities of Regnotds Brothers, Inc.
-Report.
Railway & Light Securities Co.
Company reports gross income for the 12 months ending March 31 1930,
of $2,309,517. Net income for the same period after interest, expenses and
taxes amounted to 51.931,215. This compares with $1.097,688 gross and
$758,007 net income for the corresponding period ending March 31 1929,
and represents a gain of over 44% in net earnings.
During the first quarter of 1930 profits realized from sales of securities
after related Federal tax amounted to $370,000, equivalent to more than
26% of the total profits from sales during 1929. In addition. unrealized
profits on March 31 1930 amounted to $2,864,635, representing the difference in market value over cost of the securities held.
Since Dec. 31 1929, the company has made new or additional commitments in the following securities:
Kreuger & Toll Co., partic. debs.
American Gas & Electric Co.,com.
New bngl. Tel. & Tel. Co., com.
Anchor Cap Corp., common
Northern States Power Co.,el. A corn
Bethlehem Steel Corp., common
Paramount Famous Lasky Corp-com
Caterpillar Tractor Co., common
Sierra Pacific Electric Co., common
Consol, Gas Co.of N. Y.,common
Electric Pow. & Lt. Corp., common U. S. Realty ,& Improv't Co., corn.
Electric Pow. & Lt. Corp., warrants
As of March 31 1930, the assets of the company were invested as follows:
Bonds and preferred stocks 22%. cash and call loans 19%, common stocks
59%. The common stock holdings were divided as follows: Banks and
insurance companies .5%, steam railroads 6%, industrials 19% and public
utilities 29%.
From Dec. 31 1929 to March 31 1930, the liquidation value of the
common stock has increased from $69.46 to 587.83 per share, an appreciation of over 26%.-V. 130, p. 1295.
-Elwood Production.
Rio Grande Oil Co.
Production officials of this company report total production at Elwood
for the combination since discovery by completion of Luton-Bell No. 7,
July 26 1928, to March 31 1930, of 12,500,000 bbls. Average gravity of this
oil IS about 37 degrees and average price received $1.50 per barrel, making
total gross income to March 31 from Elwood property of $18.750,000.
has produced a total
Production is split on a 50-50 basis. Luton-Bell No. 1Nov. 1928, produced
of 971.941 bbls. and Luton-Bell No. 2 completed in
bbls. Gross income from these two oldest
to March 31 a total of 1,207,167
wells amounts to $3.268.662.-V. 130. p. 2985.
-Listing.
Royal Dutch Co.
The New York Stock Exchange has authorized the listing of interim repurceipts for $40,000,000 4% debentures, series A, with attached share
chase warrants, to mature April 1 1945.- V. 130, P. 2407.
--Earnings.
Russell Motor Car Co., Ltd.
1929.
$144,507
84,000
48,000
Balance,surplus
Prior surplus
Total surplus Dec.31 1927
-V.130, p. 148.
1928.
$139,054
84,000
40,000
1927.
$123,274
84,000
32,000
312,507
577,025
Calendar YearsNet profit for year
Preferred dividends(7%)
Common dividends(45)
$15,054
549,463
57.274
542.189
5589.532
$564,517
5549,463
--Earnings.
Ryan Car Co.
Calendar YearsGrosssales
Operating expenses
Depreciation
Operating deficit
Other income
1926.
1927.
1928.
1929.
51,844.628 51,640,225 52,049,071 51,402.640
1,486,255
1,995.874
1.595.137
1.759,304
79,907
92,409
70,569
77,855
$163,523
$39,2L2
$25,481
sur.$7,469
39,485
62,472
7,766
3.994
5124.038
$17,7L5 prof.$23,W0
sur.$11,463
Total deficit
40,900
10,000
The directors of both companies have agreed to merge on a basis of 10 Dividends paid
shares of Reynolds Bros.. Inc.
shares of Reynolds Investing Co. for 13
$164,038
The result of the combined organizations will be the Reynolds Investing
$17,715
Year's deficit
sur.$11,463
Co., with assets of about $23,000.000. Stockholders of Reynolds Investing -V. 128, p. 3530.
Co., Inc., are asked to approve an additional issue of 1,217.949 shares to
-Earnings.
St, Joseph Lead Co.(& Subs.).
effect the merger at a special meeting which will be held May 14 at Wil1926
1927
1928
Ca render Yearsmington, Del. At a meeting on the same day, stockholders of Reynolds
1929
Bros., Inc., will be asked to approve the combination.
Income
b311,954,769 147,815,039 b$8,282,310a$12,971,944
3,067,434
3,406,1,58
Depletion
2,826,151
3,533.675
will be as follows:
The capital structure of the two companies
1,552,667
781,099
455,624
883.939
taxes
20-year 5% gold debenture bonds,series A.due April 1, 1948W $5.000.000 Fede-al to min. int., &c_
135,019
67,928
Applic.
42.289
71,153
Pref. stOck. $6 cumul., authorized 60,000 shares of no par value;
3,000,000
outstanding 30,000shares
Netincome
37.466.002 54.490,973 $4,027,125 $8,216,S25
shares of no
Common stock authorized 1.837,949
5,581,269
5,851.332
5,851,377
Dividends(cash)
5,851,400
1,833,625 shs.
par value;outstanding
1.724 shs.
Exchangeable for 431 ofold stock
Balance, surplus
$1,614,602 df31,360,404df$1,824.208 52.365.456
Shares of capital stock
1,835.349 shs.
1,950.429
1.950.508
outstanding (par $10)_ 1,950.460
1,950.508
2,600 shs.
Held for conversion of warrants to deb. bonds_ __
$4.21
32.07
$3.83
52.29
Earns. per sh.on cap.stk
a After providing for depreciation of plant and equipment. b After
1,837.949 shs. 4,594,873
Total
writing off development and exploration expenses on properties abandoned
56,177.529
xSurplus
48.750
6,128,779 and including interest, dividends and miscell.(mom°.
Less accrued dividend on preferred stock
Consolidated Balance Sheet (Incl. Subs.) Dec. 31.
8.
5
112
19r.
518,723.651
1928.
1929.
xDoes not include appreciation in value of investments as at
LfaMftiftsAssets
$547.999 Ore res. & mining
April 8 1930
Capital stock __d19,504.600 19,504,520
568
489
a17,296,768 10,198,511 Scrip
rights
Among the holdings of Reynolds Investing Co., Inc.. are:
224.964
Bidgs. & equip_ _b13,624,847 11,799,936 Min. Int. sub. cos_ 228.756
No. of
No.of
363,750
c3,017,614 Purch.money Wig
RR.prop.& equip_
shares
Shares
299,992 Accts.& wages pay 1,647,585 1,609,182
821,796
Exp.on prop
400 American Can
500 New York.Chicago & St. Louis
1,901,183 1,682,750 Divs. payable_ ___ 5,861,382 5,851,356
Investments
2,815 American Cyanamid B.
7.200 New York Ont. & Western
596.968
821,459
Cash
1,752,036 2,586,394 Federal taxes
2.500 Northern Pacific
500 American Superpower
Res.for conting.dm 1,419,963 1,461,503
Marketable sec. &
10,651 Orange Crush
8,276-73-100 American Thermos A.
14,857,453 13,493.586
2,722.404 8,063,374 Surplus
call loans
800 Anaconda
1,000 Paramount Famous
Accts. re-eivable_ _ 1,751,115 1,758,733
13,533 Passwall Corp.
2,900 Aviation Corp.
4,135,060 3,473,619
Inventories
3,000 13riggs Mfg.
26,133 Passwall Corp. Warrants
252,474 Tot.(ea-h side)_44.331,785 43,115.397
Deferred charcm_ _ 266.574
2,000 Passwall 53.00 Pfd,
17,196 Case Pomeroy
a After depletion of 325.591,839. b After depreciation of $7,045,857.
750 Case Pomeroy Pfd.
1,000 J. C. Penney
c After depreciation of $726.291. d Par value $10.-V. 130, P. 2788.
200 Pere Marquette
750 Chicago Eastern Illinois
500 Chicago Eastern Illinois Pfd.
1,630 Petroleutn Racism. Corp. Pfd.
-Stocks Offered.
Searight Royalty Participations, Inc.
1,000 Chicago Great Western
660 Petroleum Reclam. Corp. Corn.
Offering of new issues of 25,000 shares of participating preferred stock
4,000 Chicago Great Western Pfd.
1,000 Pierce Petroleum
and 25.000 shares of common stock, in units consisting of 1 share of pref.
Pittsburgh Coal
500 Chicago. Milwaukee & St. Paul
1,400
and 1 share of common at $15 per unit, is being made by a group headed by
1,000 Chicago, Milwaukee & St. Paul
500 Pullman Company
Searight & Co., Inc., of New 'York.
Phi.
300 Reading RR.
Searight Royalty Participations, Inc., invests in oil, gas and mineral
1,000 Continental 01101 Delaware
198,416 Reybarn
rights which include petroleum oil royalty interests, in properties already
1,700 Chrysler Corp.
250,000 Reybarn Warrants
under lease by Standard Oil companies, their subsidiaries and other re1,000 Delaware & Hudson
19.025 Reynolds Metals
sponsible oil producing organizations. The company has the same suc400 Denver & Rio Grande Pfd.
1,730 R.J. Reynolds Tobacco B.
cessful management heretofore responsible for the royalty management
220 Eastman Kodak
2,000 Royal American Corp.
record of Frank J. Searight and Associates of Tulsa, Okla.
13,500 Erie
Air Line Pfd.
400 Seaboard
The Brooklyn National Bank of New York has been appointed transfer
1,605-29-54 Federal Water Service A
60,814 Selected Industries
6,211 General Realty & Utility
37,338 Selected Indus. Convertible Pfd. agent and the Harriman National Bank & Trust Co. registrar for the preferred and common stock.
3,064 Goldu an, Sachs
4,460 Southern Corporation
800 Great Northern Pfd,
800 Southern Pacific
-Merger.
Second Founders Share Corp.
9,900 Grigsby Grunow
6.200 Southland Royalty
See Founders Holding Co., Inc., above.
500 Hollar.d Furnace
1,122 Standard Oil of Cal.
1,000 Interborough Rapid Transit
23,200 Stokely Brothers
Securities Corporation General.-Recapitalizatio.n.2,000 Interlake Iron Corp.
7.400 Stokely Brothers Pfd,
The stockholders will vote May 15 on approving certain proposed amend1,000 International Agriculture corp.
500 Texrs Gulf Sulphur
ments to the certificate of incorporation, which. in part, (a) provide that
PM.
500 Tidewater Assn. Pfd.
the authorized capital stock shall consist of 5,050,000 shares, of which
1,000 International Nickel
15,000 United States Foil A
4
50,000 shares shall be pref. stock without par value, consisting of 19.676 1
6.635 Kansas City Southern
27,600 United States Foil B
shares of pref. stock, $7 series, with substant__allythe same preferences as
22,995 Kraft Cheese
1,000 U. S. & Int. Sec. Corp. 75% the 1st pref. stock now outstanding, and 30,323% shares which may be
2,400 Lehigh Valley
Paid Allotment Certificates
issued in the $6 series therein described or any such other series as may
1.000 Universal Consolidated 011
3,500 Lehman Corporation
be determined by the board of directors prior to the issue thereof, anti
1,800 Vick Financial
10,000 P. Lorillard
5,000,000 shares of common stock without par value, (b) provide for the
226-2-3 Midland Bank
4,800 Wabash
exchange of each share of 1st pref. stock outstanding for one share of
43,600 Missouri. Kansas & Texas
8,400 Western Maryland
pref. stock, $7 series, and for the exchange of each share of common stock
400 Missouri Pacific
2,800 Winslow Lanier
outstanding or ten shares of new common stock. See also V. 130, p. 2788
560 Winslow Lanier Warrants
1,000 National Biscuit Co.
-Wm. L. Davi
-Notes Offered.
20,260 International Mercantile Marine
500 National City
Securities Holding Co.
2,500 McCrory Stores
3,550 National Dairies
& Co., Detroit, recently offered $1,000,000 1-year 6%
11,701 Seaboard Air Line
2,000 New York Central
The directors of Reynolds Investing Co., Inc.. are:
-R.S. Reynolds and secured cony, gold notes at 100 and int.
Dated Jan. 1 1930; due Jan. 11931. Interest payable J. & J. Fideliti
C. K. Reynolds of Reynolds & Co.; John W. Hanes, of Chas. D. Barney &
Trust Co., Detroit, trustee.
Co.and William F. Woodworth-V.130. p. 818.
$16,740
3182
FINANCIAL CHRONICLE
Notes are convertible at the option of the holder, into common stock
of the White Star Refining Co. at $60 per share, or 16 2-3 shares for each
$1,000 note, interest on notes to be adjusted to, and dividend from, date
of conversion.
Each unconverted $1,000 note will be secured by 25 shares of White
Star Refining Co. common stock.
Common stock of the White Star Refining Co. is outstanding in the
amount of 320,000 shares, which represents the entire capital liability of
the company, there being no preferred stock, bonds or funded indebtedness.
Selected Shares Corp.
-New Control,&c.A, group of Chicago financiers headed by Max Adler, formerly VicePresident of Sears Roebuck & Co., has been formed to deal in the investment trust field and has acquired as a neucleus the Selected Shares Corp.,
sponsor of Selected American Shares, a fixed investment trust.
Offices of the corporation will be set up in Chicago with Mr. Adler as
Chairman of the Board and his son Robert S. Adler, President. Alvin H.
Baum, formerly Vice-President and a director of Straus Brothers Invest,ment Co.,from whom Selected Shares Corp. was acquired, will be directing
head with the title of Executive Vice-President and director.
Associated with the company will be Herbert Rubel and Edward P.
Rubin, formerly with Straus Brothers Investment Co. The personnel of
the board of directors will include a large group of prominent bankers and
business men the names of whom will be made known in about week.
The first act of Selected Shares Corp. under the new ownership will be
to take over the national distribution of Selected American Shares stock
which has a dealer organization composed of more than 200 banks and
investment houses. The new group plans immediate expansion and a new
Investment trustsponsored by Selected Shares Corp.is expected to be formed
and publicly offered within a short time.
-V. 129, p. 3647.
[Vox,. 130.
Listing.
-Application will be made to list this issue on the New York
Stock Exchange.
General Balance Sheet Dec. 31 1929 (Giving Effect to This Financing).
LiahiliilesLeaseholds, &c
$27,389,540
$83,969,103 Common stock
Investment in & advances to
13,849,904
Surplus
499,126
&c., companies__ 2,464,752 Empl.subser.to corn.stock
Advs. for leases, drilling, &c_
94,096 6% cumulative pref. stock
12,000,000
Specific funds
118,957 Reserve for contingencies_ _ _ _
550,000
Due on subscrlp's to eo.'s stk_
35,313,530
430,008 Reserve for depletion
Advs. to officers & employees
39.208
13,600,000
% gold debentures
Deferred notes receivable-17,246 Pur.mon Wigs for leases. &c.
142,553
Cash
765.949
10,499.422 Other deferred obligations_
Marketable securities
1,500 Current liabilities
2,959,500
Notes & acceptances 'vele__
237,593 Sundry unadjusted credits__
449,290
Accounts receivable
2,270,055
5.332,244
Inventories
Total
$107,319,391
Deferred charges
1,845,208
-V. 130, p. 2986.
(F. H.) Smith Co.
-New Protective Committee.
-
Owners of the preferred stock have been notified of the formation of a
new protective committee composed of Harry M. Blair, President of Associated Bond & Share Corp. as Chairman; George R. Baker, V.-Pres.
Chatham Phenix National Bank & Trust Co.; William F. Edwards, President of Westchester First National Corp.; C. S. Newhall, Vice-Pres. of
the Pennsylvania Co. for Insurance on Lives and Granting Annuities of
Philadelphia, and J. Hambleton Ober, Vice-Pres. of Baltimore Trust Co.
of Baltimore. J. W. Edwards is Secretary of the new Committee and
Beekman, Bogue & Clark are counsel.
The Interstate Trust Co. has resigned as depositary under the protective
(Frank G.) Shattuck Co.
-Earnings.
and theChatham trix NaortBn.ibes
asenevdepary8arrAaie
agreement tedFeb.
Calendar Years1926.
1929.
1928.
1927.
of
designated
Sales
$25,655,925 516849,728 $15,535,805 $13,247,470 deposit previously issued by the Interstate Trust Co. will be exchangeable
Gross trading profit
2,436,797 for certificates to be issued by the new depositary. The Baltimore Trust
6,480,578
3,437,626
3,781.046
Other income-Rents.
Co.of Baltimore;the Pennsylvania Co.for Insurance on Lives and Granting
interest & discount
75,044
96,188 Annuities of Philadelphia; the Union Trust Co. of Pittsburgh, and the
244,036
237,311
Marine Trust Co. of Buffalo have been named as sub-depositaries.
Total
$6.724,614 $4,018,357 $3,512.670 $2,532,985
The protective agreement has been amended so as to enlarge the powers,
Gen.& admin. expenses.. 2,155,871
685,484 rights and duties of the committee with reference to the preferred stock
880.388
1,021,765
Depreciation
824,916
482,875
376,633 of the company and with reference to the affairs of any of its subsidiary or
505,628
Federal income taxes
297,432
156,427 affiliated companies.
388,107
300,585
-V.130, p. 2409.
Net profit
-An issue
$3,355.720 $2,190,379 $1,851,974 $1,314,440
Southland Greyhound Lines, Inc. (Del.).
Common dividends
650,000
600,000 of $500,000 63/3% serial gold notes (with warrants) was
2,430.000
700.000
Balance, surplus
$925,720 $1.490,379 $1,201.974
Shares of capital stock
outstanding (no par).. 1,290.000
350.000
350.000
Earns. per sh. on cap.stk
$2.60
$6.25
Earnings
-Quarter Ended March 31. $5.29
1930.
1928.
1929.
Net profit after deprec.
and. Federal taxes___$749,029
$542,123
$623,040
Shares of capital stock
outstanding (no par).... 1,290,000
350.000
350.000
Earnings per share
$1.78
$1.54
$0.58
-V. 130, p. 1128.
$714.440
300,000
$4.38
1927.
$390,779
300,000
$1.30
Sheffield Steel Corp.
-Conducting Merger Negotiations.
President W.L.Allen issued the following statement after a meeting ofthe
directors last week:
'Negotiations are now being carried on with a view to the consolidation
of this corporation into an outstanding, strong group. Those negotiations
have already reached the reint where Sheffield has the opportunity to
join that group on terms which are very favorable to Sheffield stockholders.
'The management is now conducting an exhaustive investigation of the
economic soundness of the proposed consolidation, and if the negotiations
arersuccessfuliy concluded, will carry all their present large holdings into
the new group on the same basis that will be offered to other stockholders.
"No further information will be available until the completion of the
negotiations and tho plan formally acted upon by our board of directors.
I trust that I will not be embarrassed in my negotiations by the necessity
to;'elther affirm or deny any further rumors that may become current
from time to time."
-V.130, p. 2986.
Skelly Oil Co.-Pref. Stock Sold.
-Continental Illinois
Co., Inc.; the National City Co.; Brown Brothers & Co.;
Harris, Forbes & Co.; the First National Old Colony Corp.;
Lawrence Stern & Co., and First Detroit Co., Inc., have
sold at 993' and div. $12,000,000 6% cum. pref. stock
(with warrants).
Preferred as to assets and as to cumulative dividends from May 1 1930.
Dividends payable Q.
-F. Redeemable on 60 days' notice as a whole on
any div. date at $105 per share and diva.,to and incl. May 1 1933. and
thereafter at $103 per share and diva. Trasfer agents, Continental Illinois
Bank & Trust Co., Chicago. and Chase National Bank of the City of New
York, New York. Registrars, First Union Trust & Savings Bank,Chicago,
and City Bank Farmers Trust Co., New York.
Warrants.
-Each certificate will bear a non-detachable warrant entitling
the registered holder to purchase two shares of common stock for each
share of 6% cumulative preferred stock at the following prices per share:
$42.50 to and incl. May 1 1931 $46 thereafter to and incl. May 1 1932
850 thereafter to and incl. May 11933. In the event of the 8% cumulative
preferred stock is called for redemption, the warrants will become void
five days before the redemption date. Provision will be made for the protection of the warrant privilege against dilution.
Capitalization.
-The following statement shows the capitalization outstanding as of Dec. 31 1929, after giving effect to the issuance of this preferred stock:
-year sinking fund 5;4% gold debentures, due Mar. 1 1939-$13,600,000
12
6% cumulative preferred stock ($100 par)
12,000,000
Common stock (par $25) (authorized, 1,400,000 shares outstanding, 1,095,581 6-10 shares)
27,389,540
The stockholders will vote May 14 on creating an issue of $12.000.000
authorized pref. stock, par $100.
Note.
-240,000 shares of common stock will be reserved for the warrants
attached to this preferred stock.
Business and Properties.
-Company is engaged in all branches of the oil
industry, including the production, transportation, refining and distribution of petroleum and Its products. As a roroducar of crude oil and natural
gas the company operates chiefly in the Mid-Continent field, in the States
of Kansas, Oklahoma, Texas, Arkansas, Louisiana and New Mexico.
The company owns or controls 57,285 acres of producing properties
from which an average daily net production of 23,982 barrels of oil were
obtained in 1929, approximately 944,187 acres of undrilled properties, a
refinery with a capacity of 23.000 barrels of crude oil daily, 20 natural
gasoline plants, complete pipe line systems serving each plant, 1,008 tank
cars and approximately 470 bulk and service stations.
Purpose.
-Proceeds will provide funds for additions to and the development of the company's properties and marketing facilities and for general
corporate purposes.
Earnings.
-For the past five years net income available for dividends,
after interest, depletion, depreciation, other capital extinguishments and
Federal income taxes, was as follows:
$3,755,716 1928
$4,104.377
1925
5,691.346 1929
5.786,490
1926
1,438,228 Annual average
4,155,231
1927
Average annual net income as shown above was 5.77 times the maixmum
annual dividend requirement of $720,000 on this issue, and 1929 net income
was 8.04 times such dividend requirement.
The above net income for 1929 was equivalent to $5.28 per share on the
common stock outstanding Dec. 31 1929. Cash dividends are being paid
at the annual rate of $2 per share.
-Company agrees to provide out of its surplus and net
Purchase Fund.
preferred
Profits after payment of all cumulative beginningdividends a purchase fund
May 11933, for the purof$360,000 a year, payable quarterly,
chase of preferred stock of this issue if obtainable at less than $100 per share.
-The common stock is listed on the New York Stock Exchange
Equity.
and at current quotations the 1,095.581 6-10 shares outstanding have an
indicated market value in excess of $40.000,000.
recently offered by Lane, Piper & Jaffray, Inc., Minneapolis
and St. Paul, at prices to yield from 63.% to 6Yi% according to maturity.
Each $1,000 note carries a warrant, non-detachable except upon maturity
or redemption, entitling the holder to purchase 5 shares of common stock
at $45 per share on or before Oct. 1 1932, or thereafter at $50 per share on
or before Oct. 1 1934. Notes are dated Oct. 1 1928 and are due serially
$100,000 each Oct 1 1930-1934. First Minneapolis Trust Co., Minneapolis.
trustee.
Company has been incorporated in Delaware and owns all of the outstanding capital stock of a Texas corporation of the same name, which owns
and operates the leading motor bus transportation system in Texas. The
latter company has operated successfully in central Texas since 1926.
On Oct. 1 1929, it acquired the business and assets of West Texas Coaches
Inc., South Texas Coaches, Inc. and Young's Bus Lines, Inc. These are
long established operations covering major travel routes which connect with
and supplement the original Southland Greyhound Lines.
The routes of the system are 2,375 miles in length, extending from El
Paso, Texas, to Lake Charles, La., and serving practically all of the principal cities in Texas, including Fort Worth, Dallas, Waco, Austin, San
Antonio, Corpus Christi and Houston. The operating subsidiary owns 126
modern buses, largely of the parlor car and observation parlor car type.
which travel an average distance of 21,600 miles daily on regular schedules.
Centrally located passenger terminals are owned or leased in the principal
cities served.
The principal common stockholders of Southland Greyhound Lines,.Inc.
(Del.) are Motor Transit Corp., Pickwick Corp. and Automotive Investments. Inc. These interests in association with four important railroads
own or control the Greyhound Lines and affiliated companies, which comprise a bus transportation system of national scope covering over 33.000
miles of highway and serving practically every important city in the United
States on daily schedules. The Southland Greyhound lines connect with
other companies of the Greyhound system at Dallas and El Paso, where
through passengers are exchanged.
Consolidated earnings of Southland Greyhound Lines, Inc. (Del.) its
subsidiary and the companies whose business and assets were recently
acquired, during the year ended July 31 1929 were as follows:
Gross earnings
$1,952,709
Operating expenses
1,561,000
213,577
Depreciation
Interest paid, after eliminating non-recurring items
15,512
Net available for hit. on 63i% serial gold notes & Fed.inc. tax_ $162.620
Authorized. Outstanding.
Capitalization% serial gold notes (with warrants)
$500,000
3500,000
7% cumulative preferred stock (par $100)
1,000,000
a250,000
Common stock (no par)
b100,000 shs. 45,000 shs.
a Series A with warrants. b 10,000 shares reserved for exercise of stock
purchase warrants.
The notes were issued to provide in part for the acquisition of the business and assets of West Texas Coaches, Inc., South Texas Coaches, Inc.
and Young's Bus Lines, Inc.
Square D Co.
-Merger Approved.
The stockholders have approved an offer to exchange 3.2 shares of Square
D class"A"stock or 2.5 shares of Square D class"B"stock for each share of
Diamond Electrical Mfg. Co. preferred stock and share-for-share exchange
for the common stock. Consolidation will be declared operative upon deposit
of 50% of the Diamond Electrical voting stock.
Outstanding capitalization of the Square D Co.. If all of the Diamond
Electrical shares are deposited, will be 105,043.8 shares of "A" stock and
69.433 shares of"B." On a basis of the consolidated cernings, net for 1929
amounted to $682.946 or $6.50 a share on the "B" stock to be outstanding,
after allowance for dividends on the increased amount of "A" stock.
-V.
130, p. 2987.
Standard Motor Construction Co.
-Stock Increased, cec.
The stockholders on March 25 increased the authorized common stock
(no par value) from 234.000 shares to 650,000 shares.
The preferred and common stockholders of record March 17 were offered
the right to subscribe to additional common stock at $2 a share in the ratio
of one new share of common stock for each share preferred or common
held.
-V. 130. p. 1668.
Standard Oil Co.(New Jersey).
-Extra Dividend.
-
The directors have declared the usual extra dividend of 25 cents per
share and the regular quarterly dividend of 25 cents per share on the $25
par value capital stock, both payable June 16 to holders of record May 17.
Like amounts were paid on June 15, Sept. 16. and Dec. 16 1929, and on
March 15 1930.-V. 130. p. 2409.
Standard Oil Co. of New York.
-Merger with Vacuum
Oil Co. Defended in Answer to Government Suit.
Denial that the proposed merger of the Standard 011 Co. of New York
with the Vacuum Oil Co. would violate a Federal Court decree of 1910
dissolving the Standard Oil combination is contained in an answer filed
April 11 to the government's action to prevent the merger.
The answer, filed by Lon 0. Hocken local counsel for solicitors of the
two oil companies, declares that no issue was raised in the suit as to the
lawfulness under the anti-trust Act of a union of any two of the numerous
former subsidiaries of the Standard Oil Co. of New Jersey, after they had
been freed from its domination and control by operation of the decree, and
that under the laws of the United States no such law could legally have
been made.
It is contended that the proposed merger is not for the purpose of and
would not have the effect of continuing or carrying into further effect
the combination adjudged illegal by the decree of 1910.
MA Y 3 1930.]
FINANCIAL CHRONICLE
The answer states that the business of the Standard Oil of New York is
in the United States, while the bulk of the business of Vacuum 011 is carried
on in foreign countries. Vacuum's business, the answer continues, is
primarily a business of specialized lubricating oils of high grade, while the
business of the Standard Oil of New York is production and refining of
crude oil and marketing gasoline and a general line of petroleum products.
The Standard Oil, it is pointed out, has extensive distribution facilities.
The object of the contract of merger is and its effect will be. says the
answer to enable the Standard 011 and the Vacuum Oil each to help meet
Its needs in this country and abroad arising from organic developments in
the industry, and to avail itself of the complimentary resources and facilities
of the other.
Balance Sheet Dec. 31.
1929.
1928.
1929.
1928.
Assets$
Liabilities
Real est.. mach,
Capital stock __ _434,489.300 434,094,575
and vessels_ _x468,826,413 451,200,920 Funded debt_ - -y98,918,661 103,897,044
Inv. ln oth. cos_ 4,962,755
3,000,000
8,051,059 Notes payable_
Inventories _ _ _ _170,620,581 161.199.291 Deferred credits 7,612,933
6,735,811
Cash
6,813,848 20,136,680 Accts. payablo_- 40,494.866 38,848,032
Accts. & notes
Reserves
8,258.472
7,709,734
receivable_ _ _ _ 48.285,347 47,000,796 Taxes payable
3,861,255
3,528,933
Marketable secs_ _1,190,669
111,770,874 100,571,647
Surplus
Deferred assets._ 7,706,749
7,797,030
Total
708,406,362 695,385,776
Total
708,406,362 695,385,776
x After deducting $346,197,543 reserve for depreciation and depletion.
y As follows: (a) 0 % serial gold debentures (completely maturing in
,
6
1948). $19,000,000: (h)
% gold debentures (maturing in 1951). $50.000,000; (c) Magnolia Petroleum Co. 4%% serial gold debentures
(completely maturing in 1935), $9,000,000: (d) General Petroleum Corp. of
Calif. 5% 1st mtge. sinking fund gold debentures (maturing in 1940),
$19,584,000. (f) General Petroleum Corp. of Calif. purchase money obligations (of which $761,273 mature in 1930), $1.334,661.
Our usual comparative income account for the year ended Dec. 31
1929.
was published in V. 130, p. 2987.
Standard Plate Glass Co.
-Receivership.
-
Judge J. It. MacFarland in Pittsburgh Common Pleas Court has appointed F. E. Troutman, It. Eckle and D. G. McKee temporary receivers
for the company.
-V. 130, n• 2987
.
Starrett Investing Corp.
-To Develop Chicago Beach
District
This corporation, a subsidiary of The Starrett Corp., has
purchased
156,000 square feet of property in Chicago adjoining the new Leif Erickson
Drive. fronting on Lake Michigan and facing Burnham l'arl at 48th
it was announced. Starrett Brothers, Inc., the Illinois construction St,
subsidiary of The Starrett Corp., will immediately improve part of this
property
with a 40-story co-operative apartment building containing 800 rooms
and a
200
-car garage, representing an investment in land and building of
$4,500,000. This structure will be located on the southwest corner of Chicago
Beach Drive and 48th St., overlooking Lake Michigan and
Burnham Park.
Short-term financing for this immediate improvement has been
arranged
with the Law Beck Corp., and permanent financing will be
Institutional loan. The Starrett Investing Corp. will also effected by an
co-operate with
the Beach Hotel Co. in the development of the remaining vacant
property
between the plot just purchased and Hyde Park Boulevard.
On the property which has been acquired, it is planned
to erect ten
skyscraper buildings similar to this first unti; the entire project
when
completed will represent an investment of over 850,000,000.
Starrett
Brothers, Inc., recently completed ten apartment buildings of
the Park Ave. district of New York City.- V. 130, p. 2602. this type in
Steel's Stores, Ltd., Toronto.
-Receiver.
----
A Toronto dispatch states.that this company with 22
departmental stores
In Ontario and Quebec, has been placed in hands of interim
was authorized to carry on the business to conserve assets receiver, who
in the interest
of creditors until other disposition is made.
Steinite Manufacturing Co.
-Receivership.
-
Jesse B. Eschboch, trust officer of Citizens Trust & Savings
Bank
Wayne, has been appointed receiver. John C. Tully and Arthur T. of Fort
Haugh,
recently elected President and General Manager,
respectively, have resigned their positions. ("Wall Street Journal.")
Stone & Webster, Inc.
-Earnings.
-
For the nine months ended March 31 1930, the company
consolidated earnings, including those of subsidiaries supplying reports not
and construction service, investment banking service, and engineering
service to utilities, of $5,860,563, of which $2,027,516 was supervisory
direct to surplus on securities acquired on organization profit carried
decessor Massachusetts corporation and sold within the from the preperiod.
The
above earnings for the nine months' period were equivalent
to $4.65 a
share on the 1,258,981 shares outstanding at the end of the
period.
As the plan of affiliation of Engineers Public Service Co.
with Stone &
Webster. Inc., was consummated subsequent to
figures do not reflect the earnings of the EngineersMarch 31, the above
Public Service Co. or
the additional shares of Stone & Webster stock issued
under the plan of
afflliation.-V. 130. p. 2987.
Stromberg Motoscope Corp.
-Incorporated.
--
Incorporation of this corporation, whose business is the
manufacture of
motor testing devices, was announced on April 28.
E. A. Stromberg, F. L. Wilk and Charles T. Adams. The incorporators are
The initial capitalization of the company will
class A panic. pref. stock, $25 per share, and consist of 5,000 shares of
30,000 shares of class B
common stock of no par value. The plan is to issue.
shortly the class A
and class B stock in units of one
share of A and one share of 11 stock at $30
per unit.
Ownership of the Motoscope Corp. of America and
the Wilk-Kerr Co.,
a co-partnership, is to be acquired in forming the new
company,through the
exchange of the common stock
of the now corporation..
The now company, in its Chicago plant, which has
been.ln operation for
some months, is manufacturing a device for
the testing and control of all
types of motors in automobiles and airplanes.
In addition to the incorporators, directors of
the corporation will be A. L.
DennLston (Secretary and director
of the Stromberg Electric Co.). and
Charles Fargo (Vice-President of the Central Air
Terminal Co.), E. A.
Stromberg is President, Chas. T. Adams,
Secretary. and F. L. Wilk.
Treasurer.
Studebaker
Corp.-SmallerDividend.-The directors have
declared a quarterly dividend of $1 per share on the
common
and $1.75 on the prefered stock, payable Juno 2 to
of record May 10. A quarterly dividend of $1.25 holders
per
was paid on the common stock on March 1 last. The share
stock
dividends due at this time were omitted.
A year ago, the corporation, in addition to the
regular cash
dividends of $1.25 per share on the common stock,
four quarterly dividends of 1%, payable in common declared
stock on
March 1, June 1, Sept. 1, and Dec. 1 1929.
In connection with the reduction in the dividends,
Pres.
A. R:Erskine stated:
Conservative dividend disbursements seem
advisable
to the restricted volume of available business and the this year owing
consequent decline
in our profits.
While consumer buying of now passenger cars in the
year, as shown by the registration figures of tile differentfirst quarter this
clines running from 11% to 58 4, except in the case States, show do
of several models
which show increases, including two of the lowest
priced makes, Studebaker and Erskine models decreased only 30.2%, while
Pierce-Arrow showed
a gain of 66.7% and led the industry. Exports of
American cars showed a
decline of about 50 as compared with the first quarter
Ipallotwithstanding the severe drop in current business of last year.
and the abnormal
condition of unemployment, a hopeful and highly
significant sign of the
situation is the fact that the past
-due installment paper of
finance companies is up only 3%. This indicates the over 400 national
importance and
3183
necessity of individual and personal transportation facilities ingrained in
the economic and social structure of the nation. People cannot give up
their cars because the horse has gone forever from our streets and highways.
Another potential factor bearing upon future production is the fact that
motor cars wear out. Given an average expectancy of seven years, replacements alone of the 25,000,000 motor vehicles now under daily operation in the United States will provide an annual market of about 3.500.000
cars to be filled by American manufacturers, and they will also replace
three-fourths of the 6,000.000 cars now in use abroad.
Income Statement for Three Months Ended March 31.
1929.
1930.
Number of vehicles sold
19.465
32,007
Not sales
$24.714,186 $42,712,718
Net earnings after deducting cost and expenses
2,834,378
7,961,055
,
Depreciation
462,117
602,361)
Repairs and replacements
735.572
2,022.097
Net earnings
Interest received, less interest paid
$1,636,689
585
$5.336,598
65,949
Totalincome$1,637,274 $5,402,547
Debenture premium & expense (Pierce-Arrow)_
07.333
Federal taxes
145,137
301.625
Net profit
Minority interest in Pierce-Arrow class A
Preferred dividends, Studebaker Corp
Preferred dividends, Pierce-Arrow
Studebaker Corp. common dividends
$1,492,137
36,209
118.125
112,500
2.451.767
Deficit
Previous surplus
$1,226,464 sr$2,515,510
30,561,767 36.681,039
Total surplus
Stock divhiend, Studebaker Corp
$5,033,589
46.549
127,750
2.343,750
$29,335.303 $39,196,579
3,045,240
Profit and loss surplus
529.335.303 $36,151.339
Shares common stock outstanding (no par)
1.961,413
1,893.750
Earnings per share
$0.62
$2.57
Comparative Consolidated Balance Sheet.
Mar. 31 '30. Dec. 31 '29.
Mar. 31 '30. Dec. 31 '29.
AssetsLtabitittes$
S
$
$
Plant & prop'ty. 58.797,372 59,077,021 7% pref.stock-- 6.750,000
6.070,000
Tr.
-name, goodCommon stock_x78,456.520 78,454,320
will,&c
19,807,277 19,807,277 Fur. mon.oblig..
Cash
6,775,022
Iderce-Arrow5,113,308
346,000
340,000
Sight drafts,&c_ 3,207.005
1,575,849 Minority interest 7.923,720
7,887,510
Investments
1,400,000
70,133 Notes payable__ 3,900.000
193,458
Notes and acc'ta
Acc'ts payable__ 4,417,766
4,746,236
receivable,... 2,889,285
2,930,172 Deposits
541,471
604,864
Inventories ___ 23,960,138 26,083,129 Sundry erect. and
Branch house r'l
res., Inc. soestate & lease2,128,877
2,240,230
cruals
holds not used 13,972,745 14,067,287 Res. for taxes
838,895
906.395
Treasury stock_ 3,564,988
29.335,303 30,561,757
4,025,371 Surplus
RI est. controls
receivable_ ___
879,939
903,110
Deferred charges
685,323
554,665
Tot.(ea.side) 134,632,552 134,207.322
x Represented by 1,961.413 no par shares.
New Officer.
Appointment of K. B. Elliott as Assistant to the President was announced
by l'resident A. R. Erskine. Mr. Elliott, who had been Assistant Comptroller since last June, succeeds J. L. Overlock, whose appointment as
Vice-President and Treasurer of Grigsby-Grunow Co., radio manufacturers,
was recently announced.
-V. 130, p. 2603.
Swedish Ball Bearing Co. (Aktiebolaget Svenska
Kullagerfabriken), Gothenburg, Sweden.-Definitives.
Holders of interim receipts for "American" shares representing "B"
shares, may now exchange the same for definitive "American" share
certificates at the offices of Lee, Higginson & Co., fiscal agent, New York,
Boston or Chicago.
-V. 130. p. 1298.
Thompson Products, Inc.
-Operations,
Orders to release 430,000 valves for the Chrysler Motor Corp. applying
on a blanket contract„ were received April 28 by Thompson Products,
Inc., President C. E. Thompson announced. Shipments will start in the
next few days from the Cleveland plant and will cover Chrystler production during May.
Heavy valve, drag link and tie-rod orders received during April assure
a satisfactory business through July, Mr. Thompson stated. The Detroit
plant is operating at maximum capacity, and the Cleveland plant at 80%•
-V. 130, p. 2988.
Tide Water Associated Oil Co.
-Earnings.
(& Subs.).
3 Mos, Ended March 31-1930.
1928.
1929.
1927.
Total vol. of business
done by co.& its subs.,
as represented by their
combined gr. sales &
earns. excl. of inter-co.
sales & transactions_ _$34,023.509 $37,025.196 $31,784,248 $43.713,344
Total exp. Incident to
oper., incl. repairs,
maint„ pensions, admin., insur., retire, of
physical prop., cancellation of leases, develop. exps. on both
productive & unproductive aereage,abandoned wells and all
other charges, except
deprec.& deple.& Fed.
income tax
27,858,110 32,144.115 26,198,019 37,374,949
Operating income_ ___ $6,165,399
Other income
1,218,610
$4,881.081
775,093
55.586,229
453,017
86,338,394
318,429
Total income
57.384,008
Int., disc, and prem. on
funded debt
288,283
Deprec.& depl. chrgd off 3,123,699
Est. Fed. income tax__ 172,112
Cancelled leases,develop,
exp., etc
1,344,200
55,656,174
58,039,247
36,658,824
312,300
3,178,015
117,318
357,366
2,880,236
271,174
340,660
3,149,741
113,160
Net income
52,475,733 52,048,541 52.530.471
Minority interests' propor. of corr. earns.
(includes div. on subs.
pref. stock)
310,345
434,870
458,998
Tide Water Assoc. Oil
Co. stockholders proprofits_ 52,165.388 51,613,671 52,071.473
portion of net
Earned surplus at be16,888,080 11,615,444
ginning of year
3.164.310
Dr.62,923 Dr.254.245
Surplus adjustments__ Dr.133,917
$3,053,263
$18.919,551 $13,168,193
Total surplus
Preferred dividends.- 1,099,268
1.095,885
Common dividends
54,981.539
1.091.265
1,637.903
51315.359
3,595,028
Cr.202.895
55,213.281
1,091.177
2.873,367
Total net consol earned
x$17,820,283 512.070,308 53.890,274 $1.248.738
earned surplus
Shares corn. stk. outstanding (no par)_ _
5,560,424
4,852,519
4,796.145
4,796.14.5
Earns. per share
50.19
50.11
50.21
$0.07
Of which $2,486,222 appropriated surplus.
-Y. 130, P. 2017.
[VOL. 130
FINANCIAL CHRONICLE
3184
-Earnings.
Trico Products Corp.
-Earnings.
Technicolor, Inc.(& Subs.).
1928.
1929.
1030.
Quarter Ended Mar. 311928.
1929.
Calendar Years$452,200
$606,679
$574,674
$1.173,980 Loss$46,190 Net profit after charges and taxes__ _
Consolidated profit before taxes
274.460
337,500
374.491
Shs. corn. stk. outstanding (no par)_ _
Earnings for Quarter Ended March 31
$1.64
$1.79
$1.53
Earnings per share
1929.
1930.
$101,790 -V. 130, p. 2603.
$676,859
Earnings before taxes
-V. 130, p. 1298.
-Rights.
Truax-Traer Coal Co.
The stockholders of record May 9 are to have the right to subscribe on
-Earnings.
Texas Pacific Coal & Oil Co.
or before May 29 at $15 a share to additional stock in the ratio of one new
1927
1928.
1929
Quarter Ended Mar.31- 1930.
$1,950,548 $2,001,664 $1,877,265 $2.181.556 share for each eight shares held. The proceeds will be used to reimburse
Gross income
1.485,129 the treasury for expenditures made in the past year. The issue is under1,549,912
1,559,366
1,492,239
Expenses
-V.
written by Goldman, Sachs & Co., and Lane. Piper & Jaffray, Inc.
$596,427 130, p. 1479.
$327,353
$442,298
$458,309
"'Operating profit
. 01
117,288
24,892
28,246
Other income
-Earnings.
Truscon Steel Co.
Total income
Deductions
$186,555
112,521
$467.190
39,048
$444,641
50,561
$110.1
13,4 2
Net bet depr. & deple
-V. 130, p. 2410.
$374,034
$428.142
$394,080
$693,936
Quart rly Ended March 31Gross income
Expenses, deprec.. &c
Estimated Federal tax
1930.
5,138,821
5,008,380
12,000
1929.
6,496,730
6.270,319
25,000
1928.
4,688,723
4,588.448
10.000
$90,275
3201.411
5118.441
Profit
12.464
Equity sub. earnings
to the Pure Oil Co. 960 acres in Glasscock County.
Thls trust has leased
$90,275
$201.411
5130.905
Net profit
initial payment being $4,800 in cash; to the Phillips Petroleum 480 acres in
Ector County, initial payment being $2.400 cash, and to the Balance Oil Earnings per share on 655,197 shares
Nil
$0.08
(par
$10)30.19
initial payment $1,600. Besides the
Co. 320 acres in Glasscock County,
Nil
$0.08
$0.19
common stoek (par $10)
cash consideration, the trust is to receive the usual 4-j royalty in oil when
-V.130 P. 2604.
and if produced.
The Continental 011 Co. has purchased from Texas Pacific Land Trust
-Listing.
Union Oil Company of California.
commercial oil and gas leases on 145.000 acres in six counties in Texas,
The New York Stock Exchange has authorized the listing of 42,640 addiinvolving about 7% of the trust's acreage and making a total of leases for
stock (par $25), on official notice of issuance as a
tional shares of capital
oil and gas development on over 500,000 acres.
for 4,308,237 shares.
Since the first of the year Texas Pacific Land Trust has retired 10,500 stock dividend, making the total amount applied
sub-shares at an average cost of $15.05 a share, leaving 1,813,700 sub- V. 130, P. 2989.
-V. 128, p. 3532.
shares outstanding.
United Reproducers Cco.n.-Rexeiver's Offer.
An offer of $1,300,000 has been filed in Federal Court at Dayton for the
Thatcher Securities Corp.-Tran.sfer Agent.
company and
Buckeye Incubator Co., a subsidiary, both of Springfield,
been appointed transfer agent 0. The offer the made by Walter S. Quinlan of Maynard H. Murch & Co.,
The Chemical Bank & Trust Co. has
was
for the capital stock and agent to issue warrants to stockholdersfor rights Howard I. Shepherd, V.
-P. of Guardian Trust Co., Cleveland. and Abner
to subscribe to additional shares. Rights will expire May 5 1930.- Stilwell of Continental Illinois Bank & Trust Co., Chicago. The company
V. 130, p. 2603.
is now in the hands ofreceivcrs.-V. 130, p.481.
-Leases Acreage.Texas Pacific Land True.
-Earnings.
Tide Water Oil Co.(& Subs.).
1928.
1929.
1930.
3 Mos. End March 31Total volume of business done by co.
& subs, as represented by combined gross sales and earns, exclusive of inter-co.sales& transactions$22,325.160 $23,400,803 $16,418,817
Total expenses incident to oper. incl.
repairs. rnaint., pensions, admints..
Maur.. retire, of physical prop.,
cancell. of leases, develop, expense
on both produc. & unproduc. acreage, abandoned wells and all other
charges except deprec. and deple.
20.413,337 21,254,044 14.343.452
and Federal income tax
Operating income
Other income
$1,911.822 $2,146,758 $2,075,366
338,912
561,155
1,084,946
$2,996.768 $2,707,913 $2,414,278
1,606,316
1,774,574
1,768,229
65,116
72,000
63,275
514.099
$742,846
$861,339
$651,166
Net income
71
39
Outside stockholders' propor. of prof_
Total income
Deprec. de depletion charged off
Estimated Fed,income tax
Cancelled leases develop., exp., etc
Tide Water Oil Co. stockholders
$742,776
$861,299
$651,166
proportion of profits
Earned surpl. at beginning of year -- 29,403,499 26,691.724 22.040,017
$30,054,665 $27,553.023 $22,782.792
Total surplus
275.720
86,291
96,259
Adjust. applic. to surpl. of prior years
258,815
254,012
249,307
Preferred dividends
433,693
436,449
438,364
Common dividends
Uni'ed
-eiver.& Mtg.... Co., Detroi+.-Re,
The Detroit & Security Trust Co., Detroit, has been named liquidating
receiver. In a statement issued as of March 31, total resources of company are listed at $12,561,414, with liabilities totaling $10,776,240.
-Initial Div.
U. S. Electric Light & Power Shares, Inc.
An initial quarterly dividend of 16 cents has been declared on the trust
certificates, series B, payable on May 15. This dividend is at the rate of
approximately 5% on the current market value of the certificates and at
the rate of approximately 6% on the original offering price of $10.25 at
the time the issue was brought out in Feb. 1930.-V. 130, P. 1846.
United States Leather Co.-rarnings.Calendar Years
Net income
Income from investments
1927.
1928.
1929.
Loss$1,892,169 43,454.761 $4,041,734
226.742
241,073
43.391
Total
Deduct-Int,on bonds
Discount on bonds
Federal taxes
Inventory adjustment
Loss $1,848,778 $3,695.834 $4,268,476
517,077
66,000
368,000
534,000
1,860,371
Balance. surplus
Prior preferred dividends
Class A dividends
Loss33.709.149 $3,161,834 $3.317.399
1.165,445
1.034,086
998.972
$997,418 $3.317,399
Loss$4.743.235
Balance
8.275.647
5.484,396 y10,227,631
Profit and loss surplus
the net income of Central Leather
x The net income for 1927 includes
Co. Jan. 1 to June 23, amounting to 31.054.292. y Includes 3954,566
refund on account of Federal taxes.
Consolidated Balance Sheet Dec. 31.
1928.
1929.
1928.
1929.
MaYllitesAssetssurplus-end of period....-..$29.270.734 $26.776,270 $21.814,564
Earned
Accts. payable__ 1,100,536 2,037,723
1,321,786 Inventorim
23,980,227 30,945,366
1,448,774
1,555.887
Paid-in surplus
348,100 1,357,080
Accts. receivable 3,074,734 3,443,9:13 Div. pr. pref.stk
500,000
500,000
Appropriated
1,075,000
89,392 Insur. reserves__ 1,07.5.000
87,237
30,326,621 27,725,045 23,136.350 Rills receivable_
Unappropriated
888.544 General reserves 8,230,176 7,826.677
$0.22 Cash
1.395,535
$0.28
$0.18
Earns, per share on common stock__ _
Prior pre/. stk__ 14,595.775 16,649,525
Oil Co. are not included in the con- U.S.Leather Co.
-Operations of Tidal Osage
Note.
Class A stock...17.859.962 7.941.823
prior
solidated statement for the first quarter of 1929. due to that company's Other prof. stk 1,257,600 1.253,500 Common stock_ -19 3,970,103 3.970.103
489,580
the
Invest _ 807,980
merger with Darby Petroleum Corp., therefore for proper comparison130. Real estate, incl.
5,484.396 10,227,631
Surplus
-V.
above figures for the first quarter of 1928 are revised accordingly.
tim.lds,pfta,he 12,609,086 13,901,320
P. 2017.
Prend. taxes, In73,926
51,651
surance, &c
-Earnings.
Transcontinental Oil Co.
1927.
1928.
1929.
1930.
.
42.664,050 51,085,599
Quo,. End. Mar.31Total
42.664,050 51,085,563 Total
$4,408,562 $3,746,776 $2,811.985 $3,244,085
Gross oncome
a 249,743 shares (no par). b 397,010 shame (no par).
2,465.286 2,639,138
2,595,707
2,608,216
Material & oper. cost..
138,778
164,842
247,364
246,748
Expenses and interest _ _ _
Earnings for Quarter Ended March 31
250,389
x252.503
376,214
379.729
Res.for dprec & depl1929.
1927.
1928.
1930.
4176,327 loss4865,799 y$1,581,847 4790.835
Net profit
$215.780
$527,551 loss$70,646
Net income vefore tax $1.173,869
222,360
Interest and discount_ _ _
$1,919 for retirement of leases.-V. 130, p. 2231.
x Includes
Cr22,124
Cr47,597
Income from invest
-Earnings.
Trans-Lux Daylight Picture Screen Corp.
1929.
$68.286
8.750
34.345
1928.
$55,987
9.276
26,268
$25,191
802,083
$20,443
467.522
Total profit
Selling, adminis. Oa ylograph devel. & caper. exp._
$827,274
322,199
$487.965
195.348
Profit from operations
Other income
$505,075
51.036
$292.617
18,696
Total income
Deductions from income
$556.111
30.723
$311,312
52,566
$525.388
Net profit
785.862
Shares common stock outstanding (no par)
$0.67
share
Earnings pa
Earnings for Quarter Ended March 31.
1930.
$121,844
Netincome after charges
$0.15
Earns per share on 785,862 shares cap.stk.(no par)
-V.130, p. 2988.
3258.746
730.488
$0.35
Calendar YearsGross sales
Returns. allowances, &c
Cost of sales
Profit on sales
Rentals net
1929.
$813.071
$0.11
Shoe Stores Corp.-Earnings.-
Traveler
1927.
1928.
1929.
Oalendar Years$1,957.245 $4,499,727 $4.189.812
Sales
2,705,397
2,961,022
3,230,128
Cost of sales
1,092,1150
1,215.860
1,488,214
Selling, admin.& gen. exp
17.090
27,550
35.377
Deprec. on store & office fixtures
22,558
26,414
25,414
imp.& bonus_ _ _ _
Amort. of leasehold
$261,800
$268.881
$178.111
Not operating profit
77,149
30.234
13.859
Miscellaneous Income
$339,040
$290,115
$101.070
Total income
13.187
1.463
13.292
Miscellaneous charges
43.991
35.718
19.897
Provision for Federal income tax
$261,934
$158.781
Net income
-V.130, p. 2998.
thee also Melville Shoe Corp. above.
$281,870
$176,327 loss$843,674 $1,629,444 $568,475
Net income
y After all charges (except interest) and reserve for depreciation. a Central Leather Co. z After all charges including provision for depreciation,
taxes, repairs, etc.
-V. 129, p. 4151.
-Notes Offered.
-Kuhn, Loeb
United States Rubber Co.
-year secured gold
& Co. have purchased $15,000,000 6% 3
notes, which they are offering subject to prior sale at 99
and int. to yield 6 8% to maturity.
/
Dated June 1 1930; due June 1 1933. Denoms $1.000 c*. Secured by
pledge of $20,000,000 United States Rubber Co. 1st SC Ref. mtge. 6% gold
bonds, series "B," due Jan. 1 1947. Interest payable J. & D. Chemical
Bank & Trust Co., trustee. Redeemable upon 30 days notice as a whole
only on June 1 1931 at 102% and int., and on any int. date thereafter at
par and int., plus a premium of 14% for each 6 months between the redemption date and data of maturity.
Data from Letter of F. B. Davis Jr., Pres. of the Company.
Purpose.
-Proceeds are to be applied toward the payment at maturity,
-year 73. % secured gold notes maturing
on Aug. 1 1930 of 318,336.000 10
on that date (thereby reducing the fixed Interest charges of the company
by $475,200 per annum). The balance required is to be paid from available
treasury funds.
Assets.
-The current assets of company and subsidiary companies, as
of Dec. 31 1929 adjusted to give effect to the present financing, amounted
to 3113374.338, or about 6 times current liabilities, which, similarly adjusted. amounted to 318,967,973, making net current assets equivalent to
over 97% of the funded debt of the company to be outstanding upon completion of this financing. Inventories, including crude rubber, were
carried at cost or market, whichever was lower.
Incorp. in 1892. Is directly, or through its subsidiaries, engaged in the
manufacture of rubber goods of all kinds including waterpoorf footwear,
pneumatic and solid tires, mechanical goods, druggists' supplies, insulated
wire and practically all other goods that are made from rubber, there being
business
40 factories situated in the United States and Canada. Theone-third is well
each,
balanced, sales of footwear and tires representing about
while mechanical goods, druggists' sundries and other miscellaneous prodremaining third.
ucts make up substantially the
Company controls, through the General Rubber Co.(whose entire capital
stock it owns), the United States Rubber Plantations, Inc., which owns,
directly or through a holly owned subsidiaries, the largest rubber plantations
in the world, located in Sumatra and on the Malay Peninsula. These
3185
FINANCIAL CHRONICLE
MAY 3 1930.]
properties comprise a total of about 135.000 acres of which about 92,600
acres have been planted and about 64,000 acres of the planted area are in
production.
Earnings -Net income of company and subsidiaries for the past 6 years,
applicable to the payment of interest, before depreciation,inventory adjust
meats and Federal income taxes was,in each year, more than twice interest
charges. Net income for 1929,applicable to the payment of interest, before
depreciation, inventory adjustments and Federal income taxes, amounfed
to $14,385,814 and after inventory adjustments and depreciation at the
rates used in previous years, amounted to $6,511,761, while interest charges
for the year 1929 amounted to $5,918,063. The foregoing figures for 1929
do not include the earnings of United States Rubber Plantations,Inc., which
Company in 1929 showed net earnings, after all charges, of $666,044. In
,
addition to depreciation at the rates used in previous years, the company
in 1929 charged against income $1,490.422 for increase in depreciation of
plants and $2,464,000 for estimated extraordinary expenses incident to
concentration and reorganization of operations.
During the past two years the company has made extraordinary charges
against income and (or) surplus for obsolescence and in connection with consolidation of plants and reorganization of operations. The management
believes that the reserves now set aside for these purposes will be adequate
for the completion of this program, which is already showing substantial
results.
Consolidated Balance Sheet, December 31 1929.
(After present financing.)
A MIS
Liabilities
Cash
$2,500,000
$13,221,827 Bank loan of a sub co
Accts.& notes rec
42,452,578 Accts., drafts & accept. pay _ 14,467,973
Finished goods
2,000 000
35,918,594 611 % serial gold notes
Materials & supplies
19,411,529 1st & ref. mtze..5s bonds due
58,636,400
Crude rubber in transit to
1947
15.000,000
N. Y
2,169,812 6% secured gold notes
U.S.Rubber Plantations,Inc, 23,981,286 6 ii% serial gold notes
20,000,000
Other securities
2,600,000
2,853,238 Dom. Rubber Co., Ltd., 68_
U.S. Rub. Co.6)4% notes_
61,300 Re;. for prop. & equip. adj.
14,524,452
Other securities
& conting
2,853,238
314,400
Properties, plants & equip_ _ 101,384.396 Min.Int. In subs
65,109,100
Prepaid & deferred assets_ _ _
4,177,342 Preferred stock
a98,735.611
Good will, patents,etc
58,925,372 Common stock
10,629,336
Surplus*
Total (each side)
$304,557,272
*Subject to determination of Federal taxes. aRepresented by 1,464.37
shares of no par value.
-V. 130, p. 2604.
Yale & Towne Mfg. Co.-Earnings.Quer. End. Mar. 31Net earnings
Depreciation
Federal taxes
1930.
$293,548
136.754
26,372
1929.
8781,417
117,722
89,841
1928.
$525,962
94,005
58,868
1927.
$713.676
91,139
89,662
Net income
Dividends
$130,422
486,656
$573,854
440,000
$373,089
400,000
$532,875
400,000
def$356,234
$133,854 def$26,911 x$132,875
Surplus
Shares corn, stock out400.000
440.000
400.000
486,656
standing (par $25)
$1.33
$0.27
$1.30
$0.93
Earnings per share__ _ _
x Before adding $236,567 adjustment due to purchase of net assets of the
-V. 130, p. 130, 1817.
Norton Door Closer Co.
Yellow & Checker Cab Co., Consolidated of San
-President W. L.
-Class A Dividend Deferred.
Francisco.
Rothschild April 21 says:
Since last fall this company. along with other cab companies of the
country, has been confronted by general business and competitive conditions
that have limited earnings and enforced readjustments on a basis of service
at lower rates.
This company's Yellow Cab rate in Los Angeles and San Francisco was
sharply reduced in the early part of this month, and the rate on Oakland
will be similarly reduced next week.
The new, low rate for Yellow Cab Service in os Angeles and San Francisco has improved considerably this company's position in those cities
insofar as the volume of its business is concerned. It is anticipated that
this favorable experience will be repeated in Oakland.
However, the board of directors, deeming it wise to conserve current and
surplus funds until the business has been fully adjusted to the new, lowrate basis, has decided to defer the payment of monthly dividends, beginning
with that for April 1930 until this company is beyond the present readjustment period.
Dividends are cumulative, and it is the hope of the management that the
paid
April 1930 and following dividends that may be deferred, will be-V.later
130.
when the company is through the low-rate adjustment period.
3018.
P.
-Appreciation in Value of
Yosemite Holding Corp.
Holdings.
by
Appreciation of nearly 32% over cost in the value of securities held
-Payment.
-United States Worsted Co.
the corporation, during the first three months of active operation was
Receiver B. Loring Young has been authorized by Judge Louis S. Cox reported by officials April 25. In a letter to stockholders, it was pointed
in the Mass. Superior Court to pay a 6% dividend, amounting to $211,943 out that preferred stock of the corporation. issued at $51 a share,:now is
on the claim of the Old Colony Trust Co. of $3,532,394. which represents covered by assets of more than $150 a share.
a judgment which the trust company secured in the Superior Court in
Dividends on the preferred stock were begun April 1.
Ray Vance, Chairman of the executive committee, who signed the letter
calling debentures.
The receiver has disallowed the claim of Edward S. Snow. who has been to stockholders, stated that the policy of the management is to serve
stockholders, that he was entitled to $29,274 Permanent investors. This is evidenced, Mr. Vance said, by the fact
active on behalf of minority
under the sinking fund agreement as a holder of 287 shares of 2d pref. that 75% of the stockholders own 100 shares or less each. The conservastock, and Arthur W. Hamblen, who claimed he was enittled to 810,200 tion policy of the management is shown, he said, by the fact.that at all times
as a holder of 100 shares of 2d pref., on the ground that the sinking fund a large percentage of the corporation's assets is in cash or cash items.
installments were required to be paid only out of net earnings from 1925 -V. 130, p. 3018.
on and that there have been no such net earnings.
-V.130. p. 2604.
-Denies Rumor.
(L. A.) Young Spring & Wire Corp.
President L. A. Young states that there is no foundation for the rumor
Vacuum Oil Co.
-Acquisition.
-contemplating purchasing a stock interest in the
The company has acquired the Queen City Petroleum Products Co. that the corporation is
Reynolds Spring Co.of Jackson. Mich.
which operates 30 filling stations in Cincinnati, Ohio -V.130, p. 2411.
The recent conference between the officials of the two companies related
solely to the computation of the substantial damages to be accounted for
Van Raalte Co., Inc.
-New Director.
and paid by the Reynolds Spring Company to the L. A. Young Spring &
John M.Hancock of Lehman Bros., has been elected a director to succeed Wire Corp. for patent infringement as determined by a recent decision of
Lieutenant Governor Herbert Lehman. Other directors, with the exception the Circuit Court of Appeals in Cincinnati, Ohio.
-V.130. p. 2791.
of Oliver Elwell, were reelected.
-V. 128. P. 1577
.
Van Sweringen Corp.
-Incorporated.
-
Incorporated in Delaware April 22 1930 with an authorized capital of
4,000,000 shares (no par value) to deal in stocks. bonds, &c. See V. 130,
P. 2990.
Vick Chemical Co.
-To Vote on Sale.
See Drug, Inc. above
-V. 130. p. 819.
-Registrar.
Virgil Oil & Gas Co.
The Bank of America N. A. has been appointed registrar of 50,000 shares
of $7 cumul. pref. stock and 100,000 shares of common stock.
Virginia Iron, Coal & Coke Co.-Earnings.1928.
$613,652
591.909
1929
$668,632
632,099
Net operating revenue def. 87,184
Rev,from other sources_
30.957
$36,533
59,503
$21,743 def$13,724
28.009
23.208
Total net revenue_ _ _ _
Bond interest, &c
$23,773
65,226
$96,036
62,988
$49,753
70.709
169,484
71,923
Net loss
-V. 130, p. 2019.
$41,453 prof.$33,048
$20.956
$62,439
1927.
$789,964
803.688
Vortex Cup Co.
-Earnings.
The company reports net earnings of $244,922 after all charges, Including
Federal taxes, for the 6 months period ended March 31 1930. which is
the first half of their fiscal year.
-V. 129, p. 3491.
-Listing.
Warner Bros. Pictures, Inc.
The New York Stock Exchange has authorized the listing of $15.835,500
additional optional 6% convertible debentures, due Sept. 1 1939, making
the total amount applied for $35,728,000.
The Exchange has also authorized the listing of additional shares of
common stock (no par value) as follows: 27,903 shares on official notice of
issue in exchange, share for share, for certificates and (or) fractional scrip
certificates for common stock of Stanley Co. of America or upon consolidation of fractional scrip issued on such exchange, 220,306 shares on official
notice of issue on conversion of optional 6% cony, debentures, series due
1939,and (or) upon consolidation offractional scrip so issued, 156.968 shares
on official notice of issue in payment of interest on such debentures and (or)
upon consolidation of fractional scrip so issued, and 4,666 shares on official
notice of issuance in exchange for the properties and assets of two theatres
located in West Virginia, making the total amount of common stock applied
for 3,742,371 shares.
Acquires Substantial Interest in Nakken Patents Corp.
See Phono-Kinema, Inc. above.
-V. 130. p. 2991.
-Quarterly Earnings.
Westinghouse Air Brake Co.
1929.
1928.
3 Mos. End. Mar. 311927.
1930.
Net in. after deprec. and
Federal taxes
$2,187.450 $1,924,893 $1,447,968 $2,802,798
Shares corn, stock out3,172,111
3,172.111
standing (no par)_ _ _ 3.172,111
x793.027
$0.45
$0.60
Earnings per share
$3.53
$0.69
x Par $50.-V. 130, p. 1847.
-Record Easter Sales.
(F. W.) Woolworth Co.
The company on April 28 announced that it had set a new high record
for Easter sales this year. Gross business at Easter was $7,450,515, an
increase of $176,855 or 2.43% over that for 1929. The occurrence of
Easter in April instead of in March, however, is given as the cause of a
decline in the March sales of 8.33% this year from the total last year, and a
decrease of 1.4% in the sales for the first three months of this year from
the total in the first three months of 1929.
Business of the company has shown a gain in every week this year over
the corresponding week of last year, except in the comparison of Easter
week last year with the corresponding week in March this year. Expenses in the first three months increased $652,000, or 4% over those in
the 1929 period. There was a 7% increase in the number of stores operated. The company has opened 28 stores this year and 32 are scheduled
for opening.
-V. 130, p. 2605.
-Youngstown
Suit for an injunction against the Bethlehem Steel Corp.
Sheet & Tube Co. merger as a "gross fraud" has been filed in Youngstown
Common Pleas Court by the Cyrus S. Eaton interests. The action is
brought in the name of Myron C. Wick Jr., Secretary of the proxy committee that opposed the merger.'
The action asks the Court to throw out as illegal proxies for approximately
91,000 shares that at the time of the meeting were owned by the Otis St
Co.
-Eaton interests, but were voted in favor of the merger. The stock was
sold after the record date for the stockholders' meeting that approved the
merger.
Sherman Act Violation Charged.
1930.
$504,901
512,084
Quer. End. Mar. 31Gross operating revenue
Operating expenses
-Eaton Group Files
Youngstown Sheet & Tube Co.
Suit in Move To Halt Steel Merger.
A stockholder of Youngstown Sheet & Tube Co. E. S. Wertz. local
Attorney has appealed to the United States Government to stop the merger
of Youngstown and Bethlehem Steel on the grounds that it violates two
Federal anti-trusts Acts.
The stockholder made the charge that the merger was engineered by a
great undercover financial combine dominated by J. P. Morgan, and
enjoying the co-operation not only of Bethlehem,but of United States Steel.
Wertz wrote two letters, one to the Federal Trade Commission and one to
United States District Attorney Wilfred J. Mahon. The Federal Trade
Commission was asked to forbid the merger on the grounds that it violates
the Clayton Anti-Trust Act. Mahon was asked to bring suit in Federal
Court to halt the merger as a violation of the Sherman Act.
Directors Fix $110 a Share as "Fair" Price-Eaton Says
Offer Absurd.
Frank Purnell, Pres., stated after the directors' meeting, April 30, that
the Board had fixed $110 per share as the fair cash value to be offered to
stockholders objection to the merger. Mr. Purnell further said:
"In accordance with statement made by E. G. Grace,Pres. of Bethlehem
Steel Corp., shortly before the meeting of shareholders on April 8, Mr.
Grace has formally advised the Sheet & Tube Co.that Bethlehem will waive
the provision of the agreement which gave Bethlehem the option to cancel
the agreement in case holders of more than 2% of the common shares of the
company should become entitled to payment for their shares pursuant to
the provision of the Ohio statute."
Commenting on this statement and on the offer of $110 a share for Youngstown Sheet & Tube stockholders who preferred cash to Bethlehem stock,
Cyrus S. Eaton said the offer was "absurd." He said there was considerable
objection toward establishing the offer to dissenting stockholders at $110.
but declined to name the objecting directors. All directors attended the
meeting.
"A fair appraisal" of the value of the stock before setting the cash value
to be offered was advocated by directors opposing the offer, Mr. Eaton
said. He pointed out that interests fixing the price of $110 a share now were
the same ones who were paylrg as high as $175 a share several weeks ago.
The New York Stock Exchange sent the following notice
to members over the ticker May 2:
Youngstown Sheet & Tube Co. has informed the Stock Exchange that the
holders of approximately 330.000 shares of its common stock have filed
with it what purports to be objection to and dissent from the sale of the
assets of Youngstown Sheet & Tube Co. to Bethlehem Steel Corp. and its
merger therewith, and demands for the payment of the so-called fair cash
value thereof.
Upon advice of counsel, Youngstown Sheet & Tube Co. has suspended
further transfers of so-called "dissenting stock" until the directors shall
determine the proper course to pursue in relation thereto.
Until further notice, members, for their own protection, should accept
delivery only by transfer.
The foregoing advice comes under Section 2 of Chapter 3
of the Rules Adopted Pursuant to the Constitution which
reads as follows:
The receiver of shares of stock shall have the option of requiring the
delivery to be made either in certificates therefor or by transfer thereof:
except that in cases where personal liability attaches to ownership, the seller
shall have the right to make delivery by transfer.
If the receipt or delivery is made through the Stock Clearing Corp. the
right to require receipt or delivery by transfer shall be exercised only as
prescribed in the Rules of said Stock Clearing Corp.
The right to require receipt or delivery by transfer shall not obtain while
-V. 130, p. 3018.
the transfer books are closed.
3186
[VOL. 130.
FINANCIAL CHRONICLE
44.cp,ort5 and Pinnuxents
PUMLISHES AS ADVERTISSAI.TS
ASSOCIATED GAS and ELECTRIC COMPANY
ANNUAL REPORT OF THE BOARD OF DIRECTORS TO THE STOCKHOLDERS FOR THE YEAR ENDED
DECEMBER 31, 1929.
Organization of the
ASSOCIATED GAS AND ELECTRIC COMPANY
(Incorporated under the laws of the State of New York In 1906)
OFFICERS
J. I. Mange, Chairman and President
H. C. Hopson, Vice-President and Treasurer
S. J. Magee, Vice-President and General Manager
J. M. Daly, Vice-President
0.E.Wasser, Comptroller and Assistant Secretary-Treasurer
M. C. O'Keeffe, Secretary and Assistant Treasurer
New York
New York
New York
New York
Ithaca,N.Y.
New York
DIRECTORS
Charles W. Beall
New York John M.Daly
Harris, Forbes & Company
William Buchsbaum
New York Howard C. Hopson
Vice-President, Barstow-Tyng & Company
Frederick S.Burroughs
New York George W. Olmstead__ _ Ludlow, Penne
Vice-President
Vice-President and Treasurer
New York Sanford J. Magee
Harris. Forbes & Company
Vice-President, Long Island Lighting Company
New York Ellis L. Phillips
New York Daniel Starch
Vice-President and General Manager
John I. Mange
New York
President. Long Island Lighting Company
New York
Daniel Starch and Staff
New York
Chairman and President
Financial Office, 61 Broadway, New York City
Principal Office
Ithaca, New York
Managers—Operating Properties
THE J. G. WHITE MANAGEMENT CORPORATION
THE 'UTILITY MANAGEMENT CORPORATION.
33 Liberty Street, New York City
HISTORICAL NOTE.
THE ASSOCIATED GAS AND ELECTRIC SYSTEM had its inception with the establishment of the Ithaca
Gas Light Company in Ithaca, New York, in 1852. This was an isolated company for over fifty years, when its
owners became interested in and secured control of, several other electric and gas properties in the south central
part of New York State. The group of properties thus united in a common ownership came to be known as "The
Associated Gas and Electric Companies," and these properties formed the nucleus around which the Associated
Gas and Electric System has grown. The original Associated Companies are still part of the Associated System.
In 1906 the owners of these properties organized the Associated Gas and Electric Company under the laws of New
York State. The Associated Companies were thus among the earliest public utility companies in the country to
adopt centralized management. In 1926 the New England Gas and Electric Association was formed which, with
,
the Associated Gas and Electric Company,comprises the two principal units of the Associated System,
To the Stockholders:
Normal growth coupled with acquisitions of properties
during 1929 doubled the number of customers served and
more than doubled the earnings and assets of the Associated
Gas and Electric System. It supplies electricity, gas, water
and other public services to 1,368,861 customers in territories
with a population of 5,300,000. The 2,300 communities
served are located in 26 states in the United States, the
Maritime Provinces of Canada and the Philippine Islands,
as follows:
Louisiana
Maine
Maryland
Massachusetts
Missouri
New Hampshire
New Jersey
New Mexico
Arizona
Arkansas
Connecticut
Delaware
Florida
Illinois
Indiana
Kentucky
3187
FINANCIAL CHRONICLE
MAY 3 1930.]
Texas
Vermont
West Virginia
New York
Ohio
Oklahoma
Pennsylvania
South Carolina
South Dakota
Tennessee
New Brunswick
Nova Scotia
Prince Edw.Isl.
Philippine Islands
Among the acquisitions of new properties during the year
was that of W. S. Barstow & Co., Inc., announced during
February. The General Gas & Electric Corporation of this
group had gas, electric, water and ice plants in New York,
Pennsylvania, New Jersey, South Carolina and Florida,
serving 235,942 customers in 1,020 communities with gross
earnings during 1928 of $24,559,568. It is an interesting
coincidence that Mr. W. S. Barstow twenty-four years ago
participated in the organization of the Associated Gas and
Electric Company and served as its first president.
During May, announcement was made of the addition to
the Associated System of the Rochester Central Power
Corporation. This group had been formed the year previously to consolidate the properties of the Rochester Gas
and Electric Corporation, the Elmira Water, Light and
Railroad Company, the New York Central Electric Corporation, the Mohawk Valley, and the Empire Gas and Electric
companies, all in New York State. Including other smaller
utilities, this group brought to the Associated System 331,265
gas, electric and steam customers in 200 communities with a
population of approximately 835,000.
Furthering its policy of diversified interests in its expansion program, the Associated System announced during
October the acquisition of the American Utilities Company.
Acquired almost wholly by an exchange of securities, this
company added to the System properties supplying principally electricity and gas to 23,094 customers in 95 com-
munities. The more important operating units of this group
are in Missouri, Kentucky, Tennessee and Louisiana with
smaller properties in Arkansas, Oklahoma, Texas, New Mexico, Arizona, Delaware, Pennsylvania and New York.
The New England Gas & Electric Association of the Associated System during the past year acquired the West
Boston Gas Company,the Dedham & Hyde Park Gas & Electric Light Company, and the New Bedford Gas & Edison
Light Company. These companies, with annual gross revenues aggregating $5,506,991, supply gas service to 47,173
customers and electric service to 40,947 customers.
SUMMARY OF PROGRESS IN 1929.
The more important indicators of the progress made by
the Associated System in all phases of its business during
1929 are summarized below:
1,368.861
Total customers
733,618
Increase in customers during 1929
891.480.596
Total gross revenue
117%
Increase in gross revenue during 1929
$45,765.674
Total net revenue
139
Increase in net revenue during 1929
12.9
Increase in electric output during 1929
3.7
Increase in gas send-out during 1929
Kilowatt hours sold per residential customer
12.8%
Increase in K.W.H. per residential customer, 1929
Proportion of total operating revenue from:
74.7
Electric service
18.7
Gas service
6.8
Miscellaneous revenue
35.835.
Appliance sales by New Business Department during 1929
53%
Increase in appliance sales during 1929
190,139
Total shareholders and registered security holders
123,876
Increase in shareholders during 1929
Customer-ownership department sales and exchanges of securi856.535,000
ties during 1929
GEOGRAPHICAL DIVERSITY OF AREAS SERVED.
Busy eastern and middle western industries; winter resort and fruit growing sections of the South, mining, agricultural areas and populous New England summer resorts
provide diversity of geographical location. This diversity
results from service to 2,300 communities ranging in size
from hamlets to large cities.
The 12.9% average gain in electric output as shown by
the chart below illustrates the resulting business stability
of such a group as the Associated System. The groups
shown by the bars of the chart represent operating divisions
which are kept separate for operating convenience and
comparison.
ASSOCIATED GAS AND ELECTRIC SYSTEM
ELECTRIC OUTPUT
12
Months Ended December 31, 1929
9. GAIN *
47.3
SO
40
30
20
OA
M4-
Tit
e
„cm
z
i•
13.0
46 314.915.9 .
-v•/z
/• virq A , v .
,
•4
16
14.2 11.6
•;.„ 8
.2
21.5
19.7
18.4
.2
1'
7
7
/
0
To -*
U
*Scale above 100
represents % gain
for 12 months ended
December 31, 1929
over 12 months ended
December 31, 1928
Broad River
u=
Western
Rochester
Metropolitan
(Eastern Pennsylvania) Pennsylvania
Height of bars from
0 to 100 represents
Electric Output for
12 months ended
December 31, 1928
a a
g
Rentucky-Tennessee
Total Ass°. System Gain 12.9%
9
"4
12.1
Width of bars indicates relative
total output of
Groups of Properties
for 1929 period
A
3188
FINANCIAL CHRONICLE
[VOL. 130.
NUMBER OF CUSTOMERS.
The following chart shows the number of customers served by the properties of the Associated System at the close
of each of the years 1916 to 1929. The customers of acquired properties are first included in the year the property was
added.
Thousands of
Customers
1400
GROWTH IN NUMBER OF CUSTOMERS SERVED BY
PROPERTIES WHILE IN ASSOCIATED SYSTEM
1916
1917
1918
1919
1920
1921
'
1922
20,540
23,897
23,836
25,670
27,436
29,170
44,217
1923
1924
1925
1926
1927
1928
1929
1350
1300
54,555
130,922
335,441
444,026
602,452
635,243
1,368,861
1250
1200
1150
1100
1050
1000
950
900
850
800
750
700
650
680
550
500
450
400
350
300
250
200
150
100
SO
1916 1917 1918 1919 1920 1921 1922 1923 1924
1925 1926 1927 1928 1929
EARNINGS.
The comparative earnings statement of the System for the twelve months ended February 28, 1930 and 1929 (in the
condensed form in which it is published each month) is given below:
Gross Earnings and Other Income
Operating Expenses, Maintenance, all Taxes, etc
1930.
$98.029,223
48,769,564
1929.
$47.437,778
26,174,840
Increase
Amount.
$50,591,445
22,5/4,724
%
107
86
IP MT Earnings
Underlying Preferred Dividends and Interest
$49.259,659
10,729,012
$21,262,938
4,032,053
$27,996,721
6,696,959
132
166
Balance
All Other Interest
$38.530,647
16,093.271
$17,230,885
7,388.408
$21,299,762
8,704,863
124
118
Balance for Dividends and Depreciation
Provis1on:for1Replacements, Renewals and Retirement of Fixed Capital(Depreciation)
IN MS
Balance:for Dividends and Surplus
$22.437,376
4.766,233
$9,842,477
2,885,189
$12,594,899
1,881,044
128
65
$17.671,143
$6,957,288
$10,713,855
154
_
3189
FINANCIAL CHRONICLE
MAY 3 1930.]
The following charts show the sources of revenue and the disposition of the average monthly revenue per customer:
SOURCES
OF
DISPOSITION OF AVERAGE MONTHLY REVENUE
PER CUSTOMER
REVENUE
Electricity:
,
26.6%÷
Power
$2.99—)
Expenses
Commercial
1 7.3%—*
Residential
24.7%. 0-
Other
Total Electricity
Gas
Total Electricity
and Gas
Other
Total
Interest
74.7%
Dividends and
Surplus
93.4%
4
6.6%' "
100%
Total
1.50—*
$6.02
GROWTH OF BUSINESS.
The business done by the combined operating units of the Associated Gas and Electric System has shown at all times
a rapid and remarkably constant growth. A statement showing earnings and other statistics of all properties now comprising the Associated Gas and Electric System, including the New England Gas and Electric Association Group, and irrespective of the dates when they were first included as part of the System, is shown below:
Annual Earnings—
Net.*
Gross.
$14,449,787
$49,410,687
17,195,389
53,301,038
20,663,844
56,828,970
24.325,142
63,638,228
26,733,159
67,417,018
31,531.123
73,977,348
35.652.028
81,646,959
40,148.195
88,113,621
43,196,594
93,624,445
50.282,036
103.556.864
Dee. 31—
1920
1921
1922
1923
1924
1925
1926
1927
.1928
1929
Sales
K. W. H.
1,020,912,328
985,365.167
1.143,467.323
1,348,986,857
1,400,942,454
1,579,150.849
1,854,708,852
1,921.527.571
2,110,949,196
2.372.274.311
—Number of Customers—
Electric.
Gas, Water, etc.
342.373
344,651
353,871
381,238
444,233
369.660
381,288
513,007
398.527
590,692
416,896
665,366
437,490
736,451
454.228
782.887
965,487
845,551
472,231
896,630
*Before depreciation.
The following charts show graphically the growth in annual gross and net earnings and the number of customers of
properties in the Associated System, irrespective of the dates of acquisition, from 1920 to 1929, as set forth in the above
tabulation.
NUMBER OF CUSTOMERS
ANNUAL GROSS AND NET INCOME
Customers
1,400,000
1
9.3
1:111
88
RURUISU
NMOMMII
aMMINfIRPM
4,111•11331W111
Rn—
80
72
1,200,000
1,000,000
V13•11M110 :1011
c9 64
A asamommex.ion
nitemonamaisaioa
6.
•5
S1110•011M11A1116:111WMAII
nannosomminnanammompor!
43
a
ncomminmannaninximoumn
o
• 40 immoimiromomomAngin- U H
Uu.u.u.RUnNRRi8 U n
".."1
anatamosnminsu si U U n
2
r 32 noinanwnworom
• is n a
111
24 IIVI6iI10111M11"111 MI • • •
momm•n•Unq
LE arm U.N. n • •••
Twin•Ennann
IIII11111111111•• • 81 61 a
•••11111 •• •Nnin
,wmaniisay.lion 11
1920'21 '22 '23 '24 .2S '211 "27 '2$'29
800,000
£00,000
400,000
200,060
3190
FINANCIAL CHRONICLE
CONSTRUCTION AND EXTENSION PROJECTS.
Approximately $34,000,000 was spent for new construction
In 1929. This amount provided for various new equipment
and replacements throughout the entire System. The more
Important construction projects were as follows:
NEW YORK.
Binghamton Light, Heat & Power Company
Johnson City to Cortland-110 K.V. transmission line.
Noyes Island-6-2,500 K.V.A. transformers, rotary converter and new
substation equipment.
Pa.
-N. Y.State Line to Binghamton-110 K.V.transmission line.
Elmira Water, Light & RR. Company
Elmira to Montour Falls-110 K.V. transmission line.
Hillside substation.
Empire Gas & Electric Company
Geneva-33 K.V.substation.
Throop to Venice to Sciplo--110 K.V.transmission line.
Lockport Light, Heat & Power Company
Lockport
-1,500 K.V.A.substation.
New York Central Electric Corporation
Keuka-Penn Yan-33 KS.transmission line under construction.
Montour Falls to Bath-110 K.V. transmission line under construction.
New York State Electric & Gas Corporation
Colliers—substation addition (6,000 K.W.increased to 12,000 K.W.)
Ithaca—transmission project
-110 K.V. transmission line tie-in to
Ithaca from the Binghamton to Cortland line, about 14 miles, with
substations at Etna and Ithaca, and switching station at Lapeer.
Deerland Power Plant—Diesel engine installation-240 K.W.
Plattsburg—new gas producing apparatus,650,000 Cu. ft. daily capacity.
Willsboro to Elizabethtown-18 miles oftransmission line,and substation.
Patchogue Electric Light Company
Patchogue-3,000 K.W. turbine installation.
Patchogue--office building extension.
Rochester Gas & Electric Corporation
Clifton Springs to Canandaigua—gas mains.
Rochester-5,000,000 Cu. ft. gas holder, and 37 Becker type coke ovens.
Staten Island Edison Corporation
Arlington-5,000 K.V.A. transformer bank.
Livingston-7,500 K.V.A. transformer bank.
PENNSYLVANIA.
Metropolitan Edison Company
Middletown-1-12,500 K.V.A.transformer, added to 66 K.V.substation.
York Haven Power Plant
-3 water wheels. Changed from 850 K.W. to
1,400 K.W.
Northern Pennsylvania Power Company
Canton to Towanda—transmission line.
Canton to Le Roy—extension.
Scranton to New York State line
-1M K.V. transmission line.
Pennsylvania Electric Company
Union City
-110,000 volt substation-12 000 K.V.A.under construction.
Union City to Warren-38 miles of 110 K.V. transmission line under
construction.
Venango to Meadville
-12 miles of 33 K.V. transmission line.
Warren substation addition-7,500 K.V.A.-110-33 K.V.
Seward substation-15.000 K.V.A.-66-11 K.V.
NEW JERSEY.
New Jersey Power & Light Company
Holland-114 K.V. substation, 30,000 K.W. on 110 K.V.-33,000 on
33 K.V.
Holland-55,000 K.W. steam plant under construction
Pblllipsburg-30,000 K.W.-33 H.V. substation.
West Wharton to Livington-15 miles of 110 K.V.transmission line
West Wharton to Boonton-10 miles of 33 K.V. transmission line.
(Vou /30.
—Year Ended December 31—
Increase
1929.
1928.
Amount.
Gross Earnings (including Other
8
$
3
%
Income)
79,540,913.90 36,291,868.81 43,249.045.09 119.1
Operating Expenses, Maintedance,
All Taxes, eto
36,299,957.85 18,290,276.40 18,009,681.45 98.4
43,240,956.05 18,001,592.41 25,239,363.64 140.2
Fixed Charges and Other Deductions from Income:
Subsidiary and Affiliated Co's 10,207,317.37 3,389,810.10 6,817,507.27 201.1
Associated Gas and Electric Co_13,478,617.52 6,095,895.94 7.382,721.58 121.2
Total Fixed Charges and Other
Deductions from Income
23,685,934.89 9,485,706.04 14,200,228.85 149.7
Net Income Available for Renewals. Replacements and Retirement Reserve, Dividends and
Surplus
19,555,021.16 8,515,886.37 11,039,134.79 129.6
Dividends on Preferred Stock
3,007,106.57 3,512,636.95 4505,530.38 414.3
Balance
16,547,914.59 5,003,249.42 11,544,665.17 230.9
Provision for Renewals, Replacements and Retirements of Fixed
Capital (Depreciation).
3,371,076.72 1,830,454.52 1,540,622.20 84.2
Balance Available for Class A and
Other Dividends and Surplus —13,176,837.87 3,172.794.90 10,004,042.97 315,2
d Decrease.
The consolidated earnings for 1929, as above stated, were
equivalent to $3.64 per share for the priority dividend of $2
per share on the average number of shares of Class A Stock
outstanding during the year.
Deducting the priority distribution of earnings to the Class
A and B Stocks of $2 per share and also the maximum possible additional payment of 50c per share on the Class A
and B Stocks before dividends must be declared on the
Common Stock (a total of $2.50 per share for the Class A
and B Stocks), the balance available for Common Stock,
lillowing for participation rights of the other classes, would
be equivalent to $2.26 per share on the average number of
shares of Common Stock outstanding during the year.
NEW BUSINESS DEPARTMENT.
The New Business Department is actively engaged in developing increased use of electricity and gas in territories
served. The principal activities of the Department during
1929, with the estimated increase in annual revenue from
sales of electricity and gas attributable to each, are as
follows:
Power and Industrial Lighting
Merchandising
Commercial and Street Lighting
Industrial and Commercial Gas
TotaL
32.882.000
1,164,000
901,000
380,000
$5,327.000
MASSACHUSETTS.
The growth of the merchandising division of the departWorcester Gas Light Company
Worcester—new water gas plant increases daily capacity 7.000,000 cu.ft. ment is shown by the figures below:
Worcester-Blackstone Valley gas main extension-24 miles.
Worcester
-8 inch gas main loop.
1927.
1928.
1929.
Worcester-Clinton gas main extension-12 miles.
Gross sales of electric and gas appliances- 8677.825 32.544,448 $5,835,880
Holliston-Sherborn gas main extension under construction.
Estimated annual revenue from use of
ap liances sold
$218.218 $611,152 31.164,000
Number of appliance salesmen at end of
KENTUCKY.
period
135
227
650
Kentucky-Tennessee Light & Power Company
Number of appliance stores
52
94
171
Beattyville--transmIssion line.
Guthrie to Hopkinsville—transmission line.
Mayfield-650 H.P. boiler, 3,500 K.W. turbine, etc.
Russellville—substation and tap line.
Frankfort
-1,500 K.W.substation.
OHIO.
Portsmouth Gas Company
Portsmouth—office building.
SOUTH CAROLINA.
Broad River Power Company
Columbia-3-2,000 K.V.A. 60 cycle genitators replaced 3-937 K.V.A.40 cycle generators.
Parr Shoals—third unit
-30,000 K.W. turbine, 1,500 H.P. boiler.
Saluda Dam to Lexington-110 K.V. transmission line.
Lexington Water Power Company
138.000 K.W. plant under construction.
FLORIDA.
Florida Public Service Company
Deland to Altoona
-26 miles of 33 K.V. transmission line.
Waverly to Piedmont—about 50 miles of 110 K.V transmission line.
PHILIPPINE ISLANDS.
Manila Electric Company
Pasay substation to Cavite-13.2 K.V. 3
-phase transmission line.
Philippine Natural Resources Development Corporation
Botocan Hydro Development started in September, 1929, caPacity to
be 17,000 K.W.
OPERATIONS.
A condensed comparative consolidated income statement,
showing the operating results of the Company and subsidiaries for the calendar years 1929 and 1928, is shown
below with figures including earnings and expenses only
since date of acquisition for properties added during the
year. These figures do not 'agree with the gross and net
earnings shown on pages 4 and 8 (pamphlet report) which
reflect a full year's operation of all the properties in the
System at the close of the year nor with page 7 (pamphlet
report) which gives earnings on a Systeiu basis instead of for
the Associated Gas and Electric Company and subsidiaries
only-
The New Business Department in addition to merchandising appliances also maintains a Home Service Division.
It assists customers in making economical and complete use
of household appliances by means of home demonstrations,
lectures, cooking schools and the distribution of recipes.
Close cooperation exists with local electrical contractors,
plumbers, and independent appliance dealers. Associated
System sales plans are made known to such dealers in order
that they may plan their activities accordingly and benefit
from the advertising and sales promotion carried on. Merchandising campaigns also are carried on in the territory
served by rural lines to increase the use of electricity
on
the farm.
In recognition of the necessity for carrying on an
active
program for the installation of adequate wiring, close
tact is maintained with architects and builders so conthat
wiring in all new buildings and homes will permit
full We
of electric service.
Commercial, Street and Industrial Lighting Divisions
have been created for the purpose of building up the
lighting load. These divisions function by making
layouts of
store, window, office, sign, flood lighting and
highway
lighting installations.
The Industrial Power Sales Division was established
during the year to assist in obtaining increased
power business
from industrial plants. One contract completed
during the
year with a large industry formerly operating
power plants will add an annual gross revenue to its own
the
sociated System of nearly $1,000,000. Electrification Asof
steam railroads also offers an increasingly
important source
of additional power business. A long term
contract was
made for furnishing power beginning in the Fall of
the Delaware, Lackawanna and Western Railroad, 1930, to
An Industrial and Commercial Gas Sales
Division was
created to develop further application of gas to industrial
processes, to cooking in hotels, restaurants and bakeries
and
to give particular attention to the development
of house
heating. A school for house heating salesmen was organized
and the first meeting held during the year.
3191
FINANCIAL CHRONICLE
MAY 3 1930.]
The Industrial Development Division, organized in 1928,
has a twofold function, that of assisting expanding industries in the territories served and of aiding new businesses
to determine the advantages of location in Associated territories. Research is carried on, investigations are made
and assistance is offered to local civic bodies and business
enterprises. During 1929, new industries brought a connected electric power load of approximately 15,000 K.W. to
the System. The expansion of existing industries in the
territories Added several times this load to the System.
PURCHASING DEPARTMENT.
Purchases of all materials and supplies for the use of the
Operating, Engineering and Construction Departments of
the Associated System, as well as of all appliances sold by
the Merchandising Division, are made by a central purchasing department. Standardization of materials and
purchasing in large quantities have made possible large
savings to the Associated System and to the public it serves.
Purchases made by this department during 1929 total
$24,000,000.
Close cooperation is maintained between the purchasing
department and the merchandising division to insure obtaining for sale to customers the most serviceable equipment
at the lowest possible price. The department endeavors to
make all purchases of materials, supplies and equipment as
far as possible from persons or corporations who are also
gas or electric customers of the Associated Gas and Electric
System.
RATE POLICY.
The management continued during 1929, its policy of providing inducement types of rates which make possible a
more extensive use of electricity and gas by residential and
commercial customers. These rates, which in the majority
of cases are optional with the customers, are in effect
throughout a large part of the area served. They will be
Installed in other properties as rapidly as practicable.
Study of the new inducement rates under actual operating
conditions has made it possible to better adapt these rates
to the new properties where they are being installed. It
also has led to the modification of established rates in order
to make them more attractive.
The new type of rates has been well received by the customers. A large percentage of both electric and gas customers have chosen the new rates under the optional arrangement in preference to the existing rates. Operating
statistics show that the new rates coupled with the efforts
of the New Business Department have led to a material
increase in the kilowatt hour consumption of many of the
properties.
EMPLOYEES' STOCK INVESTMENT AND SAVINGS
PLAN.
The first subscribers to the 1927 Employees' Investment
Plan received their stock paid in full during the latter part
of 1929. To encourage further investment and to provide
an additional opportunity for employees to save out of income, a 1929 Plan was announced in July and put into effect
Immediately.
Employees were quick to take advantage of this new offer
and many of those eligible subscribed under its terms. Like
the 1927 Plan the one now in effect provides that all employees of the Compan7 and subsidiary and affiliated organizations may subscribe for Class A Stock for which payment may be made only by deduction from the employee's
compenSation. The maximum amount of stock for which
any employee is permitted to subscribe is limited so that not
more than 10% of his compensation may be devoted to payments on stock subscriptions.
A significant indication of the fact that the Employees'
Investment Plan is fulfilling one of the aims of the Associated management is found in the fact that practically all of
the employees investing under the 1927 Plan have retained
their stock as an investment even though the payments under
the Plan have been completed and the stock certificates
delivered to them.
Of the eligible employees 85.3 per cent or 10,461 have subscribed to either the 1927 or the 1929 Investment Plan. The
total number of shares subscribed is 116,107, the average
subscription being 11 shares.
CUSTOMER OWNERSHIP ACTIVITIES.
During the eight years of Customer Ownership activity,
73,000 customers served by the Associated Gas and Electric
System invested $70,700,000. 1929 sales by the department
totaled $56,535,000 of which $37,775,000 represented the
sales of securities and the remaining $18,758,000 exchanges
of securities. This compares with security sales of $13,000,000 by the Customer Ownership Department during 1928.
Customer Ownership activities as shown by the 1929 record not only aid in raising new funds but also play a vital
part in the simplification of the Associated System's financial structure. At the present time one in every nineteen
of the 1,368,800 customers of the Associated System is an
investor.
210,000
190,139
ASSOCIATED GAS AND ELECTRIC SYSTEM
NUMBER OF STOCKHOLDERS
180,000
1 906-1929
1
1
1
3
42
46
_ 47
1912 .
100
107
1914
1915 ....................118
... 145
1916
81
1906
1907
1908..._........._.._._...1909
—
1910 _
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
115
127
121
148
150,000
150
120,000
702
6,000
38,000
41,000
56,537
66,263
190,139
90,000
60,000
1.400
Son
_25n
30,000
I
,
__—_—_—_ Nr.inALIBUNIJIIIIi. MI ill IN
1906 07 08 09 10 11 12
13 14 15 16 17 18 19 20 21 22 23
•
15,000
•
1,000
'
1924 25 26 27 28 29
3192
NANCI A L CH ROY!
[VOL. 130.
E
DISTRIBUTION OF STOCKHOLDERS.
The wide distribution of holdings of Associated securities is graphically illustrated by the following chart:
45.3% OWN 11 TO 100
91.5% OF
STOCKHOLDERS
OWN 100 OR LESS
SHARES EACH
ONLY 8.5%
OWN OVER 100
462% OF STOCKHOLDERS
OWN 10 OR LESS SHARES EACH
That the shareholders of the Associated System are not
residents alone of the financial sections of the eastern states
nor of the territories served by the System is graphically
Alustrated in the following map which shows the shareholders by states throughout the United States, as well as
the number of holders in other countries, indicating a wide
geographical distribution. Many hundreds of such holders
'also. of course, keep their holdings in the names of domestic
banks and bankers.
340
2315
13258
320
3994
7291
1803
215
633
29
'193
pytM
42
7
SHAREHOLDERS ABROAD
United States Possessions 675
Canada
1,198
Europe
4,755
9
Asia
Africa
6
'South America
7
Other Countries
34
FINANOING.
The financial policy of the Company as discussed at considerable length in the annual report for 1927 has been
continued as stated therein. The essential feature of the
program is that financing is effected primarily through the
securities of the parent company instead of through securities of underlying operating companies. This policy has
three distinct advantages:
1. It provides a wider diversification of business and
earnings for the securities of the parent company.
2. By substituting parent company securities for underlying company securities the earnings are more directly
applicable to the securities of the parent company.
3. Because of the , many operating units geographically
diversified within •the large system of properties, the
individual security issues are far larger and consequently have wider distribution and greater marketability than those of operating units in a restricted
area.
Early in the year the Company's banking group headed
by Harris, Forbes & Company distributed $40,000,000 of its
Convertible VA% Gold Debentures due 1949. The greater
portion of the proceeds of these Debentures together with
more than $10,000,000 of similar Debentures previously is-
sued and various other securities of the Company were used
to liquidate the purchase of the General Gas and Electric
System which had been taken over on April 19th, on the
basis of its financial condition at December 31st.
Shortly thereafter, in May, 1929, the Company and affiliated interests contracted to purchase the Rochester Central
Power Corporation and a number of affiliated properties
located in the western part of New York State adjacent to
properties already controlled In the System. The terms
provided for payment of the deferred portion of the purchase
price in installments over a period of three years with interest on an ascending scale beginning at the rate of 2% per
annum for the first six months and increasing at the rate
of 1% per annum for each six months period to a maximum
of 5%.
The ownership of the Rochester Central Power Corporation was vested in the Associated Gas and Electric Company. The affiliated properties are being transferred to
the Associated Gas and Electric Company, or subsidiaries,
as rapidly as legal details permit. except certain traction
companies in New York State which the vendors insist be
taken over as a condition to the sale of Rochester Central
Power Corporation. The situation with respect to the traction companies is described in the following statement published in a number of the newspapers in New York State:
MAY
3193
FINANCIAL CHRONICLE
3 190.]
"Last spring the Associated Gas and Electric Company was desirous of
acquiring the Rochester Central Power Corporation, which controlled gas
and electric properties in the western part of New York State adjoining
those of the Associated Gas and Electric System. Those in control of
the Rochester Central Power Corporation, however, made it a condition
of the sale of their interests in that corporation that they be relieved of
their holdings in New York State Railways, United Traction Company
and Schenectady Railway Company.
"The Associated Gas and Electric Company could not legally, under
the Public Service Commission Law, acquire these street railway holdings,
nor did it want them if they could be legally acquired, because it believed
them to be insolvent, with early maturing bond issues which made receiverships likely.
"It being impossible, however, to secure the gas and electric properties
without some arrangement with respect to the street railway properties,
Individuals connected with the Associated Gas and Electric Company
volunteered to take over the stocks of the street railway companies. In
doing this they acted for the account of the Railway and Bus Associates,
a common law trust. They were advised by counsel that this arrangement
in no way contravened the Public Service Commission Law, as it did not
involve the acquisition of stocks of street railway companies by any stock
corporation.
"After a further examination of the affairs of the street railway companies
and a thorough study of their prospects it became apparent to the new
interests that receiverships of the New York State Railways and United
Traction Company were practically inevitable and that the only proper
thing to do was to advise their security holders promptly of the situation
with fairness and candor. In doing so, however, the new interests probably incurred considerable hostility from security holders who had not
kept in touch with the real facts or refused to believe them."
Both the General Gas & Electric System and the Rochester
Central Power Corporation System had large amounts of
underlying securities in the hands of the public. The management of the Company believed it desirable, in order to
carry out the fundamental policy of financing principally
through parent company securities, to acquire substantial
amounts of such underlying securities and to this end made
exchange offers to all of the record holders of such underlying securities. Coincident with this, the Company offered
stockholders and holders of Registered Convertible Securities in the System, Rights to subscribe to Class A Stock,
accepting in payment not alone cash, but securities of companies in the System at certain specified prices. Under
th!s offering there were issued upwards of 1,200,000 shares
of Class A Stock, the proceeds of which were used for the
initial payment of the Rochester Central purchase, for the
acquisition of underlying securities in the Rochester Central
and General Gas & Electric System groups, and for construction work. During this period the customer ownership
department in addition to selling the 6% Convertible Debentures of the Company aided in the exchange of underlying securities of the recently acquired groups for securities
of the Company.
ASSOCIATED GAS AND ELECARIC SYSTEM
Comparison of total assets with funded debt, and mortgage and secured debt
Total
Assets
Year
Mortgage and
Secured Debt
1910— $ 2,960,094 $ 1,670,000
1,670,000
2,958,281
1911—
2,056,500
3,700,284
1912.__
2,926,500
5,411,054
1913.—
2,668,500
4,978,550
1914—
2,680,500
4,891,149
1915._
3,431,500
5,572,770
1916.-3,523,400
5,727,772
1917-_
3,527,100
5,805,169
1918 —
3,522,600
5,963,771
1919_
3,658,800
6,138,245
1920—._
3,619,000
6,500,706
1921..__
6,702,600
13,577,517
1922..—
6,329,690
16,884,669
1923—
20,452,900
62,257,097
1924.-85,034,850
1925._ 209,601,178
53,297,200
1926_ 258,962,166
38,045.150
356,300,026
1927_—
26,505,850
1928 _.... 364,359,126
215,104,700
1929....... 1,000,428,025
Total
Funded Debt
1,921,000
(
1,921,0 19
2,307,500
2,926,500
2,668,500
2,680,500
3,431,500
3,523,400
3,527,100
3,522,600
3,658,800
3,619,000
6,702,600
6,329,690
20,452,900
111,554,007
134,704,100
185,369,150
167,856,800
491,192,800
Millions of Dollars
of Assets
$
woo
-
- soo
— Boo
700
LEGEND
600
TOTAL ASSETS
500
-1
FUNDED DEBT
MORTGAGE AND
SECURED DEBT
400
20
300
15
200
10
— 100
1910 11 /2 13 14 15 16 17 18 19 20 21 22 23
During the latter months of the year the Company created an issue of $8 Interest Bearing Allotment Certificates
which were offered to stockholders and holders of Registered Convertible Securities on Rights. Subsequent to the
announcement of this offering there waK a drastic decline
In the market value of securities during the months of
October and November. In spite of the attitude of investors
generally, a considerable amount of the $8 Interest Bearing
Allotment Certificates was subscribed. Early th!s year the
Company's bankers, headed by Harris, Forbes & Company,
sold $40,000,000 of 5% Gold Debenture Bonds due 1950. The
proceeds of these bonds, together with the proceeds of the
Allotment Certificates, were used 'almost wholly for the
payment of bank loans which had been incurred for various
corporate purposes of the Company, so that on the date of
this report the Company is in a very satisfactory financial
condition.
HOLDING COMPANY REGULATION.
In view of the present interest in the development of the
holding company, the following analysis is presented:
There are two great problems confronting all public utility
companies serving medium sized cities, suburban communities, rural and semi-rural regions.
1. To raise sufficient capital to provide the facilities
necessary to serve such territory, and
2. To get enough business so that the rates which the
customers can afford to pay will produce earnings
sufficient to justify raising the capital.
In the solution of these problems, holding companies and
their affiliated organizations have been a vitally necessary
factor. They have been 'able to raise capital to finance
1924 25 26 27 28 29
0
operating companies to serve territories where ten years
ago the prophecy of electric and gas service was unthought of.
The stronger operating companies which might have extended their service to outlying territories hesitated to do
so because of the many restrictions and the necessity for
the assent of a public regulatory body. As It result, the
problem of serving areas outside of populous centers was
left to be done as best it could by others who frequently had
great diff:culty in raising the necessary capital. Aside
from the greater risk involved to investors in such smaller
enterprises, the difficulty of raising capital was greatly
enhanced by the restrictions placed on operating companies
by regulatory commissions. Holding companies, through
their freedom from such regulation, have been able to secure the necessary capital, and it is doubtful whether without this form of organization, the public utility industry
could have developed to its present extent.
HOLDING COMPANY CRITICISM.
A good deal of undeserved criticism has been levelled at
holding companies. Some of it is really criticism of management policies rather than of the holding company as
such. Some of it, too, because the holding company Is a
comparatively new financial instrument, is criticism by the
ultra conservative who always distrusts anything with
which he is not familiar. The chief criticism of the holding
company is that it permits concentration of control without
any coresponding investment. The men who are responsible
for the disposition of the large amounts of capital that
holding companies backed by the steadily increasing earnings of light and power properties have been able to accumu-
3194
FINANCIAL CHRONICLE
[Vol. 130.
have the effect of accomplishing no good and would merely
add a few more laws to the statute books, increase taxes, and
at the same time increase the expense of doing business by
the regulated enterprises.
The utilities must compete with all industry for necessary capital. Anything which the State or Federal governments do to hamper the utilities by undue investigation and
unnecessary regulation or to aid other businesses by favorable action under law, or by freedom from investigation,
makes for inequality of operation. Regulation should be
confined within the narrowest possible limits whiCh will
prevent fraud, suppress extortion, and permit regular development along sound economic lines.
In our present economic system the holding company has
developed for itself a very definite and important function
which it performs better than any other financial agency
that attempts to accomplish the same purpose. If the governmental bodies, State and Federal, whose duty it is to
see that public utilities give good service at reasonable rates
will be guided in the performance of that duty by sound
THE ADVANTAGE OF THE HOLDING COMPANY.
economic principles and a broad constructive spirit, there is
The electric light and power industry is unique in that every reason to hope in the next few years for a developthe human element is small in proportion to the huge capi- ment of the light and power industry far transcending the
tal invested. Approximately 90% of the total capital in- wonderful growth it has already enjoyed.
vested is in fixed assets. Where an industrial or comLEGISLATIVE INVESTIGATIONS.
mercial company may turn over its entire capital four or
five times in the course of a year, an electric light and
From time to time, it appears to be the fashion in politics
power company may turn over its capital perhaps only once to select some important industry as the target for legisin five years. Because of this, and because of the rapid lative investigations, and the electric industry is the present
growth of the industry, financing expansion out of earnings choice of those who must have their investigations. The
has been impossible.
Federal Trade Commission, the Federal Power Commission,
Fundamentally the holding company is an agency for pool- the New York Commission for Investigation of Public Serving resources of a number of more or less scattered enter- ice Commission laws, and the Massachusetts Legislative
prises in such a way as to attract new capital on the most Investigating Commission, in addition to some of the reguadvantageous terms and to make it available wherever it larly constituted Public Service Commissions, have taken
is most needed. It is a special application of the broad up a substantial portion of the time of the executives of
principle of diversification of risk, which in other forms your company and the officers and employees of the operatand fields is the basis for such far-reaching and gigantic ing companies in the system during the past year.
financial activities as those of insurance companies, investIn common with other public utility companies throughment trusts, and even, one might truthfully say, the Federal out the country, Federal Agents and State Investigators
Reserve System itself.
have spent months making examinations of our books. We
It is probable that today more than three-fourths of the have been required to answer numerous questionnaires
light and power companies in the country are controlled or seeking information on every phase and detail, material or
financed through some form of holding company. In its immaterial, of utility management and operation and reideal form, the holding company 'represents complete owner- quiring upon very short notice the presentation of facts and
ship by the parent company of all permanent equities and figures which would require weeks or months intelligently
obligations of its subsidiaries, the parent company under- to compile. Our officers and employees have been intertaking to apply all the income it derives from the subsid- viewed both privately and on the witness stand. Contracts
iaries to its own stocks and bonds, and to distribute the and papers in which the public could have no conceivable
Capital received from investors wherever it will be most interest, but the publication of which might be of interest
productive. Such an ideal is, of course, never completely to our competitors, have been demanded and any unwillingrealized, but some holding companies approximate it rather ness on the part of the management to produce them has
closely.
at times been met with suspicion and the unwarranted asThe earlier forms of holding companies were not con- sumption that the company had something to conceal.
sciously striving for such an ideal. It was long considered
However, throughout this era of investigation the direcgood practice, and there can still be found many who argue tors and officers have endeavored to maintain an even keel
for it, to confine holding company issues to equity financing, and, confident that the electric industry was basically sound
and to base all loans on the properties and revenues of indi- and that your company was being operated on correct prinvidual operating companies only. But the necessity of seek- ciples, have endeavored wherever possible to cooperate with
ing ever wider markets to obtain the capital required for those having such investigations in charge, even though
development, and the difficulty of creating such markets literally months of the valuable time of the officers and
for securities of a property only locally known, gradually employees have been consumed in the process.
brought it about that more and more financing, both loan
The great expense to the companies and the greater exand share, could be done advantageously through the issues pense to the public involved in investigations of this charof a big, nationally known organization whose securities in acter are matters of no small moment. That the results
turn were supported by the earnings of a number of smaller accomplished will justify the expenditures made may well
and comparatively little known operating companies.
be doubted. Economic considerations have accomplished
and will in thd future accomplish more than hostile
PROPOSED HOLDING COMPANY REGULATION OF tion. It is not generally realized that the electric legislaindustry
DOUBTFUL VALUE.
is a highly competitive one. Lower rates are made possible
The principal difficulty with the regulation of public by increased consumption, and such increase can only be
utilities at the present time, is the necessary complexity of obtained by offering rates which will attract industrial conthe business. The public wants the best service it can pos- cerns and individual consumers to the additional uses of
sibly get at the most reasonable cost. To insure this, it is electricity.
necessary that regulation be simple. It is desirable that
The competition is not only with other sources of light
regulatory commissions make periodical examinations of and power, but with other communities. This natural conthe accounts and records of operating companies similar to dition is a check against unreasonable rates and unfair
those made for banks and insurance companies. This is practices. Aside from the protection thus naturally afforded
advisable in the interests of accuracy and standardization the public, existing commissions possess ample jurisdiction
of accounting. Unless it is done, long, expensive investi- over the operating companies and the further extension of
gations are necessary to prove that the accounts are correct governmental authority could have only a harmful effect.
in proceedings where the books are a factor.
Efficient management and increased effort have prevented
The proposition that the staff and expense of the regu- such detrimental effect on the business of your company
latory Commissions in the various states shall be increased from this interference with the routine of its business as
In order to have jurisdiction over holding companies, will resulted not so long since when the railroads were the obmerely serve to increase the cost of doing business and jects of governmental solicitude. The officers of your comaccomplish nothing of benefit to the customer. At the pany cannot but feel that governmental _activity directed in
present time, such accounting forces as those of the New other channels toward constructive rather than destructive
York State Public Service Commission are largely engaged legislation would be productive of more beneficial results.
in investigations having to do with the regulation of capi- The electric industry is conducted on at least as high a
talization, mergers, consolidations, transfers of properties plane as the other great public industries, and while the
and other similar matters, none of which have the slightest nature of the business necessarily and properly subjects it
bearing on rates to the consumer, and in most cases, no to a certain amount of investigation and regulation, there
bearing whatever on the improvement of the services or must be a limit to the paternalistic activities of the government or a power intended for the public good may be abused
facilities.
One hundred per cent efficient regulation of holding by demagogs to such an extent as to impede the progress of
company and affiliated enterprises by either the State or a great and vital public servant. This is a matter which
the Federal government would practically stop the growth deserves the serious consideration of stockholders.
The investigation by the Federal Trade Commission,
of many useful and energetic enterprises. On the other
hand, regulation that was not complete or efficient would whose jurisdiction is based on the interstate transmission
late, are not, so it is charged, necessarily or even usually,
men who have themselves any substantial investment at
stake. Moreover, through the issue of preferred shares
without voting rights and the increasing use of non-voting
common shares, the actual control of the entire system lies
frequently in a comparatively small amount of closely held
voting stock.
This criticism, while based on undeniable fact, is chiefly
academic. It comes from those who believe that democratic
rule, the majority opinion of a large number of voters, is the
only defense against abuses in corporate enterprises as well
as in government. This theory has yet to be demonstrated.
Leaders in government and industry will make mistakes and
will sometimes for their own selfish ends drag their followers into trouble. But the ordinary safeguards of public
opinion and the laws are very much more effective against
abuses by holding company managements than would be a
diffusion of voting control among a large number of comparatively small investors.
3195
FINANCIAL CHRONICLE
MAY 3 1930.]
ng the
As is customary, on the page immediately followi
tive consolitext of this report there will be found compara
to 1929,
dated income accounts for the five years 1925
inclusive.
conImmediately following are set forth the condensed ary
subsidi
solidated income account of the Company and its
December 31,
and affiliated companies for the year ended
condensed
1929, showing the earnings for the year, and a
reconsolidated balance sheet at December 31, 1929, which
flects the financial condition at that date.
dated
Also appended will be found comparative consoli
sheets for each year of this period.
balance
in a
For the information of those who are interested
te statement of the Associated Gas and Electric
corpora
AssociCompany, there are also included, for like periods,
Acated Gas and Electric Company Comparative Income
counts and Balance Sheets.
tory
All of these statements reflect the rapid and satisfac
growth of the Company and its business.
Respectfully submitted,
FINANCIAL AND COMPARATIVE FINANCIAL
For the Board of Directors,
STATEMENTS.
J. I. MANGE,
The books of account of the Company (as has been cusPretrident.
are being audited by
tomary for many years heretofore)
March 31, 1930..
d Public Accountants.
Messrs. Haskins & Sells, Certifie
exclusively at holding
of electricity, has been aimed almost operating companies.
and their relations to the
companies
New York and
The same is true to a great extent of the
The
Massachusetts legislative investigating commissions. legisthe latter commissions to their respective
reports of
ng
latures contain recommendations for legislation extendi considerably the jurisdiction of the public service commis
tion
sions over holding companies. This extension of jurisdic
Is based on the theory that the capitalization and conduct
ce
of the business of a holding company has a direct influen
absolutely
on the rates charged consumers, a theory which is
es
without any basis. The rates of the operating compani e
must, under the decisions of the United States Suprem
ng
Court, be based on the value of the property of the operati
company, and the theory advanced to sustain holding company regulation is a mere pretext to justify governmental
interference with private business.
ANY AND SUBSIDIARY AND AFFILIATED
COMPARATIVE CONSOLIDATED INCOME ACCOUNT OF COMP ACQUISITION.
OF
COMPANIES ONLY SINCE DATES
Calendar Year
1929.
1928.
Gross Earnings:
Electric
Gas
Water, Transportation, Heat and Miscellaneous
Total
Operating Expenses, Maintenance and Taxes
1927.
1926.
1925.
31.00 554,878,680.51
$14,358,261.14 821,504,148.71 $23.302,139.58 824,531,4 .54
9.636,030.66
4,490.146
4,147,801.08
.13
2,188,593
1,209,817.34
4,388,542.46
3,335,535.77
3,108,809.30
4,370,284.09
3,873,346.21
13.31 868,903.253.63
$18.676,887.78 $28,063,025.93 $31,323,286.87 $32,357,1 6.40 36,299,957.85
18.290,27
11,080,384.03 15,521,978.16 18,264,654.74
32.13 814,066,836.91 $32,603,295.78
$7.596,503.75 $12,541,047.77 $13,058,6 .32
10,637.660.27
3,934.755.50
3,973,454
1,220.262.03
774,259.09
$18,001,592.41 $43,240,956.05
86.45
$8.370.762.84 813,761,309.80 817,032,0
Gross Income
10,207.317.37
3,389,810.10
5,650,613.48
Less Fixed Charges and Other Deductions of Subsidiary and Affiliated 3,101,883.03
5,615,965.27
Companies
38.68
4.53 511,381,472.97 814,611,782.31 833.033.6
$8,145,34
55.268.879.81
Balance
Fixed Charges and Other Deductions of Associated Gas and Electric
810,040,103.08
Company:
S1,904,988.85 $2,893,426.54 84.978,479.74
$971,924.71
3,438,514.46
1,117,416.20
Interest on Funded Debt
530,662.93
413,517.95
505,322.27
Interest on Floating Debt
5.94 513,478,617.52
$2,318,506.80 $3,424,089.47 56.095,89
Total Fixed Charges of Associated Gas and Electric Company_ -- $1,477,246.98
Net Earnings
Other Income
Net Income Available for Renewals and Replacement Reserves, $3,791,632.83
Dividends and Surplus
828,673.77
Dividends on Preferred Stock
$5,826,837.73
1,662,153.57
$7,957,383.50
3,453,507.02
52.962,959.06
$4,164,684.16
$4,503,876.48
1,036.112.55
1,627,193.10
1,698,731.00
81,926,846.51
$2,537,491.06
$2,805,145.48
$3,172,794.90 513,176.837.87
7,224,029.05
1.473.118.93
$1,470,350.32 51.929.730.93
Remainder of Income for Other Dividends and Surplus
income.
include any profits from sales of securities or other non-recurring
The above does not
$1,829,431.40
$1.699,675.97
Balance
Less: Reserved for Renewals and Replacements
Balance for Further Dividends and Surplus
Deduct—Class A Priority Dividend $2.00 per Share
456,496.19
607,760.13
975,714.08
$8,515,886.37 $19,555,021.18
3,007,106.57
3,512.636.95
$5,003,249.42 $16.547,914.59
3,371.076.72
1,830,454.52
55.952.808.82
RECEIPTS AND CAPITAL DISBURSEMENTS
CONDENSED CONSOLIDATED STATEMENT OF CAPITAL AND SUBSIDIARY COMPANIES
ASSOCIATED GAS AND ELECTRIC COMPANY
DECEMBER 31, 1928, TO DECEMBER 31, 1929.
CAPITAL RECEIPTS.
_________ $7,013,643.71
__ - _________________________________________________
-5,952.808.82
Cash Balance at December 31, 1928- 14,266,993.89
uted Earnings—Transferred ___ Surplus
Balance of Undistrib
__ __ _ _
Increase in Optional and Other Reserves Exchanges:
Capital Issues Including Conversions and
Capital Stock of Company:
389,856 Shares 513,302363.40
Common ____________________________________________________________4,575,967 Shares 176,068.266.59
Class A _______________________________________________________________ 00,000 Shares 7,000,000.00
_____
Class B _ _
________________________
-----------------27,735 Shares 2,773,458.09
Preferred-kock---------------------------------------5199,143.888.08
Obligations Convertible into Stock:
6% Co ivertible Debentures—Series A and B of 1929
$8 Int rest Bearing Allotment Certificates
874,650.668.50
3,190,240.00
Funded Debt of Company:
510,903,975.00
17.011.605.00
9,991,810.00
54,760,800.00
52,499,448.75
u
2 o7. altefrtifiCag Gold Debentures due 1968
6 InViral Refundin
e8
4 % Convertible Gold Debentures due 1958
4 % Convertible Gold Debentures due 1949
Serial and Long Term Obligations re Purchase of Properties
Capital Stocks of Subsidiaries:
Minority Common Stocks on rroperties Acquired in 1929
Preferred Stocks on Properties Acquired in 1929
$11,995,587.36
79,222,509.00
Funded Debt of Subsidiaries:
Funded Debt on Properties Acquired in 1929
77,840,908.50
145,167,638.75
91,218,096.36
122,154,077.84
Unfunded Debt—Notes Payable
en
Contractual t)bliga*ions _
Assets _t _____ ___________
635,524,609.53
10.534,220.11
l
31.If
8,?1g140 . t
-----------------------------------------------------------
5682.454,009.12
Total Capital Receipts--------
CAPITAL DISBURSEMENTS.
Increase in Plant, Property, Franchises, Cost of Acquiring Capital, etc
Increase in Investments in and Advances to Affiliated Companies
:
Capital Securities Retired Through Redemption, Conversion, Purchase or Exchange
Company:ilerered Stocks:
Original Series
$6.50 Dividend
$6.00 Dividend
Obligations Convertible into Stock
Funded Debt
$392,849,216.54
176,969,819.51
53,212 Shares at $50 $2,660,600.00
91,527 Shares at 100 9,152,700.00
55,554 Shares at 100 5,555,400.00 $17,368.700.00
1,591.097.90
37,392,758.00
56,352.555.90
--- $11,077,261.05
Subsidiaries:
------------------------------------------------Common Stock---------------------------------------------------------------------------- 27,216,335.00
4,400,139.30
Preferred Stocks--------------------_______________________
________________________
42,693,735.35
Funded Debt________________________________________
1.890.279.13
Dividends and Miscellaneous Items Charged Against Surplus (Net)
,606.43
----------------------------------------------------$670,755
----------------- 11,698.402.69
Total Capital Disbursements-----------------------------------------------------------------------------------------Cash Balance at December 31, 1929----------------
$682,454,009.12
Total
3196
[voL. 130.
FINANCIAL CHRONICLE
CONDENSED CONSOLIDATED IN COME ACCOUNT OF ASSOCIATED GAS AND ELECTRIC COMPANY
AND SUBSIDIARY COMPANIES FOR THE YEAR ENDED DECEMBER 31, 1929.
Income for Companies acquired during the year is included only from approximate dates of acquisition to December 31, 1929.
Operating Revenue:
$54,878,680.51
Electric
9,636,030.66
Gas
4.388,542.46
Water, Transportation, Heat and Miscellaneous
Total
Operating Expenses, Maintenance and Taxes (including Companies' Accruals, for 1929 Federal Income Taxes)
$68,903,253.63
36.299,957.85
Operating Income
Other Income
$32,603,295.78
10,637,660.27
Gross Income
Less—Fixed Charges and Other Deductions:
Subsidiary and Affiliated Companies:
Interest on Funded and Unfunded Debt (less Interest During Construction)
Preferred Stock Dividends
Deduction by Company for Income applicable to Common Stocks of Subsidiary and Affiliated Companies held
by the Public
$43,240,956.05
$7,313,106.21
2,827,672.57
66,538.59
10,207,317.37
$33,033.638.68
Balance
Associated Gas and Electric Company:
Interest on Funded and Unfunded Debt
13,478,617.52
Balance
Preferred Stock Dividends
$19,555,021.16
3,007,106.57
Balance
Provision for Renewals. Replacements and Retirements (Depreciation)
$16,547,914.59
3.371,076.72
Balance
Deduct—Class "A" Priority Dividends $2.00 per share
$13.176,837.87
7.224,029.05
$5,952,808.82
Remainder of Income for Other Dividends and Surplus
The above does not include any profits from sales of securities or other non-recurring income.
No charge for amortization of bond discount, premiums and expenses has been included in the above statement. Practically all such discounts'
premiums and expenses were written off against capital surplus. The amount of amortization that would ordinarily have been charged against in-'
come for the year 1929 has been charged against corporate surplus, and the part thereof applicable to bonds issued in prior years has been credited
to capital surplus.
STATEMENT OF CONSOLIDATED CORPORATE SURPLUS OF ASSOCIATED GAS AND ELECTRIC
COMPANY AND SUBSIDIARY COMPANIES FOR THE YEAR ENDED DECEMBER 31, 1929.
Balance—December 31, 1928
Balance of Income After Priority Dividends on Class A Stock, Year Ended December 31, 1929
Deductions:
Priority Dividends on Class B Stock
Participating Dividends on Class A Stock paid February 1, 1930
Participating Dividends on Class B Stock paid February 1, 1930
Amortization of Debt Discount and Expense
Additional Provision for Renewals. Replacements and Retirements (Depreciation)
Other Charges—Net
$5,893.732.84
5.952.808.82
$11,846,541.66
$666,666.67
2,327,275.20
200,000.00
1,572,205.63
1,264,943.73
762,244.98
6,793,336.21
$5.053,205.45
Consolidated Corporate Surplus at December 31. 1929__________________________________________________________________________
CONDENSED CONSOLIDATED BALANCE SHEET OF ASSOCIATED GAS AND ELECTRIC COMPANY AND
SUBSIDIARY COMPANIES DECEMBER 31, 1929.
ASSETS SIDE.
Plant,Property, Franchises and Cost of Acquiring Capital ______________________________________________________________________$634,940,391.96
Investments (Principally Investments in and Advances (Net) to Subsidiary and Affiliated Companies not included in the Consolidation)___ 228.386,863.82
Current Assets:
$11,119,210.21
Cash
579,192.48
Special Deposits
$11,698,402.69
43,729.09
Notes Receivable
Accounts Receivable:
$6,636,394.45
Consumers
4,109,660.23
Miscellaneous
10,746,054.68
188,703.79
Due from Subscribers for Stocks and for Obligations Convertible into Stock
6.600,466.82
Materials and Supplies
Total Current Assets
Sinking Funds for Retirement of Bonds
Deferred Charges:
Prepaid Expenses
Miscellaneous Items in Suspense
Unamortized Debt Discount and Expense
29,277,357.07
106,706.45
$644,039.68
4,631,684.21
2,504,499.71
7,780,223.60
Total Deferred Charges
Total
5900,491,542.90
LIABILITIES SIDE AND CAPITAL.
Capital Stock and Surplus:
Associated Gas and Electric Company:
$24,778,296.59
Preferred Stocks—Stated at Liquidation Values
Class A (5,817371 shares) and B (500,000 shares) Stocks)—Liquidation Values,and Common
261,266.024.08
Stock (1.703,538 shares)—Capital and Surplus
$286,044320.6
Subsidiary Companies:
$52,151,139.00
Preferred Stocks—Stated at Liquidation Values
921,776.31
Common Stocks and Surplus Applicable Thereto
53,072,915.31
Total Capital Stock and Surplus
Obligations Convertible into Stock at Company s and Holders Option
Funded Debt:
Associated Gas and Electric Company:
53. % Investment Certificates
63 %, Convertible Gold Debentures due 1977
5% Gold Debenture Bonds—First and Refunding due 1968
,
435% Gold Debenture Bonds due 1949
Serial and Long Term Obligations—re Purchase of Properties
Other
Subsidiary Companies' Bonds Held by Public-------------------
5339,117.235.98
92,582,350.03
$28,837,895.00
7,419.000.00
52,015.360.00
54,760,800.00
52,499,448.75
19.111,918.00
$214,644,421.75
162,388,988.54
Total Funded Debt----------------------------------------------------------------------------------------------- 377,033,410.29
2,962,315.00
Property Purchase and Stock Contract Obligations---------------------------------------------------------------------------Liabilities:
Current
----------------------------------------------------------------------------------------- $32,428,058.04
Notes Payable
--------------6,862,508.33
Accounts Payable----------------------------------------------------------------------- ------- ---- 39,290,566.37
------------------------Total Current Liabilities- -- ----------Accrued Accounts:
$10,469,741.14
Dividends, Interest and Miscellaneous-------------------------------------------------------------------3,984,398.95
Taxes,including Accruals for Federal Income Tax for the Year 1929
------------------------------------------------------------------------------------------- 14,454,140.09
Total Accrued Accounts
4,813,958.94
Consumers' Deposits
Reserves:
Renewals, Replacements and Retirement of Property-------------------------------------------------------- $28.200,377.38
-----------------------------------------------------2.037,179.82
Other Reserves----------------------------------30,237,557.20
Total Reserves--------------------------------------------------------------------------------------------------$900.491,542.90
Total
MAY 3 13o.1
3197
FINANCIAL CHRONICLE
COMPARATIVE CONSOLIDATED BALANCE SHEET OF ASSOCIATED GAS AND ELECTRIC COMPANY
AND SUBSIDIARY AND AFFILIATED COMPANIES DECEMBER 31, 1925 TO 1929 INCLUSIVE.
ASSETS SIDE.
1927.
1928.
1929.
1926.
1925.
Capital Assets:
$185,337,470.65 $231,258,132.70 $236,312,524.24 $242.091,175.42 $634,940,391.96
Plant,Property, Franchises and Cost of Acquiring Capital
Investments (Including Investments in and Advances (net) to
subsidiary and Affiliated Companies not included in the
1,248,851.98 58,957.542.09 51,417,044.31 228,386.863.82
4,357,867.51
Consolidation)
Total Capital Assets
$189,695,338.16 $232.506,984.68 9295,270,066.33 $293.508.219.73 $863,327,255.78
Current Assets:
5,717,510.94 7,013,643.71 11,698,402.69
4,031,089.84 9,047,200.91
Cash,Call Loans and Special Deposits
589,254.58
43,729.09
34,512.47
147,694.28
117,564.22
Notes Receivable
Accounts Receivable:
2,482,119.48 3,083,753.04 2.853,844.96 2,599,244.54 6,636,394.45
Consumers, less reserve
704,531.58
936,063.86 4,109,660.23
341,613.54 1,305,085.40
Miscellaneous
Due from Subscribers for Stocks and for Obligations Convertible
188,703.79
Into Stock
8,955,974.46 4,919,754.46 3,077,525.00 2,923.586.00
2,926.419.38 2,555,911.57 6.600,466.82
3,078,148.02 3.164,174.97
Materials and Supplies
$15,869,086.44 $16,176,143.96 $29,277,357.07
Total Current Assets
$19,006,509.56 $21,554,481.25
81,356.48
39,638.30
106,706.45
Sinking Funds for Retirement of Bonds
184,215.99
145,434.11
Deferred Charges:
434,436.44
644,039.68
457,283.20
477,361.97
Prepaid Expenses
331.272.30
1,059,775.84 4.631,68421
438,525.75 1,023,889.72
Miscellaneous Items in Suspense
422,623.74
7,296,279.99 2,504,499.71
Unamortized Debt Discount and Expense
$915,887.72 $1,481,172.92 $8,790,492.27 $7,780.223.60
Total Deferred Charges
$753,896.04
$209.601,177.87 $255,161,569.64 $312,701,682.17 $318,514.494.26 $900,491.542.90
Total Assets Side
LIABILITIES SIDE AND CAPITAL.
1929.
1928.
1927.
Capital Stock and Surplus:
1925.
1926.
$14.116.550.00 $42,974,060.00 $56,653,350.00 $39,373.538.50 $24.778,296.59
Preferred Stocks—Stated at Liquidation Values
Class A and B Stocks—Liquidation Values, and Common Stock
20,559.412.45 36,221,875.60 43,311.641.41 60,833,064.40 261.266,024.08
—Capital and Surplus
$34,675,962.45 $79.195,935.60 $99,964,991.41 $100,206,602.90 $286.044,320.67
Total Capital Stock and Surplus
Subsidiary and Affiliated Companies' Stocks.Outstanding:
145,015.00 52,151.139.00
Preferred Stocks
15,875,420.00 6,415,200.00 4,504,970.00
921,776.31
3.400.00
42,423.75
6.303.080.52
8.207.43
Common Stocks and Surplus Applicable Thereto
Total Subsidiary and Affiliated Companies' Stocks Out$148,415.00 $53,072,915.31
standing
$22,178.500.52 $6,423,407.43 $4,547,393.75
Obligations Which are Convertible into Stock at Both the Company's
26,519.157.50 16,407,900.00 17,396,167.50 16,332,548.43 92,582.359.03
and Holders'Option
Funded Debt:
14.172.700.00 8,527,600.00 43,936.500.00 106.869,541.00 214,644,421.75
Associated Gas and Electric Company
70.862.150.00 109.768,600.00 99.852.500.00 44,635,050.00 162.388.988.54
Subsidiary and Affiliated Companies
$85,934,850.00 9118,296,200.00 $143,789,000.00 $151,504,591.00 9377,033,410.29
Total Funded Debt
2,962,315.00
1.986,483.81
1,385,827.00 2,393,724.00
Property Purchase and Stock Contract Obligations
11,377,576.25
Current Liabilities:
8.415,077.38 8,097,316.67 20,717,066.55 21,893,837.93 32,428,058.04
Notes Payable
1,439,869.26 6,862,508.33
1,400,721.82
Accounts Payable
1,935,201.00 2,806,616.43
1,948,863.00
Bonds Called for Redemption
Accrued Interest, Dividends and Miscellaneous Accounts
1,874,964.65 2,811,117.23 3,469.747.48 3,521,729.62 10,469,741.14
1.610.466.41
3.984.398.95
1,461.324.66
Accrued Taxes
746.079.24
1.232,918.12
Total Current Liabilities
912,971,322.27 914,947,968.45 927,048,860.51 $30,414,766.22 $53,744,706.46
1,950,523.59 4.813,958.94
Consumers' Deposits
1,861,373.82
1,648,526.35
1,218.991.37
Reserves:
Renewals, Replacements and Retirement ofProperty
12,319,507.83 14,279,659.45 12,702,032.63 14,439,574.63 28,200.377.38
2,037.179.82
Other Reserves
1,530,988.68
2,998,138.55
3,305,309.68
2,576,145.36
Total Reserves
$15,624.817.51 916,855,804.81 $15.700,171.18 $15,970,563.31 $30,237,557.20
Total Liabilities Side and Capital
$209,601,177.87 $255,161,569.64 $312,701.682.17 $318.514,494.26 $900,491,542.90
COMPARATIVE CONDENSED INCOME ACCOUNTS OF ASSOCIATED GAS AND ELECTRIC
FOR YEARS ENDED DECEMBER 31st.
1928.
1925.
1926.
1927.
Gross Income(Excluding non-recurring income items)
$3,432.253.26 $6,080,082.71 $8,876,400.64 $12,676,316.99
Income Charges:
1.184,297.83 2,548,432.45 4,122,600.41
Interest on Funded Debt
644,583.83
1,118.373.30
494 353 45
541.822.68
Interest on Unfunded Debt_-----414,006.87
-------- -------------its
Interest on Obligations Convertible
349,123.66
729.118.67
344,994.09
959,004.33
well as Holders'Option
$1,488.060.84 $2,327,423.37 $3,435.249.22 96,199,978.04
Total Income Charges
$1,944,192.32 $3.752,659.34 $5,441,151.42 $6.476,338.95
Net Income Transferred to Surphis
COMPANY
1929.
$26,413,104.75
7.954,340.64
3,438,514.46
2.372.246.03
$13.765.101.13
$12,648,003.62
COMPARATIVE BALANCE SHEET OF ASSOCIATED GAS AND ELECTRIC COMPANY FOR YEARS ENDED
DECEMBER 31st.
ASSETS SIDE.
1929.
1925.
1926.
1927.
1928.
Investments, Capital Assets and Advances to Associated Companies.- 984,235,953.49 $98,258,175.81 $178.975,965.45 $246,261.809.50 $631,969,843.96
Current Assets:
Cash......................................._ 1,161.777.34 6,036,256.66 4,471,411.68 5,805,085.18 9.696.800.42
Notes and Accounts Receivable from Subscribers and Others-__ - 8.902,292.89 6.022,503.46 3,104,881.75
104,651.86
2.923,646.93
Total Current Assets---------------------------------_ $10,064,070.23 $12,058,760.12 $7,576,293.43 $8,728,732.11 $9,801,452.28
Deferred Charges:
Prepaid Account
90,485.14
80,709.83
117,391.64
23,783.05
53,147.43
Suspense_______________________________________________ _
224,999.42
304,573.78
457,533.72
83,595.59
Unamortized Debt Discount and Expense
5.347.599.63
Total Deferred Charges
$90,485.14
$538,243.55 $5.689.980.69
$107,378.64
$357,721.21
Total Assets Side
$94,407.402.36 $110,674,657.14 9187,090,502.43 $260,680,522.30 $641.861,781.38
LIABILITIES SIDE AND
CAPITAL.
Capital Stock and Surplus:
Preferred, Class A and B Stocks, Liquidation Values. and Common Stock—Capital and Surplus
936,279,517.11 $77.019,908.84 $100,503,838.23 $108,086,387.40 9288,827,907.21
Obligations Which are Convertible into Stock at Both the Company's
and Holders'Option
25,956,157.50 16,287,600.00 17,285,674.16 16,332,548.43 100,876,540.03
Funded Debt _ _ _____ _
_____________
8,527.600.00 43.936.600.00 109,369,541.00 215.244,421.75
14,172,700.00
Property Purchase and§ioai"dontiracl___________
1,749,275.00
724,683.00
1,463.247.03
11,018,201.00
Notes Payable
4,650,000.00 20.535,000.00 21,504,400.00 26,970,000.00
5,200,894.56
Accounts Payable
256.951.88
318,983.76
16,800.72
1.619,950.90
Accrued
,n erest and M ce a
474,433.80
1.311,122.32 3,597,653.24 9,154,834.74
294,765.46
Reserves
7,761.44
1,370.480.60
1.512,040.84
788.077.65
1,468,366.01
Total Liabilities Side and Capital
$94,407,402.36 $110,674,657.14 $187,090,502.43 $260,680,522.30 $641,861,781.38
ASSOCIATED GAS AND ELECTRIC SYSTEM.
FACTS CONCERNING FUNDED DEBT AND OBLIGATIONS OF ASSOCIATED GAS AND ELECTRIC COMPANY
AND SUBSIDIARIES.
Name.
Associated Gas and Electric Company:
% Convertible Gold Debentures, due 1948
434% Convertible Gold Debentures, due 1949
414% Cola Debenture Bonds, due 1958
5% Gold Debenture Bonds, due 1968
5% Gold Debenture Bonds, Series of 1928
interest Dales.
M&S-1
J&J-15
M&N-1
A&O-1
3&J-1
Where Payable.
C-B. C. Hopson & Co., Inc., N.Y.C.
It-The Company, Ithaca, N. Y.
C-B. C. Hopson & Co., Inc., N.Y.C.
It
-The Company, Ithaca, N.Y.
C-B. C. Hopson & Co., Inc., N.Y.C.
It
-The Company, Ithaca, N.Y.
C-B.C. Hopson & Co., Inc., N.Y. C.
It-The Company. Ithaca, N. Y.
C-H. C. Hopson & Co., Inc., N.Y.C.
It-The Company. Ithaca, N. Y.
Trustees, Transfer Agents or Registrars.
The New York Trust Company, New York City,
Trustee
Equitable Trust Company, New York,Trustee
The Chase National Bank of the City of New York,
Trustee
Guaranty Trust Company of New York, Trustee
The Chase National Bank of the City of New York,
Trustee
3198
[VoL. 180.
FINANCIAL CHRONICLE
Name.
Where Payable.
Interest Doles.
634% Gold Debentures, due 1977
-H. C.Hopson & Co., Inc., N.Y.C.
F&A-1
C
1534% Convertible Investment Certificates, due 1938 JM&N-15 C
-H. C. Hopson & Co., Ino., N.Y.C.
1FMAN-15 R-The Company, Ithaca, N. Y.
8% Convertible Debenture Certificates (Series A andIJ&D-1
B of 1929)
MJSD-1
8% Convertible Debenture Certificates, Series C, D M&B-1
E.F
MJSD-1
834% Convertible Debenture Certificates
J&I-1
JAJO-1
Associated Electric Company:
43•4% Gold Bonds, due 1953
J&I-1
American Utilities Company:
6% 1st Lien and Ref. Gold Bonds, Series A,due 1945_ 3&D-1
831% Gold Debenture Bonds, due 1941
C
-H. C.Hopson & Co.. Ino., N.Y. C.
R-The Company, Ithaca, N. Y.
C
-H. C. Hopson & Co., Ino., N.Y.C.
R-The Company. Ithaca, N. Y.
-H. C.Hopson & Co., Inc., N.Y.C.
C
R-The Company, Ithaca, N. Y.
C
-H.C.Hopson 4s Co., Inc., N.Y.C.
Trustees. Transfer Agents or Registrars.
The New York Trust Company, N. Y. C., Trustee
Irving Trust Company, New York City, Registrar
F. E. Taylor & W.L. Freund, 61 Broadway, N.Y. C.
Transfer Agent
?
Guaranty Trust Company of New York, Registrar
F. E. Taylor & W.L. Freund, 81 Broadway, N. Y.C.
Transfer Agent
Guaranty Trust Company of New York, Trustee
C
-Chase Natl. Bank, New York. and Office Pennsylvania Company for Insurances on Lives & Grantof Trustee
ing Annuities, Philadelphia, Pa.
C-Pennsylvania Co. for Ins. on Lives & Equitable Trust Company, New York, Trustee
Granting Annuities, also Trustee
M&N-1
Binghamton Light, Heat & Power Company:
5% 1st Refunding Mortgage, due 1948
Canadea Power Corporation:
5% 1st Mortgage, due 1958
A&O-1
C-H. C. Hopson & Co., Inc., N. Y. C.
Guaranty Trust Co. of N. Y., Trustee and Registrar
A&O-1
C
-J. P. Morgan & Co., N. Y. C.
Citizens Light, Heat & Power Co. of Penna.:
5% 1st Mortgage, due 1934
Security Trust Company, Rochester. N. Y., Trustee
J. P. Morgan & Co., New York City, Registrar
M&N-1
Empire Gas & Electric Company:
6% General and Refunding, Series A, due 1952
Empire Coke Co.
-Empire Gas & Electric Company:
5% Joint 1st and Refunding, due 1941
J&D-1
C-Office of Trustee
Irving Trust Company, New York, Trustee
M&S,-1
C
-Office of Trustee
Erie Lighting Company:
5% 1st Mortgage, due 1987
Pennsylvania Company for Insurances on Lives &
Granting Annuities, Philadelphia, Pa., Trustee
A4,0-1
C-Office of Trustee
Elmira Water, Light & R. R. Company:
5% let Consolidated. due 1958
Indiana Gas Utilities Company:
5% 1st Mortgage, due 1946
Pennsylvania Company for Insurances on Lives &
Granting Annuities, Philadelphia, Pa., Trustee
C
-Office of Trustee
The New York Trust Company, N. Y. City, Trustee
J&J-1
IC-Harris, Forbes & Co., N. Y. and Boston
1C-Harris Trust & Savings Bank, Chicago
M&S-1
IC-Harris, Forbes & Co., N. Y. and Boston
1C
-Harris Trust & Savings Bank, Chicago
United States Mortgage & Trust Company, New York.
Trustee
Guaranty Trust Company of New York, Trustee
Lockport Light, Heat & Power Company:
534% 1st Mortgage, Series A, due 1954
Long Island Water Corporation:
534% 1st Mortgage, due 1955
The Manila Electric R. R.& Ltg. Corporation:
5% 1st and Collateral Trust, due 1953
Metropolitan Edison Company:
5% 1st and Refunding, Series C, due 1953
M&N-1
C-Office of Trustee
M&N-1
C
-H.C.Hopson & Co., Inc., N.Y.C.
Guaranty Trust Company of New York, Trustee
M&S-1
C
-H. C.Hopson & Co., Inc., N.Y. C.
The Equitable Trust Company of New York, Trustee
% 1st Mortgage, Series D,due 1968
M&S-1
-Continental Illinois Bank & Trust Co., Guaranty Trust Company of New York, Trustee
C
Chicago, or Office of Trustee
C-Continental Illinois Bank & Trust Co., Guaranty Trust Company of New York, Trustee
Chicago, or Office of Trustee
Municipal Gas & Electric Company:
4% 1st Mortgage, due 1942
New Jersey Power & Light Company:
5% 1st Mortgage, due 1956
New York Central Electric Corporation:
534% let Mortgage, due 1950
New York State Gas & Electric Corporation:
534% 1st Mortgage, due 1982
Northern Pennsylvania Power Company:
5% 1st and Refunding, Series A. due 1958
Penn Public Service Corporation:
8% 1st and Refunding, due 1947
5% 1st and Refunding, due 1954
Richmond Light & Railroad Company:
4% let Collateral Trust, due 1952
Rochester Central Power Corporation:
5% Debentures, Series A, due 1953
Rochester Gas & Electric Corporation:
7% General Mortgage, Series B, due 1948
534% General Mortgage, Series C, due 1948
434% General Mortgage, Series D,due 1977
Rochester Railway & Light Company:
5% Consolidated, due 1954
York Haven Water & Power Company:
5% 1st Mortgage, due 1951
J&J-1
The New York Trust Company, N. Y. City, Trustee
A&O-1
C-Office of Trustee
F&A-1
C
-Continental Illinois Bank & Trust Co., Guaranty Trust Company of New York, Trustee
Chicago, or Office of Trustee
M&S-1
C
-H. C.Hopson & Co., Ino., N.Y.C.
The New York Trust Company, N. Y. City, Trustee
A&O-1
C-Office of Trustee
The Equitable Trust Company of New York, Trustee
J&D-1
C
-Bank of North America & Trust Co., Guaranty Trust Company of New York, Trustee
Philadelphia, Pa., or Office of Trustee
M&N-1
J&D-1
C-First National Bank, New York
C
-H. C. Hopson & Co., Inc., N. Y. C.
J&J-1
Central Hanover Bank de Trust Co., N. Y., Trustee
C-Office of Trustee
Bankers Trust Company, New York, Trustee
Bankers Trust Company, New York, Trustee
Guaranty Trust Company of New York, Trustee
M&f3-1
IC-Office of Trustee
10
-Office of Trustee
M&S-1
M&S-1
M&S-1
C-Office of Trustee
C-Office of Trustee
C-Office of Trustee
J&J-1
C
-Office of Trustee
Security Trust Company, Rochester, N. Y., Trustee
J&D-1
C-Office of Trustee
Real Estate Land Title &'Trust Co.,Phila., Pa.,Trustee
Manufacturers Trust Company, New York, Trustee
Bankers Trust Company, New York, Trustee
Bankers Trust Company, New York, Trustee
Bankers Trust Company, New York, Trustee
C
-Coupon. R-Registered,
ASSOCIATED GAS AND ELECTRIC SYSTEM.
FACTS CONCERNING CAPITAL STOCK OF ASSOCIATED GAS AND ELECTRIC COMPANY AND
SUBSIDIARIES.
Name.
Associated Gas and Electric Company:
Common Stock
Dividend Dates.
Where Payable.
Transfer Agents and Registrars.
F.E.Taylor & W.L.Freund,81 Broadway, N.Y.C., Tfr. Agt.
Hibernia Trust Company, New York, Registrar
State Street Trust Company, Boston, Mass., Tfr. Agt.
The First National Bank of Boston ,Boston, Mass., Registrar
The Equitable Trust Company, New York, Tfr. Act.
F. E. Taylor & W.L. Freund,61 Broadway, N. Y. C.. Tfr. Agt.
Guaranty Trust Company, New York, Registrar
State Street Trust Company, Boston, Mass., Tfr. Agt.
The First National Bank of Boston, Boston, Mass., Registrar
Bank of America of California, Los Angeles, Cal., Tfr. Agt.
Security First Nat'l Bank of LOS Angeles, Los Angeles, Cal., Reg.
R.E. Failing & H. W.Zschiegner, Ithaca, N. Y., Tfr. Agt.
First National Bank of Ithaca, Ithaca, N. Y., Registrar
Harris Trust & Savings Bank. Chicago, Ill., Tfr. Agt.
Continental Illinois Bank & Trust Company, Chicago, Ill., Reg.
F.E.Taylor & W.L.Freund,81 Broadway, N. Y.C., Ur. Agt.
Guaranty Trust Company, New York, Registrar
F. E.Taylor & W.L. Freund,81 Broadway, N. Y.C., Tfr. Agt.
The Chase National Bank of the City of New York, Registrar
F. E.Taylor & W.L. Freund,81 Broadway, N.Y.C.,Tfr. Agt.
Chemical Bank & Trust Co., New York City, Registrar
F.E.Taylor & W.L. Freund,61 Broadway, N.Y.C.,Tfr.Agt.
The Bank of America, New York City, Registrar
F.E.Taylor & W.L. Freund,81 Broadway, N.Y.C., Try. Agt.
Irving Trust Company, New York City, Registrar
The Company, Ithaca, N. Y.
Class A Stock
FMAN-1
$5 Dividend Series Preferred Stock
MJSD-15
The Company, Ithaca, N.Y.
$6 Dividend Series Preferred Stock
MJEID-1
The Company, Ithaca, N.Y.
$6.50 Dividend Series Preferred Stock
MJSD-1
The Company, Ithaca, N.Y.
$7 Dividend Series Preferred Stock
JAJO-1
The Company, Ithaca, N. Y.
Original Series Preferred Stock
JAJO-1
The Company, Ithaca, N. Y.
JAJO-1
The Company, Ithaca, N. Y.
MJ8D-1
MJSD-1
MJSD-1
The Company, Ithaca, N. Y.
The Company, Ithaca, N. Y.
The Company, Ithaca, N. Y.
{ E.Taylor & W.L. Freund,61 Broadway, N.Y. C., Tfr. Agt.
F.
T. W.Moffat, H.B.Brown & J. J. McCarthy,33 Liberty Street,
New York City, Registrar
JAJO-1
JAJO-1
The Company, Ithaca, N. Y.
The Company, Ithaca, N. Y.
{ E.Taylor & W.L. Freund,81 Broadway, N.Y. C., Tfr. Agt.
F.
T. W.Moffat, H.B.Brown & J.J. McCarthy,33 Liberty Street,
New York City, Registrar
Binghamton Light, Heat & Power Company:
$8 Cumulative Preferred Stock
Empire Gas & Electric Company:
e% Cumulative Preferred, Series A and D
734% Cumulative Preferred, Series B
7% Cumulative Preferred, Series C
Lockport Light, Heat & Power Company:
8% Cumulative Preferred
7% Cumulative Preferred
F. E. Taylor & W.L. Freund,81 Broadway, N.Y.C., Tfr. Agt.
The Chase National Bank of the City of New York, Registrar
Metropolitan Edison Company:
$7 Cumulative Preferred
$8 Cumulative Preferred
New Jersey Power & Light Company:
$6 Cumulative Preferred
JAJO-1
JAJO-1
The Company, Ithaca, N. Y.
The Company, Ithaca, N. Y.
F. E.Taylor & W.L. Freund,81 Broadway, N.Y. C., Tfr. Agt.
1The New York Trust Company, New York, Registrar
JAJO-1
The Company, Ithaca, N. Y.
F.E.Taylor & W.L.Freund,81 Broadway, N. Y. C., Tfr. Agt.
Guaranty Trust Company of New York, Registrar
New York Central Electric Corporation:
7% Cumulative Preferred
JAJO-1
The Company, Ithaca, N. Y.
F.E.Taylor & W.L.Freund,61 Broadway, N.Y. C., Tfr. Agt.
The New York Trust Company, New York, Registrar
JAJO-1
JAJO-1
The Company, Ithaca, N. Y.
The Company, Ithaca, N. Y.
JAJO-1
The Company, Ithaca, N. Y.
Northern Pennsylvania Power Company:
$7 Cumulative Preferred
$8 Cumulative Preferred
Rochester Central Power Corporation:
8% Cumulative Preferred
Rochester Gas & Electric Corporation:
7% Cumulative. Series B
MJSD-1
8% Cumulative. Series C and D
MJSD-1
F. E.Taylor & W.L. Freund,61 Broadway. N.Y. C., Tfr. Agt.
The Chase National Bank of the City of New York, Registrar
I
F. E.Taylor & W.L. Freund,81 Broadway, N.Y C., Tfr. AM.
.
Chemical Bank & Trust Company, New York, Registrar
Katherine Price, Office of the Company, Rochester, N. Y.1 Tfr.
The Company, Rochester, N. Y. F. E. Taylor & W. L. Freund, 81 Broadway, N. Y. C.IAgts
Guaranty Trust Company of New York, Registrar
Katherine Price, Office of the Company, Rochester, N.YaTfr.
The Company, Rochester, N. Y. F. E. Taylor & W. L. Freund, 61 Broadway, N. Y. C.IAgts.
Security Trust Company, Rochester, N. Y., Registrar
MAY 3 1930.]
FINANCIAL CHRONICLE
3199
THE CHICAGO, ROCK ISLAND AND PACIFIC RAILWAY COMPANY
AND SUBSIDIARY COMPANIES
FIFTIETH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31, 1929.
To the Stockholders of The Chicago, Rock Island and Pacific Railway Company:
Your Directors submit herewith the Annual Report for year ended December 31, 1929:
INCOME ACCOUNT.
YEAR ENDED DECEMBER 31. 1929. COMPARED WITH PREVIOUS YEAR.
1928.
1929.
Increase.
Operating Revenues
8147,721,562.36 $141,232,603.95
$6,488,958.41
Operating Expenses
103.266,340.36
108,555,384.96
5,289,044.60
Revenues over Expenses
$39.166,177.40 $37,966,263.59
$1,199,913.81
Taxes
8,379.348.29
8,212,087.10
Uncollectible Railway Revenues
73,710.84
32,396.44
Railway Operating Income
$30,921,693.86 $29,513,204.46
$1,408,489.40
Rents from use of joint tracks, yards, and terminal facilities
1,214.579.48
1.239,790.67
25,211.19
$32.161,484.53 $30,727,783.94
$1.433,700.59
Hire of equipment—debit balance, and rents for use of joint tracks, yards, and
terminal facilities
6,461,268.80
7.312,575.78
851.306.98
Net Railway Operating Income
$582,393.61
$24,848,908.75 $24,266,515.14
Income from investments and sources other than transportation operation
961,921.10
320,439.32
1,282,360.42
Total Income
$26,131,269.17 $25,228,436.24
$902.832.93
Deduct:
Interest and Other Charges
12,060.739.87
63,208.43
12.123,948.30
Net Income from all Sources
$839,624.50
$14,007,320.87 $13,167,696.37
DISPOSITION OF NET INCOME.
Dividends on Preferred Stock:
7% Preferred
$2,059,547.00
$2,059,547.00
6% Preferred
1,507.638.00
1,507,638.00
$3,567,185.00
83,567,185,00
Surplus for Common Stock
$9,600,511.37
$10,440,135.87
$839,624.50
Per cent earned
12.91
14.04
1.13
Dividends on Common Stock
5,205,060.00
4,461,480.00
743,580 00
urplus, Transferred to Profit and Loss
$5,139,031.37
$5,235,075.87
$96.044.50
Decrease.
$167,261.19
41,314.40
The net income for the year available for dividends and other corporate purposes, after the payment of interest, rentals,
taxes and other fixed charges, was $14,007,320.87—the largest in its history; exceeding by 6.38% the net income for 1928,
the highest previous year, which was $13,167,696.37.
After paying the full dividends of 7% and 6% upon the preferred stocks, there remained $10,440,135.87, equal to $14.04
per share on the common stock outstanding. Dividends at the rate of 7% per annum were paid on the common stock outstanding during the year, after which there remained for the year's operations, to be carried to profit and loss,$5,235,075.87,
which was invested in additions and betterments to the company's property.
Traffic conditions during 1929 were more favorable than during the preceding year. The railway operating revenue!,
excluding the back mail pay, increased $5,244,280.47, of which $4,838,133.84 was in freight revenue. Passenger traffic
continued to decrease, the loss in such revenue for the year having been $671,429.51, or 3.35%.
Mriga,While the operating expenses increased $5,289,044.60, or 5.12% compared with 1928, the transportation ratio decreased.
This was accomplished notwithstanding substantial wage increases during the year.
We point out also that the property was fully maintained and is in excellent physical condition. We spent $1,077,000
more than in the previous year for maintenance of way and structures, and $696,000 more for maintenance of equipment.
PHYSICAL PROPERTIES.
The increase during the year in Investment in Road and Equipment amounted to $20,370,637.90, as follows:
Expenditures for road extensions
Expenditures for rolling stock
Expenditures for other additions and betterments
Total expenditures
Less:
Property retired and equipment vacated
Net increase in Investment in Road and Equipment
$3,552,439.76
13,105,153.76
9,685,764.10
$26,343,357.62
5,972,719.72
$20,370,637.90
The additional equipment built or purchased during the year follows:
Locomotives
Freight train cars
Passenger train cars
Motor cars
Work isquipment
30
3,092
31
16
258
In addition, the following equipment is on the 1930 budget—ordered but not yet delivered:
Passenger train cars
Locomotives
Work equipment
Freight train cars
24
41
22
5,000
The estimated cost of this equipment is
During the year the following equipment, no longer suitable for modern or efficient service, was retired:
Locomotives
Freight train cars
Passenger train care
Work equipment
$19,600,000
52
2,632
35
281
On page 8 of last year's [pamphlet] report, mention was made of
low-grade line from Coburn, Missouri, southwest of Trenton, to Kansas the proposed construction by your Company of a
NI Construction of this line was started during 1929 and the work is City.
44% completed, and culvert work entirely completed. Bridge workprogressing rapidly. Grading for the first 20 miles is
is 65% completed. The second 19 miles—grading
5% completed, and the bridge and culvert work 1% completed.
it An agreement has been reached with the C. M.St. P. & P. whereby
that line and the Rock Island will join in the construction and operation of 37 miles of double track, each company to
own
It is anticipated that the line will be completed into Birmingham on theits own track.
City by December 31, 1931, and negotiations are in progress with referenceopposite side of the Missouri River from Kansas
to the construction of a new bridge across the
River, permitting our connection with the tracks of the Kansas City Terminal Railway,
Liberal-Amarillo Line: This line, 152.01 miles in length, was completed and placedof which we are part owner.
in operation October 1,1929.
Dalhart-Morse Line: This construction started January 3,
and the line, which will be 60 miles in length, will be
completed by June 30, 1930, at a cost of $1,500,000, and will 1930,us an important branch line for
give
routing of traffic not
now secured by the Railway Company, as well as a large amount of local grain business through
the development of the
territory, and will also provide a new low-grade through line for overflow traffic on the El Paso Division
to and from the
Southern Pacific.
New line through Oklahoma City: Work is progressing rapidly on the new line through Oklahoma City,
Okla.,
mately 6 miles in length, which, with the new passenger station facilities, will cost approximately $2,500,000, approxiand should
be completed by November 30, 1930. Through an agreement with the City of Oklahoma City, the City paid this Company
$2,200,000 for 8 blocks of its existing right-of-way, and for building new line and removing facilities, etc. By
our Wile we have avoided heavy track elevation expenditures, and met the wishes of Oklahoma City in the newchange of
location.
The station facilities will be joint with the St. Louis-San Francisco Railway Company.
Reorganization of T.& B. V. Railway: Negotiations are now in progress and we hope soon to reach an agreement with
the Colorado & Southern—one-half owners with this Company in the T.& B. V. Railway—that will result in the reorganization of that property, relieving it from its receivership, and the plans now under discussion for its operation clearly
indicate
that it will, when arrangements are completed, make the line a revenue-producing property.
3200
[VOL. 130.
FINANCIAL CHRONICLE
TAXES.
Taxes continued to increase. State and local taxes have gone up from $5,478,969 in 1920 to $6,789,474 in 1929, and
the total accruals for taxes has increased from $5,894,857 in 1920 to $8,294,595 in 1929.
GENERAL.
In previous years there has been submitted a comparison of certain selected statistics, and, for your information, the
1929 figures are added:
1912.
1922.
1927.
1928.
1929.
Total tons carried (thousands)
18,969
34,335
25,939
35.449
37,972
Average miles hauled per ton
242.46
250.17
256.39
258.92
261.18
Tons hauled per mile of road
572,340
819,416
1,066.730
1,135,621
1,222,864
Freight Service: Cara per train
25.8
30.7
39.9
40.3
39.1
Gross tons per train
840
1,451
1,161
1,480
1,456
Net tons per train
348
455
555
565
563
Net tons per loaded car
18.6
22.3
21.2
22.6
23.6
Net tons per mile of road per day
2,016
3.296
2,540
3,427
3,710
62.3
Per cent loaded of total car miles
72.6.
69.9
62.0
61.1
46.9
Per cent east
-bound of total loaded car miles
55.6
55.3
55.8
56.3
49.7
Per cent east-bound of total car miles
48.9
49.7
49.5
49.5
24.6
34.3
Car miles per car day
29.2
38.1
38.7
*286
160
Pounds of coal per 1,000 gross ton miles (excluding locomotives and tenders)
207
161
165
5.4
5.9
6.6
Passenger Service: Passenger train cars per train
6.8
7.0
109.51
99.95
92.05
Ratio of passenger train to freight train mileage
87.76
80.32
51.2
55.5
47.6
Number revenue passengers per train
43.7
43.6
11.1
13.5
14.0
Number revenue passengers per Passenger ear
10.2
10.4
*2,051
1,506
Pounds of coal per 100 car miles
1,975
1,517
1,540
* Based on year ended June 30, 1912.
Cheerful acknowledgment is made of the most competent counsel and assistance of Mr. E. N. Brown, Chairman of the
Executive Committee.
The Board acknowledges the faithful and loyal service of the officers and employes, and again urges you as stockholders
to take an active interest in the affairs of the Company and in matters pertaining to railroads in general.
By order of the Board of Directors.
Respectfully submitted,
J. E. GORMAN, President.
CHARLES HAYDEN, Chairman of the Board.
Cable Address "Retexo"
Telephone Franklin 0976
Affiliated with
New York Chicago
George A.Touche & Co.
Detroit
Cleveland
London, England
Minneapolis
Louis
St.
TOUCHE, NIVEN & CO.
George A. Touche ltr Co.
Los Angeles
Atlanta
Public Accountants
Canada (8 branches)
Resident Partners
10 South LaSalle Street
Touche. Niven & Co.
C. R. Whitworth. A.C.A., C.P.A.
Chicago
Paris, France
R. C. Brown, C.A., C.P.A.
March 11, 1930.
,
AUDITORS' CERTIFICATE.
We have audited the books and accounts of The Chicago, Rock Island and Pacific Railway Company and Subsidiary
6
Companies for the year ended December 31, 1 929, and certify that the annexed balance sheet and relative income and profit
and loss accounts are in accordance therewith and exhibit, in our opinion, a true and correct view of the financial position of
the Company at that date and of the operations of the system for the year then ended.
TOUCHE, NIVEN & CO.
Public Accountants.
ROCK ISLAND LINES.
1-INCOME ACCOUNT.
YEAR ENDED DECEMBER 31, 1929, COMPARED WITH PREVIOUS YEAR.
Increase.
1929.
Amount.
Operating Revenues:
Freight revenue
Passenger revenue
Mail revenue
Express revenue
Other transportation revenue
Miscellaneous revenue
Total railway operating revenues
Operating expenses:
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
Transportation for investment-Cr
Total railway operating expenses
Net revenue from railway operations
Railway tax accruals
Uncolk,clible railway revenues
Total railway operating income
Equipment rents-Debit balance
-Debit balance
Joint facility rents
Net railway operating income
Von-Operating Income:
Rentals
Interest and dividends
Miscellaneous income
Total non-operating income
Total income
Deductions from Income (excepting interest):
Rent for leased roads
Miscellaneous rents
Other income charges
Total
Balance before deduction for interest
Interest on bonds and long term notes
Interest on equipment notes
Interest on bills payable and accounts
Decrease,
1928.
Per
Cent.
$113,597,037.33 $108,758,903.49 $4,838,133.84
19,388,168.36 20,059,597.87
4,319,739.96
2,808,303.05 1,511,436.91
3,597,804.66
3,543,458.71
54,345.95
2,622,334.00
-„---,
4,196,478.05
938,316.12
3.258,161.93
2,804,178.90-
53.82
1.53
,--28.80
$147.721,562.36 $141,232,603.95 $6,488,958.41
5.62
2.62
10.28
3.81
73.16
5.30
20.51
$108,555,384.96 $103,266,340.36 $5,289,044.60
5.12
539,166.177.40 $37,966,263.59 $1,199,913.81
8,212.087.10
8,379.348.29
32,396.44
73,710.84
Per
Cent.
4.59
$20,250,848.46 $19,173,523.93 $1,077,324.53
696,160.36
27,294,255.72 26,598,095.36
323,313.16
3,469,702.57
3,146,389.41
52,145,966.82 50,233,183.04 1,912.783.78
1,949,550.29
823,673.87
1,125,876.42
4,360,447.84
219,597.93
4,140,849.91
236,190.97
915,886.74
1,151,577.71
Amount.
3.16
$30,921,693.86 $29,513,204.46 1,408.489.40
$4,867,141.10
1.205,644.01
$3,921,771.35 $945,369.75
1,324,917.97
$24,848,908.75 $24,266,515.14
$582,393.61
4.45
g71,
429.81
3.58
181,844.90
6.48
____
i167,261.1e
41,314.40
4.77
24.11
2:66
56.05
----
iff6, 7-- 64
- 73.
2
-9
.613
2.40
$354,738.94
856,833.63
70,787.85
$303,908.74
650,470.22
7,542.14
$1.282,360.42
$961,921.10
$320,439.32
33.31
$26,131,269.17 $25,228,436.24
$902,832.93
3.58
$277.85
5.55
$155,202.55
5,280.80
173,069.00
$156,301.20
5,002.95
183,899.64
$333,552.35
$50,830.20 16.73
206,363.41 31.73
63,245.71 838.56
$345,203.79
--
$1,098.65
.70
10.830.64
$25,797,716.82 $24,883,232.45 $914,484.37
$10,400,972.39 $10,442,533.23
1.254,396.67
1,227,125.00
135,026.89
45,877.85
-------
-5.go
$11,651.44
3.38
$41,560.84
.40
----
3.68
$27,271.67
2.22
89,149.04 194.32
Total interest
611,790,395.95 $11,715,536.08
$74,859.87
.64
Net income from all sources
$14,007,320.87 $13,167,696.37
$839,624.50
6.38
DISPOSITION OF NET INCOME.
Xvidends on Preferred Stock:
preferred
7%
8% Preferred
$2,059,547.00
1,507.638.00
$3,567,185.00
Surplus for common stock
Per cent earned
Dividends on common stock
a ance surplus tcarr
$10,440,135.87
14.04
5.205,060.00
55.235.075.87
$2,059,547.00
1,507,638.00
----
$3,567,185.00
$9,600,511.37 $839,624.50
1.13
12.91
743,580.00
4,461,480.00
$5.139.031 :17
S9R044.50
8.75
16.67
1.57
----
MAY 3 1930.]
FINANCIAL CHRONICLE
3201
2
-PROFIT AND LOSS.
Credit balance, December 31, 1928
Surplus, after dividends for year ended December 31, 1929
Sundry credit adjustments, etc., not affecting current fiscal year
535.753.835.12
$5,235.075.87
296,983.23
Less:
Depreciation on equipment sold, dismantled, destroyed, etc
Loss on tracks removed
Loss on structures sold, removed and destroyed
Property abandoned—Elmira,Iowa,to Iowa City, Iowa,and Edgerton June., Mo.,to Wallace, Mo_
Discount on funded debt
Expenses in connection with issuance of securities
Sundry debit adjustments, etc
$5,532,059.10
$589,012.36
72,197.48
306.233.88
366,065.18
501,133.50
14,120.12
355,244.46
2,204,006.98
Credit balance, December 31, 1929
3,328,052.12
$39,081,887.24
3
-CONDENSED GENERAL BALANCE SHEET.
DECEMBER 31, 1929, AND COMPARISON WITII PREVIOUS YEAR.
ASSETS.
Total investments
Current Assets:
Cash
Special deposits
Loans and bills receivable
Traffic and car service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Rents receivable----------------------------------------------------Other current assets
Total current assets
Deferred Assets:
Working fund advances
Other deferred assets------------------------------------------------Total deferred assets
Unadjusted Debits:
Rents and insurance premiums paid in advance
Other unadjusted debits---------------------------------------------Securities issued or assumed—
1029.
1928.
Unpledgod (see page 33,pamphlet report) $19,772,477.50 $20.168,477.50
Securities issued or assumed—
Pledged (see page 33, pamphlet report)__ 46,930,000.00
45,035,000.00
Total unadjusted debits
1929.
1928.
Increase.
$463,955,095.54
940,195.71
2,256,783.41
$442,700,241.78
782,124.22
2,275,852.54
521,254,853.76
158,071.49
2,205,824.72
6,860,504.11
12,131,460.34
2,820,643.48
6.788,004.11
11,262,511.38
72.500.00
868.948.96
2,187.00
59,100.00
738,329.97
2,937.00
39,100.00
602,474.27
20.000.00
135,855.70
$489,149,480.80
Investments:
Investment in road and equipment (see page 17, pamphlet report)
Improvements on leased railway property (see page 18, pamphlet report)_ _
Miscellaneous physical property (see page 34, pamphlet report)
Investments in affiliated companies (see pages 32 & 33, pamphlet report):
Stocks
Bonds
Notes and advances
Other investments (see page 33, pamphlet report):
Stocks
Bonds
Notes and advances
3467.273,888.78
321,875,592.02
$5,322,433.06
255,567.45
9,913.70
1,788,558.85
945,752.69
2,635,965.15
8,841,307.97
146,801.46
59,804 08
601.905.02
$7,361.228.26
1.131,876.84
5,176.36
1,802,967.99
989,510.44
2,855,390.65
8,850,907.07
193,628.62
52.051.10
529.359.94
Decrease.
$19,069.13
$4.737.34
614,818.76
750.00
$2,038,795.20
876,309 39
14,409.14
43,757.75
219,425.50
9.599.10
46.827.16
7,752.98
72,545.08
$20,608,009.43
523,772,097.27
$44,758.02
167,872.26
$50,024.01
44,157.86
$123,714.40
5212,630.28
594,181.87
5118,448.41
$24,837.69
2,069.742.62
$134,608.87
1,971.039.14
$98,703.48
53,164,087.84
$5,265.99
$109.771.18
$2,094,580.31
$2,105,648.01
$512,064,700.82
$493,245,815.93
$29,422,189.00
25.127,300.00
74,877.200.00
329,422.189.00
25,127,300.00
75.000,000.00
Total ------------------------------------------------------ $129,426,689.00
Lees held in treasury. Common (see page 33, pamphlet report)
517,477.50
Total outstanding in hands of the public
$128,909.211.50
$129,549,489.00
517,477.50
5122,800.00
$129.032,011.50
$122,800.00
Grand total
511,067.70
$18,818,884.89
LIABILITIES.
Stock:
Capital Stock:
7% Preferred --------------------------------------------------*6% Preferred --------------------------------------------------Common------- -----------------------------------------------
Funded Debt:
Funded debt unmatured (see page 20, pamphlet report)
Less held in treasury (see page 33, pamphlet report)
Total outstanding in hands of the public
Non-negotiable debt to affiliated companies (see page 31, pamphlet report)
$122,800.00
$345,493,540.00
66,185.000.00
$336.389,835.00
64,686,000.00
59,103,705.00
1.499,000.00
$279,308,540.00
12,100.00
3271,703,835.00
12,100.00
57,604,705.00
Total funded debt
$279,320,640.00
$271.715.935.00
$7,604,705.00
Total capital liabilities
$408,229,851.50
$400,747,946.50
57,481,905.00
$1,500,000.00
2,066,869.80
7,665,811.14
166,863.26
1,620.907.96
4,704.75
2,000.00
2,564,721.80
438,323.64
929,027.85
$5,000.00
2,006,708.78
7,334,629.09
180,151.83
1.092,143.10
4,404.75
14,000.00
2,416.196.08
460,925.52
882,220.88
$1,495,000.00
$60,161.02
331,182.05
$16,959,230.20
514,396,380.03
52.562,850.17
Current Liabilities:
Loans and bills payable (see page 31, pamphlet report)
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured interest accrued
Unmatured rents accrued
Other current
Total current liabilities
Deferred Liabilities—
Other deferred liabilities
528,764.86
300.00
148,525.72
13.288.57
12,000.00
22,601.88
46.806.97
$467,681.99
$498,702.02
$31,020.03
$467,681.99
$498,702.02
$31,020.03
$6,396,929.80
34,633,989.36
5,081,277.13
$5,864,175.64
32,168,349.68
2.708.895.53
5532,754.16
2,465,639.68
2.372,381.60
$46,112,196.29
$40,741,420.85
55,370,775.44
$1,213.853.60
39,081,887.24
51.107.531.41
35,753.835.12
$106,322.19
3,328,052.12
$40,295,740.84
Grand total
5512,064,700.82
------------------------------------------------(See pages 34 and 35, pamphlet report, for indirect obligations.)
$36,861,366.53
$3,434.374.31
$493,245.815.93
$18,818.884.89
Total deferred liabilities
Unadiusted Credits:
Tax liability------------------------------------------------------Accrued depreciation—Equipment
Other unadjusted credits
Total unadjusted credits
Corporate Surplus:
Additions to property through income and surplus
Profit and Loss: Credit balance (see above)
Total corporate surplus
* Under the final decree in the receivership cause,$10,000,000 six per cent, preferential stock was reserved to be issued in
settlement of such claims as
might be allowed by the Special Master. Up to December 31, 1929, $127,300 of this stock had been issued.
NOTE.—In stating the assets and liabilities of the companies forming the Rock Island Lines, the holdings of The Chicago, Rock
Railway Company in the bonds and capital stock of the auxiliary lines, together with loans between the various companies have been Island and Pacific
eliminated from the
liabilities and a like reductioa made in the assets pertaining thereto: the figures shown, therefore, represent the book value of the
assets and the liabilities
without duplication.
[VoL.
FINANCIAL CHRONICLE
3202
THE KANSAS CITY SOUTHERN RAILWAY COMPANY.
THIRTIETH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31, 1929.
your Company, is operated separately by its owner, the
Texarkana and Fort Smith Railway Company, which mainTo the Stockholdera of
tains its own general offices and books of account at Texarkana, Texas, in accordance with the State law. The
The Kansas City Southern Railway Company:
The thirtieth annual report of the affairs of your Com- reports of that company are, however, combined with those
pany, being for the year ended December 31, 1929, is here- of the parent Company in so far as necessary to enabfe a
comprehensive survey of operations for the entire line from
with presented.
Kansas City to the Gulf.
SUMMARY OF OPERATIONS.
The succeeding statement shows the results of operations
That portion of the system lying within the State of Texas, for the Tear, compared with such results for the preceding
the mileage of which is included in the operated mileage of jear:
Kansas City Mo., May 1, 1930.
$18.428.962.04
1.143.976.70
7.337.44
427,441.07
472,935.57
11,974.76
28,809.38
1.124,797.68
6,806.84
7,063.40
318,117.07
83.85% $18,034,002.30
1,168.531.38
5.21
9,472.19
.03
285,153.58
1.95
470.134.06
2.15
8.161.16
.05
.13
1.139.186.80
5.12
.03
3,705.50
7,620.29
.03
297,929.27
1.45
121.978,221.95
E
Total
Railway Operating Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic
Transportation
Miscellaneous Operations
General
Transportation for Investment—Cr
100.00% $21,423,896.53
$2,595,479.77
3.433,248.13
853,015.27
6,179.335.17
60.006.15
1.166.472.46
12,141.92
814.275,415m
11.81%
15.62
3.88
28.12
.27
5.31
.06
$2.485.054.87
3.321,178.34
784.472.29
6.369,109.29
28,336.80
1,109,926.84
9,057.24
Decrease.
18.13
865.10
Average Mileage Operated
Railway Operating Revenues:
Freight
Passenger
Excess Baggage
Mail
sprees
ther Passenger-train
Milk
Switching
Special Service Train
Other Freight-train
Incidental and Joint Facility
Increase.
1928.
1929.
883.23
84.18% $394,959.74
5.45
124.554.68
.042,134.75
2
- 87.49
142. 1.33
2,801.51
2.19
3,813.60
.04
28,809.38
5.3214,389.12
' - 3,101:54
.02
556.89
.04
20,187.80
1.39
100.00% $554,325.42
11.60% 5110.424.90
112,069.79
15.50
68,542.98
3.68
29.735189.774.12
31,i3I9.5
.13
56,545.62
5.18
8,084.88
.04
64.95% 814.089,021.19
65.76% 8186.393.84
Net Revenue from Railway Operations
27.702.806.92
35.05%
$7,334,875.34
34.24% $367,931.58
Railway Tax Accruals
Uncollectible Railway Revenues
$1,448.457.70
11.805.47
6.58%
.06
51,259.496.48
4,408.07
5.88% 9186,961.27
7,897.40
.02
Railway Operating Income
88.244,543.75
28.41%
26.070.970.84
28.34% 9173,572.91
Total
81,007,215.06210,707.35
9
- 25:e2
88, -90,188.33
8996,507.71
99,114.00
Equipment Rents—Net debit
foint Facility Rents—Net debit
$5.148.922.04
Net Railway Operating Income
.0070
DIVIDENDS.•
Dividends on the Preferred Stock of your Company
amounted to $840,000.00, being at the rate of 4 per cent.
per annum. Following is a record of the quarterly disbursements, which were made out of net income of the current
year:
No.88, declared March 8, 1929. payable April
15 1929, to stockholders of record March 30.
$210,000.00
199
No.89.declared June 19,1929. payable July 15.
1929,to stockholders of record June 29, 1929- 210,000.00
No. 90, declared September 17, 1929, payable
October 15. 1929, to stockholders of record
210,000.00
September 30. 1929
No. 91. declared December 18, 1929, payable
January 15, 1930. to stockholders of record
210,000.00
December 31. 1929
$840,000.00
Dividends on the Common Stock of your Company, inaugurated during the current year, amounted to $1,498,111.25,
being at the rate of 5 per cent, per annum. Following is a
record of the quarterly disbursements, which were made
out of accumulated surplus:
No. 1, declared February 28, 1929, payable
May 1, 1929, to stockholders of record $374.528.75
March 30, 1929
No,2,declared June 19,1929.payable August 1.
1929,to stockholders of record June 29, 1929- 374,527.50
No. 3. declared September 17, 1929, payable
November 1, 1929, to stockholders of record 374,527.50
September 30. 1929
No. 4, declared December 18. 1929, payable
February 1, 1930. to stockholders of record 374.527.50
December 31, 1929
21.498.111.25
OPERATING REVENUES.
The increase of $554,325.42 in Operating Revenues resulted
from the following causes:
OPERATING REVENUES.
Freight Revenue:
Increases due to the greater movement of
8519,921.97
Refined petroleum and its products
188,284.07
Automobiles and trucks
Missouri-Kansas and
Bituminous coal from the
157,470.53
Oklahoma-Arkansas fields
141,766.05
Miscellaneous products of mines
Iron and steel pipe and machinery used in the 155,641.65
petroleum industry
49.914.24
Brick,tile and artificial stone
49,464.46
Building Paper and prepared roofing materials_ 49,350.41
and cake
Cottonseed meal
Other manufactures and miscellaneous traffic,. 212,257.25
$175,354.64
$4.973.567.40
'II en nr
01 0A ..0
0..
• •
0
Decreases duet o the lesser movement of
Crude petroleum from Oklahoma fields to re590,181.34
fineries in the Port Arthur, Tex., district
160,432.38
Forest products, other than pine lumber
Pine lumber, caused by depletion of forests
40,605.95
along the rails of your Company
Corn and oats to Texas,on account ofimproved
local crops in the previous year, and corn for
121,097.33
export
Wheat for export from northern markets, offset
to some extent by an increased movement
95,888.93
from Texas points
52,779.02
Othergrain for export
Fresh fruits and vegetables, due to poor crop
49,819.65
and market conditions
Less
-than-Carload consignments, on account of
18,806.29
the competition of motor trucks
$394,959.74
Passenger Revenue:
Decrease in local traffic due to the greater use of
02.109.88
motor vehicles
Increase in interline traffic due to improved
7.555.15
through train service
$24,554.68
Mail Revenue:
Increase due to the retroactive effect of higher rates authorized by the Interstate Commerce Commission
142,287.49
Express Revenue:
Increase due to the greater movement by express of fresh
fruits and vegetables in carloads
2,801.51
Milk Revenue:
Increase due to handling inilk traffic in baggage service instead of in express service
28,809.38
Switching Revenue:
Decrease due to the lesser number of cars handled
principally at Shreveport, La
825,214.02
Increase due to the greater number ofcars handled
at Port Arthur, Tex
10,824.90
14,339.12
Other Revenues:
Miscellaneous increases
4,223.30
Incidental and Joint Facility:
Increase due to revenue from dining car service inaugurated
during the year
20,187.80
Net increase
Operating Revenues
8554,325.42
OPERATING EXPENSES.
The increase of $186,393.84 in Operating Expenses resulted from the following causes:
OPERATING EXPENSES.
Maintenance of Way and Structures:
Increases on account of
Greater amount ofrail renewals in main line --- $82.040.78
Retirement of obsolete water stations and mechanical facilities
33,128.16
Floods and high water
22,000.00
Gravel and chat ballast used in replacement_ 10,875.97
Removing snow and ice
10.194.70
Miscellaneous items (Net)
22.930.74
Decreases on account of
Renewal of a lesser number of cross, bridge and
switch ties, and lower prices
53,141.85
Charge in previous year for loss on Bridge A-478,
destroyed by fire
17,603.60
—2110.424.90
OPERATING EXPENSES.-Concluded.
Maintenance of Equipment:
Increases on account of
Classified and running repairs to
Locomotives
676,161.61
Freight-train cars
82,244.95
Work equipment
17,165.55
Current depreciation accruals
16,683.97
Miscellaneous items (Not)
17,927.77
Decreases on account of
Retirements of locomotives
66,113.30
Classified and running repairs to passengertrain cars
32,000.76
Traffic:
Increases on account of
Solicitation forces
Reprinting tariffs due to rate adjustments
Miscellaneous items (Net)
Transportation:
Decreases on account of
Price of fuel
• Consumption of fuel (increase)
112,069.79
$52.431.10
10.453.99
5,657.89
68.542.98
_
3272,818.10
62.444.05
S210,874.05
51.778.90
14,217.19
Casualties
Miscellaneous items (Net)
Increases on account of
Locomotive, yard and train service, caused by
heavier traffic
86,596.02
Miscellaneous Operations:
Increase on account of cost of dining car service
inaugurated during the year
$36,227.91
Decrease on account of miscellaneous items(Net)
4.558.56
189,774.12
31,669.35
General:
Increases on account of
Federal valuation
Pensions
Miscellaneous items (Net)
$20,777.04
24,237.45
11,531.13
Transportation for Investment-Cr.:
Decrease on account of the greater quantity of materials for
construction purposes conveyed in transportation trains__ _
Net increase in Operating Expenses
8,084.68
$186,393.84
1928.
1929.
Increase.
State,county and municipal taxes $1,144,195.29 $1,025.885.44 $118.309.85
302,262.41
Federal income tax
219.482.99 82.779.42
Federal capital stock tax
14,128.00
14,128.00
$1,446,457.70 $1.259.496.43 $186.961.27
The increase in State, county and municipal taxes was
due to adjustments of reserves in the preceding year. The
increase in the Federal income tax was the net result of a
larger taxable income and the reduction of the tax rate on
corporate incomes from 12 to 11 per cent., applicable to the
year 1929.
The decrease in the Federal capital stock tax resulted
from additional assessments in the preceding year, applicable
to the two-year period ended June 30, 1926, the effective date
of the repeal of the tax.
REVENUE TONNAGE.
The revenue tonnage movement for the year, as compared
with that of the year preceding, was as follows:
For the year ended December 31, 1928:
Revenue Tons one mile-North
Revenue Tons one mile-South
858,661,196
970.757,907 1,829,419,103
For the year ended December 31, 1929:
Revenue Tons one mile-North
Revenue Tons one mile-South
945,042,355
857.098.465 1.802,140,820
Decrease in Revenue Tons one raile
27,278.283
WAGE ADJUSTMENTS.
Adjustments in the wages of employes of your Company
were made during the year as below stated:
On March 16, 1929, an increase of approximately 7 per
cent, was granted to mechanical department employes. It
is estimated that this increase will aggregate $76,800.00 per
annum.
On April 1, 1929, an increase of approximately 5 per cent.
was granted to clerical employes, which it is estimated will
amount to $58,000.00 per annum.
On June 1, 1929, an increase of approximately 4 per cent.
was granted to train porters, the resulting increase in the
pay rolls being estimated at $1,080.00 per annum.
On November 1, 1929, an increase of approximately 2.5
per cent, was granted to train dispatchers, involving an estimated addition to the pay rolls of $1,080.00 per annum.
During the year the salaries of certain supervisory forces
were increased to the extent of approximately $45,480.00
per annum.
CONDITION OF EQUIPMENT.
The programme for the rehabilitation of equipment was
carried forward. During the year 723 freight cars were
put into good condition, while 10 freight cars were dismantled and their value was written out of the property
account.
COST OF MATERIAL AND SUPPLIES.
The prices of the several classes of materials used in
construction and maintenance, fluctuated between somewhat narrow limits. In some instances there were increases,
while in others there were recessions. The price of fuel
oil declined 19.09 per cent., and that of coal receded 10.23
per cent. The appended exhibit shows the approximate
average changes in the costs of principal materials in comparison with the preceding year:
DESCRIPTION OF MATERIAL.
Maintenance of Way and
Maintenance of Equipment Cons!.
Structures:
Increase. Brooms
3.9*
Angle Bars
Brushes
6.8*
-Rail
Anti-Creepers
Car and Locomotive Replacers
Bolts-Treated Track
Cross Ties
1.8% Castings-Grey Iron
8.2
Frogs, Crossing and Switch
Castings-Steel
Copper-Sheet
Material
24.3
Copper Ferrules
Hand and Push Cars
24.3
Lumber-White Oak
Couplers
Flues
Lumber-Yellow Pine
5.8
2.9
Iron-Merchants Bar
Paint
-Bridge and Metal1.1*
3.2
-....- Iron-Engine Bolt
-Depot and Building__
Paint
Rail-Standard Open Hearth
__
Iron--Staybolt
Journal Boxes
Roofing-Texaco
...
-Asphalt
Lumber-White Oak
21.5*
Shingles
Lumber-Yellow Pine
20.0*
Shovels-Track
5.8
Nails-Common Wire
-Track
Spikes
2.7*
11.0
Nuts
-Hot Pressed
Tie Plates
2.6
Paint
-Roadway
-Freight Car
Tools
1.0*
13.6
Pipe
-Merchants Black Steel .6
Wire-Barbed
.9
Rivets
6.4
.
Roofing--Galvanized Car_ ..- 0.3*
Maintenance of Equipment
Air Brake Hose
4.2% Springs-Elliptical
Springs-Helical
Air Brake Material
Steel-Fire Box Sheet
Asbestos and Magnesia Ma2.6
Steel-Tank Sheet
terial
2.6
Tires
-Locomotive Driving_
Axles-Engine
Tools-Shop_
3.4
Babbitt
3.3
Upholstering Material
Belting Leather
IA*
_ - Waste-Cotton,Colored, Not;
Bolts-Machine and Carriage
1
Brake Beams-Metal.Freight
4.1
Wheels
-CastBrick-Fire
.4*
5
()Decrease.
MILES OF RAILROAD.
The track mileage operated by your Company at the end
of the year was as below stated:
56,545.62
TAXES.
Following is a statement of charges on account of taxes,
compared with the preceding year:
Totals
3203
FINANCIAL CHRONICLE
MAY 31930.1
Main Line Owned or Controlled
Branch Lines Owned or Controlled
Second
First
Main
Main
AU
Other
Track. Track.
Tracks. Tracks.
787.91
23.86 445.26 1.257.03
82.21
29.11 111.32
Total Mileage Owned or Controlled- 870.12
5.94
Branch Lines Operated under Lease- __
7.17
Lines Operated under Trackage Rights
Total Mileage Operated
883.23
23.86
16.07
474.37 1,368.35
5.94
16.74
39.98
39.93
491.11 1,414.27
The total track mileage was increased from 1,404.45 to
1,414.27, making a net change of 9.82 miles, which consists
of the following items:
Additions:
Leeds (Kansas City), Mo., to Grandview. Mo.-Kansas
City & Grandview Railway
13.36
Trackage rights, Beaumont,Texas
.14
Second main track, Shreveport,La
2.62
16.12 miles
Deductions:
Yard,Terminal,Industrial and Side Tracks(Net)
6.30 "
Total increase
9.82 miles
In addition to the foregoing changes, 18.05 miles of belt
line tracks between Beaumont and Port Arthur, Texas, have
been reclassified as branch lines; and 13.42 miles of main
line, for which the Kansas City & Grandview Railway has
been substituted, have been reclassified as second main
track.
EQUIPMENT.
The Rolling Equipment owned or otherwise controlled on
December 31, 1929, consisted of:
Locomotives
Passenger-train Cars
Freight-train Cars in Commercial Service
Freight-train Cars in Work Service
Cabooses
Work Equipment
Total Units
Owned
147
78
3.334
442
80
53
4.134
Under
Trust.
13
Total.
160
795
---____
----
4,129
442
80
53
808
4.942
SUBSIDIARY COMPANIES.
In addition to its own railroad property, rights of way,
real estate, buildings, equipment and appurtenances, your
Company controls, by virtue of its ownership of securities,
all the property of the following corporations:
'KANSAS CITY & GRANDVIEW RAILWAY COMPANY.
A standard-gauge line, completed December 15, 1929, between Leeds (a suburb of Kansas City), Missouri, and
Grandview, Missouri, 13.36 miles; controlled by your Company through ownership of all the capital stock. The bonds
issued by the company are outstanding in the hands of the
public.
Your Company has heretofore conducted its operations
between Belt Junction (near Leeds), Missouri, and Grandview Junction (near Grandview), Missouri, a distance of
10.96 miles, over a branch line of the St. Louis-San Francisco Railway Company. This trackage has a maximum
grade of 1.62 per cent., while the new line has a maximum
grade of .5 per cent. Upon completion of the construction,
your Company perfected the ownership or control of a continuous line of railroad between Kansas City, Missouri, and
Port Arthur, Texas.
Under an agreement entered into as of December 1, 1927.,
and which became effective December 15, 1929, the entire
line of the Kansas City & Grandview Railway Company is
leased to your Company for operation pursuant to the terms
of the lease.
THE ARKANSAS WESTERN RAILWAY COMPANY.
A standard-gauge line from Ileavener, Oklahoma, to
Waldron, Arkansas, 32.33 miles, together with rights of way,
buildings and appurtenances; controlled by your Company
through ownership of all the capital stock and bonds.
On June 26, 1929, construction was commenced of an extension of this line, running southeasterly from Waldron,
Arkansas, to standing timber owned by the Caddo
River
[VoL. 130.
FINANCIAL CHRONICLE
3204
Lumber Company, a distance of approximately 23.5 miles.
The Lumber Company has contracted to establish and operate on this extension lumber milling facilities having a
capacity of at least 30,000,000 feet per annum. Your Company has undertaken to provide the funds required for construction purposes, estimated at $425,000.00, and The Arkansas Western Railway Company purposes to issue additional First Mortgage Bonds in that amount, and to deliver
them to your Company in consideration of the advances
for construction.
THE KANSAS CITY, SHREVEPORT AND GULF TERMINAL COMPANY.
Union depot property at Shreveport, Louisiana, including
its real estate, buildings, and 1.58 mile of yard and terminal
track; controlled by your Company through ownership of all'
the capital stock and bonds.
PORT ARTHUR CANAL AND DOCK COMPANY.
Lands, slips, docks, wharves, warehouses, one grain elevator (capacity 500,000 bushels), etc., all at Port Arthur,
Texas; controlled by your Company through ownership of
all the capital stock. The bonds of the Dock Company are
outstanding in the hands of the public.
Under an agreement entered into as of February 1, 1923,
all the property of the Port Arthur Canal and Dock Company is leased to the Texarkana and Fort Smith Railway
Company for operation by the Railway Company pursuant
to the terms of the lease.
THE K. O. S. ELEVATOR COMPANY.
One grain elevator, of capacity 1,070,000 bushels, situated
at Kansas City, Missouri; controlled by your Company
through ownership of all the capital stock. No bonds have
been Issued or authorized.
THE KANSAS AND MISSOURI RAILWAY AND TERMINAL COMPANY.
A company operating an electric switching line in and
through Kansas City, Kansas, which connects with the present terminal tracks of your Company and forms an intermediate connection between your line and a substantial interurban line serving an industrial territory from Kansas
City, Kansas, to Lawrence, Kansas, a distance of about 35
miles. Its 'property, the construction of which was completed on June 30, 1924, consists of 5.56 miles of main track
and 5.25 miles of yard and side tracks. Control is had by
your Company through ownership of all the capital stock
and bonds.
THE UNION LAND COMPANY.
A company owning 91.94 acres of land in and adjacent to
Kansas City, Kansas, suitable for industrial sites. All the
capital stock is owned by The Kansas and Missouri Railway
and Terminal Company, and control of the Land Company
is had by your Company through its ownership of the Terminal Company. No bonds have been issued or authorized.
INDUSTRIAL LAND COMPANY.
corrections of measurements, are as shown by the tabulation
below:
25.90 miles
11.00 "
129.17 "
616.49 "
4.24 "
1.11 "
787.91
.........=. miles
Rail weighing 127 pounds per yard
Rail weighing 115 pounds per yard
Rail weighing 100 pounds per yard
Rail weighing 85 pounds per yard
Rail weighing 80 pounds per yard
Rail weighing less than 80 pounds per yard
Total main line mileage owned
Work was continued upon the schedule for the reinforcement of track through the application of tie plates, with a
view to stability, permanence and economy of maintenance.
The expenditure far this purpose was $46,686.00.
Other principal items of additions to and betterments of
your property, together with the amounts expended therefor,
were as follows:
Prior to
1929.
Shop improvements at Pittsburg, Kansas:
New machinery and tools-- $299,934.16
11,863.77
Lumber rack
Deep well and water supply
27,888.49
system
Shop improvements at Heavener,
Okla.:
28,877.46
New machinery and tools
56,705.11
Extension to enginehouse_ _-Shop improvements at DeQueen,
Ark.:
New turntable
Other improvements
Shop improvements at Shreveport, Ls.:
New n-aoainery and tools_
25,869.05
Other improvements
Separate and raise grade and construct double track main line
from Harriet Street, Shreveport, La.,to Texas and Pacific
crossing south to Cedar Grove,
538.158.08
La
Construction of a 3,120-foot extension to Douglas Island
145,235.71
track, Shreveport, La
Increasing weight of rail
in main track from 85-1b. to
100-1b.:
Mile 174 to Mile 192
Mile 338 to Mile 343
Mile 354 to Mile 360
Mile 361 to Mile 367
Mile 427 to Mile 431
Extension of passing tracks:
Myrtis, La
Day, Tex
3.340.43
Bank protection. Mile 216
Electric interlocking signal sys12,845.51
tems at railroad crossings
Construction of industry tracks:
The Texas Co., Port Arthur,
10,438.24
Tex
Centropolis Quarry Co., Kansas City,Mo
Butler Manufacturing Co..
Kansas City, Mo
Sun Oil Co.,Sun,Tex
Improvement of bridges:
Bridge A-173
Bridge A-214
Bridge A-477
508.45
Bridge A-560--X
Bridge A-734
Bridge A-765
Construction of transportation
and mechanical yard at Dowling, Tex
Purchase of 3 dining cars and
service equipment
4
$1.161,664. 3
Totals
1929.
Total.
$30,751.21
1,212.60
$330,685.37
13.076.37
6,085.16
33,973.65
6.066.37
6,970.37
34,943.83
63,675.48
29,306.64
5.903.00
29.306.64
5.903.00
10,532.90
11,845.19
10,532.90
37,714.24
233.170.85
771.328.93
9,623.83
154.859.54
50,945.87
14,063.48
16,190.56
21.048.11
10.408.47
50.945.87
14,063.48
16,190.56
21,048.11
10,408.47
15.968.85
7.454.70
10,039.38
15,968.85
7.454.70
13.379.81
15,133.96
27,979.47
2,829.20
13,267.41
7.002.02
7.002.02
12,098.96
3,625.91
12,098.96
3,625.91
21.026.35
8,885.09
13,474.52
32,510.79
17,033.33
26,288.87
21.026.35
8,885.09
13,474.52
33,019.24
17,033.33
26.288.87
A company owning 469.67 acres of land, mainly situated in
84.860.60
84,860.60
the northeastern part of Kansas City, Missouri, and acquired
117,525.97
117,525.97
for future yard expansion; controlled by your Company
through awnership of all the capital stock. No bonds have
$859.883.11 $2.021.547.54
been issued or authorized.
additions and betterments include
The expenditures for
ADDITIONS AND BETTERMENTS.
the cost of a number of new sidings to serve industries not
Net expenditures were made for Additions and Better- heretofore reached by your tracks and to accommodate new
ments to road and equipment in the amounts following:
industries in process of establishment.
$2.497,782.15
For Road
The following is a list of such industry tracks, some of
150,001.04
For Equipment
112,544.20
which have been completed, and others are in the course
For General Expenditures
$2.760.327.39
of construction:
NEW INDUSTRIES.
are expenditures made for Completed:NEW TRACKS TO SERVE
Included in the foregoing total
Kansas City, Nag.
line, as follows:
Webster Lumber Co
construction of the new Leeds-Grandview
For Road
For General Expenditure
$1.655,610.58
108,728.18
$1.764,338.76
A classified schedule of such expenditures is presented in
the statistical section of this report.
The bridges, trestles and culverts of your road were improved by increasing the length of steel bridges from 24,093
feet to 25,302 feet; increasing the length of concrete bridges
from 503 feet to 1,946 feet; decreasing the length of wood
trestles from 58,256 feet to 58,091 feet; increasing the number of cast iron pipe culverts from 607 to 608; increasing
the number of stone and concrete culverts from 728 to 736;
and increasing the number of concrete pipe culverts from
264 to 310. A table showing the progressive improvements
made in bridges and culverts from June 30, 1900, to December 31, 1929, appears in the statistical section.
Ballast was applied during the year in tracks at various
locations at a cost of $40,374.03. The condition of your
is
main line with respect to ballast at the end of the year
shown by the succeeding tabulation:
Section of 6 inches or more under ties
Section of lees than 6 inches under ties line
Deferred ballasting on Leeds-Grandview
Total main line mileage owned
771.26 miles
3.90 "
12.75 "
787.91 "
main
-pound rail was laid in 40.54 miles of your steel,
New 100
-pound
line at several locations in substitution for 85 miles, being
and additional 127-pound rail was laid in 13.36 rail in the
the new Leeds-Grandview line. The weights of
and
main line at the end of the year, including adjustments
Kansas City, Nag.
Wyatt & Barcus Construction Co
Kansas City, Kas,
Seneca Oil Co
Kansas City, Kas.
Firman L. Carswell Manufacturing Co
Kansas City. Mo.
Centropolis Crusher Co
Neosho, Mo.
Quality ice Cream Co
Fort Smith, Ark.
Fort Smith Structural Steel Co
Wilton, Ark.
Producers Gravel & Sand Co
Shreveport,La.
The Prest-O-Lite Co
Shreveport, La.
Shreveport Paving Co
Benson, La.
Hubler & McGee (Lumber)
DeQuincy, La.
J. G. LaCaze (Bulk Oil)
West Lake, La.
Krause & Managan Lumber Co
Beaumont, Tex.
Service Tire & Repair Co
Beaumont,Per.
Dixie Oil & Gas Co
Uncompleted:
Cameron-Joyce-Smith-Elder Co.(Road Contractors) _Grandview.Mo.
Fuller, Nag.
E. D. Brennan (Coal)
NEW TRACKS TO SERVE EXISTING INDUSTRIES,
Completed:
Kansas City. Mo.
Adams Transfer & Storage Co
Kansas City, Mo.
United States Cold Storage Co
Kansas City, Mo.
Speas Manufacturing Co
Ardath. Mo.
Mulberry Coal Co
Superior, La.
The Dixie 011 Co
Beaumont. Tex.
National Supply Co
Beaumont, Tex.
Novell-Wilder Supply Co
Sun. Tex.
..
Sun Oil Co
Port Arthur, Tex,
The Texas Co.(Petroleum Coke Plant)
Uncompleted:
Shreveport, La.
Shreveport Creosoting Co
Port Arthur, Tex.
The Texas Co.(Ship-side Track)
In addition to the foregoing, these new industries have
located on existing tracks of the Company:
Mid-West Waste Paer Co
Interstate Bottle & Jar Co
Derby 011 Co
E. J. Groves (Warehouse)
Hume-Sinclair Coal Mining Co
R.L. Cox (Feed Warehouse)
Peerless Coal Co
Sinclair Refining Co
Kansas City, Nag.
Kansas City, Mo.
Drexel, Mo.
Merwin. Mo.
Worland, Mo.
Hume. Mo.
Fuller,
Neosho, Mo.
MAY
3 1930.]
FINANCIAL CHRONICLE
Sinclair Refining Co
Trans-Missouri 011 Co
Phillips Petroleum Co
Ira N. Brown and H. G. Hancock (Bulk Oil)
Sanders & Richards Coal Co
Burnett-Ingham-Hauert Lumber Co
Gulf Refining Co
Red River Lumber Co
Southern Cities Distributing Co
Shreveport-El Dorado Pipe Line Co
C. T. Ruffin (Warehouse)
R. E. Fisher (Timber)
J. W. Tatum (Lumber)
Peden & Co. (Oil Well Supplies)
Thomas Moran (Tanks)
J. G. LaCaze (Bulk Oil)
Sabine Wholesale Grocery Co
Lutcher & Moore Lumber Co
Tyrrell Hardware Co
Goodyear Tire & Rubber Co
Pioneer Oil Co
Carl Markley Tire Co
Texas Furniture Co
J. E. Taylor (Furniture)
Phelan Grocery Co
3205
Anderson, Mo.
GROUP INSURANCE.
Anderson, Mo.
Stilwell, Okla.
The agreement entered into with the Metropolitan Life
Poteau, Okla.
Insurance Company, referred to in preceding annual reports,
Bates, Ark.
Waldron, Ark.
providing for a plan of group insurance affording compreMena, Ark.
hensive protection to employes of your Company against
Vivian. La.
Shreveport. La.
loss by death, accident, illness, and total and permanent
Cedar Grove. La.
disability, -was continued in effect.
Holly, La.
At the close of the year 93.5 per cent, of eligible employes
Benson, La.
Converse, La.
were subscribers to the original plan of group insurance,
Zwolle, La.
and of these 76.7 per cent. had subscribed to additional life
Zwolle, La.
Many, La.
insurance.
Many, La.
Payments to employes and their beneficiaries amounted
Helm°, La.
Beaumont, Tex.
during the year to $177,698.10, classified as follows:
Beaumont. Tex.
42 Death claims
.$106,047.43
Beaumont,.Tex.
10 Accidental death and dismemberment claims ' 9.503.90
Beaumont. Tex.
42 Accident. claims
1,765.74
Port Arthur, Tex.
27,725.81
Port Arthur, Tex. 730 Health claims
61 Total and permanent disability claims
. 32.655.22
Port Arthur, Tex.
$177,698.10
Improvements to existing equipment and the purchase of
new equipment, made at a cost of $235,993.96, consisted
Since the inauguration of the -plan of group Insurance for
mainly in the following:
employes, the Insurance Company has paid claims aggreLocomotives—Application of larger tenders, Volatone air whistles, cross gating $868,604.49.
compound air pumps, Huron arch tubes and plugs, additional flexible
,
staybolts, oil burning equipment. Okadee cylinder cocks and front end
COSTS IN THE GUARDIAN TRUST COMPANY CASE.
hinges. Everlasting tank valves, cast steel underframes, Nicholson
thermic syphons, cast steel pilot beams. Bradford throttle valves, and
The Guardian Trust.Company filed a motion in the Discoal pulverizer.
Freight-train Cars—Application of A. R. A. type D couplers, steel deck trict Court of the United States, at Kansas City, with a
plates, Mogul end reinforcements and improved draft gears and arms.
view to•requiring your Company to pay to the Trust CornPassenger-train Cars—Application of steel cover plating and steel trucks,
pails, in addition to the costs usually taxed and already
and purchase of 3 dining cars with service equipment.
Work Equipment—Application of steel underframe and steel cover plating paid, the fees of its attorneys and other expenses ordinarily
to business car.
referred to as costs between solicitor and client. The District Court finally held that your Company was not liable
FIRST MORTGAGE BONDS OF TEXARKANA AND
for the amount of the Trust Company's claim. An appeal,
FORT SMITH RAILWAY COMPANY.
was taken by the Trust Company to the Circuit Court of
There was no change in the situation with respect to the Appeals, wh'ch reversed the
judgment of the lower court.
First Mortgage 51 2 Per Cent. Guaranteed Gold Bonds Your Company then took
/
the case up on
authorized by the stockholders of that company November and on February 24, 1930. the Supreme writ of certiorari,Court of the United
16, 11)25. The status at the end of the year was as follows: States upheld
tfie District Court, thereby obviating,the Total authorized issue
$15,000,000.00 payment by
your Company of a sum in excess of $300,000.00.
Issued and sold
10.000.000.00
Unissued December 31. 1929
$5.000,000.00 A petition of the Trust Company for a rehearing was denied
by the Supreme Court on April 14, 1930, thus finally disEQUIPMENT TRUSTS.
posing of the case.
The aggregate face amount of Equipment Trust Notes
OTHER IMPORTANT LITIGATION.
and Certificates outstanding December 31, 1929, was as
The Missouri Pacific Railroad Company and The Atchison,
below set forth:
Topeka and Santa Fe Railway Company are seeking from
Trust No. 34, dated January 15, 1920.
Balance last reported
5445.200.00
the Interstate Commerce Commission a certificate of public
Paid during the year
63.600.00
$381,600.00 convenience and necessity for the acquisition of the Eastern
Series It, dated September 1, 1923.
Texas Electric Company's line between Beaumont and Port
Balance last reported
$1.080,000 00
Arthur, Texas. and the construction of certain extensions
Paid during the year.
108,000.00
972,000.00 thereof; all to be operated as the Sabine Basin Railway, for
Total
$1,353,600.00 the purpose of securing entrance to the various oil refineries
In and about Port Arthur. In order to protect your interests„
DEPRECIATION RESERVE FUND.
the management filed a protest. A hearing on the applicaMoneys equaling the amount of charges to operating ex- tion was had at Port Arthur on April 14, 1930, but a final
penses representing the so-called depreciation of equipment, decision has not yet been reached.
Among the more important suits in which your Company is
and for the amortization of equipment retired and of property abandoned in connection with improvements, together involved, is one to enjoin the IA. C. Commission from
with proceeds from the sale of obsolete equipment, are de- enforcing its order in the so-called Divisions Case. The Composited in a special fund set aside for additions to and bet- mission, by readjusting divisions, took from the carriers in
terments of your property. The total amount so deposited, Southwestern territory a considerable percentage of their
and withdrawals therefrom, are shown by the statement revenue and awarded it to certain Western Trunk Line carriers. The case was heard before three judges in the District
following:
DEPOSITS.
Court, and there was an adverse decision from which the
Charges for Depreciation of Equipment:
interested Southwestern Lines have appealed to the Supreme
From June I. 1916. to December 31. 1917--- $215,923.27 NM=
Court of the United States. An annual net loss to your ComFrom January 1. 1918. to February 29. 1920- 363.196.93
From March 1.1920,to December 31. 1928- - 2,627.602.13
pany of approximately $335,000.00'is involved.
From January 1, 1929, to December 31, 1929 376.756.32
$3,583.478.65
FEDERAL VALUATION.
Charges for Amortization of Retired Equipment:
From January 1. 1918. to February 29, 1920_ $371,965.45
Since the last annual report, the Supreme Court of the
From March 1, 1920, to December 31, 1928- 672,818.30
United States has decided the case involving the recapture
From January 1, 1929, to December 31. 1929
38.782.32
1,033,5 6.07 of excess earnings of the St. Louis & O'Fallon Railroad
Charges for Amortization of Abandoned Property:
Company. The said court held that in determining values
From January 1, 1918, to February 29, 1920- $195,464.27
From March 1. 1920. to December 31. 1928- 869.961.50
of railway property for purposes of recapture, the ComFrom January 1, 1929, to December 31, 1929
21,110.20
mission must give consideration to current or reproduction
1,086,535.97
Proceeds from Sale of Obsolete Equipment:
costs, and that the lower court was bound to inquire as to
From June 1, 1916. to December 31, 1917-,- $165,926.00
whether this was done. The question determined is of great
From January 1, 1918. to February 29, 1920_
120,585.29
importance to the railroads generally, and to your ComFromMarch 1, 1920, to December 31, 192838,596.88
From January 1, 1929. to December 31, 1929
pany in particular.
325,108.17
The Commission is now engaged in valuing the property
Interest on Bank Balances and Loansfrom Fund:
mis
From June 1, 1916, to December 31. 1928-- $93,455.42
of your Company as of December 31, 1927,
From January 1. 1929, to December 31, 1929
5,174.47
Replacement Fund released by Trustee under
Equipment Trust, Series D:
From January 1, 1925, to December 31. 1929
Total
WITHDRAWALS.
Payments for New Equipment:
From June 1. 1916, to December 31, 1928 _
$743,657.36
From January 1. 1929, to
December 31. 1929
117,407.90
Improvements to Existing Equipment:
From June 1, 1916, to December 31, 1928
$1.801,083.81
From January 1. 1929, to December 31,1929
118,385.97
Shop Improvements, etc.:
From January 1, 1922, to December 31. 1928
$1.861,395.52
From January 1. 1929, to December 31, 1929
224,708.27
Amount temporarily withdrawn for other purposes
Balance December 31. 1929
98,629.89
22.592.59
$6,199,911.34
$861,065.26
1,919,469.78
2,086,103.79
400,916.67
35.267.555.50
$932,355.84
COST OF FEDERAL VALUATION.
Prior to
1929.
1929.
Total.
Field work
$68,824.72
$68,824.72
Valuation orders, Interstate Commerce Commission
Contribution to Presidents Confer- 138 800.22 $41,031.60 179,831.82
ence Committee
8,265.57
1,524.23
9,789.80
Appraisal of real estate
90,687.11
12.055.15 102,742.26
Generaland miscellaneous
308,292.15
11,447.37 319.739.52
Totals
$614,869.77 $66,058.35 $680.928.12
The appended balance sheets and statistical statements
give full detailed information concerning expenditures for
Improvements, and the results of operation.
A report, including balance sheet, income account and
other pertinent matter, in form prescribed by the Interstate
Commerce Commission, has been filed with that body at
Washington.
By order of the Board of Directors.
•
C. E. JOHNSTON,
President,
For Comparative Balance
Sheet, etc., see "V. 130, p.
2385."
[VOL. 130.
FINANCIAL CHRONICLE
3206
MISSOURI PACIFIC RAILROAD COMPANY
THIRTEENTH ANNUAL REPORT—TWELVE MONTHS ENDED DECEMBER 31, 1929.
St. Louis, Mo., March 1, 1930.
To the:Stockholders:
There is submitted herewith report of the operations and
affairs of the Company as of December 31, 1929.
CORPORATE INCOME STATEMENT.
FOR,THE YEAR ENDED DECEMBER 31. 1929. COMPARED WITH
THE PREVIOUS YEAR.
Increase.
1928.
1929.
$
40
5.15
'Railway Operating Revenue_no.$07:014.65 131,576,52 .26 8,231.389.90
3,812,239.
Expenses-102.903.441.16 99,091,201
Railway Operating
Net Revenue from Railway
36.904.473.39 32.485.323.89 4,419,149.50
Operations
Taxes and UncollectRailway
437.517.11
6,288,874.33 5,851.357.22
Ibis Railway Revenue
Income 30,615,599.06 26,633,966.67 3,981,632.39
Railway Operating
274,057.20
1,703,160.15
Other Operating Income_ ___ 1.977,217.35
Income.._ - 32,592.816.41 28,337,126.82 4,255,689.59
Total Operating
Deductions from Operating
8,038,630.92 6,989,590.61 1,049.040.31
Income
Net Railway Operating
24,554,185.49 21,347,536.21 3,206.649.28
Income
5.447.204.84 4,037,602.63 1,409.602.21
Non-Operating Income
30,001,390.33 25,385.138.84 4,616,251.49
Gross Income
.88 1,911,179.08
Deduct'nsfrom Gross Income 17.783,626.96 15,872.447
Net Income transferred to 12,217.763.37
Profit and Loss
9,512,690.96 2.705,072.41
DIVIDENDS.
dividends of 13j% each, aggregating
Regular quarterly
of 134%, or $1,063,5%, or $3,545,532.74, and a dividend ated dividends, were
663.65, on account of unpaid accumul , the total dividends
declared on the PREFERRED STOCK
for,the year being 634%, or $4,609,196.39.
INCOME.
Corporat income
A brief comparative statement of the the "NeteRailway
Is shown above, subdivided to indicate tation Act of 1920.
OperatingIncome"defined in the Transpor
A. detailed statement of Corporate Income is given on
Page 8 [pamphlet report].
OPERATIONS.
(Compared with Previous Year.)
The results from operations for the year show very substantial increases in volume of freight traffic handled and
in gross and net income.
were
Total Railway Operating Revenues for the year the
in
.
$139,807,914.55 as compared with $131,576,525.15
previous year, an increase of $8,231,389.40 or 6.26%.
or
The increase in Freight Revenue was $6,956,935.89
of Mines,
6.48%. The principal increase being Productsneous, $5,$2,033,001.91 and Manufactures and Miscella ous Coal,
403,638.72. The increase in revenue from Bituminand from
included in Products of Mines was $1,163,316.23 s in the
Ores and Concentrates, $591,247.96. The increase neous
Commodities included in Manufactures and Miscellabeing
l items
were very generally distributed, the principa
Petroleum Oils and Products, $1,414,620.15, and Automobiles and Auto Trucks, $1,443,888.99.
Handled
The Total Number of Tons of Revenue Freight
increased 7.17%. The
Increased 9.48% and the Ton Miles 10.35 mills as compared
Average Revenue Per Ton Mile was
year.
with 10.41 mills in the previousthe Current Year was $13,The Passenger Revenue for$13,552,823.53, a decrease of
023,292.99 as compared with
a decrease of 7.81% and
3.91%. Passengers Carried shows decrease of 4.79%. The
the Passengers Carried One Mile, a Passenger Carried was
increase in Average Distance Each Revenue Per Passenger
3.34 miles or 3.28% and the Average $0.0309 last year.
d with
Per Mile was $0.0312, compare
or 50.87%; the
Revenue increased $1,514,591.28 of $1,303,207.52
Mail
for 1929 includes a payment 31, 1928.
revenue
July
covering the period May 9, 1925 to increased $3,812,239.90
Railway Operating Expenses
Total
and Structures inExpenditures for Maintenance of Way
for property
$2,708,114.41 due to heavy charges and Struccreased
charges to Maintenance of Way
retirements and
tion of second main tracks,
tures incident to the construc
improvement
above high water, and other
raising grade
Expenditures deMaintenance of Equipment tation Expenses
projects.
the Transpor
creased $1,218,530.74, while
increased $1,496,693.38.
an increase of$893,668.54
Hire of Freight Car Charges show ly to an increase in per
due principal
over the previous year,
to an increase in the use
diem payments of $474,355.22, and due to the increase in
of $393,410.53,
of private car lines
volume of traffic handled. The average miles per ear per
day for 1929, was 41.91, compared with 40.63in 1928,38.80
in 1927, 39.66 in 1926,37.22 in 1925 .33.02 in 1924 and 26.61
.
in 19231
FEDERAL VALUATION.
The Interstate Commerce Commission has not rendered
its decision as to final value following the formal hearing on
protest to the tentative valuation concluded April 3rd, 1928.
During the year attention has been directed to the work of
bringing valuations to date in compliance with formal orders
of the Commission, requiring the filing of reports within 90
days subsequent to March 1st, 1929.
Extensions in time for filing the reports were secured but
the work had not been completed at the close of the year.
PENSION SYSTEM.
One hundred twenty-three employes were retired in 1929
and seventy pensioned employes died during the year. Since
the inauguration of the Pension System, July 1, 1917, one
thousand two hundred seven employes have been retired and
four pensioners have returned to service. The total number
of deaths,four hundred two. At the close of the year, eight
hundred one employes were receiving pensions, averaging
$57.45 per month, involving a monthly expenditure of
$46,015.25.
CAPITAL STOCK.
No changes have been made in the Capital Stock during
the year.
At the regular Annual Meeting of the Stockholders resolutions were unanimously adopted consenting to the increase
of the Capital Stock of your Company from $300,000,000 to
$400,000,000, the increase of $100,000,000 to consist of
1,000,000 shares of Common Stock.
On October 22, 1929, your Company applied to the Interstate Commerce Commission for authority to issue $38,659,900 common stock at par in settlement of the unpaid accumulated dividends on the Preferred Stock, in accordance
with a plan outlined to the Stockholders in a letter addressed
to them on October 22, 1929. Hearings on this application
were held on December 10, 1929, but the Commission has not
yet rendered a decision.
FUNDED DEBT.
Long Term Debt outstanding in the hands of the public
increased $23,333,600, the detail of changes being shown on
page 13[pamphlet report].
Twenty Year 53/i% Convertible Gold Bonds, Series A, to
the amount of $46,392,000 were issued during the year and
sold.
Plaza-Olive Building First Mortgage 6% Gold Bonds, to
the amount of $850,000 were assumed by your Company as
part of the consideration in connection with purchase of the
twelve story building adjoining the General Offices in St.
Louis, Mo.
Unifying and Refunding Mortgage 4% Gold Bonds, St.
Louis Iron Mountain and Southern Railway Company,
amounting to $30,551,000 matured July 1, 1929 and were
paid.
Equipment Trust Certificates, SeriesF,amount$8,925,000,
25 Locomotives, 4,000
were issued to apply on purchase
Freight Cars, 60 Cabooses, 40 Passenger Train Cars and
23 Units of Work Equipment.
Equipment Trust Obligations amounting to $2,282,400
matured and were paid during the year.
The Funded Debt Outstanding is shown on pages 14 to 16
inclusive [pamphlet report]. Detailed description of the
Mortgages will be found on pages 19 to 25, inclusive[pamphlet report].
NEW LINES.
No new lines were constructed. The operated mileage
was increased by the acquisition by purchase of 3.20 miles
of the line formerly owned by the Cape Girardeau Northern
Ry. and by the construction of an extension of that line to
a connection with the Southern Illinois & Missouri Bridge
Co. at Capedeau Junction, Mo., a distance of 5.71 miles.
Trackage rights with the Texas & Pacific Ry. Co. between
Bunkie and Livonia, La. were resumed; the discontinuance
of the trackage agreements with Southern Pacific Company
and Gulf Coast Lines for detour of our trains over their
tracks between those points, resulted in a decrease of 16.83
miles in the mileage operated under trackage rights.
The net decrease in mileage owned and operated was 8.99
miles, details of which appear on pages 44 to 47, inclusive
[pamphlet report].
In May, 1929 your Company acquired by purchase, 515
of the outstanding Capital Stock of the Missouri-Illinois RR.
Co., extending from Salem, Ill. to Bismarck, Mo., a dis-
a
3207
FINANCIAL CHRONICLE
liar 3 1980.]
tance of 123 miles; that Company in turn acquiring control,
by purchase of Capital Stook and Lease, of the Mississippi
River and Bonne Terre Ry., extending from Riverside,
Mo. to Doe Run, Mo., a distance of 46 miles.
LEASE OF SUBSIDIARYLCOMPANIES.
Application has been made to the Interstate Commerce
Commission, Finance Docket No. 7470, for approval and
authorization of the acquisition of control of various subsidiary companies by lease, under paragraph 2 of section 5,
of the Interstate Commerce Act.
Evidence in support of the application has been submitted
to the Commission, and the decision of the Commission is
expected this year.
insure operation of trains during flood period, and the completion of installation of 248 miles of automatic block signals,
making a total of 1,541 miles for the system as of December
31, 1929. Other large expenditures include the acquisition
of the Office Building at 1218-1220 Olive Street, which
adjoins the General Office Building.
The Equipment purchased in 1929 under Equipment Trust
Certificates, Series F, was all delivered and put into service
during the year.
Orders have been placed for additional equipment for
delivery in 1930, as follows:
1,250 Steel Underframe Box Cars.
25 Freight Locomotives.
1.000 Steel Hopper Cars,
5 Passenger Locomotives,
35 Steel Underframe Cabooses.
4 All Steel Dining-Parlor Cars,
20 Steel Underframe Drover CaObservation Type,
booses.
Steel Dining-Club Cars,
3 All
1 Locomotive Crane,
2 All Steel Dining-Parlor Cars,
1 Rail Loader,
10 All Steel Coaches,
1 Spreader-Ditcher.
2 All Steel Lounge Cars—Observation Type,
MISSOURI PACIFIC TRANSPORTATION COMPANY.
The Missouri Pacific Transportation Company, the stock
of which is owned by your Company, was organized in
November, 1928, for the purpose of operating and maintainThe details of charges to Road and Equipment are shown
ing, among other things, motor vehicles for the transporta- on Page 18 [pamphlet report], a summary of which follows:
tion of passengers, baggage, mail, express, freight and other New Lines, Constructed, Completion of Prior Years'Projects 8393,264.42
New Linos Purchased
commodities in the territory through which we operate.
1,366.101.82
$14,388,926.74
Additional franchises have been acquired during the year Second Main Track
Road
281,523.07
and to date approximately 3,525 miles are being served by Less Retirements 14,107.403.67
motor coaches of this company operated in regular daily Exsll e:yr ents
319.217.817.76
i tm It
6.118,392.57
service.
13,099.425.19
50.000.00
ROAD AND EQUIPMENT.
General Expenditures
596.434.08
The expenditures for the year include the construction of Assessets and Liabilities Not Appraised June 1, 1917—Cr
$28,968.184.21
16.8 miles of second main track between Allenton and Boles,
Total Charges to Road and Equipment
Mo. in continuation of the program to double track the line
By Order of the Board of Directors,
from St. Louis to Jefferson City, Mo.; the raising of tracks
L. W. BALDWIN,
above high water and application of rock ballast and rip
President.
rap in overflow territory at various points on the system, to
MISSOURI PACIFIC RAILROAD COMPANY.
GENERAL BALANCE SHEET DECEMBER 31, 1929, COMPARED WITH DECEMBER 31, 1928.
ASSETS.
December 31
lc42 .r
December 31
1929.
$
$
Increase (-I-) or
Decrease (—).
Investments—
Investment in Road and
Equipment
525.812,525.43 496,844,341.22 +28.968,184.21
Improvements on Leased
Railway Property338.158.59
66,606.18
+271,552.41
630.69
Sinking Funds
630.69
Deposits in Lieu of Mortgaged Property Sold__ - _
38,780.81
1,221.52
—37,559.29
Miscellaneous Physical
Property
3,597,038.94 2,907,186.45
+689,852.49
Investments in Affiliated
34.605,548.65 34.605.548.65
Companies—Pledged
Investments in Affiliated
Companies—Unpledged_ 35,460,581.51 29,180,202.58 +6.280.378.93
Other Investments_
Pledged
21,346.32
18,980.56
—2,365.76
Other Investments—
+619,783,98
1,807,760.26 1,187,975.31
Unpledged
Total
601,642,446.15
Current Assets—
Cash
Demand Loans & Deposits
Special Deposits
Loans and Bills Receivable
Traffic and Car Service
Balances Receivable__
Net Balance Receivable
from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies
Interest and Dividends Receivable
Rents Receivable
Other Current Assets
Total
Deferred Assets—
Working Fund Advances
Other Deferred Assets
Total
3.933.214.89
50,000.00
422.150.73
10,100.00
1,365,357.06
Total
154,639,600.00 154,639,600.00
Long Term Debt—
Funded Debt Unmatured-372.195.520.00 348,861.920.00 +23.333,600.00
372,195,520.00 348.861.920.00 +23.333,600.00
Total
Total Capital Liabilities_526.835.120.00 503.501,520.00 +23.333.600.00
Current Liabilities—
Traffic and Car Service Bal—63,419.81
1,547,996.63 1.611.416.44
ances Payable
Audited Accounts and
10,969.408.70 9.599.764.89 +1,369,643.81
payable
Wages
Miscellaneous Accounts
—18,860.98
285.486.69
266,625.71
Payable
—656,975.26
535,929.39 1,192.904.65
564.852.618.21 +36,789.827.94 Interest Matured Unpaid_
+60.805.89
62,380.66
123,186.55
Dividends Matured Unpaid
Funded Debt Matured Un+83,200.00
30,200.00
113,400.00
paid
10,139,241.54 —6,206,026! Unmatured Interest Ac+466.122.73
4,621,925.37 4,155,802.64
+50.000.00
crued
—14,935.20
345,170.60
330,235.40
1,111.489.07
—689,338.34 Unmatured Rents Accrued
+26,577.03
405.787.33
432,364.36
14,432.02
—4.332.02 Other Current Liabilities_ _
18,941,072.11 17.688,913.90 +1.252,158.21
1.629.550.47
Total
--264.193.41
j.875.877.44
—92.992.80
5.836,751.36 4,132,148.31
13,262,002.57 11,335.749.45
+1,704,603.05
+1.926,253.12
1,782,884.64
LIABILITIES.
December 31. December 31, Increase (+) or
Decrease (—).
1928.
1929.
$
$
$
82,839,500.00 82,839,500.00
71,800,100.00 71,800,100.00
Stock—
Capital Stock:
Common
Preferred
Deferred Liabilities—
Other Deferred Liabilities_
Total
593.097.51
455,402.45
+137,695.06
593,097.51
455,402.45
+137,695.06
Unadjusted Credits—
5,224,196.03 3,943,700.15 +1,280,495.88
Tax Liability
Insurance and Casualty Re+8.393.06
4,863.03
13.256.09
serves
Accrued Depreciation—
+1,902.533.00
17,839,044.84 15,936,511.84
27,296.318.93 30,745,078.70 —3.448,759.77
Equipment
Accrued Depreciation—
Miscellaneous Physical
+151,842.63
35,829.55
151,842.63
36,110.05
.50
Property
+178.009.20
537,758.45
180,019.06
715,767.65
187,581.52
Other Unadjusted Credits_
215,848.61
223,691.57
23,944,107.24 20,422,833.47 +3,521,273.77
+7.842.96
Total
534,495.59
42,736.20
56,625.89
393,981.91
36,000.00
76,608.49
+140,613,68
+6.736.20
—19,982.60
+MI2
Unadjusted Debits—
Rents and Insurance Premiums Paid in Advance_
251,795.71
153.656.52
—98.139.19
Other Unadjusted Debits
1,181,700.46 1.493,736.16
—312,035.70
Total
1.335,356.98 1.745.531.87
—410.174.89
Grand Total
630.497,813.63 597.559.077.39 +32,938,736.24
Corporate Surplus—
Additions to Property
through Income and Sur1,264,419.02 1.116,160.61
plus
58,919.997.75 54,374.246.96
Profit and Loss
60,184,416.77 55.490,407.57
Total
Grand Total
+148,258.41
+4.545,750.79
+4,694.009.20
630,497,813.63 597,559,077.39 +32,938,736.24
Note.—The following SeNote—The following
curities not included in BalCapital Liabilities not inance Sheet Accounts:
cluded in Balance Sheet
Securities Issued or AsAccounts:
sumed—Unpledged
19,250,000.00 17.721,000.00 +1.529,000.00 Funded Debt—Unpledged- 19,250,000.00 17,721,000.00 +1.529.000.00
The Capital Liabilities shown above include the securities issued under the Reorganization Plan for bonds of various issues dealt with by the Plan
Including $1,629.500.00 principal amount, not acquired on December 31, 1929. which are accordingly not shown as Liabilities.
The company is guarantor jointly with other companies of the securities of certain terminal companies none of which are in default.
—The Fitrust Company, securities affiliate of the Fidelity Trust Co..
has devised a new and simple method of comparing the principal common
—Cox & Jordan, investment counsellors, announceNthe opening of stocks with respect to yield, ratio of price to earnings and the margin of
offices in the Bank of Manhattan Building, at 40 Wall St., New York. protection for dividends. The tabulation will be revised monthly and
Advisory Department
The members of the firm are George Clarke Cox, who has contributed will be available on application to the Investment
many articles to The Annalist, Borrons and ottor financial papers, and of the Fitrust Corporation, 120 Broadway.
—The growing world-wide interest in financial news has caueed the
for several years was with Wood, Struthers & Co., previous to his connection with the recently dissolved firm of Cox and Trainer, and James Associated Press to seek larger quarters for its financial bureau. EffecWillard Jordan, formerly of the B. P. Goodrich Tire & Rubber Co. and tive April 28, its financial news bureau was removed to R0011110 813-816
more recently Vice-President and 0General'Manager of the Canadian at 25 Beaver St., from its present quarters at 110 Washington St. Stock
Goodrich Co., Ltd. Associated with them will ibe Janez HAWood, for- and bond lists will be tabulated as heretofore at the main office at 383
merly of the Incorporated Investors'Trust,land 1DavidiStock. formerly Madison Avenue.
—Hornblower & Weeks have distributed a circular on Gleaner Combine
of the Wharton School of Finance and Commerce/of the University of
.4 I
Pennsylvania and lately with Oox dc7Frainer.
Harvester Corp.
CURRENT
NOTICES.
3208
FINANCIAL CHRONICLE
CURRENT
NOTICES.
—Announcement is made of the organization of Graham Adams & Co.,
Inc., investment bankers, at 52 Wall St., New York City. Graham
Adams (who will be President of the company) was formerly a partner of
J. A. Sisto & Co. and is a director of many corporations. Arthur D.
Mendes (formerly a general partner of F. J. Lisman & Co. and a director
of the Times Square Trust Co. and many corporations), Lee Sherman
(formerly with Geo. H. Burr & Co.) and Morrell W. Gaines (formerly
with Brown Brothers & Co. and a director of many corporations) are
associated with Graham Adams & Co., Inc., as Vice-Presidents. Harry S.
RonaIdson (formerly manager of the bond department of the Banca Commerciale Italiana Trust Co.) is Secretary.
'—Goldman,Sachs & Co. announces the removal of its New York offices
to the first section of its new building, located on Pine Street. directly
east of its present building and formerly the site occupied by the Hanover
Fire Insurance Co. The street number of the firm. 30 Pine Street, remains
the same. Demolition of the firm's old building will be begun at once, and
the second section of the new building should be completed not later than
March 1 next year. General banking offices of the firm are located on the
lower floors of the new building, while the offices, of the partners arelocated
on the 16th, 17th and 18th floors.
—William C. Potter, President of the Guaranty Trust Co. of New York
was on April 30 elected a trustee of the Mutual Life Insurance Co. of New
York. At the same meeting, President Houston of the Mutual Life,
announced that the company's new paid-for business for the first 3 months
of the year amounted to $136,637,045, showing an increase of $5,769,086
over the corresponding period of 1929. During the first 3 months of the
year, the Mutual Life invested $26,789,290,in bonds, preferred stocks, and
in first mortgages on selected improved property in established centers
of population.
—Fixed investment trusts have accounted for an aggregate investment
of about $500,000,000, according to an analysis by Throckmorton & Co.,
members of the New York Stock Exchange, who were pioneers in this
form of security. The number of fixed trusts in operation is placed at
approximately 100, with current invested capital of $200,000,000. This
figure is substantially less than the aggregate sales of fixed trust securities, of which many have been liquidated or exchanged into certificates
of later series.
—Claude A. Jagger has been made Financial Editor of the Associated
Press, succeeding Stanley W. Prenosil, resigned. Mr. Jagger has been
serving as Assistant Financial Editor for the past year, and for past year
and a half has been writing a daily column on the financial, stock market
and business developments of the day for Associated Press morning papers.
He has been connected with the Associated Press since April 1927, when he
resigned as City Editor of the Providence (R. I.) "Evening Bulletin."
—Announcement is made of the formation of the firm of Clinton Gilbert & Co., with membership on the New York Stock Exchange, to continue the bank and insurance stock business heretofore conducted under
the name of Clinton Gilbert, at 120 Broadway, New York. The partners
of the new firm are Clinton Gilbert. W. Wilson Hewitt, member New York
Stock Exchange, Francis B. Gilbert and John W. Gilbert.
—H. & B. Beer, members New York Stock Exchange, have changed
the name of their firm to Beer & Co. The new firm is composed of the
following partners: Walter B. Keiffer, Paul J. Nugent, C. Morgan
Abrams, Roy E. Barkdult, J. William Barkdull, C. Edward Cornwell,
Carl M. Keiffer, Rudolph Eberstadt, Walter V. Harvey. and it. H. Bewick.
—Robert M. Hunt of San Francisco has been appointed Pacific Coast
representative of The Manhattan Co. He will represent the Bank of
Manhattan Trust Co., the International Acceptance Bank, Inc., the
International Manhattan Co., Inc., and the New York Title & Mortgage
Co., all of which are constituent units of The Manhattan Co.
—Following the dissolution of the two Stock Exchange firms of Kerngood & Co. and Moss & Ferguson. effective April 30, announcement is
made of the formation of the co-partnership of Moss, Ferguson & Kerngood. The main offices of the new firm are located at 11 Wall Street.
New York.
—John Newlin Trainer, formerly of Cox and Trainer, announces the
formation of Trainer and Associates, investment counsel, with offices at
274 Madison Ave., New York. He will have as associates James 0.
Thornton and Lester W. Taylor, former members of the staff of Cox
& Trainer.
—Harris, Upham & Co.. members New York Stock Exchange, have
taken over the offices of McGreevy & Co. in Kansas City, Wichita, Independence, Oklahoma City, Bartlesville and Tulsa. Milton C. McGreevy
and Milton W. McGreevy have become general partners in Harris. Upham
& Co.
—Otis & Co. announce that Thomas D. Smith is now associated with
them in charge of their investment business in Philadelphia. Mr. Smith,
formerly a partner in the investment firm of Harrison, Smith & Co., is a
member of the Philadelphia Stock Exchange.
—The American Appraisal Co.. Inc., has announced the removal of its
New York office from 120 Broadway to more commodious quarters on the
entire 22d floor of 1 Cedar St. and 102 Maiden Lane, telephone is Beekman
2451.
—The First National Old Colony Corp. have issued a special circular on
American Telephone & Telegraph, analyzing the recent offering of rights
and Its effect on the status of the company's convertible 434% bonds of 1939.
—Alfred C. Middlebrook, for 434 years on the staff of' the "Wall Street
Journal," in the bond and investment trust departments, has become
associated with Thomas F. Lee & Co.. Inc., 63 Wall St., N. Y. City.
—F.S. Smithers & Co. announce that effective May 1. Austin L. Smithers
retires from the firm and Peter J. Murphy, for many years head of the oil
department of the "Wall Street Journal," becomes a general partner.
—Jesse Hyman and Lawrence A. Hyman, member of the New York
Curb Exchange, have formed the firm of Jesse Hyman & Co., to transit
a general brokerage business at 50 Broad St., New York.
—James Cotter Connell has been admitted to general partnership in
M.H. Connell & Co. They will conduct, as heretofore, a Street brokerage
business:in bonds and stocks at 56 Pine St., New York.
—Holt, Rose 3i,Trester. announce that William H. Gardner and Albert
S. Pinkus, who have been associated with them for a number of years,
have been admitted to general partnership in the firm.
Wm.. 130.
—J. & W. Seligman & Co. have opened an office in Pittsburgh under
the management of E. Lindley Kuhns. Their Albany, N. Y., office has
been moved from 91 State St. to 90 State St.
—W.R. K. Taylor & Co., members of the New York Stock Exchange.
announce that Richard E. Forrest has been admitted to general partnership
in the firm, effective May 1 1930.
—J. Roy Prosser & Co., 52 William St., New York, have issued an
analysis of National Liberty Insurance Co. of America, and Home Fire
Security Corp. of New York.
—The American Depositor Corp.. 120 Wall Street, New York, has issued a comprehensive sales manual on Corporate Trust Shares, an investment trust of the fixed type.
—Otte & Co., specialists in bank stocks, Chicago, announce that their
new offices will be located in the Board of Trade Building. Suite 863-71.
Telephone, Wabash 3650.
—Alvah T. Meyer, member New York Curb Exchange, and Frank
Kalen, have formed the firm of Alvah T. Meyer & Co., with offices at
24 Broad St., New York.
—Winthrop, Mitchell & Co., Chicag2,E1nounce the removal of their
offices to 15th floor, east, of the new Board of Trade Building.'Telephone,
Webster 3122.
—Woods, Faulkner & Co., Chicago, have moved their offices to the
27th floor of the Board of Trade Building. Their telephone number is
Wabash 2125.
—Newburger. Henderson & Loeb, Philadelphia, have prepared a second
circular on merchandising stocks, covering the department and specialty
store group.
—First Detroit Co.,"Chicago. an investment unit of Detroit Bankers
Trade Buildfia.
-- ='
Co., have occupleifnew quarters in the CiiiTago" Bo
Telephone Harrison 1101.
—Deree & Co.. investment bankers, announce the opening of offices
in Suite 1100, Bankers Building, 105 West Adams St., Chicago. Telephone number is Franklin 5645.
—Stanley W. Prenosil, for the past eight years financial editor of the
Associated Press, has resigned to become associated with Sutro &
Co., members of the New York. San Francisco and Los Angeles Stook
Exchanges, in their Wall Street office.
—Farr & Co., members of the New York Stock Exchange, 90 Wall St,
New York, are distributing a circular on The Great Western Sugar Co.
—Wright & Sexton, members of the New York Stock Exchange have
prepared a special analysis of American Superpower Corp.,in booklet form.,
—The Chemical Bank & Trust Co. has been appointed Registrar of the
7
preferred and Fonimargiock
-St ViireytersonarBankers"Corp. of.Y. d'5.
—Dwelly, Pearce & Co., Inc., national distributors of Trustee Standard
OiLshares, announce t'he removal of their office to 40
—Thomas /. O'Neill, formerly with Bancamerica-Blair Corp., is now
associated with Craigmyle & Co. as Manager of their trading department.
—J. C. Taber, formerly Sales Manager of Sulzfbacher, Granger & Co..
has become associated with H. C. Yeager & Co.. Inc., 35 Wall St., N.
—Woodward, Butler & Co., 37 Wall St., New York, has issued a three-rk
yeat=nrZrative aiialysis Of New YO bank and trust coinpany stocks=
=
—Morgan Goetchins and Charles Fellowes-Gordon have been admitted
as partners in the New York Stock Exchange firm of Fahnestock & Co.
—Cooper, Dysart & Kuh, Chicago, announce the removal of their
offices to the Board of Trade Building. Telephone, Harrison 7082.
—Harold W. Jennys, member of the New York Stock Exchange, will
make his office at R. V. Hiscoe & Co.. 111 Broadway, New York.
—Marcus Kahn, formerly of G. V. Grace & Co., has been appointed
Vice-President of Bowen, Gould & Co., 11 Broadway, New York.
—G. E. Barrett & Co., announce the removal of their Chicago offices
to the Board of Trade Building. Telephone number, Wabash 3340.
—The New York & Hanseatic Corp. has prepared a comparative balance
sheet for the years 1927 to 1929 of the leading German banks.
—Brand, Grummet & Co., members New York Stock Exchange, announce the removal of their offices to 39 Broadway,N.Y.
—George E. Beves, formerly with Paul & Co., Philadelphia. is now
associated with the New York office of Calvin Bullock.
—Gertier, Devlet & Co., brokers in tax exempt bonds, announce the
removal of their New York offices to 11 Broadway.
—The Equitable Trust Co. of New York has been appointed transfer
agent for the capital stock of Motor Research Co.
—James T. Fox & Co., specialists in bank and insurance stocks, have
removed their offices to 50 Broad St., New York.
—Lord, Westerfield & Co., Inc., have opened a branch office in Easton.
Pa., under the management of John E. Stofflet.
—Harris. Forbes & Co. announce the removal of their uptown office
to the Lincoln Building, 60 East 42nd Street.
—C. H. Geist Securities Corp., Philadelphia, announce that Elwood W.
Miller has become associated with them.
—Daniel G. Condon has boon admitted as a general partner in the firm
of Richard Whitney & Co., New York.
—W. K. Maynard, Manager of the Chicago office of E. R. Diggs &
Co., has been elected a Vice-President.
—F. A. Willard & Co., and F. A. Willard:Corp. announce the removal
of their New York offices to 40 Wall St.
—G. E. Barrett & Co., Inc., announce the removal of their main office
to 40 Wall St., New York.
—First Detroit Co., Inc., announces the consolidation of its New York
offices at 14 Wall Street.
—Case, Pomeroy & Co , Inc., have removed their offices to 120 Wall
Street, New York.
—potter & Co., 5 Nassau St., N. Y., have prepared a special circular
on the .Borden Co.
—The New York offices of Estabrook & Co. have been moved to
40 Wall Street.
—Tooker & Co., 120 Broadway, N. Y., have issued an analysis of Colorcraft Corp.
—Charles W. Caffry has become associated with Moffatt & Spear, N.Y.
—Theodore Prince & Co. have issued an analysis of Eastman Kodak.
MAY 3 1930.]
FINANCIAL CHRONICLE
3209
The Commercial Markets and the Crops
COTTON-SUGAR -COFFEE-GRAIN-PROVISIONS
-DRY GOODS-WOOL-ETC.
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, May 2 1930.
COFFEE on the spot was dull with Santos 4s called 143
%
%
to 143c.; Rio 7s 93% to 10c. and Victoria 7-8s 99' to 93 c.
Early cost and freight offers were in limited supply on the
29th. Shippers, especially at Rio and Victoria are reported
reluctant to offer firm in view of the uncertainties of the
situation. There were no reported offerings from Rio or
Victoria. Santos descriptions for prompt shipment were here;
%
at the following range: Bourbon 2-38 at 15.60c. to 158 c.
3s at 14e. to 153,c.; %s at 14.400. to 14.85e.; 3-5s at 13c.
to 148 c.; 5s at 12.85c. to 133c.; 5-6s at 11.85e. to 123.c.;
%
%
6s at 10.85e. to 120.; 6-7s at 10%c.; 'Ns at 83 c. to 9.80c.;
8s at 9.45c.; part Bourbon 2-3s at 15.95c.; 6-7s at 113(c;
7s at 110.; Peaberry 3s at 14.40c.; 4-5s at 123c. to 12.85e.
On April 30th cost and freight coffee was in fair supply at
very irregular prices which in some instances were slightly
lower. For prompt shipment, Santos Bourbon 2-3s were
here at 14.35 to 15.95c.; 3s at 12.90 to 15%c.; 3-4s at 133
%
%
%
to 14.85e.; 3-5s at 13.15 to 143 c.; 4-5s at 12.55 to 133 c.;
%
5s at 123 to 133c.; 5-6s at 11.70 to 124c.; Os at 10.85 to
123jo.; 6-73 at 10% to 10.90c.; 7s at 103 to 10.30c.; 7-8s
at 9 to 10c.; 8s at 9.456.; part Bourbon 2-3s at 14%c. 3-4s
at 131
.(c.; Peaberry 2-3s at 14Me.; 4s at 13.10 to 133c.;
4-5s at 123 c.; 5s at 12%c.; Rio Peaberry 5s at 10.70c.;
%
Santos rain-damaged 3-4s at 12.95c.; 4-5s at 12c.; 6s at 103
%
,
to 10.850.; 7-8s at 816c.; Rio 7s at 9.05c.; 7-8s at83 to 8.85c.;
Victoria 7s at 8.7004 7-8s at 84 to 8.55c:
G. Duuring & Zoon cabled their monthly statistics as
follows: Arrivals of all kinds during April, 1,189,000 of
which Brazilian 490,000 bags. Deliveries of all kinds during
April, 999,000 bags of which Brazilian 499,000. Stocks in
Europe on May 1, 1,861,000; world's visible supply on
May 1, 5,300,000, showing a decrease of 33,000 bags. Last
year 5,217,000 bags. E. Laneuville, Havre stated the world's
visible supply on May 1 at 5,286,000 bushels, against 5,269,000 on April 1, and 5,217,000 on May 1, last year; arrivals
in Europe during April of Brazil 534,000, against 476,000 on
April 1, and 434,000 on May 1 1929; of muds 629,000,
against 668,000 on April 1, and 577,000 last year. Arrivals
of milds 10 months: United States 2,900,000, against
2,834,000 in 1928-29 and 2,673,000 in 1927-28; Europe
3,644,000, against 4,252,000 in 1928-29, and 3,824,000 in
.
1927-28; deliveries during April, all kinds, United States
1,002,000, against 960,000 on April 1, and 906,000 on
May 1, last year; Europe 993,000, against 924,000 on
April 1, and 969,000 on May 1, last year; total world's
deliveries 10 months: United States 9,385,000, against
9,034,000 in 1928-29 and 9,627,000 in 1927-28; Southern
ports 796,000, against 855,000 in 1928-29 and 960,000 in
/
1927-28. Fair to good Cucuta, 15 to 153 20.; prime to choice,
153. to 163'c.; washed, 17 to 18c.; Colombian, Ocana,
15% to 15%c.; Bucaramanga, natural, 15 to 16c.; washed,
18 to 18
Honda, Tolima and Giradot, 18 to 183c.;
,
Medellin, 183 to 18%c.; Manizales, 18 to 183 0.; Mexican
washed, 18 to 193c.; Suriam, 13 to 14c.; East India,
Ankola, 24 to 32e.; Mandelling, 29 to 35c.; Genuine Java,
28 to 29c.; Robusta washed, 123/i to 130.; natural, lOM to
11o.; Mocha, 24 to 2434o.; Harrar, 213 to 2230.; Abys4
%
sinian, 173 to 180.; Guatemala, prime, 173 to 183/2c.;
good, 17 to 173o.; Bourbon, 1534 to 16e. Arrivals of mill
in the United States in April to the 29th were 296,974 bags,
against 374,754 for the same time last year. Deliveries were
273,899 bags, against 335,429 last year. Stock of mild in the
United States on April 28 was 298,086 bags, against 273,147
a week ago and 400,103 last year.
London wired the New York News Bureau:"Arrangements
to start dealings here in the 8,000,000 lbs. of Sao Paulo loan
to-morrow morning were upset by intimation of stook exchange committee that it would refuse permission for dealings
until total issue of 20,000,000 lbs. had been ratified by
Brazilian congress which is reported to meet next Monday
for this purpose. Committees action when Paulo Water
Bonds of 1926 were issued is recalled as the ratification of
the loan then was not obtained until four months after business began in the issue. Santos 4s later were 14 to 14
Rio 7s 93ito 93 c. and Victoria 7-8s 9 to 93(c. There were
%
however widespread rumors of sales, particularly of Rios at
prices considerably under the inside above quotations.. On
April 26 prices ended unchanged to 11 pomts higher with
total sales of 13,750 bags. One theory was that the May
postion has been steadied by support from Brazil to be
given until the $100,000,000 loan becomes effective onJuly 1.
This is mentioned for what it is worth. On April 28 futures
wereirregular ending 7 points lower to 7 higher. Trading
was small. Rio's maximum receipts will be fixed at 10,397
bags from May 1 to May 15. The sales were 9,000 bags.
Traders were puzzled as to the probable effect of the $100,000,000 loan and wanted more light on the matter. On
April 29 futures were unchanged to 6 points lower with sales
of 7,000 Santos and 13,000 of Rio. The trading was small
awaiting clearer developments as to how the loan to Brazil
is going to affect the market here.
On April 30 futures ended 9 points off to 7 up in a dull
market with Brazilian markets closed. On the 1st inst.
futures ended 3 to 18 points lower on Santos and 1 to 3
points off on Rio, except July which was unchanged with
light trading as the Brazilian markets were closed. To-day
futures closed 12 to 17 points off on Rio and 5 to 11 points
on Santos with sales of 18,000 Rio and 15,000 Santos.
Depressing factors were the unsatisfactory cables and reports that the London bankers have sold only 13% of the
Brazilian loan. Europe sold. Final prices show a decline
for the week of 10 to 16 points on Rio and 9 to 23 points
on Santos.
Rio coffee prices closed as follows:
8.35 December - _7.98 © nom.
I July
Spot (unofficial)--7.84 8.14 I March
8.50@nom.f September
May
follows:
Santos coffee prices closed as
I December _11.8344110m.
12.40@
I July
Spot (unoffIdal)
May
12.90@nom.I September 12.0543112.06 March _ _ _ _ 11.54@nom.
COCOA closed at a decline for the day of 16 to 20 points
with sales of 153 lots. Final prices are 20 points lower
for the week.
-The lowest price on record was made on the
SUGAR.
1st inst. with sales of 50,000 bags of Cuban at 3.30c. duty
paid. Selling pressure from Cuba accounted for the decline to the lowest prices seen since 1902. Receipts at
Cuban ports for the week were 136,379 tons, against 166,508
in the same week last year; exports, 153,482 tons, against
135,640 same week last year: stock (consumption deducted),
1,751,553 tons, against 1,509,795 same week last year;
centrals grinding, 109, against 64 same week last year. Of
the exports, 58,353 went to Atlantic ports, 28,161 to New
Orleans, 1,321 to interior United States, 9,461 to Galveston,
7,829 to Savannah, 3,745 to West Coast, 37,966 to Europe
and 6,646 to Australia. Old crop (1928-29) stock, 2,611
tons. Receipts at United States Atlantic ports for the week
were 75,461 tons, against 44,175 in the previous week and
90,161 in the same week last year; melting, 59,660 tons,
against 56,597 in previous week and 68,462 same week last
year; importers' stooks 216,689 tons, against 231,481 in
'
previous week and 306,639 last year; refiners' stock, 193,658,
against 163,065 in previous week and 246,740 last year,•
total stock, 410,347, against 394,546 in previous week and
553,379 last year. There were rumors on the 1st inst. that
Cuba had sold at 13.e. c.&f. Refined was 4.90c. with withdrawals moderate. Resale 4.6734 to 4.70c.
It was said that late on 'Wednesday 15,000 bags of Cuban
raws for immediate clearance sold at 1 9-16c. London was
reported steadier on May 1, due, apparently, more to reduced selling pressure than to any particular buying interest
on the part of refiners. On April 26 futures fell to a new low
ending unchanged to 2 points net decline. New Orleans
refining interests and Porto Rico were supposed to be
selling freely. May dropped to 1.57c. the lowest since 1902.
The dullness of trade here and in Cuba was emphasized as a
depressing factor. Futures on April 28 closed unchanged to
2 points lower on hedge selling. Washington wired a rumor
on April 29 that the House had agreed on a 2.200. rate of
duty on sugar. Total raw sugar stocks in the United States
and Cuba 4,417,754 tons against 3,840,622 a year ago.
Increase this year 577,132 tons. On the 29th futures dropped
to new record lows. May fell 2 points and later months 3 to
6 points. Hedge selling plainly had its effect. Fifty May
notices appeared. May, after touching 1.56, rallied to
1.58e. and closed at a point over July. Prompt Cuban sugar
was offered at 1 9-16e.
There were 50 May notices issued on April 29. On April
30 futures fell to a new low with 50 notices. Prices ended unchanged to 2 points lower. Prompt was quiet at 1 9-160.
for Cuba c. & f.; 25.000 bags for the first half of June sold
at 1 9-16c. London was easy. June was offered at 7s .44d.
No sales. Refined was unchanged. Liverpool was weaker.
May 7s 430. asked and 7s 53d. for June. On the 30th
25,000 bags Cuban raw for first half June shipment sold to an
operator at 1 9-16c. o. & f. The Grain Western Sugar Co.
said in its annual report:"We propose to continue a vigorous
competitive policy to effect the marketing of our production
in the territory from Chicago westward and to remedy the
unsound situation which compels western beet sugar to seek
markets in far eastern territories. This latter condition is
wholly uneconomic and results in payment of unjustified
freight charges with no benefit whatever to the consumer of
sugar. Our present stock of sugar is smaller than the stock
3210
FINANCIAL CHRONICLE
on hand at this time last year, and under the present program will be sold before the new crop becomes available."
On the recommendation of Sugar Institute, refiners granted
an extension on all March 7 contracts to May 6 and on all
April 4 contracts to May 20.
On the 1st inst. futures fell 2 to 4 points net and another
new low was reached with July down to 1.53c., one point
lower than the previous bottom of Feb. 27 this year. The
lowest prices in 28 years have latterly been touched. The
weakness was due to the dullness and depression in the
market for actual sugar. Trade interests are said to have
liquidated considerable Sept. and March. Deliveries were
2,500 tons. Licht's May 1, estimate of the European beet
area is 1,949,000 without Russia, and compares with his
April 1 estimate of 1,969,900 hectares and with last year's
final of 1,845,359 hectares. To-day the selling by Cuban
interests was again a feature. Prices ended 2 to 4 points
lower with sales of 70,300 tons. July was down to a new low
of 1.50c. In the prompt market the disposition generally
was to await tariff news from Washington. Final prices
show a decline for the week of 5 to 9 points. To-day London
was easier, a sale of 500 tons centrifugals for May-June
shipment was made at 7s. 3%d. c.i.f., equal to 1.43c. f.o.b.
and there were sellers of May shipment at 7s. 3d. or 1.42c.
July shipment was offered at 7s. 53.d., equal to about
1.45e. f.o.b. The trade demand was poor and refiners
indifferent. The competition of European beet sugar led to
sales to the United Kingdom of 15,000 tons of Cuba on the
29th, for May shipment at the basis of 7s. 4%d., equal to
1.43c. and 5,000 tons for June shipment at 7s. 53'41., equal
to 1.44c. Thirty-four Cuban mills have been notified to
deliver 20% of their production in order that liquidation
of the single seller might be effected. The Sugar Club of
Havana reports that the average rainfall for March was
1.29 inches, against .086 last year. London was dull and
weak. Sellers of May quoted 7s. 53'd.; June, 7s. 6d.; July,
7s. 63d. The refined market was slightly better at the
reduced rates. Liverpool was lower. May was quoted at
75 53.41. and June at 7s. 6d.
Closing quotations were as follows:
May
may
July
(unofficial)_1 1742 September
December
1.53@ 1.50041.51
1.57[January- ---1.67@nom.
1.65 I March
1.72©1.73
LARD on the spot was dull and lower; prime Western,
10.65 to 10.75c.; refined Continent, 103c.; South America,
%
lie.; Brazil, 12c. Prime Western cash later 10.75 to 10.85c.
Futures on the 26th declined 5 to 7 points, despite firmness
of hog prices. The decline in grain had more effect. Liverpool was unchanged to 6d. lower. Hog receipts at Western
points totaled 26,300 against 41,840 last year. Chicago
expects 37,000 hogs on Monday. On the 28th futures
closed 3 to 7 points lower, despite the rise in grain and the
relative steadiness of hogs. Packers were supposed to be
selling. This was believed to be the secret of the curious
action of the market. Chicago received 40,000 hogs and
all Western points 119,000 against 154,000 a year ago.
Exports from New York were 6,595,000 lbs. for the week,
against 6,262,000 the week previously. Futures on the
29th advanced 3 to 5 points, regardless of the decline in
grain. Packers' buying was the most influential feature.
For that matter, hogs were rather firm with smaller receipts
at the West. The total movement was 95,300, against
114,500 a year ago. Chicago received 25,000 hogs. Exports from New York were 1,004,000 lbs. to London, Liverpool, Glasgow and German ports. Futures on April 30
declined 3 to 5 points in a very small market. Hogs fell
about 10c. Receipts exceeded expectations. The total
movement was 85,700, against 98,000 a year ago. Chicago
received 17,000 hogs with 6,000 left over. The exports from
New York were 910,000 lbs., mostly to European ports.
A fractional decline occurred in cash lard. On the 1st inst.
prices ended 3.to 8 points higher on a rally in grain and the
steadiness of hog prices. Stock of contract lard at Chicago
on May 1 was 44,143,000 lbs., against 43,828,000 on April 15
and 97,965,000 May 1 last year. Liverpool lard was unchanged to 3d. higher. There were deliveries of 2,200,000
lbs. on May contracts at Chicago. Hog receipts at Chicago
were 21,000 and at all Western points 73,800 against 70,000
a year ago. Exports from New York were 291,200 lbs.
to Germany and France. Cash lard and ribs showed very
little change. To-day futures closed 10 to 15 points higher
on buying by various interests and covering of shorts, as
well as a stronger hog market and a bullish stock statement.
Final prices show a rise for the week of 5 to 13 points.
DAILY CLOSING PRICES
Sat.
10.17
May
10.40
July
September
10.62
OF LARD FUTURES
Tues. Wed.
Mon.
10.12
10.17
10.12
10.40 10 37
10.37
10.57
10.60
10.55
IN CHICAGO.
Fri.
Thurs.
10.35
10.20
10.50
10.40
10.62 10.75
PORK steady but quiet; mess, $32; family, $34.50; fat
back, $22.50 to $26. Beef firm; mess, $25; packet, $25 to
$26; family, $26.50 to $27.50; extra India mess, $42 to $44;
No. 1 canned corned beef, $3.10; No. 2, $5.50; six pounds,
South America, $16.75; pickled tongues, $70 to 75. Cut
to
meats quiet but steady; pickled hams 10 to 20 lbs., 17%.
4
19%c.; pickled bellies, 6 to 12 lbs., 19 to 193 °.; bellies
clear, dry salted, boxed, 18 to 20 lbs., 15%c., 14 to 16 lbs.
163.ge. Butter,lower grades to high scoring 31 to 38. Cheese
flats, 19 to 26e.; daisies, 20 to 250. Eggs, medium to extra
firsts, 23 to 2634c.; closely selected heavy, 27 to 27%c.;
fancy whites, 1 to 2%e. extra.
(VOL. 130.
OILS.
-Linseed was rather quiet with no change in prices.
Raw oil in carlots, cooperage basis, was held at 14.2c.,
while in single barrels 15e. was asked. The market lacked
fca ares of striking interest. The advance of warmer
weather, however, is expected to bring in a better demand.
Cocoanut, Manila coast tanks,63 to 63c.;spot, New York,
%
tanks, 6%c.; China wood, New York, drums, carlots, spot,
110.; futures, lie.; Pacific Coast tanks futures, 9% to 93e.;
soya bean tanks, coast, 930.; domestic tanks, cars f.o.b.,
/
Middle Western mills, 83.c.; edible olive, 2 to 2.25c.;
lard, prime, 133e.; extra strained winter, New York,
11%e.; cod, Newfoundland, 60e. Turpentine, 50 to 560.
Rosint $6.25 to $8.50. Jacksonville shipped 15,535 barrels
of rosin on the 1st inst. The destination was not known.
To-day a break of 10e. a bushel occurred in May flaxseed
at Duluth with the price around 2 p. m. at $2.73 a bushel.
Fine weather in the Northwest, prospects of a large acreage
and liquidation accounted for the development. The
Winnipeg flaxseed market was 3 to 4c. lower. Cottonseed
oil sales to-day, including switches, 1,300 barrels. P. crude
3
S. E., 7% to 73c. Prices closed as follows:
Spot
May
June
1July
9.04
lOctober
8.800
O.22§
8.858.86 August
0
9.14@9.18 November---9.10 9.20
8.85©8.91 September -9.21 9.23 December_ --9.13 9.25
-Gasoline was advanced lc. in all classPETROLEUM.
ifications which directly affect the retail price by the Tide
Water Oil Co. early in the week. The new schedule for New
York City excluding State tax is 16.3c. at filling stations,
14.3e. tank wagons and 11.3e. to dealefs. Other companies
followed suit. Virtually all the leading marketers in this
area met the increase of lc. a gallon in the tank wagon and
service station prices of gasoline throughout New York and
New England and many advanced their prices in tank cars
at refineries from % to lc. a gallon. The Shell Eastern
Petroleum Products, Inc. raised the bulk price to 100. and
also met the lc. increase in tank wagon and service station
prices of the Tide Water Co. The Richfield Oil Co. of New
York raised its price lc. in Eastern New York and New
England and 2c. throughout Western New York, while the
Standard Co. of New York advanced the tank wagon,service
station and tank car prices of gasoline lc. throughout New
York and New England. Its price in tank cars at refineries
is now 10c. The Pan American Petroleum and Transport
Co. increased tank cars to 93c. at Carteret, New Jersey,
effective April 30 while the Carson Petroleum Co. rained
U. S. Motor to 9o. in tank cars, terminal. Its price for
California gasoline in tank cars is now 93.c. terminal. The
Warner-Quinlan Co. met the increase of lc. in gasoline in
tankwagon and service station prices throughout this area.
The Standard Co. of New Jersey continues to quote U. S.
Motor in tank cars at refineries at 83c. despite the marked
improvement in the gasoline situation. An advance in this
direction is expected very soon however. Fuel oil has been
in good demand especially for this time of the year, and
prices have been holding up well. Marine Fuel oils were
also rather active. Consumption is holding up well. Grade
C bunker oil was steady at $1.15 at refineries. Diesel oil
was in good demand at $2 refinery. Contract deliveries were
rather large. Kerosene was rather easier with 41-43 water
white freely offered at 73. to 73 0.in tank cars at refineries.
/
Stocks are large. Lubricating oils were in good demand.
The export inquiry was more active. The Joseph Seep
Purchasing Agency of Pittsburgh reduced Pennsylvania
crude oil 25e. a barrel owing to overproduction in the Bradford district.
Tables of prices usually appearing here will be found on an earlier page in
our department oc"Business Indications." in an article entitled "Petroleum
and Its Products.'
RUBBER.
-On the 26th inst. prices fell to the lows of
eight years ago. Old May contracts dropped to 14.10e.
London on the spot and for May was off to 7d. In Singapore,
May was 694.d. New York sales were 945 tons. Plentiful
stocks and anything but satisfactory trade tell the story.
New contracts closed on the 26th with May, 14.25c.• June,
14.47c.; Sept., 15.10 to 15.20e. Old contracts: May, 14.10e.;
July, 14.60c.; Sept. 16.900.• Dec., 15.50c.; March, 16.10e.
On the 28th prices'
dropped to a new low and then became
'
steadier. May notices were smaller than expected. Prices
were 20 points lower, closing 10 points lower to 10 higher.
The stock in the United Kingdom increased 1,715 tons last
week, against estimates of an increase of 1,500 tons. The
total is 97,630 tons, a new high record. A late cable stated
that proposals had been sent by Dutch interests to all
producing countries urging a permanent restriction plan.
Batavia reported that 200 native tapping concerns on the
West Coast of Sumatra had decided to join the tapping
holiday in May. Actual fell. New contracts closed on the
28th with May, 14.25c.; July, 14.73c.• Sept., 15.150.;
Dec., 15.73c. Old contracts: May, 14 • to 14.10c.; June,
14.20c.; July, 14.50 to 14.60c.; Sept., 15e.; Oct., 15.20c.;
Dec., 15.50 to 16.60c. Outside prices: Smoked sheets spot,
April and May, 14 to 1434c.; June 143 to 14%e.; JulySept., 143 to 15c.; Oct.
%
-Dec., 154 to 15%c.; spot,first
latex thin, 143' to 14%c.• thin pale latex, 14% to 14%c.•
clean thin brown No. 2, 13% to 133c.; specky crepe 951
to 9%c.; No. 2 amber, 13 to 13%c.; No. 3, 13% to 13340.;
%
,
No. 4. 123' to 13c. London spot opened at 6 15-16d. closing
at 7 1-16d. Singapore, May, 65 d. Rubber invoiced for
%
shipment to the United States for the week ended April 26,
according to vise figures of the Department of Commerce,
totalled 7,424 tons, compared with 7,636 in the previous
week, and 9,795 tons two weeks ago.
MAY 31930.]
FINANCIAL CHRONICLE
3211
-Continent, 30. Coal.
-Cardiff,
A Reuter cable from London to the Exchange said: "A 26s. 6d.; clean, May-June. Gulf to U. K.
5,300
telegram from Batavia, dated April 28, says a full report Plata,tons, Salonica, 7s. 6(1.; steamer 6.200 tons, May, Montevideo, La
about $3.60. Round trip, prompt, delivery Roston, redelivery
of the rubber situation is being mailed to Europe on April 30 Montreal via West Indies, 80c.
by M. Marius. Th9 report is being addressed both to
TOBACCO.
-Trade was reported slightly better in leaf'
Dutch Rubber Committee and to the Anglo-Dutch Com- tobacco. The cigar business was said to be better in various
mittee; so that it will reach practically all European rubber parts of the United States. But the feeling is cautious.
growers. The reports consist of (1) a review drawn up Optimistic reports are received with a grain of salt. Hopes
after consultation with managers of Dutch-East Indian have been raised and clashed too often. The next Sumatra
Government rubber estates on the present situation and sale will be held in Rotterdam on May 2, the first o the
means of improving it; (2) a stabilization plan drawn up auctions to be h Id there this year. Prices ome think will
by Marius providing for a permanent organization of pro- remain high and wrappers suitable for the American trade
ducers for the stabilization of prices as a means toward will no t be abundant Havana to the U.S. Tobacco Journal:
bringing world's production back to a healthy basis; (3)graph "During the first three months of this year as compared to
On the same period in 1929, there were 8,088 more bales and
with explanations indicating the present position.
April 30 prices ended unchanged to 10 points lower on old 2,267 more packs shipped during the first quarter of this
contracts and 5 to 10 lower on the new. The sales were year, while shipments of barrels fell behind to the extent
832 tons, of which 400 were new contracts. May new of 3,224. The difference in value is $345,575 in favor of 1929.
closed at 14.150., September at 15 to 15.03o.; December In Feb.the consumption of cigars in Cuba totalled 15,557,175
15.55 to 15.61e. Old May, 14c.; June, 14.20c.; July, 14.500.; and cigarettes, 27,514,941 as against 19,102,775 cigars and
September, 14.80 to 14.90c.; December, 15.40c. Ribbed 27,991,122 cigarettes in Feb. of 1929. Comparing the first
spot and May, 14 to 143jc. London off 1-16d.; spot and two months of the year with the same period of last year
May, 6 15-16d. Singapore off 1-16 to Md.; May, 64d.; there has been a falling off in local consumption (throughout
July-September, 7 1-16d. On the 1st inst. prices advanced the Republic of Cuba) of 7,445,475 cigars and 1,960,941
10 to 15 points. Trade interests bought. London was cigarettes." Mayfield, Ky. to the Journal: "The custom of
higher. The sales here were 362 tons of old contract and a number of impor ant buyers withdrawing from the markets
250 of the new. September new closed on that day at near the close of the auction sales each season, resulting in
15.120.. May old, 14.10c.; June, 14.20 to 14.30c.; July, most cases in a decline in prices,•will not be the case this
14.50 ' 14.60c.; September, 14.900.; December, 15.40 to year,it appears. Notwithstanding the unusual deliveries, all
to
. 15.50c. Outside prices: Ribbed smoked spot and May, interests are apparently as eager for the various grades as
14 to 141 0.; June, 1434 to 1438c.; July-September, 144 to anytime since the opening of the market. The higher average
4
/
15c.; October-December, 151% to 15Mc.• spot, first latex reported at Mayfield this week on the small quantity sold
thin, 141% to 1434c.; thin pale latex, 144 to 145 i.; clean is accounted for by practically no lugs being o le ed." At
4
thin brown No. 2, 131% to 1334c.; specky crepe, 1234 to Mayfield sales last week 12,915 lbs.; average $11.54 or $2.17
91% to 934c.. No. 2 amber, higher than
1334c.; rolled brown crepe,
in the preceding week. At Hopkinsville sales
134 to 13'Mc.;No.3,131% to 1340.;No.4,12M to 1334c.
175,715 1133. of dark at average $9.41 or 21e. lower than the
On the 1st inst. smaller April shipments from Malaya, a preceding week; burley market in this section closed. Total
steady close at London and the reduction in the British sales for the season here were 4,357,970 lbs.; average $20.21.
bank rate combined to cause an advance in futures. London At Clarksville sales 481,170 lbs.. average $13.07 or 820.
-May, 7d.; higher. At Springfield sales 707,095 lbs.; average $13.98 or
closed unchanged to 1-16d. higher with spot
'
-Dec., 734d. and 350. higher. Markets in the One Sucker District are closed,
June, 7 1-16d.• July-Sept. 734d.; Oct.
Jan.
-March, '73 d. It is stated that more than 90% of the Total sales for the season at Russellville 23,092,245 lbs.;
'
Far Eastern Rubber producers suspended production on average $10.33. The Dark Fired Virginia and One Sucker
May 1 in accordance with the plan to stop tapping of rubber Districts are closed for the season.
trer's during the rt:tire month of May. As a result the
COAL.
-A decline of $1 in domestic size anthracite coal
rubber producing companies in Malaya and the Dutch
East Indies will now ship out of stocks on hand to fill con- was a feature for May 1. It will be advanced 50c. on July 1,
trirts with consumers in America and elsewhere. A cable- and 50c. on Sept. 1. As of April 22, the producers made a
gram to the Rubber Exchange of New York reported the reduction of 60e. in the cost of pea, of 70c. in egg and broken,
gross Malayan rubber shipments to all countries during and of 600. in chestnut in long tons at the mine. Trade is
.A , ril at 44,759 tons, against 47,320 tons during March and reported good. Beginning June 1, the wholesale price will
49,816 tons during the same month last year. The April be advanced 15c. monthly until at the former winter level.
exports from the chief pr3ducing country were the smallest The cumulative discount for cash has been discontinued.
of the year. As a result of the May restriction, Malayan Domestic or No. 1 size buckwheat is in two grades,ordinary
s' •, meats are expected to fall sharply during this month and domestic. The mine price is $3 for ordinary, and $3.50
and the next. The stock at London is expected to increase for the domestic. All the New York retailers agree that
1,300 tons for the week and that at Liverpool 350 tons. buckwheat has been the most active during the past season.
T.
-day futures closed unchanged to 10 points higher with egg was next, then stove, pea and 'chestnut. On May 1
sales of 145 lots. No. 1 contract ended unchanged to 3 retail cuts of $1 on anthracite went into effect, i.e. broken
'
"hints higher; May, 14.30c.; July, 14.74c. London closed fell to $12.50; egg and nut to $13; stove to $13.50; pea to
.50.
quiet and unchanged to 1-16d. higher with spot-May, 7d.;
-Dec., 732d. and Jan.June, 734d.; July-Sept., 7%d.• Oct.
/
COPPER was very quiet, though some domestic inquiry
March, 71%d. Final prices here closed unchanged to 20 was reported. Export sales on the 29th inst. were 1,000,000
points lower for the week.
lbs. and on the 30th 1,250,000 lbs. The price is still 14e.
IIIDESon the 26th ended 5points off to5up with salesof only for domestic. In London on April 30 spot standard fell•
200,00011-g. May ended at 14.20 to 14.30c.; Sept. at 15.17 to £1. 12s. 6d. to £50 7s. 6d.; futures of £2 to £49 15s.; sales,
15.20c.; Feb. at 16.06 to 16.12c. On the 28th the market 1,100 tons of futures. Electrolytic unchanged at £62 bid
was dull and 2 to 25 points lower, early closing 3 points net against £66 asked. Standard at the second London session
lower to 5 higher after sales of 360,000 lbs. Recent sales of that day advanced 5s. on sales of 350 tons of futures. Im41,000 Argentine steers were 14 9-16c. to 14 11-16c. Fur- ports of copper in manufactured form into this country
ther offerings were reported at the outside price, but early amounted to 28,219 metric tons in March against 28,127
in the week the tone was quiet. City packer hides were in February and 35,694 in January, according to the Amerisaid to be well sold up to May 1 and quiet. Country can Bureau of Metal Statistics. Exports of refined copper
hides quiet. Common dry dull. Cucutas, 14c.; Orinocos, amounted to 15,464 tons in March against 23,007 tons in
134c.; Maracaibo, 124c.; Central America, 12c.• La February and 20,760 in January. Bisbee, Ariz., wired
Guayra, 1234c.; Ecuador, 124c.• Savanillas, 12c.; Puerto that copper companies throughout Arizona have announced
Cabello, 1234c. Packer, spready native steers, 1654c.; a 5% cut in wages, effective on the 1st inst., due to the
native steers and butt brands, 14c.; Colorados, 1340. New recent 4c. per pound reduction in the price of copper. The
York City calfskins, 5-7s, 1.50c.; 7-9s, 1.85 to 1.90c.; 9-12s, decrease, it is said, will reduce the mine payrolls approxi2.45 to 2.500. On April 30 prices ended unchanged to 10 mately $4,000 per day and that 15,000 men will be affected.
points up;sales,600,000 lbs. May closed at 14.20 to 14.40c.; Futures closed to-day with May 12.25c.; July to December
Sept. at 15.20 to 15.22c.; Dec. at 15.87 to 15.90c.; Feb. at 12c.
16.10 to 16.220. On the 1st inst. futures were dull and 2 to 5
TIN
points off; sales, 160,000 lbs. May closed at 14.21 to 14.40c.; quiet. declined to new lows early in the week with trade
the
Sept. at 15.15 to 15.20o.; Dec. at 15.85 to 15.90c. To-day expense Of late a better business was reported but atwere
of prices.
close on
prices closed 1 point lower to 4 higher with sales of 23 lots; quoted at 334c.for Straits at the 34c. for the 30th
spot and May,
and 3434e.
May, 14.20c.; July, 14.75c.; April, 15.150.; Oct., 15.45c.; for July. London on the 30th declined .£3June to £3 15s.,
5.85c. Final prices for the week are 5 lower on May with sales of 1,830 tons. American tin 10s.
deliveries were
Dec.,idgher on July.
to 5
6,780 tons, against 8,675 in March and 8,435 tons in April
OCEAN FREIGHTS.
-Some rates were higher, but grain last year. Stocks at the end of the month were 2,519 tons
was slow.
and amount landing 3,168 tons, a total of 5,687 tons in
OHARTERS.-Graln,steamer 4,500 tons. San Lorenzo prompt, U. K. sight. Futures on April 30 declined 15 to 20 points with
Continent, 156. 9d., with options' 6,700 tons, Danube, Antwerp-Rotterdam-Hamburg range, May 10-25; 148. North Pacific grain, Vancouver, July the most wanted. June closed at 33.850.; July, 340.;
prompt to U. K.
-Continent, 18s. 9d.; Montreal, June 1-15, Mediterranean, Sept., 34.300. Later on Straits tin was quoted at 334c.,
12c. with options including Antwerp-Rotterdam, 9c. Grain bookings on
Satt;rday consisted of some lowis to Antwerp at 9c. and to various English or Mc. lower. Future months were 34 higher per month.
ports at rates prevailing all during the week; about 15 loads, including Demand was not large. Futures on the 1st inst. closed 80
English ports, early May,at Is. 6d. and a few loads to Marseilles at 12c.
Grain bookings on April 29, about 113 loads, including 6 to Liverpool. 2 to 105 points lower with sales of 130 tons. London on the
to Manchester,2 to London, all at is. 6c1.; 3 to Hull at is. 9d., and a couple 1st inst. fell £1. 10s. at the first session on all descriptions,
-Steamer, 12,000 tons, 5%, Cuba, May, to
to Marseilles at 12c. Sugar.
at the second session standard dropped £1 further.
two U. K.
-Continent discharges, 14s.: 4,500 tons Santo Domingo, May,to while
U. K -Continent, 15s. Tankers.
--Clean, June-July, to Constanza, Rouen, The world's visible supply of tin increased 3,623 tons in
3212
FINANCIAL CHRONICLE
April to 36,595 tons. Straits tin shipments in April were
9,720 tons or about as expected. Futures to-day closed with
May, 33c.; July, 33.25c.; Dec., 33.85c.; sales, 35 tons.
LEAD was in fair demand but rather weaker. Prices
were generally 5.40e. East St. Louis and 5.50c. New York.
Exports of lead from the United States in March were 5,325
short tons, against 3,845 tons in Feb. and 6,534 tons in Jan.
No imports were received in the United States in March and
only 47 in Feb. In London on the 30th spot was unchanged
at £17 15s.; futures up is. 3d. to £17 13s. 9d.; sales, 700
tons of futures. At the second session prices declined 2s. 6d.
on sales of 100 tons of futures.
ZINC was quiet and easier. Some who had been quoting
4.75e. are now admitting 4.723.c. and there were reports of
4.70e. being possible. Exports from the United States in
March were only 17 short tons against 6 tons in Feb. and 20
tons in Jan. Canadian zinc exports in March were 7,852
short tons, against 7,191 tons in Feb., and 5,240 tons in
Jan. Spot zinc in London on April 30 was unchanged at
£16 17s. 6c1.; futures off 2s. 6d. to E17 7s. 6d.; sales 675 tons
of futures.
STEEL.
-With trade rather slack than otherwise, production tends to decrease rather earlier if anything than
usual. But some look for a better trade in the second half
of the year than the showing for the first half of the year,
though this would be contrary to the usual experience. Car
builders are buying plates for delivery up to July 1. Black
and galvanized sheets sales are smaller with prices lowered
for tonnages. Wire products demand was still considerably
below 1929. Rail steel for reinforcing work is slightly firmer
at 1.80e. Plates, shapes and bars generally continue 1.90e.
Wire nails to jobbers are $2.30 a keg and plain wire 2.500.
with prices weak. Iron and steel scrap is off 25 to 50 cents
and dealers' stocks have accumulated without corresponding
orders. Heavy melting steel is $13 to $13.50. Youngstown, Ohio, reoprts that puddlers and finishing mills will
reduce wages 25e. per ton during May and June as a result
of decline in the average price of steel bars.
Chicago wired to-day: "The American Steel & Wire Co.,
a subsidiary of the United States Steel Corp., has announced
reductions of $2 to $3 a ton in wire rods, wire nails and plain
wire. The new prices are $36 a ton for wire rods, $2.15 per
100 lbs. for wire nails and $2.30 for plain wire, f. o. b.
Pittsburgh and Cleveland. At Chicago the base is $1 a
ton above these figures. Worcester prices are $2 a ton
higher than those quoted. The American Steel & Wire Co.
stated that the reduction was made to conform to quotations
which represent the prices being generally made by other
manufacturers."
PIG IRON.
-Here trading has been slow or at best pnly
moderate. A cargo of 3,000 to 3,500 tons of Dutch pig
iron is to arrive at Bridgeport, Conn., next week. The
iron has been selling at $22.75 duty paid. Indian pig iron
has sold rather freely in recent weeks. London prices have
been gradually falling. Last week Buffalo sold about 5,000
tons, Boston 2,000, and New York 9,000. Even Cleveland
is quiet, which is significant. Eastern Pennsylvania is
quoted at nominally $18.50 to $19.50; Buffalo, $16.50 to
$17; Cleveland,$18 to $19; delivered Chicago, $19 to $19.50.
April shipments of iron were about equal to those in March
though a sharp increase is usually the ease in April. Chicago
wired that northern foundry and malleable pig iron have been
reduced 50c. a ton to $19, Chicago furnace. This follows
a similar reduction announced about March 1 and makes
northern iron $1 a ton below the level of a year ago. Prices
at other lake furnaces in competition with Chicago will be
adjusted.
WOOL.
-Boston wired late last week a Government
report saying: "Early wools shorn from lambs and sheep
on feed in Colorado are arriving on the market and are
meeting a fair demand from top makers. Sales have been
closed on fine clips consisting mainly of 64s and 60s qualities
of bulk French combing staple at prices around 65e. scoured
basis. These wools are suitable for making tops. Some
of the wools selling at these prices are not eligible for the
better class of tops because of a break in fiber in many of
the fleeces." Later reports stated that fine wools were
steadier in response to the rise in Melbourne and Sydney,
but medium and low grades were weak. Boston quotations:
Ohio and Pennsylvania fine delaine, h, X and 3i blood, all
29 to 300.- Territory clean basis, fine staple, 75 to 80c.• fine
medium,i'rench combing,68 to 73c.; fine, fine medium cloth3
ing,65to 680.; 34blood staple,70 to 75e.; % blood,63 to 650.;
X blood, 55 to 56e.; Texas clean basis, fine 12 months,
75 to 78e.; fine,8 months,67 to 68e.; fall, 65 to 66c.; pulled,
scoured basis, A super, 73 to 75c.; B, 60 to 65e.; C, 50 to
55e.; domestic mohair, original Texas, 40 to 450.; Australian clean basis in bond, 64-70s combing super, Si to
530.- 64-70s clothing, 45 to 470.; 64s combing, 48 to 500.;
:
60s, 47 to 48c.; 58-60s 46 to 47e. At Melbourne on April 28
'
wool sales resumed with 8,000 bales offered. The selection
was good and there were I ew withdrawals. Prices ranged
5 to 736% above the close of the previous series.
In Liverpool on April 29, the auction of more than 15,000
bales of carpet wools available for East India sales opened
with medium grades generally firm and in some cases 5%
higher. Tone better. At Melbourne, on May 1 offerings
were mostly sold. Recent rise was fully maintained. Prices
fully 10% above the sales on April 1. America, Japan and
[VOL. 130.
the Continent continued to buy freely, with Yorkshire and
local manufacturers also giving support. At Sydney on
April 28, the ninth series of sales opened with 9,758 bales
offered. Selection good and competition brisk. French demand
for fine merinos attracted attention. Good Yorkshire and
German buying. Compared with the close of the preceding
series superfine merinos were firm; fine merinos and average
qualities were 10 to 15% higher, and broad qualities and
faulty wools were 10% higher.
SILK closed to-day 2 to 8 points higher with sales of 610
bales; May, 3.90c.; July, 3.95c.; Dec., 3.92e. Final prices
are 2 points lower for the week on May, but 1 point higher
on July.
COTTON
Friday Night, May 2 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
50,024 bales, against 50,239 bales last week and 46,693 bales
the previous week, making the total receipts since Aug. 1 1929
7,777,807 bales, against 8,754,175 bales for the same period
of 1928-29, a decrease since Aug. 1 1928 of 976,368 bales.
Receipts at-
Sat.
Galveston
Texas City
Houston
Corpus Christi_
New Orleans
Mobile
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Totals this wk_
Mon.
Tues.
Wed.
Thurs.
1,071
970
520
1,801
2
135
829
29
212
8,857
679
2,903
23
1,761 3,328
152 4,103
42
332
201
333
26
219
9
127
- 7,082
8
51
755
8.AR1 1R AA9
R 14ft 1R540
Fri.
808
254
197
581
106
1.649
120
734
91
372
24
2,242
Total.
82
499
1.044
4,654
499
6,932
2,031 1,394 11,964
10
634 5,021
42
102
653
7
162 2.266
83
____
448
11
170
901
--------16,939
15
98
1_RR4 4.15A AO n94
The following table shows the week's total receipts, the
total since Aug. 1 1929 and stocks to-night, eompared with
last year:
Receipts to
May 2.
,
1UGC GV.
AULV OV.
-
OMX.X.
This Since Aug This Since Aug
Week. 1 1929. Week. 11928.
1930.
1929.
Oalveston
4.654 1,715.518 10,1602,731,066 256,357 285,717
Texas City
608 176,040
499 136.423
4,643
12,857
Houston
6,932 2,581.711 8,477 2,811.403 708.063 455,397
Corpus Christi__ ---- 256,831
649 383,906
2.963 -----Port Arthur, &c
15,915
---15,319
New Orleans
11,964 1,571,503 14,361 1.511.568 420,974 251,022
Gulfport
498
Mobile
5,021 384,298 3,185 263,925
8,107
19,215
Pensacola
12,373
32,186
Jacksonville
186
---384
874
867
36,048
Savannah653 449,807 2,816 352,191
22,374
Brunswick
7.094
Charleston
2,266 187,849 3,180 165.327
15,618
22.392
Lake Charles..
9,763
---5,505
418 124,585
-441 91.441
Wilmington
24,377
15.642
Norfolk
901 143,912 2,577 223,733
47,474
67,428
N'port News, &c_
92
New York
49,396 123.400 164.213
21,003 3,642
15,019
Boston
28
2,975
3,235
2,794
1.842
98
Baltimore
50.298
1,843
1.129
43,095 1.789
Philadelphia
11
5.197
4,497
---753
Totals
50.024 7.777.807 51.241 8.754.175
,1.650.171 1.334.086
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-Galveston_ --..
Houston*_--New Orleans..
Mobile
Savannah
Brunswick
Charleston,am
Wilmington_
Norfolk
N'port N.,&c.
All others
Tot, this week
1929-'30. 1928-'29. 1927-'28. 1926-'27 1925-'26. 1924-'25.
25.156
19.481
4.654
10,160
13.569
10,734
19,526
21,008
6,932
6.870
8,477
9,372
24.381
25,913
11,964
23,994
14,361
10,947
4.171
2,035
5,021
3,185
1,512
516
13,640
12.414
653
2,816
19.928
3.856
17.185
6,067
9,085
4,222
5,316
34
2.828
50,024
51,241
109,891
2,266
448
901
3,180
418
2,577
13.913
4.813
6,064
4.508
2.436
1.129
108,689
76,810
45,115
2.633
645
5,223
3.256
213
5,092
Since Aug. 1 7.777,807 8.754,1767.767,926 12068451 8,906,695 8,812,735
- • • With e season of 1926, Houston flures include
tseglnulng movement
of cotton previously reported by Houston as an Interior town. The distinction between port and town has been abandoned.
The exports for the week ending this evening reach a total
of 42,237 bales, of which 7,869 were to Great Britain, 3,167
to France, 4,521 to Germany, 4,329 to Italy, 12,266 to
Japan and China and 10,085 to other destinations. In
the corresponding week last year total exports were 89,378
bales. For the season to date aggregate exports have been
6,114,422 bales, against 7,149,186 bales in the same period
of the previous season. Below are the exports for the week:
Week Ended
May 2 1930.
Great
GerExports from
- Britain. France, many.
Galveston
2,022 1,513
Houston
1,840 1,179 1,698
Texas City
87
Corpus Christi_ _
75
New Orleans
715
Mobile
314
518 377
Savannah
904
Charleston
984
1,153
Norfolk
314
New York
150
100
Los Angeles
1,057
San Francisco_
700
Total
Total 1929
Total 1928
7,869
Exported to
Japan&
Russia. China. Other.
3,410
"SOO
119
4,441
900
_
_
_
3,075
600
4,521
4,329
16,224 15,485 11,130
28,774 8,382 28,635
7,840
4,159
3,167
2,591
659
Total.
3,222 9,348
4,399 13,185
674
761
75
-710 6,666
7
260 2,226
600 1,623
25 2,162
314
"195 445
4,132
1,300
12,268 10,085 42,237
9,051 16,632 13,016 89,378
5.200 8,166 42,225 125.541
MAY 3 19301
FINANCIAL CHRONICLE
3213
during this season to end March against 1,267,000 in the
same portion of last season, the Continent only 2,989,000
against 3,215,000, the Orient only 959,000 against 1,000,000,
and the minor consuming countries only 134,000 against
Galveston.... 189,608 261,314 328,717170,773 8,123 285,459258,303 1,502,297
Houston
432,490172,477 12,521 325,218 198,426 1,681,814 193,000.
207,450333,23
____ 3.151 12,068, 95,379
35,5521 2.533
,
15,338
Texas City-On April 30 July advanced 40 points, May 35, and new
Corpus Christ 102,113
, 1
53,581 36,517 41,521 27,731 30,257j 362,789
Beaumont
3,777 1,014
3,33
--------3,2911 15,319 crop 18 to 25, after which there was some reaction on profit3,90
---------450
9,823 taking. The weather was good, and the cables indifferent.
Lake Charles_
5,038 3,654
363
318
New Orleans- 248,278 75,897 206,415167,063 15875 198728 94,4-491,006,705
Mobile
____ 21,4871 6,270 305,306 But, on the other hand, contracts were scarce. July shorts
88,759 8,232 171,568 8,990
141
Jacksonville
141
were anxious over the technical position. May and July
____
Pensacola._
25,824
65
200
5,507
32,588
____ 1,000
____ 11,500 5,793: 375,728 positions appeared to be as tight as ever, and some expressed
Savannah.... 144,304 1,058 207,841 5,430
Brunswick
I
7,094
7,094 considerable doubt whether there would be a sufficient
-I
426
____ 40,405 12,635 169,309 quantitY of tenderable quality available to satisfy
Charleston_
55,095
115 60,699
the
Wilmington _ _
---------2,0001 72,168
12,271 44,910
12,987
____
The weekly report was
Norfolk
29,860 --------600
349, 80,738 requirements of July contracts.
49,929
___
____ 2,497, 8,436 51,939 comparatively favorable, though it did state that the central
New 'York.. _ 23,438 4,895
3,630 9,045
Boston
3,986
332 --------50 3.251
353 :
and eastern parts of the belt had too much cool, dry weather
Baltimore_
122
1 135
Philadelphia------------- 72
___
157
-- ----229 for germination and growth. On the 1st inst. prices were
____ 147362,
Los Angeles
46,438 1,360
290,
40,57
826
4:798
San Diego...,
2,soo. _ __ _1 8,150 irregular, with the old crop up 22 points on good demand,
5.25
San Francisco
7,511
____ 48,786
3,150
200
4ii
247' 80,299 with contracts scarce, and the new, after an early moderate
Seattle
24,245! ____1 24,245
Portland, Ore
4,2371
____
4,237 advance, reacting and declining some 15 to 20 points on
;
good weather and liquidation. Liverpool cables were lower
Total
1,199,096785,859 1,647,067620,436 78,040 1145354 638,5706,114,422
than due. Spot markets were higher, but quiet. Exports
Total 1928-29 1.759,669758,713 1,787,900598,290 191,093 1348487 709,034 7,149,188 were very small. Worth Street was quiet. Manchester was
so,...., , " no •
no
,
In
dull, fearing cancellation of buying orders and further
NOTE.
-Exports to Canada.
-It has never been our practice to include in the troubles in India if Gandhi is arrested, as there seemed
above table reports of cotton sh pmenta to Canada, the reason being that virtually
Many stressed the strong
all the cotton doulned to the Dominion comes overland and it is impossible to some likelihood of his being.
Rive returns concerning the same from week to week, while reports from the customs technical position of the old crop, and not improbably of
districts on the Canadian border are always very slow in coming to hand. In view,
the new.
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of March the exports to the Dominion the present season
To-day prices declined 15 to 20 points on both crops with
have been 15.314 bales. In the corresponding month of the preceding season the
exports were 24,719 bales. For the eight months ended March 31 1930 there were heavy liquidation, good weather, copious rains in Texas,
149.362 bales exported, as against 194,396 balm' for the eight months of 1928-29.
further rains in Oklahoma, more or less depressed cables
In addition to above exports, our telegrams to-night also considerable selling of July by outsiders and others, larger
give us the following amounts of cotton on shipboard, not offerings of both crops and a decline in grain and stocks.
cleared, at the ports named:
Later on there was a moderate rally. May notices were
issued for 7,100 bales. The certificated stock is steadily
Shipboard Not Cleared for
On
increasing and now amounts to 333,126 bales at the six
delivery points. The May notices thus far issued are apOther CoastGerLeaping
Great
May 2 at
Foreign wise.
Total.
Britain. France. many.
Stock.
proximately 267,000 bales. New York July was 40 points
Spot markets were lower. Worth
Galveston
4,500 5,000 5,200 20,000 2,500 37,200 219.157 over Liverpool July.
New Orleans_ _
100 20.101 400,273 Street was dull.
So was Manchester. And Manchester
2.690 4,567 4,586 8.758
Savannah
500
500
35,548 stressed fears of cancellations of contracts by the Far East.
187
Charleston_ _
187
15,431
Mobile
1,200
950 2,950
7466
5.157 Final prices show an advance for the week of 34 to 37 points
Norfolk
47,474 on the old crop and a decline of 22 to 26 on the new. Spot Other ports*_. 2,000 2,500 5,000 26:666
500 30,000 835,593
cotton closed at 16.60c. for middling, an advance for the
Total 1930... 9.990 12.067 14,786 49,958 4.737 91,538 1.558,633
week of 35 points.
Total 1929
14,392 51,163 5.809 89,781 1.244,305
12.775
Exported to
From
Aug. 1 1929:0
May 2 1930,
Japan&
Great
GerExportsfrom- Britain. France. many. 1 Baty. Russia. China. Other.1 Toted.
OA .4
Total 1928
Ann onn etno 1 eon DOC le,' !IRA 0
18,617
5.642
8,025 16,882 50.131
An,
IMO MA'KO 011 A '201 dlOR
2.680 96,335 1.357.957
Staple Premiums,
80% of average MI
dx markets quoting
for deliveries on
May 8 1930.
Differences between grades established
for delivery on contract May 8 1930.
Speculation in cotton for future delivery has been fairly
Figured from the May 1 1930 average
active, with old crop higher on the technical position, with
quotations of the ten markets designated
15-16 1-Inch &
the Farm Board in control, and lower on the new crop, owing
longer.
Men.
by the Secretary of Agriculture.
to better weather. On the 26th ult. prices declined owing
.27
.70
White
Middling Fair
1.00 on MM.
to May liquidation and general selling of next crop months,
Strict Good Middling.... do
70
.27
do
86
with no vigorous demand to offset it. The market acted a
70
(loud Middling
.27
do
.72
do
Strict Middling,
.27
87
do
5
6
do
64x60's were quoted at
little tired. Print cloths 38%-inch
67
Middling..
.30
_ ..... do
Basis
61 c., with little business. The trade in spot cotton on this
,
Si Met Low 34 Wilma _. __ do
.63
.26
.72 off MM.
Low Middling
.25
CO
_._ do
do
.1 73
Curtailment of 50% declared
side was still very small.
...Siete, Good ordinary_ do
do
2.90
by some mills in the Carolinas and Georgia in May, June
•Good Ordinary
do
.3 OS
do
nood Middling
Extra White
.72 on do
and parts of July was not forgotten. On the 28th ult. prices
Strict al ladling
.50
do
do
do
advanced early 12 to 20 points, with the Liverpool cables
NI iddling
Even
do
do
do
Strict Low Middling__ do
72 off do
do
higher than due, the first reports showing very little rain
tow Middling
do
do
do
1.73
in Texas. and some demand for July. July was not at all
.62
.25
(loud Middling
Spotted
28 on do
.24
.65
Strict Middling
freely offered. The spot firms bought May and sold July.
05 off do
do
.60
.23
Middling
.72 off do
Later all the rise on the new crop disappeared, as it turned
'
Strict Low Middling...
do
do
1 73
•
liaw Middling _ ....... do
out that Northwestern and Southwestern Texas had some
do
2.80
.22
.53
Strict Good Middling-Yellow Tinged
08 off do
rain and Central and Northeastern portions 1 to 3% inches.
.22
.53
need Middling.
de
.55
do
Spot cotton was as dull as ever. The ending was four points
.22
Strict Middling
.53
1 05
do
do
1 65
'Middling_
60
do
net higher on the old crop and one to eight lower on the
*Strict Low Middling...,
do
do
2.32
new. Not a few were inclined to sell the new crop. But
•
LOW Middling.,.,
do
do ..... 322
do
.21
63
Good Middling
Light Yellow oteleed.j.go off de
the fear of a July deal that shall be the grim complement
*Strict Middling
do
do
do _1.88
do
of the May deal makes people afraid to sell the old crop.
*Middling
An
do
do
In .2.53
.21
43
Good Middling
Yellow Stained
One rumor was that the May notices on the 29th ult. would
*Strict Middling
do
do
be 15,000 to 20,000 bales.
M ddl nit_ . __ .......
do
do
3.20
do
21
03
Good Middling
On April 29th prices fluctuated within a range of 20 points,
85011 do
Gray
21
it1
Strict Middling........do
1 20
do •
closing irregular, with May and July six points higher and
*Middling
. _ ._ ...... __1.68
do
do
the new generally unchanged to three points lower. Out
1 10 oft do
*Good Middling .... BIM Stained
'Strict Middling
do do
2.45
do
of 82 stations in Texas reporting, 73 had rain. Western
An
Ao
.WAIflow
3.23
4,
Texas had a moderate rainfall. The State in general has
-Nos 013115rirow on ?Woo ,4.t.f M.'S.
,
latterly had, it would seem, ample precipitation. May
The official quotation for middling upland cotton in the
notices for 24,200 bales were issued and promptly stopped. New York market each day for the
past week has been:
The certificated supply at six delivery points were 315,822
April 26 to May 2Sat. Mon. Tues. Wed. Thurs. Frt.
bales. Yet some expressed doubts whether there will be Middling upland
16.20 16.20 16.30 16.50 18.70 140
enough tenderable cotton available to meet the requirements
NEW YORK QUOTATIONS FOR 32 YEARS.
of the July deliveries. The Farm Board, according to the 1930
16.60c. 1922
19.90c. 1914
13.000. 1906
11.750.
19.65c. 1921
popular idea, has holdings of 400,000 bales or more, imply- 1929
12.90c. 1913
11.85c. 1905
7.900.
1928
22.00c. 1920
41.250. 1912
11.40c. 1904
13.65e.
ing a short account of at least that much supposedly for 1927
16.45c. 1919
29.150. 1911
15.450. 1903
10.75e.
trade interests without going further. Spat cotton was 5 to 1926
18.950. 1918
27.750. 1910
15.25o. 1902
9.69c.
24.150. 1917
1925
20.500. 1909
8.31c.
10.850. 1901
10 points higher. But exports were 1,060,000 bales smaller 1924
30.15c. 1916
12.60c. 1908
9.81c.
10.200. 1900
for the season than up to the same time last year. And 1923
27.950. 1915
10.400. 1907
11.550. 1899
6.12e.
consumption of American cotton, owing to competition, will
MARKET AND SALES AT NEW YORK.
fall tar behind that of last season. In the United States
SALES.
Futures
to Mar. 31 it totaled only 4,112,000 bales against 4,472.000
Spot Market
Market
in the same thne last season, a falling off of 360,000.
Closed.
Closed.
Spot. Contr'cl Total.
Abroad, consumption during the first eight months of this
dec...,... Steady
Quiet,5
season was only 5,126,000 bales, against 5,675,000 in the Saturday.,..., Steady, pte.
unchanged _ Steady
Monday--119
corresponding period last season, a decrease of 549,000. It Tuesday --- Steady, 10 pie. adv_ Firm
119
Wednesday_ Steady,30 pts. adv., Barely
1;i6o 1.200
is pointed out by the Cotton Exchange Service that the con- Thursday -- steady, 10 pte. any.. Steadysteady
227.300 227.300'
Quiet, 10 pts. dec... Steady
sumption of American cotton is running below last season Friday
in all the major divisions of the world spinning industry. Total week119 228.500 228.619
Great Britain used only 1,044,000 bales of American cotton Since Aug. 1
154.415 529.100 683.515
*Estimated.
Ul"" It
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday,
April 26.
[VOL. 130.
FINANCIAL CHRONICLE
3214
Monday,
April 2,8.
Tuesday, Wednesday, Thursday,
May!.
April 29. April 30.
Friday.
May 2.
-April
Range-Closing _
Middling uplands, Liverpool
Middling uplands, New York_ _
Egypt, good Sake!, Liverpool_ _ _ _
Peruvian. rough good, Liverpool_
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
1930.
8.65d.
16.60c.
15.20d.
6.258.
7.608.
1929.
10.02d.
19.75c.
19.008.
14.506.
8.60d.
9.75d.
1929.
1930.
8.75d.
11.60d.
21.35c. 16.008.
22.55d. 17.25d.
13.75d.. 10.508.
7.858.
9.95d.
8.308.
10.906.
May
a Houston stocks are now included in the port stocks: in previous years
they formed part of the interior stocks.
* Estimated.
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.
The above totals show that the interior stocks have
decreased during the week 39,284 bales and are to-night
376,149 bales more than at the same time last year. The
receipts at all the towns have been 6.077 bales more than
the same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
Range. _ 15.88-16.04 15.95-18.13 15.90-16.09 16.03-16.42 16.38-16.59 16.31-16.45
Continental imports for past week have been 156,000 bales.
16.0816.36-16.40 16.49-16.50 16.38Closing. 15.98-16.00 16.02The above figures for 1930 show a decrease from last
June
- week of 158,743 bales, a gain of 606,360 over 1929, an
Range__
16.55-10.44Closing. 16.02 -16.06 16.4216.12increase of 720,650 bales over 1928, and a falling off of
July
Range __ 15.99-16.13 16.04-16.27 16.00-16.18 16.12-16.56 16.47-16.71 16.45-16.57 528,492 bales from 1927.
Closing_ 16.06-16.07 16.10-16.12 10.16-16.18 16.49-16.5116.60-16.10-16.51
-that is,
AT THE INTERIOR TOWNS the movement
August15.6515.77 the receipts for the week and since Aug. 1, the shipments for
•
Range- 15.6515.85Closing _ 15.57-15.60 -- 15.65-15.80the week and the stocks to-night, and the same items for the
Sept.
Range._
corresponding periods of the previous year, is set out in
15.35-15.20Closing. 15.25-15.25-15.27 -- 15.40detail below:
October
Range.. _ 14.98-15.12 14.95-15.18 14.85-15.02 14.93-15.22 14.94-15.18 14.83-14.94
14.88-14.90
Closing.. 15.00-15.01 14.96-14.97 14.99-15.00 15.10-15.11 14.96-15.00
Movement to May 3 1929.
Movement to May 2 1930.
Oct. (,'ow)
Range__ 14.72-14.88 14.69-14.93 14.58-14.76 14.65-14.95 14.66-14.90 14.54-14.64
Receipts.
Receipts.
1
Ship- Stocks
IShip- 1Stocks
Towns.
14.57-14.59
Closing. 14.74-14.76 14.79-14.7214.71-14.72 14.83-14.86 14.68May
meats
meats May
Nov.Week. Season. Week.
2.
iVeek. Season. Week.
3.
Range- _
14.97 -14.86- Ala., Etirm'ham
15.2015
Closing _ 15.10- 07-15.07232
52,864
388 109,700 1,6771 10,071
413 3,162
Nov. (new)
146 5,442
6751 15,019
457 3,342
Eufaula
98 19,843
Range-94 25,706
Montgomery.
5001 58,619 1,949 11,418
645 61,4641
14.73-14.6214.82-14.81 -- 14.93Closing _ 14.85240 12,062
6801 18,675
72,444
75
Selma
351 57.31
Dec.
1811 87,83
396 10,185
21 127.77131 1,718 24,371
Ark.,Blytheville
Range._ 15.14-15.27 15.12-15.32 15.00-15.16 15.03-15.30 15.08-15.27 14.94-15.05
28,58
11
252 3,492
5271 7,788
5, 30.539,
Forest City-1
Closing. 15.15-15.16 15.12-15.09-15.10 15.20-15.22 15.08-15.1114.96587 5,858
823 12.152
241 57,03
15' 61,434'
Helena
Dec. (new)
226 1,165
4651 1,250
101 57,16
241
56,163
Hope
Range_ _ 14.88-14.99 14.84-15.06 1.473-14.89 14.79-15.0514.77-15.03 14.63-14.71
109 1,399
867 1,847
15
Jonesboro_
39,6311
151 33,25
14.00-14.84-14.87 14.84-14.86 14.90-14.95 14.78-14.80 14.67Closing _
1.271 9,394
3301 117.75
870, 16,787
Little Rock
95 127,336'
Jan.
118 1,838
71 47,774
__ __I 2,307
Newport.._
10 51,362
Range__ 15 22-15.28 15.18-15.34 15.09-15.24 15.11-15.38 15.07-15.31 15.02-15.1(
6421 142,340' 1,058 8,819
Pine Bluff_
518 188,0611 1,263 23,833
15.15-15 05 -Closing. 15.22-15.25 15.20-15.23-15,24 15.28351 1,487
911 3,929
Walnut Ridge
3 55,892
71 39,059
Jan. (new)
3,702
____ 1.618
81
6,482' ____ 2,494
____
Ga., Albany
Range.. 14.92-15.01 14.89-15.08 14.80-14.94 14.85-15.08 14.83-15.07 14 72-14.8(
15
28,878
50 6.140
1,150, 42,862
760 18,898
Athens
Closing. 14.92 -14.91-14.90 -- 14.98-15.00 14.83-14.74 1.994' 164.454 6,355 69,023 1,323k 127,425 5,984 28,833
Atlanta
Feb.
Augusta
1,715 303,845' 3,232' 71,155 1,440 237,072 5,614 61,872
Range-782 50,661
112 11,103
84
475; 1,591
Columbus_ _ _,
25,280
14.90-14.83 15.07 Closing_ 15.04 -14.99 -14.99482 51.755
868 4,097
941; 13,249
Macon
75,703
206
I
March
7.0 26,330
_ ___1 16,548
23,356
50 35.921
Rome
15.08-15.28 14.99-15.13 15.01-15.25 14.95-15.20 14.83-14.91
Range... 15.15-15.23
31 144,951 4,011 27,808
324 144.972 1.506 48,506
La., Shreveportl
14
15
18
15
ri.-.-.. in in - 05- 08- 18-18 17 14118- 02-14 Of
102 146,337 1,816 12,409
115 191,452,
732 25,522
Miss..C1'ksdal
508 1,904
151 31,134
49
319 6.067
Columbus.-28,860
958 18,221
Greenwood..
921 189,111,
145 231,1.21 2,486 54,936
Range of future prices at New York for week ending
100 4
266, 5,521
Meridian, .
52,869
111
500 1,836
9.323
162 9,171
Natchez
611 32,155
653 17,110
25,258
91
May 2 1930 and since trading began on each option:
189 1,431
139' 6,268
Vicksburg_
32,746
1
151 24,911
192 2,887
97/ 6,819
Yazoo City
3 41,785
341 39,323
Range Since Beginning of Option.
Mo., St. Louts- 7,103 284,820 7,529, 10,456 4.970 440,419 5,679 17,415
Range for Week.
Option for
771
694, 9,787
419 11,624
23,553
N.C.,Greensb'o
21,101
96
16.18 Apr. 2 1630 18.82 July 8 1929 Oklahoma
Apr. 1930
520 771,6851 2,151 13,363
885 40,481
15 towns'..._
200 749.4781
May 1930_ 15.88 Apr. 26 16.59 May 1 14.03 Mar. 1 1930 26.18 Sept. 3 1929
3,539 174,674 7,082 51,842 2.003 194,6.56 3,856 38,439
15.28 Feb.
1930 18.87 Oct. 24 1929 S.C., Greenvill
June 1930
1930 20.00 Sept. 3 1929 Tenn.,Memph 17,5421,882,398 31,330287.868 14,473 1,725,226 35,281 165,673
July 1930_ 15.99 Apr. 26 16.71 N-ay 1 14.22 Mar.
208 54,030
224
--- -1
21, 1.166
1930 18.34 Nov. 22 1929 Texas, Abilene_
28,765
---Aug. 1930.. 15.65 May 2 15.77 May 2 15.63 Feb.
13
827
22
15.22 Apr. 1 1930 16.20 Apr. 2 1930
48,478
Austin
11,425
704
III
30
Sept.1930
48 35,387
52 2,813
Brenham
48 2,668
11,049
32
1930 18.56 Nov. 20 1929
Oct. 1930.._ 14.83 May 2 15.22 Apr. 30 14.83 Mar.
395 140,257
800 11,564
Dallas
500 112,715
958 6,788
14.54 Mar. 2 13.95 Apr. 30 14.20 Mar.. 1.930 15.87 Apr. 4 1930
New
81
190 2.374
Parts
106
4713 1,003
15.56 Feb. 2 1930 17.78 Dec. 18 1929
90.464
74,672
Nov. 1930_
____
1325 1,172
14,908
_-__
32,700
294
14.82 Mar. 1 1930 14.90 Apr. 15.1930
Robstown_ _
--__
New
____
42,418
____ 1.560
--- 1,155
San Antonlo--1930 18.06 Jan. 13 1930
23,864
Dec. 1930_ 14.94 May 2 15.30 Apr. 30 14.58 Mar.
15
125 2,378
179 3,774
05,384
Texarkana..
60,350
6
14.63 May 2 15.06 Apr. 28 14.38 Mar. 1 1930 6.28 Apr. 4 1930
New
312 145,451
609 4,751
555 7,154
Waco
221 105,687
15.02 May 2 15.38 Apr. 30 14.60 Mar. 1 1930 7.18 Feb. 1 1930
Jan. 1931
14.72 May 2 15 08 Apr 28 14 45 Mar 1 1930 6 03 Apr. 4 1930
New
16.09 Feb. 2 1930 6.65 Feb. 15 1930 Total, 57(0"37,5835,966,848 76.424940.095 31,1065,777.552 80,220564,846
Feb. 1931
1930 6.20 Apr. 1 1930
Mar. 1931_. L4.83 May 2 15 28 Apr 28 14 83 May
v Includes the combined totals of 15 towns In Oklahoma.
May 2Stock at Liverpool
Stock at London
Stock at Manchester
1030.
bales , 797,000
1929.
978.000
123,000
98.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Astworp
920,000 1.076.000
1927.
1928.
802,000 1.378.000
93.000
168,000
895,000 1.546.000
-1929-30May2-Since
Shipped-Week. Aug. 1.
7,529 283,493
Via St. Louis
64,024
120
Via Mounds. &c
3,633
37
Via Rock Island
30,215
314
Via Louisville
3,025 172.348
Via Virginia points
10,132 544.696
Via other routes, &c
-1928-29Since
Week. Aug. 1.
5,679 422,660
435
78,905
5,397
1
-,4FI
40,667
1,974 188,349
10,778 552,135
675,000
289,000
20.000
123,000
21.157 1.098,409
Total gross overland
19.312 1,288,113
44,000 Deduct Shipments
59.380
Overland to N. Y., Boston. &c...._ 9,037
5.459 102,031
15,325
431
Between interior towns
522
17.764
9.050 379,601
Inland,&c.,from South
10.276 581,464
908,000 828,000 913,000 1,151.000
Total Continental stocks
18,518 454.306
Total to be deducted
16,257 701,259
1.828,000 1,904,000 1,808,000 2,697,000
Total European stocks
77,000
142.000 141.000 163.000
2.639 644.103
Leaving total net overland *
Indian cotton afloat for Europe
3,055 586.854
American cotton afloat for Europe 160,000 283,000 357.000 539.000
99,000 100.000
99.000
Egypt,Brazil,&c.,afloatfor Europe 89.000
* Including movement by rail to Canada.
367.000 389.000
518.000 389.000
Stock in Alexandria, Egypt
1.331,000 1,329.000 999.000 669,000
The foregoing shows the week's net overland movement
Stock in Bombay.India
01,650,17101,334,08601,454,29201,932.180 this year has
Stock in U.S. ports
been 2,639 bales, against 3,055 bales for
0940,995 0564,846 0691,224 0784,478
Stock in U. S. interior towns
8.874
the week last year, and that for the season to date the
U. S. exports to-day
exhibits an increase over a year ago
6.659.166 6,052,806 5,938:516 7.187,658 aggregate net overland
Total visible supply
of 57,249 bales.
the above, totals of American and other descriptions are as follows:
Of
-1929-30--- -1928-29A m ericanSince
/n Sight and Spinners'
Since
354,000 658.000 591.000 1,065.000
LI% vr()On( stock
Aug. 1.
Week.
Week.
Takings.
Aug. 1.
69,000 149.000
69,000
68,000
M..nchester stock
50,024 7,777,807 51,241 8,754,175
861.000 1,099.000 Receipts at ports to May 2
802,000 762,000
Or 'mental stock
2.639
644.10
533,055 586,854
160.000 283.000 357,000 539.000 Net overland to May 2
American afloat for Europe_
01.650,17101,334,08601.454,29201.932.180 Southern consumption to May 2-105.000 4,105,000 115,000 4.406,000
U. S. ports stocks
0940,995 0564,846 0691,224 0784.478
U.S. interior stocks
Total marketed
157.663 12,526,910 169,29613.747,029
8.874
U.S. exports to-day
Interior stocks in excess
*39,284
731.085 *50.476 310.495
of Southern mill takings
3,975.166 3.679.806 4,023,516 5.568,658 Excess consumption to
American
Total
_ __
over
667,257
April 1
691,759
East Indian, Brazil,
443,000 320,000 211,000 313,000
Liverpool stock
Came into sight during week
118,379
118,820
____ 13.925.252
London stock
Total in sight May 2
14.749,283
19.000
24,000
29,000
55,000
Manchester stock
52,000
52.000
66.000
106,000
Continental stock
77,000 North. spinn's' takings to May 2-- 17,885 1.066,456 54,552 1,201,373
141,000 163,000
142,000
Indian afloat for Europe
99.000 100.000
99,000
89,000
Egypt, Brazil, dm., afloat
* Decrease.
518.000 389,000 367,000 389,000
St,,ek in Alexandria, Egypt
999,000 669,000
Movement into sight in previous years:
1,331,000 1,329,000
Stock in Bombay.India
Bales.
WeekSina Aug. 1Bales.
1,619.000
2,684,000 2,373,000 1,915,000 5.568.658 1928
Total East India, irse
-May 6
13.104,314
167,411 1927
3,975.166 3.679.806 4,023.516
Total American18,073,841
-May 7
193,577 1926
1927
15.326.450
142,576 1925
-May 8
6.659,166 6.052.806 5,938.516 7.187.658 1926
Total visible supply
461,000
289,000
9.000
104,000
45,000
465,000
241,000
12,000
79,000
31,000
476.000
274,000
9,000
118,000
36.000
Ar 3 1930.]
FINANCIAL CHRONICLE
3215
QUOTATIONS FOR MIDDLING COTTON AT OTHER
The above statement shows: (1) That the total receipts
MARKETS.
from the plantations since Aug. 1 1929 are 8,4S4,593 bales;
in 1928 were 8,970,883 bales, and in 1927 were 8,077,476.
Closing Quotations for Middling Cotton on
bales. (2) That, although the receipts at the outports the
Week Ended
past week were 50,024 bales, the actual movement from
May 2.
Saturday. Monday. Tuesday. Wed'day. Thursd'y, Friday.
plantations was 10,740 bales, stocks at interior towns
Galveston
15.80
15.80
16.00
15.80
16.10
16.08
having increased 39,284 bales during the week. Last year
New Orleans15.49
15.54
15.88
15.54
16.05
15.90
Mobile
15.00
15.00
15.00
15.20
receipts from the plantations for the week were 765 bales
15.30
15.20
Savannah
15.64
15.33
15.27
15.75
15.66
and for 1928 they were 64,089 bales.
Norfolk
15.50
15.88
15.50
15.56
15.00
15.88
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ _ Dallas
Fort Worth_
15.70
14.63
14.55
15.75
14.62
15.30
15.75
14.63
14.60
15.60
14.62
15.40
15.40
15.70
14.63
14.65
15.65
14.72
15.45
15.45
15.70
14.75
15.00
15.95
15.00
15.75
15.75
16.00
14.58
15.10
15.95
15.12
15.85
15.85
16.00
14.56
15.00
15.85
14.90
15.75
15.75
NEW ORLEANS CONTRACT MARKET.
Saturday,
April 26.
Monday,
April 28.
Tuesday, Wednesday, Thursday,
April 29. April 30.
May 1.
Friday,
May 2.
%lay
15.64-15.65 15.86-15.67 15.70 Bid. 16.03
16.17
18.04 ---tune
Filly
15.81-15.82 16.12-16.14 16.25-16.27 16.14-16.16
15.71-15.73 15.75kugust _ - _
3eptember
Detober
14.78-14.79 14.75-14.76 15.74-15.75 14.84-14.86 14.75-14.78 14.60%/ovember
December.. 14.90 ---- 14.88 ---- 14.88 ---- 14.95 ---- 14.84 ---- 14.88 ---Fanuary ... 14.94 Bid. 14.92 Bid. 14.94 Bid. 14.99 Bid. 14.88 Bid. 17.74 Bid
February _
%larch
15.12-15.14 15.10-15.12 15.08 Bid. 15.14-15.17 14.9714.88 Bid.
Tone
pot
Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
Steady.
3ptions_ Steady. 'Steady.
Steady.
Steady.
Steady.
Steady.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that rainfall during the
week has improved the condition of the soil in the western
portion of the cotton belt, but rain is needed in the central
and eastern sections of the belt. Planting continues and
the condition of the early crop is good to very good.
•
Rain. Rainfall.
Thermometer
Galveston, Tex
1.98 in. high 78 low 65 mean 72
1 day
Abilene, Tex
4 days 1.22 in. high 88 low 56 mean 71
Brenham, Tex
3 days 1.04 in. high 84 low 58 mean 71
Brownsville, Tex
3 days 2.73 in. high 84 low 66 mean 74
Corpus Christi, Tex
2 days 1.36 in. high 80 low 66 mean 73
Dallas, Tex
3 days 0.80 in. high 80 low 58 mean 69
Henrietta, Tex
3 days 1.86 in. high 86 low 58 mean 72
Kerrville, Tex
4 days 1.65 in. high 88 low 46 mean 66
Lampasas, Tex
3 days 0.56 in. high 92 low 52 mean 72
Longview, Tex
2 days 1.38 in. high 82 low 56 mean 69
Luling, Tex
4 days 1.12 in. high 88 low 56 mean 72
Nacogdoches, Tex
1 day 0.28 in. high 82 low 58 mean 70
Palestine, Tex
4 days 0.95 in. high 80 low 60 mean 70
Paris, Tex
l
4 days 2.54 in: gi t 78 low 50 mean 64
San Antonio, Tex
4 days
low 56 mean 70
•
Taylor, Tex
2 days 0.48 in. high 84 low 56 mean 70
Weatherford, Tex
3 days 0.90 in. high 86 low 54 mean 70
Ardmore, Okla
3 days 2.23 in. high 80 low 55 mean 68
Altus, Okla
5 days 2.98 in. high 84 low 50 mean 67
Muskogee, Okla
5 days 2.11 in. high 81 low 51 mean 66
Oklahoma City, Okla
4 days 2.17 in. high 76 low 54 mean 65
Brinkley, Ark
1 day 0.43 in. high 88 low 52 mean 70
Eldorado, Arkhigh 88 low 58 mean 73
Little Rock, Ark
1 day 9.08 in. high 85 low 52 mean 69
Pine Bluff, Ark
1 day 0.04 in. high 85 low 53 mean 69
Alexandria, La
high 89 low 56 mean 73
dry
Amite Ark
high 87 low 50 mean 69
dry
New Orleans, La
1 day 0.04 in.
mean 71
Shreveport, La
2 days 0.20 in. high 86 low 62 mean 74
Columbus, Misshigh 88 low 49 mean 69
Greenwood, Miss
1 day 9.03 in. high 91 low 52 mean 72
Vicksburg, Miss
1 day 0.12 in. high 85 low 56 mean 71
Mobile,Ala
1 day 0.33 in. high 81 low 51 mean 70
Decatur, Ala
dry
high 88 low 43 mean 66
Montgomery, Ala
dry
high 84 low 50 mean 67
Selma, Ala
high 90 low 48 mean 69
dry
Gainesville, Pia
1 day 0.07 in. high 86 low 54 mean 70
Madison. Fla
dry
high 87 low 53 mean 70
Savannah, Oa
1 day 0.08 in. high 78 low 51 mean 64
Athens, Oa
dry
high 86 low 45 mean 66
Augusta, Ga
dry
high 84 low 48 mean 66
Columbus, Ga
dry
high 89 low 48 mean 69
Charleston, S. C
dry
high 77 low 50 mean 64
Greenwood, S. C
dry
high 84 low 39 mean 62
Columbia. S. 0
high 86 low 52 mean 66
dry
Conway, S.0
high 83 low 44 mean 64
dry
Charlotte, N. C
high 86 low 41 mean 63
dry
Newbern, N.0
dry
high 85 low 42 mean 64
Weldon N.0
1 day 0.14 in. high 85 low 30 mean 58
Memphis, Tenn
1 day 0.02 in. high 87 low 45 mean 68
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gaugeAbove zero of gaugeAbove zero of gauge_
Above zero of gauge-
May 2 1930.
Feet.
4.7
14.7
8.6
6.1
20.6
May 3 1929.
Feet.
18.4
35.8
30.3
11.9
52.6
RECEIPTS FROM THE PLANTATIONS.
Week
Receipts at Ports,
1930. 1929.
Stocks at Interior Towns. IReceiptsfrom Plantations
1928. I
1929.
1928. 1930.
las
I
17_ 104,828 51.177 122,2151,468,8331.181,
1 1,212,543
24.. 98.388 71,761120,4051,432,8871,118,6991,180,090
31- 87.894 65,781139.15871.403.1071.072,8781,134,0871
Feb.
7- 83,277 135'0181118351588621'
007,918 L087.654
14-- 88,508 81,570107,4191,826,078 988.4121,049,180
21-- 68,8861 80.868,
,306,63a 938,0271,028.120
29 91,4381 91.438 824811 900.837 908.387 987,384
Mar.
7..- 50.312 88.941 70,78511,288,07 . 849.196 941,043
14.- 44.919 06.3
73,2341,228,666 814,822 918,248
91-- 46.416 97,1)851 78,837 781.8671,202.943 887.170
28-- 46.9061 78,041 88.4T31.163,170 752.959 883,788
Apr.
I
4-- 49.381 89,
80,2321,113,592 711,349 83.5,381
11-- 47,498 48,6591 73,0191,066,544 679,205 803,203
18.. 46,6931 57,3511 72,8821,024,126 848,881 773,381
25.- 50.239 88.917 92,378, 980,279 695,322 737,026
NI ay
!
2._ 50,024 61,241 109.891 940.9961 564.848 691,224
1930.
1929.
1928.
84.011108,858 78,070
73.942129.320 82.958
88.314109,710 93,558
34,791
23,972
48.441
61.798
70,313
40,069
80.481
81.798
65,392
68.945
49.263
28.646
18,248
17.510
20.892
7,133
29,749
71,877
84.230
49,833
24.436
48.435
47.587
85,091
Nil
450
4,274
6,39
18.274
18,515
25,027
25,358
61,806
40,881
43.060
59.006
10,740
765 84,089
WORLD'S SUPPLY AND TAKINGS OF COTTON'.
Cotton Takings.
Week and Season.
1929-30.
Week.
1928-29.
Season.
Week.
Season.
Visible supply April 25
8,817,909
8.135.117
Visible supply Aug 1
3,735.957
4,175.480
American in sight to May 2.... 118,379 13.925,252 118,820 14,749,283
Bombayreceipts to May 1
83.000 3,027,000
82,000 2,768,000
Other India ship'ts to May 1
10.000
642,000
10,000
530,0(2)
Alexandria receipts to April 30_
33.000 1,582,200
24,000 1,545,200
Other supply to May 1 *1)
8.000
634,000
5.000
537,000
• Total supply
Deduct
Visible supply May 2
7,070,288 23,546,409 6,374,937 24,302,963
6.659.166 6.659,166 6,052.806 6,052,806
Total takings to May 2_a
Of which American
Of which other
411,122 16,887,243
229,122 11.714,043
182,000 5.173.200
322,131 18,250,157
271,131 13,210.957
51.000 5,039.201)
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills.4,105,000 bales in 1929-30 and 4,408,000 bales in 1928 -29
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 12.782,243 bales in 1929-30 and 13.844,157 bales in
1928-1929, of which 7,609,043 bales and 8,804.957 bales American.
S Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1929-30.
Bombay
1928-29.
Since
Week. Aug. 1.
May 1.
Receipts at
-
Since
Week.lAug. 1.
1927-28.
Since
Week.'Aug 1.
.
83,000 3,027.000 82,000 2,788,000 91.000 2,757.000
For the Week.
Exports
from-
Since August 1.
Great
Greta Conti- Ja
Britain. nerd. China. Total. Britain.
Bombay
1929-30._
1928-29__
1927-28._
Other India1929
-30_.
1928-29._
1927 -28
Total all
1929
-301928-291927-28._
17,III
Conti Japan eh
nerd.
China.
2,000 10,
41,
36,000 57,
78.000
63,000
93,000
4,000 6,00
6,000 4,000
1,000 8,000
10,000 131,000 511,000
10,000 94,000 436,000
7 III
90,500 416,000
61,III
Total.
67,000 657,0001,275,0001,999,000
50,000 625,0001,311,0001.988,000
63,000 489,000 950,0001,502,000
842.000
530.000
608.600
23,III 61, ,• 88,000 198.0001,168,0 1,211,0002,t341.008
0
III 14.
41,1'
63.000 144,0001,061,0001,311,0002,516,000
1,Ill 42,00 57,000,100,000 153,000 905.000 950,0002,008,50
4
,
According to the foregoing, Bombay appeari to show an
increase compared with last year in the week's receipts of
1,000 bales. Exports from all India ports record an increase
of 25,000 bales during the week, and since Aug. 1 show an
increase of 125,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
A ptit 30.
192G-30.
1928-29.
1927-28.
165,000
7,897.360
Receipts (cantars)This week
Since Aug. 1
120,000
7,811,330
140,000
5.793.153
This Since
This Since
This Since
Week. Aug. 1. Week, Aug. 1. Week. Aug. 1.
Exports (bales)
-
To Liverpool
124.723
148,613 4.000 125.054
To Manchester. &c
128,778 6;666 146,272 4,750 138.077
To Continent and India.. 9,000 388,746 7.000 401,828 4,500 331,388
ToAmerica
101,491 3,000 160.732
200 100.724
Total exports
9.000 743.738 16,000 857,445 13,450 695,223
Note.
-A canter is 99 lbs. Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week ending Apr. 30 were
165,000 cantars and the foreign shipments 9,000 bales.
MANCHESTER MARKET.
21./JA122MIIIM1
avow.
Lbs. Shirt- Cotton
tags, Common Altar°
to Finest.
Upt'ds.
84
32s Cop
Twist.
Ian.d.
d. a. d.
17_ 13401434 12 2
24_ 13401434 12 2
31- 13 0164 12 2
Feb.
7..... 123(013 114
14.__ 12140133( 11 0
21........12k0131.510 6
2.0___ 12 013x 10 4
Mar.7--- 11)4013 10 2
14.... 1114012h 10 2
21.- 1134013 19 4
28.... 12 013 10 4
Apr.
4....__ 123401814 ie 4
11__ 1234011314 10 4
18____ 11401214 10 1
25_ 12 013 10 1
2.... 12 (413
32s Cop
Twist.
ssi Lbs. Shirt- Como
fags, Common mutant
to Finest.
UpFdt.
sit,
012 4
012 4
012 4
d.
el. s. d.
d.
s. d.
9.49 15340164 13 3 613 5
9.40 15400164 13 3 013 6
8.85 15346164 13 8 42313 0
@120
011 4
011 2
4011 0
8.80
8.69
8.47
8.49
15 6.16
15540184
1540164
1834016)4
133
13 3
13 3
13 4
@135
013 6
613 6
613 7
10.34
10.43
10.49
4.76
610 6
010 6
011 0
@II 0
8.18
8.05
8.54
8.44
15340164 13 4
15 0164 13 5
15401834 13 4
1534 01634 13 4
013 7
013 7
8*13 7
@13 7
11.12
10.77
11.10
10.96
011 0
611 0
010 5
010 5
8.86
8.76
8.81
8.74
13;40154 13 3
13341516)4 13 2
1540164 13 2
15 016 13 0
013 8
013 4
013 4
013 2
10.73
10.810
10.80
10.23
5.65 14340154 12 7 013 1
10.02
10 1 010 5
cl.
10.03
10.48
10.85
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 42,237 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
3216
FINANCIAL CHRONICLE
NEW ORLEANS
-To London-April 24
-West Wauna, 25
To Liverpool
-April 30
-West Caddoa,465
To Venice-April 25
-Ida,600
To Manchester-April 30
-West Caddoa,225
To Trieste-April 25
-Ida,200
To Japan-April 26
-Montevideo Maru,4,241
-April 26
To China
-Montevideo Maru,200
To Barcelona-April 28--Jomar, 460
To La Paz
-Apr.30-Iriona,250
CHARLESTON
-To Liverpool-Apr.24-Da3rtonian, 255
To Manchester-Apr. 24-Daytonian, 729
To Bremen-Apr. 26
-Liberty Glo, 700
To Hamburg-Apr. 26
-Liberty Glo, 453
To Antwerp-Apr. 26
-Liberty Glo, 25
NEW YORK
-To Liverpool-Apr. 24
--Samaria, 150
To Havre-Pipestone County, 100
To Antwerp-Henri Jasper, 25
To Barcelona-Cabo Esparto', 170
.HOUSTON
-To Havre-Apr. 25
-Youngstown, 1,179
To Liverpool
-Apr. 29
-Magician, 699
To Antwerp-Apr.25
-Youngstown, 100
To Manchester-Apr. 29
-Magician, 1,141
To Ghent
-Apr. 25
-Youngstown, 150
To Barcelona
-May 1--Jomar, 2.218
To Rotterdam-Apr. 25
-Youngstown, 1,081
To Abo-Apr.25
-Toledo, 100
To Gothenburg-Apr.25
-Toledo.50
• To Warburg-Apr. 25
-Toledo. 300
To Drammen
-Apr. 25
-Toledo. 100
To Norrkoping-Apr. 25
-Toledo. 300
To Japan-Apr. 26-Chifuku Maru, 659
To Bremen-Apr. 29
-Confess Peak. 1,698
To Genoa-Apr. 29-Monstella, 1,721
To Leghorn-Apr. 29-Monstella, 300
To Venice-Apr. 30
-Ida, 923
To Trieste-Apr. 30
-Ida,466
GALVESTON-To Havre
-Apr. 24-Dacre Castle, 1.513
-Apr.29
-West Cressey, 1.513
To Liverpool
-Apr.24-Dacre Castle, 3,022
To Ghent
-West Cressey, 509
To Manchester-Apr. 29
To Antwerp-Apr.24-Dacre Castle, 100
-Apr. 22-Dacre Castle. 100
To Copenhagen
-MonteTo Japan-Apr.27-Chiftikti Maru,2,191_ _ _Apr. 29
video, 400
-Apr.28-Harburg,400
SAVANNAH-To Ghent
To Rotterdam-May 1-Odenwald,200
-Apr. 28--Quistconck. 119
To Genoa
-Liberty Glo, 100
To Bremen-Apr. 30
-Oden-Liberty Glo, 451_ May 1
To Hamburg-Apr. 30
wald,353
-West Harcuvar, 50......May 1
NORFOLK
-To Bremen-Apr. 26
-TuebIngen,264
-Apr. 24-Dakarian, 286
-To Liverpool
MOBILE
To Antwerp-Apr.28-Antinous.200
To Manchester-Apr.24-Dakarian,28
-Notre Dame Fourviere, 375
-Apr.24
To Havre
To Bremen-Apr. 23-Veerhaven, 377
To Rotterdam-Apr. 23-Veerhaven, 60
-Invincible, 900
-Apr. 22
To Shanghai
-Apr.21-Delftdyk,271_ --Apr,26
-To Liverpool
LOS ANGELES
- -pacific Shipper, 100_--Apr. 28
-Steel Age, 336: West•
Lynn, 100
-West Lynn, 250
To Manchester-Apr. 28
-Venice
To Japan-Apr. 21-President Taft. 1,100-Apr. 22
Marti, 325_ _ _Apr. 23-Chichibu Maru, 1,200_--Apr. 25
Manila Maru, 200
-Venice Mani,250
To China-Apr.22
.700
-To England-May 1SAN FRANCISCO
, 600
-May 1To Japan
-Temple Pier,75
-To Bremen-Apr.22
CORPUS CHRISTI
-Magician, 50
-To Liverpool-Apr.26
TEXAS CITY
To Manchester-Apr.26-Magician,_37
-Apr.23-Dacre Castle,674
To Ghent
Bales.
25
465
600
225
200
4,241
200
460
250
255
729
700
453
25
150
100
25
170
1,179
699
100
1,141
150
2.218
1.081
100
50
300
100
300
659
1.698
1,721
300
923
466
1,513
1,518
3,022
509
100
100
2,591
400
200
119
100
804
314
286
200
28
375
377
60
900
807
250
2,825
260
700
600
75
50
37
674
42.237
Total
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks. &c., at that port:
Apr.11.
37,000
20,000
1,000
48,000
847.000
366.000
66,000
18.000
118.000
32,000
Sales of the week
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of whfch American
Apr. 18. Apr.25. May 2.
27.000
22,000
47,000
12,000
9.000
12,000
1,000
5,000
23.000
62,000
39.000
36,000
831.000 815.000 797,000
358.000 351,000 354.000
44,000
53,000
20.000
10,000
12,000
9,000
158.000 143,000 134,000
39,000
43.000
49.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
snot cotton have been as follows:
Tuesday. Wednesday. Thursday.
Spot.
Saturday.
Monday.
Market,
12:15 I
P.2.1.
Friday.
Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
Mid.Uerds
8.64d.
8 60d.
8.73d.
8.62d.
8.78d.
8.656.
Sales
3.000
4,000
4,000
4,000
4,000
5,000
.1
Quiet,
Steady,
Quiet,
Steady,
Steady,
Quiet,
Futures
Market 4 7 to 9 pts but sty 410 2 to 6 pia unchanged 810 13 pta 4 to 6 pia.
decline.
decline. 6 pts. deo. decline. to 3pts.dee advance.
opened
Quiet, Barely MT
Quiet,
Quiet,
Steady.
Market, I Steady,
4
4 5 to 6 pta. unchanged, 5 to 12 pts 1 pt.adv.to 4 to 12 pts. 11 to 17pts.
decline.
decline. to8pts.adv. decline. 4 pts. dee advance
P.M.
Prices of futures at Liverpool for each day are given below:
Sat.
April 26
to
May 3.
Mon.
'Tues.
Wed.
Thurs.
Fri.
12.15 12.3 12.15 4.0012.15 4.0012.15 4.0' 12.15 4.0012.15i 4.00
p. m. p. m.p. m.p. m p. m.p. m.p. m p. m.p. mil). m.p. m ti. m.
d.
d. d. d. I d. d. d.
New Contract
8.14 8.10 8.22 8.2 8.1 __ __
April
8.12 8.07 8.19 8.16 8.13 8.11
May
8.12 8.06 8.15 8.12 8.11 8.08
June
8.1 8.08 8.16 8.1' 8.11 8.08
„Tidy
8.10 8.05 8.12 8. 8.02 8.00
August
September
-- __ 8.07 8.01 8.08 8.01 7.99 7.96
8.03 7.97 8.04 7.97 7.9 7.92
October
7.91
November --------8.03 7.97 8.04 7.96 7
8.0 7.99 8.06 7.98 7.96 7.9
December
(1931) __ __ 8.0 7.99 8.06 7.99 7.96 7.9
January
8.07 8.01 8.08 .11 7.98 7.9
February
8.11 8.04 8.11 8.03 8.11 7.97
March
_ 8.1 8.07, 8.14 8.0, 8.0 7.99
April
-------------8.01
May
-----------
d.
_ __
8.14
8.11
8.10
8.02
7.97
7.92
7.91
7.92
7.92
7.9
7.96
7.98
8.''
d. d.
_ ____ __
8.28 8.26
8.241 8.21
8.231 8.20
8.1 8.12
8.061 8.03
7.99 7.97
7.97 7.96
7.98 7.97
7.98 7.97
8.00 7.98
8.02 8.00
8.04 8.02
8.06, 8.
d. d.
_ ____ __
8.15 8.09
8.111 8.05
8.11 8.04
8.02, 7.96
7.96, 7.90
7.90, 7.85
7.89. 7.84
7.90 7.86
7.911 7.86
7.93 7.87
7.95' 7.89
7.97 7.91
7.99 7.93
BREADSTUFFS
Friday Night, May 2 1930.
Flour last week was quiet and the tone was more or less
depressed, with May wheat at the season's low leveL Later
FOL.130.
prices were firm. Feed advanced about 50c. Some mills
reported increased grinding. Still later, prices were reported a little lower. Later the tone was still weak, but the
Southwest reported a good trade for home and foreign
account Exports from New York were 22,000 barrels, or
about 31,000 sacks, and there were also cleared from Baltimore 1,000 barrels, which made total Atlantic and Gulf
port exports of 23,000 barrels for the day.
Wheat has shown steadiness. It has acted oversold. At
times, too, the export demand has been good. Some of the
private crop reports are not so favorable as had been
expected. On the 26th prices declined to new laws for the
movement, but rallied later and closed % to %c. net higher.
Yet the cables were disappointing, export business was
small, and beneficial rains fell in Kansas, Nebraska and
Oklahoma, apparently relieving the drought. Evidently the
market had become a little oversold. On April 28 prices
advanced % to 2%c., with a good export business. It was
stated that late on the 26th 2,000,000 bushels were sold to
Europe and 1,000,000 on the 28th, including hard winter
and durums of the United States. World's shipments were
small. Liverpool rallied sharply and closed 114d. net
4c. higher. Cash
higher. Buenos Aires was unchanged to 1
premiums at the West were firm or higher. World's shipments were only 6,440,000 bushels for the week, the smallest for a long time, and the total on passage was 35,000,000
bushels, or a decrease of about 800,000 bushels for the week.
There is said to be a decided scarcity of law-grade Manitobas. The visible supply decreased 3,404,000 bushels, and
the North American visible for the week 4,779,000 bushels.
Bullish factors offset favorable weather news. The market
acted sold out. The United States visible supply decreased
last week to 136,100,000 bushels against 114,787,000 a
year ago. The Dallas "News" said, April 28: "West Texas
drenched by heavy rains. Prospects for good grain and
feed crops in Panhandle and on Plains were furthered Sunday and Monday, when the hardest rain in several weeks
fell in those sections of Texas. As result of rain a wheat
crop of 45,000,000 from 2,500,000 acres was estimated by
the Agricultural Department." Winnipeg wired on April
28: "Reports as of April 25 indicate Alberta 45% and
Saskatchewan 40% seeded. Conditions have improved materially and are now estimated only slightly below normal.
Rain the latter part of last week beneficial." London cabled
the Associated Press that the agricultural correspondent
of the "Daily Express" intimates that the British Government has definitely decided to establish regulations requiring a minimum percentage of British wheat flour in every
loaf milled in Britain.
On the 29th prices ended 1%c. net lower at Chicago,
and 1% to 2c. off at Winnipeg, with the weather good and
export business much smaller. Liverpool failed to hold the
early advance owing to better weather in the Southwest.
Private cables from abroad stated that while the United
Kingdom has been a good buyer recently the Continent shows
little disposition to buy. Generous rains over much of the
Southwest, including parts of the section which have been
sending in unfavorable crop reports naturally told, though
reports persist that there is a large territory that was permanently damaged before the rains. In the spring wheat
belt weather conditions were generally favorable, with additional moisture on both sides of the border and Canadian
seeding is progressing rapidly. World's available supplies
decreased 8,236,000 bushels in the past week, and are now
370,000,000 bushels against 354,000,000 last year. The Kansas weekly State report said. "Much needed rains in
southwest Kansas fell in the past week. Precipitation was
heavy enough in most other parts to be ample for growth.
Gaol weather has somewhat retarded progress. General condition about the same as the week before." On the 1st inst.
the Chicago Board of Trade directors voted to make carlots
of grain regular for delivery on May contracts. All grains
broke sharply following this announcement. Minneapolis
wired that on May 1 more than 5,000,000 bushels of wheat
were delivered to holders of May contracts, virtually all
of it to the Government. The wheat was paid for from the
$5,000,000 of the Federal Farm Board funds. In all, Grain
Stabilization Corp., through the Farmers' National Grain
Corp., holds almost 30,000,000 bushels of wheat futures, purchased in the last four months. The Government agency
must take delivery of this wheat on whatever business day
in May the seller of the grain elects. Chicago wired: "In
all the leading markets it was delivery day on May wheat,
with estimates of 15,300.000 bushels of cash grain tendered,
most of which went to the Grain Stabilization Corp." On
April 30 prices ended % to 1%c. lower, despite export sales
estimated at 3,000,000 to 5,000,000 bushels, partly American
hard winter and durum. Liverpool fell 1% to 2d. May
wheat was under the spell of liquidation. Crop news from
the Southwest was better. For a time elevator interest
and cash houses were good buyers. Southwestern mills
reported a good export and domestic flour trade. But
liquidation finally told, though early prices were % to %c.
higher. On the 1st inst. prices at Chicago ended unchanged
to %c. lower, and at Winnipeg % to 1c. higher. Export
sales were estimated at 1,000,000 to 2,000,000 bushels. There
was a private estimate of the crop of 540,000,000 bushels
and a condition of 76.9% as of May 1. Liberal offerings
of new wheat again were noted from India, with some business reported to the United Kingdom at 1.191 per bushel
4
MAY 3 1930.]
FINANCIAL CHRONICLE
c.i.f. Beneficial rains fell on the Continent Contract
deliveries were large, but not as large as was anticipated.
At Chicago they totaled 5,362,000 bushels; at Winnipeg
3,132,000; Kansas City 1,425,000 bushels; St. Louis 150,000
bushels, and Minneapolis 3,322,000. In Liverpool they were
700,000 bushels. An estimate as to stocks of foreign wheat
at the important Continental ports of Europe was 8,798,000
bushels as against 9,439,000 on April 15. Track deliveries
were made regular.
To-day prices closed / lower to Y higher at Chicago,
4c.
1c.
2
and % to 1%c. lower at Winnipeg. Trading was on a
moderate scale. Early in the day there was an advance on
covering, with stronger cables than expected. But the
export business was disappointing. It was estimated at not
over 500,000 to 600,000 bushels of Manitoba and winter.
Crop estimates ranged from 540,000,000 to 547,000,000
bushels. Abandoned acreage was estimated at an average
of 10%. That was larger than had been expected. Southern Hemisphere exports this week were far from large.
Bradstreet's North American total was 5,912,000 bushels.
The total for the world looks like 9,445,000 bushels. On
passage stocks will probably show a decrease. The Australian visible supply fell off this week 3,000,000 bushels.
The total is now 50,000,000, or 2,000,000 more than last
year. South Australian and parts of Argentina had beneficial rain. Cash markets were about steady. Final prices
show a decline for the week of % to %c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 hard
10734 10931 108
10634 106% 10634
DAILY CLOSING PRICES OF' WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
1043 102
101q 10134101
103
July
104% 1067 105
104
1048 103
108
September
108
10834 110
107
107
113
115
December
11234 112
113
112
E
S . fonU uR. I
DAILY CLOSING PRICES OF WILEAr F.Tpes Sur d.NYZI
;s1 7 rVIPI
r
?.
May
July
October
10834 107q 105q 105% 10634 105
110
108
109
108% 10934 108
112
11134 113
112
112
111
4
3217
year of 370,000. The total is 16,461,000 bushels against
10,774,000 a year ago. On the 29th ult. prices fell 1 to 12
/
1c.
in sympathy with declines in other grain. There was also
more or less liquidation. On April 30th prices ended %
to %c. lower, with other grain reacting, especially wheat.
To-day prices ended 'Ac. lower to %c. higher, with the
market fluctuating within narrow limits. Oats reserves
are estimated at 176,000,000 bushels against 230,000,000
last year. Cash oats were in brisk demand and very firm.
Final prices show a decline for the week of 11 to 1%c.
4
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
No.2 white
5534 5534 55
54
5434 5434
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
4134 4131 40
40
4034 40
July
42
4034 40
40
September
41
11
41
40
40
December
4454 4334 434 43
DAILY ()LOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Than. Fri.
May
50
50
59% 58$ 50}1 4934
July
5134 51% 5034 49
50
50
September
50
50
49% 49
49
49
Rye declined several cents, with the visible supply nearly
double that of a year ago, and export demand still lacking.
On the 26th ult. prices ended % to %c. lower in a small
market, which gave more heed to the early drop in wheat
than to its later rally. Yet the net chances in rye were
small, showing that, after all, the recovery in wheat was
not without some effect. On April 28 prices ended % to 1
4c.
higher in answer to the rise in wheat and some covering.
The United States visible supply decreased last week 273,000
bushels against an increase last year of 35,000. On the 29th
ult. prices fell % to 1%c. in response to the decline in wheat
and a fair amount of liquidation. Weather conditions,
moreover, were good. On April 30 prices ended % to lc.
lower, responding to a drop in wheat On the 1st inst.
prices closed % to 114c. lower, under a fair amount of
/
liquidation. Sales in Chicago on the 1st inst. were 3,165,000
bushels: open contracts, 18,524,000 bushels. To-day prices
ended %c. lower to 14c. higher, moving in a general way
about in unison with wheat. One estimate of the crop was
43,850,000 bushels against 40,339,000 a year ago. Final
prices show a decline for the week of 3c.
Indian corn has declined moderately despite the comparative steadiness of wheat. Some think corn is too high as
compared with wheat There is apparently a fair increase
in the acreage of corn. Farm consumption has been considerably reduced. On the 26th prices ended 1 to 114c.
/
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
lower, partly because of the early decline in wheat and
6034 6% 60
59
58
58X
general liquidation. Besides, the cash demand was smaller. May
July
6631 6734 6534 65
6351 63%
That fact hampered any rally. Besides, the technical po- September
7034 71% 70
6934 6834 68
7434 7354 73
7234
sition was, to all appearance, not so bullish as it was in December
Closing quotations follow:
wheat On the 28th ult. prices advanced 2c., after a decline early of % to %c., on heavy local selling. The rise
GRAIN.
in wheat was the decisive factor in the end. Covering Wheat, New York
Oats, New York
No. 2 red, f.o.b new
No. 2 white
1.2351
helped the subsequent rise in corn. Receipts were of fair
No.2 hard winter.f.o.b ...1.065(
No. 3 white
52%
(VA
size following recent purchases to arrive, but country offer- Corn. New York
Rye, New York
No. 2 yellow, all rail
No. 2 f.o.b
9634
6834
ings were small and mostly in scattered lots. Shippers had
No.3 yellow, all rail
9434 Barley, New York
no large trade with the East, but there is a steady demand
Chicago cash
50065
from that source. Weather conditions were unfavorable for
FLOUR.
field work. The United States visible supply decreased last Spring pat.high protein.$6.00 $6.40 Rye flour, patents
Spring patents
5.60
5.90 Seminole, No. 2, pound
week 1,950,000 bushels against 2,659,000 a year ago. The
334
spring
5.350 5.60 Oats goods
2.60 2.65
total is 21,690,000 bushels against 28,194,000 last year. On Clears,firststraights_ 5.10 5.50 Corn flour
Soft winter
2.450 2.50
the 29th prices ended 1 to 14c. off in a quiet market, Hard winter straights__ 5.25I 5.55 Barley goods
/
1
Hard
5.85
Coarse
3.25
Influenced more or less by the decline in wheat. Yet country Hard winter patents_ __ 5.55 5.25 Fancy pearl, Nos.
winter clears____ 4.85
1.
offerings were small and there was a fair cash demand. Fancy Minn. patents-- 7.150 7.852,3 and 4
6.000 6.50
7.400 8.10
On April 30th prices advanced %c., then reacted and City mills
For other tables usually given here, see page 3108.
ended %c. lower to %c. up. May was sold freely for a
time. Hedges were moved forward to distant months.
WEATHER BULLETIN FOR THE WEEK ENDED
Eastern shipping demand was not brisk. Country offerings APRIL 29.
-The general summary of the weather bulletin
to arrive were small. Receipts were of fair size. On the issued by the Department of Agriculture, indicating the
in1st inst. prices declined % to 1%c., but rallied later, closing fluence of the weather for the week ended April 29 follows:
% to 7
,6c. lower after rather heavy liquidation. Yet the
At the beginning of the week an extensive area of high pressure had
the
smallness of the deliveries on contracts caused covering. overspreadValleyNorthwest and much lower temperatures prevailed from
northward and northwestward. This "high" remained
The shipping demand increased. At one time prices ad- the Ohio
nearly stationary for two or three days and then moved slowly eastward to
vanced 1% to 1%c., with only small deliveries on May the St. Lawrence Valley toward the close of the week. It was attended
low temperatures in the Eastern
southcontracts. Later, when track deliveries were suede regular, by unseasonablyAppalachian Mountain districts, States, extendinglow as
ward over the
with minima as
prices fell about 3c. from the top. Some regard corn as 10 deg. below freezing in parts of Pennsylvania, western Maryland, and
eastern West Virginia,
below, with
too high as compared with wheat. To-day prices closed % far south as southwest and 5 deg.Pressure wasice on several mornings, as
Virginia.
low in the Southwest, and
to lc. lower. Shipping sales were reported of 100,000 bushels showers were rather frequent over the western half of the country, especially in the Northwest, and from western Texas
at Chicago and 80,000 at Omaha. That tended to steady close of the period there was a decided warming upnorthward. Toward the
in the East, with further
prices for a time. But the weather was good, and com- generous showers in much of the Southwest.
Chart I shows that
mission and professional selling disclosied stop orders. lower Missouri and the week, as a whole, was abnormally cool from the
Valleys eastward
That meant a sharp decline. Covering caused a rally. One Ocean. In this areaupper Mississippi temperatures wereto the Atlantic
the weekly mean
generally from
12 deg. below normal, while in the north-central and
estimate of the corn stock on farms was 579,000,000 bushels 7 deg. to as much asBelt they
northeastern Cotton
were 3 deg. to 6 deg. below. In Gulf coast
against 622,000,000 a year ago. Cash corn at Chicago was sections about normal warmth prevailed, while temperatures were gensteady to %c. higher. Final prices show a decline for the erally higher than normal from the Rocky Mountains westward.
Chart II shows that rainfall was moderate to rather heavy in most of
week of 1% to 2%c.
the Great Plains, extending southward over Texas to the extreme lower
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed, Thurs. Fri.
No. 2 yellow
9851 9934 98
9754 97
963
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
July
8 6 88 0 88
72
9
71
70
September
83
85
84
8434 83
82
December
7634 7834 77
78
77
76
181 IA 12
Oats have declined somewhat, and, in fact, May sold
down to 40c., the lowest price of the season. The visible
supply is 50% larger than that of last year, and crop reports
are, in the main, favorable. On the 26th prices ended %
to %c. lower, following corn to a certain extent, though
not unmindful of the rally in wheat or of the intrinsic merits
of oats themselves. On the 28th ult. prices advanced 2
4
to lc., with other grain. The United States visible supply
decreased last week 263,000 bushels against an increase last
Rio Grande Valley. Generous amounts occurred also in many sections
of the Northwest, and there were heavy falls in much of southern Florida.
Elsewhere mostly fair weather prevailed with very little precipitation reported, especially in the Atlantic area and from the Ohio River southward
where the week was practically rainless.
There were two overshadowing features of the week's weather as affecting agricultural and horticultural interests
-damaging frost in the East
and beneficial rains in the Southwest. In the Eastern States, especially
In Appalachian Mountain sections, frost and freezing temperatures on two
or three mornings about the middle of the week did extensive, and in many
places, serious harm, or caused practically complete destruction to the
fruit crop. There was more or less damage over a large area from western
North Carolina, southwest Virginia, and eastern Kentucky northward to
Pennsylvania. with some injury as far north as New York. In sections
temperatures as low as 10 deg. below freezing occurred, and in places as
far south as extreme southwest Virginia, but few llve fruit blossoms remain.
In the upper Ohio Valley and Lake region early fruit was harmed, and
tender truck crops were nipped as far south as North Carolina and eastern
.
Tenne68ee tern half of the country there was little interruption to farm
In the eas
work by rainfall, but spring planting operations were inactive because of
cold weather or dry soil. A general warm rain would be very beneficial
in nearly all sections east of the Mississippi River, as the soil has become
very dry in many places.
3218
FINANCIAL CHRONICLE
Over the western half of the country the week was generally favorable,
the widespread rains over the Northwest, much of the Rocky Mountain
area, and the Great Plains being especially beneficial. In the Southwest
a few limited areas still are dry, but, in general, the drought has been
largely relieved. Chart II shows 1 to 2 inches, or more, of rainfall rather
generally from Nebraska southward to the Rio Grande. Seeding small
grains was delayed somewhat in the extreme northern Great Plains because
of frozen ground, but in the Northwestern States s-msonal work made
good advance. Fruits were favored in the Pacific Northwest, and the
weather was generally beneficial for livestock and the range over the great
western grazing country.
Small Grains.—The outstanding feature of the week's weather as affecting the grain crops was the breaking of the severe drought over the Southwest. In Oklahoma heavy rains were general over practically the entire
State, while many parts of Texas and Kansas also were benefited. Parts
of southwestern Kansas still need moisture, but winter wheat revived and
shows very little injury over the northern part of the State; in the southern
half much is in poor condition, especially in the south-central section.
Good progress was made in Oklahoma and, although condition is only
poor to fair, improvement is noted following the rains. Fair to good
progress was made in Texas, but wheat is reported heading short. Good
condition is still indicated in the northwestern Winter Wheat Belt, but
over the central and eastern parts rain and warmth would be beneficial;
coolness caused slow growth generally over this area. Rains over the
Pacific Northwest caused improvement in the winter wheat crop, but the
South and Southeast are beginning to need moisture. There was considerable delay In seeding spring wheat In the extrme northern part of the
belt due to frozen ground, but in the southern and more eastern parts this
work is largely completed, with much up, looking well, and rooting nicely
In So. Dakota. Spring oat and barley seeding is mostly completed in northern sections, but winter oats made only fair advance, and parallel winter
wheat closely in condition, with the average of the crop probably only fair.
Corn.—Corn planting was inactive during the week because of unseasonably low temperatures. The coolness was also unfavorable for germination
of the early-planted crop, but generous rainfall in the western and southwestern portions of the belt has markedly improved the condition of the
soil. In Iowa seed beds have been prepared and are in good tilth. but
only a small amount of corn was planted because of cool weather, while
the early-planted crop is not coming
Cotton.—In the western Cotton Belt rainfall during the week has deup.
cidedly improved the condition of the soil, but in the central and eastern
parts cool weather and dryness were unfavorable for germination and
growth. In Texas planting continued and the soil is in much better shape;
progress and condition of cotton are good to very good in the south, with
chopping progressing, but stands are only fair in the heretofore drier sections. In Oklahoma the drought has been generally broken, and planting
will advance as soon as the soil dries sufficiently to work. In most parts
of the central and eastern belt a good, general, warm rain is needed, as
germination is slow because of the coolness and dryness. Chopping advanced in Florida and is just beginning in southern Georgia.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
North Carolina.—Raleigh: Farm work well advanced, but cool weather
and insufficient moisture unfavorable for cotton, corn, tobacco, and other
crops. Frost on 25th caused considerable damage to apples in parts of
mountain region; some damage to tender truck, mainly in lower Piedmont and on upper Coastal Plain. Some improvement in small grains.
General rain needed.
South Carolina.—Columbia: Week very dry; nights too cool for satisfactory germination of spring crops. Cotton planting well along in north
and stands in other sections fair* planting continues. Winter cereals,
'
field truck, potatoes, gardens, and tree fruits fair, but need warmth and
rain. Oats and rye heading.
Georgia.—Atlanta: Dry and moderately cool weather favorable for
continued rapid progress in planting, but germination and growth delayed
1 y cool nights. Light frost In low places Thursday and Friday mornings,
:t without damage. Planting cotton completed in many southern counties and continuing rapidly elsewhere; coolness causing check in growth;
chopping Just beginning in south. Upland corn about all planted; condition good. Wheat fair; oats heading low. Transplanted tobacco starting
off well. Warmth and rain generally needed, but dryness serious only in
a few northwestern counties.
Florida.—Jacksonville: Stands of cotton fair; chopping advanced in
w^st. Except east coast and south, where rain unfavorable, week suns ,iny and dry. Corn, tobacco, melons, cane, and truck much improved.
Potato digging continued in north and began in west. Harvesting oats.
Rain needed on uplands of north and west.
Alabama.—Montgomery: Practically rainless; temperatures alternately
much above and much below normal. Crops generally need warmth and
rain. Cotton planting quite general and finished in some southeastern
localities; delayed in some sections and awaiting favorable weather; stands
v • poor to fair; rain needed for germination of seed and growth of young
plants. Corn planting continued; some up to irregular stands. Progress
and condition of oats poor to good.
Mississippi.—Vicksburg: Soil generally extremely dry; scattered showers. Planting preparations and germination of cotton and corn poor.
Adequate sunshine, but nights somewhat cool. Progress of pastures and
truck poor to fair.
LouUlana.—New Orleans: Coolness unfavorable and soil generally too
dry to germinate recently-planted cotton; early stands mostly very poor
in northwest to fairly good in extreme south;crop deteriorated in some northern localities and poor to only fair advance elsewhere; some local chopping.
Farm work well up. Rain needed.
Texas.—Houston: warm in western half, but moderate in east, with
light to heavy rain in most sections, although still dry in extreme west and
portions of east and southeast. Progress of pastures, winter wheat, spring
oats, and truck fair to good, but wheat heading short. Condition and
progress of potatoes and tomatoes very good. Progress and condition of
corn very good, except in east where dryness unfavorable until last day.
Cotton planting continued, with soil unfavorable for germination in central and east until near close of week; stands only fair in drier sections;
progress and condition good to very good in south; chopping of early crop
made good progress. Showers at close of week benefited rice and strawberries.
Oklahoma.—Oklahoma City: Severe drought broken by heavy rains
over practically whole State and conditions greatly improved. Progress
of winter wheat and oats good; condition poor to fair, but improving,
following rains. Progress of corn very good; condition generally fair,
but stands mostly irregular and much yet to be planted in north and west.
Cotton planting well advanced in southeast and will be pushed in other
sections as soon as ground dry enough. Pastures and minor crops improving.
Arkansas.—Little Rock: Progress in planting cotton very good; germination fair to very good; slight injury occurred, due to coolness. Progress of corn very good in north and west where good rains; fair in east
and south. Wheat, oats, meadows, pastures, apples, strawberries, and
truck Improving in north and west; fair to good elsewhere. light frost In
Tennessee.—Nashville: Cool, dry weather, attended by
central and east. Heavy planting of corn on uplands; progress of early
very good. Cotton planted in small areas. Progress of winter wheat very
good, but thin on some fields. Winter oats fair; checked slightly by drought
while spring oats require rain.
Kentucky.—Louisville: Abnormally cool, with severe frosts; damage
strawberries
to fruit uncertain, but believed extensive in central and east;
showers.
and grapes seriously injured and potato tops frozen. Few light generally
Growth checked by cold and drought. Tobacco plants irregular; and soil
and progress slight, except where watered. Corn planting wheat
small
preparation await good rains. Progress and condition of winter
jointing in
mostly fair, but irregular; color and growth affected by drought;
snots.
THE DRY GOODS TRADE
New York, Friday Night, May 2 1930.
While business in dry goods markets during the week did
not show up in a very favorable light, sales volume in most
divisions was not below such estimates as were based on
fair analyses of actual conditions. Compared with what
was the general expectation a month or two ago, the week's
[VoL. 130.
developments might reasonably be termed satisfactory.
Buying continues in most divisions on a strictly hand-tomouth basis, with hesitance still prevalent but no worse
than it might be, considering the slowness of the recovery
in general trade, and thd uncertain situation in financial
markets. There is more activity in summer apparel, particularly in fabrics for women's wear, warmer weather
apparently acting as a stimulant. The decided increase in
re-orderings which has taken place is expected to continue
for some time, provided the climate does not again revert
toward winter, the understanding being that the coming of
spring sunshine is the signal for the release of substantial
consumer demand which has been carried over from Easter.
Developments in cotton goods primary quarters, by which
it appears that general curtailment is about to go into
effect, feature the more favorably dry goods news. The
woolen goods situation remains much the same, with a
satisfactory statistical position remaining a source of technical strength, and a somewhat mare active business in
process. Attention is directed to the plan of the Wool
Institute for a trade survey for the purpose of formulating
a code of trade practices, to be placed before the Federal
Trade Commission for judgment.
DOMESTIC COTTON GOODS.—Sentiment in cotton
goods markets is more cheerful as a result of the practical
unanimity with which mill-men have endorsed the plan to
curtail production during the coming three months. Six
curtailment weeks are to be observed between May 5 and
July 19, and with more mills daily coming into line with
published statements of their intention to limit production
regardless of what may be the policy of competitors, substantial success is expected for the plan. Many important
manufacturers who were reluctant to lend their approval
to such efforts in the past, and who in some cases flatly
refused to participate, are now included among the pledged
supporters of the proposition. Several large plants which
have not done any systematic regulation of their output for
the last generation or more are now among those who have
given the policy their formal and practical approbation.
With well over 75% of the country's print cloth looms estimated to be represented in the movement, it is the contention
of its sponsors that the greater proportion of surplus stocks
should be cleaned out—thus going far toward the elimination
of a burden which has been the main factor in placing
cotton goods at the mercy of whatever unfavorable exterior
conditions that have arisen from time to time. In some
divisions where the manifestations of the new movement are
less evident, stocks are in comparatively good shape, particularly in colored goods mills. Several New England fine
goods mills, on the other hand, are reported to be planning
to follow the example of print cloth producers. With prospects that the new movement will be well advanced In the
course of the next two weeks, a gradual but decided firming
of prices is looked for. Where there is no burdensome superfluity of stocks on hand to necessitate quick movement,
manufacturers should be in a position to stipulate, and
effectively hold out for a better margin of profit than is
now obtainable. Thus producers regard the outlook as
promising. Print cloths 27-inch 64x60's construction are
quoted at 4%c., and 28
-inch 64x60's at 4%c. Gray goods
39
-inch 68x72's construction are quoted at 7c., and 39
-Inch
80x80's at 9c.
WOOLEN GOODS.—An improved call is noted in several
quarters of woolens and worsteds markets, both for spring
and fall lines, and if the movement of goods continues to
grow at its present rate a very general duplicating should
be In progress within a short time. The lateness of Easter
this year and the delayed public consumption, due to the
protracted continuance of unfavorable weather into the
spring season have been largely responsible for the quietness prevalent during the past few weeks, in the opinion
of many factors, who are, accordingly, inclined to see in
the current betterment of conditions a forecast of generally
more active business during the near future. There are
some indications of a more constructive attitude in wholesale distributing channels. Inquiries from these sources
are reported to have taken on a more confident tone, leading. manufacturers to hope that the market may be on its
way to the re-establishment of normal trade practices.
FOREIGN DRY GOODS.—Linen goods activity continued
limited. A moderate volume of orders for household constructions was confined chiefly to odd lots of luncheon sets.
However, improvement was noted in the call for towels
and crashes, most of the orders for which derived from
such sources as railroads and steamship lines, and there was
also a slightly better movement into distribution of dress
goods and suitings, following the sluggish trend in those
fabrics developing after Easter. Efforts on the part of
some sellers to influence some sort of general control of
stocks, such as is being attempted in other dry goods
divisions is reported to be meeting with some success. An
Increasing number of manufacturers are said to be joining
the movement, and it is hoped that strong efforts may be
made possible in the near future to establish a better statistical ratio. Burlaps were rather quiet. as far as actual
sales were concerned, but a good volume of inquiry was in
evidence, indicating activity in the near future. Prices were
firmer. Light weights are quoted at 5.25c., and heavies
at 6.70c.
MAY 3 1930.]
FINANCIAL CHRONICLE
tate anti Titg tritvartutent
MUNICIPAL BOND SALES IN APRIL.
State and municipal long-term bonds sold during April
totaled $143,830,139. This figure compares with $126,232,113 for the previous month and with $91,935,818 for
April 1929. The aggregate emissions during the first four
months of 1930 were $461,128,082 and for the corresponding
period of 1929 were $343,323,940. The difference in the
totals is attributable to the fact that in only one of the first
four months of last year did the sales exceed $100,000,000.
The exception was in March when the figure was $105,775,676; whereas only in February of this year did the disposals fall below $100,000,000, the total being $81,487,016.
The State of New York, making its first appearance in
the long-term municipal bond market since March 1928
when $22,500,000 bonds were sold on a 3.69% interest cost
basis, contributed $31,550,000 to the total for April having
disposed of 4% bonds to that amount, maturing annually
from 1931 to 1955, inclusive. The award was made to J. P.
Morgan & Co., of New York, at 102.077, an interest cost
basis to the State of about 3.79%. No public offering of the
bonds was made, the purchasers having announced that the
securities would be disposed of privately. A syndicate
headed by the Chase Securities Corp., of New York, offering
100.4799, was second high in the bidding. The only other
long-term municipal bond award during the month that exceeded $5,000,000 was made by the State of Missouri and
consisted of 43. % road bonds to the amount of $10,000,000,
which were awarded to a syndicate managed by the Harris
Trust & Savings Bank, of Chicago, at 100.5737, a basis of
about 4.18%.
In the following we give an account of each long-term
municipal bond sale of $1,000,000 or over that occurred
during April:
$31.550,000 New York State 4% bonds, comprising three issues, maturing
annually from 1931 to 1955 inclusive, awarded on April 15 to
J. P. Morgan & Co., of New York. at 102.077, an interest
cost basis to the State of about 3.79%. No public offering of
the bonds was made, the purchasers having announced that
the securities would be disposed of privately.
10.000,000 Missouri (State of) 43 % series L, coupon or registered road
bonds, due $2,600.000 on April 1 from 1938 to 1942 inclusive,
awarded on April 2 to a syndicate managed by the Harris
Trust dc Savings Bank, of Chicago, at 100.5737. a basis of
about 4.18%.
4.500,000 West Virginia (State of) road bonds, awarded to a syndicate
headed by the Chase Securities Corp.of New York,at 100.0055,
an interest cost basis ofabout 4.24%. The bonds were awarded
as follows: $4,425,000, due on Jan. 1 from 1931 to 1955 inclusive, as 434s. and $75,000, also due in 1955, as 45.
4,152,000 Erie County, N. Y.,4% coupon or reg. gen. impt. bonds, due
on May 1 from 1934 to 1960 inclusive, awarded on April 23 to
the Manufacturers & Traders Trust Co.,of Buffalo,at 100.0112
a basis of about 3.99%.
3.884.000 Philadelphia, Pa., coupon or registered bonds awarded as 4s
to the Commissioners of the City Sinking Fund at 100.79. a
basis of about 3.94%. The award consisted of a $2,000,000
issue, due on April 16 1940, and a $1,884,000 issue, due on
April 16 1960 optional April 16 1950.
3.500.000 Harris County Texas, bonds awarded on April 14 to a syndicate managed by the Guaranty Co. of New York, as follows:
$2,000.000 Harris County Navigation District bonds, due
serially in from 1 to 30 years, awarded as Seat 101.86. a basis
of about 4.81%, and $1,500,000 Harris County road bonds
sold as Olt; at 101.17, a basis of about 4.63%. The road
bonds mature $50.000 on April 10 from 1931 to 1980 inclusive.
2,880.000 Buffalo, N. Y., gen. impt. bonds, awarded on April 7 at a
price of par to a group headed by George B. Gibbons & Co.,
Inc., of Now York, as follows: $1,200,000 bonds, due from
1935 to 1964 inclusive, sold as 35s, $930.000 bonds, due from
1931 to 1950 inclusive, sold as 5s, and 3750.000 bonds, due
from 1931 to 1960 inclusive, awarded as 430. Net interest
cost basis to the City of about 4.001% •
2.750,000 Cuyahoga County, Ohio, bonds, consisting of six issues
maturing annually from 1930 to 1953 incl.. comprising
000 Ois and $1,158,000 4gs,awarded on April 26 to $1,592,a
headed by the First National Old Colony Corp. of New group
-York
at 100.036. a basis of about 4.361%.
2,500.000 St. LOUIS CO., Mo., 434% bonds, awarded on April 9
to a
syndicate headed by the Continental Illinois Co.. of Chicago,
as follows: $1,500,000 road bonds, due from 1933 to 1950 incl..
sold at 101.753, a basis of about 4.32% and $500,000 hospital
bonds, due from 1936 to 1950 inclusive, sold at 101.856. a basis
Of about 4.31%.
2.408,000 Schenectady. N. Y. bonds awarded on April 17 as
4.15s to a
syndicate headed by George B. Gibbons & Co., Inc.. of New
York, at 100.217, a basis of about 4.12%. The bonds comprise four issues and mature annually on April 1 from
1931
to 1960 inclusive.
1.690,000 Erie, Pa.,4(% coupon bonds, comprising three issues
ing annually from 1931 to 1955 incl., awarded to the maturUnion
Trust Co. of Pittsburgh, at 101.07. a basis of
2,000,000 Philadelphia S. D. Pa., 4 w/ school bonds, about 4.16%.
o
.
Nov. 1 from 1940 to 1959 incl., awarded to adue $100,000 on
group
by the Bancamerica-Blair Corp. of New York, at managed
100.718, a
basis of about 4.19%.
2,000,000 Louisville, Ky. sewer bonds, comprising $1,525,000 4s and
$475,000 4s, due on Feb. 1 1969. awarded on April 2 to
'
the National City Co., New York City at 100.0055.
a basis
of about 4.06%.
1.500,000 High Point, No. Caro., 5% bonds, comprising a
$1,000.000
sewer issue and a $500.000 water issue, each maturing
from 1932 to 1969 inclusive, awarded on April 17 to annually
Caldwell
& Co. of Nashville, at 100.16. a basis of about
4.99'%.
1,500,000 Idaho (State of) notes awarded on April 3as follows:
$1,000,000
general fund notes, due April 16 1931, Jointly awarded
to the
Banker's Co. of New York and the International Co.
at 4.04%. Halsey, Stuart & Co.. of New York, of Denver
purchased
$500,000 treasury notes, due $100,000. July 1 and
from 1931 to July 11933. as 4;a, at 100.108, a basis Dec. 31
of about
4.20%. but declined to accept the award upon learning
that
the notes were issued in anticipation of gasoline tax
Instead of being general obligation notes. On April revenues
16, $250,000 of the notes were sold as 5s, at a price of par to the
State
Department of Public Investments and the remaining
$250.000
are to be sold over the counter.
3219
1,410,000 Hartford County, Conn., 431% building construction bonds
awarded on April 23 to Estabrook & Co.. of Boston, and
Putnam & Co., of Hartford, jointly, at 100.885. a basis of
about 4.17%. The bonds mature $47,000 on May 1 from
1931 to 1960 inclusive.
1,362,000 El Paso, Texas., 431% bonds, comprising 12 issues due from
1932 to 1960 inclusive, awarded to a group managed by Lehman Bros., of New York,at 101.468,a basis of about4.57%
1,310.000 Tulsa, Okla., bonds, comprising six issues maturing annually
from 1935 to 1954 incl., awarded to a group including the First
National Bank of Tulsa. Price paid not disclosed.
1,275.000 Mecklenberg County, No. Caro..
% courthouse, jail and
school building bonds, due from 1931 to 1960, inclusive,
awarded to the Union National Bank of Charlotte, at 100.001,
a basis of about 4.24%.
1.250,000 Hartford, Conn.. 4% coupon South Meadows Dike bonds.
awarded on April 24 to Eldredge & Co., of New York City,
at 98.95, a basis of about 4.11%. The bonds mature $50,000
on May 1 from 1931 to 1955 inclusive.
1,250,000 East Bank Water District, La.. fire defense and water supply
system bonds purchased by Caldwell A; Co. of Nashville.
Repeated attempts to obtain a description of the bonds have
been unsuccessful.
1,215.000 Asbury Park, N. J., bonds, comprising $815,000 4345, due
from 1931 to 1970 incl., and $400,000 431s. due from 1931
to 1970 incl. awarded at a price of par to M. M. Freeman
& Co. of Philadelphia and B. J. Van Ingen & Co. of New
York,jointly. The accepted tender was the only one received.
1.105.000 Lynn, Mass., 4% coupon bonds, comprising six issues, due
annually from 1931 to 1950 inclusive, awarded on April 11
the Central National Bank, of Lynn, at 100.936, a basis
about 3.83%.
1.000,000 Delaware County, Pa., 4% coupon impt. bonds sold to
M. M. Freeman & Co., of Philadelphia, at 100.139, a basis
of about 4.105%. The bonds mature annually on April 1
from 1930 to 1960 inclusive. Award was made on April 8.
1.000,000 Passaic. N. J., 5% temporary water bonds privately sold to
Kean. Taylor & Co.. of New York. Price paid not disclosed.
The bonds mature on May 1 1935.
1,000,000 Ramsey County, Minn.,series!.
% road and bridge bonds,
due annually on May 1 from 1931 to 1950 inclusive, awarded
on April 7 to a group managed by the First Union Trust &
Savings Bank, of Chicago, at 101.026. a basis of about 4.17%.
1.000,000 Salt Lake City S. D.. Utah, 4% school bonds, due May 1
1949, awarded on April 29 to C. F. Childs & Co. and M. M.
Freeman & Co., Inc., both of New York. jointly, at 97.338.
a basis of about 4.21%.
A considerable number of municipalities always fail to
dispose of their offerings, though this is becoming so to a
diminishing extent now that money market conditions are
again normal. In thefollowing table we list the municipalities
which failed to market their offerings during April, showing
the amount of the offering, the interest rate specified and the
reason,if any,assigned for the failure to award the obligations:
Page.
Name.
Report.
Int. Rate. Amount.
3233 Alberta. Province of, Cana- - -- 4 % $2,900,600 Postponed
55/
3031 Allen County. Ind..b
76,000 No bids
2828 Beaumont, Tex.(11 issues)_c--- 4V
1,589.000 Bids rejected
2829_ _Columbia, So. Caro_d
72.000 Bids re ected
not exc.5%
2829--Cranston, R.I
18,000 Bids re ected
414%
3033 Dannemora S. D. No. 1, N. Y.- 5%
100,000 No bids
2829 Ellis County, Tex. (4 issues)
975,000 Bids rejected
431%
2625 Franklin County Special Tax Sch.
Dist. No. 1, Fia_e
. 6°75,000 Bids rejected
3035 Jefferson Township, Pa..f
75,000 Postponed
431%
2626 Kossuth Co. D. D.No. 157, Ia.... 5%
8,400 No bids
2626 Lake Largo-Cross Bayou D. D.,
-e
70.000 Bids rejected
2627 Liberty County. Texas
5'39
500.000 Bids rejected
3036 Macomb County. Mich_h
10,000 No bids
2833 Manvel, No. Dak
not exc.6%
3.000 Not sold
3039 Quanah Sch. Dist., Tex
5%
120,000 Bids rejected
2836 St. Clair Shores Mich..1
not exc.6% 1,674,400 No bids
2630 Starr Co. Water Control and Impt.
Dist. No. 1, Texas
6%
1.200,000 No bids
2456 Walton County, Fla. (2 issues)
90,000 No bids
6%
a W. V. Newson, Deputy Provincial Treasurer, telegraphically informed
us that the sale of $2,900,000 431% bonds, scheduled for April 30—V. 130.
p. 3041—bad been postponed owing to changed market conditions. b The
County Auditor is again receiving sealed bids for the purchase of the Issue.
to be opened on May 15—V. 130. p. 3031. c A list of the bids rejected
appeared in—V. 130. p. 2828. d Highest bid received for the issue was
rejected owing to a technicality. e A local investor offered a price of 90
for the bonds which was rejected. f Sale of the issue was postponed from
April 26 to May 10—V. 130. p. 3035. g No satisfactory bids were received and the bonds are to be disposed of at private sale. h Secretary or
the Board of County Road Commissioners stated that the issue is to be
sold locally. I The Village on Feb. 4 failed to receive a bid for the purchase of $1,674,400, not to exceed 5%, interest bonds—V. 130, p. 1230.
Short-term loans negotiated during the month amounted
to $79,494,000. The City of New York contributed $66,500,000 to the total. Canadian long-term municipal bonds
sold during April aggregated $10,521,199. About $5,000,000
of these bonds are reported to have been placed in the
United States. The Province of New Brunswick was the
principal Canadian borrower during the month having sold
$4,250,000 48 % provincial bonds, comprising a $3,150,000
4
issue, due on April 15 1960, and a $1,100,000 issue, due on
April 15 1940, to a group headed by the Dominion Securities
Corp., of Toronto, at 97.351, a basis of about 4.94%. About
$1,750,000 of the proceeds of the sale will be used for refunding purposes and the remainder will be applied to the permanent road construction fund.—V. 130, p. 2838.
The Province of Manitoba on April 1 awarded an issue of
$1,570,000 06% bonds to a syndicate managed by Wood,
Gundy & Co., of Toronto, at 93.937, a basis of about 4.89%.
The bonds are dated April 1 1930 and mature on April 1
1960—V. 130, p. 2633. A group managed by Fry, Mills,
Spence & Co., of Toronto, on April 22 was awarded an issue
of $1,500,000 5% bonds of the Protestant Central School
Board of Montreal, Que., at 98.58, a basis of about 5.12%.
The bonds mature annually on May 1 from 1931 to 1960,
inclusive—V. 130, p. 3042. The sale of $2,900,000 .1.6%
Province of Alberta bonds scheduled to have taken place on
April 30—V.130, p. 3041—was postponed owing to changed
market conditions, according to W. V. Newson, Deputy
3220
FINANCIAL CHRONICLE
Provincial Treasurer. The Government of Philippine Islands
on April 2 awarded 81,250,000 4% bonds, due 8750,000
on Sept. 15 1959 and 8500,000 Oct. 15 1959, to C. F. Childs
& Co., of New York, at 103.77, a basis of about 4.27%.V. 130, p. 2453.
A comparison is given in the table below of all the various
securities placed in April in the last five years:
1926.
1927.
1930.
1929.
1928.
$
$
Perm.loans(U.S.)..143.830,139 91.935.818 129.904.592 134,881,048 111,151,259
*Temp.loans(U.S.) 79.494.000 102,991,000 77,979,000 55,531,000 78,149,500
None
525,000
Bonds U.S.PoasMs. 1,250.000
None
None
CanadMioans(porm.):
Placed in Canada. 5,521,199 2,267,531 2,497,124 2,524,194 5,900,474
None
None 22.694,000
Placed in U.S- 5.000,000 4,000,000
None
None
Gen.fd.bds. N.Y.C.
None
None 20,250,000
Total
235.095,338 201,298,349 230,630,716 226,155,242 195,201.233
•Includes temporary securities issued by New York City, 666.500,000 in April
1930, $36,815,000 in Aprii 1929, $58.573,000 in April 1928, $42,500,000 in April
1927 and 558,750.000 in April 1926.
The number of municipalities emitting permanent bonds
and the number of separate issues made during April 1930
were 362 and 543, respectively. This contrasts with 329
and 464 for March 1930 and with 423 and 540 for April 1929.
For comparative purposes we add the following table,
showing the aggregate of long-term issues for April and the
four months for a series of years:
Month of
For the
For the
Month of
Four Months.
April.
Four Months.
April.
$38,562,686 $162,026,305
1930_x
$143.830,139 $461,128,032 1911
20,691,260 124,708.581
1929
91 935,818 343 323,940 1910
37,462,552 117,402,998
1928
129,904,592 493,905,006 1909
21,428,859 112,196,084
134,881,048 507,494,813 1908
1927
78,235,067
19,909,004
1928
111,151,259 470,774,988 1907
65,755,686
8,725,437
1925
94,671,659 421,599,166 1906
40,409,428
76,137,234
133,288,881 428,848,418 1905
1924
11,814,584
58,333,230
81,426,486 328,000,980 1904
1923
48,803 588
17,626,820
6137,176.703 429,237,993 1903
1922
6,735.283
38,254,819
88,104,218 292,561.134 1902
1921
33,192,622
9,298,268
86,194,759 240,267,877 1901
1920
14,157,809
48,650,275
52,713,484 158,952,753 1900
1919
7,477,406
26,098,992
90,130,471 1899
14,999,882
1918
3,570,963
27,336,696
p68,277.482 169,324,775 1898
1917
48,631,385
13,060,323
686,899,155 206,902,393 1897
1916
4,521,850
19,672,118
26,402,049 171,261,251 1896
1915
29.496,406
8,469,464
c103,224,074 268,986.826 1895
1914
11,599,392
35,718,205
96,258.461 1894
23,644,915
1913
26,680,211
9.175,788
97.951.422 1893
22,317,243
1912
x Includes $31,550,000 bonds sold by New York State.
•Includes $25,000,000 bonds sold by New York State and $3,000,000 purchased
by the Sinking Fund of New York City.
a Includes 545.000,000 bonds issued by New York City at public sale.
S Includes 555,000,000 bonds issued by New York City at public sale.
C Including $70,000,000 bonds sold by New York City-$65,000.000 at public
sale and $5,000,000 to the Sinking Fund.
We present herewith our detailed list of the municipal
bond issues put out during the month of April. The list
does not include issues sold the present week:
.
Rate. Waturity Amount. Price,
Naetn.
Page.
414 1940-1944 d300,000 100.24
2827-_Adair Co., Iowa
4( 1940-1945 243,000 100.86
3031-Adams Co., Iowa
10,000 98.40
1931-1940
6
2446--Alabama City, Ala
414 1931-1951 185.000 101.14
3031-Algona,S.D.,Iowa
27,900 100.11
1932-1940
5
3031-Allegan Co., Mich
431 1931-1938 r34.849 100.37
2446-Allen Co., Ohio
65,000 100.76
514 1932-1941
2827-Alturas S. D., Calif
160,000 100
2621- _American Fork Utah----43i
75,000 100.60
2827- _Ames Ind. S. D.,Iowa--.454 1931-1940
23.000 100.38
4
3031__Andrew S. D.,Iowa
1934-1950
454 1930-1956 185,000 102.09
2031-Apollo S.D.,Pa
3031_ _Atlanta, Ga. (9 issues)-434 1930-1938 371,000 100.94
29-39 yrs. 150.000 102.78
2621._Ashland,Ky
431 1932-1944 100,000 100.61
2621-Asniand, Ky
8,500 100.94
1933
5
3031-Atlanta, Ga
2621- _Audubon Co.,Iowa
454 1935-1944 250,000 100.19
40.000
431 1943-1950
2621- _Avalon, Pa
15.000
3031--Ava, Mo
554
_
I. _5
20,000 103.81
1931-1941
2828__Bartholomew Oo.,
7,300 100.78
2828__Bartholomew Co..Ind--AM 1931-1941
60,000
2828-Bartlesville S. D. Okla
2622__Battle Creek Ind. S. 13,
45.000 101.36
414 1933-1949
Iowa
99.000 100.06
531
2828--Belton, Mo
431 1931-1935 155,000 100.26
2828-Birmingham,Mich
54.000 101.22
434 1933-1960
2828__Birmingham, Mich
60.000 100.75
534 1932-1937
2622-Bisbee, Aria
--4
1949-1944 150.000 100.40
3031__Black Hawk Co.,Iowa.
25.000 101.66
1939-1943
3032._ Black Hawk Co..lowa--4
435 1940-1944 d200.000 100.13
2828-Boone Co., Iowa
r48,000 101.89
434
2828.-Boone Co.,Ind
2828.-Bo8ton & Berlin Twps.
85.000 100.317
431 1933-1950
S. D.No.3, N.Y
414 1940-1944 d200,000 100.30
2622-Bremer Co.,Iowa
2622-_Bridgeport, Conn.(3 iss.)434 1931-1970 335.000 102.52
2622.-Brighton Un. Free S. D.
431 1930-1959 205.000 100.07
No.1,N.Y
1931-1940 590.000 101.08
(2
2622-Brookline,Mass. iss.)--4
Port Diet.,
3032__Btoward Co.
28,000
Fla
3032-Brunson Hickory Grove and
Dry Swamp 8. D.'s,
10.000 100.20
1931-1943
o
S.C
334 1935-1964 1,200.000 100
2622--Buffalo, N.Y
1931-1950 930.000 100
2622-Buffalo, N. Y.(2 issues)-5
2622--Buffalo, N. Y.(2 issues).43( 1931-1960 750.000 100
10.000 102.55
1935-1940
s
2622--Burnham,Pa
1940-1944 155.000 100.16
4
2623- _Butler Co.,Iowa
19.942 100.18
1931-1940
3032-Butler Co.,Ohio
1932-1935 100,000 101.15
2447-California (State of)
5-20 yrs. d10,000 100.75
3032-Canyonville, Ore
95.000 103.55
1935-1950
2623__Carbonda1e S. D.,Pa_-_5
414 1940-1944 d200,000 100.30
2623_ _Cass County,Iowa
1935-1969 575,000 100.16
4.40
2447-Catskill, N. Y
3032-_Cedar Twp. S. D. No. 9.
3,000
19311935
5
Iowa
64,000
454 1931-1950
3032_ _Central City,Neb
35.000 100.32
431 1932-1937
Mich
2623-Chelsea,
12,000 100
1935-1946
5
3032- _Chetek,Wis
2623--Chicago Northwest Park
1943-1949 500,000
5
Dist., Ill
..Chicago Northwest Park
2623.
1945-1950 200.000 100.67
5
Dist., Ill
1931-1940 150,000
4
2448_Chicopee, Mass
40.000 102.08
3032-Chippewa Twp. S.D.,Pa_434 1935-1954 200,000 100.12
434 1939-1960
2623_ _Christian County, Ky
55,000
5
3032-Claremore, Okla
24,000 101.75
2828-Clarkesville S. D., Ga .630 Yrs.
180,000
534
3032-Claremore, Okla
454 1931-1955 800,000 100.69
2448-Columbus. Ohio
Basis.
4.45
4.58
6.35
4.36
4.98
4.65
5.39
4.75
4.39
4.46
4.28
4.36
-4.67
4.36
4.46
4.21
4.35
4.33
4.65
4.40
5.31
4.40
4.29
4.47
4.72
4.43
4.17
4.74
3.78
5.97
4.001
4.001
4.001
4.43
4.46
4.47
4.14
5.83
4.62
4.43
4.39
4
--67
.
5.50
3.86
4.32
4.49
5.88
4.18
[Vor... 130.
Rate. Maturity. Amount. Price. Basis.
Name.
Page.
3032-Colorado Co.R. D.No.3,
425,000 102.43
Texas
13,000 100.30 4.95
2623_ _Congers Fire Dist., N.Y..5
1931-1943
3033--Cook Co. Forest Preserve
4
Dist., Ill
1931-1950 500,000 95.56 4.56
96,000
6
3033-_Coral Gables, Fla
1932-1043
.Corpus Christi, Texas (5
2829.
Issues)
1932-1966 215,000
5
1931-1940
13,440 103.74 4.25
5
2829-Crawford Co.. Ind
2623-Crestline Exempted S. D.,
4% 1931-1951 210.000 100.10 4.49
Ohio
99,868
2829.-Creston,Iowa (2issues).
78,000
2829„Crockett Ind. S. D.,Tex_5
5.00
55,000 100
3033--Culberson Co.,Texas_ _ -.5
3033...Dallas County, Iowa.__.434 1940-1944 d200,000 100.17 4.47
1935-1949 d23.000 100
2829- _Decatur County,Iowa_ _ _
1931-1941
3,900 100.60 4.37
2624- _De Kalb Co., Ind
1930-1960 1,000.000 100.139 4.10
2624._Delaware County,Pa....4
2829.
.Delaware County,Iowa- A% 1940-1944 d200,000 100.09 4.48
-4g 1935-1943 136,000 100.23 4.45
3033.-Des Moines Co., Iowa.
2 yrs
7
11,000
2624--Divide Co., N. Dak
6% 2 Yrs
3,000
2624_ _Divide Co., N. Dak
_
614 2 yrs.
2624_ _Divide Co., N. Dak
1,000
2829.-Dixon Co. S. D. No. 63,
5
16,000
Neb
2448__Duluth Ind. S. D.,Minn.4g 1939-1939 350,000 100.14 4.22
1933-1968 100,000 101.03 4.67
2829_ _Durham,N.0
2624__East Bank Water Dist.,
La
1.250,600
2624-East Baton Rouge Parish
40.000 100.20 5.48
S. D. No. 10. La
5ii 1931-1955
1932-1941
39.000 100.27 4.70
3033-East Hamburg, N.Y...4
1932-1940
72,000
5
3033-Effingham, Kan
4g 1931-1945 127.000 100.17 4.28
2624-Ellzabeth, N. J
4.29
1931-1940
8.200 101
...4
2829--Elkhart County, lad.
2829-Ellisburg & Lorraine Sch.
4X 1931-1960 110.000 100.36 4.73
Dist. No. 1, N.Y
50,000 100.129 4.49
434 1931-1950
3033-Elmsford, N. Y
d8,000
1930-1932
6
3033.-El Reno, Olds.
4.57
1932-1960 1,362.000
2829-..E1 Paso, Tex.(12 issues)-4
1932-1956 527,000 101.87 4.32
4
2449-Englewood, N.J
1932-1962 489,000 102.29 4.30
2449-Englewood, N.J
22.000
1931-1957
2624-Enterprise Con.S. D.,Ga.5
1934-1960 4,152.000 100.01 Yoii
4
5033_ _Erie County, N. Y
1931-1960 362,000 100.39 3.80
2830--Everett, Mass.(2 issues)-4
5.48
7,000 100.21
554 1931-1940
2830_ _Fairfield, 0
6.00
11,800 100
1931-1940
6
3033.
.Fairview 0
415 1940-1944 (1746.000 100.27 4.44
2624_ -Fayette County, Ia
10.000 100.50
3033_ _Fayette Sep. S. D., Miss..5g
3033_ _Flathead Co. S. D.No.20,
3.000 100
Mont
4
1931-1955 400,000 101.13 -7.41
2624_ _Flint, Mich
60,000 101.13 4.44
1931-1955
2624__Fllnt, Mich
1932-1933 100,000 100.72 4.50
5
2624_ _Flint, Mich
12.277 100.17 4.475
2449_ _Franklin County,0
434 1931-1937
434 1940-1944 300,000 100.30 4.43
2830_ _Franklin County,Ia
13. No.
3034._Franklin Co. S.
5.25
5% 1931-1951 (128,000 100
51, Wash
2830_ _Franklin, Sidney and Otago S. D. No. 1, N.Y. 431 1932-1960 215.000 100.27 4.73
2830_ _Freeport, N.Y.(2 issues)4.40 1931-1950 230.000 100.48 4.33
5.00
400,000 100
3034_ _Galveston County, Tex-5
igci-- 190.000 100.90 4.11
4
3034_ _Gary S. D., Ind
10,000 100.48 4.65
1931-1940
3034_Geauga Counts,0
25,000
2830__Gilbert,La
80,000 100.70 3.88
4
1931-1940
3033 _ _Gloucester, Mass
2449_ _Glenville Un. S. D.No.2.
4;4 1932-1954 240.000 100.58 4.44
N.Y
3034„Greece Corn. S. D. No. 5,
1930-1948
59.000 100.17 4.98
s
N.Y
6.00
10,000 100
6
1931-1940
3034...Grlggsville. 111
2831_ Grosse Pointe Twp.Agric.
434 1931-1960 120.000 103.51 4.45
S. D.No. 1, Mich
2831_ _Grosse Pointe Twp.Agric.
435 1931-1960 120.000 101.57 4.36
S. D.No. 1, Mich
3034.
.Grosse Pointe Shores,
50.000 100.15
434
Mich
30.000 100
2625.-Groveton Ind. S. D..Tex
1940-1944 200.000 100.50 4.39
2625„Grundy County, Ia
1940-1944 150,000 100.256 4.45
2625...Guthrie County, Ia
1931-1940 152,162 100.57 4.30
3034_Hamilton County, 0
1931-1955 300.000 100.57 4.19
2625-Hamilton County, 0....
1940-1944 d200.000 100.23 4.45
County,Ia
2831_ _Hamilton
25.000
2831.-Hamilton S. D., Ga
8.320 101.03 4.40
1931-1941
.4
2625-Hanoock County. Ind.
1931-1960 1.500,000 101.17 4.63
2831__Harris County. Tex
1931-1960 2,000.000 101.86 4.81
2831_ _Harris County, Tex
3034__Hardesty Consol. S. D.
36,000
5g
No. 15, Okla
1931-1955 1,250,000 98.95 4.11
4
3035_ _Hartford, Conn
100.88 4.17
1931-1960 1.410,0
-4
3035_ _Hartford County,Conn
2.111 109.56 5.10
1945
2625_ _Hayward, Calif
1951-1959
45.000 109.56 5.10
2625__Hayward, Calif
5.00
1930-1939
5,000 100
6
2831_ _Heavener, Okla
3035-Hempstead S. D. No. 6.
31.000 100.17 4.73
434 1931-1961
N. Y
2831_Hempstead Sanitary Dist.
434 1932-1959 350,000 101.16 4.40
No. 1, N. Y
67,010 100.05 4.49
2831--Henry County, O.(7 iss.).4.15 1931-1939
3035__Highlands S. D. No. 3.
431 1931-1960 325.000 101.90 4.595
N.Y
3035-H h Point, No. Caro.
1932-1969 1,600,000 100.16 4.99
2 Issues)
1931-1935 250.000 100.63 3.78
4
2450-Holyoke. Mass
1931-1935
20,000 100.35 4.84
5
3035_ _Horseheads, N.Y
434 1935-1950 165.000 100.01 4.24
2626_ _Huntington. N. Y
454 1933-1948
36,000 100.20 4.48
2831„Huntington, N. Y
1932-1950
38,000
5
3035_.Huston. Han
1931
1,000,000
4.04
2450_ _Idaho (State oB
5.00
1931-1933 500,000 100
5
3035-Idaho (State o
1932-1956
25,000 103.21 4.17
3035-Indianapolis, Ind
1932-1951 517.000 103.87 4.12
2831_ _Indianapolis, Ind
19324941
17,000 101.77 4.17
2626_ _Indianapolis, Ind
5.00
1932-1954
45,000 100
5
2832__Interlaken, N. J
4% 1940-1944 (1240,000 100.06 4.48
3035_ _Iowa County, Iowa
3035_ _Jackson County,Iowa---4g 1940-1944 (1275,000 100.05 4.49
3035_ _Jackson County, Iowa 4g 1940-1944 (1275,000 100.05 4.49
1935-1949 600,000
2832_Jackson County, Mo- -5
5.00
250,000 100
2832_ _Jasper Co,Tex.(3 iss.)-5
r25,000 102
2832_ _Jefferson County,Tenn-6
2832__Jim Wells Co. R. D. No.
160.000
1, Texas
52.5
385,000 100
3035_ _Johnson City,Tenn.(2iss)5)5
figf-- 50,000 106.42 4.63
-2832_ _Johnson County, Oa__ --5
100.027
370.000
3035_ _Johnson County, N. Car.4%
4 5
414 1940-1944 (130,000 100.28 - :i3035_ _Jones County, Iowa
.
2832_ _Judith Basin Co.S.D.No.
5.50
1931-1950
30,000 100
22, Mont
414 1931-1940 126,000 101.84 4.12
2626._Kalamazoo. Mich
2832_ -Keokak County, Iowa_ _ _4g 19404944 d300,000 100.07 4.48
2832__King County Sch. Dista•.
5.25
91,000 100
Wash.(4 issues)
53.4
3035-Klamath Co. S. D.No. 1,
40,000 100.02 4.89
434 1945-1950
Oregon
3035-Klamath Co. S. D.No.1.
1950
40.000 100.02 4.5
Oregono
19314941
15,600 102.92 4.38
5
2626-Knox County, Ind
8,500 102.99 4.37
19314941
5
2626--Knox County, Ind
1 :US
2
:
6,800 102 1
19314941
5
2626__Knox County, Ind
200.000 100
1933
434
2626__Knoxville, Tenn
1931-1941
9,400 103.04 4.87
6
2626-La Grande Co., Ind
9,000 103.14 4.34
1931-1941
5
2626_ _La Grange Co., Ind
8,000 100.16 4.69
4X 1931-1934
2832__Lake County, Ohio
76,000 100.11 4.70
435 1931-1934
2832- Lake County, Ohio
Ita:io-
MAY
3 1930.]
FINANCIAL CHRONICLE
Page.
Name.
Rate. Maturity. Amount.
2832_ _Lake County, Tenn
6
1946-1950
25,000
3035_ _Lake County, Ohio
434 1930-1939
67,000
3036_ _Lebanon, Nob
431
55.000
3036 ..Lincoln Co., Mont
5
1931-1935
10.000
3036_ _Linn County. Iowa
434 1940-1944 600,000
2627_ ..Litchfield, Conn
434 1931-1938
62,000
_Lordsburg Mun.S. D.No.
3036_
1. N. Mex
5
70,000
2627_ _Los Angeles Co. Acquis.&
Impt.Dist. No.59,Ca1.634 1933-1944
51,097
3038.. _Los Angeles Co. Mun.Improv. Dist. No.75, Ca1.5g
198,000
2627_ _Landon Sch. Dist., W.Va.
450.000
2451_ _Louisville, Ky
4
--fifig -- 1,525.000
2451_ _Louisville, Ky
43,4
1969
475.000
2627_ _Lufkin Ind. B. D.. Tex_ _5
1930-1969
40,000
3036_ _Lyndhurst Tvrp., N. J_ _ _5
1930-1933 127.000
2832_ _Lynn, Mass.(6 issues) _ _ _4
1931-1950 1,105,000
2451_ _McLennan County, Tex_434 1940-1969 850,000
2832__McRae Sell Dist., Ark.-6
10,000
3036_ _Macomb County, Mich_
10,000
2832__Mahaska County, Iowa_4% 1940-1944 225,000
2833__Mansfield, Ohio
6
1931-1935 110,450
2627_Marathon County, Wis-434 1943-1945 522,000
2833--Maricoka Co. S. Dist.
No.8,Ariz
1940-1949
55,000
5
2833-.Marion Co., Ind.(2 iss.)_4
1931-1935
30,000
2627- _Marion County, Ind.__ _434 1931-1940 114,000
2451._Marblehead, Mass
4
1930-1931
50.000
2451--Marblehead, Mass
1930-1939
40.000
4
2627- _Marshall, Tex
150,000
5
3037_ _Marshall, Minn
100,000
43i
2833-_Matagorda County, Tex.5
1931-1959 395,000
3037-..Mayfield Heights, Ohio
(2 issues)
534 1931-1940 327,907
2833_ _Mena, Ark
1933-1945
40,000
6
2037-Mecklenberg Co., N. 0.
(2 issues)
431 1931-1960 1,275,000
2627-Merrill,Iowa
1932-1940
2,700
5
2833.-Miami County, Kan.. 434 1931-1940 275.791
2833...Middletown, Ohio (3 iss.)4;4 1931-1940
60,000
3037--Middleburg Heights,Ohio
90,383
Issues)
534 1931-1940
3037_ _MfIls County, Iowa
434 1940-1944 167,000
2627_ -Minden, N.Y
1931-1940
10.000
5
2452-Missouri (State of)
431 1938-194210,000.000
3037--Minonk, Ill
50,000
534 1934-1943
2833- _Mobile, Ala
58.000
1931-1940
5
2833--Montgomery, Ala
631 1931-1940 250,000
1940-1944 (1150.000
2628__Montgomery Co., Iowa_ _4
3037_ _Montgomery Co., Ohio 431 1931-1940
66,000
2628.-Mount Airy, N. IP
50,000
531 1933-1960
2833_ _Mount Vernon, N. Y......431
100,000
1950
3037_ _Mount Vernon, Ohio_ _
83,735
1931-1940
3038__Muscatine Co., Iowa_ _ _4
1940-1944 200,000
2628--Manarro Co., Con. R. D.
No. 1 Tex
166,000
3038_ _Nelsonville, N. Y
3,300
434 1931-1936
2628._New Bedford, Mass
1931-1940 400,000
4
2833-Nebraska State of (6 bus.)
165,000
2833__Neligh S. D. No. 9, Nob 431
40,000
2628-.New Britain, Conn. iss.)434 1930-1969 725,000
(4
2834.
.New Ilanover Co. N. O.
,
(3 issues)
45j 1931-1946 625.000
2828_ _Nez Perce Co., Idaho_ _..5
10-19 yrs. 140.000
3038-.Newton Sch. Dist., Iowa_431 1931-1935
35.000
2834__New York State, N. Y.
(3 issues)
1931-1955r31550,000
4
2834__Niagara Falls, N. Y
4.15 1965-1970 312.000
2453_ _North Pelham, N. Y
78,000
434 1931-1950
2834_North Wildwood, N. J 13
1035
d40,000
2834-North Wildwood,_ N. J..6
20,500
1931-1934
2628 ..Norwood City S. D..Ohio434 1932-1954 300.000
3038_ _Norwalk, Conn
431 1932-1968 500,000
27,000
2834__Oakland Ind. S. D., Iowa434 1943-1949
95,000
1931-1936
2628._Oaklyn, N. J
6
34,000
2628_ 0aklyn, N. J
53i 1932-1944
25,000
2834_ _Oberlin. La
1931-1950
6
3038-Ocean City, N.J
53i 1932-1950 225,000
15,000
3038-.0jai, Calif
2834-_Oklahoma City, Okla- _ _4
400,000
2834-.0rangeburg Co. S. D.
35
:
No. 26. S. 0
1934-1950 167 888
5
1931-1941
2628_0range Co., Ind.(2 iss.).5
2628...Orange County, Ind
18,500
1931-1941
4
2834-Ossining, N.'Y
33,000
1931-1950
4
2834--Oxford, N. Cl
4,000
531 1931-1955
3038--Oyster Bay S. D. No. 6,
N. Y
434 1933-1967 250,000
2834_ _Page Co., Iowa
434 1940-1944 (1200,000
3038._Parco. Wyo
1940-1955 (160,000
6
2629_ -Pasadena,Texas(3 iss.)_ _6
1931-1969 108,000
2629-Pasadena, Texas
1934-1969 r12,000
6
2834-Pasquotank Co., N. C 6
1931-1934
13,000
3038-Passaic, N. J
1.000,000
1935
3038-Patrick Co., Va
15,000
6
3-10 yrs.
3038--Perth Amboy,N.J
132,000
933
1
3038--Perth Amboy, N. J
93,000
1933
lil
2835-Philadelphia, Pa
2,000.000
1940
4
2835-Phlladelphia, Pa
1950-1960 d1884.000
4
2629-Pitt Co., N.0
1931-1944 160,000
431
2629-Pitt Co., N.0
1945-1960 290,000
3034-Plattsburgh, N. Y
4. 0 1931-1946 115,000
3039--Polk Co., Fla
1934-1938
50,000
6
3030-Portland, Ore
g31.E
14 19-60 8
:82309
-Portland, Ore
2835-Portsmouth,Ohio
57,000
434 1931-1939
2835-Portsmouth, Ohio
6.000
Y 1931-1936
2835-Portsmouth, Ohio
1931-1934
1,500
2629--Quincy, Mass. (6 iss.)__ _4
1931-1938 537.000
2629-Ramsey Co., Minn
43( 1931-1950 1,000,000
3039-Rehabath, Del
19,000
5
3039-Richards Ind. S. D.,Tex-51939
22,000
3039.-Rockport, Mass
1931-1940
10,000
4
3039-Rocky River, Ohio
1931-1940 176,500
5
3039Rocky River, Ohio
14,500
1931-1940
3030._ Rush Co., Ind
1930-1940
17.960
4
2630- _St. Louis Co., Mo
1933-1950 2.000,000
2630-St.Louis Co., Mo
1935-1950 500.000
2454--St. Louis Park, Minn__ _
1931-1941 240.000
2836._Salem Mass
1931-1940
80,000
4
2836-San Patricio Co R. D.
No. 5, Texas1932-1960 225,000
2630-Santa Rosa, Tex
1935-1949
15,000
2836-Schenectady, N. Y.(4 Issues)
4.15 1931-1950 2,408,000
2836„Sc
Co., N. Y.
(2 issues)
4.20 1932-1949 295,000
3039- _Scott Co., Iowa
1946
124,000
431
3039 SeaIsle
N. J
1931-1954
24,000
6
2836--Sebastopol, Ca
City,lif
1931-1952
22,000
5
3040- _Shorewood, Wls
434 1931-1949
83,000
2836--Shoshone Co. Ind. S. D.
No. 8, Idaho
165,000
3040-Sidney S. D.,Neb
192.000
434
3040--Sierra Madre, Calif
1952-1968
5
51.000
2836-Silver Creek, N. Y
1931-1950
4
40,000
2836-Sioux Co.. Nob
1935-1945
4
75,000
..Spencer Co.,Ind
2830..
25,000
431 1931-1941
3040-Springfield City, S. D.,
Ohio
434 1931-1951
85,000
2630_ _Stephenville, Tex
8,000
- 2836--Stevens Co.,S.D. No.180,
Wash
1937-1950 (112,000
2836...StoryCo., Iowa
VI 1940-1944 (1200,000
h:
B1
3221
Price. Basis. Page.
Name.
Rate. Maturity. Amount. Price. Basis
100.66 4.94 2836...Stratford, Oppenheim,Ephratah and Salisbury
100.27 4.44
(Town of) S. D. No. 1,
N. Y
5.20 1931-1955
72,000 100.47 5.15
100.50 4.89
4
1931-1950 560,000 100.039 4.04
100.34 4.42 2837_ _ Syracuse, N. Y
100.813 4.30 2837__Syracuse, N. Y.(2 iss.)-431 1931-1950 145,000 100.039 4.04
2631__Talbot County, Md
4
1936-1941
30.000 98.21 4.26
434 1940-1944 200,000 100.15 4.47
100
5.00 3040_ _Tama County,Iowa
3040--Tampa Rural H. S. D.
431
No.4,Kan
46,000 100.10 100.44 6.43
1940-1944 200,000 100.25 4.46
2631_ _Taylor County, Iowa_ _ _ _4
431 1931-1963 406,000 101.09 4.65
2631-Tenaf1y, N. J
100.115
100
2837-Terrell Co. Et. D., Tex_ 5
1931-1970 150.000
434 1931-1940 249,426 101.12 4.27
100.005 4 6
.
2455-_Topeka, Kan
100.005 4.06 3040- _Troup, Texas (2 Issues).5341932-1970
46.000 100
5.50
2631_ _Troy, N. Y.(3 issues).-434 1931-1950 355.000 103.14 4.10
100.07 4.97 3040_ _ Trumbull Co.,Ohio(2is.)434 1931-1940 123,000 100.03 4.49
100.93 3.83 2837--Trumbull Co., Ohio
434 1934-1940
46.000 100.31
4.43
33.800 100.25 4.19
100
4.50 2631._Trumbull Co., Ohio
434 1931-1940
5
2631_ _Trijunya, Calif
1931-1945
15,000 100.10 4.98
5
20,000 100
3040-Twin Falls, Idaho
5.00
4.48 2837- _Union County, Iowa_ _ -..434 1940-1944 4200.000 100.257 4.45
100.11
102.83 4.88 3040-Upper Sandusky, Ohio (2
4.24
22,581
102
Issues)
1931-1940
.
3040- _Van Buren Co.,Iowa_ - -434 1940-1944 200,000 100.02 44.9
100.54 5.45 2837--Vashon Island S. D.,
Wash
43,000 100
100.91 4.43
5
5.00
101.27 4.24 2631...Virginia Beach, Va ______ ._ 1931-1960
70.000 94
5.91
4
100.20 3.79 2631_ -Waltham, Mass
1931-1951
42,000 101.56 3.82
100.43 3.90 2837--Warren, Ohio
434 1931-1940
21.000 100.11
4.48
97.25
20,000 100.01
5.24
3041-Washington, N. 0
534 1932-1941
100
4.25 2631-Waterford, N. Y
4.70 1931-1942
24,000 100
4.70
3041-Watertown and Custer
Twps. S. D. No. 7,
100.53 5.38
Mich
85,000 101.58 4.61
431 1932-1959
100.26 5.96 2837__Watervliet, N. Y.(3 is.).4.35 1931-1950 238.000 100.10 4.315
2631_ _Waupaea Co.,Wis.(2is.) 434 1940-1942 300.000 102.13 4.27
100.001 4.24 3041_ _Waupun, Wis
30,000
101.88 4.65 2837_ _Waushara Co., Wis
434 1937-1939 219,000 100.66 4.40
100.27 4.46 2838_ _ W ebster Co., Miss
6
1931-1956 350,000 100.87 5.91
100.29 4.44 2631_ _Weiser, Idaho
64,000 100.17 5.23
534 2-20 yrs.
3041__Weld Co. S. D. No. 31,
100.11
5.48
Colo
13.500 100
534 1931-1937
5.25
100
4.50 2838_ _Wellesley, Mass.(2 iss.)_4
1931-1945 120.000 101.36 3.55
100.50 4.89 2838_ _West Allis, Wis.(3issues)4
1935-1950 188.000 100.75 4.43
100.57 4.18 2632-West New York, N.Y..
..4311931-1954
62,000 101.04 4.64
100
5.50 2456--West Virginia
jState of)_ _4 4 1933-1955 4.425,000 100.005 4.24
100.34 4.93 2456-- West Virginia State of)_ _4
1955
75,000 100.005 4.24
4
2838- _Weymouth, ass
1931-1945
15.000 100.22 3.97
100.34 4.43 2838_ _Wharton Co.,Texas
534 1931-1960 220,000 104.09 5.14
100.18 4.46 2632 Willard. Ohio
431 1931-1939
68,000 100.44 4.65
103.56 5.20 2838- _Wharton Co., Texas
534 1955-1059
50.000 103.66 5.25
102.35 4.08 3041_ _Williston S. D., N. Dak_ _5
200,000
100.77 4.83 2456- _Winnishiek Co., Iowa-- _434 1940-1944 (1300.000 100.13 4.47
100.32 4.44 2456_ _Woodbridge Twp.,N.J._534
1933
625.000 100
5.50
2633-Yorktown, N. Y
434 1932-1945 135,000 100.41
4.44
99
2838_ _Yuma Co. S. D. No. 7,
100
-4.
Colo
534 1932-1950 r19,000
100.17 3.96 3041__Yuma Co. S. D. No. 17.
Ariz
48,500
531 1941-1950
100.90 4.16
Total bond sales for April(362 municipalities,
covering 543 separate issues)
$143,830,139
101.22 4.62
(1 Subject to call in and during the earlier years and to mature in the later
100.87 4.91 year. k Not including $79,494,000 temporary loans. r Refunding bonds.
100.62 4.52 y And other considerations.
The following items included in our totals for previous
months should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
these eliminations may be found.
102.07
100.46
100.43
100
100
101.85
100.23
101.98
3.79
4.13
4.45
6.00
6.00
4.30
4.23
4.36
100
:Coo previous months:
102.57
102.50
102.50
101.90
100.76
4.75
4.38
4.38
4.53
5.18
100.44
100.46
100
100
100
101.28
4.47
4.40
6.00
6.00
6.00
5.43
100.67
100.12
100.12
100.79
100.79
100.02
100.02
100.62
100
102.12
101.50
100.07
100.15
100.06
100.62
101.02
100
100
100.14
100.53
100.53
100.13
101.75
101.85
100.37
100.57
5.88
4.46
4.46
3.94
3.94
4.53
4.53
4.32
6.00
4.33
4.48
5.20
5.22
3.68
4.17
5.00
5.00
3.97
4.91
4.91
4.47
4.32
4.31
4.43
3.88
98.50
100
5.63
5.50
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
..431
2832_ _Lyons, Colo. (February)
$50,000 98.88 -2627_ _Middleburg Heights, O.
(December)
6
1931-1940
90,383 100.11 4.98
100.004 5.99 3059.. _Rankin S. D.,Pa.(Mar.)434 1935-1960 210,000 102.52 4.31
101.45 5.07
We have also learned of the following additional sales of
100.217 4.12
100.297
100.04
100
103.28
100.81
4.17
4.24
6.00
4.63
4.40
100
100.39
107.59
101.35
100
100.81
:. -7.
...
4.54
4.58
4.50
4.35
101.10
4.37
100
5.25
100.205 4.46
Name.
Rate. Maturity. Amount.
Page.
2827 _ _Ashland,0
434 1931-1940 $10,000
2447_ _Ashtabula County,0-....434 1931-1940
68,780
6
2447_ _Batesville, Ark
70.000
6
2447_ _Batesville, Ark
90.000
53.4 1931-1940 141,798
3031_ _Beachwood, O.(2 iss.)
2623 _ _Casper, Wyo
5
1931-1940
70.000
2448_ _Clinton,Ia
434
45.000
434 1940-1941
2449_ _Elwood. Ind
12,000
2830_ _Fanshawe Con. S. D.
No. 3, Okla
18,000
531 1933-1951
2625._Gillespie County, Tex_ _5
220,000
2449_ _Gordon. Nob
15,000
2450_ _Hopedale,0.(1(ebruary).6
1931-1939
4,500
2626_ _Kinney, Minn.(2 iss.)- _6
75,000
434
20 years r82,000
2451_ _Mapleton S. D.,Ia
6
1931-1940
4,944
2451_ _Morral,0
2629_ _Pottawatomie Co., Kan_ _4x, 1931-1940 300,000
5
1940-1945 d30,000
2454_ _Pritchett, Colo
5
1932-1940
3039_ _Reynolds Twp., Ill
40,000
434 1931-1939
13,633
2836_ _St. Clairsville.0
62,500
2630_ _Seminole, Okla. (2 iss.)_ _6
6
1932-1940
2630_ _Sllver Lake,0
19,238
2837_ _Tallmans Fire Dist., N.Y.4X 1931-1940
10,000
2455_ _Temple. Okla.(2 Ws.).40,000
2837_ _Washington C. H.,0_ _534 1931-1939 r23,463
2838_ _Woodstock Fire D., N.Y.5
1931-1937
7,500
2456_ _Yavapai Co. S. D. No. 1,
1931-1945 200,000
Ariz
5
Price. Basis.
100.63 4.62
100.32 4.44
102.70 -101
5:1..8
100.34 5.00
100
4.50
100
101.55 4.32
100
100
5.25
5.00
100
100
6.00
6.00
100.76
99.60
5.85
4.34
100.52
100.27
100
100
7.6
4
6.00
6.00
100
5.00
100.56
4.91
All of the above sales (except as indicated) are for March.
These additional March issues will make the total sales (not
including temporary loans) for that month $127,90'5,469.
BONDS OF UNITED STATES POSSESSIONS.
2453_ _Philippine Islands (Gov.
434
1959
750,000 103.77 4.27
of)
2453_ _Philippine Islands (Gov.
434
1959
500,000 103.77 4.27
of)
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN APRIL.
Rate. Maturity. Amount. Price. Basis.
Name.
Page.
55.000 102.11
5.29
2633_ _Brampton, Ont.(2 iss.)-534 20 years
5
1939
70,000 97.08 5.40
2838_ _Chicoutimi, Quo
5
1931-1959
89.800 96.58
2838 Chicoutimi. Quo
50,000 99.37 _ _534 40 years
2633 Dorval. Quo
636 10 years
26,725 99.86 5.53
3042_ _Dryden.Oct
5
20 years
78,000 97.77 5.27
2838_ _Durham Two., Ont
10-40 yrs.
453,029 96.65 5.32
2633_ _East York Tvrp., Ont_ _ _5
48,300 101.23
534 1931-1950
2838_ _Grand Mere,Quo
4
.
1.570,000 93.93 -- 89
1960
_Manitoba, Province of_ 434
2457_
3042.. _Montreal (Protestant Sch.
1931-1960 1,500,000 98.58 5.12
5
Board of)
2838...New Brunswick. Prov. of431 1940-1960r1,750,000 97.351 4.94
2838__New Brunswick, Prov. of431 1940-1960 2,500,000 97.351 4.94
2838-Northumberland & Dur1931-1950 227,500 99.277 5.09
5
ham (Cos.of) Out
5
1931-1950
84.247 98.25 5.21
2838...Perth. Oct
17.500 98.29
534 20 inst.
Carling,Ont
2633_ _Port
.,Quebec (Roman Catholic
2633.
Board of School Com5
1960
250,000 100.63 4.96
missioners of)
1931-1968 189,500 98.45 5.12
3042_ _Shawinigan Falls. Qua- _5
3222
FINANCIAL CHRONICLE
EgggI_Elmith's
Name.
Rate. Maturity. Amount. Price. Basis.
Falls, Ont
5
1931-1950
17,105
98.14
5.22
3042_ _Stonehenge,flask
6
1931-1945
4,500 100
6.00
3042--Walkerville, Out.(7 iss.)-5
1015 yrs. 396,280
97.46
5.40
3042_ _Westmomn.Quo
5
1935-1968 511.500
99.577 5.04
2839_ _Weston. Out
5-534 1931-1960 137.500
98.78
5.24
2839_ -Windsor, Ont.(5 iss.)__ - _5
10-30 yrs. 427,491
97.81
2839_ _Windsor, Out
434 20 years
87.223
97.81
Total amount ofdebs.sold during April
$10,521,199
ADDITIONAL CANADIAN SALES FOR PREVIOUS MONTHS.
2456_ _Barrie, Out.(March)_ - _ _5
20 years
55.000
98.64
5.16
2457_ _Calgary S. D., Alta.
(March)
5
30 years
438,000
98.06
5.20
2838_ _Cobourg, Out.(March)- _534 1931-1950 126.000
2457_ _North Vancouver, B. C.
(March)
5
1945-1950 123,903
98.14
5.16
3042_ _Nova Scotia, Pray. of
(March)
98.926 5.07
1960
4,000,000
5
457_ _Sherwood, Jones & Bur25.000
99.15
6.08
gess Twps., Ont.
(Mar.)_ -- 6-25 yrs.
NEWS ITEMS.
Canada.
-Bonded Debt of Dominion Municipalities Higher.
-According to an Ottawa dispatch appearing in the Montreal
"Gazette" of April 25, the total bonded debt of all the municipalities within the Dominion has increased $29,395,077
since 19'27, giving a total for 1928 tlf $1,077,005,531. We
quote in part from the report as follows:
The figure for urban municipalities was made up as follows: Cities.
$822,924,132; towns, $129.622,726; villages. $542,275. It is explained in
the report that in Quebec, villages are included in counties and in Ontario
they are included in towns.
The bonded indebtedness of rural municipalities is divided as follows:
Rural municipalities. $65.056,620, including $23,000, bonded debt of independent rural municipalities of Quebec: districts, $32.093,357; municipal
districts $33,163; county councils, $201.950; counties, $26.531,308.
Ontario leads the other provinces in the amount of bonded indebtedness
with a figure of $425,912,807. Totals for other provinces follow: Quebec,
$278,864,744: British Columbia, $110.124,819; Manitoba, $85,651,906:
Alberta, $63.428,853: Saskatchewan. $53,092.330; Nova Scotia, $29,049.412; New Brunswick, $19.365,535, and Prince Edward Island, $1,515,125.
As there is no rural municipal system in Prince Edward Island its figure is
for urban indebtedness only.
On the per capita basis, municipal indebtedness is heaviest in British
Columbia, the figure being $220.90. The calculation for other provinces
is: Manitoba, $151.67, Ontario 8144.26, Alberta $100.20. Quebec $93.32.
Saskatchewan $63.85 and Nova Scotia $55.46. New Brunswick and Prince
Edward Island are not included on account of insufficient data. In the case
of Nova Scotia, 1921 census figures were used.
Real Property.
The total taxable value of real property in Canada increased from $6,028,012.649 in 1919, to $7,753,091,861 in 1928. Personal property, which Is
only taxed in certain provinces, increased from $52,932.719 in 1919, to
$70,242,136 in 1928. Income, for the provinces in which it is taxed, increased from $103,260,441 in 1919,to $110,725.186 in 1928. Other taxable
valuations, which amounted to $167,498,151 in 1919, increased to $280,713.723 in 1928. while the valuation of property which is exempted from
taxation increased from $811,935,964 in 1919. to 81,373,142.743 in 1928.
These figures are from the Dominion Bureau of Statistics.
-Board of Review Completes 1928 ReCook County, Ill.
-On April 24 the Board of Review completed
assessment.
the re-assessment of both real and personal property in the
County for 1928, showing a reduction of over 411 million
dolars, in comparison with the total figure for 1927. The
Chicago "Journal of Commerce" of April 25 carried the
following on the subject:
The Board of Review yesterday completed the 1928 reassessment, placing
the full assessed value of all taxable property in Cook County, both real
and personal, at $4,341,969,414. This is approximately $411,432,027 less
than the total for 1927.
The comparisons of 1927 and 1928 tax valuations are as follows:
1927.
1928.
$3,560,126,501 $3,336,174,128
Real estate
693,002,684
875,000,563
Personal property
232,122,411
223,613,602
Railroads
85,461,966
89.179,000
Capitalstock
$4,753,401,441 $4.341,969,414
Totals
The valuation of realty within Chicago totaled $2,661,949,634, or a reduction of $618.828,194 from the 1927 total. The 1928 total shows only a
small cut by the Board of Review from the Board of Assessors' figures.
The figures for townships within Chicago are:
Rogers Park
North
Lake View
South
Lake
Jefferson
Hyde Park
West
Total
of Assessors.
$84,720,724
211,064,581
304,089,022
559,283.099
255.788.307
304,172,162
407,167,010
558.165.384
of Review.
$83,504.774
199,012,005
300,067.135
574.997.709
255,311,883
301,940,550
396,979,319
550,136,259
$2.684.440,289 $2,661.949,634
-On April 29 County Clerk
City Tax Rate Fixed at $4.60.
Sweitzer announced that the basic tax rate for 1928 had
been set at $4.60, compared with a figure of $4.38 for 1927,
and the first tax bills received by the property owners for
two years were to be put in the mails on May 1, reports the
Chicago "Journal of Commerce" of April 30.
-The fol-State to Retire Portion of Road Bonds.
Illinois.
lowing statement was released on April 1 by Frank T.
Sheets, Chief Highway Engineer, with reference to the
payment of principal and interest on outstanding highway
bonds:
principal and interest of
This year Illinois will retire $8,053,055.87 in
issue, according to a report
the outstanding road bonds in the $60,000,000 director H.H.Cleave and
Governor Louis L. Emmerson to-day by and Chief Highway Enmade to
buildings,
of the department of public works and
gineer Frank T. Sheets.
issue. It
has retired $8,000,000 of the $60,000,000road bond
"To date, the State
of the $100,000,000
will begin retiring the principal and interest
issue in 1932.
the principal and interest payments on
"From 1932 to 1944, inclusive,simultaneously. The payment in 1944
the two bond issues will be metin the $60,000,000 issue, while the final
the bonds
will retire the last of
1
or1/11
issue
ee
payment on g $100,000,000 irum probably MI
e
6
5 ta0
ingrolst
Xatdde l 9 (for tw
p
maximum
be paid m 1941. Payments will average
)
is
bond Issuesx $9,7(10,000, and will
$8,500,000 however.
Governor Emmerson was told,
"Revenues from the automobile licenses,
issues without resorting to direct
will be sufficient to pay off the two bond
taxation."
9
O
-Acts Relative to Municipal Finance
Massachusetts.
with the
-The following legislative Acts, dealing approved:
Passed.
powers of municipalities, have recently been and towns
Chapter 164 of the laws of 1930, authorizing cities
[VOL. 130.
to appropriate money to provide public landing places anfi
maintain docks, piers, wharfs, buildings and appurtenance..!
thereto; Chapter 167, repealing the provisions of law subjecting the appointment of department heads and others in
the City of Boston to approval by the Civil Service Cornmission; Chapter 168, which is an Act authorizing the City
of Boston to establish and maintain an official thoroughfare
plan; Chapter 171 relative to State appropriations for the
improvement of public ways in small towns; Chapter 173
entitled:"An Act changing the date of the biennial municipal
election in the City of Pittsfield;" Chapter 177 authorizing
the Town of Georgetown to borrow additional money for
water supply purposes, while Chapter 178 is an Act relative
to sewerage works and the amount of money per year to be
spent thereon of the City of Boston.
New York State.
-Deputy Bank Superintendent Appointed.
-Joseph A. Broderick, State Superintendent of
Banks, has recently appointed George W. Egbert, chief
examiner of the State Banking Department, to the post of
Deputy Superintendent of Banks, effective on May 1 1931.
Mr. Broderick issued the following statement under date of
April 30:
To Banks, Trust Companies, Savings Banks and other Institutions under
the supervision of this department:
It is our pleasure to announce the appointment of George W. Egbert as
Deputy Superintendent of Banks, effective May 1 1930.
Mr. Egbert has been connected with the State Banking Department
since 1910 serving in various important capacities, and since 1924, has
been the chief examiner of the department. He will be in charge of the
general administration work of the New York office, have supervision of
all examination work and continue his present duties as chief examiner.
Under the recent law, the department is to have five deputies, the numerical designation being discontinued. For your information, the official
staff of the department is as follows:
New York Office, 51 Chambers St. Deputy Superintendent, George W.
Egbert, Division: General administration and Supervision of Examination
Work; Deputy Superintendent, August Ihlefield Jr., Division: Investigations Investments and Small Loan Companies; Deputy Superintendent.
'
Reginald W. Pawling, Division: Bank Relations and Reports; Opinion
Clerk, James T. Hennehan, Division, Law and Opinion.
Albany Office, Deputy Superintendent, George A. Coleman, Division:
Administration.
New York District, Senior Examiners: H. S. Andrews, S. I. Chlttenden,
L. H. Geser, J. S. Love, G. M. Aldrich, F. G. Crane, E. W.Irving,
'C. E.
Nathaway, F. W. Piderit.
Rochester District, J. H. Zweeres, Examiner in Charge, 149 Milton St.,
Rochester, N. Y.
Buffalo District. E. J. Bangert, Examiner in Charge, 35 Woodette Place,
Buffalo, N. Y.
Syracuse District, H. J. Young, Examiner in Charge, 203 W. Beard
Ave., Syracuse, N. Y.
Albany District, W. D. Navin, Examiner in Charge, 1052 Waverly
Place, Schnectady, N.
' J. A.BRODERICK,Superintendent of Banks.
Port of New York Authority, N. Y.
-Reorganized
Under New Laws.-Wo are in receipt of the following, dated
April 24,outlining the reorganization of the Port Authority
in accordance with recent legislation extending the Port
Authority's field of operations:
The enlarged Port of New York Authority reorganized yesterday (Thursday) with the election of John F. Galvin, of Manhattan, as Chairman,
and Prank C. Ferguson, of East Orange. N. J., as Vice-Chairman. The
meeting was held under the terms of the recent legislative enactments
transferring control of the Holland Tunnel to the Port Authority and
placing future tunnel construction in its hands.
A special committee was appointed to work out detailed plans of reorganization of committees and another committee was named on operation
of the Holland Tunnel during the interim.
The commissioners ratified an order of April 21 providing a temporary
set-up to carry on the operation of the Holland Tunnel and which named
Arthur 0. Davis of the old Holland Tunnel force as Acting Superintendent
of operation and maintenance.
Under a resolution by Conunissioner John J. Pulleyn, a committee of
six was named to prepare a complete scheme of committee reorganization.
The following were appointed: Chairman Galvin, Vice-Chairman Ferguson,
General George R.Dyer,Commissioners Joseph G. Wright,John F. Murray
and Ira R. Crouse.
The temporary committee on tunnel operation which was named under
resolution by Commissioner Ferguson follows: Commissioners Alexander
Shamberg, Joseph G. Wright and George deB. Kelm.
The meeting was attended by the 12 commissioners, the number having
been increased from six by the new statutes. On the Now York side, the
Port Authority now includes in its membership three former Holland Tunnel
commissioners. The three additional appointees representing New Jersey
include one of the recent New Jersey tunnel commissioners.
Mr. Galvin had been chairman of the old Port Authority for two years,
prior to which time he was Vice-Chairman for several terms. Mr.Ferguson
similarly served the old Port Authority as Vice-Chairman since July 1928,
and has taken close interest in the many ramifications of its work throughout
that period.
Mr. Galvin succeeded ex-Governor Alfred E. Smith as a Port Authority
Commissioner in 1923. He was prominently identified years ago with the
construction of the Catskill Acqueduct under designation by the late Mayor
Gaynor, serving as President of the board that carried on this great project
within the estimated cost of $175,000,000.
Mr. Galvin retired from the water board in 1920 in order to devote
himself entirely to his many commercial and other business affairs, and he
reluctantly returned to public life three years later. He is President of the
Metal Stamping Co. of Long Island City, which he established in 1888.
and is an officer and director of several other business enterprises and
banks. He lives at 225 Central Park West. His nomination for Chairman
was made by General Heppenheimer.
Mr. Ferguson, the Vim--Chairman, is President of the Hudson County
National Bank of Jersey City. He has been a member of the Port Authority
since 1924 and was formerly collector of internal revenue for North Jersey.
His name was submitted for Vice-Chairman by Commissioner Cullman.
Besides Chairman Galvin, the holdover Port Authority commissioners
are John F. Murray of Brooklyn and Howard S. Cullman of Manhattan.
The three Holland Tunnel commissioners added by legislation of the State
of New York are General George R. Dyer, Alexander J. Shamberg and John
J. Pulleyn, of Manhattan.
Besides Vice-Chairman Ferguson. the New Jersey members of the old
Port Authority Commission are General William C. Heppenheimer of
Jersey City and Schuyler N. Rice of New Brunswick. The three additional
New Jersey members, under appointment by Governor Larson. are Ira
R. Crouse of Perth Amboy, Joseph G. Wright of Paterson, and George
deB. Kelm of Edgewater Park. Mr. Wright was Chairman on the New
Jersey side of the former Holland Tunnel Commission.
Mr. Crouse is a prominent business man of central New Jersey and Mr.
Kelm is a retired banker.
San Paulo (State of), United States of Brazil.
-A syndicate comSyndicate Offers $35,000,000 7% Bonds.
posed of Speyer & Co., J. Henry Schroder Banking Corp.,
National City Co., Bancamerica-Blair Corp., Dillon, Read
& Co., Ladenburg, Thalman & Co., Continental Illinois Co.,
Inc., E. H. Rollins & Sons, Blyth & Co., Inc., G. L. Ohrstrom & Co., Inc., Otis & Co., and the Dominion Securities
MAY 3 1930.]
FINANCIAL CHRONICLE
Corp., all of New York, offered this week for public investment at 96 and accrued interest, to yield to maturity
7.56%, $35,000,000 7% secured sinking fund gold bonds of
an authorized issue of $100,000,000 of the State of San
Paulo. On April 29 it was announced that well over 90%
of the offering had been sold. The bonds are dated April 1
1930 and mature on Oct. 1 1940. Interest is payable on
April and Oct. 1. Coupon bonds in denoms. of $1,000 and
$500 registerable as to principal. The following dealing with
the payment of principal and interest of the loan and the
provisions for the retirement of the bonds prior to maturity
is taken from the official offering notice:
3223
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 City, will be furnished to the successful bidder.
AMERICAN FORK,Utah County,Utah.
-ADDITIONAL DETAILS.
-The $160,000 issue of 434% coupon water works system bonds that was
purchased at par by the Central Trust Co. of Salt Lake City
-V. 130.
p. 2621-1s dated April 15 1930. Denom. $1,000. Int. payable on Apr.
and Oct. 15.
APPANOOSE COUNTY (P. 0. Centerville), Iowa.
-BOND SALE.
The 6200,000 issue of coupon annual primary road bonds offered for sale
on April 24-V. 130. p. 2827
-was purchased by Halsey, Stuart & Co..
of Chicago, as 434s, at par. Due from 1935 to 1944, incl. Optional after
5 years. The other bids were as follows:
BidderRote Bid.
Premium.
White-Phillips Co
434%
Geo. M. Bechtel & Co
4X %
Principal and interest payable, without deduction for any present or
future Brazilian taxes, in New York in United States gold coin at the office
of Speyer & Co. or of J. Henry Schroder Trust Co., or, at the option of
ARIZONA, State of (P. 0. Phoenix).
-BOND ELECTION.-W1 are
$ :67r
0
the holder, in London, at the office of J. Henry Schroder & Co., in sterling, informed by our Western correspondent that a special election will be held
at the fixed rate of exchange of $4.8665 to the pound sterling, or at the on May 15 for the purpose of passing upon the issuance of $21.000,000 in
offices of Lippmann. Rosenthal & Co. in Amsterdam, Credit Suisse in proposed road bonds.
Zurich, Stockholms Enskilda Bank in Stockholm, and Bence Commerciale
Italians in Milan, in local currencies at the current buying rates for sight
ARLINGTON, Middlesex County, Mass.
-TEMPORARY LOAN.
exchange on New York. Coupon bonds in denominations of $1,000 and The Bank of Commerce & Trust Co., of Boston, on April 28 purchased a
$500, registerable as to principal.
$200.000 temporary loan at a 3.38% discount. The loan is dated May 1
Sinking fund, beginning July 1 1930. sufficient to repay at least 1-10th 1930 and is due on Nov. 7 1930. Bids received were as follows;
of these bonds annually,,to be applied to the semi-annual redemption of
BidderDiscount.
bonds by lot at par, the first redemption to be on April 1 1931. Sinking Bank of Commerce & Trust Co.(purchaser)
3.38
fund payments may be anticipated.
Faxon, Gade & Co.
3.40
05)
&
3.43
A detailed description of the bonds and the purpose for Salomon Bros.Co Hutzler (plus $5)
W.O. Gay
3.43
which they are issued will be found in our "Department of Menotomy &
Trust Co., Arlington (plus $1.76)
3.44
F. S. Moseley & Co.
3.44 0
Current Events and Discussions" on a preceding page.
Shavrmut Corporation of Boston
3.53%
-BOND SALE.
-The
ASBURY PARK, Monmouth County, N. J.
following issues of coupon or registered bonds aggregating $1,215,000
offered on April 29-V. 130, pp. 2827-3031-were awarded at a price of
par to M. M. Freeman & Co., Inc., and B. J. Van Ingen & Co., jointly:
1, as follows:
ADAMS, Berkshire County, Mass.
-BOND SALE.-Estabrook & Co.. 3815,000434% general improvement bonds. Due on May 635,000 from
$17.000, 1931 to 1953, incl.; $24,000, 1954; and
of Boston,recently purchased an issue of 326,0004% sewer bonds,maturing
1955 to 1970. incl.
annually from 1931 to 1956, incl.. at 100.30, a basis of about 3.97%.
400,000 434 % general improvement bonds. Due on May 1, as follows:
R. L. Day & Co., of Boston, bid 100.03 for the issue.
$8,000. 1931 to 1950. incl.. and $12,000 from 1951 to 1970, incl.
Both issues are dated May 1 1930. The accepted tender was the only
ADAMS COUNTY (P. 0. Decatur) Ind.-BOND SALE.
-The three
Issues of 4H % coupon bonds aggregating $22.800 offered on April 24- one received.
V. 130, p. 282'7-were awarded as follows:
-The
-BOND SALE.
ATLANTIC CITY, Atlantic County, N. J.
$14,160 Ben Elting hard surface road, Washington Township improvement $1.600,000 temporary bonds offered on May 1-V. 130, p. 3031-were
bonds awarded to the First National Bank, of Decatur, at 100.84. awarded as 4.058 to Lehman Bros., and R. W. Pressprich & Co., both of
4,400 William L. Frazer road, Blue Creek Township improvement bonds New York,on their joint bid of par plus a premium of $97. equal to 100.006,
awarded to the First National Bank of Decatur, at par plus a a basis of about 4.04%. The bonds are dated May 1 1930 and mature on
premium of $22.24. equal to 100.50.
1930.
4,240 0. 0. Manley roads. Blue Creek Township improvement bonds Nov. 1successful bidders are re-offering the bonds for public investment
The
awarded to the Old Adams County Bank at par plus a premium priced to yield 3.75%. The following is a complete list of the bids subof $37.16, equal to 100.87.
All of the above bonds are dated April 15 1930. One bond of each issue mitted for the issue:
Int. Rate. Premium.
Bidderis due semi-annually from July 15 1931 to Jan. 15 1941.
Lehman Bros. and R. W. Pressprich & Co., jointly
$97
(purchasers)
AFTON, Lincoln County, Wyo.-BOND OFFERING -Sealed bids
12
4.10
will be received by P. P. Baldwin, Town Clerk, until May 3, for the pur- Atlantic Safe Deposit az Trust Co.,Atlantic City
405
4.20
chase of a $7,000 issue of coupon water works improvement bonds. De- Chelsea National Bank
27
4.20
Bankers Trust Co
nomination $500. DM in 30 years.
40
4.35%
Equitable Trust Co
AKRON, Summit County, Ohio.
-The $695.779.13
-BOND SALE.
coupon or registered bonds offered on April 28-V. 130, p. 2621-were
-BONDS VOTED.
-At a special
BALDWIN, Lake County, Mich.
awarded to Darby & Co., of New York City, at par plus a premium of election held recently a proposition calling for the issuance of $22,000 in
$280.87, equal to 100.0403, an interest cost basis of about 4.538%. as bonds to procure funds for an addition to the local high school building
follows:
carried by a favorable vote of 96 to 22. Work on the proposed addition is
$325.019.16 special assessment street improvement bonds sold as 434s. to start immediately and the bonds will be sold shortly.
Dated May 1 1930. Due on Oct. 1, as follows: $32.019.16,
1931; 332.000, 1933 to 1935, incl.. and $33,000 from 1936
BARTLESVILLE SCHOOL DISTRICT (P. 0. Bartlesville), Washto 1940, incl.
ington County, Okla.
-BOND DETAILS.
-The $60,000 issue of coupon
240,759.57 special assessment street improvement bonds sold as 4Hs. school bonds that was purchased on Apr. 12 by the Harris Trust & Savings
Dated May 1 1930. Due on Oct. 1, as follows: 648,759.97. Bank of Chicago
-V. 130. p. 2828-bears interest at 434%. Due from
1931; and 648,000 from 1932 to 1935, incl.
1935 to 1954 inclusive.
80,000.00 real estate purchase and Fire Dept. bldg. construction bonds
BARTOW, Polk County, Fla.
-Sealed bids will
-BOND OFFERING.
sold as 43is. Dated April 1 1930. Due $4,000 on Oct. 1
be received until 2 p. m. on May 6 by George .1. McNamee, City Auditor
from 1931 to 1950, incl.
50,000.00 trunk sewer, sanitary and storm sewer construction bonds and Clerk,for the purchase ofa 331.000 issue of6.A coupon refunding bonds.
sold as 4 Hs. Dated May 1 1930. Due on Oct. 1, as follows: Denom. $1,000. Dated July 15 1929. Due on July 15, as follows: $3,000,
$2,000, 1931 to 1940,incl., and 33.000 from 1941 to 1950. incl. 1932 to 1940 and $4,000 in 1941. Prin, and int. (J. & J.) payable in gold
All of the above bonds are being reoffered by the successful bidders for or its equivalent at the Central Hanover Bank & Trust Co. in New York
public investment at prices to yield 4.00% for the 1931 maturity, 4.15% City. The approving opinion of Caldwell & Raymond, of New York,
for the 1932 maturity, 4.25% for the 1933 and 1934 maturities, 4.35% will be furnished. A certified check for 2% of the bonds bid for, payable
for the 1935 to 1940 maturities, and 4.40% for the 1941 to 1950 maturities. to the City, is required.
(These bonds were unsuccessfully offered on Nov.8-V.129, p.3197.)
Below we furnish an official tabulation of the bids submitted for the
-The
bonds. In indicating the different interest rates bid on the various issues
BATTLE CREEK, Calhoun County, Mich.
-BOND SALE.
the following abbreviations are used: A, $240,759.97; B. $325,019.16: $400,000 coupon bonds offered on April 28-V. 130, p.3031
-were awarded
0, $80,000: D• $50.000.
to Braun, Bosworth & Co., of Toledo, as follows:
D Agree. Int. Premium.
Bidder3150.000 general obligation paving bonds sold as 434s. Due on Nov. 1.
Net Int.
B
A
C
Darby & Co
4X% 4% 4% 4X% $192,508.58 $280.87 $192.227.69
as follows: $10,000, 1932 to 1937, incl., and $15,000 from 1938
Halsey. Stuart & Co.
to 1943, incl.
and E. II. Rollins
150,000 general obligation sewer bonds sold as 434s. Due on Nov. 1.
&Sons, Joint bid454% 4% 4% 434% 192,508.56
279.00 192.229.58
as follows: 610,000, 1932 to 1937, incl., and 615,000 from 1938
Mitchell, Herrick &
to 1943, incl.
Co.and Stranahan,
100,000 general obligation bonds for the construction of certain interHarris&Oatis,the.,
cepting sewers, pumping stations, and sewage disposal plant and
Joint bid
system sold as 434s. Due $5,000 on Nov. 1 from 1932 to 1951.
&It% 434% 434% 4% 197,347.17 1,466.00 195,881.17
Bankers Co., First
incl.
Detroit Co.. ElBELTON, Cass County, Mo.-ADDITIONAL INFORMATION.
dredge & Co. and
The two issues of coupon bonds aggregating $99,000, that were purchased
E. G. Tillotson &
Co., Inc., it. bid..434% 434% 4X% 434% 197,347.17
827.97 196,519.20 by the Fidelity National Bank, of Kansas City, as &Hs,at a price of 100.06.
V. 130, p. 2828
-are divided as follows: $62,000 water bonds. $37.000
National City Cu.
sewer bonds. Denoms., $500and 111.000. Dated Apr. 11930. Duefrom Apr
and Hayden, Miller & Co., Jt. bid 434% 434% 434% 434% 201,030/5 4,049.00 196,987.75 1 1932 to 1950,incl. Int. payable on Apr.and Oct. 1. Basis ofabout 5.24%.
McDonald-Callahan
BELOIT, Rock County, Wis.-BOND OFFERING-Sealed bids will
& Co., A.II. Leach
be received by H. C. Schneider, President of the City Council, until 8 p. m.
dr Co., Inc., Foreon May 19. for the purchase of three issues of coupon bonds aggregating
man State Corp.
$86,000 as follows:
and Central Illinois Co., Joint bid _4 % 4X % 434%
% 201,036.75 3,944.00 197,092.75 $45.000 43.4% street imp. bonds. Dated May 1 1930. Duefrom May 1 1931
to 1940, incl.
Lehman Bros., Ames,
15,000 4%% storm sewer bonds. Dated May 1 1830. Due from May 1
Emerich & Co.,
1931 to 1940, incl.
Kean, Taylor &
26,000 434% Turtle Creek bridge bonds. Dated Mar. 1 1930. Due from
Co. and The Title
Mar. 1 1932 to 1945, incl.
Guarantee &our.
Corp., Joint bid 4%% 434% 434% 431% 201,036.75 2,184.76 198,851.99 Denom.$1,000. Interest payable semi-annually. The bidder is required to
ftumiso the printed bonds, ready for signatures. A certified check for $100
Otis & Co.. BaneOhio
on each issue must accompany the bid.
Securities Co. and
(This report corrects the preliminary report given in V. 130. j). 3031.)
The Prey,Say.Bk.
The following statment accompanied the official offering notice:
& Tr. CO.. it. bid_494% 434% 4jr,% 434% 201,036.75 2,229.00 198,807.75
The City of Beloit was incorporated in the year 1856. The bonded inALLEGAN COUNTY (P. 0. Allegan), Mich.
--OTHER BID.
- debtedness of said city, not including the above Issues is 6904,000,000.
In connection with the report of the award on April 22 of $27,900 Road The assessed valuation for the year 1929 is $33363,802. The actual value
AMOS/MIME District No. 15 bonds as 59 to Braun, Bosworth & Co., of of real estate and personal property (approx. estimate) 1929,is 640,000,000.
Toledo, for a premium of $33, equal to 100.11, a basis of about 4.98% The constitutional or statutory limit for bonded indebtedness is 5% -of the
-V. 130, P. 3031-we learn that the only other bidders, the First Detroit assessed valuation. The tax rate for the year 1929 was $26.50 per 1,000
of assessed valuation. The present population (estimated) is 27,000.
Co., of Detroit, offered par plus a premium of $321 for the issue as 534s.
BOND PROPOSALS AND NEGOTIATIONS
ALLENDALE, Bergen County, N. J.
-BOND OFFERING.-WIlliam
W.Pollock, Borough Clerk, will receive sealed bids until 8 p. m.(daylight
saving time) on May 15, for the purchase of the following issues of coupon
or registered bonds aggregating $169,000:
392,000434. 5,534 or 534% water bonds. Due on May 1, as follows:
32.000, 1931 to 1955, incl.. and $3.000 from 1956 to 1969. incl.
77.000434. 5. 534, 534 or 534% improvement bonds. Due on May 1,
as follows: $5,000, 1931 to 1933. incl.: $6,000, 1934; and $7.000
from 1935 to 1942, incl.
Both issues are dated May 1 1930. Denom.$1,000. Prin. and semi-ann.
int.(M.& N. 1) Payable in gold at the First National Bank of Allendale,
Allendale, or at the Guaranty Trust Co., New York. No more bonds are
to be awarded than will produce a premium of $1,000 over the amount
-BOND OFFERING.
-Two IsBESSEMER, Jefferson County, Ala.
sues of public improvement bonds aggregating $324,000, will be offered
for sale at public auction on May 6 at 8 p. m., by J. M. Scott, City Clerk
and Treasurer. The issues are as follows:
$264,000 refunding bonds. Dated July 1 1930. Due on July 1 as follows:
$6.000, 1933 to 1937. 38,000, 1938 to 1945. 310.000, 1946 to
1950, and $12,000, 1951 to 1960. inclusive.
60.000 refunding bonds. Dated Sept. 1 1930. Due on Sept. 1 as follows:
32.000, 1933 to 1958. and 34.000 in 1959 and 1960.
Interest rate ii3 not to exceed 531%, payable semi-annually. The
purchaser is to furnish lithographed bond blanks ready for signatures, with
Interest coupons attached; to pay the cost of transferring the executed
bonds from Bessemer to point o !delivery; is to furnish all resolutions,
3224
FINANCIAL CHRONICLE
ordinances, forms otadvertisements and forms of affidavits and any other
required forms; is to agree to have on deposit with the Chase National
Bank, New York, sufficient funds to pay principal payments and incidental fees; Is to procure an attorney's opinion, if he so desires. A $7,500
certified check, payable to the City, is required.
BIG SPRING, Howard County, Tex.
-The
-BONDS NOT SOLD.
three issues of 5% coupon semi-annual bonds aggregating $265,000, offered
on April 22-V. 130, p. 2622
-were not sold. The issues are divided as
follows: $130,000 sewer,$115,000 water, and $20,000 street bonds. Denom.
$1,000. Dated Apr. 151930,
BRA WLEY SCHOOL DISTRICT(P.O. Brewley), Imperial County,
Calif.
-BOND OFFERING.
-it is reported that sealed bids will be received by the County Clerk, until May 5,for the purchase of a $60,000 issue
of school bonds.
[vol.. 130.
BidderSalomon Bros. & Hutzler (Purchasers-Plus $6)
Third National Bank & Trust Co
Shawmut Corporation (Plus $4)
Bank of Commerce & Trust Company
Faxon, Gade & Company
Discount
3.42%
3.435%
3.45'7;
3.51%
3.52%
CHILOQUIN HIGH SCHOOL DISTRICT (P. 0. Chiloquin),Klamath County, Ore.
SALE.
-A $15,000 issue of 534% high school
-BOND
bonds has recently been purchased by the County for a premium of $600
equal to 104.00, a basis of about 5.05%. Dated April 1 1930 due $1,000
from April 1 1935 to 1949, incl.
CLAIRETTE ALEXANDER ROAD DISTRICT (P. 0. Stephenville)
,
Erath County, Tex.
-BOND SALE.
-We are informed that a $50,000
issue of road bonds has peen purchaseu ay an undisclosed investor.
BUTTE COUNTY RECLAMATION DISTRICT NO. 833 (P. 0.
COLORADO.
-STATE TO REDEEM $680,000 IN BONDS.
-The
Oroville), Calif.
-BONDS NOT SOLD.
-The $15,000 issue of 6% semi following is from the "Denver and Rocky Mountain Post" of April 26:
annual impt. bonds offered on April 17-V. 130. p. 2828
-was not sold as
"On June 1 State Treasurer W. D. MaeGinnis will redeem 3680.000 of
the only bid received was rejected. Dated Jan. 1 1930. Due on Jan. 1 1923 State highway bonds, one of the largest single retirements to be made
1942.
by the State.
"The redemption will be advertised
CADDO PARISH SCHOOL DISTRICT NO. 3 (P. 0. Shreveport), the bonds called on June 1. The 680 May 1,interest to cease to accrue on
bonds to be retired are Nos.3,521 to
La.
-BOND OFFERING.
-Sealed bids will be received until 1.30 P. m• 4,000,incl., of series H,and Nos. 4.001 to 4,200, incl., of series I. These
on May 7, by E. W. Jones, Superintendent of the Parish School Board, series were issued in 1925. The remainder of series I will be redeemed
for the purchase of an issue of$150,000 5,5h or 5h % coupon school bonds. June 1 1931.
Denom. $1,000. Dated April 1 1930. Due on June 1, as follows: $7,000.
"A total of 6 million dollars of the 1923 highway bonds were issued, one
1931 and 1932 $8,000, 1933 and 1934 $9,000, 1935 to 1937 $11,000. and one-half millions each successive year for four years beginning in 1923.
1940 and 1941 $12,000, 1942 and 1943 $13,000, 1944 and $14,000 in 1945. Each series contained one-half million dollars in bonds. The issues bear 5%
Prin. and semi-annual int. payable at the City Savings Bank in Shreveport. interest. With the retirement on June 1, there will remain unredeemed the
The approving opinion of Chapman & Cutler, of Chicago, will be furnished. $300,000 remainder of series land all ofseries J. K.and L., totaling one and
A $500 certified check must accompany the bid.
one-half million dollars, which will be redeemed June 11933, although the
(This report corrects that given in V. 130, p. 3032.)
funds will be available before that time. The interest is paid and the bonds
retired from a
CAMILLA CONSOLIDATED SCHOOL DISTRICT (P. 0. Camilla), fee receipts." fund composed of one-half the State motor vehicle license
Mitchell County, Ga.-BOND SALE.
-The $115,000 issue of 5% semi
annual school bonds offered on May 1-V. 130. p. 3032
-was purchased
-BOND SALE NOT CONCOLUMBUS, Franklin County, Ohio.
by the First National Co. of Atlanta, for a premium of $1,810, equal to
-The award on April 8 of 5800,000
SUMMATED
-ISSUE REOFFERED.
11)1.57, a basis of about 4.84%.Due serially in 30 years.
'
sewage disposal fund No. 2 bonds as 434s to Eldredge & Co.,of New York,
-was not consummated.
CANON CITY, Fremont County, Colo.
-BOND SALE.
-An $80,000 at 100.69, a basis of about 4.18%-V. 130, p. 2448
issue of 4h % water extension bonds is reported to have recently been Sealed bids for the purchase of the issue will be again opened at 12 m.
(Eastern Standard time) on May 15-V. 130, p. 3022.
purchased at par by a Denver bond house.
CANTON, Stark County, Ohio.
-BOND OFFERING.
-Samuel E.
Barr, City Auditor, will receive sealed bids until 1 p. m.(eastern standard
time) on May 8,for the purchase of the following issues of 5% bonds aggregating $59,819.04:
$34,316.42 city's portion street impt. bonds. Due on April 1, as follows:
53.316.42, 1932, $3,500, 1933 to 1940 incl., and $3,000 in 1941.
25.502.62 storm water sewer construction bonds. Due on April 1, as
follows: $1,502.62, 1932 $2,000, 1933 $500, 1934 $2,000, 1935
$500, 1936 $2.000, 1937 $500, 1938 $2,000. 1939 $500. 1940
$2,000, 1941 $500, 1942 52,000, 1943 and $500, from 1945 to
1946 inclusive.
Both issues are dated April 1 1930. Prin. and semi-annual int. (April
and Oct. 1) payable at the office of the City Treasurer. Bids for the bonds
to bear interest at a rate other than 5% will also be considered, provided,
however, that where a fractional rate is bid such fraction shall be h of 1%
or a multiple thereof. A certified check for 5% of the amount of bonds bid
for must accompany each proposal. The successful bidder shall print at
his own expense the necessary bonds on special bond borders, and necessary
coupon sheets will be furnished by the City.
COLUSA COUNTY SCHOOL DISTRICTS (P. 0. Colusa), Calif.
BOND SALE.
-The following two issues of 5% school bonds aggregating
5150,000, have recently been purchased by the American Securities Co.,
of San Francisco:
5105,000 Williams Union Grammar School District bonds. Due from 1931
to 1960, incl.
45,000 Grand Island Grammar School District bonds. Due from 1931 to
1950, incl.
COOK COUNTY FOREST PRESERVE DISTRICT (P. 0. Chicago),
III.
-In connection with the award
-ADDITIONAL INFORMATION.
on April 23 of 5500.000 4% Forest Preserve District bonds to a syndicate
composed of the Guaranty Co. of New York, Ames, Emerieh & Co. and the
Foreman-State Corp., the latter two of Chicago, at 95.56, a basis of about
4.56%-V. 130, p. 3033
-we learn that the principal and semi-annual int.
(Jan. and July 15) are payable in gold in Chicago, and that the bonds are
coupon in $1.000 denominations, registerable as to principal. Legality
to be approved by Chapman & Cutler, of Chicago.
Financial Statement.
84,667.939,475
CAZENOVIA, FENNER AND NELSON CENTRAL SCHOOL DIS- Assessed valuation, 1927
17,680,000
-BOND Total bonded debt (incl. this issue)
TRICT NO. 1 (P. 0. Cazenovia), Madison County, N. Y.
Population, 1920 census, 3,053,017.
SALE.
-The 5300,000 coupon or registered school bonds offered on April
-were awarded as 4.60s to Batchelder & Co.. of New
28-V. 130, jj. 3032
CORPUS CHRISTI, Nueces County, Tex.
-PRICE BID.
-The five
York, at 100.48, a basis of about 4.56%. The bonds are dated May 1
1930 and mature on May 1 as follows: 54,000, 1931: $5,000, 1932 to 1934, issues of 5% bonds aggregating $215,000, that were purchased by the Hibernia Securities Corp. of New Orleans
-V. 130, p. 2829
-were awarded
incl.; 56.000, 1935 to 1937, incl.; $7,000, 1938 to 1941, incl.; $8,000. 1942 at
par. Due from Feb. 1 1932 to 1968 incl.
and 1943; $9,000. 1944 and 1945; $10.000, 1946 to 1948, incl.; 511.000,
1949 and 1950: 312,000, 1951; 513.000, 1952 and 1953: 514,000, 1954 and
CRANBERRY TOWNSHIP SCHOOL DISTRICT (P. 0. Oil City),
1955: $15,000, 1956: $16,000. 1957: $17,000, 1958 and 1959, and $18,000 Venango County, Pa.
-The Secretary of the Board
-BOND OFFERING.
in 1960.
of Township Directors will receive sealed bids until May 1 for the purThe following is a list of the bids submitted for the issue:
chase of 527,500 434% school bonds. Interest is payable senii-annually.
Rate Bid.
Int. Rate.
Bidder-MATURITY.
-The two issues
100.48
Batchelder & Co.(purchasers)
4.60
CRESTON, Union County, Iowa.
100.08
First Trust & Deposit Co., Syracuse
4.60
of coupon bonds aggregating 599,868.35. that were taken over by the con-have since been purchased by the
100.664
Marine Trust Co., Buffalo
tractor as 5s, at par-V. 130, p. 3033
5.00%
Carlton D. Beh Co., of Des Moines. Denom.,$500. Dated Nov. 211929.
100.348
Manufacturers & Traders Trust Co., Buffalo
4.70%
Due in from 1 to 10 years. Optional before maturity. Int. payable on
100.426
Lincoln Equities. Inc., Syracuse
4.70'7
100.30
Dewey, Bacon & Co., New York
4.80
May 1.
100.625
Farson, Son & Co., New York
5.75 0
CROMWELL CONSOLIDATED SCHOOL DISTRICT (P. 0. Crom100.2623
Prudden & Co., New York
5.20%
-We are informed that the
100.0987 well) Union County, lowa.-BOND SALE.
George B. Gibbons & Co., New York
4.709
$50,000 issue of school bonds offered for sale on April 25-V. 130. p. 2829
CENTRAL CITY, Merrick County, Neb.-PURCHASER.-The was purchased by the White-Phillips Co. of Davenport.
$64,000 issue of 434% semi-annual sewage disposal plant bonds of 1930
-ADDITIONAL
CULBERSON COUNTY (P. 0. Van Horn), Tex.
-was jointly purchased by the
that was reported sold-V. 130, p. 3032
-The $55,000 issue of coupon road bonds that was purchased
U. S. National Co., and the Omaha National Co., both of Omaha. Due DETAILS.
by J. S. Curtiss & Co. of El Paso as 53.js, at par
-V. 130. P. 3033
-is
from March 1 1931 to 1950 incl.
dated Sept. 15 1929. Denom. $1,000. Due as follows: 52.000, 1934 to
CHAFFEY SCHOOL DISTRICT (P. 0. Ontario), San Bernardino 1944. and S.3,000, 1945 to 1955, all incl. Int. payable (F. & A. 1).
County, Calif.
-BOND ELECTION.
-The voters will be called upon to
CUMBERLAND,
-The followpass approval on a proposed $450,000 school expansion bond issue at a ing issues of 43 % Allegheny County, Md.-BOND SALE. on April
coupon bonds aggregating $176,000 offered
28
special election to be held on May 16.
-V.3033-were awarded to Harris, Forbes & Co. of Baltimore, at
CHARLEROI, Washington County, Pa.
-BOND SALE.
-The $50.- 104.159, a basis of about 4.28%:
May 1 1930. Due on May 11970.
000 4 h% coupon municipal improvement and refunding bonds offered 5100.000 water impt. bonds. Dated June 1
1924. Due on June 1 1964.
75,000 water impt. bonds. Dated
-were awarded to Prescott Lyon & Co., of
on April 24-V. 130, p. 3033
Pittsburgh,at par pine a premium of51,885.equal to 103.77,a basis ofabout
CURRY COUNTY SCHOOL DISTRICT NO. 47 (P. 0. Clovis)
4.28%. The bonds are dated March 1 1930. Denom. $1,000. Due on N. Mex.-BOND OFFERING.
-Sealed bids will be received until 2 P. ni•
March 11950. Interest payable on March and Sept. 1.
on May 28 by Chas. II. Evans, County Treas.,for the purchase of a $22,500
Bids for the issue were as follows:
Issue of 5h% coupon school bonds. Denom. $500. Dated July 1 1930.
Premium. Due $1,500-from June 1 1935 to 1949, inclusive. Interest payable semiBidder$1.885.00 annually. The bids will be opened by the County Treasurer and the PresiPrescott Lyon & Co., Pittsburgh (Purchasers)
1,566.20 dent or Secretary of the County Board of Education, and the Board will
Mellon National Bank, Pittsburgh
1,504.50 award the bonds to the highest bidder offering not less than
M. M. Freeman & Co., Philadelphia
the par
1.405.50 value of the bonds. A certified cheek for 5% of the bid, 95% of to the
Graham, Parsons & Co., Philadelphia
payable
1,536.00 County Treasurer, is required.
J. H. Holmes & Co., Pittsburgh
1,671.00
Glover, MacGregor dc Cunningham, Pittsburgh
1,400.00
A. B. Leach & Co., Philadelphia
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND
921.00 The 52,750.000 coupon bonds offered on April 26-V. 130, D. 2623
E. H. Rollins & Sons, Philadelphia
-were
awarded to a syndicate composed of the First National Old Colony Corp..
-BOND SALE. Chatham Phenix
CHEEKTOWAGA (P. 0. Forks), Erie County, N. Y.
Freeman & Co., Inc.. and Phelps, Fenn
, NI, M.
$339,347.36 offered on April & Co., all of New York City, at par plus a premium of U.equal to 100.-The following issues of bonds aggregating
Corp'
-were awarded as 5348 to Edmund Seymour & Co. of 036. an interest cost basis of about 4.361%. The successful bidders took
28-V. 130, p. 3032
the 51,592.000 Jail and court house building bonds as 4hs and the remaining
New York City, at 100.21. a basis of about 5.21%:
5171.476.00 pavement bonds. Dated May 1 1930. Due $17.147.60 on $1,158,000 bonds as 43%s, The award consisted of:
July 1 from 1930 to 1939 incl.
$1.592,000 jail and court house building bonds. Part of an issue of $1,625.103,916.67 Sewer District No. 3 bonds. Dated April 1 1930. Due on
000. Due as follows: 534,000. Oct. 11930; 533,000, April 1 and '
Jul 1, as follows: $3,583.43, 1931, and $3,583.55 from 1932 to
$34,000, Oct. 1 from 1931 to 1936 incl., and 534,000, April and
1959 incl.
Oct. 1 from 1937 to 1953 incl. These bonds were authorized
63,954.69 Sewer District No. 5 bonds. Dated April 1 1930. Due on ;
to be sold at the general election in November 1928, and are
July 1, as follows: $4.263.59, 1930,and $4,263.65 from 1931 to I
said to be payable from a tax unlimited as to rate or amount.
1944 incl.
379.000 Cleveland-Burton road impt. bonds. Due on Oct. 1 as follows:
Bids submitted for the issues were as follows:
537,000, 1930 and $38000 from 1931 to 1939 inclusive.
Int. Rate. Rate Bid.
Bidder279,000 Cleveland-Elyria road impt. bonds. Due on Oct. 1, as follows:
100.21
534%
Edmund Seymour Sr Co.(purchasers)
527,000, 1930 and $28,000 from 1931 to 1939 inclusive.
100.20
534%
Manufacturers & Traders Trust Co.,Buffalo
287,000 Granger Road impt. bonds. Due on Oct. 1,as follows: $28,000,
100.08
534%
Marine Trust Co.,Buffalo
1930 to 1932, incl , and $29,000 from 1933 to 1930 incl.
119,000 Cleveland-Greenville road impt. bonds. Due on Oct. 1 a
-SCHOOL CONSOLICHICKASAW COUNTY (P.O.Houston),Miss.
follows: 511,000, 1930 and $12,000 from 1931 to 1939 inclusive
consolidated by unani-Eight high schools in the county were
DATION.
94.000 Cleveland-Sandusky road impt. bonds. Due on Oct. 1, •
schools
mous vote of the school board at a meeting held recently. The the disfollows: 59000. 1930 to 1935 incl.. and $10,000 from 1936
were located in the northwest corner of the county. The names of Beeson,
1939 inclusive.
tricts are: New Houlka, Old Houlka, Shiloh, Norman, Washington.
All ofthe above bonds are dated May 1
are
Miller. It is reported that a bond issue has been successful bidders for public investment as1930 andOf being reoffered by the
Schooner Valley and
follows:
the jail and court house
Proposed.
issue,the 1930 to 1934 maturities are priced to yield from 3.60% to4.20%,the
-The 1935 to 1939 maturities are priced at par and the 1940 to 1953 maturities are
-TEMPORARY LOAN.
CHICOPEE, Hampden County, Mass.
awarded priced at 100.25.
remaining $1,158,000 434% bonds
yield
3200,000 temporary loan offered on Apr. 25-V. 130, p. 3032-W55premium from 3.60% to4 The according to maturity:The4h% are priced to to be
bonds arestated
.30%,
to Salomon Bros. & Hutzler, of Boston.at a 3.42% discount, plus a 24 1930. legal investment for savings banks and trust funds in New York and to be
and are payable on Nov.
of $6. The notes are dated April 28 1930
payable from unlimited ad valorem taxes, The 4 h% bonds, are stated
Bids received were as follows'
MAY 3 1930.]
FINANCIAL CHRONICLE
3225
to be payable from ad valorem taxes within the limits imposed by law.
ELIZABETH, Union County, N. J.
-FINANCIAL STATEMENT.
In addition to the tender of the successful bidders, Otis & Co. et al bid par -In connection with the scheduled sale on May 6 of 2 issues of 4%%
plus a premium of $7,810 for the jail and court house bonds as 4%s and the coupon or registered bonds. aggregating $562,250, notice and description
road bonds as 5s, and a syndicate including the Guardian Trust Co., Cleve- of which appeared in
-we are in receipt of the following:
-V. 130, p. 3033
land. also bidding for the bonds as 43(s and 5s offered par plus a premium
Financial Statement.
of $4,131.50.
Assessed valuation, taxable real property 1930
5148.119.092.00
17,891.965.00
The following is an official tabulation of the bids submitted for the bonds: Assessed valuation, taxable personal property, 1930
Jail
Total
Net Int.
8166,011.057.00
Prem.
Bidder& C.H. Roads. Int. Cost,
Cost.
%
First Nat'l Old Colony
$
Corporation
$13.561,283.75
990.00 1,070,621.88 Bonded debt, including these issues
4
4% 1,071,611.88
1,085,725.00 7,810.00 1,077,915.00 Temporary indebtedness, ultimately to be funded by the
Otis & Co
4
5
Issuance of bonds
665,454.70
Guardian Trust Co
1,085,725.00 4,131.50 1,081,693.50
44
5
Guardian Trust Co
254,036.25
10.00
254,026.25
4%
Total indebtedness
514.226,738.45
Halsey, Stuart & Co__ -4
1,085.725.00 2.722,50 1.083,002.50
5
_ _4
E. G. Tillotson &
4% 1,104.761.25 8,552.50 1,096,208.75 Special assessments actually collected and on
hand, applicable to the payment of inStranahan, Harris &
Codebtedness included in bonded debt
$3,435,533.34
Oatis
4%
4% 1,104,761.25 7,673.00 1.097,088.25
Special assessments uncollected, applicable to
Hayden, Miller & Co
4% 1,104,761.25 2.998.00 1.101.763.25
43
payment of indebtedness included In
bonded debt
$897,064.78
DADE COUNTY (P. 0. Trenton), Gs.
-BOND SALE
.-A $72,000
Issue of 5%% road bonds has been purchased by J. H. Hilsman & Co. Inc.
Inc., Sinking funds, applicable to payment of
bonded debt
555,854.86
of Atlanta. Donom. $1,000. Dated July 1 1929; due $3,000 from 'Jan. 1
4,888,452.98
1931 to 1954, incl. Prin. and int. (J. & J. 1) payable at the Chemical
Bank & Trust Co.in New York. Legality approved by Storey, Thorndike,
Net debt
$9,338,285.47
Palmer & Dodge, of Boston.
Population, U.S. 1920 Census,95,783 present population (est.), 123,000.
DALHART INDEPENDENT SCHOOL DISTRICT (P. 0. Dalhart)
ELLIS COUNTY ROAD DISTRICT NO. 8 (P. 0. Waxahachie),
Dallam County, Tex.
-We are informed that an $80,000 Tex.
-BOND SALE.
-BONDS REGISTERED.
-A 590,000 issue of 5% serial road bonds
lame of school building bonds has recently been purchased by an undiswas registered on April 23 by the State Comptroller.
closed investor.
DANNEMORA UNION FREE SCHOOL DISTRICT NO. 1, Clinton
County, N. Y.
-The $100,000 coupon school
-BONDS REOFFERED.
building construction and equipment bonds which were unsuccessfully
offered as 5s on April 22-V. 130, p. 3033
-are being re-offered as 6s to
be sold at 2 p.m. on May 12. Sealed bids should be addressed to P. D.
Hilliard, Clerk of the Board of Education. The bonds are dated Jan. 1
1930. Denom. $1,000. Due on Jan. 1, as follows: $2,000. 1932 to 1941,
incl.; $3,000, 1942 to 1951,incl., and $5,0000 from 1952 to 1961,incl. Prin.
and semi-ann. int. (J. & J. 1) payable in gold at the Merchants National
Bank,Plattsburgh. or at the Central Hanover Bank & Trust Co., N.Y.City
at the option of the holder. A certified check for $2,000. Payable to George
H. Brown, District Treasurer, must accompany each proposal. The approving opinion of Clay. Dillon & Vandewater, of N. Y City, will be fur.
nished to the successful bidder without cost.
Financial Statement.
Estimated population of district, 1,200: total assessed valuation of real
property, $249,146.00: full valuation, $969,318.00; present bonded indebtedness. $12,500.00.
DAN VILLE, Pittsylvania County, Va.-BOND OFFERING.
-Sealed
bids will be received until 3 p. m. on May 8 by Charlton B. Strange, City
Auditor and Clerk, for the purchase of the following 7 issues of bonds.
aggregating $201,000:
$35,000 4%% electrical extension improvement A bonds. Dated Jan. I
1930 Due $7,000 from Jan. 1 1931 to 1935, incl. Int. payable
J. &
•
25,000 43 % electrical improvement 0 bonds. Dated Jan. 1 1930. Due
$1.000 from Jan. 1 1931 to 1955. ind. Int. payable J. & J.
25,000 434% gas and water improvement bonds. Dated Jan. 1 1930.
Due $1,000 from Jan. 1 1931 to 1955, incl. Int. payable J. & J.
11.000 4;6% airport construction and improvement bonds. Dated Jan.
1 1930. Due $1,000 from Jan. 1 1931 to 1941, incl. Int. payable
J. & J.
80,000 4.4% street improvement F bonds. Dated March 1 1930. Due
$4.000 from March 1 1931 to 1950, incl. Int. payable M. & S.
20.000 4%% gas and water improvement B bonds. Dated March 1 1930.
Due $1,000 from March 1 1931 to 1950,incl. Int. payable M.& S.
6.0004%% sewer improvement F bonds. Dated March 1 1930. Due
$1,000 from March I 1931 to 1935. incl. Int. payable M.& S.
Denom. $1,000. Prin. and int. are payable at the office of the City
Treasurer. The bonds will be sold as a whole and no bid will be considered
except for the entire 5201000. The approving opinion of Reed, Hoyt &
Washburn of New York City, will be furnished. .A certified check for 2%
of the value of the bonds, payable to the City, must accompany the bid.
ERIE, Erie County, Pa.
-The $1,690.000 4%%
-BOND SALE.
coupon bonds offered on April 25-V. 130, p. 2819
-were awarded to the
Union Trust Co. of Pittsburgh, at par plus a premium of $18,083, equal to
101.07. a basis of about 4.16%. The purchasers are re-offering the bonds
for public investment priced to yield 4.10%. The award consisted of:
$1,350,000 sewage disposal plant bonds of 1930. Due on May 1 as follows:
$25,000. 1932 to 1935, incl.. $30,000, 1936 to 1940, incl..
$40,000, 1941 to 1945, hid., $50,000, 1946 to 1950. incl..
$60.000, 1951 to 1955,incl., and $70,000from 1956 to 1960,incl.
180,000 City Hall property purchase and improvement bonds. Due on
May 1 as follows: $5,000, 1931 to 1944, incl., and 510,000 from
1945 to 1955, incl.
160,000 Griswold Plaza bonds of 1930. Due on May 1 as follows:
$5,000, 1931 to 1958, incl. and 510.000, in 1959 and 1960.
All of the above bonds are dated May 1 1930. Bids submitted were as
follows:
BidderRate Bid.
Union Trust Co. of Pittsburgh (purchaser)
101.07
Mellon National Bank, Pittsburgh
100.3913
First National Bank, Erie
100.1349
M. M. Freeman & Co., Philadelphia
100.85
Syndicate composed of Erie Trust Co., Guaranty Co. of New
York, W. H. Newbold's Son & Co., Edward B. Smith & Co.,
and Graham. Parson & Co
100.1629
Syndicate composed of Security-Peoples Trust Co. of Erie,
National City Co., Harris, Forbes & Co., and Janney & Co..
Philadelphia
100.14999
ESSEX COUNTY (P. 0. Salem), Mass.
-The $64,500
-NOTE SALE.
notes offered on April 29-V. 130, p. 3033
-were awarded as follows:
$37.000 4% Bass River Bridge notes sold to the Central National Bank of
Lynn at 100.40, a basis of about 3.72%. Dated May 1 1930:
due $20,000 in 1931 and $17,000 in 1932. Denom. $1,000. Prin.
and semi-ann. int.(M.& N. 1) payable at the Merchants National
Bank, Salem, or at holder's option at the National Shawmut Bank
of Boston. Legality to be approved by Ropes, Gray, Boyden &
Perkins, of Boston.
27.500 Bass River Bridge temporary renewal notes sold to the Gloucester
Safe Deposit & Trust Co., of Gloucester, at a 3.43% discount.
The loan is dated May 1 1930 and is payable on Sept. 1 at either
of the banks mentioned in the above item. Legality to be approved
by Ropes, Gray, Boyden & Perkins, of Boston.
The following is an official list of the bids submitted for the issues
.
$27.500837,000BidderRate Bid.
Discount.
DAVIDSON COUNTY (P. 0. Lexington), N. C.
-BOND SALE :
100.40
The $115,500 issue of coupon or reg. school bonds offered for sale on April Central National Bank of Lynn
Gloucester Safe Deposit & Trust Co
3.43
26-V. 130. p. 2829
-was purchased by the Mercantile Commerce Co. Merchants National Bank, Salem
3.45
of St. Louis, as 4%s, for a premium of51,636.64, equal to 101.41, a basis Naumkeag
Trust Co.. Salem
3.55
100.00
of about 4.63%. Dated April 1 1930: due from April 1 1933 to 1960, incl. Salem
Trust Co., Salem
3.525
100.015
Among the other bids were the following*
Gloucester National Bank, Gloucester
3.55
Rate Bid. Price Bid. Bay State National Bank, Lawrence
Bidder
3.55
100.00
Caldwell & Co
4
$117,082.35 Cape Ann National Bank, Glbucester
100.02
3.50
Boatmen's National Co
4
116,160.00 Beverly National Bank, Beverly
3.55 ‘,
Darby & Co
4
116,041.70
First Detroit Co
115,627.00
FAIRFIELD SCHOOL DISTRICT (P. 0. Fairfield), Freestone
W. L. Slayton & Co
115,626.35 County, Tex.
-BOND OFFERING.
-Sealed bids will be received until
Guardian Detroit Co
117,642.53 May 7, by W. A. Parker, President of the Board of Education, for the
Seasongood & Mayer
6%
117,267.85 purchase ofa $28,000 issue of5% semi-annual school bonds. Denom.51.000
(Seven other bids were received.)
FALL RIVER, Bristol County, Mass.
-The
-TEMPORARY LOAN.
DUBOIS, Clark County, Ida.
-BOND OFFERING.
-Sealed bids will
be received until noon on May 3 by H. R. Ham, Chairman of the Finance $600,000 temporary loan offered on April 28-V. 130,P. 3033
-was awarded
Commission, for the purchase of a $75,000 issue of refunding bonds. Int. to the Shawmut Corp. of Boston, at a 3.435% discount. The loan is dated
rate is not to exceed 6%, payable semi-annually. Denom. $500 and April 29 1930 and is payable on October 15 IMO at the First National Bank
$1000. Dated Jan. 1 1980. Due either on the serial or amortization plan. of Boston, in Boston.
Prin. and int. payable in New York. A certified check for 3% must
accompany the laid.
FENTON, Genesee County, Mich.
-BOND OFFERING.
-Edgar
Weber, Village Clerk, will receive sealed bids until 8 p.m. (eastern standard
DUBOIS COUNTY (P. 0. Jasper), Ind.
-BOND OFFERING.
-John time) on May 12, for the purchase of the following issues of not to exceed
Seger. County Treasurer, will receive sealed bide until 10 a.m. on May 10, 64 interest bonds aggregating $35,000:
for the purchase of $16.300 4% A, George F. Schulte et al., Cass Township $25,000 water system bonds. Denom. $500. Due 52.500 annually from
gravel highway construction bonds. Dated April 15 1930. One bond for
1931 to 1940, incl.
$300, all others for MO. Due as follows: $500,July 15 1931; $1000, Jan.
10,000 sewer system bonds. Denom. $1,000. Due $1,000 annually
16 and $500, July 15 from 1932 to 1938, incl.: $1,000. Jan. and July 15 in
from 1931 to 1940, incl.
1939 and 1940, and $1,300 on Jan. 15 1941. Prin. and semi-annual int.
Both issues are dated March 31 1930.Bids must be made on each issue
payable at the office of the County Treasurer. A certified check for $500 separately and must be accompanied by a certified check for $500, payable
drawn on a bank or trust company in DuBois County, payable to the order to the order of the Village. The successful bidder shall be required to
of the County Treasurer, must accompany each proposal.
print all bonds and pay all expenses incidental to the issuing and establishing
the validity of same.
DUNDEE, Monroe County, Mich.
-BOND SALE.
-The $444,000 filtrationlant bonds offered on April 29-V. 130, p. 2829
--were awarded
FERGUS COUNTY SCHOOL DISTRICT NO.84 (P. 0. Lewistown),
as 43(s to Stranahan, Harris & Oatis, Inc., of Toledo. at par plus a premium Mont.
-It is reported that sealed bids will be received
of $4l. equal to 101.07, a basis of' about 4.64%. The bonds are dated until -BOND OFFERING.
8 p.m. on May 20, by I. E. White, District Clerk, for the purchase of
April 1 1930 and mature 32,000 on Jan. 1 from 1933 to 1954, incl.
a $6.659.45 issue of serial school bonds. Interest rate is not to exceed 6%•
The following is an official list of the bids submitted for the issue:
Dated June 1 1930. A certified check for 10% must accompany the bid.
BidderInt. Rate. Premium.
FIVE
-IN-ONE RURAL HIGH SCHOOL
Stranahan, Harris ds Dads,Inc., Toledo (purchasers)- 4 I%
$4471.00 Vernon), Wilbarger and Foard Counties,DISTRICT NO. 50 (P. 0.
3 5 00
8
Tex.
-BOND SALE.
-The
First Detroit Co., Detroit
4 7
$70.000 issue of 5% serial school bonds that was registered on April 7-V.
Guardian Detroit Co., Detroit
4
352.00 130. p. 2830
-was purchased at par by the State Dept. of Education.
First Detroit Co., Detroit
0
1,435.00
Stranahan, Harris & Ostia, Inc
5
952.00
Guardian Detroit Co., Detroit
FORDSON SCHOOL DISTRICT (P. 0. Dearborn), Wayne County,
5?
751.00 Mich.
-Calvin M. Frysinger, Secretary of the
-BOND OFFERING.
Braun, Bosworth & Co., Toledo
5%
513.00 of Education, will receive sealed bids until 8 p.m. (eastern standard Board
Spitzer, Rorick & Co., Toledo
time)
,
4
5%
503.00 on May 5,for the purchase of $610,000 not to exceed 4%% int. school bonds.
EASTLAND FREE SCHOOL DISTRICT (P. 0. Eastland), Eastland Dated May 15 1930. Denom. $1,000. Part of an authorized issue of
County, Tex.
-BONDS REOISTERED.-An issue of $142.000 5% aerial $1,750,000. Due on May 15, as follows; 530.000, 1931, and $20,000 from
school refunding bonds was registered on April 22 by the State Comptroller. 1932 to 1960, incl. Int. payable semi-annually. Bidder must agree to
print and furnish bonds and pay accrued interest. A certified check for
EDMOND SCHOOL DISTRICT (P.O. Edmond), Oklahoma County, $1,000 must accompany each proposal.
-BOND .SALE.
Financial Statement.
Okla.
-The $28,500 issue of school bonds offered for sale
on April 28-V. 130. P. 3033
$218.722,975
-was purchased by the Brown-Crummer Co. Assessed valuation of district
of Wichita, for a premium of $16, equal to 100.05 a basis of about 4.98%. Total indebtedness
7,255,000
on the bonds divided as follows:
Population, 40,000.
$26.000 school bonds as 5s. Due $2,000 from 1935 to 1947, incl.
2,500 school bonds as 4%s. Due in 1948.
FORTUNA ELEMENTARY SCHOOL DISTRICT (P. 0. Eureka),
-BOND OFFERING.
-Sealed bids will be
Humboldt County, Calif.
EMPIRE CONSOLIDATED SCHOOL DISTRICT NO. 21 (P. 0. received by Fred M. McKay, County Clerk, until 2 p. m. on May 7, for
Empire City), Stephens County, Okla.
-BOND OFFERING.
-Sealed the purchase of a $35,000 issue of 5% school bonds. Denom. $1,000.
bids will be received until 8 p. m. on May 6. by J. J. Knott. District Clerk, Dated April 16 1930. Due on April 16, as follows: $3,000, 1931 to 1940,
for the purchase of a $16.000 issue of school bonds. Due $1,000 from l935 and $1,000, 1941 to 1945. all inclusive. Principal and interest (A. & 0.)
to 1950, incl. The interest rate is to be named by the bidder. A certified payable at the County Treasurer's office. A certified check for 3% of
check for 2% must accompany the bid.
the bonds bid for, payable to the County Treasurer, is required.
3226
FINANCIAL CHRONICLE
[Vor.. 130.
FRAMINGHAM, Middlesex County, Mass.
-TEMPORARY LOAN.GREENWICH, Fairfield County, Conn.
-BOND OFFERING.Shawmut Corp. of Boston recently purchased a $100,000 temporary loan at "Wilbur S. Wright, Member of Bonding Committee, will receive sealed bids
a 3.44% discount. The loan is due on Dec. 1 1930. Bids for the loan were until 12 m. (standard time) on May 9, for the purchase of the following
as follows:
Issues of 44i,% coupon or registered bonds aggregating $990,000:
BidderDiscount. $300,000 concrete road reconstruction bonds. Dated March 1 1930. Due
Shawmut Corp. of Boston (purchaser)
3.44%
$15,000 on March 1 from 1932 to 1951 incl.
F. S. Moseley & Co
3.45%
200.000 school bonds. Dated March 1 1930. Due $10,000 on March 1
Salomon Bros. & Hutzler (plus $1.50)
3.49%
from 1932 to 1951 incl.
Bank of Commerce & Trust Co
3.50%
200,000 new highway construction bonds. Dated March 1 1930. Due
First National Old Colony Corp
3.535
$10,000 on March 1 from 1932 to 1951 incl.
Grafton Co
3,57%
150,000 highway impt. bonds. Dated May 1 1930. Due on May 1, as
fo11 58: $20,000, 1946; $35,000, 1947 to 1949 incl., and $25.000
in 1
7.
FRANKLIN COUNTY (P. O. Louisburg), N. C.
-NOTE SALE.
75,000 underpass bonds. Dated March 1 1930. Due 35.000 on March 1
The $60,000 issue of revenue anticipation notes offered for sale on April 25
from 1932 to 1946 incl.
-V. 130, p. 3033
-was purchased by W. 0. Gay & Co. of New York, as
65,000 fire house bonds. Dated March 1 1930. Due $5,000 on March 1
5s, for a premium of $5, equal to 100.0083, a basis of about 4.92%. Due
on July 30 1930.
from 1932 to 1944 incl.
All of the above bonds are in $1,000 denoms. Prin. and semi-ann. int.
- payable in gold at the International Trust Co., New York. A certified
FREDERICKSBURG, Spotsylvania County, Va.-BOND SALE.
The $50,000 issue of coupon semi-ann. general improvement bonds offered check for 1% of the amount of bonds bid for, payable to the order of the
for sale on April 24-V. 130. p. 2830
-was awarded at par to the Virginia Town Treasurer, must accompany each proposal. The legality of the bonds
Trust Co. of Virginia, as 43%% bonds. Dated June 2 1930. Due from has been approved by Thomson, Wood & Hoffman of New York, whose
June 2 1931 to 1950, incl. The following is a complete list of the bidders opinion as to the legaility, or a duplicate, will be delivered to the purchaser,
or, if more than one purchaser, to each of the purchasers. The bonds will
and bids:
be prepared under the supervision of International Trust Co • New York
BidderPrice Bid. Rate.
*Virginia Trust Co., Richmond, Va
444 City, which will certify as to the genuineness of the signatures of the Town
$50,000.00
officials signing the bonds and the seal impressed thereon.
Arthur Hoefinghoff & Co., Cincinnati, Ohio
4.1.1
50,207.00
Financial Statement.
Stein Bros. & Boyce, Baltimore, MU
50,049.50
43%
Assessed valuation real
Well, Roth & Irving Co.. Cincinnati, Ohio
.50,039.60
4.4 Bonded debt,including& personal property, grand list of 1929-$121,844,543
the above-mentioned issues
3.954,000
First Detroit Co., Detroit, Mich
42
.4'
50,031.50
Hanchett Bond Co., Chicago, Ill
50,375.00
5
GROSSE POINTE FARMS, Wayne County. Mich.
-BONDS OFSeasongood & Mayer, Cincinnati, Ohio
50.177.00
5
FERED.
-John R. Kerby, Village Clerk, received sealed bids until 5:30
Assel, Goetz .4:: Moerlein, Cincinnati, Ohio
50,142.00
5
p. m.on May 2,for the purchase of the following issues of not to exceed 5%
Farmers & Merchants State Bank, Fredericksburg, Va. 50,100.00
5
interest bonds aggregating $464,000:
* Successful bid.
$314,000 water filtration and pumping plant bonds. Denom. $1,000. Due
on April 15, as follows: $8,000, 1932 to 1934, incl.: $10,000, 1935
FRESNO COUNTY WATER WORKS DISTRICT NO. 1 (P. 0.
to 1940, inci.; $15,000, 1941 to 1950, incl., and $16,000 from
Fresno), Calif.
-BONDS OFFERED.
-Sealed bids were received until 2
1951 to 1955, incl.
p. m. on May 1, by the District Clerk, for the purchase of a $67,000 issue
150,000 street improvement bonds. Denom. $1.000. Due on April 15,
of 7% improvement bonds. Denom. $1,000. Dated April 11 1930. Due
as follows: $6,000, 1932 to 1934, incl.: $8,000, 1935 to 1937, incl.;
as follows: $4,000, 1931 to 1942; $6,000, 1943 and 1944, and $7,000 in 1945.
$11,000, 1938 to 1940, incl., and $15.000 from 1941 to 1945, incl.
Both issues are dated April 15 1930. Principal and semi-annual interest
GADSDEN, Etowah County, Ala.
-BOND OFFERING.
-Sealed bids
will be received until 7:30 p.m. on May 5, by H. C. Thomas, City Clerk, (April and Oct. 15), payable at the Detroit & Security Trust Co., Detroit.
for the purchase of an !ague of $100,000 coupon school bonds. Int. rate is
-BOND SALE.GROSSE POINTE SHORES, Wayne County, Mich.
not to exceed 6%, payable semi-annually. Denom. $1,000. Dated May 1
1930. Due $3.000 from 1933 to 1952. and $5,000, 1953 to 1960, all incl. The Guardian Detroit Co. of Detroit, on April 15 purchased an issue of
% coupon park and harbor completion bonds at 100.158. a
Prin. and in (M. & N.) payable at the Chemical Bank & Trust Co. in $50,000
basis of about 4.47%. Dated May 1 1930. Denom. $1,009. Due annu....y
New York. A certified check for $1,000 must accompany the bid.
from 1931 to 1945 incl. Interest payable on May and Nov. 1.
GALLOWAY TOWNSHIP SCHOOL DISTRICT (P. 0. Cologne),
-BOND OFFERGROSSE POINTE SHORES, Wayne County, Mich.
Atlantic County, N. J.
-BOND SALE.
-The $85,000 coupon or regis-A, H. Bennett, Village Treasurer, will receive sealed bids until 8
teredschool bonds offered on April 26-V. 130 p. 2830
-were awarded as ING.
53%s to the Egg Harbor Commercial Bank, a Egg Harbor City, at par 1:1• m. (eastern standard time) on May 5, for the purchase of $60,000 water
mains installation bonds to bear interest at a rate not to exceed 5%. Due
Plus a premium of $365.50, equal to 100.43, a basis of about 5.19%. The on May
s, as follows: $2,000, 1931 and 1932: 83.000, 1933 to 1935, incl.;
bonds are dated May 1 1930 and mature on May 1, as follows: $4,000,
$4,000. 1936 to 1938, incl., and $5,000 from 1939 to 1945, incl. A certified
to 1945, incl., and $5,000 from 1946 to 1950. incl.
1931
checkforeal , proposalble to the order of the Village Treasurer, must ac$ eh O, pa ya
00
-LIST OF BIDS.- company
GARY SCHOOL DISTRICT, Lake County, Ind.
The following is a complete list of the bids received on April 22 for the $190,HALL COUNTY (P. 0. Memphis), Tex.
-BONDS REGISTERED.
000 school bonds awarded as 41(s to the Fletcher Savings & Trust Co., of Two issues of 534% serial bonds, aggregating 5194,000, were registered by
Indianapolis, at par plus a premium of $1,717, equal to 100.90, a basis of the State Comptroller on April 22. The issues are divided as follows*
about 4.11%;
hal
$169,000 Road District No. I, and $25,000 Consolidated School District
Bid.
No. 1 bonds.
43%%.
4Ji%
BidderFletcher Savings & Trust Co., Indianapolis, Ind ____$196,727
*$191,717
HAMBURG
SCHOOL DISTRICT NO. 10 (P. 0, Athol
Barris Trust & Savings Bank, Chicago, Ill
195,117
190,057 Springs), Erie COMMONN. Y.
-BOND SALE.
-The $77,000 coupon or
First National Bank, Gary, Ind
196,670
190,380 registered school County,
bonds offered on April 29-V. 130, p.2831-were awarded
Bankers Trust Co., Gary, Inc
193,800
190,950 as 5s to the Peoples
Bank of Hamburg, at 101.669, a basis of about 4.86%.
No bid The bonds are
Gary State Bank, Gary, Ind
194,110
dated May 1 1930 and mature on Jan. 1. as follows: $1,200.
• Accepted bid.
1931: $1,000, 1932 to 1936, incl.: $2,000, 1937 to 1947, incl.: $3.000, 1948
to 1953, incl.;
OFFERING.
- inckdder_ds for $4,000, 1954 to 1957, incl., and $5,000 from 1958 to 1960,
GEAUGA COUNTY (P. 0. Chardon), Ohio.
-BOND
i Bi
the issue were as follows:
Ethel L. Thrasher, Clerk of the Board of County Commissioners, will
bet.
receive sealed bids until 1 p. m. (Eastern Standard time) on May 12, for Peoples Bank of Hamburg (purchaser)
eo
j4 l
1 te
7
.
e Rat .
the purchase of $11,796.35 5)4% special assessment street improvement Batchelder & Co., New York
100.20
5
bonds. Dated as of day of sale. Denom. $1,000, one bond for $796.35. Geroge B. Gibbons & Co., New York
101.43
Due on Sept. 1, as follows: $796.35, 1931. $1,000, 1932: $2,000, 1933; Manufacturers & Traders Trust Co., Buffalo
101.0697
5%
$1.000. 1934 to 1936 incl., $2,000, 1937 and $1.000 from 1938 to 1940 incl.
Interest payable on March and Sept. 1. Bids for the bonds to bear interest
-BOND SALE.
Mass.
HAMPDEN
5)451 will also be considered, provided, however, The $150,000 COUNTY (P. 0. Springfield),
at a rate other than
4,0 coupon Hampden County-Springflold District court
that where a fractional rate is bid such fraction shall be 3% of 1% or a multi- house bonds offered on May 1-V. 130, p. 3034
-were awarded to R. I.
ph. thereof. A certified check for 5% of the amount of bonds bid for, pay- Day & Co. of Boston at 100.39, a basis of about 3.95%. The bonds are
able to the order of the County Treasurer, must accompany each proposal. dated May 1 1930 and mature on May 1 as follows' 38,000. 1931 to 1940
incl., and $7,000 from 1941 to 1950 incl.
-BOND
GEORGETOWN COUNTY (P. 0. Georgetown), S. C.
Bids for the issue were as follows:
-Sealed bids will be received until 10 a. m. on May 6, by
OFFERING.
Rate Bid.
BidderW. A. Campbell, Clerk of the Board of County Commissioners, for the pur- R. L. Day & Co.
100.399
chase of a $70,000 issue of coupon funding bonds. Denom. $1,000. Dated Estabrook & Co (purchasers)
100.34
Itl v 1 1930. Due on May 1, as follows: $2,000, 1935 to 1944; $3,000, Third
100.30
National Bank & Trust Co., Springfield
11/ to 1954 and $4,000, 1955 to 1959, all incl. Prin. and int. (M. & N.)
payable in Charleston or in New York. Purchaser to pay for legal opinion
SHERBURNE AND SMYRNA CENTRAL
HAMILTON, LEBANON,
and the cost of printing the bonds. A certified check for 2% of the bonds SCHOOL DISTRICT NO. 2 (P. 0. Earlville), Madison County, N. Y.
bid for, payable to the County Treasurer, is required.
-BOND SALE.
-The $90,000 coupon or registered school bonds offered
on April
-were awarded as 4.70s. to Batchelder &
-BOND SALE.
-The & Co., of24-4. 130, p 2625
GIBSON COUNTY (P. 0. Princeton), Ind.
New York City, at 100.42, a basis of about 4.86%. The bonds
510,000 43.5% George 'Woods et al., Patoka Township road construction are dated April 1 1930 and mature on April 1, as follows: 32,000, 1931 to
-were awarded to the Union 1940,incl.; $3,000,1941 to 1950, incl., and $4,000 from 1951 to 1960, incl.
bonds offered on April 26-V. 130, p. 2830
em
,
Tr,f Co., of Indianapolis, at par plus a premium of 3107, equal to 101.07,
HAMILTON SCHOOL DISTRICT (P.O. Hamilton), Harris County,
a h •:s of about 4.28%. The bonds arc dated April 15 1930 and mature as
fol,ws: $500, July 15 1931, $500, Jan. and July 15 from 1932 to 1940 Ga.-PRICE PAID.
-The $25,000 issue of 6% coupon school building
bonds that was purchased by the Robinson-Humphrey Co. of Atlanta
incl.. and $500, Jan. 15 1941. Bids for the issue were as follows:
Premium. V. 130. p. 3034
-was awarded at par. Duo from Jan. 1 1932 to 1960 incl.
Bidder$107.00
*Union Trust Co., Indianapolis
-BOND OFFERING.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
37.00
Fletcher American Co., Indianapolis
104.00 G. R. Morehart, County Auditor, will receive sealed bids until 12 en.
Inland Investment Co., Indianapolis
105.55 (eastern standard time) on May 6, for the purchase of 8:17,800 5% ro..d
NI •,haute Nat'l Bank, Muncie
99.50 construction bonds. Dated April 1 1930. Denom. $1,000, one bond for
Pc Ides American Nat'l Bank, Princeton
83.80 $800. Due as follows: $4,800, 1931; $5,009. 1932: and $4,000 from P1:13
Fl. teller Savings & Trust Co., Indianapolis
101.00 to 1939, incl. Prin. and semi-annual int. (A. & 0. 1) payable at the office
Securities Corp., Indianapolis
City
51.00 of the County Treasurer. Bids for the bonds to bear interest at a rate
Campbell & Co
other than 5% will also be considered, provided, however, that where a
* Successful bidder.
fractional rate is bid such fraction shall be 3% of 1% or a multiple thereof.
-BOND SALE.
-H. L. Allen & A certified check for $500 must accompany each proposal. The approving
GLEN RIDGE, Essex County, N. J.
opinion of Squire, Sanders & Dempsey. of Cleveland, will be furnished to
% the
Co. of New York, were awarded $140.000 bonds of the $141,000
successful bidder.
coupon or registered Impt. issue offered on April 28-V. 130, p. 2830. The
successful bidders paid par plus a premium of $1,106, equal to 100.79, a
-BOND SALE.
HANOVER, Plymouth County, Mass.
-The $350,000
dated May 1 1930 and mature on 4% coup. water works bonds offered on April 25 (V. 130. p. 3034) were
basis of about 4.43%. The bonds are
?diy 1, as follows: 85,000, 1932 to 1958 incl., and $5,000 in 1959. The awarded to the First National Old Colony Corp. and Barrio, Forbes & Co.,
reoffering the securities for public investment at prices to Jointly, both of Boston, at 101.10, a basis of about 3.83%. The bonds
Purchasers are
yield 4.25% for all maturities. The following is a complete list of the bids are dated May 1 1930 and mature on May 1, as follows: $12,000, 1931 to
submitted for the issue:
1950, incl., and $11,000 from 1951 to 1960, incl. Bids for the issue were
No. Bonds
Premium. as follows:
Bid For.
BidderBidder
31,106.00
140
H.L. Allen & Co.(purchasers)
_ te Bil o
a
1,025.00 First Nat. Old Colony Corp.and Harris, Forbes & Co.(purchasers)! l01.d
140
Bancamerica-Blair Corp
Estabrook & Company _ _
- -------------------------------- 100.78
,
Par.
141
Trust Co
Glen Ridge
100.18
1,149.00 Stone & Webster and Blodget. Inc
141
B.J. Van Ingen Se Co
100•10
1,260.85 Curtis & Sanger
141
Harris, Forbes & Co
1,528.75
141
Bank of Montclair
HARDEMAN COUNTY CONSOLIDATED SCHOOL DISTRICT
1,929.50 NO. 16
141
-BONDS REGISTERED.
-The State
(P. 0. Quanah), Tex.
J. S. Rippel & Co
issue of 5% serial school bonds on April 24
-The Comptroller registered a $40,000
-BOND SALE.
GREENE COUNTY (P. 0. Bloomfield), Ind. gravel road construcHARDIN COUNTY (p.0. Eldora), lowa.-BOND SALE.
-The $200,$3,800 43%% Bruce Fleetwood, Stockton Township
-were awarded to a resition bonds offered on April 29-V. 130, p. 3034 equal to 101.55. a basis 000 issue of annual primary road bonds offered for sale on April 24-V. 130.
p. 2831-was
dent of Bloomfield, at par plus a premium of $59, and mature as follows: a premium ofpurchased by Lawrence Stern & Co., of Chicago, as 434s, for
$193, equal to 100.096, a basis of about 4.48%• Due from
of about 4.43%. The bonds are dated April 15 1930
1940, inclusive, 1935 to 1944 incl. Optional after 5 years.
15 from 1932
$190. July 15 1931 $190, Jan. and July tender was theto
only one received.
1941. The accepted
and $190 on Jan. 15
HARMON COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 6
-Sealed bids will be received
-BOND OFFERING.
-We (P. 0. Gould), Okla.
-BOND OFFERING.
GREENVILLE, Greenville County, S. C.
District Clerk. for the purchase
by B. F. Dlllman, City Clerk until 3 p. m. on May 5, by A. R. Reeves,interest rate
are informed that sealed bids will be received
is to be named by
of sewer of a $24,500 issue of school bonds. The
a $25,000 issue
and Treasurer, until May 6, for the purchase ofvoted $75,000 issue.)
the bidder. A certified check for 2% of the bid Is required.
bonds. (These bonds are a portion of a recently
MAY
3 1930.]
FINANCIAL CHRONICLE
HARTFORD, Hartford County, Conn.
-TABULATION OF BIDS.
The following is an official tabulation of the bids received on April 24 for
the $1,250,000 4% South Meadows Dike bonds awarded to Eldredge &
Co., of Boston, at 98.95, a basis of about 4.11%.-V. 130. p. 3035.:
BidderRate Bid.
Eldredge & Co., Boston
*98.950
Stone & Webster and Blodget, Inc. and First National Old Colony
Corp., Boston
98.91
Conning & Co., F. R. Cooley & Co., Eddy Bros. & Co., Hartford;
R. L. Day & Co. Boston; E. M. Bradley & Co.. New Haven;
R. F. Griggs Co.:Waterbury; The Bridgeport City Co., Bridgeport
98.799
Estabrook & Co.and Putnam & Co., Hartford
98.789
H.L. Allen & Co., New York: G.L. Austin & Co., Hartford
98.70
Lehman Bros., Ames, Emerich & Co., Inc., Kean, Taylor & Co.,
Salomon Bros. & Hutzler, New York
98.4512
Roosevelt & Son, New York
98.406
E. H. Rollins & Sons, Kountze Bros., Wallace, Sanderson & Co.,
and Hannahs, Bailin & Lee, New York
98.3366
Bankers Co. of N. Y., Guaranty Co. of N.Y., (jointly), New York 98.109
Harris, Forbes & Co. and National City Co., New York
97.869
H. M.Byllesby & Co., Inc., B. J. Van Ingen & Co., M.F. Schlater
& Co., Inc., Stephens & Co., New York
97.64
*Accepted tender.
3227
HIGH POINT, Guilford County, N. C.
-BONDS OFFERED FOR
IN
$1.500,000 issues of 5% coupon or reg. water and
sewer bonds that were purchased on April 17, at a price of 100.16, a basis of
about4.99%-V.130,p.3035
-are now being offered for public subscription
by Stranahan, Harris & Oatis, Inc., of Toledo. Caldwell Jz Co. of Nashville
and Eldredge & Co.,of New York,at prices to yield 4.80% on all maturities.
Dated Dec. 1 1929; due from Dec. 1 1932 to 1969, incl. Legality to be
approved by Reed. Hoyt & Washburn, of New York. Reported to be
exempt from all Federal Income Taxes.
Financial Statement April lb 1930 (as Officially Reported by City Manager).
Estimated real value
$100,000,000.00
Assessed valuation
(1929)48.628.639.00
*Total bonded debt(including thisissue)
8,698.000.00
Sinking funded
$728,242.66
Water Bonds
2,591,000.00
Net debt
5.378.757.34
Population: 1920 census, 14,300; 1928 postal census, 34,271; present
estimated, 35,000.
* Included in this total bonded debt are $1,166,000 school bonds issued
by the city instead of by a separate or co-terminus school district.
The city has assessment liens against benefited property in the amount
of $2,331,866.73, which is applicable to payment of improvement bonds
which are included in the total bonded debt.
HARTFORD COUNTY (P. 0. Hartford), Conn.
-OFFER $1,410,000
44% BONDS.
-In connection with the report of the award on April
-BOND OFFERING.
HOBOKEN, Hudson County, N. J.
-Edward
of $1,410,000 44% county building construction bonds to Estabrook 23 Hunter, City Comptroller, will receive sealed bids until 10 a. m.(Daylight
&
Co., of Boston, and Putnam & Co., of Hartford, Jointly. at 100.885, a basis saving time) on May 13 for the purchase of $100.000 coupon or registered
of about 4.17%-V. 130, p. 3035
-we learn that the successful bidders water bonds,to bear int. at either 44,434 or 44% bonds. Dated May 15
are reoffering the 1931 and 1932 maturities to yield 4% and the 1933 to 1930. Denom. $1,000. Due on May 15 as follows* $4,000. 1931 to ill
1960 maturities to yield 4.10%. The bonds are stated to be legal Invest- incl., and $6,000 from 1941 to 1950 incl. Prin. and semi-annual interest
ment for savings banks and trust funds in New York, Massachusetts, (M.& N. 1) payable in gold at the office of the City Treasurer. No In re
Connecticutf and other States.
bonds are to be awarded than will produce a premium of $1,1300 over
$100,000. A certified check for 2% of the amount of bonds bid for, payable
HARTFORD NORTHEAST SCHOOL DISTRICT (P. 0. Hartford), to the order of the Mayor and Council, must accompany each proposal.
Hartford County, Conn.
-The $150,000 45. % coupon The approving opinion of Reed. Hoyt & 'Washburn of New York City, will
-BOND SALE.
school bonds offered on April 25-V. 130, P. 2625
-were awarded to R. L.
Day & Co., of Boston, at 99.549, a basis of about 4.30%. The bonds are be furnished to the successful bidder.
dated May 1 1930 and mature $6000 on May 1 from 1932 to 1956 incl.
-TEMPORARY LOAN.
HOLYOKE, Ham pden County, Mass.
The successful bidders are reoffering the bonds for public investment at Pierre Bonvouloir, City Treasurer, on April 30 awarded a $300,000 temprices to yield 4.15%. Eldredge & Co., also of Boston, the only other porary loan to the First National Old Colony Corp.. of Boston. at a 3.36
bidders, offered 99.53 for the issue. A statement of the financial condition discount, plus a premium of $2.75. The notes are dated April 30 193
of the District appeared in V. 130, P. 2625.
and are payable on Nov. 13 1930 at the First National Bank of Bo.i. n.
Legality approved by Storey. Thorndike, Palmer & Dodge, of Draw n.
HASTINGS SCHOOL DISTRICT, Barry County, Mich.
-BOND Bids for the loan were as follows*
OFFERING.
-(11. W. Wespinter, Secretary of the Board of Education, will
Discount.
Bidderreceive sealed bids until 2.30 p. m. on May 8. for the purchase of $170.000 First National Old colony Corp. (purchaser-plus $2.75)
3.36
not to exceed 5% interest school building construction and equipment Salomon Bros. & Hutzler (plus $7)
3.37
bonds. Dated May 1 1930. Denom. $1,000. Due on May 1 as follows: Shawmut Corp. of Boston
3.44
$8,000. 1932 and 1933: $8,500, 1934; $9,000. 1935: $9,500. 1936; $10,000. F. S. Moseley & Co
3.45 o
1937; $10,500, 1938;$11.000. 1939: $11,500, 1940; $12,000. 1941; $12.500, Bank of Commerce & Trust Co
3.585%
1942; $13,500, 1943; $14,000, 1944; $15,000. 1945, and $17,000 in 1946.
Int. is payable semi-annually. A certified check for $2,000 payable to the
HOUSTON COUNTY CONSOLIDATED ROAD DISTRICT NO. 2
order of the District Treasurer, must accompany each proposal. Assessed (P.O. Crockett), Tex.
-We are informed that sealed
-BOND OFFERING.
valuation of the District is $5,350,150. Old bonded indebtedness
-nothing bids will be received by Leroy L. Moore, County Judge. until May 5, for
after May 1 1930. Population, 1920, 5.132.
purchase of a $500,000 issue of road bonds. (These bonds are a portion
of the total issue of $1,450,000 that was voted on March 22.)
HATBORO, Montgomery County, Pa.
-BOND SALE.
-M.M. Freeman & Co. of Philadelphia, have purchased an issue of $125,000 434%
HUNTINGTON (P.0. Huntington Station), Suffolk County, N.Y.
sewer bonds. Dated Sept. 1 1929. Denom. $1,000. Due on Sept. 11934. -BOND OFFERING.-111chard W. Ilawkins, Town Supervisor, will
'
Prin. and semi-annual interest (Mar. and Sept. 1) payable at the Hatboro receive sealed bids until 2 p.m. (daylight saving time) on May 9, for the
Trust Co. Legality to be approved by Townsend, Elliott & Munson, of purchase of the following issues of coupon or reg. bonds aggregating $63,000.
Philadelphia.
to boar int. at a rate not to exceed 5%,stated in a multiple of 4 of 1%:
The purchasers paid 100.56 for the bonds, a basis of about 4.35%.
$45,000 Huntington Sewer District bonds. Due on May 1. as follows:
$2,000. 1935; $4,000. 1936 to 1942, incl., and $3,000 from 1943 to
HATTIESBURG, Forrest County, Miss.
-BOND SALE.
-The $450,1947, incl.
000 issue of sewer system bonds unsuccessfully offered on Feb. 20-V. 130,
18,000 street improve. bonds. Due on May 1, as follows: $1,000. 1935
p. 1511-has since been purchased by the Well, Roth & Irving Co. of Cinto 1942, incl., and $2,000 from 1943 to 1947. incl.
cinnati, as 54s. Denom. $LOW. Dated April 15 1930. Prin. and int.
Both issues are dated May 1 1930. Denom. $1,000. Prin. & semi-ann.
(A. & 0.) payable at the Chemical Bank & Trust Co. In New York City.
int.(M. & N. 1) payable in gold at the Bank of Huntington & Trust Co..
Legality to be approved by Thomson, Wood & Hoffman, of New York.
Huntington. A certified check for $1,000, payable to the order of the Town.
HAVERHILL, Essex County, Mass.
-TEMPORARY LOAN.
-The must accompany each proposal. The approving opinion of Clay, Dillon &
$100,000 temporary loan offered on April 29-V. 130, p.3035
-was awarded Vandewater, of N. Y. City, will be furnished to the successful bidder.
at a 3.40% discount to F. S. Moseley & Co.. and the First National Old
JEFFERSON COUNTY (P.O. Madison), Ind.
-BOND OF FERING.Colony Corp.. both of Boston, jointly. The loan is dated April 30.
and is payable on Oct. 8 1930 at the Mat National Bank of Boston. 1930 William E. Carr, County Treasury will receive sealed bids until 2 p. m. on
Bids May 6 for the purchase of the following issues of 434% bonds aggregating
for the loan were as follows:
$38100:
BidderDiscount $31..000 Louis Gordon et
road construction bonds. Denom. $387.50.
F. S. Moseley & Co., and First National Old Colony Corp., jointly
Due $1,550, Julyal., 1931: $1,550, Jan. and July 15 from 1932 to
15
(Purchasers
3.40%
1040 incl., and $1,550, Jan. 15 1941.
W.O.Gay &
342%
Shelby Township road construction bonds.
7.100 John Phillips et
Salomon Bros. & Hutzler (Plus $1.25)
3.45
Denom. $355. Due $355, July 15 1931; $355, Jan. and July 15
al..
Bank of Commerce & Trust Co.
3.45%
from 1932 to 1940 incl., and $355, Jan. 15 1941.
Shawmut Corporation of Boston (Plus $12)
3.49%
Both issues are dated April 30 1930. Int, is payable on Jan. and July 15.
HAVERHILL Essex County, Mass.
--BOND SALE.
-The 860,000
-ADDITIONAL
JEFFERSON COUNTY (P. 0. Dandridge), Tenn.
4% coupon water bonds offered on April 25-V.130, p.3035
-were awarded
INFORMATION.
-The $25,000 issue of 5% coupon ref. bonds that was
to Stone & Webster and Blodget, Inc., of Boston, at 100.52, a basis
3.91%. The bonds are dated April 1 1930 and mature $5.000 onof about purchased on April 7 by Caldwell & Co. of Nashville at a price of par
April 1
from 1931 to 1942 incl. Bids for the issue were as follows:
-V.130. p. 2832
(not 102,as previously reported)
-is due in 1949. Denom.
Bidder
Rate Bid 51,000.
Stone & Webster and 13Iodget, Inc. (purchasers)
100.52
JIM WELLS COUNTY ROAD DISTRICT NO. 1 (P. 0. Alice), Tex.
Estabrook & Co
100.46 -ADDITIONAL DETAILS.
It. L. Day & Co
-The
issue of road bonds that was
100.39 purchased by the Alice State Bank &$160,000 of Alice
First National Old Colony Corp
Trust Co.
-V. 130, p. 2832
100.27 bears Interest at
% and was awarded at par.
HAYWOOD COUNTY (P. 0. Brownsville), Tenn.
-BOND SALE.
The $200,000 issue of 5% semi-ann. road impt. bonds offered for
JOHNSTON COUNTY (P. 0. Smithfield), N. C.
-MATURITY.
April 28-V. 130, p. 2831-was purchased by a syndicate composed sale on The $370,000 issue of revenue anticipation notes that was pruchased by the
Tigrett Sr Co. of Jackson, Hunter Jones & Co., and A. K. Tigrettof I. B. Bray Bros. Co. of Greensboro as 44s,at a price of 100.027-V. 130. p.3035
& Co..
both of Memphis.for a premium of $2,585, equal to 101.29, a basis of
about -matures in 6 months, giving a basis of about 4.69%•
4.88%. Due $8,000 from Jan. 11935 to 1959 incl.
JONESVILLE SCHOOL DISTRICT NO. 12 (P. 0. Jonesville),
HENDRICKS COUNTY (P. 0. Danville), Ind.
-BOND SALE.
-BOND SALE.
- Union County, S. C.
-The $45,000 issue of coupon
The $10,400 454% Maurice Sutherlin et al., Clay Township highway imp. semi-annual school
bonds offered for sale on April 25-V. 130, p. 2626
bonds offered on April 26-V. 130, p. 2831-were awarded to the
Mer- was jointly purchased by the South Carolina National Bank, and the A. G.
chants National Bank of Muncie, at par plus a premium of $114.44,
equal Furman Co., both of Greenville, as 534s, for a premium of $700, equal to
to 101.10, a basis of about 4.28%.The bonds are dated April 15 1930
and 101.55, a basis
mature $520, July 15 1931,$520, Jan. and July 15 from 1932 to 1940, incl., 1931 to 1960, of about 5.35%. Dated Jan. 1 1930. Due from Jan. 1
incl.
and $520. Jan. 15 1941.
BOND SALE.
-An issue of $19.000 434% Henning Road construction
KANSAS CITY, Wyandotte County, Kan.
-BOND SALE.
-The
bonds was awarded on the same day to Campbell & Co. of Indianapolis, 575.000 issue of 434% semi-ann. bridge bonds offered for sale on April 29at par plus a premium of $224.25, equal to 101.18. a basis of about 4.27%. V. 130, p. 3035
-was purchased by Mr. A. H. Gillis, of Kansas City, for a
One bond is due semi annually from July 15 1931 to Jan. 15 1941. The premium of $231,equal to 100.30, a basis of about 4.44%. Due from April
following is a complete list of the bonds submitted for both issues:
1 1931 to 1940, incl.
Sutherlin Road. Henning Road.
BidderKERSHAW COUNTY HIGH SCHOOL DISTRICT NO. 14 (P. 0.
Premiums
Fletcher American Co
Westville, R. F. D.), S. C.
$31.00
-BOND SALE.
-The $40,000 issue of 6%
$57.00
City Securities Corp
semi-ann, school bonds offered for sale on April 24-V. 130. p. 3035
101.00
203.00
Fletcher Trust Co
was purchased by the Bank of Camden, of Camden, for a $500 premium,
88.80
161.70
Inland Investment Co
equal to 101.25.
97.76
152.50
Merchants National Muncie
114.44
193.33
Danville National
KNOXVILLE, Knox County, Tenn.
-NOTE SALE.
-An issue of
96.00
177.00
Thos. D. Sherrin & Co
$1,000,000 revenue refunding notes has recently been purchased by the
70.00
125.00
Campbell & Co
Bancamerica-Blair Corp. of New York Cif,as 3.90s,for a premium of $25,
53.00
224.25
equal to 100.0025, a basis of about 3.88 o. Dated May 1 1930. Due on
HIGHLAND PARK SCHOOL DISTRICT, Wayne County,
Mich.
- Sept. 30 1930. Payable in New York, iasslick & Mitchell of New York
NOTE OFFERING.
-Mabel G. Herald, Secretary of the Board of Educa- City, will furnish the legal approval.
tion will receive sealed bids until 8 p. m.(Eastern standard time) on May
LANCASTER TOWNSHIP SCHOOL DISTRICT (P. 0. Lancaster),
for the purchase of$200,000 school district notes, to bear int, at a rate not 6,
to Lancaster County, Pa.
-BOND SALE.
exceed 5%,payable at maturity. Of the notes offered, $100,000
-The $110,000 coupon school
are
-were awarded as 4345 to
May 20 1930 and $100.000. June 15 1930, and all mature on Aug. 25 dated bonds offered on April 28-V. 130, p. 2626
1938.
Rate of int. and denoms. desired to be suggested in proposal. The notes Graham, Parsons & Co., of Philadelphia, at par plus a premium of $445.50.
are issued against the uncollected taxes of the school district for the years equal to 100.405, a basis of about 4.22%. The bonds are dated April 1
1926 1927, 1928 and 1929,amounting to approximately $350.000. Success- 1930 and mature on April 1 as follows:$5,000. 1935 $10,000, 1940 $15,000.
1945 $20,000. 1950 $25,000 in 1955 and $30,000 in 1960.
ful bidder to pay for legal opinion.
A complete list of the bids submitted for the bonds follows:
HIGHLANDS UNION FREE SCHOOL DISTRICT NO. 3 (P. 0.
Tht. Rate. Premium.
BidderHighlands Falls), Orange County, N. Y.-$325.000 SCHOOL BONDS Graham, Parsons & Co. (purchasers)
414%
$445.50
PUBLICLY OFFERED.
-Dewey, Bacon & Co. of New York City. are Farmers Trust Co.. Lancaster
4 ip
110.00
offering an issue of $325,000 44% coupon or registered school bonds for E. H. Rollins & Sons, Philadelphia
414%21.45
public Investment at prices to yield 4.40%. The bonds mature in varying W. H. Newbold's Son & Co.. Philadelphia
Installments between May 1 1931 and May 1 1960 and were awarded A. B. Leach & Co., hiladelphia
annual
131
on April 22 at 101.90, a basis of about 4.595%-V. 130,
'
Freeman & Co.. Philadelphia
3035. The M. M.
414%
3,012.00
District Is said to have an assessed valuation of $2,199,759 and a total Edward Loeber Stokes & Co., Philadelphia
p.
3
.366.00
434%
bonded debt of 16325,000.
Manufacturers & Traders Trust Co., Buffalo
414%
1,880.90
2 83
1:8
3228
FINANCIAL CHRONICLE
t
Seds
LANE COUNTY SCHOOL DISTRICT NO. j50 (P. 0. Eure
Ore.
-BOND OFFERING.-Elealed bids will be received by Grace
County Treasurer, until May 5, for the purchase of a $10,500 issue of 6%;
semi-annual school bonds. Due in from 1 to 10 years. (These bonds were
voted on April 10).
LEICESTER UNION FREE SCHOOL DISTRICT NO. 8 (P. 0.
-J. F.
-BOND OFFERING.
Leicester), Livingston County, N. Y.
McAvoy, District Clerk, will receive sealed bids until 9.30 p.m. (eastern
standard time)on May 9,for the purchase of $100.000 coupon or reg. not to
exceed 6% int, school bonds. Dated June 1 1930. Denom. $1,000.
Due on June 1 as follows: $2,000. 1931 to 1940, incl. $3,000. 1941 to 1950.
Incl., and $5,000 from 1951 to 1960, incl. Rate of interest to be stated in a
0
multiple of X or 1-10th of 19'. Prin. and semi-ann. int. (J. & D. 1)
payable in gold at the Geneseo Valley National Bank, Geneseo. A certified
check for $2,000. Payable to the order of the Board of Education, must
accompany each proposal. The approving opinion of Clay, Dillon & Vandewater of N. Y. City will be furnished to the successful bidder.
-The Lex-NOTE SALE.
LEXINGTON, Middlesex County, Mass.
ington Trust Co.,on April 30 purchased an issue of $8,000 43 % real estate
purchase notes at 100.117. a basis of about 4.17%. The notes mature
14,000 in 1931 and 1932. Bids submitted were as follows:
Rate Bid.
Bidder100.117
Lexington Trust Co. (purchaser)
100.10
& Trust Co
Bank of Commerce
100.0717
Faxon, Glade & Co
100.03
Estabrook & Co.
LINCOLN PARK DISTRICT (P. 0. Chicago), Cook County, Ill.
BOND OFFERINO.-The Board of Park Commissioners is reported to
on May 15 for the purchase
have issued a call for sealed bids to be opened
of$1,800,000 bridge bonds.
-A $20.000 issue of
-WARRANT SALE.
LINDEN, Cass County, Tex.
water works warrants has recently been disposed of at par to the J. B. McCrary Construction Co., of Dallas.
-It is
-BOND OFFERING.
LIVINGSTON, Polk County, Tex.
reported that sealed bids will be received by 0. Morrison, Mayor, until
purchase of a $25,000 issue of street improvement bonds.
May 13, for the
-OFFER $250,000 BONDS.
LONG BEACH, Nassau County, N. Y.
Rapp & Lockwood,of New York,are offering for publlc investment a block
of$250,00054 general obligation bonds priced to yield 4.80%. The bonds
are stated to be legal investment for savings banks and trust funds in New
York. The City reports an assessed valuation of $34,950,473 and a net
bonded debt of 12,495,800.
-BOND SALE NOT CONSUMLORAIN, Lorain County, Ohio.
-The award on March 21 of $138,107.91
-NEW OFFERING.
MATED
bonds, comprising two Issues, as 43is to the BancOhio Securities Co. of
-apparently
Columbus, at 100.32, a basis of about 4.39%-V. 130. p. 2272
was not consummated, as A. M. Pollock, City Auditor, has issued a call
for sealed bids for the purchase of the bonds, to be opened at 12 m. on
May 28. The offering consists of:
/69.639.58 sewer construction bonds. Due on Sept. 15,as follows: $6,639.58
1931, and $7,000 from 1932 to 1940 incl.
68.468.33 sewer construction bonds. Due on Sept. 15,as follows: $3,468.33
1931, 313.000, 1932, and $14,000 from 1933 to 1935 incl.
Both issues are dated March 15 1930. Interest rate 5%. Bids will be
• considered, however, for bonds to bear interest at a rate other than 59'
o
provided that where a fractional rate is bid such fraction shall be X of 1t
or a multiple thereof. Prin. and semi-annual int. (March and Sept. 1 )
at the office of the Sinking Fund Trustees. A certified check for
payable
2% of the amount of bonds bid for must accompany each proposal.
(Vol, 1:441
-BONDS REGISMADISON COUNTY (P. 0. Madisonville), Tex.
-On April 23 the State Comptroller registered a $46.000 issue
TERED.
of 5% road series I bonds. Due serially.
MAHONING VALLEY SANITARY DISTRICT(P.O. Youngstown),
-It is reported that all
-BIDS REJECTED.
Mahoning County, Ohio.
of the bids received on May 1 for the purchase of the $83,000,000 434%
-were rejected.
-V. 130, P. 3036
series C water bonds offered for sale
The bonds are dated May 1 1930 and mature $150,000 on Nov. 1 from 1934
to 1953 incl. The following are a few of the tenders reported to have been
submitted*
Rate Bid.
Int. Rate.
BidderTaylor, Wilson & Co. Walter, Woody & Heimerdinger
100.61
4X%
& Milwaukee Co., jointly
100.33
5%
Continental Illinois Co., Chicago
& Co., & Foreman State Corp., both
Ames, Emerich
100.03
5%
of Chicago, jointly
MAMARONECK UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-BOND OFFERING.
Mamaroneck), Westchester County, N. Y.
K. G. Van Sciver District Clerk, will receive sealed bids until 8 P. m•
(daylight saving time) on May 9, for the purchase of 5255,000 series C
coupon or registered school bonds, to bear interest at a rate not to exceed
5%,stated in a multiple of X or 1-10th of 1%. Dated July 11929. Denom.
$1.000. Due on July 1, as follows: $10,000. 1934 to 1940, incl., 315,000,
1941 to 1945, incl., $10.000, 1948 to 1957, incl., and 15,000 in 1058 and
1959. Prin. and semi-annual int. (Jan. and July 1) payable in gold at the
First National Bank, New York City. A certified check for $5.000, payable
to George B. Marshall, Treasurer, must accompany each proposal. The
approving opinion of Clay. Dillon & Vandewater of N. Y. City will be furnUhed to the successful bidder.
MANHATTAN BEACH SCHOOL DISTRICT (P. 0. Manhattan
-BOND ELECTION -The electors
Beach), Los Angeles County, Calif.
of the district will go to the polls on May 26 in order to pass judgment on a
proposal to issue $128,000 in bonds to be used for two elementary schools.
MAPLETON SCHOOL DISTRICT (P. 0. Mapleton), Monona
-The $2 000 issue of 434% coupon
County, Iowa.
-PRICE PAID.
refunding bonds that was purchased by Geo. M. Bechtel & Co.of Daven-was awarded at par. Dated May 1 '1930. Due
port
-V. 130. p. 2451
on May 1 1950. Int. payable on May and Nov. 1.
-BOND'SALE -The
MARION COUNTY (P. 0. Knoxville), Iowa.
sale on April 253200,000 issue of annual primary road bonds offered for Co. of Davenport,
purchased by Geo. M. Bechtel &
-was
V. 130, p. 2833
as 434s, for a premium of $1,825. equal to 100.91, a basis of about 4.59% •
bidders were:
Due from 1935 to 1944, incl. Optional after 5 years. Otherof Davenport.
Halsey, Stuart & Co. of Chicago and the White-Phillips Co.
-BOND SALE,
MARSHALL COUNTY (P. 0. Plymouth), Ind.
The $6,800 5% John H. Doering et al., road construction bonds offered on
-were awarded to the Fletcher Savings & Trust
April 25-V. 130, p. 2833
Co. of Indianapolis, at par plus a premium of $257.80, equal to 103.79, a
one
basis of about 4.23%. The bonds are dated April 8, 1930 and mature 15
bond semi-annually on January and July 15 from July 15 1931 to Jan.
of the bids submitted for the issue follows:
1941. A complete list
Premium
Bidder$216.50
Inland Investment Co., Indianapolis
121.00
City Securities Corp., Indianapolis
141.00
American Co.,Indianapolis
Fletcher
257.80
(purchaser)
Fletcher Savings & Trust Co., Indianapolis
166.00
The Union Trust Co., Indianapolis
126.00
Salem Bank & Trust Co., Goshen
100.00
R. V. Shakes, Plymouth
(P. 0. Amite), Tangipahoa
LORANGER SCHOOL DISTRICT
-OFFICIAL REPORT.
COUNTY (P.O. Plymouth), Ind.
MARSHALL
-It is reported that sealed bids will be
-BOND OFFERING.
Parish, La.
-dealing with the
-V. 130, p. 3037
the report in
received until May 23 by the Secretary of the Parish School Board, for the -In connection with 2 of $290,697 6% ditch construction bonds, Otto
proposed sale on May
purchase of a $25,000 issue of school bonds.
that the amount in the official notice of the
Weber, County Auditor,
and should have been $2,906.97. Mr. Weber
LORDSBURG MUNICIPAL SCHOOL DISTRICT NO. I (P. 0. scheduled sale was incorrect
are usually sold to local investors.
Lordsburg), Hidalgo County, N. Mex.-MATURITY.-The $7,000 states that the bonds
issue of coupon school bonds that was purchased by the Bank of Douglas,
-BOND SALE.
-The 121,000
MASSILLON, Stark County, Ohio.
-is dated April 16 1930
of Douglas (Ariz.) as 5s, at par-V. 130, p. 3036
coupon property owners' portion street inapt, bonds offered on April 21&
and due $10.000 from 1933 to 1939, incl. Int. payable on J. & D. 1.
V. 130, p. 2451-were awarded as 434s to the Provident Savings Bank
3100.80, equal to 100.48,
-BOND Trust Co. of Cincinnati, at par plus a premium ofApril 1 1930 and mature
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
The bonds are dated
OFFERING -Sealed bids will be received until 2 p. m. on May 12, by a basis of about 4.61%. to 1937 incl. A partial list of the bids submitted
13.000 on Oct. 1 from 1931
L. E. Lampton, County Clerk, for the purchase of two Issues of bonds for
the bonds follows:
Premium.
egating $135,081.51, as follows:
Int. Rate,
Bidder.000.006% San Dimas School District bonds. Denom. $1,000. Dated Provident Savings Bank Zz Trust Co.(purchaser)_-- - 434%
$100.80
May 1 1930. Due $5,000 from May 1 1931 to 1948 inclusive.
58.80
434 0
No bids will be considered at a lower rate of interest than 5%. BancOhio Securities Co.,Columbus
43455.00
Seasongood & Mayer,Cincinnati
51.00
48,081.51 Acquisition and Improvement District No. 75 bonds. Int. First Detroit Co.,Detroit
4X 7:
rate is not to exceed 7%. Denom. $1,000, one for $81.51.
18.00
4X %
Dated April 21 1930. Due on April 21 as follows: $3,000. Well. Roth & Irving Co.,Cincinnati
13.00
434%
Davies-Bertram Co., Cincinnati
1935 to 1948, and $3,081.51 in 1949.
Cleveland13.00
Principal and semi-annual int, payable in gold at the County Treasury. Mitchell, Herrick Sz Co., Indianapolis
173.00
5%
payable to the Chair- Breed, Elliott & Harrison,
A certified check for 3% of the bonds of each issue,
man of the Board of Supervisors, is required.
1
MAVERICK COUNTY WATER IMPROVEMENT DISTRICT NO.
-The authority to
-BOND ISSUE SOUGHT.
-It is reported that (P. 0. Eagle Pass), Tex.
-BOND SALE.
LOUDON,Loudon County,Tenn.
which have already
supplement $4,800,000
$1,800,000 in
an $85,000 issue of water works bonds has recently been purchased by Issue sold, is soughtbonds toabove-named district in an application filed
by the
been
Joseph, Hutton & Estes, of Nashville.
with the State Board of Water Engineers, reports an Austin dispatch to
28. The proceeds from the sale of
-TEMPOR- the "Wall Street Journal" of Aprilconstruction of a hydro-electric plant
-BOND SALE.
LOWELL, Middlesex County, Mass.
these bonds would be used for the
-The following issues of 434% coupon bonds, aggregating as part of the irrigation project.
ARY LOAN.
-were awarded to the Chase
$354.000 offered on April 29-V. 130. p. 3036
-John J.
Securities Corp., of Boston, at 100.535, a basis of about 4.07%:
-BOND OFFERING.
MEDFORD, Middlesex County, Mass.
1264.000 macadam pavement bonds. Due on May I, as follows: $53,000, Ward, City Treasurer, will receive sealed bids until 10 a. m. (daylight
1931 to 1934,incl.. and $52,000 in 1935.
saving time) on May 6, for the purchase of the following issues of 4%
90,000 permanent pavement bonds. Due $9,000 on May 1 from 1031 to coupon bonds aggregating $185,000:
1940. Incl. Both issues are dated May 1 1930.
Due on May 1 as follows: 54,000, 1931 to 1948
-The $200,000 temporary loan also offered on $75,000 sewer bonds. 33.000 in 1949.
TEMPORARY LOAN.
inclusive. and
-was awarded at a 3.37% discount to the First
April 29-V. 130. p. 3036
70,000 water mains bonds. Due $5,000 on May 1 from 1931 to 1944, incl.
National Old Colqny Corp., of Boston. The loan is dated April 30 1930 and
40,000 separate sewer system bonds. Due on May 1 as follows: 13,000.
is payable on Nov.28 1930 at the First National Bank of Boston.
1931 to 1943 inclusive, and 51.000 in 1944.
Bids submitted for both the temporary loan and the bonds follow:
dated May 1 1930. Denom. $1,000. Prin.
All
-Temporary Loan- -Bonds- and of the above bonds are
semi-annual int. (May and Nov. 1) payable in Boston. The bonds
Rate Bid
.Discount
Biddersupervision of the Old Colony Trust Co., Boston.
will be engraved under the
100.535
Chase Securities Corp., Boston
Legality of the bonds has been approved by Ropes, Gray. Boyden & Perkins.
100.53
3.37%
First National Old Colony Corp., Boston
of Boston, a copy of whose opinion will be furnished to the purchaser with3.419'
Salomon Bros. 3z Hutzler (Plus $7)
out charge. No bid for loss than par and accrued int. wlll be considered.
3.45%
National Shawxnut Bank
Financial Statement April 30 1920.
3.46%
581,068,883.00
F. S. Moseley & Co
Assessed valuation, 1929, net
3.585%
3,760.500.00
Bank of Commerce & Trust Co
Total debt (present loans included)
100.40
417,000.00
Estabrook & Co
Water debt, Included in total debt
79,401.88
other than water
-The following Sinking fundsApril I 1927, 52,369.
SALE.
-BOND
LUDLOW, Hampden County, Mass.
Population
Issues of 49' coupon bonds aggregating $151,000 offered on April 29-It is
-BOND SALE.
-were awarded to R. L. Day & Co., of Boston, at 100.29
MERIDIAN, Lauderdale County, Miss.
V. 130, P. 3036
reported that a $50,000 issue of sewer bonds has recently been purchased
a basis of about 3.97%:
bonds. Due on May 1. as follows: 15,000, 1931 to 1943. by the Meridian Finance Corp.,for a premium of 51,130, equal to 102.26.
$117,000 sewer
inclusive, and $4,000 from 1944 to 1956, inclusive.
1947,inclusive.
-BOND SALE.
-The 158,833
MIDDLETOWN, Butler County, Ohio.
34,000 bridge bonds. Due $2.000 on May 1 from 1931 towere as follows:
special assessment street improvement bonds offered on May 1-V. 130.
Both issues are dated May 1 1930. Bids for the issues
Rate Bid p. 2627
-were awarded to the BancOhio Securities Co., of Columbus.
Bidder
100.29 The bonds are dated May 1 1930 and mature $6,537 on Sept. 1 from 1931
R. L. Day & Co.(Purchasers)
100.17 to 1939 inclusive.
Estabrook & Co.
100.03
National Old Colony Corp.
First
MILLBURN TOWNSHIP (P. 0. Millburn), Essex County N. J.
-The $100,000 coupon or registered general impt. bonds
-BOND SALE.- BOND SALE.
M. M.
MAHONING COUNTY (P.O. Youngstown), Ohio.
-were awarded
$245.932.38 offered on April 29- offered on April 26-V. 130, p. 2833 plus a premium as 4345 toequal to
The following issues of bonds aggregating
of $555.55,
Herrick & Co., Freeman & Co. of Philadelphia, at par
-were awarded as 43,'s to Mitchell,
P.P. 2627. 2833
4.44%. The bonds are dated May 1 1930 and
V. 130.
100.06. a basis of 100.555, a basis of about
of Cleveland. at par plus a premium of 1152. equal to
mature $4,000 on May 1 from 1932 to 1956 incl. Bids for the issue were as
about 4.49%:
follows: $3,900. follows:
road construction bonds. Due on Oct. 1, as
Premium.
139.900.00
Int. Rate,
Bidder1939, incl.
$555.55
1930 and $4,000 from 1931 to
4
1, as follows: $.3.697.62, M. M. Freeman & Co. (purchasers)
869.00
35.697.62 road construction bonds. Due on Oct.
4
& Co
A.B.Leach
1935
1,039.50
1931 $4,000. 1932 $3,000, 1933 54.000, $93 33,000,
and 1939. and $3.000 II. L. Allen & Co.(Bid for $99,000 bonds)
799.00
$4,000,1936 $3,000,1937 $4,000.$938
B.J. Van Ingen & Co
in 1940.
825.90
534
other bonds Rapp & Lockwood
Tho Issue of 357,439.20 bonds is dated Nov. 1 1929 all of the
91.30
434
J. S. Rippel& Co
are dated Oct. 1 1929.
MAY 3 1930.1
•-•
FINANCIAL CHRONICLE
3229
MITCHELL., Scotts Bluff County, Neb.-BOND SALE.
-A $47,000
Issue of sewer districts bonds is reported to have been purchased by undisclosed investors. Denom. $1,000. Dated Feb. 1 1930.
NEWTON FALLS, Trumbull County, Ohio.
-BOND OFFERING.H. G. Allen, Village Clerk, will receive sealed bids until 12 in. on May 10.
for the purchase of $15,000 5H% fire dept. equip. bonds. Dated April 1
1930. Denom. $1,000 and $500. Due $1,500 on Oct. 1 from 1931 to 1940
MOGADORE, Summit County., Ohio.
-BOND SALE.
-The $7,000 incl. Prin. and semi-ann. int. (A. & 0. 1) payable at the First State Bank.
village improvement bonds offered on April 28-V. 130, p. 2833-were Newton Falls. Bids for the bonds to bear int. at a rate other than 5%%
awarded as 550 to Davies-Bertram Co. of Cincinnati,at par plus a premium will also be considered, provided, however, that where a fractional rate is
of 317.50, equal to 100.25. a basis of about 5.43%. The bonds are dated bid,such fraction shall be 3 of 1% or a multiple thereof. A certified check
May 1 1930 and mature $1,000 on Oct. 1 from 1931 to 1937, incl. Ryan, for $500, payable to the order of the Village Treasurer, must accompany
Sutherland & Co. of Toledo, the only other bidders, offered par and accrued each proposal.
interest for the bonds as 5 Hs.
-SHORT-TERM BORROWINGS AGGREGATE
NEW YORK, N. Y.
-The City of New York during April borrowed $66,500.000,
MONTANA, State of (P. 0. Butte).
-BOND ELECTION.
-Our 366.500,000.
Western correspondent informs us thee a special election will be held on having sold short-term securities for that amount as follows:
May 15 for the purpose of passing approval on a proposal to issue $9,000,000
Revenue Bills of 1930.
Rapid Transit Construction Notes.
in road bonds.
Int.
Date
Amount.
Maturity. Rate. Issued, Amount.
Maturity. Rate. Issued.
MONTPELIER, Williams County, Ohio.
-BOND OFFERING.
-Hazel $5.000,000 Nov. 3 1930 34% Apr. 29 $8,000,000 Apr. 17 1931 33i% Apr. 17
Baird, Village Clerk, will receive sealed bids until 12 m. on May 16, for the
4,000,000 Sept. 151930 3.i% Apr. 11 7,620,000 Oct. 14 1930 34% Apr. 25
purchase of $7,000 5
3,000,000 Oct. 14 1930 3(i% Apr. 29 7,000,000 July 9 1930 34% Apr. 8
special assessment sewer construction bonds.
Dated May 11930. Denom. $500. Due $1,003 on M.& N.1 from 1931
1,000,000 Oct. 15 1930 334% Apr. 29 5,000,000 Sept. 3 1930 314% Apr. 14
to 1933, incl., and $1,000 on May I 1934. Int. payable on M. & N. 1.
3,000,000 June 4 1930 354% Apr. 4
Bids for the bonds to bear interest at a rate other than 5H% will also be
Water Supply Notes.
3,000,000 June 16 1930 34% Apr. 14
considered, provided, however, that where a fractional rate is bid such frac- $1,000,000 Oct. 15 1930 314% Apr. 29 3,000,000 Sept. 151930 34% Apr. 17
tion shall be H of 1% or a multiple thereof. A certified check for $100.
2,000,000 July 15 1930 34% Apr. 11
payable to the order of the Village, must a ccompany each proposal.
Dock Improvement Notes.
2,000,000 Sept. 15 1930 314% Apr. 23
$3,000,000 Sept. 15 1930 34% Apr. 11 2,000,000 June 30 1930 34% Apr. 25
Tax Notes of 1930.
1,500,000 June 4 1930 334% Apr. 1
MOORE COUNTY (P. 0. Carthage), N. C.
-FINANCIAL STATEMENT.
-In connection with the offering scheduled for May 6, of the $2,000,000 Mar. 16 1931 34% Ayr. 1 1,000,000 July 15 1930 314% Apr. 10
Special Revenue Bonds of 1910.
500,000 Apr. 17 1931
$50,000 issue of not exceeding 6% bridge bonds
% Apr. 17
-V. 130. p. 3037
-we are $1,500,000 Mar. 16 1931 34%
now in receipt of the following*
Apr. 1
380,000 Sept. 15 1930 34% Apr. 25
Official Financial Statement.
-BONDS VOTED.
NICHOLS HILLS, Okla.
-At a special election held
Assessed value, 1929
$37,138.753.00 on April 23 the voters approved the issuance of $575.000 worth of public
Real value, estimated
35,000,000.00 impt. bonds without a dissenting vote, according to the "Daily OklaTotal bonded debt, including bonds now offered
670,000.00 homan," of April 24, which reported as follows: Improvements voted inSinking fund
82,608.65 clude $215,000 for storm sewers, $150,000 for sanitary sewers, $250,000 for
Population, estimated, 25,000.
waterworks and $50,0130 for public parks. At the same time they approved
a franchise for electric service to be supplied over a period of 25 years by
MOUNTAIN LAKES SCHOOL DISTRICT, Morris County, N. J.
BOND OFFERING.
-J. A. Tompkins, District Clerk, will receive sealed the Okalhoma Gas & Electric Co.
bids until 8 p. m. on May 20, for the purchase of $25,000 coupon or registered school bonds, to bear int. at a rate not to exceed 5%. stated in a
NORMANDY CONSOLIDATED SCHOOL DISTRICT (P. 0. Normultiple of H of 1%. Dated July 1 1930. Denom. $1,000. Due
mandy), St. Louis County. Mo.- BOND SALE
-An issue of $110.000
on July 1 from 1931 to 1955 incl. Prin. and semi-ann. int. (J. & J. $1,000 434% school bonds has recently been purchased by the Mississippi Valley
1) pay- Co.
able at the Boonton Trust Co.. Boonton. No more bonds are to be awarded
of St. Louis. Denom. $1,000. Dated May 1 1930: due from Feb. 1
than will produce a premium of $1,000 over $25,000. A certified check for 1931 to 1950, incl.
2% of the amount of bonds bid for, payable to William L. Jones, Custodian
of school moneys, must accompany each proposal.
-TEMPORARY LOAN.
NORTH ADAMS,Berkshire County, Mass.
The $100,000 temporary loan offered on April 25-V. 130, p. 3038
-was
MUSKEGON SCHOOL DISTRICT, Muskegon County, Mich.
- awarded to Salomon Bros. & Hurtzier, of Boston, at a 3.44% discount,
BOND SALE-The Harris Trust & Savings Bank, of Chicago, recently plus a premium of $1.50. The loan is dated April 25 1930 and is payable
Purchased an issue of $265,000 school bonds as 4 Hs and a $135,000 issue on Nov. 3 1930 at the Merchants National Bank of Boston. Bids for the
as4 Ks. Both issues aggregate $400.000 and were sold at par plus a premium loan were as follows:
of $125, equal to a price of 100.03.
Discount.
BidderSalomon Bros. & Hutzler (Purchasers
3 7
.44
-plus $1.50)
MUSKOGEE SCHOOL DISTRICT. (P. 0. Muskogee), Muskogee First National Old Colony Corp
3.44
County, Okla.
3.45
-BONDS NOT SOLD.
-The 2 issues of school bonds, Shawmut Corp. (Plus $4)
aggregating 8200,000. offered on April 23-V. 130, p. 3038
3.47
& Co
-were not F. S. Moseley Trust
sold as all the bids received were rejected.
North Adams
3.46
Co
Merchants National Bank of Boston
3.475k
BONDS RE
-OFFERED.
-Sealed bids will again be received by E. D.
Cave, Clerk of the Board of Education, until May 9,
NORTHAMPTON COUNTY (P. 0. Easton), Pa.
the above bonds. The issues are divided as follows: for the purchase of
-BOND OFFER-Ellwood T. Bauman, County Controller, will receive sealed bids
ING.
$115,000 school bonds. Due $5.500 from 1935 to 1954 and $5,000 in
85.000 school bonds. Due 114,000 from 1935 to 1954, and $5,000 in 1955. until 10 a. in. (ea-stern standard time) on May 19, for the purchase of
1955. 9500.000 434% bonds. Dated May 15 1930. Denom. $1.000. Due on
The bonds will be awarded to the bidder offering the lowest
rate
the bonds shall bear and agreeing to pay therefor par and accrued of int. May 15, as follows $200,000 in 1940, and $150.000 in 1945 and 1950.
interest. Interest is payable on May and Nov. 15. A certified check for 2% of the
A certified check for 2% of the bid is required.
amount of bonds bid for must accompany each proposal. Bidders will be
The offering notice reports as follows:
required to pay accrued interest and all printing charges and shall furnish
You are advised that under the laws of the State of Oklahoma
bids for a bond paper of strong texture which shall meet the approval of the County
said bonds must be for par and accrued interest, and that the
be sold to the party bidding the lowest rate of interest, and that bonds will Commissioners. The total bonded indebtedness ofthe County is $5,770,000.
the interest of which the actual total non-electoral indebtedness is $1,970,000. The
cannot exceed 5% per annum, payable semi-annually.
offering notice states that the money derived from the sale of the bonds
Bids upon these bonds must be submitted separately, that is,
a separate will be used for the payment of land damages occasioned by the construcbid must be made on the $115,000 issue, and a separate bid
on the $85,000. Bids may be on the ordinary form used by must be made tion of State highway routes and for liquidation of the floating indebtedness
bond bidders. of the county and for the construction and maintenance of intereounty
Financial Information.
bridges under the jurisdiction of the said County of Northampton: and for
Valuation of the District
$30,251,422.00 the construction and maintenance of bridges within the said county and for
Amount of sinking fund. March 31 1930
485,260.70 general county improvements, fixing the rate of interest and maturities
Indebtedness other than this issue
1,005,000.00 thereof: and levying the annual tax to pay the principal and interest and
State tax on said bonds.
NASHUA, Hillsborough County, N. H.
-TEMPORARY LOAN.The First National Old Colony Corp. on May 1 purchased
NORTH COLLEGE HILL SCHOOL DISTRICT (P. 0. Cincinnati),
temporary loan, dated May 1 1930 and payable on Dec. 19 a $100,000
1930. at a Hamilton County, Ohio.
3.44% discount. Bids for the loan were as follows
-BOND SALE.
-The State Teachers Retirement System, of Columbus,on April 7 purchased an issue of $150.0004H%
BidderDiscount. coupon property purchase and school building construction bonds at Par
First National Old Colony Corp. (purchaser)
and accrued interest. The bonds are dated March 1 1930. Denom.$1,000.
3.44
Shawmut Corp. of Boston ____
Due annually on Sept. 1 from 1931 to 1954, incl. Interest payable in March
Faxon, Gade 32 Co
3 65
.
3.83 _e and September.
S. N. Bond & Co
3.90%
NUECES COUNTY (P. 0. Corpus Christi), Tex.
-BONDS NOT
NEBRASKA CITY Otoe County,
-We are informed that the two issues of 5%
SOLD.
road bonds
Sealed bids will be received by F. M. Cook,Neb.-BOND OFFERING.- aggregating $1,250,000, offered on April 16-V. 130, county -were not
City Clerk, until 8 p. In. on
p. 2628
May 5,for the purchase of 2 issues of 4 % semi-annual
bonds, aggregating sold as all the bids were rejected. The highest bid received is reported
$273,000 as follows.
to have been an offer of 94.05. It is stated that the bonds will be offered
3193.000 refunding bonds. Dated Feb. 11925.
again. The issues are as follows80,000 intersection paving bonds. Dated Nov. 1 1924.
3625,000 series A bonds. Due from 1931 to 1959 inclusive.
Bids will be received on the above issues for refunding
625.000 series B bonds. Due from 1931 to 1959 inclusive.
same collectively
or singly. A $5,000 certified check must accompany the
(These bonds are a portion of a $2,500,000 issue voted in 1929.)
bid.
NELIGH SCHOOL DISTRICT NO. 9 (P. 0.
OA KDALE,Allegheny County,Pa.
-BOND
Neligh), Antelope coupon improve, bonds offered on April 28-V. SALE._Tbe $25.000 5%
County, Neb. MATURITY.-The
130, p. 2834-were awarded
of 4 h °
bonds that was purchased by the U.$40,000 issue Co. of7 school building to Edward Lowber Stokes & Co., of Philadelphia. at 106-78, a basis of
National
S.
Omaha V. 130, about 4.38%. The bonds are dated April 1 1930
IL 2834-is due in 20 years and optional after 5 years.
and mature $1,000 on
April 1 from 1933 to 1957. incl. The following is a complete list of the
bids submitted for the issue:
NEW ORLEANS, Orleans Parish, La.
-BOND SALE.
BidderRate Bid.
issue of 4H% coupon or registered public improvement -The $.877.000
bonds offered for Edward Lowber Stokes & Co., Philadelphia (Purchasers)
106.78
sale on April 25-V. 130. p. 2628- was purchased by a
syndicate com- A. B. Leach & Co. Philadelphia
posed of Harris. Forbes & Co. of New York. the Canal
105.60
*
the Whitney Trust & Savings Bank, the Hibernia Bank & Trust Co., M. M. Freeman &Co., Philadelphia
106.189
Securities Co., the E. H. Rollins & Sons, Philadelphia
106.042
Interstate Trust &
New Orleans Securities Co., Inc., and Prescott, Lyon & Co.. Pittsburgh
105.78
the American BankBanking Co., theof New Orleans,
& Trust Co. all
at
a basis of about 4.49%. Dated Jan. 11930. Due from a price of 100.059, Glover, MacGregor & Cunningham, Pittsburgh
105.13
1931 to 1967, Incl. J. H. Holmes & Co., Pittsburgh
105.91
BONDS OFFERED TO PUBLIC.
-The above bonds are now being Colonial Trust Co., Pittsburgh
offered for general subscription
100.53
the successful bidders at prices to yield Mellon National Bank, Pittsburgh
from 4% to 4.40% according bymaturity. Legality
105.06
to
to be approved by
Thomson, Wood & Hoffman of
City. They are reported to be
OAKLEY, Logan County, Kan.
-BOND SALE.
-The $65,000 issue
legal investments in New York. New York
of 434% semi-ann. street improvement bonds offered for sale on April 28The other bidders and their bids were as follows:
V. 130, p. 3038
-was purchased by the Central Trust Co., of Topeka, at
Biddera price of 99.06, a basis of about 4.93%. Dated Feb. 1 1930; due in from
Price Bid.
National City Co. of New York_ --- ----------99.199 1 to 10 years.
Guaranty Co. of New York
------------------98.871
BancamerIca-Blair Corp. of
di
and iiane - Well, inc. sifisfew
-BOND OFFERING.
OAK PARK, Cook County, Ill.
-Charles H.
Orleans ----- _ - _ _
Crysler, President of Board of Village Trustees, will receive sealed bids
98.81
Lehman Bros. of New kork,
_____________
until 8 p. m. on May 14, for the purchase of the following issues of 431%
V., and
Lackian M. Vass, New Orleans
bonds, aggregating $245,000:
------------------------------98.41
Halsey, Stuart & Co., and associates
$200,000 incinerator bonds authorized by a majority vote of the electors
----------------- •- r --------98.79
Watson, Williams 3: Co.. and associates
at an election held on April 2 1929. Due on May 1 as follows:
97.529
$8,000, 1932 to 1935. incl.. 19,000. 1936 to 1939, incl., $10,000.
NEWTON, Middlesex County, Mass.
1940 and 1941: 112,000, 1942 and 1943: 313,000, 11344 and 1945,
-TEMPORARY LOAN.
-The
Boston Safe Deposit & Trust Co. recently purchased a
$15,000. 1946 and 1947, and $16,000 in 1948 and 1949.
$250,000 temporary
loan, payable on Oct. 23 1930. at a 3.28% discount, plus a
32,000 Fire Dept. equipment bonds authorized by a majority vote of
premium of $1.
The following is a list of the bids submitted for the loan:
the electors at an election held on April 1 1930. Due on May 1,
as follows: 11,000, 1931 to 1934, incl., $3,000, 1935, and $5,000.
BidderDiscount.
1936 to 1940, Incl,
'Boston Safe Deposit & Trust Co. (purchaser-plus $1)
3 28%
13,000 Police Dept. equipment bonds authorized by a majority vote of
Newton Trust Co--------------------------------------------3
A35%
the electors at an election held on April 1 1930. Due on May 1
Shawmut Corp_
- _ ---------------------------------3.40%
as follows' 11,000. 1931 to 1939. Incl., and $4,000 in 1940.
Salomon Bros. Sillutzler iz•ius
3.44%
All of the above bonds are dated May 1 1930. Denom, $1.000. Prin,
First National Old Colony 'orp
3.445% and semi-annual interest (May and Nov. 1) payable at the Continental
Faxon,(lade & Co.(plus $5)
Illinois Bank & Trust Co_ Chicago. Al! bids must
3 48%
be unconditional and
W.0. Gay & Co
3.50%
must be accompanied by a certified check for 31,000. The Village will
3230
FINANCIAL CHRONICLE
[VOL. 130.
furnish the approving opinion of Chapman & Cutler,of Chicago, and printed the favorable opinion of Townsend, Elliott & Munson, of Philadelphia, as
bonds. The assessed valuation ofthe Village for the year 1927 is $46,371,639 to their validity. A certified check for 2% of the amount of bonds bid
and the total bonded indebtedness,including bonds now offered, Is $773,250. for, payable to the order of the District Treasurer, must accompany each
proposal.
-We are informed
OGDEN, Weber County, Utah.
-BOND SALE.
that a 175,000 issue of 5% improvement refunding bonds has recently
-A
-BOND OFFERING.
PINE BLUFF, Jefferson County, Ark.
been purchased by the Snow-Goodart Co., of Salt Lake City. (These $63,000 issue of 5% semi-ann, library construction and site bonds will be
bonds refund three issues of 6s issued in 1921.).
offered at public/auction by H. I. Holderness, Chairman of the Board of
Public Affairs, at 3.30 p.m. on May 12. Dated July 1 1930; due from
OGDEN CITY SCHOOL DISTRICT (P.O. Ogden), Weber County, 1933 to 1940, incl. The bonds will bear int. at 5% convertible by agreeUtah.
-BONDS SALE.
-The two issues of coupon bonds aggregating ment to 43.6 or 4
A $2,500 certified check must accompany the bid.
-were awarded as
$263.000, offered for sale on April 25-V. 130. p. 2834
follows:
-The following issues of 6% bonds
-BOND SALE.
PINE HILL, N. J.
$140,000 refunding school bonds jointly purchased by Snow, Goodart & aggregating $44,500 are reported.to have been sold to Rufus Waples &
Co., of Salt Lake City, the International Trust Co., of Denver, Co., of Philadelphia:
and the Ashton-Jenkins Ins. Co., of Salt Lake City, as 4s, at a $32,000 tax revenue bonds. Denominations $1,000. Due on Dec. 31, as
price of 93.85, a basis of about 4.77%.
follows. $4,000. 1931: 17,000. 1932, and $21,000 in 1933.
123,000 refunding school bonds was purchased by the Central Trust Co.,
12.500 sidewalk bonds. Denomination $500. Due on Jan. 1, as follows:
of Salt Lake City, as 4s, at a price of 94.025, a basis of about
$2,000, 1932 to 1937 inclusive, and $500 in 1938.
4.76%.
Both issues are dated Jan. 1 1930. Principal and semi-annual interest
Denom. $1,000. Dated July 1 1930. Due on July 1 1940. Optional payable at the Clementon National Bank, Clementon. Legality approved
before maturity. Interest payable on Jan. and July 1.
by Caldwell & Raymond, of New York City.
-Daniel
-BOND OFFERING.
PITTSBURGH,Allegheny County,Pa.
OKLAHOMA COUNTY SCHOOL DISTRICT NO. 53 (P. 0.
-Sealed bids will be received until Winters, City Comptroller, will receive sealed bids until 10 a.m. (eastern
Britton), Okla.
-BOND OFFERING.
in
$
ard tnme) on ay l4 f 4 the purc
on boids aggrgating .5ur51, .0oo hase of the following issues of 4.3i%
e tand
10 a.m. on May 5, by H. L. Deakins, District Clerk, for the purchase of a scI p
$10.000 issue of school bonds. The int. rate is to be named by the bidder.
march
.850.000 funding bonds. Datea March 1 1930 and due in 30 equal
(1
Due $1,500 from 1933 to 1938, and $1,000 in 1939. A certified check for 12
annual instalments.
2% of the bid is required.
2,100,000 series B street bonds of 1930. Dated April 1 1930 and due in
30 equal annual instalments.
OLUSTEE SCHOOL DISTRICT (P. 0. Olustee) Jackson County,
501,000 airport bonds of 1929. Dated Sept. 1 1929 and due in 30 equal
Okla.
-Sealed bids will be received until 3 p.m. on
-BOND OFFERING.
annual instalments.
May 5. by Ralph W. Phillips, Clerk of the Board of Education, for the
All of the above bonds will be in denom. of $1,000. $500 and $100, expurchase of a $35.000 issue of school bonds. Due $2,000 from 1934 to 1949, changeable at the option of the holder at any time for registered bonds of
and $3,000 in 1950. The interest rate is to be stated by the bidder. A the same maturity and of the denom. of $100 or a multiple thereof not excertified check for 2% is required.
ceeding the aggregate principal amount of the coupon bonds surrendered in
exchange therefor. Int. is payable on M.& S. 1 and on Ap. & 0. 1. A
- certified check for 2% of the amount of bonds bids for, payable to the
-BOND OFFERING.
Wash.
OLYMPIA, Thurston County,
Sealed bids will be received until 2 p..m. on May 20. by Chas. F. Watson, order of the city, must accompany each proposal. The successful bidder
City Clerk,for the purchase of a $225,000 issue of water utility bonds. Int. will be furnished with the opinion of Reed, Smith, Shaw & McClay, of
rate is not to exceed 6%,payable semi-annually. Dated July 11030. Due Pittsburgh, that the bonds are binding and legal obligations of the City of
In equal annual amounts, principal and interest, as near as.may be, com- Pittsburgh.
mencing 7 years and ending 20 years after date. Prin. and int. (J. & J.)
-BOND OFFERING.
PORTER COUNTY (P. 0. Valparaiso), Ind.
payable in gold at the office of the City Treasurer, or the fiscal agents.
Bids shall specify (a) the lowest int, rate and premium. if any, above par, The County Treasurer will receive sealed bids until 10 a. m.(standard time)
rate of int, at which on May 7, for the purchase of $11,000 5% Morgan Township road conat which they will purchase said bonds; or (1:0 the lowest
bidders will purchase at par, delivery of said bonds to be made immediately struction bonds. Dated April 16 1930. Denom. $550. Due $550, July 15
after issuance on or about July 1 1930. A certified check for 5% of the bid 1931; $550, Jan. and July 15 from 1932 to 1940, incl., and 1550 on.an.
is required.
15 1941. Interest is payable on Jan. and July 15.
-The
-BOND SALE.
OSSINING, Westchester County, N. Y.
$300.000 coupon or registered water bonds offered on April 24-V. 130, la•
-were awarded to B. J. Van Ingen & Co., and M.F. Schlater & Co.,
2834
Inc., both of New York, jointly, as 434s. at par plus a premium of $5,133,
equal to 101.71, a basis of about 4.33%. The bonds are dated April 1
1930 and mature on April 1, as follows: $8.000, 1932 to 1965 incl. and
$7,000 from 1966 to 1969 incl. The successful bidders are reoffering the
bonds for public investment priced to yield 4.25%. They are stated to be
legal investment for savings banks and trust funds in New York State.
The following is a complete list of the bids submitted for the bonds, all
of which were for 434s:
Amt. Bid.
BidderB. J. Van Ingen & Co., & M. F. Schlater & Co., Inc., jointly
$305,133.00
304,740.00
Batchelder & Co., New York City
301,552.20
Geo. B. Gibbons & Co.. New York City
Marine Trust Co., Buffalo, N.Y.300,501.00
304,203.00
The Equitable Corp. of New York, N. Y. City
303.507.00
Estabrook & Co., New York City
303,612.00
A. B. Leach & Co., New York City
301,173.00
Wallace. Sanderson & Co., New York City
303,144.00
Roosevelt & Son, New York City
301.707.00
Lehman Bros., New York City
301,260.00
First National Bank, Ossining
Financial Statement (As of April 1 1930.)
Valuations:
Assessed valuation of taxable real prop. & special franchise..$22,833,948.00
3,834.122.00
Exempt real estate valuation not included above
23,500.00
Personal valuation
-BOND
PORT OF SEATTLE (P. 0. Seattle), King County, Wash. Auditor
OFFERING.
-Sealed bids will be received by Matt H. Gormley, a $500.p. m.on May 13,for the purchase of
of the Port Commission,until 2
semi000 issue of port bonds. Int. rate is not to exceed 434%, payable years.
annually. Denom.$1,000. Dated June 1 1930. Due in from 2 to 30 and
interest (not exceeding 434%)
Each bidder is to specify the rate of
premium,if any, above par, at which such bidder will purchase said bonds.
or the lowest rate of interest at which the bidder will purchase said bonds
at par. Prin. and int. payable in gold in New York. A certified check
for 5% of the bid, payable to the Port, is required.
Official Financial Statement as of March 31 1930.
$370,218,452.00
Assessed valuation, King County
11,166,553.56
3% Thereof (Statutory limit of indebtedness)
$500,000), $8,008,000;
Bonded debt (incl. this issue of
7.840,000.00
Less bonds assumed by King County, $168,000
0
$7.840,000.0
Total debt
Less: Cash on hand, bond redemption fund, $108,821.36:
uncollected, March 31
Taxes, bond redemption fund.
353,004.65
1930, $244,183.29
$7.486,995.35
Net debt
$3,619,558.21
Total amount under legal indebtedness limit (this issue incl.) 110,623,778.18
Properties, book value
15.000,000.00
Properties,appraised value
-At an
-BONDS VOTED.
PORTLAND, Ionia County, Mich. issuance of $50,000 in bonds
election held recently the voters authorized the
to finance the erection of a new municipal electric light plant by a favorable
vote of 309 to 84.
$26,691.570.00
Total gross assessed valuation
50,000,000.00
Actual valuation, estimated
-The
-LIST OF BIDDERS.
Debt:
PORTLAND, Multnomah County, Ore.
1,467.748.81 following is a complete, official list of the bids received for the $850,000
Total bonded indebtedness, including this issue
, .
Water debt, included above
street widening bonds sold on April 22-V. 130,
Issue of 434% semi-ann.
1.022,748.81 P. 3039:
Net bonded indebtedness
Price Bid.
Other contract indebtedness, not including certif. outst'g to
Bidderbe red, by these issues, author, by the Board of Trustees.
Estabrook & Co.; M. M. Freeman & Co.; C. F.
Accr. int. & 102.05
262,366.27
Village of Ossining
Childs & Co
Accr. int. & 101.9533
Population: 1920 Federal census, 10,739; 1925 State census, 12.769; The Natl. City Co.; First Natl. Old Colony Corp_
E. H. Rollins & Sons: A. B. Leach & Co.; Phelps,
1930, estimated, 16,000.
Accr. int. & 101.383
Fenn & Co.; Peirce Fair & Co
OUTAGAMIE COUNTY (P. 0. Appleton), Wis.-BOND OFFERING. Lehman Bros.*: Kountze Bros.; Kean Taylor & Co.Accr. int. & 102.125
Tucker-Hunter Dalin & Co
-Sealed bids will be received until 2 p.m.on May 15. by John E. Hantschel,
% bridge bonds. Continental Illinois Co.; Harris Trust & Savings
County Clerk, for the purchase of a $60,000 issue of
Accr. int. &:101.1206
Bank; First Natl. Bank of Portland
Denom. $1,000. Dated April 1 1930; due $5,000 from Apri 11 1931 to
Camp,
1942, incl. Prin. and semi-ann. Int. payable at the office of the County Freeman, Smith & Camp Co.; The Northern Trust
First Union Trust &
the bid. (These
Co.; Chatham-PhenLx
Treasurer. A certified check for $1.000 must accompany
Accr. int. & 102.008
Savings Bank
bonds have been approved by the Attorney General.)
Halsey, Stuart & Co.; Bancamerica-Blair Corp.;
Accr. int. & 101.831
R. W.Pressprich & Co
PACIFIC GROVE HIGH SCHOOL DISTRICT (P. 0. Salinas)
-The $70,000 issue of 5% First National Bank of New York; First Detroit Co.,
-BOND SALE.
Monterey County, Calif.
Inc.; Eldredge & Co.; Anglo London Paris Co.;
-was
semi-annual school bonds offered for sale on April 25-V. 130, p. 2834
Accr. int. & 101.92
Wells-Dicket Co.; A. D. Wakeman & Co
purchased by Dean Witter & Co., of San Francisco, for a premium of
Wisconsin Co
$3,344, equal to 104.777, a basis of about 4.57%. Dated April 25 1930. Foreman-State Corp., Chicago: First
s Co., Chicago & Port:
Milwaukee; Central-Illinoi
Duo as follows: $1,000, 1931 to 1940, and $4,000, 1941 to 1955, all incl.
Accr. int. & 100.10
land
Guaranty Co. of New York; Bankers Co. of New
PALMER FIRE DISTRICT (P. 0. Palmer), Hampden County,
York; Hannahs, Bailin & Lee; Geo. H. Burr, Conof Boston, the only bidders,
Accr. int. & 101.579
-R.L. Day & Co.,
-BOND SALE.
Mass.
rad & Broom
recently were awarded an issue of $60.000 4 % bonds at a price of 101.59.
.
4 Successful bid.
The bonds are dated May 1 1930 and mature annually from 1931 to 1955
incl.
QUANAH SCHOOL DISTRICT (P.O. Quanah),Hardeman County,
-We are now informeoi that the $120,000 issue of 5%
-BOND SALE.
-The Tex.
-BOND SALE.
success on April 21-V. 130, P
PHILADELPHIA SCHOOL DISTRICT, Pa.
.
°
semi-annual school bonds offered without F.
Dittmar Co.,of San Antonio.
434% bonds issued for the purpose of raising the necessary funds 3039
12,000,000
-has since been purchased by the B.
on
for procuring sites and erecting school buildings offeredthe April 30-V. Due $3,000 from 1931 to 1970, incl.
Bancamerica-were awarded to a syndicate composed of
130, p. 2629
Rollins & Sons,
-BOND OFFERING.
-Sealed bids
Blair Corp., George B. Gibbons & Co.. and E. H. The bonds are all of
RENTON, King County, Wash.
dated
Now York, at 100.718, a basis of about 4.19%.
will be received until 5 p. m.on May 8,by Thomas Meehan,City Treasurer,
May 1 1930 and mature $100,000 on Nov. 1 from 1940 to 1959, incl.
for the purchase of an issue of $100,000 water extension, series A bonds.
Prin. and int. payable at the fiscal agency of the State in New York, or at
is
certified check for 5% of the
for public investment.
The successful group is reoffering the bonds be direct obligations of the office of the City Treasurer. A
required.
to yield 4.125%. The bonds are said to
priced
coterminous with the City. The following
the School District, which is
-BOND SALE.ROSE (P. 0. North Rose), Wayne County N. Y.
is a list of the bids submitted on behalf of various syndicates:
Rate Bid. The Manufacturers & Traders Trust Co. of Buffalo is reported to have purBidderCo., and E. H.
$43,400 pavement bonds at a price of 100.79.
chased on April 28 an issue of
Bancamerica-Blair Corp., George B. Gibbons &
100.718
The bonds are dated April 1 1930. Denom. $1,000. $500 and $400. Due
Rollins & Sons (purchasers)
100.70
on April 1 as follows: 12.500. 1931 to 1946 inc., and $3.400 in 1947. Prin.
First National Bank of New York
100.5331 and semi-ann. int.(A. & 0. 1) payable in gold at the First National Bank,
Lehman Bros., New York
100.3599 North Rose. Legality approved by Clay, Dillon & Vandewater of New
Drexel & Co., Philadelphia
100.439
York City.
C. F. Childs & Co., New York
100.34
York
National City Co., New
100.297
ROXBURY AND GILBOA CENTRAL SCHOOL DISTRICT NO.
Continental-illinots Co., Chicago
-The
100.239
-BOND SALE.
1 (P. 0. Grand Gorge) Delaware County, Pa.
Bankers Co. of New York
-were
$90,000 5% coupon school bonds offered on May 1-V. 130, p. 2629
Inc., of New York, at 100.78, a
County, Pa.- awarded to George B. Gibbons & Co.
PHOENIXVILLE SCHOOL DISTRICT, Chester
'
Directors, basis of about 4.93%. The bonds are dated April 1 1930 and mature on
-Joseph F. Jelley, Secretary of Board of19, for the Oct. 1 as follows: $1.000, 1931 to 1936. incl. $2,000. 1937 to 1940. incl.,
BOND OFFERING.
6 p. m. (standard time) on May
15.000 from
'
will receive sealed bids until
1 1930. Denom. $3,000, 1941 to 1949, incl. $4,000, 1950 to 1955. incl., and
purchase of $425,000 4;,1% school bonds. Dated June
subject to 1956 to 1960,incl.
$1.000. Interest payable semi-annually. The bonds are issued
MAY 3 1930.]
FINANCIAL CHRONICLE
RYE CENTRAL HIGH SCHOOL DISTRICT NO. 1 (P. 0. Rye),
-The $750,000 coupon or
Westchester County, N. Y.
-BOND SALE.
-were awarded
registered school bonds offered on April 29-V.130, p.3039
as 4.40s to the Bankers Co. of New York.and the National City Co., both
of New York, jointly at par plus a premium of $2,692.50. equal to 100.35,
a basis of about 4.36%. The bonds are dated May 1 1930 and mature
$25.000 on May 1 from 1931 to 1960. incl.
The successful bidders are re-offering the bonds for public investment at
prices ranging from 100.63 for the 1931 maturity, yielding 3.75%,to 102.53
for the 1960 maturity, yielding 4.25%. The bonds are stated to be legal
Investment for savings banks and trust funds in the State of New York
and are said to be exempt from all Federal income taxes and tax free in the
State of New York.
Int. Rate.
BidderPremium.
Bankers Co. of N. Y. & Nat. City Co. (purchasers)--4.40%
$2,692.50
B. J. Van Ingen & Co. and M. F. Schlater & Co.,
y
4.40%
2,392.50
n Bros., Stone & Webster and Blodget. Inc.,
and the Manufacturers & Traders Trust Co.,jointly_4 40
4:4 %
07.
2,099.25
Rapp & Lockwood
1,874.25
George B. Gibbons & Co., and Dewey, Bacon & Co.
jointly
4.40%
1,780.50
Kissel, Kinnicutt & Co
4.40%
1,418.00
E.J. Coulon & Co.,& H.L. Allen & Co.,jointly
4.40%
1,049.25
Guaranty Co. of New York, Sr Darby & Co. jointly -4.40%
705.00
M. M.
Freeman & Co.,& Batchelder & Co.,jointly-- _4.40%
427.50
Phelps, Fenn & Co., R. L. Day & Co.,& Ames,Emerich & Co., jointly
4.50%
6,720.00
Bancamerica-Blair Corp. Estabrook & Co., jointly_4.50%
,&
6,235.00
Wallace, Sanderson & Co., & L. F. Rothschild & Co.,
jointly
4.50%
4,726.50
Kountze Bros., Rutter & Co., and Hannahs, Ballin4
&
.50%
Lee, jointly
2.790.00
3231
SHAWNEE COUNTY (P. 0. Topeka), Kans.-BOND SALE.
-The
two Issues of 4A % county road improvement bonds offered for sale on April
25-V. 130. p. 2836-were purchased by the Central Trust Co., of Topeka,
at a price of 100.476, a basis of about 4.41%. The issues are divided as
follows:
$12.572.42 Twenty-Seventh St. bonds. Due from May 1 1930 to 1939 incl.
49,519.62 Twenty-Ninth St. bonds. Due from April 1 1931 to 1940 incl.
SMYTH COUNTY (P. 0. Marion), Va.-BOND SALE.
-The 928,000
issue of6% coupon jail irnpt. bonds offered for sale on April 21-V. 130, p.
2630
-was purchased by V. L. Sexton, of Bluefield,for a premium of $590.80, equal to 102.11, a basis of about 5.23%. Dated April 1 1930. Due
S5,600 from 1931 to 1935,Incl. The following is a complete list of the bidders and their bids:
BidderPremium.
* V. L. Sexton, Bluefield, Va
$590.80
Ryan Sutherland & Co., Toledo •
536.00
Caldwell Sr Co., Nashville
456.40
Bank, Saltville, Va
First National
420.00
James D. Tate, Chilhowie, Va
351.00
Marion National Bank, Marion Va
300.00
Well, Roth & Irving, Cincinnati
239.00
Seasongood & Mayer, Cincinnati
226.00
Bank of Marion, Marion, Virginia
148.00
The Davies-Bertram Co., Cincinnati
140.00
Spitzer, Rorick & Co., Toledo
131.00
Chicago, (for 534s)
The Hanchett Bond Ce.,
26.00
Magnus & Co., Cincinnati
25.00
* Successful bid.
-BOND SALE.
SOMERDALE,Camden County, N.J.
-The following
issues of 6% bonds, aggregating $44,500 are reported to have been sold
recently to Rufus Waples & Co. of Philadelphia:
$334,000 tax revenue bonds. Denom. $1,000. Due on Dec. 31 as follows:
95,000, 1931; $9,000, 1932 and $20,000 in 1933.
ST. CHARLES SCHOOL DISTRICT (P.0. St. Charles),St.Charles
10.500 sidewalk bonds. Denom. $500. Due on Jan. 1 as follows: $2,000,
County, Mo.-BOND OFFERING.
-Bids will be received by Chas. B.
Mudd, Secretary of the Board of Education, at the First National Bank in
1931 to 1935. incl., and $500 In 1936.
Both issues are dated Jan. 1 1930. Principal and semi-annual interest.
St. Charles, until 3 p. m. on May 5 for the purchase of a $70,000 issue of
43i% school bonds. Denom.$1,000. Dated May 1 1930. Due on May 1. payable at the Clementon National Bank, Clementon. Legality approved
as follows: $2,000. 1931 to 1933 $3,000, 1934 to 1941 $4,000, 1942 to 1946 by Caldwell & Raymond of New York City.
and $5,000, 1947 to 1950, all incl. Prin. and int.(M. & N.) payable at the
-NOTE OFFERING.
Boatmen's National Bank in St. Louis. The approving opinion of Beni.
SOUTH CAROLINA,State of(P.O. Columbia).
H. Charles, of St. Louis, will be furnished. A certified check for $1,400, Sealed bids will be received until May 7 by J. H. Scarborough, State Treapayable to J. A. Schreiber, Treasurer must accompany the bid.
surer, for the purchase of a $3,500.000 issue of tax anticipation notes.
(Those bonds were voted at an election held on April 1.)
Dated May 12 1930; due in 6 months.
-BOND OFFERING.-Peter
SOUTH ORANGE, Essex County, N. J.
ST. LOUIS, Mo.-CERTIFICATE SALE.
-A $500,000 issue of 534%
coupon municipal trust ownership certificates has been purchased by Mr. A. Smith, Chairman of Finance Committee, will receive sealed bids until
purchase
William Bristor, of Newark. Denom. $1,000. Dated Dec. 1 1929: 8 p. m.(daylight saving time) on May 12,for the$762,000:of the following
duek$100,000 on Dec. 1 in 1930, 1932, 1934, 1936 and 1940. Prin. and issues of coupon or registered bonds aggregating
$265,000 general impt. bonds. Due on June 1. as follows: $10.000, 1931 to
ann. int, payable at the Chemical National Bank & Trust Co. in N. Y.
1940 incl., and 915.000 from 1941 to 1951 inclusive.
City. Reg. as to prin. and call, at any time upon two week's notice, at
202,000 water bonds. Due on June 1, as follows: $5,000, 1931 to 1963
101. Subject to legal approval of Clay, Dillon & Vandewater of New York.
incl., $6,000, 1964 to 1968 incl., and $7,000 in 1969.
122,000 sewer bonds. Due on June 1, as follows: $3,000, 1931 to 1964
SALISBURY, Wicomico County, Md.-BOND SALE.
-The 325,000
incl., and $4,000 from 1965 to 1969 inclusive.
4347
o/coupon water and sewer extension bonds offered on April 28-V. 130,
113,000 park and playground bonds. Due on June 1, as follows: $2,000.
P. 2630-were:awarded to Robert Garrett & Sons, of Baltimore, at 100.449,
1931 to 1934 incl., and $3,000 from 1935 to 1969 incl.
a basislof about 4.46%. The bonds are dated June 1 1930 and mature on
60.000 Library bonds. Due $2,000 on June 1 from 1931 to 1960 incl.
June 1 as follows: $1,000, 1933 to 1935, incl.; $2,000, 1936 to 1938, incl.;
All of the above bonds are dated June 1 1930 and will bear interest at the
$3,000, 1939 to 1943, incl., and $1,000 in 1944. Bids for the issue were rate of4,44,43.4 or 4;4%,to be named in bid. Denom.$1.000. Prin. and
as follows:
semi-annual int. (June and Dec. 1) payable at the International Trust Co.,
BidderRate Bid. New York City, which will supervise the preparation of the bonds and will
Robert Garrett & Sons (Purchasers)
.
100.449. certify as to the genuineness of the signatures of the Village officials and
John Baer & Co., Baltimore
100.299 the seal impressed thereon. A certified check for 2% of the amount of
Baker, Watts & Co.. Baltimore
100.19
bonds bid for, payable to the order of the Village Treasurer, must accompany
each proposal. The legal proceedings are being examined by Caldwell &
SALT LAKE CITY SCHOOL DISTRICT (P. 0. Salt Lake City), Raymond, of New York City, whose approving opinion will be furnished to
Utah.-BOND SALE.
-The $1,000,000 issue of 4% coupon semi-ann. the successful bidders without charge.
Financial Statement.
school bonds offered for sale on April 29-V. 130, p. 2836
-was purchased
by a syndicate composed of C. F. Childs & Co. of New York, M. M. Last assessed valuation of real estate in village (1920)
$339,623,800.00
Freeman & Co., Inc., of New York, City and the National Copper Bank of Last assessed valuation of personal property in village (1930)- 2.958.100.00
Salt Lake City, at a price of 97.338, a basis of about 4.21%. Dated May Bonded debt of the village, including these issues
2.937,228.69
Amount of water bonds included in bonded debt
715.000.00
1 1929. Due on May 1 1949.
367.000.00
-The above bonds are now being re- Amount of special !rapt. bonds included in bonded debt__-BONDS OFFERED TO PUBLIC.
successful bidders priced at 98.25 and Sinking funds on hand for bonds other than water bonds or
offered for general subscription by the
special improvement bonds as of January 1 1930
65,548.02
int. They are reported to be legal investment for savings banks in New
The net debt of the village as reported under Chapter 240.
York State.
P. L., 1917,is
2,014,022.91
-BONDS REGISTERED.
SAN ANGELO, Tom Green County, Tex.
SPALDING COUNTY SCHOOL DISTRICT (P. 0. Griffith), Ga.-An issue of $150,000 5% school, series of 1930 bonds was registered on
-It is reported that the $125,000 issue of 57 school bonds
BOND SALE.
April 25 by the State Comptroller. Due serially.
offered for sale on Aprll 23 (V. 130, p. 3040) was purchased by the RobinINDEPENDENT...SCHOOL DISTRICT (P. 0. San son-Humphrey Co. of Atlanta. Due in 30 years.
SAN BENITO
-BOND OFFERING.
Benito), Cameron County, Tex.
-Sealed bids will
SPARTANBURG COUNTY (P. 0. Spartanburg), S. C.
-BOND
be received until 2 p. m.on May 22, by I. R.Gilbert, Secretary of the Board
-The $660,000 issue of 434% coupon general obligation bonds
of Education for the purchase of a $320,000 issue of 5% semi-ann school SALE.
bonds.' Denom. $1,000. Due as follows: $4,000, 1931 to 1935; $5,000, offered for sale on May 1 (V. 130, p. 2836) was purchased jointly by C. F.
1936 to 1940: S7,000, 1941 to 1945: $8,000, 1946 to 1950; $9,000. 1951 to Childs & Co. of New York and G. L. Crawford & Co. of Columbia at a
1955; $10.000, 1956 to 1965, and $11,000, 1966 to 1970, all incl. The price of 99.41, a basis of about 4.57%. Dated May 1 1930. Due from
district will print the bonds and does not intend to furnish a legal opinion, May 1 1931 to 1950, inclusive.
other than the approving opinion of the Attorney-General. (These bonds
-BOND OFFERING.were voted on April 5).
SPRING VALLEY, Fillmore County Minn.
Sealed bids will be received until May 6, 1:;r the Village Clerk, for the purSAN CLEMENTE SEWER DISTRICT NO. l(P. 0. San Clemente), chase of a $60,000 issue of funding bonds. Int. rate is not to exceed5%.
Orange County, Calif.
-A $62,860 issue of 7% coupon Denom. $1,000. Dated May 1 1930. Due as follows: $2,000, 1930 to
-BOND SALE.
improvement bonds of 1915 was purchased by the Mnuicfpal Bond Co., of 1941;$4,000, 1942 to 1944 and $5,000, 1945 to 1950,all incl. Prin. and semi
Los Angeles. Denorns. $500, $786 and $1,000. Dated Mar. 5 1930. Due annual int. payable at a place designated by the purchaser. Legality will
from July 2 1931 to 1940, incl. Int. payable on Jan. and July 2. Legality be approved by Junell, Oakley, Driscoll & Fletcher, of Minneapolis. A
approved by Wm. M. Brown, of Los Angeles.
certified check for $1,200, payable to the Village Clerk, must accompany
the bid. (Authority: Chap. 131, Laws of 1927.)
SAN PATRICIO COUNTY ROAD DISTRICT NO. 5(P.O. Sinton),
-BONDS OFFERED.
STARKE COUNTY (P. 0. Knox), Ind.
Tex.
-BONDS REGISTERED.
-Orin
-The $225.000 issue of 5;4% semi-annual
road bonds that was recently sold-V. 130, p. 2836
-was registered on S. Schuyler, County Treasurer, received sealed bids until 2 p. m.on May 1
for the purchase of the following issues of 6% bonds aggfegating $17,110:
April 22 by the State Comptroller. Due from April 10 1932 to 1960.
$13,360 Charles House et al., drain construction bonds. Denom. $1,336.
Due $1.336 on June 1 from 1931 to 1940 inclusive.
SANTA BARBARA SCHOOL DISTRICTS (P.O. Santa Barbara),
3.750 Amy Kenney et al., drain construction bonds. Denom. $375.
Santa Barbara County, Calif.
SALE.
-Two issues of 5% semi-BOND
Duo $375 on June 1 from 1931 to 1940 incl.
annual bonds aggregating $950,000, were purchased on April 28 by a
Both issues are dated May 1 1930. Interest is payable on June and Dec.1.
group composed of the National Bankitaly Corp., and Weeden & Co.,
both of San Francisco, and the American Securities Co., of Los Angeles,
STERLING COUNTY (P. 0. Sterling), Tex.
at a price of 101.47, a basis of about 4.83%. The issues are divided as
-BONDS NOT SOLD.
follows:
We are now informed that the $126,000 issue of 5% semi-annual road bonds
$600,000 Santa Barbara High School District bonds. Due $24,000 from scheduled to be sold on April 30-V. 130. p. 3040
-has been withdrawn.
April 7 1931 to 1955 incl.
Dated April 10 1928. Due from 1945 to 1958 inclusive.
350,000 Santa Barbara School District bonds. Due $14,000 from April
17 1931 to 1955 incl. (These bonds were mentioned in V. 130, P•
STOCKTON MUNICIPAL IMPROVEMENT DISTRICT (P, 0.
-BOND SALE.
2836.)
Stockton), Sqn Joaquin County, Calif.
-A $448,000
Newspaper dispatches from the Coast reported as follows:
Issue of 57., impt. bonds was recently jointly purchased by the American
The Security Co. of Los Angeles and R. H. Moulton & Co., jointly, Securities Co., the First Detroit Co. and Wm. Cavalier & Co., all of San
submitted the next best bid of 101.435 for $600,000 bonds and 101.437 for Francisco, for a premium of $37,308. equal to 108.33, a tx..ts of about
$350.000 bonds. The National City Co. and C. F. Childs & Co., jointly, 4.40%. Due from 1948 to 1956. incl.
offered 101.3066 for $600,000 and 101.26 for $350,000 bonds.
The following is an official list of the other bidders and their bids:
SAUGUS, Essex County, Mass.
-TEMPORARY LOAN.
BidderPremium.
-A $75,000
temporary loan, due on Oct. 25 1930. was sold on May 1 to the First Na- The National City Co.(of Calif.), and C. F. Childs & Co
$36.398
tional Old Colony Corp. of Boston, at a 3.44% discount, plus a premium of Anglo-London Paris Co., National Bankitaly Co., and Weeden
$1.75. Bids for the loan were as follows:
& Co
35,302
Bank
Bidder34,618
Discount. Stockton Savings & Loan
First National Old Colony Corp.(purchaser. plus $1.75)
3 7 Wells Fargo Bank & Union Trust Co., and Heller-Bruce & Co. 32.768
.44
Merchants National Bank
10,008
3.46 o The National City Co. (of Calif.), and C. F. Childs & Co.*
Grafton Company _______________________________ _3.60 0 R. H. Moulton & Co.(434)*
5.754
* irregular bids.
SCOTT TOWNSHIP SCHOOL DISTRICT (P. 0. Bloomsburg),
Columbia County, Pa.
SUGARCREEK, Tuscarawas County, Ohio.
-BOND OFFERING.
-Calvin P. Weaver, Secre-BOND OFFERING.
tary of the Board of Directors, will receive sealed bids until 7 p. m. Forrest Miller, Village Clerk, will receive sealed bids until 12 m.on May 10.
(Eastern standard time) on May 15, for the purchase of $45,000 434% for the purchase of $15,178.61 6% impt. bonds. Dated April 15 1930.
coupon school bonds. Dated May 15 1930. Denom. $1,000. Due on Denom.$1,500, one bond for $178.61. Due on Oct. 1, as follows: $1,678.61,
May 15, as follows: $5,000. 1940. $10,000 in 1945, 1950, 1955 and 1960. 1931 and $1.500 from 1932 to 1940 incl. Interest payable on April and
The bonds will be registerable as to principal only and are issued subject Oct. 1. Bids for the bonds to bear interest at a rate other than 6% will
to the favorable opinion of Townsend, Elliott & Munson, of Philadelphia, also be considered, provided, however, that where a fractional rate is bid
as to their validity. A certified check for 2% of the amount of bonds bid such fraction shall be ;4 of 1% or a multiple thereof. A certified check
for, payable to the Treasurer of the Board of Directors, must accompany for 1% of the amount of bonds bid for, payable to the order of the Village.
must accompany each proposal.
each proposal.
3232
130.
FINANCIAL CHRONICLE[VOL.
SUMMIT COUNTY (P. 0. Akron), Ohio.
-BOND OFFERING.
J. P. Riddle, Clerk of the Board of County Commissioners, will receive
sealed bids until 1 p.in. (eastern standard time) on May 5,for the purchase
of $350,000 5% road improvement bonds. Dated May 1 1930. Denom.
$1,000. Due on Oct. 1 as follows: $59,000, 1931: $58,000, 1932; $59,000,
1933, and $58,000 from 1934 to 1936, incl. Principal and,semi-annual
interest (A,pril and Oct. 1) payable at the office of the County Treasurer.
Bids for the bonds to bear interest at a rate other than 5% will also be
considered, provided, however, that where a fractional rate is bid such
fraction shall be
of 1% or a multiple thereof. A certified check for 5%
of the amount of bonds bid for, payable to the order of the Board of County
Commissioners, must accompany each proposal.
BOND OFFERING.
-J, P. Riddle, Clerk of the Board of County Commissioners, will receive sealed bids until 1 p. m.(eastern standard time) on
May 16, for the purchase of $8,600 5% road improvement bonds. Dated
May 1 1930. Denom. $900 and $800. Due on Oct. 1, as follows: $900,
1931 to 1935, incl.; $800, 1936; $900, 1937; and $800 from 1938 to 1940,
incl. Prin. and semi-annual interest (A. & 0. 1) payable at the office of
the County Treasurer. Bids for the bonds to bear interest at a rate other
than 5% will also be considered, provided, however, that where a fractional rate is bid such fraction shall be 4, of 1% or a multiple thereof. A
certified check for 5% of the amount of bonds bid for, payable to the order
of the Board of County Commissioner, must accompany each proposal.
-Walter H.
TIVOLI, Dutchess County, N. Y.
-BOND OFFERING.
Wollsey, Village Clerk, will receive sealed bids until 8. p in. (Eastern
standard time) on May 12,for the purchase of $16,000 coupon or registered
highway bonds, to bear interest at a rate not to exceed 5%, stated in a
multiple of 31 of 1%. Dated May 1 1930. Denom. $1,000. Due $1,000
on May 1 from 1931 to 1946 incl. Prin. and semi-annual int. (May and
Nov. 1) payable in gold 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 purchaser.
-The $375,000 bonds
-BOND SALE.
TOLEDO, Lucas County, Ohio.
offered on April 28-V. 130, p. 2837- were jointly awarded to Batchelder
& Co., and Rutter & Co., both of New York, at 100.034, an interest cost
basis of about 4.36%,as follows:
$130,000 bridge repair bonds sold as 44s. Due $13,000, Oct. 1 from 1931
to 1940,inclusive.
50,000 city portion sewer construction bonds sold as 4s. Due $2,000 on
Oct. 1 from 1931 to 1955. inclusive.
46,000 motor apparatus purchase bonds sold as 445. Due on Oct. 1,
as follows: $9,0003, 1931 to 1934, incl., and $10,000 in 1935.
45,000 fire and police alarm bonds sold as 4s. Due $3,000, Oct. 1 from
1931 to 1945, inclusive.
25,000 traffic light bonds sold as 445. Due $5,000 Oct. 1 from 1931 to
1935,inclusive.
22,000 playground equipment bonds sold as 44s. Due on Oct. 1, as
follows: $4,000, 1931 to 1933,Indus..and $5.000 in 1934 and 1935.
20,000 public building repair bonds sold as 44s. Due $2,000 on Oct. 1
from 1931 to 1940. inclusive.
16,000 radio installation bonds sold as 4s. Due on Oct. 1, as follows:
$1.000, 1931 to 1934, incl., and $2,000 from 1935 to 1940, hacl.
13,000 park building bonds sold as 4s. Due $1,000 on Oct. 1 from 1931
to 1943 inclusive.
4,000 playground bonds sold as 44s. Due $1,000. Oct. 1 from 1931
to 1934,inclusive.
4,000 public park equip. bonds sold as 44s. Due $1,000, Oct. 1 1931 to
1934. inclusive.
All of the above bonds are dated April 1 1930 and are being reoffered by the
Purchasers for public investment priced to yield 4.00% to 4.25% for 44s
and 4.00% to 4.20% for the 4% bonds.
The following is an official tabulation of the bids submitted for the bonds:
Issue. Int. Rate. Premium.
Bidder$130.000 44%
$44.20
50,000
15.64
46,000 4%P
15.30
45,000 4%
8.50
25,000 45/7
7,48
22.000 4
Batchelder & Co.. N. Y., Rutter & Co., N. Y..
6,80
20,000 43 %
5.44
" iom:1000 44
i 000
d
4.42
1.36
4k%
1.36
4,000 14R
26.00
130,000 4Z,
10.00
'
7
9
50,000 4 7
9.20
46,000 431 0
9.00
45,000 4
5.00
25,000 4.4%
4.40
22,000 434%
Phelps, Fenn & Co., N. Y
4.00
20.000 4%
3.20
16.000 4 y7
2.60
13.000 4
.80
4,000 48
.80
4,000 4
112.50
130,000 43 10
Banc America-Blair Corp.. New York
245,000 4 1%
M. M. Freeman Co., New York, By Day!
375.000 4.4% 2,197.50
Robinson & Co., Inc
1,650.00
375,000 4
BancOhio Securities Co., Columbus, Ohio
840.00
375,000 4
Halsey, Stuart & Co., Chicago
778.00
Seasongood & Mayer,Cincin., Stephens & Co.-- 375,000 4
677.00
375,000 4
Braun, Bosworth Sr Co., Toledo
637.50
375,000 4
Stranahan, Harris & Oatis,Inc., Toledo, Ohio
296.25
Lehman Bros., N. Y., Kountze Bros., N.Y.,&I 375.000 4
The Title Guarantee Securities Corp., Cin__ J
225.00
375,000 43.4%
First Detroit Co., Detroit
486.00
130.000 431%
250.00
50,000
184.00
46,000 4
200.00
45,000 4
100.00
25,000 43.4%
100.00
Nat'l City Co., N. Y. Hayden Miller & Co., 22,000 4
80.00
20.000 4
Cleveland
64.00
16.000 4
42.00
13,000 434
16.00
43.4
4,000 4
16.00
4.000 4% 0
e_,
-The $25,000
-BOND SALE.
TONAWANDA, Erie County, N. Y.
-were awarded as
coupon water bonds offered on April 28-V. 130, p. 2837
the First Trust Co. of Tonawanda at 101.166, a basis of about 4.90%•
5s to
The bonds are dated Jan. 1 1930 and mature $1,000 on Jan. 1 from 1936 to
1960 incl. Bids for the issue were as follows:
Rate Bid.
Bidder101.166
First Trust Co.of Tonawanda (purchaser)
100.5374
Gibbons & Co., New York
George B.
100.658
Stephens& Co., New York
-WARRANT SALE.
-An
TRAVIS COUNTY (P. 0. Austin), Tex.
been purchased
Issue of $115,300 6% court house site warrants has recently 1956.
by local investors. Dated April 15 1930. Due on April 15
Tex.
5 (P.
TRAVIS COUNTY ROAD DISTRICT NO.bonds0. Austin),
that was unsuccess-The $200.000 issue of 5% road
BOND SALE.
-Ls reported to have since been
19-V. 129. p. 4170
fully offered on Dec.
Purchased by Garrett & Co.. of Dallas, at a price of 97.80.
-BOND
County, Ohio.
TROY CITY SCHOOL DISTRICT, Miamithe Board of Education,
-R. A. Kerr, Clerk-Treasurer of
OFFERING.
purchase of $310,000
receive sealed bids until 12 M.on May 12, for the
will
Dated March 1 1930.
% coupon school building construction bonds.
March and SepDenominations $1,000 and $500• Due as follows: $6,000.
1933 to 1954
1932, and $6,500, March and Sept. 1 from the bonds to
tember 1 1931 and
Sept. 1. Bids for
inclusive. Interest payable on March and also be considered, provided,
interest at a rate other than 434% will
bear
shall be 34 of 1%
however, that where a fractional rate is bid such fraction
payable to the order of
or a multiple thereof. A certified check for $3,100,
accompany each proposal. A complete transcript and
the District, must
& Dempsey of Cleveland,
the approving opinion of Messrs. Squire Sanders purchaser. Bids must be
Ohio, will be furnished without expense to the
otherwise unconditional.
According to the official offering notice:
The indebtedness of the city of Troy 18
of which specials amount to
There is in the Sinking Fund
Water works, which is self-sustaining
Net indebtedness therefore
School District indebtedness is
There is in the School District interest and sinking fundTroy City tax duplicate
Troy City School District tax duplicate
$666,940.42
59,935.00
56,222.00
115,420.42
436,363.00
124 000 00
15,930.22
15,351,900.00
15.820.140.00
-BOND SALE.
TULSA,Tulsa County, Okla.
-The six issues of bonds
aggregating $1,310,000 (not $1,255,000), that were offered for sale on
Apr. 25.-V. 130, p. 2837
-were purchased by a group composed of the
First National Bank of Tulsa and associates. The Issues are described as
follows:
$40,000 traffic signal bonds. Due $2,000 from May 15 1935 to 1954,inci.
60.000 convention hall bonds. Due $3,000 from May 15 1935 to 1954,inc.
200,000 park bonds.series A. Due $10,000 from May 15 1935 to 1954,inc.
160,000 hospital bonds,series A. Due $8,000 from May 15 1935 to 1954 incl.
400,000 storm sewer bonds, series A. Due $20,000 from May 15 1935 to
1954, incl.
450,000 general improvement, series A bonds. Due on May 15, as follows:
823,000, 1935 to 1953, and $13,000 in 1954.
VALLEY COUNTY (P. 0. Glasgow), Mont.
-BOND REDEMPTION.!
-A call has been issued for $133,000
% bonds, the remaining outstanding portion of an original issue of $143,000. dated July 1 1915, due on July
1 1935, optional on July 1 1930. They will be redeemed on July 1 1930.
Payable at the National Bank of Commerce in New York City.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND OFFERING.
J. F. Shandy, County Treasurer, will receive sealed bids until 10 a. m. on
May 9 for the purchase of the following issues of 434% bonds aggregating
$30,700:
$16,500 Thomas Carithers et al., Nevins Township road construction bonds.
Denom. $825. Due $825, July 15 1931; $825, Jan. and July 15
from 1932 to 1940 incl., and $825 on Jan. 151941.
14.200 George E. Osborne et al., Harrison Township road construction
bonds. Denom. $710. Due $710. July 15 1931; $710. Jan. and
July 15 from 1932 to 1940 incl., and $710 on Jan. 15 1941.
Both issues are dated April 1 1930. Int. is payable on Jan. and July 15.
VINSON CONSOLIDATED SCHOOL DISTRICT NO. 5 (P. 0.
-BOND OFFERING:-Sealett bids will
Hollis), Harmon County, Okla.
be received until 1 p. m. on May 5 by J. A. Holcomb, District Clerk, for
the purchase of a $19,000 issue of school bonds. The interest rate is to be
stated by the bidder. A certified check for 2% of the bid is required. (These
bonds were recently voted.)
-BOND OFFERING.WAKEFIELD, Middlesex County, Mass.
Arthur H. Boardman, Town Treasurer, will receive sealed bids until 7.30
p. m.(Daylight saving time) on May 6, for the purchase of the following
issues of 4% coupon bonds aggregating $113,000:
$76,000 Montrose schoolhouse bonds. Due on May 1, as follows: 88.000.
1931 to 1939 incl., and $4,000 in 1940.
37,000 water bonds. Due on May 1, as follows:$3,000, 1931 to 1939 incl.;
$2,000, 1940 to 1943 incl.,and $1,000 in 1944 and 1945.
Both issues are dated May 1 1930. Denom. $1,000. Prin. and semiann. int. (M. & N. 1) payable at the First National Bank of Boston, in
Boston. The bonds will be engraved under the supervision of the aforementioned bank; their legality will be approved by Storey, Thorndike.
Palmer & Dodge, of Boston, whose opinion will be furnished to the purchaser.
Financial Statement, May 1 1930.
$23.679,481.00
Net valuation for year 1929
22,565.783.00
Average net valuation for years 1927-1928-1929
Debt limit 3% of average valuation
676,973.49
Total gross debt,including these issues
1.445,000.00
$285,000.00
Exempted debt: water bonds
147,000.00
Municipal light bonds
455,000.00
887,000.00
Sewer and school bonds
Net debt
Borrowing capacity
Population, about 16,000.
$558,000.00
$118,973.49
WALNUT GROVE CONSOLIDATED SCHOOL DISTRICT (P. 0.
-BOND OFFERING.Sealed bids will
Carthage) Leake County, Miss.
be received until May 5, by B. J. Barnett, Chancery Clerk for the purchase
of a $60,000 issue of 6% semi-annual school bonds.
-TEMPORARY LOAN.
-H.
WALTHAM, Middlesex County, Mass.
W. Cutter, City Treasurer, on May 1 awarded a $150,000 temporary loan
to Salomon Bras.& Hutzler,of Boston,at a 3.34% discount, plus a premium
of $3. The loan is dated May 1 1930 and Is payable on Dec. 11930. Legality approved by Storeym Thorndike, Palmer & Dodge, of Boston.
-BOND OFFERWARWICK (P. 0. Apponaug), Kent County, R. I.
ING.
-Howard V. Allen, Town Treasurer, will receive sealed bids until
7.30 p. m.on May 9 for the purchase of $300,0004%% coupon water bonds.
Dated May 1 1930. Denom. $1,000. Due on May 1 as follows: $5,000,
1931 to 1955 incl. and $7,000 from 1956 to 1980 incl. The bonds will be
certified as to genuineness by the Union Trust Co., Providence at which
institution the prin. and semi-ann. int. are payable. Legality is to be approved by Storey, Thorndtke, Palmer & Dodge of Boston.
WASHINGTON COUNTY SCHOOL DISTRICTS(P. 0. Abingdon),
Va.-BOND SALE.
-The six issues of 5% coupon semi-ann. school bonds
-were purchased by Seasonoffered for sale on April 29-V. 130. p. 2837
good & Mayer of Cincinnati, for a premium of $693.85, equal to 100.82, a
basis of about 4.90%. (The purchaser agreed to pay the cost of printing
the bonds.) The issues are as follows:
$12.000 Abingdon District bonds. Due $2,000 from Jan. 1 1934 to 1939
incl.
.,
13406
16,000 Glade Spring District bonds. Due on Jan. 1 as follows: $1,000 in
1939 and 52,000, 1940 to 1946 incl.
20,000 Goodson District bonds. Due $2,000from Jan. 1 1939 to 1948 incl.
22,000 Holton District bonds. Due $2,000 from Jan. 1 1939 to 1949 incl.
5,000 Kinderhook District bonds. Due $1,000 from Jan. 1 1939 to 1943
40 4•1*- weib30,3030 013•413 1
,
incl.
.
, 3
10,000 North Fork District bonds. Due $2,000 from Jan. 1 1939 to 1943
incl.
1930.
Denom.$1,000. Dated Jan. 1
WASHINGTON TOWNSHIP SCHOOL DISTRICT (P. 0. Frank
-BOND SALE.
-The $35,000 5% school
fort), Clinton County, Ind.
bonds offered on April 23-V. 130, p. 2631-were awarded to Campbell Sc
Co. of Indianapolis, at par plus a premium of $1,393, equal to 103.98, a
basis of about 4.29%. The bonds are dated May 1 1930 and mature as
follows:$1,500, July 11931;$1,500, Jan. and July 1 from 1932 to 1942 incl.,
and $1,500 on Jan. 1 1943.
-The
WATKINS GLEN, Schuyler County, N.71Y.-BOND SALE.
Manufacturers & Traders Trust Co., of Buffalo, purchased on April 28
basis of snout 4.44%.
an issue of $20,000 ref. bonds at 5s, at 100 4
The bonds are dated April 1 1930. Denom. $1,000. Due $1,000 annually
from 1931 to 1950, incl. Prin. and semi-ann. int. (A. & 0. 1) payable in
Watkins Glen. Legality approved by Reed, Hoytl& Washburn of N
City.
WATSON SEPARATE ROAD DISTRICT NO. 7 (P. 0. Mayersville),
-The $50,000 issue of 6%
lssaquena County, Miss.
-BOND SALE.
-was
semi-annual road bonds offered for sale on Mar. 3-V. 130, p. 839
purchased at par by the Merchants National Bank & Trust Co.of Vicksburg.
Detroit), Mich.
-BOND OFFERING.
WAYNE COUNTY (P. 0.
Edward N. Hines, Chairman of the Board of Highway Commissioners, will
receive sealed bids until 10 a.m. (central standard time) on May 6, or the
purchase of $740.000 road assessment District No. 14 bonus. Dated
May 1 1930. Denom. $1,000. Due on May 1, as follows: $81.000. 1932
and 1933 882,000. 1934 to 1936 incl., and $83.000 from 1934 to 1940
incl. Prin, and semi-ann. int.(M. & N. 1) payable at the First National
Bank, Detroit. Bonds may be reg. as to principal only. Rate of int. to
be named in bid. A certified check for $7,400, payable to the order,of the
MAY 3 1930.]
FINANCIAL CHRONICLE
Board of Highway Commissioners, must accompany each proposal. Cost
of legal opinion and printing of the bonds to be borne by the successful
bidder. According to the offering notice these bonds are the several obligations of Redford. Livonia., Dearborn, Nankin, Romulus and Taylor Townships in the County of Wayne; Wayne County; and Special Assessment
Road District No. 14. in Wayne County, Mich. Said bonds are being
Issued under the provisions of Act 59, Public Acts of 1915. as amended,
known as the "Covert Act."
WAYNE COUNTY (P. 0. Goldsboro), N. C.
-NOTE SALE.
-A
$55.000 issue of notes is reported to have been purchased by W. 0. Gay
& Co. of New York City as 4.65s for a premium of $10, equal to 100.01,
a basis of about 4.55%. Due on July 25 1930.
3233
YUMA COUNTY SCHOOL DISTRICT NO.22(P.O. Yuma), Ariz.
BOND OFFERING.
-Sealed bids will be received by Clara A. Riley, Clerk
of the Board of Supervisors, until 10 a. m. on May 20, for the purchase
of a $4,000 issue of school bonds. Int. rate is not to exceed 5%, payable
semi-annually. Dated April 1 1930. A certified check for 5% must accompany the bid.
CANADA,its Provinces and Municipalities.
ALBERTA, Province of (P. 0. Edmonton).
-SALE OF $2,900,000
POSTPONED.-The4;i7fnciBacT3oDnSdsII1
WEBSTER COUNTY (P. 0. Fort Dodge), Iowa.
-BOND SALE.
930atillduelon$119a716(11196011cledcuTen
The 11200,000 issue of annual primary road bonds offered for sale on April 25
(V. 130, p. 2838) was purchased by Geo. M. Bechtel & Co. of Davenport ra7ve been held on April 30-V. 130. p. 3041-was postponed owing to
for a premium of $140, equal to 100.07. Due from 1935 to 1944, incl. changed market conditions, according to W.V. Newson, Deputy Provincial
Treasurer.
Optional after 5 years.
WELLSVILLE,Columbiana County,Ohio.
-BOND SALE.
-The following issues of bonds aggregating $11,900 offered on April 28-V. 130.13•
-were awarded as 5s to Spitzer. Rorick &
2632
of Toledo. at par
plus a premium of $54, equal to 100.45, a basis of about 5.16%!
Co..
$9,600 street improvement bonds. Due $960 on Oct. 1 from 1931 to 1940.
incl.
street improvement bonds. Due $230 on Oct. 1 from 1931 to 1940,
2,300
incl.
Both issues are dated Jan. 1 1930.
Bids for the bonds were as follows:
BidderInt. Rate. Amt. Bid.
Spitzer, Rorick & Co., Toledo.(purchasers)
5
$11,954.00
Povident Savings Bank & Trust Co., Cincinnati_ _ _ 5,
11,927.37
Banc
-Ohio Securities Co.. Columbus
11,931.20
%
Davies
-Bertram Co., Cincinnati
535%
11.925.00
WEST CALDWELL (P. 0. Caldwell) Essex County, N. J.
-BOND
OFFERING.
-William W.Jacobus, Borough Clerk, will receive sealed bids
until 8 p. m. (daylight saving time) on May 12, for the purchase of the
following issues of 5% coupon or registered bonds, aggregating $105,138.67:
1113,868.28 general improvement bonds. Due on May 1 as follows:
17,868.28. 1931; 17,000, 1932 to 1939, incl., and $10,000, 1940
to 1944, incl.
51.270.39 assessment bonds. Due on May 1 as follows: $11,270.39, 1931.
$10,000, 1932 and $15,000 in 1933 and 1934.
Both Issues are dated May 1 1930. Principal and semi-annual interest
payable in gold at the Caldwell National Bank, Caldwell. No more bonds
are to be awarded than will produce a premium of 11.000 over the amount
of each issue. A certified check for 2%, of the amount of bonds bid for,
payable to J. M. Harrison. Borough Collector, must accompany each
proposal. The approving opinion of Thomson,Wood & Hoffman, of New
York, will be furnished to the successful bidder.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-RATE OF
INTEREST.
-In connection with the complete report of the scheduled
sale on May 7 of various issues of coupon or reg. bonds aggregating $19,775,000-V. 130, p. 3041-County Comptroller Jere Milleman informs us that
bids for the $10,500.000 park Issue will be considered on the basis of either
4. 431, or 4.54 %. All of the other issues are to bear 4% int. as previously
noted.
WILMINGTON, New Castle County, Del.
-BOND OFFERING.
-In
connection with the report of the scheduled sale on May 12 of $1.500,000
% coupon or registered sinking fund bonds
-V. 130, p. 2838
-Isaac T.
McClure, City Treasurer, informs us that the bonds are dated June 2 1930
and are in denoms. of $50 or multiples thereof. Due as follows: 335.000.
April 1 and $240,000 Oct. 1 1960; $244.800, Aprll 1 and $249,650, Oct. 1
1961; $254,650, April 1 and $259,750. Oct. 1 1962. and $216,150 on April 1
1963. Prin. and semi-ann. int. payable in Wilmington. The International
Trust Co., N. Y. City, will certify as to the genuineness of the signatures of
the officials and the seal impressed upon the bonds. The opinion of Reed,
Hoyt & Washburn of New York City, that the bonds are legal and binding
obligations of the City of Wilmington will be furnished to the successful
bidder. A certified chock for 2% of the amount of bonds bid for, payable
to the order of the Mayor and Council of Wilmington must accompany each
proposal.
Financial Statement.
Assessed valuation for real estate for the fiscal year ending
June 30 1930
1144,835,950.00
Value ofreal estate and equipment owned by the City
51,285,695.08
Present total bonded debt (including school bonds)
13,097.500.00
Amount of water debt (included in above)
2,240,000.00
Sinkingfund
666,987.08
Floating debt
None.
Present population, 126,400.
WOMELSDORF SCHOOL DISTRICT, Barks County, Pa.
-BOND
SALE.
-The $61,000 4 % coupon school bonds offered on April 28V. 130, p. 2633
-were awarded to Edward Lowver Stokes & Co. of Philadelphia, at par plus a premium of $3,666.10, equal to 106.01, a basis of
about 4.29%. The bonds are dated Oct. 11029 and mature on Oct. 1, as
follows: 55,000, 1934 and 1939.$10,000, 1944 and 1949,315,000, 1954, and
516.000 in 1959. A complete list of the bids submitted for the bonds follows:
BidderPremium.
Edward Lowber Stokes & Co.(purchasers)
$3,666.10
Pennsylvania Trust Co., Pittsburgh
935.60
E. H. Rollins & Sons, Philadelphia
3.025.60
M.M.Freeman & Co.,Philadelphia
3,348.29
William H.Luden
155.00
S. M.Vockel & Co.,Pittsburgh
725.29
Reading National Bank
3,660.00
WOOLMARKET CONSOLIDATED SCHOOL
Gulfport),
DISTRICT (P. 0.
Harrison County Miss.-BOND ELECTION.
-A special
election has been called for May loin order to vote upon a $28,000 proposed
bond issue for the erection of a new school building.
WYANDOTTE COUNTY(P.O.Kansas City), Kan.
-BOND SALE.
The $200,000 issue of 4%% semi-ann. coupon asylum bonds offered
sale on April 28-V. 130, P. 3041-was purchased by the City Bankfor
of
Kansas City, for a premium of $5.00, equal to 101.002. a basis of about
4.37%. Dated May 1 1930; due $10.000 from July 1 1931 to 1949 and
$10.0100 on May 1 1950.
YAMHILL COUNTY SCHOOL DISTRICT NO.29(P.O. Newberg),
-130N1) OFFERING.
Ore.
-Sealed bids will be received until 8 p. m.
May 2, by W. W. Nelson, District Clerk for the purchase of a $10,000
issue of school bonds. The interest rate Is to be named by the bidder.
Denom. $1,000. Dated May 2 1930.
YORK, York County, Pa.
-Howard E. Eyster,
-BOND OFFERING.
Superintendent of Accounts and Finance, will receive sealed bids until
9:30 a. m.(eastern standard time) on May 16.for the purchase of $200,000
4).‘% coupon improvement bonds. Dated April 1 1930. Denom. $1.000.
Due $20,000 on April 1 from 1931 to 1940, incl. Prin. and semi-annual
int. (A. & 0. 1) payable at the office of the City Treasurer. A certified
check for 1% of the par value of the bonds bid for, payable to the order of
the City Treasurer, must accompany each proposal. The approving
opinion of Townsend, Elliott & Munson, of Philadelphia, as to the validity
the bonds will be furnished to the successful bidder. Bids will only be
received on blanks furnished by the City Clerk.
YUMA COUNTY SCHOOL DISTRICT NO. 17(P.O. Yuma), Ariz.
PRICE PAID.
-The $48,500 issue of school bonds that was purchased on
-V. 130. P. 3041-was
Apr. 21 by Peck, Brown & Co., of Denver, as 5s
awarded at a price of 101.19, a basis of about 5.14%. Due from Mar. 1
1941 to 1950, incl. The other bids were as follows:
Bosworth, Chanute, Loughridge & Co., Denver-11,006.37 for each $1,000
bond, and In addition accrued interest from the date of the bonds to
the date of their delivery to us.
-Par and accrued interest for 5%;
Morris Mather & Co., Inc., Chicago
premium, $175.
-For bonds bearing interest at
Gray, Emery, Vasconcells & Co., Denver
the rate of 535% per annum. $1,005.71 for each $1,000 of bonds.
For bonds bearing interest at the rate of 6% per annum, $1,030.71
for each $1,000 of bonds. Will also pay accrued interest from date of
issue to date of delivery.
a
-The following is a list of the
CHICOUTIMI,Que.-LIST OF BIDS.
bids reported to have been received on April 7 for the /89,800 5% bonds
awarded to the Dominion Securities Corp., of Toronto, at 96.58, a basis
-year serial
of about 5.31%. Alternative bids were asked for 10 and 29
interest.
-V. 130, p. 2838.
bonds bearing either 5 or 55i
Int. Rate,
Rate Bid.
Bidder-year bonds
5%
Dominion Securities Corp.,for 29
5
-year bonds
3' 9.'58
96 12
9
L. Cl. Beaubien & Co., for 10
-year bonds
L. Cl. Beaubien & Co.,for 10
5 0
96.42
95.35
Banque Canadienne Nationale, for 10 year bonds - - 5 ,
0
x Accepted tender.
-H. Meloche, Secretary-TreasDORVAL, Que.-BONDS OFFERED.
urer, received sealed bids until 6 p. in. on April 30, for the purchase of
$31,000 5% improvement bonds, maturing annually on Nov. 1 from 1930
to 1958, incl. Payable at Lachine.
-The $68,000 5% improvement
GRAND MERE, Que.-BOND SALE.
-were awarded to the Banque
bonds offered on April 28-V. 130, p. 3042
Canadienne Nationale, at 97.78, a basis of about 5.20%. The bonds are
dated May 1 1930 and mature serially in 30 years. Payable at Grand
Mere, Montreal, Quebec and Toronto. Bids for the issue were as follows:
Rate Bid.
Bidder97.78
Banque Canadienne Nationale (purchaser)
97.29
L. G. Beaubien di Co
96.63
Wood, Gundy & Co
96.20
Dominion Securities Corp
96.04
Mead & Co
96.037
A. E. Ames & Co
94.52
C.H.Burgess & Co
-CONTEMPLATES NEW FINANMANITOBA (Province of), Can.
CING.
-A report appearing in the April 30 issue of the New York "Herald
Tribune" stated that Premier John Bracken is expected in New York
shortly for the purpose of settling on the best terms for refunding notes
maturing in a few months amounting to about $10,000,000.
-.1. Dube,Secretary-Treasurer
MONT-JOLI,Que.-BOND OFFERING.
will receive sealed bids until 4 p.m. on May 5,for the purchase of $450,000
-year and 2
-year
improvement bonds. Alternative bids are asked for 10
serial bonds, bearing 5 and 53i% int. The bonds are payable at Mont
Jolt, Montreal and Quebec.
MONTREAL (Catholic School Commission of), Que.-BOND
-Victor Dore, General Chairman of the Catholic School
OFFERING.
Commission of Montreal, will receive sealed bids until 3 p.m. (daylight
saving time) on May 6, for the purchase of $1.500,000 5% school bonds.
Dated May 1 1930. Denom.$1,000,$500 and $100. Due on May 1 1970.
Prin.and semi-ann.int.(M.& N.1) payable at the head office of La Banque
Canadienno Nationale in the cities of Montreal and Quebec, or at the chief
office of the Bank of Montreal in Toronto. A certified check for 1%
of the amount of bonds bid for, payable to the order of the School ComThe following is taken from
mission, must accompany each proposal.
the official offering circular:"This loan is authorized in virtue of the Statutes
17 George V., chapter 41, 18 George V., chapter 49, and 19 George V..
chapter 46, and the bonds shall be counter-signed by the Treasurer of the
City of Montreal. In accordance with the said Statutes and the Statute 54
Victoria. chapter 53, section 3, or any other Statute and the amendments
thereto, governing loans by the said Commission. These Statutes provide
In effect that the City of Montreal is bound by law to retain in its hands,
out of the yearly proceeds of the school taxes in the city, a sufficient stun
to pay the interest and provide for the redemption ofthese bonds at maturity
and the bearer of this 'bond shall have the right to claim from the City of
Montreal payment of capital and interest when due."
MONTREAL (Protestant Central School Board of), Que.-REOFFER $1,500,000 5% BONDS.
-The $1,500,000 5% school bonds awarded
on April 22 at 98.58, a basis of about 5.12% to a syndicate headed by Fry.
Mills, Spence & Co., of Toronto
-are being re-offered
-V. 130, p. 3042
by the successful bidders for public investment at 100 and accrued int.,
yielding 5%. The bonds are dated May 1 1930 and mature annually
on May 1 from 1931 to 1960. incl.
Condensed Financial Statement.
Assessed value of taxable Protestant property
$250,102,405
Total bonds outstanding
$13,514,256
Less: Sinking funds
2.111,923
Net debt
$11,403,333
Value of school board's assets
16,139,674
Assessed value of neutral property
368,031,344
School tax rate, neutral panel, 12 mills; Protestant panel. 10 mills.
go
NORMANDIN, Que.-BOND OFFERING.
-Sealed bids addressed to
A. Boulet, Secretary-Treasurer, will be received until 7 p.m. on May 5.
,
for the purchase of $16.500 534% improvement bonds, dated Jan. 1 1930
and due annually for a period of 20 years. Bonds are payable at Normandin, Quebec and St. Felicien.
REGINA,SASK.-BOND SALE.
-The following issues of 5% bonds ag-
offered
ffegating $614,970 bonds. on May 1-V. 130, p.3042-wereawarded to
H. Burgess & Co., of Toronto, at 97.532, a basis of about 5.20%.
$195,500 pavement
.
Due April 1 1945.
100,000 air harbor bonds. Due Feb. 11945.
85,170 water mains bonds. Due April 1 1960.
60,000 sewage disposal works bonds. Due Feb. 1 1950.
57,000 water house connections and meters bonds. Due Feb. 1 1950.
39,200 concrete walks bonds. Due April 1 1945.
34,000 sewer mains bonds. Due April 1 1960.
33,000 sewer house connections bonds. Due Feb. 1 1960.
11,100 boulevards bonds. Due April 1 1945.
SHAWINIGAN FALLS, Que.-BOND SALE.
--The $27_ ,5 000 5%
local improvement bonds offered on April 28-V. 130, P. 3042
-were
awarded to the Banque Canadienne Nationale, at 97.31. a basis of about
5.27%. The bonds are dated Nov. 1 1929 and mature serially in 30 years.
Payable at Shawinigan Falls, Montreal and Quebec. The following is a
complete list of the bids submitted for the issue:
BidderRate Bid.
Banque Canadienne Nationale (purchaser)
97.31
Wood,Gundy & Co
96.77
Mead & Co
96.61
L.G.Beaubien & Co
96.38
A.E. Ames & Co
96.287
WALKERVILLE Ont.-BIDS.-The following is a complete list of the
bids received on April 21 for the various issues of5% bonds totaling $396,280
awarded to Wood, Gundy & Co., of Toronto, at 97.46. a basis of about
5.40%.-V. 130, p.3042.
Rate Bid
Wood. Gundy & Co.(Purchasers)
97.46
Bell, Gouinlock & Company
96.16
Gairdner & Company
97.157
Company
McLeod, Young, Weir &
96.79
[VOL. 130.
FINANCIAL CHRONICLE
3234
fforeign
ffinancial
CHARTERED 1853
United States Trust Company of New York
45-47 WALL STREET
January 1, 1930
. $2,000,000.00
Capital,
Surplus and Undivided Profits, . $24,709,141.01
This Company acts as Executor, Administrator, Trustee, Guardian, Committee, Court Depositary and in all other recognized trust capacities.
EDWARD W. SHELDON, Chairman of the Board
CARL O. SAYWARD, Asst. Vice-President
WILLIAM M. KINGSLEY, President
STUART L. HOLLISTER. Asst. Comptroller
WILLIAMSON PELL, let Vice-President
LLOYD A. WAUGH, Asst. Comptroller
FREDERIC W. ROBBERT, V.-Pres. & Comp. HENRY L. &WITHERS, Asst. Secretary
WILFRED J. WORCESTER, V.-Pres. & Sec y ELBERT B. KNOWLES, Asst. Secretary
THOMAS H. WILSON, Vice-President
ALBERT G. AT WELL, Asst. Secretary
HENRY E. SCHAPER, Asst. Secretary
ALTON S. KEELER, Vice-President
ROBERT S. OSBORNE, Asst. Vice-President HARRY M. MANSELL, Asst. Secretary
GEORGE F. LEE, Asst. Secretary
WILLIAM C. LEE, Asst. Vice-President
GEORGE MERRITT, Asst. Secretary
HENRY B. HENZE, Asst. Vice-President
O TTOMAN
BANK
CAPITAL . . . . . 110,000,000
PAID-UP CAPITAL. . 15,000,000
RESERVE . . . . .
/1,250,000
NEAR EAST: Constantinople, Egypt, Palestine, Cyprus, Persia, Syria, Salonika,
Smyrna, Tunis, Mesopotamia (in all
about 80 Branches).
LONDON: 26 Throgmorton Street, E.C. 2
PARIS: 7 Rue Meyerbeer.
MANCHESTER: 55-60 Cross Street.
MARSEILLES: 41-43 Rue Grignan.
Banque Nationale de Credit
Capital (entirely
paid in)
Reserves
Deposits
frs.
262,500,000
frs.
129,000,000
frs. 5,129,431,000
Head Office
PARIS
623 Branches in France
TRUSTEES
FRANK LYMAN
JOHN J. PHELPS
LEWIS CABS LEDYARD
EDWARD W. SHELDON
ARTHUR CURTISS JAMES
WILLIAM M. KINGSLEY
CORNELIUS N. BLISS
WILLIAM VINCENT ASTOR
JOHN SLOANE
FRANK L. POLK
THATCHER M. BROWN
WILLIAMSON PELL
LEWIS CABS LEDYARD, JR.
GEORGE P. BAKER. JR.
WILSON M. POWELL
fforeign
Australia and New Zealand
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in Kenya Colony
and Uganda
Head Office: 26, Biahopsgate, London, E.C.
Branches In India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
£4,000,000
Subscribed Capital
£2,000,000
Paid-up Capital
£3,000,000
Reserve Fund
The Bank conducts every description of banking
and exchange business.
Trusteeships and Executorships also
undertaken.
NATIONAL BANK OF NEW ZEALAND, Ltd.
Head ()Mee: 8 Moorgate, London, E.C. 2, Eng.
Authorized and Subscribed
Capital
£6,000,000
Paid-up Capital
£2,000,000
Reserve Funds and
Undivided Profits2,155,154
£4,155,154
The Bank receives Deposits at rates which
may be ascertained on application and conducts every description of Banking business
connected with New Zealand.
Arthur Willis, Manager.
Hong Kong & Shanghai
BANKING CORPORATION
Incorporated in the Colony of Hongkong. The
liability of members is limited to the extent and
In manner prescribed by Ordinance No.6 of 1929
of the Colony.
Authorized Capital(Hongkong Currency)_11850,000,000
Paid Up Capital (Hongkong Currency)_ _H$20,000,000
£1,500,000
Reserve Fund in Sterling
Reserve Fund in Silver (Hongkong CurH$9,500,000
rency)
Reserve Liability of Proprietors (HongH520,000,000
kong Currency)
C. DE C. HUGHES. Agent
72 WALL STREET, NEW YORK
THE
LINCOLN MENNY OPPENHEIMER
London City Office, 62 Lombard St., E. C. 3
Kingsway Branch, Imperial House, Kingsway
Glasgow, Chief Office. 113 Buchanan Street
Princes St. Office, 118 Princes St., Edinburgh
337 Branches & Sub-Offices throughout Scotland
Executry and Trust business undertaken.
New York Agents•
Irving Trust Company
English, Scottish and Australian Bank, Ltd.
Head Office, 5 Gracechurch St., London, E.C.
and 457 Branches & Agencies in Australia.
15,000.000
Subscribed Capital
£3,000,000
Paid-up Capital
£2,000,000
Further Liability of Proprietors
£3,080.000
Reserve Fund
Remittances made by Telegraphic Transfer.
forwarded for Collection.
Bills Negotiated or
Banking and Exchange business of every description transacted with Australia.
E. M. JANION, Manager.
The Mercantile Bank of India, Ltd
(ESTABLISHED 1817)
(S5=£1)
$37,500,000
29,500,000
37,500,000
$104,500,000
Aggregate Assets 30th Sept., 1928_i444,912,925
A. C. DAVIDSON, General Manager.
Paid-up Capital
Reserve Fund
Reserve Liability of Proprietors
535 BRANCIIES and AGENCIES In the
Australian States, New Zealand. Fiji. Papua
(Mandated Territory of New Guinea), and London. The Bank transacts every description of
Australasian Banking Business. Wool and other
Produce Credits arranged.
Head Office,
London Office
George Street,
29 THREADNEEDLE
SYDNEY.
STREET, E. C. 2.
Agents:Standard Bank of South Africa, Ltd.
New York
Bankers
The National City Bank of New York
Cable Address "Openliym'
Foreign Exchange
Letters of Credit
NATI ONALBAN K
of EGYPT
Head Office
65 WALL Sr., NEW YORK, U.S.A.
Capital, Surplus and Undivided Profits
5242,400,00
Deposits, March 3
1,471,500,00
Resources Over
2,000,000,00
BRANCHES
Head Office:
Execute orders for purchase
and sale of Stocks and Bonds
Cairo
FULLY PAID CAPITAL - 13,000,000
RESERVE FUND
- - • £2,950,000
LONDON
ARGENTINA
BELGIUM
BRAZIL
CHILE
CHINA
COLOMBIA
PERU
CUBA
PORTO RICO
DOMINICAN REPUBLIC OF
REPUBLIC
PANAMA
INDIA
STRAITS
ITALY
BETTLEMENTI
JAPAN
URUGUAY
MEXICO
VENEZUELA
PHILIPPINE ISLANDS
The International Banking Corporation
-55 Wall St., New York, U. S. A
Head Office
BRANCHES
LONDON
MADRID
SAN FRANCISCO
BARCELONA 3
And Representatives in Chinese Branches
LONDON AGENCY
6 and 7, King William Street, E. C. 4
Branches in all the
principal Towns in
EGYPT and the SUDAN
-----,
ffinancial
,
C5INC".- q—.00 Yit
, 0riNC--'es...e-,
SECURITIES ENGRAVED
) For Listing on All Stock Exchanges
Head Office
15 Gracechurch St., London, E.C. 3
£3,000,000
Capital Authorized
£1,050,000
Capital Paid Up
Fund & Undivided Profits_ /1,612,047
Reserve
Branches in India, Burmah,Ceylon, Straits Settlements, Federated Malay States, Slam, China and
Mauritius and Dutch East Indies. New York
Correspondents. Bank of Montreal, 64 Wall Si.
BANK OF
NEW SOUTH WALES
Frankfort o M., Germany
COMMERCIAL BANK OF SCOTLAND, Ltd.
Established 1810.
£7,500,000
Subscribed Capital
2,250,000
Paid Up Capital
2,800,000
Reserve Fund
35,228,897
Deposits (31st Oct. 1929)
Head Office: 14 George Street, Edinburgh
Alex. Robb, Gen. Mgr.; Magnus Irvine, Secretary
GENERAL BANKING BUSINESS
COLUMBIAN BANK NOTE COMPANY
5008. ASHLAND BLVD.
52 WALL STREET
CHICAGO
NEW YORK
BRANCHES IN PRINCIPAL CITIES
troatos"'"14.7.0Ca C..00 -14— , /a7
, .
"%...11
4
Royal Bank of Scotland
Incorporated by Royal Charter 1727
Capital (fully paid)
$ 12,500,000
Reserve Fund
$ 13,978,939
Deposits
2223,370,750
($5 to £1)
Over
200 Years of Commercial Banking
Terms for the opeainu of Accounts furnished on
Application
CHIEF FOREIGN DEPARTMENT
3 Bishopsgate, London, England
HEAD OFFICE - EDINBURGH
General Manager,Sir. A. K. Wright, 11..B.E.D.1)
Total number of offices, 2
@FedFRASER